J
THE CHINA MAIL, WEDNESDAY, MARCH 25, 1953.
Flow Of Japanese Firm Now
American
Dollars
Assembling Austin
Sign Of Recovery A-40's
In Europe
New York, Mar. 4. The flow of American dollars abroad both in trade and ald—now exceeds foreigners amounts need to pay for goods and Services bought here.
the
Other nations have added
tu their old and dollar reserves in the last
nearly $2,000,000,000
In Yokohama
Tokyo, May 24. Austin cars are to be assembled and eventual- ly manufactured in Japan by the firm which copied the first Austin "Seven" over 20 years ago.
still The Nissan Automobile Company, making a modernised version of the copied Austin, has switched part of its production to the popular A-40. The first cars are expected off the assembly
11 months. They werline within the fortnight.
been
swelling, their sture of dollars until the middle of December,
Since then they have taking gold. It has been flow. ing from the United States at a
$50,000,000 worth rute of
week.
21
This is a flow of gold-not a drain
gold resurves of U.S. (although they are now 2.2 per rent lower than a year ago), am certainly not light of Rold.
more vigorous
strides
"The luward internal and external economic stability marle by foreign countries" is hailed by the Federal Reserve Bank of New York in its March review,
MAY BE LARGER
cvrs
#little
That is only
ever three months since Nissan sign or the trement with us," said Mr John V. Gray. Austin's foc tory representative in the For
"It is how the
amazing absolutely
KOL Japenes have down to work, The company kus propored
magnificent
EXPORT OF
DRUGS
TO CHINA
Statement In The Commons
plant at Yokohamın almost over- night."
The new factory alms at pro- year. At ducinic 2,000 cars
assembled first they will be entirely from British-made parts, but Japanese parts wil
be gradually
incorporated. Within five years the Nissan Company will lie building A-40s completely on their own.
"Output must remain fairly
the low as long as
Japanese have to import from Britain," Mr Gray said.
NO LIMIT
"They are running very short uf Sterling and can afford to buy only a comparatively smo?! rumber of British card, Wher
their they are building
own A-40s, there will be no limit.
An Osaka 'plant is already assembling small
reur-engined French Renaults. German Volkswagens, fiercest foreign competitors of the British motor built trable,
be may shortly
Japanese-built foreign
be
The National City Tank of New York, expecting the heavy U.S. government outhys of dollars abroad to continue, says, The rise in fortg gold and dolfar holdings Inby h larger this year than In 1952."
too, gives edit to "the
of swal use
and
London, Mar. 11. successful
Thomeyerofnearby. Fredit policies to suppress in- Mr Peter ternal Inflation" in many other President of the Board of Trade,
re- carmot IL Jands. notes the "light for-
Position has clarified the
contrnet eign exchange and trade restric- Carding the export of strepid Nissan
the phatically that A-40s bulit tions," especially in the British
<if my
ured an
assembled in Japan are strict- Sterling Area. And it stresses
treatment of tuberculosis
ly for the home market. "the continuance of abnormal other dorate--to China. U. S. outlays abroad."
After he bad told the House Last year
the U. S. govern-of Commons that, so far as he Kave $2,400,000,000 in war aware, an streptomycin hi ecimomic ald, spent $1,500,000.- been
been exported from this cou
Thent
DOO
Abroad
and
T
cors
Would Be Disastrous At Present
Landon, Mar, 24. Lord Bruce, Chairman of British Finance Corpass- tion for Industry. told
American businessmen here today that to allow freo convertibility of blering
would present
.be disastrous.
#
Lord Bruce, a former Prime Minister of Australia and now a leading fruro in Lendon Ananofal cireles, was speaking as a lunch of the American Chamber of Commerce in London,
"A quite twarranted. optimism has been shown even in the highest quar- tern with regard to the pro- meni portion of gold and dollar reserves," he mids
He did not believe that the freeing of the Pound Sterling was the antwer to present dimiculties.
"The result would In- volva a second devaluation It would be of Sterling, disastrous if you did it at this moment," he said.-- Reuter.
MERCHANT NAVY MESSAGERIES.
RECRUITMENT
AND WASTAGE
Liverpool.
M
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Outward "FELIX ROUSSEL"
"LA MARSEILLAISE"
Tomewnids
"FELIX ROUSSEL"
Leaves Marseiller
united
11 AUF,
10 Apr.
* May
Hongkong
vla Marseilles to all Mediterranean & via Djibouti to Madagascar.
