MESSAGERIES M
"LES GLIERES"
ARRIVALS
from Europe
SAILINGS
THE CHINA MAIL, TUESDAY, APRIL 24, 1951,
MARITIMES Indian Tyres Gold, Dollars And
M
PASSENGER/FRFIGHT SERVICE
"LA MARSEILLAISE” "LA MARSEILLAISE" *FELIX ROUSSEL”
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"BREST"
SAINT VALERY'
J
1st May
to Japan via Manila ... 6th May to Marsellies via Manila 19th May 23rd June to Marselien
FREIGHT SERVICE
.N. Africa & Europe 8th May .N. Africa & Europe 14th May N. Africa & Europe 23rd May for
PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN. TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM,
CIE DES MESSAGERIES MARITIMES Tel. 26651 (Three Lines) Queen's Building
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For China
*TRO
New Delhi, Apr. 25.
Txilar-Commeroo Minister: Mr Muhlab, told the Parlament today that In 1950 and January 1051, about 12,000 sets of tyres and tubes were exported to China on a commercial basis. Replying to a quer- tion, the Minister mild the United Blates Government had not protested against despatch of tyres to
China
Mir Kenkar, deputy Foreign Minister, told the Parlament that an Indo- Pakistan conference to dis-.. ouss the resumption of rail trafic between the
two countries is to be held next month-United Press.
Big Drop On Stock Exchange
Defence: A Reversal
Of General Trend
POSITION OF STERLING AREA
(By John Kingsley)
London, Apr. 23.
Gold, as many events have shown in recent years, is still a potent and necessary factor in international trade. Though currency clearing, trade and other agreements between countries or groups of countries have brought economies in its movement, it is still needed to settle balances.
Because of her outstanding economic position, the U.S.A. until recently attracted gold and her holdings rose persistently to fresh record levels. Dollars were as scarce as gold.
15
HONGKONG
SHARE MARKET
Recently this general trend has been reversed — gold has been flowing back to many countries; dol- lars have become moro plentiful. Economic recovery in the non-dollar world and high raw material prices are the two main causes for the change. London, Apr. 23.
Business on the Hongkong This reversal has been parti- ties, such dollar carnings are "Nye" Bevan's resignation
showed some Stock Excharge cularly noticeable in the group liable to wide fluctuations. from the Attlee Cabinet of countries making up what is Coming back to the total of improvement This morning.
millions of known literally wired
the Sterling Area. Sterling Area reserves, it is per- transactions during the morning sterling off the
after a hard struggle to tinent to note that their end of session being valued at $404,- market, Today,
total was well achieve economic stability, their March
under 912.50. Noon prices:-- dragging down the quota-greatest problem is more that of one-half of the average pre-HARES DUYERS SELLERS BALES tions for Britain's leading securing
supplies ot raw war amount, if account is taken BANKS
In the purchasing industrial shares. today in materials than of acquiring more of the fall
of sterling. It is also Power The change dates from the noteworthy that as earnings of singular cold and dollars. sessions devaluation of sterling in Sep- other members swell the pool,
1949. Following an amber,
so Britain becomes liable for for additional sterling debts in re- almost persistent decline some three years, pooled reserves speet of part or all of these Apparently there was fear have Increased steadily since Idditions that Mr Bevan may mobilite devaluation.
During the first a great mass of public resent quarter of this year, for instance, ment. already incensed by the an
Increase of $458 millions rising cost of living, and there raised the total to $3,758 millions. is no telling what may happen or almost three times the pre- politically and even economi-devaluation level of $1,340
Stock Exchange NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via one of the most
SAN FRANCISCO, LOS ANGELES AND PANAMA.
seen since the end of the
NEXT SAILINGS
M.S. "PETER MAERSK"
M.S. "LEXA MAERSK" M.S. "SALLY MAERSK"
ARRIVALS FROM U.S.A.
M.S. "SALLY MAERSK"
M.S.
"CORONA"
M.S.
