1938-11-24 — Page 12

PAGE 12-HONGKONG DAILY PRESS

BANKS

HONGKONG AND

SHANGHAI BANKING

CORPORATION

Authorised Capital 850,000,000

THE CHARTERED

BANK OF INDIA, AUSTRALIA &

CHINA

Iued & Fully Paid-Up 20,000, 200 lavorporated by Royal Charter, 1855 Reserve, Funda: “

Sterling

E 6,500,000

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

Proprietors

HEAD OFFICE: LONDON: 38. Bishopsgate E.C.2..

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

Head Office-HONG KONG

Buard of Directors. 1. E. Praren, Esq","Chairman, Hon. Mr. J Paterson,

Deputy Chairman,

J. K. Bousseld, Esq.,

A. H. Compton, Esq.,

Hon. Mr. 8. H. Dodwell.

W. H. Lock, Esq..

C. Miskin, Esq.,

K. S. Morrison, Esq...

Hon. Mr. A. L. Shields,

900.000 ..........£3,000,000

£3,000,000

Reserve Fund Reserve Liability of Pro-

prietors...

MANCHESTER BRANCH: 71. Mosley Street, Manchester.

IPOH

KARACHI

AGENCIES AND BRANCHES:

ALOR STAR ...HONG KONG PENANG AMBITBAR ILOILO

RANGOON BALOON + KREMBAN SHANGHAI SINGAPURS ZITIAWAN

SQURABAYA TAIPING TIENTS IN TUNGKAH

(Bhuket) TINGTAO ΣΟΚΟΒΑΜΑ

II. V. Wilkinson, Esq.,

Sir Vandeleur M. Grayburn,

Chief Manager. CAWNPORE

BANGKOK

BATAVIA BOMBAY

CALCUTTA CANTON

KLAND KOBT

KUALA

LUMPUR

CHBU

KICHING

Autos

Branches:- Ipub

Bangkok

Johore

Batavia Hombay Calcutta

Kobe

Penzok Raaguon Saigon

COLOMBO DELII

MADRAS

Kowloon Han

KAIPHONG HAMBURG.. KANKOW JARBIN

Canton

Chefoo

Coloinbu

Kuala Francisco

-Lumpur Shanghari Lendor Singapore. Lyons

Surabaya Dairen Malaces Sungei Forchow Manila

Patani Haiphong Muar Swatow Hainburg (Johore) Tentsin Bankow Mukden Tokyo

Harbin New York Tsingtao "Rongkew |Peiping Yokohama

Tito

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 quested on application.

iso up to date Safe Deposit taxes in various sizes, To Let.

Hong Konu 7th October, 1938.

HONGKONG SAVINGS

BANK

MANILA MEDAN NEW YORK PHIPING

(Peking)

Finance and Commerce

Anglo-American Trade Pact Step In Right Direction

Describing the

London, November 23. Anglo-American trade agreement as by far the most important trade event of the year, Mr. Anthony Eden, in the louse of Commons yesterday, said that it was astop In the right direction and hoped that others would join in.

CANADA SOURCE OF RAYON PULP

2

Supplied One-Fifth

Of World's Demand

Canada is

important source of rayon pulp, supply- ing

1937 approximately in 160,000 tons, or 2u per cent of the word's estimated p.oduc- tion of 900,000 tons. More than 90 per cent of this home pro- duction was exported at prices ranging from $75 to $95 a ton Rayon pulp is a highly purified FOREIGN EXCHANGE and Generaluquite pup made argely from sp.uce and western hemwock, and Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or shorter periods at rates which will be quoted on application, The Bank's Head Office in London undertakes Executor and

Or these products, artificial silk Trustee basiness, and claims re-

has become a recognized textile covery of British Income Tax overpaid, on terms which may be and is used extensively by itself ascertained at any of the Agencies or combined with other materials and Branches

to make lovely, colourful, durable fabrics costing 14

The Business of the above Bank is conducted by the "HONG KONG| & SHANGHAI BANKING CORA .PORATION. Rules may be ob

tained on application.

