1938-11-11 — Page 20

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital ........$60,000,000

THE CHARTERED

BANK OF INDIA,

AUSTRALIA &

A

CHINA

Lasted & Fully Paid-Up 120,000,000 incorporated by Royal Charter, 1855 Heserve Funds:

Sterling

£ 6,500,000 H.K. Currency Reserve $10,000,000 Reserve Liability of

Proprietors.

Head Office:-HONG KONG

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

.$20,000,000 Paid-up Capital

£3,000,000 Reserve Fund .............. £3,000,000 Reserve Liablity of Pro-

.£3,000,000 prietors....

MANCHESTER BRANCH: 71, Mosley Street, Manchester.

*

Board of Directors; T. E. Pearce, Esq., Chairman. Han. Mr. J. J. Faterson,

Deputy Chairman.

J. K. Bousfeld. Eaq..

A. E. Compton, Esq.,.

Hon. Mr. S. H. Dodwell,

W. H. Lock, Esq.,

G. Miskin, Esq.,

K. S. Morrison, Esq., *

Han, Mr. A. L. Shields,

R. V. Wilkinson, Esq.,

AGENCIES AND BRANCHES:

ALUN STAH"

HONG KONG PENANG AMBITBAR ILOILO BANGKOK IPOR

КАЛАСНІ KLANG IOFE

BATAVIA

BOMBAY

CALOUTTA CANTON

Chief Manager. CAWNFORE

KUALA

LUMPUR

Sir Vandeleur M. Grayburn,

CABU

KUCHINO

Branches:

COLOMBO... DR. HIL

Amoy

Ipoh

Bangkok

Jchore

Batavia

Kobe

Penang Hangcon Saigon

Bumbay

Kowloon San

• HALPHONG HAMBURO HANKOW HARDIN

MADHAB MANILA MEDAN NEW YORK\ PETPING

Calcutta

Kusla

Francisco

Canton

Lumpur Shanghai

Chefoo

Londor Singapore

Culombe

Lyons

Dairen

Foochow Manila

Sourabaya

Malacca Sungei

Patani

Baiphong Maiar Swatow

Hamburg- (Johore) Tientain Bankow

Mukden Tokyo Harbin Hongke Boilo

"

New York Tsingtao Peiping Yokohama

in

Current Accounts opened 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- PORATION. Rules may be." ob- tained on application.

For the Hong Kong & Shangrai

"BANKING, CORPORATION.

V. M. Grayburn,

Chief Manager. Hong Kong, 7th October, 1038.

BANK OF EAST ASIA, LIMITED.

Authorised Capital $10000,000.00 | Paid-up Capital

5,508,500.00 Reverse and Undivided

Profits

2,776,720.76

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

Board of Directors:

Sir Shouson Chow, Chairma

[.: Koon Chur, Esq. Lí Lan Seng, Esq. P. K. Kwok, Reg. Wong ChuSon, Esq. Wong Yun Tong, Esq. Kad Ying Po, Esq. ChanChingShok, Raq. FungPingWah Erg.

∙Kan Tong Po, Esq., Chief Manager,

Li Tae Fong, Esq., Manager.

Amoy Bata Hornby

Ohiont

Caton

Italphong Hankew Howolatu Kobr

Brancher and Agencies 2-0.

Kowloon

3:

Pan Bourabaya Landoa

Swatow BAR VOR Manda Saigon Sydney

Talhoku Kelnarpa Ban Fran- Xanaka

laco TientsÍM

Torre New York Hote

Bearing Tancsaver Parie

Shangha Yokohama Palping Singapore.

RANGOON SAIGON SEREMBAN SHANGHAI SINGAPORE SITIAWAN BOURABAYA

TAIPING TIENTSIN

TONGKAH

(Bhuket) TSINGTAO YOKOHAMA

Finance and Commerce

ECONOMIC FACTORS

AFFECTING RECOVERY

NOTED IN SURVEY

.J

In tracing the course of reçent economic developments and endeavouring to discern in them some clue as to their possible future trend, it is not unnatural to compare the existing situation with that prevailing in the period of decline following 1929, and to attempt to assess the significance of the points of difference. The "World Economic Survey, 1937/8” prepared by the Economic Intel- ligence Service of the League of Nations, draws attention to certain textures of the present position which were not in ovidence during the downward movement of the great depression.

many

LIGUAN COAL MINES

Only Active P.I. Producer

Liguan Coal Mines, which is reported to be the only compa- ny actively producing coal in the Philippines,

FRIDAY, NOVEMBER 11, 1938.

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

(FROM PAYNE & CO.)

