Page
THE
CHINA MAIL, MONDAY, FEBRUARY 2, 1959.
MESSAGERIES MARITIMES Economic
M
M
"FRY-HILL"
Arriving
"LA MARSEILLAISE" ..Fete.
"VIETNAM".
"BREST"
Krelung
K
Mar, 21
Leaving
Feb.
Feu 25
. Trong Jbl Fek, 1 gel, tới
PLATAAMAT.
"LA MARSEILLAISE", Mar.
FAY HILL
VIETNAM"
·
For passenger and freight,
Outward For
Japan
Yukeliama & Kobs
Homeward For
Feb. Feb. 1. Arlen & Kusope
N. Africa & Europe
Tareille via Manita Marmilles via Mahila
2 Mari
Mat 7
J
'Mar. 15
For freight to Salgon, Marseilles, Alglers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.
* Accepting curgo:
-vla Marseilles to all Mediterrancan & West Africa Ports.
-vla Djibouti to Madagasons.
Subject To Change Without, Notice.
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong Queen's Building (gr. floor)
Tel. 20651 (3 lines).
EVERETT LINES
EVERETT ORIENT LINE Fast regalar freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives Salls
Feb. 2 from Manila. Feb. 1 for Singapore,
Rangoon & Calcutta.
"REBEVERETT"
Penang,
Arrives Salls
Feb. 2 from Singapore.
Kobe Feb. 3 for
&
(Accepting cargo for transhipment
Yokohama,
Kobe/Fusan 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
"NORDSTJERNAN“
Arrives Balls
Feb. 4 from Singapore,
· Feb. & for Kobe and Yokohama.
"STAR ALCYONE“
Arrives Sails
Feb, 19 Feb, 20
from Japan. for Singapore, Port Swetten- Colombe, ham,
Madras. Bonbay, Karnchi, Khurram shahr, Basrah & Bahrein,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephono 28293.
Employment
In America
Washington, Feb. 1.
More people were at work in the Unlied States in 1952 than ever before in the nation's his- tu Census necording tory,
Bureau estimates.
However, the. percentage of employed was not so high as it World War Il soared in three- years,
Employment only slightly
was jast year above 1951, bul over the 1950
was considerably figures.
The Bureau estimated the monthly average of civilian em- ployment in 1952 at 01,201,000, watch was 07.3 per cent of the egilmated labour force.
The 1952 employment average compared with average month- Jy employment of 61,005,000 in 1951, or 97 per cent of the labour force, and with 50,957,000 in 1050, 95 per cent of the labour force.
ur
Employment reached its peak the United States in 1944, in
a labour when 03.8 per cent of force of 54.030,000 wero work Associated Press.
Going Ahead With Plans
nt
HONGKONG
SHARE MARKET
(From Our Correspondent)
Call For Free
Exchanges
Brussels, Feb. 1.
The European League for Econoinfe Cooperation (ELEC) today called for free
exchange currency
and a common, market as wide as possibile,
decided
In a resolution on at the end of a three- day meeting here of fle organisation's European financial experts. parlia Jurntarians, Industrialista and trade unionists, the League urged international division
labour of
And various currency measures, It said it was important that the United Slates Government should main- Lain an economic policy tending to avoid excessive fluctuations of prices and eronomio activity, because of the effect of the Amerl- can altuation on the econo- mic activity of other coun. tries.-Reuter,
British Stand On Japan
Geneva, Feb. 1.
differences Considerable of opinion between Britain and the Commonwealth, on the one hand, and the United States on the other
are
expected when dis- cussions on the timing and conditions of Japan's ac cession to the general agree. ments on tariffs and trade (GATT) are
resumed here tomorrow by the organisa- tion's Inter-sessional Com- mittee.
* 1!」 Br ྃ་
BAILINGS
To
Puge 9
Policy Of British ROYAL INTEROCEAN LINES Government Proving Outstanding Success
(FROM OUR OWN CORRESPONDENT)
London, Feb. 1.
The Government's decision to restore the price mechanism to something like its former role as an instrument of policy is already beginning to have an important effect on the British economy.
At home the cost of living is at last showing signs of stability--- retail prices as measured by the official index remained unchanged be- tween June and December last year.
Britain's
This welcome change from rising prices dates back to the last Budget when Mr Butler made his important decision to cut the food subsidles by £160 million. Although it was partially helping to offset by a reduction in Income position in the European Pay- tax and an increase in certainments' Union.
the soc security payments, Initial effect of this decision was
to raise the cost of living.
correct
This experiment was entirely successful within the limits Im posed by our position in the Union but
But once the reduction in food | European Payments subsidies had worked its way to have carried it beyond the through the price system the cost stage where our monthly deficit of living levelled off and re-with the Union had to be settled
nained stable.
entirely in gold would have been highly dangerous.
