1940-11-02 — Page 9

HONGKONG DAILY PRESS.

Finance and Commerce

AMERICAN

STEEL

INDUSTRY

NO STRAIN ON

CAPACITY

MONEY AND

American Production

EXCHANGE

CLOSING QUOTATIONS Of Bombers

NOVEMBER 1, 1940,

On London:-

Telegraphic Transfer. 1:9 7/3 Hank Bills, on demand 1/2 7/8 Credits 4 months' sight

On Shangha!:-

On demand Singapore:-

The U.S. steel industry is in nu danger of shortage of ingot-On producing capacity as a result of | national defence requirements, ac- On Japan:- cording to expert opinion within the industry.

3TU

On demand

52 3/4

On demand

105.

On India:-

11

Telegraphic Transfer. and demand On New York:-

82 1/2

Bank Bills, on demand 22 3/4 Credlis, 60 days' aight 23

It the United States passes from a state of active prepared- ness to a state of actual war, on the other hand, it is quite possible that the civil use of steel may have to be rationed, and full On Batavia: priorities given to armament needs for steel, not because the in-n dustry lacks adequate production facilities but because of the Deed ing up of armaments manufacture with a consequent Push-for-steel;

These conclusions are based on the most sanguine interpretations of statistics. Basle steel capacity at the beginning of 1940 was about 81,000.000 ret tons annually.

On demand. Paris:-

FINANCE

IMPRESSIVE MALAYA

TRADE FIGURES

The value of Malayan exports for August exceeded the value of imports by $23,149,237, a frure which is well above the monthly average, excess of export over import for the previous months of the year.

August Imports were to the! Imports of manufactured. arti- value of $89,789,903, and experts cles amounted to $23,745,210. We ¡ $93,939,240. The cumulative values imported $3,596,460 worth of goods up to August this year are $564,- from the United States and ex- WASHINGTON, Nov. 1 (Reuter)|301,328 and $747,955,434 respective-ported material to the value of -The United States War Departly...

ment is reported to have planned The rubber exported *from the production of 12,000 addition Malaya for August was valued at al bombers, largely with the help $52.993,805, the bulk of it going to of the motor-car industry.

the United States. The export of This programme, estimated to non-ferrous metals was valued at cost US$2,000,000,000, is stated to $25,480,867.

have been planned to produce The export of animals, food, the 12,000 bombers asked for ty drink and tobacco for August was Britain.

$4,324,579.

$42,541,602

CANADIAN WAR CONTRACTS

OTTAWA, Nov. 1 (Reater)-New contracts for war supplies totalling 2,280 and representing an average of one contract every 70 seconds

placed in the first week of Octo- ber by the Ministry of Munitions,

It is believed the War Depart- Malaya exported coal to the during each working day, were ment proposes the erection of two value of $5,623 for the month, and large factories ta assemble parts iron ore and scrap to the value of $1,186,204. Wood and timber ex- ported totalled at $108,910

manufactured in motor-car itories.

fac-

Whether these will be operated 42-3/8-by-the-Government or the aircraft or motor-car industry has not yet been decided.

Bank Bills, on demand Nom. Gredits-months' sight Nom.

In Saigon:-

On demand ............... §§

ja Manila:-

On demand

on Bangkok:--

On demand

On Sterling Notes:

Bank Buying Rate.

Finished steel production runa at Bar Silver per 02. 75 per cent of ingot output, giv-

ing a present capacity of 60.000,- Market Report

000 net tons, of hot-rolled steel producta.

The highest peste-time output of finished steel was 48,000,000 net tons in 1929, which can be char- acterised mainly as due to "v- linn" demand. In 1939 finished steel production was 39,000,000 net tons, which included a small pro- portion of armaments here and a more important proportion of ex- port gain due to the war.

The 1929 figure included about 2,500,000 net

45 1/2

1401,2

Now.

23 1/2

LONDON STOCK EXCHANGE

This was the largest number of contracts placed in any week since the war began.

account

SHARP RISE Compared to the value of ex- These facts were given by the ports in July, there was a sharp Canadian Minister of Munitions rise in the export of hides and and Supply yesterday. skins in August. While in July He further stated that three the value of the export of this times as many contracts had been commodity was only $5.636 in placed in six months, since the August it was $14,035,

Ministry took over the work of Export of oils, fats and resins the War Supply Board, compared LONDON, Nov, 1 (Reuter) also showed a marked increase, with the previous nine months. Business on the London Stock the value in August amounting to Orders for Canadian Exchange yesterday was small $2.493.345 compared with $1.803.-total 86 and £750,000 plus nearly and mainly confined to Invest- 951 in July.

