1938-11-21 — 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 820,000,000 | inorporated by Royal Charter, 1833

Reserve Funds:

Sterling

..£6,500,000

HK. Currency Reserve $10,000,000 Reserve Liability of

Proprietors

...$20,000,000

Head Offee:-HONG KONG

Board of Directors.

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

· Deputy Chairma u.

J. K. Bousfeld, Esq.,

A H. Compton, Esq.,

Hon. Mr. B. H. Dodwell,

lut Mr. A. L. Shields,

HEAD OFFICE: LONDON: -

33, Bishopsgate E.C.2. Paid-up Capitai.£3,000,000 Reserve Fund

£3,000,000

| Reserve Liability, of Pro-

prietors......... £3,000,000

MANCHESTER BRANCH:

7. Mosley Street, Manchester.

ALUR STAR

AGENCIES AND BRANCHES:

HONG KONG PINANG ILOILO KANGOOK Iron

BAIGON SEREMBAN

KABACKI

AMRITHAR

BANGKOK

BATAVIA

BOMBAY

CALCUTTA

..ROBK

CANTON

KUALA

Wil Lock. Ex..

G. Miskin, Esq.,

K. S. Morrison, Esq..

II. V. Wilkinson, Esq.,

Sir Vandeleur M. Grayburn,

Chief Manager. CAWNPURE

Ano

Bangkok

Patavia mbay

Calcutta

KLANG

LUMPUR

SHANGHAI

SINGAPORE

SITIAWAN

CEDU

KUCHING

Branches:-

£010MB

MADRAS

BOURABAYA TAIPING TIENTSIN

Iproh

Petang

Johore

Rangoon

Kobe

Saigon

Kowloon

San

DELHI HAIPHONG HAMBURG HANKOW

HA BIN

MANILA

TONGKAR

MEDAN

(Bhuket)

NEW YORK PEIPING

TSINGTAO YOKOHAMA

Kuala

Francisco

(Peking)

2

Canton

Lumpur Shanghai

Chefoo

Londor

Singapore

Colebe

Dairen

Malacca

Foochow Manila

Haiphong Muar

Hankow

Mukden

Lyons" Surabaya

Sudgei

Patani Swatow

Hamburg (Johure) Tienlain

Hongkow Priping:

Teilo

Takyo

FOREIGN EXCHANGE and General Banking Business transacted.

CUBIENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or shorter" periods at rates which will be quoted on application.

re- Tux

The Bank's Head Office in Harbin New York Tsingta

London undertakes Executor" and Trustee business, and claims Yokebuna

British Income covery of overpaid, on terms which may be opened Incertained at any of the Agencies Accounts Current Local Currency and Fixed Depositsarul Branches. received for one year or shorter

R A CAMIDGE, periods in Ldeal and "other Cur rences on terms which will be

sunted on application.

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

Hong Kong 7th October, 1998.

HONGKONG SAVINGS

BANK

The Business of the abive Banki

is conducted by the HONG KONG

A SHANGHAI BANKING COR- An PORATION. Rules may be ob

taiced on application.

For the HONG KONG & SHANGHAI Į

BANKING "CORPORATION

V. M. Graybarn,

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

BANK OF EAST ASIA, LIMITED.

....

Authorised Capital, $10.000,000.00 | Paid-up Capital

5,506,800.00 Reserve and Undivided

Profits

2,776,796.78

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

Board of Director::

Sir Shouson Chow, Chairman Li Epna Chun, Esq. Li Lan Sang, Esq. P.K. Kwok, Esq. WongChuson, Eaq. Wing Yun Tong, Bag. Kas Ying Po Esq. ChaChingShek, Esq. FungPing Wah Esq.

Kan Tong Po, Esq., Chief Monger Li Tae Fong, Esq., Manngir.

Aay

Bombay

Oslercia

CA

Halabong

Haskew

Hojala Kode

Branches and Agraclu —–—

Kowica PERLAK Bourabays London

Bangoon Mwalow

Ardoar Bagon Kelbours Ban Pena. Taitoku

lage Tran

Tekre Borang Vancouver Sang Yokohama

Now Tock Omta Part

Every description of Banking and Exchange business transacted. Loan granted DR spproved securitiei.

Manager.

THE CHASE BANK

QUEEN'S ROAD CENTRAL

HEAD OFFICE

18, PINE STREKT,

NEW YORK.

American Bank ofering com- plete Foreiga 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 Besources over U.S. 22,500,000,000.

D. M. BIGGAR,

Manager.

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)

Owing to our numerous Branches in China and connections in the principal Commercial Centres of the World, we are able to extend to oar Clients special facilities for Domestic and Foreign Banking and Exchange.

