1939-11-21 — Page 10

PAGE 10-HONGKONG DAILY PRESS

FRUIT INDUSTRY GETS NEW AWARD

About 10,000 employees in the canned, dried and fresh fruit industries in Victoria, South Australia and New South Wales will be affected by an award proposed by Judge O'Mars in the Arbl- tration Court.

New classifications, improved working conditions and slightly increased wages for juveniles are proposed, but the judge sald he would not make the award. final unul be had heard certain points discussed by the parties.

Judge O'Mara sald he would

refer the question of standard

-hours

to the Full Arbitration COCONUT

Court. Meanwhile.

a

48 hours

week, as under the old award. CONSUMPTION

would operate.

The basic wage for this industry was fixed by the Full Court on October 8, 1937; The judge left it open for the parties to apply to that tribunal for a revisiori,

within

20

RESEARCH

MONEY AND EXCHANGE

CLOSING QUOTATIONS NOVEMBER 20, 1939

On London:

Telegraphic Transter. 1/8 7/8 Bank Bulls, on demandlj% 7/8 Credits 4 months' sight 1/3 1/4 On Shanghai:——

On demand

On Singapore:-

On demand

On Japan:..

On demand

:།

On India:-

970

12 3/4

102 1/4

Telegraphic Transier. Jeg 38

and demand

On New York:--

Bank Bils, on demand 24, 1/8/ Credita, 60 days' sight 24.7/8 In Batavia:-

On demand On Parts:-

44 3/4

Bank Bills, on demand 1390 Credits 4 months' sight 1145 Un Saigon your

On demand

At the last meeting of the Board of Management, Coconut Research Scheme, the Chairman, Mr. E. Rod- In those parts of New South rigo.. Acting Director of Agriculture. Wales and Victoria

referred to a letter received from miles from the chief post office at the Low-Country Products Associa- Mildura, including the districts of tion. following the discussion of

Cliffs, Red Merbein, Irymple, Wentworth and Curlwaa; in the that body on the Draft Memoranda Renmark and other irrigation set on the future of the scheme. In Itu Manila; tlements in South Australia near they had again asked whether

more stress could be had on con the River Murray, and in the Mur- rumbidgee district, including Lee-sumption research, and suggested ton, the minimum rate for adult certain items to be undertaken raales is £4 a week or 1/87 an hour, where employees are engaged by" the hour.

OTHER PAY RATES The minimum rate for females aged 18 or more and working in those districts is £2/13/4 or 1/2 an hour,

The Chairman sald that some of these had been embodied, and it was thought that without increase of staff. It was not possible to add to the programme »

The minimum for male adults in all other parts of New South Wales ia £3/19 or 1/8 and females 18 and over that age. so that the main office work would

merely be that of an agent.

and

£2/12/4 week, 1/1 an hour; in all other parts of Victoria. £3/18

adult males for week £2/11/10 for females,

A

On demand On Bangkok-

On demand Sterling Notes:-

Bank Buying Rate Bar Silver per ca

Market Report

108

ti

49 1/4

149 1/9

...

1/3 3/4 23 3/8

FROM ROZA BROS.

unchanged Silver prices were over the week-end, the quotations remaining at 23.3/8 for Ready and 23.7/10 for Forward. Silver ad-

Silver

was quoted at Spot.

The London/New York cross-rate York/ was quoted at 402. New

The board approved and authorised the Chairman to deal London was quoted at 389.7/8. “ with any modification of Anancial arrangements which such organisation might entail.

ré-

Quiet.

Market

FINANCE

PAYNE & & CO.

COMMODITY BROKERS

STOCK EXCHANGE BUILDING

HONGKONG

COMMODITY PRICES IN CANADA

DURING THE LAST WAR:

POSSIBLE TRENDS TODAY

וי

OF

precarious

GENERAL LEVEL. THE POSSIBLE TREND OF THE COMMODIFT PRICES UNDER THE WAR CONDITIONS INTO WHICH THE WORLD HAS BEEN TRUST IS A QUESTION RE- GARDING WHIC1 MANY ARK SEEKING INFORMATION Forecasting the probable trend of prices is a task at best with the many and diverse factors of demard and subply which must be taken into consideration," But at the pre sent time, purely economie factors are complicated by the in- jection of political and even strategic elements and conditions are changing with great rapidity.

