1938-03-22 — Page 12

Daily Press 孖剌西報 All

Do.

187

1945

191

15/6

8139

$32

$100

$3

$36

3100

84/44 | Shells .................

Mining

Kailana

790 Laub.ne

墨子

Venezuela Gold Fids.!

10 ct. "Hongkong Mine...

Docks, Wharvo,

Gindowns, ete.

H.K. & K. WhaTTON.

83.45 Provideats (old)... 83.40

$8.80

Do.

New Engineeringe S. Lands. Hotels, zod Buildings

H.K. Hotels.......... H.K Lands.........8. Do, 4% Debentures

!!!!

$1.45

(DOW) 45

$3.40 $1.45

***

100

1.K&W. Docks Shangasi Docks S.

324/30

1100

PAGE 12-HONG KONG DAILY PRESS

DAILY SHARE QUOTATIONS Hong Kong Stock

Bayc alfons

Exchange

Nominal

MONDAY. MARCH 21.

Sharebrokers' Association

Bugarh

Ballery

dalin.

THE EXCHANGE

MARKET

"'

MESSES. ROZA BROS. Silver prices were unchanged over the week-end for both de- liveries, the quotations being 20 9/16 for Ready and 20 178 for Silver advices reported, Forward. speculators as having sold. There

some

The bear covering.

American Sil- marke was steady. ver was quoted at 44, 3/4" for Spot. The London-New York cross- rate

Bank,

91,480 1.K. Banks

E11

Say

....1,490 Fo. (London) «*** Chartered Banks ... Marcantile Bkя. "A"

1.490

286 £114

£14

were

214

$80

Bank East Asia...

180

N. U. & S. Barks ... Insurances

32

$275

Cauton Insurance...

$540

Union Insurance ...

1975 3035

Underwriters are

H.K. Fires.....

$84%

1/2.

Shipping

Douglassa

167

BISA

Steambts

$154

Iade-Chinas (prof.)

124

Do. (dot.)

Waterbents

ស.

361 124 24/44

1+

was quoted at 495.87. New Yerk-London was quoted at 4981

MARKET

The market was steady, business was slack.

STERLING

There were sellers at 1/2 15/16 March-April and 1/2 29/32 May July, buyers at 1/2 31/32 Cash- 10/8May and 1/2 15/16 July, prob- #7.8ably June. $3.40!

US, DOLLARS

A small transaction was reported at 30 15/16 March. There were sel- lers at 30 15/16 March and 30 7/8 $13 April-May, buyers at 31 Cash-April

and 30 15/16 May-June.

SHANGHAI DOLLARS

NEW YORK

New York; March 20

STOCK

EXCHANGE

(Through Reuter's Service)

New York/London Crusi-Tauc Now York Cutton-May. Now York Rubber-May," Chicago Wheat" --May. Chicago Corn -May. Winnipeg Wheat-May. Silver--Oficial

STOCKS

Adams Express Alleghany Steel Co. Allis Chalmers........ Amer. Can

Amer. Cynamid. "B" Amer. & For, Power

FINANCE

TUESDAY, MARCH 22, 1938.

BANKS

QUOTATIONS

Last High Low Clone

67) 60

Today's Close 4.94-15/18 4.93) 8.85 $70 9.54

8.76 13.91 13.90 1370*.

96) 60+ 60

Change

1-0.18 up

.za up

13.80

,3)

88)

R

7/8 off

Sterling

..........£8,800,000

1/8 o

119

118

120)

441

119 unquoted

.1 off

$20,000,000

1837

11

High Low Dow Jones Averages, 194.40 113.64 SD Industrisia

64.46 23.71 20 Rail 27,54 17.68 gb Utilities 105.89 86.52. J Bonds

89.44 69.01

Mar. 18.

118.41

13.71

High Low Close 181 00 118.74 120.43 23.55 23.43 93.68

Change 203 up

.03 oft

17.68

18.03 17.79 17.93

.28 up

8.52

86.79

.47 up

Commodity Index $2.06

62.00

.03 up

Business Done: -440,000 shares.

Last Sale

STOCKS

Last Sale

Mar. 18 19

&#

81

Humble Oil....

Mar. 18 19

65

65+

15 152

Int. Nickel ......

