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TUITION GIVEN
CANTONESE AND MANDARIN Jessuna given in group or private- ly by expert teacher with young lady assistants. Moderate charges. Write Box No. 79. "China Mail.
HOLDING
THE CHINA MAIL, WEDNESDAY, MAY 8, 1946.
Cheap Money Era
Nearing End
SHIPPING! MOVEMENTS
Arrivals
Yesterday:S.S. Lycaon and H.M.S. Constance from Singapore, U.S.S. Marias from Shanghai, H.M.S. Armada from Australia, U.S. L.S.T. 40, 639, 543, 020. TO 732, 1012 and 635, R.F.A. Broom- dale from Singapore, IL.M.S. Cos sack from Shanghai and H.M.S. Belfast from Yokohama.
Scheduled Arrivals
Today--M.F.A. Fort Duquesne from Shanghal.
Tomorrow:-U.S.S. Los An
and
H.M.S. Manxman for Kure Yokohama,
Scheduled Departures Today:-Courier
(5.0.) an Serene for exercises and U.S.S.
NEW YORK, MAY 7.
A DECADE OF CHEAP MONEY MAY BE NEARING THE END WITH BOND BUYERS INCREASINGLY RE- SISTANT TO THE PRESENT INTEREST RATES. THE APRIL RISE IN GOVERNMENT BONDS TO RECORD PRICES MAY HAVE BEEN THE ERA'S SWAN SONG. THE AVERAGE MAN, THE PRICE OF UNITED STATES GOVERNMENT BONDS MAY BE OF REMOTE CON- CERN BUT THE INTEREST RATES MAY HAVE A GREAT DEAL TO DO WITH WHAT HE PAYS FOR BREAD, CLOTHING AND HOUSING, United States presidentfäl advisers are wrangling over fur-
money.
·
First Meet Of Monetary Fund
Washington, May 7.
The first meeting of the direc tors of the Bretton Woods, Inter- national Monetary Fund, starting | today and of the World Bank starting tomorrow. will, bo only procedural. Neither inatllution expects to start mafor operations til next spring.
JARDINE, MATHESON & CO., LTD.
3.9. ESANG
SHIPPING DEPARTMENT
10 Poddor Street
Tel. 80311.
General Managers.
INDO-CHINA S.N. CO., LTD.
SAILINGSTM
to Shanghai' 11th May
The
general idea of the Unite! 3.8. KUTSANG...to Singapore, Penang & Calcutta 14th May
fficials is that the United Statea
ARRIVALS Siates loan to Britain and the Ex- port and Import Bank will provide
from Shanghai 16th May essential international financing until then-if Congress ratifies
8.S. WINGSANG
IN PORT
the loan and grauts the requested 9.8. KWAISANG increase in the Export and Import | 3.9. KUTSANG (Operators P. & 0.) Bank's lending powers--but there (.S.S. ESANG after the responsibility will post
to the Bretton Woods Bank.
Many countrica are waiting for its loans but the Bank must itself
.Kowloon Dock ...Buoy A 8.
.Buoy B 1.
All the above subject to alteration without notice.
Agents:
THE GLEN LINE LTD.
گر
Hugo Debt The huge government debt geles and destroyers, R.F.A. Wave her government support to the dominates the nation's economic cheap money policy. The stakes life s thoroughly ая the Singapore and Emperor from
Are tremendousl wedge to atombomb guides military H.M.S. Crane from Pratas,
open the door to inflation still thought. More than A de. Departures
first borrow from private inver- All intending Passengers are requested to register their names as ago, after the col- tors. intends to offer them a far as possible in advance of the time at which they wish to leave. Yesterday: B.Y.M.S. 2017 and farther, or a powerful lever to ende
of the 20's, large scale fully 2015 for sweeping, H.D.M.L. 1105 control the balance between the lapse
balanced portfolio NOTICE TO CONSIGNEES for patrol off Green Island and supply of goods and supply of government financing was in- from short terms debentures and
nugurated to revive the throt- notes to long-term bonds.. The United States Treasury tled production facilities. That, The Bank expects to pay rather flatly plumps for continued low started a doficit of financing. higher rates than the United
The war forced the govern States Treasury but lower than mv. GLENOGLE...Due from United Kingdom about 15th May interest rates to lessen the costs of financing the public debt.
ment to tap credit reserves on corporate bonds. It may test the ss. EMPIRE PARK
.Due from United Kingdom about 27th May The Federal Reserve Hoard) an unheard of genie. As the market by making relatively email has stated it does not favour a government debt increased, it public issues-perhaps
$600,000,000-next autumn.
