1933-07-14 — Page 4

TO-DAY'S NEW ADVERTISEMENTS.

· NOTICE,

WANTS.ber

25 Worda

.$1.50

($2.00 If Not Prepaid) The following replies have been received:-

908, 886, 944, 945, 971, 992, 998, 19, -88.

WANTED KNOWN NOTHING TAKES THE PLACE OF PERSIL ALL LEADING STORES STOCK IT. Parsil the superior wash- ing powder for delicate clothes.

TO LET

TO LETOMces at Kayamally Build ing, No. 20, Queen's Road, Central. (2nd floor), Available from 1st of August. Apply Kayamally & Co. at

nhove address.

TO LET European FLAT, in Saifee Terrace, No. 232, Nathan Road, Kow- loon; (2nd floor), with all modern conveniences. Apply to Kayamally & Co., No. 20, Queen's Rond, Contral.

NIPPON BRE

ESENER BELT CRAND PRIZES -----

ASAH

VERY

ASAHI

BEER

This is to give notice that our Telephone Number is now 30244.) SWAN, CULBERTSON & FRITZ.

Hongkong, 12th July, 1933, '

HONGKONG & SHANGHAI BANKING CORPORATION,

IT IS HEREBY NOTIFIED that an Interim Dividend of $ per Shito, subject to deduction of Income Tax, has been declared for

THE HONGKONG TELEGRAPH. FRIDAY, JULY 14, 1933,

NOTICE.

ELECTRIC SERVICE

CORPORATION'

Federal Inc., U.S.A.

Announce the removal of their

offices and showrooms from 322, 328, 324, Gloucester Building to No. 6, Fedder Street as from the 12th July.

NOTICE.

NOTICE IS HEREBY given that HALF YEAR ending 30th June, H. E. Goldsmith has by mutual 1933, at rate of 1/4.1/2 per Dollar agreement retired from the Firm THE DIVIDEND will be payable of Denison, Ram & Gibbs as from on and after TUESDAY, 8th the 8th day of July, 1933, and that offices of his interest and responsibility AUGUST, 1933, at the the Corporation, whore Share therein has ceased as from that folders are requested to apply for day. Warrants.

THE REGISTER OF SHARES of the Corporation will be closed from MONDAY, 24th JULY, to SATURDAY, 5th AUGUST, (both days Inclusivo) during which period no transfer of shares can be registered.

By Order of the Board of Directora,

L. N. MURPHY, Acting Chief Manager. Hongkong, 11th July, 1933.

BALLANTINE'S

FAVOURITE

Fole Agente

MITSUI BUSSAN KAISHA LTD.

HONGKONG

AN OLD

OF UNQUESTIONABLE'

PURITY.

BEER

UNITED

B

RESE

SAH!

LAGER BEER

FON

EXPORTE

COMPANY

Y

WHEN AT HOME

The

Hongkong Telegraph.

MAY BE PURCHASED AT

SELFRIDGE'S

LONDON W.L.

ALWAYS THE SAME.

Ballantine's

WEDE SCUTCH

10 YEARS OLD

10 YEARS OLD

-EVERY DROP

OF ITI

OBTAINABLE AT

THE FRENCH STORE

99.. Queen's Road Central

Noar Central Market

and at

All Leading Wine Dealers.

MRS. MOTONO.

Hand and Electric Massage, Holder of Diploma and Certificate of Tokyo Denki Ryoho Kenkyusho (Tokyo Electric Curo Institute). 31B, Wyndham Street.

Pre-War PRICES!

Take your Morning

Coffee and Afternoon Tea

at

DENISON, RAM & GIBBS. Hongkong, 8th July, 1938.

REMOVAL NOTICE..

Public

We beg to notify the that we have removed from 14, Queen's Road, Central, to 18, D'Agullar Street.

WING HING CO.

TAILORS.

Tel. 21417.

METALS

of all kinds especially for ship-building, & engineering work. Complete stock.. Best Terms, immediate delivery.

SINGON & CO.

HING LUNG ST.

Telephone 20515.

