1939-09-21 — Page 9

11

HONGKONG DAILY PRESS

BANKS

HONGKONG & SHANGHAI THE CHARTERED BANK OF

BANKING CORPORATION

Authorised Capital....................... 450,000,000 lagued & Pully Paid-Up $20,000,000 Reserve Funds:

INDIA, AUSTRÁLIA

AND CHINA

Incorporated by Royal Charter, 1855

£3,000,000 ...£3,000,000

Paid-Up Capital Sterling ....

£6,500,000 Reserve Fund H.K. Currency Reserve $10,000,000 Reserva Liability of Pro- Reserve Liability of

prietors Proprietors

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

Head Office:-KONG KONG

FINANCE

Finance and Commerce

Economic NEUTRAL TRADE

UNDER WÄR CONDITIONS

Sidelight On

Background Of War

£3,000,000 WORLD TRADE DECLINED FASTER THAN

HEAD OFFICE: LONDON: 38, Bishopsgate E. C.. Sub-Agencies In London: 117/122, Leadenhall Street, E.:0.3. West End Branch: 14/18, Cockspur Street, S.W.1. Manchester Branch: 52, Mosley Street, Manchester, 2.

Board of Directors:

A. L. Shields, Esq.,

W. H. Lock, Esq..

Chairman.

Deputy Chairman,

Hon. Mr. J. K. Bousfeld,

ALOK TAH AMRITSAR

A. H. Compton, Esq.,

Hon. Mr. &. H. Dodwell,

D. F. Landale. Esq..

C. Miskin, Esq.,

K. S. Morrison, Esq..

Hon. Mr. T. E. Pearce,

II. V. Wilkinson, Esq.

Sir Vandeleur M. Grayburn,

AGENCIES AND BRANCHES:

BANGKOK

BATAVIA

BOMBAY

CALCUTTA

HARBIN HUNG TONG

IPOR KARACHI ILANG AGENCIES: KOBE CLIVE STREET

Chief Manager. FULL PLACE

KUALA

LUMPUR ICCHINO МАФЕАВ

MARILA

MEDAN

Branchen:

CANTON CAWNPORE CEBU

Amoy

Ipah

Penang

Bangkok

fohare

Rango

COLOMBO DELII

Batavia

Kobe

Saigon

HATPHONG

NEW YORK

Bombay

Kuwlonn

Sar

HAMBURG

· PRIPING

Calcutta

Kuala

Francisco

(Peking)

Chefoo

London

Colombo

Lyons

Dairen Malacca.

Singapore Sourabaya Sungei

Conton Lumpur Shanghai

Facchow Manila

Haiphong Muar

Hamburg (Johore

Patani

Hankow

Mukden

Swatow Tientsin Tokyo

Harbin

New York

Tsingtan Yokohama

Hongkew. Peiping Iloilo

PIANO BANGOON SAIGON

SKILIMBAN SHANGHAT.. SINGAPORE VITIAWAN BOURABAYA TAIPING

TIENTS IN TONG KAB

1938 DEPRESSION

The volume World Production and Prices which

has just been published shows that world production in 1938 fell slightly

Total below the record levels attained during 1937.

primary al- some 2% this fall, however, is production decreased by most completely

for by the fall in the output of accounted industrial raw, materials, which amounted to 10%, while the

Production output of crude foodstuffs actually increased.

of manufactured

processed materials-steel, pulp and other raw materials-fell by 5% and that of manufactured products

than fell more by 7%. The quantum of world trade

world production as a whole le... by 8%.

raw

British Talks

To Reduce

Dislocation

LUNDON, Sept. 20 (Rapter) --The Ministry of Information announces that negotiationis

are now proceeding in a most friendly manner with a number of neutral governments with the object of reducing to a

dislocation minimum the trade inevitably caused

war conditions.

ВССПО-

SYSTEM BREAKS DOWN

The depression of 1038 may be ly difficult to interpret in traced back to the industrial mic terms. recession which began In *the United States during the second half of 1937 and gradually affect ed a number of other countries. (Bhuket) The decline came to end

Ba towards the middle of 1938.

THINGTAD

YOKOHAMA

HANKOW

FOREIGN EXCHANGE and Qeneral Banking Business transacted. "

CERENT ACCOUNTS opened and FIXED DEFOBITE received for One Year or shorter periods in Local or Other Currencies at rates which will be quoted on application.

