THE CHINA MAIL, MONDAY, AUGUST 18, 1951.
MESSAGERIES Y MARITIMES LONG
MOM
ARRIVALS
"'QUISTREJAM” ............. from Japan
15th Aur.
"LA" MARSEILLAISE”, from Kabo & Yokohama.. 21st Aur,
BAILINGS
PASSENGER/FREIGHT SERVIDA |
́"LA MARSEILLAISE” to Mazmelilen vja Manjja 22nd Ave.
"FELIX ROUSSEL"
to Sarellies
15th Sept
"OUISTREHAM"
"MERONG"
"MEINAM"
FREIGHT SERVICE
N. Africa & Europe 10th Aug. N, Africa Europe 28th Aug. ...N. Africa & Europe 27th Sept. for
PORT SAID, TUNÍS, MARSEILLES, ALGIERS, ORAN, TANGIER, DASABLANCA, HAVRE, DUNKIRK, ANTWERP & BOTTERPAIL
"ALEXANDRE DE RHODES" to Balzon
18th Aug.
CIE DES MESSAGERIES MARITIMES A LIMITED COMPANY INCORPOBATED IN FRANÇE Queen's Building
High
Tel: 28861 (Three Lines)
Degree Of Selectivity In Wall St. Buying
New York, Aug. 12.
Psychology played a major role in the stock market last week, Grst in giving prices a major forward push and then in letting them drift quietly to a net loss.
And in the midst of all this there was a high degree of selectivity in buying and selling strictly on the basis of earnings and dividend reports and other corporate developments.
Thin week the market put Claude Neon up to ot 44.
ignoract
broad Electric Bond and Share up 1% about
the
trends, the at 24,
Mexico and sweep of economic
and New growing threat of long-term in Arizona Land, up 134 at 123- nation, the short-term dilleulties Associated Press. with deßationary inroads, and the
of progress
cease - Are
negotiations in Korca.
The Associated Preas overage |
of 00 stocks declined and ended the
not
BOLIVIA REJECTS
OF
CRISES For Solutions
Britain Still Searching Re
in SERIES
No Stabilisation Electricity Supply Problem
:
Fund For Tin
Kuala Lumpur, Aug. 12.
The Government of the Federation of Malaya las dropped I efforts to Bet po stabilisation and for the tin Industry because of the sharp decline in tin prices.
The official statement gald the tin industry's Income bad been substantially
since the reduced" was fri proposed months ago. *** Press,
Textiles
fund two
Asspelated
Market Drags On
Now York, Aug. 11. The cation textile market drag along last eck with no hint that buying
continued to
a
interest will show much Im- provement over the near term. Dealers sold it was still question of wholesale and retail channels digesting heavy inven
tories
This situation was considered a good deal worse in the men's wear field
than in women's
of
The
Worst Since 1947
(FROM OUR OWN CORRESPONDENTİ
London, Aug, 13,
"At the end of the war we all thought this nost-war period was going to be casier than it has in fact turned out to be in the economie sphere. And we have been trying to deal with it ever since by a series of temporary expedients which have led to a series of crises as each ex- pedient became exhausted.”
Sterling had just been devalued when Sir Stafford Cripps, then Chancellor of the Exchequer, made this typically candid statement in September 1949,.-.-.
It seemed then that things had got as bad as they could be that indeed the Government had
abandoned the attempt to combat recurring HONGKONG
economic crises with temporary expedients and had at last made up its mind to attack the disease at its root.
But to admit a weakness scarce electricity supplies the in policy is not to put it shortage of coke will also there- fore have a' sérious effect on our right. Almost two years export earnings. later the Government's Expedient
Domesile con- method
coko la 10 be of dealing with sumption of
restricted to a maximum of 30 economic crises is still to ewts. per household during the the end of next take the line of least resis- period up to tance as its record of the August.
Crisis 5: This is the well- past few weeks shows:
known cost of living crisis which Crisia 1: The deflelt on is a by-product of the first two Britain's balanço of payments is major crises referred to above, now running at an annual rate Despite the repid rise in prices of about £250 million. Our demand remains on a high level. dollar deficit this year my 30
be This is partly due to the faci mented that prices for wear. Some mill men com- as large as £150 million.
