PACE 10 HONGKONG DAILY PRESS
SAVINGS AND WAR FINANCE
of
manpower
for the
Apart from the actual mobilization fighting forces, the primary aim of a government's war policy is io achieve maximum production of war materials and essentia
It has by supplies in order to give this force adequate support. this time become axiomatic that in order to accomplish such a purpose the government must secure, through
means ᎰᎢ another, the release of the productive facilities of the country in excess of what is required for the actual maintenance of the population Whatever the character of the measures invoked to deal with the emergency, this basic concept remains unchanged Hence the main problem confronting the and unchangeable authorities must be recognised as bring one of chaice. the choice of a Technique which will ensure the desired result while imposing the least possible strain upen the economic structure of the country
to direct controla Whtie reseri such as rationing and priorities is unavoidable in situations involving shortages at
delays.
Bad fiscal verbasis are neces
major roje sartly playing diverting the economic resources of the country into the channels designated by the government
1
Adjustments in money Thenne. impleit in such methods may be effected by a polley Son wheƑe between following extremes unrestricted government spending of money created by credit of currency Inflatio
ps Certificates and War 1 Indeed, it is to the States ad vantage NOT to burn
2
FINANCE & GENERAL
Finance and Commerce
Withdrawal
Of Frozen Funds
CHUNGKING, Sept 4 (Central The Ministry of Finance ins Issued provisional regulations erning the withdrawal and use of foreign exchange funds frozen in Britain and the United States
The rugulations which have been; made nubile through the Central Bank of Chino provide that hold
currency. foreign
after per cent or 3 per cent at an ers of raise the money. nture leaply transferring their acerunts to the and the truly patriotic citizen Central Bank. may make use of,
the original travung teduced as such funds in by he witi. eonismiapfén
tic absolate rency by applying to the Foreign Control Committer Intrumen leaves tax spare money Exchange
Central Bank of -through the bank
China
fur
It has been widely assumed that all government borrowings ori According to the regulations de- withdraw want to vale and corporate Savings must positors wh exert il strong and inflationary theur foreign currency must mi! al pressure
three designuten This entrepli us may be withdrawals to
ingred and quite
uraker purposes, 1 purchase of commu- to odked errtain cifrumstances "safcess ditles abroad which are needed in
educational or Aqui ful" war laat may prove delalely China (2) living.
1 ציונית
(2 repressive micasures spending of which Laxation
PTTOMPOWIN
H
MONEY AND EXCHANGE
H.K. Stock Exchange
81440
CLOSING QUOTATIONS
SEPT »BER 4, 1941.
in London: ----
Telegraphic
Transfer. 7/
Bank Bills, on demand urb Credits 4 months int Shanghai - On deman{{ Singapore:--- On demand in Japan:-
On demand Indig
Pelegraphic and demand New York:-
Thursday Sept 4
BUYERS
barks. $449 Unke ins $4:0 Wharves, $ig; 50
Docks $1750
65
FRIDAY, SEPTEMBER 5. 1941.
SHARE QUOTATIONS
SRAREBROKEBS ABSOCIATION
THURSDAY fluyer Boljem San
$1400.K. Banks
$1 Underwriters 8186
$71
Godowns etc
K & K Wha
Karlins
$6.70
HONGKONG
STOCK EXCHANGE,
T'day's Last
Водрежи
Belly
Haled
Salu
Rapid.
4 SEPT.
Banks
$14M)
£85 De. (Cul. Rog.)
£00
£73 HY
The Lon. Rog.)
£78
Charte od Hanka
£91
Kgáj | Bioreaukuje. Uks
876
"A Mercantile Bha, “C' Bank of East ARIA K&B Banka
Insurances
£23
$76
8230
6430
$230 Canton neuranORA $4324 Umor. Tosasaures
$230
6435
75 cta.
Pravidetas
BIRTH
UK Firos.
$180
Lands $36
Shipping
preys. 37 15
$120 Douglases
$120
... 62 3/9
Clanese Estate. X. SHO
}
810
Stormbouts
$10
890
Trams. $17:30
Indo Chinna Prof
$90
$70
Indo Chinas Defi
$30
...12 1/4
Lights IN $185
51/10
Sholls
61/106
Kleethes 10X R. XD $2140
$6.56
Waterboats
804
Iraustr
Ectrics N $21
Docks, Wharves.
