1939-05-11 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce JAPAN'S NEW COMMERCIAL VENTURE IN SHANGHAI DOOMED TO FAILURE

U.S. COAL STRIKE

Early Settlement Probable

WASHINGTON, May 10 (Reuter)-President Roosevelt told, a press conference that he had asked the represen- "*tatives" of

coal OWNCTS and miners to agree on a plan for to-night under which mining would be resumed Immediate- ly.

MEETING IN NEW YORK

Move To Relieve Desperate

Financial Situation

CHUNGKING, May 10 (Central)-In a press interview yes- terday, a spokesman of the Ministry of Finance declared that the National Government is adoping appropriate measures against the Japanese attempt to undermine China's financial system in Shanghai,

The spokesman said that after their failure to undermine Chinese currency in North China by the establishment of the so-" called Federal Reserve Bank, the Japanese" are similar attempt in Central China-by forming the "Hua......-Asing-

now making a Commercial Bank,"

The spokesman said that this the Chinese there to use worthless new Japanese attempt is apparent-notes.

Pointing

ly meant to be a preliminary step to centrol China's Anancial system The coal operators and miners centering in Shanghai. conference at White House end-out the enormous effect of thei ed with only a statement by Mr. stability of China's financial sy5- John Lewis that negotiations tema on foreign interes*, he wam- would be continued at a meeting ed that, if it should succeed, it would be a great stroke to foreign interests In Central China,

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ry New York to-day.

There was no intimation as to what transpired at the conference.

The fact that the Japanese are making this new attempt. the spokesman stated, reflects their, desperate financial situation. To defray their military expenses and to maintain the Puppet Govern- BERLIN, May 10 (T. Ocean--Thements they have been resorting to

GERMAN FOREIGN

TRADE

DOOMED TO FAILURE Though the Japanese claim that the capital of the new commerical bank in Shangha is borne in equal portions by Japanese banks and the pup- pet Government in Central China, the people would never accept notes issued by it, ex- cept under coercion. They know the facts too well to be deceived. The Japanese... at- tempt is, therefore, doomed to failure, the spokesman pre- dicted.

The spokesman revealed that

German foreign trade report for every means to amass money in the National Government is adopt- the first quarter at 1939, which the "occupied areas. The esta-ing appropriate measures against was published here yesterday, in-blishment of the bogus bank in the Japanese attempt. He scoffed dieates an import surplus of 27 North China aims at compelling at the idea that foreign banks may million Marks, as compared with 43.5 million during the same period of 1938.

The German imports to the old Reich alone totalled 1,289.4 million Marks, this being 93.4 million Marks less than the total for the Arst quarter of 1938.

It is pointed out that the de- crease in the imports resulted from the reduced prices since

the volume showed even. a slight in- crease over 1938.

SINO-GERMAN BARTER DEAL

NEW YORK, May 10 (Reu- ter)-A Sino-German barter deal, involving an exchange of commodities to the ex- tent of 10,000,000 yuan, is re- ported to the Department of Conimerce fram Shanghai

accept notes or deposits of the new bagus bank, or have other transactions with . He explain- ed that for their own, as well as public, interests, foreign banks will have to continue to support Chi- nese currency. Moreover, he res called that, in November, 1933, the British Government accorded re- cognition to the Chinese currency

FINANCE

MEXICAN OIL DISPUTE

Agreement Now "Within Reach":

WASHINGTON, May 10 (Rep ter)-Mr. Donald Blahberg," who is nerotiating with the Mexican President on behalf of several oll companies, told the press that an agreement on the Mexican oil dispute was "within reach."

The general lines of the sectie- ment, applying to the British and Dutch oil companies, as well as the American, which had been tentatively reached, include, firstly, a long-term contract, possibly, for fifty years, under which the oll companies would

operate, their Mexicam properties with the par- ticipation of the Mexican Govern ment.

ADEQUATE PAYMENT Secondly, definite arrangements for the adequate payment to em- ployees and revenues to the Mexican Goverrument.

Thirdly, a fair return to the companies for the sale of ali.