Many may consider it regrettable that the LA MARSEILLAISE" "How do I go to sea?" course, held in Liverpool, was poorly attended, says the Liverpool Journal of Commerce.
Whether this was due to the economy axes which are being wielded just now by education authorities, to the reluctance of people to stay in Liverpool, or to a general lack of interest in the course of its objects, we are not in a position to judge, the publication says,
Il may be recalled that a few years ago, when it was proposed to hold these courses from time to time, we expressed the opinion that whilst they could not do 'might not do any harm, they much good; also that if any
parent or boy desired to ascer- tain information concerning to- crultment and training for the Royal and Merchant Navies, and conditions of
therein, employment
In facilities were already 10 existence, especially as far as the
Was
concerned, since hod, and still has recruitment centres up and down the country, and the Admiralty has sponsored advertising campaigns in national Press.
FOUR NEW Royal Navy
TANKERS
the
Japanese
Pact With Pakistan
To Be Concluded
This Wook
Tokyo, Mar. 24.
A trade pact between has been any Japan and Pakistan cover- ing £60 million both ways is
ON ORDERecessity to sell the sea as a
New York, Mar. 24.
deadweight Four new 33,000 ton tankers with speed in excess of 17 knols, have been ordered
the from
Newport News (Virginia) Shipbuilding
and Co. shipping sources
sold abroad. The orted.
sintes
career, and that, it seemed to us, was the main object of the to be concluded by the end of this week, a well-inform-
courses..
A
general
already been
There have always been, ined source said tonight. peace-time at least, more пр- plicants for posts in the Merchant Navy than the service has been able to absorb, and the problem as we saw it and still ree was not how to get an adequate number of bays of the right type the amount or
to go to sea, but how best to dock and engineer persuade officers and men to stay, and a "dend end" not regard it as
the world had when travelling ceased to be a novelty.
HIGH PRICE
Prices have yet to be fixed, but they are certain to bo Hongkong it maintaining
by Chin
An imported A-40 selin bigli. buying troops
military the first six months of 1050, Dr
in Japan for £1,200, thanks to materials, granted $2,250,000,000 | Barnett Stroz, a Socialist mein-
the crippling 08 per cent. im- pre- worth of military aid and U. s. ber, and Ce House had
duty.
The
locally- future port overseas investments added on- viously been told that
normal assembled model will get some other
$1,250,000,000 to foreign
export: to China
tax reductions, but it will not civilian
would reserves.
purposes
based on the amounts exportedbe below £1,000.
during that period. He asked
none more
Add to this what other nations made by selling the U.S. goods. transporting U. S. produels, and entertaining American tourists- end they find a total of than $19,250,000.000 available. before They had The year $1,000,000,000, more than that.
Since they needed only some $10,000,000,000 to pay for what they got from the U.S. in they merchandise and services, have been able to swell their reserves,
BRITISH PLEA
This switch from dollar short- nges to dollar surpluses has not gone far enough yet to put them out easy street. But it does give point to Britain's plea for "trade, not ald," and hope that ail can be reduced.
Britain, among others, wants U.S. tariffs be lowered-furthes But the Economist, laadiny London publication, roles that foreign exporters already have the benef of a reduction of over 80 per cent, since 1937, in the US. tarifi on dutiable imports.
Incan
M Thomeyeruft to give an as
that surance that, although Britain
during exported period because there was none available, this did not fast it would not expert strepte
Ching for normal civilian purposes in future.
Mr Thorneycroft replied that is the export of streptomycin
exparts governed not by the
of that, particular drug during the "base period," but by the export of the group of
to which it belongs.
He refused, when asked
|
The four ships were ordered by Grand Bassa Tankers, Inc., of Monrovia, Liberia, and will be operated under long-term time -charter by Cities Service Oil Co. The oil company has majority
stock interest in the tanker Arm.
Keet for the first of these vessels is expected to be luld in September, and all four are due for delivery during the last half of next усаг.
Such large, high-speed tankers are expected to all an important gap in America's defence, United States Navy has been arging private operators to build 20-knot tankers, in an effort to establish a modern high-speed
shipping for fleet of merchant
official said the four new possible emergency use. A Cities Service Navy wants.
the
Outwards "MEINAM"
"MONKAY"
Homewarda "COURSEULLES"
"MEINABI "PEL-NO"
"MONKAY"
ifongkong
19 Apr.
For Mania Yokohama
De Marseilles
FREIGHT SERVICE
Learet. --Bhunkirk—alled
Antwerp - Ap.
