1938-12-31 — Page 11

C:

HONG KONG DAILY PRESS

Finance and Commerce

Philippine Gold Mines Pay Dividends, Operation Reports Good

Good dividend payments and satisfactory operations and de- velopment work again constituted the highlights of the latest news In the Philippines mining indas. try. Meanwhile, another active mining year is anticipated with some of the mines mapping out their expansion

programme for

1939. These preparations for fur-

Antamok

Development at Antamok Gold- fields continued with satisfactory Iesuits. Tonnage milled during

November amounted to 24,103 tons producing Pesos 353.023.29 with an. overall recovery of 91.12 per cent.

IXL

Rainy weather necessitated i

OTTAWA PACT ENDED BY

INDIA

LONDON, Dec. 30 (R.W.S.) Formal notice has been re- ceived from the Government of India of the terminallar, with effect from March 31 1939, of the

agreement between the United Kingdom Government and the Government of India concluded at. Ottawa on August 20, 1932.

. Notice of termination was given

ther expansion for next year ex~ reduction in the open pit tonnage on behalf of the Government of: plain the low production Agures and increased underground de-India on May 13 1936. as the result reported by a few of the properties liveries at the IXL mine. The new of a resolution passed by the In- for November.

hoist has been placed into opera-dian Legislative Assembly. The tion and the balance of the mill Government of India at the same The time intimated its willingness to filter Installation completed. company's mill treated during the enter upon conversations with a

view to ne conclusion of past month 11,400 tons of ore re- covering Pesos 258,376.52 with an agreement. Negotiations were sub- overall gold extraction of 96.23 per jeequently initiated and are still in cent, and silver of 85.5 per cent.". progress.

Soriano Mines The Manila offices of the Soriano interests announce that IXL will pay two centavos per share on January 15, 1939...

Directors of Antamok Goldfields. after recent favourable results in development of the lower levels of the mine, have decided to meet in January

the closing of after the books, and meantime announce centavo per that at least one share will be declared, payable January 15, 1939. Cash position of the company is more than ample It was announced.

Suyoc Consolidated has declared a ten per cent. dividend to be paid January 15. This dividend will be the second declared this year by Suyor, one of ten per cent. having been paid in July.

Masbate

North Camarines

Work

Developinent work at the North Camarines property during the month totalled 1,636 feet. in the 721 vein on the 250 level continued to give encouraging re- sults.

a new

continue

33

It was agreed between the two Governments that the Ottawa Agreement should forte subject to termination at three months notice by either party unless It was replaced by a new agreement. The President of the Board of Trade recently stated in Commons that the decision of

A footwall branch vein from the 561 on the 013. level was cut averaging Pesos 20.93. The 582 north drift on the 013 level cut the the Government of India did not ore-shoot averaging Pesos 30.07.ply any breakdown in negotia- Construction work at the mill is tions for a trade agreement. progressing satisfactorily and all- work is expected to be completed by January.'

Mambulao

Reporting on the financial status

"At Mambulao Consolidated, de- of Masbate Consolidated "Mining velopment and exploration footage Company. the Soriano interests amounted to 921 feet. A vein in estimated that net earnings of the the footwall of the 255 structure company for the year 1938 won the 250 was cut and averaged amount, to approximately Pesos

Pesos 16.82 for a distance of 39 790,000 which, with the surplus on

feet. The 293 cross-cut on the 250 January 1, 1933 of Pesos 810,329.97.

level from No. 2 shaft, cut the 302 will bring the balance of the survetn. A drift was. started on this plus account to approximately structure, averaging Pesos 14.48 for 11 feet. All haullageway prepara- for delivery of ore to tions are completed in readiness Camarines, mill in January.

the North

Surigao Consolidated

Consolidated Mining to Anish Its

Pesos 1,600,000.

"

Officials of the company pointed out that a major programme of improvement in mining methods and mill performance with a view to lowering costs and Increasing

Surigao

and

INCREASED LEVY ON JEWS IN GERMANY

BERLIN, Dec. 30 (Reuter). Jews here are alarmed by a rumour, said to come from a rellable source, that the 20 per cent, capital levy on their pro- perty is to be increased to 30 per cent.

