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MOM
*"LA MARSEILLAISE"
Arriving Leaving
*Det. 20
"LES GLIERES"......\Ngv, [1
"GIALONG"
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Oct 21
· Nov. 17-
Sept. 30
+"QYONNAX"
...Oct. 22
+"MONKAY"
Oct. 25 Nov. 3 Nov. 2
.Nov. #l Nav.. 23
* passengers & freight
· Outward - For
Tokohama & Kobe
Homeward For
N. Africa & Europe Manila, Saigon à
Afraelites
N. Africa & Europe
+ freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &
Rotterdam.
Subject To Change Without Natics
THE CHINA MAIL, TUESDAY, SEPTEMBER 25, 1951.
Page
Gloomy Picture Drawn Of U.K..L..
Japanese Bonds Decline In N.Y.
New York, Sept. 24. Japanese bands declined with scattered sales in the foreign dollar scotion of the murket today, Great Consolidated Electric Powers has lont 33% on sale' of some honda Several other Issues Toat fractions to a point. ---- Associated Press,
Republicans
CIE DES MESSAGERIES MARITIMES Oppose
P.O. Box 68, Hongkong
Queen's Building (gr. floor) Tel. 26651 (8 lines).
NEW EFFORT TO
REACH TIN PRICE AGREEMENT
Aid
To India
Washington, Sept. 24.
decided today to cali in the Assistant Secretary of State, Mr George M. McGhee, for a report on the economie ald plans India
In connection with the nomination of Mr Chester Boxies to be Ambassador to
A Senate Foreign Relations Sub-Committee
India.
for
Internal Economy
ECONOMIST WARNS OF
DANGER AHEAD
London, Sept. 25..
A good deal of current economic thought especially that part of it that finds its way into print is tinged with political bias. It is refreshing, therefore, to find an article analysing Britain's economic dilemma, written by a distinguished economist who has no personal axe to grind,
in
ROYAL INTEROCEAN
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20th Sept. 29th Яept.
30th Sept-
Ein Oct.
sih Oct.
Kth Get.
and No.
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ARRIVALS
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sikeaskar, Java Ports Singapore
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ard Oct.
7th Ori..
11th Oct.
Exh Oct.
lub act,
18th Ort.
HONGKONG
4th Nov.
"STRAAT
SHARE MARKET Government
than
(Our Own Correspondent)
on
MAKASSAR"
To
„Singapore, Java Porís & Miscassar
Japan' Porte
Japan Parta
„kingapore, Penang. &- Delawan Dəli.
Japan Purl
Jingapore, Parody ♪ Balawan Dən Singapura, Java Porti a. Afschutzr Manlia, Wingapore, E. & 1. Africa
• &'S. America Stadiis, Blugapore,, R. Afrles
America
Ceneral Agents: HOLLAND EAST ASIA LİNE
Deta
Bih Oct.
:: ARRIVALS
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"RDOCKENK" *ARENDSKERE" 18th Nov. "ARENDSKERK" 2nd week NoY. "KIELDRECHT"
18th Oct.
the
7th get. 15ft dirt. 12th Nov.
Mr Colin Clark, economic adviser to the Queensland Government, is the author of
many works on economies. From his relatively detach ed position he lives in Brisbane - he has turned his mind to the problems facing Britain, and reaches certain disquieting. conclusions.
Writing
interest the Manchester National Debt Guardian, Mr Clark asserts that France in 1922, "not merely the British Govern-" expenditure was 40 per cent of
notional ment but virtually the whole the
income, British people, of all political pared' with the 34 per cent parties and of all schools of spent by France in 1822. The Share transactions thought, has allowed itself 12 British Budget was balanced
ced Stock Exchange this morning cherish three economic Illuby rates of taxation which were
volued at $027,120.50. The chairman of the sub-sions......each one, taken singly,
obviously impose excessive Noon quotations were Committee, Senator John Spark-three in combination fatal,"
extremely dangerous and the deterrents on enterprise"; the QUARES DUYERS BELLERS BALĖS nipo. :of Alabama, said that
French Budget was "hopelessly BANKS
1C Bank.. 1835 1850 10 # 1540 Representatives of the world's main tin pro-
committee wanted to be According to Mr Clark, these balanced". At the same time, INSURANCES"
the basic industrial situation ducers and consumers met here today with the certain that the State Depart-"are the illusions of Cheap Food in France was more favourable, producing countries smarting from the United med retructed Mr Bowles of Limitless Taxable Capacity,
Congress did not want and of Rapidly Increasing Pro
productivity tending States hammering of the world's tin price in the any large-scale old programmes ductivity. Taking them one at a
altempled in India at this time. time, he demonstrates that they FURTHER PARALLEL.. last six months.
