1941-01-09 — Page 9

HONGKONG DAILY PRESS

Finance and Commerce

ECONOMIC WARFARE IN N. CHINA

CHENGCHOW, Jan 8 (Central) -The Chinese are waging a re lentless economic war against the Japanese in North China as in- dicated by the" selaure "of average of $8,000,000 worth eremy goods by the Chinese pre- ventive service in the province of Honan one each month

an

Of

RECORD RECORD U.S. PEACE- TIME BORROWING

The U.S. Government finds itself in the unique position of facing an unprecedented peacetime borrowing programme while at the same time advocating legislation which, if enacted, will force it to pay more for its funds. The proposed legislation is to remove immunity from taxation from all future Issues of Federal, State and municipal bonds. That another serious at- tempt will be made by the Administration to speed this, legisla- tion through Congress early next year is a foregone" conclusion. Whether its sponsors can muster sufficient strength in Congress to overcome the opposition that on several occasions one less than two months ago-has turned it down, remains to be seen. Principal among the smuggled

So far as the huge refunding | connexion with the national. goods seized were plece goods,

programme that the Treasury defence programme, the increased cigarettes and dyestuffs. Next in must undertake in the next year cost of the funds perhaps will Importance were stationery and

is concerned, the net result in res- be more apparent. 'sundry goods.

pect to interest charges. even This increased cost, moreover,

FINANCE & GENERAL

TAI CHI-TAO'S TALK

WITH GANDHI

Reporting on his recent nine-week goodwill mission to Burica and India at a joint meeting of the Sino-Burmese and Sino-Indian Cultural Associations in Chungking on Jan. 4, Mr. Tal Chi-tạo. President of the Examination Tuan, said that the most memorable event on his tour was a lengthy interview with Mahatma Gandhi.

The interview which took place inside the Indian leader's hut, Mr Tai recalled, was most unpreten- lous, being devold of teasts, and entertainments. The only material token of welcome given him was a garlard made of native cloth

woven by Gandhi himself.

While talking affably with him, Gandhi never allowed his hands to stop for one single moment spinning cloth, Mr. Tai said. They talked about not so much the cur

Hunan Tea Industry Making Big

Strides

resulting

THURSDAY, JANUARY 9, 1941. —PAGE 9

PABST

BLUE RIBBON BEER

steadily around the World, it's Pabst Blue Ribbon

Under the joint auspices of the Provincial Department of Recon= world catastrophe as the struction, the Foreign Trade Com- larger problems of future peace mission of the Ministry of Finance, and rural economy. To his inquiry and the China National Tea Cor- as how to readjust the turbulent poration, the tea industry in Inaugurated in May last year. should future issues become tax- cannot be offset even to a notice-world situation and cope with the Hunan has been making big the preventive service has extend-able, would nevertheless be a sub-able extent for many

present abnormal changes, the Instrides, years to ed its operations to Hopel, Shan-startina reduction

carrying come by the revenues expected to i

diun sage philosophically pointed mounting production. tung and Honan. The airtight charges.

accrue from taxing the income to his spinning wheel by way of

For the promotion of the indus service has accounted partly for Tals is because of the abnor-from those issues, according to reply.

try. the authrities concerned the increased Customs revenue in mally low rates for money which those who have studied the effects

"MY FAMILY”.

have taken measures for the im- these three provinces.

have forced prices of government or the proposal

On departure Mr. Tal wished provement of the methods of cul- { bonds to high record levels. The MATURITIES OF $2,764,333,750

happiness for Gandh! himself and tivation and manufacture. the saving in interest requirements, of The government faces actual his family. To this Gandhi replied. establishment of tea producers' course, would not be quite so much maturities, including issues which "My 350,000,000 countrymen are co-operatives and the granting of as if the new securities were to have been called for payment. of my family." "

Meanwhile, it is learned that the Japanese are intensifying their efforts to prevent American and British goods from entering the interior via the "occupied" areas.

LONDON STOCK EXCHANGE

jenjoy tax immunity.

In the case of borrowing of new money, of which there soon will [start a series of huge flotations in

LONDON, Jan.. 8 (Reuter) - and Portuguese · Loans were well There was more general enquiry supported, in the Stock Exchange yesterday Home Rails and several Textile while President Roosevelt's speech shares were firmer on Provincial favourably assisted the sentiment. support and Oils met speculative Among foreign bonds both the enquiry and some good gains were 4 per cent. Belglan Loans advanced registered. from 46 to 50 while the Chinese Wall Street was quiet.

