1940-06-06 — Page 9

HONGKONG DAILY PRESS

Finance and Commerce

China's Raw LIMITATION OF

Silk Export Increases

DIVIDENDS

BILL

LONDON. June 4 (Reuter)-In

the House of Commons, the Chan- cellor of the Exchequer, Sir King- China's efforts to revive the silksley Wood, announced he would trade have shown encouraging re- not proceed with the limitation of salts. Trade figures indicate that dividends Bill mentioned in the in 1939 China exported $131,600,000 budget. He said the decision to rate the excess profits tax to one

worth of raw silk, .

Incredible though it may seem. this meant an increase of $93,000,- .000 over the 1938 Agure of 533.- 600,000. These agures exclude allk waste, cocoon strippings and yarn

waste.

hundred

per

cent. all round

materially affected the limitation

of dividends proposals.

The main object of the Bill was by limiting dividends to prevent increase in purchasing power in the hands of shareholders and be substantially

During the first three months of this would now 1940. China's export of raw slik obtained. was worth more than $50,000,000:! for March alone, the figure was nearly $12,000,000. At this monthly rate, China should be able to ex- port at least $144,000,000 worth of raw silk this year.

EXCEED ESTIMATE

It is believed, however, that the figure will far exceed this estimate, in view of the attempts now being made to increase the production of yellow and white silk in Free China,

SILVER MARKET

LONDON SILVER

London, June 4 (Reuter)..

OVER 100 FIRMS BANKRUPT

JAPANESE COTTON

YARN MARKET SHANGHAI, June 5 (Reuter) The sudden downward trend in the Japanese cotton yarn market following a brief rise towards the end of last month rendered over 100 firms, engaged in speculation in the "black market," bankrupt, reports the Shumpao.

Heavy stocktaking of the Jap- anese "Moon Lute" brand was re corded last' month when prices rose from Chinese $800 to $1,800 but finally reacted to touch the $1.200 level per bale to the ruin of many firms, the report adds.

Silver Little speculative selling GREATEST MASS

Lack of support. Business very mall." Market very quiet. In the afternoon. the market was idle.

Spot, 23d.

Forward, 22d.

BOMBAY SILVER

Ready July 2 Settlement July 30 Settlement

83-01 63-01 63-04

The United States provides the biggest market for silk, consum- ing sume 75 per cent of the world's total production. About 80 per cent of the States' requirement comes from Japan, from which it may be gauged what a terrific blow to Japan it would be if America silk substitute made of coal should enforce an economic em- and air-is universally used, bargo against her, or if Nylon-the Central News,

"

MOVEMENT"

OF GOLD

FINANCE & GENERAL

Lord Lothian Says-

HITLER IS NOW AFTER

THE BRITISH FLEET

11

NEW YORK, June 5 (Reuter)-The British Ambassador, Lord- Lothian, in a speech here yesterday, said that what Hitler is now after is the British Fleet.

If he can seize that, he steps from domination of Europe lo domination of the world.

The tremendous decisions which would present themselves both to Britain and America if Hitler's attack on Britain were to begin to succeed would not present them- selves next year or five years hence, but more likely this sum- mer or autumn.

"You may ask, do we want your help?" said Lord Lothlan. "My answer is, of course, we want your help. Any help In manitions you can give us without delay. But what you will do about this is for your- selves to decide.

"We in England believe that the very essence of a free civilisq- tion is individual and national responsibility. We, therefore, ac- cord to you the same freedom of decision that we claim for our selves.

Lord Lothian, in a striking passage, declared. "The situation is grave more grave than I think most of us yet realise." Hitler had annexed the States of Austria, Czechoslovakia, Poland. Denmark,

LORD LOTHIAN

and his ailles from thunder- ing on you if they wanted to do so.

HITLER KNOWS

THURSDAY, JUNE 6, 1940-PAGE 9

COURVOISIER

THE BRANDY OF NAPOLEON

Fournisseur branté de M. l'Empereu

CURVOISIE

COGNACS ET FINES CHAMPAGNES

DODWELL

"Time in war is everything and nobody knows that better than Hitler. He means to get control MR. CHURCHILL of the British and French Fleets and naval bases that are essential

Continued From Paze 4

&

CO., LTD.

JJ

NO BARTER

WASHINGTON. June 5 (Reuter).

NEW YORK, June 5 (Reuter)-most of Norway, Holland and most to world power this year, he allens, and suspicious characters Mr. Cordell Hull, Secretary of

reserves of Britain and France with those of the Netherlands and Belgium to the United States. Gold worth $287,000,000

de- was livered to the New York Federal

tar Reserve Bank on Monday bring sagsing the deliveries for two days to

for

can."

of other nationalities, but also State, said yesterday that the Bombay, June 4 (Reuter).. One of the greatest mass move-

of Belgium. Each one of these con- Market-Quiet. Oftake 300 bars.ments of "gold in history is now

quests meant that the resources Lord Lothian added he did not against British subjects (cheers) United States Government must proceeding with the transport of at Hitler's disposal and strategic offer any advice in regard to what

who may become a danger or necessarily insist that the posses-- Indian Mint Silver.

security of Germany had been

the Western hemisphere shall not Increased and resources available the Americans should do about pulsance should the war be trans- sions of the European nations in

this grave problem any more than ported to the United Kingdom. his resisting

aggression

"Turning once again, and this become the subject of harter or It was for them to offer the Bri-

conquest between rival European diminished.. Moreover, none of

powers, "J

He said that they must not be He that there has never been a period these States, according to Hitler's is any advice in regard to what time more generally to the ques- Independence at the end of the and when, the crisis came.

added "Our business is do in all these long centuries "of made the scene of the settlement... plan, was going to be restored to they should do with their Navy tion of invasion, I would observe

war, if he won...

everything we possibly can to which we boast when an absolute ut the European difficulties. SATELLITE "PROVINCES

keep France and Britain Aghting guarantee against invision, still They were "going to be turned and our lands and islands. and less against serious air raids, could into satellite provinces and dis- those of our Allies, from being have been given to our people, armed with their economic ontrol conquered, I believe we shall suc- from Berlin and their culture in ceed for our fighting spirit, is now chains.

thoroughly aroused."