SINGAPORE BUBBER

Nov. 8 buyers sellers

Nov. 9

announces that its average monthly pro-

Brat duction for the

nine month is 3.278 tons, which; re- presents an increase of over It is pointed out that in the In 1930, the "Survey" continues,

1,000 from inst year's average. We'd as a whole, there are a the United States adopted a polley

The total production for the number of factors at work, tend- of high protection at a time when

same period is 29.503 tons, ing to sustain the demand for the deepening depression was put-

According to Mr. F.-M. Saleeby, goods and services, which were uing a strain on the export markets absent in the post-1929 depression. or other countries, whereas the pre- two-thirds of their output is bought manager of the company. about Government expenditure on re-sent commercial policy of America

by the Manila Electric Company. armament is generally

much is based upon the liberalisation of higher than in 1930 and shows no trade through the Trade Agree-e rest is sold to boats which ge signs of an immediate reduction.ments programme, For all these. The liquid reserves of the banks. Teasons the conclusion is reached both in the United States and in that recession is less likely to be other countries, are now intensified at present through de- much greater than in 1930, so that flation imposed upon debtor coun-pany. Instead, it is buying from years, reveal the following figures: interest rates are generally low tries by sudden adverse movements and there is no fear of another in their balances of payments. extensive banking and financial

EVENTS IN US. : crisis such as occurred in 1931.

Great significance is attached There is also a much greater in the "Survey" to the course of readiness amongst monetary events in the United States, which authorities and Governments to is regarded as the most impor- adopt "prompt measures of mine- tant factor affecting the develop Trustee business, and claims rependiture to offset a recession and tion.

tary expansion and of public ex-ment of the world economic situs covery of British Income overpaid, on terms which may be it is stated, that, in the absence of In considering the position In ascertained at any of the Agencies a gold standard, the national that country it is admitted that and Branches.

authorities are much less able to the recession there has been rapid R. A. CAMIDGE,

be restrained from such policies by and severe, but it is pointed out fears of their erfect upon the that America, now has larger ac- balance of payments mad the cumulated needs in durable goods foreign exchanges,

buyers sellers Change SPOT

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

up 1/8 JAN,-MARCH

29-1/4 29-1/2 29-3/8 29-5/8 up 1/8 APRIL-JUNE

29-3/8 29-5/3 29-1/2 29-3/4÷

up 1/8 The market opened with prices unchanged for all deliveries as compared with Tuesday's closing quotations.

Throughout the session the market displayed a steady undertone York Rubber Exchange was closed on the 8th inst. (Election Day). sympathy with conditions prevalling in London, whilst the New

Some fair buying interest for "spot" Rubber was in evidence, whilst activity for trade and speculative accounts was only moderate. to Liguan for fuelling. Mr. Saleeby After some business having been done at, quoted rates, the mar→ revealed that the Philippme Gor-ket closed with a quiet undertone.

UK. Board of Trade Statistics for the first nine months of this ernment is not buying Philippine coal for the Manila Railroad Com-year, compared with the corresponding period of the two previous

1.

(Peking).

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, Bank'a Head Office in

The London undertakes Executor and

Tax

Manager.

THE CHASE BANK

15, QUEEN'S ROAD CENTRAL

HEAD OFFICE:

18, PINE STREET,

NEW YORK

An American Bank offering com

plete Foreign Banking Service in the principal Markets of the world.

Interest Rates on Application.

4.

SAFE DEPOSIT BOXES

This Bank is entirely owned by Тин CHASE NATIONAL BANK, New ZoRs, with Besources over U.S. $2,500,000,000.

D. M. BIGGAR,

Manager.

BANK OF CHINA

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

"BANK

PAID-UP CAPITAL $40,000,000.00 (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

than she had in 1929. It will, CAPITAL MOVEMENTS.

therefore, become increasingly dif The "Survey" concludes that the ficult to postpone investment ex- absence during recent years of the find useful forms of capital expen- penditure and increasingly easy to large international movements ofditure to stimulate recovery. I long-term capital, which had taken place before 1929, means that national economies are not Hlable to be disordered by the

abrupt cessation of such lending. and points out that fixed interest payments

on international debts have been scaled down through re

payment, conversion and default.

Japan.

Exports Imports Stocks

The properties of Liguan Cual Mines are located in Batan Islands, Liguan, Albay! It is believed that these properties have substantial posits of coal. While production has virtually increased by more than 1.000 a month the company would have produced still more were it not for scarcity of labour SPOT In those regions.

ODER-DANUBE CANAL

CZECH INTEREST REVIVED

cles has been revived in the pro- Interest in Czech economile cir-

this way, the position is regarded Danube Canal to create a water- ject of constructing an Oder- as undoubtedly less threatening way connection between the Black

than in 1929.

The following table, prepared by the Brookings Institution and re produced in the Survey, suggests

that there is no lack of scope for

ted States

A

Sea and the Baltic.

