1938-11-23 — Page 12

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital $50,000,000 |

THE CHARTERED

BANK OF INDIA,

AUSTRALIA &TM

CHINA

Issued & Fally Paid-Up $20,000,000 Firorporated by Royal Charter, 1855 Reserve Funds:

Sterling

6,500,000

BLK. Currency Reserve $10,000,000 Heserve Liability of

Proprietors

HEAD OFFICE: LONDON;

38. Bishopsgate EC.2.

W

Head office:-HONG KONG

$90,000,000 | Fald-op. Capital

Reserve Fund Reserve Llability of Pro-

£3.000.000

£3,000,000

prietors..

£3,000,000

Board of Directort.

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

Deprzy Chairman,

J. K. Bousfield, Esq..

A. H. Compton, Esq.,

Hon. Mr. 8. H. Dodwell,

W. F. Lock, Esq..

G. Miskin, Esq.,

K. B. Morrison, Esq..

Hon. Mr. A. L. Shields.

MANCHESTER BRANCH: 71. Mosley Street. Manchester.

AGENCIES AND BRANCHES:

E. V.. Wilkinson, Esq.,

Bir Vandeleur M. Grayburu,

·Chief Manager. CIWNPORK

HONG KONG PINANG ILOILO

BANGOON IPOE

SALOON KEREMBAN SHANGHAI SINGAPORE SITIAWAN BOURAHA YA TAIPINO

(Bhuket) TSINGTAO YOKOHAMA

ALON STAR AUDITSAR

BANGKOK

BATAVIA

KABACE!

BOMBAY

Y

CALCUTTA UINTON

TEANU KORE

KUALA

LUMFUK

CKBU

Amoy

Branches:- Ipoh

COLOMBO DELEI

ITCHING MADRAS

THENTAIN

VANDE

TUNGKAH

Bangkok

Johort

Batavia

Kobe

Bumbay

Calcutta

Kowloon Kuais

Penang Rangoon Saigon San

• HAIPHONG HAMBURO HANKOW 1ARBIN

MADAN NEW YORK YELFING

Chefoo

Colombo

Dairco Malacca

London Singapore Lyons

Sourabaya Sungei

Fanchow

Manila

Raiphong Must

Patani Swatow

Hankow Mukden

Tokyo

Hongkes

Harbin New York Tsingtao Peiping

Francisco Canton Lumpur Shanghai

11amburg (Johore) Tientsin

Nailo

Yokohama

in

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

11s up to date Safe Deposit Boxes in various sizes To Let.

Hong Kong. 7th October, 1938.

HONGKONG SAVINGS

BANK

(Peking)

Finance

and Commerce

By

Apprehension Caused

Mr. Hall-Patch's Trip

BRITAIN'S INVESTMENTS AND

די

CHINA'S FINANCES -

The recent visit of the Financial Adviser to the British Em bassy, Mr. E. L. Hall-Patch. to Tokyo, bas aroused deep apprehen- sion in Chinese economic circles. The Chinese papers in this city the visit, the Yi Pao" emphasising comment at length on Britain's compromising attitude towards the Far East as evidenced by the conclusion of the Anglo-Japanese customs agreement

The Chinese people, it is declared. fear that the visit of Mr. Hall-Patch may have a bearing upon the Japanese attempt to un- dermine Chinese currency and thit Britain may make further con- cessions to Japan by manoeuvring Chinese currency into the Yen Bloc as condition for a guarantee on part of the Japanese to respect what is left of British interests in China.

have

Should Britain how abandon her policy of assisting China financial- ly, America would take her place.

JAPAN'S FAILURE

British Trade Interests In China

HOUSE OF COMMONS

QUESTIONS

} London,

ΝΟΥ 22

- Chorlton

Mr. A. E. L (Cons.) speaking in the House of Commons, yesterday, " ask- ed whether the Prime Minis ter had considered repro- sentations from British. trad-

Ing interests in Shanghai, urging strong and med ato action to protect British trade in China from Japanese en- croachments, and what steps in this connection he had takes

i

had

SPOT

WEDNESDAY, NOVEMBER 23, 1938.

PAYNE & CO.

COMMODITY BROKERS

STOCK EXCHANGE. BUILDING"

HONG KONG

COMMODITY MARKET REVIEW

Jan-March

APRIL-JUNE

(FROM PAYNE & CO.)

