1939-03-04 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

HONGKONG

CURRENCY

QUESTION REVIVED

"In view of developments in the Hongkong currency question and the "introduction of the Exchange Equalization. Fund, the "Hongkong Daily Press" publishes below extracts from an inter-" "view with Sir Robert Ho Tung in 1915 and this paper's commenta

thereon:-

Mr. Ho Tung

H.K. STOCK

EXCHANGE

Although the week's trading was interrupted by the Annual Race Meeting, the market opened with a steady tone and famed up to wards the close. Shares were in good demand and buyers were will. disagreed with the facilities it affords for oceaning to pay higher than quoted what appeared to be the consensus shipping, its freedom from Cus-prices for any shares offering re- at local opinion that a dollar of toms, the sense of security and sulting in a good turnover in var fixed value for Hongkong was not liberty that British rule imparts. ious counters. a practicable idea and would be and the assurance of justice-for detrimental to the interests of the the Chinese knew that when they Colony. He was

to see came here they enjoyed in these unable why Hongkong would cease to be respects equal rights with the the Anancial centre of the East Europeans. If the Colony adopted a gold. standard.

Finally he thought a lead by Hongkong in this matter would

Mr. Ho Tung pointed out that accelerate, the adoption of a fixed to all intents and purposes Hong-standard in China.

kong already had a dollar of its

own at this moment; there

been for some little time

nad

EDITORIAL COMMENT Commenting on Sir Robert Ho

stable

past Tung's

views editorially, the difference of as much as 18 or 20Hongkong Daily Press" wrote, in per cent, between the value of the part, as follows:- Hongkong dollar note which had

Of all the business men whose virtually become Hongkong's stand-views on the subject of a ard currency and the currency of currency were canvassed, Mr. Ho the neighbouring province of Tung stood alone in the bellef that Kwangtung; and even as between a fixed dollar for Hongkong is a Hongkong and Shanghai, there perfectly feasible Idea and would was at the present time a differ-assist, rather than destroy, ence of about 10 per cent. If this Colony's prosperity. condition of things did not de- Mr. Ho Tung recalled that simi- trimentally affect the trade rela-lar views widely prevailed when tions of the Colony and China hethe Idea of excluding Chinese sub- did not see why the adoption of a sidiary coin from this Colony was Axed dollar for the Colony should arst mooted with the object of so affect them.

rehabilitating the Colony's "own coinage.

to

the

• LEGISLATION OPPOSED He recalled the opposition

It will be remembered by many the legislation prohibiting the readers that the depreciation of circulation of foreign copper and the Colony's subsidiary coinage subsidiary silver coins in the was a question which received Colony. The view was widely held much attention during the Gov- that this legislation would have a lemorship of Sir Matthew Nathan. disastrous effect on the Colony's There were Committees of investi- trade and would prove, in fact, gation and much official corres- absolutely unworkable. Personal Dondence on the subject. ly, he had never shared that opinion, and he naked now whe-

11 NOT PRACTICABLE "That the Chinese coinage should

ther the prophets of evil had not be made illegal and abolished is been fallsifed by events?

No not practicable." Sir Matthew in-

trouble whatever had followed this formed the Secretary of State. legislation.

"To make it punishable by law to

them

BUSINESS, DONE DURING

THE WEEK Hongkong Bank, ex diy, $1410. Canton Insurance, $220. Union Insurance, $470, $475. China Underwriters, $0.56, $0.58.

$0.56.

11

Hongkong Fires, $180. HK. Docks (New), $184. Providents (Old), $8.45.. Hotels. $61. Tramways, $18.30, $13.90, $17. China Lights (Old), $8,55 China Lights (New), $5.30. Electries, $58.

Telephones (Old), $224, Dairy Farme, $251, $25.60, $253. Watsons, $1,70.

Marsmans (H.K.), 4/7.

CHANGES 3.30 PM. - (CLOSING QUOTATIONS) "

Buyers

Canton Insurance, $220. HK. Fire Insurance, $182), H.K. Docks (New), $174. HK, Docks (Old), $18. Providents (Old), $6.45. HK. Tramways. 317, HK. Electrics, $58. Sabdokan Lights. $10.30. Telephones (New), $22).

Sellers

Hongkong Bank, $1420. Canton Insurance, $220/21. Union Insurance, $178.. F.K. Fire Insurance, $185. HK. Docks (New) $16).

H. and S, Hotels, $6.90.

HK. Tramways, $17/17.15.

