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8th May to Japan -*-
to Marwellies via Manila 10th May
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THE CHINA MAIL, MONDAY, MARCH 26, 1951.
AMERICAN Good Financial Yea
SULPHUR
FOR UK Expected In Britain: R.PL.
Washington, Mar:-25.------ Commerce Department of- cials said today that Britain has been given a supplementary ex- port quota of 10.000 tons of sulphur to meet the current production: noods. This is part of an additional "quota of 30,000 tons for Marshall plan countries
Budget Relief Hopes
(FROM OUR OWN CORRESPONDENT}
London, Mar. 25.
It is now certain that the results of the financial year just ending and 20,000 tone for non- will show that the surplus for which Sir Stafford Cripps budgeted hus
Maruthall plan countries GR- nowmood earlier this woek
04
a supplement to the drst quarter export quotas.
was
been far exceeded-perhaps by several hundred million.
This has raised hopes that the Budget which Mr Hugh Gaitskell!|
than was at first expected. will open on April 10 will be less save re The 10,000 ton gure
It is true that this surplus is to some extent disclosed in answer to inquiries a reflection of the increased revenue arising out of the present inflationary situation. But this is only part of the story.
about reports that the United States is cutting sulphur con, sumption to give Britain extra
supplies in the second quarter.
sucr
PRESSURE
ROYAL
INTEROCEAN TELINES
---SINGAPORE JAVA
Bolts and
MACAESAR
"TJITJALENGKA" **
"TJIWANGI”
"TASMAN" •
"VAN HIEUTSZ“
ARRIVALS
In Port
1st Apr. .20th Mar,
13th Apr.
only to Singapore, Penang 2 B.. DEIL
not calling Singapore.
• MANILA, EAST & SOUTH AFRICA and SOUTH AMERICA "HOISSEVAIN"
"STRAAT 8OENDA" *TEGELBER G“
ARRIVALS
4th Apr.
** not proceeding to 8. Ansorlon,
The surplus is largely the result of a shortfall of ON COTTON JAPAN
Government, expenditure below the original Estimates. This is partly due to genuine economies on the part of the Government. But to a much greater extent it is due to the fact that the nation's stocks of food and mw materials have been allowed to run down to a dangerously low level.
Officials pointed out that the supplementary quotas were i
as advances chargeable against quotas for futuro quarters of this year and may not result in any overall increase in sulphur shipments to Britain for the whole year. They recalled that United States sulphur producers cut shipments for the frat quarter.Lcom 8-15 per cent for U.S. consumers and 20 per cent for export. The now supple- mentary quotas restored Bomo of the 20 per cent cut.
that while Officials added sulphur delivery has been re- duced by individual phones in the United States, there been no culback in sulphur for begun
Mar. 30 Apr. 18 Apr. 29
the
* This vessel calls Vancouver prior to San Francisco.
ARRIVALS FROM U.S.A.
M.S. "LEXA. MAERSK"
M.S. "SALLY MAERSK"
M.S.
"CORONA”
National
of
next budget year when prices lies of raw materials was 30
the next
MARKET
goal
19
in
of
"TOISSEVAIN”
"STRAAT SOENDA" "TEGELBERG”
ARRIVALS
28th Mar.
7th Apr,
6th May
SAILINGS
STAN BEST, 8th Apr.
8th Apr.
„24th Apri
SAILINGS
20th Mar, 9th Apr. 5th May
SAILINGS
6th Apr
Agents: HOLLAND EAST ASIA LINE
• ̧EUROPE via MANILA
and MALAYA “ALMKERT"" "LANGLEESCOT
ARRIVALS ..
.SAILINGS
In Port
18th Apr,
M14, Apr. Mid. May Mid. June.
Through BS/L. Issued to Mediterranean and Northern European Ports.
“ARENDSKERK”+
+ vis Mansla,
18th May
ARRIVALS
Mid. Apr. Mid, May
SAILINGS
29th Mar,
24th Apr.
.Mid. Juno
24th May
GERINOS BUILDINGUTTELEISHONEST 2801T0=8017
Now Yark.. Mar.. 28. With the exception of near
May and July, which held But the reverse argument is by To the extent that thờ current |
cation at It is
the celling level, convincing.
met pressure on ax- year's surplus has been achieved even more
of a 60 pectations at the expense of vital national pointed out, for instance, that futures
per cent bas not be sot against American stockpiling stocks it cannot
needed for been entirely responsible for the boost in cotton production this "ARENDSBERE” the extra milions rearmament. Stocks that have rising commodity prices. It has year, been
because run down
been psychological rather than
After the opening, the mar a physical Lector in the markets.
to shortages and high prices must a
was unchanged Bakket The Jmnowledga that America points be buil up again during the The
lower, and the list n In the market for large the
close ruled unchanged to JAPAN points lower.The New "ALMKERK”+ may be oven higher.
hand, higher often exrough to start private Oricans market finished un-"LANGLEESCOT" On the other
inflationary consumers stockoiling their
changed to 31 points lower. developments prices and other
have only just own account while supplies
were to reflect in higher still available and before the At the annual meeting of the
increased even further. Texas Cotton Association export for civilian economy by revenue. This trend is certain | pric, ther countries have now Dallas, Mr Ralph B. Trigg, Ad-1:51
Production to continue through
to the started to accumulate strategic ministrator of the Production Administration Agency, which Budget according
year alloentes scarce materials under amount of inflationary stress that | stockpiles and would bring said that the United States 1951) real sign of aard Marketing Administration, as the rearma-
ma-recession in prices the defence mobilisation pro- is brought to bear
production unfolds, and them into the market in carnest, cotton ment programme this will have to be taken into Marcover there is no sign of any
(no.
4000,000 bales will probably bei demand,
The now goal is up 60 account in deciding how much recession in civilian
remains abnormally high, and
000 bale crop and calls for when the Chances, however, on hardly begun.
estimate of the Apart
from a large-scale trade Planting of 28,300,000 acres of upland cotton, 10,000,000 more Inflationary gap recession, the only hope for than were planted in 1950. which will open up this year. really lasting decline in primary The news from Korea also I his Budget 13 to be prices la
ls to increase production
help to shape the trend of the nothing and this point has been stressed market. The volume continued Some reports also stated courageous one and
*at erroneously--that
United else will suffice in the circums- at all recent international con-
GB“ | dovelopments, States is revising its "stock-tances the amount of "public" ferences on raw materiais. Un-all as traders awaited fresh
enforce
ree fortunately many of will
со the
Prices
closed -today ns piling poltey" to lower its tar saving that it
and other modities which are now in short
follows:- gets in regard to sulphur. through taxation
do not lend themselves measures to curb spending must supply United Press.
May to rapid expansions In be at least big enough to fill easily
production. Morbover,
gro-July ducers' proflis which, more than October angels, should encourage December
March (1052) maximum efforts to step up May output, are being reduced by July export taxes and other devices to slow down Inflation in the producing countries.
gramme.
discussion of of the cost rearmament is to be rearmament. Genand has per cent from last year's 30,000,-!
Apr. 22
May 8
May 15
A NPA omeloi sald has been some restrictions on sulphur, but no controls have been approved yet. He did not know
there
coming.
borne by the taxpayer.
Much
For Freights and Further Particulars please apply to:-uch restrictions might be forth size of the
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Mar. 20 Mat. 17
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Apt.
4.
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· Ban - Tranej200
MY
serai Arvota, Unfied Sistos Line Cha
the gap.
COMMODITY BOOM
TAILING OFF"
Is the commodity boom be- ginning to tail off? Certain signs have appeared in the past few weeks to suggest that it is," but it is too early yet to say whether the recent recession from peak prices shows any promise of into a permanent
and
and.
this
40.00
1
-43.39 bid
45,39 bid
40.72
40.62
40.48 nominal- 4010
United Press. NEW ORLEANS MARKET
44.51
46.35
Spot
Japan's Exports
Show
Sharp Increase Owing To The War In Korea
Tokyo, Mar. 25. Japan's exports during 1950 were more than 75 percent higher than in 1949, the Japanese Finance Ministry announced yesterday.
The Ministry said that exports rose sharply with the outbreak of the Korean war, but world- wide competition for key materials and the ship- ping shortage, resulting from the Korean war, 1000 had hindered her imports.
40.40 40.Ji bid
40.00 d
-United Press.
These rose by only 17.14 per cent in the same period, the Ministry sald.
Japan's Imports exceeded exports during 1950 by 38,029
Wall Street million yen (235,815,000).
Out of a total foreign trade of yen (£628,323,- 832,093 million 000) exports reached 208,032 million yen (2290,255,000).
The
December exporte reached
Has A Dull Week 43,000 milion yen
a new post-war monthly peak at Average monthly imports for the latter half of 1950 dropped New York, Mar, 24. to 26,500 million усп from
offer greater, inducements 10 The feature of the week's 20.100 milion yen for the pre
Silk Expert
On Mission
•
To Japan
STOCK EXCHANGE
July The Stock Exchange
hus October
December presented a dull appearance this ac (1051) week. Besides: the normal pre-ay have Juty Three views of the commodity Budget hesitancy there price situation have been ex-boca the adverse influences of pressed, this week-end by well- the Feralan all dispute, the con- known economic commentators. finuing raw materials shortages Oscar H. Hobson, Inancial editor and the lack of progress at the of the "News Chronicle," affirms Paris talks to contend with. definitely that "The tide has In the gilt-edged market the turned."
But he admits that breaching of the four percent
in buyers "all that is in prospect at the lino" brought. moment is a slow and gradual led
conditions at the to firmer and
the week on
on Thursday. possibly not long-continued close of retreat of Primary
But the level of gilt-edgesi prices. "The Economist” makes that confirms the view that Colonial
Los Angeles, MRT 25. guarded statement that there borrowers, who are said to be
Mr. Paolino Gerli, President of are growing signs that the forming a long queue to raise
the International Silk Asocia
wbio general scramble for commodi loans in London, will have to
tion, is en route to Japan at ties has begun to exhaust itself
Government with whom he will the invitation of the Japanese while the "Stock *Exchange
Investors than the Northern Gazette" says recent falls in the Rhodesian Government, whose Stock Market was its dullness,vious six months.
Fibre and its products topped discuss the stabilisation, of silk price of tin and rubber should loan flopped so dramatically last It was shortened by the Good
Friday
prices, said, "The holiday. The volume the export list with 148,550 mil
and downs not be regarded as a herald of week.
was the smilest of the year. Hon yen (48 percent of the have violent On Tuesday, sales fell to the total) including cotton textiles 2 am going to try by mutual lightest level since Inst Oct. 3. with 74,100 million yen (24,9 discussion to find a way to Prices Armed in the industrial pero
and synthetic fire minimise the fluctuations and
the department and cased In
with
consumer a feeling of 18,030 million
J'en rail and utility divisions.
security (six percent),
Mr Gerii sald,
"I also will Metal and metal products Cizme zak? with 37,340 million discuss plans for promotion of
advertising... in several 'sessions. The
The publicity.. fa yen (19 percent). tremendous audience for sta
Indes, arid stock exports to keep silk before the Buble's television show put on by the doubled - those
of 1949 and eyes". Senate Crime Investigation
pointed out that the cum- Committee turned the atten- copper tripled
rent celling price in the United HE PURCHASES defied this movement and con-
tion of traders to television
United States topped States is lower than the cost of tinued to rise while wool His
New York, Mar. 25.. slocks, despite the fact that in both exporting and importing raw silk in Japan and he was also remained very firm
to try to remedy the Japan bus replaced Western venterics of sots had been The American stockpiling
He added, however, Germany as the leading buyer pilling up and some companies countries, accounting for 84,540
yen. (21.7 percent of situation. polley, which led to the present of second-hand ships
ho carries been forced to cut their million
no authority total
144,740 exports) and boom in commodity prices, now British market, the National prices. Oils were bid in several million. yen (43.3 percent of and can do nothing except as socza to be contributing to Federation of American Ship- sessions. wards
movement.
a general
cral collapse in world
commodity prices.
rubber have
been
Tin and rubbe outstanding "retreat in temples, of this in primary prices but other commodities notably grain, tungsten, and
Egyptian (but not American) cotton-have
LED tended to fall
away from
the peak levels attained at the beginning of March. Sisal and
jute, on the ou
other hand,
have
Japanese
Buy British Vessels
Following the
pension of all ping reported today,
of tin for the
now purchases
the tort)
Airlines had a good market
on the hnd
The
the total imports).
was the
American reasonably been bought by Japanese ship- Steels were in demand at one ports with 20,000 million yen
+
2.
that
ups
markola
Sounds Like
a private eftizen. He is com tactable second
in Japan through The Industry continued to Pakistan
at near-record levels biggest buyer of Japanese exTokyo representative, Mr T Thirteen vessels had already operate
Wakimoto,United Press. until the
followed by price, was more
the
percent) under a recent time
4 (8.7
with 19,121 million Hongkong hesitating ping Dams markets have been
Government aid grant of $10
Auto issues.ruled firm when it General belled is that the Ameri-
(6.4 percent) and Indonesia yen million.
was indicated that the industry with 16,663 million yen (5.0 cans will not stop at this attempt
Japanese to force down commodity prices
merchant marine wild break all wecords in history percent)...),
Formosa, South and, that the
of fin growth, had been so rapid that for the Arst quarters of produc- Thalland, cessation purchases heralds a so-slow her shios would be able to carry on Container lastics, had Africa, Britain, Australia, Ar- movement in American stock about half of the anticipated good market at one time. There gentina and India followed In
Montevideo, Uruguay,**** piling generally. Rubber, Which 1951 import volume of 13,000,000 were strong spots in issues of a that order, Ly
commodity haltro mich "as cop-
Mar 25. Second on the import list was like tin owes much of its recent tons, the report sald.
pers and corn predmet stocks.-- Australia, accounting for 260,190 A Uruguayan poper-making strength to American sloékpiling,
Tilted: Press.
million yen (7.8.,percent) fol- export was reported to have was naturally one of the first to
lowed by Thailand with 15,360 developed a now process, Lur climb down.
million yen (4.8 percent) and making newsprint
SOME HOPE
· E-
The Federation recently pro- Truman tested to President about the unwarranted pansion of Japanese shipping the United a menace to
merchant
The argument, that a general recession from peak prices has States
Router. begun is based on the evidence of American and British com modity price indices. evidence
along the
On
this
argument COTTON MARKET
REVIEW
3
Prices
Grain
In Chicago
Prices
not seem very convincing. as we have had ample proof in the cost of living index of the
New York, Mar. 24. unreliability of this method of
Tryders concentrated their here today levels But measuring price:
for the attention on the current March there may too some, bure,
Liu, Bolivery which went wollthe Spot. belief that pricus will soon begin Board at noon on Friday at 45.39 to loyal alt the fact
bid. M.Friday's close, the list DORMITIEK resistance bas Falcoady ruled 18 points lower to 24 pointe bocoa evident, long before the herd0 cents bale, lower to affect of riding commodity prices 41:6 4.
balo
higher-comparest = sha han: beesy fully refecand in the price of
theʻrising freDKI JOB:15
renowed
by month period ended Bla
substitute the 2/8mArticulaty 6,072,428 bados, ita dzie: o
for fures and theme dronte are ing period of last now beginning to yield results. Prem
hlongo, Mar. 24.
futures closed
The Solution
from
ico
Gozalbo
wLS/
the Chinese mainland with. 18,- and wheat straw.
million. (4.1 percent). Raul Garcia Maloys, Fakistan, Formosa, said to buve solved the probe, Argentina ag the Philippines lem of using air for paste followed in that order-Reuter,
Japanese Get
Big Contract
The Australian his awarded wit Japanese flex one milion
Max," 26" Government
Innocent demonstrado
demonstrallong- bes ford the Ministers of Indust
and National Defence and load ing nowspaper.
Gombo was said to have his strawlinoweprint series of successful festa, from pine-a-making to the winding int rolls for the pres
Gazalbo wadd his procons Fisica ton of paste from cover) two tabs of straw and that que Lun of the paster mando a litt over one ton of paraprintS
sega rica and
nest #1,000,000
to