1939-02-16 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

BRITAIN'S TECHNICAL

INDUSTRIES.

The progress recently made in the extension of electrici

ty to agriculture has been so great that the British Bléctri-

now. estimates the number cal Development Association

farma connected to the various electric supply systems Great Britain at about 40,000, or one in ten of all agricul tural holdings in the country.

QUOTA SYSTEM

FOR OIL

Present Price Level Excessive

WASHINGTON, Feb. 6—Rẹp;

Sam Hobbs. Alabama De- mocrat, told the United Press to-day he would attempt to

As recently as 1928, only 600 farms throughout the whole country were being supplied. Now a single supply station serves more than that. number.

GOLD ASSETS

TO. BE REVALUED

Important changes in the rel'stions Bank of England's with the Exchange Equalisa- tion Fund are foreshadowed In a bill presented, recently by Capt. Euan Wallace, Finan- cial Secretary" to the Trea-

SILFJ.

The bill provides that in future the gold and other assets of the

the Issue · Department at

Bank each

of England will be valued week at current prices

The largest users in agriculture whose in- are dairy farmers,

Any excess of their total value dividual yearly consumption

over the total note issue, is to the averages 15,000 units,

cur- be transferred to the Exchange rent being employed, apart from Equalisation Fund Converse- lighting, for operating milking iy, the Fund will make good to machines, coolers sterilisers.

the Bank any deficiency.. separators and food-preparing

result of the AS 'B

provision,

apparatus. Poultry farmers are the, £128,000,000 of gold held by obtain House approval of re-also becoming, large electricity peat of import duty, on veze- table olis and substitution of a quota ursiem,

at

£4

up

price of

the Bank of England-valued consumers, and there are large the old statutory price of British enterprises which take

5s an ounce-will be written upwards of 500.000 units annually, to the current market Rep. Hobbs said he was in- A big development is anticipated about £7 10s an ounce. terested in protecting offshore in the electrical heating of the The value of this gold will thus vegetable oil producers as well as soll by Мевля of underground be "raised by roughly £100,000,000 domestic producers and consumers. cables in glass-houses, and it is to £228,000,000, giving a fair deal for all. He said possible that this system may be: As a further the Tinited States should perranit extended to outdoor horticultural will be possible to fix the imports of enough olis to meet crops, domestic needs, at the minimum tarin. needed to protect domestic "producers of cottonseed oil.

EXCELLENT PROSPECTS

1

consequence, It

FINANCE

H.K. STOCK EXCHANGE

The market was quiet with very ttle change in prices....

Bayers

Hongkong Bank, $1410 cd. Union Insurance, $480, China, Underwriters, $0.55. HK. Fire Insurance, $175. Providents (Old), $8). Chinese Estates,$100. Yaumati Fentes (Old), $RE. China Lights (New), 35). H.K. Electrics, $57. Canton Ices, $1. H.K. Ropes. $4. Wing On (HX.), $384. Entertainments, $7. Marsmans, (H.K.), 2/9.

Sellers 'Star Ferries. $724. Sales Hongkong Brink, $1420. Union Insurance, $487. Star Ferries, $713. Entertainments. 57. H. & S. Hotels, $82.

"PHILIPPINES MINES

Antamoks, Ps. 48. Atoks, Ps. 36. .:

Bagulo Gold, Ps. 27.

Coco Grove, Ps. 47. Consolidated Mines, Ps. 003. Demoristrations. Ps. 18.

San Mauricio, Ps. 1.82. United Paracale. Ps. .88.

adu HONGKONG

SHAREBROKERS'

ASSOCIATION

Volume of Business Transacted on Wednesday, February 15

!.STOCK

Shares Price

No. of

5 $1,415.00

H.K.. Banks........ China Lights (Q.) 100 8.50 China Lights (N.)... 86

élary issue of notes-the amount of Bank of England notes not In highly technical industries backed by gold-at £300,000,000 such as the manufacture of ball- instead of the present temporary "A system similar to the present bearings and machine tools Bri-Azure of £400,000,000. sugar quotas could be established tish manufacturers are doing, ex-

INFLATION DISCREDITED` which would permit the Philippines tremely well, and the prospects There is nothing in these pro- to ship as much coconut oil as are excellent. Rearmament re-visions to imply an inflation of hitherto "Rep. Hobbs believed.

quirements have had some in-currency or credit. In fact, the "Brazilian babasu seed, an influence on activity in the ball-fiduciary note issue is an obvious .creasingly important source of oil, bearing industry. not normal strengthening of the national 'could be allocated among the other business demands, especially from currency.

producers in the quota aystem," the motor trade and allied

The surprising development. 19 Rep. Hobbs said:

dustries, have also been good. the decision to write up the Bank

In machine tools, one firm in of England's gold bolding to the Antamoks England has almost trebled

Its current market price. This seem Atoks profits in the year to August the figures being £131,000 com for the first time, of the hug. Benguet Consol. pared with £46,000 for 1936-rise which has taken place in Coco" Grove 37, while another firm bas in the sterling price of gold

In Consol. Mines creased its profits by £15,000 to recent years.

