Page
MESSAGERIES MARITIMES Cotton
M
"'QUISTREHAM"
ARRIVALS from Japan
M
10th Aug,
"LA MARSEILLAISE” . frum Kobe & Yokohama. 21st Aug.
BAILINGS
PASSENGER/FREIGHT SERVIOS;
"LA MARSEILLAISE" "FELIX ROUSSEL"
"QUISTREHAM"
"MEKONG”
"MEINAM”
to Marvelltes vis Manila 22nd Aux, 15th Sept,
to Marseilles
FREIGHT SERVICE
N. Africa & Europe 17th Aur. .N, Africa & Earope svih Aug, N. Africa & Europe 27th Sept. for
PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN, TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & RÖTTERDAM,
"ALEKANDRE DE RHODES" to Balgon
: '
Market
THE CHINA MAIL, THURSDAY, AUGUST 9, 1951..
POLITICAL MOTIVES SAID
TO LIE P
BEHIND THE
Firms Up LIMITATION
New York, Aug. 3. Cotton Futures sawed nervously within' a range of 35 points traders analysed the Gov ernment's firat crop fore cast of the year.
મું
After a lower opening, prices
mate fell below expectations.
Prices closed today ak follows:- Spot
Page
R.I.L.
OF DIVIDENDS ROYAL
London, July-27.
The Chancellor of the Exchequer, Mr Hugh Galtskell, yesterday outlined the Government's proposals to overcome our present economic difficulties.
The interest aroused by his statement may have led one to believe firmed when the official esti- that he was making a second Budget speech and, indeed, in one important
respect it was a second instalment of his Budget proposals.
Many people had expected Mr Galtakell to introduce statutory limitation of dividend in his 435-34.30 April Budget. When these fears failed to materialise, some companies seemed to treat the omission as an invitation to go ahead and make hay while the sun shone.
October
December
25.05 14,34-34.30 34.24
March (1932)
13th Aug.
May
Juty
Oelolier
December
34.54 3.UT 32.00 33.03
United Press.
CIE DES MESSAGERIES MARITIMES A LIMITED COMPANY INCORPORATED IN FRANCE Queen's Building
Tel. 26051 (Three Lines)
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via
SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. "OLGA MAERSK”
M.S.
"LAURA MAERSK"
M.S. "HULDA MAERSK"
ARRIVALS FROM U.S.A.
M.S. "HULDA MAERSK”
M.S. "TREIN MAERSK"
M.S.
"PETER MAERSK”
Aug. 14
Aug. 30
Sept. 14
NEW ORLEANS MARKET
313233424 34.22-34.03
Apol
34.00
October
December
Starch (1932)
$4.34
May
24,30 bid
July
33.01 bid
32.04 bid
34.26 bid
October
December
United Prest.
New York, Aug. 8. The cotton textile market was qulet today. The Government cation crop report, viderable been awalted with interest by mills and buyers, proved about in line with ex- pectations. Dealer's
This may be an unnecessarily
has
Share prices boomed in an- ticipation of larger "dividendi alarmist view. Nothing that Mr pay-outs, following the thaw Gaitskoll
proposed will ing out of the voluntary divi- affect the level of profite, as dend freeze. In the event, this distinct from dividends," "After optimism was well justified. | the first wave of selling - has
died down, the share One hesitates to impute will undoubtedly recover
Chan- political motives to a
cellor of the Exchequer, but prices will become
LONDON
STOCK EXCHANGE
London, Aug. 8. The Stock Exchange was
· morkels | mainly firm today with and German bonds in "the stabilised,
tish Government in this case it in dificult not to though at a lower level. Mean speculative spollight, Bri-
put- do so. Had he proposed statu- while, companies will be
anting a larger proportion of their were higher,., tory limitation of wages and salaries to match the enforce-prouts to reserve, and inciden- ment of restraint in dividend tally paying less tox on dis payments and linked this with tributed profis
a price freeze, he might have therefore
Moreover, although Mr escaped this criticism. But he Galtakell has not attacked the deckled otherwise.
cause of internal Inflation at lis measures he has pro-
felt the report will 'not be an important influence on the buy- ing trend in cotton goods,
WAJ
The wool goods market qulet. with civilian buyers showing no inclination to make commitments.
Rayon goois were quict. Associated Press.
Aug. 20 New Economy.
Aug. 28 Sopt. 14
For Freight and Further Particulars please apply to:~~~
AGENTS:
JEBSEN & CO.
Pedder Building
Tel. Nos. 86066-9,
17-Million Bale U.S. Cotton Forecast For 1951
Crop
Washington, Aug. 3.
