1938-11-16 — Page 12

PAGE 12-MONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital $60,000,000 |

THE CHARTERED

BANK OF INDIA,

AUSTRALIA &

CHINA

Issued & Fully Faid-Up $20,000,000 Incorporated by Royal Charter, 1853

Reserve Funds:

Sterling

£6,500,000

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

Proprietors

HEAD OFFICE: LONDON:

38, Bishopsgate EC.2.

Head Ofee:-HONG KONG

..#90,000,000 | Fæld-up Capital .......

Reserve Fund Reserve Llability of Pro-

prietors.....!!

£3,000,000

£3,000,000

£3,000,000

Board of Directors.

T. E. Pearce, Esq., Chairman.

Hon. Mr. J. J. Paterson,

Deputy Chairman

W. H. Lock, Esq...

G. Miskin, Esq.

MANCHESTER BRANCH: 71. Mosley Street, Manchester.

H. V. Wilkinson, E...

Sir Vandeleur M. Grayburn,

Chief Manager. CAWNPORE

}

J. K. Bousfeld, Esq.,

A. H. Compton, Esq.,

Hon. Mr. S. H. Dodwell,

K. S. Morrison, Esq.,

BATAVIA

Hon. Mr. A. L. Shields,

BOMBAY CALCUTTA CANTON

AGENCIES AND BRANCHES: LLOR BTAK HONG ROSO PENAXO AMRITSAR

KANGOOM" ILDILO 102

SAIGON BANGKOK

KARACHI SEPEMBAK XLANG KOBE KUALA

SHANGHAI

Csau

Amoy

Branches: Ipoh

COLOMBO DELHI.

LUNTUK LUCHING. MADRAS

SINGAPORE SITIAWAN SOURABAYA TAIPING

J

TIENTBIN

MANILA

TONGKAH

•

Penaug

HAIPHONG

MEDAN

Bangkok

Juhore

Rangoon

Butavin

Kobe

Saigon

Bombay

Kowloon

SAU

Culcutta

Kuala

Canton

Chefoo

Francisco

HAMBORO HANKOW HARBIN

(Bhuket) TSINGTAO NEW YORK TEIPING „SOKOHAMA

(Peking)

Finance and Commerce

PRESENT-DAY

BUSINESS GERMAN FACTOR HURT BY FORECASTING IN WASHINGTON

i;

Harvard Professor On The

Business Cycle

Business has come to lean too much on so-called economic fore- casters and political soothsayers, instead of individual enterprise, and to think more about cyclical statistics than about merchandis- ing methods, Malcolm P. McNair. Frofessor of Marketing at the Har- vard Graduate School of Business Administration, told the Confer- ence on Distribution in Boston 'recently.',

countries.

touted

At

compo-

TRADE TALKS

Duties On Cars Cause Hitch

The biggest event of the past month in international trade is the fact that for the first time the German Empire has injected itself in a potent way Into the Anglo-American trade talks, delaying their conclusion and nearly Jettisoning the negotiations.

in

the

WEDNESDAY, NOVEMBER 16, 1938.

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

SPOT JAN.-MARCH

APRIL-JUNE

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov. 12.

buyers sellers

28-7/3

29-1/78

29-3/8

29-5/8

29-5/8 20-7/8

Nov. 14 buyers sellers.

Change

aft 1/4

off 1/4

28 5/8 29-7/8 '20-1/8-29-3/8

29-3/8 29-5/8 off 1/4

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

Late in the afternoon the market turned easier on some qulda- on prices declining by 1/8 cent for all deliveries.

"The thesis I want to present to; business cycle has its roots in the you will probably fall on strange nenaviour of business men.

The immediate Itch hears," he told several hundred mer bottom it simply the

chants and manufacturers from site of the actions of business Angio-American talks centres en

In response to quiet conditions provailing in London and New the United States and 11 foreign men, their decisions to buy, sell the automobile duty, which was

hire, are invent, speculate, ex being nicely ironed out until the York the market ruled dull throughout the day. Activity was at a British automobile manufacturerstow ebb due to the impending LR.R. Committee's meeting, dealers In substance it consists of the pand. contract, and so on.

