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E-SKING'S BUILDINGSTELEPHONES:2801SETDERROI
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*STEEL AGE"
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Sulled
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13th Oct. 25th Oct.
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Tel: 31146
Duo H.K. 12th Oct. 24th Oct.
Chinese Freight Agents:- HIN FAT. & CO., LTD. Tels: 28823, 25553 & 23483.
m.v. "BALI”
SWEDISH EAST ASIA CO.LTD.
ARRIVALS FROM EUROPE
..end Oct.
SAILINGS TO EUROPE
m.v. "TONGHAI” m.v. "BALI".
.31st Oct. ....mid Nov.
FOR
ADEN, PORT SAID, GENOA, MARSEILLES, CASABLANCA, ANTWERP, ROTTERDAM, BREMEN, HAMBURG, COPENHAGEN, OSLO & GOTHENBUBG
Deeptanks available for Eulksli
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Tel. 21144
THE EAST ASIATIC CO. LTD.
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LOADING 12th/13th OCTOBER
for
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THE EAST ASIATIC CO., LTD.
THE CHINA MAIL, TUESDAY, OCTOBER 10, 1950.
FINANCE AND COMMERCE
Revaluation PLUS MARKS DOMINATE
U.S. BUSINESS; STEEL, ELECTRIC POWER UP
rumours
persisting
Gillingham, England. October B
A Labour Member of Parlin- ment, Mr. T. C. Pannell, pre- dicted tonight that the Britian pound sterling may be revalued soon.
There have been persistent re- ports, denied by government spokesmen, that Britain soon would increase the value of the
Britain pound.
thei devalued pound
from $4.03 to $2,80 .on September 18, 1949.
п
New York, October 8.
Plus marks dominated the nation's business score- board this week, with steel and electric power production the standouts.
The general business pattern prevailing since mid- summer was undisturbed with rare exceptions. In a week of heavy domand and high production there was a further spread of inflation as measured by wage and price increases, a mad scramble to maintain a satisfactory working inventory of scarce materials and a general concentration on ways and means to keep competent help out of the reach of draft boards..
in
"I have no doubt that in the next few weeks the pound may be
Mr. Pannell revalued."
told Labour Party meeting here. But In New York, Mr.
Hugh Galtskell, British Minister of Economic Affairs, told- newsmen
Taking notice of new pro-, thlags for sale including petrol, Including sulphur, "there is no intention to revalue,
various chemients, the pound."
Mr. Galtskell, acting duction records head of the British Treasury dur- fields, high railroad earnings nylon hosiery, light bulbs and
Mark-down ing the illness of Sir Stafford and the continued rise in in- electrical appliances, Cripps, arrived in New York to-flationary pressure, the stock day for Informal talks with U.S. market sailed through all op- and Canadian Economic officials. position to establish new peaks
Associated Press.
for the past 19 years on three and held separate occasions virtually all of its advantage to the end.
Producers increase prices
declines, There were a fow however, including ด mark- down in number prices on the West Coast. This encouraged some analysts to hope that a Jull in the pressure on prices might be shaping up now that hoarding has stopped and for- buying for Inventory has cooled off.
hit Steel production
a new
All told, nearly $2,000,000,000 were added to the quoted value of shares listed on New York's big! strong board. Correspondingly trends prevailed in other securl-peak for the second week in a
and high volume row. markets ty mar suggested broad public participa- Operations this week were at tion in the bullish demonstration. 101.2 per cent of capacity. com- The market returned to its nor-pared with 100,7 in the preceding mal six day trading week after period. in-knocking off on Saturdays through
Cleveland, October 8. At least 13 producers cluding several large ones, raised steel prices last week, but general increases throughout the industry are unlikely until after settle- -ment of the wage question, "Steel" magazine said today.
"Steady expansion in the list of those makers revising price schedules is expected from here on, "Steel" predicted in its week- however, It noted, ly review. that the giant of the industry, U.S. Steel Corporation, was con- spicuously absent from the cur rent list of those raising prices.
the summer months,
Labour interruptions were at a Management and minimum. unions worked out new contracts that provided wage increases and higher fringe benefits for counted thousands of workers. New demands unknown
un-
ex-
Advancing
NY stock market
New York, October 8.. An advancing stock market
swept aside all obstacles last week and established now highs for 1950 on four days out of
BIX.
