1939-05-01 — Page 11

"HONGKONG DAILY PRESS

Finance and Commerce

CHINESE NOTES RISE IN VALUE

CHINESE TENDER VALUE RISES

CHUNGKING, April 29 (Cen- tral)-In contrast to the sharp slump of the "Federal Reserve Bank" notes, Chinese legal tender notes are steadily rising in value, says a Tientsin mes-

33gC.

The exchange rate yesterday was $100 begus currency for $60 na- tional currency.

Amendment To Trustee Ordinance

Gazette*

The "Government publishes the draft of the following Bill:-

An Ordinance to amend the Trustee Ordinance, 1934,

Be it enacted by the Governor! of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be elted 23 the Trustee Amendment Ordin-

1939.

ance,

In view of its aaay apprecia: tion the ban on legal tender m- posed by the puppet government 2. The Trustee Ordinance, 1934. 13 ignored. Morky changers and is amended by the insertion of the native banks. especially those in following sections immediately the French and British Concessions, after section 106 at the end of Part are receiving it.

VII thereof, 11

Meanwhile, as a result of the continuous slump of currency, commodity prices have further risen. -

:

GANDE, PRICE MEETING

Optimism Shown By Chairman

"Sales for the current year de- up to date bave shown a elded increase Over that of 1938, and prospects for a bright 1939 are warranted if this in- crease in sales is maintained. If nothing unforeseen happens,, I have no hesitation in ing that we shall be In a position to declare

divi- a dend when we issue our next balance sheet."

day..

FINANCE

H.K.'S CREDIT

APPROPRIATION

BALANCE SHOWS OF $3,426,243

INCREASE

An increase of over $1,000,000 in Hongkong's credit balance, of revenue at the end st March is annannesd in the Government Gazette, excess of assets on March 31 being $15,- 353,681, compared with $1, 221,825 at the end of February. For the month of March. there was a net credit balance of $1,131,- 856, Income being $4,188,619 and expenditure $3,056,703,

TO DEFRAY

1938 CHARGES

The "Government Gazette" pub- Hishes the draft of the following Mill:-

An Ordinance. to authorize the Appropriation of a Supplementary sum of three million four hundred and twenty-six thousand two. hundred and forty-three dollars and forty-eight cents to defray the charges of the year 1938,

Revenue for the year compared Whereas it has become necessary with 1938 continues to soar. The to make further provision for the total up to the end of March was

public service of the Colony for $11.118.868, compared with $8.851,-the year 1938 in addition to the 251 for the corresponding period last year.

March revenue was $1,763,958 in excess of the revenue for March. 1938. So far about one third of for the collected

and Internal

1:

charge upon the revenue of the Colony for the service of the said year already provided for:"

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows

In these words Mr. JF. Shen the estimated revenue chairman of the board of dire-whole of 1939 had been tors of Messrs. Gande, Price and up to 'March 31.

1. This Ordinance may be cited. Co. Ltd.. forecast a profitable

LAND SALES

as the "(1938 Supplementary) “Ap- 106A. Notwithstanding anything year for the company at its

There were substantial increase propriation Ordinance, 1939.

several heads, the togus in sections 77, 81, 82, 92, 93, 94, 97 annual general meeting on Satur-under-

notably

2. A sum of three million four and 101, which, except in the case

Duties, which yielded $1.180,328.95 hundred and twenty-six thousand of section 82 (1) 1), shall not ap-

A profit of $12.786.44

was re-for the month. as compared with two hundred and forty-three dol- ply in this case, but subject to the Ported, and, after deducting the $639,987.34 for March last year: lars and forty-eight cents is here- NEW RUBBER ON corporation lawfully carrying on and Loss account as

cther provisions of this Part, any debt: balance of $3,124.07 on Profit Licence

revenue. by charged upon the revenue of at Decem- which produced $1.135,714 com- the Colony for the service of the credit pared with $975.446; and Land year 1938, the sum so charged be-- banking business in the Colony and ber 31, 1937, there was

balance of $3,662.37 which

was Sales, which realised $1,008,554, as Ing expended as hereinafter specl- having a capital (in stock or

against $9,010. shares) for the time being issued agreed to be carried forward. of

Led: that Is to say: Present at the meeting were Mr. The only heading to show a sub-District Office South

Mr. J.N.stantial decrease was the Ko-A. Post Office Mesars. loon-Canton Rallway, whose re-pire Brigade

Ho-ceipts fell from $188,466 in March Supreme Court Ken-last year to $74.278 last month..

MARKET

A rubber-like substance transparent character has been produced from lactic àcid of whey under a process per. fected by the U. S. Bureau of Dairy Industry. The Bureau reports it will have promis- ing use in various industrial operations. Known

4

of less than $4,000,000 (of which

J.F. Shea (Chairman), not less than $1,800,000 shall have been paid up in cash) may with Wong (Secretary), and the consent of the Governor in Lam-wan, R.P. Phillips, Tsu Council be registered as

a Trust tseung, Wong Sik-chung and Company: Provided that the Gor- ernor in Council shall not give

neth"Chan."

