THE CHINA MAIL, MONDAY, NOVEMBER 5, 1951.
MESSAGERIES Y MARITIMES STOCK MARKET VAGARIES
M
"LES GLIERES”
Leaving
Nov. 13
M
Outward For
Marsellion
Homeward For
Arriving
"FELIX KOUSSEL"
-Nov 0
Dec. G
Dec. 7
"DOCTEUR YERSIN"
Nov 21
Nov. 13
+"MONKAY"
.Not 20
Nov. 30
N. Africa
*"*FELIX KOUSSEL"
Det 6
Dec. 7
"BASTIA"
24 .Dec
Dec
24
⚫ passengers & freight
Indo-China
Europe
Manila, Saigon &
Marseilles
N. Africa & Europe
t freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &
Rotterdam.
Subject To Change Without Notice
CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong
Queen's Building (gr. floor) Tel. 26651 (3 lines).
Giving US Firms Up Foreign Steel
As A Bad
Bad Job
Washington, Nov. 4.
Imports of iron and steel into the United States, which reached an all-time peak during the first half of 1951, have skidded in recent months and are destined to decline even further, Govern- ment officials said.
The high price of foreign-made steel, plus the extreme delays in delivery on orders, have turned American firms away from the foreign markets, where they entered eagerly a year ago.
as
re-
They pointed Imports have declined steadi-half the story.
Bhat January, the record chat
August imports ly since month
419.726 metric presented the delivery on orders when
Last long ago as tons of iron and steel were de- placed
United States, January. livered into the
Reports
indieste that the National Production Authority
Volurne of orders placed in records show.
totalled Germany, Belgium, France and shipments August 254,248 tons, the lowest monthly Japan has declined ever more thin actual Imports sharply total since September 1850.
N.P.A. officials said, however, since the first of the year.
The tell only
price of foreign steel, that import statistics
which used to undersell the American product, has rocketed far above the
ciling levels.
Improvement In Port Conditions
Singapore, Nov 4.
An American shipping line representative has returned from Indonesia with repor's he looting-for Jong
the ame courge of shippers has virkially ceased in Djakota's main por: of Tanjong Pick.
a
US.
Unexpected Reaction To Tory Victory
Talks On Cotton Proposed
Adverse Reaction Of British Unions
Manchester, Nov. 4. Cotton trade union offi. cials said today that Japanese proposals for a conference of leading cot ton producing nations seem doomed to fail if the United States takes part.
The Japanese cotton magnate.
Hara's
11
proposals Wel!!
Jetter
Si. LO
Speculators Compelled To Liquidate At A Loss
LFROM OUR OWN CORRESPONDENT)
London, Nov. 4.
The Stock Exchange must have disappointed its many critics last week. Instead of reacting to the Conservative victory at the polls with a show of delight it behaved as though that were the last thing it wanted. The Financial Times' indices, the most accurate barometers of the Stock Exchange climate, recorded heavy losses in nearly every section of
the market.
Gilt-edged and industrials were the chief sufferers. The index of Government securities fell from 102.11 on the day before the election to 100.59, a new post-war low, on Friday, and the corresponding fall in industrial share prices was almost a full eight points--from 138.1 to 130.2.
and
behaviour
Conservative
are
που
victory
|
done *
ah-
HONGKONG SHARE MARKET
(From Our Correspondent)
The half day's business
falled $330,300.
Date
И
Port
Port
**E
10th Nov. 14th Not
15th Nov. 15th Nov. 19th Nov. 20th Nov.
Sth 100.
6th Nov.
11th Nov.
16th Nov. 17th Nov.
18th Nov.
29th Nov.
21st Nov.
12nd Nov,
7th Dec.
DAL
NTERO
ARRIVALS
Ship
"TEGELBERG' ' "TRAAT
MARASSAR" "VAN BEUTSZ" **TASMAN" "TSIWANGI" "JIPONDOKR "TIIHODAS” "STRAAT
MALAKKA“ **TEGELBERG"
"STRAAT
Japan
Тарап
From
}
Penang, Belawan Deli & Singapore Japan
Macassar, Java Ports & Singapore
Marashar, Balikpapan 2 Singapore
Djakarta & Singapore
Japan
Japane
SAILINGS
MAKASSAR"
VIVAN BEUTBZ”
GTASMANI "TEGELBERG" PIJIPONDOK" "TJIWANGr
“TJIBODAS”
"STRAAT
MALAKKA" "TEGELBERG"
то
Manila, Singapore, E. & N Africa &
8. America
Japan Ports
Singapore. Penang & Belawan Del Japan Porta
Japan Porta
Singapore, Java Porta & Macassar
Java Porfy & MacRasar
Manila, Singapore, E. & 8. Aftles Singapore Africa & 8. America
Ceneral Agents: HOLLAND EAST ASIA LINE
Date
on
Fo Port 18th Nov. fich Dec. 15th Deo, Ki Jan.
the Hongkong Stock Exchange Business transacted during the morning
and noon closing prices were:
SHARES DUYERS SELLERS SALE:
BANKS
HK Bank
1570 1590
Tth Nov. 32nd Nov, 12th Dec. 19th Dec. 7th JRD.
