1937-09-17 — Page 12

12

DAILY SHARE QUOTATIONS" Hong Kong Stock

Exchange

Sharebrokers'

Association

Namist

THURSDAY, SEPT. 16.,

Salary

Banks

WAYDER

8482

343

19.30

!!! : { }

:::

$1,600 HK Banks

**

1297

1000 12 $980

J

HONG KONG DAILY PRESS, FRIDAY, SEPTEMBER 17, 1937.

THE EXCHANGE

MARKET

MESSRS. KOZA BROS

Silver prices were unchanged yesterday, the quotations remain- ing at 19 15/16 for Ready and 19 13/16 for Forward. Silver advices reported speculators AS having sold. America bought. The mar-

was quiet. American Silver was quated at 44 3/4 for Spot,

The London-New York cross- rute was quoted at 494.82. New York-London was quoted at 495.

... MARKET Quiet. Nothing doing.

$1,575

£93

Bo. (London.

134

Chartered Banks

£03}} 2139

£33

Marcantile Bks "A"

£33

£10

Do.

1101

Bank of East Asia...

210 100

N. J. & S. Barks...

ket

insurances ·

1200

Canton InzaTA VÕÓN,

1610

Union lakurmu1098 ***

12

Underwriters

$280

H.K. Fires................

$3

luternational Assen...

stripping

Douglasqa ki

1481

Steambts

Indo-Chinas (pret.)

Dv.

(def.)

342

703/0

Shett

130

Waterbost

30:30

Mining

ber.

15/6

Kailans.

$10)

Bands

15/3 $11.45

15

Ypauzami Gold Flile, $4,30

Docks, Wharves,

Godowns, etc.

$120

H.K. & K. Wharven.

121

U ch.

$32.8

Providents (old)

Do. (new

Bui dings

$119 19.0

150 cla

1.K. & W, Docks

$.48

Shangoai Docks S.

132 $106

$31

Now Engiucings 8.

13

Lands, Hotels, sad

16.00

H.K. Hotels

$6.65

HK Lauda......

135

$105

Du.4% Debentures

Shanghai Lands.......N.

Metropolitan Lands..

#6.10

H.Kestie.........

$5.00

11

160

Do. Delightdres$.

B

Humphry

190

Chaos Estates.....

Cotton Mil

$13.60 Ewon...

S'hm Cottons(old)S.

Du

(nows

$102

اتمام

313) 390

$34 140

STERLING

A small business was report- ed at 1/3 1/32 for cash.

!

KEY INVENTIONS IN MODERN WARFARE

Have Smoke And Tanks

Restored The Power Of Attack?

(By MAJOR-GENERAL SIR C. W. GWYNIN, K.C.B., C.M.G., D.S.O..

IN THE LONDON "MORNING POST")

Scientifle inventions and discoveries have so changed and are so constantly changing the conditions of warfare that our tendency is to look forward and speculate on the developments selence may have in store for us. Yet it is interesting and Instructive to look back occas sionally to see what were the key inventions which produced the most far-reaching results.

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION

Authorised Capital ...... $50,000,000 Issued & Fully Paid-Up $20,000,000 Reserve Funds:-

Sterling

י.

....£ 8,000,000

Hong Kong Currenoy

Beserve......

Reserve Liability of Proprietors.....

THE CHARTERED BANK OF INDIA AUSTRALIA AND CHINA Incorporated by Buyal Charter 1883

HEAD OFFICE: LONDON: 38, Bishopsgate EC.2.

1:

..............$10,000,000 Paid-up Capital..

£3.000.000

Reserve Fund

£3.000.000

.$90,000,000 Reserve Liability, of Pro-

£3.000.000

Head Office-HONG KONG

Board of Directors. G. Miskin, Esq.,

Hon. Mr. M. T. Johnson,

Chairman.

Deputy Chairman.

J. E. Bousfield, Esq., A. H. Compton, Esq., S. H. Dodwell, Esq.,

J. R. Masson, Esq.,

E. S. Morrison, Esq.,

Hoe. Mr. J. J. Paterson,

T. E. Pearce, Esq., A L. Shields, Esq.,

Sir Vandeleur.M. Grayburn,

Chief Manager.

smi There were sellers at 1/3 Sep-

as steam Broadly speaking, the major inventions, such

our norihal life, have tember-November and 1/2 31/32

petrol engines, which have revolutionised

whereas December, buyers at 1/3 1/32 tended to affect strategy and to alter the scale of war; Cash-November and 1/3 Decem-tactical conditions have been changed either by specifically mulitary, inventions, or by the adaptation to military use of minor inventions designed for other purposes, such as, for instance, barbed wire.

chine-gun. With black powder the machine-gun was hardly a prac- ticul weapon, because, producing

Amoy volumes of smoke, it quickly

Bangkok Its and betrayed blinded itself

Batavia position, becoming an easy target, Bombay

U.S. DOLLARS

There were sellers at 30 15/18 September and probably October, 30 7/8 November and 30 13/18 31 Cash. December, buyers at October, 30 15/16 November-De- cember. No business was report- ed.