תן

For many months the inter- in November a slight decline was national situation has been un-recorded.

general price index settled and uncertain with the The threat of a major war constantly Canada reached its maximum in This May 1920, after which it turned overshadowing the world.

an definitely downward. Two groups become threat haя дож actuality and with the impact of of products, animals and non-fer- war, the minds of many turn back rous metals, had commenced the to August, 1914. A study of what descent somewhat earlier, happened to prices at that time and in subsequent months might therefore be of interest.

Whilst the effective demand for many commodities had continued comparatively strong, this had not Absorb the been sufficient to large quantities: produced by geared industrial machine

TUESDAY, NOVEMBER 21, 1939."

BANKS

HONGKONG & SHANGHAI THE CHARTERED BANK OF

BANKING CORPORATION

Authorised Capital... 880,000,000

INDIA, AUSTRALIA AND CHINA

Issued & Fully Paid-Up 290,000,000 Incorporated by Royal Charter, 1883 Reserve Funds:

Paid-Up Capital £3,000,000 Sterling

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

Reserve Liability of

Proprietors

$90,000,000

Fend Office:-HONG KONG

Board of Directors: Hon. Mr. A. L. Bhields,

W. H. Lock, Esq.,

Chairman.

Deputy Chairmas.

J. K. Bousfald, Esq., A. H. Compton, Esq., Hon. Mr. S. H. Dodwell, D. F. Landals, Esq.; G. Miskin, Esq.,

K. S. Morrison, Esq.,

E. V. Wilkinson, Esq.

£3,000,006

prietors

HEAD OFFICE; LONDON:

38, Bishopsgate E.C.2 Sub-Agencies In London: 117/139, Leadenhall Street, E.C.2 West End Branch; 14/16, Cockspur Street, 8.W.1. Manchester Branch: 59, Mosley Street, Manchester, %

AGENCIES AND BRANCHES:

PENANG HAHBIN HONG KONG TANGOON

ALOE STIK AMRITSAR

MANILA

Hor! Mr. T. E. Pearce,

BANOKOK BATAVIA BOMBAY

CALOUSTA

Sir Vandeleur M. Grayburn,

ILOILO 1PON TARACHI KLANG ADENCIES: KOBE OLAVE, STREET

BAIGON

BEREMBAN

SJANOKAL

81NCAPONE

SITIAWAN

Chief Manager. FLIKLI PLACR

XUALA

SOUBABATA

Branches:

CANTON CAWNPORE

LUMFUR

TAIPING

KUCHING

TIENTSIN

CEBU

MADRAB

TONGKAH

Amoy

? Ipoh

Bangkok

Johore

Penang Rangoon

COLOMBO

(Bhuket)

TINUTAD

'DELFI

Batavia Bombay Calcutta

Kobe Kowloon

Saigon San

HAIPHONG

Kuala

Francisco

HAMBERG HANKOW

Canton Chefoo

Lumpur Shanghai

London

Singapore

Bungei

Patani Swatow

Malatca

Colombo Lyons Dairer Foochow Manila Haiphong Muar

Sourabaya

Hamburg (Johore) Tientsin Bankow Mukden Tokyo Harbin New York Tsingtao

Yokohama Hongkew. Peiping

accumulating and when the slump

Iloilo in trade came, these were thrown upon the market at greatly re- duced price,

PRESENT TRENDS

The Director of Research, Dr. R. Child. said that efforts were being

INITIAL EFFECT made to reduce his routine office

While the general level of com- an work. In particular he was propos- ing to reorganise, the management hour;o the estates on company. Hines, vloes were not received." American modity prices rose substantially to war conditions, stocks had been

34.3/4 for during the period 1914 to 1918, it was by no means A simple or continuous rise, particularly in the early months. The initial effect of the outbreak of hostilities was a partial paralysis of busi-

The trends shown in this review ness as stock and commodity ex-! changes closed all over the world. should not necessarily be regard- The prices of many commodities, ed as prophetic of what may be particularly those of essential expected should the present on-

wheat and fict develop into foodstuffs such

a long war. sugar, rose while those of non-Enormous strides in the technique

ot production of Industrial," essential or luxury goods fell.

The decline in the prices of agricultural and metal products many commodities was accentuat- have been made since the last war ed by shipping difficulties and the and strong trends towards higher fear of the heavy accumulation prices should only be expected in of stocks in the ports "of export- the United States, for example, li. and when, unemployment langely ing countries...

disappears.

The proposed minimum rate for juvenile males is raised from £1/3 to £1/4 a week; the maximum trom £3/1/6 to 3/4 a week.

rates female Juvenile

mange

The Director of Research was also asked to report what informa- from £1/10/5 to £3/0/10 a week, tion was available on each of the according to age..

