1938-12-13 — Page 11

HONG KONG DAILY PRESSTM

Finance and Commerce

Japanese Plan To Reopen

Shanghai Cotton Exchange

Closely Watched In North

Co-

Chinese business circles in Shanghal are paying serious atten- tion to the reported plan made by some Chinese culton exchange brokers to resume the operallons of the cotton exchange in operation with the Japanese. According to a Chinese report, if the plan materializes. the exchange will be a Chinese concern in name but capitalized with both Japanese and Chinese money.

GERMAN TRADE TREATY WITH RUMANIA

re-

Bucharest. Dec. 12 An important trade agrée- ment with Rumania has been reached by the German trade delegation. The treaty is troactive as from October 1. and will remain in effect un- til October 1, 1939. It con- tains a commercial clearing agreement. and in principle is. only the prolongation of the treaty which recently expired. with certain modifications.

The present plan is to secure co operation of former Chinese cct

ton exchange brokers. When re- opened, the exchange will deal mostly in textiles and raw cotton Since the reopening of the cotton exchange "with Japanese assistance will seriously affect Chinese busi-

circles, ress" and banking

the movement is being closely watch ed.

Before the hostilities, the Shang- hal Chinese Cotton Exchange handled a tremendous volume of bustness but since the withdrawal ot Chinese ometals and troops from the Shanghal area last year It has been descrted.

BRITAIN WILL FIGHT FOR TRADE

that

London. Dec. 12 Speaking at Windermere yeater- day, the President of the Board of trade, Mr. Oliver "Stanley, sald in the old days British manufacturers could compete on level terms with foreignera but to-day he had to compete Arm against industry or possibly firm against country.

neutral British

"That is a form of competition which is no longer tair, and we are determined that in markets of the world traders should have a fair deal from those countries.

"If they do not meet us by methods of peace or by means of negotiation." continued Mr. Stanley, "we shall have no alternative but to fight.

"We are organising ourselves to night, and if it comes to a trade and commercial Sght between or ganised industries of this country

and industries of other countries, I have no doubt as to what would

Some months ago. "certain Japanese were reported to be trybe the result."--Reuter ing to resume its operations with the aid of a Chinese group who, The volume of trade between howeyer. found it hard to accept the two countries has been in- the Japanese offer."

creased to a total of £15,000,000, Only last week, sorne Chinese in- but no money will change hands.terested in the exchange business Goods will be exchanged on the sought to resume operations of all barter system.

BRITAIN BUYS U.S. WHEAT

British millers recently complet Chinese exchanges in the city un-ed negotiations for the purchase of Financial circles estimate that der foreign management but they over 500.000 tons of wheat from the under the agreement. half of Ru-were discouraged in carrying out United States, constituting a re- mania's total imports will come the plan by orders from. Chung.

'cord for a transaction of this na- from Germany, while one-third king.

ture.

of her exports., including 25 pe: cent. of Rumania's of, will go to Germany.

Germany has agreed to take 200, 000 tons of maize and will sup- ply Rumania with

goods, including

Reuter

manufactured

machinery.l

MARK-LEI EXCHANGE

'Bucharest. Dec. 12.

TIN

HAGUE

ANALYSIS

The Hague analysis of world' tin consumption for the nine months January to September gives 115.300 tons compared with 147,700 tons for the same period of 1937. Comparison a

of the principal

The rate of exchange of the Reichsmurk will be raised under the new treaty. Hitherto. Rumanian exporter received only consumption for the two periods is

United Kingdom 13,363

While same quarters regarded the transaction as being on behalf of the British Government food defence plans, the millers stated it was purely a private deal and they were merely taking advantage of

FINANCE

MODIFICATION OF TAXATION IN U.S. SEEN

Modification of the United States Treasury's plans for new taxation is considered likely In Washington financial cireles In view of the better business trend which has taken place since the Treasury began its tax studies last, spring,

Secretary of the Treasury, Mr. Henry Morgenthau, Was quoted! recently as saying that this busi- ness improvement will be given due weight in the final drafting of the tar plans to be presented to Con-i gress after it reconvenes in Jan- uary.

It was pointed out that the In- creasing collections from present levies as a result of the business improvement may lessen the need for new, levies or increages in rates of existing levies the Treasury may seek.

