1935-02-20 — Page 7

SPECULATION IN COMMODITIES

OFFICIAL RECEIVER TO OPEN INQUIRY

London, Fab. 10,

In the House of Commons to-, day, Mr. Grenfell (Labour, Gower Division of Glamorganshire) ask- od whether it was intended to take any action regarding the loss of confidence in the Cly of London, in view of the recent speculation in commodities.

Mr. Duff-Cooper `(Financial Secretary to the Treasury) replied that in view of the steps taken to minimise the effects of auch speculation, It was incorrect to ascribe to it the movement of those securities, to which pre sumably Mr. Grenfell was refer- ring,

Regarding further action, the Official Receiver in the case of James and Shakespeare, would be required, under the Companies Act, to make a full inquiry into the cause of failure. He would have to report whether, in his opinion, further inquiry WAS desirable into the circumstances attending the promotion of the company and the conduct of its business.

The Act also provided that the official receiver might further re- port whether, in his opinion, any fraud had been committed in the formation and promotion of the company, or by the directors other officers.

or

The Government intended to walt for the result of this inquiry before considering the matter

further.-Router.

Elastic Tin Scheme

London, Feb. 19.

Sir Philip Cunliffe-Lister (Secret- ary of State for the Colonies) re- plying to Mr. David Grenfell in the House of Commons to-day, said that the Government was watching developments in the tin market, but did not consider any action on Its part was called for.

One of the advantages of a com- pletely elastic scheme, such as the tin scheme, was that it largely eliminated opportunity for and risk

of

speculation, by providing a means for adjusting the supply and the demand. It also secured, as far as possible, the fullest in- formation regarding stocks.

ro-

The price of tin remained markably stable for many months, with the result, he understood, that speculation had been greatly diminished.

There was also a scheme under the control of the governments participating, which could be used an an additional safeguard against serious fluctuations in price.

The World Economic Conference reviewed exhaustively the opera- tion of the tin scheme and ex- pressed full approval of the acherno and ita operation.

Tin Plate Industry

Mr. Grenfell further asked whe ther Sir Phillp' was aware of the grave-injuries caused by the pro- sent high price of tin to the tin plate industry.

а

The Secretary of State for the Colonies replied fu the negative. He always understood that the esasential for consumers Was atable price. The present Govern- ment was in exactly the same posi- tion as the Labour Government when the scheme was adopted.

As regards the financial result of the tin pool, the Minister said: "It is quite obvious that if you have a buffer pool, controlled by Govern- ments in order to control specula- tion, you cannot disclose the exact position of the pool dally."

Mr. Wilmot suggested that the scheme operated to the din- advantage of the Empire producers. The Minister replied that no statement could conceivably be fur- ther from the truth-Reuter

Banks as Speculators?

London, Feb. 19.

In the House of Commons to- day, Mr. J. C. Wilmot (Labour, Fulham East) asked whether the Chancellor of the Exchequer pro- posed taking any necian to pre- vent joint stock banks becoming involved in transactions similar to that of the pepper.

Mr. Chamberlain replied that It was entirely contrary to British banking practice to speculate in commodities. He had no reason to assume that any banks did do no on this occasion.

Mr. Wilmot requested that An inquiry be held into this

grave public matter, especially as regards the connection between persona in- volved in recent speculation and those involved in other commodity pools, tin for example.

Mr. Chamberlain advised that It would be better to await the result of the inquiry by the Official Re- celvor.--Reuter,

SINO-JAPANESE

TALKS

Shanghai, Feb. 19: Major-General Doihara called on General Huang Fu. Chairman of the Felping Political Council, and Mr. Chang Kung-Chuen, Manager of the Bank of China, here this morning, prior to his departure for Nanking. He la proceeding to Nanking by train to-night-Central News.

THE HONGKONG TELEGRAPH. WEDNESDAY,

Heavy rains inferfered with sport in Shanghai recently. Our picture shows the Racecoursh flooded by

SHARE PRICES

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

Banks,

Hongkong Banka, $1520, H.K. Banks. Lon. Reg.), $1311⁄2

ex div. n.