■ SINGAPORK RUBBER

H

Nov. 19 buyers

Nov. 21

sellers

buyers sellers

Change

.." 27

27-1/4

27-1/8 27-3/8

p1/8-

27-1/3 27-3/4 77-3/4

27-5/8 27-7/8 up 1/8 29. 37-7/8 29-1/3 up 1/8

The market "bpened with prices unchanged for all deliveries as compared with Saturday's closing quotations.

After the opening the market ruled quiet, but steady. Demand for "actuals". was good, but speculative interest was at a low ebb. operators preferring to stand on side-lines.

Later in the session steady enquiries for "sport" Rubber caused prices to advance 1/8 cent for prompt delivery, whilst prices for "futures" remained unchanged.

During the last trading hour the market became stagnant due to continued disinclination of dealers and speculators to enter into new forward engagements. Only a very moderate volume of business on basis of quoted rates was transacted.

Closing tone was quiet.

#

The paper expresses the view Moreover, following China's cur

Mr. R. A. Butler. Under-Secre- that such apprehension is unwar- rency, reform. composition began "ranted, stating that since the pre-between England and the United tary for Foreign Affairs, replied gent "conflict began. no financial States to induce China to join the that the Foreign Secretary

these been respective Blocs and Britain suc- given close attention to dealings whatsoever ·

British conducted between the two coun- ceeded because of her greater - representations, and the

Ambassador to Tokyo had I- tries and it would therefore be im- vestments in China.

tently emphasised to the JaDAR-

Leading Rubber Brokers in New York csfimate U.S.A. consumption possible for England to join with

the importance during November-December at 82,000 tons and during January-March Japan in a plan to link up the

ese Government FORRIGN EXCHANGE and General

attached in England to an early 1939 at 135.000 tons. In view of this very satisfactory statistical post- Yen Bloc.

settlement of all | Banking Business transacted.

outstanding tiori a policy of conservative accumulation at present price-levels Moreover, the currency reform CURRENT ACCOUNTS opened and

British interests would appear to be justified. cases affecting FIXED DEPOSITS received for One which was carried out in China Year or shorter periods at rates with the co-operation of Britain The third point advanced by the in China.

Chorlton drew which will be quoted on application was

43 intended

an economic paper

as argument against the Mr. The Bank's Head Office in

weapon against Jadan. Mr. Neville possibility of England going over to the Japanese official "account

meetings inaugural Landon undertakes Executor and Chamberlain, it is declared, would to the Yen Bloc is the fact that of Trustee business, and claims re

of British Income Tax not be so foolish as to assist Japan since enforcement of foreign ex-two Japanese syndicates formed covery overpaid, on terms which may be by destroying Chinese currency, change control in China, notes are to control industries, commodi- SPOT ascertained at any of the Agencies ince it would merely provide Ja-only the medium of exchange intles and communications in North JAN.-MARCH pan with a deadly weapon for at-the country and Britain must help and Central China, and asked the APRIL-JUNE

whom the and Branches,

these Prime Minister by maintain the stability of tacking England.

syndicate was As the largest investor in China: notes in order to safeguard her own capital for the

A col-being subscribed. whether it was England must depend upon Chi-interests in the Far East.

lapse of Chinese currency would in cash or kind, and what steps nese currency retairing its pur-

a fall of the British he had taken to prevent British. chasing value. and in view of the also mean

market.

trade from being excluded from fact that the continued existence

1

RA. CAMIDGE,

Manager.

THE CHASE BANK

15, QUEEN'S ROAD CENTRAL

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

SHANGHAI BANKING COR- An PORATION. Rules, mar he ol tained on application.

For the HONG KONG & SHANGHAI | BANKING CORPORATION.

V. M. Grayburn.

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

BANK OF EAST ASIA.

LIMITED."

Authorised Capital...810 000,000.00 Paid-up Capital

£,698,600:00 Reserve and Undivided

Prosts

HEAD OFFICE:

18, PINE, STREET,

26

NEW YORK

American Bank offering com- plete Foreign Banking Service in the principal Markets of

the world. Interest Rater on Application.

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHASE NATIONAL BANY, New York, with' Resources over 11.8. $2,500,000,000.

