Page
Crucial
THE CHINA MAIL, FRIDAY, MARCH 27, 1953.
For
Japan May Buy
Question Economic Future Of The United Kingdom
TRADE POSITION MAY WORSEN
London, Mar. 26.
Which will come first? America's response to the Commonwealth Plan and to the Washington visit of Mr Eden and Mr Butler-or the turn in the terms of British trade which can undo in a few months the patient work of the last year-and-a-half?
In the view of Britain's economic policy-makers, this is the crucial question for Britain's economic future and, indeed, for the future of the whole Sterling Area.
The economic situation, as they see it, is something like this.
· Testing Time Begins
London Comment On Rubber Markets
London, Mar. 26.
A testing time has now begun in the rubber mar- kets, according to today's Financial Times.
"The question at isster whether values will settle at fevels competitive with synthetic rubber or whether they will for a time be driven lower Ban the theoretical four level set by the United States" synthetic price.
much short terin depends on the performance of the Eastern market," this paper declared.
been
For the Inst year or more Britain has beet progressing slowly
but Surely towards economic safely. But not by its own direct efforts, not by exporting more.
The country has been ried forward by two things.
was caused mainly by the sharp rise in raw material prices after the cutbreak of the Korean wor Britain's while the prices of exports tagged for behind, 50 The improvement of the past car-year is believed to have been inainly the result of export prices catching up a little while import prices fell buck again.
The first was like a lide set- ing inward to the harbour. It ww the terms of trade, or the cost of what Britain bought abroad in terms of what she sold.
of payments crisis of late 1951 Just as the last bad balance
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning amount- ed to $318,275, Noon quotations
ilie morning's and
actions:---
MHARES DUYERS SELLENS SALES BANKS
20
In recent weeks there has
a good dent of paper activity in the Singapore market
HK Bank... with rubber changing ownership INSURANCES without being shipped.
"Next month inct in May speculative buyers will be having to decide whether or nas to take up their puretuses."
Sudden
liquidation
might force prices below the synthetic level for a time, the Fluandol Times submitted.
HOLDING UP During the past few days the London and New York markets have held up fairly well in face of the unngertain outlook in the East.
This may be due to » slightly more encouraging outlook. for European demand.
"Rubber prices have alrendy fallen substantially since the beginning of the year, und be- enuse of price uncertainties and
תן
their
Cantan
Vodon SHIPPING
Asan Nav
(nuCKS, EIL.
K. Whart N. P. Whart
1365
a 9
1.35
500 G
61⁄4 100 700 Wheelock 735 7.50 1300
Provident XD 10.30
LAND, ETC
HIC Hotel XD 1.10 7.35 1500 HK Land (0)
XD
5) S'hai Land 1.45 UTILITIES
Humphreys... 121,
Train
Peak Trama
(N) Htar Ferry
6.15
7.10
2004
1500
1000
1000 20.70
18
99 100
1004 D
EFFECT OF IMPORT CUTS
The second faelor in the im-
provement has been the import
cuts which have restricted the
Britain amount
Las spent abroad.
The danger HOW-US the eroromíc planners in London see it is that the inward fide in the terms of trade will slac- ken and may even soon backwards, just at the moment when Britain, under pressure from Europe and Latin Ameri- en and out of fear of reprisals, has begun to free imports from the recent restrictions. Without the external push of the terms of trade, and without the artiḥ- clul help of the import cuts, the economie boat would once finore drift helplessly out to seu,
ST LAWRENCE SEAWAY PLAN
Tin Supplies Canada Ready To
From Indonesia
Tokyo, Mar. 20.
Japan may afari pur- chasing tin from Indonesia In the near future Instead of from Singapore DA AS present, trade sources said today.
Although the prices of Banks and Billion tin, from Indonesia were higher thats Malay tin, the difference in price was made up by the fact that Indonesian tin was better quality, they claimed.
The Banka and Billton iin refineries were destroy- ed during World War II kul are expected to be re- slored and put into opera- tion this year, trade sources rald.—United Press.
Progress Made In Trade Pact Negotiations
Proceed With
Project
On Own
Ottawa, Mar. 26.
The interminable American-Canadian discus- sions over the St Lawrence Seaway project are seen here as at last coming to a head with Senate Foreign Relations Committee hearings on subject due in Washington soon.
MESSAGERIES.
