Page
THE CHINA MAIL, MONDAY, MARCH 30, 1953.
SECOND THOUGHTS
On Anglo-American Financial Talks
Some Of 1951
Britain Retraces
Steps Taken In
(FROM OUR OWN CORRESPONDENT)
London, Mar. 29.
The conciliatory attitude adopted by the Chancellor of the Exchequer, Mr R. A. Butler, at the Council of the Organisation for European Economic Co-operation meeting in Paris last week has given rise to second thoughts regarding the outcome of the earlier Anglo-American economic talks in Washington.
It now appears that while giving its official blessing to the idea of an eventual advance towards convertibility for Sterling the American Government asked Mr Butler to delay his plans until the other Western European countries were ready to join in a general assault on the cur rency restrictions,
it
Indeed, this. would be a logical compromise for the United States has given almost equal importance to plans for closer European economic co-operation as has to its advocacy of greater freedom for currency and trade.
is not
In any event Britain has now offset be hopes that the "lack" Northern Ireland etcetrivity issue retraced some of the steps she in the American economy will be to lighten the terms of this loan. took in November 1951 and again taken up by other forms of ex-
At a four per cent "goniun". in March of last year when im- penditures,
rate with a life (to 1973-38) live ports were stashed to arrest the While American spending by
Lo
longer, and styon years loss of gold to Western Europe. | businesses - ai private
The decision to raise the quota dividuals as well as by Govern-priced at 96, the Scottish lon
was less attractive to investors. certain imports and to freement
expected to fall than the Northern, Ireland issa athers from all restriction will this year-and should in fact of £2 million
of 4% per cent enable Wester Europe to cami Daring """"le" Economist" a further £32 million of Sterling survey suggests that the rate of on stock at 99.
Subscription fists for the North of Scotland issue opened on Friday, when the delay in am- mounding the result added to the İprevious uncertainty in the gilt-
edged market to prodner further slight easement of prices earlier in the day.
in the second half of this year, such spending may begin to de-
These varnings luuld beeline sune tone in 1951. raised by another 28 million aa
Even then a "poure" og re- avoided by a result of the higher currenEy Cesaitall allowance Britons may now claim prompt Auerlean Guvemament when they travej abroad,
These arcessions were PHYS
France haps inevitable.
and Haly, who have both been badly bit by the British import restrie- tabs, were
pa es de not
arbon.
114
Unfavourable JAPAN'S NEED OF MESSAGERIES
Japanese
Trade Balance
Japan's
Tokyo, Mar. 20.
International frade Jor the second 10- day perind of March show- ed an unfavourable halance 12 billion You, of over according to the Financo Altnistry.
Exports were 11.373,000, 000 Yen, walio Imports stood at 24.039,000,000 Yen, respectively a decrease of roughly 1 billion Yen and
Q17
n increase of 2 billion Yen.
The major products
Borted, were Iron and steel products (1.6-tillon Yen). khips (1.9 billion Хел). cotton textiles (1.24 billion
Yen). The major imporis were raw cotton (nearly 4.5 billon Yen), petroleum (2,4 billion Yen), wheat, raw wool and coal. - Franco- Presse.
A FIRM HAND
COMING GENERAL ELECTION
London.
Japan faces her second General Election with- in seven months, and the prospect is as doubtful as it could be.
When Mr Yoshida's Government returned to office last October its position in the House of Re- presentatives had been weakened by the loss of 40 seats, leaving the Liberals a slender majority which was all the more precarious, because of the personal rivalry between Mr Yoshida and the party's former chairman, Mr Hatoyama....
The man
group around Mr her favour, but only because she Hatoyama proved sumleient to is still heavily dependent on the bring about the Government's United States, downfall, but its action merely renders more confused a politicili situation wiready full of certainties,
On her visible trade account.
un-Japan has deficit with the
United States of about $450m. 4 year. of her receipts, of $2.284m. It 1932, invisible ex-
HONGKONG under Mr Shigemitru, a former parts accounted for $995m, Near.