D., M. BIGGAR,

the

+

attention.

NO MONOPOLISTIC

PRIVILEGES &

The paper goes on to point out the China market. of foreign rights and interests in

the that Japan is desirous cf establish- China depend solely upon continuance of Chinese resistance ing a Far Eastern economic bloc to the Invaders, the paper points in order to control China financial-

oceari.

of

Mr. Butler said that he under-

companies

L

Ambassador

na

were

continue

LONDON RUBBER

To-day's close.

sellers

Change 7-15/16 of 1/16

Previous close

buyers, sellers buyers

7.15/18 8

8

7-7/8 8-1/18 7-7/8

7-15/18 off 1/8 8-1/18

of 1/18

8-1/18 8-1/8 B

Market eased on outside liquidation. Rubber stocks held in the United Kingdom. showed a decrease of 1452 tons for the week ending November 21, 1938.

NEW YORK COTTON

The market to-day was' steady, but business was inactive. with traders hesitant early in the session in the face of liquidation and was some price-fixing of nears, and hedge-selling. Later, there foreign buying of late months. December ilquidation was readily absorbed by Trade shorts and leading spot houses. Washington advices indicate numerous proposals for Government assistance to farmers, but no definite plans have yet been disclosed.

NEW YORK RUBBER

Prices declined to new lows in the current movement on enginess in London. the softness of Sterling, selling by dealers and foreign Interests and commission-house liquidation. Later, there was some support, which was mainly accredited to factories, but this was ap- parent only on the scale-down.

CHICAGO WHEAT

Prices went on the downward trend on liquidation by December ("longs," Seatiment was bearish, with importing countries displaying

out the necessity of England's as-ly, but in view of her dwindling stood that two sisting China to safeguard her financial reserves, Japan requires formally established on Novem; of the capital currency during the period of war assistance from outside, particular- ber 7. One-half

ly from Britain. Japan has made was to be furnished in each case AMERICA'S POSITION an attempt to disrupt Chinese cur-by the Japanese Government. and private investors. The paper, Morning. Leader," rency by circulating military hote: one-half by

invest- also attempts to dispel undus ap-n the occupied areas, apparently part of the Government's

con- jment being represented by prehension on the part of Chinese hoping to absorb Chinese legal! merchants over the Tokyo visit ofender in this manner, but the at-

tributions in kind. Mr. Hall-Patch. déclaring that tempt failed because of the Chi-

The British

had Chinese currency belongs to the nese currency reserve deposits.

been assured that

exclusive that Britain, Sterling bloc and

The paper concludes that, al-

rights ar, monopolistic *privileger even if she wished to do so, could though Japan is anxious to destroy

were claimed by these enterprises. Representations would not destroy it because the greatest China's fanétal strength before part (4/5th) of the currency re-she herself collapses economically. serves are deposited in the United she is powerless to do so.-Trans-o be made to the Japanese Gno anxiety with regard to future supplies and with prospects of liberal crament whenever British 'n December offerings. A further depressing factor was the satisfactory terests were adversely affected. progress of the crop in the Squth, while favourable rains are reported

RAILWAYS IN CHIAA - from some sections of the West. Mr A. C. Moreing asked whether the Prime Minister had yet received A satisfac- tory reply from the ese Govttament to the Bri- tish Government's repres.A- tations ́that at oppor.uni.y should be afforded represen tatives of British hand-hold- ers in the Shanghai-Nan- king rallway 'to inspect the railway line, and that neces- sary measures should be taken to safeguard their financial Interests in the line.

States.

Manager.

1,776,720.76

BANK OF CHINA

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

Board of Directors:

Sir Phone Chow, Chairmað Bon Chun. Eng. Li Lan Sang, Esq. Ẻ K. Kwon, Eng WongChuson, Esq. Wang Yun Tong, Esq. Kan Ying Po, Esq ChanChingShek, Eng. FangPingWah Ft.

Kan Tong Po, Esq., Chist Manager. Li Tse Fong, Esq., Manager.