1200 many Investment pro started to take serious alarm at the and speculators preferring not to operate either way. "It was, there- assertion that the great growth of statistical knowledge about indus-grammes are based on the bual fact that the existing pressure of fore, dimcult to trade,

Forecasters develop subsidized "slave worked" " little try and trade, the enhanced" avall. ness cycle. ability of current information as to a following who hang on their German cars is about to be heavily individual business intensified by the addition to the what is going on tri the world, and word. while

abdicates. Invest- derman system of the Fatra Works the development of business fore- Judgment

BS-formerly the best automobile casting and other forms of econo- ment trusts, once

"em-works in Czechoslovakia and given mic and political soothsaying, have great stabilizing influence,

economists

them to Germany by Munich-and at to ten FOREIGN EXCHANGE and General been coincident with a decline in ploy Banking Business transacted. the vigour of business enterprise; when to get in and out of the no distant date of the Skoda works CURRENT ACCOUNT opened and that, far from alleviating the ex- market, and so the violence of too, since it is not possible to imagine that the Skoda works will FIXED DEPOSITS received for One' Year or shorter periods at rates cesses of the business cycle, the the swings is accentuated.

teng remain outside the German FUTILE EFFORT which will be quoted on application. activities of forecasters and ped-!

business cycle industrial system." Bank's Head Office in dlers of economic prophecies are "We make the

worse by thinking about it all!

HORSEPOWER RATES. London undertakes Executor and probably making them worse. New York Tsingtao Barbin

Trustee business, and claims re-

ADVANTAGES REAL

į the time. Too much business It therefore became necessary Hongkew Peiping

Tax

prostituted for the British to demand an covery of British Income Iloilo

"Now Tao not for a moment enterprise to-day

the futile effort of trying enormous duty increase on cars of POT overpaid, on terms which may he

downs, the type which they conceived the TAN-MARCH ascertained at any of the Agencies wish to be understood as denying in

or deprecating the very real ad- to outguess the ups and

APRIL-JUNE and, Branchus

con- which this very attitude tends R. A. CAMIDOE, vantages which have been

ferred by the Improvement of to aggravate business statistics, the wide spread

Colombo

Lumpur Shanghai

Lendor Singapore

Lyons

Saurabaya

Dairen Malacca Sungei

Fuochow Manila

Haiphong luar

Patani Swatow (Johare) Tientsin

Rankow

Mukden

Tokyo

Hamburg

Yokohama

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 shove Bank in conducted by the HONG KONG

Le ob-

The

Manager.

THE CHASE BANK

15. QUEEN'S ROAD CENTRAL

& SHANGHAI BANKING CO-At PORATION. Rule may tained on application.

For the HONG KONG & SHANGHAL BANKING CORPORATION.

V. M. Grayburn,

Chief Marnger. Hong Kong, 7th October, 1918.

BANK OF EAST ASIA,

LIMITED..

Authorised Capital 10 000,000,0G)

5,598,500.00 Paid-up Capital Beserve and Undivided

Profits

2,778,720.78

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

Board of Directors;, •

sir Shuuson Chow, Chairman La Kona Chun, Esq. "Li Loro Bang, Bay. PK: Kwok, Esq. Vong Chu Bác, Bả Wong Yun Tong, Esq. Kan Ying Pu, Esq. ChaChingShe, Eng. PangPing Wal ̈ Eng.

Kan Toug Po, Esq., Chiel Maongar. Li The Fong, Baq, Manager.

Branches and Agencias 1-----

PRIDE

Aning

Paberin

Buniny

Calou

Inwloon London

Kali

Date Isiphrag New Lock

H Honolula Xabe

€

Parts

Hason

Bowralnya,

frame Taikuks Booktler Erky Foming Fan aver Shvartal

-Yershama

Peiping Singapore

HEAD OFFICE:

18 PINE STAKET,

NEW YORK.