However. it was Indicated, the Administration's apparent deter- mination to seek enactment of taxes on incomes derived from future issues of tax-exempt securi- ties would not be altered because of increasing revenues from other levies.

It was recalled that the Administration's avowed reason for seeking these taxes is elimination of tax exemption. which it terms unfair, and equalization of the tax burden.

While no specific examples were given as to how further improve- ment in business may modify the Treasury's plans, it was indicated that the requirements of the bad-: get will be of primary significance in working out the Administration's tax recommendations to Congress.

BONDS DRAWN AT SHANGHAI

Chungking. December 12. The sixth drawing for the Con- the big surplus of wheat in Ameri-solidation Bonds "p and thir-

ca.

The

greater part. if not the whole, of the purchase will be de- livered after January 1 and will therefore enter" Britain duty-free under the Anglo-American trade pact recently signed in Washing-

YUNNAN COTTON

38 lei for one Reichsmark. while as follows (all tons): 1.5 A. 38:540 ton. Importers had to pay 39 lel-for one 60.025: Reichsmark. The future rates will be 404 and file! respectively Transocean. "

BRITAIN SEEKS

19.121: Russia 13,091. 18.014; Ger- many 10.020, 8.791; Japan 7.285, 5.987.

COMMISSION

Kunming, Dec. 11.

Apparent consumption during

A Cotton Commission is being September. 1938, was 13,000 com- pared with 11,500 in August last organised by the Economic Com- and 18,400 in September. 1937. mission of the Yunnan Provincial World production on the same Department of Reconstruction and

AIR DOMINANCE basis is estimated at 10,200 for the Bank of China. the Bank of

Great Britain has definitely embarked on a drive to gain virtual dominance of the world's commercial airways. states a New York" message. So important is this plan re: garded that the bellef was expres- sed it formed one of the principal. reasons for the anticipated return of Mr. Joseph Kennedy. American

Ambassador to Great Britain.

Aviation circles in America have

received from their own sources in England an outline of the plan which has been formulated as a b to be introduced into Parlia- ment in the near future. The plan envisages broadly the government's taking over both Imperial Airways and British Airways. under a Gov- ernment monopoly system similar

4

September. 10,800 for August, and Communications and the Farmers'! 19.400 for September last year and Bank.

Its function is to improve the the January-September production this year 115.200 compared with cotton industry in the province. 147,400 for the same period of 1937. Delegates will be sent by the Com- World in plate production for mission to Kalyuan, Mengtze and the first three quarters of 1938 is other districts to promote cotton- put at 888.000 for July-September, planting.-Central News. 730,000 for April-June, and 743,000 for January-March. The general quarterly average was 1,084,000.

World production of motor vehicles for the same quarters" ly

TAX PROCEDURE

IN KIANGSU

Instead of being computed on

given as 637,000. 988,000 and 1.018, the basis of a shop's gross business 000 compared with a 1937 quarter-receipts, as was the case prior to ly average of 1,590,000.

NEW CUSTOMS RULING

Shanghai, Dec. 12 Commencing December 18. all

the outbreak of hostilities, the business tax now collected in Klangsu Province is calculated on the basis of the value of goods.

This measure is necessary be- cause of the fact that many shops are closed in various cities, but the measure will only be of a tempor- ary nature.

teenth drawing for the Telegraph Bonds took place on Saturday at Shanghai. Consolidation bonds "E" with terminal numbers of 032, 158, 699, 692 and 976, and Telegraph Bonds with terminal numbers of 30,57 and 66 were drawn.--Central

to those in Germany and Italy. goods transported to or from Jap

The plan also envisages the anese occupied districts, or areas scrapping, of all present considera- to which the influence of the Chi- tions of economy and profit-mak-nese Maritime Customs does not NEW RAILWAY FOR ing in the race to dominate the extena, must be accompanied by

NORTHWEST airplanes of the world.

Customs. export or import papera

examined and must be duly

by

Chuacking. Dec. 11 Customs officers, otherwise con- A new railway is said to be un- fiscation and punishment will be der construction from Chengchow the order.

to Paoai and Lanchow, Kansu, This new Customs ruling alma Railways and equipment for the at discouraging the widespread new line are taken partly from and from the toru tracks in the occupied

areasInternational

UNEMPLOYMENT

IN U.S. BEING

INVESTIGATED smuggling of goods to

Mr. Leon Henderson, secretary of occupied areas.-Renter

the US Congressional committee

appointed to investigate mono

polies, has revealed that the com-

mittes had instituted an inquiry in WASHINGTON MAY MOVE

an effort to discover, the reason why an estimated 10,549,000 work- ets were unemployed in October this year despite rapidly improving business conditions throughout the country and the magnificent natural resources of the United States.

