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AGENTS:
THE CHINA MAIL, FRIDAY, JULY 6, 1951.
Rubber Plan Malayan Govt. Urged
A Shock
(From Our Own Correspondent)
reperi
London, July 5.
of
Surprise. Is expressed in the Coloniat Office at a that the possibility of nationalisation Malaya's rubber-producing Yadustry, had been suggest ed over Radio Malaya.
Colonit · Offer officials were frankly in- credulous: "Well, the mg; gection' certainly did not 'come from Whitehall,” they
said.
HONGKONG SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning was valued at $308,061, Noon price! and the morning's dransactions-m
SHARES BUYERS BELLENS BALER BANKS
BK Bank .. 1455 1481 East Asia
INSURANCES
Canton
Unjon
Badurwriters
1140
To
Enforce Income Tax Laws Equitably
(FROM OUR OWN CORRESPONDENT)
London, July 5.
Sir John Hay, Chairman of the United Sua American
Betong Rubber Estates and other rubber com-
panies, writing in The Times today, urges the
Malayan Government to “enforce equitably” their own existing income tax laws as a first step to wards countering inflation by budgetary and monetary policy.
He declares that The Times' Singapore corres- pondent's contention that high rubber prices are largely responsible for the inflation and that Government expenditure and policy are only secondary causes is highly disputable.
The amallholder in the rubber-producing industry,
"happy in his improvi. NY Cotton
dence," is little concerned with long-term planning, Sir John says.
"The remedy for the rapidly increasing drift into obsole- scence is not to be found by further levies
on the producing industry alluring and rather misicoding
requires .a
104
240
130
740
360
HK Fire
DOCKS, ETC.
K. Whart
*0
N. P. Whart
4.80 3800 m
480
Duck
24!
100
14
Provident
900
11 25
term 'stabilisation."
"It
Stal Dock 223
Wheelock
2515
.
LAND, ETC.
HK Hotel
4.80 5,10 3500 T
MX Land
37
S'hai Land
1.30
Humphreys
UTILITIES
Trara ....... 1323
500
2400 13.50 100 13.50
Peak Tram
14
Star Ferry
10)
I
500 05 C. Light (0) 8,78 000 4000 → 080
5006
C. Light 4N) 3.90 4.10 3000 4 C. Light (B) 05 0.00 58006
2500 A 6.50 Elctric .... 2015 27.10 930427
200 261
under
rubber- the
carefully
Registers Big Drop
New York, July 5. Post-holiday cotton mar-
thought-out and highly or-ket dealings shoved cotton prices down almost $2 a
Kanised fustained effort volving patient instruction,
grouping, provision material Gs well
118
TC-
of planting balo.
measure:
for providing some incume for the years smallholders during which must elapse between the first re-planting and its harvest- Ing."
He adds: **These
are direct obligations of Government which nlready have been ico. long neglected."
+
The first four dealings moved
A
reports
Business Paradox
RECESSION IN A BOOM
Chicago, July 5. The present business situation is a paradox- characterised by a recession in the midst of a boom, the Northern Trust Company of Chicago stated today in its monthly bulletin. “Busi- ness Comment."
It said the explanation of the paradox is to a major degres he developing demands on in- dustry for defence, and capacity output, which
is a rising com- but ponent
production, not reflected in retail sales.
Seldom has such a situation
of
prevailed in business, the Nor-
thern Trust commented.
consumer
n markets for Crop goods, saics are generally down
of
at rapid pace. Good news, highlighting generally clear weather with from the recent rates and the higher temperatures. plus problem in retail markets is re- from the dry iative slacknices In Fales and gloomy reports goods trade, kept buyers on the rising inventories. defensive side.
Certain raw commodity prices have also gone sharply lower.
In capital goods industries, on the other hand, business general- ly has never been so good.
Generally, longs appeared un- Str John remarks that the
market conditions prof margin of the rubber-certain over producing Industry is sadly de- the event of a quick cease- leted by the exactions of the fire announcement in Korea.
