1938-12-30 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

P. & O. CHAIRMAN ON REHABILITATION

EASTERN TRADE

·CONFIDENCE IN CHINA'S QUICK

RECOVERY, GIVEN PEACE

Sir William Currie, chairman of the P. & O. Steam Navigation Co., Ltd., steered a prudent ecurse between undue optimism and ex- cessive caution at the annual meeting of the concern in London on December 7.

At the outset he gave full credit to the work of Lord Craigmyle as chairman during "six very difficult years" which had resulted in the enhanced strength of the company and he outlined the reasons' for the better earnings of the group during the past 12 months. The latter, he said entirely justified the increased distribution on the De- ferred stock. but the ability of shipping to recurring periods of depression made it desirable to allqt the payment in the form of a dividend and bonus so as to indicate quite frankly that it should rot be regarded as a standard for the future.

$50,000,000

CONCERN FOR

The report showed that one exception to a general im. provement în trade on the company's routes was the Far Eastern service.

The volume of cargo to the Far

IN FRANCE

Finance Minister's Strong Plea

Paris, Dec. 29. -

the

XC-

FINANCE

SHANGHAI SALT DEAL TEST CASE

A strong plea for habilitation of France's finan-

économie cial and

position was made by M. Paul Rey- naud, Minister of Finance, in his address to the Senate.yes- terday on the budget esti- mates for the year 1939. France, which had been brough: to the verge of ruin by an econo- mic and financial crisis lasting over a period of seven years. he declared, was faced with the necessity of having to in- crease its army estimates for the coming year to 41 milliard francs.

of

Seven Chinese members the so-called Salt Adminis- tration in "Shanghai, which lg under the control of the "Reformed Government" at Nanking, have been sued by a group of all merchants in the Shanghal First Special Dis- trict Court" for their alleged fallure to pay for 500 plculs " of salt which they bought under the name of a company.

new

This will be an interesting test case as far as the accused arc concerned, for they are not sup- posed to be under the jurisdle. tion of the Settlement court which the new Nanking regime nace made a futile attempt to owing to opposition take over

authorities from foreign

bound sy, the Court Rendition Agree- pent.

The accused have allegedly or ganized a salt company themselves certain and negotiated with a group of salt merchants to ship salt to the

Carry company. To He pointed out by the way of out an agreement the salt mer- comparison that the burden of chants shipped 500 plculs of salt to Woosung in September. The salt is stated to have beer. unload- Fed and put in 1 godown. The merchants were asked to pay $1,250 salt tax for which they ob- tained a receipt from one of the accused officials.

SOUTHWEST East from the United Kingdom. the last war amounted to only 15

Chungking, Dec. 29. Mr. Aw Boon-haw, Chinese Industrial magnate and phil- anthropist. has established in Kunming (Yunnanfu), capital of Yunnan. the Overseas Chi- nese Industrial Company with

a capital of $50,000,000.

and also from the Continent, the chairman said, had dwindled con- siderably during the year, but the! decline to some extent had been offset by thereased rates of treight on certain commodities.

Given peace he was confident

milliard franes.

In his effort to find money, to pay for the big public work of St Hemes and to subsidising various branches of Industry, he was con- fronted with the fact that there

that although the export trade of existed 1 considerable discre- China has been dislocated as a re- Ipancy in the financial require Mr. Aw's enterprise represents sult of the present upheaval, the (ments of the State. the first response to the Govern- country's powers of recovery were

said to have

The petition to the court Is alleged that the amcials have falled to pay the price money of the sale thus sent

writ- repeated M. Reynaud. to them, despite

тек- ten reguests made by the had chants. labour exchange bureau but It may be recalled that in order and the company meant to con-falled to energise Industrial pro- to encourage the overseas Chinesetinue energetically to serve the Far duction, while its policy of price

ment's

Invitation

for

The State, sald overseas such that trade would resume Capital for reconstruction purposes normal course within a short time had become both a banker In the southwestern provinces.

after the cessation of hostilities.

The

that ny

H

I

Eastern trade.

SUPPORT FOR 'CO-ÓPERATION

and

control had led to closing of many undertakings.