Everybody's Talking

about.....

Platinum Blonde

The girl who's wild to make a hit often takes it on the

EXCHANGE RESTAURANT

Where prices have reverted

to the Pre-War level for

Coffee, Tea and Cakes.

nage.

LANE, CRAWFORD, LTD.

PLANNED ECONOMY AND PLANNED PRICE LEVELS

(Continued from Page 6.)

Finally, I am very sure that no through which, by means of credit and technique exists, even in theory, currency manipulation, we could reach a particular price level and hold it. There are some to whom money is a very simple matter, and the question of monetary control is a very simple matter. They believe that by merely manipulating the quantity of money or the quailty of money and credit, you can raise or lower prices as you please or you can hold them steady

winh. It doesn't

matter you whether

your money is bound, gold money or irredeemable paper money. The question of quailty makes no dif ference at all. It t is surely

question of of quantity. And the question whether the credits are sound credita, based on moving goods for which markets exist, or whether they are | ma

unsound speculative credits based on Retitious values of real estato, and securities, or an unusable plant and equipment, makes no difference.

MUST GET BACK TO GOLD..

To my mind, on the other hand, the question of the quality of money and

the quality of credit is all important. I do not believe that sound money is possible which is not definitely linked to precious metal of fixed weight and ilneness. I have no confidence what- ever in the possibility of a managed paper currency divorced from gold. has been a great satisfaction to me recent statements from Mr. Chamberlain in England to this same effect, and from President Roosevelt, in his joint communique with the Italian representative, Sig, Jung, that he, too, believes that gold must be restored as the standard of value.

R00

Paper monoy, divorced from gold, without change in quantity, can fluc tuate enormously in value, whether measured in the foreign exchanges or in the commodity price level at home. I think that the worst possible state that the world could get into would ben welter of inconvertible paper in the main commercial countries, none

of them anchored to gold, none trusted

by the nationals of other countries, fluctuating in their relations day by day, introducing an incalculable specu- lative risk into every transaction, foreign or domestic.

We must get back to gold. One of the most important objectives of the London Economic Conference is pre- cisely this.

There is likely to be, as a result of the unfortunate developments of recent years, and the unsound theories of recent years, a needless controversy between England and the United States in this London Conference,.over: the particular rate at which the pound sterling and the dollar are finally stabilized. We have the feeling in this country that a high sterling is desirable and our British friends have the feeling that a low sterling desirable for them, each feeling that it has an advantage to gain by jockey- ing regarding this point. I am con- vinced

that, fro

from our point. of view, the all important

thing is a strong steady sterling, and that the rate 15 far less important

is

l get thement.of.the.matter..

ant a sterling which can bear its accustomed lond in international commodity financing and in facilitat- ing the flow of goods.

The notion that we must fix a prico level which we desire and England & price level, which she desires, und then try to adjust the gold stabiliza- tion rate to these price levels, scoma to me a very dangerous notion, which can only

only lead to prolonged debate and interfere with the aettlement. The fear that, if

if the rates are fixed too high for any particular country, that country may have to undergo some further downward

price adjustmort 1s not one which I should suppose need be considered, unless the rate, were very high indeed. Prompt ment at London, including the lowering of tariffs and the stabiliza- tion of exchange, accompanied by a good modus vivendi regarding the internilled debts to be reached in separate negotiations, should cause such a radical upswing in general con fidence and such a general rise in

in the level of world prices as to mean that the only difference for any, country in 'n higher or lower rate of stabilization would be in the extent to which its prices rose, rather than the fact of a rise itself,

THE GOLD STANDARD RULES.

SHARE PRICES

TO-DAY'S QUOTATIONS (

The following is the list of local sharo quotations issued to-day:

Banka. H'kong Banks, $1790 s. H'kong Banks, London £133 Charteded Bank, £16% n. Morcantile Bank, A., &.

£24% D.

Mercantile Bank C., £9% n. East Asia, $101 b. Am: 0. Finance Corp., Sh. 820 n. China . Fin. Ord., Sh.$5.40 n. China O. Fin. Prof. Sh.35.00 n.