SHANGHAI DOLLARS Nominal at 104 1/4.

SHANGHAI MARKET There were sellers of Sterling at 172 23/64, buyers at 1/2 25/84 for Spot. US Dollars. sellers at 29 5/8 buyers at 29 11/18 for Spot. Quiet but steady.

IN THE AFTERNOON The market was quiet in the afternoon.

STERLING

The market closed with sellers at 1/3 September-November, and 1,2 31/32 December, buyers at 1/3 1/32 Cash-November and 1/3 De- cember.

U.S. DOLLARS

The market closed with sellers at 30 15/16 September, 30 7/8 DC- tober-November and 30 13/16 December, buyers at 31 Cash- October, 30 15/16 November and 30 7/8 December.

$100

14

Zoong Sings.......

18

Wing On Textiles.)

Ewo Cotton Bts. S.

Pabllo Utilitem

114.6) Tramway

#14

Poak Trims (okl) .......

18

186

Do. (new)... $2 Star Ferries......

$86

"3±7.

Yaumati Ferries ....

+97

#131 $13.30 1591

16

$29.40 1.30

24/

H.

$13.70

169

1184

"5;49

(new)..

$13.90 Chirn Lights (old) ..

Do.

H.K. Electrica

Macao" do.

Saudakan Lights ........

120 60 Telephones (old)

China Buses .............. 5.

(DOW)...!

!

11.60

Do.

3124

23/0

Tractiuninma

23/-

Du.

(prot.)..

Industrial

$16

Caldbeck, Lord; 8.

$17

Maogregora (pref.18.

12

Cantor can

81

$15.10 Comenta

10 $5.99

30.00

Ropes

Miscellaneous

Sinceres................

$261

Dairy Farms

16.20

Cb. Etainment......

$28

$4.50

$1.60

Constructions, (old) $1,60

$1.00

Do.

GUTT 11.

11.60

Lane Crawfords......

J8,90

Nanyang TumeCA

$6.80

12.60

$5.40

Watsons

$5.35

3. C. Enterpris

31

97

Ch... 192813, Bris.

413/

pren. B

H.8. Gert, 4% Loans

prem.

Do.

31%

$1061 $1011

Wallace l'arper

$50

H.K Wing

Shai

Για

$100

$4.90

Vibro Piling .........

22/8 Maramans Er v. (Lon.)

J

4) cin

Wo. Powells

(ILR)

•Sales to Shanghai

LONDON EXCHANGE RATES

21.551

(British Wireless Service)

Aug. 13

Paris

130-19:22

Geneva

Berlla

12.34

Sept. 14 138-13/10 21.56 12.34

Athens

Milan

91-1, 16

941

Copenhagen

Stockholm

Shanghai

New York

4.051

4.95

Amsterdam

8.098

8.99)

Vienna ...

Prague

1412

Madrid

Lisbon

Hong Kong

Bombay

Montreal

4.951

Brussels

29.401

4.951 29.41)

Yokohama

Belgrade

Monte Video

Rio

Bucharest

Silver (Forward)

Silver (Spot)

War Loan

Do LORDON: --

141-13/16

19-13; 10. 191 100-3/16

-19 13/16 19-5/16

Closing Quotations

September 16, 1937.

.34% 100%

Us New IoK!—

Bank Bills, on demand 304 Oredite, 60 days' sight. 31

On demand

Telegraphic Transfer... Bank Hills, on demand 1/2 ON BATAVIA

Credits, four months'

night

ON. SHANGHAI :—

55

ON PARIN:--

1/3

On Demand

102)

Bank Bille, on demand 895 Credits, month's sight 916 ON SALGON:-

On demand

B9

“ÜN SINGAPORE,

021

Op Manila:--

ON JAPAN:-".

* BANGKO

In India:

Math on demand..........

