Page
THE CHINA MAIL, MONDAY, APRIL 9, 1951.
MESSAGERIES MAINTIMES Peking's Colonies Play Major R.I.L.
MOM
"ONEST"""
"LES GLIERES"
ARRIVALS
from Europe
from Europe
SAILINGS
PASSENGER/FREIGHT SERVICE
"LA MARSEILLAISE” "LA MARSEILLAISE" "FELEX ROUSSEL"
"GRANVILLE"
"COT DORISE" "BREST"
11th APT. fat MAY
8th May
Trade
Claims
San Francisco, Apr. 8. Peking Radio reported to- night that China's foreign trado in 1950 was several times greater than in 1949, achieving a favourable "ex-
to Japan via Manila .... to Marsellies via Manila 19th Mayport balance of 9.84 percent
to Marseilles
FREIGHT SERVICE
N.
for
..... 23rd June
Africa & Ёдгоро 0th Apr N. Africs & Europe 8th May. N. Africa & Europe 14th May
4
PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN. TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM,
CIE DES MESSAGERIES MARITIMES Queen's Building
Tel. 26651 (Three Lines)
MAERSK LINE
for the first time since 1877. ~Mozt”of China's exports went" to Russin,
Exports were 52.23 per cent
in 1950, the Rallio said.
China's chler imports last
Role In Improving
UK's
4
Gold
Reserves
(FROM OUR OWN CORRESPONDENT)
London, April 7. Colonial territories contributed more than the rest of the Sterling area put together towards the improvement in our gold and imperis 47.77 per cent of and dollar position last year. They earned no less than the total value of foreign trade $438,000,000 out of the total surplus of $805,000,000.
This trend was apparently continued in the first quarter of 1951, when the year included installations and central gold and dollar reserves of the Sterling area rose by $458,000,000 to $3,758," raw materials for industry (78000,000. The rise in reserves in the January-March quarter was $86,000,000 lesa
of total imports). per cent
The Radio
than the surplus for the last quarter of 1950, but this is accounted for mainly by a pointed out that China
which proviously im-
reduction of the Marshall Aid receipts of the United Kingdom, and by the fact that pored rice, was now able to
the inflow of "hot money" which accompanied rumours of revaluation last autumn export-that--commodity--
Her main
~was withdrawn or used for trade payments, exporis in 1950 were soya baxin, lea, eggs, hog
bristles, tung oil, peanuts, handicraft products and mineral
Gres.
Nearly a quarter of China's total foreign trade last year was
COM-
with the Soviet Union, pared with 7.76 percent in 1049 and 0.35 per cent in 1930, the
Radio said.
Since ERP, receipts for allotments made before Marshall Aid was suspended amounted to $47,000,000 less than receipts from this source in the previous quarter, and "hot money" was withdrawn to the extent of $100,000,000, it is obvious that the sale of Sterling area commodities, particularly those produced in the Colonies, carned more dollars in the first three months of this year than they did in the last quarter of 1950.
It added that machinery and
An analysis of the net equipment. The "gap" must industrial equipment Imported from Russia
the gold and dollar earnings of therefore be filled with consumer wrig on
goods--textiles, clothing, etc.- 20 par cont average
area during and this will of course, be re- cheaper the Sterling than Dose from "capitalist 1950 shows that the United nected in the home market in a countries.
China had signed five irade Kingdom had a deficit of shortage of these goods. agreements with Poland, $310,000,000 with the dol-
The Survey calculates that if NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via Czechoslovakin, North
Korea, lar area, while the rest of these alms are achieved, the SAN FRANCISCO, LOS ANGELES and PANAMA,
Hungary and Eastern Germany, the Sterling area had a eur- extra burden of reximament the Radlo said.-Reuter,
a cut in plus of payments with the can be borne with
personal consumption of no more dollar area of $507,000,000, than £80,000,000, or about £1 and contributed a further per head of population on the
FAST FORTNIGHTLY SERVICE TO:
NEXT SAILINGS
MS. "TREIN MAERSK"
M.S. "PETER MAERSK" M.S. "LEXA MAERSK"
M.S. "LEXA MAERSK"
M.S. "SALLY MAERSK"
ARRIVALS.FROM U.S.A.