M
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Ontwards "FELIX ROUSSEL”
"LA MARSEILLAISE"
Homewards
"FELIX ROUSSEL
Leaves Starlites
alled
17 Apr.
Hongkong
" 19 Арг.
· "LA MARSEILLAISE" 23 May
Hongkong
Apr.
10 May
Duo Mararifles
20 May
M June
For Manila Yokohama
Vis Nalgen Nalgon
via Marseilles to all Mediter ranean & West Africa poris. via Djibouti to Madagascar.
"MEINAMI" "MONKAT"
the "COURSEÜLLES”
Canada has reiterated her intention of "going it alone" if necessary, but reports that Senator Alexander Wiley, who is reputedly favourable to American participation in the long-discussed scheme, is launching a new drive to get Senate passage of a Bill, approving legislation to authorise United States participation have given rise to fresh optimism that the cost burden will be shared.
Apart from the intricate, power will be available nt technicalities to be ironed out, Lachine Rapids, near Montreal. observers here feel that it should In all, the official survey claima be possible to begin serious that the entire St Lawrence construction operations in 1954, Great Lakes water system is with preliminary work possible cap
capable of this year, The Canadian De-horse-power, of which less than
developing 9,000,000-
on the St Lawrence Deep Water- in June 1949, the way, published
estimates that
Tokyo, Mar. 20. Trade talks between Japanese Government and the visiting Pakistan delegation have progressed to a stage where the Pakistan representatives are awaiting instructions from the home Government 01 Dew Japanese proposals, a spokesanan of the Ministry of International Trade and Industry told Reuters today.
awa
Homewards
"MEINAMI" "PEI-HO"
"MONKAY"
FREIGHT SERVICE
Leaves
Bouckung
For
**«Bunklek-talled
3
Apr.
Antwerp-8 Apr.
23 May
Japan Japali
Hongkong
For
2 Apr.
Leaves
• Keelung-30 hise. -Keelung-28 Apt. Rerung-2 NAY Keelung-18 Juna
30 Арг.
30 May
20 Juna
ז
† Salgon, Marseilles, Algiers, Oran, Tangiers, Casablanca, Le Havro, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 68, Hongkong Queen's Building (Gr. Floor) Tel. 26661 (3 linea).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHA vin SAN FRANCISCO, LOS ANGELES AND PANAMA.
thepartment of Transport's blueprint
print half has been harnessed to date. Translating plans into action
already begun.
Ottawa there will be no sources point out. fewer than 117,050.000 man-hours authority has already been set up A seaway consumed in the course of six to raise funds for the Canadian years to complete the Jou, not end of the development and, even the before that, 300,000,000 dollara cuting that required for
electrical power develop-worth of work has been done in ment side of the undertaking. dredging 27-foot channels in most
the inland system. The seaway project alone will of the
250 million cost an
estimated
Ships as large ns 30,000 tons dollars (approximately £84.000,- (displacement) are already in 000). This includes deepening service, four of them having been 27 feet, Improving locks and dry docks on the lakes, Twenty-
channels to existing
minimum built in the past two years, at permit ocean-thousand tonners son, 50 as to going shipping to sull Into the But they are, of course, land- For Freight and Further Particulars please apply to:- heart of the Continent--vessels locked.
If the Pakistan Government reacts favourably to the new Japanese proposals, the chances are that a trade agreement will te concluded shortly, The spokesinon sald,
iinsan, Seeraded
017
with
calton
PERMISSION GIVEN
are common.
under
The spokesman revealed that the new Japanese proposals up to ten times the tonnage of EXPENSIVE OPERATION
those already called for an exchange of woods
making the The trickiest job remains. And worth
£30,000,000 each way passage.
this is a 115-mile stretch of American help in the form of truns-
The nually, Including Japanese
seaway plus the planned water between Prescott and Q new general vttack on doi-purchases of 600,000 bales of power development which Montreal, with rapids fouming lar trade Inrift reform, follar investment tan
problems, through Pakistan raw collon and Pakis-envisages the Installation of a through a drop of 222 feet in of about 130 2,200,000 horsepower hydro that distance. Prescott is today purchases overseas, and price stabilisation million square yards of Japanes. plant in the International Rapids the transhipment point where the 1300 | schemes for the leading com- cotton piecegoods,
ali section of the St Lawrence River plant grain ships must oft-load modities, could easily come to settlement in Sterling cush.
will run the bill up to over 800 their cargoes to vessels lale to do any good.
