1939-07-01 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

WITHDRAWAL OF U.S. & FOREIGN

DEPOSITS FROM CHINESE BANKS

Emergency Measure

Is Temporary

SILVER PRICE

Serious Monetary

H. K. STOCK

EXCHANGE

The market closes for the first half of 1939. Arm at slightly lower rates than those recorded at the beginning of the year. Buyers Problem

have been content to let the mar WASHINGTON, June 30 (Rea-ket find its own level. Any shares. ter)-Mr. Morgenthau, U.S. Secre- that have been offered being ab CHUNGKING June 30 (Intl)-tary for the Treasury, sald at a sorbed without difficulty. With all The present restrictions upon press conference, that the Trea local Companies doing record bas- "is due for a withdrawal of deposits, from sury would continue to adjust its ness, this market Chinese banks at Shanghal, aimed foreign silver price to the London boom with any improvement in primarily

stabilizing

the market with a view to prevent political conditions.

dumping by foreign sellers antici- currency situation there, were intended as an emergency measure pating a complete. cessation by of a temporary character; said a Finance spokesman of the

in Ministry

clarifying the order issued last week.

Expressing the hope that "the

He also said that if the pro- situation at Shanghai would soon return to normal, the spokesman posed higher domestic price was said that the measure decreed on enacted, it might be possible that June 21 would be withdrawn as American sellers would be subject soon as conditions warranting Ita to a 50 per cent tax on silver pro- continuance were removed.

For this reason, he added, it was made clear in the ministerial order telegraphed to Shanghal that the, restrictions on withdrawals were of a intended 15

measure 1 temporary character.

As regards the currency measures decreed on August 15, 1937, the spokesman said that the Ministry of Finance had issued a circular order ordering it clear that these measures still remained in force,

Japanese Exports To U.S. Dwindle.

buying abroad.

However, whether it would be continued belönd midnight to- night, would depend on the ac- tion of the Congress on the Mone- tary Bill

fits which was formerly applicable only ta speculators in foreign silver.

Serious Situation,

He expressed the opinion that the possible lapsing of the Stabilization Fund and the de- valuation authority this time pre- serious situation, parti- sents a cularly in view of the interna- tional developments and might also endanger, the tripartite agree- ment.

Mr. Morgenthau conceded that the Treasury would still have cer- tain powers to act in the Foreign Exchange markets if the emer- but with gency powers lapse, divided authority between the

the Treasury and

New York Federal Bank, he was not certain just how successful such, inter- "Ivention might be,

SHANGHAI, June 30 (Int With several polls of public opinion that the consistently showing majority of Americans are sympa. thetle with China, the general

He said he did not know What to do in respect of silver

if the monetary legislation was

not enacted by to-night:

Decision on July 5

The Treasury's silver operations consumption of Japanese goods in would then likely be conducted the United States has dwindled under the Silver Purchase Act, but notably, according to a New York it was possible that no decisión dispatch.

would be made until July. 6, since Treasury never purchased- For example, the Japanese ex- the ports to the United States in 1938 sliver on Saturdays and the Gov- amounted to only US. $123,447,000, ernment Offices were close on as compared with U.S. $207,900,000 Monday and Tuesday. during 1937.

BUSINESS DONE DURING THE WEEK

HK, Bank, $1335.# China Underwriters, '$1.35. Providents. $4.70.

Lands, $354, 3351

FINANCE & GENERAL

HONGKONG MINES LIMITED

Working Profit

Of Over $75,000.

A working profit for the year of over $75,000 was announced by Mr. L R. Nielson, who presided at the annual meeting of Hong- kong Mines, Ltd., which was held yesterday at 11 am.

The following were present: Mr. LR. Nelson. Chairman. Messrs. B. B. Bassett, H. Hung Sling, J. M. Wong, V. E Duclos, F. L. Lam. Wong Kit-wan, B. O. Andersen and F. W. Kendall.

Chairman's Speech.