The fundamental force behind the advance was the expectation of continued high level indus- trial production for both civilian and military use.
During the week both steel and motor shares were exceptionally strong and on many days were the market leaders.
The old General Motors $10 par common stock ended its life on October 2 at 99-. The new $5 par common took over alone from there and closed the week at 54- 16.
right along in Chrysler went
closed at 83-4 the parade and
Chrysler the week. up D-4 on earnings, plus hopes for a stoelt split, contributed to the levand
U.S. Steel provided single
ed market leadership at times and closed at 40-%, up 2-3 on the
Automobile output was a shade on the offside due to a combina week.
for inventory tlon or closings taking and model change-overs, A total of 179,088 cars and trucks were produced in this country and Canada agains! 187,030 in the previous period and 143,443- year ago. Associated Press.
a
What the big steel workers
RECORD UK union would ask in the way of new wage demands was known
STEEL OUTPUT only to top leaders who
In prolonged
London, October 8. changed idone
Britain's steel industry, due for meetings in Atlantic City. But guesses among steel executives nationalisation next year, set ranged all the way from 15 cents new production record in Sep- steel at to 20 cents an hour in oash and tember by turning out fringe benefits that cannot be the rate of 16,954,000 tons per accurately measured in dollars year. and cents until all details are: known.
The industry currently employs around 650,000 workers and any wage increase, it is generally con ceded, will result in an immediate increase in the price of finished steel products.
F
record
The Iron and Steel Federations
the which announced Sunday, said it compared with a rate of 15,800,000 tons per year in September, last year and a 1950, target for the industry of 15,- 750 000 to 16,000,000 tons.
In general increases of from three to 12 dollars a ton were made last week, "Steel" reported. arithmetical The
magazine's composite on finished steel prices slood at $94.30 lon, compared with $90.55 n year ago.
last Steelmaking operations week were at 101.5 per cent of
British steel production in the capacity-up one half per cent
Some steel firms have already first nine months of 1950 was at greatest tonnage equal to the output ever recorded, more than hiked prices and two more did it the annual rate of 12,117.000 tons 1,952,000 net tons.-Associated this week. Higher tags were also the Federation said.-Associated
pinned on a wide variety of other Press.
Press.
Hindu member of Pakistan Gov't resigns, complains of minority ill-treatment
Calcutta, October 8. Jogendra Nath Mandal, 44-year-old Hindu member of the Pakistan Central Government, resigned today. An 8,000-word resignation letter sent from here to the Pakistan Prime Minister, Mr. Liaquat Ali Khan complained of Pakis- ton's treatment of Hindu minorities in the "Islam State."
machinery envisaged in the Delbl agreement, but also was loth to take effective steps for the in- plementation of the same.
Mr. Mandal also spoke of the "economic, boycott
of Hindus in East Bengal, wholesale requisitely dark. tion of their houses, and non-payment of rent.'
"1
"The confidence of Hindus
in
coun.
Just to illustrate the nation's economic pace, steel production for the week was at an estimated. record. 1,951,900 tons of ingots and cust- Ings, the highest on Plans are well advanced for ex- panding capacity materially for several years. And yet the Gov- ernment is convinced that short- ages are inevitable. The National Production Authority feels it is necessary, for example, to allocate steel for the making of freight cars
to ease the transport pinch. Last week, the Government petral asked for more aviation
cost." Trade regardless sources discussed the possibility of hiking the price of crude oil which has been unchanged for
of
around three years.-Associated
Press,
Americans drinking more tea
Washington, October 8. Amerleans are drinking more! tea, according to the U.S. Depart- ment of Agriculture, and the ma jority ke It black instead of green. Before the war, most of them preferred green ten.
Tea Imports, mostly black from India and Ceylon, mached 94,014,- 084 pounds in 1849, the largest, amount since 1941 when 107,000,- 950 pourds were brought in, says the Department.
No figures for this year are yet available, but the Department report says a further increase is expected.
run
AMERICAN PRESIDENT LINES
The Global fluet
BL George's Bldg.
