1938-11-03 — Page 12

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital $50,000,000

THE CHARTERED

BANK OF INDIA, AUSTRALIA &

CHINA

Issued & Fully Paid-Up $20,000,600 Incorporated by Royal Charter, 1858 Reserve Funds:

Sterling

£8,500,000 H.K. Currency Reserve $10,000,000 Reserve Liability of

Proprietors

HEAD OFFICE: LONDON: 38, Bishopsgate E.C.2.

Head Office:-HONG KONG

$20,000,000 Paid-up Capital

Reserve Fund Reserve Liability of Pro- prietors.....

£3,000,000

£3.800,000

.£3,000,000

Board of Directors. T. E. Pearce, Esq., Chairman. Hon. Mr. J. J. Paterson,

"Deputy Chairman.

"ן

J. K. Bousfield, Esq..

AH. Compton, Esq.,

Hon. Mr. S. H. Dodwell,

W. H. Lock, Esq..

G. Miskin, Eq.

E. S. Morrison, Esq.,

Hon. Mr. A. Li Shields,

MANCHESTER BRANCH: 71. Mosley Street, Manchester.

AGENCIES AND BRANCHES: ALOR STAKR HONG KONG "PINANG

RANGOON AMRITSAR

LLOILO

SAIGON

BANGKOR

BATAVIA

BOMBAY

CALCUTTA DANTON

POE

KABAUHI

KLANG

KOKE

H. Y. Wilkinson, Ex..

Sir Yandeleur M. Grayburn,

Ghief Manager. CAWNPORK

KUALA

LUMPUR

SEREMBAN

SHANGHAI BINGAPORE SITIAWAN

BOURABAYA

Branches:

CEBU COLOMBO DELHI.

KUCHING MADRAS

TAIPING

TIENTLY

MATIZA

TONGKAN

Amwy

[pob

Bangkok

Jobore

Ponaug Rangoon

Batavia

Kobe

Bombay

Kowloon

Saigon » San

HAIPHONG HAMBURG HANKOW

MEDAN NEW YORK PRIPING

Calcutta

Kusis

in

Canton

Chefou

London

Colombo

Lyons

Fuochow Modila

HARBIN Francisco

Lumpur Shangbai

Singapore Sourabaya

Dairen Malacen Sungei

Patani Swatow Hamburg (Johore) Tientsin

Tokyo Harbin New York Tsingtao Hongkow Peiping' Holla

Haiphong Muar

Hankow

Mukdep

(Bhuket) TSINGTAO YOKOHAMA

(Peking) FOREIGN EXCHANGE and General Banking Business transacted.

Finance and

Commerce

GREATER PURCHASING POWER NEEDED

World Business Leaders Meet In Washington

problem confronting business to-day The most challenging

the purchasing power of low-income United is to aid in increasing familles, declared Mr. Daniel C. Roper, Secretary of the States Department of Commerce, at the seventh International Management Congress in Washington recently, The solution, power the expansion of purchasing he said, involves not noty

the upward and outward, but a better understanding by all of broader economic problems, national and international in scope.

Mr. Ralph E. Flanders, presi- Co-operation between business leadership and government. both dent of the Jones & Lamson · Ma- Company of Springfield, state and federal, is an essential chine factor in safeguarding business. Vermont, made a blea for in'tla- Americar tive and enterprise in Mr. Roper stated.

He ex- Turning to world trade, he said business and industry.

that world pressed the belief that the coun- he did not belleve trade could succeed unless there try's physical resources.

cal progress and population justi- were mutual benefits in the change, of goods among and be-field preparations for expansions tween nations. The United States both in standards of living and chlet concern, he pointed out, is not so much a favourable trade balance as an increased volume of useful two-way trade.

ex-

of

techni-

FOREIGN TRADE OF CHINA FOR SEPT.

According to the monthly returns issued by the Chinese Maritime Customs covering for- eign trade, China's net Imports during September 1938 totalled $75,137,566. Net exports total-. -led $79,822,793. January-Sep- tember Agures were $663,693. 667 and $559,895,668 respec- tively as compared with the corresponding Agures last year 61 $819.780,890 and $684,023,133.

