MESSAGERIES M
"GRENOBLE"
"FALAISE"
THE CHINA MAIL, MONDAY, AUGUST 18, 1952.
Page
MARITIMES BOLD EXPERIMENT ENDS ROYAL INTEROCEAN LINES
Arriving Leaving
M
Outward Fot
Sept. 4 Rept, B JAPAN
21 Japan
Hept. IG
Bept.
罗辑 Ang. 18
**FELIX ROUSSEL" ...ANE.
†"COURSEULLES”
.....Hept. 器 Bept.
For passenger and freight,
Homeirard for
Marerities via Manila
N. Africa & Europe
For freight to Saigon, Algiers, Oran, Tangier, Cazabloneo, Havre, Dunkirk, Antwerp & Rollerdans,
"FELIX ROUSSEL" accepting cu:20:
-vla Marseilles to all Mediterranean & West Africa Ports.
via Djibouti to Madagascar.
Bubject To Change Without Notice.
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong
Queen's Building (gr. floor)
1
Tel. 26651 (3 lines).
EVERETT LINES
EVERETT ORIENT LINE Fast cargo and passengers service refrigeration space available for Korea, Japan, China, Philippines, Indo-China, Sinm, Malaya, Burma and East Coast Indian Ports.
"NOREVERETT"
Arrives Sails
Sept. 3 from Singapore. Sept. 4 fer Jagain.
"REBEVERETT"
Arrives Sept. 10 from Manila. Sails Sept. 11 for Singapore, Penang,
Rangoon & Calcutta.
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast cargo and refrigeration spaces available for Korea, Japan, China. Philippines, Indo- China, Stam, Malaya, Ceylon, West Coast Indian and Persian Gulf Ports.
FIRST CLASS PASSENGER ACCOMMODATION
M.S. "STAR ARCTURUS”
Arrives Aug. 22 from Singapore Sails Aug. 23 for Kobe & Yokohama
M.S. "THAI
Arrives Sept. 4 Sails
from Japan.
for Sept. 5
Singapore, Port Swettenhum, Madras, Colombo, Bombay, Karachi, Basrah
Kharramshahr.
(Accepting cargo for transhipment Kabe/Pusan and Kobe/Okinawa).
on
Arbitrage In Dollar Materials Stopped
Five-Year-Plan
In India
Madras, Aug. 17.
The Indian Finance Aliter, Chintaman Deslummuklų, pall today that the cost of India's five-yoat economio development plan will run much higher than the 16 billion rupees indicated in a recent draft report.
I told reporters that Since the initial outline was
provision prepared,
ad
been made for railway and puit development Also, pig iron and steel increase I included in the altered report
air Deshmukh hoped tho Onal plan would be ava{ì. able within two months,- Aricciated Press,
HONGKONG
SHARE MARKET
From Our Correspondent)
There was a spurt in business this Stock Exchange the morning alter the week-end, with total turnover $425,375. Noon quotations and the morning's transactions--
SHARES BUYERS SELLERS SALES
BANKS
15 Benx
East Asla
INSURANCES
Canten Union
HK Fire
SHIPPING
Asia Nav
DOCKS, ETC. K.. Whort
1423 1420 10 1420
30 140 141
.1.573
201
100 753
N. Pt. Whart 6.10 Dock
101 JV
1000 12.70 Provident 12.50 Wheelock ... 43%
43 800 @ $214
LAND, ETC.
BK Hote
6.40 Gr 1500 631 HR Land (0) 46 47 1004035
HK Land N 4412
43
S'hai Land..
.: 1213.40
Humphreys
UTILITIES
Tram
50 44
200 4434
19.80 1920 1600 19
3500 # 19.10
Tram (0) Tram (N) Star Ferry 101 XD
C. Light (0) 832 8.35 2009 ( 6.40
&
C. Light (N) Electric
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolophono. 31206.
Chineto Dopartment: Telephone-28293.
M.V. "FELIX ROUSSEL"
Will sail for
MARSEILLES
via
MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ & PORT-SAID
on
Monday, August 18, 1952
at 9 p.m.
Passengers are requested to board the vessel with their cabin baggage on the 18th August between 4 and 8 p.m.
Baggage Room and Hold Luggage will be registered at Kowloon Godown No. 50 (No. 2 Gate, Canton Road-Entrance)-on-the-16th and 18th-August- between 10 a.m. and NOON only.