But
interest the uppermost United Kingdom and Malayan
on
the Govern- Governments which at present was centred
"Despite the rising trend of rport. to be Most
incomes an farms and cities and Monday.
in the indicate widespread conildence only 30 private estimates
have farmers
planted future, availability of jobs at the profits now that
and above the Govern | high rates available for to
of pay, people ars building up reserves and payment's goal of 28,500,000 acres.
than be- ing-dividends to stockholders.
absorb profits/ent's acreage
In Port
July 19
Telephone INDUSTRIALS
Cement
11
Aug. 9
11% 114000 500
11
11.40
Rope STORES, ETC.
Dairy
14 990 14.10
rates of lax rates
100 14.10
nately
70 percent of
285 m 14
200 14
He points
oui that
percent of
07 @ 1815
being made are
1 Crawford 20 2406 COTTONS
1.00 Ew XU
JEBSEN & CO.
Pedder Building
Tel. Nos. 36066-9.
No Improvement To Be Expected In Steel Supply
*New York, July 5. Peace in Korea would have little effect toward easing the supply of steel this year, suys Iron Age, national metalworking weekly.
"Manufacturers who now face limitations on their supplies of metals cannot expect any improvement in their picture for the balance of the year," said the Trade publication.
"In fact, indications that moet of passenger automobiles. How
hard far back the now metals will be generally
Vatson
.... 1010.0 250 18.00
Nervousness
In Chicago Grains Market
Chicago, July 5. Chicago grain futures fluttered Tvously under the influence of the Korean situation. The mar. closed generally lower. ket
LACK OF CONFIDENCE -Although
published
tentatively es spending less fredly Doe survey timated the crop, at 10,330,000 fore," it said.-United Press,
the tempo
of rem bales, based on July i condi- tions. However, it emphasised slowed down, planting has
that the crop musi pass through primarily because of the short-
the critical growing period in
age of labour, this is also due, July and August before the yiela Peace
In Sir John's view, to lack of confidence engendered by the uncertain political quilock.
measures.
can be assured. Market sen timent continued to be mixed.
The market
1311- opened changed to off 12 points and closed around the lows to show net losses of 29 to 30 points on the day. Prices closed today as follows:→
"This lack of confidence can only be further aggravated by the advancement of ill-contrived suited to the needs 311 of the smallholder and calculated to add to the burdens of an in- Spot July dustry already on its most pro October
skle overtaxed.
December gressive burdened by problems of ever- March (1032)
and costs
rendered May rising
July that October the dangers anxious by
December continue to those who
In the plantations
soybeans were 2% to 5% lower. Prices of grain futures closed
Wheat closed to 1% lower, besel
today as follows:
st
serve on Malaya," he says,
LONDON MARKET
46.06 nombiał !
44.45-44.49
35.4-30.00 35.65-35.67
33.70
35.25 33.75
33.52 nominal -United Press,
NEW ORLEANS MARKET
Closing rate Juty
46.91 naminal
July
44.35 bid
October
**RE
December
March (1052)
35,70
May
July Oclober
London, Jaly 5.. Prices of rubber futures spot closed here today as follows:- Number 1 rubber,
April/ne
12-24-13-14
33-4-34-4
31. nominat December
Wheat price per bushel
July
2,33 2.3214-
September
235%-36
December
2.4015-
in cents per i..
44-46-35
March (1952)
2.4315
August
May
2.43%
September
10-16-41
Corn
October, December
30-22-37
regulations
Spol
3.30%
January/March
car
July
4.7034-76
September
1.00
December
1.00!
March (1052)
1.044
1,647 asked
May
Rye
1.87
1.07
7344-1
to get even in the first quarter will cut actual passenger of 1952, still stand."
output is being widely discuss- ed in industry "quanters. About The weekly said most of the the surest thing is that the in- alloy steels now used in automo- dustry cannot build anywhere biles will become unobtainable near the approximately 3,100,- before 1951 is over, and makers 000 cars that were ro ed out in of cars, trucks, farm implements this year's first six months.
some military and even
Most guesses are that the fac- terials would have to use sub-tories will build between 2,000,- 000 and 2,400,000 cars in the six stitutes.
The Iron Age called the alloy months,
the
There is a growing conviction, shortage the most critical
even with however, that substitutes, volume.
nation bas ever faced.
