R.I.L
ROYAL
Date
In Port
In J'ort
712 Oct
Dth Dec
13th Oct
Atla Ort.
Shjp
INTEROCEAN. – LINES
STA EMAN”
TEGELDENO"
"VAN BEUTBZ”
"TJIWANGI"
"TJIUEBAN"
"TJIDODAB"
23rd Oct.
"TEGELBERG"
Zeth Oct. 31st Oct.
"THMADÁR"
2nd Nov,
PETRAAT
ARRIVALS
Frets
Belawan Bell, Penang, kinkadore & Salzon
Amerien, B. Atsico, Singapore a Manila
Japan
Maramat. Saya Ports a Singapore
Japan
Japan Porta
Japen
Java Ports, Bfacassar '& _ Singapore
"TITIALENGKA", {Mugatuar, dava Ports & Blogopáre
MAKASSAR" Japan
"TEOBLARNO"
**TJIWANOr"
9th Det
9th Uot.
"VAN HEUTAZ”
1411: Oct.
"TJINESAR”
17th Oct.
2x Det.
26th Oct.
4th Nov,
4th
Nov,
#TJIBODAS
TJIDADAK"
"STRAAT
MAKASSAR"
BAILINGS
"TITIALENGKA”
Japan Ports
To
1
Singapore, Penang & Belawan Beli Manila, Kingapore, E. & 5. Atries
8. America
Singapore, Java Poris & casur Japan Porle
impan Porin
Manila, Bingapore, . Africa & #.
America
Stoxapore, Java Ports & Macasser
General Agents: HOLLAND EAST ASIA LINE
Desc
In Fort
11th Oct,
5th Nov.
ARRIVALS
Ship
"HOOGREДK"
ARENDSKERK"
"ARENDHKERK"
2nd week Nov. “KJELDRÉCUT”
C Ort 14th Det
6th Nov,
"HOOGRENI” "ARENDSKENK" ARENDSKERK"
From
Japa
Europe & Singapore Харап
Europe & Singapore
SAILINGS
TD
J
Manila, Singapore & Europe Japan via Manila
Manlia, Singapore, & Europe.
KING'S BUILDING, TELBYONUSE 2805T03280175€
LUNESLEAGENTSERE CONNAUGHT BONUS GENISING UR
British Transfer Of Sterling To Bank Of Pakistan
London, Oct. 4.
THE CHINA MAIL, FRIDAY, OCTOBER 5, 1951.
STERLING AREA'S DEFICIT Situation Calls For Drastic Remedies
1
HK Suggested
As
Base For
Fishing Fleet
London, Det, ·4. Singapore, Penang and Hongkong are suggested as bases for a.Boulli Pacifie deep-sea fishing fleet in an article In the October Issue of "New Common. wcalih” which advocates the development of Asiatie fisheries to meet the food needs of the East,
The wrlier, Erlo Hardy, a Fellow of the Zoological Soolety, also suggests that Ader could exploit the rich resources of the Red Sea, and that both alie and Pakistan could develop the luna-fishing Industry prezent practised by troff- fn the north-west Indian Ocean and alone the coast of Arabia, for s tuna-canning trade-Lon- don Express Service.
JAPANESE BONDS IN
LONDON
London, Oct. 4.
724 00
Japanese bonds
"A" (4s, of 1899) "B" (48, of 1910) "C" (5s. of 1907) "D" (5s. of 1934). "E" (5s, of 1034) Consois
107 80% 128 844
The Financial Times' dally Index of London slicks today was 135.8, up 0.3.-United Press and Associated Press.
Finance Ministers Empire Finance
To Seek A Solution
(FROM OUR OWN CORRESPONDENT)
London, Oct. 4.
The size of the Sterling Aren's gold and dollar deficit over the past three months has taken business and financial circles here by complete surprise.
A substantial deficit was anticipated but it was expected to be at the outside $500 million. It was in fact $638 million or some six million dollars more than the previous largest deficit in a quarter before the devaluation,
Even after full consideration has been given to the "temporary factors" which accounted for about half the deficit it is clear that this dollar "gap" calls for drastic remedial action.
The Commonwealth Financa) The deftelt for the whole of Ministers are due to mect here 1947 was $45,000,000 and in In January to co-ordinale the money which was more valu- dollar
Sterling able than present money. policy of the Arca and it expected that ihrir dbcussions will turn on measures to restrict Imports trom, and expand exports tu, the dollar area.
But It Is now
already re- cognised that this action by it zelf will not be enough to close the new "gop."