We are that people are buying against some Incurring this dofcit despite the futu
future requirements in anticipa- Hoods in the resale market fact that our exports during the tion of shortages,
and to thai now are below the cost
fall off first half of this year were three extent demand should production. Mills generally de- and a half per cent higher than later. But it is primarily n clined bids from buyers as too in the second half of 1950. But, classle example of inflation: ton
although
exports are buoyant, much money chasing too few Activily was senttered and our imports up to June
Moreover, as the de- light in second hand génda.
to £1,856 million compared fence programme proceeds and with prices on some construe with £1,270 million in the first further efforts to stop up exports ilons tending to move lower.
half of last year. In other are
are made, supplies for the home The wool goods market was a
Mills words, this is a crisis caused by market will become even more waiting affair,
our terms of restricted than they a worsening not set prices for spring, 1952, trade which can only be solved and unle
are now, unless there
e correspond- by a steep rise in the volume of
in Ing drop consumption the our exports and a
a corresponding
problem of internal Inflation will There was nothing stimulat-cut in home consumption. become even more serious. To ing in the rayon goods pleture.
Expedient 1: Instead of ap tackle this problem at its roo! proaching the problem from this the Government would have to angle, however, the Government ‡ take the' distinctly unpopular has decided to restrict our Im-course of freezing wages ports from the dollar arce. This salar
sularles. Only alternative to is inadequate because it means this would be to raise taxation we must either cut down imports higher in of dellar, raw
Роля суср
lines were not by the apathy buyera,
encouraged evident among
FUTURES MARKET TIN OFFER
50 cents the week at $90.20 That was the first decline after a solid ive-week advance. On Monday the average was within 20 cents of the 1951 high, goes back to
to September, 1830. But: could hold there, and Yesterd
$1.40 below
La Paz, Aug. 12. Monday saw the full swing of animously rejected the
Bolivian tin producers un- Recon- the pendulum affce: the whole
struction Finance Corporation's market' behaviour.
of $1.12 was a steady advance provisional offer with the industrial segneris pound for tin for a three-month leading. The strength shown period.
the
There
IL
was
in
grand buying
ralls led the rest,
there was a
5
there so impressed traders that that acceptance
They told the Government of the offer the final hour
would really mean getting that rush in
which rice for the six month produc- and it would apply to the One influential
tion group of traders has long contended that output of the past three months
piled up the
up at South American current bull market, to be now sustained, must have the active ports because of the current support of rails. So far, it has boycott of lin exporters to the
not.
United States. To cut a long-story-short, all- The relection..was announted. the
the week the market by large-scale producers such as rest of
Mines, medium-size Rails stopped ahead Patino Bagkod.
miners. leadership to the miners and small-scale and offered rest of the market on several They said they would necept for one monili only, occasions, but there was no en the rate
pending conclusion of a price agreement, with the RFC 15 Washington.
The newspapers unanimously attitude and despite the seeming back-criticised the wardness of rails, bulls found a stressing that it was "economie against Bolivia.- host of good points about the aggression"
them United Press. overall
thusiasm.
BULLS ENCOURAGED Despite the inability
imarket to make
of the any progress,
overal action to give
encouragement for the long pull.
said
For one thing, they profi-taking was wall absorbed. And never at any time was the market structure endangered by selling pressure. The whole sold these bulls, is a
of adjustment and con-
solidation after the Monday
peak.
RFC's
Slow Climb In
Chicago Grains Continues
#
In addition they pointed to soveral developments which, they contended, would bolster the market later if not now.
Chicago, Aug. 12. Among them were these:
Grain prices inched up of Price Stablilsa- little more last weeks in a con- The Office lion disclosed an indefinite delay tinuation of the slow climb of in price roll-back plans.
tie past few weeks. Wholesale prices, as measured Soybeans and lard. how- by the Bureau of Labour Statis ever, took the play away from ties, resumed their upward climb grains, jumping in the last during the week ended August two sessions of the week while 7,
after a one-week fall.
rumours of potential export The
and a Government $50,000,000,000 military business bill is being pushed support programme for cotton oil swirled around the Congress with the de
already asking Phent ended the week with. And, fins fully discounted the ber delivery made the bigges they said, the out any great change, 15 cents market has
negotiations. In Kor gain while May lost cense-fire and has accepted the idea tha! The market received Jittle peace, too, can be dullish.
MOST ACTIVE STOCKS.
support from export buyers as Wost Germany took some more, The action of volume also was
wheat and small amount on the
side. bullish
Trading
to Ireland. amounted to 7,580,000 shares for
had said.
spup) Igat
fence planners for additional funds.
lower to 1% higher. Septem-
ground.
the week, with the market losing worldpartment
Was
around, while last week the total wheat and rye this year would production of 8,988,400 shares while the
big harvest. your's market was rising.