"ANNA MAERSK”
Apr. 30 May 15
May 31
May 8 May 19 May 30
war.
cally.
jan
millions.
closure
of
Hence the rush to get out Four major factors have of blue chiip"
shares pur- brought about the chased last week at peak prices, what is known as the "dollar
Light s:lling touched off by
First, devaluation the split in the Labour Party sterling improved the compe- led to widespread small losses. Live position of Britain and other Many operators steered clear Sterling Area members in world the British chance that the Party row will export drive,
The British attitude to the future is that so long as all steps are taken to keep up the level of dollar exports, and so long as dollar expenditure kept to
R. I. L.
ROYAL
INTEROCEANLINES-
SINGAPORE JAVA
PORT and
MACASSAR
"TJITJALENGKA” "TASMAN" **TJIWANGI" "VAN DEUTSZ"
MANILA, EAST & SOUTH AFRICA and
SOUTH AMERICA “TEGELDERG” **TJIMENTENG”
"TJIKAMPEK" "RUYE"
A
JAPAN "TASMAN"
**TEGELBERG"
"TJIKAMPEK”
"RUYS"
"VAN 'HEUTSZ“
ARRIVALS
•20th Apr. 3rd May 11th May
. Zist May
ARRIVALS
8th May .17th May .14th May
SAILINGS
1st AD
17th May
SAILINGS
18th May
Early July
SAILINGS
8th May
ARRIVALS
.11th May
19th May
30th May
10th May
22nd May
Agents: HOLLAND EAST ASIA LINE
EUROPE via MANILA
and MALAYA
"LANGLEESCOT" "ARENDSKERK”
Not calling
at Manija
Through BA/L Issued 40
Mediterranean and Northern
European Ports,
Tak Bank
`INSURANCES
Union
"
1400
80 1409
130 1400
.....740 745
随雄
750
20
745
1.03
1000 1.03
་ ་
500
1,00
5.10
+ via Manila,
SHIPPING
Asia Nav.
DOCKS, ETC.
N. Pt. Wharf Dock XD S'hal Dock .. 2.35 Wheelock
LAND, ETC. HK Hotel Shal Land ..
to essentials, the prospect UTILITIES of the gold and dollar reserves censing to grow or even of declining somewhat need give
no cause for worry. The sacri
of the price
2334
300 @ 23%
3.55
11.20
0.20
Tremo C. Light (0) C. Light (N) Electro Telephone. 10% Tel. (New) flee of further additions to the INDUSTRIALS reserves is part
STORES, ETC.
Cement which
has
to be pald for Dairy XD
The Sterling
Watson realer, security. Area is in stronger position COTTONS bring on a new national elec- part devoted to dollar countries, this sacrifice, which can still be tion in the near future. British together with stringent econo Government bonds were irre-mies in dollar imports by
For Freights and Further Particulars please apply to:- of the market because of the markets. Seco particularly the than for many years to meet
AGENTS:
JEBSEN & CO.
Pedder Building
Tel. Nos. 26661-8.
More Rubber Auto Output
For Civilian On Way Up Use In US
civilian
that
truck and tractor tyres, con-
more than 100 per cent of the rubber they used in the 1949-50 bose period.
Detroit, Apr, 23.
Motor vehicle output in the
Few sections of the
have baen very booming ustrial list escaped minus | successful.
Thirdly signs.
raw material prices which have have rearmament The Financial Times Dally followed index was 130.9.-United Press brought much higher earnings to and Associated Press.
the members producing rubber, NEW YORK STOCKS
tin, wool, copper, jute and other New York, Apr. 23. commodities. Fourthly, Britain Gains and losses were about and other members have been
economical even today in a slowing stock much. more
in
market. Price changes were their use of dollars. A valuable
narrow.
contributory Auctor has been the The market shook
off an dollars which Britain received early tendency toward the as a participant, up to the end downside but never did get of 1950, in Marshall Ald. enough steam up to move de-
THE OUTLOOK in either direction.
On the evidence of the first
United States last week totalled Circraft stocks held a steady quarter of 1051 resuita anil pro-
problems, Spring
of an
a
kept within reasonable bounds.
Unique US Offer To
Businessmen
year, with previous closing price, This was down again. For one thing, try announcement yesterday.
issues,
Ewo
1500 @ 0.60
11.75 850 11.75 0.25 1000 44 0.25 500 6 3.55 000 6 23%
23%
10% 1000 10
121 180 @ 1215 1714
2.30
RALLY IN
NY COTTON
MARKET
Closing prices:-
44.00
46.38
45.05
39.77
20.14
30.07
United Press..
5
30, nominal
Closing rate
April 27.
44.91
49.30
39.83-39.04
JAPAN "LANGLEEBCOT" "ARENDSKENK”
ARRIVALS
In Port
18th May
ARRIVALS
18th May .Mid. June
SAILINGS
2014 May* Mid. Jane
SAILINGS
27th Aprit 24th Mayt
SEKINGSZBUILDINGSTELEPHONES 828015 FIDE2017
M.V. “LA MARSEILLAISE”
12 days roundtrip
To Manila and · Japan
"Sailing. from Hongkong
Sunday 6th May, 11 p.m.
Back in Hongkong
Friday 18th May, 6 p.m.
"Cie Des Messageries Maritimes
Queen's Building
PRESS
PHOTOGRAPHS
30.47 bid
United Press.
Coples of
THE RUBBER
MARKETS
photographs
taken by the South China
Tel: 26651 (3 lines).
ESSENTIAL SUPPLIES CERTIFICATES
Application
Farms for
Morning Post, South China Eusantial Supplicx® Certifi« Sunday Post-Horaid, and China Mail Staff Photo- Prices of rubber futures closed graphers are on viow in the
Now York, Apr. 23. Washington, Apr. 23. The market opened 117M The United States Govern- changed to off 1 point, then ment has offered to insure rallied to net gains of 9 to 10 American businessmen against points, and closed to up lossen caused by the seizure of points.
by foreign govern- property Washington, Apr. 23. 1,540,740 units, the Automotive
ments. The Government announced News reported.
pace and at one time Douglas sent known facts, it appears
Sput The plan, which is sponsored trade
May today that civilian rubber sup-
The
paper counted
was up as much as $3.
possible that the pooted gold and by the Economic Co-operation July pies will be increased 10 per 122,208 cars and 32,472 trucks
Traders were cautious as they dollar resources will continue to Administration, is to encourage October cent-in-May-This-means- in-the- tatal. Last week 110,170 weighed the pros and cons of increase, for some months, any Americans to invest to build up
March (1042) May rubber manufacturers cars
were reported and 31,329 trucks
new Communist
how. Looking, however, ahead to friendly rations.
July will got about 100 per cent of assembled.
offensive moves
the end of 1951 and the last
The
my against loay was their average monthly supply of Despite supply
The guntary and the possible effects rubber in the year 1940-50. Automotive News said, United of industry control
two years of Britain's three broad enough to cover "a taking plan, your
NEW ORLEANS MARKET by totalitarian Civilian production has been States plants will record the expected this week
rearmament programme, of. it is possible that, at the best,
• NOVEERA Perly
which may come held to the 90 per cent level. best April production in history. U.S. Steel moved from
they will become stabilised, or, to power in any Marshall Plan Spot Under the order, however, the It estimated the April total to slight loss to an equally small
country by revolution or mil-May production of certain civilian 506,000 cars and 132,000 trucks. gain then settled back to its at the worst, they will begin to cou
"the ECA said October
July items. Including passenger car In April last
will be held to 90 per cent Chrysler plants strikebound, similar to the reaction of many dollar purchases by the Sterling
rearmament calls for increased in an tyres.