EX

On demand ... 81

On demand... SOVEREIGNS Bank Buying

Rate

2

140g

1/31/16 BAR ÖLLYEL BRE O 19 15/16

On demand

On demand . at 106

Telegraphic Transfer...

K. STOCK EXCHANGE

YESTERDAY'S OFFICIAL QUOTATIONS

The Market was very dull.

BUYERS Douglases, $483.

Indo-Chinas (Def.), $43 Indu-Waterboats; $9.30. Chinese Estates, $90.. Peak Trams (Old), $5.

Peak Trams (New), $2).

Wm. Powell, Ltd., 40 cts. Constructions (Old), $1.60, Constructions (New), $1,00. R.K. Govt. 34% Lean, 11% Prem. Bullion 1,780 ounces.

RAUB'S OUTPUT »

The Hong Kong Stock Exchange received the following Cable yes- terday from the Raub Australian Gold Mining Co.

August-September Output Crushing No. 524. Tons Treated 5:263;

BANK DIVIDEND

Directors have declared an' In- terim Dividend for the past half year at the rate of 14 per cent per annum subject to Income Tax. Dividend payable September 29.

The huge armies of the Great War were the direct and inevitable résult of rail and road develop- armies of ments, which enabled almost any size to be put In the field and supplied with the masses of material they required. I cannot agree that, as has been asserted. they were the result of the obsession of the military mind with numerical strength. Strategic movements in the War were more rapid than ever before, and it was the rapidity with which counter moves could be carried out that was a contributory cause of stag- ration.

and decistyc

That strategic action in the War was barren in results can be main ly attributed to the difficulty of

rapid obtaining tactical victory owing to the in- creased cffelency of the defence. Even limited success could be gained only after prolonged preparations for attack, which eliminated the possibility of surprise.

SMOKELESS POWDER

for artillery. On the other" hand. with smokeless, no weapon is caster to conceal than the machine-gun, and in the War nothing so often brought the attack to a standstill

than

concealed machine-guns which the artillery could not locate. Morcover, as the volume of fre

by the provided

© machine-gun enables the troops in the firing line to be thinned out, and the dis- positions of the defence to be con- ccaled and organised in depth. patrols sent forward by the at- tacker to draw fire can discover little more than that the ground is held. How it is held can only be guessed from the study of air photographs, a source of informa- tion which skilful use of camou- flage and dummy trenches may make unreliable.

THE ADVANTAGES What has led to this increased power of defence? Most people. The advantages smokeless pow- would say. and

à point der give to the defence are many up. to correctly. "machine-guns and and obvicus, but it has conferred

few. on All the same. I

the attacker. In some barbed wire."

helped by the smoke of one section covering the forward rash of its neighbours, Without smoke in- fantry have to rely on what cover they can get from ground features, or on covering fire. The latter. especially. is essential but how can it be applied effectively against longera concealed enemy?

to

think it is more correct to find in ways it has directly handicapped smokeless powder the "key" inven- him, for in the Infantry advance tion which gave rise to the pro-fire and movement are no longer blems of the modern battlefeld, both from the direct and indirect results of its introduction. If my memory serves me right, its intro duction arose mainly from a desire to find a more effelent propellant than black powder, one of which the rate of burning could be more .easily regulated, giving range while at the same time re- The answer found in the War ducing the shock of recoll, and was the creeping barrage, which producing less fouling. The sprayed every inch of ground to tactical effects of the smokeless considerable depth in front of the

of the quality

powder were a advancing Infantry, chiefly with consideration, and secondary

the "intention of preventing the this day are often not fully ap-defence bringing their weapons preciated, 25 they have been into action. But the answer was gradually, developed by other in-wasteful of munitions, entalling ventions. Let us trace its growing expenditure only possible under influence both in defensive and static conditions. Moreover, where the defending machine-guns were offensive tactics.

With the disappearance of protected by concrete it was not smoke concealment of defensive completely effective.

Another answer was the tank. disposition obviously became easier:

mobile provided

cover but so long as Infantry relied on which rifles this was discounted by the practically invulnerable to small arms fire. but as it could get little. necessity of maintaining a strong

cover from view the tank was vul- firing in. A secondary effect even then, however, was to add to nerable to artillery and special the volume and accuracy of de-anti-tank weapons fensive fre. Rapid independent blinded are with black powder the defence with its own smoke, and one of the objects of volley Aring WAS to provide control whten would give time for smoke to clear. With the introduction of smokeless the last reason for using volley firing disappeared, and full advantage could be magazine fre.