are, in fact, Illusions, based on Sparkman,
Mr Clark pre-conceived notions and memo-
sees one further Democrat, said that the Reries of the "good old days", to parallel between the position of publican demands for this type say nothing of political dis-France in the early 'twenties of instruction to Mr Bowles in honesty.
and that of Britain today. The
Press The Cheap Food illusion, he French
then blamed position to his nomination wa
says, has arisen from the pro-
Uheir inflation on the "machina- gressive downward trend in the lions of a British Government 1920s and 1930s. Mr Clark de- determined to destroy the value monstrates how the terms of of the French currency out of
Rome, Sept. 24.
Senator
The main producer countries still appeared to be lined up solidly against the United States with other consumer countries standing neutral as the tin experts met for the sixth time since the war to seek a formula for International Price Control.ubsiding.
NY Foreign Exchange
Now York, Sept. 24.
U530.84-13/18
Canada Idollar) Ynglac-omcial
Australia
unomelal
3,00
2.47 l/ 2.40 дней
2.793 30-day fitures 10-day
2.787 futures (pound)}
Holland (gullder)
Portugal (encudo)
Iran
MIDDLE EAST
01005 3435
world's
dicated to him that their op-
just
a reporter
on
h.crease.
Union Underwriters HK Fire
703 00 67 700
4.10
119
to
DOCKS, ETC. K. Where
However, tin
Senator Owen Brewster. (Republican,
that he was during the period from 1913 to Lold
as much opposed to the end of the thirties. Bowles as he had been He said fortunately, this state of affairs that just in case Mr Bowles was confirmed, he and others want-persisted
for
Maine) trade moved in Britain's favour ideas."
our! hatred for. French political
Meanwhile, the price stood today at about £940 per ton, more than £100 above the price the American Govern- meni's Purchasing Agency has indleated it is prepared to pay.
The price had been beaten down to this level from Its peak of nearly £1,000 at the begin= | ning of March when America abruptly eut off stockpiling pur-
hases.
were
Represented at today's meeting the United States (with rirong delegations from the State Department and the Reconstruc- tion Finance
territories
tain, British dependent n), Bri-
ed
long enough
Un-
the Ambassador to have people to come to regard it as explicit instructions against normal..
sid
attempts
the to broaden programme in India-Router:
Oil Prospecting
(principally Malaya and Nigeria), Belgium and the Belgian Congo, Indonesia, Bolivia, the Nether- lands, Thailand (Slam), France, .310032
1405
SYM
.0203 .0035
200
In India
Bombay, Sept. 24. Aircraft equipped with Canada, India, Italy and Austra-magnetometers have arrived in lia.
Calcutta to start a survey next month over West Bengal and Assam States as a preliminary to oil prospecting.
The meeting was the first of a six-day session of the Inter- national Tin Study Group set up in London In. October, 1948 after the first abortive effod to achieve-International-control-of
tin prices.
221
New Zealand (pound)
2.707
South Africa (pound)
2,301
Belgium frane)
Denmark krone)
France (franc)
West German Deutsche-
mark
4.20
2030
Italyomelal
Norway (krone)
Spain (pesetal
Bweden (kron)
Switzerland-free
Egypt (pound)
arat taunai
2 201
03125- 2 #1
Turkey fra)
£375
LATIN AMERICA
Argentine-oficial
87W
Brazil (cruzeira)
1350
it
Bolivia boliviano)
Chiin--free
0150
Columbia (prao)
.4025
Cuba (pero)
1.00
Mexico (peso)
114
.0026
4015
.2009
10
agenda.
FAR EAST
Meanwhile,
India (rupee)
22102
2030
.1785
3040
Peru-free
Uruguay [?
