THE CHINA MAIL, FRIDAY, JULY 20, 1951.
MESSAGERIES MARITIMES Newsprint Co's Fall In
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from Europe
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PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN, TANGIER, CASABLANCA, HAVRE, 'DUNKME, ANTWERP & NOTTERDAM,
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ARRIVALS FROM U.S.A.
||
Big Profits
Vancouver, July 19. The Powell River Com pany, one of Canada's bir- gest newsprint producers, reported on Thursday it made $1,245,914 net prot
the six months ended June 30, a gain of about $200,000 over the first alx
of 1950. months
The President of the Company. Mr Harold S. Foley, ld the high profit was due to increased re- from pulp sales. venbeg Iumber operations and froin subsidiary, companies. -Unified Press,
HONGKONG SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning was Noon valued at $324,239.20. prices and the morning's trans-
actions:-
SHARES DUYERS SELLERS SALES
1500
BANKS
HK Banka. 1480
50
East Asia
103
100 103
INSURANCES
Canton
245
745
40 @ 750
730
139
01
Union
FIK Firs
DOCKS, ETC.
K. Whart
St. Britain's
Balance Of Payments
The first important function attended by Mr Hugh Gaitskell after he became Chancellor of the Exchequer was the dinner given by the Lord Mayor of London to the city's bankers and mer- chants.
British Policy On Japan
BUILDING
Page
R. I. L.
ROYAL
Dato
In Port 22nd July
UP OF July
Skip
INTEROCEAN LINES
ARHIVALS
"RUVA"
"TWAKOri
VAN BRUTAZ“ "BOIBARVAIN"
THE AUE
5th Aug.
811 Aug. 8th Aug. AUS.
TIIBADANE”
TARMAN"
3rd Aug. 1rd Aur. 5th Aus.
ECONOMY Manchester, July 19. Britain intends to help ard On that occasion Mr Gaitskell sounded the Japan regain her position first warning on the increase of our exports in as a sovereign nation and the coming months necessary to maintain the build up her economic stabi-th July
lity, Sir Hartley Shawcross, 1950 value of imports. He assessed that increase President of the Board of to be £150,000,000 to £200,000,000, but rather con-Trade, said today.
Th AUR...
Ah, Aus on tac fidently dismissed the danger then looming ahead, Here for conferences
the cotton and 21st ATE created by the rising prices as a result of the problems of
Mayon textile industry, Sir 25th Aur. Korean war.
Hartley told a news conference: "We had the alternative of treating Japan os a defeated enemy, imposing severe retalla- lons on the possibility of her making a recovery,
Only three months later the Chancellor amended his estimate to £300,000,000; later, in a matter of a few days, he raised it to £400,000,000. Today, his estimate would be well over the £800,000,000.
י
ต
DS
would de-
the other hand, there was the policy of enabling her recover her position пя 4 Small wonder then that he spend on European travel:
sovereign nation and building should be gloomy when he an-this year continues the credits in nounced the economic and the London which, the travel dis- up her economic stability.
"We have felt in common financial position of the country, bursements will pile up will be
United States that and the repercussions on then added factor in developing with the sterling
the dollar and
areas post-war trade with the Western while the former course might may!
the Liverpool "Journal of European countries, This month lead to an alignment between com- the Japanese and the Commu- may Indeed, SC3 the
"of world-wide nists, the latter course We been living too well mencement
promote the at home, spending acarly £200,- purt and confidence in Inter- he likely to 000,000 more in the first half of national trade, if only we pro-velopinent of the new Japan on a partner this year than in last, said Mr duce more" to enable us to reap democratic lines as
with the Western powers.' the benefit of such spurt, Galtskell.
No doubt most
Sir Hartley sald Britain had of that in- 40 000 2 39
obtained certain important con- crease has been caused by en- 13 1311 300 @ 13.20hanced
prices
lessened
Our need for dollore, is as sessions in the Japanese peace volume of purchases.
Great as over; we are constantly treaty which will provide some the Lancashire being enjoined on both sides of textile industry from Japanese
of protection for bedge ceivably be
urgains!
the Atlantic to intensify our Inflation or a saving against de- preciation the
He said the Government is purchasingve for that currency, whether competition.
it be U
U.S. or Canadian. A quez power of the 2, or both.
in Korea could well lead to a watching to prevent any unfair of consumer prices in Japanese trading methods. - reduction of North America, leading to Associated Press.
N. P. Whart 1.30 Wheelock..
LAND, ETC.