No baggage will be registered after the time indicated above
Compagnie des Messageries Maritimes
Queen's Building.
BUSINESS
REGULATION
ORDINANCE
1952
Copies of the prescribed Forms 1 (a) (b); and 1 (c)
Now On Sale at
S. C. M. Post, Ltd. Hongkong and Kowloon
TEN CENTS EACH
THE
Tel: 26661.
"POST" TYPHOON
MAP
Incorporating amend- ments to the Local and Non-Local Storm Olgnal Codes.
Mounted $5.00. Unmounted $4.00.
Obtainable from
SOUTH CHINA MORNING POST HONGKONG and KOWLOON
Macao Elec. Telephone
INDUSTRIALS
Cement
Jupe
STORES, ETC.
Dairy
0,10 500 6,00 22.60 22:00 200 6 22.40
101
17.40 17 05
10.10
1000 172
13.00 10 000 A 18.00
1000 10 2127.10 000 27
Scheme May Be Resumed By Bank Of England In Month
(FROM OUR OWN CORRESPONDENT)
London, Aug. 17.
The Bank of England last week-end withdrew permission for Bri- tish merchants to engage in arbitrage in dollar materials-that is, to buy dollar materials in the United States against payment in dollars and resell them to European Payments Union countries for Sterling or local cur- rencies.
་
Thus ended a bold experiment that was initiated only a week previously.
All transactions involving payment of hard currencies for materials that are subsequently to be resold for softer currencies are, of course, con- trary to the Exchange Régulations.
of
dollar British
But our current trading post- | European Payments Union en- tion vis-a-vis
the European tirely by receiving or extending Payments Union means that the credit to the Union could save currencies Western Europe dollars
of
to the full extent Their
of purchases are now as hard as the dollar,
materials All transactions between the
through United Kingdom and the Ster- traders. ling Area, on the otte hand, and Western Europe,
on the other, ore se
settled through the European Payments Union.
a
And those countries which are settling, transactions by transfer of gold would also stand to gain by the British scheme. In The technical arrangements for their ense they would be pay-.
ing in Sterling for materials the monthly settlements provide that proportion of cumulative
which they had hitherto bought for dollars while any resulting deficits with the Union must be settled in gold-the proportion deterioration in their position
vis-a-vis increasing as the debtar country
the European Pay- ments Union would need to be (or the monetary area) works through Its quota with the seliled only partly in gold,
DOLLAR WHEAT Union.
Britain was, in When the quota is exhausted
fact, hoping be that these countries would take any
deficit further
must
advantage of
facilities. the new setiled entirely in told.
What the position That is the
was so unexpected was United Kingdom has now the overwhelming response.
Had the scheme been allowed reached.
Obviously. therefore, the Kingdom stood to gain Valted if British merchants would buy materials in the United States for dollars and resell them to Union European Payments countries for Sterling.
SUCCESSFUL
There would be no loss of dollars because sales to Western Europe would be reducing the cumulative United Kingdom's
the
European with deficit Payments Union
thus and hastening the day when, it no longer had to settle its current deflelis entirely in gold.
The gain would arise to the extent
that this country camned hard currency from merchant-. profits in the meantime,
So much for the theory of the matter. What happened in the event was that the plan proved embarrassingly
successful with result that the Bank of England had
a hasty to beat retreat and
and suspend its week- old facilities.
the
Japanese
Talks With Pakistan
PESSIMISM IN TOKYO
in
Tokyo, Aug. 17. Pessimism persista Japanese trade circles as to the outcome of the Japan Pakistan tråde talks due to reopen here shortly.
to go ahead, Britain's position in A Japanese commercial the European Paym nts Union representative would have been quickly correct- tuming to this
reserves.
In
Karachi, re- country yester-
ed but once i was again inside day, sold that the talks recently Its quola any further deals in-hit a snag when the Japanese volving
the resale of dollar tumed down a Pakistani offer materiais for Sterling would to sell 100,000 bales of raw colton have resulted in a loss of gold as prices were twopence higher per pound than these quoted by At the moment the scheme the Japanese. stands suspended. To what ex- lent it will be revived after a
These trade circles belleve month will
depend
ine that current indications are that amount of actual business re-even it an agreement is reached sulting from applications for per- the raw
on
cotton purchase mission to deal in dollar wheat prices, the trade volume to be But, in any case, no further ftipulated in the coming trade applications for permission to accord will not oxceed the deal in dollar wheat will be con annual total of £33,000,000 as
desired by Japán.
on
the
it
Such transactions, found, would swampi
the scheme and quickly reduce. They pointed out that Pakis the United Kingdom's defcit with tan has on hand some 400,000 the European Payments Union bales of old crop cotton of which below the point of full conver-150,000 bales have already been Ubility.
sold to Communist China, but considering future replenishments of slocks, Pakistan will have enough to satiety Japanese demands.