471

481

Hi 451

Int. Tel. & Tel.

87

71

G. Miskin, Esq.,

821

83

Int. 'Dept. Stores

83

Bi

K. 8. Morrison, Esq..

HONG KONG AND SHANGHAI THE CHARTERED BANK OF INDIA

BANKING CORPORATION

Authorised Capital *......$50,000,000

Issued & Fully Paid-Up 820,000,000

Reserve Funds:-

AUSTRALIA AND CHINA -Incorporated by Royal Charter, 1955

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

H.K. Currency Reserve 810,000,000 Paid-up Capital.

Reserve Liability of

Proprietors...ta

Head Ofce:-HONG KONG

Board of Directors. T. E. Pearce, Esq.,

Chairman.

Hon. Mr. J. J. Paterson,

Reserve Fund Reserve Liability of Pro- priators

SAIGON

MANCHESTER BRANCH:.. 71, Mosley Street, Manchester.

AGENCIES AND BRANCHES:

ALUR STAR

1KO:LO" ПРОД KARACHI KLANG ROBE KUALA

Deputy Chairman. AMITSAR

J. K. Bousfeld, Esq., A. H. Compton, Esq...

Hon. Mr. S. H. Dodwell, Hon. Mr. M. T. Johnson, J. R

Masson, Esq.,

BANGKOK

BATAVIA, DOMBAY

CALCUTTA

LUMPUR KUCHING MADRAS

TAIPINO TIENT IN

£3.000.000 ...£3.000.000

23.000.000

21

21

Kennecott Copper

344

361

A. L. Shields, Esq..

3

-31

Lambert Corpa. ......

10t

104

Sir Vandeleur M. Graybura,

| CANTUN

CAWNPORE CEDU COLOMBO DILHI

SEMARANG

SEREMBANG

*MANUHAL

BINGAPOR

SITIAWAN BOURABAYA

MANILA

TONGKAH

MEDAN

Amer, & For. $7 pt.

18

181

Libbey-Owens- Ford

Chief Manager, HALFUONG

KAMBURG

Amer. Locomotive

161

173

Glass

281

203

HANKOW

Amer. Metals .............. Amer. Radiator ......

30

314

Lockheed Aircraft ...

Z

73

Branches:

11

114

Loew's Iric.

421

431

Amoy

Ipoh

Amer. Rolling Mill...

171

171

Lorillard

16

151*

Bangkok

Johore

Fenang Rangoon

Amer. Smelting ......

44

151

McKesson & Robbins

Batavia

Kobe

Saigon

Amer. Sugar Ring... 272 Amer. Tel. & Tel.

27

$3 pf.

321

32

Bombay

Kowloon

San

Calcutta

Kuala

Nominal.

126

1274

Martin. Glen L...

171

181

Canton

Lumpur

Amer. Tobacco "B" 86

66

Monsanto Chemical 83}

835

Chefoo

London,

Shanghai Singapore

SHANGHAI MARKET

Amer. Waterworks...

77

81

Montgomery Ward...

913

221

Colombo

Lyons

Nominal.

Anaconda Copper ...

30"

301

Nat. Bond Invest-

D'airen

Malacca

IN THE AFTERNOON

Atchison, T. & S. Fe.

281

291

ment

121*

13)

Foochow

Manila

Patani

$8.70

$334

The market

was dull in

the

Atlas Corpo, meskie

61

81

Nat.

Cash Register 15 151

"

Haiphong Muar

Swntow,

$100

afternoon.

Auburn Motors

4

31

Nat. Dairy Products 13

Hamburg 131

(Jahara) Tientsin

07

Shanghai Lande....

STERLING

Baltimore & Ohio

51

Nat. Distillers .........

201

201

Hankow Mokden. Tokyo

Harbin

New York

Tsingtao

Metropolitan Lands..

The market finished with sellers

B'more & Ohio Pid.

7

.77

Nat. Power & Light

Hongkow Peiping

Yokohama

15.00H.K. Realties..........

$5.40

*01

195

Humphreys **** Chincae Fata LOR........

F9

at 1/2 15/16 March-April and 1/2 29/32 May-July, "buyers at

1/2 15/16 31/32 Cash-May and

Barber & Co.

