1938-11-07 — Page 12

PAGE 12-HONGKONG DALLY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capitul...$60,000,000

THE CHARTERED BANK OF INDIA,

AUSTRALIA &

CHINA

Issued & Polly Paid-Up 820,000,000 Incorporated by Royal Charter, 1855 Reserva Funds:

Sterling

..£6,500,000

EL.E. Currency Reserve $10,000,000 Reserve Liability of

Proprietors

HEAD OFFICE: LONDON: 38. Bishopagatè E.C.2. $20,000,000 Paid-up Capital

£$,000,000 Reserve Fund......... £3,000,000 Reserve Liability of Pro-

prietors....... .£3,000,000

Head Office:-HONG KONG

Board of Directora.

T. E. Pearce, Esq., Chairman. Hon. Mr. J. J. Paterson,

Deputy Chairman,

J. K. Boasfeld, Esq.,

A. H. Compton, Esq.,

Hon. Mr. S. H. Dodwell,

E. S. Morrison, Esq..

MANCHESTER BRANCH: 71, Mosley Street, Manchester.

KARACHI

AGENCIES AND BRANCHES:

ALOR BTAR HONG KONG PINANG ILOILO

HANGOON POH

SAIGON SEREMBAN, SHANOKAL SINGAPORS SITIAWAN SOURABAYA TAIPING TIÊHTSIN

W. H. Lock, Esq.,

G. Miskin, Esq...

Hon. Mr. A. L. Shields,

H. V. Wilkinson, Esq..

Sir Vandeleur M. Grayburn,

Chief Marager.CAWNPORE

KLANG KOOK KUALA

AMBITSAR

BANGKOK.

BATAVIA

BOLIBAT

CALCUTTA CANTON

LUMPUR

·CEBU

Branches:

COLOMBO DELET

KUCHING MADRAS

MANILA

ТОМСКАЯ

Anoy

Ipoh

Penning

Bangkok

Johore

Rangoon

Batavia

Kobe

Saigon

Bombay

Kowloon

SAD

Calcutta

Kuala

Francisco

HAIPHONG HAMBURO HANKOW HARBIN

YEDAN NEW YORK PRIPINO

(Bhuket) TSIKOTAD YOKOHAMA

(Peking)

Canton

Lumpur Shanghai

Chefoo

London

Calumbo

Singapore Lyons Sourabaya Dairen Malacca Sungei

Foochow

Manila

Haiphong Muar

Patani

Swatow

Hamburg (Johore Tientsia

Hankow

Harbin

Bougkew -Hollo

Mukden Tokyo,

New York Tsingtao

Yokohama 'eiping

4J

FOREIGN EXCHANGE and General Banking Business transacted.

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 in ascertained at any of the Agencies

and Branches,

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

Also up to date Safe Deposit Boxes in various sizes To Let

Hong Kong, 7th October, 1938.

HONGKONG 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 Hoye Koxa & SHANGHAI BASKING CORPORATION.

Y. M. Grayburn.

2. Chief Manager, Hong Kong, 7th October, 1938.

BANK OF EAST. ASIA.

LIMITED.

Authorised Capital ...$10,000,000.00†

Paid-up Capital ......

Reserve and Undivided

Profits

5,588,000.00

2,776,720.78

Head Office:-HONG KONG

No. 10, Des Voeux Road, Central.

Board of Directora;

Sir Shouson Chow, Chairman

Li Koon Chua, Esq. Li Lan Sang, Esq,

WongChuSoa, Esq. P. K. Kwok, Erg, Wang Yun Tong, Esq. Kon Ying P, Esq. ChanChingShek, Esq. FangPingWah Esq.

Kan Tong Po, Esq., Chiat Manager. Li Tse Fong, Eaq., Manager.