Managing Agents higher level for United States became the Treasury policy to M. Camille Gutt, the former securities but the Board Chair- keep interest rates low and this]
AUSTRALIA CHINA LINE. Belgian Finance Minister, was man, Marriner S. Eccles. em- was quickly reflected in the appointed managing
director of M.V. KAFIRISTAN Dde from Melbourne, Sydney, Torokina phasized the inflationary effect large-scale private refunding of the Monetary Fund.
it was an-
4th week May of low interest rates,
outstanding debt with lower in-nounced here after the Fund's
Loads for Sydney, Melbourne Mid-June terest rates and in place of new first formal meeting today. Hla
aleo Brisbane if sufficient inducement. capital.
appointment was proposed by, the acting Managing Director and American Executive Director, Henry D. White,
up- proved unanimously.-Reuter.
P. & O., B.I. & E. & A. BILLS OF LADING.
Messrs. Goddard & Douglas will attend at 10 am. on Monday and Thursdays within the free storage period to survey damaged cargo, and consignees are request- ed to have their representative present.
MACKINNON, MACKENZIE
Agents:
& CO.
P. & O. S. N; Co.
B. I. S. N. Co., Ltd.
E. & A. S. S. Co., Ltd.,
HALF A MILLION MEN'S SECOND-HAND JACKETS and TROUSERS Suitable for Hongkong trade at FOUR SHILLINGS each.
Thousands shipped to Middle
Eust
Quick shipment of pressed baler of one
thousand assorted gar ment.
M. Newman, (Contractors)
Ltd. Heap Street, Manchester 7. England.
For
Pine Island for Singapore,
Tomorrow:-U.S.S. Norris Shanghai and H.M.S. Pheasant
for Pratas,
NOTICE TO CONSIGNEES
S.S. "EMPIRE CUNFLEET"
Consignees Are hereby formed that all goods are being landed at their risk inte the rodowns' of the Hong Kong 4
Many observers believe that powerful post-war factors will force the Treasury to modify its views, Here is a picture which they present:
Kowloon Wharf & Godown C BRIDGE NOTES
Ltd. whence delivery may be obtained,
No claims will be admitted after the goods have left the godowns and all goods remain- ing undelivered after 13th May, 1946, will be subject to rent.
All claims against the steamer must be presented to the under- signed on or before 22nd May, or they will st be 1946. recognised.
No fire insurance will be effecter..
are to
The bidding is obviously logical, students will have to so crime examine South's play of the hand to discover the misderd in today's
hand:
South, Dealer
East-West vulnerable
8. K 10 3
▼
H. Q 052
D 10 6 5 9
C. K 10
8. 6 4
8.
A 1862
N
H. 10 9 8 3
D. Q 9 8 4
W
E D. J T
0.43
S
0. Q9870
B. Q 07
BK J7
D. AK 2
CAJ 2
West
All broken, chafed or damaged Establish confirmed credits in goods
be left in the will be payment of any quantity on anodowns. where they
examined by the Consignees and English Bank.
the Company's Surveyors, Messrs, Goddard & Douglas, at' 10.00 a.m. on 11th May. Τα The bidding! comply with General Bonded South Warehouse Regulations con- INT signces must have a Revenue 3NT* Officer in attendance when dutinble goods are examined.
GIBB, LIVINGSTON & CO., LTD.
Agents,
Cable Address: Harbinger.
New York, May 6. The Great Northern Paper Company and its subsidiaries re- ported a net profit for the first quarter of 1946 of 3471,257 or 47 cents a share, against $269,668 or 27 cents a share in the correspond- ing 1946 period. Associated Press.
Hong Kong, 8th May, 1946.
BEN LINE STEAMERS LIMITED.
SAILINGS TO UK.
"BENVORLICH" sails for Lon don via Straits-Early June.
FREIGHT ONLY.
VESSELS DUE
"BENVORLICH" from U. K. via Straits-2nd half May.
"BENLEDI"
"LOKSANG"
"AMMLA"
Mid June,
End May.
from Melbourne
End-May
For further particulare apply to
W. R. LOXLEY & CO. (CHINA) LTD.;
York Building
Tel. 34165.
DOUGLAS STEAMSHIP CO., LTD.
