1938-11-29 — Page 12

PAGE 12-HONGKONG DAILY PRESS

PAYNE & CO.

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

ป

HONG KONG

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 Incorporated by Royal Charter, 1858 Reserve Funds:

Sterling ..

JE 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

Board of Directors.

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

Deputy Chairman.

J. K. Bousfeld, Esq.,

A. II. Compton, Esq.,

flon. Mr. S. II. Dodwell,

W. H. Lock, Esq.......

G. Miskin, Esq..

K. S. Morrison, Esq.,

Hon, Mr. A. L. Shields,

B. V. Wilkinson. Esq..

Sir Vandeleur M. Grayburn

£3,000,000 ....£3,000,000

£3,000,000

Reserve Fund Reserve Liability of Pro-

prietora..

MANCHESTER BRANCH: 71, Mosley Street, Manchester.

AGENCIES AND BRANCHES:

ALOE STAR. HONG KONG PENANG AMRITSAR ILOILO DANGKOK ІРОН

KARANJ

RATAVIA

BOMBAY CALCUTTA CANTON

Chief Manager. CAWNFORE

ILANG ЖОБЕ

BANGOON SALOON

SEREMBAN

SHANGHAI SINGAPORE SITIAWAN NOURABATA TAIPING

(Bhuket) TSINGTAO YOKOHAMA

KUALA

LUMPUR

CHU

KUCHING

Апоз

Branches:~~ Ipoh

COLOMBO

MADRAS

TIENTSIN

Penang"

DELEI

MANILA

TONGKAR

Bangkok

Johore

Rangoon

HAIPHONG

MEDAN

Batavia

Kobe

Saigon

Bumbay Kowloon

Sau

HAMBURG BANKOW KARBIN

NEW YORK PELPING

Calcutta

Kuala

Canton

Francisco Lumpur Shanghai

Chefoo

Colombo

Dairen

Sungei

Foochow Manila

Patani

Baiphong Muar

Swatow

Bankow Mukder

Harbin

Hongkow Peiping Iloilo

Londor Singapore

Lyons Sourabaya Malacca

Hamburg (Johore) Tientsin

Tokyo New York Tsingtao

Yokohama

Finance and Commerce

HONGKONG STOCK MARKET TO ADOPT

MARGIN TRADING

Creation Of Clearing House Part Of Plan

(SPECIAL

TO - THE "HONGKONG | DAILY PRESS")

An attempt to stabliise the Hongkong stock market so as to give greater protection to traders as well as brokers is seen in the pro- posed adoption of margla business by, the Hongkong Sharebrokers' Association and the creation of ä clearing house for settlements.

BRITISH

Ice House Street is singularly different from other stock markets In that members of either the Hongkong Stock Exchange or the Sharebrokers' Association are not by rule bound to transact business' with their customers on a margin

FINANCIAL

STRENGTH basis.

The excellent financial con- dition of Great Billain is evi- dent from the reco,d ́ot recent uote circulation, Even when the International situation was most critical, the note issue of the Bank of England increased only by some £26,000,003, mad this was more as a precaution by the banks against possible demands táần to meet any ex- ceptional currency needs.

There was in fact no perceptibly

"

JAPAN'S CHINA TRADE

$94,000,000 Gain In Nine Months

In view of the complaint that restrictions enforced by the Japan- ese In Chiu and the closing of vast areas on, pleas of military exigency are merely a clever ruse trad- to prevent foreigners from ing in China, the export Agures just issued by the Japanese Minis- try of Finance prove interesting.

For the nine months, January to September, 1938, Japanese exports to occupied areas in China increased by $94,000, 000, compared with the cor This loose system is a dunger

last responding period of both to the trader and the broker, Goods shipped to-China in and individual brokerage firms

period totalled $169,000,000. which have sought to secure mar-

to Japan's exports China in gins from their clients against

August exceeded all other coun- their commitments have met with

tries with a total of $23,825,000. little success.-

while the United States, Germany

Customers, on the other hand, have justifially demanded whether there would be sufficient guarantee for their agreeing to pay margina to their brokers.

