1940-05-08 — Page 9

HONGKONG DAILY PRESS

Finance and Commerce

CHINESE BANKERS OPPOSE PRODUCTION OF

NEW ESTATE DUTIES

An attack against the raising of the scale of estate duty to the level of that in England by the Introduction of the War Duties Ordinance" recently was made by the chairman of the Chinese Bankers Trust Company Limited when addressing the shareholders at the third annual general meeting of the com- pany in Singapore,

WAR PLANES

UP

SPEEDING

THE WORK LONDON, May 7 (Reuter) The start of an intensive cam- paign for speeding up the produc

on at warplanes and "the 'train- is signalled by changes how announced in the training of airmen and the ap pointment of a controller of light alloys by the Air Ministry.

"Malaya must face squarely 'ner | A satisfactory year was recorded duty to the Empire and pay her by the company, said the chair proper share for this crusade to man, the nett profit for the yearing of airmen restore Right above Might," said being $5,906.65.

the chairman, Mr. Lee Kong Chian, adding that the rich should also pay more than the poor.

"But, in raising the scale of pstate duty to the level of that in England.

Government has the

considered that in this part of the world, property values fluctuate

more wildly than in England, and

that the property market is ex- tremely limited?

+וי

ACTION FOR LIBEL

대

PAPER TO PAY DAMAGES

It is expected men will now be able to pass through the various training stages much more quick ly.

The Empire air training scheme is being pressed forward, and in addition arrangements have now LONDON, May 7 (Reuter) Sl been made for Walter Citrine

training schools not only in France but in "the This will be a the British and

and

slx

other

"It seemed to me that in view/members of the general council of French Empire of local conditions unless it is the Trades Union Congress won & joint effort by Intended in effect that the State libel action in the King's Bench shall beneat more than the law Division against the official com- provides, the present scale should munist organ, the Dally Worker. be modified.".

AN ALTERNATIVE

:

French Empires

One of the difficulties of pro Plaintiffs alleged that the Dally, duction hitherto has

been con- Worker, in articles last December, Dected with light alloys, produc imputed that they had betrayed tion of which has had to be mu The chairman then suggested the interests of the Trades Union tiplied many timès compared to

alternative that 2 provision movement by war-time co-opera- peacetime requirements could perhaps be made for the as- tion with the Government and This has hitherto been in th -acts of an estate to be appropriat- employers, while pretending to hands of volunteer controllers, ed in payment of estate duty at safeguard the Interests of the lacking certain powers. their assessed values.

workers.

and fulltime controller with the neces sary powers pointed.

has now been ap

an

* "I am not sure if the law could The defence was a plea of falt

Walter Citrine £300 damages,

WAS

be so amended, but this seems to comment on matters of public in me the most feasible way of terest. Sir ensuring that there will be..no awarded un-British oppression against even other plaintiffs £200 each and the a minority."

two plaintifs £150 each.

HONGKONG SHARE QUOTATIONS

STOCK EXCHANGE

Bazers 1. Neilers

11

sales

four

You'l

SHAREBROKERS' ASOCIATION

TUESDAY 7.

MAY.

Inyer Belleza

Salex

Morsinal

-81435

EBI

Banks

H.K. Banke

Do. (Col g.) ...

Do. (Lon. Reg.)

E94 Chartered Banks

31 Mercantile Bk. ""

E2 Mercantile Bhg. "02

Book of Ema) Asia

N. C. & B. Asaka ...

InsuranceS

$230 Cantos Insurbom...

$75

$80

$741

$1300

4

GOERING DUE IN BUCHAREST? BUCHAREST, May 7

(Reuter) --Field-Marshal Goering, who is a director of the Skoda Works, 's daily expected here.

It is understood the Nazis have been sounding the Rumanian at- thorities on a proposal tha: Goer- Ing be elected to the board of the Sarex Company, a trading branch of the Skoda works in Rumania which owns shares in the princi- £91 pal arms Arms in Rumania and ls represented on their respective boards.

£183

50 ct.

2230

$475

$480

$480

Union InsurANCOS

8:80

80 cts. Underwritten

70 cta

3171

$175

¡B.I. Fires Trainer Shippleg

$175

$120, Douglas

3120

| Steamboats"

BIE

$100 Indo-China

$100

Indo-Chinas (Del.)...