Encouraged by this success the Government has now decided to carry the experiment a tle further.
Last weck it announced the returti of the grain trode
action which private hands, an involves not only a reduction in subsidies affecting grains, feed- ing stuffs, flour and bread but also an Important departure from the post-war agricultural policy, The reactivation of the price mechanism has therefore had and will probably continue to have a marked effect on the British domestic price level.
.
Germany Out For Supremacy
Bonn, Feb. 1.
But this is not an argument against the reopening of free markets in "dollar" commodities such na cotton and copper. It West Germany expects to simply stresses the dangers that capture Industria! supre- will have to be guarded against macy in Europe during when these markets are reopened. 1953.
Under proper supervision by traders associations and subject to post facto control by the authorities, these markets could. again become valuable source
of foreign exchange income for Britain and the Sterling Area.
With this in mind the Govern-
ment is now bually engaged in plans for reopening more free | markets--beginning with those for copper and cotton. And each is reopened wit market that
mark a milestone along the road to convertibility.
THE STOCK EXCHANGE
The market for gold mining shares provided the highlight ní the past week's business on the Stock Exchange.
Government and industry that steel and leaders predict coal will sat new production records.
The car, shipbuilding, ehem)- cal and machine-tool Industries also expect their biggest year
since the war.
Already fur ahead of France in steel output, West Gormany expects to overtake Britain this The British now lead Europe in steel production.
German steelmakers have mapped un ambitious
pro- gramme to expand the capacity of their planta to 2,000,000 tons
STERLING'S STRENGTH Further proof of the success of the present Government's economic policy is provided this by the
year, continued week-end strength of Sterling abroad.
The Pound now stands within a fraction of a cent of $2.82-the fixed under the upper limit existing exchange regulations.
Like the stability of the British is not known whe-domestic prices the recovery of While it ther Britain and the Common-Sterling can be traced back in wealth countries will actively oppose
is announced the last instalment of Japan's entry, It learned here that the British series of Import cuts designed shares of Rand gold mining
to reduce verseas expenditure companies delegation, led by Mr C. W.
uranlum with by 350 million from the previous terests.
Commonwealth governments will Reports still persist that the ask President
adiniiited to GATT.
which
pre
Encouraged by unexpectedly quarterly reports brisk
during the next 18 months.
the last Budged, when Mr Butler good developed and spread to 000 tons a year. This is close 10
year's level.
balance
Sanders. Under-Secretary for the Board of Trade, will bring Last week Mr Butler was able defialte Droposals for. the placing of special trade restricto announce that these cuts had tions on Japan it che ls to be helped in its current accounts Britain to achieve a during the second half of 1932.
But a balance of payments. Is not an end in itself; it is merely a step in the general direction of the prime economic objective, which
restoration of multilateral world trade,
THE NEXT STAGE
These proposals, understood to have the backing of the Cabinet, will meet strung opposition from the Unitexi States delcgation, which is understood to favour admitting Japan to GATT under the most favourable conditions
possible and us scon as practicable.
The only other Important.
is
the
Now that the Immediate item on the Inter-pessional Com danger has passed the Govern- mitice's agenda is India's com-
Eisenhower
in-
agree to an increase in the price of gold and this, too, was a factor in the general advance of gold share prices.
the "Financial
As a result
The Ruhr mills are now turn- ing out steel at a rate of 16,000,-
present capacity.
In 1852, the Ruhr hit ils stride with the scrupping Allied production controls produced 15,804,000 tons,
Britain produced 10,400,000 tons and Frânce 10,900,000 tons in the same year.
"TIIWAN UI”
"DOIKBEVAIN "STRAAT
·Bingapers,
.Džataria.
· Surabala d'Atacamar
Remarang,
Tokuhama, Nagoya, “Genka & Kaba
Kobe, Naroya & Yokohama
Binkaria Semarang. Kurabals
· ELROSESAT-
J
Singapore," Djakarta, Kematang,
Hurabala & Mrenotaz
MAKASBAN” *TJIKAMPIK".
"TJLUWAN" "BOISSEVAINM
**TJIKANTJET
Fab,
Feb,
K
Feb. 11
Yeb, 21
Feb. 22
Bingapore, Djakaria,
"TIRANGI"
Mar.
"TASMAN"
Маг
"TIIDUDAS"
»TJILUWAIK
"STRANT SOENDA" Mfap.
