1939-01-21 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

JAPANESE ECONOMIC PENETRATION IN NORTH CHINA

-Japanese economic penetration in North China in the wake of military occupation is revealed in information gathered by a Central News sperial correspondent in Shansi.

CHUNGKING. January 20 (Central)

Under the direction of the Japanese Special Service Section all large Chinese industries have been under Japanese military control, exorbitant miscellaneous taxes have been imposed and measures to undermine "Chinese currency have been enforced.

Practically all big Chinese factorles in the Pelping-Tientsin the Japanese area have been placed under the management of Haing Chung Company and the North China Industrial Deve- lopment Corporation.

."

The coal mines in Tangshan and Tsingching in Hope!, wool and hides in Chahar and Sulyuan. salt in Changlu. Ropel, cot Honan have also been ton. in Hopel, Shantung, and northern placed under Japanese military control,"

NEW SOURCES OF REVENUE

Roosevelt's Tax Proposals

20

WASHINGTON, Jan. (Reuter)-A plea for all: pri- vate Income from all Govern- ment salaries and future Gov- ernment securttles to De made subject to the general Income tax laws of Federal and State

14 governments

special contained in a message sent to Congress

Roosevelt President

day,

tax by Yester-

estimate

result

1

officials Federal tax

would that such actions

year

message.

00-

In Shans alone, the Japanese Army, are mostly shipped to Pel-in an increase of $300,000,000

State governments would are now operating more than 30 plng and Tientsin (or distribution

aisc benefit, by considerable in- large Chinese Industries. These and marketing.

The Japanese have also instituted creases in revenue. from the re- include the coal and iron mines in

ciprocal authority given them to Tating and Yangchuan, the cot- strict control over trade. Permis ton mill and the Tsinbia Tobacco slcn must be obtained from the tax Federal salaries and bonds.

Commenting on President Roose- Company in Yutze, the flour mills Japanese Special Service Section

Treasury in Fenyang and Linfen, the cotton before goods may be exported. | velt's mill at Sinklang, the arsenal, iron Native raw materials must be sold als expressed the view that re-

For In-moval

tax ai

exemption ori werks. wooller m, tannery and to factories designated.

public stance, wool must be sold to No. future issues of printing press in Taiyuan.

All these factories employ Ja-16 Army-Controlled Factory, which ties would not make much panese advisers and technicians is a woollen mill and leather to ference with respect to the rates and the products, after being re-No. 17 Army-Controlled Factory, of interest, or the marketability served for the use of the Japanese which was formerly the tannery of Federal securities

H. K. STOCK EXCHANGE

Jan. 20.

securi-

dif

FINANCE

Imperial Airways

1939 Programme

The year 1939 will have the distinction of being the twenty- first in the development of British Avlation on definitely com- mercial lines; and one outstanding feature-already promised for the spring-will be the opening-up of a regular flying-boat ser-" vice to and fro across the North Atlantic.

For the impending North Atlan-

tie commercial service Imperial

Airways will be employing four COTTON PARLEY

new multi-engined flying-boats of a long-range type "Cabot" "Carl- bou" "Connemara" and "Clyde."

MOVE SEEN AS

BROAD HINT

WASHINGTON. Jan. 20 (Reuter)

These new aircraft. similar in design to the "Caledonia" and "Cambria" which few on the suc cessful North Atlantic experimental nights of 1937. are capable of-Farm officials indleate that the carrying heavier loads on non-stop proposal for an international cot- ton conference, made by the Secre- North Atlantic crossings.

tary for Agriculture. Mr. Henry A. Wallace was

are

M

broad hint that unless other countries join in a United effort" the co-operative States may adopt measures to en- able American exporters of cotton to meet. foreign prices.

It is pointed out that the United States could subsidize cotton ex- ports similar to wheat, or release some of the loan cotton which would lower the American pricej level, thus, facilitating exports.

