1939-01-03 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

Hongkong Stock Market

Closes Steady

YEAR'S ACTIVITY IN ICE HOUSE.

STREET REVIEWED

BY C. A. L. RICKETT

Secretary, Hongkong Sharebrokers' Association

FINANCES OF

SIAM

The Siamese Government's Financial Adviser's Report for 1938-39 shows an estimated re- venue of Ticals 109,425,940, and an ordinary expenditure which " Is Ticals 27.952 less. But the capital expenditure is Ticals 23.108.524, and that ratkér worries Mr...W. A. M. Doll, the Adviser. This capital expendi- ture was 1icals 23,785,321 last year. It is being met mainly from the Treasury Reserve. a general

In spite of a year of wars and unrest in Europe and the Far East.. the local market has remained remarkably steady with ngward tendency in price levels. The uncertainty of world politics his caused setbacks but it can be noted, by comparing prices quoted at the beginning and at the end of the year, that substantia) ad- vances have been made throughout listed stocks.

The year opened with a feeling of uncertainty regarding the threat of invasion. In South Chinn, resulting in a quiet market and restricted business. Later. however, with a lack of sellers, prices. showed a tendency to harden. Increased dividends declared in the early part of the year assisted to maintain a quiet but steady dê- mand for shares. With the close of the first three months of the year, prices showed appreciable improvement on an increased de- mand, holders continuing to be reluctant to sell.

FINANCE

ENCOURAGING

NATIVE GOODS

Efforts Of Chinese

Government

Commencing this year, the Ministries of Finance and Economics of the Chinese Gov- ernment "will jointly carry out a plan whereby the sale of Chinese native products will be greatly increased In feroigh Bountries 3 order to create a more favourable international" trade balance.

Already the Government has set On March 31. last that Reserveaside $50.000.000 for the purpose. stood at Ticals 57 millions; and

The money will be used to ac- Mr. Doll holds that it should be celerate the efficiency of produc- maintained at Ticals 47 millions as

ton of native goods which will be the country's nest egg against a national emergency. That leaves only Ticals 10 milions.

Capital expenditure is made on national defence. rallways, irriga- tion, the co-operative movement, highways, cottage Industries, voca- tional schools, paper and sugar factories etc. For this purpose

mpted from paying export duty. Its hinted that the Foreign Trade Committee will also help in making the plan a success. The committee is credited with having already de- creased the import of foreign goods considerably.

One report states that the figure Towards the end of the half were taken off the market at de- there is no other source of capital for imported foreign goods in 1938 cent. us in the country, there being a strik-was reduced by 80 per year, proft-taking resulted in some clining prices.

the figures for recession in prices, but all shares With the fall of Canton in Octo-ing absence of any private ac- compared with offering were readily absorbed in-ber, followed by that of Hankow, cumulation of liquid capital in 1922, when the peak import agures showed that. China bought $867, dicating the healthy state of the prices were Incilned to sag still fur-Siamese hands.

191,000 worth of foreign goods ther through phucity of business market.

DE FOREIGNERS MAINLY CHINESE rather than undue selling.

more than she exported. conditions prevailed throughout The tradesmen and business- November. By December. prices men of Slam åre foreigners. mainly began to look attractive and a more active market was experien- ced. Shares were difficult to ob- tain and buyers had to increase their bids, resulting in a general advance in prices,

The threat of the Japanesn in- vasion in South China became more" acute at the beginning of June and resulted in a quieter un detone, as buyers were inclined to hold back awaiting the trend of

events.

Prices were Inclined to

recede. but as holders of shares displayed no anxiety to sell the undertone firmed up once again.

PRICES FALL

At the beginning of September. the strained political situation in Europe began to influence the trend of the market and prices Trading became dull weakened.

and the market featureless. T'he easing of the political situation at the end of this month was coun-

STEADY UNDERTONE

Chinese, and they send much of their profits to their own countries. In these circumstances. to ensure salvency. Stam will have for some time to nnance such expenditure out of the ordinary budget sur- pluses.

The market has closed with a As Mr. Doll puts it, "No sacri- steady undertone and a feeling office in the economic held is too

UNDER STATE CONTROL

As part of the programme, many enterprises have been placed under state control, and provincial au- thorities have been ordered to do whatever they can to help small industries and farmers. It is ex- pected that. commencing the pro- of native goods will be

duction

optimism for the coming year. great a price to pay for the pre-considerably increased this year,

The past year has shown an servation of the solvency of the ever-increasing interest in gold hation."

and they will be purchased by the Government so that they will be exported directly to foreign coun- tries.

mining stocks, The Manila mar- Attention has been drawn to the ket has been active, and purchas- fact that eight hnd a half years ers of stocks in that market have ago Sir Edward Cook wrote in his

The reported control by the Ja- been well. Justified by the an-lost report: "So far as finances panese of the export of Chinese

divi- are

can concerned, Siam

face cotton nouncement of attractive

In occupied areas has ter-balanced, however," by the dends, payable from time to time. whatever the future may bring.rompted the Chinese Government spreading of hostilitles to South Substantial advances have been with a reasonable assurance to encourage cotton growing 'in made throughout the list of quoted freedom from anxiety and or fur-Kwangs! and Yunnan. The With a marked absence of sup-stocks, with anticipation of further growth in her prosperity." prt. prices yielded readily. There ther improvement for the coming was no indication of panic. how-year.

Chinä.

eer, but a feeling of nervousness At the close of business, "a quiet was apparent in the increase of but steady market is reported from selling orders. All shares offering Manila..

The following table shows average prices in January and December, 1938:-

H.K. Banks

Canton Ins. Underwriters

Upton Ins.

H.K. Fires

Douglases

Steamboats

December. 1938

Dollars

1,445 210

TOBACCO FROM BULGARIA

וי

Bulgaria will have an exportable surplus of about 33,000,000 pounds of tobacco from the crop of 1933. a quantity which is less than for the preceding year. but which is reported to be of much better qua- [Ly

Bureau of Agricultural Experi- ments has sent representatives to these provinces to investigate cot- sald ton planing there. It is that quantities of American cotton seeds have been planted.

TREASURY BILLS LONDON, Jan. 1 (BW8.)-Total amount applied for in tenders for

bills £35.000.000 Treasury

WLA

It is reported that since Germany does not appear to be in the mar- £74,150,000, The amount allotted

bilis ket for Bulgarian tobacco this year. in

three months

at

was

art endeavour is being made to dis- £31,000,000. The average rate per pase of this tobacco in Egypt, Pc-cent was 13/8.88d. as compared

r:

January, 1938

Dollars

1,445

270

1

,70

510

485

235

180

481

62

8.20"

19

Waterboats

9.30

9

Iano and Czechoslovakia.

Wharves

108...

116

Providents (Old)

3.50

6.35

Providents (New)

.24 (p.p.)

6.15 (1.p)

H.K. Docks

Hotels

263+. 4.90

12

18**

62

Lands

* 31-

361

Realties

Trams

4. 12.90

5.10

17.40

Star Ferries

79

72

China Lights

0.85

$.60)

Electrics

52.90

571

Telephones (Old)

251

23

Telephones (New)

8.35

8

Cements

123

15

Ropes

33

41

Dairy Farms

24

241

Entertainments

51

6,80,

Constructions

11

1.40*

Lane Crawfords

T}

6

Sinceres...

1.40

2

Watsons.

42

Vibro Pilirig

6

7.60 6.80

*Ex new issue. Cum Rts. Cum new 153e.

GOLD MINING

Antamoks

Ps. 0.50 (XD) Ps. 0.55 (XD)

Atoks

0.18

0.264

Bagulo Gold

0.18

0.231

Benguet Consol.

9,00

14.20

Coco Grove

0.42

0.51

Consol. Mines

0.013

0.003

Demonstrations

0.35

0.28

1.X.L.

10.56

0.05

Paracale Gumaus

0.16

0.13

San Mauricio

0.41

1.78

Sayoc Consol.

0.151

0.134

United Paracale

0.44

0.82

BOARD TRADING STARTS TO-DAY

Board trading will be put into operation for the first time In the history of Ice House Street when the Hongkong Stock Exchange resumes bank- ness to-day after the holidays. A large blackboard has been in-

stalled in the Exchange, on which

throughout the day, and much of the previous "blind" business will be eliminated.

JAPANESE REQUEST

REJECTED

CHUNGKING, Jan. 1 (Central)—

brokers desirous of buying or sell- A Japanese request to the Great

ing will mark the prices at which Northern Telegraph Co., the East-

Extension, Australasia ness under the respective stocks China Telegraph Co., and

..

they are willing to transact bust-

ern

In which they are interested.

Commercial Pacific Cable Co. in Shanghai to deposit their monthly

By this means, the investing surplus in the Yokohama Specie public will have the opportunity Bank was rejected by the three of seeing at a glance the trend of telegraph companies, according to prices and the volume of business a Shanghat message.

Ya Bauk sider

control the

ani

ility of your AS

the

with 22/0.45d a week ago.

TUESDAY, JANUARY 3, 1939-PAGE 11

LAMMERTS' AUCTIONS:

COAL

FOR ALL PURPOSES

PUBLIC AUCTION.

KAIPING

HOME, FACTORY AND BUNKERS

POWER HOUSE, TUGS & LOCOS

THE KAILAN MINING ADMINISTRATION.

Head Offee: TIENTSIN.

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

KIRIN

The

B

E

E

R

Choice of

The Multitude

Sote Agents:

H. HONDA & CO.

Tel. [20720.

40, Johnston Road, Hong Kong.

THE

HE Undersigned have" received

instructions

to sell by

PUBLIC AUCTION

"100

WEDNESDAY, the 4th JANUARY, -

1933.

A

Commencing ai 11.00 s.m

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

A QUANTITY OR VALUABLE HOUSEHOLD FURNITURE

also

2 Outboard Motors

329 Lbs. Steam Packing

171 Doz. Gauge Glasses

108

€

6

4

5

Shirts

Neckties

Tie Pins and Clips

Athletic. Shirts

Deodorant Creams. Sun Glasses and Powder Puffs

25 Ladies' Hand Bags

Terms: Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

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 philatelic goods, Picture, paint- ing and story books. Snow White, &c. are also suitable for Christmas Presents

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DIRECTORY & CHRONICLE

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ON SALE AT THE SINCERE

CO., LTD. AUTHORIZED

DEALERS

OF

CHINA, JAPAN,

MALAYA,

THE

PHILIPPINES INDO-CHINA.

NETHERLANDS

INDIES, ETC.

First Edition 1862, revised annually

1939 Edition Now in Course of Preparation

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