1938-12-10 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

BRITAIN TO EXTEND EXPORT CREDITS

Measures To Combat Foreign Competition

FACILITIES FOR CHINA

London. December 9. Boldly conceived measures to support British expert trade against foreign competition in the world market are to be taken by the British Government. In the House of Commons yesterday, the President of the Board of Trade, Mr. Oliver Stanley. Introduced a B to extend the powers of the Board to give export credit cuarantees.

I

of

The text of the Bill shows that the Government have had within the year to increase the statutory levies

guarantees under the export credits guarantee scheme from £50,000,000 to £75,000,000. This reflects the increased use which exporters are making of the scheme.

period.

The Bill empowers the Board of munts received Fave exceeded the Trade, without necessarily con-total claim paid and administru- sulting the Advisory Committee on tive expenses throughout the Export Credits, to cover export ut goods on conditions which are not strictly on a commercial basis but which, from the national view-guarantees are satisfactory.· point, is well worth doing.

The Government's commitments under this proposal will be limited to £10.000.000.

Under the present scheme, it is contemplated that assistance will

Under the new proposal, war munitions could be obtained

if

MOTOR LORRIES FOR CHINA

The "Daily Herald" understands that immediate advantage will be taken of the B to send motor lorries to China,

be given to a large number of An armament deal of £20,000. small transactions, and I 1s. 000 with Rumania is also contem- understood that cases to be cover-plated, and the fund would be ed will be those where reasons for utilised to assist this deal. granting the guarantee will be more political than commercial.

INCREASING USE Since 1926, when the present quarantee schimne came into force,

the total value of

contracts.

ex-

CHINA LIGHT DIVIDEND

New Issue Also Contemplated

The Directors of the China Light & Power Co., Ltd. have decided to recommend at the forthcoming annual meeting of shareholders. that the profits for the past financial year fatter providing 35-45.875 for deprcelation) amount- ing to approximately $1,063,000, plus $100,000 from last year, be dealt with as follows:

brought

FINANCE

EMPIRE RADIO LINK PLAN

Offer From Cable And Wireless

Details were made available in London last week of an offer made to the Government by Mr. Edward Wilshaw, chairman of Messrs. Cable and Wireless Ltd. to create a chain of wire- less stations throughout the Colonial Empire..

The scheme provides for the in-

with receiving and transmitting stallation of 32 wireless stationis

equipment, and for the eventual employment of about 1.000 men. Including a large number of high- forwardly-trained wireless operators.

The company will bear the cost of installing the, wireless equip ment at each of its existing cable, stations. where no ·commercial wireless service 13 already in

To pay a Dividend of 50 cents per share on the "Old" Shares and proportionate amounts on the "New" Shares. absorbing about operation $934.000.

To write of late General Mana- gers' Rights, $100,000.

To transfer to Contingency Re- serve. $25.000,

To carry forward approximately. $104,000.

The dividend will be payable on Decembe: 21, 1938...

NEW ISSUE

The Directors have also decided to convene an extraordinary meet ing of the Company, to be held immediately after the annual meeting on December 21, for the purpose of increasing the Com- pany's authorised capital to $15,000,000 by the creation of one. million new shares of the nominal Value of $5 each.

Although only £10,000,000

It Is the Directors' intention. If avaliable, the sum can be used the proposed increase of capital is ugain and again as each deal is passed, thereupon to make an completed, and reimbursement is offer to shareholders of 400,000 ade by the purchasing Power. new shares in the proportion of

The "Daily Telegraph" declares one new share to every five exist- that the motor lorries for China jing shares held by them, respec- will be for the building of the tively, at the date of the extra- new Burma read.-Reuter and ordinary meeting. Such new

shares will be issued at par.

policies and guarantees issued by Export Credits Department ceeded. £180,000,000. The Increas- ing use of these facilities by Special; traders is shown by the fact that the yearly total has risen from £7,500,000 in 1933/34 to 242,940, 000 in 1937:38.

Guarantees given will not cost the taxpayer anything, as pre-

PROPOSED SALE OF P. AND 0.

BANK

London, Dec. 9.

The Arst instalment of $250 per share will be payable upon- ac- ceptance of the offer on February 1. 1939: the balance will be called up as and when required.

1:

The first station is likely to be established at Jamaica, which is considered to represent an import- ant Junction of the old and new worlds, and potential flying base.