National Power and Light However, as the week ended, the. Department's monthly crop
than
was the week's most active
Issue, up at 2% with 249,400 wheat, csumate at less
report puf the total demostin shares changing hands.
15. Socony 1,000,000,000 bushels
It was followed by Socony Corn Brined 14 to 1% for the Vacuum up 3 at 18% f 10%, and shipments out of here pro- Inter-week. Receipts continued light tional Telophone up
Warhol pt brlik rato
Now
General
York Central up Va at 1814)
HP at 219.3
MarieMolpem: 25 14 Ave two
of the 20 most nefive issues, light onded lower. ANNE WEST
Futures prices rose $1.50 $2.30 a bale on the New York Cotton Exchange with largest gain in the nearby October con- truct and the callest on distant December.
There was some price fixing and short covering early in the week to stimulate buying.
But during the late week sessions the urge to buy came mostly from the Government announcement eliminating ex- port quotas.
of
goods. amounted good
and
materials and reduce consumption attempt 10 thus prejudice not only our ox-Expedient 5: The Govern port drive but our defence pro ment promises to introduce gramme. too-or reduco "silil legislation to control the price of further our purchases of "non- more goods on the home market | essential" goods from dollar and also to abolish the practice countries. The former would known as "prico maintenance."
disastrous; the lotter But, far
from solving
the negligible in effect.
problem, at inflation which lies at the root of the cost of living cripis,
attempts to keep down means will simply mean the
that money saved on price-controlled articles will
be
.no
SHARE MARKET
Ex-
(From Our Correspondent)
Business on the Stock change this morning was valued at $540,012.50. Noan prices and the morning's transactions:- SHARES BUYERS SELL-BOS SALES HK Bank XR 1400 15/0 33 1490 INSURANCES
East Asia MAL VID Upton 130.
BALTICH
Underwriters DOCKS,
K. What
Dook Prov
S'hal
Wheelo
LAND, BRO.
TCC Hotel.. 4.79 0.00
HK Land
Shat Land.. Humphreys Tram XD
10000
13.70
# 1000 13.70
3. Tham (0) Thủ .0145
UMLAITES
Star Ferry
C. Light (0) 7,00
1000 @ 7.85
1000
500 @ 1.53
Light (2) 476 Light (1) 7.40 750 1000
Electric
01 002
ROYAL INTEROCEAN
nels.
14th Aug.
Ang.
·#14 Appt: Plst. pp
ARRIVALS
Ship
"TJITJALENGKA” "TABMAN"
PATRAAT VIENDA” "TIIGADANE"
*From Macassar, 4479 POZIE? &... BİNEOPPER Japan
8. Africa, Maurietim de sjgenpora
Japan
Macaszat, JAYA Paris & Singapore Biralta & Delawan Dell..
6. America, 8. Africa, Singapore
Manka
Japan
SAILINGS
2011. ARE.
"TARMANT "NOJAORVATY". "TUMBLAR”
29th Aur. 27th AUS: 21 A
4th Hops. Sent.
232 #ppt.
Dato
asth Apr.
18th Aug,
isin dept
Kita Berk
Alógapore,
To
Remarang,
Djakarta & Betawan Doll Manila, Ringapore, H. Afrien, ja, A.
America
•
"Singapore, Java. Porte & Macassar
Yokohama & Japan Parla
Kingapore, dava Porta & Mecaster
Japan, Portu
PETHAXT BDENDA" "TIIBADANK".
JVAN UKUTAZ✰
Japan Pris
-M
Manita, 'Blogapore, 8, Africa & $.
America
Agents: HOLLAND EAST ASIA LINE
ABRIVALS
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TAAQTKKKAR" Jepan FALD MALMKBBK"
End werk get.. "JODOKERE"
19th Apr. SIE AUR.
th Mid Sapi. And week Oct.
"AAGTEREDET
WALME
KEPADA арал
From
Europeaingapore·
Зарад
SAILINGS
Atamils, Singapora da. Europe
Japan via Manilla
Manjią, singapore
JADEN VIA Manila
Enrope
nanifa, Bingapore à Europa
KING'S BUILDING, FUT EPIDONES
Shop To -2501-
142 143
MAERSK LINE
FAST FORTNIGHT LY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via
SAN FRANCISÇO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
2 30
1712) 200
Coment Rope STORES, ETC.