Fourthly, on termination of the contract, the properties would re- vert to the Mexican Government.

Furthly, the companies to con- tinue development of the oil lands In Mexico,

Ma Richberg added that the crux of the discussions was the" resumption of operations and the question of what would be the conditions for such te- sumption.

NEW U.S. CAR COSTS LESS

THAN £70

A two-cylinder car with a top speed of 50 m.p.h., petrol consump- tion of 50 miles per gallon, and costing less than 270, has been

as the only legal currency for Bri- placed on the market by Powel

tish trat

The

·

› China.

esman belleved that foreign es concerned will take approprie measures to protect their own interests and the for- eign governments concerned will

protests

the with Japanese government in this con-

".

HONGKONG ENGINEERING & lodge strong

CONSTRUCTION COMPANY'Section

ANNUAL MEETING

"It is with much pleasure that the Diretors have to inform you that, after prolonged negotiations with the Government, we have recently acquired the hili between the Diocesan Boys' School and the Company's property. The area comprises about 161,000 square feet and forms a valuable extension to your

estate."

in

CANTON INSCE, OFFICE, LTD.

To add to Underwriting Sus- pense Account to close the year 1937, 3261,162.43.

The following is the report of the Canton Insurance. Office. Ltd.. to be presented at the Afty-eighth ordinary meet- The above extract from the speech of Mr. J. P. Braga, pre-

Ing of the shareholders, to be siding at the seventeenth annual general meeting of the Hong.

held at the offices of the Com- kong Engineering and Construction Co. held yesterday, gave

pany, No. 18, Pedder Street, on some indication of new projects contemplated by the company.

Thursday, May, 18,-at-noon,” Mr. Braga also

1937 Account-After payment of revealed that last year for a piece of Crows an terim Dividend of $5 per preliminary plans for the develop-land within ment of the valuable area on the Kowloon. The

the factory area in share on May 6, 1938, this Ac- large plot fronting Argyle Street 65,130 sq. ft., was acquired by the 43, and it is recommended that area, comprising count shows a surplus of $661,762.- for. a. width of over 300 feet had Company at been submitted to the

public auction this sum be appropriated as fol Building October last, the

lows:- Authority for approval,

purchase price being $48,848. There

To pay a Final Dividend of $8 were present: Mr. J. P. There has been an addition of Braga (Chairman and Managing eight new houses within the Com

per share, $400,000, Director), Messrs. J. Scott Harston, pany's Estate during the M. H. Lo. T. F. Lo, L. Kadoorie year. Five more have been com- past (Directors), Mr. B. Alves (Secre- pleted since the beginning of the

Total: $61.762.43. tary), Mr. H. Braga (General current year, making a total of Works

Underwriting Suspense Account. Manager), Messrs. Sahmet and A. M. Braga (share annual meeting: All these houses, Fund to the credit of this Account.

Ethirteen new houses since the last transferred

-The sum of £50,000 has been holders).

from Reinsurance have been readily tenanted.

More buildings ar in course of standing at credit of this Account

1938 Account. The The Chairman said. In part-dations to others has commenced.

construction, and ping for foun- is $2,174,824.54. Out of this sum The feature of the statement of accounts is a credit balance on velopment of the valuable area on be paid, absorbing $250,000, the Preliminary plans for the de-Interim Dividend of $5 per share it is further recommended that an working of $27,924.88.

You will notice that the total Street for a width of over three carried forward.

the large plot fronting Argyle balance on the credit side of Profit and hundred feet have been submitted

of $1,924,326.54 being Loss Accounts, amounting to $61,345.82, has been substantially proval.

to the Building Authority for ap-bert Ho Tung resigned his seat Consulting Committee-Sir Ro- reduced by Depreciation. Your Directors consider it a wise policy which it is proposed to erect on vacancy. This appointment"

for reasons of health and the Hon. or apartments Mr. M.K. Lo was invited to fill the in the present uncertain, conditions this fine site will provide addition-quires the confirmation of Sharer to make ample provision under a housing facilities in the shape holders. Mr. F. A. Joseph resigned ...this heading in no fever than four for residential flats of the kind so from the Committee on leaving the

different items.

much sought after..

