THE CHINA MAIL, WEDNESDAY, JUNE 18, 1952.
Pare
MESSAGERIES MARITIMES A FIGHT FOR INFLATION R... INTEROCEAN LINES
MM
**RI KLAKETAK?
Arriving
·June to
Leaving
Jane 30
*"LA "MARSEILLAISE” • 30' July I
"MEKONG"
15
July 21
+"MONICAY"
J.Juan,:30
*BIN HAKEIM"
"LA MARSEILLAISE". Juy 11
+*MEKONG"
July 1 July 12 July 12 July 20 ..AVE. · Aug. 10
Outward For
Jaysa
Kobe & Vakokuma Janko
Homeward For
N. Africa Europe Marielles via saigon N. Africa & Kurope N. Africa & Europe
For Passenger and Freight. freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles and West Africa by Transhipment. Madagascar by transhipment in Saigon or Djibouti.
Subject To Changs Without Notice.
CIE DES MESSAGERIES MARITIMES P.O. Box 58, Hongkong Queen's Building (gr. floor)
EVERETT
Tel. 20651 (3 lines).
LINES
EVERETT ORIENT LINE
Fast cargo and passengers service refrigeration 'space available for Korea, Japan, China, Philippines, Indo-China, Siam, Malaya, Burma and East Coast Indian Ports.
"LENEVERETT"
Arrives June 22 from Singapore. Sails June 23 for Japan.
"NOREVERETT"
Arrives June 30 from Manila. Sails July 1, for Singapore, Penang, & Calcutta. Rangoon
EVERETT STAR LINE
Fast cargo and refrigeration spaces available for Korea, Japan, China, Philippines, Indo- China, Slam, Malaya, Ceylon, West Coast Indian and Persian Gulf Ports.
FIRST CLASS PASSENGER ACCOMMODATION M.S. "STAR BETELGEUSE“
Loading June 24
Sailing June 25 for Singapore, Madras, Colombo, Bombay. Karachi, Basrah & Bahrein,..
EVERETT STEAMSHIP CORPORATION S/A Queen's-Building, Telephono 31206. Chinese Department: Telephono 28293.
FOREIGN
EXCHANGES IN N.Y.
Canadia
New York, June 17.
US$1.03),
England-oficial.
Belgluta
France
Portugal
unomicial
Sentiment In Mixed NY Cotton
hedge cotton
New York, Juno 17.
and Profit-taking selling punctured the 2.68 asked market after a buoyant opening nearby July to a now high since carly April,
Market
2.3892 1.50 bild/
30-day futures 2.7614 2.7734 DO-day dutures
2.23%
carried
Organised Campaign Started In Japan
Investments In Japan Urged
Tokyo, Junio: 17.
The natlow's high polit- cal and business leaders to- day urged Japanese In- dustrialists to Invite
Investmenta foreign
modernise plant equipment bolster Japan's unstable to economy.
before the They spoke sixth Convention of the of National Federation Bankers Associations in Tokyo, following a state- ment by the Ministry of Finance that the yen will not be devalued.-France- Presso.
Slump In The Rubber Industry
London Analysis Of Situation
London, June 17. The Financial Times, in an editorial today on the rubber situation, raid there were hopes that American policy would be influenced by the need to prevent rub- ber prices from falling so low as to aggravate further the political instability in South-east Asia.
What America tended to do, intentionally or otherwise, was to hold the value of natural rub ber to a level which just enabled the industry to keep its head
above water,
There were alrondy indications that the price fall could not have Cone much further without dis couraging production.
Dodge Denounced As
TAILIN B
"Mürabala -a "Mecasest
smartia.
- Singapore." Helawan Del: Pezing #
"Port #wettenham. Тария.
Bingapore, Penang & Bolawan Deli BIERDUTE, Djakarta, ......... WAKATANG.
DİKKATÇA, S %]{#hom,
Manila, singapore, Penang
B. Afrtex
Japan (via Manila)
Mantle. Singapore, Mauritius, Africa America
Bingapore, D. Djakarta.........
Restrictions Being
"TJILUNAR”. #EASTWAT****
"TJIPANA?" *TARMAND "THWANG
June
June 20 July
"Coercive"
"JIPONDOK"
"TJIPANAK"
*July
“TJEJALENGKA" July
"BUYE"
"TJЛLUWAN"
July 10
Quiz
"TJIWANGI"
“EASTWAY” "TJFJALENOKA"
Aug.