Mr. Henderson called attention to the fact that in 1929 the United States had seemed capable of maintaining a national income of

Rent.

TO COUNTERACT JAPANESE

News

TRADE DISCRIMINATION

London, December 12,

Not the least of many matters under consideration in Washing-

ton is the "adjustment of American trade polley to the discrimina- tory practices of Germany and 'Jápan, says "The Times' " - Wa- shington correspondent.

ין

All

After analysing the situation that already taken against Ger- U.8.$94,000,000,000, whereas the navis-a-vis Germany, he says that, many. 涮 tional income has instead slumped in Japan's case. no finding of dis- If this is decided upon, both to about US$62,000,000,000 at pre- crimination against American Japan and Germany would be trade has yet been made, but affected by the application of the provision which authorises the Cotton flooring, as welcome to evidence has piled up of a sort to President to exclude

any or such a finding almost articles from the discriminatory tired feet as thick rugs and much make

practical, in to be one obligatory.

correspondent adds that, example of several new uses for cotton exhibited in the North ese policy in China proper is such since retaliation is a double-edged Carolina section of the Court of as may compel action; There is weapon, its full use requires care- States at the New York World's plenty of legal authority for re-ful study, and this is being pur- Fair in 1939,

tallation, more severe in kind than aued-Reuter.'

more

country.

The The whole movement of Japan-

TUESDAY,

DECEMBER 13, 1938.-PAGE 11

SANDEMAN

PORT

SHERRY &

Obtainable everywhere.

Christmas + Cards

Mr. Howard Hording.

Maldon

Telephon

Now On Sale

Beautiful, Expensive - looking Cards and Calenders with your own name inscribed on them.

Envelopes to match IlSpecial price!

Large Selection

CHE SAN & CO. 158, Des Voeux Read, C.

Phone 22357 & 28858.

LAMMERTS' AUCTIONS

PUBLIC AUCTION.

HE Undersigned have received

instructions

THE

TO SELL BY

PUBLIC AUCTION

ON

THURSDAY. the 15th DECEMBER. 1938.

Commencing at 11.08 a.m.

At their Sale's Room, No. 2 Connaught Road, Central (Room No. 205, 2nd Floor).

A QUANTITY OF NOVELTIES SUITABLE FOR XMAS

PRESENTS

·Cemprising:—

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 FOR CAPES AND FUR COATS

On VIEW from WEDNESDAY. the 14th DECEMBER. 1938.

Terms: Cash on Delivery.

· LAMMERT BROS..

AUCTIONEERS.

Engraving is the hall mark

of

VISITING CARDS.

If

you

wish to create

a. good impression

use our cards of high

Quality.

||

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

on

FRIDAY, the 16th DECEMBER.

1923. •

Commencing at 5.35 p.m.

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

#

A COLLECTION OF POSTAGE

STAMP'S

Mr. J. Cartwright.

18. Borton Road.

Hours Taxle. 3.

In these we Specialise

Samples available

at

Mr. Geoffrey A Matthews :

16. Mayfair.

London, #..

Mr. Eric B. Green..

go. Kirch

South Shields

The EASTERN ELECTRICAL COMPANY,

GERHARD 2174.

FRIC GRAY

PHONE CENTRAL (780.

CASEIRA STUDHEZ

ERT STREET, NJ.

Mr Dennis E. Spalding..

THE HONGKONG DAILY PRESS

Marina House, 3rd Floor, 15-19, Queen's Road Central.

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

Terms: Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

SERVICE TO READERS

اراده

THE HONG KONG DAILY PRESS, LTD., and the HONG KONG WEEKLY PRESS, through their London Office, at 58, FLEET STRHET, E. C., Tel- 3187, are prepared to give Subscribers and Visitors advice regarding accommoda tion available, motoring faci- lities; suitable

shopping

centres, etc.

If, when at home, they will call or telephone to the above address, they will receive the utmost assistance and the latest available information on all subjects of enquiry will be placed at their disposal.