An American cotton crop of 17,266,000 bales one of the largest_on_record-was forecast today by the Department of Agriculture. The best ever was 18,946,000 bales in 1937.
Production last year reached only 10,012,000 bales primarily because of acreage and marketing controls, plus the fact that farmers did not fully plant up to their aereage allotments.
Hedging In
Chicago Grain's
Today's forecast was in title with trade de mostre avdraga
guess being around 17,500,000
tho bales, while Government had previously naked farmers to aim at a crop of 10,000,000 bales,
Although it had been expected that this year's crop would vastly excood the small "pro- duction of 1950, the United Staton has temporarily main tained Ite export quota scheme Chicago, Aug. 5.
and to date has curmarked Chicago grain futures, except and
9,500,000 bales for export rye, finished around the lows for the day with wheat meeting during the first four months of increased hedge selling to erase the season-August to Novem- earlier gains due to buying by exporters.
Whent closed 4 lower to 36 higher. Prices of grain futures clored as follows-
Wheat-price per bushet Spot
September
•March (1052)
December
2.3914-44 2.42- 2.4342-93
ber.
For the whole of last season. (12 months)
today Farm experts here expested the Government to easy restrictions on cotton ex- porta
For South
Korea
It seems probable, therefore, root, the hift Mr Galtekell's speech tots posed will undoubtedly have the pattern for the Govern- some disinflationary effect. If elee statutory wage restraint would ment's campaign in the
the
trada be unpopular with tion battle to be joined.
unions, and if it is beyond the the power of the British Govern things ment, acting alone, lo
control of the
trend of import prices, the which have contributed so much to inflation, he has at Jonat taken some action in the only direction. left open to him.
In the three months since Budget, two important have happened. The cost living has rison beyond capacity of wage demands keep pace with it, and com- pany profits, have increased.
IDEAL BETTING
10
un
In Port
la Port
14021 Aur. 18th Aug.
22nd Aug.
26th Aug.
lat. Appl.
11th Aug.
27th Aux. 20th Aug.
3rd Aug.
26th Aug... 28th AvK.
di Bept.
Date
14th Aug.
1613 Au
16th Sept..
Ata Яent.
INTEROCEAN
ARRIVÄLS
S-VANḤSIRUTAE”:
PESIRADANA"
HEJİTİALENGKAM
TASMAN TINKBAR “ROISSEVATN" #TJIWANGI"
"VAN HEUTSZ"
"TJADANE" “TASMAK"
**TJITJALENGKA
.**THDESAR“
"NOISSEVÄTN"
"TJIWANGI" /
Prom
Ambrica, 8, Africa, Bingapore Mantia
Machar, Java? Pórta & Ringapor Japan
#Afrion, atauritius &...Mingspora
Atacaskar, daya Foría & Bingapore
BAILINGS
To
Balgob, Bingapore, Penang
Bolawan Bell
Yokohama à Japán Ports.
Singapore, Semarang, Thiraban,
Njakarta & Belawan Deti Singapore, Java Port & Mapankar Vokoliamá A-Jugan-Ports
Manila, Slogaparo, 8, Africk- &°N,
-America
Singapore, Jaya Poris & Macassar
Agents: HOLLAND EAST ASIA LINE
ARRIVALS
From
Rurope, & Alagapore Тарил
bon'ds
And week Ort,
Ablo
"AAGTEKENK”. "ALMKERK". MALMKERK" "JIQOGRERID* HOOGKERK”
JAPAN
urope JAMA
Leading Industrial and copper issues improved and there were emalt advances among some of the gold shares
10th Aug.
2142 Auk.
17th Sept.
stid Supt.
"AAGTEKERK" "ALMKERK" "ALMKERK" "ПОСОКЕЛИ»
The Financial Times' Index | fnd work Oct. - "ÑÖÖGKZNK” was 180.8, up 0.1. Japanese bonds
"A" (4 of 1893)
SAILINGS
"
To
Manila, Bingapore & Enropa “ Japan via Manila
Manila, Singapara & Europe Japan "vla Manila
Makita, Bingapors & Evrope
"KISO'S BUILDING,"TELEPHONEST RUDES:STOL 28017
"B" (s. of 1910) 18. at 1907) "D" 15..of 1934) **** (516% of 1554);
10:3 Convata
----Associated Press and
United PresS,
"ETRINEST
NEW YORK LOWER
New York, Aug. 8. stock market closed Irregularly lower today with a For this reason, the business last-minule show of recovery
1
The
community will probably recon- that brought prices up from cile itself to the new proposals, their extreme lows. though nothing can prevent It
This from the Government's point of view, at least-f3
deal setting for an election campaign. Had the Chancel- from hoping, as
DC-
it undoubtedly A few high-priced stocks
the $1 and #2 range. Gains amounted to very little in any arca. Trading dropped to around 1,400,000 shares.