4

This station is expected to be ready in 18 months.

Other places likely to be includ- ed in the scheme are Antigua, the Barbados, Bathurst, Gibraltar, Lagos, Mombasa, Mauritius, Sey- chelles. Saint Helena, Saint Vin- cent and Zanzibar.

SILVER MARKETS

LONDON SILVER

London, Dec. 8. Silver-Little speculative and continental buying, Offerings small. Buyers satisfied. Market steady. In the afternoon,

the market was very quiet, sales, in- clined to be offered at the rate.

Spot

Forward

20-3/16d. 19-9/16d.

--Reater.

NEW YORK SILVER

New York, Dec. 8. ..... 42-3/4

-Reuter

Omielai Price

SATURDAY, DECEMBER 10, 1938.--PAGE 11

IT'S NOT TOO LATE TO SEND YOUR CHRISTMAS GIFTS BY CLIPPER AIR EXPRESS —

AND YOUR CHRISTMAS CARDS

· AND LETTERS BY CLIPPER AIRMAILI

TO MANILA, HONOLULU, U.S.A. & CANADA

PHILIPPINE CLIPPER"

DEPARTS IEC. 18 DUE U.S.A. DEC. 81

"CHINA

י

CLIPPER

""

DEPARTS DEC. 22 DUE US.A. DEC. 18

For Further Information, Please Apply Gloucester Building

Tel. 31166

LAMMERTS' AUCTIONS

PUBLIC AUCTION

THE Undersigned have received

Estructions

to sell by

PUBLIC AUCTION

ab

MONDAY, the 12th DECEMBER, 1938.

"F

Commencing at 11.00 am.

At their Sales' Room,

No. 2 Connaught Road, Central Room No. 205, 2nd Floor).

and

A Quantity of Furs, Fur Capes Collars. Foxaline, Woollen Coats and Costumes, Silk Evening: Dresses. Overcoating Materials and' Woollen Dress Lengths,

and

a

A Selection of Latest Fashion Ladies Winter Hats.

Terms: Cash on Delivery.

› LAMMERT BROS.,

AUCTIONEERSE

CHINA NATIONAL AVIATION CORPORATION PUBLIC AUCTION.

GENERAL TRAFFIC

ACENTS FOR

PAN AMERICAN EERWITY SENTEM

INDIAN HOUSE

APBIS

COAL.

A limited supply of this Coal is available at the following rates per, Ton of 2,240 lbs. Delivered:

PEAK DISTRICT

$29,00

BOWEN ROAD & LOWER LEVELS

Market-Steady.

BOMBAY SILVER

Bombay, Dec. 8.

Oftake 35 bars

$27.00

KOWLOON Y..

$25,00

REPULSE BAY.

$30.00

Indian Mint Silver

$32.00

UNITED DELIVERY CO., LTD.

A meeting of shareholders of the SCANDINAVIA-FAR Ready

INSURANCE AND P. and D. Banking Corporation has

POGROMS

Problem And Principles

The pogrom in Germany has presented British underwriters with a pretty problem. Some of the wrecked Jewish pro- perties are covered by insur.. ance policies taken out in London, and others by policies underwritten by German In- surance firrns but wholly ог partly reinsured in the London market.

been called for December 16 at which the proposed sale of the undertaking to the Chartered Bank "of India, Australia and "China will

be decided..

EAST SHIPPING

PARTICIPATION BY JAPANESE

the

It is announced that if share-

Japanese participation in holders approve of the sale, the regular shipping trade between Chartered, Bank will, after absorp-Scandinavia and the Far East tion, continue to give clients and started when the motorship Yasu- constituents of the P. and O: Bank kuni Maru, of the Nippon Yasen the services and facilities they Kalaha, reached Gothenburg to have hitherto received from the load latter-Reuter.

GERMANY LOWERS.

IMPORT DUTIES Germany's dependence on for eign markets for a large portion of her food supply is shown by a

The NYK, is joining in the co- operation established years ago between the Svenska Ostasiatiska Kompaniet, of Gothenburg, Wil- helm Wilhelmsen, of Oslo, and Copenhagen, and has appointed the Ostaslátlake Compagnie, of these companies as its agents in Sweden, Norway. and Denmark respectively.

