1939-06-22 — Page 13

HONGKONG DAILY. PRESS.

BANKS

H. K. STOCK

EXCHANGE

The short sesalon was not pro-

HONGKONG & SHANGHAI THE CHARTERED BANK OFductive of much of note, and, trud

BANKING CORPORATION

Authorised Capital $50,000,000 Issued & Fully Paid Up $20,000,000 Reserve Funda:

Sterling

£8,500,000 B.K. Currency Reserve $10,000,000 Reserve Liability of

Proprietors

......$20,000,000

Head Office:-HONG KONG

Board of Directors:

A. L. Shields, Esq.,

W. H. Lock, Esq.,

Chairman.

Deputy Chairman.

Hon. Mr. J. K. Bousfield,

A. E. Compton, Esq.,

Hon. Mr. S. H. Dodwell,

D. F. Landale, Esq.,

G. Miskin, Esq.,

K. S. Morrison, Esq.,

Hon. Mr. T. E. Pearce,

H. V... Wilkinson, Esq.

Sir Vandeleur M. Grayburn,

-Chief Minager.

INDIA, AUSTRALIA ·

AND CHINA Incorporated by Royal Charter, 1853

Paid-Up Capital Reserve Fund Reserve Liability of Pro-

prietors

£3,000,000 .£3,000,000

3,600,600

HEAD OFFICE: LONDON: 33, Bishopsgate E.0.2. Sub-Agencies In London: 317/122, Leadenhall Street, E.C.3. West End Branch:

14/18, Cockspur Street, 8.W.1. Manchester Branch:

52. Mosley Street, Manchester, 2.

AGENCIES AND BRANCHES:

PENANG

HARBIN HONG KONG SAN GOƠN ILOILO SAIGON IPOK

KARACHI ILANG

SEREMBAN SHANGHAI

SINGAPORK

SITIAWAN

SOURABAYA

AGENCIES: KOM

COLOXBO

LUMPOR

KUCHING

MADRAS

MANILA

ALOR ETAR AMRITSAR BANGKOK · BATAVIA

BOMBAY,

CALOUTTA

SLOTE START

KUALA

FARGIR PLACE

Branches:

CANTON

Amoy

Ipoh

Penang

CAWNPORK

Bangkok

Johore

Rangoon

CHAT

Batavia

Kobe

Saigon

Bombay

Kowloon

Sap

Calcutta

Kuala

Francisco

Cantor

Lumpur Shanghai

Chefoo

London

Singapore

DELHI HAIPHONG HAMBURO HANKOW

Colombo Lyons

Sourabaya

Dairen Malacca Sungei

Foochow Manila

Putani

Haiphong Muar

Swatow

Tientsin Tokyo Taingtao Yokohama

41

Hamburg (Johore)

Hankow Mukden

Harbin

Hongke Iloilo

New York Peiping

.CURRENT ACCOUNTS opened in LOCAL CURRENCY and FIXED DEPOSITS received for one year or shorter periods in Local and other Cur- rencies on terms which will be quoted on application.

ALBO up to date SATE DEPOSIT Boxes in various sizes To Lar:

Hong Kong, 6th June, 1939.

HONGKONG SAVINGS

BANK.

The Business of the above Bank is conducted by the HONGKONG,

SHANGHAI BANKING COR PORATION. Rules may be obtain- ed on application.

For the HONGKONG & SHANGHẢI,

BANKING CORPORATION. *

"V. M. GRAYBURN, '

Chief Manager. Hong Kong, 25th Feb., 1839.

BANK OF EAST ASIA, LIMITED

MEDAN

NEW YORK

PRIPING.

TAIPINO TIENTSIK -". TONGKAH

(Peking)

(Bhuket) TSINGTAO YOKOHAMA

FOREIGN EXCHANGE and General Banking Business transacted.

CURRENT ACCOUNT opened and FIXED DEPOSITS received for One. Year or shorter periods in Local or Other Currencies at rates which will be quoted on application.

SAVINGS ACCOUNTS alan opened in Local Currency and Sterling with intorest allowed at rates obtainable on application,

The Bank's Head Office in London undertakes Executor and Trustee business, and claims recovery of British Income Tax overpaid, on terms which may be ascertained at any of the Agencies and Branches.

