MESSAGERIES
M
Artving
"LA MARSEILLAISE“ „Dec. 4 "ERY-HILL”
....
--**LA MARSEILLAISE", Des.
MARITIMES
Leaving
Dec. A
20
Jan. 24
M
Outward For
Mokohama & Robe Japan
Ildmeward. The
N. Airten & Europe Marseilles via Manša
THE CHINA MAIL, MONDAY, DECEMBER 1, 1952.
OFF TO A GOOD START Prospects Bright For The
For The Empire Conference Convertibility Of Sterling The Outstanding Issue
British Trade With The Philippines
"PEI 110"
Dec.
**MONKAY”
"BREST"
IB Jan. 0 Feb. 1
pec. Dee, Fo Jah. d Feb. 10
N. Africa Europs
N. Africa & Europe
A
·
For passenger and freight.
br
For freight to Salgon, Marseilles, Algiers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.
• Accepting cargo:
-via Marselles to all Mediterranean & West Africa Porta. --via Djibouti to Madagascar.
Subject To Change Withous Notice,
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong
Queen's Building (gr. floor)
Tel. 26651 (3 lines).
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"REBEVERETT"
Arrives
Scile
Dec. 10 from Manila. Dec. 11 for Singapore,
Rangoon &
"LENEVERETT”
Arrives Salle
Penang, Calcutta.
Dec. 10 from Singapore. Dec. 17 fur Kobo &
Yokohama,
(Accepting cargo for transhipment Kobt/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya,
Colombo, Bombay,
Karachi and Persian Gulf Ports.
M.S. "STAR arcturus“
Arrives Sail
Dec. 11 Dec. 12
from Singapore,
for Yawatu, Hirohata, Kobe, Osaltu, Nagoya, & Yokohama.
M. S. "THAI”
Arrives Sails
Dec. 18 from Japan. Dee, 18 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karnchi, Kanerain- shahr, Basrah & Bahrein,
(Accepting cargo for transhipment Kobe/Pusah and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephone_28293.
Slump In British
Car Industry: Dealers' Hard Time
London, Nov. 30.
Used car prices in Britain have tumbled over 25 per 'cent during the past month, and dealers are scratching their heads over the causes of the motor industry slump.
Lack of buyers is also giving the dealers a hard time, New medium-priced cars seemed to anticipate either a si aight
trom the plant are reduction cr abolition of the being offered to 10 or 12 cus-purchase tax, but there has not tomers whose names have been been, and there seems, no like- en agents' books for four years lihood of, official backing
or more before an actual buyer their statements.
is found: even in the case
of
the so-called "popular" small
cars, dealers complain that they
REPORTS DISCOUNTED
of
The result of these statements
-used
sometimes have to make three is, however, that
the sale..
•
CATS
car
Manila, Nov. 30, British business executive urges conclusion A fotelen exchange between the arrangement Philippines and Great for Increased Britain
relations between
trado
the two countries.
Harold managing
Crowther, director
Balcer Perkins (Exports) Ltd., of Peterborough, said the industrialisation pro- gramme of the Philippine Government openn a new market for British equip- ment and machinery. the Ile indicated
ex- change problem Wis a deterring factor in carry- Ing out large-scale ́ com- merce between the Philip- the dollar pines-within
bloo and Britain,
Mr Crowther is here in the course
business of survey the Far East.— Associated Press.
SLUMP IN
ITALIAN
SHIPYARDS
(FROM OUR OWN CORRESPONDENTI
· London, Nov. 30. The Commonwealth Economic Conference has got away to a busi- nesslike start after the delay caused by the late arrival of the Australian Prime Minister, Mr Menzies, and the Foreign Secretary, Mr Eden, who were held up by bad weather conditions over the Atlantic.
It is true that This, however, need not be taken as a bad omen. metaphorically speaking a large question mark hangs over the conference table bearing the legend "Conditions over the Atlantic.". But this has nothing to do with the weather.
Despite the uncertainty of the United States' future economic policies, however, prospects for the Commonwealth conference" are ex- ceedingly bright.
The way ahead may be ́long and hard but. as the New Zealand Princ Minister, Mr Holland, has remarked, this is a evafidence conference and not a crisis conference,
The opening speechts by the heads of delegations certainly reflected the feeling that for once the Conimenwealth coun irles
have
gathered in atmosphere that is not heavily welighted with the Icar of
HA
smail,
ROYAL INTEROCEAN LINES
“TİLANGIT PA
"TIIKAMPEK“ -
**TASMAN"
"TZOKLİPTO“
“THPANAN
Dee.