+

F

FINANCE

THE COTTON DISPUTE

Puerto Rico And Jamaica

Patriotic Lata Beaverbrook pointed out that Jamalca buys some £370,000 worth of British cotton a year, whereas the Ameri car island of Puerto Rico,

1150 In the West Indies, and with ap- proximately the same population, takes some £3,000,000 of cotton goods from the United States..

Between Puerto Rico er.d the USA. there exists ปี Custurs Union. A similar arrangement between Britain and Jamaica would cause the Jamaicans to buy £3,000,000 worth of British cotton, and the same scheme ex- would provide Lancashire" with tended throughout the Empire

寫

new market of £50,000,000 a year Mr. W.P. Percival Crozier. Edi- tor of the "Manchester Guardian" In reply declared that most of Puerto Rico cotton imports were

SATURDAY, DECEMBER 31, 1938.-PAGE 11.

GREEN ISLAND CEMENT

CO., LTD.

Sole Selling Agents in Hong Kong and South China for

THE ASSOCIATED PORTLAND CEMENT MANUFACTURERS' PRODUCTS,

COLORCRETE," "SNOWCRETE,"

"STIPPLECRETE"

&

returned to the USA. after they "IMPERMO" Waterproofing Compound.

had been made up into

and dresses by cheap native labour. Actually Puerto Rico's cotton consumption was about the same as Jamaica's. Perhaps this might happen in longkong day.

one

If Lord Beaverbrook's estimates of the Jamaica market were cor rect, the Guardian summed up it would mean that every native would buy twice as much cotton as an American, three time as the average Briton, five times as much as a South African, or six times as much as an Egyptian or Indian.

PRODUCTION OF CHEMICALS IN ITALY

Various plants are being con- structed in the new industrial zone of Bolvano, Italy, among them the It is declared that the first in-

establishment at Agruzzo, which stament of the levy collected on will produce dally about 15,000 litres December 15. did not produce of absolute alcohol (about 300.000 nearly as much as expected.

quintals per annum) from wood Officials of the Ministry of Fin-residue, using the Shollar process. ance would neither confirm not derly the report, although they re- yealed that the actual figures of the first instalment will picbably be furnished in January,

the percentage of gold recovery Company expects has been in progress during 1938 expansion programme early next and will be completed early in year with the delivery of the new 1939. This programme bas, in diesel. double-drum holst volved the purchase of additional targer compressor. Due to this Jews have already paid up Ave mining and mig equipment expansion production at the mine per cent. of their property, and the costing in excess of Pesos 1.300,000 during November was low. With rumoured increase, if true would which has been Chancea from, the completion of the final adjust-mean they would still have one earnings.

ments and improvements, however. quarter of their total original for-

. After completion of the major the company expects greater pro- tunes to lose programme in the early part of 'duction. The company produced next year, further acquisitions of Pesas 36,387:23. of gold and silver. equipment will be on a much bullion, concentrate no longer being smaller scale. and the funds produced as previously. A total of realised from earnings will ac- 3,855.32 tons were milled with an cumulate to be available for divi- average recovery of Pesos 9.44 per dend distribution to stockholders.", ton.

ITALY'S NEW

MERCHANT FLEET

Further detalla have now come to hand of the large bulld- ing programme of high-speed passenger and cargo ships an- nounced recently by the So- cipta Finanziara Maritima. which controls, several lead- ing Italian shipping

com- panies and 40 per cent. 0: Italy's total mercantile ton- nare.

Altogether 44 new

COMPENSATION FOR BRITISH SHIPS

GENERAL FRANCO'S

RÉPLY

London, Dec. 30. The British Government has under consideration the reply re- ceived from General Franco on the question of payment of compensa- tion for damage done to British ships trading with Spain.

It is anticipated that the note ships have will be submitted to a committee been laid down or ordered, the

seven of these Vessels Are de-

of British shipowners trading with

communication constitutes the re-

SILVER MARKETS

LONDON SILVER"

London. Dec. 29. Silver-Speculators bought "for- ward." Market steady In the afternoon, the market was quietly firm, with buyers at the rate but sellers were reserved,

Spot Forward

19-15 18d 19-5,80.

-Reuter

NEW YORK SILVER

New York. Dec. 20. Omcial Price, 42-3/4.-Reuter.

BOMBAY SILVER

Bombay, Dec. 29. Market Steady. Oftake 20 bars

Indian Mint, Silver

Jan. 16 Settlement Ready.....