770 180
100
760 140
Mr K. Hara, has proposed in a letter ta)
the
Cutton Board Reasons for this seeming portant s atement on Thurs.lay Chaimen. Sir Raymond Street, strange
The Cabinol has given a grea. that
Britain, Japan, India and difficult to find. In, the Drs deal of thought to the problem the United States meet at Man-glace the City is profoundly dis-and by then Mr Butler might be chester to discuss international
appointed at the narrowness of in Dosition to outline a possible problems affecting the trade. the Government's majority in course of corrective action.
Trade union leaders here said the House of Commons.
So far the nation has heard they would proter
three- it
Secondly, the "bul" position very little about the true se prewer conference-Japan. India built up during the last account of affairs, A has been remarkoj and Britain
In anticipation of heavy public that because we have survived The inclusion of American
result of the ex-precious economic crises without buying as a representatives would debm
Gouch
being harm to perted failure
balance of any proposals for the proved unjustified in the event, individuals, a new cávision of the world markets
is regarded by many speculators have been payments crisis because of the Sherman
the general public as just Anti-compelled to sell at a loss, Trust Act.
This is patently | INSURANCES Mr
Trdly, the gilt-edged market other scare contained
has cactid sharply to rumours untrue, as ovents will prove
There is no painless cure for! they are no more than that ai Raymund Street. designed 10)
the moment-that short-term inflation; indeed, it is realisation reassure British traders that
of this fact thai has cust the interest rates will be increased as they need noi fear Japanese
Government's Stock Exchange into deep gluor competition. Mr Hara and Sir part of the new
Where a courageous policy of attempt to deflate the econorny. Raymond have been discussing T
The public interest that has disinflation is likely to hurt the by mail for the past month the been aroused by the expectation general oublie
in it i most is problems of world trade with
living 1 disin-LAND, ETC. special reference to Japan's a une of the first lines of ac-standard of
raise the bank flation means anything at all mounlug cotton goods prodution will be
of home has astonished sober means that the Jevel
consumption must be reducer).
STARTLING EFFECT The bank rate, al present fixed
Further shortages may develop two percent, has for some time been ineffective in the sense that in the home market and prices
im- increase would have
may rise further before the con mediate and dramatic results of living levels of and begins te. The assumption that it will be decline. raised
the implies therefore, belief that steps will be taken simultaneously to make it effec-
rate
Mr Hera's Jeller containing opinion.
the conference proposal claimed that Japan's ention industry i now scraping the bottom of the funds available to the industry for expansion.
precluding revival soon. Fears of Birther competition by Japanese mill
ودة
were revived in Britain thi week sky-
the announcemen that Japanese textile worker unions had appealed to Man- chester for support in resisting." what they termed "Government attacks on working conditions in Japan-United Press.
IMPRACTICAL Japanese steel, for example,
selts F.O.B.
at about
some
$170 per tort. Yokohama, and European sales have been re- corded at higher than $200 fer ton.
American steel wos priced at $120-130 per ton.
The time lag between order and delivery of imported steel ---six to nine months has in-
creased. and msny American
overseas
firms now regard purchases as impractical.
Despite the current dark out- lunk for foreign stoel in the United States. N.P.A officials said that a potentially unlimited
Mr T J. Coke.y. of Americas market is still awaiting Euro- President Lines, sad Tanjong pean and Japanese steel makers. A conservative estimate of the present market for steel above what the domestic indus- try
L
Priok is the best operated port in Indonesia today. Mr Cokely made a two-week survey of the situa- tion and said that there was hardly any looting, and conges- tion in the godowns WJS non- existent.
for the
'The sudden change better was attributed by him to the
possibility that the Indonesian Government would take over operation of all wharves because of the open looting and turn-around delays at Tanjong Priok.
Mr
Cokely described the attitude of the Indonesian authorities to ship's officers as ont of friendliness coupled with co-operation, no tension before.
