1938-12-28 — Page 12

$11,007

Electrical goods

Machinery

95.415 311,848

Decreasca

NEW

Iton and steel manufac

ture:

"£590,015

Cotton Yarns and mana-

factures

1.264.097

Woollen goods

402,078

Other textiles..

357,35)

PAGE 12-HONGKONG DAILY PRESS

Finance and Commerce

BRITAIN'S NOVEMBER TRADE BALANCE BETTER Exports At Year's Highest; Large Plane & Ship Sales

A further improvement in Britain's balance of trade is shown by the Novembér returns published by the Board of Trade. Exports in- creased for the third month in succession and" reached the year's hizbest total. Imports declined by just over £1,000,000 on the month and by more than £19,000,000 compared with November, 1937.

The adverse balance for the 11 months of this year has now been reduced to £358,139,208, compared with £387,519.215 in the corres- ponding period of 1937. Even allowing for a fall in the "invisible ' trade items, such as income from overseas investments and shipping, Britain's balance of payments for 1938 should be much more favour- able than in 1937.

Last month's trade totals compare as follows:-

Imports

Exports

Re-exports

Nov. 1938

£78,028,495

42.923.223

5,113,912

Although the total of manufac- tured exports shows a fall of £2,210,549 compared with last November, substantial gains are re- corded in several of the Items.

The value of aeroplanes and olber aircraft sent abroad was €663.053, or almost double the figure for November. 1937. A big increase is also shown un- der locomotives, the total rising from £57,410 to £158,032,

The most satisfactory fentire, however, was a gain of more than £277,000 to 2087.715 in the value of ships purchased by foreign countries

Principal changes in other classes of exports, compared with last November, were '----

Haw wool

Increases

Oct. 1938 £70,034,858

Nov. 1937

£97,268,371-

42.559,998

45,183,169 5,305,646

THE

5,445,683

"FINANCIAL REVIEW"

With reference to the review under the heading "China Still Holds Abundant Silver" published in the "Dally Press " yesterday, in which the "Finan- cial Review" was erroneously reported to be "a semi-official organ of the Chinese Ministry of Finance," it is pointed nut that the "Financial Review" is an independent. publication de- voted to an academic study of nhancial questions of all coun- tries, particularly of China, and Is in no way connected with the Ministry of Finance.

B.A.T. PROFITS

SHRINK

A decrease of £169,563. or rather irss than three per cent.. to £5,590,886 in the net earnings of the British-Ameri- can Tobacco Company for the year to September 30 must be counted, in the circumstances of the period. a very minor

the Interruption of

group's progressive record.

Apart from the general trade recession the Company must again have experienced dificult condi- ttons in China in consequence of continuance of the conflict the with Japan." Further, the company will on this occasion be liable for N.D.C. for a full 12 months in place of six months..

The final distribution is on the lines generally forecast, That is to say, the dividend is again 8d.' per £1 of Ordinary stock, making the total dividend payments for the year 20 per cent.. free of tax, a rate which has been paid since 1929-30.

But the bonus of 1 per cent.. which was added a year ago, is dropped. It may be recalled that Eat the general meeting last January the chairman warned shareholders that the bonus should not be considered as "a continu- ing bonus." As a result of its the directors are non-payment

able 20 increase. the "CALTY- forward" from £2,470,331

£2,736,707.

$1385

STOCK EXCHANGE

Buyers Galler

Nomina

SATURDAY, 24

DEC.

Bayer Buller

FINANCE

HONGKONG SHARE QUOTATIONS

SHAREBROKERS- ASSOCIATION

Woodlan

--

IF

Banks

$1390/91

1.K. Banks

$1380

Du. (Col. Reg:)

£84

281

Do., (Lon. Beg.)

9

Chartered Banks

217;

Merenolile Bks. "A"

£

Mercantile Bks. "C"

188

Bank of East Asia

+02

100

3483

To cta

0179

Douglas

319

Indo Chinas

324

80į

Shells

Waterbosta

N. C. & S. Banki

Insurances

Canton InsurGDEES

Union Insurances

Underwriters

H.K. Fires

Shipping

Steamboats

Indo-Chinas (Def.)...