LOWER PRICES FOR CARS

Better Business Trend Seen

new

crest the

of

A general trend toward lower industrial activities. A proper

prices appears to be spreading and incentive balancing

through the automobile induk- try: says a Detroit mesKALO. Chose L ship of business to

Chevrolet announced. Its security ont caly in the relation- management but in the relation Lord Leverhulme, president of of business to its working force model prices, ranging downward as the International Committee of in all its ranks is the solution for much as $45 per unit compared

who also the existing situation, he declared, with prices for the 1938 models. Scientific Management

Mr. Nits A. Sterner. of LM.Simultaneously." addressed the delegates, declar-

Company of re-employment and salary increase ed that the factors of national-Ericson- Telephone ism

and territorial sovereignty Stockholm, Sweden, told the de-wave which broke over Michigan Interna- legates that the principal pro-automotive centres recently was must give way to ari

tsinterpreted by observers as a fore- tional point of view 123 econo-blem of management to-day mic affairs. If the economic

res- the ups and downs in the public's jupswing. blems now confronting the pective. countries of the world are demands for goods, and the quan- to be solved in the best interests tity of goods a plant is equipped of all.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or shorter periods at rates which will be quoted on application, The Bank's Head Office in London undertakes Executor and Trustee business, and claims re- covery of British Income Tax overpaid, on terms which may be

pro- caused by the conflict between runner of a nation-wide business opened in ascertained at any of the Agencies

and Branches.

R. A. CAMIDGE,

Yokohama

Current Accounts Local Currency and Fixed Deposits received for one year or shorter periods in Local and other Cur rencies an terms which will be quoted on application.

iso up to date Safe Deposit Boxes in various sizes To Let.

Hong Kong. th October, 1938. HONGKONG SAVINGS

BANK

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

For the HoxG KONG & SHANGHAI BANKING CORPORATION.

V. M. Grayburn.

Chief Manager. Hong Kong, 7th October, 1938. BANK OF EAST ASIA. LIMITED.

Authorised Capital #10 000,000,00 Paid-up Capital

C,398,000.00 Reserve and Undivided

Profits

2,776,796.76

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

Board of Directors;

Siz Shouson Chow, Chairman Li Koon Chun, Baq. Li Lan Sung, Esq.

WongChuson, Esq. P. K. Kwok, Esq. Wong Tun Tung, q. Kas Ying Pa, Req. ChanChingShel, Esq. FungPing Wah Eq.

Kao Tong Po, Esq., Chief Manager, Li Tse Fong. Beq., Kanager.

Brunchat and Agenclou 200 -

Kowicow

FAME Fargoos

Boersbaya Hentow Byday

Melbourne in Fran: · Tailwin

Andy Eslavia Tobar Catia

atom Kalphons Hankow Honolul

Londo Manila

NAKE New York

Seattle

Parla

Købe

Petplan

lac Bontela

Takjo Tano-ver Yokoham

Semarang

Shantie

- Blagapore

Manager.

THE CHASE BANK

to make.

15. QUEEN'S 'ROAD CENTRAL RECONSTRUCTION MORE WORKERS

An

HEAD OFFICE:

13, PINE STREET,

NEW YORK.

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 CHACK NATIONAL BANK, New York, with Resources over U.S. $2,500,000,000.

J

D. M. BIGGAE,

Manager.

BANK OF CHINA.

IN CHINA -

People's Delegates Hear Report

Chungking Nov. 2.

A detailed report on China's

economic reconstruction work dur

AS HOUSE OWNERS

SPOT

THURSDAY, NOVEMBER 3, 1938.

PAYNE & CON

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

JAN.-MARCH

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Oct. 31

buyers

Nov. 1

sellers buyers agilers

28-1/4 28-1/2 28-7/8 29-1/8 29-1/8-29-3/8

Change

of 1/8

28-1/8 28-3/8 28-5/8 28-7/8 off 1/4 APRIL-JUNE'

10 3/8 23-3/4 29 The market opened 1/8 of a cent higher for spot Rubber, un- changed for January-March optiens and 1/8 of a cent lower for April- June delivery, as compared with Monday's closing rates.

Reflecting quiet conditions prevailing in Londen and New York the market was dull and inactive shortly after the opening.

Later in the session, however, fair enquiries for "actuals stimulat- éd good buying interest in forward positions for trade and speculative accounts. After some business having been transacted on basis of quoted rates prices registered an advance of 1/4 cent for all deliveries on persistent further buying and due to the reserved attitude of sel- lers. It was, however, difficult to arrange business and such business "as was transacted, could only be put through at a premium over quot- "ed prices. Closing tone was very steady.

It would appear that overnight cables from New York reporting on a resumption of buying by manufacturers were responsible for the better sentiment displayed in to-day's market. Also private estimates of American consumption for October at 39,000 tons, and for Novem- ber at 42,000 tons had a stimulating effect upon the market. Although are expected. still. It is believed, that the market will stage a fair fur- minor fluctuations until after the IR.R.C.'s meeting on the 15th Inst. ther advance from present levels in due course of time, due to the steadily improving statistical position,

LONDON RUBBER

Previous close To-day's close buyers sellers buyers sellers 8-1/4 8-5/16 8-5/18 8-3/8

8 3/8 8-5/16

8-3/8 8-3/8 8-1/2 8-1/2 More general inquiry'

Change

..8-1/2

$-9/16.

up 1/18 up 1/16 up 1/8

T

NEW YORK COTION

SFOT They

increasing JAN.-MARCH believed the tempo of bells at the motor fac-APRIL-JUNE tory time clocks presaged faster

Market steady. Jegling at the cash registers of the counters all over business country.