Chartered Bank, £15 n. Mercantile Bank, A. and B.

£31

Mercantile Bank C., £134 n. East of Asia Bank, $90 n. Am: 0. Finance Corp., Sh. $20 a China O. Fin. Ord, 8h. $1.80 n. China O. Fin. Pref. Sh. $435 n.

Canton Ins., $260 n. Union Ins., $492% n. China Underwriters, $1.80 b. China Fire, $490 n. H.K. Fire Ins., $2271⁄2 b. Internat'l Assce, Sh. $6.00 n. Whipping.

b.

Douglas, $39 H.K. Steamboats, $7 n. К Indo-Chinas, (Pref.) Indo-Chinas, (Def.), $38 n. Shells (Bearer), 51/3 n. Union Waterboats, $121⁄2 n.

WINADE

Antamoks, 944 80. Balates $43

Baguio Gold, 38 cts sa. Bonquet Consolidated $14 8. Benquet. Exp. 17 cta. b. Benguet Goldfeld, 10 cia. n.

Big Wedge, 10 cts. D. Gold Creek, 882 cis, n. Gold River 22 cts ». Ipo Mining, $1. Ilogens, 42 cts. n, Salucot, 16 cts,

d. Kailan, 19/0

Langkate (Single), #18 n. S'hai Explorations, Sh. #5 n. S'hal Loans, Sh. $6 n.

Raube $7.90 n.

Venz: Goldfeld, $5 n.

Docks, etc.

H.K. Wharves, $112 a. H.K. Docks, $111⁄2 n. Providents (old), $1.25 b. Providents (new), 80 cts, n. Hongkews (old), Sh. $309 n. New Engineerings, Sh. 35.80 n.- Shanghal Docks, Sh. $120 n.

Cotton Mills.

Ewo Cottons, Sh. $0.22% n. S'hal Cottona, (old), Sh. 874 m. S'hai Cottons, (now), Sh. $45

2.

Zoong Sings, $9.90 n. Wing On Textiles, Sh. $55 m. Landa, Hoteli, etc.

H. and S. Hotels, $4.95 b. H.K. Lands $50 n.

H.K. Lands 4% dobenturca,

$101 b.

an overnight "downfall.

BRITISH FINANCES

GOOD INCOME TAX YIELD

London, Feb. 19.

U.S. COMMODITY PRICES

March May

LATEST CABLED

October

QUOTATIONS

The latest Treasury returns

Measta. Swan, Culbertson and Fritz show that ordinary revenue for have received the following quota. the financial year up to February | tiona on the Now York exchange for 16 amounted to £693,878,820, as yesterday in conjunction with Reuter. compared with £609,701,084 for the

New York Cotton. corresponding period of last year. Including self-balancing revenue, the figures are £670,468,820 and | £683,008,084 respectively.

Income tax collected last week July amounted to about £14,000,000, | December bringing the total to date to £175 January (1936) 12.67 669,000, as against $173,594,000 at Spot the corresponding date last year.

Total ordinary expenditure up March to last Saturday was £622,286,759, May July as compared with £008,392,793 at

September February 17, 1934. With self-

October balancing expenditure, the total December for the current year is £705.248,-1 427, as

against £600,472,745.-- British Wireless.

CHINA TRADE

MISSION

LEAVING TO-DAY FOR

PHILIPPINES

FEBRUARY 20, 1985.

RADIO BROADCAST

Relay from the Majestle Ballroom To-night

TWO STUDIO · ITEMS

From L.B.W. on a wavelength of

355 metres (845 kilocycles):

4-7 pm. Chinese Programme, 6.6.16 p.m. Children's Studio Con- cort.

7-7.17 p.m. Nursery Suite (Elgar). London Symphony Orchestra. 7.17-7.30 p.m. A Cello Recital by Beatrice Harrison.

1. Sarabande (Handel); 2. Orlen- tale (Cai); 8. Elegio (Dellus); : 4. Caprice (Delius),

7.80-8 p.m. Variety.

Band The Gay Nineties-Waltz

Medley,

Songs Sans Tol-Tango Chanto, Bong-B Petite.

Billa, Lucienne Boyer (Soprano), Hamorous Riding down from

Bangor,

Humorous-The King of Zulu.

Frank Crumit. Instrumental-The Grasshopper

and the Anta,

Instrumental-Nasty Man. Instrumental-Kitten on the Ken.

8 p.m. Time and Weather, 8.03-9 pm. "Empress of Canada" Orchestra directed by Me. G. H. Redfern.

Programme.

1. March-Colonel Bogey...Alford. Waldteufol. 2. Waltz-Reverlo...... 3. Selection-Patience ..... Sullivan, 4. Entracto.

(a) Love's Garden of Roses, Wood. (b) Your Love la all...Zamocnik. (e) Londonderry Air ...... Anon. (d) In a Persian Market....Ketelby. B. Fox-Trois-Selected.

9-9.17 p.m. A Violin Recital by Bronislaw Huberman,

1. Waltz

C

Sharp Minor (Chopin); 2. Capricieuse (Elgar); 3. Romanza Andaluza (Sarasato); 4. 13.15-13.15 Mazurka (Zarzycki). 13.23-13.30

9.17-9.30. p.m. Band Music. 13.43-13.44 Nell Gwyn Dances (Edward German). 13.00-13.33 | Humoresque (Dvorak). 13.60-13.00

Feb. 18.

Feb. 15.

Close.

Closing

Rance

12.50

12.44-12.44

12:67

1.2.58-12.03

1271

12.68-12.58

12.58 12.65

12.49-12.49

12.80 New York Rubber

12.55-12.55 12.57-12.67 12.05

-13.420

13,50

13.72

1380

13.07

14.15

Total sales:-618 lots

Chicago Wheat 13

May.

92* July

00% September

· 90%-00 Monday's sales:-0,227,000 bushels

Chicago Corn

084-08%

01-02

2.

89

In

0.30 p.m. Pross Bulletins, Stock 13.86-13.88 and Commodity,

D35-10.05 pm. From the Studio Margaret King (Soprano) accom-

(Baritone) panied by Nara Kania. accompanied by Doreen Ma, *Nara Kania-Pianoforte.

Programme.

Song:-Ay Ây Ay.

Piano Solo:

(a) The Policemen's Song-

(b) My Ships

May

874-8734

Impromptu in A Flat..Schubert. July

8336 82-82% 3. Song: September ገጽና 78.12-78% T'otal sales:-6,358,000 bushels,

Winnipeg Wheat.. :-

63

834-831% 82% 62-82% 5. Bongs:

May

July

4. Plano Solo:

The Prophet Bird.....Behymena.

:On Wings of Song.

1.43

1.404-1404 1.4014-1.41 1.43 141-141

d.

Lallaby Song:

Shanghal, Feb. 20.

March The Philippine commercial in May vestigation mission, organised by July local Chinese merchants, which consists of twenty-six membera, is leaving here for Manila via Hong March kong. on board the President May Jefferson this morning.

July

50.66n September

Total sales:-00 contracts

The mission's object is the cultivating trade relation between Philippines and China. Central News.

BIG ESTATE

LATE MR. LAM WOO LEAVES. $818,000

.

.Mendelssohn, Brahms.

Why Shouldn't I? 10.05.11 p.m. Denco Orchestra from the Majestic Hollroom.

Total sales-258 lots

Montreal Bifver.

10.30 p.m." Press Bulletins, News, 66.05 56.30-65.40 Stock and Commodity Quotations.

11 p.m. Close Down.

55.00

65.70-55.70

56.00T

66.30-60.50 66.75-57.00

The Hongkong "singers" will hold their rehearsal, In connection with their forthcoming rendering of "Elijah", in St. John's Cathedral on Thursday, March 28, at 6.30 pm.

ZEESEN PROGRAMMES

This Evening's Broadcast From The German Short-Wovers

Per Ebera will be broadenst from, Zemes us

Bpecial progr

Ustasem follows:

for

SOUTH ASIA ZONE

Beath Asla Zabe, brosdome from Dam,

4.45 p.m. DIÐ, DJN Aumonerment (Giga,

Engl) German Folk Bang, Pro gremine Forvenat (Germ.." Engi) Leiter Flex.

Prof. W. Brown, of the Hongkong (18.74 zines) and DIN (1.45 metros), University, is to deliver a lecture ab St. Andrew's Church Hall on Wednes. day, February 27, at 0 p.m., when his subject will be the river Nilo. Kau-fecture will be illustrated,

5 pm. Male and Toplesi Brente. 5.25 p.. News in Englia.

The

5.

Mr. Lam Woo, alias Lam cheuk, the wellknown local build- ing contractor, of No. I Tramway

A free lecture (lustrated) will bo Path who died on December 27, 1933, han left estate sworn at given in the Concert ifall at the Sailors and Soldiers' Home this even-

83 ing commencing

by Professor Double probate of the will has Brown of the Hongkong University. The lecture is entitled "Helen Keller. been granted to hia son, Lam the Deaf and Blind Authoress." Chik-sun, of No. 117 Waterloo hearty invitation is extended to all Road, Kowloon.

who are interested to attend,

Shal' Lands, Sh. $22 n. Metropolitan Lands, Sh. $12.20 n. $318,700. Humphreys, $10 n.

H.K. Realties, $8.10 n.' Asia Renities "A" 8h. $100 n. Aala Renities "B" Sh. $17 n. Chineso Estates, $93 n. China Realtica, Sh. $9.00 .. China Debenture, $123 n..

Pubic HinILLER,

Tramway, $22.25 b.

n.

Feak Trams (old), $8 Peak Trams (new), 80 n. Star Ferries, $94 n.

Yaumati Ferries, (old), $22 n. China Lights (old), $10.20 b. II.K. Electrica $71 b. Macao Electrics, $25 n. Sandakan Lights, $8 n. Telephone (old), $26 n. Telephone (new), $10.15 b. China Buses, Sh. $12.40 x. Singapore Tractions, 7/8 n. Singapore Pref. 18/- n.

Industrials. Malabon Sugara, $8.50 n. Cald: Macg. (old), Sh. $21 n. Cald: Macg. (Prof.), $19% n. Canton Ices, $2.75 b. Cemant (Cem.), $2.05 b. H.K. Ropes, $3.80 n.

Stores Dairy Farms, $23.75 n. Watson, $41⁄2 n. Lane Crawfords, 18.76 n. Mackintoshs, $21 n. Sinceres, $8. Wm. Powella, 70 cts. n. Wing

On (I.K.) $105 m. Miscellaneous. Amusements, 31.85 u. HK. Entertainments. $7% S. C. Enterprise, $1.85 n. Mae Crebounds.” #2 m. Constructions (old); $1.70 n, Construction (new), 49 ́cts. b. Vibor Piling, 351⁄21⁄2 n. Ch Govt. 5% 1025 G.8 Bonds

89% .

H.K. Gov. 4% Loan 63⁄41⁄2 % prem; H.K. Govt. 8% Loan 8% prom:

Miss Patricia Nelson, the sparkling, entertainer, who will appear at the Gala Night at the Roof Garden of the Hongkong Hotel on Saturday, in confunction with. Armand and Dianne

clever dance paliy

p. "Co Eam tuttu" by W. A

Makert.

$.10 3.m. News in German,

7 p.m. Concert of Light Maste

p.m. New in Engilah,

1.15 pm. Clie down DIB, DIN (Germ.

Engl)

EAST ASIA ZONE

East Asia Zone broadcast through.DJA on - 31.38 metres, and BJN-(1.5 metres).

↑ 9.1. DJA, DIN Änsarnerment (Gora,,

Engia German Faik Seng. Pre- grumme Forecast (fterio," Engli 15 pm. Abort Musica) ProgrammV, 6,38 p.9.

Bran Hadin (for his 70th birthe day), A Talk by Professor Wal ters Vogu 9.45 p.m. Nowe In English àn ĐȚA nad la

Tutch on DIN, 19

"Così fan tutte" by

W. A V Mozart. 1.18 pm. Now in German on BJÀ and

DJN.

1530 p.m. A Walk through the Automobile

Exhibition.

11.45 p.m. Hanes - Monie.

12.15 km. News In English on DIA and

In Dutch on DIN. 11.34 m. Clove dawn DJA, DIN (Carm.,

Earl.)

DAVENTRY PROGRAMMES

To-day's Broadcasting From Four Transmissions

The following wave-lengths and frequmcian are observed by Daventry,

Cell Sign

1.14 **

GBA

GSB

GRO

GAD

GRE 112X

31,706

CAP 16,540

ZACION ÉV,794

GAR

21,47

Gar

21.3(9

Wavelength 41.50 metres JLS metre

25.3. metres 18.38 metros. ILAT metres

21.40. metric

11.99 Bus tran

Transmission 2

Today's Broadcast on Transmission, through GR and GAS

7. Ble Den, The Beattish Studle-02-

chestra,

7.15 p.m. Quantia Maclean, at the Organ.

Greenwich Time Blanel at 17 maan

8.16 p. eginald Smith's "Nonsense." . p.m., Charles Maaning andkle Or

chestra

130 p.m. Ak Örgam Bocital, by - D." I

Fassad

9.15 p.m. "The Nenu.

10 p.m. Class dawn.

· Transmission 3.

To-day's Broadcast on Transmission 4. thenoch (189. NIE and BAI,

*19,15, p.m. · Big Ben, The 11.3.C. Dance

Orchestra

· 11 pai. -- An Organ Rielial by Alfsen Draai- -

11,39 p.m. **The Fearrant Walm 270) Greenwich Time Bigital at dipmen

13 km. The Banzzamotih. Municipal. Or.

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FORCED LANDING.

R.A.F. ACCIDENT NEARL MIRS BAY

Flight Lieut. H. H. Leech, R.A.F., had a narrow escape from Injury yesterday morning, when he was forced to bring his plane) down on the foreshors at Fung Bay, while flying over the promon. tary on the western entrance to. Mira Bay.

...The reason for the forced-land- Ing is as yet unexplained, but, It was stated by Squadron Leader C. R. Keary, R.A.F, last night that the plane had been brought down without damage and without in- Jury to the pllot.

Flight Lieut. Leech was brought | back to Hongkong last evening, and the plane will be brought in to-day.

18.46

chestr

. The News.

1 am. The John MacArthur, Quintet.

1.18 m. Dance Musis,

Transmission 4

• To-n$575Fu_•broadcast from Transmission #,

through GBD and CSD

1. Diy Ben, The News. 2.1. From the Bhown. 3331 am. The Victor Olet Boxtet,

Greenwich-Time Bigua) at 7 BAL

Peter Drawn, at the Organ of the

Regal Cinema, Terenay«

$.30 At The Chocolate Selfler..

Greenwich Time Signal AÐ 3 1.00 $.46 m... Eperts Talk.

m. Entertainment Hear, In The News, 1,15 a.m. Dance Male. Dance Mask. 1.40 LM. 1.', Olose down.

Transmission: 5

This morning's brandensi from Transmisalon

6, through 030 and GSA!

1. Die Bes. Bestilah Dance Musk." 1.30am. Bperts Talk, VANGE 7:48 am The B.D.C._Empire: Brahustra. Greenwick Time Bignal $1,11, Mitelabt-

26, Nathan Road, Kowloon.

Telephone 59101.

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