R. A. CAMIDGE,

Manager.

Authorised Capital..............810,000,000.00 | Paid-Up Capital 5,398,600,00 || Reserve and Undivided

...............2,883,932.01

Profits

Head Office:-HONG KONG No. 10 Des Voeux Road, Central.

Board of Directors:

Sir Shouson Chow, Chairman

Li Koon Chan Esq.

Li Lan Sang, EM

P. K. Kwok, Esq. Wong Clin Son, Esq. Wong Tua Tong, Esq. Kan Ying To, Esq.

Chan Ching Shok, Kaq. Fung Ping Wah

Kan Tong Pa, Esq., Chief Managar. Li Tee Fong, Esq., Manager,

Branches and Agencies?—

Amay

Bataria

Bombay

Jalonila

Haiphong

Bankow

Honolulu Kabe

Kaeloca Penang Bldrapere Loodan

Bourabaya Manila Balgot Swabow Melbourne San Fran. Sydney

Maganks

New Tork Parts Peiping

cimoo Tatt Beatle Yancouver Bemarang Shanghai

THE CHASE BANK

15, QUEEN'S ROAD, CENTRAL

HEAD" OFFICE:

18, PINE STREIT,

NEW YORK. An American Bank offering com plete Foreign Banking Bervice in the principal Markets of the world.

Interest Rates on Application.

This

SAFE DEPOSIT BOXES

Bank is entirely owned by THE CHASE NATIONAL BANE, New York, with Resources over U.S.$2,500,000,000.

D. M. BIGGAR

Second Pics Pres,

HEAVY INDUSTRY

IN CHINA

Three Year Plan. Accomplishments

ing remains on a restricted basis.

BUYERS.

HX, Bank, $1320. Providents, $4,60. Ranibe $8.30,

HK. Lands, $35.

KK. Tramways; $16.40. China Lightš (0), $81. Cantón Ices. $1. Watsons, $8.40,

HE. Govt. 4% loan 4% pm.

SELLERS

Canton Ins., $230. Union Ins., $480. HK, Realties, $4.80. Dairy Farms (0), $22,

SALES

H.K, Bank, $13424/40. Union Ina.. $440. Yaumati Ferrica, $221. HK. Electrica, $551. Watsons, $8.40/45.

HK Govt. 34% loan par Entertainments, $8.90.

PHILIPPINE GOLD MINING QUOTATIONS

Atoks"

Big Wedge

Centavos

26

231

Coco Grove

311

IX. Ly

50

Itogon Mining

241

Masbate Consol

111

Mine Operndon,

14)

23

98

44

10

· North" Camarines San Mauricio

United Paracale Mindanao Motherlode

PHILIPPINE GOLD MINING QUOTATIONS

Wednesday, June 21, 1939.

Centavos

Antamoks

21

Atoks

20

Batong Buhay

016

Coco Grove

301

Mindanao Motherlode

10

Big Wedge

23

Itogon Mining......

241

I, I. L

50

Masbate Consol.

11

Mine Operation -San Mauricio Suyoc Consol

United Paracales

North Camarines

Market Comment.-Quiet.

FINANCE

WOOL AND TEXTILES

SHARP DECLINE

IN SILVER

IN GERMANY Uncertainty Of U.S.

The domestic market remained [steady and unaltered the last few' weeks with a brisk demand. A satisfactory army and civilian turnover kept textile matters factive and industrial occupation favourable. Confidence in the com- ing result for the next future has not been shaken and no marked change la expected in present circumstances.

Treasury Policy

LONDON, June 21 (Reuter) -Silver met with a sharp, de- cline yesterday for a conși- derable period, when spot was fixed at 19 1/8 pence ounce, compared with 19. 5/8 pence previously.

