THE CHINA MAIL, TUESDAY, MARCH 31, 1958.
Japanese Mission To Japan Export
Discuss Question Of
GAS TURBINES
IN SHIPS
London.
Currency
London.
A Japanese official mission headed by Mr
Takei Tojo, chief of the Foreign Exchange Bureau
of the Ministry of Finance, is coming to London | shortly for discussions on currency questions con- nected with future relationship of Sterling and the
Recent decisions of the Admiralty, which are ex-yen. pucted to lead to the use of
Although no details of the agenda of these gas turbines in some form forthcoming talks have been revealed, it seems not only in light craft but likely that they are related to the general series of in all classes of vessels "in discussions about the future arrangements for the near future," are an im-:
Sterling. portant step forward in the! application of this type of propulsion, says The Times. Trinks of marine gas turbines for the Navy have been procced. ing since 1947, when a light craft was fited by the Metro- politan-Vickers Company with, a single 2,500 sh.p. unit, and os A result of protracted triala contracts were eventually placed for light vessels powered in this way.
The first operational warship, the patrol boat Bold Poncer. Jas been doing her odvanced
Last the triste during months.
few
The first major experiment
with
merchant vessel was
At any rate, it is reasonable to assure that after Informing the US, and the O.E.E.C. about the content of the Commonwealth proposals, the British Government. should make some preliminary contact with Japan, which is the only other major user of Sterling outside the Soviet bloc.
French Economic
Slump
made a year ago, when the Shell Big Problem Ahead
trini
group replaced one of the four: dimel alternators of the tanker Auris with a gas turbing alter-. notor and carried out a success Jul over a voyage of more than 13,000 miles, In const vider for a marine tanker pro- pelled exclusively by gas tur- bines was placed by the Shell group Jast month,
quence of his trial the first
Of Premier
Paris, Mar. 30. M. Rene
Mayer, the French Prime Minister, 'will find a big problem on his desk. when he gets back to Paris from North America, on how to get France out of Much experimentul work has her economic slump.
bron necessary on the
marinu
culties of the amount and type
While overybody applauded use of this new source of power.
year of M. The various interrelated dif- the efforts Last
Antoine Pinay, then Prime of fuel consumed, the short life Minister, to stop inflation, he is
**now being criticised, In the gas turbine at high tem perature, and the corrosion of trospect, for having overdone it the blades by heavy oil have uni stifled business,
grappled with
to be
lay
Jad steady trial and improvement.
COSTS LOWERED
Technical
progress bas
It'
ave
In fact, the Japanese authorl- Les have lately bren showing in- creasing concern
the development of their trade and An' zal relations with the Sterling Area.
retric-
Sterling Area import tons are blamed as one of the main CHUSCS
the current in Japan's export
difficulties Lande,
STERLING HOLDINGS
Meanwhile. Japan's previous Sterling surplus has been turned into a sizablę deʻal, and her Sterling balances have continued to fall below the figure of £76
which they million, to
hud declined by the beginning of this soar.
One of the questions which M: Tojo de likely to discuss during the foothening talks in London is so arrangement for enlarging Japan's facilities for earning Sterling from "third countries" outside the Sterling Area.
Indeed, the next move may well be to bring Ji pan, into the Ster- ing tansferable account system.
At the moment. Japan's pay- ments in Sterling to transferable account count
ure not The present Government has restricted in any
way, but her promised to re-launch the no- right to receive seling from tional econamy, but the public them in payment for goods or ser- is stall waiting to see how this vices is subject to Bank of Eng- ar-can be done without also re-land pomision under the systurn launching another wave of in- of administrative transferability.
alion,
dually brought the prospective est, of operation at least near to the level at which it should
Since, the war many of those begin to seem a practical pro¬
responsible for economic and position for the merchant navy, Arancial policy have worked though even Uruse responsible
the theory that a little infla for the Auris tigls have conced-tion is good for business." ed that it may be several years
WOULD HELP
Clearly, it would help to case Jupan's threatened Sterling shortage if she were free to earn, as well as to pay, in Sterling ini the courge of trade with the before the gas turbine's per- In the process
currency has transferable account area, and formance is convincing enough steadily lost value, savings and possibly with some other non- to make it generally accepted.
The gas turbine affords more obvious advantages to worship, "for"which" bigh "maximum spreda are of a wholly, different order of importance and any offsetting disadvantages in higlier cost of
investiments
is
have been
for
only
the now
of
dis-Sterling countries.
The wider Implications of any couraged, and recording to the
could, move as this Europeon such Organisation Economic Co-operation, France course, only be assessed in the Import-eentext of the plans for a further of the West still advance towards Sterling con- and country afflicted by latent inflation. vertibility
The Japanese are undoubtedly for putting a de-
obtain fuel ur equipment can be more tive end to this creeping in-anxious to
as much Information on tils readily borne.
walter an flation has long been recognised
can be inade available at this by French leaders..
early stage in the proceedings.
