MESSAGERIES
MARITIMES
MOM
Artving Leaving
13
Jeb
"ZELIDJA"
LA MARSEILLAISE" Jan 25
ام کرنے کی
23
Outward Yor
Salcon
Homeward For
Marseille via Manua
& Saigon
Africa & Europe
Jat 20
¡"BASTIA"
Jat: 30
"MORTAIN
31:0
Mur
↑ "ZELIDJA"
Mar
30
N
N
Alai 26 N
F
4
Africa Europe
Africa Furope
passenger & Treight
freight for Saigon. Port Sait, Tunis, Algiers, Oran, Tangier, Casablanca. Havre, Dunkirk, Antwerp & Rotterdam.
Subject To Change
Witham Notec
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong
Queen's Building (gr. floor) Tel. 26651 (3 lines).
TANGLE OVER A SPANISH ISSUE
By NORMAN CRUMP
London, Jan 17. Canadian Barcelona Traction is
company. share capital is in Canadian dollars, but its loan capital consists of two sterling issues and one peseta issue.
subsidiary companies pro-
Its assets are shares in ducing and distributing electric power in Spain. chief of these is Ebro Irrigation and Power, which is also a Canadian company, whose original shares honds are in Canada.
כן!
24
THE CHINA MAIL, MONDAY, JANUARY 21, 1952.
EMPIRE FINANCE TALKS ROYAL INTEROCEAN LANES
Substantial Progress Believed Made
HONGKONG
SHARE MARKET
From Our Correspondent)
the Stock Exchange this noming was Noon 8344 33: 50
Agreement
Reached On The
Balance Of Payments
(FROM OUR OWN CORRESPONDENT:
London, Jan. 20. The Commonwealth Finance Ministers, who are meeting here to discuss measures for dealing with one of the gravest crises in the history of the Sterling Area, are due to hold another--and possibly their last-
an.! the moormag's plenary session on Monday.
HAREN BUYERS SELLERS SALES
BANKS
INSURANCES
.!
transactions→
CONT LOANS
A
Ser
5000 4 085
Hh Bank
1550 1500
#1578
235
750
505 50 @ 800
140
DOM KS, KN
1. What
HIE
JON 900
? Wh
16
F
HIPPING
At Nan
1 60 32000 * 145
The communique which will be issued at the end of the talks is expected to reveal that substan- tial progress has been made.
on
Agreement is anderstood to have been reached short-term measures necessary to overcome the present balance of payments difficulties but the communique will also deal with longer-term plans for expanding CommON- wealth exports to all parts of the world.
MOVE BY
RUBBER
PRODUCERS
-TAPANAS” "VAN LEUTR |“TJIWANGI”
| "TITJALÆNGRA”
!“TAŚMAN" LEJLUWAH”
"ZJIBODAS
*THISADANE"
TASMAN" "TIWANGI"
TILPONDOK"
"TJISADANI"
--TJIPANAS” **TYILUWAH"
"TAKAMPEK"
ROISSEVAIN"
Jan.
เม
Dlh Feb 13th
1
1341
افراد
Lines
&
SemaLADE:
'Feb. 16th
Feb Feb. 281
Mar 500
Ath
Singapore. Pening & Beinwan Deli Singapore. Djakarta, Semarang.
Surabala & Macassar
Singapore, Mauritius, Dar-es-Salant. Zanalbas, S. Africa & S. Audazken Japan Port
Singapore. #jakarta, Semarang,
suradala & Macaviar
Djakarta. SOMATANG. sorabota
Machupar
Japan
Singapore, Penang & Relawan Del Stakapore Djakoha, SUNDUARE
Sutabala & Marassar Djakarta, Tirchon,
Suraba Marastat singapore, Maurina,
S. America Manila. Singapore & singapore, jakart
Sorabain & "Macassa
Tilrebon.
Surabata & Macassar
Semuraful.
STYLE. A
Africo Semarang.
Maskie, Singapore. Mauritius, F f 3
Africa & S. America
Singapore, Penang & Belawan Beat
Surahaja & Macassar
Burabala & Macassar
Semarang,
Semarang.