But it did not cover war of the 1040-50 base period.
output totalled 455,290 cars and This means that manufactureTS
Area. For another, the steep damage or business risks,
The ECA said it was Chrysler moved ahead a little rise in import prices which has
probably The trade paper said vehicle but General Motors and Stude- taken place recently has not by United States, or any country, of other civilian products such 102,972 trucks,
the first time in history that the veyor belts and girdles will get production will probably con-baker lagged below previous any means been covered, as yet, had adopted
for
such a policy. closing figures. tinue at present lovele
by higher export prices for Congress had
provided for it Rails were mixed and traders manufactured another five or six weeks.
After that, tighter material
goods Finally, in amendments to the ECA Act, restrictions are ikely to result watched them closely for some now that Britain is no longer à
-Router. In making the announcement, the National Production Autho in further cutbacks, with the sign of a definite trend, bearing recipient, Marshall Aid will pro-]
vide only BOO further 80 rity also indicated that the clvi- sharpest cuts coming late in the in mind It was these stocks that
added. Associated have led the market both up-million dollars in respect of ald ilan manufacturing industry will presa,
ward and downward in recent in the "pipeline" at the end of get about the same amount of
months, rubber in June. The agency
New York Central, Baltimore additional allocations
as Britain is con- and Ohio and Southern Pacific cerned, it is already clear that said that are possible because of increased
advanced while Santa Fe synthetic production plus a little
Southern Railway and Union her oversea trade position this
Chiengo. Apr. 23. additional
rubber.
Pacifle were among the declines year will be much less favour-
Prices of grain futures closed Aircrafts
able than in 1950, when, necord- continued
the
here today as follows: strength
to preliminary they showed right
estimates, there
Wheat-price per bushel from the opening with Douglas
Spot retaining $1 advance and Boeing The utmost economy in
of £229 millions. May (July Importa september today advanced 2-2 to 10 per ahead lesser amounts. ceni.
Other gainers
included exports will be necessary to Ottawa, Apr. 23.
This was the result of keen American Telephone, Westing achieve oven an overall balance, This year, for the first time
bidding by British, Continental house, General Electric "and without, moreover, taking ac- July in a history, Trans-Canada
Phelps Dodge. and Australian buyers.
count of commodity purchases September
December Airlines will operate at no
Prices are still below peak
Losers included Sinclair Oll, it is reckoned in existing circum $13.30-United Press.
for stock-plling. The latter can, New York Flour-ver 200 1b: sack. overall profit, the Trade Minis-
January-March Texas Company,
Johns Monstances,
be looked on ter,
Mr C. Howe, predicted levels of the
the auction series but are higher ville, and Konnecolt Copper. today.
told Howo
reasonable charge Dow Jones Avorgest than last December, Parliamentary Committee
Keenest bidding was for Stocks Railway's
and Shipping that
sold 20 Industrials airlines expected increasi carbonising wools which business in 1951 and heave to 10 per cent advance. 15 Railroads
Average decco and skirtings 10 Utilities were up fully avo per cent.-- Associated Pres
United Press.
natural
Out Of The Red At Last
Mr
the balance sheet will be in black
ink
this year. The TCA president, Mr G. R. McGregor, sald tho airline expected a larger number, of parsengers this year, and in would need more air- craft-United Press.
1952
NY EXCHANGES
Now York, Apr. 23.
$2.00
It year.
Wool Price
Up Again
Sydney, Apr. 23,
1950,
So far
tus
WDB
α
nct
KLLE-
Grain
Prices
In Chicago
Prices at Sydney wool sales United Aircraft and Lockheed and the maximum expansion in December
Black Pepper
Dealings
43 a
to
gold
London, Apr. 23,
here today as follows:- Number I rubber,
int cents per Ib. May
June
July/September
October/December
85-12-56-7% 53-12-57
United Press.
55-14-56-14
03-34-52-14
SINGAPORE MARKET
Singapore, Apr, 23.
Prices of
rubber futures
closed here today as follows: Number 1 rubber,
per lb. Aprit
101-102 165--109-1
100-14-187-44
2.45 7.4876-2.40 2.402-2.49 2.5027 2.5374
1.02
May
June
Number 2 rubber.
April
184-163
April Number 4, rubber,
1*0-181
173-178
1.0136-14 Number 3 rubber, KAB- 1.8318254
1.00-14
99.22 reserves;~or. In effect, the New York Sugar
255.12 another.
exchango of one
02.05
'42.30
-Associated Press.
Copra Price Down
Press
offering
asset for
On the actual dollar side
Futures
New York, Apr. 23.
Britain has certainly Improved Domestic sugar futures No. 6 her position since davaluation
April
Spot rubber,
Ambaled
Black, crepe No. 1 pale crepe
103-104...
143-147
200-310 “United Pres.
LONDON TIN MARKET
23"London, Apr. 23. The tini market was steady today, Turnover was 35 tons, Including 10 tons for cath.
Prices closed at the end of the offkini morning sendon na fol- 5.03 nominat
lown 5,04 5.18 nominal Spot th, buyers 6.30 nominal spot can, wellers Asociated Press. | Business done at
Three-months tin,
bugrece
to It is estimated that the adverse closed unchanged
four were.183 con- balance on current account with higher.. Sales New York, Apr. 23.
U.S.A., Canada and other dollar tracts,
Z165 Copra was mold at $223 per countries was only $310 millions July
** Sentember
D.C3 bid short ton, C.I.F. the Pacific in 1950 ngairist $1,117 millions in November
4.63 bia 1949. Allowing Const, down $10 from Friday's
for capital
• World futures No. 4 closed lovel Coconut oil was offered transactions the United King- unchanged to six higher with New York, "Apr. 23.
was sales of 44 contacts, In the black pepper market, lila,“ down Và cents from Frt. reduced to only $6 millions com- May
at 17-%4 cents a pound, F.O.B. dom's deficit last year. tradors, nwalled Korean war
pared with: $1,123 millions in July developments along with nows day's
price-United 1040. It would appear that there ptember 90.00 cents from India and other
was also inpon-
donell in the first fives.
quarter of this year. 1.90 13 204
Dealeas indicated at between Now Tariff Pacts - NOT WORRYING 20.27
0.104
$1.04-1.00 for spot black pep-
Much higher, dollar earnings COTTON TEXTILE -micntiam d Wellington, Apr 29 by other members of the Area per with some small lots - Mr. Charles Bowden, Minister have played an important part in portedly does for August and of Customs said hore, tonight the breiter trend September abipment at $1:03 that New Zealand had cont Last, yet, for instance, It
the reserves, pound, ex-deck; Bombay offer- fee was repinted at between plcted tarif agreements with estimated that their got curplin The cotton mille marton was $1.03 and 166 United Press. Western Germany, Türkey and
the Philliplocs Desk whd ww by millions of which no quier today. Dotate and
343 million was burrs waliods begance Exchang
Foreign exchange
Britain
Canada
Telgium
Franos
'Holland
“Italy
Portugal
3,50
Bweden
BwitterLend
Argentina
'Mexico
Venezuela
Kiengkong
Associated Press,
Bank. Quotations Cute New York, Thor. Cheile bank quotazion
U.S. TREASURY.
་
be released next month barnot by the curlugh depende Reuter, atze
Setuò Acting Victorian Fr
Land: #201. edile
March
Naw sugar wat
MARKET BA
› Now York, Apr: 23.
of new pricing regulations Inter
this week.
the
Tunizio done. Battloen empt
1.180 1,183
1,100.
(1.300.
1438
1
From
Morning Post Building.
ORDERS BOOKED
cates may be obtained from South China Morning Post
Limited.
10 CENTS EACH,
THE HONGKONG AND SHANGHAI BANKING
CORPORATION
Hoad Office: HONG KONG Loudon Office: 9 Gracechurch St.
Rates
Bank
2. 300M
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transacted.
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