1938-11-09 — Page 12

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital

$50,000,000

Issued & Fully Paid-Up #20,000,000

Reserve Funds:

Sterling

.....£ €,500,000

HI.K. Currency Reserve $10,000,000 Reserve Liability of

Proprietors

THE CHARTERED

BANK OF INDIA, AUSTRALIA & CHINA Incorporated by Rojal Charter, 1858

· HEAD OFFICE: LONDON: 38, Bishopsgate E.0.2

...$20,000,000 | Paid-up Capital ... £3,000,000

Reserve Fund

.£3,000,000 Reserve Liability of Pro-

prietors

Head Office:--HONG KONG

Board of Directors.

T. E. Pearce, Esq., ClairmunA,

Hon. Mr. J. J. Paterson,

Deputy Chairman.)

W. H. Lock, Exq

G. Miskin, Est..

MANCHESTER BRANCH: 71. Mosley Street, Manchester. -

KARACHI

H. V. Wilkinson, Esq...

Sir Vandaleur, M. Grayburn,

Chief Manager. CAWNPOLE:

KUALA

J. K. Bousfield, Esq..

A H. Compton, Esq.

Hon. Mr. S. H. Dodwell,

род

K. S. Morrison, Esq.,

DATAVIA

Hon. Mr. A. L. Shields,

BOMHAY

CALCUTTA CANTON

KLANG KOBE

AGENCIES AND BRANCHES: ALOR STAP HONG KONG PENANG AMBITBAR ILOILO

RINGOON

BANGKOK

BAIGON SEREMBAN SHANGHAI SINGAPORE SITIAWAN

LUMPUR

CEBU

KUCHINO

Branches:-

COLOMBO DELHI

MADRAS

BOURABAYA TALPING TIENTSIN

A moy

Ipoh

Penang

Bangkok

Johore

Hatavia Bombay

Kobe

Calcutta

Kowloon San Kuala

Canton

Chefoo

Colombo

"

Bangoon Saigon

Francisco Lumpur Shanghai Londor Singapore Lyona Sourabaya Dairen Malneca Sungei

Patani Swatow (Johore Tientsin Mukden

Manila

Foochow Haiphong Muar

Hamburg

Haukow

"Harbin

Hongke floilo.

Tokyo

New York Tsingtao

Yokohama Peiping

Current Accounts opened in Local Currency and Fixed Deposits received for one year or "shorter periods in Local and other Cur rencies 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-

HAIPHONG HAMBURO HANKOW" HARBIN

MANILA MEDAN

KW YORK TEIPING

(Peking)

Finance and Commerce

NEW ZEALAND FORESTS

REORGANISATION

The directors of New Zealand Forest Products, Ltd. of Auck land, (N.Z.) announce that the terms for compounding the main- tenance contract between New Zealand Perpetual Forests, Ltd.. und the company have been finally approved by the Bondholders Incor- poration Commission.

ers.

"

P. I. MINING

DEAL

Batong Buhay May Come Under Soriano

A mining deal

་

involving

Con-

a property on hich some. Pesos 5,000,000 worth of Dre has been developed was con-.. suminated on October 27 with the announcement of tract between Batong Buhay Gold Mines Inc., and the In- Cor- ternational Engineering poration for the operation of the mine by the latter firm.

The position now is that New way of rights, he said, but every- (£3,000,000 | Zealand Forest. Products, Ltd., will thing had been settled in a wise shortly obtain legal possession of spirit of compromise. the forests, and a transfer of cash.

70,000 BONDHOLDERS investments, and other assets.

The counsel for New Zealand valued at approximately £1,300, Forest Products, Ltd said that 70. coo, which the company is entitled 000 bondholders in different parts to receive from New Zealand Per-of the world, but chiefly in New petual Forests in discharge of that Zealand and Australia, would be company's obligations to bondhold Interested. Counsel for New Zen-

tand Perpetual Forests, Ltd. said International Engineering is the

So Until this contract had been that the proceedings, marked the technical organization of the

and is already compounded New Zealand' Forest onclusion of a monumental task, riano interests,

Antamok Goldfields. Products, Ltd. could not obtain The chairman of New Zealand operating

Consolidated IXIL legal possession of forests or take Perpetual Forests, "Ltd.. Mr. "Wil-Masbate

Mambulzo practical ateps towards their liam Fraser, sald in Auckland that North Camarines, and utilisation

the approval of the Commission Consolidated..