H2 67%
Bicetries Rs 31 20 Cements, $15.50
$91
$90
$901
Bank Bills on demand 24 6/15 Credis, 60 days sigut 24 6/4 Batavia:-
SEFLEKS
84.65 86.80 $6.70)
818/11.00 $17.85
Providente
H.K. Docks pra
$17.90) 216/17.96
Docks, $17 70 Fauds $36 75
H. Dork (Non)
$30
+Shanghai Docka
+2
$301
Ou demand
46 J 1
SALES
Mining
Da Paris:
Pork $1.80 70
13,6
12/6
Bank Bilis, on demand Nom Credits 4 months sight Nom
Providents $65
Raube
$7
971
C.D.
2 cte
Houg King Mines
Trans, $17 50
in Saigon
Ek ertes 0 MS XD $22
Lands, Hotels and
On demand
108
Buildings
Klectries Ri: $11 30.
Jo Manila:--
$3.70 $3.0!
€3.70
K&S 17.10
$3.65 $3.68
On demand
41-7/8
Cements $15,60
836
$37 $36.96
b. 1xtida
830.0
Rope $9.85 65.
1976
99 Debeattres
$97
On Bangkok ;--
$23
Ou demand
1484
F3+
Shingle Laurs
1K Realtins
834
Ju Sterling Notes-
Bank Buying Rate Bar Sliver per os
$7
Jtumphreys
$7.15
Now
Duran Estaten
23 12
$42
|5, ·8,
8424
$300
The lates
#306
Zong Sangs
Wing Tex: les N
$125
SALES
Public Utilities
The price for Ready Silver was: China Lights 01
50 $660:
817.0
812.40 H K
817 401
3,000
660
67
Peak Trade solda
$74
100 6.60
$3)
Peak Traman ||||
$32
81
B01
Star Ferrie
$494
66
6.60
8231
Y'mati arrien
$231
સ્
86.65
Chun Ligh's N
200
190
Clica Lights 10
$6.50
...
$1.80
$1,80
Clona Lights [Now)
$1.85
66%
1.8
X.H
21.99 X.D.
1.000
$21.40
$211.tries New
8214
New 403
Cements
500 15.6A
81130
€11.30
4
HE
Derks
500 200
15.84 i
FINA
MARKET
17.70 150 17.85
812niakan Lights
$24
$24
$24
Quier
STERLING
100 12.70 *z
89
Teimptiones now).
The
There were sellers at 13 up to
at October. buyers 1 31/32 for Cash.
Dairies HK
200 19.50
Industrials
Electrics R18
11.30 100 200 11.30
$46
wad Macg jord.) B
$36
Cald., Macg Prof 18
Beling 1:16
I. S. DOLLARS
cate
Ripes
600
1 Merchants 25. Utilon Ins
NA Centrals (HK
200
9.05 432.50 565
$1
Canton Les
175 1.
6.40 $16.80|
815.8l Cements
915.80
#10
K Ropes
$10
HE
Güvi LDS
101 4% Load
$101
IH
7.821
209
The total value is $66.856 75
ja4% 34%
(1934)
He
$99
11
(3940 Miscellaneous
819 35 819.70
$19 30
$6.60
$1.60 Constructione ekit 180 cts. Constructions (new)
$1.86
16.45 Lane Crawfords
36.45
$3.00
B4.30
911.80.86/00
intertial borrowing are fantuar mflationary Insofar as subscrip- | travelling expenses in the countries examples, ti such a manner that lons are made from existing bank where their funds are frozen, and the amount which the public say deposits or Hanelal reserves of a 13 other legitimate uses from
for Incestry IS approxtmates Abillar galure
All applicants or inven the pro-
reign ex equal to that spent for was pur
reexis ni 11p sale of previously change must state reasons in de Issued securities. ey do not re tail and submit relevant daru- poses
Olven a stale tul! employ present geralte savings unless is macht of ab
reseGFUTA Continuous peers al replacement the funds are designated, (labour material and plant, and is maintahed
The iner, wet of swirling funds Canada 16 very rapidly approachi Ing such
Individual any failure to unused by the apply full measure the restri and hrid to Savings account. Dve premure of taxation and bor into governuat binds, does not rowing will permit an trease a volve hardship or sucrifice the money income
inents to cerafy the uses to which. Market Report
pisidetive
state,
FROM ROZA BROS.