'SAVINGS ACCOUNts also opened, in Local Currency and Sterling with interest allowed at rates obtainable on application.

CURRENT ACCOUNTS opened in LOCAL CURRENCY and Fix DEPORTE The Bank's Head Office in London received for one year or shorter undertakes Executor and Trustee

Hong Kong, 5th June, 1930,

HONGKONG SAVINGS

BANK

Manager,

THE "CHASĘ BANK

and

of

by

BONA FIDE TRADE The British Government an- nounced in the first days of the

THURSDAY, SEPTEMBER 21, 1939. —PAGE:

KIRIN

The

B

E

E

R

Choice of

The Multitude

Sole Agents —

H. HONDA & CO.

Tel. 30720.

A brief introductory chapter war that they would do all in shows that, during the last years. their power to facilitate bona fide far-reaching structural changes neutral trade and would be ready have occurred which make a pure-to consider any suggestions made 13 economic analysis of world to neutral governmenta production in all important. coun economic developments dimcult. This in contrast to German made by neutral countries against tries la now definitely on the The more or less uniform world wireless propaganda, which pre- the British contraband control upgrade. Indeed, in many coun-economic system which had been tends that protests have been system. tries the 1937 levels have again restored been exceeded.

that the turn

during

the

nineteen-

It may be said twenties has broken down. The 101 the business disappearance

of 3 common cycle in the United States in the monetary standard, the growth of policies. middle of 1938 stands out as the nationalistic commercial

first example of the success of and the striving for autarky....... as Government policy work, easy. well as the active business-cycle

nuziber policy pursued in a

made have Production countries

money, ect.

Last year's World

of

זן

NEW

YORK STOCK EXCHANGE

STOCKS

for the Adama Express and Prices brought out the fact creation of a number of more |Alleghany Steel Co.-

Allied Stores less developments

that American

business

of

OF

QUOTATION

Last Sale Sept, 19

economically independent were bound to have far-reaching groups of countries within which Allis Chalmers

Aluminium Ltd periods in. Local and other Cur-business, and claims recovery of effects on the rest of the world, there is space for widely divergent Amerada Corps.

fluctua-trends of movements. rències on terms which will be British Income Tax overpaid, on The American

¡Amer. Cann quoted on application.

terms which may be ascertained at tlons "during 1938 and the begin- · POLITICAL DISRUPTION

American Cyanamid B Auto up to date Sun Drosir any of the Agencies and. Branches. ning of 1939 have had a great This tendency has recently been amer, & Foreign Power Boxs in various sizes To Let

R. A. CAMIDGE,

though mainly indirect influence accentuated by the concentration Ameri & Foreign #7 p... on the general world trend during of national effort on armament. American Gas & Elec the last year and half, but. Past experience is no longer a Amer. Locomotive cwing to a "number circum-safe guide to developments.

It Amer. Metals Co........... stances, world developments have is to be expected that these cen: Amer. Radiator become diversified and increasing-trifugal tendencies will continue Amer. Rolling Mill

to make themselves, felt as long Amer. S'ting and Ring Co. as the presant political unrest Amer. Sügar Ring continues. Production during Amer. Tel & Tel. ...**

..... 1611 1938 reflects this general insecurl-Amer. Tobacco "B" ty, trends differ greatly from Amer. Waterworks country to country, and the gen-Anaconda Copper eral world averages give but an Atchison, T. & S. Fe. Imperfect expression to these Auburn Motors... varying tendencies! Broadly Baltimore & Ohio speaking. however. production Barber "Asphalt Co gures reflect an increasingly un- Barnsdall Oil... settled political situation, and the Bendix Aviation future is likely to be determined Bethlehem Steck more and more by non-economie Bliss & Co. forces.

►

The Business of the above Bank 15. QUEEN'S ROAD, CENTRAL

is conducted by the HONGKONG-

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

HEAD OFFICE:

'

18, PINE STREET,

NEW YORK. An American Bank, offering com- plete Foreign Banking Service in the principal Markets of the

Interest Rates on Application.

For the HONGKONG & SHANGHAI BANKING CORPORATION.

V. M. GRAYBURN,

world. Chief Manager,

Hong Kong. 25th Feb., 1030.

BANK OF EAST ASIA, LIMITED

41

Authorised Capital......$10,000,000.00 Paid-Up Capital 5,588,000,00 Reserve and Undivided

Profits

2,883,83201

Head Office:-HONG KONG

No. 10 Des Voeux Road, Central.