* LIABILITIES UP
"Part of the effect of the recent deterioration was seen in yesterday's disclosure that the gold
reserves and dollor last quarter fell by $500,000,- 000, the biggest lows for any quarter except the third querier of 1940, imunediately after the foll situation is
and aggravated of France, when Britain by the fact that this country is the Commonwealth were fight- iuncing its heavy dollar pur-ing and nancing a world war chases largely out of the dollar almost single handed.. carnings of oversees, Common- wealth and Colonial countries. The White Paper also closed that, even during Some of these countries
are first half of this year, when Iready showing signs of im-gold and dollar reserves were patience with Whils state
of rising.
Britain's sterling èffairs.
labilities were rising faster.
The
At the recent Commonwealth supply
conference rome dele NEW YORK STOCKS
gates pointed out that if Britain is unable to supply the capital New York, Oct. 4,
equipment and consumer goods Trading was a highly selec-
stock should
these countries need then they tive affair today in the
be allowed to retain
dia- the
As disclosed yesterday, in the third quarter just ended. gold and dollar reserves tumed sharply downward, falling by
£214,000,000.
Britain has transferred £30,000,000 to the Bank of Pakistan as a currency reserve from the blocked market with prices mixed over some of the dollars they earn les during the quarter was account of Pakistan's sterling balances here.
a narrow range..
A dollar could cover changes{ But it is the intention of the Pakistan Govern- either way among most leaders, ment not to draw upon this sum and it has agreed and there were few going be- not to do so without previously consulting Britain.yond that limit.
Devaluation Rumours In Paris Again
The change in sterling Habili-
In their trade with America to yet known.
In effect, the purchase of these finance goods from the dollars area.
RUPTURE AHEAD?
Many economists In this Trading dwindled to an es- This was disclosed in the newtimated 1,800,000 shares as com-country see in this growing im- | Angle-Pakistan sterling balances | pared
present sys. with Wednesday's 2.- patience with the Unancial agreement
balances the tem of Sterling published 380,000 shares. here today.
Arst signs of a serious rupture 'Railroads almost single-handed in the Sterling Area club. The agreement, laid on the held the market up in its early Rable in the House of Commons stages, but as they weakened today, desis with Pakistani's and fell back the rest of the sterling balances during the next market settled down quieily.
six years.
The remedy, as they see it,
case
is not to initiate a new dollar expart drive which in any may not be feasible-but Stocks keeping to the higher to step up exports of capital It was negotiated earlier this aide included New York Cen- and consumer goods from this
and Mr Hugh Galt-tral, Chesapeake
Ohio, your between skell, British Chancellor of the Skelly Oil, United Air Lines, country to the Commonwealth and Colonies not only to Paris, Oct. 4.
and Mr Ghulam
Silver King Mines, Park Utals honour the United Kingdom's Devaluation Runours swept Exchequer,
American Woollen, again Mehammed--Fuklston's-Finance Mines, circles
Petroleum, Stokely-mounting Sterling abilities. but today after a sharp rise in gold Maister, and was signed by Mr Amerio and dollar lees on the Paris Galtshell and Mr Habib Ibrahim van Camp, Standard Gas and also to prevent the demand for High Electric, Chrysler, U.S. Rubber, more dollar freedom becoming Pakistan Rahimtenta,
International Harvester, Douglas too Insistent to Ignore. Stock Exchange.
Commissioner.
Aircraft, and Phelps Dodge.
And this, it is fully realised, be done by s could only simultaneous and drastle cur-
Parts business
J'21-
Lower were Santa Fe, General
Higher Barium
devaluation Although
The agreement provides that mours were recently discounted
British Government shull by the French official spokes the
not make available to, the Pakistan Molors, Montgomery Ward, and inllment in consumption la this DS unfounded and
against sterling Admiral Corp. of
public Government copunent,
stocks Curb
were mixed. country. worthy opinion
from the No. 2 Account gold to in France, led by
were Atlas Plywood,
Steel, financial circles, still believes the value of £4,000,000 to form
Giant Yellow
Mr Gaitskell himself acknow con-un addition to the gold reserve that devaluation of the
Gold, Imperial Oll, ledged this necessity in his
Standard Aircraft, Northrop stantly slipping frane will take of the State Bank of Pakistan. Knife
speech last night. It would help, place shortly.
New Jersey.
he said, if we could expert 13 Lower were Colonial Airlines, the rest of the Sterling Aren Eastern Gas, Kaiser-Frazer, and goods which they would other
wise import from the dollar Singer-Associated Press.
