After having been in operation for five months, a new board trading system at the Shanghai Stock Exchange was officially introduced to members of the exchange and their guests at a reception held in the exchange between noon and 1 pin. yesterday. The new board has not only brought new clients into the market but has enlarged the scope of share business.
Proposing the toast of "The Guests", Mx. N. H. Rutherford, Chairman I regret we have not a moi tentious building in which to re you, but owing to the China Incident We were unable to move into the Bank of China where we were to have more commodious and suitable quarters.
The reasons we have asked you to honour us today are:—Firstly, we like to have an opportunity to welcome our friends out of their offices: hange over the telephone and did not know until today exactly where it was; thirdly—and the chief r —that we wish to introduce to you our new Board trading system. This has now been in five months were sceptic at it woul not be workable in Shanghai as al bids made on the board had to be m, we have found that the mark as taken to it kindly. Not only ha: it brought many new clients into the market, but it has enlarged the scope of share business considerably.
Weekly Turnover It may be of interest to you t know that our weekly turnover lately e region of 3/5 million around us many of on nds and I would like to take this opportu of thanking them for their patience with us. 1 know brokers not popular with them, as it means a great deal of additional work taking out and re ing so many shares weekly and s cheques. I would m to be patient with possible and if later they can see their way to again keep open s re- until 3 p.m. we shall appreciate i an hour. tremendously you are a broker, you can gs that crop up e the client who Monday was "settlement In addition to "no parking" zones day" and is out of his office most of i Municipal the morning; the client who left hi cheque book at home; the client who et the wife to sign the Anyway, these are little at help to make life less dull Now a brief word as to how the new system works.
"All Board or active stocks are called over at 9.30 and buying and selling rates made. As soon as that is completed, the business of the day commences and prices according to clients' telephone instructions come nearer and possibly business results.
Today, Reuter's representative is attached to our market and broadcasts to all tickers every movement in prices and transactions when completed, so clients are additionally and instantly posted as to the exact market conditions.
Brokers can now advise their clients exactly how many brokers are selling or buying a certain stock from the hieroglyphics you see on the board. Today is the day of the telephone and gone are the nice old day: of trotting around in our little trap: and probably smoking a good many of our clients' cigarettes and telling him the very latest yarn.
Text read from the printed page and cleaned; old type leaves the occasional error.