By courtesy 8, D. Wang & Ca, Teoong Tobacco Distributors Ltd.
These new companies will take over to-day the businesses pre-
Shanghai, Nov. 5.
With. the exception of a very short period of activities, the Chinese Government Bond Market was generally quiet during the month of October "which was perhaps one of {he most quiet months for a long "The active period above mentioned which lasted. only a few days took place on the 17th as the result of ure spewlation, with the silver polley as the motive in the background. Undcubtediy speculators failed {o realize the true effect such policy would have on the bond market but hastily followed the action The advance therefore
Thrown beck to its full routine before ind the market was again Land "hence naturally trading was found in the last week's activities, or rather the lack of them. With big operators cautiously holding their hands from the market, trans-factions were generally in the hands of the average speculator, The close Of the month was therefore marked the absence of the usual hasty Inst-minute orders and October quota. tions were taken off the board almost Fluctuating mildly during the first week, the market showed greate= susceptibility (o bearish forces gp 88 though it advanced in as many days Jas it declined, its net result for the week was losses of an average of Jabout one point. The same quietness prevailed in the second week but minus the downward tendency for it close with very small differences in prices.
The third week opened with all In-Jdications of 2 continuation of the humdrum routine which however was Jdisturbed by the Finance Ministry's announcements and the latter part of the week was given to rather wild movements as the: market climbed suddenly only to suffer later from strong reactions. The month closed with a quiet but frm fourth week as small operators took to buying for Jeover. As soon as October quotations twere removed, however, the market Jdeelined sharply on the last days before settlement, viously carried on in China by the British-American Tobacco Ca., (Chita) Ltd, the British Cigarette Company Ltd, and Enterprise Tobacco Company Ltd. It fg understood that this 1s scheme of domestic re-organization whereby it is hoped to arry on business more efficiently fand more effectively. The new companies have no' interests. in Manchuria, Hongkong, Macao and Indo-China.
Text read from the printed page and cleaned; old type leaves the occasional error.