The
Pakistan million dollars. three-nan
And the sugges-3,000 tons and drawing less than delegation.
by Sainton is that the United States 14 feet to navigate the shallow British Government ecollo-
of Economic should meet somewhat over half channels mists will therefore watch an-
by-pussing the. Affairs, arrived here
of this sum on the grounds that successive rapids. 5. March xlously to see how ast the 6.10 Eisenhower Administration, fol-
The spokesman disclosed that Canada has already borne must What is proposed is that the level of the river should be 10.50 lowing the Butler-Eden
the Pakistan delegation had been of the preliminary costs. talks, 7.40 carries out its promised broad sisting that Pakistan could not
trolsed 40 feet, flooding out the examination of United
more States Duy.
falls than 70,000.00%
and creating a new lake. foreign economic policies.
Square sards
of Jap
Japanese cotto Whatever is eventually decided
will be an expensive operation, piece goods because her textile-and the mood here in Ottawa
not unly because of The situation, from this side industry was expanding. Ons that the United States must the engineering problems. in of the Atlantic, seems strongly the other hand, the Pakistan make up her mind soon, no vaived, but also because severa
of reminiscent
that faging delegation hos Indicated
that minute an authority with whom small towns and thousands of 20.0 Europe in 1947. Now, as then, Pakistan would like to import the Canadian body assigned, the acres of farm
orm land will be inun the question is "How long have large amounts of Japanese steel task can work, or else "use-outdated and compensation have to we gol?" and it is fervently
machinery, the ently products and
Canada has already obtained be paid. Several hundred miles hoped that another larrimon
man spokesman said.
the permission
ne-of road and railway track will of the Interne- *** C. Light 10 0.55 9.53 2500 m 9.43 committee will succeed in con-
Pakistan representatives also tonal Joint Commission to go live to be relocated also. 17D0 050 vincing political leaders in Con- suggested that the projected ahead when she
No exact dates have been set C. Light (Ni 6 0.10 1000 66 4 gress and in the Administration
trade agreement between the officials here paint out. There is here for work to start this 1000 4.05f the need for prompt action. Electric ..21.70
2850 21.70
two nations should provide for still a little time yet for Con-key section of the project, but 52 47 21.70
Japanese imports worth £30,- MAY END SOON
Canadian official spokesmen are 500 21.70
000,000, and Pakistan imports of
about the economie. 100021.70
£25,000,000, leaving an excess
which, they Though the analysis accepted
Insist, of Japanese imports of £5,000,~ in London may seem somewhat
waterway deep. flatly: By make announced far-fetched, there
000, the spokesman mid, - are good
The Labrador Gelds or earlier glost vessels essential. grounds for the British plea
They reverted this was to com- from the Great Lakes will be will be ready to ship 10,000,000 700 19.20 that their recent recovery, is
pergate partly for excess 120.00 precarious and may be short-
porte nade by Pakistan year navigating with ease from mid-tons of iron-ore a year by the Ontario western terminals 2,000 miles end of 1955, they say. lived.
amounting
lo approximately
State
will 15,000,000.
inland to the ports and industrial and New York
certainly need electric power They can prove that about
The spokesman said Japanese lies of the eastern seaboard from the St Lawrence by the half the improvement In Dri- exports to Pakistan last year
to go ahead with 15 ready to tain's balance of payments last amounted roughly to £40,000, or without the U.S. To Cunade end of 1950. Therefore, the it is a matter of facing economic target date for completion of the Ineta as well
to scheme, in Ottawa's as facing up to 1980 at the latest, and the sooner national defence responsibilities."
here The beller
the better. that Washington has so far failed to appreciate the degree to which over the trattle has increased with the opening up of the existing St Larwence waterway. buyrak
Teleptiona
XD
...... 10 to
their own trading difficulties,
nufacturers-have-been-ex-- tremely cautious
buying. "If an
it e improvement maid does occur its effects will INDUSTRIALS by fell quickly and will help to STORES, TIC. tide the market over a dificult time"Reuter,
The Rubber
Markets
Singapore, Mar. 20.
Prices of rubber futures closed
today as follows:--
Number rubber.
Dairy Walion 9 39.70 1. Crawford COTTONS
....... 10.30
Ewo
24
El 2.45
... 5.00 0.00
MISCELLANEOUS
Yangtze
500 @ 10.20 100 10.20
Wall Street
per 10. Aprot
721-
May
72-7
June
Number 2 rubber,
Hit By Selling Wave
April
69%
Ninüber 3 rubber,
April
Number 4 rubber,
April
Spot rubber, unbated
Blanket erep»
No. 1 pale crepe
The
1m-
cas
to climb aboard.