Venezuela (bolivar)
Pakistan rupee)
Hongkong
Netherland East Indies
Gingapore Japan
300 yen to US$1 -United Press,
New York CottonTM
Futures
WIN
An
SECRET SESSIONS
The experts met in secret,
thai announced communique would probably be issued at the end of the meeting.
DETLEL
It was understood that most of today's meeting was devoted
drawing
session's up the
وا
An
(A magnetometer instrument for measuring the Intensity and direction of' magnetic forces);
The survey will be made by the Standard Vacuum Company by arrangement with By the Government of India. a similar arrangement with the Pakiston Government, the com- pany will also make a magneto- meter survey of Eastern Bengal.
The company's general it was learned manager, Mr B. H. Pease, said that since the last Un talks in
the survey would today that
early lin October.- Washington in March, Britain, begin Belgium, Bolivia and Indonesia Reuter. have sent five
of notes
וע
protest to the United States State
Department against Congress
allegations that the world's
tin
producers have been trying to U.S. Steel
"gouge" the American tnx-
were
made
The allegations In March by the War Prepared- ness Sub-Committee of the Senate Committee Armed Services. With
on
Output Up
New York, Sept. 24. New York, Sept. 24.
The nation's steel plants ex- the Un price then Cotion price
pect to increase their production retreated today after a strong opening, feeling standing at nearly £1,000 per
Sub-Committee de- this week to 102.1 per cent of ton,
tax-rated capacity equal to 2,041,000 American
aged net tour of ingots and steel for
10-
11
the
"The A
the weight of technical realising|clared, and hedge selling. After rising payer la weary of being gouged 44 points, the list closed only for the privilege of obtaining castings.
points higher to @ points low from some of its Allies the row er. Nearby October delivery materials with which he is ex- hit 38.50 cents pound on pected to supply the food and covering before the first notice armament needs of the non- the highest Communist nations in the event And of another all-out war, this Committee intends to do fol-whatever it can to put an end to
that gouging."--Reuter,
day on Tuesday, price since July 18.
Prices closed
today
03
lows:-
37.20
March (1963)
May
July
October
Spot
October
December
December
Maret (1063)
30.40-30.43 30,10-30.15 50.10-30.11 30.20 35.70
24.20-34.33
34.27 nominal 34.24 nominal
NEW ORLEANS MARKET
Spot
October
December
March (1892)
MAY
July
Priober
December Maret (1953)
24.10 3025 bid 30.08-36.00 30.15-30.33
30.20
*9.00
34.23-34.30
34.10 24.14 bld. United Pratt,
Copra Quotations
New York, Sept. 24.
New York Sugar Futures
New York, Sept. 24. World sugar futures closed to- day unchanged to 2 higher, with saics totalling 20 contracts.
closed today Contract No. unchanged to 4 higher, willi sales tolalling 12 contracts..
Prices closed today as
follows-
Contract No, & (world) [January, (18029~~47 5494 * Cruded .628 traded
March
May July September spot
Contract No. January (1983) March
Peptember
Apot
Copre was quoted today stiuly $1.60 per short ton asked United Prast.
Arid
PRESENT TREND
By 1947, the terms of trade had worsened. though COTT pared with the year 1913, they were still in Britain's
favour.
If supervenes, there is little doubt, a British Indiation now
Mr Clark fears, that it will be blamed upon the Americans,
He sums up: "On the face of it, as things are now, it looks as though Britain will have a first-class Inflation, culminating about 1953",
Commenting on Mr Clark's article in a leading article, the By June of this year, they had Manchester Guardlan
quotes moved against us.
Professor W. A. Lewis to sup- Moreover, says Mr
Clack, port its contention that the there is every sign that the | terms of trade have noved present
trend will con- against us because the annual Unue throughout the decade. rate of growth of primary-pro- Many
Breduction since 1913 is only half
British
imports
N. Pt. Wharf 8.00 7.00 4000 @
Dock .......
Provident Wheelock
LAND, ETC.
HKS Hotel HK Land
UTILATIES
Tram
Blar Ferry C. Light (0) 8.75
200 a 12
age
a 383A SE NE
"RAÓGKERK“.