Insurances.

Canton Ins., $300 b. Union Ins., $545 80.

China Underwriters, (2.40 n. China Fire, $595 n.

II.K. Fire Ins., $262 b. Intenation Assce., sh. M1⁄4 n.

Shipping.

Douglas, $32.00 n. H.K. Steamboats, $18 n. Indo-Chinas, (Prof.), $30 n. Indo-Chinas, (Dof.), $321⁄2 D. Shells (Bearer), 55/£ n. Union Waterboats, $15 n.

Mining.

Benguets, $28 a. Kailans, 32/0 n.

POST OFFICE NOTICE

INWARD MAILS..

U.S.A., Canada, Japan and Shanghat (Seattle, 24th June) and Europe vin Siberia (London 28th June) Shanghai and Swatow Straits Shanghai

Calcutta and Straits

Kumaang Tainan Malacen Mara

Pres. Hoover

Ajax

From

for

Due

Japan

Japan and Shanghai

Shanghat and Swatow

Morioka Maru Rawalpindi Sunning

July 14.

July 14...

July 14...

U.S.A., Honolulu, Japan and Shang-

n.

B.

hal (San Francisco, 20th Juno) Japan Japan Manila

Taiyo Maru

July 14,

Aliporo

July 18...

Durban Maru

July 15.

General Leo

July 15.

Pres. Jefferson

July 18.

Suiyang

July 16.

Calchas

July 16.

Conto Verde

July 18.

Shanghai and Amoy

July 10,

July 10,

Straits

July 17,

July 27,

Shanghai

July

18,

Saigon

Athos II

July 18.

Japan

Santos Maru

July 18.

Canada, U.S.A., Japan and Shang-

hal (Vancouver B.C., 1st July) Emp, of Russia

July 19,

Shanghai

Aramis

July 20.

Straits

Genoa Maru

July 20.

Australia and Maniin

Kitano Maru

Japan

Sindhana

July, 20.

Japan and Shonghat

Fushimi Maru

July 20

July 21.

Straits

Hakusan Maru

Jely 21.

Japan

Komo Maru

July 21.

U.S.A., Honolulu, Japan and Shang-

hai (San Francisco, 23rd June)

Pres. Pierce

Shanghai

Somall

July 21.1

July 21,

Calcutta and Straits

July 25.

Langkats (Single), Sh. $17% 0.

S'hai Explorations, Sh. $4 n. S'hai Loans, Sh. $6.40 n. Raubs, $10 n. Venz: Goldfields, $5 n. Benquet Exp., 28 cts. .n.

Docks, etc.

HK. Wharves; $129 n. H.K. Docks, $161⁄2 n. S. China Matora A., $10 n. S. China Motors B., 38 n. Providents (old), $3.00 an.' Providents (new), $1.40 b. Hongkows, Sh. $340 n.. New Engineerings, Sh.$7% n. Shanghai Docks, Sh. $151 n.

Lands, Hotels, etc.

H. & S. Hotels, $7.35 n. H.K. Landa, $77 b. S'hai Lands, Sh. $32 n. Metropolitan Lands, Sh. $14. n. Humphreys, $14 n.

II.K, Realtics, 38.10 s. Asia Realties "A" Sh. $140 n. Asia Realties "B" Sh. $20 n. .Chinese Estates $97 n. China Realties, Sh. $141% n. China Debentures Sh.$187 n.

Catton Mills.

4

Evo Cottons, Sh., $15.20 n. S'hai Cottons, Sh, $109 m. Zoong Sings, Sh. $141⁄21⁄2 n. Wing On Textiles (S) 895 n. Public Utilities. Tramways, $22.00/23 sa. Peak Trams, (old), $16. Peak Trams, (new), $7% n. Star Ferries, $921⁄2 h.

Yaumati Ferries (old), $27 n. China Lights (old), $13.10 s. China Lights, (new), $12 n. H.K. Electrics, $73% sa. Macao Electrics, $28 n. Sandakan Lights; $10% n. Telephones (old), 31.35/40 яn. China Buses, Sh. $11 n. Singapore Tractions, 17- n. Singapore Pref. 19/0

Industrials.