£30,000,000 for British, account. ment issues. Nevertheless the The value of imports of food. trend generally was firmer. Git-animals, drink and tobacco for edged and some rallways appre- August amounted to $19,398,813. clated. Kaffis improved on local The value of imports of raw support. Olls were better after materials and articles mainly un- early hesitancy. Movements of manufactured was much less than industrials were few but generally in the previous month In July in holders' favour. Wall Street the value was $32,873,826 and in

1 August $20,323,805,

·FROM ROZA BROS.

Friday, November 1. The price for Ready Silver was unchanged yesterday at 23.1/2 was firm. but the Forward rate rose 1/18

bears as having covered to 23.1/2. Silver advices reported

small extent. The market was steady but quiet. Silver was quoted at 34.3/4 for American

Spot.

ta а

The London/New York cross-- tons of exports, rate was quoted at 4021/2. New

whereas the current rate of ex-York/London ports is about 7,500,000 tons "an-403.1/4.

nually, a gain of 5,000,000 tons,

"CIVILIAN DEMAND

Assuming t

"civilian"

demand

for steel in 1941 equal to that in 1929, which is a generous assump- tion

and not at all likely for numerous reasons, and adding the

·export increase, a potential outpati of 51,000,000 net tons for ther

than military needs may be postu- lated, leaving 9,000,000 tons of finished steel capacity for

Army and Navy dzes.

To date, estimates place the national defence steel require mentä at between 12,000.000 and 15,000,000 net

Dull,

Was quoted at

MARKET

STERLING

No business was reported. There were sellers at 1/2.31/32 Novem ber/January, buyers at 1/3 for Clash.

U.S. DOLLARS. There were sellers at 23.1/8 Cash and 29.3/18 Forward, buyers probably at 23.1/4 Cash

SHANGHAI DOLLARS There were sollers at the open- ing at 382. Business was arranged at various rates. At the close sellers were offering 378. bazers tons of finished bidding" 379, steel products, but this includes

SHANGHAI MARKET orders deliverable over three to Sterling sellers for Spot were. four years. Hence, even a speed-quoted at 3.57/64 at the opening up that would involve a halving and closed steadier with sellers of the delivery schedules would for Spot at 3.15716. U. S. Dollars

not exhaust the industry's produc- opened with sellers for Spot at tive capacity..

6.1/32 and closed steady at lunch

Further, productive capacity a based on normal operations with

time with liers at 8.3/32 for:

pot

out "speed-up." The weekly rates

"

AFTERNOON MARKET

of capacity allow a 12 per cent. The market was featureless in factor for periodical relining of the afternoon.

furnaces, so that the industry

STERLING

inight attain 112 per cent, or The market closed with sellers basle capacity over perioda when at 1/2.31/32 November/January.

no relining of furnaces is taking buyers at 1/3 for Cash.

place,

Of course, this could not go on

I

U. S. DOLLARS

A small transaction was report.

indefinitely But with "speed-up," | ed" "at" 23,174 for the end of De

or forcing, the calculated rate can cember, The market closed with be exceeded. One steel company sellers at 23.1/8 for Cash, buyers

is producing steel at 122 per cent at 23.1/4 for Cash,

of its rated capacity, as an in- stance of what can be done to push production, while the indus- try as a whole is now at 93. per cent. of capacity.

Hence, steel operators feel little concern over reports, mainly in

SHANGHAI DOLLARS afternoon at 379 and also 379.1/2 Some business was done in the

The market closed with sellers at 378, buyers at 979.1/2

SHANGHAI MARKET Sellers of Sterling for Spot at

Washington. that ingot output 3.81/64 and U. B. Dollars sellers neck" as a result of national de- for Spot at 6.1/8.

"might become a serious "bottle-

fence efforts.

Since the beginning of 1939, un Shanghai Exchange

to the present, the industry has eliminated two open heartha pro- ducing 80,000 net tons of steel annually and added two producing 490.000 tons. It has added sixteen electric furnaces producing 635,000 net tons of ingots annually. While further additions may be contem-- plated; none has been announced or budgeted, which would be the case it a serious bottleneck were considered imminent.

Official T.T. Rates

HONGKONG

STOCK EXCHANGE.

Buyers Ballers

Saina

Nomina

97%

SHARE QUOTATIONS

SHAREBROKERS' ASSOCIATION

FRIDAY

I NOV

N. C. & S. Banks...........

Insurances

$175 Canton Insurances..... 3387 Union Insurances....

Underwriters.... $150 H.K. Fires...........

Shipping

Buyer Bailer Ba Naronal

H.K. STOCK EXCHANGE

During the past week buyers were reluctant in advancing their prices, thus resulting in a small turnover with no Improvement in rates -BUSINESS DONE DURING THE WEEK.

HK. Banks. 31215. Union Ins., $390.

Wharves, $901.

Providents, $4.45. Lands. $301.