In moving the adoption of the report and accounts for the year 1918, the Chairman said:

"Before formally proposing the

of adoption such Report and

Tramways, $16.60, $18.65, $16.60, accounts I will give you a resume

Star Ferries, $68§,"! Electrics, $55). Watsons, $81, 58.45.

CHANGES 4 P.M. CLOSING QUOTATIONS}

BUYKES

Canton Ins., $200. China Lights (0), $8.10. Wing On HK.. $41. H.K., Govt: 4% Loan 4% pm.

SELLERS

Canton Ins., $230. HK. Fires, $185. Providents, $4.70, HK. und Hotels, $5.60, HK, Lands, $38. Watsons, $81.

SALES

HK. Bank, $1325/40. Providents, $4.60.

H.K. and S. Hotels, $5. H.K. Tramways, $16.60/50.".. HK. Govt., 31% Loan Par

"PHILIPPINE GOLD MINING

QUOTATIONS

Atoks

Centavos Friday, June 30, 1939.

Bagulo Gold

Batong Buhay

Big Wedge

of the activities of the Company. As you will note from the Balance Sheet, a working profit of $75,000.-85 made.

over-

"In view of the fact, however, that no depreciation was written off last year, we considered it ad- visable to write off the percentage customary in mining. In this case, amounting to nearly half a mil- lion dollars. We feel however, that you will consider this good practice, and shows accurately the correct position of the Company. although it inevitably entalls a nett loss on the year's results.

we have

un-

13

Exceedingly Fortunate "As will be readily appreciated,

been exceedingly fortunate in gelag through protracted period in which the price of lead has been exception- ally below average. To-day's price is approximately £14.1/2 whereas the average for the past 20 years ..is £23-5-0d.

"We can only hope that the price will improve in the near future.

Although we have been in opera- tion for over a year and a half. approx- our ore reserves remain imately about the same as when we first commenced operation.

"With these remarks I now formally propose the adoption' of the report and accounts as pre- sented, and after they have "been seconded I shall be pleased to an-" swer any question on such state- ments."

19

21

012

181

Coco Grove

271

Mindanao

Q

Manbulac

8.

Itogons

224

Masbates Consol.

101

121

North Camarines San Mauricio Suyoc Consol,....!! United Paracales

24

вт

13

39

The motion was put to the meeting and carried.

syndicate Investment Surigao Consol,

035

20

Market CommentQuiet.

Mine Operations

Other Business

Messrs L. R. Nielson & C. c. directors Stärk

re-elected were and Messrs. T. A. Martin and Co...

It is understood that the Simultaneously the United administration has informed the States exports to Japan, suffered, Congressional leaders that it would though to a lesser degree. For prefer to allow the monetary con- example, they totalled U.S. $256,-trols expiring on June 30 to lapse 580,000 in. 1938, "as compared with and then to seek re-enactment not including the power to devalue were re-elected auditors.

rather then accept an extension the dollar. U.S. $304.626.000 in 1937.

VOLUNTEER ORDERS

ORDERS BY LT.-COL. EL B. ROSE, M.C., COMMANDANT, HONGKONG VOLUNTEER DEFENCE CORPS

PROMOTION

Demolition and Works Company July 6. HQ. 5.30 p.m. Organisa tion of Working Parties.

RADIO

PROGRAMMES

(Continued from Page 3)

July 8: HQ. 5.45 p.m. Recruits-Bong-Waltz (The Desert Song'- Romberg). Old Spanish Bong (Louis Aubert); "Les Millions D'Arlequin- Extract from Government Ga-Lyon Light Instruction.

Serenade (Drigo), Standchen zette No. 26 02 18.6.39."

(Strauss): Ay Ay Ay Guyana Perez, Freire). Vienna Blood-Waltz (Strauss) Blus Danube Waltz (Strauss). The Temple Bells Indian Love Lyrics-Finden).

Corps Signals

"No, 486-His Excellency the Governor has been pleased to ap- prove the following promotion in the Hongkong Volunteer Defence July 1: HQ. 2.30 p.m. Line Section Corps, with effect from May 11. West Detachment Reconnaissance 1939:-Lance-Bombardier Kenneth-Cpl. Taylor. D/R's-as detalled. Myer Arthur Barnett to be Second Lleutenant. June 16, 1939.