France, asserted the Minister,

ex-

by

to help Anance the Chinese re- construction, programme, the Na- tional Government recently pro- mulgated a set of rules giving Sir Willam pald due acknow-had been augmenting its national overseas capitul a number of spe-ledgment to the labours of the

debt туу 18 millard yearly. cial privileges.

Tramp Shipping Administrative whereas in the year 1931. the PRIVILEGES

Committee in partnership with value of gold and foreign rules provide

liner representatives, which, he

change holdings held by the Bank economic enterprise, sponsored by considered, had proved of greatet France amounted to 220 ml-

value to the industry. He expres:ards franes, this sum had Overseas capital. including agri culture, industry. commerce. mine the belief that it would be dis-ovember 1938 sunk to 80 milliard Ing. and other activities bearing astrous If the minimum freight on national defence, will be en-schemes and the whole polley of titled to privileges in the form of co-operation were allowed to lapse, France. he said, had rejected technical help from the govern- thereby throwing back a large sec-the proposal to Introduced Cur ment, exemption or reduction in tion of the shipping Industry, into reney and foreign exchange con- taxes. preference in transporla

trol, as this was felt to be in- Mon and reduction in shipping

He recognized that one of the compatible with the polley of the problems now confrenting the in-Government costs, free. use of public land. gov- ernment subsidy and honorary awards by the authorities.

These privileges, once acquired,

uncoordinated trading.

dustry was how to equate the ra- tional requirements in time of war with the needs of ordinary com- mercial peace-time trading. The

will be good even after the war, decline in the volume of cargo now so that the investors may get the most out of their capital-Central being moved, he remarked, was a

News

CHINA EXPORTS AND FOREIGN EXCHANGE

matter that was causing the ship- pigg industry some concern.

| INTERNATIONAL DIFFICULTIES He thought that a settlement of outstanding difficulties in the in- ternational sphere, and an Indica- tlon that there was good ground for anticipating a reasonable long period of tranquillity. would be most effective in bringing about an Improvement In commerce for merchants and shipowners alike.

francs.

Chungking. Dec. 29, Reuter is authoritatively inform- ed that the new regulation re- cently promulgated, permitting ex- port of certain goods from areas not occupied by the Japanese without the necessity of exporters. Urging the need for breaking down trade barriers and for close first obtaining foreign exchange! permits from the Government co-operation between nations, he referred to the trade agreement with the United States and to the

banks, does not mean that the

Principle of controlling foreign ex-

change has been abandoned,

Goods thus exempted are pro- ducts, of minor importance, and all the principal exports of China re-

main under control.

Meanwhile, it is stated that the formality necessary to obtain ́per- mits has now been cut down to the minimum to expedite the Bow

f goods from China.-Reuter.

TARIFF REVISION

POSTPONED

Pelping. Dec. 29.

It is predicted that the re- vision of tariffs in the Japan- ese-occupied areas of Chiria will not come into force on January 1 as, expected,

Anglo-Italian Agreement as auzur- Ing well for such plans.

LONDON METALS

EXCHANGE

London, Dec, 28. COPPER

buyers sellers

£

£ Standard, Cash 44-1/16 44-1/8. Standard

3 months 44-5/18 44-3/8 Electrolytic .... 49-1/4 50-1/4

TIN Standard Cash 215-3/8 Standard,

3 months 236-1/2

215-1/2

216-5/8

A Tientsin newspaper, regarded

as the mouthpiece of the Japanese

LEAD

military authorities, states that Foreign.

3 months 15

SPELTER

14-15/16

15-1/16

Transocean,

11

STAMPS AS CHRISTMAS PRESENTS

Please your friends and help their hobby this Xmas by giving, them stamps, "which will prove an appreciable gift, as they in- crease in value.

We have an extensive selection of stamps in sets, packets, bags and on approval books for all classes of collectors. Also stamp Albums, Catalogue and all other philatelle goods. Picture, paint- ing and stury books. Snow White, &c. are also suitable for Christmas Fresents.

GRACA & COMPANY

No. 10, Wyndham Street, HONGKONG.

Established 1895.