Board of Directors:

Bir Bhonsoo Chow, Chairman

Li Lan Sang, Ei, Li Koon Chub, Esq. P. K. Kwok, Esq. Wong Chu Son, Esq. Wong Yan Tour, Esq. Ean Ying To, Esq. Chan Ching Shor, Esq, Fong Fing Wah Baq Kan Tong Po, Faq.. Chief Manager. Li Tse Fong, Esq., Manager.

Amoy

Rombay Calentin

Haiphong Blackow Honolulu Lobe

Branches and Agencies ;—“e

Karkon

Рение

Megaporn London Haroon Bourabaya Moaika. Balros Water Melbourne, Bali Fra Bydney

New York

Partr Palplog

diso Beattie

Semarang

Shanghal

Tlentin

Vancovar

Every description of Banking and Exchange business transacted. Loans granted on approved securities

Current Accounts opeasd in Local Currency and Fixed Deposita re- ceived for one year or shorter periods in Local and Foreign Cur rescies on terms which will be. quoted on application.

SAFE DEPOSIT BOXES TO LAT.

KAN TONG PO,

Chief Manager.

BANK OF CHINA

Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN. INTERNATIONAL EXCHANGE

BANK

PAID-UP CAPITAL $40,000,000,00 (BRANCHER ALL OVER CHINA)

Owing to our numerous Branches

in China and connections in the principal Commercial Centres of! the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and | Exchange.

Head Office:--SHANGHAI Hong Kong Branch:

4. QUEEN'S ROAD, C.

South China Offices: ":

CANTON SWATOW SHIUCHOW..........

KONGMOON TOISHAN KINGCHOW

We also handle the issue of Bonda and other Public Funds of the Chinees Government both at Home and Abmad.

BROU J. CHEN,

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHASE NATIONAL BANK, NEW YORK, with Resources of over U.S.$2,000,000,000,

D: M.. BIGGAB,

Second Vice Pres

·H. K. STOCK EXCHANGE

U.S. Concerned Over Sterling

UNSETTLING

EFTECT

ON BUSINESS

WASHINGTON, Sept 20 (Reuter) Mr. Henry Morgen- of the than, U.S. Secretary

stated yesterday Treasury,

variation between that the the New York rate of sterling and the official rate was such, that the Treasury would not risk a single dollar from In the Stabilisation Fand foreign exchange transac~ tions.

ELECTRIC POWER Biggs M'facturing

FAMINE IN JAPAN

SHANGHAI, Sept. 20 (Int) -The electric power famine ia Japan is becoming serious, as it is spreading to all parts of the country, not only affect- ing factories and public enter- prises, but private homes as well, according to a Tokyo dis- patch.

Celanese

40, Johnston Bond. Hong Kong,

LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned have received instructions from The Liquids- tor of The Deutsche Klub

101

Comprising:-

Couches and armchairs. Teak tables, Teak armchairs, Teak card tables, Crockery, Glass-ware, Cat- lery, Linen, Teak Ice chest, Electric Ceiling fans and lights, and Car- peta

SEPT. 20, 1939

STOCKS

103

251

Johns Manville...

31"

Last Sale Sept. 19 -784 J&'Laughlin Steel $7 pfd. 713

45

Kennecott Copper

421,

91)

Lakey Foundry & Mac.

34

Libbey-Owens-Ford

Glass

452

109

to sell by

PUBLIC AUCTION

Lockheed Aircraft

28

33

Loew's Inc. i

344

21

Manhattan Shirt Co.

21.

'Martin, Glen L

371

351

McKesson, Robbins

161

241

FRIDAY, - the 22nd SEPTEMBER.

1939.

Monsanto Chemical

106+

283

| Montgomery Ward

534

Commencing at 18.30 am.

101

at Dairy Producta

154

212

Nat... Distillers ..

23

571

National Gypsum

10

27

National Load

231

At No. 2, Connaught Read Central, 4th Floor.

Nat Power & Light

B

781

National Steel Corp.

781

13

Wat Supply Corpn.

121

THE FURNITURE AND EFFECTS OF THE DEUTSCHE KLUB

341

New York Central

20

301

Niagara Hudson Power

71

4

N. American Aviation

201

72

North American Co.

223

141

Northern Pacific

161

Owens-Illinois Glass Co."