Fortunat:ly
the
that n shortage of new cars
now boron steels, are now ovall-is more than likely before this
able as a result of high speed year's end. research by
ウロー Butomotive
delence
ginears In co-operation with
producers and steel officials, said the publication.
ON SCHEDULE However, said the Iran Age. neither the alloy situation nor the general shortage of metals would be affected for some time to come if prace finally comes in Korcu
Defence appropriations already made will be spent on schedule, In civilian pro- and culbacks duction will also proceed as
planned.
Last werk the factories turned
July September
Oats
September
New York flour-per 200 lb. sack. $12.05.-United Prem.
July
LONDON TIN MARKET
out 110,31 passenger cars and
London, July 5. Prices of tin were steady at $4,074 trucks. These compared
Turnover with 118,180 cars and 32,220 the morning semian.
was 100 tons, including 15 tons trucks in the preceding week.---
for cash. Associated Press.
Insurance
·In PI
Now York, July 5. Most steel mills scheduled The National Association
Commissioners operation of their furnaces over Insurance
of
has
Invitation
the July Fourth holiday, paying received extensive first hand in- time and a half to keep going formation on the insurance busi- instead of suspending as duringness in the Philippines from Ceferino Villar, Insurance Com- missioner of that country.
On receiving an from the AIC, Mr Villar from Manila to attend the or- ganisation's 82nd annual can- vention and
made honorary member of the surization.
normal timCS.
However, enough open hearth suspended Co operations were drop the steel operating sute to 101 per cent of rated capacity, Inst. down two per cent from week's rate.-Associated Press.
BLOW TO DETROIT
Detroit, July 6.
Auto Industry operations were fenced in a little tighter today
Was
came
an
Prices closed today at the end yession of the official morning
as follows---
not tin, buvers
Spot un, setters
Business done at
190 100
890-100
Three-ontha tin. buyers 825 Three months tin, eller 837 Business done at Settlement
United Press.
NEW YORK PRICE
New York, July 5.
Crude rubber: Spot No. 1 ribbed smoked sheets 52 asked, -Associated Press.
U.S. Cotton
Exports May Be Increased
Washington, July 5. Agriculture Department of clals said today that an inercare In cotton exports over the 0,060,-
bales estimated 000
35.85-35.87
35.61
25.7718 33.70 bid
33.48 bld -United Press.
Compromise
On Wool
Auctions?
Com-
the con-
Peace Moves
Not Affecting Textiles
Fage
R.I.L
ROYAL INTEROCEAN LINES
Date
Bih July
19th July 17th July 24th Bulg
27th July
31st July
Alu AAR
Ikk July 12th July
19th July
1st July 2nd Aug, 3rd. Ang. 23rd Aug.
Dalo
idth July 24h July 15th
August
15th July 7th July
ARRIVALS
Ship
"TJTJALENGKA“ "VAN HKUTÖZ"
"RUTS" "TJIWANGT "NOISSEVAIN"
TJISADANE" "BOISEEVAIN"
From
Macazent, Jaya Pərin & Angapore Hiriawan Dell, Penang logapore Japan hirat, Java Ports & Singapore B. America, 8. Africa singanore a
Raigon.
R. America, 8. Africa, ✯ Ringapore, Rapab
BAILINGS
"VAN TRUT:2"
SIJALENGKA"
"RUYA"
Марип
To
Singapore. Java Port & MacanSA? Manila,
Africa A
Singapore.
R. Amerles
"DOLFBEVAIN"
Japan
"TJIRADANE"
Барка
"THWANGIN
DOISEVAIN"
A.
Singapore. Java Parts MACRTAT Manila, Singapore, 8. Afelen - 8.
America
Agents: HOLLAND EAST ASIA LINE-
AURIVALS
Ship
GKPLORECHT" #AANTEKERK" "AAGTEKERK"
JANAH.
"KIELDRECHT" "AAGTEKETLICH -17th Angul "AAGTEKERK“
From
Europe & Kingapore Japak
SAILINGS
To
Manila, Singapore & Europe, Jupani Manila Manila, Hingapore & Europe
||VENING'S BUILDINGS VELEPRONEST QUBISTROVÁDÍTAS
Exports
British Car
Show Big Increase
London.
