Wall Street Price Plan American Share In Financing R.J. Le
Hit By A Selling Wave
"Healthy Shake-Out” In Stock Market
New York, Jan. 10. A selling wave hit the Stock Market today and carried prices down for loses of around
extreme
$2 a share. :
The neute phase, of the decline occurred in the final hour, when losses extended to $3 n share and there was an almost dramatic partial recovery in the closing minutes of trading.
Al Uimes the tape was 1 (H minutes behind dealings on the floor of the Exchange.
There was no one factor that started the selling, brokers agreed, but many welcomed the well oit. Ther called It a "healthy shake-mul."
wage-Price
Rejected
Washington, Jan. 10.
The Ecohousia şlabiliser, Mr Alan Valentins, today
· killed the 30-day' wago- priço freeze proposed by tho Price Administrator, Mr Michael Di Balls.
Mr Valentine told s nows conference be ruled against, the plan because his agency did not have the staff to exforce it and for other policy reasons, ernment had no plan
to impose celling prices, Uulted I'reas,
The Kov-
prekent
overalt
Increased Export Of Carpets
London Jan. 10.
Glasgow begins the new year on the pleasant note that the They had expected it for many Bridgeton carpet manufacturing Arm of James Templeton and A total of 901 issues declined! Co., Ltd., has jobs available for and 171 advanced.
sop girls,
days.
Transfors were 3,270,000,
A director said that the firm Losers Included Baltimore and which has seven branches with- Oblo
Amarican Cable and in half-a-mile of each other in Radio, Sunray Oil, Lockheed, the city, normally has 4,000 Transworld Airlines, Texas Coworkers, but has been experien
Benguet Mining, third most difficulty in finding the full unchanged number of girls because of the active stock, closed
of new industries. attractions
"We
short are
of female labour," he said, "and the posi- ion has been aggravated by these industries which are being Introduced into an area already thurl of labour.
it
12.
Dow Jones averages: Stocks 88.03; Industrials 240.40; Rails 78.50; Utilities 41.63.--Associated
Pres
BAN ON
OVERTIME
WANTED
Melbourne. Jan. 10. Dockers at mass "stop work" meetings in Sydney, Newcastle, Brisbane and Adelaule today resolved to recommend to the Courell <if the Workers Federation
"We have the plant and bulldings avaliable for them"
here
This year the Bridgeton limi exported more carpets than ever betore mainly to America, Australia and New Zealand- but the director felt that even this record could be exceeded if they could find the full num- ber of girls to operate their machines.
"Of course," he added, "we couldn't take them all on t ance.
IL would take somu ame."
The Am recently supplied Waterside the carpet
which covers the to impose floor of, the new House of Com- an immediate ban on overtime in all Australian by members
ports.
But Melbourne dockers recom-
the Connell
to cerk their of
mended Court adjustment
grievance
Au
All Australian ports were idle today while the men considere:! action agains! the recent de- cision by Justice Kirby in the Arbitration Court
giving them
an
additional four
pence an
hour instead of the eight pence an hour that they had demanded in the basie ware adjustment
The Melbourne branch, which urged logal action instead of an overtime ban, said that it "would not tolerate any attempt by subversive organisations to involve it in bans on overtime or strike action by using in- dustrial pretexts to cover political aims."-Reuter.
Bank Asia
Incils.
Lish
Growth Of
Aircraft Exports
the
London, Jan. 5. Ever since the war, the Bri-
Aircraft Industry
has concentrated an attack on export markets. In 1948, ex- ports were £142m; In 1950 they reached £35 m. The total since the Var exceeds £130,
In great part, these exports have been of Service aircraft for the Royal Air Force and the British Commonwealth of Nations, Western Union and our other allies throughout the
Of EastWorld. Dividend
24
Plans For Development Truman's
Of South-East Asia Budget
An Announcement Expected Within Next Few Days
(FROM OUR Own corresponDENT)
London, Jan. 10.
An announcement is expected to be made in a few days on the part America will play in financing the Colombo Plan for economic development in south and southeast Asia, I learn on good authority today.
Discussions are now going on in London between British and American officials to decide how America can help in raising the $650,000,000 which remains to be found out of the total estimated cost of the plan-£1,868,000,000.
HONGKONG
SHARE MARKET
The volume of business on the Stock Exchange this morning was valued at $198.380. The morning's business and noon closing prices were as follow SHARES BUYERS SELLERS SALES INSURANCES
Union
60 1 620 20 @ 020
HK Fire
DOCKS, ETC.
K. Whart Provident S'hal Dock.. Wheelock LAND, ETC.
HK Hot!.. IIK. Land S'ha Land UTILITIES
་
$15
145
30 100 82 1014
1.05
3 3%
Although no details of the American participation aro yet may known, it is believed it come under the Point Four Pro- gramme. Any appropriation for this purpose would have to be approved by Congress.
American China Trade Statistics
BIG
IMPORTS OF RAW MATERIALS A British Treasury offela' fold me
Ceylon will 4oday that
Washington, Jan. 10. shortly be sending out invitar
The United States bought tions to members of the Com
Com- $19,000,000 worth of raw monwealth Consultativa mittee for a further meeting to materials from China in be held at Colombo next month. October, the Commerce De This meeting will be official level and may be attended partment reported. by an American representative. ONLY WAY
on the
That was $5,000,000 more than In September.
The Manchester Guardian to- These totals were registered day regrets the lack of publicity before the Chinese Reds clamped for the Colombo Plan. "Thea ban against trade with the US officiul attitude," it says, "le that
that
can
Proposals
Washington, Jan, 19. The Secretary of the Trea- sury, Mr John Snyder, said to- clay that President Truman would recommend to Congrena this week that the Federal budget be balanced in the Ascal year 1952. This would require stl tax increases.
Mr Snyder told a news con- ference
the balanced bud- get recommendation would be made in Mr Truman's annual message, tentatively scheduled to be given Con- gress on Friday.
economic
Balancing the budget in a தமி year of soaring defence costs
would require tax increases of thousands of milions of dollars, Present revenues are about $50,- 000,000,000 The budget for the fiscal year starting July 1 is about $75,000,000,000.
Mr Snyder did not give any definite
Agures, but some sources expected Mr Truman to ask Congress to raise Federal taxes by $20,000,000,000 per year. United Press.
Engineering Exhibition
In Delhi
New Delhi, Jan. 10. India's first international en- gineering exhibition opened foday with Gail Hathaway re- presenting the United States, He is special assistant to the
in retaliation for similar action Chief of Army Engineers.
$21,000,000
V
Con-
11 would be unfair to raise the by this country,
The exhibition, staged expectations of the people of Asia. But the only way of
US exports to China were only nection with Thu staged in con- Worth Thursday's start of [the
Hydraulics on about $1,000,000 for each of tntfference, was opened by India's Communism is for non- 3000 @ 1.05 Communist governments to raise said.
two months, the Department Works, Production and Supply 10 10% 200 @ 19% expectations
they
Minister N. Gadgil.
-one nations and Japan shipped
Twenty-one provide superior. benefits-and also of course to full these ex-worth of manufactured goods to research and industrial organi pectations.
represented the United States during October, sations,
by 300 are partici- "Communism will win unless compared with $10,000,000 for foreign delegates,
pating in the international study September. the imagination of the peoples
of river valley development.- of Asia can bo caught by pro- The Department added that Associated Press.
such Jecks
as the
Colombo Japan's imports of raw materials, Plan....it is
a pity the south mainly American-financed, con- Asian countries themselves have tinued
Telephone Tele. (New) INDUSTRIALS
Cement ..... 104
Star Ferry C. Light (0) Electric...
6400 5.00 600 (4.00
20 2014 2000 20.
1000 @ 20%
200
400 @ 20.
200 1016 100010
500 10%
700
Lory (New)
20% 100 @
10
031⁄2
reason
Hope 11441234 STORES, ETC,
Dalty
Watson...ga
COTTONS
Ewo
2,00
CHICAGO
GRAIN
FUTURES
Chicago, Jan. 10, Prices in the grain futures market here closed today as follows:-
Wheat-price per bushel
Lecember
Spol
March (1951)
May July
Corn Spot
Two thirds of the world's najor air forces are now equip- ped with British jet types-
In addition,
eleven different for The Directors of the Bank
hold a total of eign countries Asin, of East
Lkl. announce licences 10 manufacture that subject to audit, the Pro- British aircraft and engines December fit for the year ending Decem- valuable invisible export. Our March 11051) ber
writing Own Correspondent. 31, 1950, after off all charges, and other con- tingencies, and including the balance brought forward from 1949, amounts to $3,582,301.06
Wool Auction
Bradford, Jan. 10.
which the Directors propose to Wool tops had jumped in deal
with at the forthcoming price by 2 shillings or 2s. 6d,, annual raceting as follows:-- following Australia's fantastic To pay a Dividend & Bonus jump at the opening of wool of $8.50 per share tree of fax- auction. The Increase brought $850,000.00; To Transfer to: the cost of 64 "aaa" to about Reserve Fund $1,500,000.00, 306d, while 84 "bbb" jumped to
pence. Provision for Corporation Pro- 295
The American To defence buying was considered fits Tax-$250,000.c0: Carry forward-$082.391.98. as a chief factor,-United Press.
Hungarian Economy
Near A Collapse
Any
July
Kyo December MAY
Oats December March
2.444
2.4034
2.40 -2.4036 2.4015-1
2-41%-%
1.79 1.75
1.704-4 1.782 1.76%
to
L.
ROYAL INTEROCEAN
• SINGAPORE JAVA PORTS and MACASSAR
"NIEUTY HOLLAND"‡..
**TJITJALENGKA” "VAN HEUTSZ" **
*TJISADANE” "TABMAN"* “TJIWANGI"
+ to Singapore & Java.
ARRIVALS
LINES
SAILINGS
22nd Jan,
13th Jan,
18th Jan.
In Fort In Port
13th Jan,
22nd Jan.
27th Jan.
21st Jan
28th Jan,
28th Feb,
enly to Singapore, Penang & B, Dell,
only to Bingapore.
O MANILA, EAST &
SOUTH AFRICA and SOUTH AMERICA
"EUTA" "BOISSEVAIN" "TJIPANAS"
. "TIBADAK"
via Japan,
JAPAN "RUTE"
“TJIPANAS”
"B018SEVAIN”
ARRIVALS
.22nd Jan,
SAILINGS 15th Jan, 17th Mar.
27th Jan.
.28th Jan,
ARRIVALS
14th Jan,
.15th Mar,
L
10th Febig
SAILINGS
10th Feb.
Rith Jan.
Agents: HOLLAND EAST ASIA LINE
o EUROPE via MANILA
and MALAYA
"MELISKERK"
"AAGTEKERK”
"TIWANGI”
Through Ba/L fagued 10 Mediterranean and Northern European Ports.
O JAPAN
"MELISKERK” "AAGTEKERK”
ARRIVALS
11th Jan. 4th Feb,
5th Feb.
ARRIVALS
9th Feb.
Early Mar.
SAILINGS 10th Feb. Early Mar.
SAILINGS
16th Jan,
Bib Fob,
EEKINGSEBÜRDING, TELECHONEST, 2001JZOEKIE
AMERICAN PRESIDENT LINES
The Globelen
72
ST. GEORGE'S BLDG.
PRESIDENT CLEVELAND
PRESIDENT · WILBON
exceed Japanese Japanese Bonds
Decline
not talked more about their in- | exports. dividual parts in the Colombo បន imports from South Plan,
to
werd
Amerien In October amounted
New York, Jan, 10. "There is apparently another
to $208,000,000 compared with
Japanese boads were lower US exports $113,700,000 of too why
much
In foreign dollar bonds trading dis- those countries. cussion of the plan is depre-
October
declined today, imporis
City of Tokya 5-1/2 cated," it adds. "It is feared it about $8,000,000 under those for
23-% at 441-4-3- may frighten off America. But
September, while the October down fauts are the language in which exports to South America were sociated Press. to talk to America.”
about $10,000,000 under September Agures, — Associated Press.
Tin Soars
Το A Record Peak
New York, Jat. 10.
ADVANCE
IN NY RUBBER
the
The price of grade A lin
New York, Jan. 10. soared eight cents a pound to-;
Rubber futures closed today day to $1,71-a record peak---re-
with flecting rising markets in Lon-250 to 400 points higher,
salro totalling 10 contracts. don and Singapore.
February delivery was re- The new high compared with portedly done at around 74 cents the Government fixed price of la pound, 1.70 -1.77% 52 cents during World War II Prices closed today as
1.80 bid
DU
9736-34 New York Flour-per 200 lb. sack. 3-United From.
Shortage of
Engineers
Springfeld, Jao, 10. Dean William L. Everitt of the University of Illinois college of engineering warned that Amorica faces
an
and with 78% 'cents just before follows:- the Korean war broke out last Spot
June.
March May
Many traders blamed the risca July
In recent weeks on war scare con- buying by foreign users
60.70 tracked €5.75 traded
01,07 bid -United Press.
SPORE RECORD cerned over prospects that Cen.
Singapore, Jan, 10. munist expansion in Asia might
Malayan rubber climbed 10 disrupt normal supply channels Strait cents a pound
on Tucs- from the Far East Associated
day, changing Hands at $2.15 a Press,
pound, a new high-Associated Press.
alarming Jump In Price
shortage of engineers with a 27 parcent
freshman drop in enrollees in 1950 and a prospec- tive need for a 125 per cent increase in graduate
by, 1954
engineers
Of Turpentine
LONDON MARKET
London, Jan. 10. Prices in the rubber futures market here closed today as
19-09
0212-71
6153-03
591-1
0531-8014 B134-53 United Picks.
| follows :———
In cents bber per Jb.) February March.... Bavannah, Georgia, Jan. 10. The first offerings and sales April/June
July/September Mr variis sold last year's of turpentine since before the October/December record number of 50,000 grad- New Year holiday brought a unting engineers found jobs 10-3/4 cents jump in price to- A state of industrial emergency has been de- and left numerous openings in day.
the field-United Press, clared by the Hungarian Government, it is re- ported here.
Vienna.
Hungary's five-year plan, which has entered its second year, is in danger of collapse.
This was indicated in a mes the first year has been dan- sage to the Hungarian people gerously below the target. broadcast from Budapest, It
clared;
Turpentine had been quoted at #0-1/4 cents on the Savannah tho To Head US Rubber Naval stores exchange for
past week. The zales today Buying Programme were at 91 cents. Associated
Press
Washington, Jan, 10, John Ingle of Good year Tyre and Rubber Company was to-
NEW YORK BANK QUOTATIONS
PHONE 28172/5.
TO HONOLULU AND SAN FRANCISCO
via JAPAN
Arr. Jan. 13
Baits Jan. 16
Arr Feb. 4
Balia Fob. 5
TO SAN FRANCISCO AND LOS ANGELES via JAPAN: PRESIDENT MCKINLEY
Arr. Jan. 12 Salla Jan. 1
TO NEW YORK, BALTIMORE AND BOSTON via PACIFIC COAST AND PANAMA PRESIDENT FILLMORE
Arr. Feb. 10
Bals Feb. 11
ROUND-THE-WORLD Vis Manila, Singapore, Colombo, Cochin, Bombay, Karachi, Boes, Port Said, Alexandria, Naples,
& Boston. Marsellies, Genoa, New York
Arr. Jati, 14 Saile Jan. 14' "PRESIDENT HARDING"
The wars our generation has witnessed have brought what wars have always. brought disturbances, unrest and a feeling of general insecurity-that's the way of all wars. Industry and mutual trade-useful pursuits of peace are the endeavours in the opposite direction. This concern has argued whenever it could, that free access, free intercourse and trade between peoples, contributes to peace and friendliness and security and takes the tension off where diplomats seem to fail. For, when all is said and done, people want the opportunity to work for a living. Trade and industry, free and untrammelled, not only con- tributes to that opportunity, but is a way of life. Vessels of our Line are plainly marked and can be recognized easily when they sail in and out of the principal ports of the world, and we like to feel that they are practical symbols of this philosophy:- Isbrandteen
INDEPENDENT DEPENDABLE Regular Sailings from Hongkong to New York, Baltimore and Philadelphia via San Francisco or Los Angeles
S.S. "FLYING TRADER"
}
S.S. “SIR JOHN FRANKLIN”
DUE FROM:
New York vĨA Manila Jan 23rd
New York via Manila Last week of Jan,
New York via Manila Last week of Jan.
SAILS FOR:
Kobe, Nagoya, Yokohama, San Francisco, Los Angeles, New York, Baltimore, Philadelphia, Boston via Panama Canal. Jon, 240
Pushan, Kobe, Nagoya, Yoko hama, San Francisco, Los Angeles, New York, Baltimore, Phijndelphia, Boston via Panama Canni. Last week of. Jan,
Kobo, Nagoya, Yokohama, San, Francisco, Los Angeles, New York, Baltimore, Philadelphia, Boston via Panama Canal. Last week of Jan.
(Transhipment cargo accepted for Jamaica, Havana and other
Cuban Ports, also Venezuela.))
NY Cotton Futures
S.S. “FLYING CLOUD”
March (1031)
New York, Jan. 10. Prices of cotton futures closed here today as followe Spot
May
44.53
WAS
July
43.00 + $3,00
October
40.03 -40.0
December
the local Chao National Dusiness was done m
exchange market thi morning at the following rates- Starting pole, (per S) 2. The refusal of the bulk of U.S. dollars (per #1)
3.40 -Indonesia guïïdors (par 100) ...
20.20 1.TO 11.05
Frank
15.47 0,01
naked
30-31 bid 30-14 **ked -Amocistal Trem.
March (106)
May
Spot
March (1051) May
New York, Jan, 10. Closing bank quotations:
alated that the plan could be are needed, including at Icaet ment's new crude rubber buying
In all 481,000 new workers day named to head the Gover saved only by a new all-out 200,000 specialists. Only a free- "economic offensive," and de- tion of the have to for been
programme-United Press. despite frequent Tho dictates of the hour recruited,
drivca. The fall in production Exchange Rates. Bank of America. 23-14 bid demand from each of ug riot can be attributed to two things: only iren discipline and
1. Heavy Soviet demands on economies sumption, but aleg the throwing all branches of Hungarian out- unometal
reserves of put; and
in
most
napore (Brnita)
FIC plasiras (per 100)
of our last strength If the plan for securing Hungarian workers to co-operate Slam tea (per 100
succeed." peace is to
Hungarian Cabinet is re-enthusiastically with the Com- The
called on each muuiet regime, ported to have
Further 3D Minister to present within
cuta in food and days an emergency programma clothes rationing may be ox- drostic Improvement in posted in Hungary is part of the working of his Department, the emergency programme, They are urged to securo
Other satelites are likely to tha and follow
example. Aranater of all "young
Hungary's healthy mon and women from Catchuslovna coal and industriai administration into faptories,.
for
Q
Cotton Allocation
30.36
NEW ORLEANS MARKET
July... October Decembar March (1905) MAJA
30.74
39.34
-United Press.
Closing rate
43.00
$3.00
40.78.
.I bid
29.11.bid
United Pros.
NEW MIGOS
́Alexandrin, Jan. 10.
Washington, Jan. 10. Diplomatic, spurces sald today. that they expected the Com- merce, Department to announce the remaining cotton allocation for the foreign nation roon. They understood that the Wes- exchenga today. Long siple tern Europe will get an al'aca-karnak 45tion of BUB, 000 bales and Japan | conte
Foreign Exchanges. In Now York
New York, Jan. 10. Closing foreign exchange; oulputa, für example, are at an It is known that particularly even lower lovel, though the Canada in coal-mining, and many fields oriels has not yet been so openly qual od Heavy industry the pulput la. námitted,
90.314%
3000
Cation soared: to. post-wAT-TO- cords on the Alexandria futures
LIMITED PASSENGER ACCOMMODATION AVAILABLE Above Dates Subject to Change
For Information. Apply to:
A.P. PATTISON & CO., INC.
GENERAL AGENTS: CHINA, FORMOSA, KOREA, JAPAN AND HONGKONG.
Tel: 28940 12-14 Queen's Road Central 4th Floor.
CHINESE AGENTS:
went to 89,97
48 Bonham Strand West, 1st Floor.
and From: | 170,000 bales United Press, Frossas do 13), an
OVERSEA CHINESE STEAMSHIP CO., LTD.
Tola: 28127 & 31119.