1938-12-06 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

GOVERNMENT MEASURES CHINA EXCHANGE

TO HELP WHEAT PRICE

Every Resource Employed

To Avert Disaster

Although the low wheat prices have spread dissatisfaction among growers, the wheat situation is less troublesome than the colton situation In one respect, namely, that there was no huge surplus carried into 1938. states the Monthly Letter of the National City Rank of New York, Just Issued. However, the carryover was ample. IK4,000,0000 bushels, and a considerable surplus, possibly well over 150,000,000, will be added to it from this erop. Therefore another vield much above domestle requirements in 1939 would put wheat in as bad a position as cotton.

The

on

AND TRADE

Dr. Kung Renders Good Report

Chungking. Dec, 3

A lengthy report on China's foreign exchange and trade during the past months Was rendered by Dr. B. Kung. President of the Executive Yuan and Minister of Finance. at the annual meeting of the Chinese Economics Society here yesterday.

Dr. Kung emphasised that the stability of Chinese Government is employinggan to subsidize wheat exports, a will be maintained and that the currency every resource of the farm pro-step which Secretary Wallace, has future of China's

foreign trade xramme to avert this disaster, neretofore opposed. Naturally, this is bright.

The Wheat cron. $40,000,000 Togramme, hus depressed foreign

Dr. Ma Yin-chu, well-known bushels. Is the fourth largest on

markets and supported ours. Chinese economist, who attended record. "The total supply 1 1.094. At the beginning of the season the meeting urged, in the course 000,000, compared with average Southwestern prices were

a speech, the Government to an of domestic requirements of under export basis sufficiently below the take appropriate measures against 700,000,000. Unfortunately this big world price to cover, transporta- war profiteering. crop. coincided with large yields tion costs. Kansas City was 15 A large number of noted Chi- in Canada and Europe and a good cents below Liverpool: but it is nese bankers and economists were now, only 1 cent under and the present at the meeting, which de- As Secretary Wallace has said, Government is currently paying 17 voted its discussions mainly to. the exporting countries have near-cents subsidy to enable wheat and problems of foreign exchange and ly two bushels available for every four to be exported. Exports to economic reconstruction.-Cen- one they can sell, and the world the middle of October totalled 35, tral News price is depressed. Hence the de- 000.000 bushels. cline in the Chicago contract mar- ket to around. 60 cents in the late Summer.

prospect in the Argentine.

The third measure taken was to set the acreage allotment for the| 1939 wheat crop as low as practic- To keep up wheat growers' in-able-Congress determined the come and to prevent the unbalance gure by enacting that it should. between supply and demand from not be less than 55,000.000 -aeres-- becoming worse, the Government and to increase the benent, pays, has resorted to three measures,ments to "co-operating farmers First, the mandatory loans provid-from 12 cents a bushel this year to ed in the Farm Act were invoked 26 to 30 cents for 1939. automatically by the price, declinė, To qualify, growers will have to the lean level averaging 60 rents reduce acreage an average of 31 on the farm and running up to 73 per cent below a year earlier, and and 77 at Kansas City and Chica- there is doubt whether they will go. respectively.

make such a drastic cut even for the greater payments.

LITTLE WHEAT IN LOAN Prices have been continuously under the lost. value in the ter- mina markets and Infest coun -

L

MARKETING QUOTAS

"

IMPROVING CHINA TEA INDUSTRY

NEW PLANTATIONS IN SOUTHWEST

Chungking. Dec. 5 To Increase ten production. the Ministry of Economics has instructed the China Tea Corporation to open tea plantations in Yunnan, Szechuen, Kwelchow and Kwanrd.

new

ex-

As a preliminary step. an perimental station with a factory attached will be first establish-

In reserve for next year theed in Yunnan. The station will

A A.A. holds the possibility of far-undertake to increase the try districts: nevertheless surpris-keting quotas. which would force duction of 'pu er ten Ingly Hills, wheat has been put compliance with its acreage allot-Yunnan tea for export Into the loan only. 25.750.000ients for the 1940 crop

bushels to October 27.