Head Office SHANGHAI Hong Kong Branch:

4. QUEEN'S ROAD, C. South China Officent

KONGMOON CANTON SWATOW

TOISHAN SHIUCHOW KINGCHOW

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

terms which will be rencies

On

quoted on application.

Bate Deposit Boxes To Let.

THE

6.2.

KAN TONG PO,

"HELIOS"

Chiel Manager.

SHOU J. CHEN,

Manager.

CHINA-SIAM

LINE.

HONG KONG-BANGKOK

learing Hong Kong 23rd November via Swatow "BONG KONG-SWATOW-AMOY Accepting Passenger & Cargo for all the above matiomed ports. HONG KONG SINGAPORE-PENANG-RANGOON Regular Express Service,

Accepting cargo for all the above mentional ports,

Excellent passenger socommodation available.

For freight, passage rates and all other information-Apply to se

THORESEN & CO., LTD.

Tel. '30237.

General Agenta. -

Queen's Building.

·

Finance and

Commerce

TRADE IMPROVEMENT IN OCTOBER

Mr. Oliver Stanley Speaks

On Co-operation

in the course of some

observations

on

London. November 20.

the Feneral

trade

position, the President of the Board of Trade." Mr. Oliver Stanley. Association Electrical Manufacturers at a dinner of the British

prosperity last night, said that after "the exceptional industrial last year there had been, during the Spring. a decided recession,

of

collapse the economic Was

in

one

States

which..

United

signs. not Yet in August, he said, there were a number of

.recession was connected with that cause which showed that the

most indus- flattening out. There came a crisis which had on

crisis That

had tries an immediate and paralysing effect. passed, and October figures were a decided Improvement upon apy monthly figures for the present year.

There was no doubt that in many industries excessive

up in 1937 In

stocks--built- anticipation of a

boom which turned into reces-

largely reduced vion-had been and in some cases eliminated.

the United The position in

Im- States had shown a decided

Signs provement in this country. pointed to a potential recovery of not ал inconsiderable kind in industries It all depended, how- ever. upon the recovery of con- idence. Na industry could prosper in

1

a spirit of tension such as existed In October.

-

UNFAIR COMPETITION

Mr. Stanley referred to unifica- tion, regimentation and control

OVERSEAS AID SOUGHT

Y...

For Development

Of Int

Chungking. Nur, 18. The National Government" are soliciting overseas Chinese Investments for exploiting the natural resources in the pro- vinces still under Chinese con- troL

Overseas Chinese are encouraged

of competing industries in other to organise investigation parties to nations, and continued:

feturn to the home county to in-

SHARE MARKET REVIEW

Gold Mining Stocks Stay Steady

BY CAL RICKETT Secretary, R.K. Sharebrokers' Association

There has been little change in the cal market during the week. Prices are inclined to sag still Turther through lack of Business.

The volume of business con- cinues to dwindle and only a few sales have been recorded,. Most stocks could be obtained below quotation although seilers display- ed no eagerness

to part with sharca.

At the close of business there were enquiries for trams at $181 with sales reported at this Agure. China Lights (0) changed hands at $10 with further enquiries at the same price.

Watsons were offering at $7.30 and Hotels had buyers at $8.30 and sellers at $6,40.

Gold mining stocks have remain; led steady. There was some reces- sion in prices towards the end of the week, but at the close of busi- ness on Saturday losses, with one or two exceptions, have been fully e made up.

SPOT

MONDAY, NOVEMBER 21, 1938.

PAYNE & CO.

COMMODITY, BROKERS

"STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Νον. 18

Nov. 19

Change

..buyers sellers . buyers sellers

27-1/2 27-3/4 27 27-1/4 of 1/2 JAN-MARCH

27-7/8 28-1/8 27-1/2 27-3/4 OA 3/8 APRIL-JUNE

28-1/8 28-3/8 27-3/4 28

off 3/8 The market opened 3/8 of a cent lower for all deliveries as com- pared with Friday's closing quotations. In response to easier advices from London and New York the market ruled quiet and lifeless after the opening. There was only a moderate deïnand for "actuals" from consuming countries, whilst very little activity was displayed by dealers and speculators, who preferred to adopt a waiting attitude: The market appears to be somewhat affected by the political situa- tion, and the removal of these uncertainties would seem to be neces- sary before i resumption of the upward trend. Meanwhile the statis- tical position of Rubber continues to improve as is evidenced by re- ports of further business expansion, particularly in the American Motor-car industry. Towards the close of the session, the market turned steady on some trade buying which, coming on a narrow mar- ket caused prices to advance 1/8 cent for all deliveries.

Unofficially Malayan Rubber Exports for November are estimated at 37,000 tons as against 42,294 tons actually shipped during October.

