Page
MESSAGERIES MARITIMES
M
"'CDT DORISE”
ARRIVALS
from Japan
"LA MARSEILLAISE", from Marsellici
SAILINGS
M
PASSENGER/FREIGHT SERVICE
"LA MARSEILLAISE” ...... to Japan via Manila
"LA MARSEILLAISE" "FELIX ROUSSEL"
"ODT DORISE”
"SAINT VALERY"
"BRIANCON"
5th May
6th May
8th May
to Marseilles via Manila 19th May to Marsellies
........ 23rd June
FREIGHT SERVICE
THE CHINA MAIL, THURSDAY, MAY 3, 1951.
Wool Prices Easing
Melbourne, May 2.
All wools except Merino and fine comeback con- tinued to ease at Mel- bourne sales today.
Fine medium and strong crombreda showed further declines of up to 10 per- cent.---Associated Press,
DEMAND
N. Africa & Europe 8th May FOR RAIL
.N. Atrica & Europe 23rd May
N. Africa & Europe 23rd June for
*PORT BAID, TUNIS, MANSEILLES, Algiers, oRAN, TANGIEL, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM.
CIE DES MESSAGERIES MARITIMES Queen's Building
Tel. 26651 (Three Lines)
MAERSK LINE
FAST FORTNIGHTLY BERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
ARRIVALS FROM U.S.A.
M.S. "LEXA MAERSK”
M.S. "SALLY MAERSK"
M.S. "CORONA"
M.S. "CORONA"
M.S. "ANNA'MAERSK”.
M.S. "GRETE MAERSK"
May 15
May 31
June 14
May 19 June 2
.... June 25
For Freights and Further Particulara please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Bullding
Tel. Nos. 26661-8.
Britain Leads
Leads World
In Ship
Construction
London, May 2.
The non-Communist nations are building 1,217 merchant ships in a stepped-up-bid-to-reduce the world shipping shortage..
Lloyd's Register of Shipping,
the clearing house
for facts
on
and figures on shipping west of the Iron Curtain, reported Wednesday that 5,097,084 tona gross,
or 1,217 ps were under construction._
over.
Sterling Area -Discussions With Japan
London, May 2.
report for the Arst quarter of the year shows an increase of 278,311 tons, or 48 ships,
the
three lnst months of 1950.
Britain, which suffered the biggest wartime shipping Ibsy,
first An assistant chief cashier of led the field during the quarter of this year, with 40.7 the Bank of England, Mr G. B. Laynes, left by nie for Tokyo per cent of bottoms under con-
was placed on Wednesday to negotiate with struction, France secondi. with
cent Occupation authorities on pay. 9.5
per with Japan third
9.4ments between Japan and the per cent. Italy accounted
sterling area. for 0.3, Sweden 5.9, and Halland 5,8 per cent.
The United States merchant reserve fleet, which experts say is dimcult
to run on ordinary commercial terms, accounted for only 5.3 per cent of construc-
tion,
all on the West Coast. BRITAIN AHEAD
The discussions will centre
a proposed revision 011
of a May.
which 1048, agreement Japon the gave
right 10 convert, into dollars any surplus sterling she
trading earned
with the sterling area.
A Bank spokesman who an nounced Mr Loynes' trip declined
British Commonwealth coun- tries, apart from Britain, chalked comment on details of the pro-
up a
total of 2.3 per cent, posed and Spain Press.
Norway, Denmark
built
about two per cent among
other countries listed.
revision. - Associated
Countries making the largest UK Methods
additions to their own fleets aro
Main
Norway and France, the
report said. The largest
amount of new tonnage to be Imported will go to Norway,
Argentina and France.
Motorships under construction
British
Better
Washington, May 2.
machinery outnumbered steamers, although methods are better, a group of and
and English hosiery producers ald, but
'management
the largest vessel being built is visiting
a steamer of 30,000 tons, going.
up in a United States yard.
Motorships total 904, or 3,012, 082 tons, and 200 steamers are being built, 347 tona.
more efficient.
of 18 The group a total of 1,482,-workers and
managers, technicians has visited 35 American mills un der the ECA
programme,
Despite new building; ship ping executives here say, the balance between freight to be carried and available bottoms will remain serious for some time.--United Press.
