1939-04-01 — Page 12

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HONGKONG DAILY PRESS

Finance and Commerce

U.S. COTTON PROBLEM

Storm Expected Over Export Subsidy

WASHINGTON, March 31 (Reuter)The new programme of the cotton senators, which actually modifies the Smith Bill, is regarded as

д warn-

of congressional storm over solution of the cotton problem which has been held to be inevitable as soon legislation favouring export subsidy was initiated in Con-

gress,

confident

да

SALT LOAN": DECISION EXPLAINED

CHUNGKING, Mar. 31 (Reuter

H. K. STOCK EXCHANGE

During the week the market ex hibited soine amount of nervousness and In

a

sur-

FINANCE

|BUSINESS IN US.

MARKING TIME

Considered as a whole, bustness In the United States 'evidently "is in a period of marking time, and minor adjustments. Business men are conservative, both in buying commodities and in planning for expansion or new projects.

Nevertheless, the evidenc, of the

markets and general testimony both indicate that sentiment is better than it was in January. When the check to the upswing became plain early in the year. it was interpreted pessimistically in some quarters; and naturally the apprehensions aroused were streng- thened by the rising tension in Europe, by the reaction in security prices in the principal markets, and by the action of Great Britain in taking further

few cases prices have A spokesman of the Ministry of been marked down. Buyers however Finance, questioned concerning showed an inclination to absorb comments from London on the salt offerings of the better class divi- loan announcement issued on Mar. dend payers and this has resulted 26. stated that

the important in what may be considered a fair aspects of the action taken are

turnover under conditions three-fold.

ounded with a degree of uncer. First, the spokesman pointed out, anty. The closing tone is on the pending the conclusion of debt easy side, but without much selling negotiations which have

pressure and it is quite possible any initiated. salt secured loans are favourable turn in the political being treated similarly to customs situation would be followed by a secured loans to which the Minis-considerable hardening of quota-support the pound sterling try's announcement of January 15 relates. That is, a share of the accounts in the Central Bank of service is being set aside in special

China.

been

While the cotton senators are that Mr. Roosevelt's export subsidy has no chance of passage in the Senate there is also the conviction that the modi-

Second, the Anglo-French Loan! fed Smith Bill will have sledding chiefly in view

coupon due April 5 is however being paid as a special cusé, because the higher costs.

fiscal agents have already on Hand Another adverse factor, is the from payments previously made to fact that planting Has already them funds sufficient to cover tats begun in the south and re-pos-

at all, must be enacted

ately.

hard of its

Immedi-

SMITH BILL MODIFIED

coupon,

session of futures, to be effective Third, the Government is neg

tiating with representatives of the creditors and hopes to arrive at al reasonable arrangement to main- The Senate Agriculture Com-tain the debt service so far as is mittee has approved the modi-

practicable under the existing con- filed Smith Bill which wouldditions. permit reclamation up to 3,000,- 000 bales of ican cotton.

TRADE TALKS WITH

FINLAND

YUNNAN'S FIVE-YEAR

..

PLAN

KUMMING. Mar. 31 (Central)--- LONDON Mar. 31 (BWS)—Ac- A five-year plan has been formulat cording to Helsingfors press reports ed by the Yunnan provincial au- the British Trade Delegation tothorities for the promotion of Finland had conference this rural co-operative enterprises in morning with the Finnish repre- the province. zentatives at the official residence.

The promotion work is in charge

of the Finnish Foreign Minister. of a Rural Co-operative Committee Later, Mr..R. S. Hudson was re- and a sinking fund of $1,000,000 ceived by the Premier, M. Cajander" (Chinese currency) has been set M. Ryti, Director of the Bank of side by the New Futien Bank, Finland, entertained Mr. Hudson to Yunnan's provincial bank, for the; Incheon, the guests including purpose. Field Marshal Mannerheim.

This afternoon Mr. Hudson ex-eleven areas. plained the British point of view In a reception arranged by the Central Chamber of Commerce."

THE PLIGHT OF

SHIPPING

The following letter to the Editor of "The Times," London, on Mar. 17, should be of much interest to readers in Hongkong:

To facilitate the work the province has been divided into

SINGAPORE STOCK QUOTATIONS

March 24.

The following quotations of 12 leading Singapore stocks have been received by Messrs, Ellis and Edgar from Messrs. J. M. Sassoon & Co.

MIDDLE PRICE Rubber Shares

tions.

A

BUSINESS DONE DURING THE WEEK Hongkong Bank, $1390, $1380,

$1385, $1370.

Union Ins., $4871; $470, $465, $460. Docks, $174

Docks ex div., $181, $15.70, $16.80,

$16.50.