LONDON BURBER

SPOT

JAN.-MARCH Atoks at 271 centavos are down | APRIL-JUNE 4 centavos and Benguet Con- JULY-SEPT: solidated have lost 40 centavos at Ps. 13 I.X.L is 4 centavos down at 70 centavos and Suyocs at 20 centavos have lost 2 centavos.

On the other hand San Mauricio show an advance of 18 centavos

"I believe that even to-day manvestigate such resources and study over the closing price for the pre- for man, firm för firm and industry ways and means of exploitation.

The Kover:ument will extend for industry, we can stand up to

vlous week, at Ps. 1.86...

A quiet but steady market is re- any competition from any coun-very facility for their investign-

not

tion and will accord adequate pro-ported from Manila, But it is try in the world.

tection for their investments and the case to-day of Arm against Arm, but of firm against Indus-enterprises. try and of Arm against country.

Very often, you are competing

A detailed survey of the natural resources In the Dovinces stil

control has

against the resources 01 80,000 under Chinese

been

Ministry of

000 people, and no firm, however made by the National Resources great its resources, can hope to Commision of the

do that We do not want slavish-Economies for reference for over- ly to adopt the technique of these seas Chinese who wish to invest

we But surely can their capital for the development countries. And some intervening method, of their home country. some form of voluntary co-opera- chance tion, to give ourselves a

of meeting competition of that kind on a fair basis.

What we would like to see is an

between countries arrangement

According to the anrrey, rice and cereals are produced ka large quantities in Hunan, Hupeh, Yunnan and Kwang-

Szechwan is an important cct- which would be fair both to them ton, tea and tobacco. producing pro- and to us, and would give both a vince, while Yunnan yields const chance of trade in neutral

marderable amount of ten, beans, hemp kets which would give a fair return" and sugar. The production of timber in Chinghai and Sikong is far greater than that in Man- churia, now "Manchukuo,”

-British Wireless

MORE TRADE PACTS

As regards mineral products, the survey reveals, with the exception of Shanal which is believed to have the largest coal reserve, 'Hupeh, Szechwan, Hunan. Kwangtung and Singklang are also noted for their

British Dominions ich deposits of this mineral

And America

New York, Nov. 19

the Following

conclusion of Anglo-American trade treaty, talks on agreements on similar lines begun between the have been United States and Australia, South the and Africa. New Zealand Argentine.

In

Rich iron deposits are found of the three provinces Hupeh, Hunan and Kwelchow. There are rich gold fields in Szechwan. Yunnan, Hanan, Sikong. Tibet, Sinking, the Kue lun Mountain regions in Chinghal and the Altai Mona- tains in Mongolia

Sliver mines are found in an- king and Mongolia while copper

CLOSED DOOR IN CHINA

Supineness Of Great Powers

The following letter signeu "Z." appeared recently in Times":-

The

As one of the many British- in Hongkong who own property

have watched and Shanghai I with anxiety the development of events in the Far East.

is

B

8-1/8

8-1/4

8-3/16

8-5/16

Previous close To-day's close' buyers

sellers sellers buyers 8-1/18 7-15/16 8 8-1/16 8-3/16 8

8-1/16 off 1/18 8-1/16 8-1/8 of 1/16- 8-1/8 8-3/16 ou 1/16

Change

of 1/16

IN

Market steady. -- The average forecast of last week's stocks of rubber in London and in Liverpool shows a decrease of 1.300 tons.

"NEW YORK COTTON

Higher cables from abroad caused a higher opening on this mar- ket and prices further advanced on Trade and speculative buying. Later, however, the market declined on lower advices from Liverpool and on liquidation and profit-taking and finally eased further on hedge-selling by Western interests.

NEW YORK RUBBER

The market opened upward on optimistic cables from Malaya and London and firmed further on a good mixed trading demand and commission-house buying. Offerings from the primary markets" were light and were well taken.

CHICAGO WHEAT'

Prices declined under pressare of December liquidation, the re- lative easiness of the Liverpool market and enlarged Argentine crop. ideas. The rallying power of the market was feeble and literest was mainly concentrated on the long-side...

N. Y. Commodity Market

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

"

New York, November 19.

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

Dec.

"There is no mistriterpret- ing the attitude Japan more and more clearly assum ing towards the British Em- pire. The "closed door"

is plainly her ambition. But she to be allowed to close it? The optimists have long held the field: China they say, is too vast for military conqüest. However, Japanese arms have Now seemingly conquered it. they say Japan is not strong enough to hold her conquest de- down or rich enough to

wigh seems velop it. The father to the thought. "Meanwhile Japan's attitude to May America July and England, France, grows bolder every day.