H.K. Electrics, $581/583. Dairy Farms, $251/26, Watsons. $8

SHAREBROKERS'

ASSOCIATION

Volume of Business. Transacted on Friday, March 3

No, at

As to how and when the change possess such cotn. or to offer or HONGKONG to a fixed standard should be made accept payments in

would was a matter Mr. Ho Tung prefer-All the gaols of the Colony and at red to leave to the experts. He the same time would deal a serious. could only say on this point that if not mortal, blow to the large he would favour a, 2/- dollar.

trac and petty trade which goes Asked whether there would not on between Hongkong and Canton. be a grave risk of these guaranteed As your lordship 13 doubtless coins becoming the favoured cur-aware, some 4.000 people dally rency throughout Kwangtung pro- come and go between the two Trams vince, just as the Hongkong sub-places.

currency purposes sidiary coins were, and afterwards Hongkong 1s, and must remain, an returned in bulk for redemption integral portion of the

Chinese

For

"

STOCK

Shares Price

300 $17.00

1,400 17.10 400 17.15

Dairy Farms

100 26.05 300 26.00

300 58.75

10 1,410.00

100 18.75

If the Chinese Government should. Empire, and it is no more possible at some future time pass a law to exclude Chinese subsidiary coin Electrics prohibiting the circulation of for- from the Colony than it is to ex-

H.K. Banks eign coinage in China, Mr. Ho clude dollars and establish a gold K. Docks (N.) Tung replied in the negative.

currency there." PROSPERITY OF HONGKONG Yet, what has happened?· A

Tгamis

(April delivery). 500 17.45

500 Cements

16.00

The prosperity of Hongkong, in little more than twelve months Mr. Ho Tung's opinion, does not ago that is to say, with six Philippine Gold Mining: Quotations depend on its currency, but rather years after this oracular pro- upon its geographical situation, on nouncement was made the Gov-Antamoks

YUNNAN

ernment, by legislation, cleared the Atoks Colony entirely of foreign coins. Baguio Gold

GREATLY EXAGGERATED

We think it can quite safely be

asserted that it has not made the

TO PROMOTE

SERICULTUTE gest that the difficulties in the way

Consol. Mines Demonstrations

Friday, March 3.

46

36

264

Benguet Consol.

13.50

Coco Grove

45

003

16

66

15

1.88

214... 66

Market Comment.—Quiet.

We believe with Mr. Ho

Tung

smallest difference. Does not this I X. L.....: One fact in itself very strongly sug- Paracale Gumaus

San Mauricio, Suyoc Consol, United Paracales

of the adoption of a fixed' dollar With the financial assistance of for Hongkong are greatly exag- the Bank of China and the Newgerated? The object in view in Fution Bank. the Reconstruction excluding foreign subsidiary coin "Department of the Yunnan Pro- from the Colony is to rehabilitate vincial Government has mapped the Hongkong coins and maintain out an ambitious scheme or the them at, a fixed value in relation that this fear of striking a serious development of sericulture in the to the dollar.

for mortal blow at the trade of the province.

Experience goes to show that the Colony by the adoptiön of a fixed sericultural improvement Chinese would readily adapt them-dollar for Hongkong is a mere bureau has been specially establish- selves to the situation.

bogey.

A

ed for the purpose, which has

divided the entire province into WEEKLY RETURNS AND REPORTS

Reven *sericultural arcas with Changfang as a centre where ex- tensive silkworm breeding will be

made.

When the full scheme is put into force, it is expected that the annual output of silk will reach · 50,000 cattles. At $1,500 a catty, this would mean an annual turnout of $75,- 000.000 (Central),

QUEEN'S İNTEREST IN MATERNAL RINGS

Queen Mary showed great interest in the new. "mater- 101 rings" which she

at the British industries Fair at Olympia on Feb. 21.

A "Maternal Ring" commemo- rates the birth of a child, and is given by husband to wife to com- plete the trio of rings symbolls- ing the greatest events of a 17- man's life-engagement, mar- rlage, motherhood,

Just before she left Queen Mary had a lucky escape from an accident, Entering a fancy stall. she just avoided being struck by a nest of trays which slipped from a high shelf,

Public Deposits Other Deposits :-----

Bankers Other Accounts Total ...... Government Securities

FINANCE

NEW TRADE REGULATIONS IN NORTH CHINA

PEKING, Mar. 3 (Reuter)-The Provisional Government of- cially announced' to-day that tm- be can- ports and exports will trolled from Mar. 11, when ex- parts will be specified as pro- by ducts only to be authorised the Customs on production of an Selling Certificate" "Exchange showing that the necessary change at the rate of fourteen pence has been sold to the Cen- trai Reserve Bank

ex-

This applies to goods going to central and South China as well as foreign countries, except Japan and Manchuokuo when the rate will be at par for dollar and yen. The controlled merchandise will be eggs and egy products. walnuts, ground-nuts and ground- nut oil, tobacco leaf, vermacelli, coni, woollen carpets and cotton carpets, straw, bread and" salt. Cotton is not included, but this is at present controlled by Jap

The new re- anese regulations. sulations, apply to all ports from Tsingtao to the north.

