1940-05-25 — Page 9

HONGKONG DAILY PRESS

Finance and Commerce

DEPARTMENT FOR STABILISING

PRICES IN SZECHUEN

CHUNGKING, May 23 (Reuters Chungking, which at present is

MONEY AND EXCHANGE

FINANCE & GENERAL

CABLES AND WIRELESS

ANNUAL MEETING

At the annual general meeting of Cables and Wireless,” Ltd, held in London on May 23, the chairman, Sir Edward Wilshaw, addressed the meeting in the following terms:

The account I am able to give and to impose taxation in such a you of our operations during the way as to secure strict equality of year 1939 is one of financial and treatment and to avold hardship other achievements which far ex-in particular cases which fall as it

by accident ceed those.of any other year since were

within the

A Department for Price Stabill importing large quantities of goods LOSING QUOTATIONS] the formation of the Company framework of an enactment or sation has been, organised by the from coastal centres in an effort Szechuan Provincial Government to bring down the local prices.

with a capital of $20,000,000 sub- scribed partly by the Ministry of Economic Affairs and partly by the Provincial Treasury.

NO SHORTAGE OF

NECESSITIES

MAY 24, 1940

On. London:→→→

Telegraphic Transfer. 1/9 7/8 Bank Bills, en demand 1/2 7/8- Credits 4 months' sight, 1; 13.1 On Shanghai:--

On demand On Singapore:-

On, demand Japani-

343.

89* 3/4

On demand

$2 1/2

Telegraphic

Transfer.

and demand

New York:-

It is pointed out that Ezechuen faces no shortage of daily neces- The work of the Department sitles since the average annual

the will be centred at Chengtu where rice supplies in

province situation, amounts to 10 million pleuls.. the aggravated price particularly that of rice, causes The present rice situation is much discontent.

believed to be the result of mani-On

since production pulations,

of goods in the capital was greatly On India- expanded last year.

UNDERSELLING MARKET Recently the Government sent `40,000 picula of rice on 150 hand carta to Chengtù to undersell the local market quotation..

According to official figures re leased today, Chungking monthly The new department will also produces 60.000 -bolts of cloth, 10 deal in other daily necessities such thousand dozen socks and stock- as cloth and salt. Its work willings and almost 4 thousand bales be parallel-to-that of the National of yarn as well as 8 thousand Price Stabilisation Commission af bags of flour...

IRRIGATION WORK

IN KWANGSI, KWEILIN, May 23 (Central)- Irrigation work 18 proceeding apace in Kwangst following a loan agreement recently concluded between the provincini authorities and the Agricultural Credit Administration.

HONGKONG

SHAREBROKERS'

Q

art

now

over

tax

twelve years ago, ....

It seems a little hard that The profits are up by £800,000. having arrived at a stage where Company has had the best The liquid resources of the Com. the pany

£4,000,000 year by far since the merger with nearly £3,000,000 of this being in only four months of that year by British Government and other se- war conditions, and that in many curities while over £1,000,000 is in ways unfavourably, it might be cash at bank. The carry forward taxed on the basis of excess over has been increased from £27,000 years in which the process of to £437,836,

of building up was only beginning. SLIT increase £410,000.

THE "COMPANY'S STAFF

These results have not been se- I must say a word about the Jes 1/2 cured at the expense of develop-

Bank Bills, on demand 19 1/9.

ment and it is gratifying to note Company's staff. I am proud to that the Empire Flat Rate has have been called to lead them Credits, 60 days sight zu 5/8 Paid for itself and the £300.000 when I had to decide on the bold set aside to meet losses on this experiment of offering free facil!- tles on the inauguration of the On Batavia:-

account is still intact.

Social Telegram service last year. I was warned that we might pe showed under with perhaps 100,000 messages, I said the staff would

it if handle

had" 300,000 messages. With such a staff the strenuous and searching test of

On Paris:-

On demand w

36 1/2

Bank Billa, on demand 1000 Credits 4 months' sight 1150 On Saigon:--

On demand

ASSOCIATION Op Manila

Volome Of Business Transacted

on Friday, May 24, 1940.

HK. Docks Ris.

HK. Electrics H.K. Lands Union Ins.

H.K. Tramways

The projects in 27 places have been completed. New projects in nire places covering 273,000 mow of land are being mapped out They will entail a cost of $1,774,- 500. Survey is being carried out in 22 places with an aggregate of 343,600 mow and the work will projects on entall an additional $2,233,400.