Ass.
ARI.
Aug. 12
Djakarta.
Aug. LE
Aug. 21 Бар
A
Kept T
London, June 17. The fight for inflation is already on in Japan, writes the Financial,KAAPKE" Times in a special article from its Tokyo Correspondent.
"An organised campaign, led by businesamen with an instinct for politics and an interest in easy yen, and politicians with an instinct for business and an interest in easy votes, has already been launched against the Occupation austerities of Mr Joseph M. Dodge," the correspondent states.
Mr Dodge is the implacable little Detroit banker who was first sent to Tokyo to salvage Japan's finances in 1948,
The campaign was carefully business will improve in the
in
anticipation
chief
of latter half of the year. prepared
**Bul odds are swinging against Japan's new sovereignty and directed by such notabilities as the defence. General William Mr Tanzan Ishibashi, depurged] Marquat,
one-time former
Finance Minster and economic adviser of the Occupa- and reported privately likely next Finance Minister, and tion,
inent ruefully before the peace treaty and supported by such was signed that his warnings un
rising
costs and papera as the Nihon high
aroused little interest who from many Japanese saw the restraints of the Oc- cupation lifting at last. Besides, in Japan's first political
TASTE Takahashi, eminent
Keizal, which
freer has openly de- "on inflationary policy Japan."
и парны
The so-called Dodge Line will thus become the battle in the New Japan over ac- cupation financial policy.
The issue, affecting Japanese
presént
mood of emotional nationalism, the Dodge Line has one funda- mental defect: it is a product
HONGKONG SHARE MARKET
(From Our Correspondent)
The volume of business the Block Exchange this morn- was down to $43,627.80. Ing
Ing's transactions:-
- costs,
export prices and a legacy of the Occupation." Noon quotations and the morn
domestic stability and co-operation with the United States, will have re- percussions for outside
Japan.
-London Express Service.
Mr Dodge killed inflation by closing down Japan's Rehabilita tion Finance Bank, which was recklessly pumping loans Into industry, by abolishing all subsidies even for key Industries, ordering a balanced Budget, tax reduction And opposing generally insisting on savings.
A NEW TERM Now the Dodge Line is being denounced as "fatally deflation- ary," "binsed and short-sighted,'
new term--"out and--the harmony with Japanese charac-day
fer."
of
His restrictions are branded as "Irrational and coercive."
Increases
In Retail
Prices Authorised
authorised retail price in-
Washington, June 17. The U.S. Government yester-
creases on more than 70 per cent of all department store goods to
offset recent freight rate and parcel post increases. But many stores may not take advantage of the authority be- cause of competition.
Kamekichi Takahashi, writing in the leading English-language Oriental Economist, demands Indonesian output this year colourfully "an entirely new was expected to full well below blueprint on a While Paper based expectations. In Thailand pro- on Japan's own independent or two on small kitchenware
of
The price rises, to take effect on June 23, mage from a cens and dry goods items, up to a more on furniture, radio and television sets.
ducers were said to be megunt concebashi Bond Offensive dollar or considerable dimculty, and the The position
smallholders In is designed to breach the Dodge Malaya was a patious one, the Line by a Government issue of Also covered by the increase nowspaper sald.
long-term bonds to replace the are clothing shoes, muttress "On the other hand", sald the 200,000 million yen loans extend-sporting goods, toys, carpets,
Times, Financial
"American
ed on short term to city banks rugs, pots and pans. The Oce
of Price Stabilisation (OPS) rubber consumers, by the Bank of Japan.” and world
dul! though passing through
"URGENT NEED"
drafting further orders to cover patch of trade just now, may be expected to need a reserve of the correspondent continues, is angry because, rubber production
he says, Japanese key Industries Any significant like electric power and ship-
of expansion
ond vitally building-urgently cymhelle rubber industry would need long-term funds and should
heavy capital invest-
by Govern- properly be alded ment finance.
saturti
1.
involve
inent.
the
washing-machines, freezers and similar large appliances
The regulation authorises re- tall stores to pass on to custo-
the
mers
dollars-and-conta -amounts by which freight and other transport costs have risen since May, 1951.
