1938-11-12 — Page 12

PAGE 12--HONGKONG IMILY PRESS.

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

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

THE CHARTERED

BANK OF INDIA, AUSTRALIA &

CHINA

Tuod & Fully Paid-Up $20,000,000) Incorporated by Royal Charter, 1853

Reserve Funda:

Sterling

£6,500,000

H.K. Currency Reserve $10,000,000 | Reserve Liability of

Proprietors.**

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

Head Omce:-HONG KONG

..$90,000,000 | Paid-up Capital .......

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

..£3,000,000 £3,000,000

£3,000,000

Board of Directors.

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

Deputy Chairman.

J. K. Bousfeld, Esq..

A. H. Compton, Esq.,

Han. Mr. 8. H. Dodwell,

W. H. Lock, Esq.,

G. Miskin, Esq.,

K. S. Morrison, Esq.,

Hon. Mr. A. L. Shields.

MANCHESTER BRANCH: 71. Mosley Street, Manchester.

ALOH STAR AMRITSAR

BANGKOK

AGENCIES AND BRANCHES:

HONG KONG PEVANO

KANGOON BALOON SEREMBAN SHANGHAI SINGAPORE SITIAWAN

BATAVIA

1РОК KARACE!

BOMBAY

KLANG

CALCUTTA CANTON

LOBE

KUALA

H. V. Wilkinson, Bar..

Sir Vandeleur M. Grayburn,

Chief Manager, CAWYPORE

LUMPUR

CEBU

Branches:com

COLOMBO

KECHING

HADRAS

DIBI

MANILA

Amoy

Jpcb

Penang

Bangkok

Jobore

Rangoon

HAIPHONG

MEDAN

Batavia

Kobe

Saigon

Humbay

Kowloon

San

Calcutta Kuala

Canton

Chefoo

Colombo

Francisco Lumpur Bhanghal Singapore

London

Lyons Sourabaya Dairen Malacca Saugei Foochow Manila Patani Haiphong Muar "Swatow Hamburg (Johore) Tientsin Backor Mukden Harbin New York Tsingtao

Yokohama Hongkew Peiping Iloilo

Tokyo

Carreat 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 Roxes 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.

Roles 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 5,508,600.0 Reserve and Undivided

Profits....... 2,775,728.76)

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

Board of Directors: .. Sir Shouson Chow, Chairman Li Koon Chun, Esq. Li, Lau Saug, Eaq) P. K. Kwok, Esq. Wong Chuson, Esq. Wong Yan Tong, Eng. Kaŭ Ying Po, Esq. ChanChingShek, Exŋ. FungPingWah Eng.

Kan Tong Po, Esq., Chief Manager. Li The Fong, Esq., Mannger.

Amoy

Batala

Bodibay

Branches and Agencias 2---

Kowloom

Boarabag Penang' Landoa

Swatom Salga Bydway Malhowywa Sax Tena Taibokka ÜZƏ

You

aboo Tremula Haiphong New York Seactio TOLJO Jokow

Semarang Beatain Parle

Shearded" Tokohama Kobe

Blagagore

Potping.

VascoTec

HAMBURG NEW YORK

BANKOW HARBIN

PEIPING

(Peking)

BOURABAYA

TALPING

TIENTHIN

TONGIAX

(Bhuket)

TALXOTAO

YOKOHAMA

FOREIGN EXCHANOR 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 Besd Office in London undertakes Executor and Trustee business, and claims re- covery of British Income Tax overpaid, on terms which may be ascertained at any of the Agencies and Branches.

B. A. CAMIDGE,

Manager.

14

THE CHASE BANK

14

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.

SAFE DEPOSIT BOXES

Thix Bank is entirely owned by THE CHASE NATIONAL BANK, New York, with Resources over 11.S. 82,500,000,000.

D. M. BIGGAB,

Finance and

Commerce

Western Nations View Japan's Trade Threat With Growing Concern

LAST YEAR'S STRIKES

Cost 50,755,454 Working Days

Labolir strikes and lockouts in 13 countries of the world last year numbered 10.267, involved 4,233,944

REPRESENTATIONS BY BRITISH,

AMERICAN, GERMAN INTERESTS

MAY LEAD TO FIRMER ACTION workers, and accounted for a loss

By Alec Greaves

That alarm over existing conditions and anxiety concerning future prospects of trade in China is felt by more than one Western nation is confirmed by the latest reports from abroad, which in- dicate that in London, Washington and Berlin considérable divens- sion is taking place or is about to be initiated with the purpose of finding measures to keep the "open door" in China really open and to check the serious threat presented by "the Japanesc.