CHAIRMAN'S SPRACH

The two blocks

NEW ACQUISITION

Colony.

amount

re-

Crosley, a Cincinnati manufacturer, It can be turned out at the rate of 200 dally.

Messis, D. E; Clark, A, H. Com-

out, being eligible, offer themselves It is with much pleasure that ton. T. E. Pearce, J. H. Taggart and 8. T. Williamson now retire

re-election.

After charging. Depreciation, the profit for the year carried to the Balance Sheet is one of $8,530.72.

Adding to this figure the balance the Directors have to inform you of $4,03466 brought forward from that, after prolonged negotiations the previous year, there stands at with the Government; we have re- credit of Front and Loss Account cently acquired the hit between

The car, weighing 9251b, Is only 10ft long from bumper to bumper. with a wheel base of 80 inches. It has three

speeds, four-wheel brakes and safety-glass windows. Its petrol tank holds four gallons.

been, audited by Messrs Lowe. Aditors.-The Accounts have

at the end of the year under re-the Diocesan Boys' School and the Bingham & Matthews and Percy view a sum of $10;565.88.

Company's property.

1

Smith, Seth and Fleming, who,

This amount, with your appro

The area comprises about 181,000 being eligible, offer themselves for val, the Directors propose to carry square feet and forms a valuable forward to the new account for extension to your Estate.

re-election.. the current financial year, **

.

ADDITIONAL CAPITAL,

The building covenant calls for

development with three years at them in due time revenue-earning a minimum expenditure of $80,000. assets,

OTHER BUSINESS

The Chairman then proposed

The additional capital, your Our technical manager has been Directors felt, was required to at work preparing alte formation meet the Company's urgent needs plans. This development cannot the adoption of the Report and

+

in the greater expansion of its fall to enhance the value of your Statement of accounts, Mr. M.-H. business, and to pursue further the properties as a whole. careful development of your valu-

Lo seconded and the motion was able Estate at Kowloon...

Your larger properties at the carried. present time comprise residential Mr. J. Scott Harston and Mr.

As regards the broadening of as well as industrial lands, none M. H. Lo were re-elected directors." the Company's undertakings, ap-of them fallow ground but all in plication was made to Government process of conversion to make of Matthews were re-elected auditors. Messrs. Lowe, Bingham srid

Maldon

THURSDAY, MAY 11, 1939.-PAGE 11'

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LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned have received

instructions

NARD, 2174.

CAMERA STUDIES-

APERT, MYRKET, W.J.

Mr. Dennis E. Spalding

THE HONGKONG DAILY PRESS

Marina House, 3rd Floor, 15-18, Queen's Road Central.

TO SELL BY PUBLIC AUCTION

ON

FRIDAY, the 12th MAY, 1939.

Commencing at 2.30 p.m.

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

A FINE COLLECTION OF OLD CURIOS

Comprising:-

Old Porcelain and Pottery, Vases, Jars, Incense Burners, Figures, Bowls, Cups, Plates, etc., etc.

Jade, Cornellan

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Bronze, Ivory, Crystal, Agate, Quartz Ornaments, etc.. etc.

Amber, and

Chinese Harid Paintings, Em- broidery, Old Lacquered, Screens,

etc.

On VIEW from THURSDAY. the 11th MAY, 1939.

TERMS:--Cash on Delivery

LAMMERT BRÓS..

AUCTIONEERS."

PUBLIC AUCTION.

THE Undersigned have received

Instructions

TO SELL BY

PUBLIC AUCTION

Ox

SATURDAY, the 13th MAX, 1939.

Commencing at 11.00 am.

At their Sales Room, No. 2, Con- naught Road, Central (Room No. 205, 2nd Floor).

A Quantity of Valuable Chinese Curios, Lacquered Ware, Prints and Paintings

.also

Fine Cut Crystal and Glass, Ware

On VIEW from FRIDAY,

the 12th MAY, 1939.

TERMS Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

[SERVICE TO READERS

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and

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