Thursday. Sept 4
Owner FOOD INDUSTRY uoted at 23: 2 and Forward at
ונני
In the
of the people the part of the depositor against which there can be amjesntrary the lagher interest rate compensating
of consumers
is assurance
Under such conditions inflation any reductaub in current consump
and on will follow attendant miseries
nevitable injustees will heroine
With His
COMPANY
4 Central CHUNGKING. Sept Organised Jointly by the Minte rise in tie
definite atraelion try |2 output allowed.
of Food and The Central goods and services and there
that Trust, 3
Chinese Food Industry Company is expected to be formed here shortly Mr Klang Han-lo s in charge of preparations rits Forganisation
Capitalised al $4.000 000 Company will operate a tour itil, a rice mil. a dry provisas mill. and a machine works respective.
BUDGETARY ESTIMATES
Recent Canadian budgetary esti considered bul merely males of receipts and expendi
It is therefore, vitally important
that Laxation and borrowing
should be
提示
devices La Cale
measures
314
To
rather as
essential purposes.
Purrent
fiscal yra: illustrate the
ly
bat tures for ne prevent muy be used to
Proposed expenditure mey from being spent for me statement.
on ordinary account is placed a!
million wit approximately $470 way an naditional $1300 450 million recent for war purposes, a tal of $1.770
1920 railkon. 1:0 addition. ad- Sinee
UNDER-STRESSED
[
LIH
דינו
in
view this under stressed during Victory Loan Canipalgi from buth a popolar and a rea
the listic point of view,
Suceras
vances by Great Britain are placed H the neighbourhood of $900 mil Hon Increased laxation and non of the campaign varies directly with the total amount of the sub- tax revenue are expected to yield scriptions obtained, this is readily $1.150 million, leaving a gap understandable it cannot, how- $1,520 million or more to be filled ever, be over emphasised that it is by borrowing.
the process of saving, the drastic reduction in curren!
expenditure
$
i)1
A site has already been selected for the projected flour mill. and mill is The machinery ordered.
start expected to
operation tour
months from now with an output
2.000 bags of flour daily. Machinery for the rice mill and dry pvistons mit has also been ordered and preparations for their early operation are being made
Silver advices reported 23.7 16
Ame the market as being idle rlean Silver was quoted at 343.4 for Spot.
The London-New York cros
a: 4021-2 rate was quoted York-London was quoted at
SHANGHAI DOLLARS Business dope at 516 Seller, at
515.
SHANGHAI MARKET
Open Market. Sterling at 25564 and US Dollars at 4.13/10.
AFTERNOON MARKET
HONGKONG
SHAREBROKERS
ASSOCIATION
Volume of Business Transacted on Thursday, Sept. 4. 1941.
ان
LONDON METALS
EXCHANGE
London, Sept. 4 (Reuter
Standard, Cash, Middle
256-1 4. buyers
sellers
Quiet
Tin STERLING
to Price. There were sellers at 1/3 up
256-) 2 1/3.132 for a! October, buyers Cash.
United
US DOLLARS Selling rate to Merchants 25.-
SHANGHAI DOLLARS Sellers at 515. buyers at 517
SHANGHAI MARKET Open market Sterling at 2.55/64 only and U. S. Dollars at 4.13/16.
Let us, for purposes of lustra- Lion make the extreme assump-
total amcent of Britain Canada and the in order Lo subscribe to loans on that the
million. is borrowed from States. There is only one cure. after payment of taxes. that is of $1.520
The Victory the banks and no part is offset by Each one of us must produce more 1/16.
consume This and
legs in order to fresh savings by the public Loan, with Its direct appeals patriotism and the added induc. operation obviously could only be provide for the waste of war.
To Increase salaries and wages ment of an attractive tale of in- accomplished through the creation terest, is in short a means design-row credit, and the total volto ofset increased taxes and other
the long run. use of bank deposits would be costs can. in ed to immobilise the money in
Those in the eune that can be spared by pri- augmented by the amount of the defeat its purpose. vate individuals and corporations loan, thereby creating an increas-higher Income brackets have had income drastically re- for goods that it is their net and divert it to government use, ed demand To the extent that borrowings unpossible to supply, and the reduced but the total income of those
sultant situation can only be ad- in the lower exceed savings, there is an inta- tionary tendency. which becomes Justed by a corresponding inercase mously
enor-
has groups increased and further in the general price level
increases 27 wage rates will be Inflationary Lendencies are largely at the expense of our wat
Great effort, in steadily gaining ground la
positive as full employment 18 reacted.