They admitted United States
mills outproduce British mills, but said their soclinical know- lodge, styling. and product quality, particularly in woollen production, outclass American manufacture-Associated Press,
Pepper Market-||||
Nów York, May 2.
E
Seeds And Oils
New York, May 2. Prices in the seeds and olla pepper down to a minimum, market here closed today
The lack of grinder buying
demand held business in black
ท
ISSUES
T
UNITED KINGDOM'S America's
I
NATIONAL INCOME Promise R.PL.
STILL EXPANDING To UK
(By JOHN KINGSLEY);
The White Paper on the National Income and Expenditure of the United Kingdom gives a statis- tical picture of the U.K. in 1950, the year when economic recovery from the effects of war may be said to have been completed, and when the first shocks of rearmament began to be felt.
Broadly speaking, the figures for 1950
present ľa picture of Britain which had settled into the post- war pattern of life. Some of the main trends since the war had been confirmed. The gross national product the money value of all work carried on in Britain, including income earned from abroad, · but excluding the value of imports continued to ex pand."
New York, May 2. A sustained demand for rail- road issues today backed up in otherwise ragged stock market,
Action of the ralls was much better than Any ether major group, and
and
gains among the leaders went beyond $2 a share. Elsmwhere in the list, the plus signs in some Instances hit the $3 mark, but there were also minus signs as large as
$2 in prominent stocks.
Industrials on average are te around their best levels of the year.
Rails have lagged con- siderably before the recent recovery of the market as Д whole.
There are many traders who refused to believe this market, is really a healthy bull movement until the raltrond issues join the advance.
FC-
the
For that reason today's sponse of the carriers was most gratifying to the
bullish cle- ment in Wall Street
issues head Individual spallight, however, in their reaction to corporate news.
Lockheed Aircraft was the day's
most active insue, up 1% at 40%. Other gainers includ ed Santa Fe, Chicago Great Western,
Colorado Pepsicola, Fuel and Iron, Wright Aero- nautical, Baltimore and Ohio, Rexail Druz and Graham
Paige.
Transfers were 1,000,000.
Dow Jones averages:
05 Stocks
20 Industrials
15 Rails
10 Utilities
04.00 201.27
03.84
42.50
-Associated Press.
*
.In 1950 it was estimated to tobacco and drink, about one- total £11,970 millions. That quarter of the total revenue. represented an increase of 41⁄2 About three per cent more per cent during 1950, compared † food was eaten in 1950 than hi with an inrease of 7" per 1943, and people bought more cent in 1949. Here it must be fumiture, more clothing, inore emphasised that these figures household goods, more books express money values, and are and magazines. therefore misleading in terms All in all, there was an in- of quantities. The Increase in crease in the standard of Jiving, industrial production during as measured by the quantity of 1850 was eight per cont.
things bought, of about three Some of the other post-war per cent, in spite of an increase trends showed signs of boin prices
during the year coming stable features of the averaging about 24 per cent. economy of 1950's. The share- So, before Koren and roarina- 1030 was almost the same as in out of the national income inment were fully felt, there was ar encouraging picture of 1949. Wages took 40 per cent, econoinle recovery completed, salaries 224 per cent, oompany with the UK showing profita 15 per cent, small traders substantial annual improvement 7% per cent, rent 4% per cent, in the standard of living. with the remaining 10% per cent going to forces'
pay, incomes and
pro- formers' fessional carnings. This em- phosises the predominant that wage earners have played in the economy since the war. Wages were still making the strongest claim on any increase in national resources. The U.K. wages bill in 1930 increased by £240 million, or 51⁄2,per cent, compared with a three
per 'cent increase
dia- in profits tributed as dividends (and 1 15
part
per cent Increase in un- distributed profits retained to
finance business and produc-
Outflow of tion),
US Gold Slowing
The share taken by wages is increased by the effect of taxe- tion, which is designed to take more from the wall-to-do than from the lower wage groups, and more from unearned in- comes than from carned in comes. Out of every £100 of The outflow of gold from the £47 went in, wages, compared spendable income left after tax, U.S. slowed to a $20,000,000 with £37 trickle last month after rising salaries; £3 for forces' pay: and 1938; £25 went in to a near flood of $876,500,000
Washington, May 2.
in the first three months of this £25 for profits, rent and in- year, the Treasury reported terest, compared with £34
today.