British motor vehicle exports in April showed
a remarkable recovery after the decline in ship-
ments during the two previous months.
worth
A total of 34,000 ears (6,500) more than last March)
£10.4
13,000 millions, and
vehicles (3,000 commercial more than last March) valued at £0.4 millions, were con- overseas customersS signed to during the month.
For both cars and commer- vehicles the volume ex- cial ported
was the highest since
January of this year; the value
the
"SHADOW"
FACTORIES
AGAIN
London, July 5.
gures, however, made April commercial vehicles Shadow factories will build
hipment at £0.4 millions an British and American all-time
aircraft industry
nero
record. while the
ine engines. The £ 10.4 millions for cars has will do the job in Britain, the not been equalled since October metor industry will do it in the
U.S.A. of 1950.
Outstanding
the among
Handley Page, Short and of cars to Harland, and A. V. Roe large shipments
in April produce the Canberra jet bom- particular New York, July 5. were the numbers
sent
to ber as well as the English Elec- The likelihood of the cessation Canada (4,835).
U.S.A.tric Company, her designers. of South
markets
the
(2,333), and
(3,004).
Compared
of the Korean hostilities is (2,025), the Union
Africa having no noticeable effect on the textile industries.
a trade newspaper, the Women's Wear Daily, reported today after surs veying the Industry,
It said textile firms are more concerned with the movements of inventories whose prices
the sagged below recent highs for purely economic reasons rather than because of world palitical developments.
It said, "The pries trend in cotton textiles for the next six months will be decided by August. September and October estimates of 1051 егор, the liquidation rate of the current heavy inventories at both the retail and manufacturing levels and overall customer response to 1952 resort and Spring offerings rather than to continuation of a prolonged peace or cessation of hostilles in the Korean war.
Canberra, July 5. "Most mill spokesmen added John that whatever happens in Korea Minister Commerce McEwen told an International it will have little effect on the of Conference on Materials today price or the stockpile picture that Australia might
cotton. The current price trend the is downward, well below promiss on her system of nuc-
current ceilings in most staples tioning wool-opposed by
and United States-if she is
lines such as flannels, den!ms,
corduroys and velve The market at present is teens. dominated by purely supply and
min demand considerations, tradic sources said. Prices at present are close to the pre-Korean war levels and substantially below allowable ceilings," and in the many cases are close to conver- "Any views expressed by a
United tera break-even point."-United such as the counrly
Australlo Stales, with which bus close economie and politi- cal ties, will be considered in spirit of goodwill," Mr Me-
for 1951 vinced there is no other way reason at the ceilings in a fee
has season is probable if the present of dealing will the problem.
In the past, Australia trop exceeds the Government's
adhered uncompromisingly to 10,000,000-bale goal.
system despite her auction The Department's first produc-U.S. criticism. itan estimate by bales will be
at suggested It was made on August 8, but the aere
Conference that wool be estimate will be forthcoming located age next Monday. The Government material. encouraged large plantings this year to meet the increased de-
840-63715
United Press. New York, July 5. Copper, lead and zine futuresfence needs. closed quiet, no sales-A890- cinted Press
Pepper Market
Featureless
New York, July 5. Despite a steadier tone in the the local market, or- Bombay
black pepper market remained
Traders alow and featureless. Awalled
...further in the Korean developments and the,
Mr Villar fald there had been apparently
remarkable increase.
as more drastic materials cur-volume of insurance in his coun- arrival of buying interest among tallments became effective. try. In the post-war period. The grinders and other..consumers.
Cul' back further was the in=] disaster of the war) had made dustry's allowable, consumption, the Filipino people realise the of Mael"" atid numerous other value of Insurance protection. metals going into the production Associated Press.
On a nominal basis,, dealers; quoted the market at $1.40- 107 a pound United Press,
The Agriculture Secretary, Mr Charles Brannan said, "In fact it will be the policy of the De- partment to allocate for export all cotten produced in 1931 that is in excess of the 1951-52
season." marketing
Experts now estimate the do- mesile consumption requirement for the coming berson. at be tween 10 and 11 million bales.