For the Hoxo Kosa & SHANGRA)] BANKING CORPORATION.

"V. M. Graybarn.

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

BANK OF EAST ASIA. LIMITED.

Authorised Capital ....810 000,000,00 Paid-up Capital

0,388,600.0 Reserve and Undivided

Profits............ 9,776,726.70

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

Board of Director:

Bir Shobana Chow, Chairman

Li Koos Chun, Bag. Li Lan Sang, Esq. P. K. Kwok, Esq. WagChison, Esq. Wong Yun Tong, Rag. Kun Ying Pu. Ba ChanChingShek, Eng. FungPingWah Esq.

Kan Tong Po, Esq., Chief Maunges. Li Tse Fang, Esq., Manager.

Amov

Batavia

Buhay

Onsulta

Canta Ifalphax

Honker Manalalu Kabe

Xarbox

Tontea

Huile

Равиле

Branches and Agincisi :---.

anarabaya BARI AWAL Batent Sriky Sax Teng Taihuku

elso. Tantala New York Boatin Tukyo

Semarang Vancsavar Ďak Partr

Yokohama Blagapor

→Kazunka

securities

Paping

is one of the principal raw mater

is used in the manufacture of adficial silk, viscose staple fibre cr ardetal wool, and ceuophane or transpaent sheeting.

little

THE EXCHANGE

MARKET

MESSRS. ROZA BROS.* REPORT

The price for Ready Silver was unchanged yesterday but the For ward rate dropped 1/18 to 19. 9/16. The agreement was all the

Silver advices reported speculatörs more important, sald Mr. Eden, as Britisn trade had so many dir- as having operated both ways. A moderate business Wed done. aculties in other directions. In the Far East, China was once re American Trade also bought, The American garded as the one great expand-market closed steady. ing market left in the world, but Silver was quoted at 42 3/4 for whatever else happened in the Spot.

Far East there was going to be great impoverishment.

"They have gone through un-i told suffering and when it is over I think the position of western Aations won't be better than when it began." he concluded.

Mr. Oliver Stanley, President of the Board of Trade, stated in: answer to questions that conces

United States by Great Britain under the

sions accorded to the

would Lagreement

be extended equally to sil other foreign countries:

་་

。

The London /New York cross- rate was quoted at 487. The New York /London rate was quoted at 486. 3/8.

MARKET

Steady for Sterling but the US. Dollar market was uncertain.

STERLING

Qulet. There were sellers at 1/2") 31/32 November December. 1/2 15/16 January February and 1/2 29/32 March April, buyers at 1/3 Cash /December, 1/2 31/33. Jan- uary February and 1/2 15/10 April, probably March.

U.S. DOLLARS

ЗРОТ

THURSDAY, NOVEMBER 24, 1938.

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

JAN.-MARCH

APRIL-JUNE

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov. 21 buyers

sellers

27-1/8 27-3/8

27-5/8-

27-7/8

Nov. 22 buyers sellers

28-1/2 28-3/4

Change

off 5/B

27* 27-1/4 OK 5/8

27-7/8 38-1/8 27-1/4 27-1/2 of 5/8

In sympathy with easier conditions prevailing in London and New York the market opened 3/4 of a cent lower for all deliveries as compared with Monday's closing quotations.

After the opening the market displayed an easier undertone, De- Ing depressed by reports from London that Dealers in London were selling in New York due to the weakness of Pound Sterling. Demand for "spot" Rubber was moderate, whilst very little activity for trade ́ ́ and speculative accounts was in evidence.

4

advance of 1/8 cent for all deliveries, but towards the close of the Subsequently the market turned steadier, prices registering an

scasion the market lost this gain, closing with a quiet undertone.

Ia well informed Rubber-circles it is believed that the require- ments by large factories have been covered for the time being, which, 'It is thought, might tend to make the market more vulnerable to un- favourable news, thereby causing uneasiness." In view of these cir- cumstances prospects of a resumption of the upward trend in the near future would seem to be remote.