SHARE MARKET
$267.000. Noon
The Progressive Constryntives,
Ambasador to Britain, bad 09| by rents of the Inst election, and them. Hikely culcem. now
a couition between this party and the disident Liberals.
stoom. of earnings
ngs from in- Vidze
arage from Korean war
var expenditure and the support of American troops in Jin, Without these orders and American economic support in ather directions Japan would be in a precarious position,
The 120 Socialists in the Lower House are about evenly split be tween left and right wings, and the extreme left seems to be out LABOUR TROUBLES (From Our Correspondent)
of the picture, the Communists
Industry's Inbour relations Businers done on the Stock having lost 22 seats last October. Exchange this morning amounted
have deteriorated as a result of The prospect of a strong 'Gov-the disastrous eval and elceris quotationserrament with a unifted policy power strikes during the closing and the morning's transactions--and a good werking majority months of 1952. The cral strike busted two months, and it was Yet ceonomically
at finally settled without real satis Japan
to either employers or faction present needs more then any trade unions, The employers. thing else having so recently escaped from direct influences of
SHLARES BUYERS BELLERS SALES | therefore scems poor.
Asia Now... 140
1333
tirm hand on offairs, 1:09 170g their pusition strong.
BANKS
11K Bank Most Ash INSURANCES
1253
703
it
SHIPPING
1000 1.40 the
DOUKS, ETC.
Occupation.
K. Whigf
XD
1000
0.14
NOT ENCOURAGING
Dork XD
10.00
Provident Wh
735 743
LAND, ETC.
2011 1.20 730 106 » UK Lam +D! 53 XD Sha and 1,45 1.52),
12:00
1.30
ful, though thi acement
that applications up to £250 would be accepted in full, and larger applications scaled downt no! comm to an per cent, did will the cluse, the fumly ended the week on a Bemer note.
+ There was also an easier trend in the industrial share unike. This was partly due to the diminishing hopes of tax reliers in the Budget and partly in a number of disappointing dividend annuncements.
. P. Wharf
UTILITIES
Trem
وم الار باشد
there
ngainst Government inter- vention which produ, da settles ment. The unions, having made extravagant demands in the hope fof ch menstr...ling their a bersecured an improvement of
she is to strengthen economy, attain a balance
per cent in wages and as a payments independent of Amerl- result weakened themselves, en- een dollar injections, and if Muring the break-up of the further labour disputes are to be miners' federation. 20.76 volded, her new Government's
policy must be amething better The electric
supply strike led than a compromise and more at-to half of the unde ombership fractive than an agreement not breaking away and the unions to act contrary to party lines. .... 21 50 22 200
have played into the hands of Excnomically, 1952 records are the power companies, who prefer far from encouraging. Industrial to handle labour relations of a activity was maintained on the company basis,
P. Tam (0) 36 Star Ferry
THE QUESTION The important question, how- Sait of action ever, is what threatening to rewould he required by Britain and taliate by cutting their OWI other Sterling Area countries it
from this country.
the events of 1945 were repeated esertheless Britain's decision "reliberalise"
of its trade in 1954 or 1955.
Significantly, The Eermomist" with O.E.E.C.
with this question deals without significance,
thanth The present plan for Until
recently British officials were still insisting that Sterling dal nut exist. It points the time had not yet came to four thit British policy should, the event of even a slight the import restrictions. The American recession,
do every question is what caused them thing in its power to mamtain its To change their mind?
| dollar earning power.
LESS SPECULATION This would have to be done leven at the expense. of seine Even more
Prices moved irregularly but significant is the
industries IFT fact that British ficials have unemployment
on the whole were well maun- lained. alse modilled their ideas enrern-during consumer genels and at
Between Moulay and The risk of embittering relations
20.20 Watson "Financial Times" ing a renewal of the European
with
MISCELLANEOUS Commonwealth Friday the certain
index fell by only half a point, Payments Unions agreement.
Yangtze SING countries,
Speculative nutivities were less evidence than In recent werks
PAYMENTS UNION
mom.hs' notice.