*TJISADANE"
"TABMAN". "STRAAT
MAKASSAIU”
"TJIPONDOK"
"TEGELBENG” *THIWWANGF'
Mauritius
B. Africa A. B.. Amerien Djakarta Remarang, Autabala
Macassar
Bingapore,
A
Pjakarta, --Remarang, Butabala & Mincusons Hingapore & Hr. East Africa Japa
Djakarta, Bemarang, Kgradala
MACASELT
+
Singapore. Djakarta, Bemarsos,
Hurabala & Mackayar
Јарап
Зарад
Mania,
ADEMY,
Miri, Singapore,
Djakarta, Mauritiu, S. Africa &
8. America
Ria Cassar
Djakarta,
Japan
Blurapere.
KemaraDE+
Djukarta,
Burabala & Macaliar
Surabala
Semarang
Manlin, Kingspore, T. & 3. Africa Japan
Mar.
Mar. Is
Mar. 17 Star, 11
.Mar. 13
Mar, 13
Mart 201
Apt.
*
"TJPANAS“ "VAN KEUTRZ”
Apt.
1.
4
TJIKAMPERTM
App.
3
Apr. 15
Apr. 22
Singapore,
ARRIVALS
From
En
Part
Djakarta, Semarang,
Macassar
Aurabels
Feb,
I
Feb. 7
H.
Japan
Amerien, R. Alzira, Singapore & Manila
Stauritius,
"TJILUWAI "TEGELDERO"
"TJIWANGI"
"STRAAT
MAKASSAR"
"TSIKAMPEK"
12 Jakarta, Remarang, Sorabala
Macatsar
Ringapore. Jakarta,
Rumabala & Machetar
Djakarta,
Hrinarang.
Maurikus,
8. Africa & 8. America
KING'S BUILDING, Ground Floor 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. "HULDA MAERSK” *M.S. "GERTRUDE MAERSK"
M.S. "TREIN MAERSK”
E
Calling Vancouver.
ARRIVALS FROM U.S.A.
of
and
M.S. "TREIN MAERSK" M.S. "NICOLINE MAERSK"
M.S. "PETER MAERSK”
THIRD LARGEST? -
Germany's steel hopes
Industry
against Pakistan over the ment can turn its attention to this centrated mainly on medium- | ralat output
plaint export.
This complaint was brought
duty on raw jute exports
to India.
GATT's seventh up at the session in Geneva last October, and it was decfied then that if
next stage in the process of achieving this objective, which to make Sterling 1 fully convertible currency.
The speed of advance will de- pend
large
extent on the help received from the United ne solution had been found, the States but the first steps in the Government of India could ask that the matter be discussed direction of convertibility must
be taken by Britain alone before the Committee.
The matter will probably be
the
to the Committee or to the next full meeting of the GATT probably in March or April..
nk
It now seems certain that--
ס!
Times" gold mines Index rose
to turn out close from 95.10 to 08.40 while the
tors this year even 18,000,000 developers index showed even
though the present expansion Ereater improvement, climbing
programme will not be com- from 78.80 to 05.31, its highest pleted until the middle of 1954. point since November 1951,
The ultimate target is 20,000,- Interest in the market for 000 tons a year, probably by Government securities was con- 1955. Britain, too, is alming to to 20,000,000 tons dated, stocks.
but not until 1937.
The phenomenal comeback of Germany' war-battered steel industry gives steelmakers here confidence that Ruhr steel qutput soon will be second in to the United the world only Slates and Russla.
Less than eight years agɔ, SŲ per cent of Germany's steri capacity was out of action from
́ ́A ́GOOD MONTH
The week's biggest goins were in Funding 2% per cent 1956/61. up 10/- to 94-13/16, and in Funding 3 per cent 1988/00, also up 10/- to 88-11/10.
Savings three per cent 1055/65
7/0d to 93-1/8 There was a broadening of
By 1040,
were
during the next fow months interest in the ind
Industrial equity War damage and the breakdown turned over 10 working party, which may report back progress towards con-market but speculative buying of supplies. After the war, some
tons capacity 0,700,000 vertibility will be measured by was still
was still prominent especially in ripped out by the Allies under the speed with which those com- stores and shipping shares. modlites still purchased and
January has been a good month the reparations and dismantling marketed in Britain through
In 1946, West Germany turned Government agencles are handed for the new issues market. Over programmes,
£23 million of new money has back to private trade.
output fumped to Already there have been im- been raised in the proportion of out only 2,551,000 tons of steel. approximately two-thirds for the 0,180,000 tons, then to 13,500,000 portant developments in this
and
public Government fteld, most recently with the authorities and one-third for in- tons in 1051.