Dec.
SAILINGS:
30. 9
Dec. 10
"
**THAAT BOENDA" prc. 19 "THTJALENGKA”, Dev
FILUWAII"
RUY8"
“THMENTENO" "BOISSEVAIN" "TASSANT "PAWANGI" - "TJIBODAS"
~RUYA**
DE:
Tu
Singapore. Tajakarta. Hemarang,
Burubala "Macassar Bakaria, Romanik, Aurabia
Atacasar
„Singapore, Penang & Belawan' Delt intanita. Ningapore, Mauritiue,
8. Africa & S. America Jakarta, Semaratix. Serbalk
Macassar
Singapore, S. Africa & E, Africa
настила
Singapore. etjakarta. Semarang,
Mürabala & Macawar
Japan
Singapors, Djakarin, Semarang,
Hürabala &NincansA5
Mucasiar
!
her,
Dec. Dec
10
Здрат
Dec.
Japan
Dec. 29
LYRTA
Jan, 2
1
Djakarta Nemarang, Suratioļs
AXCATE
JAR,
Q
Manila, Singapore,
Djakarta,
Mauritius, A. Atelen & H. Aineries
*VAN BEUT:2" →TILUWAU"
“THDANTJET”. "TARMAN"
Jan. 10 JAN. ክር
Jan. LEF
Japun
Jan. 10 Jan.
21
#jakarta
Mocasine
Feb.
2
Singapore. Diskarta.
TASMAN" "TJIKAMPEK"
THIMENTENC" **TJILUWAII"
"T31DANTIET"
Feb. 3 Feb.
Feb.
Frb,
Feb. 13
"BOISSEVAIN"
Feb. 16
Feb.
Mar.
Mar.
23
2
Singapore, Djakarta.
Semarang.
Mann, Singapore,
Jakarta,
Africa
THPONDOK"
“TUWANGI"
*STRAAT
MAKASBAR" *TJITRALENGKA"
but the effect of these gains was to put the "Financial Times Index of Government arcurities up by no more than a WANG fraction of one per cent.
Industrinis Improved after the opening of the new account on Wednesday when the market felt under the Influence of Wall Street, where the post-election rally has been resumed.
The view taken by the British authorities, on the other hand, appears to be that even if Sterling was made convertible the Cem monwealth Sterling countries would still be required to prae- the the almost economy in their purchases from the deliur area.
While the gold and dollar reserves remain at the present low level, however, this is a question of neademic interest
Motor and aircraft shares only,
were the brightest spot In the THE FIRST TASK impending 'disaster.
former market, the
Forging From what little is known of
Clearly the first task is to re-ahead on hopes of purchase tax the actual
these build the reserves until they are concessions and content of
the latter speeches it is clear that this is
bravy hopes that recent aircraft sales not 10
to the dollor area presage valu- be a repetition of the
new able-
orders for this industry.
So far as the motor Industry 18 corerned, however, the immediate sutions seems nane tou bright.
January Finance Ministers
urc
does not
the
to be
able to withstand pressure that is certain exerted on them from outside the Sterling Arco in the early meeting.
Certain differences of opinion days of convertibility.
This mevitable, even in a family
necessurity gathering-hudeed, they are demean that they must be in sirable if the conference is not creased ut least fivefold before convertibility can be attempted to degenerate into that
as Mr Dougina Jay, Former Socialist Financial Secretary the Treasury, suggested lost week.
Rome, Nov. 30. Italian shipyards hope American know-how may help them out of a slump.
The Italian shipbuilding in- dustry employs 85.000 workers and is important in the econo-
an occasion
for mutual back-slapping.
But the various delegations are quite agreed on two things
A CLEAR POLICY
First is that, in the phrase of
to
But, when it is considered that the Sterling Area's dollar de
has averaged fickt
over $709
The 15 national shipyards one Prime Minister, "Sterling lion in the last three and a
my. have a productive capacity of 300,000 Kross tons per year.
out turn
another They can 11,600 tons of finished material.