American Bank ofering 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 CRASE NATIONAL BANK, New Youx, with 'Resources over U.S. 82,500,000,000.

D. M. BIGGAR,

Manager.

RANK OF CHINA

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

"BANK

PAID-UT 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 to our Clients special facilities for Domestic and Foreign Banking and

Exchange.

Ilead Ofice: SHANGHAI Hong Kong Brunch:

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

Every description of Banking CANTON And Exchange business transacted. SWATOW Loans granted от 'approved SHIUCHOW securities.

KONGMOON TOISHAN KINGCHOW

We also handle the issue of Current Accounts opened in Local Borills and other Public Funds of Currency and Fixed Deposits the Chinese Government buth at

year or shorter Home and Abroad. ceived for one periods in Local and Foreign. Cur-

SHOU J. CHEN, terras which will be rencies on

Manager. quoted on application.

Safe Deposit Boxes To Let

KAN TONG PO,

Chief Manager

THE MERCANTILE BANK OF INDIA, LIMITED

SOVIET WHEAT

CROP POOR

Contrary to the previous optimis

1

\

con-

"If we still had a lot of igno- ! business enterprisers who of business Knowledge. and the rant

business studies of the forecasting and had never heard of the

cycle, who did not subscribe to reporting services.

elther political "I am merely saying that in any tip sheets, one particular expectation we or economic, who were not have. for the time being, been gerned with precise ca'culation' badly disappointed: while the of consumer demand by

means of on, but forecasters bave flourished, the market surveys and, so

bull-headedly OD spirit of business enterprise has who barged in

the spreading of the assumption that this is a rich languished knowledge has made the seesaw country and that the future is of business boom and depression more violent, not less violent.

"Why is this the case? Let me

going to be bigger and better than the past. we should not have real to worry about getting

try to explain what I mean. The business recovery."

NEW FRENCH DECREES

Levies On All Incomes

Paris, Nov. 15 Some surprise was created yes terday by the appearance in the official journal of details of a new national contribution scheme.

a

BRITISH CREDIT FOR RAILWAY

Line From Burma

To Kweichow

Upon the Chinese Government's request, the British authorities have agreed that the credits granted China last year for the construc- tion of a railroad, be employed, to uild another railway line destined

AGREEMENT

TO BE SIGNED

THIS MONTH Washington. Nov. 15. Mr. Cordell Hull last night stated that he hoped to sign the Anglo-American trade agreement before he left on November 26 for the Pan- American Conference at Lima, He also stated that he hoped to announce some develop- ments in the negotiations for the renewal of the American- Canadian trade agreement la two or three days, and hi hoped shortly to decide whe- ther or not the two agree- ments could be tied together. Officials of the State Depart- ment said that the Anglo- American trade Ogreement would

"escape" contain an clause, permitting either, coun- ry to denounce the pact it fuctuations in exchange mes were so large as to affect the tariff concessions.

The oficials stated that the agreement would not containj provision concerning the Bri tian war debt. or parity be tween the pound and, the dof- iar-Reuter.

Closing tone was quiet.

American Statistical Figures were released as follows:-

October

Sept. 1938

40,333

37,823 tons

34,490

37,374

289,937

276,586

51,062

48,927

Consumption in U.S.A. ....................... Imports into U.S.A

tocks in U.S.A. at end of month. shipments afloat at end of month.

LONDON RUBBER

Previous close To-day's close.

buyers

8-3/8

sellers buyers sellers 8-7/10 8-3/16 8-1/4

Change 043/36

8-7/16

.......... 8-1/2

8-1/2 8-1/4 8-3/8 -8-9/15 $-3/8-

of 3/16

8-7/16

off 1/8

After ruling quiet, the market turned dull.

Rubber stocks held in the United Kingdom showed a decrease

100 tons for the week ending November 14, 1938.

N. Y. Commodity Market

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

Ir

New York, November 14.

:

New York Cotton

Dec.

New York Rubber

Dec.

Chicago Wheat

Dec.

Prev. To-day's High Low Close Close Change 8.67 8.63 8.62 8.86 .04. up

16.99 16.84 16.67

18.72 off 64 631 $37 831 unch.