HOLIDAY Corps HQ. will be closed on July 1 1939:

DRIVING LICENCES O's.C. Units will send in all Driving Licences held by members of their units, for renewal by Mon- day, July 3, 1939.

PARADES

1st Battery

(Four

8.90 pan. Local Time Signal, WeL- 8.03 p.m. Brahms-Concerto No. 1 ther Report and Announcements. to D Minor, Op. 13.

Artur Schnabel (Piano) and London chestra conducted by Philharmonie Orchestra com

July 3: H.Q. 5.15 p.m. Line and Operating Section-Map Reading.

July 7: H.Q. 5.15 p.m. D/R. Sec- tion-Miniature Range, Empire Georg Szell

Test.

Armoured Car Platoon July 4: H.Q. 5.30 p.m. N.C.O. In- Bulgetl struction-All members of Platoon may attend.

the

#

All members will hand in their driving licences to Sgt. F. Brett by Monday, July 3.

8.53 p.m. Brahins-Gypsy Songs, Op. 193- The Madrigal Singers,

9.02 p.m. Violin Solos, by Joseph Danse, Russe (from Petrouchka_ Stravinsky); Norwegian Song Snow Lie): Gavotte (from Classical mphony Prokener, Op. 25)—with Piano by Nikita de Magalo. Nigun (from Baal Shem-Bloch)-- with Plano by Kurt Ruhrseltz

9.15 p.m. Londos Relay-The News and Newletter.

9.35 p.. London Relay Talk.

Choir of the Templa 9.45 pm. Church

("The The Heavens Are Telling Creation Haydn)-with G. Bhalben Ball at the Organ Hear My Prayer End Thaiben Ball (Bay-Soprano) Mendelssohn) with Master L. Lough at the Organ.

10.60 p.m. London Relay Other members may attend if on the Table, they wish to do so."

Motor Machine Gun Platoon July 1: The following are detailed July 4: Belchers. 5.45 pan, No. 1 Gun and D.R.F. Class. Gan drill for riding practice in the New Ter- and D.R.F. Dress-Khaki shorts ritories and will parade in Overalls and shirts (or overalls), 5.D. caps and R.TR. caps at Hung, Hom Raliway Depot, Kowloon, at 2.45 and gun platform shoes.

July 7: Belchers, 5.45 p.m. No. 2 p.m. .Gun, D.R.F. Class and Lewis gun-

ners.

Pte. J. H. Odell, Pte. G. A. Gun drill, D.R.F. and Lewis Lomaev, Pte. D. O. Parsons, Pte. P. gun instruction Dress-Khaki M. Bemmelmann, Pte. G. Knight, shorts and shirts for overalls), 8.D. and Pte. C. A. Sis, caps and gun platform shoes.

2nd Battery

July 5 and 6: Scandal Point, 5.30 p.m.

Those detailed for Range Takers and Layers coursen. Dress-8.D. caps and Overalls.

'3rd. Battery. July 3 and 6: Belchers, 5.45 pm Gun drill. Dress-8.D. caps, Over- alls, gun platform shoes."

4th. Battery

July 7: Queen's Pier, 5.30 p.m. Dress B.D. caps, Overalls, sun platform shoes.

Corps Artillery-Recruits

(3rd and 4th Btys.) July 3 and 5: H.Qq. 5.30 p.m.

D.EL. Section

July 3: HQ. 5,30 pm, Section

Meeting.

Beach Light Company July 3; HQ 6.45 p... Tactical Handling of Lyon Lights.

·

July 7, N.C.O's-H.Q. 5.30 p.m.- E.G.D. Privates-Hung Hom Rail way Depot, Kowloon, 5.30 p.m. Riding Practice.

July 14: H.Q. 5.30 p.m. N.C.O.'s examination.'...

send their licences to O.C. Platoon for renewal by Monday, July 3.