At Wednesday's session of the Paris Bourse, the dullar sudden- ly climbed to an unusually high mark of 415 points on the tree market, thus gaining 10 points
usingle session.
in
at
Demand was still heavy the close of the session.
The highest dollar rate ever recorded was 417 points... United Press,
New York Sugar
Futures
New York, Oct. 4. World sugar future closed today 3 higher to 4 lower, with sales totalling 62 centrals.
The agreement, stipulares that the balance from time to time standing to the credit of the No. 2 Account after the agreed transfers have been made, shall be transferred to the No. 1 Ac- count in instalments of £4,000- 000 in each of the six periods of 12 months from July 1 this year
IN 12 MONTHS
Each Instalment shall be transferred within the appro- priate period of 12 months as and when requested by the State Bank of Pakistan.
Grain Prices
In Chicago
Chicago, Oct. 4. Prices of groin futures closed today as follows:-
Another clause declares that if wheat-price per bushel at any time the two Governments spot leonsider that Pakistan's essential September December. requirements of foreign exchange
Sfarch (1952) make necessary the release of May from the No. 2 Corn larger sums Account the two Governments Spot
2.4216
2.471-2 2.30-
2.431%
Beptember
March
1.744-1/75
(1952)
May
The agreement replaces, so far
1.70% 1.90- 1.00 United Press.
Contract No. § closed 3 to 5 shall consult together for speed-December higher with sales totaling 231 ing up the rate of release. contracts.
Prices closed as follows:- Contract No. 4 (world)
January (1052)
March
May
July
September
Spot
Contract No. 0
January (1952)
March
May
July
Spot
September
as it applies to Pakistan, the
5.30 apminal agreement of 1047 as subsequently
3.17 hid. 0.17 vid
modified and extended. It comes
8.13 traded into force with effect from July 1, Mixed · Trading
6.17 bla
6.34
[1951, and will terminate on June
30, 1057.
5.47 traded
Further consultations will be 0.43 traded 5:27 nominal held before the agreement cats 554 nominal with a view to extending it or 5.50 nominal replacing it by anotherReuter.
5.AD
Unlled Preas.
Pepper Quotations
Trade Pact Talks
New York, Oct. 4.
In the black
pepper market
area,
sure
"We must make quite that exports of consumer goods are not held back by the pull of the home market. Consump- tion at home must therefore be kept down," he added.
TREASURY STATISTICS
London, Oct. 4. Britain's balance of payments slumped from A surplus of
£170,000,000 In the second half: of 1930 to a deficit of £122,000,- 000 in the Arst half of 1951.
gold and dollar reserves are the "bank cash" of Britain as banker for the whole Sterling Area. Sterling balances and similar items are its liabili- iles-Reuter.
The Rubber
Markets
London, Oct. 4. Prices of rubber futures closed today as follows:- Number 1 rubber,
"in "vents" per ib. November
January/March (1032) December April Tune
Silver Price Lowered
New York, Oct. 4. Mesars Handy And Har- man, bullion desters, to- day cut the price of allver to 84.75 cents per
fine Qunce from the highest level of this
year of 90.10. Although such a reduction is abnormal at this time of the
when
Christ- year,
DI
mas buying is usually get. iing into full swing, dealers said it
L necessary to re- duce the price because it could attract
no buyers
00.18 Jevel.
Messrs Handy &
man's
quatalion,
at
Har- which in
basis for sliver transac dons, had been at 90.10 The since lase January. 8. restoration of higher price followed Mexico's decision to withdraw as a sliver ex- porter for the remainder of the
Mexico for year. several years had been the largest source of Industrial silver.United Press.
HONGKONG SHARE MARKET
(Our Own Correspondent)
Business done on the Stock Exchange this morning Was valued at $809,128.50. None quotations and the morning's transactions!--~
BHARES BUYERS BELLERS SALES
BANKS
JIK Bank *..
INSURANCES
Canton Union
20 1910
230 240
145 755
10 m 55
1 W 100
Underwriters - 4.49 -HK Fire
... 14: 443-45% to:KS, ETC. 4412-32
44-444- K. Wharf
4349-
414-42 -United Press.
K'>
20 100 130 a 10 N. P. Wharf 0.80 0.03 Dock
19 300 10% 500 1815
SINGAPORE MARKET
Provident S'hat Dock Wheelock
Singapore, Oct. 4. Prices of rubber futures closed today as follows:- Number 1 rubber, per tb,
18
341 34.00
3.33 30 30 2000 # 353, $100 # 3515
1023-153 131-13207 100-150
147-140
LAND. ETC.