Docks. Wharves,

Godowns, etc.

$210 $400

170 ctx.

પા

$19

(Prof.)

838

18.71 $9

SPOT

3117

JAN-MARCH

$15

K. & K. Wharves

8.25

APRIL-JUNE

$5,35

$4.33

Providenta (old)

$4.13

$8.15

Providenta (new)

$154

H.K. & W. Docks... $18

217)

18171

Do. (new)

#101

3100 Shanghai Docks S.

#580, New Engineerings 8.

170 Kailans

As Raube

Mining

83 Venezuela Gold Fids

ip eta Hong Kong Mines

Lands, Hotels and

Bulidings

H.K. Hotels

17/8

38

WEDNESDAY, DECEMBER 28, 1938.

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE, BUILDING

HONG KONG

COMMODITY MARKET REVIEW

(FROM PAYNE & CO.)

New York, December 23.

SINGAPORE RUBBER

Dec. "22

Dec. 28

buyers aellera buyers sellers shange

28-1/8 28-3/8 28-3/8

28-1/8 26-3/1

28-5/B

28-3/8 28-5/8

unch. unch.

23-3/4

29

28-5/8 28-7/8 off 1/8

The market opened with prices unchanged for all deliverios na compared with Thursday's closing quotations.

The market was dull and featureless Holiday feeling was pre- dominant. The market will be closed from Baturday, 24th inst, till Tuesday, 27th inst. Inclusive,

LONDON RUBBER

#6}

FIK. Lands

430

......

$38

SPOT

10% Debentures

| Stud}

APRIL-JUNE

*

Shanghai Lands S.

JULY-SEPT.

H.K. Realties

Humphreys

38.50

Previous close To-day's sloss buyers sellers buyers sellers

8-1/16 8-1/8 8-1/8 8-3/16 8-3/16 8-5/16 8-1/4 8-5/16 8-1/4

8-3/8 8-5/16 8-3/8 Market quiet but steady.

shange

up 1/16 up. 1/16 up 1/10

100

Chinese Estates

Cotton Mills

Ex.

318)

Ewns (S.).......

18

C.All

$102

S'hat Cottons (3.)...

#id

121

Zoong Sings (9.)

$24

1+0

Wing Da Toxtiles (S.)

$19

Fubile Utilities

to

$17

Tramways

| $17.05

St

Peak Trams old)..

น

31

Sat

Peak Trams (now)...

3711

Star Ferries ............

#712

Yati Ferrins C.R.$

9226

J

YORK STOCK EXCHANGE

Through Reuter's Service) QUOTATIONS :

$221

Do. (new)$

19.85 ...

Chuna, Lights (D.)

China Lights

Hts.

"

H.K. Electrics

31671

#10'0

Macao Electrics .....

$174

Sandakan Lights

1ar

23

Telephones (old)

J

NEW YORK COTTON

The market early advanced on higher Liverpool prices, covering by shorts, and scattered, local, and foreign buying. Later, prices. moderately declined on liquidation, and bedge-selting, and the mar ket finally closed steady on some trade buying.

NEW YORK RUBBER

More activity was witnessed in to-day's session, with prices pro- gressively hardening on higher London cables, professional and Com- mission House buying, better Wall Street sentiment and mers factory interest.

Telephones" (new) .....

$8

STOCKS

Last Sale

STOCKS

Last Sale

$0.00

Tractions

لاثة

are rèflected in

The big fall in cotton goods may

be attributed partly to the decline Adams Express

in prices.

IRON ORE IMPORTS DROP Allis Chalmers

A Teature of the fall in imports Amerada Corps. was a decline of no less than

£900,526 to £337.245 in iron ore Amer, & Foreign Power and scrup purchased abroad. · This follows a decline of £878,906 in October. In the earlier months of the year, the figures had shown Amer. Metals Co.

little change.

The greater part of the fall in November was under Iron ore, but scrap imports also de- clined sharply. This decline is due probably mainly to the falling off in iron and steel

· production earlier in the year.

Experts of iron and steel scrap

Amer. Radiator

Amer. Rolling Mill... Amer, S'ting and Ring Co. Amer, Sugar R’ing Amer. Tel. & Tel. Amer. Tobacco “B” Amer. Waterworks Anaconda Copper Atchison, T. & S. Fe.