Singapore Djakarta.
Sarabeln & Macar Singapore. Penang & Belawan Deli Singapore Djakarta, Semarang.
Surabain & Macassar
Manila. Singapore, Mauritius, E. & H.
Africa . America Singapore,
Djakarta. Nemataux, Surabala & Macassar
ARRIVALS
Macamar
From
Surubala,
Djakarta & Singapore
America, Africa, Singapore & Martia
Japan
Pebane. HeMwak Del & Singapore Mucassat
surabala, Neinarang. jakarta & Singapore 8. Ameries, . & S. Africa Singapore & Penang. Belowan Del & Singapore
Sch
atur. Mar. 15th
Mira
23rd
Djakarta,
*VÄN KEVTSZ"
TWANGY
TIRODAN"
Mar 2811 Mar 31A1
Singapore. bjakarta.
Apr 14th
Djakarta THrehon,
ADT
Mart
26th
Apt
30th
**STRAAT
MAY
2nd
MAKABBAR" *THLUWAB"
May Lath
"TJILUWAF
"TASMAN" "THWANGI"
102 7 300 00
The Ministers are believed to The programme for the Steri- 200 17
THWANGI agreed on the nature outing Area which will emerge from 1.05 13 70 2000 13.00 have
Penang, Jan. 20. 15001370, the short-term
the Commonwealth measures Le
Malayan Ministers
rubber
producer: "TJIPANAS” 2000 - 13 70 į taken by each country to prevent talks should therefore read some-
will ask the Juited Slates
OTJEDJALENGKA" any further drain on the Sterl thing like this:
Government to send a mission "TASMAN" 400 6 12 | mg Area's rentral gold and dolla.
here to study rubber problems. | "TJELUWAIT"" reserves
silar to the US. tin mission!
13
*) 350
~..
45 1000 10 42
100 * 124, 200
43
1. Immediate measures for clusing the import-export gap, including cuts in the level of in- dividual import programmes and a determined attack on internal
These measures with probably follow closely along the lines i thuse already adopted by the , country
include, inflation. They will Besides an immediate reductiota CE unports. drastic
step: 17.55control internal inflation
Its
1 F
19 1! T
5.90
25
..
"
a 1 55 500
4000
14:14 75 2000. 14
17
1750
1500
23 24
The
and
i en
Tan
N
The chavl Barcelona Tværtion
sharehol:ter
"Notiz the well-known Belgian institu-
Until ea
it
At th
In an au to involer Bet sharebe! .e. agaust Sper hy sondrod t Trees Coula live přivos dal 1 th
1.00
; 14
most od te steeling bonds were part of Colum held by Britadi, aistitutioné“ latters the main part of then. | Rould have likes to play, but af TIN, b.ix ve b
Taught by a Spanish, malls it star
ste Lan Juan en bon 1.
pavalde a Headend D Somer
Tegardless March
h. The nelle a
to the Spanish crvat, moght be was, the ses i would war ond subsequent ex hange difficulties, the altered, the lesing bonds has not baser el soce 1936
clamparuan ze plan
sard Th
plan..
561, 1e Treasury cannot han been entaets happs ingat per sesings tros 1941
Berador Ped then appeal „RATEST
kg . wopadres what titie under Sprovesti Jaw the purchasers of the ance Toh Will Be to then duplicate sen ties, the angmals of a hack
:
1945, * the bonds was put forward. received no stappcul Braten Treasure whit then fell that the milhokers ought not tu fage thrights In 1946 the Spanish Geveniment velued the, still exist in Canada
whale therefore fell to the island that the fan atom v albari
Ges have already expressed themų i
over all the legal The Span rotip then began megsings
perurverings, and I would be sur to y 1... sterling
at thes did 20. have Inter st continue i for while the mompany
Treasury suppor planned
CLEAR CASE that its poseta ezsaings Kerc To serve the bonus, t could not stan Trenzas the
am pl
.18
bonds lefonat
Spanish aufteries the necessary
sterling J 1948. The Spanish the purchase
bondholders obtamed from
Tak jy
loral Spantsic court a judgment tri declaring
Tractor Barcelona bankrupt, on the ground that it was not meeting the service of its sterling bon-is
ASSETS SEIZED
14
ad
* ED Bullo peso de has been fixed, but
must also unde, - off the sterling karein.