An

The fall, which was not entire- {ly unexpected,' was largely due Stability continued to be a lead to nervousness arising from the ing feature in the textile trade, uncertainty aurrounding the notwithstanding occasional appre- United States Treasury's policy hension in evidence what the regarding the purchases of for

current half year has in store in jeign silver after the end of June. general. » Considerable arrivals at

Lack Of Buyers

German ports of foreign raw It is pointed out that the material encourage and cause market is at present lacking buoyancy even though interna- buyers, consequently speculative [tional political events from time sales, together with a liquidation, to time tended to disquiet, but of “bull” positions, exercise a have" not interrupted the ordinary severe effect on the market. course of inland business,

Many well-informed quarters

וי

German home reports in the anticipate a continuance of the. average are so far satisfactory, unsettled conditions pending Foreign import in general, for | American Treasury's

decision. probably

Apell mounted to 402.8 million with price movements marks against an export of 437.7 reflecting the numerous mfilion» reichsmark. leaving an ex-circulating in that connexion. port surplus balance of RM 35.1 million 7

No Pronounced Change

The internal market for top showed no pronounced change since reporting last, with a good demand at full rates particularly Tor suitable descriptions. Prices are occasionally extreme fn the ruling circumstances, requirements being mostly beyond the weights offered for disposal. Increased quantities have been purchased, from abroad. Nolls found 9 rendy home market and good merino medium quality grades sold slightly above the basis of two marks per kilo. There is an improved inquiry for foreign burry merino non

Continued spirited demand "has

CZECH GOLD TRANSFER

VERY DEPLORABLE POSITION

LONDON, June 21 (Beater)-—- The transfer of Czech gold to Germany was again. the subject of a series of questions in the House of Commons. yesterday.

Sir John Simon, Chancellor of the Exchequer, said that the assets referred to, were entrusted to the Bank of International

14 been in evidence for washed wools Settlements by the National Bank

with no material difference manifest

In

et Czechoslovakia. The British the established Government could not accept the market price trend. (Transocean responsibility for the action of the

95

14

431

23

Special),

Coal Industry In 1938

The Mining Association of Great Britain

draws attention to the act that the publication by, the Mines Department of the statisti- cat summary for the December quarter of 193g enables a parison to be made between the whole of the year 1938 and pre- ylous years. The output of com-

American Munition Manufacture

10.000 FACTORIES Com READY FOR WORK

mercially disposable, coal is shown

to have been 13 million tons less than in 1937. when the total was 217,037,110 tons, although the number of mine workers employed was alightly greater.

NEW YORK, June 21 (Reu- ter)-Ten-thousand Indus- trial factories are prepared to start, the manufacture of de- munitions immediately,” clared.. Mr... Louis. Johnson. U.S." Assistant Secretary of War, when he addressed, the

Bank of International Settlements and the British members of the Board of the B. I. A were not re- sponsible, to the Government.

er John Simon declined the suggestion that the conference signatories to the convention setting up the bank should be: called to alter the bank's orga- nization

Déplorable" Event

recent event was very

A

The deplorable, he said, but it was also

uniasual and the general usefulness of the bank in other ways was accepted,

He regretted what had happened and had done his best to discover if there were any means whereby he could change the bank's enp- stitution, but there were obviously very great difficulélés,

Convention of the Adverts WHITE PAPER ON

Definite Programmes

manu-

ARMAMENTS' PROFIT DUTY

· 11.435

Despite the smaller output, the total cost of wages to the industry

Ing Federation of America. in 1838, namely 107,370,5251., was He said that the representa nearly one million sterling higher tives of the War Department had than in 1937, and as much as 22 surveyed over 20,000, factorfes and millions sterling higher than in found facilities for the 1935,

facture of all military needs" of

LONDON, Jume

(BWB) ----A The average earnings per shift the United States.