HK Hotel 1 Land UTILITIES
..
Tram **
རྒྱ ུ་༢ ལ་ ༔
July 31 Aug. 14
Aug, 28
Peak Train
Peak Tram
(0)
(N)
Star Ferry
75
74
Aug, 8
300
Aug. 21.
C. Light (0) 4.05 1.10 2000
Sept. 4
73 7.00 500 Gr 7.10 1000+
200 Er
C. Light (N) 4,10 4.30
For Freight and Further Particulars please apply to:---
AGENTS:
JEBSEN & CO.
Pedder Building
Tel. Nos. 36066-9.
Sulphur Plentiful
C. Light (B), 6.70
201
Electric......... Telephone
INDUSTRIALS
Cement
STORES, ETC.
Debry
0.00 000 $ 3.80 1:00 9.70
17 5007834 11000 11
500 11.40
.. 2112
31.30
1334 14.10 1000
14.30
2300
14
1814 1915
400
2315
+
Watson LCrawford COTTONS
Ewa X✡ ........
Region, The Rubber
In Arab Geologist Claims
London, July 19.
Markets
London, July 19.
futures Prices of rubber closed today as follows-
for
And such purchases can con-
LK
GRADUAL FALL
Mr Galleken himself has not hesitated to tell of the gradual fall in the value of the £, yet he, no more than his predeces
NEED FOR DOLLARS
DOLLAR TRANSFER · reduction of impart prices pald
Tokyo, July 20. by the US.A. and Canada for
The Japanese Government the goods from the sterling arca. The complexity of that possi-will gain control of all United in Whitehall States dollar funds now being
operated by
or, does not seem to be able to bility is puzzaghiarion
**
no less than in
the Occupation
the close of
offer a suggestion which might 'cad to an arrest of that de- The problem is one which Authority at preciation accompanied kry arrest
of rising prices. confroms ofher countries, Ger- business on August 15, General many may be mentioned, also Ridgway' announced on Friday once orders must be met," said her drive to acquire dollar cu:- (Tokyo time), Mr Galtske, "exports must be reacy, German business men are The transfor will provide
with a te We cannot do both cracking the tough American Japan acreased."
to Hollar may market through
super- funds amassed and will permit the German- the restoration of norma:
Promotien commercial
relationships be-
n volume, weight;
of prices which, alter
We
a new
achieve the latter in the matter sales organisade, leading in-ween Japan' and foreign banks
all, do American
maller more Ihan volume or Company, set up
veight for the time being.
do 10
dustrial and conmarelal /
exports rentis wili bave Ridgway's announcement quid.
Date
22nd July
"TJITHALENORA” "DOINAEVAIN"
"RUTS"
"TJIWANOM
“VAN KEUTSZ" "BORRVAIN" "TJISADANE" "TASMAN"
Japan
Froni
Miquastar & Jaya Pott JAJAN
A. Awaniem. B. Atrica,
Baigon & Manila
singapore,
1. Amerina, H. Atrira, Singaporr &
Manila
Japa
Miramar, Java Porta & Singapore Japan
SAILINGS
"TÄITJALENGKA"
“DOISSEVAIN”
Το
Bianlia, Singapoco, 9, Africa
A.. America
Bingapore, Java Parta & Marstiar Atacapore, Senang & fleiawan Dell Yokohama & Japan. Port Yokohama & Japan Porit
Semarang, T. Priok A Belawan
Deif
'stugapore, "Java" Porta-Aa Marksser MiniTa Bingapore, 8. Afri & A.
America
Agents: HOLLAND EAST ASIA LINE
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"AAGTERENK" 15 Augilat "AAGTEKKEK"
2nd week Aut. "ALMKERK" Mid. Repl. "ALMKERK**
26th July WAAGTEKKNK" 19th August "AAGTEKKAK"
2nd week Avg. "ALMERIK" Mid. Sept. "ALMKERK“. ·
ARRIVÁLS
From
Europe & singapore
Europe & Albgapore, Гарал
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Jaban via Manila Manila, Singapore & Europe Japan via Manila
Stanlia, Bingapore & Europe
BEKINGS BUILDINGS: FEFEPHONES: 28015: TO280117AM
BARTEHEMUSKENGESTALES DESNABBA; HAAD LOSERING AGE
negotiations for private A few days later Mr Alfred with the support of the
dollar Robens,
Creditt. Minister of
West Labour, rican occupation amelals.