He understood that concessions accorded to Britain by the Unit- ed States would be extended to all Business was done at 29 1/18 for foreign countries with the ex-first half of December and Decem- ception of Germany-Reuter.

ber. The market closed with sel- lera at 29 1/16 Cash /Arst half PACT WITH INDIA

December, 29 Derember and "28 London, Nov. 23

15/16 January February, duyers Negotiations for a new trade

at 29 1/8 Cash first half Decem-srot Agreement with India bave reach-ber, 29 1/16 December and 29 Feb-

advanced stage. an

ruary..possibly January.

ed

1.3

R A CAMIDGE.

Manayer. Colton. Cellophane has taken its place as an almost indispensable wrapping material.

THE CHASE BANK

15, QUEEN'S ROAD CENTRAL

HEAD OFFICE:

18. PINE STREET,

• NEW YORK.

Aurerican Bank, offering com- plete Foreign Banking Service 10 the principal Markets of

the world.

Interest Rates on Application.

SAFE DEPOSIT, BOXES-

This Bank is entirely owned by THE CHASE NATIONAL BANE, NEW YORK, with Resources over 11.8. $2,300,000,000.

THE

D. M. BIGGAR,

Manager.

BANK OF CHINA

Specially Chartered by 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 Commerrint 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 Offices:

KONGMOON TOINHAN

CANTON SWATOW

Every description of Banking and Exchange business transacted. Loans granted ОП approved SHIUCHOW KINGCHOW

Current Accounts opened in Local We also handle the issue of Currency and Fixed Deposits re Bonds and other Public Funds of crived for one year or shorter the Chinese Government both at periods in Local and Foreigu Cur Home and Abroad.. rencies оп terms which will be quoted on application.

Sale Deposit Boxes To Let

KANTONG PO,

'C'huf Manager.

SHOU J. CHEN,

THE BEN LINE STEAMERS, LTD.

THREE MILLS

At present three Canadian mills with a combined capacity of 200.000 tons a year are manufacturing rayon pulp Canada also has one mill producing artificial silk by. the viscose process and one other factory engaged in the manufac- ture of cellophane.

During the last decade, the growth in the use of artificial 'silk

and staple abre in textiles and of cellophane as a w.apping material has been phenomenal. "The world's production of viscose silk increased from 150,000 short tors in 1938 to 500,000 in 1937 and staple fibre from 26,000 short tons in 1934 to an estimated 300.000 in 1937.

All countries steadily increased their p.oduction of both these textiles, but most remarkable advances in the

use of viscose staple fibre were made in Ger- many, aly and "Japan, where a fabric woven from 20 per cent. staple Abre and 80 per cent woul is marketed.

the

The monent whale matter is at under the consideration of the

of India

the Government. result of its recent discussions with its uno meial advisers.

t

SHANGHAI DOLLARS Sellers probably at 181.

SHANGHAI MARKET Opened firm with sellers of Ster- In giving this information in ling at 8. 9/32 for Cash, Noyem-' the House of Commons yesterday, ber and 8: 7/32 December. Sub- the President of the Board of sequently the market receded to Trade added that he hoped active 7. 1/4 Cash and a 3/16 December. negotiations would be resumed Slightly easier. US Dollars, sel- shortly-British Wireless.

lers at 18. 1/16 for Spot.

FRANCE'S

FINANCIAL

POSITION

Great Return Of Capital

23 Paris, Nov. Following the publication of the decree laws, a notable return of capital was record- Rey- ed, declared M. Paul naud, Finance Minister, in # three-hour address to the Finance Committee of the Chamber of Deputies rester- day.

Slice the beginning of Novem-

BRITAIN'S GOLD ber, he said gold worth 1,500.000,

RESERVE

Interesting List Shows Adequacy

In view of the persistent weakness of sterling in terms of dollars, the question of the adequacy of British gold re- serves at present is one of the. principal preoccupations of

the City.