If the British underwriters meet recent ordinance adopted by that such claims for damages as may country conditionally reducing the be presented, the Jewish policy-duty on imports into the Austrian holders will not get the money, customs area. The German Government 1123 decreed that, it is forfeited to the eredive early during the second September and published in the The import duty which became ducing this duty was passed in State as atonement for the Jews hair or 1938 is 1.10 crowns per 100 Reichsgese:zblatt. "'crimes."

RESPONSIBILITY

Į

kilos and will apply on wheat, rye.

Normal import dulles on these barley and oats Imported under a products, it is pointed out, range Now it is a cardinal principle special permit into the Austrian from 16 to 6 gold crowns per 100 of British law that no person may customs area. The ordinance re-kilos. legally benent by a criminal act;

You may not Insure a building.

་

you or rather WEEKLY RETURNS AND REPORTS

burn it and enjoy the insurance money; nor may your heirs participate in the as- surance of a man you have mur- dered.

י'

Does this principle apply to a Sovereign Government? If the German Government be held. responsible for the wrecking of Jewish properties-and it certainly tolerated them should it be en- titled to profit by the insurancej proceeds:

BANK OF ENGLAND

Public Deposits Other Deposits:-

Bankers......... Other Accounts.... Total...

50-14

51-01 Dec. 17 Settlement... 50-14 51-01 Jan 18 Settlement... 50-12 51-00 Unofficial Price

Ready December 17 Settlement... January 16 Settlement

51-02

51-02

51-00 ---Reuter.

SHEK & STANLEY!

NEW TERRITORY

الروم

"Phones: 20006, 30939, 58556, 58557 & 58985.

THORNYCROFT

HE Undersigned have received

THE instructions

to sell by

PUBLIC AUCTION

FRIDAY, the 16th DECEMBER, 1933.

Commencing at 5.15 pm.

At their Sales Room, No. 2 Connaught Road; Central (Room No. 205, 2nd Floor).

||

POSTAGE

A COLLECTION OF POSTAGE STAMPS

On VIEW from THURSDAY, the 15th DECEMBER, 1938.

Terms: Cash on Delivery.

LAMMERT BROS.

Heres a REAL boon to boatowners!

London, December 8.

Dec. 1

Dec. 8

£ 23.110

97,080

1000's omitted)

£18,030

102,940

37,190

35,940

134,270

138,880

1

Government Securities

20,170

06.140

Other Securities-

Burn a

Discounts and Advances

17,500

17,870

Two cylinders

Securities

20,640.

21.500

Total .........

38,200

30,370

Notes and Coins

46,840

69,860

327,850

327,610

Notes in circulation.

480,810

487,750

Engine speed: 1,100 p.m.

Ratio of Reserve to Liabilities

29.76%

44.35%

Reuter.

The principle is important. If the answer be "Yes," the Nazis would have found royal road to the acquisition of foreign exchange;

synagogue and draw sterling from Lloyd's.

SOVIET JAPANESE

FISHERIES

Moscow, Dec, 9 An official announcement pub- -----lished in the Soviet press yester- day states that the Soviet Gov- ,ernment will agree to a renewal of the Japanese Russian Fisheries Convention only if Japan declares her readiness to make certain payments resulting from the sale of the Chinese Eastern Railway to Japan.

The sum claimed by Soviet Russia is about 6,000,000 yen. Transocean,

Total Bullion....

FEDERAL RESERVE SYSTEM

New York, December 8.

Dec. 1

Dcc.'8

2,884,000

(000's omitted)

1,000 $ 1,000 2,564,000 83.68% 2.591,000 14,387,000.

Bills Bought

U.B. Securities held...

Federal Reserve Batlo.

83.68%

Federal Reserve Credit Outstanding

2534,000

Monetary Gold Stock

14,312,000

Industrial Advance....

15,821,000

15,485,000

--Reuter.

"the

AUCTIONKERS.

HEAVY OIL

THORNYCROFT

'HANDYBILLY'

operated on the Hesselman principle and, with very little increase in weight or overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost of the diesel,

9

H.P.

Bore, 3. in. (89 m.m.); Stroke, 4 in. (114.2 m.m.); Displacement, 86.6 cu. ins. (1416 cc.)..

Tailshaft speed: 700 r.p.m.". Fitted with combined reducing-reversing gear,

THORNYCROFT

stands for Satisfaction

FOR FURTHER PARTICULARS

APPLY TO OUR

HONG KONG OFFICE.

TEL. 22363.

ST. GEORGE'S Building, 1st. FlooR,