ARENDAKENK" HARENDSKEEK"
Japan
From
Rurope & Bingapore Гаред
Europe & Singapore
SAILINGS
To
Vantia. Stacapore & Europe Japan via Manila
Manila, Singapore, & Europe,
BERING'S BUILDING. TEIT PROSES:28015/10) 28017
BUAT RENE MOZZAGLAIS UN GUNNARGITE ROAD CELLSZAVONÁS
MAERSK LINE
FAST FOETNIGHTLY SERVICE TO
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis
SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
0000
10' 200
2400
1815 1830
27
0.40 0.00
01 53P
100 200,
53
150
0121
S'hal Land 1.00 Humphreys, 11.90
1500 1312
10 10.30 500 1083
1000 m 100%
800
16.30
300
p 800
1000
1000
1100
8.
6.00
6.78 500
2000
•
35 30.25
15
15.20
M.S."TREIN MAERSK”
24 14:40 2500
M.S. "PETER MAERSK”
Rope
....... 16.70
STORES, ETC.
Dairy
M.S. "NICOLINE MAERSK”
Sept. 30 Oct. 16 Oct. 31
200
1834
273% 27.80. 700 2 17.09
ARRIVALS FROM U.S.A.
M.S. "LEXA MAERSK”
Oct. 17
Watson
M.S. "SALLY MAERSK"
Oct. 20
MS,
Nov. 18
C. Light (N) 50
Light (B)
Electric (CB) Telepho INDUSTRIALS
Cement
Ewo
still bought at prices far below us great as that of manufactur- COTTONS world level and exports solding production, at prices above world level; this
cannot go on indefinitely. Despite the evidence to the contrary, there seems to have
been an conviction
almost unanimous
Mr
1.80
31% 1000
Chicago Grain Futures
The effect is to compel us in Britain to export more or lo consume less, it says, The long- run remedy is to raise produc- flan in the under-developed among Englishmen. . .
and this, under that the days of cheap food countries would soon return," Clark Present-day conditions of Invest goes on. Those who continued ment, means inter-governmental to hold this belief must be held action. responsible for the consequences basis
Colonial development and today. Wheat futures closed 1 of any actions based upon it.
of things like the Colombo Plan. lower to % higher and soybeans Dealing with the illusion Limitless Taxable Capacity, Mr Summing up Mr Clark's other were 2% to 3% higher. Prices Clark points out that in each conclusions, the Guardian says,
follows:-
Whaat-price per bushel pat
post-war year national and local Laxation in U.K. has been levied at a rate of
per cent of the Over 40 the entire factor-cost Di ni-
There is thus
thus a solid self-interest
of
"We shall go from bad to worse unless we can not only check inflationary trends
start the along the line but
tional income. In every can reverse process. And this where attempts had been made, involves painful surgery, pre- at various times and places, to ceded by even more abrupt exceed the "safe" limit
tends is 25 per cent of national economic diagnosis".
ol
laxation (which, Mr Clark con-
changes in our habits
income) "the effect was so dis-
cir-
couraging to real production,
and encouraging to the
Chicago, Sept. 24. Grain futures moved higher
ANNA MAERSK”
For Freight and Further Particulars please apply to:--
AGENTS:
JEBSEN & CO.
Pedder Building
gin futures closed today a PENINSULAR
2.413
September
December
7.683-15
March (1052)
2.401
May
2,4211-5%
Com
Spot
1.624,
September
of
December
1.754-4 1.799
March (1952)
101-14
BRY
W
1A7
July
1.67
September
Dats
1,30%
Juty
September
01-00
culation of money, that within Tobacco Grouping
two or three years an inflation supervened sufficient to raise
thus the
money prices (and value of national income) to a point where the 25 per ratio again prevailed".
cent
BARRIERS "TEMFORAEY"
Rigorous controls and favour
external conditions
able
Set
Up
Amsterdam, Sept. 24. The creation
"World of a Tobacco Organisation" (W.T.O.} |·was agreed here today by six hundred delegates of the World Tobacco Congress nt lis main session.
The Congress, representing and all branches
Jart
¤
New York four-per 200 lb. 'Back. $1240.-United Press.
London Tin Market
London, Sept. 24, The tin market was steady and quiet. Prices closed today al the end of the official morn- ing session as follows: Spot tin, buyer
10 Spot ther
Business done at
---United Prem
had helped this country to hold the uflationary forces in check, but these temporary barriers will 50 countries The mills reporting to the shortly all be swept away, and of the tobacco industry, passed
Iron American
Steck Britain will have to face the the statute of the proposed or-
@ppointed ganisation, and Institute last week produced an full
consequences,
of 10 nations Mr
has liifle patience committee estimated 2,023,000 tons with an operating rate of 101.2 per cent. with the oft-repeated assertion draw up plans.,
The W.TO. will be establish- Three-month tin, buyer A month ago the industry that productivity in this coun-
ed immediately as 20 coun-ee-month ta, weiler worked at 09.8 per cent to turn try is increasing at an un-
Business done at tries have rated the statute. Suntlemant out 1,905,000 tons. In the same precedented rate. The fact of
It will safeguard the interests week a year ago the figures the matter. he says, is that
per cent and real product per man-hour in of the whole tobacco industry.
-Reuter. 1,042,200 tons Associated Press. rising only very slowly and is Press,
only about 5 per cent higher than that of 1938. About half of
this
Increase has been swallowed up in shorter work- ing hours".
He compares the position of
New York, Sept. 24. Britain today with that of The weakness developed in France after the Grat World the black pepper market. Spot War. In both cases, the im- material was available at $1.87 mediate post-war problem was a pound. Dealers reported In
were 100.7
New York Stock
Exchange
the
the in
Black Pepper
1.
1
235
940
940
London Rubber
Prices
Futures
London, Sept 24, of rubber futures closed today as follows. Number rubber,' in /
cents per lb. November
October/December
BAILS:
Tel. Nos. 86066-9,
& ORIENTAL
QUIS NÓS SEPARAB
STEAM NAVIGATION COMPANY
R.M.S. "CORFU“
NOTICE TO PASSENGERS
BAGGAGE:
ŠPECIAL NOTE:
FRIDAY the 28th September at 12.00 Noon for the United Kingdom via Straits) Colombo, Bombay, Aden and Port Said.
ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co's Godown at NO. 2 Gate, CANTON ROAD ENTRANCE BY NOON on THURSDAY the 27th September.
With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the. Wharf Co.'s Godown for loading. on board by ship's slings only,
EMBARKATION:. Will take place on FRIDAY the 28th September between 9.00. A.M. and 11.00 A.M.
NOTICE TO CONSIGNEES)
“BELEEMOPHON"
Dermagrock cargo' ex thie wessel will
413) nominal
October
Exchange Rates bevered it's Wharf between
New York, Sept. 24.
&h increase in dollar prices. The, dian offering for the first week December Stock prices. today ended
peak of dollar prices was passed of October shipment at $1.67 January arch (1901) 4 irregularly lower, despite
1948, and Britain is now, pound, October shipment at April/lume strength in the rail soellon. Trading was 1,030,000 Ahares, experiencing an Independent $1.03 and October and Novem
Inflationary d cycle”------- thus ber shipment a $1.60 cents Industrials, suffered
including widest
cost And declines with olls and metals duplicating conditions in France pound,
fri the early 18203; 2) freight-United Frem the biggest losers in the section.
Both
these: movements-the ไท Steol
fractions. Flolded
baka mwall do the British. French Motore eased. Tyres Jost over a point. Televisions and
derived from excessive LONDON INDEXE aircrafts were Infractions, are Buger Government spending. There slipped amandine! #ocks gained fractionally or are of course, differences, Bet no doosrusa trasode 197 declined, Britain in 1080 gyár spending. n.
Fundnat $247 dranced 0 and 940-Run- greater part of a national in index was 187,4. Associated Blam iscaliper 100)90224
chansol,--United Press.
come on defence and 1018 on Press.
6.00 hid -$40 20
5.42 bla
United "Prem
London Best
The Financial. Vitroes : daI
10 am and Nasa su #eptenikar: 25 Zovitan "your inippa's in helping KG 16, 1951, and conatinees = { "kre | train the. 'Honkong Dunloem was dana", "In the focal | requoties to bave thile cupinamotae marrow. dubpariptions
morning" at: the following. ERTHEIMA. sterire nole (per, kij
BUTTERFIELD A. KWIDE, Indonrala mylists izver: SPP Kingapors (direita) (22)
DEAL FIC? plaetres (per, 100): 64444.
EERSTE
Hongkong. Septembe
War Memoriti
by Fee further!
telephone "the Béɗretary (29018).
Z