Winnipeg Wheat-Dec.

to wait until all trade with China Spot ends by order of Japan, until all

in zinc and lead are the main foreign possessions are menaced mineral products in Yunnan,

H

Y

Prev. To-day's

High

Low

Close Close Change

8.61

8.59

8.59 8.60

01 off

18.05

16.00

13.92. 18.05b 13 up

64 83. .64 831 off.

473 463 477 461 11 off

10- $0

קטור 13.

น

591

581

591 581 11 off

NEW YORK COTTON

December...

8.60/60

6.83/88

8.59/54

01 off

January (1939) ......... March

8.53 N

8.59/53

8.49 N

04. off

(..

8:45/46

8.47/48

8.42/43

03. 01

(-)

8.27/27

8.28/27

8.23/23

0% of

()

8.07/07

8.08/07

8.03/03

Are we October (.)

7.75/78

- 7.79/78

1.75/75

unch.

9.30 N

8.97 N

33 01

NEW YORK RUBBER

15.92/94

(1939)

15.94/95

15.95b/18.09 16.05b/08a 18.00/15,97 16.04/06

15.88 B 16.03 N

18.01/01

18.04/05

16

16.10/10

16.11 N

07 up

700 tons

CHICAGO WBEAT

64/644 431/04 661/65) 864/683

561/661

631/63° 85+/65]

651/651

Friday's Bales:

12, 033,000 bushels

CHICAGO CORN

477/471

The outlook for an agreement

with arms, before we intervene with Australia is good.-Feuter. GERMAN DISAPPOINTMENT

Other mineral products Faclude more vigorously than merely by December

Or do March Berlin, Nov. 19

mercury, produced in south Hunar making written protests? Anglo-American

and Szechwan, tungsten in Klanga we propose not to act at all, and May Treaty is regarded with great dis- and manmaese to Kwangs. On-surrender in silence, if need be. September appointment in German trade cir-delds exist chiefly in Shensi, Kan- both our interests and prestige? October 16.04 N

511, Sinktang and Szechwan-Cen-Only the supineness of the three tral News

The

Trade

cles.

The Treaty appears to have had a detrimental effect on the Berlin Bourse, and despite favourable trade and fidustrial reports, the weakness contina. ed to the close of the market. Buyers were conspicuously ab- sent, and quotations recorded falls up to four points Reuter.

ANTI-FASCIST VICTORY

Washington, Now, 19.

U.S. ADVISORY BOARD

Washington, Nov, 19. President Roosevelt has announ-

world

richest empires in the makes the Japanese threat even possible.

Sales for the day:-

"In the light of the recent past December

stand strongly May.................. the democracles

in need of the tonic of initia-July .....

The tive and united action. effects of it in the Pacific Hein

# Or have. We no possible doubt.

ced the appointment of a temporary really for the moment lost on Board, consisting of four men, to nerve?"

some newspapers describe the art za an advisory capacity on Anglo-American and Canadian-certain scal and monetary sub- American trade treaties as an ects. anti-Fascist victory.

MAURETANIA

Members are Mr. Henry Morgen- MAIDEN VOYAGE OF The "Wastington Post" writes: thau (Secretary or the Treasury), "Bome 80 per cent of world trade Mr. Merriner Eccles (Governor of is now controlled by liberal tradinghe Budget) and Mr. Frederick nations, and only 20 per cent by Delano (Head of the National Re-Star. Ltd. the totalitarian states."-Reuter.

HUGE GERMAN

LOAN

Berlin, Nov. 10,

December

May

July

December

A telegram from Cunard White | May announces that the July maiden voyage of the new 34,000- sources Committee).

President Roosevelt stated that ton liner, Mauretania, will be un- the Board had been designed to dertaken from Liverpool direct to

December stooth out the peaks, and valleys New York on June 17, 1939.

It is interesting to note that the March old Mauretania left on her maiden voyage from Liverpool on June 17, 1907.

in the economic picture-Reuter,”

It is officially announced that a per cent, will be floated for the new Helch loan of 1,500,000,000 Reich "Hquidation of the capital market,”

-Reuter. marks, bearing interest at 41

On the return voyage, the liner will leave New York on July 1 for Cherbourg and Southampton.

478/978 454/401

512/511 511/511 501/601 524/52)

513/61

WINNIPEG WHEAT

611/61 621/021

101/599 501/691 581/651 621/621 ***** 021/623 634/628

NEW YORK HIDES: (New Contracts)

12.37 N 12.75/76

12.35b/40a 12.54 N 12.75/75 12.89/95

NEW YORK STRAITS TIN

44.15b/254 42-3/4

December NY Stiver, Omcial NY-L'don Cross Rate... 4.70-1/8

48.05b/20a46.055/20

unquoted 4.70-1/10

888

999

of