51-02 51-03 ....51-01 51-02 Feb. 14 Settlement... 50-15 51-00 -Reater.

EXPELLED

last for delivery in 1941. Thirty-Spain for their consideration. The NEW YORK BROKER signed for express cargo services, ply to a plan evolved between the the other seven being, fast pa-British Government and the com- senger iners Details of the pro-mittee of shipowners and con- fidentially submitted to France.- 11 ships. of 3.000 tons for the British Wireless.

Far Eastern Trade.

grame

ате:

3 ships of 5.000 tons for the

Black Sea trade.

II ships of 4,000 tons for the

North Sea and Baltic trade.

EXEMPTED GOODS

The Ministry of Finance has

& shipe of 2,000 tons for the decided to exempt the following

Italian coastal trade.

11 out of 24 items of products in-

6 ships of 8,000 tons for the tended for export from obtaining

South American trade,

foreign exchange allotments.. These

New York, Dec., 30. The Stock Exchange authorities announce the expulsion of J. A. Sisto, a member of the Exchange since 1931, who has been found guilty of conduct inconsistent with just and equitable principles of trade-Reuter.

PORTUGUESE CORK EXPORTS

2 passenger ships of 18,000 include tung oil, bristles, hide, Exports of cork and cork pro- tons for the Central Ameri-leatherware, tea, mineral pro- ducts from Portugal during 1937 to- can and Pacific coast ser- ducts, a limited variety of Chinese talled 181,013 metric toris, valued vice.

medicinal herbs, wool, silk, hemp, at about $300,000,000 (HK) and

2 passenger ships of 10,000 tons casings, and feathers. This ruling

for the South American will become effective as from to scrvices:

+

1 passenger ship of 20,000 tons

for the Shanghai service.

1 passenger ship of 5,000 tons

morrow,

recorded a gain of ten per cent. in volume and 32 per cent. in value when compared with exports amounting to 164,569 metric tons during 1936.

The gain, however, was due to for the Egyptian service.. and most of them will enjoy an the exceptionally large exports operating subsidy. The plans of during the first half of the year, approved as during the final six months the

1 passenger ship of 5,000 tons every ship have been

for the Istanbul service.

by the Italian naval authori-volume of shipments remained cor

All these vessels will be built les, and provide for the mount respondingly higher than in the largely by Government subsidy, ing of guns up to 6.1in.

preceding year.

Another Italian concern will exploit, during five months follow-

lag the harvest, 50.000 quintals of

dregs of grapes, extracting extra neutral alcohol. 96-97 per cent, tur- trates and edible oil.

The residue of the dregs will go fuel-bricks, to be used in power production for the plant.

inta

HEAD OFFICE

TELEPHONE 21463.

EXCHANGE BLDG. HONG KONG

KIRIN

The

B

E

E

Choice of

The Multitude

Sole Agents:-

H. HONDA &

Tel. 20720.

R

CO.

10, Johnston Road, Hong Kong.

LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION"

оп

WEDNESDAY, the 4th JANUARY, 1938.

THORNYCROFT

-

Commencing at 11.00 am.

At their Bales Room, No. 2, Connaught Road, Central, Ground Floor.

A QUANTITY OF VALUABLE ** HOUSEHOLD FURNITURE

also

2 Outboard Motors

329 Lbs. Steam Packing

17 Doz Gange Glasses

108

.Shirts

6

Neckties

6

4

5.

Tie Pins and Clips

Athletic Shirts

Deodorant Creams,

Sun

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25 Ladies' Hand Bags

Terms: Cash on Delivery.

LAMMERT BROS.

AUCTIONEERS.

STAMPS AS CHRISTMAS.

PRESENTS →

Please your friends änd-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 philatelic goods. Picture, painƒ- ing and story books, Snow White, &c. are also suitable for Christmas Presents.

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| No. 10, Wyndham Streef,

HONGKONG. Established 1896.

a REAL boon to boatowners!

Here's a

the

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, 86.5 cu. ins. (1415 cc.).

Two cylinders

Engine speed: 1,100 p.m.

Tailshaft speed: 700 r.pim Fitted with combined reducing-reversing gear.

THORNYCROFT

stands for Satisfaction

FOR FURTHER FARTICULARS

APPLY TO OUR **

HONG KONG "OFFICE

TEL

ST GEORGE'S BUILDING, 1ST FLO