Amoy Jatavia Bombay Calostia Canton

Halphong Bankow

Koopluf

Kubr

Penang

Branches and Agencias 201

Kowloos

Sourabaya Geodyn Bangson Bestow Kapila Beigon Nylpey Malbourne Na Fran Tabotu Yourbaka

cisco Tontudo New York Statilo Tokyo Oanks Semarang Vancouver Puls

Shanghal Yokohama Totpla Singapore

Every description of Banking and Exchange business transacted. Loans granted on approved securities,

R. A. CAMIDGE,

Manager.

THE CHASE BANK

16, QUEEN'S HOAD CENTRAL

HEAD OFFICE:

An

18, 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 CHASE NATIONAL BANE, NEW YORK, with Resources over U.S. 82,500,000,000.

D. M. BIGGAR,

Manager.

BANK OF CHINA

Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN ́ INTERNATIONAL EXCHANGE

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 Hong Kong Branch:

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

CANTON

Current Accounts opened in Local SWATOW Currency and Fixed Deposita re- SHIUCHOW

or shorter

KONGMOON TOISHAN KINGCHOW

Finance and Commerce

CONSPECTUS OF THE

OF THE

COTTON MARKET

IN

New York. Getober 14. The cotton market has strengthened during the past two weeks! When the war danger passed it became evident that a good deal of buying had been deferred during the crisis. Sales of gray goods Improved sharply and mill price fixing and purchases of spot cot- lon increased in proportion. Hedge selling was limited by the diver- sion of cotton into the loan and by the natural unwillingness of merchants to take on stock at the present high basis and to hedge It forward into discounts, a policy which in the past has been rough- by equivalent to suicide by slow torture.

mean tale.

...

to

SHARE MARKET REVIEW

Gold Mining Stocks Active

+

The market has been easier dur- ing the week and prices continue to sag through lack of business. Although there has been no pres- sure to sell most buying orders were completed without difficulty

MONDAY, NOVEMBER 7, 1938.

PAYNE & CO.

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONG KONG

ון.

COMMODITY MARKET REVIEW

JAN.-MARCH

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov: 3 buyers sellers buyers sellers

Nov. 4

Change

28-3/4

29

28-5/8 28-7/8

off 1/9

29-1/4

29-3/8

29-1/2 20-5/8

29-1/4 29-1/2

unch.

29-3/8 29-5/8 uneli.

The market opened with prices unchanged for all deliveries as compared with Friday's closing rates.

Throughout the session the market ruled quiet, but steady. Fair demand of rubber for prompt delivery. However, did not influence. speculators to operate either way to any larger extent, in view of the uncertainties with regard to the quota-decision to be shortly announ-

was transacted at quoted rates. Towards the close of the session, prices slightly declined by 1/8 cent for all deliveries, due to some iquidation and proff-taking.

Closing tone was quiet

Leading Rubber Brokers in Londen, believe that there is a dis-

A decrease is shown in the volume | SPOT During the current week en-next Spring. As we have said be- of business recorded for the week. thusiasm has been somewhat dam- tore. substantially higher prices HK. Bank shares changed hands APRIL-JUNE pened by the Government crop for the Summer months will be at $1.345 to $1.350. Trams were report.

At 12,212,000 bales, the needed to bring loan cotton.out. wanted at $162 and Lards at $363 estimate is 387,000 above the last As required by the Farm Act, with sales reported at this figure. report, and still more above pri- Secretary Wallace has announced Electrics changed hands at $573 vate estimates. The Crop Report- that on December 10 the cotton and Star Ferries at $721 with fur- ing. Board, on many past occasions, growers will vote for or against ther shares offering at this rate, has been so successful in shocking the establishment of farm mar Dairy Farms were offering at. $241ced by the LR.R.C. Consequently only a moderate volume of business the market that it seems to have keting quotas, which would make and Hotels could be obtained at acquired the habit; and a strong the acreage control programme $51.

