1 THE CHINA MAIL, SATURDAY, SEPTEMBER 7, 1980. “
R. I. L.
ROYAL
INTEROCEAN
SINGAPORE, JAVA
PORTS and
MACASSAR
"TASMAN"
"VAN HEUTAZ”
"TJITJALENGKA"
ARRIVALS
In Port
19th Bapt.
only to B'pora, Penang & Bet Delt
MANILA, EAST &
SOUTH AFRICA & SOUTH AMERICA
LINES
SAILINGS
9th Sept. 11th Bept. 24th Bept.
SAILINGS
11th Sept.
ARRIVALS
18th Sept
14th Sept.
20th Sept.
9th Oct, 12th Oct:
20th Oct.
"BOISSEVAIN"
"STRAAT MALAKKA' "STRAAT BOENDA"
"TJIBADAK" •
not calling Manila and Bouth America
ARRIVALS SAILINGS
"TJISADANE"
OJAPAN
"BOISSEVAIN”
"STRAAT MALAKKA"
"TJIBADAK"
"STRAAT BOENDA"
"TJIBADANE"
0th Sept.
15th Sept.
9th Oct. 8th Oct.
21st Bopi.
22nd Sept. 22nd Oct.
Agents: HOLLAND-EAST ASIA LINE
O EUROPE via MANILA
and MALAYA
"MELISKERK".
"MEERKERK"
"RYNKERK”
fatued
Mediterranean and Northera
Through. Do/t
European porta.
JAPAN
"MELISKERK"
"MEERKERK"
FINANCE AND COMMERCE
MONETARY FUND DEBATE Hong Kong
ON WORLD GOLD PRICE
New York Stock Exchange
New York, September 7. Closing quotations:
Adams Express American Cản
22
Telephone
04k 154
Tobacco Waterworks
Anaconda Copper .. Aviation Corp. Baldwin Locomotive 'Bendly Aviation ..
Bethlehem Steel
Paris, September 7.
Mr. Chintaman Doshmukh (India), Chairman at this morning's meeting of the International Monetary Fund's Board of Governors, ruled that Mr. N. Havenga, South African Minister of Finance, would be able to speak in public session at the annual mooting on the world price of gold.
The Procedures Committee, which arranges the work of the annual meeting, had suggested that Mr. Havenga should confine his critic- isms of the gold policy of the Fund to the secret meeting of the Gold Committee.
he
Claiming that he should 04% permitted to discuss his points in 85% open session, Mr. Hovenyn said 34 that he raised the matter in open session at last year's meciing of the Fund nut the question was one of great publie Importance.
1.9% 30% 41
Australia
Sauth supported Afrien and there was no shrugle 37% dissentient volee.
ARRIVALS
SAILINGS
In Port early Oct..
12th Sept. early Oct.
Boging Aircraft
Karly Nov.
Canadian Paclße
18
Case, J. 1,
to
44
Chrysler
69
Colgute..
44
Commercial Solvent
19
11th Sept.
Corn Produkts
64
early Oct.
1,1th Sept.
Du Pont
Burly Oct.
Eastman Kodak
13
General Electric
47
0012
Goodrich
107!$
"RYNKERK"
early Nov.
BAKING SABIH,DINGSSTELEPHONESESLİMATOSATË SAAMISEMISAGENSERECOSSARGI LAHEAD, CZELISZEGECSEZs
art
20010 TRA
ま
ISTHMIAN LINE
(stinian Steineship Company, New York)
DIRECT MONTHLY SAILINGS TO NEW YORK
VIA LOS ANGELES AND PANAMA
"STEEL SURVEYOR”
.27th Oct.
SAILINGS TO SAIGON, BANGKOK &
DJAKARTA. (BATAVIA)
"STEEL AGE"
.22nd Sept.
"STEEL SEAFARER"
.21st Oct.
ARRIVALS FROM U.S.A,
"STEEL AGE"
"STEEL, SEAFARER"
GILMAN
Salls N. Y. Sails S.F. Due R.K. Salled Sailed 21st Sept. .12th Sept. 29th Sept. 20th Oct.
CO., LTD.