There was
can produce is 15,000,000
-Urated Press,
a year
US Imports
Of Gold
And Silver
The
Washington, Nov. 4. Commerce Department imports of gold Such as prevailed reports that
bullion from Spalni in Septem- ber amounted to 280,639 ounces. Singapore shipping concerns valued at $9,122,354. bad lost considerably because of
Second largest source of gold looting and delays in Indonesia. imports in that month was the Many insurance companies had Union of South Africa declined to cover the risks. Some shipments were valued nt $3.- shipping firms had reported one- 392,389. third loss by looting and another
whose
Total US gold imports in were $14,340,732.
one-third by breakage, careless September
nes! and delays,—Associated In the same month of 1950 im- Press.
ports were $198,446,363 and ex- ports $11,897,010.
Total US. silver imports in September were $4,807,380, and the principal suppliers were: Canada $1,044,117; Peru $1,- 010,074; Netherlands $1,085,149 and Mexico $585,804,
Cotton Bulls To The Fore
New York, Nov. 44 Colton market bulls fastened their hold on the situation tighter Inst week as prices soured for the tenth consecutive week.
At Friday's close, the list ruled 107 to 156 points or $5.30 to $7.80 a bale higher than the preceding, work. The upswing was the widest since t the recovery movement started. Nearby Contracts. touched
in
Imports of gold from the Philippines
September amounted to $559,000, but were offset by exports of $504,000 to the Philippines--United Press.
Japanese To
USE OF
RAW WOOL
DOUBLED
an
tive.
Union BK Fire..
DOCKS, ETC
Whart
104
Pt. Whart
Provident
2000 643
500 8.8
1334
HK. Hotel HK Land Humphreys
UTILITIES
Tram
P Trom
6.10
52 54
131
(0) 221%
C Light 401
C Light N}
ċ
Elee. (Bonu
(Bi Light Electric
STORES, ETC.
#735 1000 # 12.30
YB 1000 A 9.79 6% 1000 tb 0.40 1000 9.48
2214 0334
200
16.60
12000
13
23%
In view of this, the undigna tion that has been aroused by the thought that a Conservative! INDUSTRIALS Government would eliminate Cement. 152 STRONG LINE
some of the benef's of the socal
Rupe Whatever the merits or de-services means very little. merits of an "orthodox" approach to disindation, there seems to be little doubt-al icast in the minds
mos!
the Investors that
will take a strong Government line of monetary policy.
We may, as "The Economist” Acting on this assumption the says, be lying on the edge of gilt-edged market has already economic disaster" but we seem gone a
a long way towards the very reluctant to pull ourselves Inflation gives everybody desired aim of raising interest back.
D
rates.
The prospect of immediate and¦ drastic disinflation has had one startling effect-It has revealed how popular the rate of inflation really is.
a false sense of well-being so
Dairy
Welson
L. Crawford 2015
COTTONS
Ewe
raising of the that any measures of disinflation Rubber
Even though bank rate may be decried by advocates of cheap money, it would not be surprising if the fate were increased to four per-
in favour of
Washington, Nov. 4. Increased world consumption cent.
if they are to be effective, wi prove distinctly unpopular
This is the real nature of the Governmen''s dilemma. Aud nowhere is this dimma more of raw wool is being made The argument
difficult to resolve than when t possible only by cutting deeply this move is that a drastic in- comes to deciding where to begin into stocks built up during world crease in the bank rate would cutting war II, the International Woo) have a beneficial effect by im-ture. Secretarial said in annual pressing opinion
report.
in the report Figures included showed that production of THW wool in the 1949-50 season was
pounds.
A
Of
A
very
cost
Government expendi-
ONE THING CLEAR
Economies
one thing is clear-
cannot be made by wholesale cuts in any particulas department of Government ac- tivity.
57.03
19 600 28
4 4.20 1000
3000 @ 1000 @ 4,10
Futures
In S'pore
Singapore, Nov. 3. Prices of rubber futures closed today as follows-
Number 1 rubber. per lb.
November December January Number Number 3 rubber,
(1052)
2 rubber November
November Number 4 rubber,
November
Spot rubber, unhaled interest No. 1 pale crepe
to the
else.
Health and other social services. 32 percent to defence, 13 percent to subsidies and the remaining 11 percent to everything including such vital services as the maintenance of the police force and the other apparatus of obvious the jaw.
Defence expenditure is con- itself. If
The most
to
364 -13445 153-164
153 -153
14834-1404
19235-14315
15272-1335% 1532-154 108-1094 156 -163 United Press.
FALL IN PRICES
Washington, Nov. 4. U.S. wholesale prices fell off for the second week in a row, the Bureau of Labour Statis lics reported yesterday.