The plan now drawn up by the Sharebrokers' Association, which

year. the

and Great Britain came after in. the order named.

HALF BRITISH

Incresised demand for notes, and in has yet, to be fully examined before EXPORTS TAKEN

view of the many unforeseen and increased cash payments which were suddenly required throughout the country the note expansion was extremely moderate. The maximum value of notes in cir- culation was 505,000,000, but even this was £4,000,000 less than the

it is adopted, provides for the

creation of a central clearing BY EMPIRE

house to which all payments of margin are to be made and which, on Settlement days each month. handle all accounts for will brokers, both between themselves and with customers.

It is understood that the scheme has the sanction of the leading banks in Hongkong.

(Peking)

FOREIGN EXCHANOR and General Banking Business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSIra received for One circulation last Chistmas. Year or shorter periods at rates

The moderate extent of the ex- which will be quoted on application. pansion proves the calm of the

The Bank's Head Office in London undertakes Executor and British public and its confidence in Trustee business, and claims re-

strength of the FIVE-POINT covery of British Income Tax country: indeed there was not a overpaid, on terms which may be single instance of any rush to Current Accounts opened in ascertained at any of the Agencies banks to withdraw money, Local Currency and Fixed Deposits and Branches. received for one year or shorter periods ir Local and other Cur-1 rencies FUN 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 & SHANGHAI BANKING COR-A PORATION. Rules may be ob tained on application.

.

For the HuxG KONG & SHANGHAI BANKING CORPORATIÓN,

Y. M. Grayburn,

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

BANK OF EAST ASIA, LIMITED.

Authorised Capital ....$10 000,000,00) Paid-up Capital 3,598,600.00 Reserve and Undivided

Profils

2,776,726.78

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

Board of Directors: 3

Sir Slouson Chow, Chairman

La Koon Chan, Esq. Li Lan Seng, Erg. P. K. Kwok, Esq. Wong ChuBon, Esq. Wong Yun Tong, Esq. Kan Ying Po„Esh. ChauChingShek, Esq. PungPingWah Esq.

Kau Tong Po, Baq,, Chief Managor,

Li Tre Fong, Esq., Manager.

Amoy Battri

Bombay Calcutta

„Branches and Apyncino :---

Kowloos

Lendus

Purabaya.

SWALOW Hangoon all Buigon Sviney Melbourne San Fran. Taihoku Kuverka

Canton Halphong

New York Benttia Tokyo Hackow Oska

Barang Yano-ver Hualala Parle Shagh Yokoham

Bingaporn

Koba

Peiping

Every description of Banking

|

R A CAMIDGE,

Manuper,

THE CHASE BANK

18, QUEEN'S ROAD CENTRAL

HEAD OFFICE:

18, PINE STREET,

NEW YORK.

ATmerican Bank offering com picte Foreign Banking Service in the principal Markets of the world.

Interest Rates ou Application.

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHABE NATIONAL BANK, NEW YORK, with Resources over U.S. $2,500,000,000.

D. M. BIGGAR,

Manager.

BANK OF CHINA

THE

Specially Chartered by NATIONAL GOVERNMENT

OF CHINA AS AN INTERNATIONAL EXCHANGE

BANK..

PAID-UP CAPITAL 240,000,000.00 (BRANCHES ALL OVER CHINA)

Owing to our numerous Branches

[in China and connections in the

the

financial

Already something like £10,000,-

PROGRAMME

080 has returned from circalation FOR COTTON

for

currency.

Empire trade in 1938 has been better maintained than British trade with foreign count.les: This emerges clearty f.om the returns öi geographi- cal distribution of import-ez- port trade 1er January-Sep- tember, published by the Boarë of Trade.

In the first nine months of 1938 Britain's imports from the Empire- amounted to £281 mons. as compared with £299 millions a year ago. Imports from foreign countries fell from £443 millions to £410 millions.

but in the meantime it is possible

During a conference "of the that, with the Christmas demand National Cotton Council held inclined from £184 millions to £173 Exports to British countries de- far notes, the banks may prefer to Memphils., (Tennesee) last week milions, but those to non-Empire keep a larger supply of notes thin Mr. Oscar Johnston, the chair- countries. also at £173 millions, usual. In that case the seasonsi man, recommended 1. five-point requirements

were £28 lower. purpose of although they are likely be as increasing

the consumption of large as ever at Christmas tune.cotton. will not be so obviously reflected in the outflow of notes from the Bank of England in December

But recent circumstances have amply demonstrated both the technical soundness of the British currency position and the con- Adence of the public in the stability of British financial institutions.

BRITISH RUBBER STOCKS LOWER

the programme for

The points suggested were:- 1. Inauguration of a domestic advertising campaign;

That is the Empire still supplies. 40 per cent.of diminished imports. but now takes 50 per cent,, against under 48 per cent, a year ago, of exports.

In trade with fóreign countries« 2. Cultivation of good-will to it is noteworthy that Britain's wards American cotton In eign markets;

for-

Imports this year from the United States have risen from £73 mill- 3. Stimulation of international

llons to £88 núllions, whereas commerce with industrial nations;

America's

of British purchases 4. Scientific research for the

goods have fallen f.om nearly £24 discovery of new uses for cotton millions to under £14 millions. and the improvement in

On the other hard, the United factured products; and,

States 13 a large purchaser of Empire goods.

manu-

sec-

5. More equitable and favour-- Stocks of rubber in Great B.ttainable transportation rates between on November 19 were estimated at the cotton belt and other $0.200 tons, showing a decrease of tions. 1,452 tons from the previous week.

The stock of rubber in London on November 19 totalled 68,009 tons, showing a decrease of 376 tons, while the stock at Liverpool was listed at 32.191 tons, representing

a decrease of 1,075 tons.

BRAZILIAN COFFEE

CROWN LAND SALE

There was no competition for

Aberdeen Inland Lot No. 117 when it was put up for auction at the FOR GERMANY

Crown Land Sales yesterday and Shipment of 200.000 bags of it was knocked down to Mr. Li coffee to Germany haa beenPing Cheung, merchant c/o authorized by the Eank of Brazil. Messrs. Leigh and Orange, for the; Bitish rubber deliveries during Payment for the goods will be upset price of $3,750. The sale was | the week ended November 19 total-made in compensated marks.

led 2,155 tons, compèred with 1,630 tons during the previous week. De- liveries in London in this - period totalled 998 tons, compared with 1,084 tons during the previous week

decrease of 88 tons,

'Livé-pool deliveries, with a, total principal Commercial Centres of of 1.157 tone, revealed an increase

the World, we are able to extend of 811 tons over the previous week. to our Clients special facilities for Domestic and Foreign Banking sod Exchange.

Head Office: SHANGHAI

Hong Kong Branch; » 4, QUEEN'S ROAD, 0. South China Offices:

KONGMOON TOISHAN SHIUCHOW! KINGCHOW

and Exchange business transacted, CANTON Loans granted on approved SWATOW

securities.

ceived for

оле

rencies on terms which will be

quoted on application..

Safe Deposit Boxes To Let...

*

BHOU J. CHEN,

BARTER SCHEME · IN NORTH CHINA

sparsely attended,

German Peasants Flocking To Industrial Areas.

TUESDAY, NOVEMBER 29, 1938.

DAILY SHARE QUOTATIONS

Hong Kong Stock Exchange

Day Bellers

"8.10

*1.pm pat

Sale Nominal

Sharebrokers* Association

MONDAY, NOV. 28.

Baju Ballen

25.A

Banka

31,310 H.K. Banka

Do. (Col. Reg.)............

£811 Do. (Lon. Reg.)...........

04

£27 Mercantile Aka "A" £13

Marcanilla Bk. “0%

Chartered Banks ....

$1,366

£sat

163

£371

213

BR$

188

Bank of East Asia .....

N. C. & B. Haki ...........

Insurances

316

$19:0

Candon Insur DESCOB...............

$500

Union InsurSOCIS 1999**

ER

$2

Underwriters returne

510

H.K. Fi

1300

Shipping

160

Dongises.......- 19

$18

Steamboats

SEL

85/7

Indo-Chinas (FTC2)..........

+24 Indo-Chinas (Dat:)...............)

85/78balla

BU

Waterboats 500

Docks, Wharvas,

** Godewas, vis

$116 H.E.&K. Wherres.....

#118

1536

Providente (old).

85.16

85.15

Providents (new)....

$18

H.K. & W. Docks.....

พวง !

$17

Do.

$190

Shanghai Docks 8.

$3

Mining

16/9

$3

#OD

1480 New Engineerings B

16/9 Kallas

Venezuela Gold Fida.

Bị cửa. Hong Kong Minh

Lands, Hotels, and Buildings 0.30 (H.. Hotels......... AH.. Lands ........ß. 9107) Do, 4% Dehzatures

Shanghai, Lands B.- H.K. Bealties anemomen

Humphreys ........................

$34

to

901

J

100

Chinese Estates ------- Cotton Mills

$16.60

(8.)

0.01 {g'hai Gutions (8.) ...... $2+ Zoong Stage (8.) ****

Pabllo Villag

1

•

፡፡

****

$34

46.30

10+

1161

$80 124

ફ્રાન

Tramway you stan

081

Peak Trama (old).............

$.01 16)

{Tenk Trazis (DW) cont

$20

Star Forrien

$71

1:3

¡Y'matí Ferries CE $

$23

$10

$10

$5

1231

الاي

Do. [LEW}$

$10.40 China Lights (old)............ $tu 207 bina Lights (new)........... 3.54 H.K. Electrics A 2173 | Macao Electrica ............ Bandakan Lights ......... Telephones (old)....................... $8.60 Telephones. (DEW)..................

Tractionė meremeessens

Tractions (prel.) ...... Industrials

z,

.60)

$14

Cald, Macg (rd) B.

$13 Cald., Macg. (Prof.) 8. $1.70 Canton lees voorprend

3154 Cemania ...... 8463 Ropes ********

Miscellaneous

834 Dairy Fartas

16

Ch. E'tainmente ... $6.20 | Constructions (old)...........

Constructions (0*W)........)

18] Lane Crawford..........

#2

Nabrang Tobacco ...... Sincares

Ch.0.5% 1925G.$Bds 744 H.K. Gort. $% Losas

H.K. Gost. 81% Lomas

$36

H.K. Wing On

Vibro Piling

S'bal Wing On

17/6 Mazamana Inv. (Lon.)

30 Maramana Inv. (H.K.) 100 ola, Win. Powella ......... *Sales to Shanghai

H2

:

$8.66

$15

$4.40

$21

#1.70.

Ja

141%

$100

$100

471

$6,90

90 ct.

LONDON EXCHANGE RATES

Paris

Geneva............. Berlin.

Athens Milan

Lisbon Stockholm'

Shanghal

Amsterdam

Vienna Prague

(British Wirelem Bervice)

Nov. 24.

.

Nov, 26. 178-47/84

20.391

'178-47/84

20.45

11.02

11.58

5474

281

88-1/16

1104

19.41

8ld.

New York

.4.64%

4.631

8.531

8.51+

1351

Helsingfor

660

Goslar, Nov... 28. above the average of the last

the three years.

Bucharest

1/2-15/16

Hong Kont

1/2-15/18

Bombay

1-5d.

Montreal

4.67

4.66

21,47

27,38

Yokohama

1/2

Belgrade

210

Buenos Aires

20,60

20.59

Monte Video

121

191

3.

19-9/16

193

20+1/16 -38% 99.

201

in-

In a speech' winding up Sixth Reich Peasant Congress at

Meat production was half a Goslar yesterday. Herr Walter million tons above the average of Darre, the German Minister for the years between 1928 and. 1932. Tientsin, Nov. 27. Agriculture, revealed that in the mine to the brevalence of foot The Commercial Commissioner fifth "year of the "drive for in- and mouth disease, and lack of dispatched by the Economic Decreased production, there had milkers, there had been no partment of Germany to north been a flight of the p-pulation from crease in the production of butter China has proposed to the Pel- the countryside into the towns, as compared with the preceding ping authorities a German-North notably the industrial regions.

year. Current Accounts opened in Local We also handle the issue of China barter trade involving pea- This had taken place in spite Herr Darre then went on to Currency and Fixed Deposits re- Bends and other Public Funds of nuts. The barter will be of a of the fact that as a result of disclose the alarming fact that year or shorter the Chinese Government both at temporary nature, it being under-State guidance there had been as.compared with 1933, the num- periods in Local and Foreign Car Home and Abroad:""

stood that the system will be a big rise in German agricultural ber of agricultural workers in abolished a certain period after

production.

Germany has fallen by 185,000. Manager. the prospective enforcement of

a general trade control fi north This flight, from the country-He estimated that since 1933, China. Third Powers interests side, be, declared, was such as to from 700,000 to 800 000 persons be affected. International feopardise. the Government's had forsaken the countryside for

plans for still further augment- towns and industrial centres. ¿' -

rectify In its efforts to

this lng agricultural output, and re- LEGAL NOTÉS BEING

state of affairs. the Govern sort would have to be made to a BOUGHT UP large extent to a more intensive ment had spent last year alone,

the sum mechanisation -of: farming." -

of 400,000,000 marks, Bank notes of the Bank of

four times as much as in 1932. China the Central Bank of. China "This year's grain harvest, he At the same time it bad raised' and the Bank of Communications, gig, had been the biggest ever the wages of agricultural workers, says 2 report, Åre Being freely recorded in Germany. The potato It would appear from other state- bought up by interested: parties yield was 21 per cent. above the ments made by Herr Darre. in. for the Federal Reserve Bank of average of the years from 1926 North Chinh, which is paying $1,100 to 1992, while the sugar beet yield the course of his speech, that the Is prepar- German Government 'n "Federal" bank notes for everywes twice that of 1832.

ing new legislation, designed to $1.000-in National Government This seara production of hemp mombat a further exodes of popu

in Germany was 126 per cent. iation from the countryside,

KAN TONG PO,

Chsel Manager

WHAT DO

YOU

WANT??

If there is anything you want to buy or sell,

a small classified advertisement.

words $1.00 Prepaid for 3 insertions,

will

notes

Prussels...

Rio de Janeiro

Copenhagen Oslo........ Silver (Forward) `...... Silver'(Spot) War Loan ...

ON LONDON:

Closing Quotations

November 8, 1951.

Telegraphic Transfer...{1/4 Bank Bills, on demand 27/8- Credits 4 months' sight ́1/3.3/12 ON BHANGHAI:—

On demand

Ch°New Yor

Bank Bills, on demand

Credits, 60 days' night vi

ON BATAVIA ---

On demand

ON PARIS:

Bank Bille, on demand 1.190 Credits, 4 months, sight 1,180

ON SAIGON:

176 m.

OR SINGAPORN: -----

On demand ON JAPAN

On demand ON-INDIA-

On demand

OF MANILA:

On demand

ON BANGLOR

Telegraphic Transfer...

emand

On demand

Sovereign' Notes

Bank Buying Rate ....... 1/*1 Bar Silver per o

Transocean.