151

153

Nat. Supply Corp. 181

19

Iloilo

1/2

Barnsdali Oil

121 131

New York Central

121

131

Bethlehem Steel

531 55+

Niagara Hudson P

Current

Cotton Mills

314 $71

E

BUL

July, probably June.

Boeing Airplane Co.

27

281

Corpn.

62

S'ha Coltons......S. Zoong Singe...S.. Wing On Textiles(S.)|

Ewo Cotton Bts. S

$70

".

U.S. DOLLARS

$24

The market closed with sellers

Borden Co. Borg-Warner

171

N. America Aviation | 74.

72

Accounts Local Currency and Fixed Deposits received for one year or shorter

opened in

Francisco

Sourabaya.. Sungei

HARBIN

EDONG TONG

YOKOHAMA

(Peking) ZAMBOANGA

FRNANG

RANGOON

FOREIGN EXCHANOS and General Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or shorter periods at ratas which will be quoted on applica. tion.

The

Head Bank's

Office io London endertakes Executor and Trustee business, and claims "re- Income Tax covery of British overpaid, on terms which may be ascertained at any of the Agencies and Branchés.

R. W. ROBERTS,

Manager.

NEW YORK PRIPING

(Bhuket) TSINGTAO

211

204

North America Co. 18)

178

periods in Local and other Cur-

133

at 30 15/18 March and 30 7/8

Briggs M'facturing..

191

20

Northern Paciác...

Bi

B7

Publia Utilitles

#14,80

$7

$14,00

Tramway

215

April-May, buyers at 31 Cash-April and 30 15/16 Map-June.

Trana,..... Brooklyn-Manhattan

Brooklyn-Manhattan

Pacific Gas & Elec

254

251*

rencies on terms which will be quoted on application.

})

THE CRASE - BANK

81.

8)

Paclic Lighting

35.

35 *

Packard Motors .......

4

4

Pork Trams (old) ...)

231

Do. (now)... $3

104

8341

Star Ferries

184

$6 cum. pf.......... Case. JI.

25

251

Paramount Pictures

73

-72

Hong Kong, 26th Feb., 1938.

782.

80

Paramount 1st. pt.

ao

72 *

8291

Yaumati Forries...

$281

H. K. STOCK

Canadian Pacific

5+

Pennsylvania R.R....

171

18+

$12

Chins Lighta (old)...

$12

Celanese Corpn.....

∙131

133

Phillips Petroleum....

3

36

$9.30

Do. (new)

39.40

Do.

IZER....

EXCHANGE

Cerro de Pasco .......

361

371

Public Service of N.J.

291

301

Chesapeake Corpn.... 35

35

Pure Oll

11

111

1981

H.K. Electrica ...*****

แอ

Macao do.

Chesapeake & Onto 281

29]

Radio Corpn. of Am. 557

551

Sandakan Lights ........

#27

Telephones (old)...

|#10,60

Do.

· (ROW)...

$10,58

12/0

::

Tracţiona

92.6.

22/0

Do. (prof.)....

Industriala

$143

Cald., Macg. (Ord.)S

812

Do. (Pref.)S

$1.70

Canton Ices

$1.50

!!

$171

Cements

117.10

17.17/1

24.05

Roper

2

Miscellaneous

1201

$7

pm. 1

$39

851

3/10

$2.20

39)

16.70 Ch. E'tainments......

Constructions, (ald) $1

Do.

Lane Crawfords....

Nanyang Tobacco..

Sinceros

Watsons

S. U. Enterprises.

70% Ca.G.5%1926G.Bda.

87.pa H.K. Govt. 42 Lowas

Wallace Harper.. H.K Wing On S'ha

Do. *...... $43 Vibro Piling.......... 17/6 Maramans Ir v. (Lon.)

Dairy Farma.****

CD 36.70

(new)

Do. 31%

ཀྱུས་པ་ #

+12

China Underwriters. $2.

39

YESTERDAY'S

OFFICIAL QUOTATIONS

The market opened dull and un- certain, but during the course of the day buyers appeared, resulting in the market becoming both ac- 498lve and steadier. The closing tone is steady with buyers predominat- ing.

CD $25)

BUYERS

Bank of East Asia. $80.

Douglases, $67.

Commercial Credit... Commercial Solvents Commonwealth & S commonwealth & S.