$120

Shelis

71/100 $6.90

8991

8213

$4.15 $4.35

$214

70/0

Providente

$6.90 Waterboste TEA

Docks, Wharves,

Godowns, etc.

100 H.K. & K. WharvON

Provideale (WW)_**

H.K. Docks C. RTS... $19 H.K. Docki X. Rta....... $5.70

do Rte.

#73 Shanghai Docks ....

Mining

20/41 Kailans

$9.65 Raube.

સમગ H.K. Hotels

937

Can

Landa

...

Vanernela Gold-Tride

€ eta, Hong Kong Min ...

Lands, Hotels and

Bulidings

H.K. Land.........8.

10 Do. 4% Debonieren

#17.20 Shangbal

84.40 H.K. Bamities ..................

88 Humphreyn ..............

B103 Chinese. Estion

Cotton Mills

8801 Ewo (9.) ..................... 8250 B'bai Colon (1.)

Zoong Sings (5.) ......... Wing On Textiles (1) $150

Publio Utilities

Tramways...

Pak Trome (cbd) -- Pak Truma (109) ... Star Farrior***+zīgi $22.85 Y'mati. Ferriss

Do. (Dew) Chine

$490. ChiNew)

B.E. Klectrice

$17.35 $17.50 $17 35/40

$4

$67

ALF

$10,10

::

$4.30

$164

{::

It is belleved Goering's brother is seeking this representation but that the idea has already been rejected by the Rumanians,

FINANCE

CHIANG KAI-SHEK'S TECHNICAL ADVISER

Part of the Boxer Indemnity Fund is being used for the pur- pose of establishing in China a Hydraulic Research Institute. Mr. N. A. van der Heuvel, technical adviser to Generalissimo Chiang Kai Shek, who arrived in Singapors on his way to Chungking after long leave in Holland, told the Malayz Tribune. Hydraulic expert van der Heuvel who has been with the Central Government since 1935, is a great admirer of the en- durance and stoicism of the Chinese people.

a Prima Bal

CHINA'S OLD SORROW in

which has still to be solved by China's 'old sorrow' is a problem ambitious hydraulic engineers of China as well as the foreign ad- visers.

Mr. van der Heuvel in graphic as capricious. By words, Illustrated how well the lerina." peoples of Chith have withstood the ravages of man and nature:

"Sometimes it is a flood, äften it is "a civil war, then again it is famine brought About by drought--and, not for the

first time now, it is the invasion of foreign power riding rough shod over a nation that had started the ball of civilization rolling."

China is riding the storm bravely, said Mr. van der Heuvel, and she is admittedly deserving of the admiration of the whole world.

The war brought a temporary lull in the work of re-construction which was planned in 1927.

the improvement and extension of The re-construction work covers

irrigation works.

After the withdrawal of the Central Government from Nan-, king to Chungking. the attention of the hydraulic authorities had been drawn to the fertile lands of Szechuan, where even in olden times irrigation formed the means of improving the output of the crops.

Apart from hydraulic works, many highways have been built in recent years.

'WEDNESDAY, MAY 8, 1940. -PAGE

No sleep last night?

TRY

"BLACK

& WHITE"

NO IF OR MAY BE IT'S THE SCOTCH:

LONDON STOCK EXCHANGE

(REUTER'S SERVICE)

15

THE RIVERS OF CHINA The rivers of China are great, though by no means insurmount- able barriers in the progress of the For instance, from 1032 to 1937, re-constructional work that is 65 thousand miles of roads Mave going on in China.

been newly constructed or made The Yangtse. longest river in suficiently wide for motor trans- the world, discharging in

London, May 6. Shal Waterworks "A" theportation.

The following quotations are the Union Insurance summer months as much as 80 Eygienic measures and modern middle prices at the close of the Gula Kalumpang Rubber. 18/3

291 thousand "cubic meters per second; sanitation have been carried out market in London All quotations Allied Ironfounders..... 14. is one of the many stumbling on a large scale.

are subject to confirmation and no blocks that the engineers had to

Asso. Elec, Industries 40/11 One may And electric light | responsibility is assumed for errors contend with.