10 MAY
zo Miny
15 June
Vla
Halsen
Safron
West Africa ports.
ttongkong
For
Apr.
z3 May
Japan Jupati
Hongkong
For
2 Apr. 30. ADF.
30 MAY
Keelung-18 June
20 June
Leares ...estung-30 Mac. -Korlung-21 Apr.
† Saigon, Marseilles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES maritimES P.O. Box 53, Hongkong Queen's Building (Gr. Floor)
Tel. 26651 (3 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK. BOSTON, BALTIMORE & PHILADELPHIA vĒa SAN FRANCISCO. LOS ANGELES AND PANAMA.
NEXT SAILINGS
*m.v.
m.y.
MIL, W.
PANNA MAENSK" "LEXA MAERSK“ "PETER MAERSK”
• Calling Vancouver.
M.V.
m.v.
m.v. "RETE MAERSK
Apr.
ADT.
May
Apr.
14
Apr.
Apr.
ogreement has reached between the representatives of the two countries who arc Currently
ARRIVALS FROM U.S.A. negotiating the matter here on of Japanese in-
"LERE SAERSK“
JETESEN MAERSK" raw cotton, ports of Pakistani and exports of cotton goods to Pakistan which formed the the talks, the main issue in source odded.
When
agreement materialises, Japan will import of row Colton 600,000 bales worth £24 million from Pakla- £10 while 1ân,
exporting million worth of cotton goods
For Freight and Further Particulars please apply to:-
the
to Pakistan a year.
The above figures are subject to slight changes later, deponding on the volume of Pakistan's export of jute, and Japan's export of steel goods.
NO SOLUTION This is a problem
for which we cannot suggest o solution.
Further, we consider it will remain unsolved since niways there are so few adults who can
with
equanimity vegurd The That is the same price as the
prospects of spending the greater Nissan Company's "Datsun,"
part of their allotted epons away hos
from home. the tiny, tiny saloon that
This valved from the copied Austin
is the principat reason Under the proposed Dccord, Seven.
so great a turn-Japan's trade balance with. Its
why there is streamlined
bodywork
Navy man Pakistan is expected to register power, and, in part, why it is an unfavourable balance of more conceals an engine and chassis
over in Merchant which have not altered appre-tankers will certainly do all the necessary to employ many foreign than £1 million a year. Pnaiston clubly since the company's
seamen in U.K.-registered ships, wants to balance its accounts, technicns dissected the first
which showed a £13 million Austin in 1930.
the Journal ways. Baby
Attempts have been made to import excess last year, the same The Datsun was expensive
sttribute extraordinary personnel source explained. France- then-about £400-and it is
t
the Merchant Navý Presso. still expensive today.
wastage to inadequate pay and sub- standard conditions of employ- mont compared with those which obtain in shore Industries, but convincing proof that there is no truth in this is the fact that although pay and conditions in the middle of April to make at sea are now considered by an on-the-spot survey,
According to sources close to every fair-minded person to be
Japanese Goverment, the first rate, there is all an unduly
iden is to set up a plan for ex- high man-power turn-over each year, and the average length of porting farm implements, fer- sea service is in the region of Ulisers, and agricultural tech- nique to Pakistani la exchange only seven years.
(or rice-France-Presse,
pro-
There is no chance of drugsducing a Japanese-built A-40 any cheaper. unless row by material costs decline sharply in the next few years. - London Express Service.
to
| Dr Stross, to give an assurance
that there will be no ban the export of streptomycin China for normal civilian pur- poses. The amount of exports, he said, will be based upon the six exports during the first months of 1950. not of that of drugs concerned. Specie drug, but of the group
Footnote:-Brigadier H. Mac- kron, the Secretary for Over- sens Trade, told the Cominons o Dec. 18 last that the export
The Rubber
Markets
Singapore, Mar. 24. Priees of rubber futures closed to Chin of anti-biotics, in today as follows:-
is not Number 1 rubber, Her 19.