Aside trom

On demand

On demand

1834

39

149 1/2

On Bangkok:-

34 $ 4.50

on Sterling Note:

*60

*50

300 4.50 400 59.25 34.00 462.50

Bank Buying Rate Bar Silver per oz.

1/4 21 13/10

:

50

884"

16.00 Market Report

*Sale on Thursday, May 23. The total value is $49.478.DO.

a small scale in 15 Counties.costing $210,600 are being these, irrigation carried out.

HONGKONG SHARE QUOTATIONS

STOCK EXCHANGE

Buyers Bellars

$1335

****

#fur

SHAREBROKERS ASSOCIATION

Noula FRIDAY 24.

MAY.

Banks

Do. Col. Mag.)

$1326/35..

H.K. Banka

ន៍មុខ

£8) Chartered Banka

B455

Do. (Lou. Beg.}

£309 Mercantile - Bks. "A"

£19) Marcantile Bha, "0" 873

Bank of East Asia

N. C. & B. Ranks

Insurances

8218 Canto Inaurumom.....

Union InsurRNCOM

85 cts Underwriters 8170 H.L. Firse

Shipping

$120 Douglass

$11 | Steambouin

$100 Indo-Chine

$20

Indo-China (Del.)...

61/10 Shells

86.00 Waterboate

Docks, Wharves,..

Glódowns, etc.

$100 FK. & E. Wherres

$4.05 Providenta

821

Providecis (new)

----

H.K. Docks C. RTS...

$18 H.K. Docks X. Rts....

#93 Shanghai Books §.

Bayer Ballers

9160

$170

-:

.J

FROM ROZA BROS. Silver prices rose yesterday to the extent of 5/8 for Ready and 9/16 for Forward, the quotations being 21.13/18 and 21.5/8 respec- tively. Silver advices reported Speculators as having covered to a small extent. A small business was done. The market closed on the easy side. American Silver rose to 35.1/8 for Spot,

The London/New York CROSS- rate was quoted at 402.1/2. New Biominal York/London was quoted at 319.

MARKET Stealy but dull.

$1310 ERS

£82

STERLING

There were sellers at 1/2.31/33 May/September, probably October £309 and 1/2.15/16 November/Decem- £19F ber, buyers at 1/3 Cash and ́1/2 $74

31/32 December.

50 ct.

$418 84626/455.

170 cts

ta

U. S. DOLLARS

4

Quiet. A small business was done at 19.15/16 for June delivery. The market closed with sellers at 19.7/8 May, probably June, buyers at 20 for Cash and 19./16 for June.

** SHANGHAI DOLLARS Quiet. Sellers" at 360,

SHANGHAI MARKET Sterling, the highest rate, re- ported was " 4.9/64. Towards

p.m. sellers were reported at 4.1/8. US Dollars, sellers at 5.1/2 for Spot.

AFTERNOON MARKET

The market was, quiet in the afternoon.

$120

$100

$120

60/7

$0.90

45%

8994

$31.

$20 #18

do Rts.

#51

$21

Mining

18/0 Kailans

18/0

$9.56 Banbe

$9.90

6 cts, Hong Kong Mines ...

Lands. Hotels and

Buildings

$4.35 HK. Hotels

$34

19 Shanghai Land

H.X. Las

$10 Do. 4% Debabéurer

$4.00 H.K. Bealties

88 Humphreys an

$1044 Chinese Estado

Cotton Mills

$32 Bwo (B.)

8210 B'bal. Cotton (5.) ...

$24

The market closed with sellers at 1/2.31/32 October and 1/2.15/16 November/December;" buyers, 1/3 and probably 1/2.31/32 Jan-

at

100

$4.20

$7.75

$7.90

Venezuela Gold Vide

STERLING

We

war conditions may be faced with conndence.

OVERTIME PAYMENTS I would add that insofar as the year's working may have been in fluenced at all war conditions. those conditions were only opera- tive for four months of the year while, the Company had to incur very heavy overtime payments on

In conclusion I should wish to account of Staff called up who could not be replaced as well as express on your behalf as well as Air Raid my own our thanks to the Gov- heavy expenditure on

ernment Administrations through- precautions here and elsewhere...

These results of the working of out the Empire, and to all our As- the Company during 1939 show soclated Overseas Companies for that substantial progress has been the constant friendship and co- all by united effort to build up and made in the restoration of the un-operation which have enabled us

to that position of dertaking

maintain a system of 'communica“ which is A Enancial strength necessary foundation for the furons, whose scope and efficiency which our every effort is now ther development of a pelley of has served so well the cause

engaged. progressive endeavour. EFFECT OF WAR CONDITIONS

The war brought difficulties of course for us as for most other in- dustries. The complete disturbance of the normal flow of peace time reflected in commerce is at once communications and in common

SATURDAY, MAY 25, 1940. --PAGE

EVERYBODY'S

Favourite

"BLACK&WHITE

NO TWO WAYS ABOUT IT, IT'S THE SCOTCH.