Increased considerably. The total. Auburn Motors...

including negligible amount of Baltimore & Ohio

fron ore. was £117.716. against Barber Asphalt Ci £33,000, Germany's purchases from

Britain rose from £14,117 in Nov.

ember. 1937. to £71,446.

LOWER PRICES

Lower prices for staple products Biggs M'facturing

other import Brooklyn-M'hattan Trans,

figures, among which the following B'klyn-M'hattan 56 cum pr. declines are recorded: --

Dec 24

Dec, 22

21:3

101

Alleghany Steel Co.

261

461

661

Amer. Can

100

Int. Tel. & Tel. Johns Manville Kennecott Copper Libbey-Owens-Ford Lockheed Aircraft

·9

25/0

Tractions (prof.)

Industrials

103

421

Glass 531

351

!!!

$14

Cald., Maeg. (Ord.) S.

Cold., Macg. (Fref.) 8.

$154

3

Loew's Inc.

53

Ameri & Foreign $7 p.... 17 Amer. Locomotive

Martin, Glen L

331

34}

29

McKesson & Robbins. $3 pt.

20.-5

$1.70 Canton Ice

Comenta

Ropes

Miscellaneous

Dairy Farms

Ch. Etsinments ......

CHICAGO WHEAT

Trading in the Wheat market was also more cheerful and prices

moderately advanced on firm foreign markets, professional: buying

and favourable cash demand.

$153

事业名

$24

$8.80

38

Monsanto Chemical

105)

$12

171

Montgomery Ward

52

...

201

at. Dairy Products

121

28

Constructicas (old) Constructions (new) Lane Crawfords

$140

38

49

Nat. Distillers

27

197

National Gypsum

151

$7.45

Nanyang Tabacco

Siscares

Watsons

N. Y. Commodity Market

1471

National Load ...

201

Ch. G.5% 10250 $Bde.

B7

Nat. Power & Light

*.pm

H.K. Govt. 4% Loans

$108

121

Nat, Supply Corpn.

137

ра

i. K. Govt. 31% Loan

$100

341

New York Central

201

#30

HK. Wing On .....

37

401"

N. American Aviation

171

$40

Shal Wing On ......

aby

Vibro Piling ...........

$6.50

34*

74

North American Co.

Northern Pacific

I

191

Pacific Gas & Elec.

Barnsdall Oil.....

18

| Paëlle Lighting

Bethlehem Steel

751

Packard Moters.

Boeing Airplane Co.

311

Borg-Warner

31

301

11

Paramount Pictures

|Pennsylvania R.R

Phelps-Dodge

Phillips Petroleum

39

Public Service of NJ.

Canadian Pacific R'way.

55

Pure Ol..

London, December 23.

Total £

Decline £

Case, J.I.

887*

Radio Corpn. of Am.

Chesapeake & Ohio

361

Republic Steel

Grain and flour.. 5,836.982 3,110,506 Chrysler Corpn.

827

Reynold Tobac.. "B"

Beverages and

Columbia Gas & El.

Bi

Schenley Distillers

£

cocoa prepara- tions

Columbia 8 "A" pt.

70

Schenley, 54% prd.

30 Maragans Inv. (H.K.)

90 Win, Powells

*Sales to

LONDON STOCK EXCHANGE

(REUTER'S SERVICE)

The following quotations are the middle prices at the close of the market in London. All quotations are subject to confirmation

and no responsibility is assumed for errors in transmission.

War Loan, 31% (Red.

Vorsthaus [av. (Lon.)

100 át

Shanghai

New York Cotton

MRI.

New York Rubber -

Mar.

Chicago Wheat

May

Chicago

Com

May

Winnipeg Wheat

May

(By Courtesy of Messrs. Swan. Culbertson & Fritz and S. E. Lery & Company)

New York, December 24.

Close Close. Change

8.37

closed

elosed

671 + up

· 521 · off

621 ton

Prev. To-day's

High Low

16.47

671 871

671

521 524

521

621 82

624

NEW YORK COTTON

London, December 23.