BANK BLAMED Although in effect the Bank of England's experiment has more The trouble was that the plan than justified itself, the authori 17.00 17.70 300 @ 17.70 could only work to Britain's ties have not escaped criticism.
advantage up to a certain point.
The Financial Times" blames After that the Sterling Area the Bank for an "error of judg would begin to lose gold un-ment." necessarily to Western Europe. By giving an impression of
The United Kingdom's
vacillation, it mys, the author
have-reither improved the status of Sterling nor Union is 1,060 million units of lightened the eventual task of account equivalent to the United States dollar. Its cumulative re-establishing Britain's former deficit to date (including the tea,
large transit trade in commodi- July deficit. of $08.5 million The paper advocates a more accept reducing the trade which was settled entirely in cautious approach when the ex-volume, because Pakistan is one gold) is $2,119 milion.
Wawford CUTTONS ---- MISCELLANEOUS
YADING
215
3
500
0.00
Moderate Gains In Cotton
1
New York, Aug. 17.
gained Futures
prices moderately but steadily.on the New York Cotton Exchange last week after a weak start.
The opening session brought a continuation of the proft-taking in evidence at the close of the previous week. But the move- ment was short-lived.
week Net gains over the anged from 90 cents to $2.85 bale and once under way the day-to-day advances were small but without a Jetup.
broken
There was some liquidation during the week on reports of beneficial rains in the East and Central belts. Consistent mill buying was behind the guins,
Reports of continued hot, dry weather in Texas had an adverse effect on crop prospects in that State, although the drought was by moderate to heavy showers in most of the Central and Eastern belts,
The Cotton Exchange Service Bureau
estimated domestic cotton for consumption of all the five-week period June August 2 was 675,000 bales.
This compared with 600,000 bates in the previous four-week period and 768,000 in the five week period July I—August inst year.
with the European, 451
world
periment is resumed.
Meanwhile, sources close to the Government today said that despite the current stalemate in the negotiations due to disagree- ment on prices the Japanes Government is anxious lo con- clude new agreement by the end of September, even though by hurrying an agreement the Japanese Fide may have to
of the most important export STOCK EXCHANGE
markets for Japan.-France- Main feature of an inactive | Presse, week in the Stock Exchange was a further recovery in gilt-edged prices.
A MISCALCULATION The extent to which this country must reduce fts cumu- lative deficit before additional defoils are settled only partly in
This recovery appears to owe gold and partly by the receipt cf crodit is therefore $158 its strength to two factors-the million, or about £60 million.
belief prevalent among investora When this point, is passed, that no further rise in the bank prove necessary to further arbitrage transactions rate will would
involve the Sterling Area restrict credit; and the improve-
but ment, small
encouraging. in the less of gold,
The Bank of England ap- revealed in the United Kingdom's parenly thought it would take overseas trade figures for July,
Fears of Labour troubles aris- some time before applications covering £60 million worth of ing out of the wage dispute in trade with Western Europe the engineering industry caused undor the new arbitrage hesitancy in the Industrial share received market early in the week but rrangements
later the market stendied and from merchants,
This was serious miscal- selective demand resulted in a culcation for, according to re-umber of small rises. cul
commodities, ons for
sbares applications ports, tion to buy dollar commodities later neglected; rubbers were a ppened the week firm but were ur resale in Wesiem Europe quiet market but gold shares
were in demand.
H
wero
permis-
The
far excended this amount, The result is known, Bank withdrew fpojuties for arbitrage in dollar materials and announced that no further ap plications would be considerēs.
any hundreds of applications have been returned with the auggestion that they bo renewed
in a month's time.
oll
Losing A Market
Car Makers
Ask For More Steel
Washington, Aug. 17. The motor-car industry, co- tending that the Government has exaggerated the prospective steal aboringe, has asked for sharply Increased steel allot ments after October
Car makers told the National Producion Authority in their appeal that unless allotments are increased, car production in the last quarter of the year will fall to 72 per cent of the present rate,
This would indicate a loss in car output of more than 700,000 curs for the year-about 400,000 resulting directly from the steel strike in the present quarter July through September-and more than 300,000 because of curtalled allotments in the last three months of the year.