AGENTS (BL) (ONNAGLIFE HOOVIS 6.FLES 41%, VAN
America Removes Restrictions On Cotton Exports
Washington, Aug. 8.
on the
The Secretary of Agriculture, Charles F. Brannan, today removed all restrictions size of cotton exports. HONGKONG
lor proposed stetutory limita deco, that a change of Govern- were off sharply, but the bul tion of dividends in his Bud-ment will mean that these pro- of the active leaders showed never reach the losses running at the most into get speech-that is, before the posals will
be- Statute Book. United Nations, N.Y., Aug. 8. present trend of prosis
South Korce,
almost came an "irritant on the rest once entirely agricultural, will of the population"-its political
lost emerge Industrialised from the effects would have been
But now that the high level wer which has completely
been destroyed North Korea's. wide of company profits has
well publicised, and the effect 3.1 spread Industrial facilities,
af rising prices due to world Donald Kingsley, director-
carmament, has been felt, the UN. Korean get tough with capital" general of Reller Agency, indicated today might have the desired at a Press conference.
Soulli Korea's pre-war population of more than 8,000,000 has been halved during
of
a
flying the rebel factions in the Labour Party, which
the i not happy' about
aro
Government's economie policy.
the war and there has been speculation about rehabilitating South Korea, because before the war most of the country's indused trial facilities were in North Korea, The problem is one of constituting almost from scratch
with
now
SHARE MARKET
There was no outstanding
E
| development in the news to give the market. push. Stocks cor responded to individual porate
'or industry develop. ments.
There will be no limit on the quantities of cotton that may be shipped under export licences. The preliminary export allocation of 8,500,000 bales has been in effect for the early months of the Bonds were steady, changes marketing season.
narrow,
Mining
Curb stocks were mixed, The Agriculture Department: should: From Our Correspondant) Lower wore Imperial Oil and said that export licensing wit be continued to enable the. De- Business on the Stock Ex-Electric Bond & Shore, Rheore
supply Corporation partment to keep the Included
under constant To- of
Canada and Venezuelu. situation change this morning was valued at $873,235, Noon prices and Petroleum.
view. the morning's transactions: BLADES BUYERS BELLERS SALES BANKS
TEK BAK XD 145A East Asia INSURANCES
Union
That these motives now be imputed to the Chan cellor is only natural. He. pass
over the question of wago demands
appeal to the trade unions to .prad- llee restraint, and hoped that the psychological effect of the dividend freeze, together with of "I think an expected levelling oft Mr Kingsley sald,
104 the objective of the United Na-retail prices, would help
a new economy.
tion of Korea." The U.N. in
It Mr Galtskell fulfilled ex-
tons continues to be the undica- wards this end. confronted with rehabilitating 000,000,000. For example, he reacted just as typically. Next war damage estimated at $2-3, pectations, the Stock Exchange sald, Scout lost about 85 cent morning share prices slumped the of all its industrial facilities, heavily, and this despite
most fact that conditions 75 per cent of its office 50 to 60 per cent of its living rections of the market word quarters. In Uljongbu, city of weak in anticipation of divi
limitation. But this 35,000, there is only one build- dend
"not ing with walls standing more weakness was caused
much by any active selling us than three feet high,
a lack of buying. Once the new
how He said,
proposals were known, "Our objective should not be merely to replace ever, heavy selling was expect-, to develop particularly what was there but attempt to ed provide the kind of amistance in the more speculative shares, and Jobbors to the Koreane on the basis of ke rubbers which they can develop marked down prices according- stable economy."
ly.
Press.
$Q
Most Japanese bonds traded bday gained fractionally to 45 99.1479 | more than two points on small ----@-1479 | sales. Ujigawa Electric Power:
severe dropped one..
7042
111
748
*
100 C
760 750
HK
DOCKS, ETC.
Underwriters
Fire K. Wharf 835 N, PL, Wharf 5.03
Dock
2000
Dow Jones Averages:→→ 570 Industrials
Rolls
Utilities
15 100
1000
1000
5.03
1000 125
400 25
Provident S'hai Dock. 2.45
Wheelock LAND, ETC. HK Hotel HK Land UTTUNTIS
Tram
4:10.
30 34% 100 @ 3034
200 10.00
500 34.