Close

Opening

Closing

Change

January (1939) March

B:30/30

π

£

May

} (...)

8.37/37

8.20/20

4,333,808 1,285,323 Commercial

57

Sears Roebuck

Non-ferrous metal-

Commonwealth & B. (ord.)

11

Shell Union Oil

:

Fiintkote

"liferous ares... 1,136,531 „,871,169 C'wealth & 8. 6% cum pf. Wood and timber 4,069,090 2,585,071 Consolidated Edison

Raw cotton and

cotton waste... 2254,500 3,202,437 Continental Can

Iron and steel

manufactures.. Non-ferrous metals

Continental Oil

844.781 1,892,002 Com Products

Curtiss Wright (C) Curtiss Wright "A" Distillers Corpn. Seagrams Douglas Aircraft

manufactures.. 3,248,055 1,373,485 For the 11 months of the year exports total £432,000,578, a decline of £45,979,268, compared with the

'Du Pont de Nemours .... period of 1937. Imports

Eagle Picher Lead amount to €846,948,184, a fall of Elec. Bond & Share £88,774,900.

same

PUPPETS SET

NEW TARIFF

Chungking, Dec. 27.

A message from Tientsin states Gen. Electric..

that the bogus government in Gen. Motors

Gen. Railway Signal ordered all Pelping has

Cus- China to Glidden Co. toms houses in North increase import duties on over 90 Goodrich (B.F.). Items, Including plece goods, tabac-Goodrich $5 pf.

co leather and photo supplies, be-Goodyear Tire & Co. ginning from January 1-Central Great Northern Iron Ore

News

SHENSI'S NEW FACTORIES

Chungking, Dec. 27.

It is learned here that four- big factories for the manufacture of woollen, "cotton and leather goods and farming implements will shortly be established in northern Shengi

The sites for the plants have already been selected and opéra- "Hökur "will ätart as ; sööd us the inachinery and personel pre

secured Central Newi

Homestake Mining Int. Nickel

DOW JONES AVERAGE

High Low Dow Jones Arenages 158,41 88.95 30 Industrial

33.19 19.00 50 Rafla $5.19 1.14 10 Ul 99.70 83.30 40. Bonds 60.00 48.02 11 Commodity Index 49.19

45

Eocony-Vacuum Oil

30

Southern Pacific

Consolidated Oll

B3

Southern Rly $5 pid.

401

Standard Brands

30

Stand Gas & Elec.

632

Standard Oil of NJ.

87

Stone & Webster

201

Swift International

194

Technicolor

761

Texas Corpn.

1504

Texes Gulf Sulphur

13

Trans-America Co.

10

20th Cent. Fox.

Elec. Bond & Share $5 pt.

"57 *

20th Cent, Fox. $i} pf....

lec. Bond & Share $5 pl.

624*

Union Carbide & Carbon

QUOTATIONS

NOT

RECEIVED

after 1952) Canton-Kloon Rly. 5% Chinese 41%. Gold Loan, 18 1808 (Brit. Issue).... 77 'Chinese 5% Gold Bonds,

1925-47

S'hai Waterworks "A"... 13-1/2* 97-11/16 Union Insurance

31-1/2" Gula Kalumpong Rubber 21/3 Allled Ironfounders 19/- Asso. & Elec: Industries 38/6 Austin Motors; ord.

July

7.92/92

CLOSED

October ( >

.7.59/59

December (1

7.62 N

Spot

8.82 N

24'6

NEW YORK RUBBER

25-1/8

Chin. 41% Anglo-French.

Loan, 1908

Cable & Wireless, New

Form, crd.

34

60

Be

Chinese 5% Crisp Loan,

1912 Chinese 5% Reorg. Loan,

1913 (Ldn. Is.) Chinese 5% Ster. Notes,

Cammell Laird, ord.

a.-A. Tob. (bearer) *****---* 94/44 1

7/3

37-1/2

Mexican Eagle

5/3

Courtaulds

28/3

56-1/2

Distillers

89/-

December March May September October

16.59 N

(1439)

16.47/47

18.41/43

CLOSED

16.46/46

16.47 N

Dunlop Rubber

23/-

1925 (Vickers)

13-1/2

Gen. Electric (England) 76/8

Chin. Imperial Rly. 5%

Loan

Guinness (A) Son & Co. 104/-

CHICAGO WHEAT

72

Hawker Siddeley Airc.... 24/-

Konan Rly. 5%%%

28

Bristol Aeroplane

22/41

May

674/673

Flec. Power & Light $7 pf.