RECORD WORLD PRODUCTION OF GOLD

World gold production dur- ing the first eight months of 1938 established a new high record, according to the Ameri- can Bureau of Metal Statistics.

World production.

British interests view the situa- tion very seriously, and although no approach to the Government has yet been made, the China Committee of the Federation of British Industries is about to meet to give immediate consideration to the whole position

of 50,755,454 working days.

These statistics," compiled by the International Labour Once and published in its Year Book, show that the United States had the largest number of labour disputes. A total of 4,740 strikes involved 1,860,621 workers, and a loss of 28.124.857 working days.

Poland came next with 2,103

SATURDAY, NOVEMBER 12, 1938.

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY & MARKET REVIEW

SPOT JAN.-MARCH APRIL-JUNE

"

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov. B buyers sellers 28-5/8 28-1/3 29-1/4 29-1/2

Nov. 9.

..buyers sellers

-Change up 1/8

up 1/8

-28-3/4 29

29-3/8 29-5/8 29-3/8 39-5/8 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 l sympathy with conditions prevailing in London, whilst the New York Rubber Exchange was closed on the 8th rist. (Eection Day). activity for trade and speculative accounts was only moderate. Some fair buying interest for "spot" Rubber was in evidence, whilst

disputes, and with 545.165 workers 3,297,105 working days. losing Great Britain was third, with 1,122 trikes, Involving 505,000 and a

UK. Board of Trade Statistics for the first nine months of this loss of 3.420,000 working days,

year, compared with the corresponding period of the two previous Other countries were Czechoslo-years, reveal the following figures: vakia, with 438 strikes; India, with 370: Australia," with 942; Brd Canada, with 274.

After some busthèss having been done at quoted rates, the mar- ket closed with a quiet undertone.

The number of strikes, the re

Imports January-September.......... Exports - January-September...... Stocks -36th September....

After this there will be a meet- ing of the China Liaison Commit- tee, which consists of representa-port shows, was by no means in tives of the Federation, the China | direct ratio to the number of Association, and the London, Man- | workers involved, as may be acen excluding chester, and Bradford Chambers of in the case of Palestine and Estonia, They wh probably Fifty-three, strikes in Palestine Russia, totalled 20,022,000 ounces Commerce.

SPOT for the first eight months of this recommend an appeal to the Gov- tied up 5.000 workers, and" ave year, compared

19,826,600 ernment along with other inter-strikes in Estoniä Involved slightly | JAN. -MARCH with cunces in the same period of 1937.ested trade organisations. At current prices, this year's out- put had a value of $721,420,000, compared with $886,910,000 in the same period last year.

...

GERMANS OFFENDED

by i

Germany is also offended Japanese actions. German textile Gold production in the United circles are said to have lodged States is not keeping pace with rmplaints with Berlin against the manner in which the the rapid expansion

in other harsh countries, production for 1938 Japanese behaved towards their barely holding its own against that purchasing agencies in China. of 1937, the Bureau reported. It appears that the invading..

armies" made no difference what- U.S. production of 3,095,000 ounces for the first eight months ever between the representatives this year was a gain of only 26 of friendly and unfriendly nations per cent over last year, whereas and impounded large amounts of wool already paid for waiting to. World output is up 5 per cent.

be shipped for. Germany.

GOLD RESERVES

The Reich 1s urged to step in at to secure justice for Ger-

once

more.

is

NAVAL CONTRACT FOR GERMANY

LOSS TO FRENCH INTERESTS

It is reported that the

* Jugoslav Government is short-

of

ly to order eight bis destroy- ers in Germany. The value this contract would be about £2,600,000. This will be a severe blow to French shipbuilding interests. which had confidently reckoned on obtaining all future Jugoslav naval contracts.

A comparison, between produc- tion and known gold reserves of man traders. ! central banks and governments There is also growing concern reveals that none of the new pro- in American commercial circles

A large amount of French capi duction is being added to official regarding the trend of Japanese tal is invested in the recently reserves, but instead is going into polley toward foreign trade in contracted dockyard at Split,

China. Japan, it is thought. in where two destroyers are hoarding.

Latest Federal Reserve Board tends to monopolise, as far as pos-built to French design. report on gold reserves of centra: sible, the imports of China as well banks and governments covering as ber exports.

on

62 nations showed official gold re- FIGHT FOR OPEN DOOR Manager.serves at the end of June at $23.