White Paper issued yesterday. during 1938 are given as∙lla. Tid..)

states that armaments, próft dutý this figure being 74 higher than in 1937 and 2 higher than in 1935. Definite programmes of pro-will be charged at the rate of 80 The statistics show that a total of duction had been given to the per cent on excess armaments which would pronta made in any accounting SILANGHAL, June 30 (Int)-In 191 million shifts were worked selected factories, the first disclosure of the National during 1938, this being equivalent begin production immediately the year ended after March at Duty will be chargeable by reference to Every description of Banking and Government's three-year plan for to 4.97. shifts per person per week, order was given. Exchange business transacted Loans heavy industry development, it

A number of "educational" or the traders' qucounting year and Weekly Earnings granted on approved securities was learned that 42 companies

On this basis the average weekly ders had also been placed to the Minister of Supply will sque Current Accounts opened in Local operating 12 different kinds of earnings. including allowances, prepare peacetime industry for a declaration for any accounting Currency dud: Fixed Deposits industry are functioning at pre- for all workers above and below wartime duties and the War De Year in which the trader has re ceived for one year or shortar periods in Local and Foreign Cursent in Chinese territories.

ground, were 21. 17s. 104d, for all partment expected to increase ceived a sum of not less than £200,000, in respect of armament By the end of this summer the adult workers the average weekly them during next year. following will be completed... earnings were approximately 31.25. With these precautions and the supplies

reserve munitions they were try 1. A tungsten manufacturing

The gross proceeds per ton froening to build up, we should be works which will have an annual

sale commercially-dis better prepared than ever before production capacity of 2,000 tons.

posable coal in 1938 were 17s in our history for tide over the 2. Steel works with an annual 4.33d.. this being made up of wages critical period of transition." capacity for 300,000 tons of high costs, 10s. 6.434.; other costa 58. grade steel to be established at 5.94; and credit balance, is. Slangtan, Hunan province, and • "The "gross, proceeds per ton Maanshan, Anhwet province.

rencies on terms which will be quoted ob application..

SAFE DEPOSIT BOXES TO L

KAN TONG PO,

Chief Manager.

BANK OF CHINA

Specially Chartered by THE NATIONAL GOVERNMENT

OF CHINA AS ANURA: INTERNATIONAL EXCHANGE

BANK

PAID-UP CAPITAL $40,000,000,00 '(BRANCHES - ALL OVER OHINA). Owing to our numerous Branches

7. A plan capable of producing annually 300,000 tons of iron st Linsang, Hunan province.

Three-year Programme

Explaining the accomplishments

the

Excess armément proats of any chargeable accounting year, it is explained, represent the proportion attributable to armament Supplies of the amount by which profits made exceed the standard profits of trade pr business,

The proportion attributable; to

from the tale of commercially- MR. R. S. HUDSON armament supplies will normally

disposable coal in 1937 were 156. 10.534., and the credit balance 1a. 2.76d...while, the corresponding figures for 1935 were 135, 6.944, and 6.26d.

Increase In Sale

EXPRESSES

be the proportion which the turn- over, on armament bears to the fotal turnover but where it can be shown that this apportionment operates unfavourably to the tar kataan payer or revenue, a board of re LONDON, June 31 (BW-MI. ferees will, be empowered to apply

CONFIDENCE

in China and connections in the of the three-year programme. It will be seen, therefore, that, R. Hudson, Secretary for the such other basis of apportionment principal Commercial Centres of semi-official report said; comparing 1938 with 1935, there Overseas Trade Department, in a as they consider fair and reason- the World, we are able, to extend In spite of the present hostilities, has been an increase in the pro-speech at Blackpool, expressed able. to our Clients special facilities for 45 concerns operating 12 different ceeds from the sale of coal of confidence that the recent con

Domestic and Foreign Banking and kinds of industries are functioning approximately 38 1034 per ton sultations would lead to Improved HONGKONG

Exchange.

Head Office:-SHANGHAI

Hong Kong Branch:

4, QUEEN'S BOAD, C.

South China Offices:

CANTON

BWATOW

BHIUCHOW

GKONGMOON

TOISHAN

KINGCHOW.

SHAREBROKERS'

ASSOCIATION

under perfect conditions. These of which, waged costs accounted trade with North Europe. In- companies, include four metallurgy for 2s, and costs other than wages creasingly, severe competition de- Arms, four electric appliance 18, 04d, the credit balance being manded the adoption or more mañutacturers, four chemical in- increased by some old aggressive selling methods, and

dustry establishments, five gold It is pointed out, however, that, greater attention to marketing. Volume of Brisli mining companies, two copper the agures for

balance Nobody could

thereon Wednesday, June 21, 1939,

Was LK. Banks

mining companies, two from mining quoted are some: 3d. per tow higher would be war companies, three tin mining com- than the actual rofit, owing perfectly certain

diving at the commer for

We also handle the issue of Bonds pantes, one quleje silver mining to the fact that, and otter Public Furde of the company eight coal mining com- balance no Chiness Government both at Home prajes, two off mining companies, such items as and Abrows. Weight power generating establish tures.

