1938-12-12 — Page 11

41

HONG KONG DAILY PRESS.

Finance and Commerce

INVESTMENTS OVERSEAS

Britain's Income. High In 1937

London, Dec. 11,

Britain's 1937 income.. frðm overseas investments was, the highest strice 1930. while A small further increase is also possible for 1938. states Slr Ro bert Kindersley in the "Econo- mie Journal"

JAPAN-SOVIET DEADLOCK

No Agreement On Fisheries

Moscow, Dec. 11. The Soviet-Japanese nerd-

for tiations

of regulation

in Soviet fishing Japanese waters have reached a dead-

lock.

Д

two-hour In the course of conversation, the Japanese Am- Sir Robert regards the 1937 re-bassador, Mr. Shigenori Togo, toid sults as most important, because the Soviet Foreign Commissar. M. the trade cycle had then reached

its peak

He adds that in spite of the subsequent decline in industrial activity. 1938 profits are unlikely to show a corresponding shrinkage.

BERLIN BOURSE DEPRESSED

Jewish Selling Iniminent

Berlin, Dec. 11.

110 Although no increased selling pressure was evident, the downward trend of share prices, so marked throughout the week, continued yesterday. actual

business done being very small.

Bank customers continued to show extreme caution, counting on Maxim Litvinoff, that the Japanese continued degeneration of market Government could not accept, the prices, considering that Jewish Soviet proposals as published.,

These suggested the establish-securities inust be realised sooner ment of a year's modus operandir later at much lower prices than

now, while operators, as is usual at with the condition that Man-

the week-end, reduced their hold- chukuo pay the Soviet Government ings even though under present Analysing the 1937 utal, which ale of the Chinese Eastern Rail- circumstances this involved sacri.-

says this way, which the Japanese guaran-

was

HIGHER DIVIDENDS

£197,700,000, he

the defaulted instalments on the

comprises £176,500,000 Income/teed.

from quoted securities, and £21,-. 100,000 from private unquoted in- vestments, which totalled £400,- 000,000.

SEPARATE ISSUES.

Aces."

Moreover, final regulations con- cerning liquidation

Jewish securities are expected to-morrow

It is understood that Mr. Toroso as to enable Jews to effect pay- declined to link the Manchukua ment of the first instalment of the debt with Japanese fishing rights milliard marks fine due on Decem- and insisted, on the conclusion of

ber 15. a permanent convention.

1

Dividends paid by British com- panies operating overseas in 1937

M. Litvinoff refused to negotiate aggregated £57,000,000 compared

further. with £43,400,000 previously.

Unless the Japanese yield thetr Rubber companies in 1937 pald fishing in Soviet waters will be £6,500,000 in dividends, thereby discontinued after December 31, equalling the high 1920 level.thus depriving Javan of an annual

Reuter.

+!

MANUFACTURERS OF US. FRAME PROGRAMME

New York, Dec. 11. The National Association of Manufacturers, which is meeting. here. has adopted what is des- cribed as a liberalised programme "for. American progress.".

The object to furnish incen- Live, for investment. to stimulate; production and to drovide jobs,

Besides being an expression of friendliness towards labour, the programme is decidedly less

critical of the New Deal than in previous years. Included in the measures are specific suggestions regarding bus- ness responsibilities, labour re- lations, purchasing power. taxes. government economy and govern- ment competition in foreign trade! regulation versus the control of manufacturing enterprises - Reu-

ter.

ΤΟ ABOLISH

YUNNAN NOTES

Kunming, Dec, 11 With the establishment of ali this city, government banks in

Provincial the Yunnan

catch worth 19,000.000 yen. Reuter.

GERMANS WATCH BRITISH EXPORT CREDITS BILL

Berlin, Dec. 11.

Official clrcles in Germany are awaiting with interest the text of the new British Export Guarantees Bl

Newspapers and political circles refrain from commenting, but the headlines indicate the importance attached to the news., For. ex- ample. "Der Angriff" heads Its report "Great Britain declares commercial war."-Reuter."

CHINESE CIRCLES WELCOME BILL

London, Dec. 10. The export guarantees bill is welcomed in Chiese and Fur Eastern circles as opening the door for assistance in various schemes

of development in West and South-West China which the export credits guar- antee department herto has been unable to finance owing to the strictness of its limita- tions in respect to what is re- garded as a "commercial pro- position."

!