M.S. "CORONA"
Apr. 19 Apr. 30 May 15
Apr. 29 May 8 May 19
For Freights and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
PENINSULAR
AQUIS
Tel. Nos. 26661-3.
& ORIENTAL
SEPARABIT
STEAM NAVIGATION COMPANY
R. M. S. "CORFU "
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
FRIDAY, the 13TH APRIL at NOON for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port Said,
EMBARKATION: Will take place on FRIDAY the 13TH APRIL between 9.80 a.m. and 11 a.m.
Sharp Break 3281,000,000 in gold to the basis of present taxation.
In Karachi
Cotton
Sterling area pool.
No details of the earnings of individual colonies are available, but it is clear that Malaya, which was
Out for singled
But this does not mean that
year.
extra taxes will not be necessary. savings will have to be some It is estimated that personal £110,000,000 larger than last Price special praise when Mr Gaitskell me The Survey frankly
admits, however, announced these figures to the savings will be greatly reduced that public House of Commons, made the
from they the increase in defence ex- biggest contribution
panditure unless Makes are sale of rubber and tin,
raised
It is probable, then, that Mr Gaskell will freed
to
ralse something over £150,000,000 by now taxes in the coming financial year if undue inflation is to be
HONGKONG
SHARE MARKET
Business totalling $95,757 was put through during this morn- ing's session on the Stock Ex- change. Transactions and noon prices were as follows: SHARES BUYERS BELLERS SALES
К Валк .. 1310
INSURANCES
BANKS
Union
SHIPPING
Asta New.
ROYAL
INTEROCEAN.
SINGAPORE JAVA
PORT and MACASSAR ·
"TJIWANGI” “TJMODAS”
VAN HEUT82” –
"THITJALENGKA”
ARRIVALS
In Port 11th Apr.
12th Apr.
27th Apr,
only to Singapore, Penang & D. Dell.
MANILA, EAST &
SOUTH AFRICA and
SOUTH AMERICA
"STRAAT SOENDA” "TEGELBERG" ***TJIMENTENG"
JAPAN
*TEGELBENG" "TJBŪDAS"
"TJIMENTENG"
† via Manila.
....In .In
Port 8th May
LINES
SAILINGS
0th Apr.
10th Apr.
1st May
SAILINGS
ARRIVALS
Fort
10th Apr. 13th May
ARRIVALS
SAILINGS
11th May
10th Apr.
13th Apr.
11th May
Agents: HOLLAND EAST ASIA LINE
EUROPE vía MANILA
and MALAYA
"ALMKERK” "LANGLEESCOT
"ARENDSKERK”
Issued
ARRIVALS
15th Apr.
· 18th Moy
to
Through BE/L Mediterranean and Northern European Ports,
ARRIVALS
SAILINGS
18th Apr, Mid. May
Mld. June
10 a 1303 10 1470
JAPAN
730
10€
500
Fe
"ALMKERK” † "LANGLEESCOT" + "ARENDSKERE” †
17th Apr.
Mid, May
Mid. Jang
SAILINGS
18th Apr. 24th May
DOCKS, ETC.
N. Pt. Whart
5.10
+ via Manila,
S'hal Dock 2.00
1000
3
LAND, ETC.