Austin Motors, ord........ even in the very small efties in the in transmission.

25/6 Cable & Wireless, New China of today. Although ham-

Form, ord. pered by the war, the re-construc-War Loan, 31% (Red tional programme is. nevertheless. being carried on just the same.

The flood of 1931 which tore down the dykes, drownlar tens of thousands and bringing in Its wake famiñe and disease, is a good example of the tem- perament of a river that will not stay harnessed.

The work of re-constructtion and the daming of the river, which was completed in 1932, was handed over to European "experts, notably Mr. Bourdrez, then in the technical committee of the League of Nationa

STOCK EXCHANGE

'

£

55+

B.-A. Tob. (bearer)

104/4

1

after 1952)

100% Canton-Kloon Rly. 5% 15 Mr. van der Heuvel will leave for Chinese 44% Gold Loan Chungking on May 10.

1898 (Brit, Issue)...... Chinese 5% Gold Bonds,

Mexican Eagle..

121

Cammell Laird, ord,

་ཤ

Mexican Eagle

0/11

56

Courtaulds

37/9

Distillers

68/3

1925-47...

52

Dunlop Rubber

32/9

Chin. 41% Anglo-French

Loan, 1908 Chinese 5% Crisp Loan"

1913 (Ldn. Is.) Chinese 5% Reorg, Loan,

1912 Chinese 8% Ster. Notes."

1925 (Vickers)

T

Gen. Hectric (England)

80/14

50

Guinness (A) Son & Co. 78/3

Hawker Siddeley Airc."

12/74

241

Bristol Aeroplane...

14/6

Imperial Chemical Ind. 31/74

331

Imperial Tobacco

113/11

Marks & Sp'cer "A" ord. 40/411-

11

Rolls Royce

85

Leyland Motors

71

60

Tate Lyle

53/9

15

Turner & Newall

65/101

19

United' Steel

23/6

L

Smethwick Drop Forg.

13/9

18

Armstrong Stevens, ord.

8/0

Pressed Steel, com.

18/71

EXCITED LONDON, May 7 (Reuter) - In the Stock Exchange tomorrow's Parliamentary debate is the main That indeed the Yangtse could topic of conversation Business be harnessed was proved to the quiet, most industrials tended to satisfaction of the engineer ex-be lower and Japanese Bonds, Chin. Imperial Rly. 5% perts when in 1935 the new aykes offered at the outset later were Loan held out under the pressure of an better supported unprecedented flood.

A second problem, and one of greater intensity was mel when the engineers had to deal with the "old sorrow of . China" the Yellow River.

This river is not half as long. but it is much more troublesome, as, in summer, the silt content of the discharge comes as high as 40 per cent.

losses

while initial Honan Rly, 5%

were partially recovered. Hokuang Riy. 5%, 1011.. Gilt edged securities strengthened | Hukuang Rly. 5%, 1911 and Tea shares met enquiry. (German Issue)...... Wall Street was irregular,

Lung Tsing & U. Hal -

Rly. 5% 1913

TRADE TALKS IN N'King Rly. 5%...

BUCHAREST BUCHAREST, May 7 (Reuter)

Tientsin-Pukow Rly, 5%

(Brit. Stpd.)

Tientsin-Pukow Rly: 5%

(German Stpd.).

The Turkish Economic Delegation Tientsin-Pukow Rly. 5%-

Sometimes the bed of the river has arrived here to open negotia

(Brit Stpd. Supt. Loan)

is is much a 15 yards. "higher tions with the Rumanian economicTientsin-Pukow Rly. 5% than the surrounding country.authorities. The Turkish Ambas-

without saying," sador will preside at the talks:

WANG SHORT OF FUNDS CHUNGKING, May 7 (Central) The Nanking regime under.