Chicago Corn

Dec.

481

Vinnipeg Wheat - Dec.

501

472 401 481 58 581

59

up

up

41

NEW YORK COTTON

Close

Opening

Closing

Change

December

8.62/63

8.47/67

8.68/67

LM: UN

January (1939) March May A

(,) July October ( Spot

8.52/52

8.58/58

£.58/58

.08 up

(...)

8.52/52

8.53/57

8.56/56

.0 up

}

8.34/36

8.38/38

8.38/37

.02. up

8.21/21

2.23/24

*8.23/23

>

7.98/98

8.00/00

7.98/08

unch..

9.27 N

9.36 N

.09 up

NEW YORK RUBBER

16.89/99 16.78/80

18.729/758

16.54/94

1690/87

10.74/24

20 off

16.95/95

16.85/80

16.77/78

16.85/95

16.77 N

.18 O

18.96 N

16.77 N

"Sales for the day:

3,540 tons

The Americans then objected

CHICAGO WHEAT

SAVINGS ACCOUNTS

is balleved to be insufficient for that the horsepower rate of cars. the purpose. but there seems no on which the increased duty' is to Decrees also include proviska doubt here that complementary imposed were fixed so low as for savings banks accounts not to credits would be easily granted the British demanded, all the most sxceed 20,000 francs in order to once the construction of the rail. hopeful" "Unes of American ar would be excluded from import "to encourage movement of capital. road has started

the British market; on the other hand it is very hard to And a December hdræpower rate which will keep May out the Germans without Peeptris July out the Americans too."

December

May

July

631/64 06/861 657/657

637/634

unch..

66/857.

88/852

unch.

86/651

Saturday's Sales:

6,258,000 bushels

,'

CHICAGO CORN

471/472 481/483 481/481 611/617 81/61 819/814 52/521 521/521

་

+ LED

off

WINNIPEG WHEAT

581/582 581/521

58/59

811/619 611/011 621/621

6147611 627/821

A two per cent. tax is to bete llak Kwelchow to the frontier levied on all facome, whether from wages, ag.icultural pro- fits, pensions or annuities, re- gardless of the supiness of the income.

of Burma through Kumming. in Yunnan, says a London report.

The decree also requires all in- comes above 16,000 franes to pay a further 30 per cent increase of the

present assessments."

Two hundred milion Lancs will be devoted yearly to encou.age an increase in the birth ate, and 14.000.000 francs will be devoted to vocational training of the unem- played, especially with the view of Providing specialised workers for aircraft Tactocles-Reuter,

CHINA INCIDENT BONDS

tic estimates, it is now learned SEVEN BILLION YEN that the Soviet 1938 wheat crop

does not exceed in quantity the

Head Ofcc:-15, Groschurch Street, feeble result of the 1938 harvest.

London, ECI p

Authorised Capital

Sahanibed Capital

Pait.up Chpital

Revere Pond and Hea

BANKEES:

NOW ISSUED

No

final

decision has been

December... March May

udopted yet, however. In case ari Germans were going to export, in-Scptember. agreement is definitely reached, cluding the Opel, which is "slave October the building of the new railway produced in the German Reich

The existing credit of £6,000,000 will be entrusted to a British Arm, but financed by General Moters.

DEMONSTRATION MINES NEW VEIN

An ore "shoot giving much higher than average assay values has been it in the Minca, Demonstration Gold Ltd. mine on the 700 level,

The latest reports from Washing-

tom are slightly more encouraging. and though no announcement has December been made oficially. It is believed May that agreement has been reached July cr is near

INDO-CHINA IRON December according to a report made EXPORT BAN URGED March

last week to the Manila office "of-the company,"

ونم

The permanent commission of It was stated that B vein was the Indo-Chinese

December

64/831

NEW YORK HIDES; (New Contracts)