With the dullness of the local case could be presented the again compulsory upon all growers:

vote is market interest continues to be effect that the market would be-A two-thirds affirmative

gold mining stocks have more naturally "If it were required. Many expect the De-centred in relieved of official guesses and left partment to marshall all its re- which, in some instances, show té adjust itself to the actual gin- sources to obtain a favourable further improvement over the pre-tinct possibility of a reduction of world-stocks by 50,000 tons at the ning Agures. However, fluctua-vote; and the distribution now vious week. In spite of profit tak-end of this year. In this event it is felt that higher markets may be tions in crop estimates this year under way of the $130,000,000 price ing encountered early in the week confidently expected, even if the IRR.C. should decide on a 5 per It is also gratifying to note the recent subs- The more cotton is adjustment payment on the last resulting in a recession of prices. cent quota-increase.

will the market rallied strongly later tantial increase of Motorcar-production in U.S.A. as revealed by over- grown, the more will go into the crop ensures that the vote loan.

These bullish factors would appear to take place in a propitious atmes- showing marked advances in some night cables from New York:

stocka, In brief. the market position phere.

justify expectation of a résumption of the upward trend in the near seems to be working out in line;

San Mauricios continue to lead at future. However, it is by no means cer- with the analysis offered in our tain that the proposal will carry. Ps. 1.48, an advance of 38 ctvs. The price for a Farmers are deeply disappointed Antamoks proved rather disapoint- considerable time has been below with the price they are receiving ing and dropped back to 51 ctvs. the loan value in most interior for the short crop forced upon Atoks failed to hold at 33-cies and markets: and despite the advance them by the allotments this year. closed at 301 etva. I.X.L. after-ens- it is still below in many places, and are not too happy over the ing to 66 ctvs. made a good re- SPOT including most of the "interior delay in receiving the $130,000.000, covery and closed at 75 ctvs. Ben.. JAN.-MARCH points in the Western pelt. Mid-which is money due on last year's guet Consolidated improved 60 ctvs. APRIL-JUNE dling 7/8" at Dallas yesterday was crop. Our information is that dis- to Ps.12.80. A quiet but steady worth 8.13 cents, compared with contentment with the cotton pro-market is reported from Manila at the loan value of 8.30. At points gramme is greater than at any the close. further back the discrepancy was time since it originated, and that of course wider. This means that farmers want to get away from the

After an early period of moderate activity, the undertone turned cotton will continue to pour into harassments of Government con-

OF BUSINESS easier owing to lower Liverpool advices, liquidation and 'hedge-selling. the loan, and Mr. Garside calcu-troi and from the steady curtail- lated at the beginning of this ment

especially of later positions. The Trade continued to buy nears, but of their export markets. The Japanese are said to be ar- week that, including unreported, which is the result of policies ranging to establish a large bust-foreign demand for distants was less active and this resulted in a widening of differences. Finally, the market rallied partially on stock, the loan already held pro-which have fostered competition [ness corporation in Canton to ab-

moderate covering by shorts. bably between 1,000,000 and from foreign growths.

sorb the wealth of the province. It is to be similar in nature to the 1,250.000 bales. Unless the price recovers to a level that will pull

recent letters.

the Western markets up to the toan value, the movement into the loan will continue heavy.

SHORT CROP

SUAVE METHODS

one already established in North China Japanese financiers, how-

ever, consider the social, economic,

ff

LONDON RUBBER

Previous close To-day's close buyers sellers buyers sellers "Change

unch.

** 8-3/8 8-1/2 8-3/8 8-7/16

8-7/18 8-9/16 8-7/18 8-1/2 8-9/16 8-5/8 B-1/2 E-9/10

unch.

off 1/16

Market steadier.