Demonstrations £86,000.

The prime purpose would be to -establish a small tariff to protect the domestic price. The present level is excessive." .

TO PREVENT OVERSUPPLY The legislator pointed out the United States needs imports of nearly 2,000,000,000 pounds of olis and tats annually to supplement domestic production.

Rep Hobbs said his system would prevent an oversupply of oils and seed which permits processors and manufacturers to depress prices to a minimum.

*

"Cutionstel produce.s in my dis- trict are getting ten dollars a ton; wagon price," he explained." "This is a significant price, since it does not matter in subsequent specula- tion after the seed has been pur chased from the producer.

"This situation naturally de- --presses the price for Philippines and other producers, It United

States producers get a fair price it means a tar price for both pro- ducer and consumer. I hope to show Congress the iniquity of the present tarifi system.

"I fully agree, with our state de- partment that it is necessary to lower tariff barters, I am convin- ced it is necessary to establish Quotas to control the price and protect producers.”

IMPORT

-

CONTROL

..

5.50 San Mauricio ..2,104 Ps. 1,80 Philippine Gold Mining Quotations

February 15.

31 to imply a formal recognition, Bagulo Gold

461

361

2'7

13.80

46

003

174

64

134

San Mauricio ....

1.82

can- bulls, the

Suyoc Consol. ........................ United Paracales

22

68

Market Comment.-Qulet.

Et may also be assumed that X. g ...... In the case of a Scottish con- for technical reasons. mainly Paracale Gumaus cern comprising a number of concerning the issue and Arms, all its works are engaged cellation of Treasury.

at maximum capacity and its weekly settlement now arrang- output exceeds that of any pre- ed between the Bank and the vious period in the history of the Exchange Fund will "he B con associated companies.

venient arrangement

German Woollen Dresses

Dumped In Britain

CONSIDERABLE ANXIETY IS BEING EXPRESSED in the Woollen industry at German trade methods.

Reports which have reached London indicate that greatly in- creased subsidies are to be given by the German Government to exporters, of women's woollen dress goods.

"Germany's exports of these; markets. The hope was expres. goods have been falling rapidly and ed by

leading Bradford'

the Increased subsidy seems to be manufacturer that same form of a last resort to bolster up the Government help might be. ex- trade." a woollen manufacturer tended to the industry in Britain's said recently.

new trade drive.

H.K. AND SHANGHAI HOTELS, LTD.

Subject to audit, the balance at credit of Profit and Loss Account at December 31, 1938. including $343,720.47 brought forward from the previous year, amounted to $1,154,327.55, which the Directors, at the forthcoming ordinary yearly meeting of shareholders to be held on Wednesday, March 15, 1999, will recommend allocating as follows:-| To pay a dividend of 50.

cents per share... S718,320.20 To transfer to Repairs and Renewals Ac- count

1939 Account-

To pay а Bonus to "The public has not been buying

European Staff Reports which recently reached To Garry forward to German goods because German London have declared that Ger- styles do not appeal to women. many has increased her subsidy on Now it seems that "Germany is woollen dresses up to 100 per cent. practically going to give us women's dresses and we must regard our position with some uncertainty."

Need for foreign currency with CONSOLIDATED BONDS Nash, which to buy raw materials was the

IN N. Z. AUCKLAND, Mr. W. Finance Minister, defended the Government's import control policy in a speech to 您 special conference of importers at Wel Ington,

**85.002.49

35,444.42

317,560.44

$1,154,327.55

A sum of $51,280,000, being the DIVIDEND & BONUS

reason for the increased subsidy.

capital and interests accruing to

The directors of the China Pro- "Germany has been purchasing, 25th Year Consolidated Bonds on vident Loan & Mortgage Co., Ltd. raw wool from Britain and paying the 8th Instalment redemption. have decided, subject to audit, to for it by her exports of woollen was paid in cash through the recommend to the shareholders at clothing." the secretary of the Chinese Government banks, and the forthcoming forty second an- Under the Government's con- Wholesale Textile Association said. the Central Trust of China or nual general meeting that a divi- trol policy Mr. Nash said the