Apri
May
"President Eisenhower's Pub-ding direptomycin, lic Advisory Board for Mutual prohibited but is limited 10 Security proposer that America normal civilian requirements. June eut present tariff rates by about The group of drugs known as Number 2 rubber, April one-third and set a ceiling of hoti-bioties also includes pen-Number 3 rubber. April..
cent on all but a few villin.
40
01
per comm:ditics.
The New York Federal Re- serve, however, points out: "The ability
Western European countries to strengthen their posi tion in the American market will depend to a considerable extent on whether they pursue mone- tan and general economic policies which will permit their exports to compete here in priev, In quality And delivery schedules."--Associated Press,
Bauxite Mines
In Malaya
Tokyo, Mar. 24. representatives Five Japan's
aluminium refining are to leave Tokyo companies on en inspection trip to Malaya early in April, according to trade circles,
The Brat Japanese visitors to Malaya since the war, they will
Japanese
Trade Agreements
Number 4 rubber, Apri
Spot rubler, unhaled
| Blanket grepe v
No. 1 paje crepe g
כל
7356-54
734-11 49%-70% 0097-071
04-044 722-73 04-08 #240-0715 United Pres.
NEW YORK MARKET
New York, Mar. 24. Prices of No. 1 rubber futures closed today unchanged to 30 points lower on sales of 20 con- tracts.
No tanker now in existence is larger than these four, but seven on order will exceed them in size while three others under construction will have about the some size.-Associated Press.
Japanese Delegation For Bonn
Bonn, Mar. 24; A Japanese trade delegation is expected to arrive here early in May to negotiate a new trade agreement between Japan and West Germany, Government sources said today.
The sources sald Japan was interested in higher export of silk, textiles, including raw basic chemicals and whole all to Germany. Germany's main ex- Items were machinery. port
including potash, dertilisers chemicals, pharmaceuticals and motor-cars.
WOJ
The No. 3 contract finished
The present agreement nominally unchanged with no
concluded in August 1951 and sales reported.
Spot dealers described the exptree on June 30 next. It pra
vided for an exchange of goods extremely outside market
worth $30,000,000 each way. It dull.
still uncertain however fol- was
whether both Irties would lows
agree to the same volume in a new agreement, as the quotas of the present agreement had been only partly fulfilled, the sources reld.
Prices closed today as
No. 1 standard rubber
Tokyo, Mar. 24. Japan will be able to conclude trade pacts with various Arab nations, the head of a Japanese May trade mission to the Middle East July
Enst, declared Near and the upon his return to Tokyo,
Sceni
March
20.10
20.03
25.03
*
24.00 24,55 nominat
No. 3 standard rubber May
The German-Japanese clear- 23.75 nominal ing account showed a German 23.50 nominet Surplus of $2,080,000 carly last month. The credit margin under 23.00 nominal the present agreement was fixed
at $9,000,000-Router. ***United Press.
23.25 nominal 23.00 nominal
23.00 nominal
Mr Shinsuke Asuo, head of the May
on, visited five nations in of mission.
the Middle and Near East-Syria, July Lebanon, Iraq, Iran and Turkey September December to negotiate trade pacts,
March Mr Asto said his mission asked May these countries to remove dis-
LONDON MARKET criminatory high tariff hates on
London, Mar. 24. Prices of rubber futures closed Japanese goods. Though under
position, he standing Japan's
not afford to today as follows: said, they could
Number I rubber, in centa rates on reduce the current
Der lb. Director Kiltue Yasuda of the
they must❘ May Japan Light Metal Company textiles because
develop their own
textile in- June
July/September said that actual negotiations for
October/December the. purchase
Malayan
are, however, expected January/March bauxite would not begin until be and other members of the to reduce the present tart raios
generation
10 days to Inspect the bauxlle mines in Johore.
Tayl
of
inspection team bad
returned an power
from Malaya-France-Presse.
PRICE CUTS :
New York, Mar. 24. Lustro Fibres, Inc., announced substantial prico reductions in apun dyed "Fibro," which comes from Courtaulds, Ltd. of Britain. firm gave no particular The reason for the cuts other than to may the action was taken to "Improve its competitive position and stimulate sales."
Biggest cuts were in tan and khaki with prices dropped 10 trom 30 to 40 cents a pound.--Associated Press.
plants,
irrigation equipment and railway materials which they need mosi. Japanese exports to these nations would run up to more than $100,000,000 a year if trade
added.- pacts are signed, he France-Presse.
Rice For Japan
United Pres
LONDON TIN MARKETS
London, Mar. 24.
Grain Prices
In Chicago
Curiously enough, none of the speakers who addressed those attending the course referred ta this aspect of life at sea.
28
FARMING MISSION
Tokyo, Mar. 24. Japan will send a six-man agricultural mission to Pakistan
the
AGENTS:
JEBSEN & CO.
Pedder Building,
Tel. Nos. 86066-9
Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20461
Dates and rotstian subject to change without notice.
At liberty to proceed via other ports to loxdƒdlecharge cargo.
EVERETT
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EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT"
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Penting,
Apr. 0 from Manila. for Apr. 7
Singapore, 'Rangoon~~~~~~~ & Calculia.-
"REBEVERETT”
Arrives
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RICE-GROWING
Karachi, Mar. 24. To have done so might have Food Minister Plibada Abus today been considered just as importani Sattar told Parliament
mentioning rates of pay, the Japanese Government annual leave, shipboard routine, greed to send Japanese experts &c... and would certainly have to Pakistan to teach Japanese given a better-balanced picture. methods of rice growing.
The Minister said the Karachi Government had asked for the
in experts
the hope that Japanese methods might enable Pakistan to increase her rice pro-' duction Associated Press.
Want Harbour
Facilities Modernised
Deposits Of Key Mineral
Madrid, Mar. 24.
oMcials have Barcelona port called upon the Spanish Gov- emment to undertake long-term
Calcutta, Mar. 24. Indin boasts the world's largest investments totalling 700,000,000
deposits
key of sillimanite, peselas to expand und modem- the Barcelona's harbour facilities mineral in glass making, the the authorities deem to Geological Survey of india has which the
announced.
in the Khast and urged the immediate investment Jaintia Hills of Northern Assam of 300,000,000 pesetas for the State reach a 20-fect depth and construction of a drydock cap- contain more than 251,000 tons, The deposits able of servicing ships displacing the survey sald.
be
Spunte. nort
authorities Deposits
up to 15,000 tons, Officials term were first discovered after World ed the construction of this dry-War I but full exploration has dock
Extraction of the mineral on out that the a commercial scato 13 now pointed
out
.by Pilkington absence of a drydock for vessels carried
forced Spanish Brothangland. The firm hopes of this tamage
of St Helen's, Lanca- to
ehäre, merchantmen and ocean liners
production of put into Gence for hull scraping for an annus! and general cleaning operations 10,000 tons.
Named at an annual cost of 60,000,000
an American Silliman, lo Spanish steamship geologist, Benjamin
who discovered the mineral in operators-United Press,
Connecticut in the 19th Century, aillimanite has been found in STEEL OUTPUT
Norway and Czechoslovakia,--- Associated Press. IN JAPAN
BCG Barcelona's most pressing) decurred only recently.
pesetas Chicago, Mar. 24. Prices of grain futures closed today as follows:→→→
Wheat-price per bushel
.
Tokyo, Mar. 24.
The February output of steci
after
and steel products was virtually JAPANESE BONDS
Informational Trade
Spot May July
Beytanber
December Corni
1.001
asa | Onta
May
Seplanter December Ilye 043 May July
May
10015-1.00
1.63 Bocording to
UAV
New York flour-per 200 $13.20 nominal-United Pr
The tin market was barely steady. Turnover was 25 tons, Including five tons for cash, Spot Prices closed at the end of the oficial morning session, : as. follows:- Rome, Mar. 23. Italy exparted 95,059 tons of Spot, buyers Boot tip sellers rico to Japan during 1952 out of Business done at a record expatt total of 280,000 Three months tin, buyers tons. The 1052 total was more Three months.Un, sellers than 69,000 tons over the 1051 export figure.--United Press,
Business done at Bettlement
United Fresa,
on the same level as January, of the Ministry
and production of plgiran 117-1.101 totailed 297,083 ton-- declino of five per oral. The steel ingot output totalled 262,143 tonsun- changed from January-France Presse,
London, Mar, 24.
021
72%
Japanese bonds
"A" (ks. of 1890) *B", of 1010) "C" (68. of +1007) "p". (8 of 1924) *** 5%..of 1030) Consola
United Press.
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Yokohama,
(Accepting carzo for transhipment) Kobe/Pusan ant Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
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BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms I (a), 1(b), and 1 (c); }
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH.