1939-01-09 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

"

STEPS TO PROTECT STERLING TAKEN

Exciting Time In Exchange Market

LONDON, Jan. 7. (Reuter)-It was officially announced yesterday that in connection with 'the re-transfer which took place from the Issue department of the Bank of England to the Exchange Equall- sation Account of,, £200,000,000 of gold, namely £350,000,000 at the current price, the Treasury, an the representation of the Bank, and in conformity with the Currency and Bank Note Act of 1928, has made a minute increaskig the fiduciary note issile to £400,000.000,

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This minute, in accordance with December 16, 1938, when in connee- the Act, will be placed before Far- tion with Christmas currency de- Hament.

mand, the fiduetary issue was tom- The Government intends to in-perarity expanded by £30.000.000. troduce legislation when Parlai ment meets to amend the above Act of 1928.

contingency.

EXCITING TIME

PROTECTION FOR PORT OF LONDON

Extensive Plans Under Way

LONDON. Jan. 8 (Reuter) Plans to protect London's 45 miles of docks and quays and XB miles of waterways ATP shortly to be discussed by re- presentatives of the Port of London Authority and the Government.

The estimated cost

about £400.000, of which it is hoped the Government will contribute be tween 60 and 70 per cent.

The scheme includes provision of an A.R.P. "Armada," 12 floating ambulance service and a mile of underground shelters

EMERGENCY STAFF Trenches are already dug cap-

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1

PINANUE

SHARE MARKET REVIEW

STEADY MARKET

(BY C. A. L. RICKETT)

Secretary, Hongkong Sharebrokers

Association

After the holidays the market ruled very firm. There has been a sustained enquiry for the more popular stocks"resulting in an in- crease in the volume of business recorded for the week and a satis- factory improvement in prices,

Hongkong Banks, after changing hands at $1,495 receded to $1,425 in sympathy with the London price. Wharves remalned steady with buyers at $115 and no sellers. Electrics improved to $58.30 and Lands to $371. Hotels changed hands at the Improved pilee of $7,05 with further enquiries at this price.

after advancing to

Watsons, $8.05 closed with buyers at this gure. Dairy Farms were wanted at $24.10 and Docks (Old) at $18!. and Trams remained stendy at The foreign, exchange and bullion!

$17.50 and Cements at 516.60. The purpose of the transfer is markets spent an exciting time

China Light Rights came in för strengthen the Exchange Equalis yesterday morning. Sterling, able of housing an emergency steady demand and changed tian "Account, witch should win moderate dealings, appreciated staff of 5.000 who, in the event of hands up to $3.60. Realties Im- have sufficient means to meet any in terms of United States dollars war, would keep the key services proved to $5.40.

China Providents las bears rushed to cover. ·

of the port going.

remained neglected at $6.40. Subsequently the fender.cy The "Armada" is provided by The Manila market; has also fauciary lasue from £230,000,000 t showed signs of reversing but the toat-owners, who have placed 400 been very steady and appreciable £400,000,000 may principally be Equalisation Fund promptly step-craft at the disposal of the Au-advances made in regarded as a book-keeping pransped in by selling U.S. dollars, which thority. Shelters will protect a United Paracale advanced from 82

In increasing it by only kept the rate on an everi keel. population of 50,000. while the £170,000,000. against the £207,000. Some surprise is expressed at floating ambulance service will proved 10 centavos to Ps. 1.88. che gold sale, the Bank of England the action of the authorities, who carry injured or refugees from Coco Grove closed at 55 centavos.

the position

at the fixing bid up the price to ships to land and to safer zones an increase of 4 centavos. Market 2d. over parity, absorbing roughly up river, and other launches will closed steady.

form a fire fighting service.

The simultaneous increase in the

action.

reverts to

prior to

LONDON MONEY MARKET EASY

two-thirds of the offerings.

Nearly 4.000 volunteers have hitherto been enrolled

BANK NOTES

some stocks.

to 71 centavos. San Mauricio im-

FIGURE SKATING

CHAMPIONSHIP

DUTCH VIEW AMSTERDAM, Jan. 8 (Reuter) --Although nothing has yet been decided regarding the Possible LONDON, Jan. 8 (Reuter-With Dutch attitude to the British cur- operators still having benefit of rency detence move, it is consider- loans borrowed from the Bank ofed certain that Holland will not England to tide. over the end of refuse to co-operate to check of Bank Notes in Circulation in hold the world and. Olympic cham-

the year, conditions in the money market remained extremely easy throughout the week.

Clearing banks bought freely. especially February maturities, and

It is not surprising that the ave rage rate for Treasury bilis slipped back from 13/3 to 11/0.

"Cotton futures were easy, owing" to the belief that Washington sen- timent favours reduction of stocks on loan, together with the strength. of sterling. Wall Street closed

easy

speculation against sterling.

Д

Newspapers point out that the intention to defend ster- ling is of the greatest signi- fleance.

The sterling level is very important factor in Dutch shipping to Dutch East eal- Indies plantations; who culate their prices In British currency.

The recent weakness has already had an unfavourable effect bustness.

on

RETURNS

BERLIN, Dec. 7 (T/Ocean)—The German agüre skating champion- ship for pairs was won by Maxic Returns of the Average Amount Herber and Ernst Bader, who also

*

Hongkong. during the month end-pionships, in the Berlin Sprts Pa- ed, December 31, 1938, as certified by lace. the Managers of the respective Banks:

$

NOTE CIRCULATION

Chartered Bank of India.

The following statement of the Australia and China... 24.852,657 securities lodged with the Crown Hongkong & Shanghai

Agents by the Mercantile Bank of Banking Corporation...210.197.678 India. Limited, against their notes Mercantile Bank of India.

published for Limited

Total

in circulation, is 4.441,620 general information:-

44 per cent. Conversion War Loan $239,491,955 1940-44: Amounts to "£240,000,

Latest market price is 1031-105).

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