That contusion in thought Lhis matter is not confined lu Canada or to any particular coun- try need hardly be mentioned.
Britain has a Experience to Great been similar and drew the follow- ing comment from the London 'ECONOMIST.
March 22:
isatio
LONDON STOCK EXCHANGE
(REUTER'S SERVICE)
London, Sept. 3. The following quotations are the "The National Savings Cam- middle prices at the close of the paign, with its wholly admirable market in London. All quotations energy and persistence, is going are subject to confirmation and no badly off the rails on this point responsibility is assumed for errors Jap. 6% Ster. Loan. 1924 Most of its propaganda lays in transmission. emphasis merely on the total of
(Red. War Weapons Wai Loan. 34% money subscribed. Weeks are already leading
the subscription of newly creat Defence Loan, 3%
ed credit by local branches
the banka clear contravention Chinese 44% Gold Loan
45
29
Shanghai Exchange
Shanghai, Sept. 4 (Reuter},
oficial T.T. Rates
! Tin. Standard, 3 Months. Middle
£259-1.4. Price, buyers
sellers
$259 3/4.
better on Market very steady consumer demand for "cash" and nears, "Forward" remains quiet with smelters still holding for £260 but amall dealers sales were slightly lower. After hours: tons of "g months at £259-3/4.
RESERVE BANK OF INDIA STATEMENT
Calcutta, Aug. 3 (Reuter)
Aug. 22 Aug. 20
Nules
circulation
unquoted ing Department). 20,208 29,303
London
New York
Japan
India
Opening
0/3-5,82 5-5 16 anquoted 17-1/2
1including Notea
held in the Bana-
Parts
Hongkong
21
Sterling
Rupee Cot Bullion
In India
3,815
Sellera
Gold Coin and Bul
lion in Infla Becurities
(Indian
$4-13/16
Government) Securities (British
Government)
3.849
4,441 4,441
7.849 7,849
4 13/16
13,162 13.162 (Figures in Lakhs Rupees)
Opening Closing 0/2-55/64 0/2-55/84 0/2.55/84 0/2.55/64
0.8. Dollars
$4-13/16 4-13/18
Market:-Quiet.
Silver Duty Rate
The Central Bank of China's
rate on Lordon at 10 a.m. today
The Equalisation rate was 24-1/2)
(German Blod.) Tlentsin-Pukow Aly. 6%
(Brit. Stpd. Supi, Lonni Tientsin-Pukow Riy. 6%
121
Spot gept.
124
(Ger, Btpd. Supl. Loan)
121
Spot Sept
.....
27
Cier. 7% Intl, Loar
1924
8
£
Chartered Bank HK.
01
S'ha Banking
LO after 1952)
of Canton-K'loon
Rly. 5%
105-9/16
3011 13
&
Corp. (Lan, Reg..... H.K.
78
Bhai Banking
was 1/2-1/20.
Corp. (Col. Reg.).... Chinese Eng. & Mining
85
per cent
of the principle. There is also
1898 (Brit, Issue)
47
à tendency to bleas with
patriotle
the Chinese 5%, Cold Bonds. label private indivi- 1925/41
(bearer) Chosen Corporation
13/8
4/
India Rupee Paper
Mercantile Bank of In-
duals' subscriptions to War Loan Chin. 44% Anglo-French which represent no genuine ab- Loan, 1908
dia. Es. "On
111⁄2
Bombay, Sept. 4 (Reuter). Govt. 3 per cent. Rupee, 96-9-0
45
Pekin Syndicate
1/
stention from consumption at Chinese $% Crisp Loan all. The whole cast of savings 1912 propaganda needs to be quite Chinese 8% Reorg Loan radically altered. The individual
S'hai Bee, Constr. Co,...