FINANCE

SHARE MARKET

REVIEW

BY C. A L. RICKETT Hongkong Sharebrokers'

Association

December £

The market has experienced another quiet week, but the un- dertone continues steady, Sellers have been reluctant and buyers have been forced to raise their bids to obtain shares. In some in- stances appreciable advances in prices have been made. At the close bo-day smali scale *of" business

profit taking has been encountered resulting in an easter tendency.in the prices of the more speculative stocks.

[.. Hongkong Banks changed hands up to $1400, and Wharves a1"$118. Lands had buyers at $35) änd sellers at $30 with sales reported! at $353. In the Insurance section Cantons had buyers at $210 with

Fres had buyers at $180 with sales sales reported at this figure, H.K.

at the same price,, Underwriters changed hands at 70 cents "with

Providents (o) advanced 70 cts to further enquiries at this price

$8.

Trams remained steady at $17.10 Hotels after changing hands at $69 could we obtained at $6.70, China Lights after coming to business at $11 cased to $10.70. Electrics re- mained quiet at $58. Star Ferries were wanted at $72 and Watsons Docks (0) at $71. Hongkong mar-

changed bands at $18: Ewo Cottons (Shanghai) have announced an in- terim dividend of 75 cts per share, payable on December 30, also a new issue of 150,000 shares at $14.

The continued werkriess of the ixed interest securities

ket, above all of gold mortgage bonds and communal bonds, had a depressing effect on the market. Nearly half, of all the leading stocks remained unquoted yesterday. Price declines were, however, mostly small-Trans- ocean."

BANK NOTES IN CIRCULATION

Returns of the average amount of bank notes in circulation in Hongkong. during November,' as certified by the Managers of the respective Banks:---

Average Amount.

Chartered Bank of India.

Australia and China $ 25.111,283 Horgkong & Shanghai.

Banking Corporation 209,997.718 Mercantile Bank of In-

dia. Limited

Total

ad

...The gold mining section of the market has remained quiet throughout the week and prices have been inclined to weaken, al- though there is little change over the closing prices for the previous week. Big Wedge and Demonstra- tions have announced a dividend of one centave each. payable on December 22 and 20 respectively. Market closed rather easier.

MERCHANT

SHIPPING

AMENDMENT

"Gover-

It is notified in the ment Gazette" that by virtue and 4.414.009 in exercise of the powers confer- red by sections 25 and 42 of the Shipping Ordinance, $239,523,010 Merchant

1899, the Governor in Connell

makes hereby

the following of amendment the regulationa made under the said Ordinance:- | Regulation is amended by the addition of the following para- graph at the end thereof

STEEL PRICE TO BE REDUCED

London, Dec. 11

A big reduction in the price of steel i contemplated by the Iron and Steel Federation with a view to resisting ship- building in Britain.

20

of

At all other times by day a red flag of not less than two feet in length and two feet in breadth shall be down at a height of not The reduction will range from less than six feet above the water at each end of such raft or 10gs 17/64 to 25/-per ton, and will be-

come effective on January 1 until or group of logs, and if such

raft OF log

group the end of June next year. Hitherto this has prevented the Although the cost of raw mater-logs exceeds fifty feet-in length a inent has decided to abollah the granting of credits for railway malal production will not be notice third "similar red flag shall be provincial banknotes from February terial which the Chinese are an ably reduced, producers express flown at the same height in the

xious to obtain for the scheme. an optimistic view, and state that centre thereof. next year.

It is believed that these credits a big reduction in costs will occur These notes are being gradually withdrawn and holders are asked are now likely to be arranged with- next year-Reuter. to change them into national cur out difficulty.

Govern-

As regards notor lorries, Reuter rency. After February 1, all trans- actions will be in national money, understands that nothing has yet this being a move to unify and been decided, but proposals have standardize national currency. been made by the Chinese which Kunming is fast becoming the the new bill should enable to be banking centre of China ---Inter. granted. national

HIGHWAYS WILL REMAIN

WAK MATERIALS

It is noteworthy that the bill re- tals prohibition of guarantees "in connection with weapons of war or other goods constructed or intend- éd for destructive use in war," but Kongmoon, which after the fall some of the previous anomalies in of Canton becomes the main route this respect, however, have been tetween Hongkong. Macae and the removed.

interior, was at first to have its One important clause in the new highways with other districts com- bill permits credits for the export pletely demolished, when the news of British goods through sales of the Japanese approach, was, made by firms not incorporated in

But made knoWN.

on second Great Britain. "The former lack of idea to destroy this facility caused difficulty in

thougths the

If

WAR LOAN

The following statement of the securities lodged with the Crown Arents by the Mercantile Bank of India. Limited, against their notes In circulation, is published for general Information:-

'market price.