The Batong Buhay property The directors are now free toneant that New Zealand Perpetual ronsider plans for the utilisation Forests, Ltd, would transfer to New located about 150 kilometres north has been under Zealand Forest Products, Ltd., the of Bagulo, "and of the forests,

planted forests of more than 170, development for about two years. UTILISATION OF FORESTS

000 acres, together, with cash man estimate of ore reserves, At the conclusion of a meeting

vestments, and

as of September, 1938, shows 113. of the Bondholders' Incorporation

490 tons of ore with a value of Commission, the chairman said amounting to over £1,300,000.

Pesos 3,844,004. In gold, with an that after hearing counsel for

Out of this sum, £595.000 was additional Fesos 120.000 in silver. parties a form of order. known as a compounding maintenance con-already held, in cash and liquid Besides this amount,

by securities,

the Australasian tons of possible ore have been tract. was approved.

Forestry Bondholders' Trustees, blocked out with a value of around and the balance, £700,000, was be- Pesos 1,500,000.

TONGKAH

(Bbuket) TSINGTAO KOKOHAMA

in

cther

COMPANY'S ASSETS

assets

Forsion Exchanor and General Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or aborter periods at rates which will be quoted on application,

The Bank's Head Office London undertakes Executor and

The chairman said that volu" Trustee business, and claims re- covery of British Income

minous evidence had been con- overpaid, on terms which may be

sidered and discussed, after the handed over by New Zealand Perpetual Forests, Ltd. in the ascertained at any of the Agencies sitting of the Commission had

closed. by three members. They shape of cash, Government bonds. inscribed stock, shares, buildings, and Branches.

R. A. CAMIDGE, · agreed wholly with the decision to

plant, and unplanted land. It was the maintenance Manager. compound

mately £1,000,000 in cash

Tax

THE CHASE BANK

15, QUEEN'S ROAD CENTRAL

HEAD OFFICE;

of

pany.

and

13

some 43,125

ESCROW RELEASE

The request of Batong Buhay of the securities and exchange commission for the release of Pesos 500,000 worth

SPOT

WEDNESDAY, NOVEMBER 9, 1938

PAYNE & CO.

ናነ

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONG KONG

11

COMMODITY · MARKET

REVIEW

JAN.-MARCH

APRIL-JUNE,

(FROM PAYNE & CO.)"

SINGAPORE RUBBER

Nov. 5

Change

uncti

at

1/8

Nov. 7 buyers sellers buyers sellers 28-5/8 28-7/8 28-5/8 28-7/8 29-1/4 29-1/2 29-1/8 29-3/8 29-3/8 29-5.8. - 29-1/4 29-1/2 off 1/8

נד

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

In sympathy with quies conditions prevailing in London and New York the market ruled dull and featureless during the morning ses- slot Whilst only a moderate demand for "actuals" was in evidence, very little activity was shown by dealers and speculators who pre- ferred to adopt a waiting attitude due to the approaching meeting of the IR.R. Committee.

In the afternoon slightly steadier conditions were noticeable whilst prices remained uncharged.

Closing tone was quiet but steady.

וי

New York Rubber brokers belleve that recent continued purchases of Crude Rubber by Tire-manufacturers at present price-levels was attributable to their desire to keep" tire-prices steady during spring 1939. Furthermore it is assumed that the IRR. Committee might possibly be influenced by slowly increasing World-consumption dur- ing 1938, when fixing the permissible export-quota for the first quar- ter of next year. It is pointed out that. whilst World-consumption was 210,000 tons for the first quarter 1938, world-absorption now is estimated at 290,000 tons for the present quarter and at 250.000 tons for January-March 1939. Whatever the Committee may decide, it would appear that their action will not fall to largely influence füture movements.

of escrow SPOT

valuationAPRIL-JUNE

"LONDON RUBBER

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

8-7/16 8-3/8

3-3/8 8-7/16.. 8-7/188-1/2 8-7/18 8-1/2 8-1/2 B-9/16 8-1/2 8.5/8-

Market quiet but steady.

forests, and approved the sum fr. Estimated that there are approx stock was recently approved after JAN-MARCH ed as compensation. They con-liquid or easily realisable assets, an examination and a sidered the sum fair and reason for the use of the products com-i of the property had been made by engineers from the bureau of able.