18/-
801
9'hai Waterworks "A"
16
Union Insurance
22
1913 (Ldn. 18.) should be told that his duty is Chimene 8 Stør, Noten
1026 (Vickers) to reduce his consumption by every possible means. He should Chin. Imperial Rly. 6%
Loan have the lesson driven home to
1
38
Gule Kalumpong Rubber
15
Lon. Mid, & Scot.. Rly.
15
10
Great Western Rly.
414
Spot, 23-1/2d.
$7
National Bank of India B.-A. Tob
32
(bearer)
14
Dunlop Rubber
36/0
Bristol Aeropinne
10/9
Imperial Chemical Ind.
31/T
two scarcost of commodities. "Once he has economised much as he can, it matters very
Hukuang Rig. 5%. 1911
United Bteol
20/7
sa
(German Justio)
13
Woolworths
57/0
little what happens to the monog
Lung Taing & U Hal
Rly. %. 1013
Maranan Investments ...
0/2
Sept. 17 Bettlement.... 02-15-0 Oct. 14 Bettlement..... 62-15-0
13
Western Holdings ........
17/9
to saves thereby,
The ARVI S'hat-Nking Rly, 5%.....
17
Bub-Nigol
143/0
Shell Trazim.
Trad.
to the Blate to pile up enormous
(Brit, Stpd.) figuros of subscriptions to Sav- Tientsin-Pukow Rly, 6%
12+
(bearer) car
01/101
*btd.
blm on
overy hoarding that Tonan Rly, 6% 1906 .... overy act of consumption usca, Hukuang Rly. 6%. 1011 abippltig space and labour-the (L.P. N/Y Issue)
once done, it lo of no advantage Tientsin-Pukow Rly, 5%.
EX
SILVER MARKET
LONDON HILVER
London, Sept. 4 (Renter).
Bver-Market idle.
Forward. 29-7/16d.
BOMBAY SILVER
Bombay, Sept. 4 (Router). Market-Steady. Offtake 100 bars Indian Mint Silver Ready...
02-14-0
LONDON GOLD
London, Sept. 4 (Router).
Bar Gold, Fino, per os. 100/-
$3.80
$7 16
#100 X.1
114
! 508
Cotton Mil
Tramways
X 1. $21. X Rt. 15 (1) dezŝtive (rákul
K Electric illos )' 871.20)
Electris
Marau Electrica
Teleplumes jildi.
::
80x
818.16 Bairy Farms
863
Entertainments
$11.85
812/11.80
$42
$29
છે.
Nanyang Tobares
SincereB
Watsons
Ch. G.5% 1825G & Bda,
B'hai Wing t
$7.20 Vibro Piling
H.K. Wing Un
6/3
Marginans Inv. (Lon.);
1/6
Marsmane IDF, (II.K.}
814
Wm. Powells.
N.A. Chemicals (HK)! $4.60
+Sale to Shangbai
WORLD'S HIGHEST
RAILWAY
$42 $14
36
Here each of the two locomotives about to be made in Britam will take a
400 load of from 350 to
tons.
They are 2-8-0 engines of gen- eral utility type for passenger and goods trains, with tenders arrang-
Locomotives to cross the Andes ed for oil-burning and weighing
over the highest railway line in 174 tons each.
the world are to be made in Great! Britain.
Nine such engines, specially de- signed for the extremely severe They are for the Central Rall-conditions, have been supplied to way of Peru, the summit of which the Central Railway and three is 15,808 ft. above sea level, the
similar units to the Aouthern greatest height of any standard Railway of Peru. The latest order gauge railway anywhere.
will make a total of fourteen
bas The line
41 bridges, 61 ordered by Peru in the last five tunnels and 13 reversing stations. years, apart from four huge artl It twists up the Andes for 47,culated locomotives for goods ser miles of practically 1 in 25 grade. vice.
INDO-CHINA
STEAM NAVIGATION COMPANY LTD.
Operating Bervices for Cargo and Passengers
TO
SWATOW, SHANGHAI, TSINGTAU, CHEFOO
and TIENTSIN
KOBE and OSAKA
SINGAPORE, PENANG and CALCUTTA SANDAKAN
HAIPHONG
All steamers borth alongside the Roosvelt Terminal in the French Concession at Bhanglul, whero' passengörn and cargo are landed.
For further particulars
ploso apply to
JARDINE MATHESON&Co.,Lt TELEPHONE SOJIL GENERAL MANAGERS
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Private notes are available after approval.