1938-11-17 — Page 13

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG. AND

SHANGHAI BANKING

CORPORATION

Authorised Capital

$80,000,000

THE CHARTERED

BANK OF INDIA,

AUSTRALIA &

CHINA

lasued & Fully Paid-Up $20,000,000] incorporated by Royal Charter, 1858, Reserve Funds:

Sterling

..£6,500,000

HEAD OFFICE: LONDON: 38. Bishopsgate E.C.2. .820,000,000 Paid-up Caplial

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

Proprietors

Head Office: HONG KONG

Reserve Fund Reserve Liability of Pro- priclors.....

£3,000,000 £3,000,000

£3,000,000

Board of Directors. T. E. Pearce, Esq., Chairma2.16. Hon. Mr. J. J. Paterson,

Deputy ChairsUEN.

J. K. Bousfeld. Esq.,

AH. Compton, Esq.

Hon. Mr. S. II. Dodwell,

K. H. Morrison, Eq..

Hon. Mr. A. L. Shields.

B. V. Wilkinson, Esq.

W. H. Lork, Kag.,

G. Miskin, Esq..

Sir Valeleur M. Graphurn,

MANCHESTER BRANCH: 71. Mosley Street. Manchester.

"

AGENCIES AND BRANCHES: 1 STALL HONG KONG PENANG 4

RANGUOR ILULE AMRITSAR

108

SALOON JANOROK O

KARACA! VENEMAN

RANGHAI S150APURE SITIAWAN SOURABAYA TAIPING TINTMEN ТОМСКАЯ

(Bhuket)

Chief Manager. AWNPORS

KUALA

LU'APER 'KUCHING

MAD RAR MANILA MEDAN NEW YORK MEIPINO

(Peking)

BATAVIA

TROMBAY

ELANO

CALCUTTA

KONE

CANTON

Branches:-

Any

Inch

Penang

Bangkok

Johore

Rangoon

Katavia

Kobe

Saigon.

Bombay

Kiwloon Sau

CHC POLOMUG HELE! HAIPHONG НАМИКО HANKOW TARBIN

Calcutta

Kuala

Frangi

Canton

Chefoo

"Londor

Lyona

Lumpur Shanghai Singapore Souzabay

Mairecu

Sungei

Manila

Haiphong Muar

Patani Swatow

Caluinbo

Dairen

Foochow

Tokyo

Hamburg (Johor) Tientaiu Hanko Mukden Bazin New York Tsingtao

Yokohama liongkew reiping Iloilo

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

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

Hong Kong, 7th xtober, 1938.

HONGKONG SAVINGS

'BANK

The Business of the above Bank is conducted by the HONG KONG

TRIXOTAO YOKOHAMA

FOREIGN EXCHANGE and General Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED Deposits received for One Year or shorter periods al rates which will be quoted on application.

The Bank's Head Office London undertakes Executor and Trustee business, and claims re- covery of British Income Tax overpaid, on terms which may be scertained at any of the Agencies and Branches.

R. A. CAMIDGE,

Manager.

THE CHASE BANK

15. QUEEN'S ROAD CENTRAL

HEAD OFFICE:

& SHANGHAI HANKING COR- An PORATION. Rules may be obl taineil on application.

;

For the HONG KONG & SHANGRAL BANKING CORPORATION,

V. M. Grayburn.

Chief Manager. Hong Kong, 7th Detober, 1938.

BANK OF EAST ASIA, LIMITED.

Authorised Cațiital.....$10 000,000.00 ;

2,508,600.0 Paid up Capital Reserve and Undivided

I'rofits

9,776,720.76

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

Board of Directors;

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 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 OP CHINA AS AN INTERNATIONAL EXCHANGE

Bir Shouse Claw, Chairman Li Kron Chun, 108: Li Lan Bang, Baq. Wong Chuson, Esq. Wong Yua Tong, Baq, Kati Ying P, Hay Chauchungshes Hay, PangPingWah Foy, | PAID-UP CAPITAL 40,000,000.00

Kia Tong Po. Em, Chief Manager. Li Tse Fong, Esq., Manager.