Moreover, there are 32 other minor yards which
construct small tonnage wood and metal ships. Their
Now
NOW
must be made to swim." The lifebelts of restriction and dis- crimination that have enabled it to remain precariously on the
surface through recurrent crises are now to be thrown overboard by the process of gradual but continuous development and ox-
production can pecond point of the general
Italian
keep
has
д
It will not be nehloved-as
the
run to 15,000 tons a year.
agreement is that this expansion Italy never seems to her chipyards fully busy. Be- must be achieved through the
o! and 1938 they turn implementing tween 1910
clearly- of defined policy in which every ed out over 8,000,000 tons shipping-only half their pro- member of the Commonwealth ductive capacity.
a definite part to play. their problems are
Commonwealth greater than ever. To compete
has in the foreign shipbuliders, past sometimes tried to solve its problems-through a ship-economic economists tell builders they must lower costs series of disjointed nctions by individual members without re- through modernisation of equip ment. More efficient work and gard to the common
interest. These broad administrative
principles Administrative methods also are judged essential,
guide the Prime Ministers and amists believe if all this their economic advisers --- Economists could be accomplished, Italy including seven would get a higher percentage tories throughout
procure ference. of the U.S. offshore ment contracts for ships in ad-
busi Eltion to more private ness.
In an. effort to help the Italian shipbuilding Industry the Mutual achieve reforms, Security Agency special mistica
Italy has just sent seven in 10 dustry experts and four ship- five-week yard workers on a study tour to
Foto America.
dollar sur-
half years-despite plus of $800 million in 1950- it should be obvious that the reserves must be built up quite cantiderably from the present million before level of $1.767 convertibility becomes a practi- cal proposition.
H
Bermoran
singapore, E. & 8, Africu
Hingaporr, Djakarin,
Súrabala #
Mingapore, Penang & Relawan Bell
Semarang, Surabala
Burabala & Machtiar
Japan
Sincajare. tijakarta.
"Manchir,
d. Africa & 8. Ametler
Japan
Iljakarta, Bemarabe. Nurabale &
Ataca
Manila, Ningapore, E. & S. Afrien
Kingapurei 1km
Aurabila & Macskar
Djakaria, Semarang, Surahala 嚨
Macassar
Hurabila &" Macasar
Mauritius, 5.
S. America
ARRIVALS
From
Alacassar, Sarabola, Semarang,
Djakpla & Singapore
"TJWANG"
th. Part
"STRAAT SOENDA" Dec.
"TASMAŃ" *TEGEL,DERO”
Japan
Der. Dre.
Japan
Japan
оп
KING'S BUILDING, Ground Floor
On Saturday two firms con- nected with the manufacture of cars announced the suspension or dismissal of n number f workers through luck of work. CHINESE BONDS
The forelen bond market was again the scene of a good deal of activity.
Interest spread Lo Chinese bonds on hopes of a peace settlement in the Far East but later news caused a partial loss of
some of the ground gained. Japanese bonds were in de- mand at the beginning of the week and several issues made large gains.
Later, prot-taking developed and, though this was well absorbed, the market lost its momentum.*
This does not by any meuns exhaust the arguments against immediate convertibility. It takes no, account, for example, of the position of the Sterling balances,
Some £850 million of these The success enjoyed by are held by non-Sterling coun- Japanese bond-holders led to tries. Another £1,000 million some switching into Germon are held by the Colonies (whose Issues on hopes that these would noed for dollar goods is as great prove as proditable in the long it not greater than that of the run as Japanese stocks have Dominions).
CLEAR SIGN WANTED These Habllitles will
alono are greater than the Sterling Area's entire gold and dollar reserves.
It must not be forgotten, on Colonial terri-
the
Com- the other hand, that the con-
monwealth includes Canada
On questions of detall, how-which is #n important dollar ever,
the Ministers may find country. themselves in something less than full agreement.
of
CONVERTIBILITY
The hope is that they will coment
bring back some of the know- how which can help guide the shipbuilding industry here to ward a financial renaissance, Associated Press,
Brighter Business Outlook
Sydney, Nov. 30. Australian businessmen fore- cast more employment and a brighter business outlook.
They expect trade conditions to continue, to pleit up after the
is
And
of
been..
HONGKONG
SHARE MARKET
1423
243
701% ופלד
10 @ 1435
Is the Sterling Commonwealth to go on discriminating against imports from another member It will have to do so country, us
in Outstanding issue before the long as the Pound remains
(From Our Correspondent) conference is that of Sterling convertible?