During the week ended
ARRIVALS
Ship
"ARENIRKEER"
From
Japan
Europe & Singapore Japan
"KIELDRECHT" "KIELDRECHT" "AAGTEKERK" "AAGTEKERK"
"ARENDEKERE" "KIELDRECHT" "KIELDRECHT" "AAGTEKERE" "AAGTEKERK"
Europe & Singapore
Харал
SAILINGS
то
Manila, Singapore & Europe Japan via Munna
Japan via Manila Manila, Singapore
Mama, Singapore & Europe
&
Енгоре
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
M.S. "SALLY MAERSK"
M.S. "LEXA MAERSK" M.S. "ANNA MAERSK"
ARRIVALS FROM U.S.A.
M.S. "ANNA MAERSK" M.S. "LEISE MAERSK" M.S. "GRETE MAERSK"
Nov. 15 Nov. 80 *Dec.
16
Nov. 18
Nov. 20
Dec. 20
For Freight and Further Particulars please apply to
AGENTS:
JEBSEN & CO.
Pedder Building
Tel: Nos, 36086-9.
NOTICE TO CONSIGNEES NOTICE TO CONSIGNEES
Consignees por
"BENCRUACHAN^
CONSIGNEES PER
AUSTRALIA-WEST PACIFIC® LINE
A. "ARO8"
are hereby notified that their cargo is being discharged into the Hong- kong & Kowloon Wharf & Godown are hereby notified that their cargo Co's godowne, where it will be at is being discharged into the Hong- Consignees risk and subject to the kong & Kowloon Co's godown where Wharf's terms pond condition of it will be at consignees risk and storage, and where delivery may be subject to the Wharf's terms and obtained,
condition of, storage, and where do Uvery may be obtained,
Damaged packages are to be left In the Godówna for exmination be Consignees and the Company's Br
Meeste Carmichael veyors.
and Cincke, at 10 am. 9th November, on 1951.
General Warehouse Regulations. raust have a Revenu
duttable goods are examined. Officer in attendance when damaged
No culms will be admitted after the goods have left the steamer's godowns, and ali goods remaining undelivered after the 18th November, 1951, win be subject to rent..
Damaged packages are to be left In the godowns for examination by Consignees, and the Company's sur- vevors. Messrs Carmichael & Clarke at 10 am on the 7th November, 1931.
To
comply .with the General
signees must have a Revenue Officer in attendence when damaged duti- Bonded Warehouse Regulations, con-
able goods are examined.
at home and abrend *hai
Government Only the meant buviners,
The psychological effec's of an increase in the bank rate would 2,281,000,000 pounds against БООЛ be dissipated, however,
ot 2,651.000.000 unless consumption
il were backed with Of the present £4,000 million pounds Consumption in 1948- action in other directions. To of current Government expendi- Black crepe 49 was only 2,438,000,000
debt ensure this. steps would have to ture (excluding be taken to reduce the level of etc) 44 percent The United States, Argentina, Government expenditure. Australia and Italy have more
A DIFFICULTY·· than doubled their pre-war
hint of some Budgetary consumption of raw wool while
measures of this kind has already in the Netherlands, Sweden and
news that South Africa demand is even been read into the
Cabinet Ministers have cut their greater.
The Secretariat said the break own salaries. But here in wool prices in London at the
presents at difficulty beginning of April wat tributable largely to the com-measures to increase the rate of sidered inviolable.
are taken that can be hoped for here is interest of American short-term plete cessation
with others to marginal économies. Drustic cu's Tuesday, there was a drop of To comply with the buying coupled with fears of similianeously increasing consumer resistance restrict the level of Government in the social services are political 0.1 per cent, to an index of 177 Bonded
Subsidies could be per cent of the 1926 average. It Consignees and general uncertainty re-spending, any cu's that are made anathema. garding the future course in the latter May be partially cut but the Conservatives have was 4.3 per cent above a year prices-United Press.
offset by the higher cost of promised not to touch them yet. ago and 12.8 per cerit above the Anuncing the Boating portion of And 11 percent of miscellaneous pre-Korean average of 156.0.-
Associated Press. the National Debt.
expenditure presents faw op-
for the pertunities
Jarge-scale Additional
Com- though the Exchequer of a rise in the bank economies, rate to four percent, coupled with servatives may now give effect measures to make that rate to their repeated promises to cut effective, has been estimated at down on the Government's in- £60 million after allowing for formation service Governmen
All in all, the new the additional revenue it would
has had an unenviable task in gorverate,
the right There have been other objec-trying to formulate tions to higher interest rates put economic policy to drag us back money from the edge of the precipice New business developed at an forward by the cheap abnormally slow pace last week advocates. One is that measures which threatens to engulf us.