Document making clear the echoed Mr Gallekell, in an op- German exports to America
hayo legality of the transfer vho are able to during January-May
this peal to workers
of
signed by the to seek priority jobs in year were iwies the 1850 com already been rearmament even it son
some dis-parable volume. If this rate of Occupation Authority and the Japanese Government, General to December, ance from their homes. By the time
drive the rearmament
the total teaches its full force, labour reached $200,000,000 this year.
The action is in line with General Ridgway's policy to engaged in defence production
Behind this ph:
phenomenal spurt will have
be increased by les the effective work -of
financial refum this
Operational to the Japanese more than 500,000 workers. If trade organisation. It has spread authority
bay well be that many of these
to exercise sue sa nominal workers wit be withdrawn frost export-mindedness among Ger- Government as soon as it is
ron man business men and advised
prepared -Baltad Press. export production, thus adding on marke's, packaging, dis-
dis- ceponsibility. BINGAPORE MARKET
Big funds now operated by to the deficit in our balane: of "bution and other key ques- Singapore, July 19.ayments which, in turn, will tons, Such is the view expressed the Occupation will not be re- Prices of rubber futures breed a lack of confidence again by Mr Paul Nevis, chief of turned Immediately to Japan. closed here today as follows:- In the £
in cents per 1b. August
Shortage of raw materials?. Nonsense, says Number 1 rubber, 4514-49 34-year-old scientist and geologist Herbert Cross. It's just a matter of knowing where to look.
Japanese Agency In
The
America
Washington, July 10.
Back at his home in Lytham. Lancs. Mr Cross, Bft, and a bit, tossed a piece of rock sulphur` in his hand.
And he said: "It's high-grade pre I can get thousands of tons of it from a mine near Muscat in Arabia, And lead, too.
"The
country Is rich minerals, King Solomon's mince
know."
country, you
Ho made the
Jon to prove
ment
September
October/December January, March
April/June
Number 1 rubber, in
cents per lb.
433-4 35-381
35-3512
$814-49
September October
134/5-133
in
August.
Number
August
6,000-mile
Number 3 rubber, rubber.
Number 4 rubber,
135-134
120-130
Spot rubber,
150-131
ove that Govern- spokesmen are wrong State Department on about at least one of the raw nounced today that the United materials which they say are
so scare these days.
States has approved plan for Japan to establish an "oversens agency" here to promote trade between the two countries.
The agency will be staffed with Trade, Financa and Foreign Office representatives and will operate under
the su
supervision of the Japanese Foreign Office. It
Japanese will not have diplomatie status, the announcement said.
tween
In the hold of the freighter Kohistan at Bristol is further proof-five-ton sample sulphur brought back by Mr Cross.
of
They
JUMP AT CHANCE He went on:- "Politicians' inik about Bhortage of raw materials makes But it is no use Full diplomatic relations be- mo mad.
the two countries are not sending bulk buyers, expected until the signing and wouldn't know the difference ratineation of the Japanese between a diamond in the rough This agency Is and a a pebble," peace treaty.
The Board
ard of Trade jumped looked upon by experts, how-
of the at the chance of investigating My mbussy.
Cross's claim for sulphur is Japan already has a mission wanted for almost every industry, here, but its work le largely for fertilisers, textiles, dyes. confined to working on alloca- rayon, steel, point, plastics, tion and procurement of raw paper materials,
15
the forerunner
August
unbaled
Black crepe
No. 1 pale erepe
00-1000 155-165 United Press.
LONDON TIN MARKET
tin, buyers aliers
£45 860
10
EMPIRE ENDEAVOUR
be modernised and extended fairs in the U.S. A. are
further
in the arcns
В
USEFUL EXAMPLE
no- This move has been deferred
Government-
Weekly Bank Statements
14.545,000 309.801,000
PATTISON ORIENT LINE
LIMITED
S.S. “LAURE PATTISON”
DUE FROM:
Kobe In Port
LOADING:
SAILING FOR:
July 18th & 19th
Pusan & Japan
July 22nd
12-14 Queen's Road C.
Chinese Agents:
Tel: 25346.
OVERSEA CHINESE STEAMSHIP CO., LTD. 48 Bonham Strand W. Tels: 25646, 20127 r 31119
U.S. Control Measure
Near
Total Defeat
Washington, July, 19.
Price Chief Michael V. DiSalle angrily charged today that the House had voted to destroy the entire price control system.
The Defence Mobiliser, Charles E. Wilson, assert- ed that disabling of the Act will increase the danger of World War III.
They fired their blasts as the to avoid a third world war with Republican-Southern Democra- all the frightful toll of blood tic coalition continued to defeat and destruction such the Administration in section would take."United Press. etter section of the,new con
356,088.000 Government securities
Publie deposite ...... Private deposit
Other scurities
32.021,000 33.040.000 Mi
-United Press. BANK OF FRANCE
Paris, July 10.
necessary what
dollars: WES re-
Mr DiSalle's chief targot'wis House-approved amendment
amend--
Sterling Balances Criticism
*
War
export
promotion for the Econo- mic Co-operation Ad
Administration
tion pending conclusion of negotia- In Frankfurt. This organisation tions between the United King- July 1 saw the commence collects S. trade facts for dem llaison mission here and
and export- the Japoneze German producers ment of the Colombo Plan, es-
bulletin United Press. information ora. Its a Cominouwealth 2ntially endeavour to bring stabliity by is distributed bi-weekly to 7,600 1225-123% confidence to South and South firms. Advertisements in U.S.
America East Asia.
publications Of the countries principally firms to sub-contract their zonoerned, India and Pakistan Cers to German companies and attractive catalogues are dis- ave large Irrigation projecttributed to American firms te for famine avoidance to b financed. Road and railways ing them what Germany has to Exhibitions and trade
London, July 10. and river communications have offer.
carefully
The Bank of England state- watched, and German dems are ment
ending east. Their kept advised as to where they July 18 reads as follows:
for the week zomplotion will take time, but the big factors are the increase can be: display and, sell their Noter in circulation & 1,207873.000 trol bill. In
purchasing power of the products. rations as a whole to implement London, July 19. the wealth which the tow have
which he - said guarantees it seems that Mr Geftshellaceipts The tin market was quiet this
acquired from the sale of some
excess profits to every manufac- morning. Turnover was 70 tons.f nature's products during the could usefully allow our busi-Bank ratio
turer and processor, ** Prices closed at the end of the past year or so, and the es-ness men to do likewise by pro-
session moming
confidence | viding the cficial
as tablishment of
Ho belaboured the duplicate which has not been there since to follows:-
The Bank of France statementment In a letter to chairman the commencement of the civil cently Spot tin, buyers
set up in Toronto, for the week ending July 12 Brent Spence of the House Spot tin, milers
13-000 war in China and the raid by an Anglo-Canadian trade or-
reads as follows:-
Banking Committee who 13 then Business done at
the North on the South of
would
Total gold holdings Frs, 100.440.078.920 piloting the controls bill through ganisation.
the Total of other cur be able to shut down Korea,
Meanwhile, a cessation of the costly Civil Service trade consul Korean war would open all offoes in the U.S. A. and apply poris of China to international the dollars so saved for an ad- Advance to curren unrestricted trade; it would en-vertising campaign. In doing so fund
beaccepling ablo a broader Colombo
merely be the to Pepper Market or Ualled Nations Plan
spplied to the 500 million people Wiljon, when he was President Abroad in China, the
mase in Japan of the Board of Trade, at long Notes in circulation with Indonesia, possibly, added. last reached that to "erask" Current accounts &
be Trade is there for the taking this tough market should 'the but unfortunately, as yet, there prime responsibility of privat is to be no slackening of the enterprise which can secure the New York, July 19,
when the New York Sugar profit computed on the basis of in the House of Commons that
enough to return them that Boyd Carpenter, Coaservative,. or planned In several other island in the Persian Gulf. Ex Spot black pepper was quoted defence, the rearmament effort maximum
higher production costs than this moriey should be stopped countries and some other U.S. perts had said the mines there again at $1.68 a pound with the even if the Korea ellustion is wares we have to offer.
Inescapable edoclusion is But he market extremely quiet. Higher resolved.
The
they actually pay, "
ntli Egypt had made repart cities, including New York. San had been worked out.
that
Germany is reducing · her
flon and given assurances about Francisco, Seattle, Los Angeles took eight test drills and found cables from Indin along with
PAYMENTS PLAN
New York, July 19:
LAST-DITCH MOVE British shipping. mineral each and Honolulu, according to the the
news of Russian buying, falled
This month has also wren, the dollar defiell; we did that from
World sugar futures closed oments-United Press.
Last work from Mr. Cross to simulate trade here, "You can't find raw material
Mr DISalle sald the provisions Mr Edwards said that the was commencement of the second mid-September, 1949, and can July/August shipment
con-would make food price control covernment did not think "It what others have been doing. with sales tolalling 215- from a desk" in Whitehall. I gubled at $1.05 and August/year of the European Payments therefore view with equanimity today unchanged to 13 higher.
ineffective and without effec- right to Interfere with an are Government really Wants September at $1.84 pound. Union. The first year was a U.S. PLANT FOR sulphur at the lowest price
have to
look, for more than
so recently con- expected to ar period of trial, of strains and is to the future, however, we tract
Contract No. 0 closed 2 to 3tive price control, wage controls rangement Black Proper will and i!.London Express rive here very shortly, was quotices. First one country, in ever in the dollar consumer higher, with sales totalling 102 cannot be maintained cluded betwene Egypt and Bri
His letter was a marke, there will have to be a contracts. COURTAULD'S
izst-ditch tain because of a dispute when Service.
ed at $1.07 a pound, op, an ex- another, exceeded their trading
quotes: they exceeded dock baria-Unlied Pross.
sterling kredits and could no greater volume of goods with longer continue to buy from us, loss of swollen prices. Germany Contract No.94 (world)
other and Japan end, to a lesser September
January. (1900) Utenporary alch, and
extent, Brance, seem art on out- ji Merch engasures to meng Exchange Rates med to demaisy bidding us for Anal market.
Seld an officist: "We should
ISLAND FIND
In addition to trado matters, like to see Mr Cross. We knew the new expanded agency will of deposits in Arabia, but nol handle afnirs concerning particularly at Muscat,"
and civil status of nationality
In the Kohistan, as well, is Japanese living in this country.
related 2,000 tons of oxide of iron. Comparable or
Mr Cross found it on a rocky Japanese ngeneles are operating
Countould's, British
London, July 19.
rayon
the
time.
manufacturers, announced today Seeds And Oils
would build a $10,000,000
ory at Huntsville,
in the United States.
Albernia,
Permission to
build the plant
has been granted by the Na
Bew York July 10,
Three-month Three-month Business done at Seulement
235
United Prest
Quiet
the
reacles Bight balance
abroad
stabilisation
bo Pinahe on Watch Me Harold 7 Bills discounted in
their
and atollend, but all through Ev
Prices in the recde, and olla Ihmines was done in the local litro. market here closed today un- umcial exchange
mommand the following UR ES SA tional Prockathon Adminiale changed with the, tonka Washington and the ceptions:
following ex-
plan will supply myon yarTIE Linaped Oll, in lank cars, New: - Indonesia sulmon (me
and "etuple to the American York,per. marketinUnitekt Predo,
Unked pore (traits)
+
France and
deposits
3,480.470.058
the House.
104,058,270.504
London, July 18. Mr Winston Churchill and The amendment, would ruise
other Conservativa criticised price ceilings to
a level
the Government today, for re- manufacturers 150.300,000.000 assuring
and lensing sterling balances to processors a profit equal ig 85 | Egypt at a time, when Egypt maintaining, an inegal 418,371,356,778 per cent of the best three years was
out of a four-year period blockade of the Suez Canal.. 1040-49.
Mr John Edwards, 'Economic Processors of farm products Secretary of the Treasury, had would be allowed to charge rejected a proposai by Mr John
1.711,084 385,755 154,485.124.122 -Unlied Press.
Futures
Prices closed as follows:→→→→
000 traded
6.90 nominal
May
Reptember
redhor lives, New York, July 19. septe
be guas came the ow
other artuber bi Copra was offered again":"at ngakast 05376 Lions in Z.P.UU. We tried to #160 per "hort tom. The asking 1950 | 1939-bysthe unorthodox-step of price of cocoanut oil war, 113 doughing the payment of foreign contaža pound. There 121% CUFTOECIe, aliowed oltiaras to na takers--United Premad
warp.
323-5.3 traded 853 nominal
777 0,30 nominat-;
5.78 Did" 44) nominat 0.40 nomina nominis
move to persuade the House to action had been taken in other reverse soli.
Mr Wison spoke before any AFL convention. Eleading for Mr Churchill-mold that there was considerable divialon at stronger economic controls 10
curb inflation and referring to uplion as to whether Britain who want to weaken the should go on paying these those who controls bill, Mr Wilson said,ypt mattilaining on üllegal large sums to Egypt as long me myself would shudder to blockade of the Suer Canal, accept the horriblo esponsibil
તથા Aakk
ty for insisting on disabling the "He added. Wat it might vert Defence Production Act and well be made the feat of thereby lessening"; "our chances "debate !!-Beuter El