This has now been changed
fra a request-granted
other embers at the Unton- for a formula
[J1
have to
A short time ago Britain was For Britain wouhi insisting on the insection of an "escape clause" in the agreement, resist their demand for British other giving her the right to withdraw capital equipment and
three potential dollar-earning goods. Unitar the from
Other moves suggested by The try counteract the Eronomist" by effects of an American recession "inder of priority and to be written desirability"-are tighter import restrictions but against dullar into the agreement by which n member may withdraw from the imports only: price stabilisation Union only after ample notice and stockpiling schemes for the and the other Sterling Area raw materials; and has been given members have had the oppor-depreciation of Sterling. tunity of discussing it
The fact that "Britain has agreed to
to an
extension of the
1 clear, Ahen, that the effects European ****
anPayments-Unionetan-American recession on the system for a further 12 mths Sterling Area's economy would from June 30 next is regarded as in any case be extremely grave, a clear indication that the Com-But the dinge would be greater monwealth
plan
still if Sterling was convertible, received
fato dollars severe setback in Washington.
when the crisis
liat
European fears thul con-struck. vertible Sterling the
- Prime Ministers. "
would wreck
than the lofty
RISKS CLEAR
The likelihood
ין
but to the brewery reclion Meux surted 7/6d to 34/-on rumours. of a take-over hit.
This was immediately denied by the Chairman of the company but at the end of the week the
5/6d higher shares were stu
Andher feature of the market
than on Monday was the decline of textile shares
that
more West on news European textiles are to he im- ported into Britain. However,
as textile shares had previously - been a strong market, prices on the whole are higher now than jaweek ago."
time 1025 in in tact be con-
does this mean
not
Kafirs picked up later in the week after a dull start.
Elsewhere the markets have been generally quiet.
SLOW RETREAT
London, Mar. 29. Dollar stocks were quiet all the week with seilion at
retreat
over the New York: pr.ces.
British
Industria! stocks with showed a slow Dunlop's and Unilever down 1/-,
anil Courtauld's
Imperial Chemicals down 101 Find Ford Molors down 9.
K 100
Ligh for 955
1000
1 R) 615 820 Elctri Thehune 19.30 101 500 STORES, ETC.
0.35
21.80 10.30
12.19.50 1000
19.00 1000 10.70 2000 10.00 1000 19.70 1000 on 19.0
30
Dairy
500 or 194 2000 19.65 4000 19.70
50001-4
More U.S. Car Firm
Mergers?
5.00
whole with some improvement
The strikes resulted in running
over 1951 in the manufacturing rectors and in public utilities. But some of this improvemently low level, tied up nearly three- amounted to no more than over-quarters of coastwise shipping. Production because there was in-cut railway services and gas con creasing difficulty in selling industrial production.
selling suntin, end seriously affected Nearly a shroad, and the home market
million tons of coal had to be fin scemned to have become saturated. { [!!
The index of industrial - ported. Small industrial concerna tivity, based on 100 for 1032-36, had difficulty in meeting franciel stood a
at 148.9 in December last, obligations, including wage pay. compared with 40.5 in the yearments, and shopkeepers inevit 1951. This Bgure comprises utillably suffered great loss of trade,
me down coal stocks to a disastrous-
ties, which stood at 207.2 (against
(against The worst feature of 200) and. industrial production
turing
show
ון
the strikes, however, is the picture at 141.8 (against 133.4). Mineral they reveal of Japan's poor and production
out-of-date inbour relations and was considerably down on 1951, but the manufac- the weakness of the trade unions,
industries managed to The occupation may have an increase mainly as a inted the desire for unions and The projected joining of the result of substantial improve for more democratic approach competitive fortunes of Willysments in textiles, foods and Overland and the Kaiser tobacco. Activity in the chemical Frazer Corp may be only the industry was well below the 1951 forerunner of other mergers in level.
Detroit, Mar, 29.
the U.S. car, industry.
It is no secret that mergers of two or more of the so-called independent car companies have been talked about at various Lines since World War II. One of the most regent of these dis- cussions to gel Into print was tel: bout
psible joining of Packard and Nash Motors, Beverti yers go.
