Page
THE CHINA MAIL, MONDAY, APRIL 30, 1951.
MESSAGERIES Y MARITIMES ACTIVITY
M
"LES GLIERES"
ARRIVALS
from Europe
SAILINGS
M
PASSENGER/FRNIGHT SERVICE
"LA MARSEILLAISE”
3rd May
to Japan vla Manila ... Gth May to Marseilles vla Manila 19th May to Marsellies ........ 23rd Jane
FREIGHT SERVICE
"LA MARSEILLAISE" "FELIX ROUSSEL"
i
"CDT DORISE”
"SAINT VALERY"
"BRIANCON"
N. Africa & Europe 5th May N. Africa & Europe 23rd May ......N. Africa & Europe 23rd June for
PORT SAID, TUNIS, MARSKILLES, ALGIERS, ORAN, TANGIEL, CASABLANCA, HAVRE, DUNKIRK,
ANTWERP & ROTTERDAM,
CIE DES Messageries MARITIMES.
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Tel. 20051 (Three Lines)
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
M.S. "PETER MAERSK”.
ARRIVALS FROM U.S.A.
M.S. "LEXA MAERSK”
M.S. "SALLY MAERSK"
M.S. "SALLY MAERSK”,
M.S. "CORONA"
M.S. "ANNA MAERSK”
In Port May 15 May 31
May
8
May 19
May 30
For Freights and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
Tel. Nos. 26661-8.
Industrial Output In US At New Highs
New York, Apr. 29.
Industrial producton climbed to record levels last week in the face of new Government regulations that businessmen and industrialists viewed with a slightly jaundiced eye,
Crude oil production of 6,060,800 barrels was a record high.
Freight carloadings were the An Associated Press survey highest since Nuv. 18 last. showed meat shortages cropped The 801.520 calis loaded re- Bested the rapid rate at which goods were moving.
The nation's steet mille were | operating at 103.3 raled capacity.
op here and there.
In connection_with_taxes, the. Agriculture Department made
survey showing-laxes
ப
UR
per cent of cigarettes have climbed to a point where the collectors get more than three times as much us the tobacco growers.
Engineering awards Aggre gated $284,601,000, better than the previous week's $220,597,- 000,-
Corporate
earnings for the first quarter continued to make good reading. But higher taxes and increased production costs were being felt more.
Several
corporations profits ON Many industrialists
reported
.sales.
larger
smailer
Larger forecast lesser earnings in the
coming quarters.
President Harry Truman's 18- member
Stabilisation
Wag?
Board did not make business and industry any happier. The Board has the power to recomanand settlement of wide variety of Jabour-management disputes affecting the defence programme. Menagement wants the Board restricted to consideration strictly economic disputes such as those over pay.
It showed that in 1950 Fo-
wed deral.
State and local taxes averaged 9.3 cents on a 20-cent package of cigarettes.
The (arm value of the tobacco in the package averaged 2.90 cents.-Associated Press,
Grain Prices
In Chicago
Chicago, Apr, 28. Prices of gram futures closed here today as follows:- Wheat-price per bushel
Spot May Judy September December
Corn
SOME ANXIETY Government wage controls
due appeared
Spot- for an over- hauling
that the Wage Jy May now Boord It's been established. Septentber Industry is a litle anxious December over the results.
During the week Economic Stabliger Eric Johnston ap- proved six cents an hour in- crease for 1,000,000 railroad workers even though it want July beyond the Government's 10
-per cent celling on pay raises,
Пус May July September December
Oste
May
2.50 2.50-12 2.60-7-16 2.57-1-4 2.55-25-12
1.84-44
1.03-14-16 1.63-1 1.70-1.70-1
2.05-12-2.00 2.02-$1
1.00
90-80-
88-94-7
New York flour-per 200 lb. pack.
September December
Mr Johnston sald special $13.30 United Press,
consideration had been given
i
the rail workers because under
the Railway Labour Act it
takes. longer for them to w Textile Market
new contract objectives,
Department store sales over
the nation just crept above a
Caution
New York, Apr. 28.
In the Worth Street cotton
where celebrationa were held grey goods market all hards
趱 neutral attitude,
who attributed in part to in-awaiting issuance of the long-
IN METAL MARKETS
New York, Apr. 29.
But
The volume of new Govern- ment orders controlling metals declined a little this week. activity in the markets
con- sinued brink ng ever, 'with de mand Istense and prices steady,
Priority metals like copper, lead ani zinc are not covered by the General Manufacturers" Price Ceiling Regulation issued on Wednesday and effective on May 20 Also excluded are all metal alloys, econdary metals and sorap, ores, metal powders and zulled, drewn or extruded metals and-alloys which have not been further fabricated.