Malabon Sugars $16 n. Cald: Macg. (old), Sh. $20 n. Cald: Macg. (Prof.), Sh. $18 n. Canton Ices, 6 n.

Cements (Com.), $6.30.

Cements (old), $0 n. Cements (new), $1 n. H.K. Ropes, 30 n.

Stores, etc. Dairy Farms, $28.35 8. Watsons, $10 s.

Der A Wings, $1 n. Lane Crawfords, $4 n. Mackintoshs, $21 n. Sinceres, $14 n. Wm. Powells, $2.10 n. Wing On (II.K.), $185 n.

Miscellaneous. Amusements, $121⁄2 1. H.K. Entertainments, $111⁄2 m S.C. Enterprises, $34 n. United Theatres, Sh. $4 n. Macao "Greyhounds.” £10 n. Constructions (old), $3.00 n.. Constructions (now), $1 n. B. Ind. & Bonds, 77% n. H.K. Govt. Loans, 4%% n. Prem. Wallace Harpera, $8 n.

COTTON, WHEAT AND SILVER

LATEST NEW YORK QUOTATIONS

In this London Conference, ques- tions will doubtless ariso regarding tho so-called "rules of the game" for the ' gold standard. I hope that our British friends will not ask us to repeat the errors which we made from 1022 to 1928, in generating an im mense expansion of credit which, un- needed by commerce, went into securi- ties, real estate, excessive. foreign loans and instalment finance. I hope Messrs. Swan, Culbertson and Frits that they will put their emphasis have received the following quote upon the great fundamental that tions on the New York cotton and neither the gold standard nor any wheat and silver exchange for yester ather monetary standard can work well if you have (a) excessive tariffs and trade barriers and (b) the gig- antic creation of international debts.

If only gold and securities are free

day.

to move across international borders, July

Lho securities turn bad after a while, October *** and then there is not enough gold. December That is quito true. But if trade January

March harrlera aro moderated sumclently no May

that there can be na adequate flow of goods throughout the world, so that Spot countries which are in dobt can in- crease their exports to the point necessary to pay their debts, then Jelv there

is plenty of gold The mobility September

Colton.

Opening Closing Range Range 11.55-11.35 11.23-11.23

11.50-11.47-1154-11.50

11.70-11.80 -11.78-11.75 11.85-11.88 11.70-11.80 12.05-12.10 11.00-11.07 12.24-12.25 12.10-12.11

11.40

Wheat

Chicago Winnipeg

105

884

of goods can supplement gold, and October credits can be safely extended because December the goods against which they are ex-

107

00%

110

02%

Silver

tonded can move from producer,

the markets, to consumer.

Inserate revolving | July

forud of credit can going a great feptember...

voltime of trade, WHICH decembe

Manila

Tilawa

OUTWARD MAILS.

For

Shanghal. Manila

Swatow, Amoy and Facehow

Reg., Letters,

Per Friday.

Date and Tima.

Glaucus.... Fri., July 14, 1.30 p.m. City of Bedford Fri., July 14, 2.30 p.m. Haiyang..Fri, July 14, 3 p.m.

Enturday.

.Sat., July 15..

Letters for "Bandoeng-Amsterdam Rawalpindi

Air Mail Service."

K. P. O.

G. P. O. July 14, 4.30 p.m.. Reg.

July 14, 5 p.m. July 14, 5 p.m. Letters,

July 15, 9 a.m Friderun ... Sat., July 15, 10a.m. Sat., July 16. (Due Starseilles, 11th August.) G.P.O.

Rabaul Straits, Ceylon, India, Mauritius, E. Inwalpindi

and S. Africa, Aden, Egypt and Europe via Marscillen

K.P.O. Parcels, ...July 14, 4.80 p.m. Reg.,

July 15, 9 a.m. Letters, July 16, 10 am.