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$500.000.000.

GREAT

PROSPECTS

doing "Hitler is now bent on

NEXT OBJECTIVE

to

FOR SHENSI SEEN SLAN, June 8 (Central Great prospects for Shengi province are seen by Mr. Pan Kuo-chu leader Balonizal of the Arst group of the South exactly the same thing, apparent- NEW YORK, June 4 (Reuter)- Seas Chinese Comfort Mission ly with the assistance of Italy, to If England and France are con- which left on June 3 for the front France and England. If he wins, quered, the Americas will inevit- $1335 after a fortnight's stay here dur-they also are to be disarmed and ably be the next objective, de- ing which they visited the various rendered incapable of exercising clared Mr. Henry Wallace the reconstruction projects.

any further independent influence Secretary of Agriculture, in in Europe or the world."

805

$3.60

918)

!!!!!

{་ཚོ

#!

£80

£82

Let

£300

£19

$74

50 ct

:$218 8460

an

in- Shengi, Mr. Pan said in terview prior to their departure. was the birthplace of the Chinese race and the scat of several king- doms in the past.

Today It holds a strategic pond- tion in the war of resistance. With

$170 the various reconstruction "pro- jects now being rapidly carried out, there will be a great future for the province.

$120

$100

$100

38/11

$6.00

$161

$30

18/6

A report from Lanchow states that the third group of the mis- sion led by Mr, Chen Chao-chi left yesterday for Ninghsia en route to the Sutyuan front to visit the

Chinese soldiers.

LONDON STOCK EXCHANGE

LONDON, June 6 Reuter)-On the Stock Exchange yesterday, giltedged securities and some in- dustrials were occasionally better, but the general trend was easier on the absence of support.

· Wall Street "was firm.

LONDON METALS

EXCHANGE "London, June 4 (Reuter).

232

$100

$4.20

$7.78

#39

TIN

$210

Tin. Standard, Cash

Middle

$120

Price, £277-1/8.

316

$16.10

4.

Tramways concert vennin

$16

318

$9

Pack Trazze (old)

$8

24

$4

$80

$5,0

8911

$6,80

Lord Lothian concluded, “I -the British - Navy were to dis- appear and you alone were left, not only would the com- monwealth be broken. but there would be no superior armed power to prevent Hitler

LIVESTOCK TO

BE REDUCED

He added that he would be glad recommend a solution for con- Bideration by Congress.' .

liberation and rescue of the old

Lond Cheers)..

SECRET SESSION

Mr. H. B. Lees-Smith said be was glad the Prime Minister had told the nation in the plainest terms the effort it would be called upon to make.

"I feel confident that if all do their duty and nothing is neglected and the best arrange- ments are made as they are being made, we shall prove ourselves once again able to defend our Island home and ride out the storm of war and outlive the menace of tyranny if necessary for years, if neces- sary alone (Cheers). Mr. Wallace urged economie a

"That is what we are going to well as military preparedness and

try to do and that is the resolve of declared that the country must

His Majesty's Government, every rapidly utilise idle men, money

man of them, that is the will of for debate in and factories in the production of Parliament and the nation.

ammunition, planes and

broadcast.

guns, Itanks.

"IRONSIDES”

HOME DEFENCE

FOR

a

Ir

GOOD COMRADES

The British Empire and the French Republic are linked toge ther in their cause and in their need will defend to the death their

Mr. H. J. Bellenger (Labour). asked Mr. Churchill for an-25- surance that an early opportunity

secret session

would be given.

The Prime Minister replied: "I understand next Tuesday will pro- bably be convenient.”

TRIBUTE TO FRENCHI

In the House of Lords, Viscount

The War Office announces. that native sq11, aiding each other ke Caldecote, Leader of the House

Churchill's in the Commonia. LONDON, June 3 (Reuter-The Gen. Sir Edmund Ironside is or- good comrades, to the utmost of made a statement similar to Mr. "We shall never surrender and Lord. Caldecote also recorded Ministry of Agriculture announces Banising for the home cerence their strength.

small bodies of highly mobile and that as a precautionary measure, strongly armed troops who will be ever if-which I do not for a mo- with regret the death in action of

called "Ironsides."

will mant believe this island There

the numbers of livestock in cer-

OF a two members of the House-the

*

tain limited areas in south-east be many hundreds of these formed large part of it was subjected and Duke of Northumberland and the England are being reduced.

from the regular army, says Reu-starving. then our Empire beyond Earl of Eme Stock offered in these areas fitter.

the British Fleet, will carry on the Lord Strabolgi paid tribute to for immediate slaughter is being

struggle until in God's good time, the gallantry of the French divi- purchased by the Food Ministry is

other a new world, with all its power sions who made possible the with-

and might, steps forth to the drawal of the British forces. and a proportion of store animals countries.

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London, June 4 (Reuter). Bar Gold, Fine per oz. 168.

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