Branches and Agencias 2-----

++

Medure

Jasenki

· Esant view

Ду Bai

Kawiona tan

Pemame

• Ka magumag

Mesmer

Cakesta

Diego

14

Ser York Bear

de Tokra

H.

Clarks

Karang

Horai

Paris

Vamo dret Yokuba

Kole

Piping

+

Every description of Banking!

BANK

(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 spreial facilities for Domestic and Foreign Banking and Exchange.

Head Office: SHANGHAI Hong Kong Brunch:

4, QUEEN'S ROAD, C. South Chine Officice

KONGMOON and Exchange business transacted, CANTON,

TOISIAN granted 02.. Loans

approved, SWATOW

SILUCHOW KINGCHOW securities.

We also handle the issue of f Current Accounts opened in Local Currency and Fixed Deposits re-louds and other Public Funds of ceived for one year or shorter the Chinese Government both at periods in Local and Foreign Cur- ilome and Abroad.

OR terms which will bel

quatril on application.

Safe Deposit Boxes To Let

KAN TONG PO,

Chief Manager.

SHOU J. CHEN,

Manuger.

WINTER CLOTHES Women's, Men's & Children's WANTED URGENTLY

HONGKONG BENEVOLENT SOCIETY

Monday & Thursday ICE HOUSE STREET

10 to 12 Noon,

Finance and Commerce

GOLD INFLOW MAKES

BIG CHANGES IN U.S.

BANKING STATISTICS

Importaal changes in banking statistles in the United States during September were noted owla; to the extraordinary gold inflow from Europe and to the influence of Treasury operations in the mid- dle of the month.

Reviewing the banking situation in the United States during the month, the National Bank of New York states that due principally to the gold purchases by the Treasur, member bank sese.ves increased early $460,000,000 between the car y part of August and the middle of September, reaching a new peak $8.425,000,000 on the 14th of the month.

TOSE

U.S. LEADS

IN LABOUR

DISPUTES

A total of 10,267 strikes or lock-outs occurred in 19 coun- tries during 1937, according to world statistics of labour dis- putes, compiled by the Inter- national Labour Ufice of the League of Nations and just published in the new edition of its Year Book of Labour Statistics..

These disputes involving 4.223, 994 workers, resulted in a loss of 50.755,454 working days.

SPOT

THURSDAY, NOVEMB ER 17, 1938.

PAYNE

& CO.

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov. 14 buyers

sellers

28-5/8 28-7/8

29-1/8 29-3/8

29-3/8 20-5/8

Nov. 15

buyers sellers 28-1/4 28-1/2

Change

of 3/8

of 3/1

off 3/8

28-3/4 29 JAN-MARCH

29 29-1/4 APRIL-JUNE

The market opened 1/4 of a cent fower for all deliveries as com-

In sympathy with easier advices received from London and New York the market ruled quiet after the opening, being affected by the

tee. impending meeting of the International Rubber Regulation Commit-

Although increasing less rapidly ures compiled, holds, in addition than actual ieserves because of to its deposits in commercial banks

The United States led with 4,74upared with Monday's closing quotations, the added reserve`requirements of about $860,000,000 of deposits in

dvancing deposits, excess reserves the Reserve Banks, also in the cisputes. Involving 1,800.621 work- $200,000.000 general fund) approximately $800.-crs, and a loss of 28,424, 857 work- app.oximately during the pe.lou to an estimated 500,000 of gold not yet converted in days. Next came Poland with $3,130,000,000, or close to the year's into spendable cash through the 2,103 disputes involving

a loss of 3,297,105 Jak attained in July

medium of gold certificates issued workers, and

working days. Great Britain was to the Reserve Banks,

third with 1.122 strikes, Involving 595.000 workers, and a loss of 3.430. 000 working days.

