1939-01-20 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

CHINA DESIRES TO PAY ANGLO-GERMAN

ALL OBLIGATIONS

·

Ready To Consider Any

Fair Arrangement

CHUNGKING, Jan. 19 (Reuter)-China wants to pay all her ob- ligations and is ready to consider any fair arrangement to that end, declared a spokesman of the Finance Ministry in connection with the announcement that China would no longer service the Customs bul would apportion revenue from the Customs. He emphalized, however, "that in the first Japanese-occupied areas place, the share attributable to the should be forthcoming, and secondly, that interference with Chi- nese currency should cease.

Hans

oll

N

The spokesman affirmed that Both the Briush and U.S. Boxer China had no intention of declar Indemnity Funds are to be paid ing a moratorium

TRADE

Discussions Taking Place Soon

LONDON, Jan. 19 (BWS)-The

FINANCE

WORLD COTTON CONFERENCE PROSPECTS

WASHINGTON, Jan. 19 (Reuter) According to Mr. Henry A. Wallace. Secretary for Agriculture, the Adminis- tration is tentatively consider- ing an international conference of the cotton-growing nations on how to dispose of surplas colton stocks.

cotton Senators.

This statement was made follow- Grand Council of the Federationing a White House conference 6 British Industries yesterday re- which Senator Bankhead arranged ceived a report from its Director, infter the inconclusive meeting of Mr. Guy Locock, regarding in- formal conversations held before Christmas with representatives of the German Reichsgruppe Indus- trie regarding Anglo-German trade the question of relations and competition between the two coun- tries in third country markets, es- Pecially in south-eastern Europe.

The Grand Council has approv up by 1948. The, monthly payed the suggestion that official dis- ments for the years from 1941 to cussions should take place be- 145 are much less than those at tween the two organizations with a view to tacilitating negotiations between Individuaj "Industries In Germany and Great Britain on these subjects.

STATISTICAL DATA | CHUNGKING. Jan. 19 (Central) | present. Statistical data were quoted by a spokesman of the Ministry of Finance to substantiate the pea- sons why the Chinese Government discontinued the practice of ad- vancing funds from the Central Bank of China for servicing loans secured on Customs revenue in the

enurse of a press interview vester

day,

According to the spokesman, the

total

CUSTOMS REVENUE The total Customs revenue for 1938 amounts to approximately $254.570,000 (Chinese currency), or an average of $22.000.000 monthly It is difcult t calculate the exact amount of revenue collected

in the war, areas on account of the

The Relchsgruppe Industrie has been informed, and arrangements are being considered for ari early meeting between the two bodies.

RAUB. QUARTERLY

STATEMENT

as follows.***

BATTERY Tonnage of Ore raised, 18,853

No. of Ounces of Bullion pro- 'duced, 5,929.33 ounces.

incompleteness of reports after the. detention of Customs receipts by Customs-secuted long-term Japanese. But generally speaking. i The Raub Australian Gold Sin- loans, calculated according to the four-fths of the total Customs ing Company's statement for the government exchange rate. amount revenue is under present circyms- quarter ended December 3, 1938 is tr approximately $2,500,000,000. tances collected in the war areas. These are in the following three This does not include Customs re- categories $600,000,000 loans "in venue collected in the northeast- foreign. currency. $100,000,000 ern provinces, seized by the Japan-tons. Boxer Indemnity Funds. and ese since the Mukden Incident. $1,800,000,000 in Chinese currency.

Payments due in 1939 in- clude approximately $1,000,000- for loans in foreign currency. $3.000.000 for the Boxer In- demnity Funds, and $18,000,000 for loans in Chinese currency The monthly payment for the British "Boxer Indemnity Fund for the current year amounts to £50, 000, while that for the US. Boxer Indemnity Fund U.S. $160.000.

16

H. K. STOCK EXCHANGE

1:

According to Customs statis- iles for 1936, 45.9 per cent of the Customs revenue was cof- lected In Shanghai, 10.9 per ren. In Tientsin, 7.3 per cent. In Hankow, 6.3 per cent. in Tsingtao, and 3.4 per cent. in Canton,

No. of Ounces of Fine Gold re- covered. 5,624 ounces.

RE-TREATMENT PLANT

No. of Tons treated. 22,883 tons. No. of Ounces of Bullion pro- duced. 3,625 ounces.

No. of Ounces of Fine Gold re-

יי

IL is estimated that the Cus-covered, 2,630 ounces.

revenue detained toms

by the

Value of Gold. from all sources. Japanese since the beginning off £60,982 Sterling. the Sino-Japanese hostilities in Working Costs, 34,028 Sterling. July. 1937 amounts to over $150. Capital Expenditure (special), nil. | 000,000 Chinese currency). The Mine Profit for Quarter (subject major portion of the Customs re-to Depreciation), £26.954 Sterling. venue detained and deposited by

the Japanese in the Yokohaina Specte. Bank is in Chinese cur- rancy, while the remaining portion is in bogus and Japanese currency. Jan. 19.