The re-election of Mr.

Wong

MORE EXPENDITURE Expenditure items also revealed such consent unless he is satised (Sik-chung to the Board of Direc-increases for the month compared Magistracy...

Hongkong. with a year ago. The total ex- Magistracy, Kowloon that the extent and nature of the tors was unanimously approved. to chemists as "pal corporation's business in the Colons

Messis. Lowe, Bingham and Mat-penditure was about $600,000 more Medical Department... mothylacrylate." the substance is sufficient to justify such special thews were unanimously re-elect-than March, 1938, and for the year Kowloon-Canton

contains unique. properties. Its registration. transparency, elasticity, tough- ness, ease of solubility and stabl-

106B. The powers of investiga- tion conferred upon inspectors un- lity to sunlight and ultra-violet der section 96 shall in the case of rays make it valuable in the pre-a corperation registered as a Trust paration of lacquers, varnishes. Company under section 106A be inks, impregnating compounds limited to the trust business of the and cements.

corporation.

...

1060. On application made by

Laboratory results produced by mer ibers of the Bureau indicate the substance can be produced as

the Attorney General the court may oïder that any corporation cheaply from "lactic acid by their method as, it is now produced from section 106A as a Trust Company registered under the provisions of othylene or alcohol by the cyanhy-shall be struck off the register of drin process.

Trust Companies if it ceases to be The substance is not suitable qualified for registration for making molded objects, but it that section or if from the con- under can be combined with the organic sideration of glass in making a molding superior inspector appointed under section the report of an to any of the original compounds. 36 It appears that the corporation It can also be used for coating has committed a breach of trust. paper and other fibrous materials. and the court may appoint a new making them resistant to water trustee, or new trustees, for any cils and gases.

trust property held by the cor- poration.

NO DEALINGS IN FR.B. NOTES

OBJECTS AND REASONS

1. Certain banking corporations carrying on business in this Colony

Japanese Threat To and authorized by their constitu-

Tientsin Chinese

tion

to undertake trust business appointed to be trustees in a par- SHANGHAI. April 30 (Reutered from doing such business by ticular case by the Court, preclud- It is learned from usually reliable sections 77 and 82 of the Trustee sources that a number of members Ordinance, No. 18 of 1934, which of the Japanese Special Service limit the objects of a Trust Com- Section, dressed in foreign clothes, entered the British and French pany to those set out in section 82.

concessions in Tientsin last night 2. Clause 2 of this Bill, by adding and threatened the Chinese, who three new sections 108A, 106B and are known to deal in Federal Re- 1060 to the principal Ordinance, serve Bank notes on the "Black" enables any corporation lawfuly Market, that unless they stopped carrying on banking business in, changing F.R.B. notes into National this Colony and having the pre- currency. "It would be worse. for scribed capital qualification, to be them."

registered, with the consent of the Governor in Counell, as a. Trust TIENTSIN, Apr 30 (Reuter)- Company notwithstanding that its There were no dealings yesterday objects are not restricted to those on the unofficial market in Federal set out in section 82, and exempts. Reserve Bank Notes, which recently except in the case of section 82 (1) slumped so sensationally. "

NO DEALINGS

ACADEMIA SINICA AT PRESENT TIME

(1), such a corporation from the provisions of sections 77, 81, 82, 92, 93, 94, 97 and 101 in Part VII of

the principal Ordinance, which are

Ppropriate only to

companies whose objects are so restricted. The Academia Sinica is giving 3. In addition to the capital technical assistance to Industrial, qualification ($4,000,000 issued and commercial and financial circles ($1,800,000 paid-up capital)," which in various fields of reconstruction is based upon a similar qualifica- work in the interior, according to tion (£250,000 and £100,000 re- Mr. Zen Hung-chion, former spectively) in the Public Trustee President of Szechuan University, Rules in England, the Governor in Chengty and, now general executive Connell is required, before con- of the Academia Sinica.

ed to the Board of Directors.

H. K. STOCK EXCHANGE

The were no changes in prices during the short session, The market was steady and any shares offering at quotations would have

found ready buyers.

senting to registration, to satisfy from himself, that the extent and nature of the corporation's business in the Colony Is aufident to justify such special registration.”

Mr. Zen arrived bere Chungking some time ago to at tend the recent annual meeting of the China Foundation for the Promotion of Education and Cul-

4. New section 105B Himits the ture, and is returning to the war- time capital within a few days.

powers of an inspector appointed Mr. Zen revealed that the under section 96 of the principal Academia Sinica 1 establishing a Ordinance to the investigation of the trust business of a corporation separate institute for research in

registered a a applied science.

Trust Company. The Academia Sinica, formerly under new..section 106A," with headquarters in Nanking and 5. New section 1060 provides for a part in Bhangnal, has now been the removal from the register of removed to the southwestern pro-Trust Companies of any corpora „vinces. According to Mr. 207, the tion registered under new section research institutes of astronomy. 106A if the corporation ceases to physics chemistry, history and be qualised for registration sa a philology and social sciences are Trust Company or if on the report at present in Kunming, capital of of an inspector appointed under

·Yunnan, of biology and meteors, section #8 it appears that the cor- logy in Chungking, and of geolory paration has committed a breach In Kwellin, capital of Kwanged, of trust.