The reason for this small use Ji the loan are varied, Secretary

pro- (Jamous Detalled

0:

be

plans for the establishment

By these measures the Govern- the station have been mapped

A sum of $100.000 will ment intends to support the price, out. which has now held firm for some appropriated as an inital. fund.

the

Wallace says the procedure is new weeks, and to prevent the surplus Mr. Cho Hsuan-mou, and Mr. to farmers and that a pioneering from rolling up as it has in cotton. Chi Ching-shou have been invit- Job had to be chine. Also, many That it can and will support the ed to act as supervisers of wheat growers were not eligible for market seems probable enough, but station.

Te. planters and the loan because they harvested a

whether it stops the snowballing workers In war zones who greater acreage than their allot

out of em- ments: and high premium wheat In favourable locations has fre- quently been worth more in the market than in the Ican.

of the surplus will largely depend have been thrown upon the weather.

ployment will be sent to Yun-

i Rain has been scarce ever the nan to work at the station.

hard Winter wheat belt this Fall. Central News.

and surface moisture is deficient. EXPORT SUBSIDY

This situation has lasted long Since the loan was not pegging enough to become a market factor. the price effectively, and if it were It is not the general thing to wel- effective the pegged price would come a poor crop, but it is plain elieck exports of wheat and build that a large yield next year would up an alarming surplus in this load the farm programme with, a country, the Government has be-fresh burden of trouble.

U.S. TREASURY CONVERSION BONDS

CRACK LINERS FOR PACIFIC

Washington, Dec. 5 SERVICE

The United States Treasury on December 15 will offer for cash $400,000,000 worth of 1960-65 two and three-quarters per cent, bonds; as well as $300,000,000 worth ofstf per cent. Ave-year notes.

Similar bands and notes in addi- tional quantities will be offered on a dollar for dollar basis to the holders of $942,000,000 maturing 1 per cent notes, The maturing notes may also be exchanged at par for the new series of two per rent. Treasury bonds.-Reuter,

INCREASING FARM PRODUCTION

Kunming, Dec. 5

To increase Wai-time agricul- tural production, the Yunnan Pro- vincial Reconstruction Depart- ment has ordered all farmers in 38 districts in the province each to work an acre of uncultivated land in addition to his original farm- stead.

This measure constitutes one of a set of improvements recommend- ed to and approved by the Yunnan Provincial Government.

The

стор harvested in the virgin soll will be given to the far- mers Central News,

col-

Coal washing plant dealing with 500 tons an hour is to be manu- factured by Simon-Carves, llery engineers, of Cheadle Hulme. near Manchester, for the Kallan. Mining Administration, Chira.

Within six months, three new trans-Pacific liners. whose home port will be San Fran- ciseo. will be under construc- tion for the American President Lines formerly the Dollar S.S. Co.

EARLY FARM

BENEFIT DISTRIBUTION

New York, Dec. 5 Officials of the Agricultural Ad- justment Administration stated w-day that benent payments for 1938 crops would be distributed several months earlier than last year with the view of increasing farm purchasing power at a time of low market receipts,

About $500,000,000 will be dis- tributed from February next- Reuter.

U.S. SILVER IMPORTS

Imports of silver into the United States during the week ended November 12 were valued at $3,357,

The three new vessels will be of 1000 compared with 315,826,000 the

the President Coolidge type; huge, previous week and $1.618,000 two speedy and modern, of 35,000 tons weeks previously. light displacement. with a speed of 23 knots and accommodation for 800 passengers.

Estimates place the construction cost at $8,000.000 to $11,000,000 each ship

When Anished, the new vessels. will serve regular runs and will be so fast they will clip a week off the

present trans-Pacific time,

$1.606.000

207.000 63.000

· 3,000 1.080,000 9.000

England Canada Honduras Nicaragua Mexico Chile.. Peru Hongkong Japan Philippines

174.000

54,000

142,000

17.000

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TUESDAY, DECEMBER 6, 1938.-PAGE 11

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