China Lights (O), $61. Electrics (O), $37. Telephones (0), $23.70. Cements, $18

-BUYERS Union Ins., $385. Providents, $4.40. Länds, $30.25. Electrics (O), $36.75.

Banks

$1215

H.K. Banks.........

$1230

£67

Da. (Col. Reg.)......!

£87

£62

Do. Lon. Reg.)...

£82

Ropes, $3.30.

£ff

Chartered Banks

£67

Watsons. $8.90.

29

Mercantile Eka. "A".

£981

210) Mercantile Bks.."C""

£10

Bank of East Asin..........

$79

50 ct.

$175

$387

Electrics (N), $36.50.

$1

Telephones, $29,

$150

Ropes, $6.10.

Watsons, $8.90.

$130

Entertainments, $8,50.

$8

$100

SELLERS

$100

Docks (0), 310.

-34/4)

Cements. $16.

$6.00

... SALES

Docks, Wharves.

Godowns, etc.

Electrics (N), #36.75.

800

H.K. & K. Wharven

$901

$4.45

Providents in

$4 $4.45

$16

H.K. Docks (Old)....

$18

$15

HK. Docks (New).....

$151

$29

8281

14/0"

Kailans

14/0

re

.18

€130

$11

Douglases Steamboats

!!!

$20 831

፧፧

:

$100 Indo-Chinas (Prof.)...

Indo-Chinas (Def.!...

B80

34/44 Shelin

$8.00 Waterbosta

+Shanghai Docks....

Mining

cts., Hong Kong Hines......

Lands. Hotels and Buildings

83 20 H.K. & 8 Hotel

H.K: Lande

$100 Do. 4% Debentures....

$11 49 Shanghai Lands....... $3.36 H.K. Reallies..... $7.10 amphreys .................... $100 Chinese Estates.......

Cotton Mills

Ewo (S.)

81806hai Colloos (5.).... Zoong Sings (8.)-------- Wing On Textiles (S.); Public Utilities

$18

H.K. Tramways.in.

$7.40 Peak Trams (old)....

$3.70 Peak Tram (new).... 950 Star Ferries.

%

$30

:::

11

..

$221

$221.

***

Y'mati· Férries:

#61

Chins Lights (0)...)

$8,40

China Lights · (New).

$38.65 $37.10 $36.35

H. K. Electrics (Old)...). Bank

H.K. Electrical Now).

$361

$17

Macao Electrics (Old)

$16

Mocko Electrics (New)

$18

Sandakan Lights.

$23 $23.7

Telephones (old).

$9.55 Telephones "(new)-------- B'pore Tractions (Ord.) Industriais

$14.20 Cald., Maeg (Ord.) 8.

H.K. Ropes

HK GÖL. Loens

Shanghai, Nov, 1 (Reuter)

$13

Cald. Marg. (Prof.)8.

Opening 0/3-13/16 5-7/8

25

$1

Canton Ice

50 ots.

#16

$16

Cements

$6.10.

300

14% Loan

21-1/8 N 25-1/4"

800 31%

(1984).

$85

131%%%

(1040)..

Sterling

Sellers

London New York Japan Indla Hongkong

Opening Closing

0/3-57/64 0/3-81/64

Spot Nov. Dec.

0/3-7/8

The recent, additions make pre- sent actual raw capacity about 82.500,000 net, tons annually, but the more familiar figure of, 81.000.000 tons is used in the fore- Spot going calculations owing to its

Nov. "official" standing.

Dec.

LONDON GOLD

London, Oct 31 (Reuter). Bar Gold, Fine per oz. 108/

BOT

* Miscellaneous.

$17 Dairy Farms.

Entertainments

$1.60 Constructions (old),

Constructions: (new)......... $7.45 Lains Crayfords

i

**

$3.30

$30.20

$100

$3.40

$7

T

$59%

$381 190

$125

$15.90

$23.70 $9.55

Electrics (0), $37.

SATURDAY, NOVEMBER 2, 1940-PAGE

EVERYBODY'S

Favourite

"BLACK&WHITE"

NEW

CHINA'S VICE-MINISTER

RAUB HOLE FLOODED

The Hongkong Stock Exchange yesterday received the following information from the Raub' Gold

OF FINANCE CHUNGKING, Oct. 31 (Central) Mining Co. Mr. Hsu Kan. Administrative Vice-Minister

"Owing to "a cloudburst, part of of

Finance, was the workings at Raub Hole were transferred by the Executive, Yuan flooded resulting in the loss of six yesterday as Political Vice-Minis-lives. The Mill requirements of ter of Finance.

ore will be satisfied by the other

Dr. PK, Kuo, banker and retired sections of the Mine and it is ex- university president, was appoint-pected that Raub Hole Section ed new Administrative Vice-Minis- will be producing ore again by the ter of Finance:

end of this week."