All ranks must

No. 1 M.G. Company

Sports

Cards

A discussion on topics of the mo ment.

10.15 pm. Studio Sunday Evening Epilogue

Conducted by the Rev. Father Ryan. B.J, Bubject: the Friendship of Christ" No. 1 The Demands of Friendship."

10.35 p.m. Close down.

types of ground.

No. 1. M.G. Company July 4: HQ. 6.30 p.m. (1) N.CO's July 3: HQ: 6.30 p.m. No. 10 Class-E.G.D. Instruction: (1) No. 4 Platoon-Miniature Range: No. 12 Troop) Platoon Trained Men Platoon-Kennedy Road; Remein Application of Aré-Indirect, Re-der-as given in Company Circular. crults. M.G instruction.

No. 4 MG. Campány

July 7: EQ. 5.30 p.m. Nos. 1 and July 7: EQ 5.30 pm Company 2 Platoons. Trained Men-Direc- lecture on Defence against Gas tar Methods. Recruits-LA 1st and 2nd positions.

No. 2 M.G. Company July 6: HQ. 5.15 p.m. Visit new area Gun mounting on various

No. 8 MG Company Bus July 4 HQ 5.30 pm. Those de-s talled-Revision LA Remainder Mechanism Heads 9-14

de Continued on Back Face

SATURDAY JULY 1, 1939

GREEN ISLAND CEMENT CO., LTD.

Sole Selling Agents in Hong Kong

and South China for

THE ASSOCIATED PORTLAND CEMENT MANUFACTURERS' PRODUCTS,

COLORCRETE,"

"SNOWCRETE,"

"STIPPLECRETE"

"IMPERMO" Waterproofing Compound.

HEAD OFFICE

TELEPHONE 21463.

EXCHANGE BLDG. HONG KONG.

KIRIN

The

B

E

E

Choice of

The Multitude

4.

Sole Agents.

R

H. HONDA & CO.

Tel. 20790.

40, Johnston Road, Hong Kong.

THORNYCROFT

FAMMERTS AUCTIONS

PUBLIC AUCTION.

Undersigned" "have received

to melk by

PUBLIC AUCTION

TUESDAY, the fi JULY, 1939

Commencing at 2.36.p.m.

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

A QUANTITY OF FALUABLE HOUSEHOLD FURNITURE

Comprising

Teakwood Bed Room "Din Room and Drawing Boom Furni ture, Desks, Typewriter Tables, Cutlery, Dinner Crockery Sew Machine, Enamel Bath, - -Chass Cabinets and Bookcases, Gramo phones and Records, Electre Table Fans and Lamps, Ornaments Brass. E P. Glass and Porcelati Ware, etc. etc.

A FEW PIECES OF BLACKWOOD, FURNITURE

On VIEW from MONDAY

the 3rd JULY 1939

TERMS: Cash on Del

LAMMERT BROS: AUCTIONEERS,

NOTICE OF REMOVAL

As from to-day (1st July 1938) our Bales Room will be situated the White House" No.12, Del Voeux Road, Central. The entrance is from the lane between The White House and the premises of Messrs. Lane, Crawford, Etd Our office, address will remain un- changed, viz: Room 205, No. 2. Con naught Road, Central, Second Floor.

· LAMMERT BROS,

Auctioneert

Here's a REAL

REAL boon to boatowners!

the

HEAVY OIL

THORNYCROFT

'HANDYBILLY'

operated on the Hesselman principle

or

with very little increase in weight overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost

the diesel,

of.

9

H.P.

Bore, & in. (80 m.m.); Stroke, 4 in. (114.2 mm.); Displacement, 86,5 cu. ins. (1415 c.c.).

Two cylinders

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

Tailshaft speed: 700 r.p.m

Fitted with combined reducing-reversing gear,

THORNYCROFT

stands for Satisfaction

FOR FURTHER PARTICULARS

APPLY TO OUR

HONG KONG OFFICE.

TEL 22363

ST. GEORGE'S BUILDING, IST. FLOOR.