28172/5.
TO HONOLULU & SAN FRANCISCO
Pres. Cleveland
Gen. Gordon Pree Wilson
via JAPAN
Arr Oct. 14 Balis .Oct. 18
16. Balls Oct. Arr, Oct.
Arr, Nov. 3. Bali. Nov,
TO SAN FRANCISCO & LOS ANGELES.
Pres. McKinlay Prod. Taft
vio JAPAN
Arr.
'Nov. 4 Bali Nov,2; 6:
Balla Nov. 6.
Arr. Nov.
TO NEW YORK, BALTIMORE & BOSTON.
via PACIFIC COAST & PANAMA"
Pree. Tylor Pros. Grant
Oct Baile
28 Arr. Oct. 27
Nov. 16 Arr. Nov, 16, Balle
ROUND THE WORLD
VIA MANILA, BINGAPORE, COLOMBO, COCHIN, BOMBAY, KARACHI, SUEZ PORT BAID, ALEXANDRIA, NAPLES, MARBEILLES, GENOA, NEW YORK and BOSTON
Pres. Polk Willamette Victory
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Oct. Arr.
Oct, Arr.
18 30
Balls
Salte
Oct. 10 Oct. 31
BEN LINE
SHIP
"BENVORLICH"
"BENMACDHUI
"BENALDER" "BENAVON" "BENVENUE"
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FREM
ARRIVALS
U.K. via Bingapore on or abt.- 20th:00
FROM
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ZOUS
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24th De
Loading on or abi
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17th B
London, Antwerp, Rotterdam, & Hamburg
"BENWYVIS"
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20th Di
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Via Singapore, Colombo, Port Sudan, Adon, & Sues.
For Further Particulars, Apply To......
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5th
W. R. LOXLEY & CO. (CHINA), LTD.
Agents
York Buliding..
Telephano: 34165:
Prices of most U.S metals unchanged
New York, October 8.
Prices of most metals held unchanged last week Domand showed no sign of egsing. Trade in terest centered on a new government regul tion setting up a priority system for defons orders.
All plants were directed to give the right of wo
to purchases rated "DO" (defence order) the Department of Defence and the Atom Energy Commission.
·met
Lead, 10 cents a pound, Ne
nominal, Gulf of Mexico ports.
He added: "Coming now to the The Department says it cannot present conditions and the pro explain the change in taste of the! spects for Hindus of East Bengal American teu drinker from green. tea, but says the in- result of the to (Pakistan) as a Delhi
say crease in consumption "is in part agreement, I should that their condition is not only due to the
volle D increase in absolutely prices of but unsatisfactory hopeless and their future comple- Japanese production of green. ten this year is estimated at 67,- nine per cent herounas,
than last year but only East Bengal has not been re about one half of pre-war DIO-
which duction
around 115,-
non-ferrous Major Mr. William H. Harrison, Referring to the_rocent agrooment between Mr. stored in the least.”
The Delhi agreement, which 050,000 pounds a year.
Last year, Japan, shipped 'only Chief of the National Produc prices Liaquat Ali Khan and the Indian Prime was meant to solve disputes and
4,200,000 pounds of green tea to tlon Authority, told newsmen Copper. 24.50 cents a, pour Minister, Pandit. Nehru, on the treatment of conflicts between the two
United not the
States, compared with that he would not be surprised Connecticut Valley, foreign sar an average of 21,870,000 pounds if several critical materials price, New York. minorities in both countries, Mr. Mandal said:tries, Mr. Mandal sald, had
been carried out;
yearly before the war.
would have to. be allocated. "Nothing has been settled. On the contrary,
Indin and Ceylon ure viewed "On the contrary," he added, communal propaganda and, anti-Indian pro-"communal propaganda and anti- with having noved into the directly by the government York, foreign same pri
He speciacally mentioned cop paganda by Pakistan, both at home and Indian propaganda' by Pakistan, Amerirán tea market on a major within 60 to 90 days.
both at home and abroad, is conscale as a result of the oppertunity
per, aluminium and brass among
Zinc, 18:32 cents a pound, Ne abroad, is continuing in full swing."
tinuing in full swing,
offered by the war.
In addition 42 Jupon, Indo- materials which probably will be York, foreign 10 to 20 con
rationed first. nesian ton shipnients to the US.
nominal, Gulf of Mexico ports. Meantime, gray market copper
Aluminium. 1. cents a pour have dropped in recent years.
was still bringing premium prices "The observance of Kashmir year, the islands shipped
Last year League 10,984.006
compared with well above the established 24-Ingots, shipping point, pigs pounds, Day by the Mosiam (the party In power] all over more than twice that amount cents a pound.
the tight There was no letup m
Antimony, 35.23 cents a pour Pakistan is eloquent proof of during prewar years.
Japan
supply pinch in zinc, and the considered able to the communal and anti-Indian
• propaganda,"
consume at home-virtually all of price was strong at
Laredo, Texas, A In his letter of resignation Mr.
tho
expected to produce pound, East St. 17- cents of cased Naw York, 32, conts (bb) Lea it Mr. Mandal alleged that in this year. However be u
The British Ministry of Sup- Manganese, 45 per cent Mandal said: "after an anxious
a large part of markets are ***
toply notified Industrial consumers nearby contracts, 763-to and prolonged struggle I have
Mr. Mandal estimulet a tall of West Pakistan come to the conclusion that 10,000 yen in the Dneca and about 100,000 scheduled castes take about 15,000,000 pound their purchases must be held un cents long ton unit (24 lbs
441 further notice to no more nominal cif US, ports. Paklatan la no place for Hindus
Ferromanganese 30 to 02 pe and that their East Bengal riots, which started.(a sub-caste among Hindus) had Domestic-supply is expected to
been converted to Islam. to live in and
be restricted so that the Japanese than 9/10 of their average on February 10 this year.
Jas ycor, manganese, #172 to $174) future is darkened by the ominpus shadow of conversion or The riots, nccording to Mr. He feared that Hindus win can supply foreign demand and monthly consumption
sist the nation's efforts to bols
because of the zinc shertage gross ton, shipping (point, And the U.S. Commerce Dopart-Nickpl, 18 cmir #pound, al liquidation,"
Mandal, were fomented by the still remained in East Bengal or ter its international trade.--Asso-
ment imposed restrictive quotas trolytle cathodes.-Port Colber
Técnt, New Yor lotter, released to the press authorities and by measures cal- Pakistan would be either con- elated Press The
...completely culated to create communal verted to Islam.or...
on exports of both zinc and Ontario, 01.224 hore tonight, added: While I am hatred in East
Pakistan.
exterminated," "... but, he --sold,
aluminium to prevent undue Platinum, $100 ), an convinced that my continuance
foreign drain" from this country, wholesale, 8103
York. in office in the Pakistan Central
Declaring that conditions had Hindus will never allow them- selves, whatever, the threat of Government is not of any help not improved after the Delhi lemptation to be treated as Jim-
*** Lead demand
Silv Mr. Mandal mald: mies In the land of their birth
of time
Mr. Mandal, who had been Law Minister in the Pakistan Central Cabinet, since the in- ception of the State, came here a fortnight, ngo for medi cal treatment,
"
.10.
In East Bengal, which led to communal rfote there and conditions: prevalling in Pakis tan, after the signing of the Nehru Liaquat All agreement on, minorities Delhi on Apr 8.
Death toll
Auto Tents that false "With",thanks
Khan
at
Eloquent proof
Abould not with! agreements
mifits of Hin- to realise the molther the Today they may indeed (ingrepakistan and abroad that
lunes there with East Bengal Govont nor the many of them have already done abandon elr sjeleneths, ang 1. Loagud, leaders were of narincore In Implementing Ute homes in errow and in panter
But Lomorrow they will stelve
dur of Hindus honour
thole
Moslem
Mand You The Last Bon dvokrummenh Untuwa;hot/only.
BOMBS INJURE 10 AT MEETING
Ton prople were alightly hurt
Damand for
for land” Improved » and produperen and Louston Comaltera obuia
than thein dally output Tin advanced a total of SÉLTEK) a pound during thesweel
conts,
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