SEASONAL ALLOWANCE The judge proposes to restore the seasonal workers' allowance of 3/ a week in August, 1940, and to improve their working conditions

forthwith.

Items, suggested by the L. C.A.

DAILY PAID NON-CEYLONESE

LABOUR

In accordance with the Board's instructions at the previous meet- Ing. the Chairman reported the number and the period of service of

· Employers shall supply wood and each of the non-Ceylonese labour- water to all permanent and sea-ers employed at Bandirippuwa and

Eatmalagara estates. sonal employees.

After some discussion, it WAS Where suitable and sufficient ac- commodation in houses and huts decided that, in view of the com- on or in the vicinity of the pro-paratively small number of non- perty of the employer is not avall- Ceylonese labourers. It was not able the employers shall provide necessary to discontinue their tents, a sum not exceeding 1/3 services, but that no daily paid week to be deducted from the em-non-Ceylonese labourers are to be ployees' wages,

taken on in future.

S. AFRICA TO HAVE TRADE COMMISSIONER IN SINGAPORE

IE

with not

that A

The Chairman referred to the discussion on training of students which took place at the 45th meet- ing held on April 19, 1939. He re- ported that he had cominunicated to the Hon'ble the Minister for Agriculture and Lands the Board's views as then expressed: The Minister had replied that he did satisfactory training on by a Commissioner. The Union of University lines could be worked a out, but wished a scheme to ne Africa has appointed Trade Commissioner who will be prepared, if possible, to give a

wanted to who stationed in Singapore.

an oppor- First holder of the appointment practical agriculture. will be Mr. L F. Joubert, who unity to learn the science and tumes to Malaya from Java, where practice of coconut planting. he has been the Union's Trade

think South Africa's trade Malaya will soon be looked after scheme to give a

South

Commissioner in Batavia for some

months,

Malaya's trade with South Africa has shown a steady growth in recent years. Last year alone, the Union exported to Malaya $1,715,391 worth of goods.

of

Biggest item

Malaya's Imports from South Africa is coal,

student

do

After further discussion, the

Board decided that they accepted the view, expressed by the Director of Research that there was little

prospect of framing a scheme for such training at Bandirippuwa Estate at present; but that as Ratmalagara estate was developed It might be possible to consider the question later.

It was resolved that a reply while next in order of importance should be sent to the Hon'ble the and value come non-ferrous metal Minister on these lines,

ores South

and

scrap.

In 1938,

Africa exported coal to HONGKONG

Malaya to the value of $1,318,713,

while ores, and scrap accounted for

no less than $306.550.

But coal ore and scrap are by Volume Of Business Transacted

no means the only South African

Sterling

There were sellers at 1/3 Novem-

ruary, bayers at 1/3.1/52 Cash and ber/December and 1/2.31/32 Feb-

1/3 February.

U.S. Dollars

A small transaction was report- ed at 245/16 November. Towards 1 p.m. there were sellers at 24.1/4 and 241/8 December, November buyers at 24.3/8 Cash and 24.1/4 December.

Shanghai Dollara Sellers at 279.

Shanghal Market Sellers for Sterling at 5.11/32 for Spot and US$ at 85/8 sellers for Spot. Towards the close at 1 p.m. there were sellers for Spot at

for

U.B. Sterling and 5.11/16. Dollars at 8.19/32 sellers for Spot.

Afternoon Market

The market

was steady for Sterling. The US Dollar market was a shade easier.

Sterling

The market closed with sellers at 1/3 November/December and 1/2.31/32 February, buyers at 1/3. 1/32 Cash and 1/3 February.

U.S. Dollars

The market closed with sellers at 24.1/4 November and 241/8 December, buyers at 245/18 Cash and 243/16 December.

281.

Shanghal Dollars

Shanghai, Market

5.19/64 sellers for Spot and U.S.

Dollars 8.9/16 sellers for Spot.

Shanghai Exchange

Shanghal, Nov, 20 (Reuter).

Official T.T. Rates

London New York

Opening 0/4-3/4

7-11/18 32-3/4

...... 26-1/4 ****.. 3.48

..... 31-1/2

• Selleri. Opening Closing 0/5-11/32 0/5-21/64...

ין

The outbreak of war in August so dislocated trade that violent movement transpired during the balance of 1914 in the prices of nearly all groups of commodities. Wheat, followed by other grains and flour, rose abruptly and con tinued upward, with fluctuations, to the end of the year.