Branches and Agencias ;—

Роде Kowloon

Amy Svin

Tandar

Calontia CARLIN Haiphone Haakse Honolul Kobe

Nazak New York

Chaka

PAYE

Piping

Sonrabaya Bww.bow Saigon Bydney

Ben Fran. Talhoku elme Tunisia

Bexitio Tokyo

Bemarang Shaarbe

Vanc-aver Yokohama

Hingapor

ir

Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN

„INTERNATIONAL EXCHANGE

BANK

PAID-UP CAPITAL 140,000,000.00

BRITAIN PAID

GERMANY

£21,800,000

JAPANESE GOODS DUMPED IN SHANGHAI

ChunghaE, Này. 22

A large quantity of Japanese goods has been dumped on the

There was a balance of £4,300,-Shanghai market according to a (BRANCHES ALL OVER CHINA; 000 in Germany's favour in her shanghai report.

Owing to our numerous Branches trade with Britain during the first

in China and connections in the rine months of this year. Pu~

Patriotic Chinese in the metro-

principal Commercial Centres of chases from Britain amounted to polls, it is stated, have organised! to our Clients special facilities for totalled. £21,800,000. the World, we are able to extend £17,500,000, and sales to Britain a secret body to launch a boycott Domestic and Foreign Banking and Exchange.

Head Office: SHANGHAI

Hong Kong Branch:

4, QUEEN'S ROAD, C.

South China Ofices:

Every description of Banking CANTON and Exchange business transacted. SWATOW Loane granted securities

approved SHIUCHOW 00

KONGMOON TOISHAN KINGCHOW

Current Accounts opened in Local We also handle the issue of Currency and Fixed Deposits re. Bonds and other Public Funds of year or shorter the Chinese Government both at ceived for one periods in Local and Foreign Cur-Rome and! Abroad. rencies. on terms which will be

quoted on application.

Safe Deposit Boxes To Let

KAN TONG PO,

THE MERCANTILE BANK OF INDIA. LIMITED

Head Office:-15, Gracechurch Strast,

London, ECA

Authorised Ospital

bacribed Ospital

Pri 1-4 Capital

Ramer Fard and Mart,

BANKERS:

The Bank of England and Midland

Bank. ttd.

4+000

21, 24

€1.247.

I

movement and to serve warning!

Japan-

Mr. Butler replied that

to dealers of such articles-Cen-conversations with the Japanese On the other hand, Germany's tral News. total imports increased by över:

£10,000,000

to

£335,100,000,

whereas exports declined by £28,-

The inclusion of the figures for Austria brings this unfavourable

balance up to £25,800,000.

Minister for Foreign Affairs in Ambas- Bertember. the British"

that informed sador had been there were difficulties of a

43

N. Y. Commodity Market"

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

New York, November 20.

mill-December tary character in the way of January (1939) comprehensive grant for inspec- March..? tion facilities on this and other May Chinese railways,

Prev, To-day's High Low Close Close Change

8.68 8.59 8,59 8.68.09 up

3

15.90 15.65 16,05b 15.65 .40 oft

821 621 631 623

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

Dec.

Dec.

- Dec.

48 464 58+ 571

401 461

581 571

+off 1 of

NEW YORK COTTON

8.59/59

8,59/59

8.68/88

8.49. N

8.48/48

8.57/51

8.42/42

8.42/43

8.50/50

.08 up

8.23/23

8.25/25

8.29/30

.00 up

July

8.03/03

8.04/05

8.12/13

,09 up

uf Inspection

Shanghai {North rallway station, 'however,

had been permitted.

the

October (> Spot

7.75/75

7.75/75

7:81/81

.06 up

8.97 N

9.08 N

11 up

NEW YORK RUBBER

16.05b/08 15.90b/16.00a 15.65/65

.30 off

16.04/06

16.95/99

$5.05/05

39 of

16.04/05

15.95/01

15.65/66

.39 off

16.10/10

15.65/70

45 off

October

16.11 N

15.67 N

Sales for the day:-

.. 4,160 tons.

000,000 to £321,500,000, leaving an GERMANY'S REPLY adverse balance of £13,600,000.

TO US. QUERY ON

AUSTRIAN DEBTS

New York, Nov. 22

Mr. Purchases from Britain, showed s The Secretary of State.

yester- decline, especially those of copper Cordell "Hull. announced

Both the question of inspection and cotton web. Other declines "day that a note had been, receiv- SHOU J. CHEN,

and that of the financial in- December regard Wander were im. purchases of rubber and ed from Germany with

terests of bond-holders were be- March ̧ (1939) debts of the s'd Austrian oil fruits from British Malaya; of to

Japanese May States ing considered by the rice, cotton, Jute, skins, and hides State which the United

Germany Government and a definite September from British India: of oil fruits had previously asked from Nigeria. of cocoa from the to nasume. Gold Coast, and of rheat from Australia.