SET JACKEN ments, and two water power com- would be

Manager Danies

nt and

deben dim

pro

men follo

heir

ointry

12 $1,340.00

440.00

10.000

21.50

6.20

THURSDAY, JUNE 22, 1939 --PAGE 1

PRESIDENT LINER

Sailings

FOR SAN FRANCISCO & LOS ANGELES via SHANGHAI, KOBE, YOKOHAMA and HONOLULU 38. "PRESIDENT OLEVELAND~ Sails June 30th at 1201 AM, 8.8. “PUESIDENT PIERCE " 6.6.. PRESIDENT COOLIDGE S.S." PRESIDENT TÄFT"

July 14th at 12,0) A.M.

July 19th at 10.00 A.M.

Aug. 12th at 8.00 A.M.

„8.&. " PRESIDENT CLEVELAND"

8.8. " PRESIDENT PIERCE -

́ ́AND FORTNICKOTLY THEREÄTTER

"

11

"Aug. 26th at 8.00 A.M. Sept. 9th at 400 P.M.

FOR NEW YORK & BOSTON

via Svea

S.S. * PRESIDENT GARFIELD “ Sall July 8th at 19 Noàn 8.8. "PRESIDENT MONROE"

July 10th at 19, Noon

Y

AND FORTNIGHTLY THEREAFTER

ן

FOR MANILA

B.8. " PRESIDENT CLEVELAND" Sails. June 23rd at 4.00 A.M.

SS. "PRESIDENT PIERCE"

July 7th at 1.00 A.M.

S.S. “PRESIDENT GARFIELD " &S. PRESIDENT COOLIDGE?

July 8th at 12. Noon

197

July 21st at 9.00 P.M.

AMERICAN PRESIDENT LINES

·ROUND WORLD. SERVICES

12, PRODER ST.

Prinstin

Lloyd

*

THL 28171.

FORTNIGHTLY

EXPRESS SERVICE

FAR EAST-INDIA—ITALY

Hongkong-Loudon 23 days

Hongkong-Italy 21 days

SCHEDULE OF SAILING FROM HONGKONG

TO MANILA, SINGAPORE,

COLOMBO, BOMBAY, EGYPT

& ITALY...

TO SHANGHAI

"C. BIANCAMANO" 1st Julys.. "C. BIANCAMANO" 25th June SA "CONTE RUSSO", 14th July ** "CONTE HOSSO". 7th July m.v. "VICTORIA” · 12th Aug. m.v. "VICTORIA”

5th Aug. 8. "CONTE VERDE 1st Septs "CONTE VERDE" 95th Aut "C. BIANCAMANO 16th Sept. "O. BIANCAMANO" 10th Sept.

LLOYD

TRIESTINO

"P.O. Box Na Tel. Address "Lloydíano-Telephones 298 Paskenger

39883 Freight

THE BEN LINE STEAMERS, LTD.

S.S. BENLAWERS"

Sailing for LONDON, ROTTERDAM, ANTWERP, HAMBURG and LEITH on about the 9th July, 1939.

"Cargo will also be accepted on through Bill of Lading to the usual transhipment ports.

For Freight and fassage apply

to the Agents:

W. R. LOXLEY & CO., (CHINA) LTD. York Building.

Tal 34165

VISIT BALI AND JAVÄ

“Mori Favourable Monthe?

JUNE-JULY-AUGUST.

Special Excursion Fares On Application SAILINGS

TO MANILA BALI MAKASSAR

AND SOBRABATA

TJISADANE", 446_Juỷ

TO BATAVIA (DIRECT): 8. TJISARDEA 27th June

TO AMOY & SHANG

ma. TUISADANE 23rd June

For Freight & Passage Rates Apply JAV

JAR

LIJK

MODERN

EXPRESS SERVICE