Despite this, German steel- reupening of the London free dustrial and other purposmakers face strious problems. markets in lead and zinc.
compared with only £ in the Thei: equipment is old. Much Elons may drag on for ten days
But now a new and crucial fortnight,
slege in the Battle of the Pound same month of last year.
The lists open on Tuesday for would have been replaced long ago by American standards. But One thing that the British has begun..
new loan by the Government Inverlenent
capital for both 91425 delegation is alinost sure
of Southern Rhodesia which is to expansion and modernisation bring up is the problem
£10 million by an issue raise labour conditions in Japan's
of 4 per cent stock 1987/92 of textile hustry.
£99. a price
MAY DRAG ON This session of the GATT's Inter-sess Committes was Busines done on the Stock originally scheduled from Exchange this morning amount February 2 to 7, but it is ex- ed to $171,620, Noon quotationspected hore now that and the morning's trans- actions:- BHAMES BUYERS SELLERS SALES BANKS
JIK Bank.. 1420 INSURANCES
Unlan
700 800 Underwriters 130 DOCKS, ETC. K. Whart Provident... 12.00
Dock
LAND, ETC.
IK Land (0) Land (N) S'hat Land UTILITIES
Tram....... Star Ferry
56 1425
100 @ 50
13
1000
2.10
ذا الت
200
or
to of
recent survey issued here International Labour the Organisation
olows that the great majority of employees in the Japanese textile industry
the rates of pay are extremely
571
1.60 1.83 5000 E
113
B000 1.00
faw.
е
MI
1000
10.000 9.10
2000
430
$3.00
C. Light (0) 9.13
C. Light (N) Electric Telephono INDUSTRIALS
Cement STORES, ETC.
Dairy COTTONS
19.30 10,70
18.40
...... 10.00
EWO |
sions negotiated between dividual countries
the GATT.
must
in
A RISK
ព
New Newsprint into the Western sold under the partment in commodity arbitrage
Retail Sales
Increase
the
scarce,
EXTERNAL LOANS
Is
In Port Feb. 11 Mnr. 4
Feb. Feb., 20 Feb. 28
6
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building,
Tel. Nos. 36066-9. ¡
Dales and rotation subject to change without notice.
At Hberty to proceed via other ports to food/dischargo cargo.
U.S. Attitude
On
Wheat Price
Revealed
Not Yet
Washington, Jan. 31. Reliable sources said today that the first 24 hours of the International Wheat Council's meet- ings have shown that Canada is likely to ask a wheat price of $2.35 per bushel, and Britain, with the support of most other importing countries, is sticking to the present price of $1.80 a bushel.
Meanwhile nothing has been, eventually agree on a price of heard from the United States $2.00 or $2.10.
The deligation on whether the Eisen-
Council favourably hower Administration by willing recommended the admittance of to renew the International Wheat the Vatican, should the wheat
be
but Agreement, and if so, what price | agreement renewed, Seine Industry leaders say be- tweers 3,900,000,000 and 1,000,- per bushel the United States pointed out that the Vatican would have to go through tho Considerable
disappointment usual procedure for obtaining 000,000 marks should be pumped would ask. into steel plants immediately.
was caused at the closed meeting | membership on Friday afternoon, when the The Kingdom of Hashemite They point that British
chie ÜS delegate,
Under- Jordar la also anxious to become pouring Secretary of Agriculture Morse a member. private enterprise is
of new $1,680,000,000
capital
was absent and his place why
Most of the delegations are into steel in
In a long-term " pro- laken by a Department of Agri-willing to spend up to six weeks
.... output. gramme to raise
culture official. F. J. Roster here if the United States delega In Germany, the steel Indus who apparently did not speak tion early next week signliies
itself will have to finance during the session, most of the present expansion Many foreign delegations be willingness to renew the and the toughest Secretary of agreement, programme. Later, the Schuten lleve that the
negotiating would centre be Plan high authority is expected Agriculture, Ezra Taft Benson, tween the United States and in underwrite toans from outside has not yet made up his mind British delegations,
to sources
whether the expand and improve
agreement should
If the United States deleg the steel Industries of the six
be renewed and still less what tion is willing to renew tho price a bushel should be
asked.