CONSIDERABLE SCOPE
Singapore, Aug, 17; This will give the Bank of. England time to sort the mattering their expert trade with
American fich cannero are 106 20-out.. Many of the applications
and South Were undoubtedly made by Singapore to Japan
wiched merely Africa. merchants who
American 'canned fish imports, to reserve the right to transact which toilled 9,800 tons valued sequently proved to be arbitrage business If it sub-
ut S$10,000,000 during 1951, feli to 270 tons for the period possible and profitable.
January to May 1932. In that year it formed 10 per cent of the total of 1th Imported.
Traders, who state that its use.. Japanese and Soul African prices are cheaper than the American, however,
at
The Service Bureau estimated consumption for last season 2,110,000 balea on the basis of Jully estimates compared with 10,054,000 fri, the pròvious ecA-
en Associated Press.
have
HVO
both
admit
+
Rapid improvement In the steel supply is indicated, the car men said, asserting that the military will be unable to use
all the metal, now reserved for
It is believed, therefore, that a large proportion of the up plications were not rested to serious business ronancions.
Therefore, it was argued, the The events of tho, past week that however
allowed the industry should be provod, there is considerable scope for American variety of sardines is material to make 1,100,000 cars In the coming quarter and 1,500,- profitable arbitrage in dollar superior in quality, materials... British merchants They have placed orders for 600 cars a quarter-after January were European
countries but and 3,500 tong of South African different reason. for
They plichards,
Exchange Rates were quick to realise (His 50 1,000 tons of Japanese, sardiner 1.
ununieiat TERUTAMINE O marker "max
The car makers" recommend
Business was done to the focal auddenly found themselves During the first Avo months unanimously that they be ez- thorning at the fallowing rate pronted with the opportunity of this year Malyn bought 1.200 signed, for the October-December u steel: allotment. re- U.8, GoBar (per #1) NATU Sterling note (per £1) 1880 to case their own doilar prob- tons of Japanese canned nich quarter,
compared with 620 tons for the presenting 60 per cent of the Countries which are settling whole of last year-Associated present production coming
1,000,000 córa-Associated Press. transactions with the Press, current
Indonesia, guildora (per, 186)
Barn Heals (per 100)
Singapore (iraita).
FIC plaires (per 100)
120kms.
"VAN BRUISE....
**TJIWANOT
*TJIPONDOK"
"STRAAT
MAKASSAR" "DOISSEVAIN"
*JUIMENTING" "TJELUWAII"
"VAN HIKÖTSZ” "TJIBADANE" "TJIKAMPEK”
"TJIWANGI
"TTOELATNO
TRAAT
MAKASSAR"
SAILINGS
Sep1, 2
Sept. *
Dept. 陪
.
Sept. 10 Sept. 14
Sept. 17
Sept. 12 Sept, el
Det.
*
Ort.
Oct.
"TAN HEUTS2" SEIÐARSJE "TJIDODAS”
"TJIBADANE" WTIILUWAI
VOTIMPANAR”
"TJIWANGI
Oct. 10
det. 10
Och, 12
Oct. 13
Oct. Oct. 31 Nov.
17
"TASMAN" “VIPANAS"
**ZHBADANE”
Nay. Nov.
2
B
Nov. 旮
"RUVA"
"VAN BEUTSK" "TJIWANGI"
"STRAAT"
MAKASSAR" TJIPONDOK"
"DOISHEVAIN"
Burapero, DJAMANIA,“ PAÏDERBARE
· Belawan Belt di "PunAKE Bingapore. Djakarta, Hemarang.
Burabala & Macassar Djakarta, 3 Tilrebon. Semarang,
Burakais & Misenitar
Japan Manila,
Singapore,
Mauritius,
B. Aftien à 6 America 5.1. Ports, Singapore, B. & A. Africa Bingapore, Djakarta, Semarang.
Burabala MACAWAY
Japan
“Singapore, "Penang a Melawah Dell Djakarta, Ejernkrans.
Kuzabala & Macassar Singapore, Djakarta,
Burkbila & ́ Macanar
Japan
Minila,
Semarant.