* Tram
Tram (N) Star Ferry C. Light (0)
7.30 4000
T
extent this
C. Light (N) 4.45.4.58 C. Light (D) 7710 Klectro 2515 129, 500
203.73 81.97 45.40
-Associated Press.
The Rubber
Markets
Number 1 rubber.
In cents par lb. September
October
November October/December January/March
143) April/fone
1131 K 200 ₫ 1116
500
15%
STORES, ETC.
Dairy
444-49% 4134-45
406-41
United Press.
SINGAPORE MARKET
Singapore, Aug. 8. * Prices of rubber futures closed today as follow:
Today's `action was: Inline; with Mr Brannan's previous announcement that it would be the Department's policy. to..pro- vide for the export of all cotton not required for domestic con- sumption, and maintenance of necessary reserve. ...
In making the announcement, Mr Brannan praised the cotton farmers for surpassing the De- partment's 10,000,000-bale cot ton goal
PREDICTED OUTPUTS
Simplified System Of Payments
Paris, Aug 8. Murshult Plan sources disclosed
today that a simplified system of aid to weak countries in the European Payments Union has been put in operation, retroactive
to July 1.
of
Sources said the change in the He said. "The production re- part released
today indicates E.P.U. agreement was mado an the probability that the supplies August 4 by the Council of the
for of cotton during the 1951-02 | O-ganisation
European season' will be' adequate to meet | Esanomie Co-operation. The new all foreseeable · domestic "' re- syelem afforda a more direct. quirements and at the same time simplified London, Aug. 0.
and streamlined method af, helping the weal: Prices
fulitres of rubber
allow unrestricted exports."
countries in the BP.U. For all closed today as follows:-
practical
new. purposes, the The following are bole pre-system benefits chiefly Austria, dictions
for leading cotton Greece. Iceland and Turkey. States with the first figure re-
Each member country of the presenting the 1951 Agure and O.EE.C. is allotted a quota. the second last year's produc- representing the limits within lion:
or deficlis Texas, 5,000,000, 2,940,000; which is surpluses
would be automatically settled Miesiadppi, 2,000,000, 1,332,000; by credits orfby gold payments. Arkansas, 1,500,000, 1,090,000;
In most cases. quotes were fixed 980,000, 676,000 or 4-bosts of 15 per cent Alabama, Georgia, 920,000, 488,000; South each country's 1948 total ax- Carolinu, 880,000
,000, 403,000; Call-
port Import trade
plus "In- as tourism, Carolina, 010,000, 181,000; Ter
400,000; Lout shipping and the 1341-1334 nessee, 300,000,
Union's the
first year of opera- 420,000; Oldalon, the weak members of the 133 -330*
12,000;).
MU
E.P.U. "were helped by the souri, 320,000, 254,000: Arizona, United States in meeting debts 130 131
820,000, 474,000; New Mexico, to the Union through a system 300,000, 187,000; Virginia 19.- known us "conditional aid,”
Florida, 30,000, 13, 4,000; 000,
The funds involved in this aid 000;, other States 12,000, 7,000.
United Press
were over and above $350,000,000, Reuter adds that Mr Brannan This pool was set up by the also announcelt, an increase of Unlied States to help finance the 100,000 biles in the export EP.U. Operations. Under the allocation for raw cotton linfers "cenditional ald
the United equivalent pulp. This States, for example, granted one brought the total 1951-52 pre country a certain sum in dollars. liminary allocation, to 250,000 on condition that this country boles.
-mako a'zimilor grant in its own cttrency to the EP.U, then the, fund is to be used to help weaker countries to meet strato, debate
- 15 15.20 1500 22 1490 | Number 1 rubber, per 1b.j
1500 10.
August
650 24.
20 25 D
300 → 19.50
September
October
Number 2 rubber/
One of the first steps 18 lo To u cortain replace 200,000 cattle lost in the reaction can be held to justi wor. Talks are going on with fy the Chancellor's proposal to Pakistan, Thalland and other clamp down on dividend pay- to get 20,000 cattle monts. The violent movement countries
his into Koren by next Spring and in share prices following
134% Telephone lopped off INDUSTRIALS plans are under way to import statement merely
Coment exporis were brown cafiile, meet and mild come of the increase in sharo limited to slightly under 3,700,-from Switzerland. United values that has taken
place Rou 1000 balos,
com- since the Budget. The panies that benfifted from this recent rise in share values -
.....10.30 Watson mainly industrial concerns and commodity producers will still
3. Crawford 243, make profis. The rearmament COTTONS
3.30 programme and the inflationary fu- tise in prices makes this evitable. But the proportion of profita payable to share. holders will be strictly limited, The biggest cut-back will to be made by those. puntes which increased ably more cofion would be More shipped abroad this year than barrels a day of crude oil and dividends most sharply Now York four-per 200 16. mek. Last year when the crop was products have already been the abandonment of the volun- -12.00-United Press.