Since then, however, Packard has undergone something of
with an rejuvenation
entirely administrative staff, and subakled.
en rumours
Have
provide
to Industrial disputes. but the cont and electric supply strikes azem to have-broken-the-in- duence of Sohyo, the
general couneli of drade unions, which I had 3m, members,
TRANSITION STAGE
ADVERSE BALANCE
For exporters 1952 was a dis- Oletal returns appointing year. show that imports cost Japan
In this situation Mr Yoshida's £730m., against exports earning introduction of anti-strike legis £458m., showing an adverse lation has stienghened the left blance of £271m. Exports fell
Union have apparently everyon came towards the end
the of 1954 or sunte carried more weight
Sterling would United States aspirations of the Commonwealth vertible, for though the Com- premium of only 3 per cents
by over 6 per cent fram 1051ing case for unity and this may to heal sons of the well halp and imparts" only 1 per cent. wealth plan may proceed at
splits in the labour ranks, both The fron and steel group industrially and nicely. a moré leisurely puce than was RECESSION FEARS
corned of 27 per cent over 1851,
over Elm., an increase at first intended, there is nothing
but There may, however, be an-to suggest it will be abandoned
will be But whether this uther reason why the original
altogether
to create She Japanese ralised their prices enough
zufficiently which Commonwealth
fo much that customers with- plan,
In that event the drain on the
strong opposition at the polls is almost certainly
drew. The cotton industry's per-doubtful. envisaged an
Sterling Area's gold and dollar early advance
There were exemptions, nat- towards can reserves
would be all the greater
Nevertheless, just about all the formance was unsatisfactory, ex-
Japr'n remains in the transition vertibility, has now been modi-
and might even lead to a secondly British-American Tolsicca,
"independen. car mckers ports totalling £65m, only 57 4768, on a dividend and bonus Huasan, Nash, Packard, Stude-
per cent of 1051. Rayon exports stage, economically and political- fled into a vague hope of giving and more permanent-retreat offer." freedom to the Pound at some into currency restriction.
baker and Willys-Overland at £16m. were only 85 per cent ly, and uncertainty and disunity, There was virtually no cxpsc- indefinite future date,
of 1951.
whether of the right or of the Though
have been approached at one Cast Sterling tation that Chancellor Bulee time or another
Japan's balance of payments left, room likely for some time since Worl wil! should
much about lowerthyg do remain forever in-taxation
War II regarding a possible for the year showed $323m, into ecene.-The Financial Times. its an Incentive to an convertible it does underfine the industry
that would incrger risks of attempting
but the persistent ut experi-
greater competition for the pre- until much feeling is that he will do some- ment of this naturo
sent "Big Three of Generul are at the thing to encourage the eronomy, hlutors, Chrysler and Ford, adequate reserves Sterling Area's disposal.
Production has fallen deuilly Some persons close to the in
and almost certainly dustry look explain, too, why in January
for announcement officiul enthusiasm for the Com-in February.
of the Kaiser-Frazer and Willys monwealth plan
American lying of Royal plan to be followed by a revival Dulch fled the price 10/- 10 signs of waning.
st Vas merger rumours, even to £31
and Shell moved th the point of bringing a third
in sympathy, but nearly 2/-
Into the company
Kaiser- other leading olls were quiet. Frazer-Willy's project, — Asso
cluted Press. Japanese bonds were weak Tokyo Electric assented
down £3 and non- assented down £4. Others were Wednesday's revenue return-down £2.
German Reich loans According to "The Economist," the one before the last of the which this week devoter apresent financial year showed down £1 or so.—United Prass, special survey to the subject of that the ultimate Budget defeit American defence, expenditures is likely to be larger than was are due to rise to a peak in the last quarter of the present year, then level off for several quarters and start falling gradually in late
One of the conditions on which the original plan depends is the continuation of the present high level of industrial activity--and therefore In the demand for Sterling imports-in America.
There can be no assurance, howeven that this condition will be fulfilled. Indeed, the possibi- lity of a "pause" in the American economic growth some time 1954 or 1955 is now being widely discussed.
It may
shows definits
THE STOCK EXCHANGE
Present fears that next year or
l're-Budget doubts contributed : might see a the
year after
the marked slackening of recession slight or otherwise-to
WICH
in America are based on known activity in the Stock Exchange bonds facts about the United States last week. defence programme.
feared.