Bingapore, AKMILLIS
B. "Africa & 8. America Kingapore, Penang & Belawan Deil Manila, Singapore. §. a 3., Ableh bjakarta.
Rurahata & Micr
Japan
Kingapore,
Bemalt
Dijakarta, Bemarang,
Surabala & Macassar
Japan Japan
Bingapore, Djakarta, Bemarang.
Surabala Nacisar
Bugapore. Penang & Belawan Deli Diskarta Semarang, Surabalzi
MacAIKAT
Kingapore, Moneltine; 8. Africa &
9. America
ARRIVALS
Aug. 20 AUD. 27
Bept. 4
Rept,
Яept,
Japan
From
Mácascar. Hurabata,
Djakarta & Singapore
8. America, 8. Africa, Mauritius,
Aingapore & Manila
Зарап
Japan
KING'S BUILDING, Ground Floor.
TEL. 28015/18
CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31196, 25153
MAERSK
LINE
FAST FORTNIGHTLY SERVICE TO:
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NEXT SAILINGS
M.S. "HULDA MAERSK" M.S. "TREIN MAERSK” M.S. "PETER MAERSK”
ARRIVALS FROM U.S.A.
M.S. "NICOLINE MAERSK” M.S. "ANNA MAERSK" M.S. "LEXA MAERSK"
In Port Sept. 2 Sept. 15
Aug. 30 Sept. 10 Oct. 3
For Freight and Farther Particulars please apply to:-*.
AGENTS:
JERSEN & CO.
Pedder Building.
Forecasts Affect Grains
Chicago, Aug. 17. Soybeans continued to race ahead and rye made a rather, Limorous advance while other
grains
were overwhelmed last
Tel. No. 86066-D.
NEGATIVE
NOTE IN
LONDON
Rubber Committee Deliberations
London, Aug. 16.
The metting of the Rubber week by the prospect of bum-Study Group's Working Party, per crops.
I
which has been considering private motion for more than a The Agriculture Department fortnight that there should be Issued its regular monthly crop an
international scheme for report on Monday, a routine rubber, has ended on a negative move which did much to halt note.
On
some of the hysteria aroused A communique Issued today feed grain prospects by states that the Working Party wide publicity to drought con- has concluded ita preliminary ditions in the South, Meanwhile, examination of problems of the the drought itself was broken. rubber industry covered by its terms of reference and will probably towards For the week wheat ended meet again - lower, Com lower to the end of the year to carry higher, Oats lower to out a further examination of
4 to
cents problems and higher, rye
proposals when Higher, Soybeans 5-8% higher delegates have had an oppor- and lard 20 cents lower to three tunity of considering them
further. cents a 100 por nds higher.
oten.
two
to
The Working Party, established Rubber While the drought damage un-by the International doubtedly was serious to those Study Group at its last meeting, areas and crops which suffered had for its forms of reference "to mosh
Depart consider whether measures de- the Agriculture ment's forecast of a com crop of signed to prevent burdensome bushels Imocked surpluses or serious shortage of 3,135,680,000
rubber are necessary and practic- down any fears of a feed grainable: to prepare any agreements shortage. The drought did not required
implement such nect the main com-growing measures: and to report back to
the Study Group S possible." Meanwhile, however, there is a
The communique adds that the `- strong demand for high protein question of possible surpluses or food supplements, and nowhere shortages was reviewed was this store apparent than in various types of international coybean meal mixtures.
Such arrangements which might be mixtures are obtained by insert applicable to rubber were put ing some other ingredient, such forward and discussed-Reuter as corn meal, lato straight Boy- bean, meal. The resultant pro- tluct can be sold outside the OPS
вооп
and
ceiling of $82 a ton on straight Eire Drive For
Dollars
soybean meal.
I
:
New York, Aug. 17.
With rumours prevalent that mixed bean meal was selling well over $100 a tan, soybeans spurted
In an effort to increase doUR?*** into new seasonal high ground. The September contract reached eamings, Elre is expanding her
informations a high of $3.27, only six cents commercial under the OPS ceiling. Buying vices programme in America,
Eiro's Consulate-General In in new crop months'wag stimu~ Iated by the Agriculture Depart- New York announced that. ment's estimate of a S04,300,000 trade experta are available in bushels crop against an carlier New York and Chicago to help. citanate of 200,612,000-s36 American buyers of Irish ciated ProsL.
ducts, Asociated Press.
pros