"

WEEKLY RETURNS AND REPORTS

BANK OF ENGLAND

London, May 29 (Reuter).

Public DepceITS Other Deposits:--

Bankura

Other Account Total

Other Securities:-

May 16

May 23

33,800

33,780

106,380

-103,060

49,880

48,080

148,940

149.130

Government Securities

139,090

137,880

Discount & Advances Securities

3,880

2,990

22,490

23,700

Total

26,370

26,690

Notes and Colna

35,000

35,110

Total Bullion ....

-1,500

1,610

H.K. STOCK EXCHANGE

Notes in circulation

450,416

458,500

Ratio of Reserve to Liabilities

Pitce of Gold at which holdings are valued

19.19% 168/

19.30%

160/-

The market has been quiet dur-

with the British Post Office with whom we now have a joint purse ing the week, but there have been working agreement. In regard to no signs of forced or panic liqui continental traffic, we have been dation affected by conditions in Europe which are also felt throughout the whole of our system because in- ternational trade is sensitive to disturbance in any area,

The introduction of censorship was naturally anavoidable but the Interposition of any check in the machinery of a high speed tele- graph service must dislocate it to an extent which causes delay, and delay brings with it the loss of classes of traffic whose usefulness is entirely dependent on what we call a flash service..

"

EXCESS PROFITS TAX Finally there is the somewhat effect on the Excess uncertain

Profits Tax. the very just intention! of which is to take a heavy con- tribution for National war needs. from increased profits arising from war conditions. We all realise how difficult it is to frame Legislation

BUSINESS DONE DURING

THE WEEK

H.K. Banks, $1430. $1425, $1350,

$1315. $1325, 91335. Unions Ina. $485, $460, 3455. Decks X. Rts.. $181. Providents, $37. Lands, $361. $35, $34. "Humphreys, $8.

Realties, $41. $4,20, Tramways. $161, $15. Star Ferries, $60.

China Lights (0), $7.40, $7.20.

$8.90, $8.85.

China Lights (N). 34.70, $4 Electrics. $61, $60, 359.

Telephones (0), $284.

Dairy Farms, $20). Wm, Powells, $1.30. Entertainments, $7.

S

BUYERS

HK. Banks, $1330. HK. Gort. 4% Loan, 102

FEDERAL RESERVE SYSTEM

New York, May 23 (Router).

Bills Bought

US. Securities hald

Federal Reserve Ratio

Federal Reserve Credit Oútstanding Monetary Gold Stock

Industrial Advance

SALES

H.K. Banks, $1345/40. Docks Rta, $4}, Electrics, $59).

MANILA GOLD SHARES

In

May 18 (1838) May 18 May 23

omitted)

(000's

3

1,000 2,564,000

$

88.39%

2,524,000

2,474,000 2,477,000 $5.37% 88.28% 2,576,000 2,518,000 15,892,000 18,249,000 19.071.000 12,796.000..... 9,292,000 9,232,000

LONDON STOCK

EXCHANGE ..

the

LONDON, May 24 (Reuter)- the Stock Exchange, túvourable reception given to the new Emergency Fowers Act was

Atoks 121b, Baguio Gold 131s, Batong Buhay 0085. Coco Grove reflected in the sharp improve- 046b, Consolidated Mines 0011b, ment gilt-edged securities,

in

1. X. L 21s, Ipo Gold 65s, Itogon together with smaller improve. Mining 14s, Masbate Consolidated ments in other groups, 06b. Mine Operations. 06s, North Although prot-taking and the Gamarines 018h, Paracale Gum-natural reaction caused a late mraus 11b, San Mauricio 471s. reduction in the early gains, the

prices Surigao Consolidated 11b, Suyoc anal

were substantially Consolidated 098 United Paracale higher on the day. Wall Street 14s, Mindanao Motherlode 0018. was strong,

tary...

V. 9. DOLLARS

The market closed with sellers at 19:7/8 May/June, buyers pro- bably at 20 for Cash and 19.15/18 June.

SHOE CO.LTD

HONGKONG SUPPLIES ALL

KINDS OF FOOTWEAR

Hongkong Daily Press CLASSIFIED ADVERTISEMENTS

MARBLE HALL

(and Annexe Private Hotel); 34, Granville and 163, 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 59453.