1. prac z presen
Insuran
זי ךי: ... |
i.
פינר
TA
300
0
1. 6. 20
It has been emphasised, hom ever, that the
problem differs
from one country to another, and
| the measures adopted will there-
94 for vary accordingly.
20, 2014, 1600 # 23:00
2 An expansion of Cominon- wealth production, particularly of dollar-earning and dollar- saving Rods and an all-out effort to increase exports.
3. Restoration of convertibility which will depend on how soon the Sterling Area is able to with the
Import cuts, for instance, ran-balance its payments
not be made on a uniform basis 500 231| Some Countries will have t
1. 15
...
17:20
18
N. W
JA
TORES
FY
130 170 14 13 500
27 27.
3M
16: 27%
He
30
3%
1!
Vang
make larger sacrifices than others an clear that the main burden of these measures wil tall on Australia,
New Zealand and the United Kingdom.
Measures tor controlling in- ternal inflation will be taken by individual governments but these again are likely to be confined 440 475 2000 4.40 mainly to those members of the Commonwealth whose earring.. from exports have falled to keep Dace with
the rise in value of theu imports.
U.S.-Japan Talks On Treaty
M
ADVISORY BODY
The Ministers are also believed le have discussed plans for the setting up at some form of central organisation to advise on general Sterling Area policy.
rest of the world.
"WAIT-AND-SEE”
London, Jan. 20. The main factors influencing the Commonwealth conference since last Thursday appear to have been:
of any ap-
"TJINADANE"
which completed its survey ! "VAN HEUTSZ"
few months ago.
Heah Joe Seung, president of the Rubber Trade Association, said his organisation would make - representations
the United States through the appropriate channels.
tu
If it were not possible for America lu send ม rubber mission here. he said, association
would
Its
delegation Washington with a view to bringing about complete under. standing in the many problems confronting the rubber industry in Malaya.
Meanwhile
dealers rubber heir fear that widespread un- employment will result from
Jan. 1920
Feb
Jas 25th
Feb. 5th Feb 8th Feb 10th
121b
Feb 25th
+
General Agents,
HOLLAND EAST ASIA LINE
Semarang.
Semarang,
SAILINGS TO EUROPE
il кепа own ta
"OVERIJSEL"
Fed.
JEN
"HOOGKÊRK"
Mar.
7th
"ABENDSKARK"
Apr.
7th
"KIELDRECHT
May
7th
Salla
SAILINGS FROM EUROPE
Rotterdam
Arrives Hongkong
**HOOGKERK"
Nalled Jan. 3rd
Feb.
44.
"ARENDSKERK“
Jan.
Jútka
Мяг
63
"KIELDRECHT"
BELLE
5th
Apr.
10th
"AAGTEKERK"
Apr.
2nd
May
8th
"OVERIJSEL"
Afas
June
!
KINGS BUILDING CHINESI
SUNNON
12. CONNAUGHT ROAD. 6. TEAS
31196, 25413
1. The absence parent understanding In the Indonesia's batining of the ex- Churchill - Truman measures Sterling Area:
7
talks On reinforce the
10
Many
in forward
to
factories
أتي
port of some grades of rubber
Malaya
Penang. cities the Federation anu Singapore. are devote almost entirely in the re-processing of crude sub- bey brought ir. from Indonesia. Mr Heah Joo Scung, said his group bas
requested th: Federal Government to mak
Indonesia
representations 10 concerning the export ban.
Without the
ported Heah said,
from
im-
rubber Indonesia, Mr the entire port
The continued depression is wel as nutage cl F'erling
10 the world imarkets.