Officials
forbids such subsidies and the "however,--because effect,
articles
many-of-the
rushed private are now selling below
to
SHARES DUYERS SELLERS BALES
BANKS
HK Bank
INSURANCES
East Ala...
Union......
EIK Fire
DOCKS, ETC,
K. Whart
{\"TJIDODAJ“:
"TJILUWAR"
TAMAN
"TRIWANGI "TIRONDGE" "BOISSEVAIN". "TIILUWAH! PEJUKAMPEK"
“TJIWANGI"
"TJLUWAR*
"BASTWAY”. IT JIPANAS" *TIWAND" "TASMAN"
Hop.#
·Sept. 16 Bapt. I
Oct.
"Hurabala" & hisCAUSAE
Djakarta,
Tiirebon,
"Burabala & Macaksar
Singapore, Djakarta,
- Burabile di "MaczaiST
Samarang.
Петагал
Bemarang,
Singapore, Penang & Batawan · Delt
Singapore,
M. Attica & 5. America)
Trabou.
Surabais M MACRAMY
Mauritius
Semarang,
Djakarta, Bemarang,
Bingapore, Penang & Betawan Del
Singapore, DJAKATA.
Surabain de MacassaT.
Djakarta, Tirshan,
Buradala & Macassar
Bingapore..
Manila
1. Atries à 2. America
Semarang,
Mauritius,
Singapore, Djakarta, Semarang,
surabala à Macassar Djakarta, Tizeban, SemaraBE
Hurable & Macassar Singapore, Jakarta,
Surabala Macutiar
Hemarang,
1
ARRIVALS
In Port
June 20
June
June
June
From
MICABAL
Djakarta & Singapore
Sarabata,
Japan
Bemarang.
My Africa, Mauritis, & Sloganore MACRESAI, Rurabald Bemartpg.
Djakarts & Bingapore
Japan
General Agents.
HOLLAND EAST ASIA LINE
BAILINGS TO EUROPE
P
"BLITAR"
July
*ALMKERK"
Aux.
3 D 141
"ARENDERERK"
Варт
141
*E ISLDRECHT".
Oct
Balls
KAILINGS FROM EUROPE
Itotterdam
730
743
Arrives Hongkong
"ALMHERE"
Balled
May
July
"AHENDSKÉNK"
July
Aug.
"KIBLDRECHT
Aug.
Bipt
"UNDERKERK"
Sept.
પૂ.
Nov.
器
260
17 D
N. P. Wharf Siy
Provident 10.00 0.00
S'hal Dock
Wheelock
LAND, ETC.
Ecote!...
HK Lond *{R}}
124
075
888
S'hat Land.. 115 1000 @ 1.20
11.10 Humphreys
UTILITIES
Tront.. .... 15.80 15.00
C. Light (0) 84 8.35 500 ₫ 5.30 C. Light (N) 830 5.40 Electrio.721.20 213% 200
Telephone... 15.40 15.79
INDUSTRIALS
Cement Nope
COTTONS
Ewo
14.20 14.60 17.30
1.36
1522130
The Rubber
Markets
Singapore, June 17. Prices of rubber futures nløsed today as follows:
Number 1 rubber, per ib.
July
***** August-
September
0744-03
Number a rubber. July.. 647-83% Number 3 rubber. July. 011-03 Number 4 rubber, July.. 2235-7815 Spot rubber, unbaled .. Blanket crepe
8716-15 07-00 106-110 United Press.
No. 1 pale crepe and
The Dodge Line, however, ***HAVING EFFECT· "The United States Senate, Industries have
and are subject in particular, wants the Amerl banks, which have been forced
price competition, Lan Government to move out as a result to cut loans to other
Rall freight rates climbed of the synthetic Industry and industrice.
an average of 15 per cent in estimates that two jumps last Autumn Mr Ishibashi Congress has now agreed to an Extension of the Rubber. Con- there is at
at present an accumula-
this Spring. Parcel post rates trols Act for 21 months only on tion of capital in private hands have risen 25 per cent and ex- condition that disposal plan is
potential 100,000 a disp
press charges at have gono submitted to the President in
yen," which could be at- to
Associated Press. eight months time.
tracted into industry by the urchase of new stocks and de- Private industry might well pursue a different price policy bentures if the Dodge Line were from that
of the official con more relaxed under the lead and trollers and the, shadow of such influence of a Government bond
even now having issue. a change is
Ա
a
"It must be realised that Mr
of most
Japanese who acclaim
the Ishibashi as the answers
up.