·S. 'S. "MAI YANG
Salling for SWATOW
'On, or about 12th May.
Subject to alteration without Notice.
For Particulars of Freight & Passage, Please apply to:
DOUGLAS LAPRAIK & Co. General Managers.
P. & O. Building, 5th floor. Tel: 23755.
or
CHINESE SHIPPING. DEPT.
20 Connaught Road, Central. Tel. 24639.
North Pass
2NT Pass 1. Pass
East
Tass
Pass
cent
The lush days when the five or six per
on top-grade bonds was routine gave way to alean 2.5 per cent interest.
There has been talk of the
possibility of a long term gov- Boom On
ernment issue with a two per cent coupon.
reserves
Too Much Money The war left the public with large amounts of currency and bank deposita. Bank available for investment bal looned. The result is there is more money than the economic system can satisfactorily absorb. There are not enough goods for sale to match the money supply. Easy credit is one of the volatile inflationary rules. The authorities recognize the dan- ger. The corrective is still to be worked out,
aroun
and was
Paris Bourse
Д new
Also Agents for PRINCE LINE LTD.
S.S. WINDERMERE PARK From VANCOUVER about 12th May
BUTTERFIELD & SWIRE
AGENTS:
CHINA NAVIGATION CO., LTD.
Paris, May 7. The Paris stock market opened with a boom today on the French electorate's rejection of angle chamber constitution, voted for the Communist and Socialist S.S. "ANHUI" majority of the French Constitu ent Assembly.
Buying ordera poured in from big and small investors and with demand increasing every minute it became impossible to quote cer tain securities which reached cot- ing prices.
"Only Government bonds were, quiet try's Bnancial troubles..
under pressure of the coun
The striking development which suggested the change in the direction of interest rates) occurred early in April when acterised comments of both Right long-term
Astonishment at the result chat-
S.S. "ANHUI"
SAILING TO SWATOW & AMOY'
SAILING TO SINGAPORE
SAILING TO SHANGHAI, TSINGTAO AND TIENTSIN. 9.S. "HUPEH”
M.V. "YOCHOW"
STEAMER
Noon 12th May
Noon 14th May
4 p.m. 14th May
SAILING TO SHANGHAI
SAILING TO. BANGKOK.
SAILING TO CANTON
4 p.m. 12th May
20th May,
-8 a.m, 10th May
Subject to alteration without notice.
government issues and Left Wing papera kaday. S.8. "FATSHAN" climbed to record high,prices Neither side had expected such a and brought record low yields, big majority of "No"
press
Trading in Federal and top- The Right Who replies.
Jubil- grade corporate bonds came ant, viewing the rejection of the about to a standstill. Buyers proposed constitution as a major were simply the rate of income those prices
not interested in ter. offered. Several new issues
West led the five of spades, and South won the trick with the spade seven. Declarer then finess ed dummy's ton of clubs, losing East's Queen. A
bonds were sold at and prices bringing close to record was taken by West's return corporate
low yields and moved slowly in another spade round was
ken by dummy's King. Declarer then to the hands of investors, and cashed the clubs, but West dia- investment bankers talked of carded a diamond and a heart being forced to raise the yield and obtained the lead with the on new issues to insure dis- heart Ace in time to defeat the tribution, contract with the rest of the spade suit.
Don't leap to conclusions quickly, if you want to detect the crime accurately. When you think have it, compare notes with our analysis.
too
Credit Checked" Another of post-war Federal Reserve Board's first steps was to check bank credit. The pre. ferential discount rate allowed
banks on government securities was eliminated.
defeat for the Communists-Rou
LOAN TO BELGIUM
Brussels, May 1 It is reported that an agree ment has been signed at Ottawa. under which Canada will make Belgium a long-term three cent loan of $75,000,000. This sun is in addition to the $25,000,000 loan made last year under the Canadian Export Credit Insur- anco Act.
per
No official details of the now loan have been given in Brussels. -Reuter.
For Freight and Saloon Passages all lines, please apply to- BUTTERFIELD & SWIRE Connaught Road, Central, Telephone 30331 (Private exchange)."