Conference sources stressed that it would be wrong assume that the conference would agree on immediate free- ing of the Dollar Sterling ex- change rate.
pointed out They that the relaxation of restric
rics tions
dealings in Sterling which Britain permitted in December was Intended as a barometer of the market trend.
it was likely that the Com- monwealth would
agree to watch the trend
.
for longer period
making
any to the Japanese between the Commonwealth decision on free convertibility Fran Office revealed today. central banks
Such a decision might well be added that the
left pending the conference which the British Premier, Mr Commonwealth Prime Ministers
Winston Churchill, hopes to call in London next_ April.-United Press
Bud
to
Some method of enabling the various member countries participate more actively in the work of the organisation is con sidered desirable and this may be ensured by strengthening the a existing machinery for liaison
Tokyo. Jan. 20. Prekazy negotiations for Canon ut a commerce
navigation treaty between Japan ne the United States will start
:: ເ one of this month,
71
SOU Pre
provide
The communique is
indiand.sure
also ex- Jay Aur se-proposed treaty would pected to outline a step-by-step will be the only people able to
la mi-favoured natlon pian for the restoration of tuli oliver
144 chaser would have in Ming wire and would
for convertibility for Sterling. This irds.
of invest is generally considered to be the repuy
at this he adequate protection
and commercia ch
enter ultimate aim of Sterling Area puma of both signatory
policy +10% 25 well as abolition of
Aineo
:
Barcelona Traction appealed could not The Fach out aggiesl thus
Canadian CHAR
accountants Jsignm, although my fou, yours have Bareeha Trachon's Lel gesels me since clapet, the appeal has not | Spain ali over yet been determinat theless.
cour
resuchons on imports and ex-
As
IN
195 nakl.on. Never- whereas Be nonal value of the 1948 the plaintiffs striking bonds wow cutstan Ling
D muilion, 13 seized the physical assets of Eros less than pind the the subadíany Curears of BELOZONE james. which were placed
dieta. charge i
The shares an bonds ef Ebro were in Canada, the sinduros have since
fus
Thes
diger clean PRINO
ek
Juan March group. The most
די
-15209
promise between soom and the
issued duplicate shares Ni urgent need is for povelja se khe bents By leave of the Spanish auction, with the consent of the Court, granted Just August, these duplicate shares and bonds are
to be offered by auction in Spain
on Friday next
1951, П
parties.
Tan Japanese would also pro- revision of the United Sates immigration law which, af posed. does not provide for ans Japanese quota and for re- laws of
prohibiting figners to own real estate in
ume American States.
IN!
The presen! system of rigid exchange control
is one of the chiel causes of friction within the Sterling Area especially be- tween this country and the bokiers of Large Sterling balances.
before
of
US Reduces
Price Of Rubber
mant to
cade
dwindle to portion.
Penang would
a miserable Associated Press
pro-
Philippines Sugar Sales To Japan
Washington, Jan: 20. Reports that the Philippines are contemplating sales of 30.- 000 to 50,000 tons of sugar to Japan this year have aroused the int
interest of Cuba but prompted a
"none business
from Fospouse
the U.S. Government and industry
sugar-men.
ہو؟
מוד
TELEPHONES: 28015 TO 28017
MAERSK
LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA
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M.S. TREIN MAERSK" M.S. "PETER MAERSK"
In Port
Fel.
2
Feb.
13
In Port
Feb.
16
Feb. 29
our For Freight and Further Particulars please apply to:--
COLONIES RESENTFUL
The Colonies have particular The Japanese draft treaty cause to feel resentment with the
The Federal Sugar Director, fold the would also oppose unlimited in- present arrangements. They are
Mr Lawrence Myers, Washington, Jan. 20. vestments by either
only group of territories
United Signatory the
Prices of crude natural rub-
Press however, that In buying the bulk of th
he led advised the United sterling bonds, the Juan Maren in the other country and would whose Sterling balances continue ber being sold by the Govern-
request the right for Japan to to use all the time.
will indus ry
be States Embassy in Manila to tell! Ji:1 importa from the dollar. At the moment these balances dropped to 50-1⁄2 cents a pound the Philippines Government that
virtually cone so as to enable Japan to are
"unspendable." for February and March de- quotas are not mandatory her foreign trade Countries which hold them can- {liveries, Mr Jess Larson, compensale
Ad- that the diversion of som bilance, Japan having at present not get all the goods they would ministrator of the General Ser- Philippines sugar to the Asian an excess of credits in Pounds like from this country nor can vices Administration, announced markets would not hurt
they convert their balances into today.