NEW YORK COTION

NEW YORK RUBBER

SIGNIFICANCE There is growing sentiment in favour of reducing the whole pro-

Prices opened lower on lower advices from the primary markets, gramme to simple tarift adjust and cultural structures of South Most traders are awaiting the meeting of the regulation committee nient payments, to equalize the }

returns from farm work with the China different to those of North and business to-day was negligible. In the latter part of the ses- Subtracting the probable loan wages of industrial labour which China, hence the Arst step should,sion, however, prices partially recovered on indications of an under-

with the help of traltors, be to in- Ising consumer interest." stock from the estimated yield, it has tariff protection. The argu- seems evident that, as a practical ment is that such payments would duce the people to return to Can- dealing with a not represent, anything "given ton so that business may return to matter, we short crop. Cotton consumption is farmers, but are the most direct on the rise again, and if say and practicable way of righting force the farmers and peasants to

cu-operate with the Japanese. 3,000,000 bales go into the loan an economic injustice. -Irrespec- the remainder will be less than tive or our own opinions, we are 9.000.000 running bales. This in-reporting this as a mater of great dicates that spinners would have significance to the market.

are

to buy cotton from the loan sock There has been rather a general Impression that because November

NATIONAL

DOLLAR

STEADY

Shanghai, Nov. 5. With foreign banking in- terests firmly supporting Na- tional legal tender, the local exchange market was firm to-day, The firmness of the dollar,

notwithstanding

captures of the Wuhan

the

すみませ

by the Japanese forces, is attributed to the

reasons,

- *

following

1. The fall of the Wuhan area has not shocked the market to any appreciable extent because

it was long anticipated.

of

2. The National Government has been assuming the policy of contracting the issue, amount We also handle the issue of the legal tender in order to main- periods in Local and Foreign Cur-Bonds and other Public Funds of rencies on terms which, will be the Chinese. Government both attain its value... quoted on application.

ceived for one

year

Safe Deposit Boxes To Let

Home and Abroad.

SHOU J. OHEN,

Chief Manager.

·KAN TONG PO

"NACET" BLADES

FOR THREE

PEG RAZORS

"NACET

REGD. TRADE MARK.......

MADE IN ENGLAND

Manager.

Nacet's achievement in produc- ing a low-priced blade of con- sistently fine quality has been a landmark in the history of shaving. It has brought within the reach of thousands, the luxury of a daily shave, perfect in its smoothness and keenniess, without adding in the least to their annual expenditure on blads.

3. The view is prevalent in the market that British Interests will continue their support of. the legal tender, no matter where the seat of National Government is located-International News,

HONGKONG'S NOTE CIRCULATION

Returns of the average, amount

normal The

second step is to

ANGLO-AMERICAN

悲

TRADE PACT

New York, Nov. 5. The Anglo-American trade

8 falls on Election Day, which is a legal holiday in New York as well treaty may be signed within a as in some other States, the Crop few weeks, writes the Washington Report due on that day would be correspondent of the "New York postponed until the following day. Times."

namely November 9, However, this He adds that although the Sec- impression is not correct, for al- retary of State, Mr. Cordell Hull, though the New York Cotton Ex-stated yesterday that the discus- change will be closed on that day. sions were in the final stagen the report will be issued as usual on November 8,

Friday's closing prices: Decem- ber 8.27, March 8.19, May 8.07.

HARRISS AND VOSE.

whatever the outcome, it has been established that no doubt remains among the negotiators on both sides that an agreement will be concluded-Rentér.

RICH WOLFRAM MINES NOW IN JAPANESE HANDS

(FROM OUR OWN. CORRESPONDENT) Yungyden, Nov. 4.

4་

CHICAGO WHEAT

To-day's market was "extremely quiet, with the firmness of corn prices being off-set by heaviness at Liverpool. There are reports of liberal clearances from the European countries. Towards the close, prices firmed somewhat on buying by cash Interests and on the Gov- ernment's efforts to stabilise values.

N. Y. Commodity Market

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

New York, November 5.

New York Cotton New York Rubber Chicago Wheat Chicago Corn

at a very low price and sold them May to Hongkong exporters at market | July (..) rate. Ordinary dealers in wolfram October (,) had to pay heavy Brense fees be- Spot fore they could buy the orès and export them, as the sale of this minéral was restricted as a war-

X time measure.

Many military officials in the

December

May

May

Přev. To-day's ̈ High Low Close Close Change

8.43 8.40 8.42 8.43 .01 up 18.97b .05 off

Dec.

Dec.

17.00 17.00 17.02

Dec.

