1938-11-18 — Page 12

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

· CORPORATION

Authorised Capital $50,000,000

THE CHARTERED

BANK OF INDIA,

AUSTRALIA &

CHINA

Issued & Fully Paid-Up 20,000,000) Incorporated by Royal Charter, 1855

Reserve Funds:

Sterling

£8,500,000

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

Proprietors

HEAD OFFICE: LONDON:

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

Head Offor:-HONG KONG

Reserve Fund Reserve Liability of Pro-

prietors..

38, Bishopsgate "E.C.2.

....£3,000,000 £3,000,000,

£3,000,000

Board of Directors.

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

Deputy Chairman,

J. K. Bousfeld, Esq..

A. H. Compton, Esq.,

Hon. Mr. S. H. Dodwell,

W. H. Lock, Elq.

1. Miskin, Esq.,

K. S. Morrison, Esq.,

Hon. Mr. A. L, Shields.

H. V. Wilkinson, Esq..

Sir Vondeleur M. Grayburn,

MANCHESTER BRANCH: 71. Mosley Street. Manchester.

ALOR, STAH AMBITSAR

BANGKOK

BATAVIA

AGENCIES AND BRANCHES:

HONG KONG PERANG

JANGOON ILOILO (P1) H

SAIGON KARACHI SCUEMBAN KLANG

SHANGHAL SINGAPORE SITIAWAN SOC RABAYA TAIPING

Chief Manager. CAWNPORE

DO LEBAY CALCUTTA CANTON

KUBE KUALA

CEBU

Branches:-

COLOMBO DELHI

LUKSUR KUCHING. MADRAB MANILA

TIENTEIN

TONOKAH

Amoy

Ipph

Bangkok

Johore

Batavia

Kobe

Penung Rangoon Saigon

Bombay

Kowloon San

Calcutta

Kuala

Francisco

• HAIPHONG L'AMBURG HANTOW HARBIN

MEDAN

(Bhuket)

NEW YORK PRIPING

Canton

Lumpur Shanghai

Chefoo

London

Singapore

Colombo

Lyons Soucabays

Dairen

Malacca

Sungei

Foochow Manila

Haiphong Mitar

Hamburg

Hankow Harbin

Patani Swatow

(Johore) Tientsin

Mukden Tokyo

Yokohama

New York Tsingtao Hongkew Paiping Iloilo

(Peking).

TRINGTAO YOKOHAMA

FOREIGN EXCHANGE and General Banking Business transacted,

CURRENT ACCOUNT opened and FIXED DEPORITs "received, for One Year or abarter periods at rates which will be quoted on application.

Bank'a

in The

Fend Office London undertakes Executor and Trustee business, and claims_re-

of British. covery

Income Tax overpaid, on terms which may be ascertained at any of the Agencies and Branches.

R. A. CAMIDGE,

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)

Manager.

THE CHASE BANK

15. QUEEN'S ROAD CENTRAL

& SHANGHAI BANKING COR- An PORATION. Relea may be obj tained on application.

For the HONG KONG & SHANGHAL BANKING CORPORATION,

Y. M. Grayburn.

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

BANK OF EAST ASIA.

LIMITED.

"Authorised Capital ....$10000,000.00 | Paid-up Capital ....... 2,598,000.00 Reserve and Undivided

Profits

2,776,796.78

Head Office:-HONG KONG " Ng. 10, Des Voeux Road, Central.

Board of Directora:

Sir Shouson Chow, Chairman Li Koon Chun, Esq. Li Lan Sang. Esq. P. K. Kwok, Esq. WongChuBoa, Esq. Wong Yun Tong, Esq. Kan Ying Po, Esq. ChanChingSbek, Esq. FungPing Wab 8.

Kao Tong Po, Esq., Chief Manager. Li Tee Fong, Esq., Manager.