Tel: 31146
Chinese Freight Agents:- IIIN FAT & CO., LTD.
Tels: 28823, 25553 & 23483.
SWEDISH EAST ASIA .CO.LTD.
ARRIVALS FROM EUROFE
4th Oct.
m.v. "TONGHAI”
SAILINGS TO EUROPE
m.v. "BENGAL" m.y. "TONGHAI"
5th Oct. .29th Oct.
FOR
ADEN, FORT SAID, GENOA, MARSEILLES, CASABLANCA. ANTWERP, ROTTERDAM, BREMEN, HAMBURG, COPENILAGEN, OSLO & GOTHENBURG
Deeptanks available for Bulkeli
GILMAN & CO., LTD.
BRITISH
Tol, $1140
INDIA
STEAM NAVIGATION CO., LTD. S.S. “MALIGONIAN QUEEN''
LOADING · 12th SEPTEMBER
FOR
STRAITS PONDICHERRY:
BOMBAY
MADRAS COLOMBO KARACHI
and
PERSIAN GOLF -PORTS:
For rates and full particulars apply to
MACKINNON MACKENZIE & CO.
& O- Building
Goodyear
Motors
Homestako Mining International Harvester
Paper
Tei & Tel Jalus Manville,.. Kenneentt Copper Montgomery Wardl National Distillers
Lood
New York Central Packard Motors
Pan American Airways Pennsylvania RR
Radio Corp.
Real Silk кем
Remington Rand
Steel
lesbucco
Schenley .......
Scars Roebuck .. Shett On
Sorony Vacuum
Southern Pacife
Standard Oil of Calif.
Studebaker
Unton Bag
Oll of N. J.
Carbide U.S. Lines Youngstown Sheet & Tube
???+
The Governors then suspended their work for an hour,
When the meeting resuined, Mr. Havery said that there were eer- tala aspects of the present policy of the International Monetary Fund "which boded ill for its ob- Jective of successful internation- al co-operation."
He alleged that the gold policy 00% of the Fund was harming certain
30
307
11
4515
of its members,
The organisation was establish- ed, he said, to attempt to secure International
20-operation ina
monetary affairs.
"Is In this spirit that my 23 Pountry joined it and it is in this 47% spirit that we have continued to 14% give its policles our support despite 4the high cost, especially to my 8 country, which membership has 18% entailed," he said.
13
37
31
297
17%
401
23
597%
Discriminating
Mr. Havenga asserted that the Fund was actively discriminat-; ing against South Africa in part. leular and gold producers in general.
He said that his claim that mem- bers were in honour bound to cor-
rect a serious disequilibrium be- tween fixed prices of gold and the inflated prices of commodities 32% stood unchallenged.
72
82
31
45
16
who were
So did his claim that at present 03% It was the gold producing members -Associated Press.
bearing the east of maintaining the Fund's policy of relatively stable exchange rates "the only sphere in which the Fund has had a small measure of success."
Complaint by Caltex
"Gold producing members are virtually subsidising the great trading-nations," he declared
While producers were trying to New York, September 8. strengthen central reserves by The California Texas ol! selling them their gold at exces- company has advised the ECA| sively low prices these reserves odrinistrator, Mr. Paul Hoff- were actively feeding the "black" man, that it will not supply markets", Mr. Havenga declared. Middle East oll for ECA re-
"The effect of the Fund's policy quirements because of what it is that of pouring previous water termed discriminative price re-into a sieve. Yet the Executive gulations.
Board sees no reason for depart ing from this policy."
The chairman of Caltex, Mr. W. H. Pinckard, wrote to Mr. Hoffman that the new ECA regulation call- ing for substantial arbitrary re- ductions below the lowest com- petitive prices could not be met by Caltex.
In many cases, he said, the gold must be reflued before it could be sold. The
refineries were
20
essential link in the progress from the mine to the blackmarket..