Providents. $5.70. Providents ex div., 51.95, $4.90. Hotels. $51.

Lands, $36, $34.

Tramways, $16.10, $161. Yaumati Ferries. $24. China Lights (Old), $8.20. China Lights (New), $5.35, $5), Electrics, $55), $564, $561. Sandakan Lights, $12. Cements, $134.

Dairy Farmis Ex Rights, $21, $211. Dairy Farms Rights, $154. $15). Govt. 4% Loan 4% Prem. - Marsmans HK., 5/-,

Changes Closing Quotations BUYERS

Raubs. $8, H.K. Lands, $337.

Dairy Farms Ex Rts.. $211. Entertainments, $8.

H.K. Govt. 4% Loan 4% Prem.'. HK. Govt. 31% Loan Par. Dairy Farms Rights, $154.

SELLERS

Union Insurance, $485. HK. & K,, Wharves, $111. H.K. Tramways, $16.20. H.K. Electrics, $561. Dairy Farms ex rts., $22.

SALES Providents (Old), $42. H & S. Hotels, $5.55/54.

K. Tramways, 516.10/20. China Lights (New), $51. H.K. GOY. 4% Loan 4% Prem. PHILIPPINE MINING `QUOTATIONS

measures to"

However necessary that action, it was interpreted as an indication of the continuing disorder in world conditions" and the uncertain outlook for trade.

APPREHENSIONS RECEDE During the past month, however, these have been receding. Business men apprehensions apparently

have had time to consider all the elements in the situation, and are taking the, dattening out more as a matter of course, naturally to be expected after seven months of uninterrupted expansion. The

confidence rensons for

in the outlook for Spring are impressive. One of the chief ones, which minimizes the danger of a slump, Is that the upswing has not been Dushed to extremes by speculation. With the favourable prospect for building, and Government spending still to reach its peak, it is hard to justify expectations that the slackening will either last long or reach serious proportions, and business

men generally take hopeful view. "

HONGKONG

יד

7

SHAREBROKERS'.

ASSOCIATION

SATURDAY, APRIL 1, 1939.

KIRIN

The

B

E

E

Choice of R

The Multitude

Sole Agents

H. HONDA

Tel. 20720.

CO.

40, Johnston Road, Hong Kong.

USE OUR SPECIAL

AEROMAIL

LETTER PAPER & ENVELOPE

AND

PAY LESS ON POSTAGE

Letter Paper Envelopes

$1.50 per 100 Sheets $1.75 per 100

ON. SALE AT

HONGKONG

DAILY PRESS.

Volume of Business Transacted

1 Friday, March 31. China Lights (0) 1,000 China Lights (N) 1,400 FK, Docks

$8.25

5.50

50

16.00

China Emporium 500 Cements

100 Dairy Farm Rts. :33 2/8 Dairy Farm Rts. 164/6

4.25

13,50

15.60

15.70

Gort 4% Lonn... $2,000 United Paracale 7,000

4

prem.

P8,0.62

-15-29, Quner's Rood, Castrul.

Itogons

.10,000

Ps.0.254

Itogons

3,000

Ps.0.25

354

32

241

12

37

14

151

San Mauricio Suyoc Consol, United. Paracales

1.80

151

63

Market Comment Mghtly

ARGENTINA TO

Antamoks Ataks Paguio Gald

Sir. There must be a tendency La conclude from recent correspon- $1.40; Kempas Ltd, $1.80; Kuala Coco Grove.... dence in your columes that British Sidim Rubber Co., Ltd., $2.15; Pa- Demonstrations shipping in the Far East is limited jam Ltd.. $1.724; Sungel Bagan Paracale Gumaus

Estates Ltd., $1.35 and

Amalgamated Malay Estate Ltd., Benguet Consol

to the trades between Australla and

Rubber

Japan and Lidia and Japan.

There is, however, a number of Tapah Rubber Estate Ltd., $1.85.

British companies running on the

Tin Shares coast and rivers of China, which in Petaling Tin Ltd., $6.65 and Easier. addition to their own staffs provide Sungei Luas Tin Dredging Ltd... employment. for British shipbuild- | $1.42).

ers and others, contribute to the

national wealth in-taxation and

Industrials

Straits Trading Company Ltd. RESTRICT IMPORTS

otherwise, and have been a very $25.75 x.d.; United Engineers Ltd. useful safeguard for many years to

(Orinary), $8.50 and

the British merchants in the Far Brothers Ltd., $13.30, ́....

East.

The companies in the two Japan trades have suffered greatly from competition of Japanese The

the

shipowners and merchants China cost companies, as will have been obvious from the China news for some time past, have not only to meet Japanese shipping com- petition, but are in danger of being ejected by main force from their trades by the Japanese armed. for- CES.