In general, the major part of the H.K. Banks in fair numbers were!

Customs revenue .collected traded in from $1385 down, to

Shanghat is in Chinese currency $1360. Unions of Canton came to business from #475 to $488, Real-while that in Tientsin in bogus ties at 15 and Trams at $17.00 currency. otherwise the market was quiet,

Buyers

H.K. Fire Insurance, $1.70.

H & 9. Hotels, 16.60. ELK, Realties, 25.40. HK. Tramways, $16.90; Macao Electrics, $171. Sandakan Lights, $10.10. H.K. Ropes, $4. Entertainmenta, $7. Maramans (HK). 2/3.

Sellers

Hongkong Bank, $1380, Union Insurance, $473. China Underwriters, 70 cta. HK. Fire Insurance, $200, Providents (014), $8. H. & B., Hotels, $6.85.. Peak Trams (Old), H. H.K. Electrics, 1671. Telephones (New), 28.45. Cements, $18.70. Watsons, 88.15.' Lane, Crawforda, $8. Constructions, $18. Maramans (IL K), 2/9.

Salex

Hongkong Bank, $1395/60. Union Insurance, 8475/468, H.K. Realties, $5,50

HK. Tramways, $17.00.- Philippine Mines

Antamoks; .49

Atoka, 301

Baguio Gold, .28

Benguet Consolidated, 13.90.

Coco Grove, .51

QUESTIONS ASKED

in

Asked whether the announce- ment issued by the Ministry of Finance on January 15 refers to loans secured on Customs revenue only or to all Chinese loans, the spokesman replied that it refers to Chinese loans secured on Customs revenue only.

ول

Questioned whether the Chi- nese Government is consider- ing similar measures regarding servicing of Chinese luans other than those secured on Customs revenue, the spokes- man said that this implies an- other issue and can not be an- swered now.

The spokesman was also asked whether the Chinese Government will. after the conclusion of hosti- ities, study measures for repaying loans the servicing of which has been temporarily suspended as a result of the announcement of the Ministry of Finance on Jamiary 15, He replied that there is great pos- sibility, but that negotiations will first have to be conducted.

The latter are expected to re- sume their discussions later this week

No decisions were reached at the White House conference except that cotton was a serious problem.

A New York message says that there, is mixed comment in rotten. circles regarding the prospective results of an international cotton conterence, with the majority not too sanguine.

3

Meanwhile, Mr. Wallace, at press conference. stated that he would welcome conferences with the officials of other countries, but he declined to say whether he would take the initiative. He sald there was considerable hope that. smar conterences on wheat and sugar will produce good results, and he felt the same would hold true for cotton.

FOREIGN "WORKERS

IN GERMANY

BERLIN. Jan 19 (T/Ocean)- Almost one and a half million foreign workers are engaged in

result Germany as

of the labour shortage, states Dr. Fried- rich Byrup. of the Reichs Mini- try of Labour. in the January number of the magazine, "Four Year Plan."

LONDON GOLD

London, Jan. 18. Bar Gold. Fine per oz., 148/71- Dollar Parity. 1d. premium.

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FRIDAY, JANUARY 20, 1939. —PAGE 11

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FRIDAY. the 20th JANUARY, 1939,

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London, Jan, 18. COPPER

£

buyers sellers

Consolidated Mines, .25 ·

„Demonstrationą, „25

Standard, Cash 43-1/16 Standard.

£ 43-1/8

3 months 43-5/10 Electrolytic

48

TIN

Standard, Cash 216-3/8 Standard

43-3/8 49

216-1/2

217-1/4

I. X. L., .50

San Mauricio, 1.82

Buroc, 31

United Paracale, .73

GOLD MINING

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LEAD Foreign.

Official Price 14-1/2 closing sales yesterday Foreign. Official

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14-9/18

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For further information inquire of your nearest steam- ship office, ony Travel Burgau, or

were:-

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Antamoks

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3 months 14-11/16 14-3/4

SPELTER

Ordinary.

.. Baguio, Gold

.28

Benguet Consol,

13.90

Cons. Mines ·

.0025

Deinonstrations

25.00

1. X. L.

.69

San Mauricio

1.82

Suyoc Consol,

21.00

United Paracales

ла

Market Closed Quiet,

Official Price 13-11/18 13-3/4 Ordinary, Official

3 months 13-15/16 14

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