581

301

Pacine Gas & Elec,

31A

924

|Pacific. Lighting

45

174

Packard Motors

31

Boeing Airplane Co. Borg-Warner

261

Paramount Pictures

also

25}

*Pennsylvania R.R.

241

**2-2

Phelps-Dodge

44

1 Large motor refrigerator

Brooklyn-M'hattan Trans. Blyn-M'hattan $6 cum pf. Canadian Pacific R'way... Case, J.I.

112

Phillips Petroleumi

45

41

Public Service of N.J.

1 Plano by "Morrison"

381

.41

Pullmari Inc.

.361

84

Pure Of .......

10+

1 size Billiard Table (in good

condition), and accessories

29

Radio Corpn. of Am. ...

缝

Chesapeake & Ohlo Chrysler Corpn.

411

Reading Company, Com

161

and fo

.881

Reading Company, lat pfd

231*

Colts Patent Piré-Arms ... Columbia Gas & El. Columbia 6% “A”- pÍ.. Commercial .. Commonwealth, & 8. (ord.) C'wealth & S. 6% cum pr.

921

Remington Arms Co., Inc.

New Model Telefunken

72

Republic Steel

27+

81.

Reynold Tobac. "E"

361

43+

Richfeld".On

81

14

Safeway Stores

On VIEW from THURSDAY

407

64

Schenley Distillers

13

the 21st SEPTEMBER, 1939.

matter,

301

{Schenley, 54% pfd.

67

81

Sears Roebuck

782

491

Seversky Aircraft

47

261

Shell Unlon Ol

16

Catalogues will be issued.

61.

Bocony-Vacuum Of

137

7+

Southern Paciãe ......

161

371

Southern Rly $5′′píd.

1280

221

"

Sperry

491

Terms: Cash on Delivery.

mispend

Distillers" Corpn. Seagrama Douglas Aircraft

141

Spicer Manufacturing. Co., 26)*

751

Standard Brands

177

Stand Gas & Elec.

131

Standard Oil of California 30%

26

Standard Off of NJ.

51

3711

Stone & Webster .....

111

91

Swift Internationa).

317

651*

Technicals, mesi

12

32

Texas Corpn.

481

PUBLIC AUCTION.

Texes Onit Sulphur ...

359

177

35.

Tifos-America....... Co.

64.

20th Cent. Fox.

13

151

15

Baguio Gold

12

Mr. Henry Morgenthau's statement! on Monday night.

581

THE Undersigned have received

417

20th Cent. Fox 814 pt.

24

Union Carbide & Carbon

91

631

Batong Buhay

010

Benguet Consolidated

9.00

Big Wedze

18

Coco "Grove.

13

Consolidated Mines

Demonstration

However, many do not believe that the rally, will have a direct relation to Mr... Morgenthau's statement or to any official inter- 0040 vention." 061...

cause

I X, L

-34

10

18

Manbate, Consol

064

Mandanao Motherlode

.054.

of all lies in inemcient Gen. Railway Signal operation of the Japanese Electric General Tire & Rubber Co Power Generation and Transmis Glidden Co...... sion Company, a national policy Goodrich (B.F) Institution established last April, Goodrich $5 pf MAJOR FACTOR

and insufficient supervision Though the former will ap- the company by the Communica parently influence the market tons Ministry anyway, it is pointed out that the recovery was largely attributable

Unton Pacific M...

is

{United. Aircraft

434

21

United Airlines Trans,

109

PUBLIC AUCTION

171

United Corpn..............

3

22*

United Corpn. 3 cum p. 342

60+

United Gas Corpo

2

of

ACTUAL SITUATION

Goodyear Tire & Co.. Great Northern Iron Ore ... Great Northern Hy, pid. 291 Great Western Sugar

324

28

United Gas Improvement

134

FRIDAY, the 22nd

201

08., Industrual Alcohól

284

U.S. Rubber ":2,

438

UB. Rubber $8 pfd."

1041

U.S. Steel

772

55

Vanadium

37

Mine Operation

08

92

Warner Bros. Pict.

4

North Camarines ....

14

Westinghouse Hoc.

114

Paracale Gummaus San Mauriclo

13

27

Woodward Iron Cor,.....

281

71:

6811

Chase National Bank

381*

Buyoć Consolidated,

10

391

National City Bank...

29

V.: 234

*bid..

f-ex. dlv.:

DOW JONES AVERAGE A

de Sept. 20, 1930.