Sagreement. It would be for a Canada
showing the period less than the present one greatest 'gagerness to rtnow the of four years.—United Press. agreement which expires on July 31, because its delegation
try
out
member nations, including Ger
Up to the present private trading has been restricted to
The market considers · Chere those commodities of which the Stering Area itroll is the main
terins rather finely drawn. Not producer,
only will it be one of Those remaining subject to longest-dated Colonial stocks but are very young giris, and that oficial control have one thing in its yield to redemption is only much of it for modernisation.
contain about 3d more than that on the common-they all substantial element of dollar existing Southern Rhodesian 4 cost.
per cent stock issued last year, is redeemable 10 years This is precisely the kind of
which thing
To abandon all restrictions en that Britain fears 0.15 allowing Japan into the GATT, the import and resale abroad of sooner.
these commodities, therefore en- under which any tarit conces
in-talls the risk of dollar losses.
that would 'bo The pressure be granted to all other members of placed on the gold reserves once the decision was taken to reopen In all these The United States, which has the free markets
commodities would be very great comuni 2000 @ 240 less to fear from Japanese com-
Washington, Feb. 1.. peilion, wishes to gather Japon as was shown by the recent ex-
dollar
The Department of Commerce | aneu area and most favourable
Payments Union said today that the dollar value many, that European
In other fields, to Germana of retail sales in the U.S. during possible, and it is expected in balween the
countries. the the American delegation
This temporary restoration of 1952 was about four per fent expect to push cool output to Inter-sessional Committee meet-
was made greater than the year before, 129,000,000 tons in 1953
volume also
algo almost twice what France and Houston, Texas, Jan,'91..' A Houston construction Arm Ing will come with instructions commodity arbitrage
the Satna produce together. from Mr John Foster Dulles, possible only because Britain's and that physical
Total with the European was up. Government is leaving Japan out has contracted to build a plant Secretary of State, to see that overdraft
retail in Deamber, German coal production in 1952
sales IN
Lockport, Louisiana, the necessary machinery is put Payments Union had grown embracing the peak of Christmas hit 128,000,000 tons pland in the steel project, at
further deficit
The car industry was the a mission spokesman sald today, making newsprint from sugar
had to be settled entirely in buying, amounted to nearly
$17,000,000,000, the Departament third largest in Europe-behind Tinnosuke Hayashi, board cane bagasse, a fibrous residuo into action as soon as possible large that any
Reuter
gold. +
Bald, running approximately 10 Britain and France with pro- chairman of the Japan Steel Tube remaining once sugar has beta
MIGHT AGREE` Company and leader of the pro
of 420,000 passenger HIGHLY DANGEROUS per cent more than in Decem-duction
If the care and trucks last year,
ogreement is ber 1931. the Government has heard the said and Root Incorporated i
mission, sald today that
The report sald *1952 Output of the machine-tool renewed, Canada would and hers but they soon es permission by received Exchange Rates This meant that although from
Dellish dealera had to pay dollars prices, on the average, were Industry, which regulates, the self bargaining with her chief Bustiers was done in the local for the commodities which they about two per cent above 1051 rate of expansion and produce buyer, Britain, and the British finicial exchange match this subsequently resold on the Con prices,Therefore, retail sales tion in other industries, reached would not be prepared to offer might morning at the following rates
Bilinent, the Sterling with which of $104,000,000,000 during the post-war high of 10,000,000,000 terms as good as Canada U.S. dollar. (per $1)
foot rubber, untaled Ten they were paid was at this tune year four per cent above 1961 marks, in 1952. This was a 33 get through a stnewal of the
LOL hamrepresented wales of more por cent increase in value over agreement Sterling note pre
Canada and Australia, two big
No. I pale crepe 34,00 Meanwhile their Siam icals per 100)
Associated Press, Bingapore (Straits) '
exporting countrios, might FICA plastres". Lowr`300)
**** 1185 pronts and commissions were volume-Aisociated Press, gr="” | this
Tokyo, Feb. 1.
The Japanese Government is toing ahead with its plans for Bending a steet mission to Indfa despite reports that the Indian
of
Jected
reports have not been
Plant In U.S.
extracto.
will be built
for
the Indian team from the National Production
•had beca, no.
There Authority The plant will be in plans for built for Valite Corporation of the steel group to leave next New Orleans and will have n month for an on-the-spot survey capacity to process about 17,280
to
1.
or
of the altes for the stool-plant to tons of newsprint pad, diskolving Indonesian guilders (per - 905-21.30) was good as merchanting |- goodačná well as greater dollar Upajmotitank. "'la alitclimbing.
In the initial,
bo met up jointly with Indian and pulp annually Japanese capital-United Press, stages United Prost
20.30
1y
42
in reported to believe that Rubber Futures Canada gels a better price by Importing dealing with member nations. In the Council than by negotiating on her own with individual nations.
not
In S'pore
Prices
Singapore, Jan. 31..
of rubber futures closed today da. follows:- „Number 1 rulber,
** per15) March/aja
April Kay Number 7 rubber, Number rubber,
March 2284
Number.
archudder,
inket crepo...
2011-001%