The following interesting cal- culation for discussion was contri- outed by The Economist":

000 francs had returned, and sub- scriptions to treasury bonds to talled about 20,000,000,000 francs,

with compared

8,000 002,000 few weeks ago. This only 3.

had en- Sinux of subscriptions abled the rate of interest to be lowered.

M. Reynaud said that It was

a very satisfactory situation and that the 1939 budżet would be balanced at 88,500,000,000 francs.- Reuter

YUNNAN ***NING BUREAU

Kunming,, Nov. 23. The Yunnan Provincial Govern- On March 31, the Exchangement. "In collaboration with the Equalization Fund held £297,800. National Resources Commission. 000 in gold valued at 140/- per orvanise & North Yunpa

unce, During the next two Mining Bureau for the exploitation Manager. months, French repatriations of copper and other mines in that

caused a loss of approximately part of the province. £85.000,000.

Be capital to be borne equally "In addition; during August and by the Provincial Government and September, the net loss sustained. the Commission, has been ten- computed the journal, wastatively fixed at $2,000,000.-Cen- £100.000 000, making a total loss trat News.

S.S. "BENALDER

"

Sailing or LONDON, ROTTERDAM, ANTWERP, HAMBURG and LEITH on about the 9th December, 1938.

or

2

Cargo will also be accepted on through Bill of Lading to the usual transhipment ports.

For Fright acd Pange apply

to the Agents i

W. R. LOXLEY & CO., (CHINA) LTD,

Tol 84185

ock Ballding.

or £185,000.000. and reducing the Exchange Equalization Fund's ̧re- serve to £130.000.000 at 140/-, or roughly £140,000,000" at ‚146/- per punce.

VAST SUM OF FREE. GOLD If the £65.000.000 worth of gold, which was transferred to the

Bank of England in 1936. be used

SPANISH SILVER-

REACHES FRANCE

Paris, Nov. 23. Thirty tons of Spanish allver bars arrived in the French town

H. K. STOCK EXCHANGE

"

Nov. 23.

LONDON RUBBER

Previous close To-day's close buyers sellers buyers sellers 7-7/8

7-15/18 7-15/16 7-7/8 7-7/8 7-15/18 7-15/18 8

Change

unch. JAN-MARCH

up 1/16 APRIL-JUNE

8-1,16 8

8-1/16 unch. Prices hardened on bear-covering and with a little trade and American buying.

NEW YORK COTTON

The market opened firm on favourable. Liverpool and Bombay cables, together with covering by short interests. Later, however, there was some profit-taking and lower foreign advices brought about a reaction. Finally, the market closed firm and active on good" buying orders by the Trade and by dealers...

CHICAGO WHEAT,

"fr

The strength of the Dollar. the recurrence of European uncer- tainties and the firmness of the Liverpool market induced a better tone. There was also some outside support: However, prices move- ments were cqnfined within a narrow range and the final levels were

NEW YORK RUBBER

The market was quietly steady slightly above the previous day's close. with further buyers. Sales were reported at Electrics at $56, China Lights (old), at $10, and Trans

at $161.

BUYERS-

Raubs. 39.10.

Hongkong Tramways. $16): Peak Trams (Old), $62. China Lights (Old). $10.40. - Vibra Piling, $580, Hongkong Govt. 4 per tent Loan,

6 per cent pm. Hongkong Govt. 34

Loan, par.

SELLERS

per cent

Hongkong and Kowloon Wharves,

$118. H&S. Hotels, $6.40. Hongkong Lands $35. Watsons, $74.

SALES.

1

H. & S. Hotels, $6.30, Hongkong Tramways, $16). China Lights $104. Hongkong Electrics, $56. (Prices below in Phil. Currency)

Antamoks. .48

1. X. L 65

"

San Maurizio, 1.72

United Paracales, 48

UNCHANGED TIN QUOTA

་

Prices rallied strongly on the strength of the Dollar in relation to foreign currencies: There was some good buying by the Trade and covering by bears, which forced up prices towards the close,

N. Y. Commodity Market

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

New York, November 22.