1
Materials Shortage Critical But Won't
Kill Defence Plans
Gloomy Forecasts Refuted
(OUR OWN CORRESPONDENT)
London, Apr. 29.
Any discussion of the raw materials crisis, which this week pro- vided an excuse for the resignation of three members of the Government, is in danger of becoming bogged down in political controversy. The dif- ficulty is, of course, în deciding where the economic ́argument ends and political bias begins,
The order does affect about 7,000 manufacturing firms which produce thousands of different products including goods made
What one can answer on purely economic grounds, however, is the from metal. Those companies argument advanced by Mr Aneurin Bevan that the defence programme is are to base their new critings un the highest prices charged already dead" because we cannot hope to get raw materials needed to carry it out, and also Mr Harold Wilson's gloomy forecast that "today British industry stands disorganised and threatened by paralysis" because of raw material shortages.
in the period between April 1 and June 24, 1950, or they may choose instead any one of the three preceding calendar quar- ters as a base period.
The National Production Au- thorzy
LEASE
inventory Himits
eclumbium and tan- talun Maximum stocks now are 45 days' supplies instead of the previous 30 days.
also relaxed restrictions
cadmhim 197 allow
use of the anti-rorrusion metal for certain aircraft anci automotive parts in which no have been ruitable substitutes found.
"The
NPA
chinly
Mr George Strauss, Minister of Supply, attempted to reply to these arguments this week-end. He said nothing had changed since the defence programme was first an- nounced by the Prime Minister three months ago.
This is perfectly true but it is not a very convincing itsargument. If nothing has happened in the last three months to make the situation worse, it is equally true that nothing has happened to make it any better.
to
NPA Fleischmann, hopes to issue the first anders in the coming *#ek actually instituting the new Controlled Materials Plan for allocating steel."
copper
and aluminium. The CMP will undertake la portion out these three
metals to military and de- fence supporting users starting
July 1.
on
to
HONGKONG SHARE
MARKET
•
R.I.L.
ROYAL
INTEROCEAN
SINGAPORE JAVA PORT and
MACASSAR
"TJITJALENGKA"
“TASMAN*
"VAN HEUT:2"
**TJIWANGI"
MANILA, EAST &
LINES.
ARRIVALS
..20th Apr. 4th May
13th May
.....20th May
SAILINGS 3rd May late Mar 17th M
SOUTH AFRICA and
SOUTH AMERICA. "TEGELDERG" “TINI ITNG *TJIKAMPEK" "RUYS"
JAPAN
*TASMAN▸ "TEGELBERG“ "TJIKAMPEE"
"RUYS"
"VAN HEUTSZ"
ARRIVALS
8th May
. 19th May ..15th May
ARRIVALS
inte May
SAILINGS
17th May
Early July
SAILINGS
9th May
13th May
21 May
Early July
Mid Juno
21st May
Agents: HOLLAND EAST ASIA LINE
+
EUROPE via MANILA
and MALAYA
"LANGLEESCOT "ARENDSKERK”
Not calling at Manita Through Be/L issued 40 Mediterranean and Northern European Ports,
ARRIVALS
In Port
SAILINGS. 20th May* Mid, June
18th May
ARRIVALS 18th May
We are still without an as- | operation
Business done on the Hong- attained
kong Stock Exchange this morn- Eurance of reasonable supplies Washington commodity
Noon Ing totalled $206,177.80, of raw materials to carry out This will involve not only the prices and the half day's trans- the defence programme, main- give and take envisaged in actions were
in our exports and provido such expressions of common
SHARES DUYENS SELLERS BALES for the
production of the
as the Atlantic most interest
Pact BANKS essential civilian
but
also serious reconsideration Last Asia requirements. It is
HON INSURANCES no!
policies as the Ameri-
Union **** surprising, there-of
such fore, that the hope that Mr can stockpiling programme and Strauss placed in the outcorne the British dollar conservation
SHIPPING of the Washington commodity restrictions. Answers to these DOCS, ETC. talks seemed a little tattered
problems wh
wil no doubt
be foundIndeed round the edges.
must be found but it will be much
casler
by the
falles.
+
102
740
JAPAN "LANGLEESCOT" "ARENDSKERK”
SAILINGS
.Mld, June
316 @
750 06 @ 750
24th Mart
† via Manila,
Asia Nav.
4000 m I
N. PL. Wharf Dock
6.10
000 1211
Wheelock ...