United Press,
Toxtilès' Easiness
New York, July 5, Tlie... cotton textile market displayed an easy lobo today
the al-
raw scarce # Dr
Ewen said.
.
"The Australian Government will -taka full responsibility for any decision made here on International wool trading." - Associated Press.
NEW YORK BANK QUOTATIONS
New York, July: 5. Closing bank quotations,
bid, miked with second-hand print cloths Bank of America 204 28 30 moving lower. The wool: goods Chass National.....
44 and rayon goods markets were National City Ww
-Asroclated Press. dull.--Associated Press.
300740
.Press,
Little Activity Itt London
London, July 5. Camicia Agures on Britain's rising international trade de- Aelt dampenod enthusiasm ini the Stock Exchange today.
Price changes in most melions were squall and irregular,,M
Japanese bands of the 1907. and 1980 series closed higher 04-34 and 82-44, The 1910s were unchanged at 40%.
W
Timea Zafly The Financial index was 155,7, of 0.1AS10= ciated Press.
inst
will
The Bristol Aeroplane Com-
bro
Sweden pany are to assist in building"
the De Havilland Venom, while levels a number of other firms increase helping in the production of De 1.700 Havilland Vampire Aghters.
Production
Gloster or
Meteor is split between five
with the March. the amounted to more than units for Canada, nearly 500
for the USA., just over 1,000 fighters, aircraft, manufacturers
for the Union of South Africa, and 750 for Sweden.
The number of agricultural April tractors
exported in showed a rise of 1,000 on the March 9,400 units.
with Agure.
with factories as for apart as Southampton and Manchester.
The sections are taken to the Gloster works at Gloucester for nearly assembly,
In the U.S.A., Ford, Chrysler Motors, Studebaker among the car flims which are to pro- duse jet engines.
The Buick Division of General Motors
Corporation a big contract
The volume and value (£3.3 General millions) was the highest since and Hudson August of last year.
Business
Profits Decline
Washington, July 5.
hove received
are
the
for the production of the Cur- fiss-Wright J-65 engine, which in reality is the British Ann
Long-Siddeley
Sapphire jet
motor.
The Sapphire is one of the world's most powerful aircraft engines. American reports ith-. dicate
that it may
be used
New York Sugar Futures
The profits of U.S. manu-for a new fighter being built facturing corporations declined for the United States Navy- during the Brat quarter of 1951, Lenden Express Service. the Federal Reserve Commis- sion reported today.
after taxes for Net profits the three months ending March Thot 31
,000. were $3,300,000,0 was eight per cent less than the profits for the preceding period but still 36 per cent above the figure for the first quarter of 1950 when business
New York, July 5. World sugar futures closert today 1 to 4 points lower, with soles totalling 40 contracts, was in a slump.
Contract No. 0 closed Of 22 different manufactur- changed to 2 higher, with sales ing industries coveted by the totalling 78 contracts, report, all but five showed decline in pronis.
Those
Contract No. 4 (world)
0.40 5.65 bid
registering Increases Tonuary 19521 were printing and publishing 12 May
per cent, motor vehicles
un-
September
Marcli
7.03 nominal
and | July-
5.60 nominal 6.50
1.00
Contract No.
5.90 traded
5.88 traded.
parts four per cent, fabricated September
Spot metal
two per cent, chemicals
and machinery | September three per cent
January (1032) kur | March
one per cent. The annual for stockholders cent compared
rate of prouts May
was 14.0 per July
to 10.4 per September
cent in the previous quarter. Spot United Press.
Seeds And Oils
New York, July 5, Prices in the, seeds and oils market closed today unchanged with the following exception
Castor Seed, per long ton. F.O.B. Brazilian port, 2.40 nominalUnited Press.
-
5.44 bid
3.40 nominal
8.47.
4.50
-United Prees
Exchange Rates
Business War done in the local this unomiclal exchange market morninu at the Rolinsing rates:--- Sterling note (per £1
dotare. (per #1)
Indonesia grušidlers. (tices 100).
lam tients (per 100) Singapore (Streite)
FIC piastres (per 100)