Figures for the other countries

It is pointed out that, but for .he absorption of funds from the

Restoration of reserves not only na:ket by the Treasury on and in their maximum levels but to ter the 15th of the month, the much beyond these levels 15 pro- se of bank reserves would have mised in the cou se of time, with gone further. The Treasury at That time, it is observed, collected

third quarte.ly Lastalment of mucenie taxes, and received pay- ments by subscibers to $800,000.- D00 of new treasury bonds and

1.otcs..

the eventual expenditure of these are given as follows: sums now held outside the com mercial banking system.

FEARS OF WAR

ין

545.165

Subsequently, however, due to good demand for "spot" Rubber speculative selling was well absorbed by trade-buying, and on per- sistent further gederal enquiries the market became very steady. whilst prices gradually advanced by 1/4 cent for all deliveries.

Closing tone was steady.

Argentina

.. Workers Disputes Involved

28' 49.993 342 96,173 200

81.544

Working

Days Lost 517,645 357.111 647,647

"POT

JAN.-MARCH APRIL-JUNE

་

274

71,905

886,393

128

79.202

663.07

*22

1,372

21,000

5

*6,129

38 6,163 379 647,801

145

It is noted that late in Septem-Australia ber when the inflow of gold was Belgium The next effect of these transic swelled rapidly by fears of war in Canadu tons. It is said, after offsetting Eu.ope, the Treasury resumed the China disbursements by the Treasury on issuance of gold certificates to the Denmark account of public debt interest, Federal Reserve Banks in order to Estonia

obligations, gold purchases and other current reimburse its cash account for the Finland

increase outlays resulting from gold purcha-India markedly the Treasury's cash ses. Payments for gold during the Ireland balance in the Fede al Reserve preceding five months had been New Zealand 52 Bunks and to reduce member bank drawn cut of its general fund bal-Palestine reserves by $100,000,000.

to Was

auce..

1.109

183.629

14

LONDON RUBBER

..

Previous cicae To-day's close

buyers

8-3/16

sellers. buyers 8-1/4 B-1/18

sellers

8-9/16

Change of 1/8

8-1/4

8-3/8

8-3/8 9-7/16 B-1/4 8-3/8

8-3/16 8-5/18

off 1/16 от 1/8

After ruling weak or liquidation, following the quota announce- ment, the market ralled on bear-covering and good American buying.

NEW YORK COTTON

Prices declined of the European political situation and the east- 8982.257 26.734 1,754 949 ness, of the stock market, which caused moderate liquidation and dis- 11.41 1

29,916 couraged new buying. There were foreign orders on both sides, but foreign interests sold on the balance, while hedging was light, and 21.167 72 535 mostly for late months. Later in the day trading consisted chiefly 115.848 of December liquidation and exchanging of positiona.

53

6.305

Rumaria Switzerland

TO 37

7,251 6,043

slovakia 439 120,058 1,128,720

28

5.121

25.690

Africa

TEMPORARY SETBACK

The Secretary of the Treasury. It Czecho- Flowever, inasmuch as funds re-fs recalled, indicated recently that ceived by the Treasury will thereafter the Treasury would reunion of South mately be disbursed, the setback to Imburse" itself promptly for gold eserves may be regarded as tem- purchases and might also utilize porary. The fact cf real signific-some of the gold now in the gen- ance, it is pointed out, is that the teral fund to replenish any decreas- Treasury, according to latest fig-les in its cash balance, if necessary.

RECORD MOTOR ORDER BOOK

Standard Cars' Success

GOOD DEMAND FOR FRANCS

French Control's Methods

SIAM ENGAGES JAPANESE EXPERTS

In order to build petroleum re- fining plants and oil tanks for the Defence Ministry of the Siamese Government, a party of 30 Japan- eye engineers has salled fron Kobe, for Slam...‚;'

ཇI

This 13 the Arst of several

parties to be dispatched within the next rew months, the second con- sisting of 50 fuel and mechanical engineers and the third probably totalling some 100,

Lond, Nov. 16 A very detinike and optimistic

A persistent demand for prophecy was made by Mt. C. J.

been in francs, which h..s di ba tę sumard

evianice almost continuously Motor Co. in as speech at the

since Monday, morning, is caus-

The annual meeting of that company.

