1938-11-28 — Page 12

AGE 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 80,000,000 Facurporated by Royal Charter, 1835

Reserve Funds:

Sterling

HE Currency Reserve 10,000,000 Reserve Liability of

Proprietors

£8,800,000 |

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

.£3,000,000

£3,000,000

.820,000,000 | Paid-up Capital

Reserve Fund Reserve Liability of Pro-

Head Office-HONG KONG

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, Esq..

Miskin, Esq..

K 8. Morrisan, Esq.,

Hoa. Mr. A. L. Shields.

H. Y. Wilkinson, Esq.

Sir Vandeleur M. Grayburn,

prietors....

£3,000,000

MANCHESTER BRANCH: 71, Morley Street, Manchester.

AGENCIES AND BRANCHES: ALOR STAR * HONG KONG PENAMO AMRITSAR ILOILO BANGOOM

MAICHON ЗАКРЫВАЯ BHANGHAI SINGAPORE

BANGXOX

IPOX

BATAVIA

KABACKI

BOMBAY

KLANO

CALCUTTA CANTON

XOX

Chief Manager. CAWNPOKE

KUALA

LUMPUR

CEBU

KUCHING

Branches:-

COCOMO

MADRAS

Asny

Ipoh

Penang

DELKI HAIPHONG

MANILA

Bangkok

Johoru

Rangoon

Batavis

Kobe

Saigon

MEDAN NEW YORK

PRIPING

Bombay

Kowloon

San

Caloutta

Kuala

Francisco

Canton

Che fou

Colombo

Dairen.

Lumpur Shanghai

London Singapore Lyons Sourabaya Malacca

Sungei

Foochow

Manila

Haiphong Muar

Bankow

Patani Swatow

Hueburg (Johore) Tientsin

Mukden Tokyo New York Tinglao Peiping Yokohama

Farbin Hongkew Hoito

Accounts opened in Current 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

HAMBORO HANKOW HARÐIN

(Peking)

SITIAWAN...

BOURABAYA TAIPINO

TIENTSIN

TONGKAR

(Bhuket)

THING IAQ YOKOHAMA

FORBION EXCHANGE and General Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for. Ons Year or shorter periods at rates which will be quoted on application. The Bank's Head Office in London undertakes Executor and Trustee business, and claims re covery of British

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

RA. CAMIDGE,

The Business of the above Bank is baducted by the HONG KONG &SHANGHAI BANKING CORA PORATION. Rulee maybe ob-1. tained on application.".

For the Hugo KONO & SHANGHAI BANKING CORPORATION.

V. M. Grayburn,

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

BANK OF EAST ASIA,

LIMITED.

Authorised Capital $10000,000.00 | Paid-up Capital 5,508,800.00) Reserve and Undivided

Profits

2,776,728.75

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

Board of Directors:

sự shura Chọn, Chaiensu

Li Ko Chin, Eaq. Lan Sang, Esq. P. K. Kwok, Esq. WongChoson, Esq. Wong Yun Tong, Esq. Kan Ying Po, Esq. ChanChingShek, Esq. Funging Wah Faq

Kan Tong Po, Esq., Chief Manager. Li Ese Fong, Eng., Manager.

Amdy

Bateria Bombay Calcutta

Leader

فالمعلا

́Bruncher und 4 gemeine zug

Kovicon Pesant Bourabaya

Rangoon Bwn.com Baigos

Sydney Taitoks Ban Fran

alaco Tistala Beattle Tokyo Bemarang VLDOONYER Shanghal, Yokoha Piping Singapord

Melbourne WARKA

Haiphong Hankow

For York

Ovaka Honelada Pria

Iobe

on

Manager,

THE CHASE BANK

15, QUEEN'S ROAD CENTRAL"

HEAD OFFICE:

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 CHABE NATIONAL BANK, NEW YORK, with Resources over IT.8.$9,500,000,000.

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 tour Clients special facilities for Domestic and Foreign Banking and Exchange.

G

Head Office: BHANGHAI Hong Kong Branch: 4, QUEEN'S ROAD, O. South China Offices:

KONGMOON TOISHAN

Every description of Banking and Exchange business transacted. CANTON Loan

granted

approved SWATOW-

SHIUCHOW KINGCHOW securities.

Current Accounts opened in Local

We also handle the issue of Ourrency and Fixed Deposit Bonds and other Public Funds of ceived for one year or shorter the Chinese Government both at period; in Local and Foreign Cut Home and Abroad.. rencies on terms which will be quoted on application,

Safe Deposit Boxes To Let

THE

KAN TONG FO.;

8. "HIRAM”

24 "HELLAS"

Chief Manager.

"SHOU J. CHEN,

CHINA-SIAM

HONG KONG-BANGKOK

Manager.

LINE

leaving Hong Kong 4th December via Swatow leaving Hong Kong 14th December via Swatow

·HEL108”・・ leaving Hong Kong 21st December via Swatow

HONG KONG-SWATOW-AMOY

8th December HL, “HAF HING" leaving Hong Kong Accepting Passengers & Cargo for all the shove metioned ports.

HONG KONG-SINGAPORE PENANG

Regular Express Service

ma. “HAI LEETM leaving Hong Kong

"HAI HING" leaving Hong Kong

PANGOON ......

29th December

18th December

Accepting cargo for all the above mentioned ports.

Excellent passenger accommodation available,

For freight, passage rates and all other information--Apply tos- THORESEN & CO., LTD.

Tel. 30537.

General Ageaba.

Quota's Building.

Finance and Commerce

BRITISH EXPORTS AND SHARE MARKET

COMPETITION

Chambers Of Commerce Conference

Exceptional Importance attaches to the export conterence of the British Chambers of Commerce, says the "Financial News." Trade at one time followed the flag. It now follows the commercial propa- tandist for whom the way has been cleared by political and economie fafiltration. The new German 'technique has met with a success that this country can no longer afford to ignore. Dr. Funk, the Ger- man Minister of Economics, can boast that he has "laid "the founda- tions of an economic axis from the North Sea to the Black Sea" The recent loan to Turkey and long-term credit to Poland have marked the completion of a task which leaves Germsay master of Central European markets and able to exert a decisive influence in many others.

In 1937, Poland imported £7,. 623,101 of British goods, Austria

£2,817,110, Hungary £585.202. Cze- NEW PRESIDENT

choslovakia £3.167,699, Yugoslavia

£1,083.243. Greece

£3.178,879,

into

* HOUSE SIGN

Roumania £1,907,670, and Turkey €1,572,088 This makes a total of When on Friday, December 2. £21,649,990 or 3.8 per cent. of UK the s... President Monroe steams harbour, the Horigkong exports and re-exports in 1937

The proportion is not: in itself, familiar "9" sign will be missing In its place, farge and the trade is not entirely from her funnel. lost to this, "country. But this however, will be an angle on a red growing economic domination of background, with a silver star at Germany is one of the most im- each corner. "

single factors to portart reckoned with, when considering the outlook for British exports

be

It is not only in Central Europe that Germany is strengthening her hold en export markets. For some time past the South American Re- publics have been succumbing to of German the blandishments trade emissaries, to barter arrange- ments and special exchange facl. litles.

Thús. German exports to Brazi rose from 59 million reichsmarks in the first six months of 1930 to 103 million reichsmarks in the first six months of the current year. Germany now accounts for over 10 per cent. of the goods purchased by Argentina compared with Britain's

share of over 18 per cent she is

increasing her share of the trade with Druguay and with Chile,

ORGANISED INDUSTRIES : As Mr. P. 6. Hudson declared.re:

cently. We are having to meet abroad the competition, not merely of Individual firms, but ganised industries, and, in

some

fly from the foremast

REVIEW

BY.C. A. L. RICKETT Hongkong Sharebrokers"

Association'

November 20.

More interest has been shown in the market during the last week. resulting in some increase in the volume at business recorded. However, in spite of sustained in- quiry for most utility stocks, the buying power appears to be insuf- ficient to maintain price levels...

MONDAY, NOVEMBER 28, 1938.

PAYNE & CO.

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

SPOT JAN.-MARCH

(FROM PAYNE & CO.)

SINGAPORE RUBBER

Nov. 25

buyera

Mellers

27-1/8 27-3/8

Nov. 26

Change buyers sellers

27-1/4 27-1/2 ·

27-5/8-21-7/8 27-3/4 28

1

up 1/8 up 1/8

APRIL-JUNE

27-7/8 28-1/8] 28 28-1/4 Ép 18 The market opened 1/8 of a cent higher for all deliveries us com-

Buyers are cautious. keeping their bids below quotation, with the result that the market con-pared with Friday's closing quotations" tinues to show a downward ten- dency..

Hongkong Binks, in sympathy with London prices, were down to $1,340. Wharves had buyers at $115 and sellers at $118. Trams

have remained steady at $18 and China Lights (0) at $104. Lands changed hands down to $344 with further inquiries at this price. Electrics receded to $551, but later had inquiries at $56. Hotels were wanted at $6.20 with shares offer- ing at $6.30. Telephones (o) came to business at $231 and Watsonis

were offering at $1.

Throughout the session the market displayed a quiet, but steady undertone, thus responding to better advices received from London and New York. Despite fair demand for "pot" Rubber by principal consuming centres, speculators showed some disinclination to trade on a larger scale due to the continued weakness of Pound Sterling, which, it is assumed, might prevent a resumption of the upward trend in the near future inspite of the steadily improving statistical position.

During the last trading hour considerable buying for trade- accounts caused a price-advance of 1/4 cent for all deliveries, the market closing with a steady undertone at the higher prics- level.

Malayan Rubber Statistics were released as follows:

Total Dealers Stocks in Malaya Malayan Estates' Stocks

Production on Estates of over 100 tons ....... Gold mining stocks have remain- | Production of Estates of less than 100 tons

to

LONDON RUBBER

October

Bept. 1938

44,414

44,827 tons

38,898

38,843

H

18,448

16,853 卡甲

9,648

6,979

Previous close To-day's close

buyers sellers buyers sellers Change

*

ed quiet throughout the week. The market has been steady but there has been Ettle change in price levels. Sant Mauriclo closed at Ps.1.74. a loss of 8 ctvs. Benguet Consolidated lost 30 ctvs. Ps.12.70. A quiet market is re- ported from Manila at the close.

SPOT

JAN.-MARCH

APRIL-JUNE.

JULY-SEPT.

Market quiet but steady.

GOLD REACHES HIGH PRICE

London, Nov. 26.

8-1/8 8

B-1/18 unch. 8-1/16 8-3/16 8-1/16 8-1/8 unch. B-1/8 8-1/4 B-1/# 8-3/10 tach. 8-3/18 8-5/16 ·8-3/16 8-1/4 unch

NEW YORK COTTON

To-day's was a dull market and prices moved within extremely narrow Imita. There was some liquidation, mainly by commission- Though the price of gold was houses, which was absorbed by buying by the Trade and dealer in- officially fixed at 150 shillings to- terests

day, a little, business was done This is afterwards at 150/1d. highest price ever reached, and represents a" rise, of 4 since end October-British Wireless.

London, Nov. 28. The official price of bar gold in This is the house sign of the London reached an all-time re- American President Lines, the record to-day when it was fixed at organised company that has taken 150 an ounce, representing an over the activities of the former advance of 2/01d, on the week. of or- Dollar Steamship Line. The house The upward trend of gold pri- instances, or hatlons industrially as of the same design will also marily results from the strength of the United States dollar, for organized to secure the greatest The President Monroe is the which a large demand extats on possible volume of export trade."

In addition to Germany, therearst ship of the fine to call at the foreign exchange market from

Hongkong following the re the Continent. are Japan working a low-wage organisation, but will be followed This demand is based partly on long-hour labour standard, and the by the President Coolidge on international political fears and U.S.A. with the backing of a huge December 10 and the President partly on the belief that the protected home market. Is it Adama on December 22, the latter sterling-dollar rate of exchange possible for British export indus-on the regular round-the-world will be allowed to fall to the neigh- tries, to fight, alone. these formid-

bourhood of 4.50.-Reuter. cruise. able adversaries? To some extent, It is, as the experience of strongly organised "industries such as the fran and steel trade has shown But in other instances the problem is more difficult.

At the same time, a satisfactory answer, must be found for the questions posed by Sir Granville Gibson at the Chambers of Com- merce meeting. British industries must see that at every point in the trade process-manufacture, dis- tribution and sales-their em- ciency is at least equal to that of their competitors

U.S. IN SOVIET MARKET Germany Loses Predominance

BRITISH RE-ARMAMENT

PROGRAMME

Panel Of Business Men To

1k me 35 wakir.

Advise Government *

London, November 26.

The names of a panel of business men who are to act as ad- risers to the Government in its rearmament programme will be announced by the made public within two or three days,. It was Minister for Co-ordination of Defence, Sir Thomas Inskip, at Man- chester yesterday afternoon.

NEW YORK RUBBER

Prices öpened downwards on lower advices from the primary markets and then declined sharply on liquidation and uncovering of stop-loss selling orders and on the continued weakness of the Sterling exchange. There were, no bullish features and the tone was easy at the close, with demand negligible.

CHICAGO WHEAT

To-day's market was a narrow trading affair, with a decided lack of movement in either direction. Sentiment was somewhat bolstered by the firmness of the Liverpool and Winnipeg markets, but this was largely off-set by reports of renewed offerings from the Argentine and favourable European crop news.

N. Y. Commodity Market

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

¡December

Prey: To-day's" High Low Close Close Change

8.70

581 581 581

'New York, November 26.

New York Cotton - Dec.

8.65" 8.88 2.69 .01 up

New York Rubber - Dee

15.85

Chicago Whest Chicago Corn

Dec

Dec;

15.76 15.90 15.52 .38 off 613 61 611 811 on 473 471 471 477

up

Winnipeg' Wheat

Dec.

582

up

NEW YORK COTTON

Close

Opening Closing

Change

...... 8.68/69

8.69/82.

8.69/70

.01 up

January (1939) March.. ) Miny (,,) July October ('') Spot

8.49 N

8.47/47

8.49/49

unch,

8.44/45

8.45/45

8.45/47

.01. up

8.25/25

8.24/24

8.25/20

wach.

8.04/04

8.01/01

8.02/03

.03 off

1.72/72

7.69/69

7.10/70

02 01.

9.08 N

9.04 N

04 of

NEW YORK BURBER

.!

March (1939)

15.90/90 15,90/02

15.94/95

15.85b/@48. 15.52b/62x 16.90/91- 15.53b/813 15.95/95

October

13.97 N 15.99/99

Bales for the day sim

1,150 tons

Sir Thomas, after expressing satisfaction with the progress of industrial mobilisation, said that Britain was strong and must be strong. They desired no-man's territory and had no aggressive. the purpose, and if they stood together in the confidence which strength of British defences justified, they would find a happier December morning break upon them.

New York, Nov. 25,- The duties of the business men's ¡nouncement was made by the fact | May The United States is dis- · panel would be wide and would that more preparations and con-Séptember placing Germany in the Soviet be extended not merely to advice auitations had taken place than market. Russian purchases of

they could give regarding per had been supposed. formance of the vast contracts He hoped the Government de American goods have Increased. almost tenfold in the five years

already placed for the three de-fence programme would be com since the United States off- fence services but to making pre-pleted as originally planned be- posals to see that the country was, fore the expected date-British cially recognised the Soviet. In the first nine months or not caught short in the supply of Wireless. 1938, American sales to the Soviet arms or other 'war "equipment, as well as allocation of different "totalled over £11,000,000.

This year they are expected to firms to the part of production for reach £15,000,000, whereas in which they would be most suited 1933 they totalled only £1,777,000. in time of war.

Meanwhile, Germany's exporta,

to the Soviet have declined sharp ly, and the Reich is now third, with America eastly first.

STRAINED RELATIONS Trude exports attribute the change to the increasing strala, in Soviet-Nazi relations, fear of war and the European armis race.

But the Minister insister, there had already been directed plan-

December

May July

Friday's Bales :-

December May

July

December

Dece

CHICAGO WHEAT

614/614 -614/814 847/641 ..641/647 85/65)

..38. off .32. off ∙15.85b/712 29 off

15.74/70 15.72b/80a

23. ofi *27 of

611/611 043/65

unch,

651/651

15,493,000 bushels

CHICAGO CORN

478/471 47$/47

474/474 51/511 514/511 511/511 521/521

520/521

WINNIPEG WHEAT

581/581

61/61

'812/611

58+/581 581/581 611/311 611/614 62/621

MAYO PLANE TO CARRY MAIL

London, Nov. 28, The Mayo composite aircraft, ning in the whole deld of indus- the upper component of which try, and he believed there was no har made an experimental flight ärticle likely to be required in across the Atlantic and a non- time of war for which provision stop fight from Dundee to with had not been made during peace. in a few hundreds miles of Cape-

COMMONS STATEMENT, town, will have its part to play Y Bir Thomas stated that next in the great organisation creat The Soviet, for example, has Friday a statement would be ed by Imperial Airways to car experienced great difficulty in made in the Commons by the ry the vast quantities of Christ- placing orders in England, due to Lom Privy Seal on some of the mas mail overseas... British absorption in the rearma-matters which affected local au- ment programme, and has shifted thorities regarding A. R. P., and ed Ito the United States

also of the question of proper or-from the Under-component Maia', of available man will make a rambera.1 special Recently the Boviet established ganisation

45.95 b/40.002 45.75b/90a 48.70b/75x | non-stop flights to Egypt carry-December. an export corporation in New York Power)

42-3/4- Deerly « ton NY Silver, Duciat solely to deal with armament or Be thought they would be in on

NY-L'don Cross Rate.. 4,63-5/8" der-Reuter."

agreeably surprised when the an- of man

į

December The seaplane Mercury, launch- March

above Bouthampton Water

NEW YORK HIDES; (New Contracts)

H

12.13. N 12.55/55

12,01b/208 11:86 N 12.55/58 12.28/29

NEW YORK STRAITS TEN

unquoted

462-15/18