Amoy

Patria

Bombay

Oletati

Canton

Palphong

Haskew

Kosciole

Kobe

Branches and Agentine 20-

Kowlows PEDAGE Sonera bara

wabor Ванесса London

Bydney Manila Kelbourne Sus Fran- Talhota

disoo Tienta

Tokiro New York Beattis

YARDOUIS Bamarag Shengbal

Yokohama Pulping Blagapore

Ngrants

CSKA

Pi

Every description of Banking

On

+

HEAD OFFICE:

18, PINE STREET,-

NEW YORK.

FRIDAY, NOVEMBER 18, 1938.

Finance and Commerce PAYNE & CO.

REARMAMENT DOMINATES LONDON

SECURITY MARKET

Iron And Steels Lead "War Shares” “Advance

2

COLONIES PROBLEM RETARDS

GENERAL RECOVERY

24

more

Uppermost in every mind nowadays in the realisation that if Britain and the British Empire are to survive the gangster epoch of the next few years In Europe and Asia a colossal increase in Britain's armed strength will have to be attained. Nothing could be natural, then, than a decision by hard-hit vestars, "denied profit- able employment of their funds in the arts of peace, that armament shares offer the soundest prospects to-day, writes a special London. financial correspondent.

But this truth has already been so long manifest. in these evil times, that what are colloquially known in the City as "primary ammaments" have already been bid up to prices offering little pros-" pect for future appreciation. Capitalists, large and small, are there- fare being forced to fall back upon the shares of undertakings which may be said to have an indirect interest in rearmament, such as the great enterprises which manufacture iron and steel.

Szechuen Notes

་་་་་་་དོ་ན་པར་

{FROM OUR OWN CORRESPONDENT)

During recent weeks, with the real and ugly significance of the

settlement Mirch

constantly

more growing

apparent, botn Lipeculators and genuine investors in London have concentrated their attention on the shares of the most notable of these concerns, and very substantial gains have been

WASHINGTON

TRADE TALKS

SUCCESSFUL

ནིམ

Anglo-American Agreement

Washington, Nov, 17. "America's trade agreements with Britain and Canada will be signed at the White House at 9 p.m. to-day, Mr. Cordell Hall signing for the United States. Sir Ronald Lindsay, Bri- tish Ambassador, for Britain and Mr. Mackenzie King, Cana-- dian Premier, for the Domin- Jan,

SPOT

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

(FROM PAYNE & CO.)

JAN.-MARCH .............. APRIL-JUNE

SINGAPORE KUBBER

Nov. 15

Nov. 16

28-1/4 28-1/2 28-1/4 28-1/2 unch. 28-3/4 29. . 28-3/4 29

29 3-1/4

29

29-1/4

The market opened 1/4 of a cent lower for all deliveries as com- pared with Tuesday's closing quotations.

Influenced by improved conditions prevailing in London and New York the market displayed a steady undertone throughout 'the day. The announcement by, the International Rubber Regulation Committee, fixing the permissible export-quota for the first quarter. 1933 at 50 per cent, did not disturb the market. The opinion, pre-.. valid that the Committee, after careful examination of the whole situation, had come to the conclusion that prospects of increased ab- Details of both agreements,sorption were such as would justify an additional release of 5 "për which are expected to include hun-

cent. Good enquiries for trade and speculative accounts were pes- dreds of tariff concessions, will be pcnsible for a price-advance of 1/4 gent för all deliveries. Very active » announced for publication to demand for "actuals" from consuming countries was a special tea-

ture of the market. It is generally believed that the market will now show slow, but steady Improvement. Closing tone was steady.

morrow.