FALL IN PRICES Within a few weeks, the dis-. location of trade and the inter- been ruptions to shipping had

disturbance to! prevailing. The readjusted to the new conditions industry, however, had so weaken- ed the demand for many materials that the general level of prices fell in October, in spite of the consider- able advances reported for many products.

Unsettler

financial

conditions

may

Of course, prices in Canada rau diverge from those in the United States by changes which occur in exchange relations and in other countries can be affected materially in addition by difficúl- ties of transportation,

UNIQUE CORN MARKET AT IPOH

Unilke all other Malayan of the Hub towns. Ipoh, Malaya, possesses a self-made market for the sale of Indian corn alone, beside the banks of murkish Kinta River.

Any evening, after dusk, passers- further increased the industrial by along Hugh Low Street bridge depression and undermined the will see a hive of activity near the influences tending toward improve- People's Park, haggling, for the

"pow sook! ment up to the outbreak of war, long-shaped although this was partly offset by "jagong."

baskets

or

MIDAN

NEW YORK PRIPING

(Peking)

YOKOHAMA

FOREIGN EXCHANGE and General Banking Business transacted.

CURRENT Accours 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 also opened in Local-Currency and Sterling with interest allowed at rates obtainable

CURRENT ACCOUNTS opened in on application. LOCAL CURRENCY and FIXED DEPOSITS The Bank's Head Office in London received for one year or shorter undertakes Executor and Trustee periods in Local and other Gur-business, and claims recovery of rencies on terms which will be British Income Tax overpaid, on quoted on application.

terma which may be ascertained at ALSO up to date SATE DEPOSIT any of the Agencies and Branches. Boxes in various sizes To Lar

R. A. CAMIDGE,

Manager. Hong Kong. 25th September, 1939.

HONGKONG SAVINGS

BANK

THE CHASE BANK

15, QUEEN'S ROAD, CENTRAL

HEAD OFFICE:

18, PINE STREST,

NEW YORK. American Bank offering com plete Foreign Banking Service in the principal Markets of the world. Interest Rates on Application.

The Business of the above Bank is conducted by the HONGKONG SHANGHAI BANKING COR- PORATION. Rules may be obtain- An ed on application."

For the HONGKONG & SHANGHAI BANKING CORPORATION.

V. M. GRAYBURN,

Chief Manager, Hong Kong, 25th Feb.. 1830.

BANK OF EAST ASIA, LIMITED

Authorised Capital.. $10,000,000.00 Paid-Up Capital

3,598,000.00 Reserve and Undivided

Profits...

2,883,832.01

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

Board of Directors:

Sir Bhonson Chow, Chairman Li Koon Chun, Esq. Li Lan Sang, Eng P. K. Kwok. Eaq. Wong Chu San, Esq. Wong Tan Tour, Esq. Kan Ting To, fag. Chao Ching Shok, Kaq. Fang Ping Wah Esq Kan Tong Po, Esq., Chief Manager. LI The Fong, Esq., Manager.

Branches and Agencias :—–

Katoom Penang Singapore Bourabaya *Loudon Pangon

Saigya Drstow

Malbourne

A10)

Balavin

which

con-

Bombay

Manila

Mentin

Haiphong

Hantow

El explain Kobe

the high prices for farm products The sellers arrive on bicycles

the and the demand for military sup-to

carriers of

tims plies. In December the markets are for essential foods and materiais taining hundreds of cobs of Indian were again active with prices corn, all boiled and ready for sale. advancing.

Each costs about two cents, with Early in 1915, this upward trend bulk purchases slightly cheaper steepened as it became apparent Indian corn has, to many, become that the conflict would probably a substitute for the "kachang" and be protracted and extensive orders quar chee" habit.

for army, supplies had exhausted Another peculiar thing is that practically all reserve" stocks of this "marker" is patronised by many foods and materials.

STEEP BISE «

both rich and poor, the poor.buy-

ing on the spot, the rich "sending Toward the end of the year, their maid servants to do the however, materials again rose "shopping."^

steeply.

Cereal crops throughout. the world were generally short in

1916 with demand and the pro-

0/5-11/32 0/5-21/84, blem of distribution intensified by 0/5-19/64 0/5-19/04 war conditions. These combined

US Dollars

$8-5/8

Japan India Parts Hongkong

SHAREBROKERS

ASSOCIATION

Spot

Ναν,

Dec.

on Monday, Nov. 20, 1939.