HONGKONG SHARE QUOTATIONS

STOCK EXCHANGE,

Buyers

$400

$169

Baion Ballers

$93

$19

if:

$1380.

:

}

SHAR BROKERS'

Nominal WEDNESDAY

៩៥

£27

£10

$75

$1

Burtr

8 JAN.

Banks

ASSOCIATION

BoDeri Bominal

1380 £32.

credit loans to tea cultivators. about $2,764,333,750. in the calen- Besides Gandil, Mr. Tal had also

Satisfying results have already dar year 1941. This is exclusive seen Sir Rabindranath Tagore, the been noted since the enforcement and Independent of any new-famous indian poet, Jawaharlal of these measures, money porrowing, whether for or Nehru's sisters and other Indian

To give practical guidance to dinary working balance or for de leaders. He regretted that he was the growers, tea experts from the fence. The decks have been clear-unable to meet Nehru himself who Hunän Agricultural Improvement ed of all important maturities for was in jail. His conversations with Institute have been sent from time the rest of this year, excepting the these Indian leaders were largely to time to the various tea-produc- weekly discount bills.

cultural. As a result of these talks, ing districts, and four model tea Of the total 1941 maturities, a, three-point programme for the nursuries established: $1.385,010,500 consists of notes, promotion of closer cultural re-

Meanwhile, the establishment of made up of $676,707,600 of 1is due lations between China and India the tea producers' cooperatives has on March 15th; $503,877,500 of 1ts was worked out. It calls for an been encouraged. Up to September due on June 15, and $204,426,400 of exchange of college and university last year, 96 such cooperatives 1s due on Dec. 15. A total of professors. exchange of college have been formed-in various parts $1,379,323,250 of bonds will be pay-graduates and exchange of acade of the province. able, consisting of $834,453,200 of nie publications.

41

3ja. due on Aug. 1st and $544,870.- During his four-day stay at 0500 3s called for payment on Tagore's home the most enjoyable March 15.

function Mr. Tal attended was a

CREDIT LOANS

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Queen's Building.

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construction Department last year SHANG SHIH HIGH;

SCHOOL REWARDED

The Kwangsi-Provincial Govern-

£ reward of ment has granted $2,500 to the Shang Shih Middle School in Nanning as a mark of appréciation of the indomitable

established a factory which start- ed operation ΟΠ March 1. The In order to finance the tea grow-manufactory has been operating ers and merchants to increase If the Treasury continues its concert given, in his honour, at

efficiently, turning out a monthly production, the Reconstruction

output of 36,000 bricks, polley of recent years of anticipat which the programme was predo-Trade Commission have been co- Department and the Foreign

Up to the end of last October, ing its maturities by at least three months-and there is no reason to

minantly Tagorlan."

Mr. Tai said that the welcome to the. Last year, more than duced, packed in 2,000 cases. This body of the school which con- operating in granting credit loans some 288,000 bricks have been pro spirit of the faculty and student- E78 believe that it will not-$1,725,455,-

150 of the total of 1941 maturities and hospitality which the Indian $2,000,000 was loaned out in vary: huge output has been turned over tinued to

earry on class work will in all probability be exchang-friends accorded him were most

ing sums, which has resulted in to the China National Tea Cor uninterruptedly at another place ed for new securities before any cordial and sir..ere. Many of them the production of some 80,000 cases Poration for transportation to the during the Japanese occupation. legislation can be passed to effect purposely bad Chinese gowns

of red tea..

Northwest where the brick tea has of the city. The school recently, made which they wore at welcome. new

For the purpose of manufactur-customarily enjoyed an extensive removed back to Nanning (Cen parties In his honour

tral News). Mr. Tai was full of praise for ng black tea in bricks, the Remarket-Central News).

It Is Ikely that the $676,707,600-)

of 14 per cent, notes and the $544,- the neatness and orderliness in the

£27

£10

8:5

19 ct. the tax exemption of the

issues.

$400

84121

8) C

$.60

8136

this year through exchange offers.

894

$100

The June lis, probably will be re- funded through an exchange offer

$100

41/3

#7

£781

H.K. Banks

Do. (Col. Reg.) - Do. (Lon, Reg.) Chartered Banks...... Mercantile Bks. "A" Merenatile Bks. "C".

Bank of East Asia.....

N. C. B. Banks..

. InsuranceS

$200 Canton Insurances..... 1202

Union Insurances...

Underwriters,

H.K. Fires.....

Shipping

$135 Douglases

Steamboats........... Indo-Chinas Prel.)...)