Shipbuilding Fujinagata ing many people to ask W- zate when a dividend at the

ther at long last refugee ca-

Company, Osaka, is the contractor 22 per cent was declared..

p.tal is going home in earnest. for all cracking plants and 78 oil de 10 the picacitation of

Considerable interest is evinced tanks. Including two with a capa- international peace....and to un- foreseen circumstances," said Mr. ty. the tacues employed by the city of 12,000 tons each, two of

venture to Band. "T

prophesy r.ench Exchange Fand, in tae face 3.000 tons each, and others,

in the of the inital demand to. trancs, the most successful year

As a the authorities only made a slight history of the company

order book reduction in their buying rate for our matter of fact for immediate delivery aready terling, but yesterday, when the Paris exchanges op-ed, the Con- constitutes a record."

The chairman's optimism was trol withd.ew completely, with the supported by the result that the Sewing rate im- expressly

director. Ca plain 3. mediately came in to 178.25, as managing P. Black, who confidently anti- compared with 178.69 previously.

from the 'pates great results new, "Eight."

As this appreciation is presuma- bly considered to be too sha.p, the authorities reinserted their peg at PREMIER AWARD

178.43, at which rate the buying of Incidentally, the company re- celved the premler award at the francs became accentuated, Earls Court Exhibition for coach- Well-informed circles a e of the opinion that successive lowering in exceeding A work on cars not fist price of £325, the success-y stages of the French Con- ful model was the 14 bp four-trol's buying rate for Sterling is ing saloon, priced at £21

be- The new factory which is

production ing erected for the

carburettors is: of aero-engine expected to be in full operation early next year

PRESIDENT LINE

SAILINGS

The first ship of the American Fresident Line to reach Hengkong | under the company's new schedule l be the President Monroe, which will arrive on December 1. She will carry tnly cargo,

She will be followed on Decem- ber 25 by the President Adams, and thenceforward these vessels, wil travelling round the world, call at Hongkong fortnightly,

one of the Lkellest methods of in- ducing large-scale repatriation.- Reuter.

Reynaud Plan Opposed

Paris, Nov. 16

3 proposal that the Con- federation Generald Travali should seek by every method tu sabotage the economic plaa of the new Finance Minister, M. Paul Heyjand, was made at the C.G.T. congress at Nantes yesterday by a delegate from the Nord textile section.

He suggested that action should be extended even to a general

In addition, steamer of the strike. Presidcht class will mikain a

support

enthusiastic Despite trans-Pacific service on- fort-ltrum the Communists, the Presi- Art arrival/dent of the C.G.T. decided to adopt rightly basis, the being the President Coolidge on a "Wait and see" attitude. He said December 17,

TAX DETENTION PROHIBITED

Chungking, November. 16: Upon a petition of the Minis

he supported a gene.al condemna tion of the decrees, but did not. favour an immediate vote ak he considered it preferable to substi tute some constractive motion Reuter,

try of Finance, Genera lasimo tion of national tax revenné Chiang Kai-Shek has issued br- collected in the two provinces.

It is stated that several cases of ders to the military and atli authorities in Kwangting ena detention have been reported to Kwangi, forbidding the deter the Ministry-Central. News.

H. K. STOCK EXCHANGE

November 16.. Interest in the local market is still tacking and what little busi- mess that has passed has been on slightly lower levels,

BUYERS

Rabs. $33.

Peak Trams (Qld), $67. Y. Ferries (Old), $23.

China Lights (Old), $10.40. F.K. Govt. 4% Loan, 6% pm. HK. Govt. 31% Loan, par.

SELLEKS

Union Insurance, $495.