Lower Trend.
In Grains
irend.
follows: sentment appeared
to be little more mixed,
The market opened up 3 to 12 points. It rose to B to 17 points and then closed of 18 to 24 points. Prices closed today sa follows:-
March (305) ...........
Australia
New Zealand
2.73
South Atlea
2.70
01003
Denmark
.1453
0038-0/10
West Germany
4,20
Holland
2030
Italy
.3010
Norway
.1405
0370
Spot
Spain
0385
July
Bweden
Delaber
Switzerland
#313
December
MIDDLE EAST
May
Egypt
20814
July October
Tran
December
Iraq
201
Tudicey
ES75
Spot
LATIN AMERICA
Argentina
,000
Oclober
rall
.0500
December
March
.0005
4005
1.00
October
1165
December
.0013
Bolivia
Chile
Colombia Cuba..
Mexico
Peru
Uruguay
Venezuela
1755
FAR EAST
India ....
.2092
Pakistan
2030
Hongkong Indoneala Singapore Japan
-United Press,
$3010
380 yen to USȚI
JAPANESE BONDS
Londen, June 17.
Japanese bonds
"A" (45 of 1800) "B" ds. of 1910)
1
Consola
45, of 1007)
.....60 117
July
¿
$1.69 nomina}
40.30-10.33 37.34-3735
37.30-37.11 24.04 26.75 bid
34.07 bld 34.40 bid United PreKS. NEW ORLEANS MARKET
40.00 nominal 40% 37.33-37.34 27.12 30.97 bld
·30.00 38.34 bid
34.53 bid -United Press.
prices steadier," Reuter,
are
the
now
Httle
2,3034-2.31% nominal 2.2016
2.324-
2.3015
2.3011
2,30
effect. The noed to make the Ishibashi has behind him the acquisition of synthalle plant an support
Chicago, June 17. attractive privata Investment, businessmen,
Grains joined most major it is believed, now precludes rearmament and
emmodity markets in a lower the previously expected reduc- Bend Offensive tion in the synthetic selling to the present industrial slump, in
Wheat closed 1% to 1% lower which Japan admittedly has been price.
299 to 6% and soybeans were The fact that this threat has saved from a first-class crisis by
Iower. Prices closed today an receded is perhaps the main the Korean war and its dollar reason why natural rubber procurement business for Japan. Wheat price per bushel
MAY BE DECISIVE
Spot "These conservative business- July paper added-
September men provide the yen for the
December Liberal Party's funds.
March **Their
May pressure
Corn prove decisive."
Acting in concert, the cor- Spot | July
September respondent adds, the Tokyo and
of Commerce December Osaka Chambers
greed this week that "lack of March
Impeding July funds is the bottle-neck Japan's production boost,"
In calling for freer money, Oats the Chambers have asserted that July
September 201 the deflationary policy is con- tinued
will recede, New York flour-per production prices will go up and credit will $12.40 nominal-United, Frost. have to be expanded, so that the very donation policy adopted to
WORKERS' DEMAND
Kuala Lumpur, June 17. Maloyan rubber workers, worried by the slump in rubber prices, will demand nationalisa- tion of the rubber and tin in dustries at the Mulayan Trade Union Council meetings to take place later this month.
A resolution to be tabled blames the instability of rubber prices on the Government and Industry and makes references to the "indiscriminate exploita- tion of the mineral wealth of the countrys
fight Indalion lafation.
may ultimately
will encouragè MINISTER'S ARGUMENT "So far the Dodge Line is against thesa
New York Sugar exchanges to provide alternate holding firm
Futures
New York, Juno 17. World sugar futures closed today 1 to 4 higher with anlce totalling 190 contracta
Contract No. closed un- changed to 1 higher with males totalling 280 contracts.
Conitact No. 4 (world)
4.10
mert benet echome..
Ryo
September
1.06-1-0015 3:8135-38 1.01-1.02 1.7515 1.79
2.00 .. 2.08!$
200'1b, sack.
LONDON TIN MARKET
NEW YORK MARKET
New York, June 17. Prices of rubber futures closed today 50 to 70 higher with salce totalling 135 contracts.