In a
wants to.
a recent oftelai-release, the firmer. Ottawa Department
Department of External
Affairs
1960
Canada is
Labrador iron mines
is
and other
is foreseen in Ottawa
that
a very few
deadlines
the
on
view,
Japanese Steel Industry
yeur was due to better terms 000 Sterling, whereof 40 per cent of trade. These (the ratio of was cotton plecogoods, while cost of imports to value of ex-
Japanese Imports from Pakistan ports) are now only three per in the same period totalled cent higher than they were at £25,000,000, whereof 80 per the outbreak of the Korean war cent was raw collon.
having once been 20 per cent
At the outset of the current higher we are almost back at talks, the Japanese Government June 1050. But in June 1950 suggested that Pakistan the trend was already upwards 150,000,000 square yards of and had been so, with pauses Japanese cotton piecegoods in developments of the same order. und interruptions, since 1938. return for Japanese purchases existing facilities will be totally New York, Mar. 26. 044-%
of 500.000 bales of Pakistan raw inadequate within Stocks fell in fractions to
It is certainly ominous that cotton. 0314-54% more than "
point today in the terms of trade, which were 715-2
active
Japanese Government years. dealings. All 0115-0012
depart already eight per cent worse subsequently has made conces Cargo ships laden with coal, 83-B
ments joined in the self-off. than pre-war in 1946, had be- sions in liuse with the new prowheat, iron-ore, oll, the bulk of United Press. Most of the selling took place come 16 per cent
the the world's pulp and paper. 85
Tokyo, Mar. 26. above. worse in posals explained in the Ins! hour of
1947; 25
Throa loading Japanese steel per cent of the world's nickel after the ilst.had
spokesman said, 1960: and by 1951 the higher tendencies earlier in
Trade sources said Japanese (from Sudbury, Ontario) already makers plan to establish a joint much as 40 per cent worse. session. Dealings in the final
cotton textile trade and Industry jam this vital artery during the office in New York. probably in hour were
heavy
Looking at the trend in per-were watching with keen inter- eight months navigation season June or July. It was reliably tickers ran late for a period of pective, it would not be aur-est the developments in negotia- and storage facilities are serious learned today.
Spokesmen of the Yawata Iron 2-11 minutes. There was nothing turned out merely to have ac-
the Korean prising if
boomtions with Pakistan, which is onely overcrowded. 21-
of the largest customers of The big ship locks at Welland, and Steel Company, Fuji Iron in the news to account for the celerated a long-term
and Japan where the 167-foot drop of the and Steel Company, 31-lute selling movement.
move-Japancre coiton goods.
Company said the 219-9
Cotton textiles from Japan to Niagara Falls between Lakes Eric Steel Tube ment. If thats so, and the Transactions
totalled today 21-
been seriously and Ontario are by-passed, and projected joint office would be of 1,208 recent improvement means only Padsian have two million shares.
primarily designed to gather in- between issues traded, 683 closed lower, that the acceleration has now handicapped since last August, at Sault Ste Marie,
238 been checked (possibly 287 held unchanged and 288 than checked), then the intent | suspended open general licences: have been handling more traffic ing cool and scrap iron situa- more when the Pakistan Government Superior and Huron, are said to formation on the American cak- British Trentury Bulletin for-Reuter. that "since the middle of 1952, Industry is right in concluding
generally export prices have
LONDON MARKET
Lontian, Mar. 26, The rubber market was quiet todty. Peleen closed as fol- Ious
Number 1 rubber,
trenes per f.
May
Junie
July/September
January/March
October/December
-United Press.
LONDON TIN
MARKET
that
per cent wor
were
in
as
advanced. As measured *by averages, industrials were down $1.38, rails were off 50 cents and utilities closed off 38 cents. Northern Pacific was a weak
while spot in enrriers. It fell 14 been stable or falling, London, Mar. 20.
world prices of many TAW The in market was steady points to 75%. The Union Pacific
Turnover was down a point to 113. General United Kingdom have recently materials Imported by the Prices closed at Motors led its group downward ceased to fall. There can there- the end of the official morning with a loss of 1% points to 60%.fore be no assurance of further. Chrysler at 844 was off 15. 937 Utilites moved within a narrow
nt the lower levels. was 30 tons.
ression as follows:-
Spot flu, buyers
Spot Un, selfcra
Iusiness done at
Three-months tin, buyers
Three-months tin, sellem
Business done at Settlement
United Press.
ni Dow Jones averages at the end
031
937 of the session:-
03130 industrjoin`
0
JAPANESE BONDS
London, Mar, 20.