"This has only been possible by branches thereof, on January 31 dend of 10 per cent. per annum maximum preference was given

subsidising the exports The Ger- says the "Wen Wel Pao." These and a bonus of 5 per cent. per an- to Britain: The Government was

man manufacturer in applying for bonds include Consolidated “A”, num' be declared in respect of the doing everything possible to re- duce difficulties to British manu- the subsidy has had to allow in "B", "C", and "

England for a 20 per cent. tarin

facturers and others arising from on woollen dresses, 60 per cent, for!

the control plan.

the difference in exchanges, and he There would be curtailment or

then estimates his costs as 75 per unessential imports Dominion

cent of the real costs. A subality manufacturers having the max- mum facilities for the importa- varying in amount according to the conditions at the time has then tion of commodities essential for

been granted. their production,

year 1938.

INFLATION STARTS IN

GERMANY

Dr. Funk, successor to Dr. Schachi as President of the Reichs- bank and German Minister of Economies, is plunging his country into an inflation which his predecessor touched only gingerly.

Latest return of the Reichsbank, Jamount of mark notes offered to

The import selection would pro- RAW WOOL FROM BRADFORD vide facilities for primary pro "All this has been necessary auction, capital, equipment and because Germany has had to buy raw materials for manufacturing wool from Bradford. This is needed, published recently shows that them. goods to replace importa.

for army uniforms and mixing in one week Dr. Funk has increas- with the artificial wool from which ed the German note circulation by the people's clothes are made. £54,009,000 or 9 per cent to

The only way of obtaining ster-5,826,000,000—a new high-record. “RUBBER QUOTA

Hng to pay for the raw wool was This is 39 per cent, higher than UNCHANGED by these exporte, so a certain the total at this time last year. LONDON, Feb. 15 (Reuter) The Percentage of all raw wool Imported Backing of gold and foreign ex-wealth out of the country rubber quota for the Second Quarto Germany has been manufac- change for these notes has now ter is unchanged at 50 per cent

TRADE

AGREEMENT

MOSCOW, Feb. 15 (Bapter) -- The Soviet Lithuanian Trade Agreement was signed to day!

Export of these notes is for- bidden by German law, but smugglers have for some years been prepared to risk the heavy penalties against smng- gling in an effort to get their

Now they remember the post- tured and re-exported. With the dwindled to £6,366,000, which war years when inflation reduced Increased subsidy it will amount amounts to only about two-thirds the value of marks to nothing, to dumping woollen dresses to buy per cent., compared with the 27. They are smuggling out, notes and TAW WOOL"

wenda per cent. backing in England, even selling them at a heavy nominal Manufacturers and merchants before the revaluation of the gold toas on the "Black Bourse" for have « been-discussing for some stocks,

pounds to be sure that they time the question of how to fight Operators on the Black Bourse have something of value left even foreign subsidised woollen manufac in London have for some weeks It severe indation in many does tures both in the home and overseas reported a big increase in the come,

THURSDAY, FEBRUARY 16, 1939. -PAGE 11*

The Japan Hotel Association LAMMERTS AUCTIONS

IN JAPAN

AKÁKOKA

MEMBER HOTELS

† Akakurs Kanko, Hotel ÁTAMI

Alami Hotel

Mampet Hotel

Barru Kyushu)

Kainenoi Hotel

Causawit (Nikko) ·

Lakeside Hotel

Гол

FIVE LAKE

*District

Fati New Grand Hotal

(lako Yamanaka) Fuji View Hotel

FURwignchi)

Kyushintei Hotel GAMADORI

Gamagori Hotel GIFD..

Nagaragawa Hotel KAMAKURA

Kaihin Hotel

Hamitooni (Japas. Alps)

Kamikochi Imperial · Hotel

Karartu (near Fukuoka)

Karsten Senside Hotel KARUISAWA

• Hampel Hatal.

Matars Hotel

KAWAXA

Kawana Hotel

Koxx (midway

between Chaka and Kobe)

Koshien Hotel

(58. members in* all): Koas

Oriental Hotel Tor Hotel

KTOTO

Kyoto Hotel Miyake Hoto! Kyoto Station Hobe! MATSUSHINA

*Fark Hotel MIYAJIMA

Miyajima Hotel MITANOSHITA (Hakone)

Fujiya Hotel

NADOTA

Mampai Hotel Nagoya Hotel

Na Kano Hotel

Nara Hotel NARRO

Kanaya Hotel

ORAKA

Debuil Hotel

Hotel New Omka Osaka Hotel

One (near Lake Biws)

Hotel Lake Biwa Sarrono (Hokkaido)

Sapporo Grand Hotel SKIMONOJ VEZ

Banyo Hotal TAKARAKUYA (Naar Kobə}}

Takarazuka Hota!