Dairy
12 131 SIDE
10
M.S. “OLGA MAERSK" :
Aug. 16.
15.2014.50 1000
M.B. "LAURA MAERSK"
1040
Aug. 80
Crawford
M.S. "HULDA MAERSK"
Sept. 14
*G
ARRIVALS FROM U.S.A."
Weekly Bank Statement
MS.
“HULDA MAERSK”.
Aug. 18
M.S. "TREIN MAERSK”.
Aug. 28
M.S. "PETER MAERSK”
Sept. 14
Paris, Aug. 12. The Bank of France state-
Cur-
145,200.000.000
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
Tel. Nos, 86066-0.
3010010006 NOTICE TO CONSIGNEES NOTICE TO CONSIGNEES
INFLATION MENACE There was some purchasing, too, on conunued
Crisis 2: Despite the assump prices by artificial unfavourable crop reports from central and tion in the Economic Survey that Southern Texas.
rising prices would have che Hodge selling, senttered liquids- effect of reducing demand tion and fame profit-taking care home for goods that are urgently go to increase the pressure of ment for the week ending au-
Intervals needed for the export programme, mand for other scarso goods. gust 2 reads as follows: into market at
also means that the -assump- during the week, but never to the or which used materials now tion that rising prices would re- Total gold holding 101.446,575,928
for defence extent that they overshadowed needed
purposes.
duce demand,
an which our Total of other the strengthening factors,
personal consumption
Tencies... has in
3.604.600,620 economic policy for the rearma-Sight balance abroad 154,551,204.160 rising. ment 51511 The government crop report fact risen and Is
ast few had little effect on the market.
Advance to currency • perlod was hosed, The tendency over the past
stabilitation fund... longer holds. The estimate was for 17,200,000-| months has been for weges and
discounted in Solution to all these various puls
France and Abrond bales and since previous privats salaries to try to keep pace with
Is to increase
pro- | Notes In - eirculation 3,742.002.005,993 predictions averaged 17,353,000
53.000 price increases problems bales the offeinl prediction was in fact leggst sough they have ductivity throughout the whole. Current recounts and
of Industry and to reduce
10331,540,331 deppeits con- pretty much disccunted before it At the same time production has sumption at home..
-Unlied Press. Measures Based on Augus: failed to keep up with the com- could came out.
be devised to forecast the
The export both
produce these results but it is! Supply of and
defence
programmes and the doubtful whether they will be all cafton this season would be home market.
at least till after the next about 19,250,000 running hales.
Expedient 2: The Government
By then ex-; This would
compare with have decided to limit the amount general election. 17.030,000 1 120 and 21,505,- of dividends the companies will pedients will probably have be- 000 owo scasons back-Associated Press.
be permitted to distribute during come exhausted. the next three years. This I cerlainly
1
prospective exchange "gures the bined demands of
SHORTAGE OF STEEL PIPE
*
now crisis-a
the
re-
Reduction In Cotton Price
Consignes per "BRNALDER
1. "AENBAR"
are hereby noted that their cargo Damaged cargo ex this ventel will is being discharged into the Ho be surveyed at Holt's Whart between Kong & Kowloon Whart & Godown 16 arm, and soon on Angust 23 and
godown. where it will Be at
Co'
Consignees risk and subject to 14 1951, and consignces are - roquest- the WBATE's terms and condition of ed to have their representativen storage, and where delivery may be present during the survey. putained.
BUTTERFIELD A ́BWIRE,
To comply with the Generat Bonded Warehouse Ilegulation
mtur have a taveste Eongnees
er in attendance when. damaged Hutiable goods are, examined.
No clems will be admitted “after the woods have last the reamer" jrodowna,
and nit goods repsbilag" undelivered "after the 18th August, 1851, will be subject to rent."
Jecogulsed...
Agents.
PRESS PHOTOGRAPHS
Coples of photographs
All claims againd thn steamer taken by the South China must be presented to the under Moming Post, South China by Exchange Rates Red Before and and p
tember, 1931, or they will not be Sunday Post-Herald, and China Mall Staff Photo- graphers are on view in the Morning Post Building.
this
No Pre-Insurance will be effected.
W. 8. LOXLEY & CO.
\(CHINA) LTD.
Agents.
ten Fine Steamers, Ltd.