United States this year but the Were an Sterting.-France-Presse.
dollars
thus satisfy their This is the second price drop United States attitude, he con-
announced needs elsewhere.
since the G.S.A ceded, might differ in a time of The
position of the Sterling took over the exclusive
demand and limited pro- unaway
supplies. Such was the
אונות
til t group should recogni e In 1950-51 there was a joint bought the foods and no abre. Like anyone else who put the investigation by ww: Spanish, che Canadian, ani DDC British bailiffs in, the group is ent:lied accountant, tu establish the true to the ad valor of bindi, position of Barcelona Traction with service past, present and and its subsidiaries vis-a-vis the future, and no more.
auction to be held, any surplus Spanish
naracly economy. whether it
was а
realised therefrom should inure debtur creditor. At the end of the to the Barrelona Traction Share-
else. Commission's proceedings, two hoiders and no one reports were issued, one by the I point of fact, the whole Spanish members, and the other thing can be settled without any by the British and Canadian auction at all. The trouble has members. Neither of these re- been that the stering needel fr ports has been published.
the service of the bonds has not
But In June.
forthcoming. Declaration been was issued over the signatures of that these bonda are in Spanish the Spanish Minister of Industry hand
hands, the exchange question and Commerce and the British need no longer arise. Even if Ambassador in Madrid. This Son
Spaniards are entitled to receive Declaration roundly criticised sterling. they would probably Barcelona Traction and Ebro, and under the Spanish exchange re- gulations have to surrender it quoted an incomplete sentence from the British and Canadian for
Therefore let the for pexetas. accountants' very long report as bondholders receive pesetas justification of the Spanish direct in settlement of their in- authorities' action in refusing to terest claims. grant the exchange needed by In considering the merits of Barcelona Traction.
such a compromise, all Spaniards might reflect on one elementary MATTER OF OPINION
point. If
the City of London Clearly this Declaration Is a feels that it has
not had fair controversial document, and it treatment, it can kay may be asked why our more capital will come from the Ambassador-acting, no doubt, on British Investor to that country. Treasury advice--ever signed it. If, ร I believe, the British One answer may be that other Treasury endorses this wise the Spanish Government Wall Street and the American would have published both the Treasury will be greatly im Spanish
and the Canadian-pressed. Does Spain desire such British accountants' reports by views to be held in London and own view is that it is much bot- New York? ter that these reports should be published, so that everyone can
Judge.
Survey Of
Employment In America
that
23
and
and
the
fg the outbreak of
set
Wir in
by
pluses are in sight this year.
Mr
AGENTS:
JEBSEN
Pedder Building.
PRESS
| PHOTOGRAPHS
Copies of photographs | but ample sup- possibly even sur-taken by the South China' "We would Morning Post, South China want to be committed with-
Myers said.
Post-Herald, and cut knowing the facts but we Sunday understand that the Philippines
Mail Slaft Photo are interested in developing the China world markets to absorb over-quota sugar when produce graphers are ton increases. We can see at
her
&
CO
Tel: Nos, 6066-9.