found to fill this month's over, fary restraint policy. very small
It was bolleved that quantity scas defelt of 060,000 barrels
TWO TRENDS
Corn
Spot
December
6-1.73
HIGHER
EXPORTS
It was reported that,
September
March (19323
after
May
nye
the cotton mariteta closed today,
July
1.74
the Department of Agriculture
September
1.75
would ́ announce that consider-
Okta
July
00:4
September
034
"
Making Up Deficit
New York, Aug. 0. than half a million
New York Sugar export quotas would be aban- a day caused by the Perslani
Futures
New York, Aud. -8.
Domestic sugar futures No. 61
closed 8 to 11 lower,
September
November
March (1932)
May
July
Septembar
doned and foreign shipments stil-down. placed
an "open end"
Icensing system.
have . CUTI- their after
מא טאלב
LONDON TIN MARKET
as
London, Aug, B.: Prices of tin opened firmer this morning. Turnover was 100 tons, including 30 tons for cash'
Prices closed at the end of the in the opinion of the bust-official morning session
of follows Thees figures, which were ness community, the effect
wil Boot tin, buyers. that the compiled on August 3, were Mr Galtskell's proposals
Tip two reccati Apoi tin, sallere supplied Government could keep cotton
Ao the American bo to speed
Investors will do Business done at
within three-month tim, from going to Iron Curtain Foralgn: Patroleum Supply: trends.
Commitico countries, birs that other coun-
by
its Brits Cvorything permissible
the horrow Imits set by the Three-months ini, the
aller Overras trica would be allowed to buy counterpart,
exchange controls to get ther Petroleum Supply Committee.
money out of Britain and this nusigers dono at The 650,000 barrels addition can be expected to cause even settlement. 54
more activity than recently an
That would mean
8.47 bid 5,40 bid
A nominal
as much as they wanted.
H
export
Colton was: put under
control
Domestic sugar futures No. 6
ejorad-quiet, no salesisiv
World" sugar futures. NO
closed 2 to 10 tower.N
· #zptember 2012 **
January 113012).
March
8.45 paraizia)
Beptember Gá
HAY'S QUEST, Mpot: : 0.90
rigid
...in
buyers.
August Number 3 rubber,
Augurt
Number 4 rubber,
August
Epot rubber,
unbaled
Black crepe No. 1 pale crepe
144 14455 139-189
· 124-125
સ
.145 9919-1001%
183-180 United Press.
NEW YORK MARKET
New York, Aug:"8. Crude rubbar spot-No. One ribbed emcked sheets closed at 62 taked-Associated Press,
NEW YORK BANK QUOTATIONS
Bi5-420 00015
New York, Aug. D. 057 -Closing" bank quotationale, A -Rok-100 ↑ Rank of American 20 pld, 2015 asked
30 bid, 45 bid. 47 asked
Press,
fant Autumnat apply includes 270,000 the Canadian security market. Export: regulations...now barrels of crude ell and pre-Secondly, it will mean effect set total quotas 2,500,005 måles for the x-month duets bought from American Companies will and it more Exchange Rates period ending
January 1, 1902, sources the United States, dimcult to raise now capital,
the Caribichards and the Eosing of export, restrictions could be expected to hayo a
“Middle East Avaliable for themeN EXPERMOTARIO LITIO strengthening effect on prices, Immediate collection theirs borrowing frain's banks: which declined" considerably to The reet was jald to you Code: Chalakoll,
made. recent weeks on the basis of greens Increases |prospects
frostliny-owned production and poshla
K
formin. 1.730,000, 978,000, North; visible" trade. During
or
*
Pepper Market the Union. Under the new system
Firms Up
set up by the Comell explained, ruch U.S. aid to the wesker membera iz now going directly to the needy country with the E.P.U. acting as little more than bookkeeper for the eponen Volted Press,
by New York, Aug. 8. Black pepper ruled armer in fone although quotations were not disana M geomaliy unchanged. Dealers Iradfonted apot, and naarby de-in muut
liverios at around $100 pound Copra was sold at $175, par
New York, AUR B.. with jajar positions posibly one FontFlowdo
shortton, Cocoanut oll was
London market. offered; again at 18-1/4 cont"
Thod | aking with higher replacement | pound" but dealers, indicated [h="| cost in India - helped, to shape that "business" might bo doné Iné markoti "sentiment, pamtimited:] on a bid of 13 cents. in United