22
284 4 2214
5.70
39
13
1.00
But if these talks have not yot produced the results that were expected of them that
ist
34 an
to give more and take less if the crisis is treated economie one and not as a means of gaining political ends. STOCK EXCHANGE The onward march of indus- "stands trial equities,
began
hardly 1he reason to talk about the defence programme being "already dead." Nor is it evidence to support the charge What British industry copper
Mr Fleischumann told a news conference the NPA hopes that complete rationing of the metals all users can be avoided. barring
all-out war. Climbing aluminium and sicel production by the end of the year will help, he said, but the situation is more acute because no significant new' production is in sight. He indicated that full allocating of copper might be needed by the end of 1951 if the consumers' scramble for 1: gets too wild.
LEAD CONTROLS?
Lead producers have com- pleted their allocations for de- livery in May and the tonnages ure reported to be considerably below what Cheir customers wanted. Defence order priority business was well over anticipa- tions.
Some estimate it ran 30 to 40 per cent of the domestic sup- ply, compared with the 20 per cent sel-aside required by the NPA for May lead.
disorganised." on
The
When it wRS. HE Wed
that
commodity the Budget did not spell doom talks have made lamentably fur profits and dividends, con- slow progress. They have, to tinued this week but in a much
which
its
warning with
of a Cabinet
se "The Economist's" words, more restrained METINET. "pup in train a series of statie- Monday's news of Mr tical exercises all of
Bevan's пощу be expected to show that
obvious there is
is a critical shortage arcrisis, caused a a mementary sel- materials. What seems to be back. The merkets hesitated lacking is a will to co-operate stage and the more faint-hearted while the politicians held the and blame for this les ly on both sides of the Alan Investors began cautiously to tic.
Tin and rubber-two
take their profits. This, was il the principal Sterling
move which jobbers welcomed commodities
not within derance of buyers
because last week the prepon- the scope of the present series them chort of stock,
hac left of falks but, international con~
And, as ferences on both have
equities recently
dis.
are
Arca
declined,
been, held. Both fafled - THOT offered securities found new
because there was any
LAND, ETC. HC Hotel KK Land
S'hal Land
UTILITIES
C. Light (0) 0.10 1000 m 0.15 C. Light IN) 3.50
684 of 3.55 C. Light (3)
3.90 600 7 1.80 23 239 245 33
(New) 0.10 INDUSTRIALS
Cement..
STORES, ETC.
Dairy
Watson
L. Crawford COTTONS
Ewo
10% 109%
1234 2000 y 12 1715 300 17
3,50
Point Four Assistance
Washington, Apr, 29.
Dr Charalambos Stephanides, Turkish-born livestock specialist and agricultural economist, will leave an Monday for Iran to work that nation's agricul- tural doveloment programme, Just how investors Agured the Agriculture Department the resignation of Mr Bevan announced today. and later of two more Minis-
Dr Stephanides, naturalised. ters affected Industrial pros-American who has spent eight ects is difficult to say. Some years at similar work in Greece, of them, no doubt, thought it would lead to an early clec has been assigned to Iran under tion; but this
the American Paint Four pro- would
Igramme the little from the market's
of sharing technical point which pivots on
information and experience
agreement on the need to re- gulate supplies of these com- modities but because the dit- ferences between producers and consumers on long-term price guarantees could not be. conciled. the
This situation may bring on stricter controls for lead, Some authorities believe the metul may even be put under the Centrolled Materials-Plan,
No let-up was scen in urgent demand for zine, Prices In the foreign market ranged upward from 20 cents a pound, against the quotation here of 17 14 cents.
two largest
are
The nallon's steel companies told news con- ferences this week they getting along all right without manganese from Russia, once the US, main source i the essential steel-hardening 'ma- terial. Associated Press.
BIG FACTOR
re-
change view- general
The difference between "shortages" of fin' and rubber acceptance of the inevitability with other countries. His chief
and the shortages of csential defence materials
other
is
of inflation.
INEVITABILITY OF INFLATION
Or it may have been that
that the former are almost en- tirely the result of American stockpiling. It may be that the attention which the resig
TOW
the effect
of stockpiling onations focussed on the these and other commodities
Inves- has been exaggerated for poli- material shortages gave
tors something to think about. tical reasons but this is a fave- for which cannot be left out account in any discussion of raw material shortages,
of
Cotton Price shortages
Falters In New York
New York, Apr. 28. Colton fohæres prices faltered today after rising harply In After a the previous session.