New York Cotton Dec. New York Ruober Deu. Déc. Chicago Wheat.

- Dec. Chicago Cort Winnipeg Wheat - Dec.

*

Prev. To-day's High Low Close Cluse Change, 8.74 8.65 8.68 8.71.03 up

2 16.01 15.50 15.65 15.08/08 33 10

321. 621 6. 521 unch

401

46 58+ 573

461

.401

up

་

513 58

up

NEW YORK COTTON.

December

.. 8.68/58

8.70/71

8.71/72

.03 up

Bagul Gold, 23)

J January ( March (.. }

7.57/57

8.60/59

8.57/57

unch.

8.50/50

8.54/54

8.51/52

01 up

Benguet Consol, 12.40

May

8.28/30

8.32/31 8.33/34

04 up

July

Coco Grove, .484

Consolidated Mines, .0035

Demonstrations, .28

(..). October ( ) Spot

8.12/13

8.13/13

8.11/11

2010年

7.81/31

7.83/33

7.81/81

9.08, N

9.11 N

wn.ch. .03 up

NEW YORK RUBBER

December March (1939). May September October

15.65/65

15.50/55 --

15.05/65

15.65/65

15 57/80 15.59/81

15.98/98 15.98/98

33 up

31 up

15.97/97

32 up

15.65/10

15.67 N

15.99b/18.00 15.99 N:

.34 up

32 Up

Sales for the day :—-~

1,910 tons

CHICAGO WHEAT

December May July

621/021 621/823 621/622 654/651 65/631 6517654 651/65

651/651

unch

up

up

Monday's Bales:-

CHICAGO CORN

481/404 46/481 501/501 501/501 512/613

487/401

€0/50% 511/514

tup

up

WINNIPEG WHEAT

577/572

581/58 603/307 61/611

58/58

614/611

811/811 614/611

GENERALLY WELL RECEIVED

London, Nov. 23

The International Tin Com- mittee's decalon to leave the present 45 per cent. quota unchanged for the first quar- ter of 1939 is generally well. received.

The market yesterday opened December easy, continental liquidation be- May

Ceret yesterday afternoon in ing induced by general political July ten motor lorries; it is reported uncertainties together with some to replenish the resources of the here. The silver is from Rerubl-local selling on fears that the Exchange accounts. and their value' be written up from 85/- to Can Spain, and will be stored in quota might be Increased. These

sterling the vaults of French banks were not 140/- per ounce, theilr

Transocean. equivalent would became £107,000,

000.

have

covered at stop-losa December limits, thus accentuating the de- | May cine.

July

LIM-

The announcement of an We still

£250 000.000 -- REICHSMARK QUOTATIONS

Berlin, Nov. 23.

changed quota brought about a worth of free gold, without having to draw from the Bank of. "Eng-

insenti- was quoted distinct improvement

ment, and much, of the earlier December "Ind's reserves, which themselves

decline was made good.

March ro-110.000.000, even at the statútary price, above the Cunliffe Tommittee's minimum of £150, -900,000,

There need not be any nervous- ess about the inadequacy of gold

The Reichemark without guarantee "at:

New York, 40.05 Paris. 1534.. Arosterdam. 73,625 London. 11655

Paris Sterling 178.67 to 173 73 Paris US Dollar. 38,70 to 28,22)

The ratio of 35 to 10 per cent. between metal available in the market and that taken up by buffer stock is also unaltered.

The Committee meets in Lon don on March 15 next-Reuter,

December

15,579,000 bushels

· NEW YORK HIDES; (New 'Contracts)

12.77/77

12.46/48

12.47 N 12:206/354 12.06 N 12,05/57

NEW YORK STRAITS TIN

NY Bilver, Official NY-L'don Cross Rate,

45 85b/95a

42-3/4

4.60-1/18

45.40b/85a

148,00

·42-3/409

4.66-3/8

€95

up

5.65

קט.