When questioned, a spokesman said that Imports

could be Ananced out of the exchange gained from exports.

SATURDAY, MARCH 4,· 1939. --PAGE 11

A. D. C.

PRESENTS

THE SHINING HOUR

MARCH 8th, 9th, 10th, 11th.

BOOKING AT ANDERSONS.

KIRIN

The

B

E

E

Choice of

The Multitude.

Sole Agents

R

H. HONDA &CO.

Tel. 20720,

40; Johnston Road, Hong Kong.

PUBLIC AUCTION.

¡LAMMERTS' AUCTIONS

PUBLIC AUCTION.

HE Undersigned have received

Instructions

to sell by

PUBLIC AUCTION

TUESDAY, the 7 MARCH, 1939. Commencing at 130 p.m.

At their Sales, Room, No. 35, Hankow Road, Konkan,

A QUANTITY OF VALEÆSK HOUSEHOLD' FURNITUR

Comprising:-

Blackwood Ware, Teakwood Drawing Room, Bed Room, Dining Room and Office Furniture, Orna- ments, Procelain, Glass, Brass and Metal Ware, Electric Table Lamps and Heaters, Gramophones and Records, Pictures, Cutlery, Cook- ing Utensils, etc., etc.

1 Radio Set

also

HS Undersigned have received 1 Motor Cycle with Bide-car and'

instructions

Cover, Harly Davidson (good running order):

to mell by

PUBLIC AUCTION

WEDNESDAY, the 8th MARCH, 1939

Commencing at 9.30 a.m.

At Kowloon Naval Depot

OLD AND SURPLUS VICTUALLING STORES

Comprising:-

Clothing, including Blankets and Serge and Ducks, etc. Remnants, Electro plate, Cutlery and Table

Linen.

Lots may be inspected on 7th March, 1939

Terms of Sale:-As detailed in Catalogue.

LAMMERT BROS By Appointment. Auctioneers to the Admiralty,

THORNYCROFT

On VIEW from MONDAY, the 6th MARCH, 1939,

Terms: Cash on Delivery.

LAMMERT BROS.

AUGMONEERS,

What do

you want ?

If there is anything you want to buy or sell, try 3 small Classified advertise- ment. in the Hong- kong Daily, Press. ! 25 words $1,00 prepaid for 3 insertions.

Here's a REAL boon to boatowners!

BANK OF ENGLAND

London, March 1 (Reuter).

Feb. 23

Mar. 1

16.350

£ 11,640

103,140

110,360

35,130

36,550

138,270

146,910

73,040

99,060

Other Securities:-

Discounts and Advances

17.530'

Two cylinders

6,350*

Securities

21,650

22,400

Total

39,180

28,750

Notes and Coins

54,690

48,970

127,420 227.420* 472,730 478,450

Engine speed: "1,100 r.p.m.

35.37% 30.88%

Total Bullion

Notes in circulation.

Ratio of Reserve to Liabilities

*Correct-To-day's Bank Return reflects new Currency Act. Fiduciary issue now at 300,000,000.

FEDERAL RESERVE SYSTEM

Bills Bought U.B. Securities held

Federal Reserve Ratio

Federal Reserve Credit Outstanding

Monetary Gold Stock .....

Industria) Advance

A

New York, March 3 (Reuter). Feb. 23... Mar. 2 1000's omitted)

$

2,504,000

84.25%

2,504,000

84,36% 2,592,000 2,586,000

14,818,000

14,888,000 14,647,000 14.586.000

HEAVY-OIL

the THORNYCROFT

'HANDYBILLY

operated on the Hesselman principle and, with very little increase in weight or overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost of the diesel,"

"

9 H.P.

Bore, 3 in. (89) m.m.); Stroke, 4 in. (114.2 m.m.);

Displacement, 86.5 cu. ins. (1415 c.c.).

Tailshaft speed: 700 rp, Fitted with combined reducing-reversing gear.

THORNYCROFT

stands for Satisfaction

FOR FURTHER PARTICULARS

17

APPLY TO OUR

HONG KONG OFFICE. TEL 22363.

ST. GEORGE'S BUILDING, IST, FLOUR.

Y