DONT FORGET

.

ply had been promised.

SHANGHAJ FACTORIES

Te-

According to the Dow Jone: Mr. Moreing asked whether the Agency, Mr. Hull said that the Prime Minister was yet in a posl- Purchases of wool and mangan note did not purport to be final tion to report on the result" of cse ore from South Africa wert and it is necessarily unsatisfac discussions with the Japanese larger. Exports to Australia and tory, but did not reveal the South Africa increased.

tents-Reuter.

h

1!

CHICAGO WHEAT

631/63 ·627/62; 621/621

December

cod-

May authorities" in Shanghai and

July Tokyo with regard to reopeń- | ing the foreign-owned factories In the occupled areas, inside and outside of the International Set- tlement in Shanghai

651/651

651/85)

851/051

651/85)

·853785

Saturday's Sales-

9,977,000 bushels.

CHICAGO CORN

December

467/401

402/461 ·461/481

50/501

500/50)

501/50

512/511

513/513

are

wettled December

May

July

REICHSMARK QUOTATIONS

Berlin, Nov. 22. The Reichsmark was

quoted

December March

WINNIPEG WHEAT

584/681

010/811

584/581 61/61 601/801

571/571-

€11/61

Gang.c

Bombas

Caloutin Colomb

BRANCHES:

Kaantax

Karachi

Madras

New York

Kandy

Penang

Delhi

Kota Bharu

Galle

Kona táps

Shangha Bitola

Hangkau!'

Howarh

Kunia Treas

Xeals Lámpar

Szapor

·HONGKONG BRANCH.

Kvety, dowerpins of Banking and Bobange Unaked picted,

Travelers Chequer, Fronard,

TRUSTEEL AND EXECUTORSHIP

UNDERTAKEN. ⠀⠀

LUZRENT OOOUNT" onewed. In Lonal. Our Tuy 33 ISO. DEPERIES momending Currosey, STERLING & D.X, DOLLAELS DE teras that may uncertalibi on appliostino,

DBENSON.

THAT WHEN

You are at Home

you can get the

HONG KONG DAILY

PRESS SELFRIDGES.

P. AND 0. DIVIDEND DOUBLED

Mr. Butler replied that the dis-May and July 'continuing.

The directors of the Peninsular units immediately jumped 28 94 to cussions were

and Oriental Steam Navigation 258 8d. The price at the close was that the Foreign Secretary un- Company

the day derstands that certain cases are recommending 425 3d, a net gain on final dividend of 21 per cent, plus of 28 3d. The yield is about si perin a fair way to being

locally-Reuter. a bonus of 3 per cent, both less tax, cent, on the Deferred stock. With the 21

British India Steam Navigation

per cent interim distribution the Company, which is controlled by total for the year ended Septem- the P., and O., I also making an ber 30 last is 8 per cent, less tax. increased distribution. It is pro- This compares with 4 per cent in posed to pay a final Ordinary divi-without guarantee at: one payment in respect of 1936-37, dend of 3 per cent, making, with The most optimistic of: recent the interim of 21 per cent, a total market estimates were 10s a total of 6 per cent, less tax, for the year, distribution of 6 per cent. The an- For 1936-37 angle payment of 6 final nouncement accordingly came as per cent was distributed R niesant surprise and the stock dividerid lag payable o

lis:

New York, 40.08 Paris, 1524

Amsterdam. 73.70 to 73.75 London, 11.7375142

Paris Berline: 178£7) 40:178,70 Paris US Dollars: 28.006 to 08.02

December...

621/621

NEW YORK HIDEB: (New Contrac{n}

12.54 N 12.40b/5501237 N 12.89/95 12:77/77

NEW YORK STRAITS TIN

12.77/77

48.05b/20% 45.95b/48.10 45.85b/952

42-3/4 42-3/4 NY Silver, Oficial"

4.69-1/16 NY-L'don Cross Rate..."£70-1/16

5.99

*