The markets had already chown definite signs of a pouse, how- ever, before the revenue Agures were published. After Monday's bright start, when 36 per cent War Loan touched 60 for the and Unless other forms of spending arst time for over a year
1954.
:
· 1049 FRECEDENT
were
Rubber Futures In S'pore
Trade Drive In South America
Buenos Aires, Mar, 29. Within the next two months
rise to take its pļąco this decline the "Financial Times" index of Buenos Aires will see examples in American defence expendi-share prices jumped to 125 to of Japanese Industry: From
year's "high," ture might be sufficient to cause equal this
the April 28 to May 11 there will
ranging from
Singapore, Mar. 28. Prices of rubber futures closed today as follows:-
Number 1 rubber, per 1.
April
May
June
Number 3 rubber,
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK. DOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA,
M
Page d
€ MARITIMES
M
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Outwards "FELIX KOUSSEL"
"LA MARSEILLAISE" .11 Apr.
itemawards
Hongkong
In Apr.
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mailed
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Manila Yokohama
Vla
20 May
Salgun
11 June
Baigo
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Itongkong
"FELLY KOUSSEL" 1 Apr. "LA MARSEILLAISE
21 May vio Marseilles to all Mediterranean & via Djibouti to Madagascar,
Outwards
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Homewarde
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LEAVEL --Keelung-11 Mar ««Keelung-38 Apr.
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+ Apr.
21 May
Banglong
† Apr.
30 Apr.
Keeling-22 June
no May 21 unz
4
Fuc Japani
Japan
For
"MONKAY!
Salgo, Marseilies, Alglers, Oran, Tangiers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (Gr. Floor)
The
EVERETT
Tel. 26651 (3 lines).
ELINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger servico to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calculta and Chittagong.
"LENEVERETT"
Arrives
Sails
7 Apr. from Manilu. Apr. ⇓ for Singapore,
. Hangoon &
"REBEVERETT"
Arrives Salis
Apr. 23 from Singapore.
Penang. Calcutta.
Apr. 24 for Kobe & Yokohama,
Accepting carro for transhipment) Kobo/Fan
Kobo/Okinawa) and
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo. China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"THAI"
Arrives Sails
Apr. 2 from Japan.
Apr. 3 for Singapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Khor- ramshahr, Basrah & Bahrein,
"STAR ARCTURUS"
Arrives Sails
LAO
Arrives Sails
Apr. 4 from Singapore Apr.
Kube & 5 for
Apr. 9 from Japan,
Yokohama.
Apr. 10 for Slagapore, Pert Swet- tenham, Madras, Colombo, Hombay, Karachi, Khor- ramshahr, Barrah & Bahrein.
(Accepting cargo for transhipment) Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telophone 31206. Chinese Department: Telephona 28293.
Hongkong & Yaumati Ferry Co., Ltd. FERRY SERVICE TO OUTLYING DISTRICTS In forco on and after the 1st April, 1953.) CHEUNG CHAU FERRY SERVICE
Leaving CHEUNG CHAU for Leaving HONGKONG for
HONGKONG CHEUNG CHAU
4.00 nan, - (To Aberdeen)
Via S. M. ́B.' 3. Ing Chun
6.20 a. (Direct) B- 0.00
8.45 3.
7.45
1.30 pm.
(Direct) Direct)
Via S. M. D. Ping Chau) (Direct)
Via S. M. D., & Ping Chau)
}
Via Ping Chau
10.00
& S.-M. B.) (Direct)
* 10.20
11.00
11.00
(Via Pina Chnu
$11.30
& S. M. RJ) (Direct)
11.15
• 1.10 p.m. 1.30
}
(Via Fing Chou
п 1,45
5. M. B.)
$3.00
+ 4.20 4.30
wwww
(Direct)
4.30
(Via Ping Chau
4.15
& S. M. B.).
& Ping Chau)
** 5,00
6.15
0.30
J
(Direct)
(Direct)
6.45
(Direct)
(viä s. 1. B.