Manila

Parcels, ...July 14, 5 p.m.. Reg. July 16, 9.45 a.m.. Letters, ....July 15, 10.80 a.m Pres, Jefferson Sat., July 15, 4.30 p.m.

Straits, Ceylon, India, Mauritius, Conte Verde.Sat., July. 10.

East and South Africa, Egypt and Europe vin Brindisi

K. F. O.

Reg..... ..July 16, 3 p.m. Letters, July 15, 4.30 p.m.

(Due Brindisi, 6th August) (ship sails on 16th July)

Rek..

Letters,

Shanghai, Japan Honolulu, *U.S. Taiyo Maru

A.. Canada, "Central and South

America and Europe via San Francisco and Europe via Siborin

cisco

Reg.

Letters,

G. P. O.

...July 15, 4.15 p.m. ...July 15, 5 p.m..

Sat., July 15..

July 16, 4.16 p.m.- July 15, 5 p.m..

(Duo San Francisco, 9th Aug.)

Shanghai, *Japan and San Fran- General Lee Sat., July 15, -5 pr (Duo San Francisco, 7th August? Sunday.

Bangkok. vin Swatow Swatow, Amoy and Formosa

+

Kwangchow Sun., July 16, 0. a.m.. Canton Maru....Sun., July 16, 9 a.m. Monday.

Amoy

Tuesday.

Batavia

Kumsang......Mon, July 17, 5` p.m.

Tjiteboet Tues., July 18, 10.30 ans

Fort Bayard, Hoihow, Pakhol and Tonkin

Haiphong Shanghai

Swatow, Amoy and Foochow

San

.Tucs., July 18, 1 p.m.;

Athos II Halching......Tues., July 18, 3 p.m.

Tues., July 18, 2 p.m.

...Tues., July 18. Parcels, July 18, 3 pm Reg

July 18, 4.15 p.m. Letters, .... July 18, 6 pan

Shanghai, Japan, Honolulu, U.S.A... President Hoover

Central and South America, "Canada,_and_ "Europe_via Franelsco and Europe via Siberla (Duo San Francisco 7th Aug.).

Wednesday."

Letters for "Saigon-Marseilles Air Santos Maru .............

Mail Service"

Wed., July 19,

K. P. O.

G. P. O.

Reg.,

July 18, 4.30 p.m. Letters, July 18, 5 p.m.

Reg., Letters,

.....Jaly 18, 5 p.m.

Amoy

Tainan

Saigon, Ceylon, India, Mauritias, East and, South Africa and South American Ports

Manila

......July 19, 9 q.m. Wed., July 19, 3.30 pm.

Santos Maru Wed., July 19, 10.30 am, Emp. of Russin

Thursday,

Wed, July 19, 4.30 p.m.

Salgon *Ceylon, India, "Mauritius, Aramis ..........Thura., July 20th.

*East and South Africa, Egypt and Europe vin Marseilles

Reg.,

Letters,

K. P. O,

(Due Marseilles, 21st August.)

Reg.. July 20, 1 p.m. July 20, 1 p.m.. Letters, *Superscribed "Correspondance only:

G. P. O. July 20, 1.45 p.m. ...July 20, 2.80 p.m.

SWAN CULBERTSON & FRITZ.

Investment bankers and brokers in socurities and commoditics.

Daily New York and London Stock Exchange Service, · Commodity Futures on the principal American markets. Members of:

'New York Cotton Exchange.

Chicago Board of Trade.

Commodity Exchange, Inc.

(Silver, Rubber, Silk, Copper, Hides and Tin).

Telephono 30244.

Correspondents for Hayden, Stone & Co.

Cable Address: Swanstock. Asia Life Building, 14, Queen's Road, Hongkong.

For the Best LOCAL VIEWS

and

PORTRAIT PHOTOGRAPHS

Go To...

Branch, 7, Beaconsfield Arcade

40.40

40.70

MEE CHEUNG.

7,275,000 12,600,000 oxs). Studio, Ico House St. (291 contracts): (500 Contracts)

cessivo trade barriers, even a vast Total sales for the day-

and growing body of long term credits)

sannot permanently maintain grade.