500

$9.60*

100 33

.1,000

5,000

13

380.00 500 18.75 15.90 49.75 9.60 13,000 Ps. 0.19 Pr. 0.25 3,000 Ps. 0.83 200 Ps. 11.30 200 Pa. 11.40 100 Ps. 11.50

Spot Nov. Dec 8-17/33

8-5/8

*Bales on Nov. 18, 1939.

products imported into Malaya. Raubs The Colony and the Malaya States Unions

a market for Bouth HK. Docks are also African chemicals, drugs, dyes and HK Trams

a large variety of articles, either HK Electric

wholly or mainly manufactured.

$3 MILLION EXPORTS

Raubs

Antamoks

It is interesting to note that Itogons Malaya's trade with Bouth Africa San Mauricio yielded a "profit" to Malaya in 1938 Benguet Consol.... -Malayan exports to the Union Benguet Consol....

Benguet Consol. being $3.606,363, against imports, from South Africa of $1,176,391,

South Africa

one of

for

Market:Quiet.

Merchant Rates

Sterling, 0/5-9/32,

U.S. Dollars, 18-9/16.

The

$8-19/32 8-19/32 8-15/32

811ver Duty Base Central Bank of China's rate on London at 10 am, to-day was 1/2-1/24.

The Equalisation rate was 24 per cent,

factors resulted in a marked in-

crease in the general price level

Nagamis Maw York Tarix

Pelping

Ban Fran- Sydnay

alago eztain

Beattie Vancouver Semarang

Shanghai

"

SAFE DEPOSIT BOXES

This Bank is entirely owned by

THE CHASE NATIONAL BANK NEW YORK, with Resources of over U.S.$1,900,000,000.

D. 'M. BIGGAR,

Second Vice Pr

BANK OF CHINA

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

BANK

PAID-UP CAPITAL $40,000,000:00 (BRANCHES ALL Över CHINA) Owing to our numerous Branober in China and connections in the principal Commercial Centres of the World, we are able to extend o 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:

KONGMOON TOISHAN

CANTON SWATOW

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

Current Accounts opened in Local Currency and Fixed Deposits re SHIUCHOW KINGCHOW ceived for one year or shorter We also handle the issue of Bonds periods in Local and Foreign Our and other Public Funds of the rencies terms which will be

Chinees Government bath at Home quoted on application.

and Abroad. SAFE DEPOSIT BOXES TO Lær. -

BHOU J. CHEN, KAN TONG PO.

Chief Manager.

Manager.

{

INDO-CHINA

in the fourth quarter of the year STEAM NAVIGATION COMPANY LTD.

involving a much steeper rise

than had theretofore been re- "corded.

The underlying feature of the prices movement "during 1917 was the "world

food, shortage of aggravated by the difficulty of transporting stocks from the prin- cipal sources of production, a difficulty due largely to the de- mand on the world's ocean ton- nage for the shipment of war Messrs. North Eastern Trading supplies and Increased by the Estates, Limited, Team

losses caused by submarines, Valley

DAN UPWARD SURGE Estate, utta

manufactured, non-ferrous metals "Trading percha,

Gateshead-o- and unmanufactured articles and Tyne, 11, now have 145 tenants, of

The upward surge of prices in absorbing nearly $1,500,000

raw materials.

whom 110 are in production, Canada assumed renewed intensity worth of these products last

The figures for 1939 show that employing 3,720 persons. In add! in 1918 and the trend was partl- year. Exports of Malaya olls, fats and Malaya's trade with South Africa tion 538

are engaged on cularly steep during the first halt manufactured resins in 1938 came has been well maintained, and building work. Among the new of the year. The rise slackened next with $1,257,017« while the indications, are that the appoint-tenants other less, important exports from ment of a South African Trade paint the Colony and the Malay States Commission

Malaya's big markets rubber and

to

South Africa were

men

are manufacturers of somewhat during the third quarter brushes, snap-fasteners. when the possibility of an armistice

Operating Services for Cargo and Fassengers

TO-

SWATÓW, SHANGHAL TSINGTAU, CHEFOO

and TIENTJIN

KOBE and OSAKA

SINGAPORE, PENANG and CALCUTTA SANDAKAN HAIPHONG

For further particulars

please apply tom

JARDINE MATHESON&Co.,LTD.

will yleld results building chemicals, steel root appeared on the horizon and withLEPHONE SOJIL • GENERAL MANAGERS

rubber beneficial to both countries.

frames, batteries, and other goods. the actual cessation of hostilities

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