.:

11:1

ま

$59

3501

$31 $200

Zoong Sings (8.)

SHANGHAI DOLLARS

1

Wing On Tartilem (18.)

$120

360.

816

380

$22,85 T'matl Ferrian

$8,85

Public Utilitien

Tramwaya

$8 Pank Trauma (old)

$4 Funk Trame (new)

Star Ferriss .....

-Do (20%)

China Light (0) #4China Lights (New)

Chins Lights Ris.

300 H.. Heckel, $21.10 Macio Mactics $111 Sandakan Lighin

$767 Telephones (Old)

Telephones (new)

$10.30 Tom

Tractions". (prof.)

Industrials

$14.90 Cald, Keg. (Ord.) 8.

$12

Celd., Mac. (Fret.) B.

#1 Cantón Tow

$17

|Camaata.

#01

Bopes

Miscellaneous

$201 Dairy Farm........

Dairy Faris

Ch: B'tainmenka" asar

Constructiona

#18)

18

கக

$8/

H.

$80

8221

$6.80/ 8.50

SHANGHAI MARKET

Sterling 4.1/8 sellers and U. 8, Dollars 5.1/2:

་་

Shanghai Exchange

Shanghai, May 24 (Reuter).

Oficial T.T. Rates

€7

$12

81

Constructions

$81

Lane Crawfords

Nanyang Tobacco....

$2.40

$2,60 Sinceres

68) Watsons

46

Ch. G.5% 19350 $341,

$102

H.K. Govt. 4% Lonze

#07

{(1,K, Gori, 2}% Lowes

$39

H.K. Wing Os

hat Wing On

18

Vibro Filing ....

11/3 Marsmans Ir. (Lon.)

4/0|| Karamana Inv. (H.K.) 41.30 Wa. Powella Das

Bajes

́ó. Shanghai

810.20

$16.60

$4.90

:

London

New York

Japan

99/6 India

Parts Hongkong

Spot

May

June

Spot May

BUTTERICK

Expert Ladies' Tallor

Opening

0/3-3/4

5

21-1/4 20-3/4

New Style Ready Made Dresses FOR SALE. 16, Wyndham Street.

2.75

Sellers

Opening Closing ...... 0/4-1/8. 0/4-1/8 0/4-1/8 0/4-1/8 0/3-15/18. 0/3-01/04

'U.S. Dollars

$5-1/2 $5-1/2

5-1/2 5-1/2 .. June...... 5-1/4 5-1/4

Market:-Uncertain.

Calcutta Exchange

Calcutta, May 23 (Reuter). TT. on Japan, 98:

LONDON GOLD.

London, May 23 (Reuter). Bar Gold, Fine per oz., 168.

INSURANCES

AUCTIONEERS

„ORLARNI COLLECTION DE

BARGAINS IN TOWN!

LYMMIRTS AUCTION ROOM

Tel. 23615,...

The National Mutual Life Association of Australasia offers you the best conditions for a fund for uld age, and your family in case of your death. Annuities kad educational policies are also larned. Insure now. Offer sil; Des Voeux Bd. Central (6th - Boor Room No. 68), Bank of Canton Build-| ing, Hongkong

Tel. No. 7473.

Besident Secretary,

H. B. WELLB,

Madame Li Tsung-jen, wife of the noted Kwangal military leader has sent an appeal to the National Refugee. Reliet Commis- stom for a sum of $100,000 to be used for relief measures for re- fugees in Ronan and Hupeh.

Just Received Fresh supply of the best varieties of

Reliable and Tested

Flower and Vegetable

Seeds

from

Button & Sons Ltd. Reading now obtainable at

GRACA & CO. Dealers in Garden Beeds, Postage Stamps, &c, &c.

No, 10. Wyndham Street. Established 1896, Hong Kong.

YOU CAN NOW MAT:- 4

HOTELS

COOKED IN THE

RUSSIAN FOOD RUSSIAN WAY

TABLE D'HOTE $100-· ALSO A LA GARTE

AT THE

METROPOLE HOTEL

1940 ZENITH

NEW. MODELS Just arrived ́ ́NÓ AERIAL, NO GROUND,

Just plug in

and play CHUEN YEE HONG

54 Des Voeux Road C.

EAS

TEA DANCE:

DAILY 8-TO. 7.38-P.M. MUSIC BY THE

METROPOLE SWING BAND

Telephone 24311:

ENGRAVERS

FEI FEI & CO. Photo Engravers

18, Cochrane Street. Telephone No. 22224,