641

637 844

641

i off

Dec.

45% 45

45+

451

up

Winnipeg Wheat - Dec.

571 574

571

574

Lof

NEW YORK COTTON

Close

Opening Closing

Change

December January (1939) March" (

}

8.42/43 8.41/41 8.35/35 8.35/35 8.33/34 8,22/22 8.19/21 8.13/14 8.11/09

8.43/43

.91 up

8.33/34

2:35/35

unch.

2.33/33

.02 off

1.28/83 8.87 N

7.84/85

8.19/19. 8.08/08 7.82/83 8.88 N

.03 oft

.05 of

...06 off

.01 up

NEW YORK RUBBER 17.02/03 16.00b/17.01a 16.97b/99a 17.00 N · 16.93b/958 18.95/95 '18.97/07

..05 off

18.05 N

.05 Of

16.93/93

.02 of

16.96b/17.00m 16.97... N

-16.97 N.

16.98 N

of up 01 wp

Sales for the day-

200 tons

JJ

December May

July

Friday's Sales?—

CHICAGO WHEAT 641/041 64/637 841/64 661/661 664/651 65/654 651/851

654/651 10,490,000 bushels

Off

CHICAGO.CORN

571/571

601/61

451/451 45+/451 487/481 481/49 501/50

WINNIPEG WHEAT

571/571 801/802

454/451 491/49

50/501

571/671

802/601

618/01

514/611

12.95/95 12.82 N

13,32/35 13.20/23

With Japanese occupation of Kwangtang province, they are in possession of the world's richest wolfram mines, the product of which is an essen- Hal Ingredient for the manu- facture of heavy armament. Wolfram mines are located lu different places along the North North River regions, and near the September....... River. Other deposits are also coast, made profit by becoming October found in southern Klangal just sellers and couriers of wolfram.

frontier, the

Only hoes and spades are neces-· sary to mine the wolfram. The natives exploited the mines. with a small number of men and small

The capital equivalent to $500 to $1,000, Japanese Expeditionary Force in Kwangtung will likely prohibit the export of wolfram and ship them exclusively to Japan for Its armament works and steel, plants.

and

in

and

across Kwangsi

This "cre, necessary for the steel of bank notes in circulation in manufacture of tungsten Hongkong during October, as certi-and tungsten lamp, is not only fled by the managers of the abrindant in South China but is

cheaper and better than the pro respective, banks, follow:-

Chartered Bank ...... $ 23,835,158 ducts in Nevada, USA, H.K. & S'hal Bank. 209,997,718 Burma.

4,300,389 The best customers since Mercantile Bank..

outbreak of the Bing-Japanese -$238,133,275 hostilities had been Great Britain, United States, France and Soviet Russia. Before the war, large quantities of wolfram" or tungsten were exported to Germany and Japan

MERCANTILE BANK SECURITIES

Until recently Japan was

the

IMPERIAL AIRWAYS PROFIT LOWER

London, Nov. 5. The annual report of Imperial Airways, issued to-day, shows that a net profits dropped from £164.000

Securities lodged with the Croad Agents by the Mercantile Bank of heavy buyer of this mineral from last year to 297,000 this year...

The dividend has been reduced India, Ltd. against their notes in smugglers, as she is engaged in a circulation, follow:

*heavy rearmament programme in from nine per cent to seven per Latest connecting with the war in China. cent,

during the Mar

Security

Amount

Considerable profits were made Trate increased

December May

July

December May.

July

December

March

NEW YORK HIDES: (New Contracts)

1291b 13.37/08

NEW YORK STRAITS TIR

48.25/25

-42-3/4-

NY-L'don Cross Rate... 478-1/16

by the Chinine merchants from year by 60 per cent in milage December 41% Conversion

the sale of this mineral. They owing to the development of the NY Silver, Official War Loan 1940/4 £240,000 1041-1051 bought the ores from the natives Empire mail router

46.05b/20a46.00/00

unquoted 4.76

.989

딩딩딩