"Every issue in dispute had either

New Zealand Forest Products, mines. been finally dealt with, or as stated Ltd. would assume complete con- Thcs. I. Weeks. president of Ba- in the deed, reserved for the final trol of the forests, with sufficient tong Buhay stated that the con- his company and continue decision of the Commission.

funds to

maintenance tract between

Engineering was He expressed appreciation of the and development, and to com- International

for 18, PINE STREET,

co-operation of counsel themence cutting and marketing the subject to ratification by the stock holders, Accordingly, a spectal There had been no giving timber. parties. NEW YORK.

meeting of Batong Buhay stock holders. has been culled for the purpose for November 12

PORATION. Rules may be ob- An American Bank offering com-

tained on application.

For the HONG 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,508,600.00 Réserve and Undivided

Profits

2,776,726.76

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

Board of Directors:

Sir Shousen Chow, Chairman Li Koon Chun, Esq. Li Lan Skog, Esq. P. E. Kwok, Eng. WongChuSon, Esq. Wong Yun Tong, Esq. Kan Ying Pu, Esq. ChanChinganck, Esq. FungPing Wali Esij.

Kan Tong Po, Esq., Chief Manager. Li Tse Fong, Esq., Manager.

Branchen and Agencïne 200

Kowloon Perang

Kelbourne Ban Fran.

Amoy

Datarin

London

Bombay

Manila

Caletta

Canton

Halphon

olco Now York Boatin

Daka

Hankow Bonolulu Kobe

Parda Priping

Sourabaya Awstow Xangion Balgon Hydney

Dalhou Tisatzla Takyo Yanovse Ser Shaba Yokohama

. Mingapore

Every description of Banking' and Exchange business-transacted. Loans granted On approved

securities.

plete Foreign Banking Service in the principal Marketa of

the world.

Interest Rates on Application.

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CLASE NATIONAL BANK, New York, with Resources over U.S. $2,500,000,000.

D. M. BIGGAR,

Manager.

BANK OF CHINA

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

BANK

TWO JAPANESE CONCERNS

For Exploitation

Of China

COTTON SUPPLY ABOVE LAST

SEASON

consecutive

For the third season, the world's cotton sup- plies will reach a new high mark, the United States De- partment of Agriculture pre dicted last week in its annual MILTON.

During 1938-39, the world sup- is ex-

Reports of the signing of the contract has stimulated trading in Batong Buhay stock.

CZECH-GERMAN CUSTOMS UNION

and

NEW YORK COTION

unch.

Early in to-day's session prices declined on the weakness of the Liverpool market. Southern hedge selling and liquidation, combined with the Imminence of the Elections. Traders, however, were gener- ally apathetic and showed more disposition to keep on side-lines until there are more definite Indications of trend and until the results of the elections are known Towards the close, the market recovered somewhat on the strength of buying by Bombay Interests and specula- tors, as well as some pré-Bureau report covering.

1

NEW YORK RUBBER

"J

||

The market closed quiet in a dull and featureless session. The Trade and Commission Houses bought, whilst some short interests covered.

CHICAGO WHEAT

Early in the day, values declined on weak foreign markets. Liquidation and. favourable weather reports were also adverse fac- tors. At the lower levels, some buying was in evidence. At the close, prices partially rallied on a higher stock market and on news of a better export demand.

N. Y. Commodity Market

Well-informed circles in London confirm that Ger- Tokyo, Nov. 8.

many has proposed to Cze- Two Japanese companies, "The

choslovakia the establish- North

China Development Com-

cent for either s Customs pany. Limited" and "The Central

Union. or ⭑ Preferential China Development Company.

Tariffs Agreement, similar to Limited:" have been formed to

that of the British Empire. exploit sections of North and Cen-ply of commercial cotton

pected to total 51,400,000 bales,

The same circles deny, how- tral China under Japanese control,

three per cent, above the record ever, that the Reich has proposed It was announced here yesterday. supply of 1937-38 and 20 per cent. a unification of the Czech

The former is provided with a above the average of a decade ago. German currencies or a Common capital of 350,000,000 yen and the

It was estimated that the world bank of issue. latter with 100,000,000 yen, 60 per

It is not yet known whether cent in each case belig held by consumption of all cotton in 1938-

The 39 will probably not exced the Prague has accepted the Customs the Japanese Government.

bales consuméd last proposals, but it is understood

New York, November 7. 26,400,000

perhaps that the Czechs could hardly re- season and may even

are Prospec- Ject them unless they be considerably smaller.

dis-New York Cotton - Dec. tive decreases in European and pared to stand commercial Japanese consumption of United crimination on the part of Ger- New York Rubber - Dec. States cotton may be offset by an many which would gravels afect Chicago Wheat expected increase in the United Czech economy, already hard hit Chicago" Corn

Winnipeg Wheat by the loss of important Indus-, tries

Apparently the Czech answer

PAID-UP CAPITAL $40,000,000.00 remaining stock has been offered (BRANCHES ALL OVER CHINA) for pubilc subseription. Trans

Owing to our numerous Branches ocean.

in China and connections, in the principal Commercial Centres of

the World, we are able to extend UNEMPLOYMENT IN to our Clients special facilities for

GREAT BRITAIN Domestic and Foreign Banking and Exchange.

I

Head Office: SHANGHAI Hong Kong Branch:

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

CANTON KONGMOON

TOISHAN SWATOW SHIUCHOW KINGCHOW

We also handle the issue of

Current Accounts opened in Local Currency and Fixed Deposits re- ceived for one year ur shorter periods in Local and Foreign Cur- Bonds and other Public Funds of "rencies Оп terms which will be the Chinese Government both at

quoted on application.

Safe Deposit Boxes To Let

KAN TONG PO.

Chief Mannyer.

THE MERCANTILE

BANK OF INDIA.

LIMITED

T

Head offco15, Gracechurch Street. London, EC3

Authorised Capital

28,000,000 21,6000 £1,050,000 21,247,290

Seberibed Capital

Paid-up Capital

Harry Pund and Reet,

BANKERS;

The Bank of England and Midland

Bank. Ltd. BRANCHES:

Bangkok

[poh

Bombay

Calestia

Calomba

Kantes Kandy "Kota Bharu ·

Galle Bowthong

Kuala Lumpar

New York Редли Han Food Shankhs Shuk Minxporn

HONGKONG BRANCH.

Žvary, defeription of Banking and Exchange

resplend

- Travellers":

TRUSTEE AND EXECUTORSHIP

TEN UNDERTAKEN... GURLENT ACCOUNTS uses In Loont Duty rey and MIRD DEPORTS ofired in Local Carrano, STERLING & U, 8, DOLLARS de therma that way scertained on application,

CBENSON, E

Manager/

Home and Abroad.

SHOU J. CHEN,

Manager.

DONT FORGET

THAT WHEN

You are at Home you can get the

HONG KONG

DAILY PRESS SELFRIDGES.

States domestic consumption.

London, Nov. 8 The Ministry of Labour estima- tea that at October 17 the number

SLIGHTLY BELOW RECORD

pre-

It was estimated that of the pre- will depend on the success of the

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

هم

and December of insured persons in employment sent season's world supply, Unit- talks which Czech economic in Great Britain was about 12.294.ed States cotton amounts to 25,700, financial experts are having now January (1938) 000 or 23,000 more than the month 000 bales or four per cent. above in London and on the hopes-

one-fifth British financial and before but, on a comparable basis, last season and nearly about 210. 000 less than a year ago, above the average for the decade. assistance.

the same date, registered The production, however. unemployed totalled 1,781,227, com slightly below the record supply

AC

prising 1,408,932 - wholly

unem-of 1932-33.