HK Hotel
5.40 1.00 200 0 8.00
3000
1.20 800 @ 14
HK Land S'hal Trand.. UTILITIES
Tram ... P. Tron Star Ferry C. Light
C. Light (B.) Electric.... Telephone INDUSTRIALS
Cement
Rode STORES, ETC. L. Crawford COTTONS
Ewo
Karachi, Apr. 8. A sharp
break
in cotton prices is reported here by Inative sources, with the deeling
The rise in price of Sterling ranging from 20 to 25 Rupees area commodities in the second por 80 pounds the Last
two half of last year is reflected in weeks.
the steep rise in our gold and The sudden reversal is attri- dollar surplus between July and buted to the total absence of December. The total not gold avoided. This should come as export demand from foreign and dollar surplus of the Sterling no great shock to the population, Ceylon buyers. Exchange difficulties area stood at $220,000,000 at the which has prepared itself are keeping Japan out of the end of July, but by the end of the worse. marleet. rising prices have the year it had risen to $805,-
and discouraged buyers in neigh- 000,000.
ring India. France. has been raw cotton from Turkey at more favourable prices than In Pakistan.
Karachi markets are also re- acting to forecasts of a new crop of 10,000,000 balck in the U.S.
The
bullish outinok of a month ago has ended in Kara-
who withheld
chl, and those their stocks are facing difficult times. Associated Press.
Inflation Spiral Halted
.
for
Corresponding figures camnings of dependent overseas territories were $174,000,000 and $438,000,000.
for
STOCK EXCHANGE
The Stock Exchange is had planty to chew on this week. Revenue figures at the end of the financial year showed that the overall marplus was no lose than £247,000,000, and talls naised hopes that the Budget Mr Galiskell said the United might not be so harsh as some Kingdom self-appeared to have people expected. Any hopes
U. K DEFICIT
remained in defelt with the invat quarter of 1951. The substanilal Mr dollar arca
gold and dollar surplus in
wäre, thus red were
quanter was mainly do that Secretary to the
-that the
112
600 @ 10%
11
24
2.00
Increase In Duties
un
The
Washington, Apr. B. The Agriculture Department reported today that Ceylon has increased ita export duties some cocoonut products, duty per long ton of copra has been increased from 300 to 400 coconut poonae has been rupees, The export duty creased from 100 to 200 rupees per long_ton.
on
that
during ite first que
quickly dampened, however, by The Department sald, "The Douging Jay, Financial current trend indicates
who palm oll output In 1950 will Got re- waar
rise to a new record level. of high dollar carnings by countries gretted the recent tendency on possibly 103,000 tons." Congo in the rest of the Sterling area, the art of some companies to exports of He reminded the
palm oil in 1950 House that increase their dividend pay totalled 143,443 tons, An in- these earnings by the rest of ments. This, in turn, gave rise crease of 7 per cent over-1040 the Sterling area have no doubt to fears that the Budget might and nearly double the pre-war clso been reflected is the in- contain some bad news for iri-
average.--United Press. crease in our Sterling labilitles | vestors.
Still Producing The Goods
Shortages might be ahead on: some goods, Economic Mobilisa- tion Director Wilson this week warned they were in the offing. -Associated Press.
to those countries. Theso The Economic Survey was not liabilities amounted to £3,757,- exactly a tonic for the Stock 000,000 at the end of 1950. Exchange, but it is probable that most investors had come to much There has been surprisingly the same conclusions themselves. New York, Apr. 7. ALL passengers baggage must be
It became pretty clear this little criticism of the Economic
The news next day that our sent to the Hongkong & Kowloon week that the inflationary Survey for 1951 which was gold and dollar
reserves had Wharf Co.'s Godown at NO. 2 GATE, spiral of prices had been halted published by the Goverment continued to mount during the
New York, Apr. 8. CANTON ROAD
this week. ENTRANCE by at least temporarily and trade
This is not to say first quarter of 1951 did nothing Signposts by the dozen in- NOON on
circles watched THURSDAY the 12TH
anxiously for that there was no criticism at all, so affect the gloomy tone of the dicated this week that business any signs that a major decline but comment had been mainly Survey, and one observer re- and industry were meeting de- APRIL.
might be in prospect.
confined to re emphasising marked that the
of tho House was manda
defence em dimculties Most analysts felt that inter-
in the way of now more concerned with the Bency, and the needs of civilians SPECIAL NOTE: With the exception of hand packages national developments precluded achieving, in the face of ruw United Kingdom's balance of without missing a step.
carried by passengers themselves, decline.
the
material possibility of any sizable
shortages, extra pro-payments them with the dollar duction, on ALL BAGGAGE must pass through
which the whole carnings of the Sterling area as In viewing the situation, the argument of the Survey depends. a whole. the Wharf Co.'s Godown for loading Wall Street Journal of Com-
But the Survey itself does not on board by ship'a slings only.
merce summed it up this way, overlook these difeuities. On
FAVOURITE HEDGE "The steam has certainly been the contrary, it says with com-
The result of all this was a sentiment by the recent declines prospects are in many ways in Gilt-edged. But Industrials taken out of the inflationary piete candour that our éccomic reversal of that week's advance Aid For Indonésia in the sensitive commodity harsh, and unpleasant ቃ Ha stood up well, and the Flamelal prices and by a rather sudden authore admit they have had Times Equity rea'isation that Inventories are more dificulty than in previous by one and
Index advanced
Bombay, Apr. 0. Sir Mirza Ismail, former excessive.
a. bait points. Prime Minister of the State of years in forecasting, what lies Equities still seem to be the "This is no time, however, to ahoad.
Hyderabad, tonight left here by hedge agadnet Lavourite assume that inflation is a dead
Inflation that most investors now his post
Wair for Lake Success to take up issue. If there were no huge The main conclusion
of the on
consider inevitable. | One reason
as United Notions and
expanding defence
in pro-Survey is that the extra burden for the strength of Industrial representative Indonesia. gramme In the plcture and if placed on the economy will have shares was the lack of sollers. |Sixty-eight-year-old Sir Mirza, there were no International to be borne by consumers.
The main feature of situation that might turn de
IMPORT
Nations programme technical eldedly worse almost overnight,
chares the result of a crop of aid to the Indonesian Republic. there would be
little doubt that We will need more imports good divkiad natoouncements.-Reuter. Stock Exchange
were soored the fuse advance Week facturing and distribution chan-pasticularly of now materials, demand. The rear moderate Now York, Apr. 7. weeks. Cotton futuros
Grains, however, were nel coupled with suffered the not sharp, but still the largest oss of public buying £700,000,000 on account of price
a sudden Our import costs will rise by developed an Irregalar trend. sharpest reaction of the year for a single wock since the proving the general commodity imot bill for 1031 may be us
would constitute a
a basis for im- Increases alone, and the total this week, undergoing losses up readjustment phate, bogan a price decline of major propor- tigh as £3,200,000,000, compared to $3.50 per bale before regain moot two months ago. ing a measure of stability.
tions. These two Ife are too with rather over £2,350,000,000 A considerable number of big to be ignored, however, even last At Friday's cooc, the list ruled investors continued in the side though currently they may To meet this enormous import unchanged to 110 points lower, pending developments in beem to be hidden or buried bill we will have to do without the foreign altuation-par- under the stack of inventories." the overall surplus of £220,000- than the
Now, York, Apr. 7. Previous week. ticularly Favourable
Korea.
Thoy crop nows, along centreti
also United Press,
The Colken gry goods market which with continued slow constimer Washington. Considerable con-
their attention
our man showed, more stability, this week oconomic achievement last year, demand for drygoods and
and affi Instead for a balance as the pressure of re-salca abbied the fusion at probent exists in Wall development of labour troubles Street as to the next tax move in a large number of Southera by the Administration.
In our overseas payments. This en light weight apparel fabrics
cotton mills, were upsetting in
Cotton Has
Sharpest Setback
Wall Street's Advance
New York, Apr. 7.
Pirious on the
New York
on
000,
your.
MILL
EKINCSEBUILDİNGSITEDIDONESTORTZTOSARGE
BENN LINE
TEL
FAST SERVICE TO UNITED KINGDOM AND CONTINENT
BY.
S.S. "BENALDER"
LOADING HONGKONG 11th APRIL
FOR
LIVERPOOL, GLASGOW, DUBLIN, ANTWERP VIA
KOHSICHANG, STRAITS, COLOMBO, ADEN, PORT SUDAN & PORT SAID.
W.R. LOXLEY & CO., (CHINA) LTD.
York Building.
Tel. 84165 & 88710.
S.S. "LAURE PATTISON"
Direct for
PUSAN
LOADING THE 11th APRIL
SAILING THE 13th APRIL
For Freight. and Particulare, please
apply to
weaks must go that there in of shoes Not one in charts for United PATTISON ORIENT LINE, LTD.
GREY
GOODS STABILITY
Malayan Rubber does not include the 1100,000,- following the strike among
Price Drops
Singapore, Apr. 1.
000 which is apparently to be Southern mill workers. wildrawn from monetary The Govestrament preshing reserves to ba
to pay for stockpiling. There will be a further in that some form of fationis for raw tomay be decessity crease in our invisible commings, unless a bumper crop is hár- which should nisa to something vested this
aentiment, buat
fluencca. May contract went Foroonatis in businices elreles below the celling price of 45,39 revealed that rails, which show- conte a pound, falling 50 points, ed poor resuly in February, but it subsequently recovered will do much better for March,
--"The price of Ma'ayan rubber {ijke £450,000,000. The rest wDE | saduance rever, also acted to of the low on aggressive April, May and June. Raid mill and exporter buying... sparked the advance this week to Straita $2.12.
has dropped oight centé pound bave to be met by increase in overall activity remained on They touched off the rally on Meanwhile, the New York Wednesday, which carried to
The dip was believed to re-brica and expansion of volume quiet do. Buyer and sellors Colton Exchango announced the other departments. Gains
flect announcement that the of our exports, by authen
were fererally reluctant to suspension of trading on all mile, widened on the wook.
Malayan Government would, EXPANSION OF EXFORTS
200 for alther WAY. until Saturdays during the period of
after tomorrow, restrict all ex daylight eaving
Next to malls, all equities ports to countries other than mencing May through Sept. performed well. They sale Britain and the Sterling area volume of
the fored padow of more than a Dominions, the US and other of maintaing
1. The Cally opening
30, will be daleysi kimi an host more windin 00:1020, A.M. tutduar to fepta a la fuwan nimes
Arnog
The dimeine
net prices vadyanced tj. to coraider shares 6T55015, per: picul from Thirai sod
move
unsongnably cool
Exchange Rates
Buations was done in the local
urb oficial . ' exctiange
market morning at- the following ratosi Sterling pote (per 2)
UB. dollars (per $1) Indonesia guliders (per 100)
Slam tepla (per 100)
Klingspore, (B)(and to)
FIC plastrée (per 100)
16,50
0.03
28.00 1.775
13.00
12-14 Queen's Road C., 4th Floor. Tel. 25846
or Chinese Agents:
OVERSEA CHINESE STEAMSHIP COMPANY, LTD.
48 Bonham Strand West, 1st Floor.
Tels. 20127 & 91119.
Pacific Far East Line, Inc.
Fait Regular Trans-Pacific Service
DIRECT
SAN FRANCISCO, LOS ANGELEI
“GEORGE, LUCKENDÁCII” "EDGAR "LÜCKENDA CE”
LUCKINDA CIT
ÖVERLAND ¡psi NEW YORK-CHICAGO. DETROIT-TORONTO. MONTREAL AND ALL AMERICAN & CANADIAN. CITIES
Manilk
San Francisco
Birato Barancio
Attiyan
Apr. 10
For
- Nagoya de Tokobama
May
Ban" Syloclico