Calcutta Canton Chafoo

Branches:- llaila Ipob

Peiping

Johore Kobe

Penang Rangoon

Saigon

Kowloon

Kuala

Lampur Shanghai

London

San Fran-

cisco

Singapore Lyons Sourabaya Malacca Sungei

Colombo Dairen Foochow Haiphong Manila Hamburg Muar Hankow Harbin Hoagkow

Patani Tientsin

(Johore) Tokyo Mukden Tsingtao New York Yokohama

Current Accounts opened in Local Currency and Fixed Deposits received for one year or shorter in Local Currency and periods

terms which will be Sterling on quoted on application.

Also up to date Safe Deposit Boxes in various sizes To Let. Hong Kong, 12th May, 1837,

HONG KONG SAVINGS BANK,

Business of the above

TBank is conducted by the

HONG KONG & SHANGHAI BANKING CORPORATION, Rules may be obtained on application

For the Hong Kong & ShanonAI

BANKING CORPORATION..

V. M. GRAYBURN,

Chief Manager Hong Kong, 1st March, 1937.

#

* BANK OF EAST ASIA,

LIMITED.

Authorised Capital ...$10,000,000.00 Paid-up Capital....... Reserve and Undivided

Profits........

5,598,800 00

2,776,796.76

HEAD OFFICE:--HONG KONG. No. 10, Des Voeux Road, Central.

Board of Directors:

Sir Shouson Chow, Chairman Li Koon Chun, Esq. Li Lan Bang, Esq. P. K. Kwok, Esq. Wong Chuson, Esq. Wong YunTong, aq. Kan Ying Po, Esq. Chan Ching Shok, FungPing Wab, Esq.

prietors

MANCHESTER BRANCH: 71. Mosley Street, Manchester.

AGENCIES AND BRANCHES:

ILOILO

IPOH KARA08)

ALOR STAR AMRITSAR BANGKOK BATAVIA BOMBAY CALCUTTA CANTOR CAWNYURL.

C30

KLANG

KOME

KUALA

BAIGON SEMARANG

JEREMBAN SHANGHAI

SINGAPORE

BITIAWAN

LOMFOR

BOURABATA

KUCHING

TAIPING

MADRAS

TIENTSIN

COLOMBO DIT.HI

MANILA

TONGKAH

MEDAN

HAIPHONG

NEW YORK

THINGTAO

HAMBUZO

PRIPING

BANKOW

HAHIN

(Bhuket)

TOKOKAMA

(Paking) samoLAIN GA

PENANG

HONG KING BANGOON

FOREIGN EXCHANGE and General Banking Business transacted.

CURRENT ACCOUNTа opened and FLIED Deposits received for Que Year or

shorter periods at rater which will he quoted on applica tion.

The Bank's Head Office in Loo- don undertakes Executor & Trustes business, and claims recovery of British Income Tax overpaid, on terms which may be ascertained as any of the Agencies and Branches.

H. W. ROBERTS,

Manager.

THE CRASE BANK

16, QUEEN'S ROAD" CENTRAL

HEAD OFFICE:

18, PINK STUKET,

NEW YORK.

An American Bank offering com- plete Foreign Banking Service in the principal Markets of the world

Interest Bates on Application.

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHASS NATIONAL BANK, Naw YORK, with Resources over U.S. $2,500,000,000..

D. M. BIGGAR,

Manager.

THE YOKOHAMA SPECIE BANK

LIMITED

Capital (fully paid up)

Yen 100,000,000 0 Reserve Fund... Yen, 134,400,000.00

ELAD OFFICE:—YOKOHAMA

HHANCHER AND ÁGENDIES AT: Bangoon sinking Rio do

Alexandria Honolulu Bangkok Batavia

Berlin

Esq. Bombay

Kan Tung Po, Gaq., Chief Manager. Li Tse Fong, Esq.; Manager.

Branches and Agencies ju

Kowloon Penang

Calcutta

Canton

Karachi Kobe

Leadon

Jansiro

Вад

Francisco

Los Angeles Seattle

Manila Semarang

Shanghai

Singapore

Sorrabaya

(Mukden) New York Sydney

Dairen

Moji

(Dalny) Nagaanki

Fengtien

Nagoya

Алпат

Bourabaya

Estatia

London

Валкова

Bombay

Kaolla

Calepfia

Caatua

Haiphong flankow Honolulu tube

Saigou Melbourne San Fran- DAWAS New York Sentia

Swatow Hydary

Hamburg Osaka

Taizoku

diago

Tiantain

Hankow

{F là

Tokyo

Harbin Paris

Ueaka

Уетодиод

Vancouver

Paris

Piping

Khanghai Yokokon

Igapors

Every description of Banking

Tientsip

Tokyo fringtuo

Hong KongPerping Yinkos

Interest allowed on Current Ar

Since the War the advocates of smoke have come into their own. The Importance of smoke is now generally recognised, "and few at- tacks are mounted without its use in some form. Ammunition sup- ply and even the design of new armaments are affected by the necessity of being able to put down securities.