HK Howl HK Land. ifumplereys
11:00 12
UTILITIES
142-143
137-13774
October
November
December Number 2 rubber.
October Number 3 rubber.
October Number 4 rubber.
October
Spot rubber.
unbated Black erene
No, i pale creye
1-5
13216-16315 110-112 163-180 United Press.
NY Cotton Market
New York, Oct. 4. Picea of ection futures closed
The defleit en visible trade today as follows:- (good) f1 to £338,000,000.
The surplus on Invisible travelober improved only from 2313,000,-
000 to £210,000,000..
made
figures were public by the Treasury 1 A
These
White Paper today.
Spot.
December
March (1052)
Kaz
„Julr
October
December
merkoti
March (1653)
Hiw Orivane
Spol
October
in
Last year's surplus would bo con- verted into a deficit of £100- 000,000 this year for stockpilo imports.
Because of rearmament the Government had foreshadowet
several months ago that In Bonds
New York, Oct. 4. Mixed prices
prevailed active corporate bond trading today with rails getting the big- gest play. Price changes for the most part were relatively narrow.
...
In fact, the` deficit during the first half of the year was at an annual rate of E264,000,000..
31.35 nominat 37,02
2035-34.07
30.03.30.03
3403 nominal » nominal 24.04 United Press,
okto
EX
6 0.20 2500 2 8,10
500 # 52 100 N 02%
Tram ... 13.85 10.80 500 10.75 2500 1 14.70 100 Star Ferry
C. Light (0) 8.80 D 2500 V 43 5.64 C. Light (N) 5.00 5.70 3000
C. Light 8.65 8.70 2000 0.00 Electric
22
938 211. 1000 F 27
ADATA
(D) 2014 Telephone: 14%
INDUSTRIALS
Cement Hops
STORES, ETC.
Daisy
Watron
17.40
..... 22!
COTTONS
Ewo
3.16
0:24 2015 13 1000 » 1413
500 19.30 100001
18 500 17.70 .500 17.78 23 200 @ 22.50
500 @ 3.20
Lead
Price Of
In México
New York, Oct. 4. The American Smelting and futures | Reining Company today an- nounced that the price for refined lead from 11 Mexican refinery will continue at 21 cents a pound.
bld
United Press.
LONDON TIN MARKET
-Londen, Oct. 4.
as
The announcement of the com- pany, which is the largest pro- ducer of lead in Mexico, indicated that none of the Mexican oulput would be available to American consumers, since they are forbid- den by the new OPA: order to pay over 19 cents a pound-
MESSAGERIES
M
MARITIMES
Arriving Leaving
*LA MARSEILLAISE" ..Oct. 20...Oct. 1
"LES GLIERES”
..Nov,
Nov. 1
"OYONNAK"
*"LA MARSEILLAISE" Nov.
+"MONKAY"
Oct. 2 2 Now. $
...Nov. 24 Nov. 25
* passengers & freight
M
Ontward_Fer®
Yokohama' & 'Kobe
̈Homeward ́ For
H. Africa 'Kutopa Manila, Malgon &
Maranfilen
X. Alries à Enropé
† freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &
Rotterdam.
Sobject To Chan ge without Notice
CIE DES MESSAGERIES MARITIMES P.O. Box 58, Hongkong Queen's Building (gr. floor) Tel. 26651 (8 Hnos).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMÖRE & PHILADELPINA, via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
M.S.
PETER MAERSK❞
Oct. 16
M.S.
"NICOLINE MAERSK”
Oct. 31
M.S.
"SALLY MAERSK”
Nov. 15
ARRIVALS FROM U.S.A.
M.S.
"LEXA MAERSK"
Oct. 18
M.S. "ANNA MAERSK"
Nov. 14
M.S. "LEISE MAERSK"
Dec. 2
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
'Tel: Nos, 36056-9,
·Puzzling Rise In
Price Of Wool
Melbourne, Oct. 4. Wool prices at Australian auctions are still rising and some have jumped as much as 50. per cent in the last week.
At both Newcastle and Geelong today prices rose on other five to 10 per cent of yesterday's rates.
top price in Aus-
Geelong's top
3-Inflation fears linked with the presumed veloiive sinbility of seal as compared to curvericy.
4War tents, 5.-The--ever-present-supply
tralian currency-was 160 pence and demand gap which la vill a pound for superfine merine about 15 per cent. Reuter.
lamba-wool.
recorded
182
Newcastle pence for greasy merino fleece.