The opinion is held that intro- duction of the wheat subsidy was largely responsible for the current desire for an International wheat conference, and a cotton subsidy

Another feature of these new flying-boats IN that they for refuel- equipped Jing while In the alr: and final trials will be carried out with a view to the adoption of aerial refuelling in connection with this year's ocean crossings--which are ex- pected to begin as soon as the bases on the other side of the Atlantic are ice-free and ready for service. Apart from the establishment of North Atlantic air-line. another new sea route of 1939 will be that crossing the Tasman between Syd

and Auckland ney (Australia) (New Zealand), thus bringing New If the entire Federal debt was Zealand within the general net- of the former Northwest Develop-

'securities, I work of Imperial routes.

GERMAN IMPORTS ment Corporation. Merchants via- refunded into taxable

interest lating this ruling are severely the annual increase in

Important developments are also

EXCEED EXPORTS punished.

cost was estimated between $19 imper.ding in Pacic zones, In-

and $40,000,000 000,000

com-cluding survey Hights from New BERLIN, Jan. 20. (Reufer)-The pared with the present total annual Zealand to investigate projected trade balance for Greater Germany Interest burden of $1,000,000,000. commerctal services; one of these indicates an import surplus of Omcials also estimated that being the establishment, in due 432,400,000 marks in 1938, accord- the difference in the Interest course, of a trans-ocean Jouting to statistics published here to-

the rates between

non-exempt across to Canada. Government securitles would not be more than one-half per cent. on the longest matuйtles..

REVISED SILVER PURCHASING PROPOSED

Salt is placed under the control of a so-called Salt Control Bureau. MISCELLANEOUS TAXES Miscellaneous taxes imposed The past week has been one of

in Shansi include vegetable the quietest for some time; and

tax in Pingyao, a household only a small volume of business

tax In Yangku, a "good clti- has been reported, with the ex-

zens" certificate fee in Chih- ception of H. K. Banks which have

sien. bandit-suppression tax, provided a fair medium of trade.

air defence tax and anti- With such quiet conditions pre-

epidemie tax in Talyuan, and. valling it would not have been

door tax, amusement tax, dog" surprising had rates given way

Ilcence fee and hair tax in considerably. A comparison cf}

Hair tax is im→ north Shansi. Monday's opening quotations with

posed on girls with bobbed those ruling to-day disclose a

hair at the rate of 50 cents a movement, certainly on the down-

month. ward scale. bat. conned within

Cultivation of poppy is made markedly Barrow

Imits. The

compulsory in many places.,, Prac -opinion may be hazarded that the tically one-fifth of the area within

system, still in its infanes. of 20 Chinese of Sohslen in north sources, but in the case of foreign | "beard trading." has had a steady-Shansi is growing poppy. Most of ing effect, in that, with the know- the farmers in districts north of ledge the market is quiet, opéra-l Lingshih, in central Shansi. are Lors have been well aware of what,

poppy growers.

Reuter?

WASHINGTON, Jan. 20 -Senator Key Pittman has pro- posed a revised silver purchasing| programme calling for purchase! from domestic as well as foreign)

1

might have a similar effect.

day.

Experts totalled 5,819,000,000 marks, as compared with imports

P. & 0. LINE AND of 6.052.000.000 marks.

TROOPING

The P. and 0. Line wili shortly resume its association with trooping with the com pletion of the liner Ettrick. She will have accommodation for 101 first-class" and 90 second-class

164 passengers. troop families, and 1,150

troops. urchases the furds would go to pay for exports of American pro-

ducts.

The Ettrick was built to the re- quirements of the Transport De- The new bill provides for the partment, recently underwent her; maintenance of a monetary reserve trials and will sail on her "Arst

sliver and trooping voyage this month.

has been transpiring" and are The Japanese have employed further well aware the market has different means to undermine the equal to one-fourth not been conspicuous by its entire stability of Chinese legal tender three-fourths gold, and beginning

absence."

BUSINESS DONE DURING THE WEEK

Hongkong Bank, $1400, $1405, #1300. 1385,

#1350, 21350, 70.

Canton Insurance, $210. Union

Insurance. 470, 8470. 3468, 8479.

H. K. Fire Insurance. 170.

Docks (Old). 18.20, $18.

Docks (New), $171. $17.30.

Lands, $37, 9363.

Realties. 85}.

Tramways, $11. $17,40.

$17.10.

and Shansi Provincial Bank notes. but have failed. They have torced the people to circulate the notes 1415, of the Bank of Chosen and the 1300. Federal Reserve Bank but without

much success.

$475.

FORGED NOTES

At Wutal, in northcast Shansi, the Japanese have been absorbing

on July 1 domestic purchases would rate at $1.29 an ounce.

The bill would eliminate the 50 per cent. tax on silver trading pro- Bits.

+

She was the scene of a luncheon party recently when Mr. Boyd Cable the historian, made дп Interesting speech, reminding guests that the Company had been actively associated with trooping since 1848 including service during the Crimean War,

SOVIET-POLISH TRADE TALKS · Yet another ship of similar de- MOSCOW, Jan. 20 (Reuter)-The sign. the Devonshire; is being built

notes of the four Chinese govern improvement in Soviet-Polish re- at Govan for the Bibby Line,

ment banks,

Central Bank,

namely, the the Bank of China, the Bank of Communi- cations, and the Farmers' Bank. $17, and depreciating the notes of the Shansi Provincial Bank. At the

lations has advanced another step with the arrival here of a Polish delegation for a series of trade talks.

Discussions have already begun

China Lights (Cum_rights), $91.] same time, large numbers of notes on concrete measures for expand- China Lights, (Rights), 43, of the bogus Hopel Provincial Banking

83.45, 3.40, 43.30. 3.10.

Electrics, $572.

Dairy Farms, $241.

**CLOSING QUOTATIONS

(3.30 p.m.)

Buyers

Hongkong Bank, $1360. Valon Insurance, 8465. HK Fire Ins., $170. H..& S. Hotels, $6.69.

HK. Lands, $36.

"H. K. Realties, #5).

HK. Tramways, $17.10. China Lights feum rights) $8. China Lights (Ex. Rts.), $8.30. Sandakan Lights, $10.10. Cements, $16.

H.. K. Ropes. $4.

Entertainments, F7,

Vibro Piling, $6.

Sellers

H.K, Bank, $1385. Union Insurance, $470, China Underwriters, 70 cts.

Providents (New), $6.10,

H. & S. Hotels, $6.85.

H.K. Lands, #364.

H.K. Realties. $6.70.

H.K. Tramways. $17.40.

China Lights (C. Rts), $9.40.

China Lights (Ex Rts), $8.80.

Telephones (New), $8.

Cements, $16.70. Dairy Farms, #241. Lane, Crawfords, $4. Constructions, 81f.

Salm

FLK, Bank, $1350/70. Union Insurance, 2470. H.K. Fires, $170.

H.K. Tramways, 817.10. China Lights (cum rights), 191. China Lights (Rights), $3.10. ** Though, in sympathy with a decline in the London quotation. have been dealt in from $1400 down to 1350: at the close there is an unsatisfied demand at $1370.-

are being circulated.

also There are

many forged notes of the Central Bank of China, the Bank of China and the Bank of Communications in cir- culation in Shani.

Recently, the Japanese esta blished a so-called Meng Chiang Yin Hang (Mongolian Territorial

During Bank)

the past six months, this new bank has ex- tended credit loans aggregating $500,128 for agricultural, commer- cial and industrial enterprises..

ROOSEVELT ASKS FOR POWERS

(Reu- WASHINGTON, Jan. 20 ter)-President Roosevelt yes- terday asked Congress to extend for two years its authorization for the Government's Stabill- zation Fund, and his power to dollar, change the value of the authorization for both of which is, due to expire on June 30

GOLD MINING PRICES

Hongkong Sharebrokers' Associa-

tion closing sales yesterday were:-

Antamoks, 485 ctvx.

Atoks,, .36 ctva.

Baguio Gold, .28 ctva. Benguet Consol.. 13.80 ctys.

Big Wedge, 365 ctvs. Coco Grove, .51 ctvs. Consol. Mines, .0025 ctvs. Demonstrations. .25 ctvs.

E. Mindanao, .115 ctva Itogons, .365 ctvs. IX.L., 68 ctva.

it

11

(Reuter) -

SUGAR PLANTERS CABLE APPEAL LONDON, Jan. 20 Soviet-Polish trade trom It is learned that sugar manu- £200,000 in 1938 to over £1,000,000 facturers in Jamaica have cabled" the Colonial Office stating that by the end of 1939.

planters are gravely concerned over Mr. Malcolm MacDonald's statement that he was unable to increase the sugar' quotas. They urge the necessity of permit to increase sugar plant- Week-ended ing in Jamaica, declaring that 19/1/30 unemployment was getting worse $675,000,000 and

the situation that -Reuter.serious.

BROKERS' LOANS

New York, Jan. 19. Loan on securities to brokers in New York:-

Week-ended

12/1/39. $704.000.000

R

was

WEEKLY RETURNS AND REPORTS

BANK OF ENGLAND

Public Deposits Other Deposita:~~~

Bankers

Other Accounts Total

The Agures for Germany, ex- clusive of Austria, but including the Sudeten district; after Novem- ber. Indicate, an import surplus of 192,000,000 marks, exports being 5,275,000,000 marks; and · imports 5,449,000,000 marks.

This adverse balance is due, It is stated. to the fact that exports from Germany decreased by 531,000,000 marks, as compared with the previous year.

SATURDAY, JANUARY 21, 1939.-PAGE 11

NIKS

A Guaranteed Cum For Hong Kong Feer,

"People Who Matter"

PEOPLE WHO

сал

MATTER, to the advertiser arm tim people whe afford to buy his goods. Most of there people buy and read the

Hong Kong Daily Press,

Mr. Howard Hardings.

The Willows

Maldon

WINTER

LAMMERTS' AUCTIONS

PUBLIC AUCTION.

HE Undersigned have received

instructions

THE

TO SELL BY

PUBLIC AUCTION.

ON

TUESDAY, the 24th JANUARY, 1939

Commencing at 5.15 p.m.

At. their Sales Room, No, 3 Connaught Road, Central Room No. 205, 2nd Floor)

A COLLECTION. OF VALUABLE POSTAGE STAMPS

On VIEW from MONDAY, the 23rd JANUARY, 1939

TERMS: Cash on Delivery,

LAMMERT BROS..

AUCTIONEERS.

CLOTHES

Women's, Men's & Children's

WANTED URGENTLY

HONGKONG BENEVOLENT SOCIETY

Monday & Thursday

ICE HOUSE STREET

10 to 12 Noon,”

Engraving is the hall mark

of

VISITING CARDS.

If you wish to create

a

M. J. Cartwright.

18. Berton Road

Forks H.

In these we Specialise Samples available

at

£ 19.210

118,140

London, January 19.

Jan. 12

Jan, 19 (000's omitted)

£ 13,250.

119,940

36,650

36,890

154,700

156,530

Government Securities

96.170.

85,750

Other Securities:

Discounts and Advances

22,120

18,490

Securities

22,320

'23,810

Total.....

44,440

42,100

Notes and Coins

51,420

59,080

127,070

127,030

Notes in circulation.

Ratio of Reserve to Liabilities

475.840 29.55

467,950 34.98% ~Router.

74.Mayfair.

Tale phona

London, M..

Grosvenor 838

Total Bullion

Mr Geoffrey A. Matthews,

20. North

good

impression

use our cards

of high

Quality,

Mr. Gric B. Green...

The EASTERN ELECTRICAL COMPANY.

GERRARD 474,

FRIC GRAY.

CENTRAL 1760.

CAMERA STUDIER

PERT STREET, W..

Mr. Dennis E. Spalding

George R. Faget & Co. Lide

London 2.6.1.

FEDERAL RESERVE SYSTEM

New York, January 19.

Jan 12

Jan. 19. (000's omitted)

1,000 $ 1,000 2,584,000

THE HONGKONG DAILY PRESS

Marina House,, 3rd Floor, 15-19, Queen's Road Central.

Bills Bought

U.S. Securities held

Federal Reserve Ratio

2,584,000

*83.80%

83.81%

Federal Reserve Credit Outstanding

2,592,000

2,588,000

Monetary Gold Stock

14,577,000 14,615,000

Industrial Advance

"

Masbates, .185 ctvs. Paracale Gumaus, .13. ctvs. San Mauricio, 1.84 ctva. Buyoc Consol., 21 ctvs. United Paracales, .73 etva.

15,550,000/ 15,390,000

--Reuter.