Here there convertibility.
pance for Business done on the Steck known to be a certain amount development? Is foreign private Exchange this morning amounted
evel what nong the investment in the Sterling Com-to $234,404. Noon prices and the only over the monwealth Ulkely to expand ap-morning's transactions: all-important question of timing precably while the repatriation BARES BUYERS SELLERS SALES
It seem3, over the of prolis and the availability BANKS but also,
that convertibility | of equipment to improve invest- DiSURANCES exact form
ments remain subject to the should take.
It is not easy to arrive at a provisions of exchange regula- definition of convertibility to Lions? which all parties to Le
These 4011~
Arc some of the troversy could subscribe,
questions the Commonwealth But, strictly speaking, K
Frime Ministers must answer currency is convertible-in the during the next two or three sense that the dollar is today weeks.
means can be exchanged by people who hold it for an equivalent amount of any other currency in the world.
convertible in this sense, people who came them in the normal course by IN International trade and france would be able, H they wirbed, to exchange them into
be
If Pounds wero
inte
dollars and use the proceeds 10 by goods from America,
There
arc, course, various degrees of "freedom" that could
given Christmas and New Year buying making it fully convertible. The to Sterling without Mr W. J. Allison, Melbourne right to convert Pounds Chamber of Commerce President,
otlier
currencies could, for those said: "I think everyone has got example, be confined to over the effects of the heavy
carned, through, current' transaD? Hons. decline in export Income.
"Business is settling down on a solid and profitable level.
Bre.
foreign
STILL RISKY
There are, of course, other important problems demanding attention.. But their
many people all over the world will
conference #13 regard the falture untasa - It, gives come clear indication of the steps by which Sterling is to be made
convertiblo,
a
THE STOCK EXCHANGE Dominating factor in the stock
140
K Bank
Canton Union Underusler IK Fira SHIPPING
Wolorboat Arin Nav poCKS, ETC. R. Wharf N. PL. Whore Ol
Dock
Provident
Provident
Wheelock
1214 1.55 2003
Kriwarang.
TEL. 28016/18.
CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31196, 25133,
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.
"JEPPESEN MAERSK”
< CALLING
VANCOUVER.
ARRIVALS FROM U.S.A.
M.S.
"OLGA MAERSK”
M.S. "HULDA MAERSK"
M.S. "PETER MAERSK"
Dec. 3
Dec.
16
Jan. 2
Dee. 16 Jan. B
Jan
16
For Freight and Further Particulars pleasé apply to:-*
AGENTS:
af
JEBSEN
Pedder Building.
CO.
Tel, Nos. 86066-9.
Diter and rotation zubjɛɛt to change without notice.
14 Hbetty Io proceed via other parts to fordydierkerEN TAFEN,.
PENINSULAR
& ORIENTAL
QUIS NO
ARABIT
STEAM, NAVIGATION COMPANY"
R.M.S. "CHUSAN"
1.53
0216
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1000 21
13
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·LAND, ETC.
HK Hotel 5 0.03 IK Land (0) 585, HK Land (N) 565
Land UTILITIES
·Tram...... Star Ferry
14
118
C. Light 103 10.30 1920
Light (N) 0.65 6.70 Electric ... 2311⁄2 23,60
Macao Ekg. Telephone 17.30 _Tel._ (Utm.)
INDUSTRIALS
markets this past week has been the opening of the Common- wealth Economic Conference.
Though Government officials Bave been
stressing that what the Prime Ministers are con- is long-term cemed with now policy as opposed to short-term expedients the publicity which the conference has received haz served to focus attention on the rail improvement that has taken place in the general economie COTTONS
January's situation since last crisis meeting of Finance Ministers.
Cement... Kope STORES, ETC.
Dairy Wabon 1. Crawford
Ewo
11.201
1100
53
NOTICE TO PASSENGERS
BAGGAGE:
33%
10.30 201
10.60 20 1800 20.99
5.30 200
1000 .380 SPECIAL NOTE:
2.35 1000 @ 2.30
Exchange Rates
Bukinem was done in the legat uno Belat
market
or four offers before clinching dealers have already discounted
purchase removal of the Export markets,
are and dealers are refusing to take too
into stock without having their scasonal lull, and new this is having a reciprocal effect some guarantee of protection on new car production. At least against dropping values should the Chancellor of the Ex- one factory in Coventry, one of
This would prevent Sterling Britain's main car manufactur-chequer, Mr R. A. Butler, decide
"Our-export income this year Geld-on capital account from ing towns, is now working only on abolition of the tax. The re-
will be about A£850,000,000.
being converted into other cur- 22 hours a week, which is un-sult is a complete stalemate.