-
1938.
SLICE
In
The Orst-quarter
LARGER 1851 out-
A much larger slice of, per- pouring was equal to more than half the 1950
incomes total of $1,725,- | sonal
Is nowadays 300,000.
taken in taxes than before the Indications are that the gold war. In 1950 it was 27
per cent, outflow has come to a halt.
compared with 28 per Britain was the heaviest-pur- ceat in 1949, and 19-per-cent chaser of U.S. gold in the first in 1938. This has also involved quarter of 1951, taking $400,- change-over In taxation 000,000, the report showed. policy. Just over half of total That
$1,020,000 taxation (53 per cent) is taken compared with British purchases during 1950. by direct taxes on incomes and
Next
Was Mexico, taking profis. The remaining 47 per
had pur- cent is $124,300,000, Mexico
indirect collected by chased only $118,200,000 in all taxes such as customs
duties, of last year Associated Press. purchase tax, and duties on 1938. tobacco. In
of taxation Was taken from indirect taxes and only 43 per cent from the direct
Mixed Trade
In Grains
Chicago, May 2. Grains acted fairly well des plie one short but severe selling Wove. Closing
prices
were mixed, Wheat closed % lower to
higher.
May July
September
243-4 to 16 247-19 240- to Corn: lower to higher. Oats: lower to 1-4 higher. Rye (old style); unchanged to one cent higher,
Soybeans: unchanged to two cents higher-Associated Press.
BELGIUM AGREES ON GUARANTEE
Washington, May 2. The Economie Co-operation Administration announced today that Belgium has agreed 10 -guarantee the replacement of the Greek ECA fund of $7,000,000 attached by a Belgian High Court order recently,
drink and 57 per cent
HONGKONG
SHARE
MARKET
ง
Trading on the Hongkong Stock Exchange this morning wag somewhat livelier, the volume of business amounting to $314,917, The morning's transactions and noon closing prices:-
SHARES BUYERS SELLErs bales BANKS
1K Bank .. 1366
10 @ 1055 24 0 1355 101075
East Asia INSURANCES
Canton
102
740
Union
HK Fire SHIPPING
110
74 200 @ 14
0.10 1234
2016
Asia Nav -DOCKS, ETC..
Whart EN, PL, Whar
Dock Provident Wheelock... 2012
LAND, ETC. HK Land UTILITIES
Tram y
..01%
11.30 11.70 3000 1145 3032 of 1172
-C. Light (0) 1.20
C. Light (N) -34
C. Light (B.) 8.75
Beatric
23 231 580 23 Telephone 10.10 Tel. (New) 920 INDUSTRIALS
Cement Rope STORES,
Dahy Watson COTTONS
107%
17
|
British Industry To Get Support
London, May 2. The American Director
of Defence Mobilisation, Mr Charles Wilson, said here tonight that the United States recognised that a pro- portion of her resources must be devoted to sustain- ing the strength of her allies.
"We have no desire to see the largest Industrial mechanism in Western Europes-that of the United Kingdom--not fully em ployed for want of Tuw materials," he told conference,
nows
Mr Wilson disclosed that in spile of domestic shoringes, defence order priorities were granted a month ago for over 4,500 intchine-tools required for the British defence pro- gramme,
He anticipated that similar priorities would be issued for the remaining 2,000 machind on order within the next week or 10 days.
Mr Wilson has met the Chan- cellor of the Exchequer, Mr Hugh Galt kell the Defence Minister, Mr Emanuel Shinwell,
And other Government leaders during his two-day visit here,
and In the field of ferrous non-ferrous metals, Mr Wilson declared, "We are going to do our utmost
sec that you
get more.
He made
to
clear
that the
British Ministers had raised the of
problem of re-allocation
raw scarce British arms to be fulfilled.
materials if the programine was
Mr Wilson said in reply to a question that possible reper- cussions of Persia's decision to nationalise the oil industry had not been touched on.-Reuter.
NY Cotton Price Again
Declines
New York, May 2. Cotton prices steadied after a weak start but still closed in lower ground for the fourth day in a row. Open contracts at the stort of business totalled 87,000 balss. The weather and crop news was again on the favour- able side,
The market opened up 5 to off 29 points, with far-off October showing the widest loss. There- after It seesawed within a 22- point range. May closed 7 points. higher, while other positions were off 18 points.
300 m 500
400 5.00
Prices closed as follows!-
Spot
46.DG
May
July
45.00
October
39,45
December
30.97
March (1632)
3882
May
11.75 12 330 7 32 54267 13 1715-1000 172
2.00
taxation of incomes and pro The Rubber
Conservative
Governments
used graded taxes on incomes
บ
to ensure that those who could best afford it bore the brunt of heavy taxation. The Labour Government has developed this policy on the principle of the redistribution of income. The effect of a polley which has MERCA been operated for more than generation has been to the share of the national income held by the rich, and to increase the sha
share of the middle income In 1949-the last year Kroups for which figures are so far available there were 13,500,000 people
with incomes of more than £250 a year, more than four times as many as In 1938, when only 3,000,000 had incomes of more than £230.
of
The number of incomes
a year hos more than £2,000 nearly doubled since 1936, from 124,000 at 230,000, but the aharu taken by this upper, income group after tax has fallen from eight per cent in 1998 to six per cent in 1849.
Markets
London, May 2. Prices of rubber futures.closed here today as follows:- Number 2 rubber
June
in cents per Ib.
July/September
October/December
-
53-53
491-40 United Press, SINGAPORE MARKET
Singapore, May 2, Prices of rubber futures closed here today as follows:→→→→ Number rubber, par lb.
MAY
Juria
July Number 2 rubber, May Number 3 Number & rubber. May... Spol rubber, unbaled Black crepe No. 1 pale crepe
1851-1801 183-IB 1805-1013 180-1811 175-170 100-170
180-187
1441-345 105-205 -United Press:--
TIN
LONDON
MARKET
Marshall Aft to Belgium was SIGNIFICANT TREND suspended last month when the
The pattern of spending in 28-year-old debt allegedly owed people the standard of lying was Court altached the funds for a 1050 zuggested that for many by the Greek Government to a enough to allow some increased private Belgian company. This indulgence in luxuries, There Reuter. duspension was ted today, was an kærease of one-third in spending on private motoring, due, no doubt, to the end of day by the end of the official
TEXTILE MARKET,
EASIER
New York, Moy; 2; The cotton textile market displayed on easier tone. In the
2411
London, May 2,
Prices of tin closed here to-
petrol rationing in the spring morning as follows: People spent more on beer, winet hope tin, buyers and spirits, cigarettes,
1,345 And Boot in, weiller
18150 cinemas. Expenditure on all these Business done at
1,165-1,150 things had shown a mall decline Tha-nandia tin, buyers 1,150 Buy Three-thonths tin, sellers 1,130 in 1949,
*3,135 The ine
on
Set Uement,*********
Dealers safd some sellors tome changed with the following ex- print cloths división, with row drink sed expendthe miness done, at
porarily shaded prices then ceptions:
but
withdrew when offerings.
to attract any interest,
fallost
On a nominal:baris, the mar
ket was quoted at between
July
October
38.03
38.37
30.15 zit -United Press.
NEW ORLEANS MARKET
Spot
May
July
Qotober
Closing rate
May 2. 44.91
45.30 bitt
45.02
39.31-30.32 33.02
38.82 30.64 bid 38.32 Bit
December
March. (1982)
May
July
October
-United Press.
10.48 bid
New York Sugar Futures
New York, May 2. Domestic sugar Zutures No. Six closed two to three higher. July
5.09 bid September
4.79 bid 0.01
November
Domestle sugar futures No. Fivo closed quiet, no coles,
World Sugar. futures No, Four closed to 10 higher.
July
September
-March-
0.10 bid
0.10 bid 8.33 nominal Raw sugar spot: 0.10 nominal. -Associated Press.
Exchange Rates
Business' was done in the local Unofficial exchange Tarket h maming at the following rates:- Atelier nole (ber__£)
16.70
U. dolions (per (1) Indonesia gutiders (per 100) Blatn tiosis foer 100) Singapore" (Straš{a} VIC pisstres (per 100)
Japanese Bonds
and tobacco was a 'signif-
-United Press, Singapore, May 2. sales accounting for most if the cant post-war trend. For rather Castor
Seod, por long ton, activity. The popular, 80-square less alcohol and only a little Malayan tin, prices skidded FOB. Brazilian post 2.80. print cloth was sold in Orift hand more fobacco than in 1988 people today ad fears spread among United Press,
for quisis, delivery at 2535 cents spent 3s, 90, in every 2 (10 per prodiiters that the Opvernment Japanese
vent) ocupared with 2a, in the 2 – would use part of their exports
(10 per cord). In 1950. Tale was income to ksit, inflation. **
$1.40 -1.00 #1pound, Dombay Mount New York, May 2. offering was reported at around Foreign exchange:
14
(01.05 $1.04%apound, including Canade 04.0244)
cost and freight-United Press. { Press,
V The wool grótids market was Camille a grume PENNEY A. gross revenue garner, for their brought B1560 per picut, 1969 Footiectać stown-m811 from - Tuesday ni £4,000 million in taxes on," Associated Press.
Rayon goods WOTE
Alrosiated Press,
Consola
Q
•
ROYAL
INTEROCEAN_______LINES
SINGAPORE JAVA PORT and
MACASSAR
#TJITJALENGKA” "TASMAN” "TJIWANGI"
"VAN HEUTSZ"
ARRIVALS
* In Port
MANILA, EAST &
SOUTH AFRICA and SOUTH AMERICA "TEGELBERG”
"TJIMENTENG"
__**TJIKAMPEK"
"ROYS".
JAPAN
""TASMAN"
"TEGELDERU”
"TJIKAMPEK”
"RUYS"
"VAN HEUTSZ”
5th May ..13th May ..20th May
ARRIVALS
11th May .... 19th May .15th May
ARRIVALS
.tale May .15th May
.Early July
SAILINGS ged May late May 17th May
SAILINGS
17th May:
Early July
SAILINGS
8th May
21st May
Mid June
21st May
Agents: HOLLAND EAST ASIA LINE
EUROPE via MANILA and MALAYA
"LANGLEESCOT" "ARENDSHERK"
to
Not calling at Manjja Through B/L fzrued Modlierranean and Northern -European Porta.
JAPAN
"LANGLEESCOT” "ARENDSKERK"
† via Manila,
ARRIVALS
18th May
SAILINGS
28th May" Mid, Jane
ARRIVALS
. 18th May ..Mid, June
SAILINGS
24th Mayt
ESKING'STRUILDINTZATSTONESTR015ONZORIS,
M.V. "LA MARSEILLAISE"
will sail for
MANILA, YOKOHAMA and KOBE.
on
Sunday the 6th of May
at 11 P.M.
Passengers are requested to board the vessel with their cabin baggage on SUNDAY the 6th of May, Between 7 PM and 9 PM.
Baggage Room and Hold Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate Canton Road, Entrance) on Saturday 5th of May between 9 ́A‚M. and NOON imperatively.
'No baggage will be accepted for registration after
this time..
CIE DES MESSAGERIES MARITIMES
Queen's Building ·
Tal: 26651 (3 Lines)'
Fly CANADIAN PACIFIC TO NORTH AMERICA
THE SHORT NORTHERN
ROUTE
EVERY FRIDAY
from HONGKONG via TOKYO toVANCOUVER
• 4-engined
L
* Speediest Route "Empresses". Perfect Cuisine
• Pressurized,_Roomy
Comfort Bilingual
('e "Laungaire" Chairs
Stewardessus
Canadian Pacific
AIRLINES
UNION BLDG.
'TEL• 33046-7+3+
"WINGS OF THE WORLD'S GREATEST TRAVEL SYSTEM'
St. John Ambulance
Brigade
FREE AMBULANCE SERVICE
London, May 2.
Teli
PRESS PHOTOGRAPHS
Copies of photographs taken by the 'South China Morning Post, South China Sunday Post-Herald's and China
Mall Staff Photo- graphers are on view "In the Morning Post Building,
ORDERS BOOKED