The Anglo-American agreement will be published simultaneously in Washington and London, and the agreement will be accompanied by a note from the British Govern- ment expressing willingness to discuss further tariff reductions on American exports after Britain has been released from some obligs-JAN-MARCH ttons under the Ottawa Agreement. APRIL-JUNE

The State Department announ-

SKOT

4

LONDON RUBBER

Previous close To-day's close

buyers

8-1/16

8-3/16

8-3/16

sellers buyers sellers 8-1/8 8-3/16 8-5/16 8-1/4 8-5/18 8-1/4 8-3/8 8-5/16 8-3/8

Change

up 1/16 - up, 1/16 ..up 1/16

After ruling easier on profit-taking the market rallied towards

shown by such descriptions as ced to-day that the agreement the close. The population of Chungking is Beardmores. United Steels. Dor with Britain includes Northern over 600,000, according to a censusan Longs and Colvilles. Bus-Ireland, British Colonies and recently taken by the local Police ness in them has, in fact, attained British Possessions in Latin Ame- Bureau, which has been ordered to almost the dimensions of a sec-rica-Reuter. investigate the food consumption tronal boom.

EFFECTIVE IN NEW YEAR of this city.

But in

London, Nov. 17.

•

Co-

Economic Affairs. three places have been set aside at Pinwu and Peichuan, and from ne to four sent thousand refugees will be there.

*

other markets, unfor-

יד

In announcing the conclusion of

tions in the House of Commons last night, Mr. Oliver. Stanley, President of the Board of Trade

stated that the agreement woula come into force on January 1. 1939. British Wireless.

•

NEW YORK COTTON

"The market to-day was inactive, but prices held steady On Trade and spot-house buying. Hedging was light, although any small advances were met with increased offerings. Traders are still ner- vous over the foreign situation and the decline in the stock market

NEW YORK RUBBER

With trade support less in evidence, prices eased on foreign, domestic and dealer selling together with some speculative, realis- ing. Factory buying steadied the market on the decline, but finally the weakness of Wall Street again depressed prices which declined towards the close..

with regard to the reclamation not been reflected. The warning the Anglo-American trade negotia-i Induced local selling and finally liquidation...and hedge-selling.

It is learned from Chengtu that tunately, this welcome activity has project planned by the Frovincial by Lord Halifax," Foreign Secretary,

that the British people will be call Government of Szechuen, in operation with the Ministry ofed upon to make heavy sacrifices for security in the near future. coupled with the publication, un- ofcially but none the less con- vincingly, of Herr Hitler's colonial plans. has deepened the anxiety with which, the public anticipates, the future: and few clients indeed and (3) the strength of "inflation- have been bold enough to ask their ary forces.

buy it-edged

The unexpected weakness of the foreign markets and reports The Arst of these factors, it is or general Industrials

suggested. Justines the hope that that the exporting Nations had resumed offerings of cheap wheat the downward trend of consump-brought out Easter selling and liquidation Continued favourable A second and equally rotent top of prime commodities has Argentine crop advices and the waiting attitude of consumers were discouraging factors. Finally, prices recovered partially on been reversed. The second

1a- also bear factor operating has been the

dlestes a great increase in special covering by "shorts." gradual emergence of only too

third proba- Only very little kerosene 13 in clear proof that the international consumption. The Manager, store

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 135. $2,500,000,000.

D. M. BIGGAR,

BANK OF CHINA

Specially Chartered by NATIONAL GOVERNMENT

OF CHINA AS AN INTERNATIONAL EXCHANGE -

THE

BANK PAID-UP CAPITAL 240,000,000,00 (BRANCHEB 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.

Head Office: SHANGHAI- Hong Kong Branch:

4, QUEEN'S ROAD, C.- South China Officer:

of

KONGMOON And Exchange business transacted. CANTON

TOISEAN Loans granted, approved SWATOW

SHIUCHOW KINGCHOW securities.

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

OTI terms which will be quoted on application.

rencies

Safe Deposit Boxes To Let

KAN TONG 'PO,

Chief Manager.

SHOU J, CHEN,

THE CHINA-SIAM

AL "HEL108"

HONG KONG-BANGKOK

With the improvement of the system of taxation, the General Treasury of Szechuen Province has been Inaugurated at the local Bank of Chungking. Henceforth, the tax income of the different districts should be turned over to the hsien treasury.

*

3:

-

stockbrokers to securities for them.