SOAPY WATER
IS GOOD FOR
PLANTS:
USE BATH SURPLUS
IN THE
GARDEN.
on
view in
WATER IS PRECIOUS
ORDERS BOOKED
Pacific Far East Line, Inc.
balances vill undoubtedly be one curement authority for rubber sugar of the subjects discussed by the in December 1950 when Ministere in relation to long- the figure at 66 tents. On term policy. Chief aim of this June 21, 1051, Mr Jess lowered plies and policy is to increase Common- the price to 52
to 52 cents. wealth exports-particularly of
The
was made announcement raw materials. To achieve this, after
with consultation
the not however, exports of capita Office of Price Stabilisation. development goods from this Mr Larson described the a- Washington, Jan. 19. country must be stepped up, and Lion as "another dividend to the The Secretary of Labour, Mr this suggests a way in which the rubber consumer brought about accumulated by the Government's policy of Maurice J. Tobin, warned today Sterling balances that unemployment is on the rise by Colonial territories could be passing along price reductions
the same time that the Filipino the Morning Post Building. in many big production centres used to the best advantage of all it has been able to effect
must as the sole U.S. 1 pre- concerned.
begin soon to soften the acting as the but predicted a "tight"
manpower
sentative for Industry
and The difficulty of increasing stockpiling in the market.
way into such non-U.S. markets supply by Spring.
if they are to get in at all." In o nationwide survey he said ports of capital goods from this
While no date has been set United Press.
· considerablý of the 174 major labour country has been
for market areas cannot furnish the eased by the agreement reached the eventual withdrawal by as the exclusive workers enough
employment between Britain and the United the G.S.A. while only five have manpower States for the exchange of certain buyer, Mr Larson pointed to his previous statements in which shortages.
raw materials M: Tobin attributed what he This country has undertaken he said such action would take called a "loosening" of the labour to supply the United States with place in the foreseeable future.
United Freed. supply to material shortages and 20,000 tons of tin and 15,000 tons barther production controis, of aluminum and will receive continued slack in the demand in return a million tons of stoel. for some consumer goods and view, normal
seasonal employment
POSSIBLE STETS slump in such Industries as boa-
Bulk of the steel is not a and sation, textiles prosessing. But some highly pected to arrive here before the important defence centres were third and fourth quarters this
"Singapore, Jan, 19.. having trouble in meeting their year so the present shortage will
of rubber, Pricos continue to be severe during the labour mou
nevis Particularly in key machinists skills, however, the steel using
Bret part of the year. Interiosed today as follows:
Number f/rubber, per Ib: .ის.
the Jamiary pont rapidly in the Spring he dustries should benefit sub February uilditional Gillons in defence ideally from the extra 199-
stantially procurement contracts were lot is win mean that after the ou and new facilities and plants cbitstructed, Re fume 1 Detroit most essential needs, have been harvas whore 120,000 are now Jobless as met more steel should be an outstanding example of the available for those. Indelés Impact of material cuibacles for engaged in the production, of elvillkn use,United Press, empital goods for export.
that no
* Be that as it may, it is alleged Exchange Rates
that it was this Declaration, with
la British signature, which led Business was done in the local the Spanish Court to authorise tingmel exebauga MAZRET this the auction. That is a mestoming at the following falen-
1. killar (per #1)
ter of opinion, for the Bicting Age pot 41), Spanish Judge must, clay Rave Maseria gulders, (per rödy" had before him both the ec-
m. tien por 1083) Sin sport (Straits) countants' reports.
Fio: plasicas (per 105)
$1.74
pand
food
Rubber Futures In S'pore
DIRECT
Fast Regular Trans-Pacific Service
OVERLAND
SAN FRANCISCO, LOS ANGELES
Guam, Marinas Islands, Micronesian Islands -- Regular Service direct oz. with transhipment.
NEW YORK-CHICAGO-TETROIT-TORONTO MONTERAL AND ALL AMERICAN & CANADIAN CITIES
futures
Verset
140-%
UILTING, SODI
rubber
134-139
EDR WEND” 45. L. LUCKENBACHE
165-188
From
Arriven
·BATIS
Strails
San Francisos
Jon, 24 Feb. 4
Mar. 20
Jan. 25
Mar. 21
Mar. 26"
· Mar 27
For
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Sou-Franpisco de Kow. Angeles
Bon Francisco Re Lion. Avitteles blovin Yokolarni :..
For full particulars call. Unltest - Siktes Lines Co; General Agents, Queen's Building, Tel. 28194.