Indo-China (Del.)

Waterbosta

Docks, Wharves, Godowns, etc.

1. K. & K, Wharves...

$5.95 Providents .......... $5.80

JI.K. Docks (Old).........

918 H.K. Docks (New)..... $18

$364 +Shanghai Docks.

1 cte, Hong Kong Mines.......

$80

$11

$100

41/3

Shells

*$7

Mining

16/3

Kailans

$9 Esubs

:

$93

#71

Lands Hotels and

Buildings

$31

H.K. & S. Hotel...

8311

$341 $34 60

$7.95

1:

$100

$17.20 817.88 $17.9

*PP

$3}

€77.95

894)

***

$81

$24.10

16.95

$40) $39

$401

**

H.K. Flectrice (Old)...) 940).

1

$17

==

#IBA

$7

$1.80

$18.90

$18 20

:

$40.25

#

18/3

870,050 of 31 per cent. bonds will village where Gandhi lives.(Cen-

be taken care of before the end of tral News).

at the March quarterly date.

This will leave, therefore, the refunding of $334,453,200 of 34s. of Aug. 1. and the $204,425,400 "of December 14s, as conceivably run-

마

H.K. STOCK..

EXCHANGE

January 8.

ning into the first effects of tax- The market continues steady. able refunding issues should the prices being well held with the legislation be passed,

turnover on a somewhat· smäller scale.

NEW-MONEX POSSIBLÉ New-mcney borrowing for gen- eral working funds may take place at the financing date, although Treasury officials have not yet de- cided upon this step. There re- mains under the general státu- tory.. debt Himit approximately 3570,000.000 borrowing power. This leeway, however. is being in- $3.45 creased weekly by about $100,000,-

000 through the issuance national-defence series Treasury bills which permit the regular bills to "run off."

$3* #341 $100

9441 $195

3125

$7.40

$36

$81

H.K. Lands.....................................

$100 Do. 4 Debentures.....

813.40 Shanghai Lands.

$3.86 H.K. Realties..

Humphreys....

Chinese stains.

Cotton Mis

#441 Evo (8.)

$205" S'hai, Cottons (8.)...

Zoong Sings (B.)......)

Wing On Textiles (8.)

Public Utilities

HI.K. Tramways.................; 817.86) $18

$7.40 Peak Trams fold)....

Peak Trams (now).... Star Ferries..

Y'mati Forries......

16.60 24.35 XRta China Lights (0)...... IR. $6.55 $6.55/50

$19

C.Rta. China Lights (New)...

$16

H.K, Flectrics (New)... $30.85

Macao Electrics (Old)

Macao Electrica (New)|

311Bandakan Light................... Telephones (öld)......... $10.20 Telephones (new)

S'pore Tractions (Ord.}} Industrials

14.00 Cald., seg. (Ord.) 8.

Cald., Murg. (Pref.)8

$12

$1 Canton Ices...

Cements

H.E. Ropa

HK, Gort. Loans

$87 4% Loa

31% $24.3%

(1934) (1040)... Miscellaneous

*

Dairy Farms..$18.80

Entertainments.

Constructions, fold)..

Constructions (new)....»

Lane Crawfords....... Nanyang Tobacco..... | $31

$2.15 Sieceres............

$11.40 $11.35/30

Watsona

42/47 Ch. G:54% 19250$Bda.

$25 $25

$18

81

29

II.K. Wing On

140

S'hai Wing Un

$7.70

Vibro Piling

- 7/6 Maremans Inv. (Lon.);

9/6 | Morsmans Inv. (HK))

$1.90 Wm. Pavell

31.16/13

China Lighte(Rights)

-+8als to Shanghai

$18.00

37

$251

#!

#

རཱ::ཟླ

If this policy should be con- tinued for nine weeks, the borrow- ing power would be increased by about $900,000,000, providing no new securities are issued for cash In the meantime. The debt limit problem would eliminate itself, however, should Congress follow

the wishes of the administration and lift the over-all celling to $65,000,000,000.

In the opinion of government bond men, the Treasury will make every effort to replace the 1941

$10 maturities with long-term bonds, particularly the bond maturities. Some idea of the extremely attrac-

tive basis on which this can be done is afforded by the yield cur-

75 ets. rently available on the outstand→

ing Treasury obligations, €8.20/20

$18.75

98').