H. and S. Hotels, $6.50. H.K. Lands, $38). China Lights (Old), $10.80.

K. Electrics, $57).

SALES

Hongkong Bank, $1355. Union Insurance, $195, HK. Tramways, $161. China Lights (Old), $10). Dairy Farms, $24,

27

NEW YORK RUBBER

The lower London market, the increased quota of 30 per cent.. the weakness of Sterling and dealer seiling and liquidation sent prices sharply on the down-grade. It was later realised that the decline had been overdone and prices staged a good recovery or a good demand. chiefly from factories," which was attributed to optimism at Akron. where a world consumption of from 80,000 to 85,000 tons monthly is expected from January to March.

CHICAGO WHEAT

Prices went higher on the firmness of overseas markets and of the Winnipeg market together with reports of frost in the Argentine and lack of moisture in some sections of our own wheat belt. Thereafter, prices moved but narrowly in consequence of the slowness of tash demand. The fixing of a minimum price by the Argentine Govern- ment is believed to be indicative of the official entry of another coun- try to the subsidy neld.

N. Y. Commodity Market

(Dy Courtesy of Messes. Swan, Culbertson & Fritz and 8. L. Levy & Company)

Yew York Cotton Dec. New York Rubber Chicago Wheat Chicago Corn Winnipeg Wheat.

"December

January (1939) *March May()

Tnly

{ Mtober ( Spot

16.72b/75a

601

Prev, To-day's

Close Close Change, 8 60 8 58 08. of 16.72b 16.57b 15 off

84

New York, November 15.

High Low

363

8.58

Dec

10 51

16.20

Dec.

642

831 631

| up

49

481 42

Dec.

50%

59

48. 60

unch.

1 up

NEW YORK COTTON

Close

Opening

Closing

Change

8.66/67

8.83/53

8 58/58

.03. OT

8.58/58

8.55/55

8.55/55

.03 of

()

8 58/56

851/53

848/48

..08 off

8.26/37

8.33/32

8 29/29

£7 off

8 23/23

8.19/19

8 15/15

.08 oft

7.98/98

7.92/92

7.82/88

10 of

9.36. N

9.28 N

.08 off

NEW YORK RUBBER

"

December March May September October

16.74/75

16 77/78 18.77 N 16.77 N

18-20/29 3632/26 - 16.29/29

16,57b/59a

J5 off

1657/60

17 on

1642/62

.15 off

16.62/67

.15 of

18.62 N

15 of

Sales for the day:

4,030 tons

CHICAGO WHEAT

December

May... July

631/633 68/65%

-64/84/ 66/60;

64/841

561/661

86/657

€61/661

Monday's Sales:.

5,175,000 bushels.

CHICAGO CORN

481/481 817/614 614/614

492/437

48+/482

614/614

unch unch.

528/521

521/621

1 of

WINNIPEG WHEAT

52/59

61+/621

591/591 811/62

60/60%

621/621

631/621

(Prices below in Phil currency).

Antamoky Ps. 481 Atoka, Ps., 23 Baguio Gold Pa., .241 Benguet Consul. Ps., 13.10 Coco Groves Pa., 52 Consol, Mines Ps.. .0035 Demonstrations PB., 29 San Mauricio P., 1.84 Suyoc Consol, Pa., 21 United Patacales Pt.; .52

REICHSMARK. QUITATIONS

Berlin, Nov. 16. ·

WES quoted The Reichsmark. without guarantee at.

New York. 40.05 Paris, 1528

Amsterdam, 73.00 to 74. London, 11.725.

Paris Sterling, 17872 to 178.76. Paris US Dollar, 38.08 to 28.08,

Transocean

December

May July

December May July

December March

December

*

82)/62}

NEW YORK HIDES: (New Contracts)

13.11b/15a 12.88b/13.10 13.05b 13.50/50* 13.40/42

13.43/43

NEW YORK STRAITS TIN

46.55h/T0% 46.156/358 46.70b/352

Silver, Official ...... 42-3/4 NY-L'don Cross Rate... 4.71.

42-374

1.70-1/2

ཡ*

898

up

11 up

up