6% cum. pl......... 321 consolidated Edison 201 Consolidated Oil Continental Can

Chrysler Corpn.

481

50

Republic Steel

15%

161

Columbia" Gas & El

61

62

Reynold Tobac. "B" 387

371

Columbia 6% "A" pf.

71*

717

Schenley

20

201

31 -

311

Schenley 54% pt.

791

80

7

7

Sears Roebuck

55

551

13

13

Shell Unton Oi

12 134

Socony-Vacuum

131

13%

33

Southern Cal Edison

Hong Kong, 26th Feb., 1938.

201

201

201

Southern Pacific

123

131

B

81

Southern Riy (com)

8

401 401

Southern Rly "A"

114

13

Continental Of........ Corn, Products

201

26.

Standard Brands ....

BANK OF EAST ASIA, LIMITED.

7

71

601 303

Stand Gas & Elec.

Curtiss Wright (C)

4

41.

Stand Gas & Elec.

31

3A

Authorised Capital ....$10,000,000,00|

:

Cartiss Wright "A"

158

161

$7 pi.

18

18

Paid-up Capital ......... 5,598,600.00

Reserve and Undivided

Delaware & Hudson

93

10

Standard Oll of N.J.

461

471

Profits

$4

Providents (Old), $3.45.

Del. Lackawanna &

Sterling Products ...

58

574

$240

H. & S. Hotels. $6.85.

Western ****

54

53

Studebaker

Corpn.

41

5

$6.50

HK. Lands, 4% Debent. $100.

Deere Co.

213

22

Swift

Internationa:

231

23

70%

Chinese Estates, $95.

Distillers Corpn. Sea-

Technicolor

18

181

1108

H.K. Tramways, $15.

grams

11à

12

Texas Corpn..........

33

391

$101

Peak Trams (Old), $7.

Douglas Aircraft

381

401

Texas Gulf Sulphur 301

301

Star Ferries, $81.

Du Pont

112

113

Tidewater Assoc. Oil

121

130

**

85.40

HK Electrics, $584. Sandakan Lights, $141.

Eagle Picher Lead

81

91

Transamerica (new)

10

101

Electric Boat

72

8

20th Cent. Fox. Fims 20k

201

Cements, $17,40.

Elec. Bond & Share

61

63

do.

Films pi.

274

27

ERI-

WOL. Powells

(ILK)

70 cts

•Sales to Shanghvi

LONDON EXCHANGE RATES

Sincercs, $2,20. Constructions, $1į.

Marsmans (HK), s/-3/10.

BUYERS

Elec. Bond & Share

Union Carbide

&

$5 pf.

Elec. Bond & Share

$6 pf.

50

Elec Power & Light

(British Wireless Service)

H.K. Fire Insurance, $245. Lane Crawfords, $94. Vibro Piling. $51,

Elec. Power & Light

$7 pf.

Mar. 17

March 19

Finthoit

Paris

Geneva

1601

161-7/16

21.631

21.631

Berlin

12.37

12.30

Athens

Milan

941

941

Copenhagen

SALES

China Underwriters, $1.95/2.05. H.K. and W. Docks, $33/334. Providents (Old), $3.45/50.

H. and S. Hotels, $6.65.

H.K. Lands, $36.

Freeport Sulphur

25

Gen. America Trans 351

Gen. Cigar

Gen. Electric

Gen. Foods

Gen. Motors .....

Stockholm-

H.K. Electrics, $581/7.

Shanghal

1/2

19.414 1/12

Gen. Railway Signal 17

Star Ferries, $841.

Glidden Co.

New York

4.982

Dairy Farms, 5244/5..

4.95-13/18

Godchaux

Sugar

Amsterdam

8.98

8.98

Vienna

(Prices below in Phil. Currency)

Antamoks, Ps., 49.

Class "A"

Goodrich (B.F.)

Prague

Helsingfors

Lisbon

142-1/16

1417

Atoks, .26

Baguio Gold, .20

3

Goodrich $5 pf. Goodyear Tire & Co. 20

€ 88EE 1988

481

43 *

Carbon

ΤΟΥ

7:01

Union Pacific

651

67

50

United Aircraft

231 247

'81

81

United Airlines Trans

61 B1

United Corpn. ........