Compare that with earlier years,
rendes and removed from the economical.
At least one ocction of the The Treasury is certainly not particularly pre-war, and you Sterling Arca; but it would still
is hoping for Purchase tax on British cars, getting any yield from the pur- eller how well off we really entall the risk of a run on the market, however,
If a decision that will lead to quick gold and dollar reserves. priginally 38-1/3 per cent and chase tax because there are no It
members are much more cent, sales. It seems, therefore, as
of current action. That is the gold mining holders of fter raised to 06% per
the prospects Sterling, decided to use most of section where hopes are now moming at the following rates: was originally imposed to pre-pressure of under-employment satisfied with
their Pounds to buy dollars pinned on a rise in the price of US dollar (per (1)
Sterling note (par 1) vent a rush of post-war buyers in the motor industry, which nhead."
Professor W. Prest, Dean of as under present ever by
Indonesian quliderk (per 100) cannot
conditions
The forecast, made by in
Riam tirala (per (100)- and shorter working Economics, Melbourne University they almost certainly would, otherwise go. for
American publisher that the Singapore (Biralis) is bound to force a pro- sareed that conditions showed A difference of opinión arises,
United States will next year FIC lastres per 1001 nouncement from the Treasury signs of improvement. It is now almost preventing intentions regarding the
bawavet, dver
question There is a reasonable chance where even in this. Herited raise the gold price from $35 to Any sales inside Britain at all:
Sugar For Japan The covenant, and the re-sale to hoper for cat out apart from unit the improvement would ans form cerventibilly, would mean nabrought saves fors, into the I would not that Sterling Area: countries market and some good gains restriction declaration system, the hoped-for export revival: tinue," ba
liko to makë 'a'
Tokyo, Nov. 30. measures imposed by the motor
But buying
mainly con Experts have calculated that, for "three months
of dollars from the central
The Japanese Govermanent Indpetry, upon itself to avold un-slice the end of last 'erionth's In Canberra," Latham exservas to dance increased fined to lasues of those concern has permitted the import of: 30.- fair trading, seem, like the pit Motor Show, the loss of capital
Director of
also have important | 000 tons of Indian, sugar, and Certain Dominiono --Australia
urantium usefulness:bea
BIG BRIGHTEST SPOT Ministry of International Trude od in stock markets ond the facturers, said the employment and South Africa among them. Unico-ordinated public ancars held. In'ngenta', showrooms position -appeared, "to "have ore inalined to regard Sterling The gill-odred market has and Industry announced today. fiduncementa made at the recent and manufacturers' stock rooms orgattnet gerally, particular converabunty chiefly, mean remained quietly hirm. Both un-ils, the first Ume Japan, h Maine Bhow at Butts Court by must be at lihat
In the last montit.Assdellied | of "increasing their dollar pure dated and medium British stocks imported sigar Doin India,
up on the wesele United Prems mia ni ufacturers' representatives |¡£10,000,000.—United Press.
were slightly
of British cars which would shorter be absorbed for export. * hours,
the
Lyn iven could draw, antimlind quintiles were made was
4,0723 15.02 27,50 37.0
10.35 11.075
· chase tax, to have outlived their valuca.to the industry, as reftet. Bekundi chambers of Mint (porta from America, WHICH Interestsigare i |70,000 tons of Cuban : sugan the
„PUNGAN,
Associated
Press
t
TUESDAY the 2nd December at 12.00
Noon for the UNITED KINGDOM_vina Struits, Colombo,. Bombay, Aden und Port Said.
ALL passengers baggage must be sent to the longkong & Kowloon Wharf Co.'s Godown at No. 2 GATE, CANTON: ROAD ENTRANCE by NOOM: on MONDAY the 1st December, 1952.
With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading board by ship's slings only, BAGGAGE COOLIES WILL BE RECUSED ADMITTANCE TO THE WHARF;.;
on
.
EMBARKATION: Will take place TUESDAY, the 2nd December, 1952, between 9.30 a.m. and 11.00a.m.”
BUSINESS REGULATION ORDINANCE 1952 Copies of the prescribed 20forms 1(a), 1(b) and 1(c);
Now On Sale at S. CM. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH