1939-01-24 — Page 11

HONG KONG DAILY PRESS

Finance and Commerce

LONDON SILVER MARKET SUPPLEMENTARY

IN 1938 REVIEWED

Even Range Maintained

During The Year

Messrs Mocatta and Goldsmid." in their annual bullion letter." write-Taken as a whole. the Silver Market has had a less dis- turbing year than might have been expected in view of the fact that the London Silver Agreement expired on December 31, 1937... Indeed, the range of prices (2-3/16d.) is the narrowest on record and both the highest and lowest prices of the year were quoted not only in the same month (March), but within 11 days of each other.

The following table show the range of prices month by month and as rompared with previous years,

May

June

July

August September

October....

18-9/10 10-5/8 13-11716 18-15/16 19-1/8 13-3/4

་

Difference between Spot & Forward Premium on Spot 3/16-3:8 14--12 3/16--1/18

3 16-1/2 3/163 8

Highest

Lowest

d.

d.

January

20-3/8

19-1/4

February

20-3·8

March

29-0/16

19-15/16 -18-3/8

April

18-1/8

18-15/10

10-1/18 19-13/15

1/812.

1:16-14

19-9/16

10-11/16

19-13/16

19-5/16

18-14

1.8--5:16 18-144

November

20-1/4

19-1/2

1/4-34

December

20-3/16

Highest Lowest

Average

1928

1929 20-7/16

28-7/16 26-1/16 21-5/16

1930 1931

21-5/8 21-9/18

1032 20-7/16

1933 20-1/2

1934

25-1/4

1935

·36-174

14-7/16 12d. 18-3/8 16-1/2 18-3/16 20-78

20-3/4 24-7/18 17-11/16 14-19/32 17:27/32 18-5-32 21-7/32

20

wit

1936 1937

22-15/16 19

20-1 16

with It, the only

disturbing

21-1/2

18-3/16

feature of the year.

1938

20-9/16

18-3/8

The range of prices from

the

20-1·10 13-17/32

10/15/16

5/16--13:16

In the middle of April, Mr. Morgenthau announced that the U.S. Treasury would pur- chase. Mezlean silver in exact- as silver way ly the same

namely. from other sources. at the price of the day it cleared offered. This

up the Mexican situation and

Early in January the US. Govend at April till the end of Octo ernment gave every indication that ber was only tid. "they had no intention of letting day movements were

the world price of silver fall: the tant

arrangements

with

Mexico

to be

INDUSTRIES OF

SZECHUEN

CHUNGKING, Jan. 23 (Central) Farmers in Szechuen are engag ed in many supplementary rural' industries with technical help from the government and academic bodies.

Outstanding among these is hug-raising. This is a thriving Industry in 82 out of more than 100 hslen in the province, and the number of ples raised an- nually exceed 8,000,000. Sze- chuen's pigs are valued espe- and cially for their bristles. upwards of 15.000 piculs of bristles, valued at $8,000,000. are exported annually,

Next in importance is tung ol Tung trees are grown in 71 hsien and the annual production of tung joll amounts to 780.000 piculs, valu-

ed at upwards of $30,000,000.

.A place of considerable" im- portance to China's foreign trade is occupied by the silk produced in 38 hsten in Szechyen. During prosperous years, the annual ex- part of slik from this province to foreign markets amount to more than 10.000 picula, valued at up- wards of $10,000,000. Backed by new capital, a scheme is now in full swing to make Szechuen's silk production worth $70,000,000 an- nually by 1945.

PAPER AND CLOTH The paper industry is also im- portant in view of the shortage of newsprint in war-time. Paper is manufactured in 32 halen, and the annual

15 output

than 1,000,000 plculs, valued at upwards of $10,000,000.

mere

FINANCE

it!

| IMPROVEMENT

IN MANILA

MARKET SEEN

this

Barring unforeseen clr- min- cumstances, the Manila ing share market Is expected to follow a better trend than last year as shown by present Indications,

cording to a statement issued by former Judge - Ceferino M. Villareal...

Judge Villareal points out that the healthy behaviour of the market will be gulded by the fact that the public has had its lesson in the past and y therefore proceeding more cautiously In lavest Ing its money in sound stocks.

Villareal's Mr.

statement fol- lows:

seems

im-

"The current, year 1039 to have better prospects "for the stock market than did the. past year. As things are turning out. 3 local I believe, that barring

we CX- "casus belli," well may pect moderate continued provement of the stocks quoted on the market in the city, with

fluctuations the usual

arising from the

of supply law

and various demand as a result of

be П factors. There may even

also in a general movement, gradual way.

other of all the stocks listed on the board.

due

to the precautions ct the public In general against heavy invest ments in high-priced stocks.

...

the

be

"If this state of mind of public continues. and there more traders, everybody will take great care in playing the stock market

Issues high-priced on due to lack of public investors who would follow them in their footsteps. The public has had Its lesson and is proceeding more cautiously. Not in vain did it receive. In the past bitter lessons as a result of Investments"in ex-

Weaving and spinning are the most common - Industries among and day to farm women, the former covering unimper-47 hsten and the latter 33 hslen.

few The total amount of cotton cloth ceptionally Moreover, there were

that produced annually is valued at and Items

ties." of interest during

them Canada were

continued period-amungst

was, the more than $100,000,000. throughout 1938 and those with repeal at the end of April of the China until July 1. Moreover order of 1934, whereby American of Szechuen farmers is the growing be handed of tobacco, which is done in 39 was leamed that the Governinent silver stocks had to would still pay 45 cents for foreign over to the Treasury, though. of jhsien. More than 600,000 piculs percent tax on are produced annually, valued at aliver notwithstanding a reduction course, the 50

remained. This presum-upwards of $10,000,000.

In the domestic, price from 77.5% proft

cents to 64.84 cents. All this gave ably permitted private firms and

Another supplementary industry

"

These rural Industries have

strength to the market and there individuals to deal in silver; but hitherto been conducted with the was a gradual rise in the price it is noticeable from 1918. on the 3rd to 2014, on taken advantage of this, at the 19th.

rate on the London market

Meanwhile, in anticipation n reduction in the Import duty lu "the Indian Budget, shipments, or silver were made from Bombay to

Londen.

in

SMALL PRICE RANGE The range of prices February was smaller and there was little of interest beyond the announcement that the American Govern- ment had contracted to pur chase a monthly quota of 5,000,000 ounces from Mexico and up to 2,000,000 ounces from Canada at the price quoted in New York when the silver was offered. This had no effect on the price as it was not regarded as a change in their silver pollcy. In the Indian Budget оп February

26. no change was made in the Import duty of 3 annas

per dance.

Ji

EUROPEAN CRISIS

any

that few have most primitive methods. The Re- construction, Department of the Szechuen Provincial Government, alded by the Farm Credit Bureau, the Farmers Bank of China. the in June the US.A. renewed Szechuen Provincial Bank, the Sze- their agreement with China, and chuen Co-operative Committee, and in September. tears of a boycott the agricultural colleges of the

of Mexican sliver by the Ameri-University of Nanking, Central

can Government owing to furthe: University, and the. Szechuen Pro-

Eastern disputes led to

selling vincial University. is Introducing moving scientific methods for their imm2 Septem provement.

con-

War FOREIGN TRADE

but without materially the price. Later on in ber during the time of the European crisis, there was siderable uncertainty about Risk Insurance rates, and iri spite of the weakness of Sterling silver had a tendency to case. the price being fixed well below New York parity. This however was the only effect, the crisis had or silver and it was negli- gible.

be-

In

then.. until the price

During November, sterling came appreciably weaker and the middle of the month the narrow range seen during the past six months was broken and March opened quietly with the by the end of the month 2014. price at 20- 1/16d. but bear cover- was reached. From ing and a strong dollar gave the the end of the year, market a rising tendency till the remained at this level, America 18th when the highest price of continuing to absorb all supplies the. year, 20 9/16d. was quoted The weakness of sterling" was largely due to the unsettled state of Europe and when on the 21st conditions appeared to be better. there was, an Improvement in sterling and

small reaction in silver.

Unfortunately, however, it Was

at this moment that the Mexi-

As regards the difference between spot and "forward. It will be noticed that on no day has spot been quoted at a discount, a- situation that has not occurred since 1026; but we have to go back to January 3, 1924, to And

high 7 premtim on' spot as * 13/16d. which was quoted

can Government thought it to on December 2. 1938. The

expropriate British and Ameri- can all companies, and silver operators were quick to see, the possibility of retaliation by the U.S. Government by. repudiating their silver arrangements

with Mexico. Their tears were quick- ly realized, for on the 27th it. was

above table shows the

range

of premium and It empha- sizes clearly the prevailing features of the market, name ly, shipments to America and the periodical carrying of a bear account.

over

OF U.S.S.R.

Great Britain Is Best Customer

The foreign trade turnover of Soviet Russia in the period January-July 1938, according to stailstics published by the Central Customs Department of the U.S.S.R., amounted to 1,483,799,000 roubles, of which 647,288,000 roubles comprised exports and 836,511,000 roubles imports.

For the corresponding period of 1937. the tatal trade turnover amounted to 1.624.085.000 roubles.. comprising 827,663,000 roubles of exports and 796,422,000 roubles of Imports.

For the first seven months of 1938, there was an excess of im- ports over exports of 189,223,000 roubles, whereas for the corres- panding period of 1937 exports ex- cecded imports by 31,241,000

roubles.

Great Britain was the Soviet's greatest purchaser, with 180,386,000 seven roubles of trade, in the months while the United States, with 239,515,000 roubles, was the the Soviet

America largest exporter Throughout the year

announced that as from April has been a consistent buyer, the Union.

1 the American

Government orders being, of course, influenced would discontinue buying the by

the sterling-dollar cross monthly quota of 5,000,000 ounces.

rate. The amount shipped tr catablished earlier in the year.

New York from London is esti-

Government or the U. 8. S. R. Moderate amounts have been

for

VIOLENTLY DISTURBED mated at over 300 million ounces, bought by Hungary but Portu Once more the London Market a large part of which had been guese purchases, have been negli-"-

gible. was violently disturbed, the price held on Chinese accounts. During 'PROSPECTS FOR 1939 falling 24. In two days, the the summer there were large lowest price of the year, 18 3/84. sales of Japanese silver amount- being quoted on the 29th and ing to about 11,000,000 ounces. 30th. At the same time the New We also understand that there York price fell from 45 cents, to have been sales of Spanish Gov- 43 cents. On the fall there were ernment silver but as the metals large forward purchases by India. has not come direct from Spain back in the recent elections, he but, perhaps surprisingly, lew it is difficult to estimate the

is still in power and until the sales by Mexico in London. This amount disposed of. On tne gave the market resistance and other hand there appear to have autumn of 1940, when the presl-

19 13/16d was quoted

end of the month.

The best that can be said the prospects for 1939 is that

be little there appears to

that should cause any great upheaval In the market. Although Presi dent Roosevelt Buffered а set-

high-priced securi-

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VIRGINIA CIGARETTES

In PACKETS of 10

also in

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TUESDAY, JANUARY 24, 1939.-PAGE 11

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