September
October
November
December
January
February March
Apru May
Jun
July
August
September
20.30-
23.00 nominai
23,67 85003318103 2012
27.91 nominal
77.30 nominal 27.30 nominal 27.15 nominat
27.00 hid
25.61 nominal 24.25 nominai 20.83 nominal 2453 nominal
-United Press.
LONDON MARKET
London, June 17.
Prices of rubber futures closed
today as follows:-
Number 2 rubber,
in pence per ki.
July .....
Augus
7 September
July/September
October/December
January/MaroN........
United Prem,
COLOMBO MARKET
Colombo, June 17,,
The sheet rubber market was virtually at a standstill owing to tho refusal of Western buyers to take Ceylonese rubber
"BLITAR"
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. "LEISE MAERSK" M.S. "GRETE MAERSK” M.S. "OLGA MAERSK”
ARRIVALS FROM U.S.A.
M.S. "JEPPESEN MAERSK”
M.S. "HULDA MAEŃSK" M.S.
TREIN: MAERSK"
June 19 July July 16
June 20 July 18
Aug.
B
For Freight and Further Particulars please apply to:-
ACENTS:
JEBSEN & CO.
Pedder Buliding.
THE
· "POST"
TYPHOON
MAP
Tel: Nos, 86066-9.
BUSINESS REGULATION
ORDINANCE
1952
Incorporating amend. Coples of the prescribed ments to the Local Forms 1(a). 1(b) and. 1 {c}} and Non-Local Storm Bignal Godovi
Mounted $5.00. Unmounted $4.00.
Obtainable from
ni prices 50 Ceylodeso cents [SOUTH CHINA MORNING POST- abova
tho London price... Untied Press.
HONGKONG and KOWLOON
Now On Sale at
S..C. M. Post, Ltd. Hongkong and Kowicon
TEN CENTS EACH ·
Pacific Fur Cart Line, Inc.
DIRECT
Fast Regular Trans-Pacific Servico
It says widespread unemploy- merit is expected and demands the establishment of employment
London, June 17. The tin market was completely cmployment and an unemploy onslaughts under the dogged idle with no business done in defence of the present Finance, either spot or three months, but Prices closed The rubber price has slumped Minister, Mr Hayato Ikeda, and it was also easier. from S$2.39 per pound in Febru- | the Goy
Governor
of the Bank of at the end of the official morning. BAN FRANCISCO, LOS ANGELES ary 1951 to around 80 (Siraits) Japan, Mr Hianto Ichimada, who session as follows:-
pound today. states are reported to be putting flation and must lead to collapse Rubber declare that retreat means in-
staffs and trimming costs---Amo-1 of the solid foundation which has
of the elsted. Press.
estabilshed under at last been Japan's resurgent but precarious, "In particular, Mr Ichimada
ocrits
Exchange Rates economy,
Businem was done in the local
market unoficial exchange morning at the following rates
UB dollar (per, #1).
this
Bpot tin, buyers.
Spot tim, sellers
Business - dorso) at Three-months tin, Iniyer "Three-months sin,,sellors Business dora: at
2) Bakioment,
TRA-OVERLAND.
NEW YORK-CHICAGO-DETROIT TORONTO MONTURAL" AND ALL, AMERICAN ♣ CANADIAN CITIES
Regular Servico difost or with transblument.
Quam," Marinaa Kalands, Micronesian 'Islands -
Weat
From
Arriers
070
“WILLIAM LUCKENBACHT
United Free,
Now, York, June 17. claims that the current alump resulted from an International • Copra wan qudied today at supply and demand altuation, a145 per short ton, nominal.. 10.91 which cannot be cured by an Coccarat oll was quoted at: 20 July easy release of funds alone, conta a pound naked,
"He predicted, as do all of the shipment was sold at 1⁄4 centa Dodge Line defenders, that (a pound,United Prem,
*T#
July
September November
pot
4.18
8234 Jubr 601 November
Contract No. d
Biterling note (pdr £1)
0.12
•
Indonesia Huilders (9,100)
*5.14
0,10
bid
siam sicală" (par 100)
31.00
0.03
United Pro,
-Untied Proc.
(8 of 1984)..
(4150, of 1934) 1311 September
Bingapore (Straits)
FAC-plastres2 (per 100)
June.
Batis
San Francisco & Los Angelma
via Kotra de Nagoya
For full particulars" call United States Lines Co., Cloneral Agonio, Queen's Building, Tel: 25190,