"Since taking Kalzana

headaches vanished

my

My NERVES are much STEADIER than they were before"

20. M. L., Cape Town, S.A.

DEWAR'S

FRIDAY, DECEMBER 30, 1938.-PAGE 11

CONSPICUOUS

IN EVERY ROUND

White Label

EST SCOTCH WHIS Dewar & Son

OF CREAT AGE

DISTILLERS

[6-**

PERTE

White Label"

Your FINAL choice

Sale Agenti A. S. WATSON & CO., LTD..

WINE DEPT.

Tel. 20616

WINTER CLOTHES

Women's, Men's & Children's

WANTED URGENTLY

HONGKONG BENEVOLENT SOCIETY

& Thursday

Monday &

ICE HOUSE STREET

10 to 12 Noon.

Mr Howard Harding.

Marke

LAMMERTS' AUCTIONS:

PUBLIC AUCTION.

THE

HE Undersigned have received

Instructions

to sell by

"I

PUBLIC AUCTION

UN

FRIDAY, the 30th DECEMBER,

1938,

Commencing at 2.30 p.m.

At their Sales Room, No. 35,

Hankow Road, Kowloon,

A“ QUANTITY OF VALUABLE HOUSEHOLD FURNITURE

Comprising :--

Teakwood Bedroom, Drawing- room, Diningroom and Office Furniture. Carpets and Rugs. Ornaments, Cutlery, Crockery, E. P., Brass. Glass and Porcelain Ware, Electric. Table Lamps, and Heaters. Pictures, Clocks, Gramo- phones and Records, Cooking Utensils, etc., etc.

A FEW PIECES OF BLACKWOOD FURNITURE

1 "Kodak": Cine-camera, Imogel

B)

1. Cine-screen

1 Pathe" Projector with ac-

cessories. 2

*

Op-VIEW from THURSDAY, the 29th DECEMBER, 1938.

•

י.

Terms: Cash on Delivery.)

LAMMERT BROS..

AUCTIONEERS.

Engraving is the hall mark

of

VISITING CARDS:

If you wish to create

а

good impression.

use our cards

· of high

Quality.

Mr.

J. Cartwright.

28. Allerton Road

Bower Fack, 8.

4

In these we Specialise

Samples available,

at

90...

.

Mi Gree B. Greens

The EASTERN ELECTRICAL COMPANY.

Raphidds

BERNARD 2774.

FRIC GRAY.

PHONE CENTRAL 1765.

CAMERA STUMES

GENT STREET, W.

tanff changes will be announced Official Price 14-7/8 as soon as an agreement has been Foreign, ometal reached between the "Provisional"

and "Reformed" governments at Felping and Nanking,

The changes are expected in the

spring when duties, especially

those affecting luxuries, will be greatly increased.-Reuter

in

OVER NINE MILLION U.S. UNEMPLOYED

New York, Dec. 29. The number of unemployed the United States during Nuvem- ber totalled, 0.211,000. compared with 8,095,000 in Octóber, and 7,751,000 a year ago.

Ordinary,

Official Price 13-15/16 14 Ordinary. Official "

3 months 13-15/16 14 Final Afternoon Transactions Tin, Standard, Cash, £215-3/4 value.

Tin, Standard, 3 months, £216- 3/4 paid and buyers-Reuter.

Efforts are being made by the crew of if and other trawlers to refloat the Grimsby steam traw- These figures are "issued by the ler Lincolnshire, which 180 National Industrial Conference aground on the rocks off the Ice- Board-Reuter,

landic coast during a gale,

Kalzana is a remark- able food containing no drugs. whatsoever. In hot countries one's diet and the extent to which one perspires tend to decrease the mineral contents of the body, Many complaints such as irritability, high blood pressure, dizziness, acidity, which are so often ascribed to “the climate' are due largely to this loss of minerals.”

When you do not feel as well as you should, start taking Kalzana tablets. They will soon put you right.

Kalzana

THE MINERAL FOOD FOR BETTER HEALTH. Obtainable at all Chemists in tablet and powder Inom

Kalzana Tableté are sold in bottles of 15% and 45%. Kalzana is the meat

aconomical of all calcium preparations

Mr Geoffrey A.

Matthews.

The Mayfair.

Laden ms.

Mc Dennis & Spalding.

J. Bunkell Row,

CV Ba Lib

London 2.C.L.

Telephonia

Grosvenor 032

THE HONGKONG DAILY PRESS

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