Torro Hotel

Kampei Hotel

Omori Hotel

+ Sanoo Hotel

Tokyo Ballway Hotel

* Open in summer only.

New members.

Kyushu Hotel

Ship-yn Hotel

Unzen Hotel

Ussen Kanto Hotel

Tamsi Hotel

YOKOHAMA

Hotel New Grand

IN TAIWAN (Formsoon)

TAINOKU

Ka

Taiboku Bailway Hote

IN CHOSEN

Heijo Railway Hotel

. Chosen Hotel

EN MANCHOUKDO

Yamato Hotel

HARBIN

Yamato Hotel HOBRIGAURA

"Yamato Hotal. Horum (Mukden)

Yamato Hotel BRINKING

Yanato Hotel

IN CHINA

THINTAO

+ Tsintao Grand Hotel

For information, plesse apply to Becretary...

The Japan Hotel Association

Cars Traffa Bureau, Department of Railways. Tokyo

CHINA WAR RELIEF ALBUM

(EDITED BY THE China Information Service)

AN ILLUSTRATED RECORD

Y

OF

WAR RELIEF IN CHINA

50 cents PER COPY

'CONTENTS,

APPEAL FOR REFUGEE CHILDREN

by Madame Chiang Kai-shek.

OFFICIAL STATEMENTS

by Gen. Yo Han-Mon,

Governor Wu Te-Chen,

Mayor Treng Yang-fu

CHINA'S ARMY MEDICAL SERVICE

PICTURES WOODCUTS -DRAWINGS ETC.

ETC.

ETC.

OBTAINABLE AT ALL BOOK-SELLERS

AND

.HONG KONG DAILY PRESS OFFICE

..

18-19, Marina House, Queen's Road C.

Tel 80251.

"

PUBLIC AUCTION.

THE

HE Undersigned have realred

instructions

To SELL BY.

PUBLIC AUCTION

THURSDAY and FRIDAY. the 23rd and 24th FEBRUARY,

1939

Commencing each day at 9.30 am. with an interval from 12 noon

...to 1.30 p.m.

At HM. Naval Yard, Horigkong, and at Kowloori Naval Depot

OLD AND SURPLUS NAVAL

STORES, &c.

Comprising:

troller,

Steam Boat without Machinery for Steam Boat, Bollera. Wall Cranes.

Old Tools, Canvas, India Rubber, Clocks, Leather, Electric Gear, Electric Motors, Lamps, Cars, Cordage. Firewood, Blankets, Counterpanes, Carpets, Rugs, Coverlets, Bed Wash Basins, Furniture. Electric Cable, 01 Drums, Dirty Oil, etc.

alic

Old Metals comprising Zinc, Copper, Brass, Iron, Steel, Lead Did Battery Plates, etc.

Lots may be inspected, on Wed- nesday, 22nd February, 1939. Terms of Sale-As detailed "in Catalogue.

"

LAMMERT BROS.

By Appointment, Auctioneers to the Admiralty.

PUBLIC AUCTION.

THE Undersigned have recolved

instructions

to sell: bý

PUBLIC AUCTION

SPEED EASTWARD

FROM SEATTLE.

"SOLID

COMFORT”

TRUESDAY, the 18th FEBRUARY, 1989

"

Commencing at 2.30 PM..

At their Bales Room, No, 35, Hankow Road, Kowloon

A QUANTITY OF VALUABLE

HOUSEHOLD, FURNITURE -

Comprising ----

Teakwood Drawingroom, Bed- · rooms Diningroom and Office: Furniture, Carpets and Rugs, Cut- lery, Pictures, E. P. Brass Glass: and Porcelain Ware, Electric Table Lamps and Heaters, Gramophones and Records,- Sewing Machine, Wardrobe and Cabin - Trunks. Curtos,... Radios, Books, Cookin Utensils, etc, etc.

ON THE COMPLETELY

AIR CONDITIONED

Olympian

You'll enjoy #s smooth, gliding swiftness, over the shorts

"route of longest electrification,kita buk

and friendly service is, its

the freshness of its oir

You'll meet disc Milwaukee...you'

THE MILWAUKEE ROAD

(A FEW PIECES OF BLACKWOOD

TURE

On VIEW from WEDNESDAY. the 15th FEBRUARY, 1939.

Cash on Delivery....

LAMMERT - BROS.

AUCTIONERES.

What do

you want?

anything

small

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