Japanese Bonds,
**A” (43. of 1899) 61 -"3" (45. of 1910) 72 of 1807) 125
"D" (63.
of 1924) 100%
20 rails
15 utilities
40 benda
280.00
110,81
53,23
07.45
United Press.
Exchange Rates
assistance from improving terms of trade.”
Weekly Bank Statement
London, Mar. 28.
The Bank of England
Grain Prices In Chicago
Chicago, Mar. 20.
Prices of grain futures closed today as follows:→→
Wheat-price per blishel Spol
1274 nominal May
July
September
December
Corn
state-
Spot May
July
ment for the week ending March Septembar. 25 reads as follows:-
December this Notes in ́aircuts for €1,480.703.840 Bye
Public deposits...
3.015 Privalo deports.** 19.83 Clovernment securities
Business was done In the local unomdal exchange – market morning at the following rates:- U.B. dollar (per 91). Sterling nole per £1) Indonesian tuliders 00% Sam Leafs (per 100)
Bingapore (strella) IFIC plastres (par 100)
** (522 of 1930) 144
*
Consola
United Press,
40.000.105 May
23,070.100 (per 100) 20.00 | Other securities, wit
34,80 Receipts
1.50 Bank ap
13.00
MAY
- 303208,570 | July ||
343,110,430 Dats
63,307,109 July United Press $1320 nominal-Uni
New York flour-
Jack
than the Panama, Suez, and Kicttion, but later might attempt to canals put together during the make joint purchases of these
steel manu last two years, despite the fact raw materials for
facturing. that the winter ice season hall
One of the spokesmen said the their operations four months in Japanese steel industry had been 12.
at a disadvantage becăuse it had HYDRO-ELECTRIC PLAN
had to import raw materials, et- Just as important as the sea-pecially coking coal, on a cit way itself, in Canadian eyes, 1s basis, and hoped that the pro- the hydro-electric power project, fected joint office would contri- Fantastic as it must seem, butė toʻreducing import prices of Canada's
o's consumption of elec-their raw materials, tricity has multipled four times
in 20 years, and is continuing to Iron arid Steel Company la men- MrTadayuki Ota of tho Fuji
riso at a rate of ten per cantioned as the probable chief of per Danum. The Dominion's pro- the projected office, which will bo duction now levels that of Britain staffed by a few experts of each and is exceeded paly by two other of the three companies.
Tho Japan Iron and Steel countries, the United States and Russla This E, in itals, niFederation had a similar office in measure of her rupid industrial New York before the war.
The Yowata Iron and Sice) expansion.
Ms, company has recently set up að Apart
from now power offres in Duesseldorf, West Ger generators envisaged under the marty, while Lilo Japan Iron, and full seaway scheme, it is said that steel Federation is preparing o the deepeting of the St Lawrence plan to open is pfice in Western will enable the existing hydro Europe to keep Japan's steel In- plant at Beauharnota, to tap more dusit-posted with movements of power than it can at present, the Bohuman coal und steel pool, whlin another 1,289,000 ~ horse-outer..
NEXT SAILINGS
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May 2
Calling Vancouver,
ARRIVALS FROM U.S.A.
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Apr. 14
Apr.
ADI
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JERSEN & CO.
Pedder Building.
Tel. Nos. 36066-9 Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20461
Bates and rotation subject to change without notice. At liberty to proceed via other ports to laxit/dbcharge cario,
EVERETT
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EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korca, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong,
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Apr. ̄ ̄ ̄ ̄ ̄ ̄ ̄IromTMMahil. Apr. 7 for
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Arrives
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Apr. 24. for Kabe * Yokohams,
(Accepting cargo for transhipment) Kobe/Pusan and Kobe/Okinawa)
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Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
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Apr. 2 from Japan.
Apr. 3 for Singapore, Port Swet- tenham, Madras, Colombo, Khor- Bombay, Karachi,
ramshahr,
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Arrives
Sails
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Apr. 4 from Singapore Apr. 5 for Kobe & Yokalamu.
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EVERETT STEAMSHIP. CORPORATION S/A Queen's Building, Tolophono 31206, Chinese Department: Telephono 28293.
24
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