$94

HONGKONG

SHAREBROKERS

ASSOCIATION

Volume of Business Transacted on Wednesday, Jan. 8, 1941. SALES

i

Ji

Buyers

Union Ins.," $400. H.K Fire Ins., $162.50. Lands, $34.25. Humphreys, $7.95. Star Ferries, $51. Yaumati Ferries, $24.10. Electrics (Old). $40.25. Electrics (New), $39.75, Ropes, $8.

Dairy Farms, $18.75. Entertainments, $7. Constructions (Old), $1.60.

Sellers

Docks (Old), $19. Lands, $34.75. Lights X. Rts., $6.60. Telephones (Old), $25.75. Vibro Piling, $7.70.

Sales

H.K. Banks, $1,380. Wharves, $95. Docks (Old), $18.60. Wharves, $95.« Lights Rts., $1/1.05. Cements, $18.75.

Ji

TIN STATISTICS

London, Jan. 7 (Reuter).

་

PRE-PAID. ADVERTISEMENTS.

The following clauren 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 heading 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. Jade, diamonds, jewels, watches, foun- tain pens. Apply Far East Dia- mond and Gold Refining Ca. Room 621, China Building, 6th door.

WE PAY HIGH PRICES for all gold and silver articles, gold bars, diamonds and Jewels Apply China Gold Refining Co. Pedder Building, 2nd Boor, Room 8.

"WE OFFER HIGH PRICES for

amount any

of gold articles. diamonds, silver, etc. No holidays. Apply China Building, 7th floor. Tel. 30727. Eurasia Gold Redning -- Co.

WANTED KNOWN

Why not learn all the Fancy latest Stitches for your dresses and Sweaters.

JOIN THE KNITTING CLASS AT $3.00 per month (Twice a week The following are the London lesson; Please apply to Box No. Ti Statistics, as issued by the 654 c/o HKDF. London Metal Exchange, for the month of December, 1840.

1940 Nov. Dec. tons tons World Visible Supply 33,127 39,086 Carry-Overa:

86, Th

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

FOR JADED APPEITTES!

HOTELS

REAL RUSSIAN FOOD

Tiffin $1.00. Dinner $1,25

METROPOLE HOTEL

TOMINFAI

PACKING CONTRACTOR Any Kind Of Packing Promptly EXECUTED GUARANTEES TO SHIP TO ALL

PARTS OF THE WORLD.,

TELEPHONE

33237

25827

YING LEE Co.

BEST CAMPHORWOOD TRUNKS

NO. 8, QUEEN'S ROAD EAST, WANGHAI,

ENGRAVERS

FEI FEI & Co. Photo Engravers

18. Cochrane Street.

Telephone No. 22224.

AUCTIONEERS

GREATEST COLLLETION OF BARGAINS IN TOWN!

LAMMERTS AUCTION ROOM

2. Quiki Brad Westeral. Telephon· No 20224

Wool and model desired, to be 3,811 3,472 supplied by customer.

Bend particulats of address, etc. Lammert, Brother European Smelters 3,073 2,243 Deliveries

14,581 11,873 to Box 502 HEDP.

$1.85

#71

China Light Rights

178

$1.00

250

$2.21

T

$111

500

1,03

1.00 Including:

U.S.A.

-25%

500

1,00

$39

500

$14

Unions

4.59

1.05 405.00

16

HK Docks (018),. Dairy Farmg

100,18.60

100 19.10.

$1.9

03.18

~~2185

1

The total value is $20.631,00

United Kingdom...

12,505 550

9,358 551

LONDON GOLD.

London, Jan. 7′ (Reuter), Bar Gold Time per os, 188/-

Experienced Book-keeper, Wants Students to farm a class. Guaran». tee students to keep a whole set of books after completion of a course of 6 months. For Term and Par- ticulars. Please Apply to:-Box No 4026/0 HKD.P.

EAT AT

Jimmy's

TEA. DANCE

DAILY

EXCEPT MONDAYS

5 to 7.30 PM,

BUTTERICK

Expert Ladies Tailor

New Style Ready Made Dresses, Overcoats and Costumes FOR SALE.

16, Wyndham Street.

TAILOR

Tel. 23615.

LAM SHIU SHEK

334, Nathan Road, Kowloon, Tel. 57732. Guaranteed delivery 1 suit

In 24 hours notice and 6 hours for a pair of trousers.

Help your Friend and his Hobby-by-giving POSTAGE STAMPS

for his collection

and ·

SEEDS FOR HIS GARDEN

We can supply, the goods of

his and your want.

GRACA & CO.

Dealers in Postage Stamps, Garden Seeds, etc., etc.

10, Wyndham Street: Established 1896

Hongkong