PENINSULAR & ORIENTAL STEAM NAVIGATION COMPANY
Sizamer
bank holdings of these securi- """KUTSANG"
ties will be eliminated RE A
"From
Bombay & Singapore
Discharging
South was the criminal, but just for misguessing the location of the club Queen. That was oli Tho government. wants to basis for credit expansion. "FENGTIEN" United Kingdom via Singapore Discharging right, even though a correct guess move the large amount of bank But observers believe the gov- in clubs would have allowed him holdings of Federal securities ernment will have to offer make the contract. But the into the hands of private in higher returns to compete with to ma crime was in playing clubs so
"club
vestors. This would accomplish other bonds as well as the awell- BRITISH INDIA STEAM NAVIGATION CO., LTD.
results:
Correct play is to force out the two desirable heart Ace at the second trick. money in the Then West can clear the spades public will be curtailed; (2) Associated Press. but can never thereafter esin the lead; for Sputh can finesse clubs towards East, losing a trick but making sure of three club tricks altogether. The point was that South End to develop both hearts and clubs, but in the correct order. And correct play was to knock out West's entry before worrying about East's pos Biblo trick.
(1)ing stream of new offerings of hands of the common and preferred stocks.--
*
Yesterday you were David Bruce Burnstone's partner and. with both alles vulnerable, you'
held.
S Q753
$925
DK JA
C 8.7 3.2
The bidding
18
Fass
+
SAILINGS FOR STRAITS AND INDIA
Coal Strike Hampering EASTERN & AUSTRALIAN STEAMSHIP CO., LTD.
Business Operations
New York, May 7.
Business and financial operations are being soriously ham- pared by, the national coal strike: Railroads, utilitios and the steel industry are hardest hit among businesses most vital to everyday economy.
A long growing list of collateral industries--mirrored the
creeping paralysis brought by empty fuel.bins. Steel production fell for six lack of coal and steal are ex- Burnstone Schenken You Mater consecutive weeks to 67.7 perpected to put n-decided erimp
cent of capacity from 75.6 in in these operations shortly. ANSWER: Bld two spades. A the previous week and 95.8 Stock sales on the New York
સ simple ralsy usually shows a year age. Freight carloadings exchange for the week totalled weaker hand than this, but there at 659,052 reflected strenuous 5,445,710 shares compared with is no better bid that you can make afforts to move everything pos-7,282,085 the preceding week with this hand. If your partnersible before any drastic govern- reflecting an orderly cannot find another bid, you are ment-ordered cuts in transporta caused by anxiety over the hably have · no sgame.
Score 100 per for twotion become effective. In the future.
cent
Bond sales totalled $34,847,- spades, 20 per cent for two clubs, previous week 650,745 two diamonds, or one no-trump. were handled and 899,950 a 600 against $20,820,000 the pro- pique week. Government bonde Crude of production averaged dipped thon railied as all of- Today you are Oswald Jacoby's partner and, with both sides vul-4,672,050 barrels daily, against forts to limit fluctuations wore
4,680,300 the previous week | dropped--Associated Press. nerable, you hold:
and 4,804,818 last year,
Question
year ago.
'care
Retall sales. felt sharply below
the previous week in some areas
retreat
Buenos Aires, May 7.
but held 21 to 85 per cent aboya
Dr. Chen Chich, China's first
S-Q 7 6 3 H 9 D K.J.4. 08132 "The bidding
a year ago, DNA KUMAR Ambassador to Argentina, pre- Jacoby
Malor Schenken
Pans Automobile production again dicts that commercial relations
·29 Paas
(7)
was established at a post-war between Argentina and China, What do you bid? (Answer high of 078,586 units against interrupted by the war, will soon 04,620 in the previous wook but be resumedAssociated Press.
18
Tomorrow)
Pass
"EMPIRE JOY" Sails from Mackles Wharf at 10a.m. on 9th May for Sydney. Launch will leave P. & O. Pier, Con- naught Road, at 9. n.m, to convoy passengers and cabin baggage.
+
For full particulars apply to, MACKINNON, MACKENZIE & CO. Telephone Nos. 27721-4
BLUE FUNNEL LINE
SAILING TO FORT SAID, LIVERPOOL VIA STRAITS.
LYCAON GLAUOUS
ADRASTUS
CLENFINLAS LAOMEDON
GLENFINLAS. LAOMEDON PRIAM
VESSEL DUE. from U.K: 'vin Straits,
do from New York and San Francisco.
15th May
-1st Juna
18th May
7th June
20th June
Jate May
early June
early Jund
For Pasange and Freight Particulars apply to:-
BUTTERFIELD & SWIRE, AGENTS
Telephone: 800ÓË.