WES

SINGAPORE STOCK On October 25, there were ployed, 307,947 temporarily laid off

QUOTATIONS casual approximately 8,700,000 bales of and 64,348 normally in

Singapore, Oct. 28.. employment. This was 17,301 less United States cotton held as col-

The following quotations of 12 May. than the month before, but 390, lateral against government loans. 978 more than a year ago,

and as a result, the supply of "free" leading Singapore stocks have been September United States cotton is somewhat received by Messrs. Ellis & Edgar October The total included 1,318,423 men below the preceding season

from Messrs. J. M. Bassoon & Co. and 51,996 boys, 358,269 women and

Singapore. considerably belas the average 52,539 girls.

for the decade. Industries in which the principal į *. increase in unemployment has occurred, compared with a year KWANGSI MINT NEAR Amalgamated Malay Estate, Ltd. ago, are cotton and building.-- British Wirelcas.

PRICE OF CHINESE

DRUGS RISE

Dec. Dec.

קט 02.

03 01

17.04/05 17.01b/04a 17.00b/07 1.03 up 17,00b/078 ·^.02 Sup

High Low

8.46 8.37 17.07 15.98

Prev. To-day's

Clase Close Change

8.43 8.44

.01 up

16.975 17.05b .08 up

- Dec.

64

631

841

04

off

464 45)

454

481

1 up

57 56+

574 561

1 of

NEW YORK COTTON

Close

Opening

Closing →→→→

Change

8.43743

8:39/39

8.44/44

01 up

8,35/35

8.30/30

8.34/38

.01 off

of March

}

8.33/33

8.30/29

8.35/37

commercial May

() July (...) October"} Spot

819/19:

8.14/14

8.18/18

01 off

8.08/08

8.04/04

8.05/05

7.82/83

7.80/79

7.81/81

.01. of

8.88 N

8.94 N

.06 p

NEW YORK RUBBER

December March

16.97b/992

16.96b/17.00a 17.05b/068

08 up

16.95 N

-15.93b/97a

09 up

16.93/93 16.97 N 16.98 N

16.97/97

08 "up

Bales for the day:-

2,110 tons

December

May July

CHICAGO WHEAT 648/04

632/634 651/651 €54/851 852/851

64/831 851/654

854/851

Saturday's Bales:

8,455,000 bushels,

Kwellin, Kwangxi Province, draw- Sungei Bagan Rubber Estate, Ltd. ing rear, minting is scheduled to 31,50.

December

CHICAGO CORN

4517451

462/461

May July

491/591 49/401 501/501

61/81

WINNIPEG WHEAT 571/571

E41/56]

May

601/801

MaIndustrials

July

60/80%

01/601

Straits Trading Co., Ltd., $28.75.

United Engineers, Ltd. "(Ordinary);

$8.70 X.1 Wearne Brothers, Ltd., $14.85.

December

March

NEW YORK HIDES; (New Contracts)

1282 N 13.20/23

12.80b/952 13.13b/15 ́ ́13.18/21 13.53/54

Gold

in Londen on: January 12 1989 ----British wireless

December; Ltd, $5.19. Note: The above quotations are | ¿TY Biver; (Oficial

NY-L/don Cross Rate... 478- in Straits Dollata

NEW YORK STRAY:18 TIN 4

46.00/00 46.056/02a 46.10b/30s 42-3/4

+42-8/4

4.78-1/2

COMPLETION

MIDDLE PRICE Rubber Shares

$1.70. Kempas, Ltd, $1.90,

With the completion of the Kuala Bidim Rubber Co., Ltd., $2.40. Chinese Covertiment int in Pajam, Ltd., $1,92).

In consequence of the disruption commence some time in Novem-Tapah Rubber Estates, Ltd., $1,90.

The mint is located on a ber.

Tin Shares.

of communications between H-300-mow vacant lot in Mulung-Petaling Tin, Limited, $8.00 xd. keng and the interior, the myth and will produce subsidiary Sungel Luas Tin Dredging. Ltd. December of Chinese drugs has been inter-wicket and copper coins of the $1.60. rupted, and the local prices of drugs are reported to have crea20beat, 10-cent, 3-cent and one-

sed tenfold.;

CHINA LIGHT ANNUAL GENERAL MEETING

The annual general meeting of the China Light and Power Co... Ltd. will take place on December 21.

cent denominations.

SUGAR COUNCIL

London, Nov.

next meeting of the T-Raub Australiën Gold Mining Co, Coat Bugar Council will be

100/100

402/492