THE CHINA-MAIL - SATURDA
SEPTEMBER"- "23" "1050,-
R.I.L
ROYAL
INTEROCEAN
LINES
SINGAPORE, JAVA
PORTS and
MACASSAR
"TJTJALENGKA”
"VAN: HEUT82” •
"TABMANY
ARRIVALS
In Port
2nd Oct.
Ath Oct
* only to 'pora, Panang,▲ Bej Beij
6 MANILA, EAST &
SOUTH AFRICA & SOUTH AMERICA
"STRAAT BOENDA" "TJIBADAK" •
#TJJBADANE"
ARRIVALA
23rd Sept.
20th Oct.
• not calling Manila and South America
© JAPAN
"TJIBADAK"
"STRAAT BOENDA" "TJIBADANE"
ARRIVALS
11th Oct. 6th Oct,
SAILINGS
24th Sept. 10th Oct. 10th Oct.
SAILINGS
9th Oct. 14th Oct.
SAILINGS
24th Sept.
R2nd Oct.
Agents: HOLLAND-EAST ASIA LINE
● EUROPE vio MANILA
and 'MALAYA
*MEERKENK"
"HYNKERK"
"LANGLEEBCOT"
Sumulat
ARRIVALS SAILINGS
8th Oct.
22nd Oct.
arly Nov.
11th Nov.
Early Deo.
b
Through B1/L
Mediterranean and Nartkara
European perts,
JAPAN
"MEERKERK"
"RYNKEAK"
"LANGLEEBGOT"
SKINTSBUILDINGSUREPHONES TRAMPLING
FINANCE AND
COMMERCE
DOLLAR PROBLEM --THEN AND NOW
New York Stock Exchange
New York, September 21, Light selling squalls flicker the stock market just before the close today after prices on average had circled around the highest level in more than four
years.
Final prices were under the best marks of the day in many cases but still up a few cents to more than a dollur a share.
Dow Jones uverages: 20 Industrials
16 Raila
10 Utos
Closing quotations:
Adama Express
Alaska Juneau American Can ...
London, September 22,
Before Korea the bridging of Europes's dollar gap was in the forefront of world problems. Since Korea there has been a tandency-perhaps to dis- a dangerously mistoading tendency miss the dollar problem as irrelevant. For Britain there is irony in this for it happens just at a time when efforts to bridge the dollar gap are showing the most encouraging results so far.
In the first half of this year- tively small quantities of a wide a period unaffected by abrupt variety of goods demonstrating changes of polley since the the effort to widen the range of
British exports. invasion of South Korea on June 25-the excess of United States exports over Imports hus teen running at about US$
In the 200,000,000 a month. first half of 1949 the dollar gup was about US$500,000,500. month.
Narrowing of the gap was first 220.01. of all brought about by a sharp 67.23. reduction of US exports when 39.95. the US, began to recover from the Its short-lived recession In 224 second half of 1949, necompanied by a steady increase in U.S. im- poris since July, 1949,
244
03h
It would clearly be an econo- mit Eetlack for the free world If this narrowing of the dollar gap were not to be consolidated
on secure foundations. In fact,
99
Smelting Telephone
140
7th Oct,
10th Nov.
early Dec.
26th Oct. Early Nov.
Tobacco Waterworks
84
Anaconda Copper
35%
Aviation Corp.
7
Baldwin Locomotive
14%
Bendix Aylätion
49
Bethlehem Steel
Boeing Aircraft
503%
on
Canadian Paciile
50%
Chrysler
72%
Colgate
44%
Commercial Solvent
20
Cora Products
#7
BU
Borten Co.
Case J. I.
Du Pont 2G G
Eastman Bank
ISTHMIAN LINE Galleri
(Isthmian Steamship Company, New York)
DIRECT MONTHLY SAILINGS TO NEW YORK
YIA LOS ANGELES AND PANAMA *STEEL, SURVEYOR"
..27th Oct.
SAILINGS TO SAIGON, BANGKOK & PJAKARTA (BATAVIA)
"STÉEL. AGE"
"STKEL SEAFABER"
“STEEL AGE"
ARRIVALS FROM U.S.A.
STEEL SEAFARER"
.10th Oct.
.21st Oct.
Sally N. Y. Sails 8.F. Dus HK. Salled Salled 9th Oct. Salled 20th Sept. 20th Oct.
GILMAN & CO., LTD.
Tel: 31140
Chinese- Freight Agents:- HIN FÁT & CO., LTD.
Tel: 28823, 25552 & 23483. ·
SWEDISH EAST ASIA CO.LTD.
ARRIVALS FROM EUROPE,
my. "TONGHAI” m.y. "BALI”
4th Oct. carly Nov.
SAILINGS. TO EUROFE
me. “BENGAL" FV. "TONGĦAJ". M.V. "BALI”
2nd Oct. .29th Oct. end Nov.
YOR
ADEN, PORT SAID, GENOA, MARSEILLES, CASABLANCA,
ANTWERP, KOTTERDAN, BREMEN, HAMBURG,
COPENHAGEN, OSLO & GOTHENBURG"
„/Dooptanka ávallable Yer Bulkuil
GILMAN &
CO
Tel. Filt
i.
LTD.
Goodrich
Goodyear
Motors
Homestake Mining International Harvester
Yet even in these recent months the percentage of British exports going to North America is only the just over 10 per cent (in second quarter of 1958 the U.S. took 4.0 per cent of British ex- ports and Canada 6,9 per cent).
ent 10 bulk of British exporta no to the rest of the sterling aren (48.7 per cent in the second quar- ter of 1850) and to Marshall plan countries and their overseas de- pendent territories 20.9 per cent.
Inovitable question
The narrowing of the dollar Kap inevitably raises the question, when will the UK be able to buy inore
There has dollar goods?.
criticism in Canada and the U.S. of the British Gov.
been some
now
First, the
of course, the dollar gap is quite ent's strict dollar saving. It likely to be closed in the coming argued that the UK cen
afford
greater
This Importe months by the development of 423%
disregards two facts. rearmament policies but this UK itself is still running a dol- 34%
artidelal impermanent basis which to solve the dollar ar 10% problem. I
is significant that * the Economic
Co-operation Ad- Paul Hoffman, ministrator, Mr. has been anxious to keep dollar olar aid for European recovery separ- ate from dollar ald for defence. The narrowing of the dollar 40% 47% gap may prove to have a 04% Importance for the United States of the sterling area rules out any 110 Rearmament inevitably an appreciable relaxation of dollar
This
Could Import economies at this stage.
In lar deficit,
the first six months of the year the import- export deficit averaged nearly ***£5,000,000 a month with Canada
and approaching £10,000,000 n! month with the U.S.
€43%
38
31
Paper
Tel & Tel
$74
743%
47/
04
61%
Johns Manville Kennecutt Copper Moutgomery Ward National Distillers
Lend
New York Central
Packard Motora
Pan American Airways
Pennsylvania KR
Radio Corp.
Real Silk
Remington Rand
Republie Steel
Schenley
Sears Roebuck Sheit Of
is
inflationary factor.
new
Secondly, the state of the cen- tral gold and dollar reserves of the United Kingdom and the rest
be eased by allowing an import It is true that the direct deficit between the United Kingdom and a large North America has been coverexi
remain nbroad
surplus or by reducing which by net surplus dollar earnings by.
export surplus. Exports would have gone
stoon
to meet home demand. Another parts of the sterling area.
But the gold reserve at
reserve at the end creased volumo of imports al-
des of June
at no more, than leviates the pressure of home de
US$2. 422,000,000. A year or so mand on Internal prices by auf before the second world
supplies, 46menting home
they were about US$4,000,000,- 000, equivalent to some US$10,-
2814
4
BU
war
1974 this, if only because 50.000,000 at today's prices, 50]
B$
17 situation is unlikely to develop
countrics will
need to 19% increase their dollar purchase
from North America in order to rel the machinery and the ma- 1316 terials needed for rapid rearmo- ment. But there should also be
by the U.S.
This
a larger expenditure by
Canada on imports.
17
15
3816
Heynolds Tobacco
34%
9234
End
494
3517%
23 028 2346
Oil of Calit
771%
የኝ
Oll of N. J.
844
Studebaker Union Bag
Carbido
374
40
40%
3916
184
Socony Vacuum Southern Pacific Standard Brands
US Rubber
Stoo!
" Linca Westinghouse
Youngstown Sheet & Tube, 103
Gen, Pub. Utlllück
has already been seen in excep- tionally large shipments of tin from United Kingdom to the U.S. in July, worth £1,300,000. This was half the total of £2,000,000 for non-ferrous metals and three times the June total,
that their true value today is only a quarter of the pre-war level.
IRANO-SOVIET TRADE PÁCT
Teheran, September 21.
Irano- The text of the new Soviet trade agreement caliing for the barter exchange of be tween US$30,000,000 and $35,000,- 000 worth of goods has been handed to the Shah and will manu The United Kingdom, which probably be signed within, a few has a bigger stake in the dollar day Russians have agreed to export drive than any other
Best month
European country, had its best supply Iran with one-third of 336 month in July, earning US$01,- her sugar needs and also to buy 10 da
000,000 from the U.S. and Cana-one-third of Iran's exports. Rus- da. This
compares _with_ asia would buy wool, hides, gum, Lifted in the curb were Fan- monthly average of US$50,000,000 dried fruits and cotton in return svcél Metallurgical, Louisiana
months of 1918 for Soviet sugar. cotton goods
andl Industrial equipment, was the previous best the North
Iran would set up four big sales in
trading companies in the North- ern provinces to deal with the Russions.
OIL FOR CHINA
I signed by the Shob, the agreement would not necessarily have to be ratifled by Parlia- ment-United Press.
NOTICE TO CONSIGNEES
Land, St. Lawrence Corporation, in the last few
which Standard Power, Electric Bonds period for & Share, Detroit Steel Products, Creole Petroleum, and Arkansas American market since the war If the July record is maintain- Natural Gas--Associated Press.
ed it will mean that UK dollar earnings from the U.S. and Cang- da have improved by 50 per cent since devaluation. Generally `Minko, September 21. speaking this has been due to A ship of Philippine registry. Increase in volume accompanied 66. Artic, reportedly to be en by some reduction in doilar route to Communist China with prices, though a few established 800 barrels of fuel ell, wes In-lines such as whiskey have been m.v. "JEFF DAVIS" tercepted by the Philippine Con- sold at pre-devaluation prices in sul at Hong Kong, but was later about the same quantities..
Having arrived Hong Kong permitted to sail, according 'to a
New patternLS` of trade have consigners of cargo are hereby report to the Foreign Office today, been developing as a result of notified that all goods have Consul Vicente Singlon notified the dollar export drive. For the been landed and placed at the Foreign Office that he had first time Canada was in July their risk and expense into the ordered this stopping of the Arctic the United Klugdom's chief mar godowns of the Hongkong and which hat docked ai Hong Kong. ket for cars, Mr. Singlan fald the vessel war:
passenger Kowloon Wharf and Godown bound for a Chinese Communist more Co., Ltd, where delivery may port via Macao with 800 barrels successful in Canada than in the be obtained
as soon as the of fuel oil and he requested in US, and July was the
first goods are landed siructions in view of the Philip month for a very long time when pine bat on the export of strato-
Briinin gold more to the
U.9. gic war materials fe China, For then to Canada: Apart from in- mon and North Korea.
The Foreign Office Instructed creased purchases of raw ma- Mr. Singian to release the ship serials by the US. there have after the Customs Commissioner been some notable increases in in Monta said the all could not the sale of manufactured goods All broken, chafed and damn. have come from the Philippines. such as carpets, woollen goods aged goods are to be left in It, was, not known where the oll and bicycles. There has been the godown where they will be had been loaded-United Press.
general increase, in males of rela-] examined in the presence of Messrs. Goddard and Douglas NOTICE: TO CONSIGNEES on September 23, 1950, at 10.
a.m.
Pacific Far East Line, Inc.
Fast Regular Trans-Pacific Service.
DIRECT HOMOO, LOG ANGEHEN
COVERLAND .NEW YORK-OBICAGO-DETTROITTOLONTO 'MONTREAL, AND ALL AMERICAN, A CANADIAN - CITIES.
care worth oo. So
m.v. "CHANGSHA”
No claims will be admitted atter the goods have left the godowns or failure to attend the survey.
To comply with the General
a
Hong Kong Stock Exchange
After an active week of trading with advancing prices in all sec- tions the market closed aloady but rates were occasionally below the best levels. Favourable develop. ments in Korea coupled with the hope of an early cessation of hos- titles were responsible for the
Banks Improvement.
$1,200, Unions 3035, Wharves $80, Docks $149, Lands $30, Dairy Farms 12.6 and Dairy Farm Rights $4.00 finished at their highest for the week, but Watsons, Electrier and Lights suffered a minor set- The back due to profit-taking.
was neglected, rubber section sellers not being ready to part with scrip at quoted prices. The undertone of the market is quietly firm.
HK Govt. Loans
4 Loan 100n. Bi5% Loan (1934 à 1940) 40% m. # Loan (1008) 95.
Banks
JIK & S'ha Bank 1,170b, 1,8186, 1,2)9se. (1.ott. Res.) soin. Chartered Bank Exbly, CO 1/100, Mercanille Donk A. & D. CRIK¤. Bank of Fat dala 1025,"
Insurances
Canton Im. 230.
tinton Ina, gasb.
China Underwriters 20.
HK Fire Ins, 143n,
Shipping
Douglas 18in.
HK & Macao Starmboate in. Indo Chia (Prof.) 120.
(Def.) 3.
Shells (Dearer) 857-n. Union Waterboala 185; Aula Nav, .cab .76.
Docks. Wharves."Godowne, Etc. HK: Kowloon Wharves. 79b, 1 K0am. North Point Wharves 4,806, ikan. Shanghal - Hongkow Wharten, 65, HK Dock 10."
China Providenia: 11 1⁄4b, - 19 Shanubal Dockyarde 3.20b,' 3,20en,” Wheelocks 22b. ....
Mining
Raub Minna 4.105.
* Mines 01
'Landa, 'Hotels and
KK & Shanghai Hotels 17.106.
HK Landi 28b,, :
Shanghai Kanda, 1.805.
Humphreys (33K
HK Reálies 9,056, Ride.
Chinese Estates 110m.
Public Utilities
XX› Trainwarn: 10:306, -13:40e
Peak Trams (Old) 15%.
(New) .
Stay Perzien 4754m.
China Lights (Old) 11.206, 21.40.
(Now) 1.80%, 94, 120ne,
IK Electrica 248, 263isa,
Mago Eletries Ilm..
(New) 10%.
H
(Don 8h), 100. Gandaken. Light Ban. Telephones Uni
|(Rie.) _,100, 50KM. Shanghel Gas 10.
Industriala Gold.-Macy, (Ord.)-82n.-- Canton Ios sp. Cemente 10#, · 10am
STE Ropes 19.45b.
Stores Eto
Dairy Farms 12.86), 1235/40/6000
|_ (Rtu.) "1.808; -8.107.90x6, Watagan 24140.
-L. Crawfords BUK
Sincere In.'
China Emporium an
Yogna Band Hon Ta Wine On (HK) 410. Wm, Powell, Jad, on. -
Miscellaneous Chiss Entertainments Im HK Construction. (013) #ián
(New) 1.500. Vibro "Pilings 194
Marman Jovestmentu ·D/-16. Mereman (JK) 2,940. Shanghai Lean- „70b. Shanghai. Explov. 206. Yangistes «4.
Coltona
Ewas 2.90b.......
BUSINESS DONE (Direct business)
FK Bank 1 st $1,290.
Wharf Ca, 100 at 880, 100ml £40. North Point Wharved 500 at BAK HE Dock #100 at $143⁄41⁄2.
·Chins Provident 150:at 112.18. Shanghai Dock, 209 at 15.20. IK Trem 100 «6′ £11.40. Chthe Light (01d) 2,200 at 'si1.40, Chion Light (New) 600 at $7,50, 600, at,
$7.00; *500 at $7,99.
IIK Decirlo 100 $1/$2414, 4800 AL $2434
- Cement, *400, WS, SED I
Daley Parts *700 at SIR¥4, 387 mg SIR:40," 400, at $18.45, 3,000 at $12, ***¥ : at 61.80,' 305 mt 113.60,--", Watson 100 at 89444
Telephones Rights #1,500/ma' 10 ekata. Dairy Farm Richis 200 at. 93.70 1,800 ***AL $3.70, 481 (e), $1,70, 1;100 ̧à± 82,8 Yangiasen" 1,800 a $2. Vibron #1,009, as 3103 19.3. Banget Durla 200. At $15.
US dollars.opened yesterday at HIC60.8022 and closed at 8033432 TP opened at: HK$0.4015, and closed at $0,10%.9.201603
Arrived September 20, 1930 Bond consumers must have Money Market
Damaged cargo ex this Revenue Officer in attendance vessel will be surveyed, by when examining damaged duti- Messrs. Goddard & Douglas at able goods. All claims against Hongkong & Kowloon Wharf, the vessel must be presented No. 50 Godown from 10 am to the Undersigned within on September 35 and 36, 1050, fourteen days of the ship's and consignees, are requested arrival, or they will not be to be present during survey, recognised. T
BUTTERFIELD & SWIRE, affected
No fra Insurance will be|
Agenta
WALL
Australia
ental Line
Co
38941-0.
Hong Kong, Bept
Industrial gold opened.ht pikem,35 a jagl, i dropped to $296.40, and, closed at: Banjo,1235, Sterling a clogöd-rat HK$18.00, "äffar opening, 417820.70.12
sjedaj novina),
100,
'The Qlobal' Fisas
TO HONOLULU & SAN FRANCISCO vio JAPAN
Pite. Claveland
Gen. Gordon
Fros. Wilkon
App Oct 14 Balla Oct. 18 Arr: * Oct. 18``Balle'' Doki ADA (Nov. S''Baila' Nov.
TO SAN FRANCISCO & LOS ANGELES vio JAPAN
Oct.
Pies Pittco
Baila. Oct. Pres. Mckinley ...... Arr Oct. 24 -Balin Oct. 26
.
TO NEW YORK, BALTIMORE & BOSTON
via PACIFIC COAST & PANAMA
PHA
Fillmare Pren. Tyler
++
++
Arr. Bapt. 27 Balla Bapt. AB Ost. 10
Balis ******** Arr. Oct. 29
ROUND THE WORLD.
VIA MANILA, GINGAPORE, COLOMBO, DOCHIN, BOMBAY, KARACHI, BUEZ, PORT SAIQ, ALEXANDRIA, NAPLEB. MARSEILLES – GENOA, NEW YORK and BOSTON.
24
Sulfa
Přes. Jefferson ....... Am Bapt.
Bept. 24 PML Van Buren* .... Arr. Bapt. 20 Balls Sept. 24
*OMITE 'MANILA, KABAGHI 4 ALEXANDRIA.
BL Goerges-Bldg.
TUL. 28172/6.
BEN LINE
"SHIP "BENOLEUGH*.
BENVANNOCHTM "BENVORLIOK" "BENMAODHUI" "BENALDER” "BEHAVON "BENREGON" "DENVENU
ARRIVALS
FROM U.K¢ vla%Bldgapurs
SAILINGS
QUE
27th Sept.
on or abk, 28th Sept.
Antwerp,
19th Oct.
29th Oct.
12th Nov,
26th Nov.
ärd Dio.
11th Dec.
Loading on or st£"
"BEN ALICH":
JER
23rd Oct.
18th Nov.
Rotterdam,
Hamburg.
16th 080
"DENVA
London," Antwerp, Byt terdain & Hutt,,
90th. Bapt.
"BENWYVIO" state
20th 'Dia.
Rotterdam & Antwerp.
"BEŇOLEUGH"
Glasgow,
"BENMACORUM
A
"BENAVON"
i'ན
Genoa, Liverppól,,
· Liverpool, Dubijó, Antwerp
30th Sept. Bist. Oct
20th Nov.
Via Bingapore, Colombo, Port Sudan, Aden, & Quen,As
For Further Particulars, Apply To
W. R. LOXLEY & CO. (CHINA)) LTD.
Agents
Terk Building.
Talophone: 24165,"
THE EAST ASIATIC CO., LTD.
M.S. "KAMBODIA'
LOADING ABOUT 15th OCTOBER
ADEN, PORT SAID, GENOA, ANTWERP, BOTTERDAM,
HAMBURG, OŠLO, GOTHENBUSO & COPENHAGEN
THE EAST ASIATIC CO., LTD. Queen's Bldg., End flour.:
26111
HOLLAND-EAST ASIA LINE
S.S." MEERKERK"
LOADING 7th and 8th OCTOBER
FOR
MANILA, SINGAPOBE, ADEN, SUEZ, PORT. BAID, ALEXANDHIA, GENOA, MARSEILLES, ANTWERP, KOTIENDAM, AMSTERDAM, HAMBURG, COPENHAGEN, GOTHENBURG ada“ OSLO:
Agonis :
ROYAL INTEROCEAN LINES
King's" Bolldies