A few enquiries are coming into Mr. Morgenthau said he is con- the market but, as is customary cerned over the unsettling effect after a dull period, business is on United States exporters and difficult. There is too much diver- importers and they would try to gency to be bridged between the fight the selling of sterling at prices offered and those accep- level below the official rate. table

BUYERS

Uniori Ins; $355,

HK. Docks, $18.

H. &. S. Hotels, $4.55. HK, Lands, $30.......” HK. Tramways, '$15). HK. Electrics, $49. Cements $134.

→ SALES

HK, Bank, $1200. HK. Docks, $18.

"H. &... Hotels, $4.65.

HK. Tramways, $15), HK. Electrics, $50.

PHILIPPINE GOLD MINING QUOTATIONS

Atoke

Antamok

Ipo Gold

Itogon Mining

United Paracale

HONGKONG

SHAREBROKERS:

ASSOCIATION „Volume of Business Transacted

Abrupt Rally In Sterling

2

The most

serious

however, is that this power sher Consolidated. Edison tage is affecting the programme for expanding production most adversely. Productivity enlarge- ment is very urgent in the presenti momentous situation. In

Consolidated Onl Continental Can Continental Oli Com Products Curtiss Wright (C.) heavy Industrial works, It has Curtiss Wright “A”

Deere & Co.

become" necessary

to

FOREIGN EXCHANGEperations for the time being.

REACTIONS

WATER SHORTAGE

500c

Du Pont de Nemours An unprecedentedly dry simmer Eagle Picher Lead NEW YORK, Sept. 28 (Reuter)-18 responsible for shrinkage of Faton Mfg. Co. On the Foreign Exchange yester-water in reservoir. Steam power Elec. Autolite day sterling abruptly rallied al- plants, which act as auxillary Elec. Bond & Share most twenty cents above Monday's units when hydro-electric power Elec. Bond & Share $5 pf. low mark. Some said that the re-falls are not in a position to Elec. Bond & Share $8 pf. covery was due to the threat of generate power sufficiently, be-Elec. Power & Light $7 p. active Treasury steps to combat a cause of the shortage of coal and Flintkote two-price market a Indicated in strained transportation facilities. Food Machinery Corp. These factors are mentioned as Gen American Trans. the leading causes for the power den. Electric shortage, but, the most serious

Gen. Motors

211

This company is responsible for Greyhound Corpn.......... 16 to the drying up of some distress supplying the main volume of Hecker Products offerings, chiefly trum neutral electric power in Japan, through Hercules Powder Co. European currencies, which have operation of power stations and Homestake Mining been a major factor in bringing transmission. lines under its con Industrial Rayon « about the recent slump. ** trol.

At International Harvester The banks are seemingly puzzled The Communications Ministry Int. Nickel

by Mr. Morgenthau's statement, replaced its Bureau of Electricity, Int. Tel & Tel. which is regardéd only as a re-established purposely to control flection of irritation at events this company. Smooth power sup- which reduced a tripartits agree-ply and cheap power rates are ment to virtually a shadow of its the company's foremost objectives. former substance.

The actual situation, however, la The franc, the gullder and quite otherwise. Europeans mostly rallied with

Responsibility for the present sterling, although not on a large predicament must be bome by the *.... 400 $18.00 - scale, while the lira continued government authorities, declared

or Wednesday, Sept. 20, 1939. - ELK Docks Konger HK. Docks

400 $1850 wenk

the "Nibi: Nicht”:

1039

to

00

High - Low Dow Jones Averages,” Sept. 18," High Low Close, Changa 156.99 132.44 30 Industrials

34,33. 94.14 : 20 Halle

37.07.-20.71 20 Utilities

DRAS 66.51 40 Bonds

147.78 - 132.88 148.40 152.14 4.38 'up 30,01 31.255 31.18.35.19 1:38 up 24.25 420.89 24.38 24.74 ₫ 48 up 87.61

0787.95 34 up 57.3710 of Business Done ---3,930,000 shares

60.33 | 45.59 - 17. Commodity Index · 57,47

LAMMERT BROS.

AUCTIONEERS.

Instructions

to sell by

Commencing at 5.15 p.m.

At their Bales Room, No. 2, Connaught Road, Central, (Room No. 205, 2nd Floor),

A VALUABLE COLLECTION OF POSTAGE STAMPS

On VIEW trom THURSDAY; the 21st SEPTEMBER, 1939)

Terms: Cash or Delivery

LAMMERT BROS