STOCK EXCHANGE
Alexandrio, Aug. 12. Damaged packages are to be left Industrial ordinary shares Tao Egyptian Government to the Godawns for examination by disinflationary made
further headway this has passed a decrea reducing Consignees and the Company's str
Veyors, Messa Carmichael and tion in personal incomes reduces Index of industrial share prices two percent in measure in so far as any reduc-week, and the Financial Times' the prices of new cotton crop by Clark, 10 am, 17th Agrast, 195 Hong Kong. August 11, 1931,
the futures the pressure. of home demand. But it is an expedient and not new stands less than one point market.
below is level Immediately he The reduction, which applles a solution becauso dividends o
the foro
Announcement of to Ashmount and Karnak, was a tiny propor-dividend control secount for only tion of the to'a! national Income.
only two percent instead of the Pittsburgh, Aug. 12.
This
So normal one. It is already in recovery has been The Light and Heat Com-Moreover, to limit dividends
the warning of a effect. United Press. pany dipiosed today that It means Investors will not reinvestrong that has entered the world market their income but will use the serious fuel crisis in the coming Winter did no more than cause for steel pipe because of shor-
maintain ticir standard tages in the United States.
living. This in Heift is liicely momentary
became firm markets The Company said it has to lead fo
Some already received more than shortage of new capital flowing repice Safely, have $1,000 feat of 10% Inch steel into industry.
Business was done in the local belled
the dividend pipe from Belgium and
against Britain faces the freeze. that
market exchange Crisis 3: more than 17,000 feet of 44 worst electricity supply problem
This company has de- només
morning at the following rates: Inch steel pipe is en
dividend of 10 per cent Sterling note (per 4 clared rouic since the fuel crials of the Winter despite the fact that the average indonesia suliders (per 1001
MUA, UB. Dollars (per #1) from a pipe mill in Germany. of 1947... Demand is likely to About 200.000 feet of 6% inch| exceed, sup. About 1.830 de te last two dividends means 1.Glam ticals (per 100) pipa is anticipated from Dus-megawatts under normal con-dividends
con-it will, if the proposal to contrel singapore (Straits)
becomes zeldorf pipe
law, bo FC plastres (per 100) To avuld delay in its well diffons and by as much as 8,100 1limited to a distribillon of only cent, The company drilling programme
megawatts "in, OxTemely severe 11a the com-weather." Moreover, this probe faces the risk pany will augment its domestic lem wih become
having to cut even more steet well casing supplies, by acute it there is amul nneausly down its next distribution to 214 purchasing 250 metric tons of
cent
anything/ mpy 104 inchs stainless steel well a shortage of coke and coal.
| the are to be proposal becomes jaw, however, consumers kels United Press.
Investors can look forward to strict
economy bumper dividends at the end of in the Tudo
In- will have the limitation period, and this dustrial itsers alone
2 prominent. 20
sent less during toner the revival of interest Por, went of- Book
in equition per which's are, throughout the Winter months course, silll the most popular In an effort to reduce demand during peak hours which, inflation hedge, incidentally; have now been a fended-working hours are to be stågkerød i and kima:workers may have to switch to night shifts and Saturday work? HOME COST OF LIVING
per
of
casing in the ; European" mar-\dbment 3: Industrial and hoppen before then. Even
Rubber Futures
In S'pore
Singapore, Aug. 11, Prices rubber futures closed today as follows:-, Number: rubber. ppr ID.NE
August Septembar
October":
advanced 114 conts to Rocpipis were 6154 to three
Number
Muniber
August”
Number
(Black)
The dve most active Curb coats on shorts covering and, Market atocha ware Panchalal speculative. Buying) orde
Oll (New); Alp-14° 44′29, 'Blablard - Boybeans veined. 194. to "01⁄4% Whew Power and Light up 25 at 74% conta Associated Pross
asked to practitiolly
to
perkids
demand
Criala 4: Demand for coke is ou dit pping pro
expo
Bosidei
in
CROP FORECAST Bobby Washington, Aug. 2.
The Agriculture - Départnerit formomst 1961 maize crou |3,200,092,000 Μbigchela
tYourth History
Hongkong, 12th August,
ORDERS BOOKED
Paciffic Far East Line, Inc.
Fast Kogular Trans-Pacific Sorvića.
OVERLAND
NEW YORK:CHICAGO, DETROIT-TORONTO MONTREAL, "AND" ALL- ASIERICAN & CANADIAN CITIRE
BAN FRANCISCO, LOS ANGELES
From
Bept, d Bapt.
LUCKENBACIF?
FOT
San-Franciaco & LosAngelsá
via Yokohama.
Los Ang
Queen's Building;
Lok) Angstew
*
3