"It goes Wang Ching-wet reported un- said Mr. van der Heuvel, "that der "extreme financial stringency, if this river were to demolish Last April its revenue included the dykes. It would be an ex- only approximately $1,000,000 from tremely difficult job to bring $4.30 consolidated tax and $40,000 from It back into the old bed again."

salt tax, being far short of 'the From time to time this river 818.30 budgetary estimate made by Chow changes its course over a distance 26.80 Fushal, the so-called Minister of of some hundreds of miles, caus- $60 Finance, which sets the monthly ing inundations which take a

revenue at approximately $18- great toll on lives, 20/41000,000 including $8,000,000

Customs duties, consolidated tax. salt tax and $4,000,000 from other sources.

LONDON

METALS

EXCHANGE

London. May 6 (Reuter).

*

** 2 2 2 299** 2

(Ger. Stpd. Supl. Loan) Jap. 5% Ster. Loan, 1907:43 Jap. 6% Ster. Loan, 1924 49 Ger. 7% Intl. Loan, 1924 84

Chartered Bank

H.K. S'hai Bank Ɑdn.

Reg.)'

HK. & Shal Bank' (Col.

Neg)

TIN

buyers sellers

£

Chinese Eng. & Mining

(bearer)

Chosen Corporation Pekin Syndicate

2

3 months 251-3/4" 252

S'hai Elec. Constr. Co.

15

Standard, Cash 253-3/4 254 from "The Yellow River is as tem- Standard, $5,000,000 tromperamental as a prima donna, and

$800,000 from

The Japanese have refused to appropriate any funds from the $100 Customs proceeds to defray the expenses of the bogus regime, but have promised to allow it to laste banknotes.

$4.40

$7.90

$75 $260

34

$22.75

| 317,35 #17)

$67

***

$7.90

(0)

$7.80 $4.80

China Lights Rta.

$841

$21.10 Macro Bactria

811 Sandakan Lights ****

414

$28. Telephone (old)

$28

#10

310.'0

Telajahossen "(xi)

$10.10

Tractions

21/0

8642

***

$12

81

$37

$22

$7.20

28}

$230

Canton Jona

Tractions (pr.)

Industrials

$14.90] Cald., Mang. (Ord.) 8.

¡Cald., Mang. (Prof.) 8.

€6.65 open dorsanotturna

Miscellaneous

Dairy Farm.......

Dairy Farm

Ch. K'tainment

$17 Constractions

Si» | Construoliona

Laze Crawfords,

Nanyang Tobacco

Bidoares

$0.15 Watsons 62%

Ch. 0.5% 19260 $Bds. $103H.E. Govt. 4% Loama 197 H.E. Govt. 31% Lamp 320 HK. Wing-One

{'bai Wing O

$-1

નામ

354

#21.75

$1.85

H.K. STOCK EXCHANGE

Market ruled very quiet..

BUYERS

Union. Ina, $475.

Docks Cum. Rts.. $21.

Providents, $4.15.

Trams, '$17.40, «

Telephones (New), $10, Sinceres, $2.30. Wm, Powell, $14. Entertainmente, $7.20.

SELLERS

Providents, $4.35.

Lands, $364.

Trams, $17.50

Electrics, $649.

Dairy Farms, $22.

SALES

H: K. Banks, $1495/82/80,

Humphreys, $3

Trams $17.40.

Star Ferries, $85.

Telephones (New), $10,10.

SHOE CO.LTD.

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100

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De

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088, LXL, 30s. Itogon Mining 188. HK, Wing On Masbate Con: 084s, Mine Opera- Humphreys

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tlons 074b, Paracale Gummaus 163b, Star Ferries San Mauricio 59a, Surigao Consol.

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MARBLE HALL

(and Annexe Private Hotel). 34, Granville and 103, Austin Roads, Kowloon, tennis courts.. Beautiful garden. Rooms and suites with private bathrooms. All modern conveniences: Apply proprietress. 103, Austin Road Phone 50233 and 34 Granville. Road. Phone 59493.

HOTELS

RUSSIAN FOOD COOKED IN THE

RUSSIAN WAY

TABLE D'HOTE $100 ALSO A LA CARTE AT THE

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1940 ZENITH~ NEW MODELS: Just arrived NO AERIAL, NO GROUND, Just plug in and play CHUEN YEE HONG

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ENGRAVERS

FEI FEI & CO. Photo Engravers 18, Cochrane Street. Telephone No. 22224,