Bonds carrying a value of Y40,- 000,000 will be placed on sale for three days starting Monday by the North China Development Company, thie Industrial Bank of Japan announced today.
Of this total, ¥10,000,000 worth will be offered to the general public, The Government will purchase Y26,000,000 worth and the Japanese banking syndicate will subscribe to "the remaining Y4,000,000 worth.
The debentures carry an interest rate of 42 per cent, and will be retired within 12 years. The payment of principal and interest will be guaranteed by the Government. This Will be the Company's third bond issue. The deadline for payments for bonds subscribed for during the three day period was set at December 15.—Domei, New York Market Declines New York, Nov. 30.
Prices on the New York Stock Exchange declined fractions of a point to more than two points today, hitting the lowest level since September 2.
During November stocks declined and turnover for the month was the lightest for any November since 1934. Business, however, moved up io new highs since 1929. The rise in business was the outstanding fea-lure of the month. Many record industries hit record levels of production and employment when normally their business should have declined.
Stocks dipped below 1938 levels and closed the month on a note of weakness. Some experts said the market is discounting a business recession expected in the first part of 1940. Wall Street general was in an uncertain frame of mind as the month ended today.
The market opened lower today and went through a series of declines and recoveries with volume being around the 1,000,000 share mark for the first time in several week", Rocoveries were short-lived and prices slipped late in the session with few exceptions.
Steels, farm equipments, aircrafts. oils, mercantiles and coppers showed moderate declines United Press.
October 31, 1939 as follows A. Assets deposited as security 7 Appraised Value No 1. Principal Commodities 197522060 2. Stocks and Debentures _5/698.470.14 3. Real Estate... 5 I
Grand Total... 38,582,130.70 B. Wel Wah Credits Approved for Issue 1. Amount Issued 12.355,000.00 2 Amount Issuable 10,542,000.00
Grand Total.. 22,897,000.00
It is stipulated in article 9 of the Regulations Governing the Extension of Wei Wah Credits that the amount of the credits to be extended in wei wah by the Board to its member-banks shall not exceed 70 per cent. of the appraised value of the assets deposited as security" Based on such examination as we conducted, we are satisfied that the proportion between the amount of the wei wah credits approved for extension to any individual bank and the appraised value of the assets accepted from such individual bank as collateral security as on the above date does not exceed the ratio permitted by these regulations, and that the value of the assets as appraised is substantially correct at this date, who snared all but love within his evil wabi Foreign Holdings of U.S.
Securities Reduced Washington, Nov, 30.
Officials of the United States Treasury revealed today that there was a worldwide reduction of holdings in American securities by $16,540,000 during the month of August, making a cumulative decrease of $45,000,000 since January 1, 1939.
Of the August reduction, Britain vias responsible for $1,285,000; France $1,254,000; and Germany $583,000—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.