BUYERS

Hongkong Bank, $1360. Canton Iris., $220. Union Ins.. $4371. Douglases, $67.

HK, and K, Wharves, $100 HK. Docks, $18.

K. and S. Hotels, $5.20. H.K. Lands, $324.

HK. Realties, $4 H.K, Tramways, $18. Dairy Farms Ex Ris., $20. China Lights, (0), $3.20. H.K. Electrics, $544. Canton Ices, $1...

Entertainments, $8).

HK Govt. 4% Loan 34% prem. HK, Govt. 81% Loan par.

SELLERS..

HK Realties, $4.30. China Lights (0), $8.40. China Lights (N), $5. Telephones (0), $22. Marsmans (H.K.), 5/-.

! SALES

Union Ins.. $$4421. H.K. Dockks, $18.

H. and S. Hotels. $5.35. HK. Govt. 4% Loan 4% prem PHILIPPINE GOLD MINING QUOTATIONS

Antamoks Atoks

Benguet Consol Coco Grove

Centavos

"32)

32

12

34

Demonstrations

14

Itogons

25

North Camarines

444

San Mauricio Suyoc ...

$17,225.05

122,171.00

21,483.05 7,272,48

Official Receiver and Registrar of Trade

Marks

up to the end of March was about $1,400,000 more.

Railway A. Volunteer Defence

Corps L. Air Raid Precau-

tions Miscellaneous Ser-

vices

546.50 36,692.38 16,59236 229,512,92

331,268.28

15.882.40

54,501,04

1,288,227,53

245,555.47 206,39200 210,988.55

622,052,40

$3,426,243,48

Charitable services took $45,838 during March as against $17,433, while the Military ".Contribution for the month increased from $435,482 to $551.828. The Educa- tion Department carried one of the heaviest increases, being $438.- 306, compared with $175,760.05.

One heavy 1:em which did not occur in the March, 1938 expendi- ture was $247,556.30 for the Stores Department,

SHARE MARKET

REVIEW

BY C. A L. RICKETT Secretary, Hongkong Sharebrokers' Association

The market has been dominated during the week by the trend of events in Europe, and with the approach of another crisis the pre- vailing note has been a "walt and see" policy. The result has been a dull and featureless market with only a meagre volume of business recorded for the week. At the close, however, there were some enquiries for the more popular stocks but holders proveu -

ing to part with shares at listed prices and buyers displayed no in- clination to raise their bids.

H.K. Banks changed hands at $1365. Wharves came in for en- quiry at $100 without resulting in businesa. HK. Docks were wanted at $1ới with shares offering at $163. Hotels were wanted at $51. Electrics had buyers at $54) and Star Ferries at $65. Business was reported in China Lights (O).at

$3,30 with further buyers at $8.20. After changing hands at $184 Trams were wanted at $16,20. Telt- phones (0) had buyers at $21) and sellers at $22, and Yaumati Ferries (ex drv) $22 buyers and $23 sel- 1.02 lers, Dairy Farms came in for en- quiry at $20, and Lands. could be obtained at $321.

1857

56

United Paracales

PHILIPPINE GOLD MINING QUOTATIONS” Saturday, April 29, 1939.- Centavos

Antamoks Atoks Benguet Consol Coco Grove Consol Mines Demonstrations San-Mauricio Suyoc Consol United Paracales

#

Charitable Service Pensions

Public Works Recurrent Public Works Extraor

Gold mining stocks have shared the general dullness and very little change has been recorded in price i levels. San Mauricio however, | Improved 5 ctvs, to 99 ctve. United. Paracale lost 2 cts to 59 ctra. Biogons gained 2 ctvs. to 25 ctvs. and Demonstrations gained 1 ctvs. 0025 to 14 ctys. Market closed quietly 14 steady.

331 32

12

34

1,02

151 50

North Camarines................. 44)

Market Comment-Steadier.

HONGKONG SHAREBROKERS'

ASSOCIATION

VOLUME OF BUSINESS TRANSACTED FOR WEEK ENDING

Electrics Lands Trams

'dinary

MONDAY, MAY 1, 1939. -PAGE 11

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APRIL 28, 1939

118 410

"100

$55.00 to $54.75

33,25 to

32.50 16.50 to 16.25

Hotels

Leidens

1,500

5.50

FLK. Docks

200

18.25

Providents

2,000

4.00

China Lights (0)

500

8.40

** China Lights (N)

1,500

6.40

Realties

1,000

4.20

4.35

Macau Electrics

1,000

18.00

Dairy Farms

400

Dairy Farms Rights

23/2/6

20,00 to 14.50

20.60

H.K. Mines

2,000

035

35,000

$5.000

Fr. 0.30€

3,000

Ps. 0,50 to Ps. 0.61

Itogons

Atoki

United Paracala

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Ps. 0.23 to Ps. 0.23)

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THE HONGKONG DAILY PRESS

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