Early in the session, prices advanced on Trade and foreign busing, Better business developments

as well as covering by shorts and a higher stocks market. The market, struck the automotive Industry

however, later reacted on liquidation. There was some scattered buy- with startling rapidity. The in- dustry which led the nation out of Ing. but this was off-set by Commission Houses selling and lower "Depression No. 1" was cheered on cables from abroad. Finally, with operators continuing to remain every front by indications of re-largely on side-lines, the market closed quiet. vival...

NEW YORK RUBBER

Trade observers reported that

Advances Of 95 Per the Ford Motor Company is likely

Cent. Suggested

call an additional 35,000 men to work very soon, bringing the huge River Rouge plant to peak produc

Sir Harold Bellman, managing tion. ing the past three months was director of the Abbey Road Build- rendered by Dr. Wang Wen-hao.ing Society, in his presidential of Economics, during address to the sixth Internationa! Minister Jesterday's session of the Peo-Congress of Building Societies, at

Zurich, recently, estimated that. ple's Political Council.

the world's present annual arma- ments bill was little short of twice the total assets of the world's building societies.

Rapid progress, according to Dr. Wang, has been made in the field of agriculture, buta- ing. commerce and water con- servancy,

the

must hope

that

"This is 'n diabolical perverston of the genius of the race," said Str Harold. "We sooner or later a more rational scale of values #l, determine men's energies.

"

SILK EXPORTS INCREASE

Shanghai, Nov. 2. Exports of Shanghal raw silk doring August amounted to 3,422 picuts, representing an Efforts have also been exerted

increase of 1,573 pleuls over towards the development of in-

the month before, according to dustries in the interior. Dr. Wang

Information disclosed to-day. reported that plants for

This increase was caused by bet- paper, glasses, of manufacture radio sets and batteries, alcohol distilleries and other factories regarding the promotion of the ter exchange conditions and the one of construction of silk flatures in the building society cause as BANK

have been established in

the worth-while tasks of peace the International Settlement.

Details of exports during the and itself a pacific influence." PAID-UP CAPITAL $40,000,000.00 | northwest

(BRANCHES ALL OVER CHINA) vinces-Central News. .....

8pecially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN INTERNATIONAL EXCHANGE

Owing to our aumerous 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: BHANGHAI Hong Kong Branch:

+, QUEEN'S ROAD, C. South China Offices:

and southwest

pro-

"Meanwhile, we are justified in

The three years that had elaps-three summer months follow: ed since the Congress last met had

means uneventful.

Ph

The market advanced on demand which was accredited to Lon- don dealers and factory interest. This encouraged focal Commission house buying and some short covering. Towards the close, prices reacted partially on persistens offerings by dealers and values closed below their best for the day.

CHICAGO WHEAT

Beneficial rains in the American and Canadian grain belts brought out general selling, after an early period of steadiness. The Bureau of Agriculture and Economics predicts continued low prices. This, coupled with poor support and the heaviness of Winnipeg tended to increase bearishness.

N. Y. Commodity Market

(By Courtesy of Messrs. Swan, Culbertson & Fritz and 8. L. Levy & Company)

-- Dec. ***ngage 651 631

1

HO TO*

15. up

Change

.02 off.

02 ON

New York, November 1.

Prev. To-day's

June July Aug.

been by no

(in picula)

New York Cotton New York Rubber Chicago Wheat

Dec. Dec.

High Low 3.50 8.53 16.97.16.76

Close Close Change

8.50 8.54

16.70 16.85

647 83 1 of

10

in-

a had at least consolidated its post-

tion

Over a large area of the world the building society movement had re-United States

France gistered still further progress or

England

264

583

1.361

708

- Dec. 1,185 Chicago. Corn

***Dec. 932 Winnipeg Wheat

451

442

451

447

off

50

571

59 571

17 oft

138

80

160

NEW YORK COTTON

204

263

730

140

181- 333

Close

Closing Opening

December January (1930)

8.55/56

8.57/56"

3.54/56

8.45 N

8.43/43

8.43 N

1,249

3.422 March

May

8.43/43

8.43/42

8.41/41

.02 off

A

( }

8.24/24

8.24/24

822/22

.02. off

| Jyly; ( ) October() Spot

8.10/10

8.11/11.

8.09/10

.01. of

7.75/76

7.76/76

1.77/77

02. "off

9.61 N

9.01 N

unch.

NEW YORK RUBBER

16.70/73

. 16.76/78

16.71/72

16.75/78

16.85b/873 16.87/37

.15 up

18 up

18.78/76

16.80/78

16.89/89

.14 up

16.79/80

16 91b/92a

12

uo

Sales for the day:---

3,380 tons

countries 2.161

HUNAN-YUNNAN RAIL SERVICE

British India Regular train services, says Chinese report, have been

Lacking the more solid roots of Egypt - augurated along the newly com-

the movement in the English- Total, includ

ing other Human-Yunnan Railway

Con- countries, 80me pleted

speaking since October 10. The line runtinental sections were fully ex- from Hengyang, in Hunan pro- vince, and passes through Kwellin, posed to the jealoustes, misunder--International News

standings and obstructions which Nanning, in Kwangsi, to Lunschow were frequently the lot of the

pioneer. Current Accounts opened in Local

We also handle the issue, of which borders upon French Indo- Currency and Fixed Deposits re Bonds and other Public Funds of China. eeived for one year or shorter the Chinese" Government both at periods in Local and Foreign Cur Home and Abroad.

terms, which will be

Every description of Banking!

KONGMOON and Exchange business transacted. CANTON..

TOISHAN Loans granted ONL approved SWATOW

SHIUCHOW KINGCHOW.

securities.

rencies

On

quoted on application.

Safe Deposit Boxes To Let.

KAN TONG PO.

Chief Manager.

SHOU J. CHEN,

S.S. "BENARTY"

BANKING HOUSES POLITICAL TENSION,

IN HANKOW This railway line is even of more strategic value than the Yunnan- The world was confronted by

The Hankow branches of

the December of China, the Bank of March French Indo-China railway, and this dilemma: That it required

Farmers May! Manager, replaces the canton-Hankow Rad- an increase in healthy economic Bank

way.in importance."

activity to relieve political tension. Communications, the but the political tension was itself Bank of China and the Central september a hindrance to healthy economic Bank of China have moved to Chungring. Temporary ofices, activity.

Sailing for LONDON, ROTTERDAM, ANTWERP, HAMBURG and LEITH on or about the 9th November, 1938.

Cargo will also be accepted on through Bill Lading to the usual transhipment ports,

Tel. 34105

aid l'assage spply to:

W. R. LOXLEY & CO., (CHINA) LTD.

THE BEU LINE STEAMERS, LTD.

JAPANESE CONTROL SHANGHAI COTTON

.

May

Monday's Bales

This was the vicious circle which however, it is reported, will con- must be broken. The building so tinue to do business in the French ciety movement could not work Concession in the now abandoned December In order to obtain supplies of mitacles, but, given wise

en-elty.

Other large Chinese commercialJuly cotton at cheap prices, the Japan-couragement from above in ap

the Kincheng ese in Shanghai, with the co-propriate cases, it had, he bellev banks, such as operation of members of the local ed, a mission of considerable value Banking Corporation, the Young Brothers Banking Corporation, puppet administration, have eat-in regard to this situation.

To a world which as a whole the Chekiang Industrial and blished buying depots in various districts through which producers row stood poised uneasily between commercial Bank, the Shanghai December are forced to sell their produce at doubtful recovery and further re- Commercial and Savings Bank May July cession, building, society activity and several others are stil opera- an arbitrary price.

Exorbitant prices, however, are had an applicability which none ing within the Concession. As a set for cotton yarn in the Shanghai should ignore. market, and the few Chinese milis

Mr. David W. Smith, chairman result, remittances between Han-

accepted. still remaining in the Settlement of the British Organising Commit-ow and Shanghat are still being are hard hit by this virtual Japan-tee and general manager of the ese monopoly.

Halifax Building --- Society, – ein- phasised in the British national

631/831

854/651.

651/651

CHICAGO WHEAT

012/843 $41/551 881/681 567/684 881/681

5,870,000 bushels

CHICAGO CORN

451745 45/45 481/481 487/484 432/481 491/491

ÅÅÅ

442/441

off

401/491

·December May

WINNIPEG WHEAT

50/681

59/59 021/621

NEW YORK" HIDES: (New Contracts)

572/571 6017601

report that there was no cause for tng since the war was overtaking

December The total sum received by the concern as to the future of the the demand. Shanghai Municipal Council up to British building society movement, The implication was not that March October 25 in respect of contribu- given freedom from any major the British movement was facing tions under the voluntary enter-economic or international up-a crisis, and, as some would have it on the edge of the "slippery tainment levy, covering a period heavals.

There were, he said, signs that alope," but rather that it must pay December of nine sonths January 20 to October 19, amounted to $217, supply of the type of house which need to the circumstances of the bry sliver, omelat

building societies had been finaric moments 601.57.

13,20 B 13.25b/40a 13.15b/22 13.70/70 13.86b/71a 13.55b/576

NEW YORK STRAI IS TÌN"

45.90b/46.054 48.05b7202 46.20b/406

42-3/4 42-8/4

NY-Vdon Cress Rate... 475-5/8

$58