21

21

Amoy

Branches and Agencies :---

Kowinon Penang

Bourabaya

Batavis

Condos

Rangoon Swatow

33+

33 *

United

Corpn.

$3

Bombay

Manila

Saigua

Calcutta

141

14골

cum pl......

271

27 *

Onta

26

United Gas Corpn.

31

32

phong

Naga! Son York Boattle

Hankow

Oma

364

Un. Cas I'provem't

91

91

Honolulu

Paris

Kabo

Pelying

Shorba Singapore

244

24 *

Un. Light & power

2

.. 21

3

36

367

US. In'trial Alcohol

16

161

261 27

US. Rubber

304

311

321 337

US. Rubber pí.

781

79

Loans

ол granted

approved

174

U.S. Smelting

65

€5

| securities.

17+

171

U.S. Brecl

494

51

Vanadium

151

157

Warner Bros. Pict....

41 41

15

15+

Westinghouse Elec.

844

861

461* 481*

Rong Kong

1/2-15/16

Benguet Consol., 9.50 Coco Grove, 49

Bombay

Montreal

Brussels

4.98]

4.982

Consolidated Mines, #11 Demonstrations, 34

Great Northern Rly. 17 Great Western Bugar 27 Greyhound Corpn. 97 Hecker Products ...

201 17 27* 101.

6

Woodward Iron Cor. 13) Youngstown, Sheet

14

one year or periods in Local and Foreign Cur rencies an terms which will be quoted on application.

Also up to date Safe Deposit 15, QUEEN'S ROAD CENTHAL Boxes in various sizes To Let.

HONG KONG SAVINGS BANK

The Business of the above, Bank is conducted by the HONG KONG SHANGHAI BANKING COR PORATION. Rules may be ob- tained on application.

For the HONG KONG & SHANGHAI BANKING CORPORATION.

V. M. GRAYBURN,

Chief Manager.

HEAD OFFICE: '

19, PINE STREET,

NEW YORK.

An American Bank offering com

plete Foreign Banking Service in the principal Markets of the world. Interest Rates on "Application,

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHABE NATIONAL BANK, NEW Youx, with Resources over U.S. $2,500,000,000.

D. M. BIGGAR,

Manager.

BANK OF CHINA

Specially Chartered by

2,776,726.70 THE NATIONAL GOVERNMENT

OF CHINA AS AN INTERNATIONAL EXCHANGE

Head Office:-HONG KONG No. 10, Des Voeux Road, Central.

Board of Directors; -- .

Sir Shouson Chow, Chairman Li Kona Chun, Esq. Li Lan Sang, Esq. P. K. Kwok, Esq. WongChuSon, Esq. Wong YunTong. Esq. Kao Ying Pu. Eng Chan Ching Shek, Fung Ping Wah,

Esq

Kan Tong Po, Esq., Chiof Maangar. Li Tse Fong, Esq.. Manager.

Melbourne Ban Pran Tainoku

Hydney

abcs Tientada

Tokyo

BANK

PAID-UP CAPITAL...840,000,000.00 BRANCHES ALL OVER CHINA) Owing to our numerous Branches

in China and connections in the principal Commercial Centres of the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and Exchange.

Head Office: SHANGHAI

Hongkong Branch:

4. QUEEN'S ROAD, C.

South China Offices:

Semarang Vancouver

Yokohama CANTON

SWATOW

Every description of Banking SHIUCHOW

aad Exchange business tranzacted.

KONGMOON TOISHAN KINGCHOW

We also handle the issue of Bonds

and other Public Funds of the

Current Accounts opened in Local Chinese Government both at Home

Currency and Fixed Deposits re- ceived for

shorter and Abroad.

SHOU J. CHEN

Manager.

29.534

29.46

Yokohama

Belgrade

Monte, Video

Bucharest

Rio

Biver (Forward)

Silver (Spot)

20-1/36 .201

201

20-9/16

A.K.

.31% 1005.

Wer Loan

ON LONDON:

Closing Quotations

March 21, 1938.

Telegraphic Transfer... 119 Bank Bille, on demand.13 16 Credita, 4 months' sight 1/3-1/18

ON SHANGHAI-

On demand...............

1041

On demand ... $213/16

ON SINGAPORE:-

ON JAPAN-

On demand

ON INDIA.