Principal buyers today, were the Continent and America In Geelong, and the Continent and fire United Kingdom, mappórted by Russia, in Newcastle,
One
have fact which may played a part in the rises is the prospect of a wool city much
than
estimated lighter carlier.
Was
Weekly Bank Statements
London, Oct. 4. The Bank of England state. ment for the week ending Octo- ber 3 rondo as follows:-
Notes in gliculetion @ 1,31251,000 These earlier estimates placed Pubile deposits... IV,413,000 the clip at 3,810,000 bales but Private deposits.... experts now believe that it will Government speuri not exceed 3,400,000 bales, Other securities
Receipts Bush Ares, severe droughts Bank fatlo and disastrous floods have caused the revised estimates,
EXPERTS BAFFLED
en
33,113,000
30,003,000
45/40,000
4,348,000
Unlled Pras
BANK OF FRANCE.
Paris, Oct. 4.
11.0
The 'Bank of France state-
On the other hand, tradle ob- servers are baffled by the wool ment for
the week ending
market's rising tone and say, September 27 rends as follows:-
that they are unable to point:
to any single dominant factor as the main cause.
The general feeling, however, is that the firming prices--and, it is expecte: that they will continue to rist-have been brought about by:
Interest both 1.-American open and through sponsored operators on the Continent and In 'Japan.
+
Total gold holdings
Total of other fur-
телеіев
night balance
Abroad ........ Advance to currency
Vilisation fund discounted in
France and abfoşti Noten in cireutatión Current account
and deposits
* 193,448,078,3/26
3,167,609,110
191,138,403,030
137.$900,000,000
1,779,355/774,105
166,371,764,273 -United Pres.
Rising futures markets in CAR OUTPUT
IN U.S.
France, Belgium and the Unlied States,
TEXTILES DULL
New York, Oct. 4, The cotton_texüle market was dull today, Buyers continued to
Exchange Rates resale market.
In the three latest months
Prices of fin were firmer this | United Press, the Japanese bonds were irregular | (June, July and August), ly higher in active dealings in the deficit appeared to have soared morning Turnover wai 118 foreign dollar section. Tokyo City to the staggering annual rate of tons, including 40 tens fór cash. Prices-cldsed at the end of the Fives dropped 141⁄2 on sale of one | about £700,000,000. This Karachi, Oct. 4.
bond and Japan 01⁄2s gained two feets afloats were quoted at $1,71-1,72 Pakistan and Communist
a much bigger rive in offelst morning session a pound, Noveraber delivery at China are negotiating for a two- 84 added 1% and Tokyo Electric effects of the Persian oil stop in, buyers
on sale of o.single bond. Japan Imports than in exports and the follow $1.67 and December delivery at year trade agreement la Which Light Sixes gained 1% on heavier page, p
Apoi iin, kallern zur In shipment China $1.05
Fanie dope, af hag offereci to buy all soles.
Trgo«Mani}je tin. It appeared to be the swiftbet kyns positions, December delivery was Pakis'an's colion and 10,000 Cons Indicated at around $1.50 and of Pakistani raw Jute, China Philippine Railway Certificate deterioration on record, prodige, Threemantha lín, January delivery $1.59 a pound, offered: to sell cool, cution and Fours paced the corporale, gainceding the biggest dolgit externé, mileng ail on an ex-dock basta-United silk textiles and other consimer with an advance of 234sd perhaps, for some periods in the then not done at
goods,-Associated · Press,
[olated Press,"
1947, crisis year.
Press,
|Beitlerpent
200
་ ་ ་
Bugliaan, was done in 'disa' local ungmciat exchange market this morning at, she rollowing, DETRAS Sterling note toer #11 15 US. Dollar (per 81) co Indonesia guilders doer 100)..
903 15-225 | Blam kusala (por, 100)
Bingapore (8lcutta)
FIC pinstres (per 100;
022
21.00 1,703
16.ED
Detroit, Oct. 4. Motor vehicle production, in the United States this week will total 108,020, Automativa Now estimated today.
The trade paper counted 84,-
buy goods on a hand-to-mouth 433 cars and 23,000 trucks in basis, with tnost mills unwilling the total, Last week 79,074 cars to accept prices prevailing in the and 100 trucks were "as-
sembled. -VA
Most our makers, Automotive News added, expect to build Wool goods were quiet. Some mills were reported withdrawn about 40 per cent of their fourth from the market because of the quarter quoins before this month continued rise in the Australian is out. 'wool market,
(They hava bron:
von outhorised to build 1,100,000 cars in the Rayon goods were quiet-October-December quarter. Associated Press.
Associated Prest.