Delay is impossible, so by the in all the basle textile markets, of this sort, aimed at restricting
might prevent some end of this week wo should have Clotion gray goods, wool, credit,
fairly clear idea of where we essential as well as sold rayon and burlap traders
non-essential that consumer price resistance Investment in Industry and this are going. and the task of whittling down would clearly be anomalous in
view
of the Government's
Distribution Of inventories continued to occupy promise not to reduce the zee of
of their attention.
tearmament and to step up the gray goods producers, rebr
Sugar In U.S. attempting to
course for rate of house-building.
hos Never hidas Cher City the future, faced a dilemma.
ted convinced itself despite 'i's On the one hand, they debated
Shagar distribution on the U.5. SAN PRÁNCISCO, LOS ANGELES telling production. The attitude that interest rates are on their mendand plekod up a bit more seemed to be that, in low of way up. Whether or not the last week but all aggregates the Indifferent consumer demand Chancellor of the Exchequer, Mr 500,000 tone less than for the first Guam, Marinas Islands, Micronesian Irlanda - Regular Service direct or with, intulipment.
It. A. Buther, will couple direct there
is little use producing R
monès ce 1950, Agriculture lion to increase interest rates Department slatiolier for the warehouse which
with other - measures, such stocky may only Kut the market ut a
MIExecutives Ughter control over capital later claimed that the policy
Flying Sydney
mo
Producers Facing A Dilemma
"New York, Nov. 4.
plot
the efficacy of additionally cur- obvious dislike for dearer money Tokyo, Nov. 4..
ori
ten
Washington, Nov. 4.
ehowed
No claims will be admitted after the goods have left the steamer's | godown, and all goods remaining undelivered after the 8th November, All claims against the steamer 1851 will be subject to rent.
the stenmar All claims against Eigned on or before the 24th Novem- ber, 151, or they will not be remust be presented to the Under- cognised.
signed on or before the 13th Novem- ber, 1951, or they will not be re- | cognised.
Exchange Rates must be presented toe under-
No Fire Insurance will be effected.
W. R. LOXLEY & CO.,
Business WXX done in the local unofficial exchange market morning at the following rates: Sterling aute (per #1)
10.00 U.S. Dollars (per #1) Indonesia puilders iner ioni Star ticals (per 100) Singapore (Straits)
this
0.012
3.30
27.50
1,743
13.00
Hongkong, 4th November, 1951.
FIC plastres (per 100)
(CHINA) LTD.
Agents,
Ben Ling Steamers, Ltd.
'No' Fire Insurance will be effected.
DODWELL # › CO., LTD."
Agents
Hongkong at November, 1881.
Pacific Far East Line, Inc.
DIRECT
Vozači
BERPENES
Dierenbor
The fret Japanese businessman 39.22 cents
a pound for at visit Australia since the war, a cumulative rion of $24.05 B bale wool buyer, Mr Takeshi Fujiwara,
"Not wanted ́end of August.
chged his Traders cited the following as vorage baggain et Qantas Air- the main price Biting infibosies office here today
wack's deliveries by Mr Fulware scheduled to unexpectedly fight heage ceiling
had lasues a alone, whoch ter the refiners, imponent and millers" and producer hiding moveant arrive at Sydney's Kingsford
proved wine in past periods of type of lost inted by banky, sled 159,000 tons compared . L. LUERENHACHS growing optimism on the export Smith Alepom on November 7.
Governmen With 163,000 lise previous week Mae Fujiwara, red 00, claims flow business but the profitem and, cuin In the cotton; Washington produce to know Area compucated by the fortant own current apendices and 110 000 in the condation in "TEADE WIND
there bakit carry kovas the eatbed woes bond angles, cote Mr Butler, who was said to be les sortint de 245,000
the national | pran the ment crop etimade on Thursday, unki te was stewed at the our liary level in #United
break of the Pacific WReuter. I man
Felter
11
Sondori ceva, low Govecs. Bern of 7 Ranemuista Kroeri pes for nature".locally; reached, tho stunned when he felled the tons,kerwapandise parfod":"be |
* Bóonomy, Le chae to make an imis | Xm year---Unlled. Prom Chapt
PALANKA BEARA
Fast Regular Trans-Pacific Service
The COVERLAND
NEW YORK-CHICAGO-DETROIT-TORONTO MONTREAL AND ALL AMERICAN & CANADIAN CITIRA
#Tom
· Atrives
For
Ban Trendese
San Frandsen de tuon
Nov. 15
Strait
Straite
Dec. 13
Kai #olabo & Los Angelie
"Woe Full parilenkurs on11 United Sister Lines Day Central Arekin, Gissure