(Via Aberdeen)
SILVERMINE BAY FERRY SERVICE
Leaving HONGKONG før
Leaving SILVERMINE BAY for
HONGKONG
7.15 m. (Via Ping Chau}
Ir
2.00 p.m.
(Direct)
(Via Ping Chau)
(Direct)
SILVERMINE BAY
8.15 a.m. (Direct)
0.00
14
(Via Ping China)
• 0.30
V
0.10 11.00
(Dircel)
11.30
(Via Ping Chau)
1.30 p.m.
(Via Ping Chou)
5,00
3.20 4.30
(Direct)
5.15
(Via Ping Chiu)
5.40
Pier.
(Via Ping Chau)
(Via Ping Chau)
(Via Cheung
Chnu)
SUNDAYS & PUBLIC HOLIDAYS ONLY,
From Wilmer St, Ferry Pier, (Sundays excepted) From
St. Ferry
FERRY SERVICE
Leaving PING CHAU for HONGKONG
7.35 0.m 11.50
M
2.20 p.m.
Winner
NEXT SAILINGS
PING CHAU Leaving HONGKONG for PING CHAU
*M.V. "ANNA MAEKBK" m.. "LEXA MAERSK" m.. "PETER MAERSK"
Apr. Ajr.
9,00 0,m.
11.00
May
2
• Calling Vancouver.
1,30 p.m. 4.30
716-3
ARRIVALS FROM U.S.A.
m.v. "LEISE MAERSK"
Apr.
ADI.
Apr.
30
Hongkong
Kap Sul Mun
Castle Peatc
Number 3 rubber, April 85(y-
Number 4 rubber, April
Spot rubber, unbäled ..
Blanket crepe
No. 1 pale drepo
Exchange
m.v. "EPPESEN MAERSK" m.v. "QBETE NALUSk" 70-7116
United Press.
For Freight and Further Particulars please apply to:--
AGENTS:
JERSEN & CO. Rates
a situation similar to that which markets began a slight but steady be a display of Japanese goods
decline. occurred in 1949.
diesel motors Then, It will be remembered, At mid-week Queen Mary's through medical instruments to the mere fact that America's death was a further restraining Japanese arts, sponsored by the gross national product stopped Influence.
Japanese Embassy. An corller factor in the pause
7,500-ton On May 28, the rising was enough to causo a
the announcement
Business on Japanese ship, Miyotama Moru, crisis in the Sterling Aren, was
was done in the locat unofficial Pxcliange markot this culminating in the devaluation Monday of a £23 million issue launched in Kobe on December
morning at the following: tales:m of the Pound.
of North of
Scotland hydro-20, is expected here, it will
U.S. dollar (per $1).......... 15,9323 Fears that something of this electric loan stock.
be carrying: Industrial products Sterling note (per 41)" Tho nuthorities sort, might happen again, ; when.{
were, apand, the public will be invited Indonesian guilders (per 100) 20.00
Blum ticals (per 180] the American defence programme parently encouraged by the out- aboård 10 see them-United
Singapore Straits) begins to tail off, are only parily standing success of last week's Press.
FIC plastres (per 100)
Pedder Building.
Tel. Nos. 86068-9 Chinese Freight Booking Office
Tel.. 20401 27, Connaught Rond, C.-
Dates and rotation subject to change without notice. .......Ai liberty to proceed via other parts to land/dischargo "cargo,
12.00
6.85
+
TAI O CASTLE PEAK FERRY SERVICE
Leaving HONGKONG
Leaving TAI O
2.00 pm. Tal O
7,00 a.m.
3.00
Tung Chun
8,00
"
3.45
Castic Peak
0,15
"I
4,30
Kop Sul Mun
9,15
5.45
Arriving Hongkong, 10.39
SPECIAL FERRY, (VIA ABERDEEN).
(From Wilmer St. Ferry Pier)
Tung Chung Arriving Tol Oʻ
TAI O
› Leaving TAI O for Leaving HONGKONG
for TAI O...py
HONGKONG 4.00 pm, i SUNDAY EXCURSION — Direct to TAI D Leaving Hongkong.... 0.00 nm. Leaving Tai O
8.00 p.m. ((Calling at Tung Chung)
.
4.00 am.