Telegraphic Transfer... ) Bank on dernand

ON NEW YORK:-

Bank. Bills, on demand 301 Credits, to days' sight' 311

ON' BATAVIA

On demand.........än

ON PARIS:-

65-5/18

Bank Bills, on demand 885 Credits, 4 months' sight 1,060.

ON SAIGON:-

ON MANILA:-

Paracale Gumaus, 21 Ban Mauricio, 46 Suyoc Consol., 16 United Paracales, 41

SHAREBROKERS' | ASSOCIATION

BUYERS

Underwriters, $2.05. Providents (Old), $3.45. Providents (New), $1,40. HK, Docks, $33. Hotels, $6.85. Trame, $15,

China Lights (Old), $11.70.

Electrics, 358)

Cements, $17.30.

On demand

San Mauricio, 77 cts.

SALES

On demand

*1*

HK. Docks, $321/331.

ON BANGKOK-

105)

Hotels, $61.

On demand

1501

Trams, $15.

Bovereign Notes

China Lights (Old), $11,70,

Bank Buying Rate.....

1/8

San Mauricio, 78 cts.

BAR SILVER, per os, mine

90-9/16

SERICULTURE INDUSTRY OF KWANGTUNG •

MINING NEWS

Sir Henry Page Croft's Figures

Manila Semarang Moji

Sbanghai

Nagasaki Singapore Nagoya Sperabaya

Yen 100,000,000.00 Yen 135,900,000.00

Head Office:-YOKOHAMA

Sir Henry Page Croft, MP,

BRANCHES AND AGENCIES AT: NIECO MINING Company re-chairman of the executive on Alexandria Honolulu Kangoon

Hsinking Rio do elected its board of directors at the mittee of the Empire Industries Bangkok

Karachi Janeiro The Sericulture Bureau of the annual meeting held recently, as Association, has sent a New Year Batavia

Kobe Вал London Francisco Reconstruction Bureau is negotiat follows: L J. Coote, president; 8. message to its members quoting Berlin

Calcutta Los Angeles Seattle, ing with the Provincial Bank of J. Wilson, vice-president; Mariano figures to justify the tariff policy Bombay

which the association haa

Canton Kwangtung for a loan of $10,000 Alondres, Joe Reich, and Juan Na-for

Dairen. to help the raw silk industry in bong, secretary-treasurer. The an- worked.

He points out that Free Trade

(Dalny) Shuntak Hatch by repairing dykes nual report was approved, as was and preventing inundation, states the balance sheet of the company. predictions concerning the tariff Fengtien

have been falsified. By far the (Mukden) New York Bydney North, Mindanao Mining", Com

Osaka

Tientsin pany, Inc. produced P.12,740 during greatest rise in imports has been Hamburg

Hankow Otaru

Tokyo A further loan of $200,000 is the month of February, according in raw materials. 82 per cent.

Harbin Paris Tsingtas needed to help the silk industry to a report released by the office Manufactured exports have gone up

Hong Kong Peking Yinkow in Lankiao, and the Bureau is of the corporation.

by £112,000,000.

Intereat allowed on Current the duties is hopeful that it may be obtained HOMESTAKE GOLD Mines, Inc.

Revenue. From

Accounts. Bank of Communica- reports that development work on estimated for 1937-8 at £45,150,000,- Deposits received ...for Fixed tions and the Provincial Bank of it Itogon property is progressing and employment has risen since Periods at rates to be obtained Kwangtung.

with encouraging results.

1931 by 2,000,000. The cost of food on application. Loans will also be negotiated Tomas O. Magno, secretary, told at 45 per cent. above the pre-war by the Bureau to help farmers the Bulletin that machinery will levél is still 14 points below 1929

under Free Trade. arrive shortly from America," and kritting factories.

& message from Danton.

from the

Y. KANO,

Manager

Hong Kong, 10th March, 1938.

t ex div.

33+ & Tube Chase National Bk. 291, 30 * National City Bank 231 231* Call Money

1% 1%

• bld.

35

Safe Deposit Boxes To Let..

KAN TONG PO,

Chief Manager. THE YOKOHAMA SPECIE BANK

TARIFF VINDICATED

LIMITED

Capital (fully paid up)

Reserve Fund

PHILIPPINE

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