Dr. Kuo, born in Shanghai in 1880, went in 1906 to America where he studied science at the University of Wooster, receiving the Ph E. degree in 1911, He then attended the Columbia University. studying education and received the MA and Ph. D. degrees in 1912, and 1914 respectively.

HONGKONG

SHAREBROKERS

ASSOCIATION

Volume of Business Transacted on Friday, Nov. 1, 1840. SALES

After returning to China. heChina Providents served as editor at the Commer- H.K. Eectrics (0) clal Press, Shanghal, 1914-1915:

Star Ferries dean of the Government Teachers College, Nanking. 1915; President of the Lowrie Institute and also of the Cheklang Provincial College. 1918;. Chairman of the Education- at Commission to Japan and the

500

$ 4.45

200

37,00

920

65.00

1,620

The total value" is $60,225.00.

Philippine Island. 1917; President istry of Industry in 1931, and |of the Government Teachers' Col-General Secretary of the China lege, Nanking. 1918; President of Institute of Foreign Relations in the Southeastern Government Shanghai, 1932-33. He has been University, 1922-25. He was elected Managing Director of the Ta Hwa" Vice-Chairman of the World Fe-Trading Corporation since

1932 deration of Educational Associa and Managing Director of the tions, 1926, He was Director of the Shanghai Trust Company since Foreign Trade Bureau of the Min- 1934,

PRE-PAID ADVERTISEMENTS.

The following classes of advertisements are charged at the price given below :--- SITUATIONS VACANT.

HOUSES AND APARTMENTS WANTED

HOUSES AND APARTMENTS TO BE LET. MISCELLANEOUS WANTS.

Announcements not exceeding 25 Words are inserted under this beading at a Pre-paid Rate of $1.50. for THREE INSERTIONS. If Charges collected, $2.00.

WANTED TO BUY

WE PAY HIGH PRICES for all gold and silver articles, gold bars, diamonds and jewels. Apply China Gold Refining Co $7.40 Pedder Building, 2nd floor, Room 6. $3.70

6231 #6.70

WE OFFER HIGH PRICES for $6.40 any amount of gold articles, diamonds, silver, etc. No holidays. Apply China Building, 7th floor. Tel. 30727 Eurasia Gold Redning Co.

WANTED KNOWN

ORDERS TAKEN for hand-made sweaters, Ladies' jumpers, Babies' $16.10 outfits, etc., at $5.00 each for

$6

workmanship.

$17.30 $6.60

$1.85

Wool and model desired, to be supplied by customer.

Beud particulars of address, etc. to Box 602, H.K.D.P..

Thác "WE" have an outstand- ing assortment of latest American dresses for-all-occasions and price to suit all purses. Call at “Vanity Shop" (Lazarusa) Pedder Street.

Experienced Book-keeper-Wants Students to form a class. Guaran- tee students to keep a whole set of books after completion of a course

# of 6 months. For Term and Far- ticulars. Flease. Apply tố --Box No. 162 4/0 HRDP, ....

HOTELSTM

RUSSIAN CUISINE

MORE POPULAR EVERY DAY

METROPOLE HOTEL

BUTTERICK

Expert - Ladies' Tällor.

New Style Ready Made Dresses FOR SALE.

16, Wyndham Street, Tel. 23615.

YOU

Are Invited to Inspect Our Stock of

Asiatic, Foreign and Colonial

POSTAGE STAMPS

In Sets, Single, Packets. Bags and in Approval Sheets

GRACA & CO.

Dealers in Postage Stampe, Philatelle Goods, Elcture.

Postcards, Religious Goods, Carden Seeds, & etc.

No. 10 Wyndham Street

PO Box No. 620.

Hongkong.

TEA DANCES Tuesdays

Thursdays

Saturdays Suridays

6 to 7.38 p.m.

ENGRAVERS

FEI FEI & CO. Photo Engravers

18, Cochrane Street Telephone No. 22224.

AUCTIONEERS

GREATEST COLLLETION OF BARGAINS IN TOWN)

LAMMERT'S JUCTION HOOM Jammery, Brnar

Tetepitons No DALIN.

Jimmy's

984%

0/3-61/64

$7

0/3-15716-

36-1/8 8-1/8 8-3/32

Porage Nanyang Tobacco.......

$2.15 Binceres

38.30

$8,90

Watsons

89.10

3

Ch. 0.5% 19260$8.

$39

014

-U.S. Dollars

$6-1/32.

6

Market: Quiet but steady,

Calcuna Exchange

Calcutta, Oct. 31 (Reut TT on Japan, "81-1/4"

་

T.K. Wing On

S'hai Wing On

Viuro Piling******

7/8 Marsmans Inv. (Lon)

9/9 Marimana Jav. (H.E.) Wm. Powells.......

+Bale to Shanghai