Has anything been done by the The Caltex view is that it great trading nations to stop the "channelling of gold into black- seems very unfair to have a remarketa at this easily controlled mulation issund which is designed point?" he asked. to force an arbitrary reduction in
Earlier, Mr. Havenga criticised of Caltex petroleum the price produced in the Middle East to u a decision of the Executive Board, point below competitive prices contained in its report, that in its there was "no economic when the same regulation does view not apply to companies in the justification" for recommending to United States where Investment the Board of Governors a uniform change in the par value of all cur- is relatively safe," he sakt
reneles.
supply of gold for tween the monetary purposes and its supply for man-monetary purposeя,”
Implication denied
Mr. Havenga denied the im- plication that gold entering the central reserves was only gold used for monetary purposes,
All gold used as a store of value In any form whatever was gold used for monetary purposes, hel
said.
"This is a particularly impor- tani function of gold in a me" when money is losing its value as a method of storing up the anys) Ings of the people on a vaster scale than ever before in human his- tory," Mr. Havenga said.-Reuter.
British companies
get warning
The Tax Bureau of the Shanghai City Government 20 per has announced that cont of the land tax for the first half of the current year was still outstanding, accord- arrivals here from ing to Shanghai.
The Bureau has. Issued a warning that no leniency will be shown to those "wilfully" de- faulting in the hope of escaping payment.
The Bureau was said to have mentioned a group of companies belonging to Sassoons and Mol- lers. Limited, both British con- cerns, as being among the de- faulters.
It said that the Far Eastern the Cathay Realty Company. Land Company, the Shanghai | Really Syndicate and the Son Sing Realty Company, all be- Sassoon group, longing to the defaulted Intentionally."
The Bureau said that the tax quota was the Jen Min
Piao equivalent of US$100,000 which, together with fines, totals about US$312,000, the Informfants sald.
Regarding Mollers, the Bureau complained that the only reply given by the managanent to re- quests for a settlement arrears of ubout US $5,000 was: "Nothing doing.""
of lax
The Bureau announced that while due consideration will be given to landowners when rea sogable and legal evidence is presented to prove their inability to pay, no leniency will be shown: to those who wilfully delay their tax payments or stubbornly refuse to settle,
The land tax collectable for! the first half of the current year was given ag Jer Min Plac 163,700 millon, or about US$5,- 100,000-Reuter,"
PAKISTAN RUPEE Paris, September 8. M. Camille Gutt, Managing, the International Director Monetary Fund, today refused to the Fund say whether or not
possible do- would discuss the valuation of the Pakistan rupee at lis ofth annual meeting, which Mr. Havenga commented, "No began here, today.
"If a decision to devalur the attempt is made to argue the case.
"The Board of Governors is Pakistan Tuppe
to be were treated as a body that should be taken, that dopiston woulm any spoon-fed with digested results, event not be officially made not as a body to whom the final during the period of this meet- "Such Government policies can decision must be left on a pre-ing." he said.
Observers thought that de.. only result in dlacouraging Ameri-sented case, as is expressly pre- can industry, enterprise and in-vided by articles of the agree- valuation of the Pakistan rupee to bring it into line with the vestment abroad," he såld.
Indian rate-though not on the Fund's agenda-was likely to be discussed during the meeting.
Mr. Pinckard added that the company was at an unfair dis- advantage compared to firms who got their oil from other producing
arcas.
A Caltex spokesman said that ECA price regulations for oil purchases to be used in Europe wore severe-United Press..
ment,"
Mr. Huvenga also referred to an other part of the report of the Executive Board which stated that South African proposals "would destroy the basic distinction be-
Pakistan joined the I. M. F. in May this year-Reuter,
Pacific Far East Live, Inc.
DIRECT
Fast Regular Trans-Pacific Service
SAN FRANCISCO, LOS ANGELES
HYLYING SCUDA + “ANDREÄ LUCKENBACH”
"TRADE WIND
“NORTIC' WESTERN ...VECTORY" FLEETWOOD"
"Ban-Francisco'
"San Francisco
San Francisca
Ban Pernicioed
OVERLAND: NEW YORK-CHICAGO-DETROIT-TORONTO, MONTREAL, AND ALL AMERICAN & ‘CANADIAN OFTIES,"
Artire
Sept.
3773174
For full
call General) Apente.
FLINE
Bán Franceco & Los Angsian.'
San Francisco à Las Angstid,
via Koolunge Han Francisco_vto Uzum,
Baigon, Diskarta, Bingapito,
Boshay,, Karachi @ Daarnă. Baa Fraodaco à Lan ÁruzĪS,
Stock Exchange
HK Govt. Loans
(1994' ■ 1980) 9šin. * Loan (1948) D.
15. Dont Miqu
3
J
Banks Khanabal Dansk 1,150,
H
(Loh, Rex.) £140. Chartered Hair 20 1/32n. Meretile Bk. A ▲ 1), Ex.D1⁄4, £81%a. Jank of East Aala 101.
Insurances
Cantar Iwa, 2802, Union Ins. 615b, 20m Chini Underwriters in.
HK Fire in. 245.
Shipping
Doustanes 130n.
HK & Macan teammin 11n, Indo China (Prof.) 12n.
(Del.) 30. Bhella (Bearer) 31/1015, Union Waterbista 18n. Asta Nav, 26, 62% nx,
Wharren 56.
Docks, Wharves, Godowns, Eto. JK Kowloon Wharven 70, 70. North Point Wharves 435. Hhanghai Itongkew HK Docks 12 m Chine Provident 0.906. Shantal Backyards 35.
Wheelocks 19.
Mining
Raub Mines 4.10. J{K-Miner .01% n
Lands, Hotels and Buildings JIK & Shanghai Hotel 0%, 4.13. Hands 24%6, 94% **, Shanghal Lands 1.235, Humphreys 76D, TYOR. HK Realties 1,9051. Chines
Estates 110.
Public Utilities
JK Tramways Ex.Div. 10.00b, 10.50.8.
Peak Trams (014) 18n.
H
(New) in.
Star Ferrien Tob.
China Lights
(018) 9.00, 10.10.
.9/10.
(New) 0.701), 6.00/Rosa,
IIK Electrics Ex.Div, 204, 2024/218. Maemo Electrice Jin.
(New) 10.
(Benue 853 8. Sandakan lighta ö¶n. Telephone 08.
(Ilts.) 20. Shangha! Ons 2.
Industriale Calet, Mner. (0:d.) 22%ñ. Cantai lees in. Cements 146, 13500. HK Hopes Jan,
Stores, Etc,
Daley Farms 10%, 10%», 1974 m.
(3.) .001. 00/.917.30am. Watsons 2145.
Crawlerde süb. Siaceres Bn.
China Emporium . Run Co., 5,td. 1,70m. Kronic Brus long 10- Wina On (TIK) 42/43, Wm. Powell, Lid, n.
Miscellaneous
Chien Sowertalainen14 1426 HK Constructions (Old) sim.
(New) 1.80. Vibro Pilings 10n.
Merman Investments 9/-8. Marsman (UK) .9%. Bhanghi Loan Tob. Abangbal. Explor, 20h. Yangtze 231 m. -
Cottons Ewon 2.0b, 8, 2.95.
Rubber," ato. Companies Alma. Balates 125, 148, Anglo-Dutch 18. Anglo-Jars 158. Batu Anams „124. Flute Plantatiopa 55n. Chemor Unlled 60
Chen Rubbers 17h.
Consolated Rubbers 1.856, 1.60 Dominion Rubbers 40. Java-Consolidatede .050. Kota Bahroe In. Kroework Javan 150. Langkala Dob.
Fadan
Rubbere 10. Repah Rubbers 1875 m. Rubber Truste 2b.
Samoanga Rubbers .70%. Bemambu Rubber 50b. Shanghel Kedahu 4,08%. Shanghai-Malaya 10. Shanghai Pahang...60n. Shanghai Biemstran 18. Bua Mengele 10n. Bungel Duri 18n. Tanah Meraha 48,55 Tebong Nabbers 15. Zlangbe Nubborn 500.
BUSINESS DONE (Direct business) Kak 0 m #1,150. Union Ine, 36 at #620. -Wharf Ca; 100 at 7034
!
HK Land 200 at $54%, 000 at $24%.
K&Shanghai Hotel 1,000 at $8.86,
7,000 at 86.65,
1 Team 2,000 $10.40.
China Light (014) 890 at 10.95. *200°
at 10, 4,024 at $10, 1,200 at $10, China Light (New) P1,215 at $6,50
Bént teki, 860 at $8.80. Kecirle Ex.Div. 200 ak 2014, edn
ni #1, 100 m2. Cement 1,030 JR, ES50 Dairy Farm 500 st $1012. Two 100 mi 12.95.0
·Humphreya 050 vá 8716. Dairy Farms (Nachts) 533 at 50 venta, 600 at $5, conta, 185 at 93 cente, -3,160′n}_15 ̧rents, *291 at 93 centa,
6,120 al 10-venta.
Arts Nav, *1,000, 6215 cents. Wing On 23 at 845, 30 t. I Eraporlama 500 'at' BA1%.' Hwang Bang Hong-25 at 3701: Consolidateds, 1,000 nt $1.40.
Money Market
US dollars opened yesterday at HK$0.337 and closed at $0.349.
I opened at HK$6.95 and clos-
ed at $0.361
Industrial gold was on the down grado yesterday. After opening 'ot JiK$299 "a lael, it "dropped to $295,50: In this afternoon, closing ut $290.00. kendon
/ Sterling was, unchanged: Stat HIC$15.65/S
Australian pounds guan “two, centa to HKII3.02.2012/2013
Platines cununued nominal at
Ticais opened at HK$20.00 "a" £100, and closed at $20.50.
NEI Guilders: Ware ; und
AMERICAN PRESIDENT LINES
The Global Fleet
EL George's Bldg.
'Tel: 20173/5,
September 11th
S.S. PRESIDENT TAFT
soiling for
SAN FRANCISCO and LOS ANGELES
September 27th
́S.S. PRESIDENT FILLMORE
sailing for
NEW YORK ---- BALTIMORE BOSTON
Speed
Rogularity
• Dependability
Frequency
BEN LINE
"BENCRUACHAN"
BENVANNOCH" "BENCLEUCH"
418
ARRIVALS
FROM
M
QUE
SHIP
U.K, vin Singapore
In Port.
on or abt. 22nd Bapt.
25th Bapt.
15th Oct.
19
29th Oct.
7th Nov.
12th Nov.
26th Nov.
"BENVORLICH" "BENMACDHUI "BENARTY" "BENALDER" "BENAVON"
*BENCRUACHAN" "BENVORLICH"
"BENALDER"
SAILINGS
London Antwerp, Rotterdam, & Hamburg
Loading on or abt.
+12th Sept.
18th Oot
18th, Nov.
"BENVANNOCH” · .
London, Antwerp, Rot-. terdam & Hull.
25th Gopt.
"BENCLEUCH"
"BENMACDHUI"
"BENAVON"
Liverpool, Glasgow, Dublin, Antworp Rotterdam.
28th Sept.
4
31st Oct.
30th Nov.
Via Singapore, Colombo, Port Sudan, Adon, & Suez Canal. tAccepts Cargo for Japan.
For Further Particulars, Apply To-
W. R. LOXLEY & CO. (CHINA
York Building.
Agonts........
(CHINA); LTD.
Telophone: 34165.
HOLLAND-EAST ASIA LINE ·
S.S. "MELISKERK "
LOADING 11th SEPTEMBER!:
FOR
MANILA, SINGAPORE, ADEN, SUEZ,
PORT SAID, ALEXANDRIA, GENOA, MARSEILLES, · ANTWERP, KOTTERDAM, AMSTERDAM, HAMBURG,
*COPENHAGEN, GOTHENBURG and OSLO
Agents :
ROYAL INTEROCEAN LINES
King's Building, Connaught Road.
Tola. 28015, 28010,28017.
THE EAST ASIATIC CO., LTD.
M.S. "KVERNAAS”
LOADING ABOUT 27th SEPTEMBER
for
ADEN, PORT SAID, GENOA, ANTWELP, BOTTERDAM,
HAMBURG, OSLO, GOTHENBURG & COPENHAGEY
THE EAST ASIATIC CO.,
Queen's Bldg. 204
Tol, 24111