13.21/21 13.05b/200 13.11b/15a 13.59/60

13.50/50 13.50/50

NEW YORK STRALIS TIN

46-80b/95a 48.65b/85a 48.55b/70- 42-3/4

42-3/4

Government Fifty million yen worth of Gpy- cut on the 700 level from shaft Na. Council considers that exports The reserves provided by the ex-ernment bonds in connection with 2. giving assays as follow; 0 to 5 of iron ore and manganese ore to NY silver, Oficial cellent crop harvested in 1937 the China Incident were issued in feet, Pesos 18.80 per ton; 5 to 8 foreign countries at very low NY-Lidon Cross Rate... 412-15/18.

feet. Pesos 32.20; special sample. prices are increasing touch 2100 however, will largely permit the Tokyo recently,

an extent that the richest and country to carry on until the next This brings the total value of Pesos 79.80

The discovery of ore at this most favourably situated deposits MORE HIGHWAYS IN „Government bonds issued to date Vegetable and fruit crops are in connection with the China In-" point is particularly important are in danger of being exhausted, also mediocre almost throughout cident to just under Yen.7.000,030,- because the 800 level above the and that it would be advisable in the Soviet Union Cotton and 000.

81,247,500

The Bank of England and Midland

Bank, Led, BLANCHES:

Spol Kangtan

Bangkok

Bby Calmatia

Cal

Kandy Kerrid

Kota Bhach

Galle

Kela p

Hakong

Kuri Lumpur

Howarb

Kenia Trendgren ́

crop.

New York flax crops, however, are excellent.

Panny

Ibnu

Bhangha

Bagepor

HONGKONG BEANCH.

'Kvory desupil's of Basking and Exhause Just starestel.

-Tewertern Chigpen sund TRUSTEE AND EXECUTORSHIP UNDERTAKEN.

"GURBEST MOODUST ( npidin Foral Gar 2 and XD DREDGIES montent in Liga Carredor. STERLING' & U. "I DOTATA 24 on ternu scertained applichtiMac that my

SENSON.

REICHSMARK QUOTATIONS

wag Berlin, Nov. 15.

The relchsmark was quoted without guarantee at:

New York, 40.00

Paris, 1816-

Amsterdamú, 73.78 to 73.85 Löndan, 1182b deve

Park Sterling, 173.74 to 178.70

Paris U.S. Dollar, $7.69.

RAUB DIVIDEND

section shows ore over a 50-feet length. Drifting is being carried on east and west with as much speed as possible,

even

SOUTHWEST

4.71

38 off

.19 off

EUROPEAN BEET CROP

The European beet crop, exclud- With Kwelyang, capital of Kwel- the interests of national defence to reduce substantially, or prohibit, the export of there ores, province as the neuelaus, big that of Russia, la estimated allow the colony's highway development in the this year to total 7,017,000 astete in order to

Southwest provinces is making tons, compared to 7,174,588 metre metal works to be supplied. This is considered particulary The commision defaands that pid progress and more than 2, tons, the total for fast year a The Hongkong Stock Exchange

steel mill operations during the has received the following cable good news for Demonstration, the Indo-China customs regula-500-11 of highways have been com- from the Becretaries of the Rauty in view of the fact that the area tions be adjusted with this era pleted and are now open to traffe,

--Kwelyang is now linked ́up with week ended November 3,2′ secord- Australian Gold Mining Co., Ltd., in which the weld was cut is be- in view, but that it should be

in Brisbane MRI, 20low any horizon opened up so possible for exemption to be Kunming, capital of Yunnan, with ing to the Iron and Steel Insti

"Out of the funds for the year far: it definitely indicates are granted under conditions deter Changsha, capital of Hunan, fute of America, nverged 610 ending March 31, 1930, the Board 150 feet below the main haulge mined by a decree of the Gov-wit Kwellin, Capital of Kwangsi, per cent of capacity compared of Directors have declared dividend level, and a much larger hori ernor-General of Inde China and with Chungking, the new with 56.8 per cent the previous

previously. three of 51. per share, payable on zon for probable ore below the in the permanent commission of capital of the Chinese Govern- week and 53.7 per cent TWO

100 level

the Government Council,

mentelor December 15.*