༣ steady opening in reduced deal- ings, the market immediately ran into prof-taking with the volume expanding. Nearby May held at the ceiling level of 45.30 cents pound,
At the dese, the market ruled unchanged to 17 points lower, The New Orleans cotton market closed unchanged to 18 points lower. Traders focused their attention on developments on the Korean battlefeld.
Today is the la! Saturday trading session for the New York Cotton Exchange until Sept. 8. Starting next week and continu- ing until Oct. 1, the market will defer its daily opening unul 10.30 az., because of daylight saving time.
Frices closed as follows:- Spol
40.00
23.37-30.40
your ago and in some specifle
sections declined,
The decline in sales in cities
May
45,99
July
48.20
for General, Douglas MacArthur adopted
October
40.10
December
30.00
March (1952)
39.58
terant in the celebration,
May
July
tion.
prices workers' strike
The Southern mili
October
поп
in Its
It is hoped that the new onder will break tho
awaited new pricing regulations
The Government reported the by the Office of Price Stabilisa
ngoneral lævel of form
dropped about two-thirds of a week.
» ono per cent during the month
onded April 16.
Wholesale fond prices, how dock which has gripped. Sever, turned upward for the first trailing over since the original Filmo in soven, whokeji
price Crocze of Jan, 20. A roll- De-Retall food priced for the back on print doll fabrics was
'most meat, were reported at cell-expected by « nurnÉr
tradors ---United Prom.
- Ing fovels,
44.01
45.30
23.97 nominal 37.00, bid -Unitel Prses, NEW ORLEANS MARKET Closing rate April 28- Прод May July Delober December March (1989)
July Catcher
45.20
40.01-40.04 30.66-36,50- 20.50 39.53 bid
30.92 DK alled Press.
The possibility of dislocation
duty in Iran will be in agricul tural, health and educational programmes now under way at the village level-United Press.
Exchange Rates
this
Business was done in the local unofficial exchang market in some sections
moming at the following rates;- of industry Staring note (pos 21......
15.70 through raw material shortages, dullars (per
seem to have overlooked or at Slam. Ucal" (per 100)
Singapore (Stralis)
In
0.1173
20.50
1.775
14.10
ZREKINGS MUIDANCETELEPHONESZSZROJEro 201
THE HONGKONG 'AND SHANGHAI BANKING
CORPORATION
Head Office: HONG KONG London Office: 9 Gracechurch St EC3
Banking business of
every kind transacted.
FLIGHTS TWICE WEEKLY!
TOAS
A NORTH &SOUTH
But despite all the publicity 1 factor which investors Indonesia, indifera (per 100).. 3.50 which has been gives to this least not seriously considered Fuc plastres (per 100) question of 2013/
material the
in their scramble to buy indus- fact remadus trial shares. that the British defence gramme is far from being dead But the markets resumed Import figures Jor
their former appearance when materials during tho flest it became clear later, in the week that the Labour Govern- quarter of this year have many encouraging features.
We ac
ment intended to hang on. In- tually increased our imports
dustrials were once more of such vital defence materials demand and pleasant dividend es copper, zinc, nickel, chrome news, especially from Imperial ores, rubber, softwooda, crude Chemical Industries, drew Bi- petroleum and hard fibres over
tention away from the political the *Corresponding period
scene. Resumption of the rise of
in equities Last year
was once again But imports of other caser-
balnored by the decline in over tial commoditics--lead, tungsten gilt-edged securities but
the week these showed small orts, tin
concentrates, molyb- denum ores, manganese
ares Hains. and cobalt-fell sharply.
The markets now seem A This is certainly not a
have assumed satisfactory
that nothing situation and it argues for the short of an "outbreak of pence" need of international
--an unlikely event in the face action, but it does not paint o. picture
of the Chinese offensive in as black as Messes Bevan and Korea and Wron have led many people lack of
the to believe.
"Ministers" deputies in Paris One commodity shortage can now prevent ari infa- which does threaten to disor Honary situation in which ganise industry is that of sui- holders of-good-class industrial phur, and Mr Wilson was right shares will come out beat and to calf special attention to those with fixed-interest securi-. shortly before
his resignation.
Hes will fore worst, But this week it
an- nounced that America bas icated Britain enough sulphur for the first six months of this year to avent the "unpamiloled disaster" envisaged by Mr Wil-
Was
the Foreign
of
· Machine-Tool &
Output Up
New York, Apr. 20,
son. The danger might be per- The output of machine-tools qumently avoided it plans economice in the use of sulphur
to
in the United Stater has f crossed by about 40 par cent and to develop the substitution since the outbreak of the war
'carried
deve
of other materials, are
out vigorously and will
on
Korso, according to a sur- vey by the National Industrial
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