354

Union Pacific

Hukuang Rly. 5%, 1911...

25

Imperial Chemical Ind. 30/14

July

071/011

-873/671 671/87

671/078

up

071/871

unch.

281

United Aircraft

Gen. American Trans.

571

United Airlines Trans.

Hukuang Rly..5%. 1911

(German Issue)

Imperial Tobacco

129/41

23

Marks & Spicer "A" ord. 55/1

September

Thursday's Sales:-

872/672

671/87||

ofi

10,492.000 bushels,

+421

United Corpn.

501

United Corpri. $3 cum pf.

24

United Gas Corpn.

233

United Gas Improvement

24- UA. Rubber

65TM

U.S. Rubber #8 pig.

371

U.S. Steel

131*

Great Northern Rly, pfd.

281

Great Western Bugar

25

Greyhound Corpn.

207

Hecker Products

101

623 55

Vanadium

Warner Bros. Pict.......

Westinghouse. Elec.

Woodward Iron Cor.

Chase National Bank

National City Bank

Lung Tsing & W. Hai Rly.

5%.........

13-1/4 S'hal-N'king Rly. 5%..... 24 Tientsin-Pukow Rly. 5%

(Brit. Stpd.) Tientsin-Pukow Rly. 5%

(German Stpd.) 18 Tientsin-Pukow Rly. 5% (Brit. Stpd. Supl. Loan) Tlentsin-Pukow Rly. 5%

(Ger, Stpd. Supl. Loan) 18 Jap. 5% Ster. Loan, 1907. 44-1/2

Rolls Royce

109/41

Leyland Motors A.

68/11

Tate & Lyle'

CHICAGO CORN

54/41

Turner & Newall

75/11

بگو

18-1/2

United Steel

23/0

May

Smethwick Drop Forg....

16/0

July

521/529- 537/531

Armstrong Stevens, ord.

8/3

September

54/54

52)/524 521/52 531/531 531/531 531/532

of

off

off

Pressed Steel, com..

14/4)

18

Vickers," ord.

22/3

WINNIPEG WHEAT

Woolworths

57/9

:

Anglo-Dutch

25/11

Rüb. Flant. Invest. Trust

27/11

December

60/604

601/60)

Jap. 6% Bter. Loan, 1924 54-1/2 Ger. 7% Intl. Loan, 1924 44 Chartered Bank

Burma Corporation

May

621/624

621/624

621/621

of

8/0

Commonwealth Mining.. 1/8

July

621/63

621/624

021/62#

Off

9-1/8

bid. 1-ex div.

HK. & Bhai Bank (Ldn. .Reg.) HK. & B'hal Bank (Col.

Maraman Investments... 18/- Randfontein Estates

NEW YORK HIDES: (New Contracts)

39/10

81

Western Holdiziga

.12/9

Sub-Nigel

225/-

March

1938

#

Dec. 25, 1938, Dec. 13. High Low Close 151.39 161.41 169.88 (B),38

31 13

32.11 31 33 38,02 29.00 12.07 21.90 2204 89,40

99.59

Reg) Change Chinese Eng. & Mining

01 off

(bearer) 89 op hosen Corporation

$4

Tanami Gold Mining....

6d.

June

12.84/90

13.20/20

CLOSED

Anglo-Iranian

88/9"

17/8/

Burmah

83/11

NEW YORK-STRAITS TIN

04 up Pekin Syndicate..... 19 up shai Elec. Constr. Co.

7/0 21-

Shell Trans, & Trad.

(bearer)

25/-

•

Nominal

80/71 -ex-dividend -Reuter

Märch

46.055/35a NY Bilver, Cicial 42-3/4 NY-L'don Cross Rate... 4.68-1/8

Closed

Unquoted

4.66-5/8

Business Dono:-120,000 shares

fi