This would permit the wheat Own in the south-eastern coun- tries of Europe, hitherto de- pendent on expensive transport

the carrying out of useful work by rail to Germany, Belgium and thus reducing an item of great of capital, development in the Uni-Holland, to reach their markets To set against these favourable at a considerably less transport cost than the wheat from Cana- factors, the "Survey" refers to a

da and the Argentine. number of unsatisfactory develop-"

rigidity in the balance of pay- ments of many countries.

DURABLE GOODS REQUIREMENTS, 1937-1941, COMPARED WITH

PRODUCTION IN 1936.

U.S. of 1936 (000,000,000's.)

Residences (non-farm) Passenger automobiles Other consumers'

Average

Pro-

annual production" 1937-1941 necessary duction to meet in both de- 1936

TAX COLLECTION PROTECTION

Untingking. Nov, 10

January-September.. January-September..... 30th September....

JAN.-MARCH

1938 1937 1936 143.781 94,453 51,393 tons

19,506 37,931. 62,758 97,966 49,852 103,849

LONDON RUBBER

To-day's close

sellers buyers

Previous close buyers 8-3/8 8-7/16

sellers

Change

3-3/8 8-1/2

unch

8-9/16 8-1/2 8-9/16

up 1/18

up 1/18.

8-7/18 APRIL-JUNE

8-1/2 8-5/8 2-9/16 3-5/8: Little general inquiry, Market steady.

NEW YORK COTTON

Prices early advanced on heavy speculative buying, covering by shorts and foreign buying together with the strength of Wall Street. Sentiment was buoyant, with the market also aided by the strength of other commodities. Later, prices partially eased «on lower Liver- pool cable and profit-taking, but again finally rallied on renewed foreign and speculative buying and the market closed firm.

NEW YORK RUBBER

Prices opened higher on better London and Singapore advices and advanced further on better generai enquiry and on the strength of the stock market." A further filip was given to the market by re- newed Trade and commission-house buying, while manufacturers were also more interested.

CHICAGO WHEAT

Prices moved higher on the strength of the foreign markets and on the firmness of other commodities. Export and mill demand were better, while, dealers and commission houses also bought. Iri the latter part of the session, profit-taking set in and prices partially cased towards the close.

N. Y. Commodity Market

(By Courtesy of Mesara Swan, "Culbertson & Frití and 5. L. Levy & Company)

The Ministry of Finance has wired to General Yu Han-mou. Pacification Commissioner

,,for Kwangtung, and General Wu Te chen, Chairman of the Kwangtung Provincial Government, asking them to instruct the troops in Kwangtung to give adequate pro- tection for the collection of New York Cotton Dec. national taxes in the province. New York Rubber Dec.

Dec."

Class of Goods.

end of 1936

Deficiency "Regular

at require

ments 1937-1941

ficiency

& regular

require-

ments

9.0

11.3

4.1

13

2.2

12.8

3.0

2.6

1.0

20.0

6.0

4.5

Kai-shek and

2,3

10.0

2.5

1,5

"severe punishment will be meted

--

11.0

2.2

1.3

out-Central News.

11.0

40.0

10.2

6.0

1.5

5.0

1.3

0.8

Public and semi-

public construction

17.5

3,5

3,0

Total

27.0

136.6

3218

21.0

durable goods Steam rallroads

Public utilities.

to our Clienta special facilities for Industrial enterprises Domestic and Foreign Banking and Agriculture Exchange.

Head Office: SHANGHAI

Hong Kong Branch:

Every description of Banking!

4, QUEEN'S ROAD, C. and Exchange business transacted.

South China Offices: Loans granted on approved

KONGMOON CANTON securities.

TOISHAN Current Accounts opened in Local SWATOW

BHIUCHOW KINGCHOW Currency and Fired Deposits re- ceived for one year or aborter: -We also handle the issue of periods in Local and Foreign Cur- Bonds and other Public Funds of terma which will be the Chinese Government both at

Home and Abroad. quoted on application.

renoies

on

Safe Deposit Boxer To Let.

KAN TONO PO,

Chief Manager.

SHOU J. CHEN,

Manager.

SUMMER CLOTHES

Women's, Men's & Children's

WANTED URGENTLY

HONGKONG BENEVOLENT SOCIETY

Monday & Thursday.

HOUSE STREET

DA

10 to 12 Noon,

P

38-99388

This estimate allows for sufficient construction to meet both the depreciation of capital and the growth, of population since 1929. but not for any improvement of standards over those of that year.

CIGARETTE TAX

IN KALGAN »

BRITISH INTERESTS

PROTEST

New York, November 9,

사

"J

Dec.

Illegal ceizure of collecting of- Chicago Wheat fices or the proceeds of the national Chicago Cora taxes must be reported to General-Winnipeg Wheat --- Dec. issimo Chiang

WHOLESALE PRICES

London, Nov. 10.

The Board of Trade Index of July wholesale prices in October was October ( 0.7 per cent. higher than in Sep-Spot tember but 10.4 per cent. lower than in October 1937.—British:

ments, the foremost of which are Wireless those which may make it; even

December

Prev. To-day's High Low Close Close Change 8.54 8.50 8.44 8.51 .07 up 17.20

17.12 17.05b 17.20 .15 up 644 64 64 841 471 461 461 461 581 572

up.

up.

57} 561

1

up

NEW YORK COTTON

Close

Opening

Closing

Change

December

8.44/44

8.53/53

8.51/51

07 up

January (1939) March (

8.34/36

8.46/46

8.43 N

,09 - up

)

8.35/37

8.47/48

8.44/44

.09 up

May { }

8.18/18

8.30/29

8.24/74

06 up

{

8.05/05

8.15/14

8.10/10

.05 up

·)

7.81/81

7.91/90

7.88/88

1

.07 up

8.94 N

9.06.

.12

NEW YORK RUBBER

May.. Septen der October

Sales for the day:-

17.05b/03a 17.10b/200 17.04/05 17.10/13 17,01b/04a 17.15/15 17.00b/Gia 17.00b/07a

17.39/20

17.14/15

17.15 -N

14. up

17.16 N

15 up

17.15 N

15.

up

1,490 tons

CHICAGO WHEAT

December May

84/637

641/644

650/651

667/601

641/844. 66/001

July

651/651

8597651

Tuesday's Bales

7,901,000 bushels

CHICAGO CORN

more difficult than in 1930 to re- SINGAPORE STOCK March store confidence and so to stimul- ate for capital purposes.

QUOTATIONS

Singapore, Nov. 4. The following quotations of "12 leading Singapore stocks have been received by Messrs. Ells & Edgar from Messrs. J. M. Bassoon & Cỗ..

Singapore.

MIDDLE PRICE Rubber Shares

POLITICAL SITUATION Amongst these developments are Felping, Nov. 10

the much more serious state of the It is understood that represent international pontreal situation, as are being made to the well as the adverse, as opposed to utions authorities concerned by British the stimulating, consequences at tobacco

by the heavy reanimament expenditure interests hit adverse tax at Kalgan, where and the restraining effects upon cigaretter entering the territory business enterprise of increased Amalgamated Malay Estate, Ltd..

$1.70. of the Japanese-sponsored." Mon-Government intervention in econo- gulian Government are charged an mie azairs. In addition the loss of Kempas, Ltd., $1.90. import tax of $100, compared with rigid exchangé stability resulting Kuala Bidim Rubber Co., Ltd., $2.40. only $60 charged for Japanese, pro- from the abandonment of the gold Pajam, Limited, $1.92),

standard tends to increase the un- Sungei Bagan Rubber Estate, Ltd., | July certainties of producers and tra-

ducts-Reuter, --

U.S. CRUDE OIL PRODUCTION

$1.45.

dema of export goods and also gives Tapah Rubber Estates, Ltd., $1,90.

isa to large-scale speculative movements of short-term fundi,

Tin Shares Petaling Tin, Ltd., $8,00.

December

May

December

The American Petroleum In- In view of these opposing forces Banget Luas Ti Dredging, Ltd., May

$1.60. stitute of New York estimates that kidd of the many

important

INDUSTRIALS

the daily average, grdes, crude oil changes in econobile conditions production for the week ended since 1920, it is still felt to be too Straits Trading Co., Ltd., $28.65. October 20, folamiéd 8,328,000 buzz bany, to "answer the question United Engineers, Ltd. (Ordinary), reis." This Téprésent, augalai of whether the rédonézy zoted in the $8.70,

Gold

81,000 barrels over last week's League of Nation's "Barvey" is per-Wearne Brothers, LAC), $14.75, figure.

manent or not. The opinion is-et- The daily average output for pressed in that publications how Raub Australian Gold Mining Co.,

Har etde that fra unestion will in all Ltd. $4,97, the corresponding year was estimated 13 8,888 AGO DZDORIÁlite) be answered by the

events of the bed, low tomto

Note:-The above quotations are

Blesite dotiary

July

December

March

December 42

482/461 47/471 461/481 402/401 501/502 51/51

504/501

511/511

WINNIPEG WHEAT

57/571 571/58 602/601 601/81 611/011

591/581

*811/914 813/82

NEW YORK HIDES: (New Contracts)

13.18b/15 13.30/30 13.35/54 18.75/73 13.74/75

13.38 B

NEW YORK STRATIS TIN

48.1016/308246.15b/35a 48.40b/50a

NY Sliver, Official ...... 42-3/4

קט' 15.

סט 10,

· ៩៩៩:

BBB

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