Accounts and where: Current taken of smoke screens when

required Tanks especially, strice Local Currency and Fixed De Hong Kong, 11th Sept., 1837. anti-tank weapons have multiplied. posita received for one year or and depend on smoke to cover their ad-harter perioda in Local vance and to blind weapons they Foreign Currencies on terms which

will be quoted on application. Safe Deposit Boxes To Let

KAN TONG PO.

Chief Manager...

Deposits received for Fixed and Exchange business transacted. Perioda at rates to be obtained "ou Loans granted approved application,

Y. KANO,

MOST IMPORTANT RESULT. The most important result of smokeless powder was, however, to establish the dominance of the ma-

PHILIPPINE MINING

W.

NEWS

Nilobgos, Leyte. Roque Montejo re- vealed that as soon as the company is organized, it will maintain of- fices in Cebu, Manila and Taclo- ban and that the promoters of the firm will soon hold a meeting to elect officers.

;

cannot overrun.

How far tanks and smoke have restored the power of attack re- mains to be seen. The point I wish to make, howeyer, la, that in the War we paid more attention to the plagues of the battlefield than to the causes of their origin. If we had turned our thoughts fur- ther back we might, at an earlier more wholeheartedly. have adopted expedients which struck at primary causes.

REICHSMARK

opened in

Manager.

U. S. Cars Lead In S. African Market

Nearly nine times as many motor. vehicles from America as from the United Kingdom were registered in 8. Africa in May, according to

QUOTATIONS: figures supplied by the Senior

Berlin, Sept. 14. The Reichamark was quoted, witnuut guarantee, at:

New York, 40.13

Paris, 1184.

Amsterdam, 72,90 London, 12.325. Paris Sterling. 143.50 to 143.- Paris US dollars 28.50 to 23.52 Transocean-Nar Service.

Trade Commissioner. The totals were 4,060 and 473 respectively, the numbers for cars being 3,254 and 309, and for motor omnibuses, lorries, trucks and vans 800 and 84. American cars were distributed as follows: Cape 1,193, Natal 340,. Transvaal 1,423, Orange Free State 208. The figures for U.K. cars were respectively 169, 45, 158 and 17 and those for other countries 73, 17, 141 and 20.

A. Ralston, president of lode claims in barrio Santa Rita. stage and the Manila Machinery and Supply Company, recently annouced the August Production figures of the three companies of which he is president. Demonstration treated

PALM OIL 7,445 tons, and produced P133,667.- 50, an increase of 243 tons and P4,405 over the July output Ben- Recent exploration and prospect- Increased production of palm oil guet Exploration produced, P21,442.-ing in the Santa Rita region show, until total production exceeds 52,- 82 from 3,170 tons, a slight de- ed that the areas claimed by this 000 tons is expected of. Malaya, crease of 140 tons and P263 from proposed firm contain sulphur and states the Advisor of Agriculture. the previous month. Salacot han-other minerals. A licenced mining the Hon. Mr. O. T. Faulkner. He in his annual report for died 6.420 tons from which P35,467 engineer will undertake a survey writes was produced an increase of some of the claims, the Bulletin was 1938: "The increased product:unpected that increased production was: America 273, 88, 396 and 49; 23 per cent over the July results. told. Montejo further revealed that in the present year is due to the of the oil may be expected annually United Kingdom 41, 2. 40 and 1: Tacloban, Leyte reports that aside from developing the Santa fact that while many areas are not until the total production exceeds other countries 2, 3 and 4. the 2 mining firm capitalized at Rita gold claims, the proposed yet in full production other areas 52,000 tons." Malaya produced 31-Orange Free State having none.

Totals were thus 3,894 cars and P100,000 will be organized soon in firm will engage in the lumber are coming into bearing. With the 893 tons of palm oli last year, as

899 other vehicles.. present planted prea it may be ex-against only 8,442 in 1932. · the province to exploit the gold | Industry.

For motor omnibuses, lorries, trucks and vans the distribution