BUSINESS CURTAILMENT

COMMODITY SHARES

conseqent price increases.

In short, the omens combine to

In Szechuen at present. crisis of September gravely curtall-ably points to a further debase- Lee, Mr.

industrialist. hased business activity throughoutent of paper currencies and to installed machine in Tai-the United Kingdom. Hutsing for refining purposes. From a cantful perusal of the promise capital profité to those The Ministry of Economics had alrculars issued by many leading who are bold enough to buy com- sent technicians there to enlarge Stock Exchange Arms, it is evidentmodity shares to-day. The pre- that well-informed opinion be-sefit levels of prices can, in any the scope of the work.

lieves that the next phase of in case, be said to be very moderate vestment actylty will be in the by comparison with the quotations of producers of primary made last year and the year before commodities, and particularly in and it is evident that much scope base metal mines and rubber plan for appreciation exists.

COTTON OUTPUT

IN SOUTHWEST

Chungking, Noy. 17.

An increasing outpat of cot- ton is expected in the south- western provinces of SteCHWEN, Yunnan, Kwelchow and Kwang- si as a result of strenuous ef~ forts of the Central Govern- ment to promote cotton plantation there since the out- break of hostilities."

As many as 7,000 pics of cotton seeds have been shipped to these provinces from Honan and Shensi since last spring.

tations.

"On the other hand, investors are

A typical circular emphasises bezig warned against interesting that there are three factors of themselves in industries, such as paramount importance in the in-brewing, "with may be subjected to vestment outlook at the present severe increases in taxation' when time: (1 the American recovery: in April next the Chancellor of the (2) the increasing momentum of Exchequer introduces his 1939-40 rearmament throughout the world; "war shadow" Budget.

Philippine Mining News

CHICAGO WHEAT

N. Y. Commodity Market

(By Courtesy of Messrs. Swan, Culbertson & Fritz and 8. Levy & Company)

Prev. To-dag's'

Close Close Change 8.58 8.57 .01 Оп 18.57b, 16.33

New York, November 16.

New York Cotton -- New York Rubter

Dec.

High Low 8.60 8.57

Dec.

16.81 18.33

24 off

Chicago Wheat

Dec.

84

63

81

637

oft

Chicago Corn Winnipeg Wheat

Dec.

481 471

484 471 + off

Dec.

592

591

80

591

Nielson and Company's turee the treatment of 3,236 tons of ore recent survey, properties had a gross operating during the month of October. According to a there are now 540.000 mow of cot-revenue of Pesos 221,020.28 during * NABAGO GOLD And Silver ton Belds in Szechuen, 81.000 mow October, a gain of approximately Mines, Inc., produced Pesos 3,063.01 December

in Pesos 16.000 bver the previous from 278.21 tons of gold ore milled March in Yunnan and 43,000 mow

12.000

in month's figures. Paracale Gumans at East Mindanao in October. Kwelchow and

May Kwangal. Already a considerable reported 3,253 tons of ore milled

MINERAL RESOURCES Inc. an- September

mow

a

Masager quantity of cotton has been pro- with a value of Pesos 57.335.74 of nounce that the starting of its October

duced in these provinces.-Central gold bullion and concentrate, News...

new all-time high and an increase ir 25.40 ton pliot mill at Labo, of Pesos 9,000 over the September originally fixed for October 1, was temporarily delayed pending the Lepanto Consolidated

arrival of additional equipment treated 10,$50 tons of ore valued

from of at Pesos: 185.164. an increase

LINE.

י,

leaving Hong Kong 23rd November, via Swatow HONG KONG-SWATOW-AMOŸ Accepting Piasengers & Cargo for all the above metioned ports. HONG KONG SINGAPORE PENANG-RANGOON Regular Express Service

ting ourgo for all the above mentioned ports. Excellent passenger socommodation availablr.

Pays rates and all other information-Apply to si THORESEN & CO., LTD.

General Agents.

Queen Building,

BANKS WITHDRAW record.