Gold

Wearne

FROM U.S.

An important development affecting America's relations with Raub Australian Gold Mining Argentina" was the announcement Co., Ltd.. $4.50.

The above quotations are Straits Dollars.

FRANCO-RUMANIAN

TRADE PACT

last month by the Argentine Con- introl Office that imports from United States will be curtailed in ordet to reduce Argentina's adverse balance of payments with this country..

The Exchange Ofice for several months has been issuing import PARIS, Mar. 31 (Reuter)-A new permits to individual countries in commercial, agreement between proportion to Argentine exports, France and Rumania was to have and importers of manufactures been signed last evening.

from the United States have had Under this agreement, France to secure to an increasing extent Managers China Navigation doubles her purchases of Rumanian exchange, coverage in the free Co., Limited.

petrol and reduced the customs market, which carried first a 20

We are Sir, yours obediently, John Swire and Sons, Limited,

8. Billiter Square, E.C. 3, Max. 16. duties on Rumania's agricultural and then a 10 per cent. surcharge

Talsplode 30251.

LAMMERTS' AUC

PUBLIC AUCTION.

THE

HE Undersigned have received

Instructions

TO SELL BY

PUBLIC AUCTION.

TUESDAY, the 4th APRIL, 1939.

Commencing at 2.30 p.m.

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

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE

Comprising:-

Teakwood Bedsteads," Divans, Wardrobes, Dressing Tables, Wash- stands, Chests of Drawers Hat- stands, Chesterfeld Suitas," Dining ables Sideboards.- Dinner Wag- gons, Chairs, Ice Chests, Desks, Cabinets, Typewriter Tables, Rugs, Curtains, Mosquito Nets, Chair Covers, Curios, Porcelain. Glass. Brass and E.P Ware. Cutlery, Electric Table Fans and Lampa, Pictures. Ornaments, Cooking Utensils, etc., etc.

A FEW PIECES OF BLACKWOOD FURNITURE

and

1 "Westinghouse" Refrigerator

1 "Zenith", Radio Set

1 Teakwood Bed Room Sulte

1 Teakwood Dining Room Buite

On VIEW from MONDAY,

the 3rd APRIL,

1999.

TERMS

-Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

Other Accounts

Total ....

THORNYCROFT

Here's a REAL boon to boatowners!

the

HEAVY-OIL:

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, 34 in. (89 m.m.); Stroke,

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

(114.2m.m.);

Tailshaft speed: 700 r.p.n

Fitted with combined reducing-reversing gear.

London, March 30 (Reuter),

Mar, 23

Mar, 30

Standard ...

3 months 43-7/16 Electrolytic .....

48-1/2 *TIN

43-1/2 49-1/2

Public Deposits Other Deposita-

Bankers

£

28,600

21,700

Two cylinders:

$2,210

98,510

35,710

34,270

Standard,

"LEAD

Foreign.

Foreign Official

Ordinary.

Standard. Cash 215-3/4 216

3 months 214-1/2

Official Price 14-1/2

3 months 14-5/8

SPELTER

Official Price 13-1/2

Ordinary. Official

3 months 13-3/4 13-13/16

Final Afternoon Transactions. Tin, Standard, Cash, £216 paid and sellers.

127,920

134,780

Government Securities

99,410

102,300

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

Other Securities:-

214-3/4

Discounts and Advances Securities

3.180

22.430

4,780 22,470

Total

25.810

Notes and Coins

14-8/18

Total Bullion

"49,730 227,140

27,250 45240

Notes in circulation

477.410

227230 481,990

14-11/16

Ratio of Reserve to Liabilities

31.77% 28.00%

13-5/8

Si

Bills Bought

1,000

0.8. Securities held

2,554,000

Federal Reserve Ratio

Federal Reserve Credit Outstanding

84.58% 2,573,060

2,564.000 84.69%

2,578,000

Tin, Standard, 3 months £214- 1/2 paid and buyers.

Monetary Gold Stock

15,075,000

Industrial Advance

14,091,000

15,160,000 14,005,000

FEDERAL RESERVE SYSTEM

New York, March 30 (Reuter), Mar. 23 Mar. 30

(060'a'omitted).

1,000

THORNYCROFT

stands for Satisfaction

FOR FURTHER PARTICULARS

APPLY TO QUR'

HONG KONG OFFICE.

TEL 22363

ST. GEORGE'S BUILDING, IST. FLOUR.

LONDON METALS

EXCHANGE

London, Mar 30 (Reuter).

COPPER

buyers sellers

£

2

Standard, Cash 43-3/16 43-5/16

produce.

over the official rate.

WEEKLY RETURNS AND REPORTS

BANK OF ENGLAND

£