Recently, the United 813,000,000 compared with $23.964,

States €00,000

December 31,

addressed 2 1937, Government

strong showing a decline of $151,000,000. Note to Japan demanding that she should cease unjustifiable inter- ference with American rights in China. It is now disclosed that Mr. W. H. Plant, manager of the Far Eastern division of the United.

BANK OF CHINA

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

BANK PAID-UP CAPITAL $40,000,000.00

(BRANCHES ALL OVER CHINA} {

GOVERNMENT TENDERS

The following tenders are ea for in the "Government zette":-

"

For the supply of about brass dog licence badges of Owing to our numerous Branches proved shape;

in China and connection, in the For photographing during 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:

Every description of Banking)

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

South China Offices: Loans granted

Approved

CANTON

KONGMOON Becuritier.

Current Accounts opened in Local SWATOW TOISHAN

1

on

Currency and Fixed Deposits re- SHIUCHOW KINGCHOW

"

crived for one year or shorter We also handle the issue of periods in Local and Foreign Cur- on terms which will be readies quoted on application.

Safe Deposit Boxes To Let.

KAN TONG PO.

¿

Chief Manager.Î

THE MERCANTILE BANK OF INDIA.

LIMITED

Head Omeo:-15, Gracechurch, Street,

London, EC.3

Authorised Capital'

Taberibed Capital..

„Pald-up = Capitá

LA DI DOD

£1,000

£1,050,000

$1,347,880

Kuorre Foil and Berk,

BANKERS:

The Bank of England and Midland

Bank. Ltd, LL BRANCHES:

Bangkok

Ipak

Хали

Bothbay

Calentin

Kandy

„Odjomba

Kota Bharu

KARTA. Up's

New York PEASE

Bun

Simesporn

Bower

Kuala Lumpur

"HONGKONG BRANCHL

Erary darllew of Banking “and Xmhaage |

TRUSTEE AND EXECUTORSHIP UNDERTAKEN.

CURRENT LOGÓtregend in Lénal Opr. (LETRA) FAZED DIFCRITA morived in Lungol OUTONY, XZERLAND & U. F, DIL, LA 1300 na terkum Shut WAY #MAAoWenised an application.

❤ BENSON,

Bonds and other Public Funds of the Chinese Government; both Home and Abroad.

at

SHOU J. CHEN,

being

The loss of the new order for eight destroyers is attributd by French authorities in large mea- sure to the delay in delivering previous vessels, this delay being due to the 40-hour week

"

RISING U.S. INDEX

OF INCOME

The index of the income receiv-

1938

1936

1937 143.781 94,453 51,993 tons

· 19,508 97,934 52,758 H 97.988 49.852 103,849

LONDON RUBBER

8-3/8

To-day's close salers buyers sellers 8-7/16" 8-3/8 8-1/2 8-7/18 8-9/16 8-1/2 B-9/16 APRIL-JUNE

8-1/2 8-5/8 8-9/16 8-5/8 Little général Inquiry. Market steady,

Previous close buyers

Change unch

up 1/16 up 1/16

NEW YORK COTTON

Frices 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 märket closed firm.

NEW YORK RUBBER

Prices opened higher on better London and Singapore advices and advanced further on better general enquiry and on the strength of the stock market. A further flip 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. In 'he latter part of the session, profit-taking set'in and prices partially eased towards the close.

N. Y. Commodity Market

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

New York, November 9.

States Steel Corporation.and Pre- call-sident of the American Chambered by persons in the United States New York Cotton Dec.

Gaot Commerce in Shanghai, who in September was 83.3, compared

bas sailed for the United States, to 82.5, the August index.

The advance was the fourth £500 seeks to bring home to Washing-

ap-ton and American business the consecutive monthly increase. The urgent rięcessity for action and to highest since the recovery, how- "fight-for the maintenance of the ever, was 90,2 registered in August,

1937. open door policy."

a

year. commencing January 1. 1839, applicants for Hrences; suspicious persons, etc.:

New York Rubber

Chicago Wheat

Chicago Com

Dec.

- Dec. -- Dec. Winnipeg Wheat - Dec.

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

1 up

"Change .07 up

.15 up

642

64

041

up

472

453483

• 401

up

581 572

671

581

NEW YORK COTTON

Close

Opening

Closing

December

8.44/44

8.53/53

8.51/51

January (1939)

For the supply of biological CURRENT WORLD WHEAT

8.34/36

8.45/46

8.43 N

.00 up

March ( )

8.35/37

8.47/48

3.44/44

.09 up

May

(..)

6.18/18

8.30/29

*8,24/24

06 up

July October() Spot

8.05/06

8.15/14-

8.10/10

:05 up

7.81/81

7.91/90

7.88/88

.07 up

8.94 'N

9.08

12 up

NEW YORK RUBBER

December March

For the construction of a bridge at Mile 6-1/8;

products to the Medical Depart

ment;

"provisiona

For the supply of and stindries and washing re-

quired by the Medical Depart- ment;

For the construction of a dush latrine for the Forestry Store, Kennedy Road:

the For making extensions to

Maternity Hospital; Taan Yuk Manager, and

DONT FORGET

THAT WHEN ou are at Home

You

you can get, the

HONG KONG DAILY PRESS

at SELFRIDGES

For Government stores

JAPAN WITHDRAWS FROM ILO.

Geneva, Nov. 11 The Japafiese Bureau has not ned the League that Japan's with drawal from the International Labour Office became effective on

November 3.

The Japanese have relected the ILO. contention that two-years notice is necessary-Renter””

REICHSMARK QUOTATIONS

Berlin, Nov: 11, The Reichsmark was quoted, without quarantee, as follows:....

New York, 40.07.

Paris 1511.50

Amsterdam, 73.74 to 73.78. London, 11.855.

Paris Sterling, 178.81 to 178.87. Paris US. Dollar, 57,685 to 37,676) Transocean.

PRODUCTION HIGH

Current world wheat production is running far above last year's crop. Total production, excluding Soviet Russia and China, is estimated at around 4,345,000,0:0 bushels. ' The shows an Increase of 510,000,00 bushels over the estimate for last year.

The

the crop

Northern ture Department. disappearance May Hemisphere, excluding China and during the present season may September Boviet Russla is indicated to be approximate 3.830.000.000 busñété" | October around 3,880,000,000 bushels. This and carry-over on July 1, 1939, on is an increase of 470,000 bus the basis of present crop pros- hels over last year's crop.

pects, would be about 1,145,000,000 Total American wheat supplies bushele, which would compare are estimated at 1,094,000,000 bus with the record carry-overs In December hele, consisting of a carry-over 1933 and 1934 of 1,144,000,000 and May of 154,000,000 bushels of old wheat 1,193,000,000 bushels respectively. | July and a crop of 840,000,000 bushels Total world net imports of leaving about 395.000.000 bushels wheat for the

year begining for export and carry-over, July 1, 1938 are estimated at about. According to the United States 50,000,000 bushels above last sea- Department of Agriculture, ir son. Countries which probably about 100,000,000 bushels are ex- will increase their imports include ported, carry-over of July 1, 1939 the United Kingdom, Italy and would total about 295,000,000 bus Spain German morte

hela

Without insurance stocks, likely to be maintained at a táir- the total would be around 265, 15 high level, largely for the pur- 600,000 bushels. This compares pose of building up stocks,

17.05b/06a 17.106/209, 11.23/20

999

.15 up

17.04/05 17.10/13 17.14/15 1701b/04a 17.15/15- 17.15 N 17.006/07a 17.00b/07

.10 up

,14 up

17.15 N 17.15 N

15

up

Sales for the day:

1,490 tons

CHICAGO WHEAT

84/631

641/841

841/641

651/851

661/684

56/58

651/651

651/851

Tuesday's Bales ----

7,901,000 bushels

CHICAGO CORN

December May

461/451 *47/471 497/491

501/502

July

51/51

461/462 504/501 511/511

* up

WINNIPEG WHEAT.

..571757) 577/58 601/601 601/61: 611/611

581/581

8117811

611/62

December May

with $25,000,000 bushels, the Exports from the southern part July ayarage for the 1830-34 period, of Soviet Russia this season have when stocks reached record size. been heavier than in any year

A production of 250,000,000 pus-

hell Indicated for Argentina since 1931, amounting to about December

24,000,000 bushels for the period March

and 150,000,000 Washes for Aus |tralia, which together show an Increase of about 35,000,000 bus hels Compared with last year,

from July 1 to September 17.

World 176 production le about

With low prices and abundant |100,000,000 bushels above the bar supplies, my the US. Agrichies vest

NEW YORK HIDES; (New Contracts)

....... 13:136/158 13.30/30 13.35 B 13.35/597-713.75/73 13.74/18

NEW YORK STRAITS TIN

45.10b/30a48.156/35a

Décember wy silver, Official ...... 42-3/4 ! NY-L'don Cross Rate... 4.78-1/2 |

46,40b/50a'

4.75-1/8

999

BAR

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