*1 Conversion War

Loan 1940/1944 £240,000

1034-1044

The zalling of the as Canton for Haiphong has been postponed for a day and the vessel will now leave Hongkong at 4 pm, to-day.

for example, by arms operating in China and inco porated under the

them was abandoned as it will be guaranteeing business conducted. Hongkong Ordinances.--Reuter.

a disadvantage for the people as

well as for military transportation.

NEW AERODROME

FOR MACAO

The Macao Government, on in- structions from the Portuguese Government, has drawn up plans to build a big aerodrome in Macao at the end of this month. The con- tract for construction has been signed. After completion, a hum. ber of new model aircraft will be sent from Portugal to be stationed in Macao."

It is notified in the "Govern- ment Gazette" that the Treaty of

Commerce and Navigation conclud-

ed between the United Kingdom,

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ITALY WANTS SHARE IN They are not only pulse

SUEZ CANAL CONTROL

fr

Rome, December 11.

Italy's demands regarding the Suez Canal are outlined in the #Giornale D'Italia" by Signor Virginio Gayda, pahilaist who is offer called "Mussolini's "manthpicos.”

"There must be," he writes, "resolute revision of the transit tariff to the lowest limita compatible with justice and honesty, taking into account the interests of the whole world.

"The administration should be considered a pribile utility enters prize, in which all states are equally interested, in proportion "to" the contributions towards, transit trame, having, natural" regard to the interests of Egypt.

"The Bues problem is inseparable from the general problem of European collaboration on the basis of parity of all nations"-Reuter.

NOT ON AGENDA -

Catro, Dec. 11. An Egyptian Government spokes

Two thousand bales of Annam

and Slam, signed on November 23. rice and about the same quantity

1937, and ratifications of which of rice from Siam reached Hong-man yesterday stated that there were exchanged on February 19, kong last week. In consequence, is no question of the Suez Canal 1938, has been extended to Hong- there was a drop of about 20 cents being discussed in the forthcoming

per picul in the selling price. Italo-Egyptian talks Reuter. kong.

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MONDAY, DECEMBER 12, 1938.-PAGE 11.

KAIPING COAL

FOR HOME, FACTORY, & POWER HOUSE

HOME, FACTORY AND BUNKERS L

POWER

HOUSE,

TUGS & LOCOS.

THE KAILAN MINING ADMINISTRATION

DODWELL & CO., LTD., Agents, Hong Kong.

IT'S NOT TOO LATE

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AND YOUR CHRISTMAS CARDS AND LETTERS BY CLIPPER AIRMAILI

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

44

PHILIPPINE CLIPPER'

DEPARTS DEC. 15 DUE U.S.A. DEC: 21.

CHINA

CLIPPER"

DEPARTS DEC. 22 - DUE USA, DEC. 18

For Further Information, Please Apply Gloucester Building

Tel. 31166

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LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned have received

Instructions

*

to sell by

PUBLIC AUCTION

•

MONDAY, the 12th DECEMBER, 1938.

Commencing at 11:00 a.m.

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

and

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

and

A Selection of Latest Fashion Ladies' Winter Hats.

Terms: Cash on Delivery.

LAMMERT BROS.,

AUCTIONEERS.

PUBLIC AUCTION.

THE

HE Undersigned bava received

instructions

TO SELL BY

PUBLIC AUCTION

ON

THURSDAY, the 15th DECEMBER, 1938..

Commencing at 11.00 a.m.

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

A QUANTITY OF NOVELTIES SUITABLE FOR XMAS

A PRESENTS

Comprising:--

Dressing Sets, Silver Ware, "Bac- carat Crystals, Cut Glasses, Jade Ornaments, Powder Boxes, Imita- tion Jewellery, etc., etc.

also

A SELECTION OF HIGH CLASS FRENCH PERFUMES

and "..

A FEW FUR CAPES AND FUR COATS

1

On VIEW from WEDNESDAY,

the 14th DECEMBER, 1938,

Terms: Cash on "Delivery.

J

·LAMMERT BROS.

AUCTIONEERS.

PUBLIC AUCTION.

THE

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

FRIDAY, the 18th DECEMBER, 1928.

Commencing at 5.15 p.m.--

At their Bales Room,

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

A COLLECTION OF POSTAGE -

STAMPS

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

Terms: Cash on Delivery,

མ་--་་";

LAMMERT BROS.,

AUCTIONEERS.