FROM PANAMA

܂

Pesos 8,000 over the output for the previous month. Hongkong Mines tons valued at Produced 3,758

of asbestos

· NEW YORK COTTON

10 1

Change

01

öff

24 01

off

27 O

.24 OT 23 oa

Close Opening Closing

December

8.55/55

8.58/58

8.57/57-

January (1939) March

8.55/55

8.53/53

8.52 N

.03 of

8.48/48

8.48/49

8.45/46

.03 off

May

{

8.29/29

8.29/29

8.28/28

01. oft

July

{

7.15/15

8,14/14

8.11/11

54 off

October.}

7.88/82

7.87/87

7.83/83

05. of

Spot

9.23 N

9.27 N

01 off

NEW YORK RUBBER

16.57b/59&

16.61/60

18.33/38

18.57/60

16.55/53

16,32/35

16.62/82

16.52/50

18.35/38

31

16.62/87 16.62 N.

16.38/39

16.39 N

Sales for the day:---

4,140 tons

CHICAGO WHEAT

• 64/641 34/631 661/681 661/66 881/60

633/64 861/651 66/661

Off unch. off

Tuesday's Sales

5 8.114,000 bushels

CHICAGO CORN

484/482 614/614 611/618 521/521

481/48

477/477

i of

811/01/ 521/521

off

WINNIPEG WHEAT

60/60% 591/691 501/591 628/02) 621/621 62/621/

621/621 *63/63)

[off]

the United States. This December equipment arrived a few days ago May and the new plant is expected to July be in operation, very soon. No. stoppage of development opera-

Panama, Nov. 17. The Royal Bank of Canada is one of three foreign banks in the Panama Republic which are to-day Pesos 58,520.54, down Pesos 2,000-tions has taken place ut the Labo returning deposits preparatory to ZAMBALES MINING Venture property. retiring from business in Panama, produced 150 tons

This action is the result of the valued at Fesos 5,250 in its mining new banking law signed by Pre-properties in San Felipe, San Nar-reports sident Arosema oh October re-ciso, and San Marceline, Zambales, quiring foreign banks to inv 20 during the month of October, per cent of their total deposits in The company recently closed a guarantee bonds which were to be contract with Lazo and Abad to issued to the value. of $6,000,000-sell 200 tons of asbestos monthly. Reuter."

May

December

ROYAL PARACALE Mines Inc., December

October production at

July Fesos 25.24764. from 2,756 tons of ore milled. This was a gain of nearly Pesos 3,000 over the Sep- tember output.

Development work to the end of May The company also closed a deal October fesulted in the blocking July with the Ceramic Industries of the out of 12,503.99 tons of new ore re- Philippines, Inc., for the sale of serves valued at. Pesos 12.74 per several tons of asbestos to that to, or a total value of Pesos 159, 344 84. This is in addition to ore corporation every month.

MAPASO GOLDFIELDS Inc., had reserves previously reported, make Decem Plans are being made by the Che-a production of Pesos £776.80 in ing a total of approximately 55.000 klang provincial authorities for the October, from the treatment of Kms for a total valde of approxi- These establishment of two large factories, 258,48 tons of ore in the East mately Pesos 622,500.00

Agures are as of October 31, 1938. alcohol Mindanao, milli come plans for the increase of the mill Ny Silver, omelal

December one of which will be an distillery and the other. n tertill-

NY-L'don Cross Rate... 4.70-1/2 zer plant-Centrál News

CHEKIANG'S TWO NEW FACTORIES

Kinhvá, Nov. 16.

EAST: MINDANAO, Mining Com- pany produced Pesos 44309.36 from to 300 tons daily are progressing.

NEW YORK HIDES: (New Contracts)

13.05b 13.04b/13a 12.27 B 13.43/43 13.48/48 13.17/17

NEW YORK STRAITS TIN

42-3/4

48.20b/35a46:35b/50a" "48:40b/Be

42-3/424* 4.70

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