The warship may not need its maximum speed for us much as a hundredth part of the time and, if that that il is at sea,
The
EXPERTS' FEAR
sharp reminder maximum speed can be provid-situation was given on the eve
A
of the
TRADE WITH £ AREA
A more immediate problem, however, is the arrangement for when he asked a new agreement on Sterling Sunction # lonn Area-Japanese trade, on which
ex by the gas turbine with of M. Moyer's departure (or greater economy in weight and Washington space occupied in proportion to Parliament to
the power developed, it serves to the Government by the Bank negotiations have been in pro- the purpose ideally.
of France of 80,000 million gress in Tokyo for weeks. frones (£80 million),
Thus, while cmaller vessels The Premier did not hide the will tend to be powered by gas Liet-that in pality, there was turbines alone, larger ships are an expected excess of expendi- likely to rely on steam turbines ture over the resources of 550.- for their normal power and an 000 million franes for the cur- additionnt gas turbines for boost rent sear. when full power is needed.
Dits manner.
EVERY REASON
The practical research
trial which Great Britain
the dis.
Programme
Tokyo, Mar. 30.
The Ministry of Inter- national Trade and Indus- try has revised its export estimates for this fiscal year 1952-54 to UH$1,260,000 from the original US31.- 980.000.
The revision was made as Britain agreed to case Im port restrictions on Japan- the goods enforced by the Sterling Area nation's,
The
estimato revised surpate the actual exports for the current fiscal year of US$1,160,000——Francj- Presse.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning amounted to $371.400.
Noon quotations nnot the. morning's trans- actions:-
NEW
IN
ATTITUDE MESSAGERIES. BRITAIN M
TO PRODUCTION
London.
Paro 9:
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Outward "FELIX ROUSSEL"
"LA MARSEILLAISE" 17 Apr.
Itongkong
Homewards
19 Apr.
"FELIX HOUSSEL" "LA MARSEILLAISE"" 23 May
via Marseilles to all Mediterranean & via Djibouti to Madagascar.
It needs an exceptional occasion to induce a Chancellor of the Exchequer to break his silence A few weeks before opening his Budget, but the meeting on productivity was such an event, says "MEINA" the "Dally Telegraph.”
Outwards
"MONKAY" Homewards "COURBEULLES”
["PËR [10]
"MONKAY"
The British Productivity Council has been formed as the British economy passes into a "MEINAM critical phase in which efficient production will be the keynote.
Hitherto, with a few excep-{ Another is the bringing up of tions, it has been possible to industrial methods generally to xel? anything produced by out the level of the best; for while works it almost any price. our best is very good, the average Su great has been the peatfalls a long way below the best. up demand for goods that the A third way in which Mr emphasis has been on maximum Butler con especially help is by output, and both quality and cost the diminution of the dumpling have been relegated to secondary effect of taxation on extra
output positions.
und. above all, 011 ensuring means by which industry is allowed to save enough for its re-equipment with modern plant.
But in many branches of in quatry its phase has already passed. Our goods will hence forth sell ប their merits and their cost, or they will not seli
at all
However much we may try to bamboozle ourselves at home by
10 1370 Juggling
LHARES BUYERS SELLERS SALES
BANKS
HK Bank Fart Anta.. *SURANCES
start DOCKS, ETC. K. Whart N. 14. Who
Dock XD
Provident Wheelock
+
1370 148
720 183
70.
1000
0.20
..
17.40
11 11.30
7.40 7.65 4000 6
714
400
LAND, ETC.
HK Hotel..
7.30. 7.35 1500 ( 7.40 $600 0 7.35
1500
HK Land (0)
50
100 5045
100 fr
100 B
3000
1
12.00
21.20
400 # 31.
1000 21,20
-0004 $1,20
S'hai Land Humphreys UTILITIES
Train
Peak Tram (0) 37
90
100 4 0914 13% 0.35 3500 € 0.50 1000 $ 2.00 1000 : 0.30 Electric 22:30 22.40 400 2750 209 22.40
C. Light (N) $15
Telephone INDUSTRIALS
Cement
17.60 1775 800 17
14.40 14.00
STORES, ETC.
Dairy ...... 19.50 29.20 500 e 20, 400 8 20. 1300 in 2022
Watson ... 31.0 MISCELLANEOUS
Yangtze
+3
200 20.29 1000 21
1600 8.10
The Rubber
Markets
Singapore, Ma:, 39. Prices of rubber futures closed Loday as follows:—
Number 1 rubber, per 14,
April May June
70-701 Number 2 rubber. April 072-1 Number rubber. April DAP-1 Number 4 rubber, April 022-2 Spot rubber, unbaled 03- Blanket crepe
- 78-83-
62.64
No. 1 pale crepe United Press. LONDON MARKET
London, Mar. 30. The rubber market was quiet today. Prices closed as follows:
Number & rubber,
In pence per 18, Stay June
Juty/September
October/December Jannery/March
with the laws Economics, we need not expect to
deceive д single foreign buyer;
and if we fail to sell a sufficient volume of goods abroad to finance our Imports of food and ring materials, our standard of livinį will suffer a drastic reduction. Let there be no illusion.
SUPREME EFFORT This is the background to the meeting, but it gives ground for hoping that a supreme effort will be made by all sections of the community to meet the new challenge,
Before a disease can be cured,
It must be diagnosed correctly;
The meeting must be the beglining of a crusade in which the gospel of higher production must be carried into Whitehall as well as into the workshops,
Sharp Decline
In Cotton
New York, Mar, 30.. Cotton
prices showed stubborn resistance ut the 33- cent level for nearby. May delivery.
It marked the third time in in which the past two weeks
Hongkong
19 Apr.
Leaves Maturition
sailed
10 May
Pur Marseilles
20 Mas
15 June
Marija Yokohama
Va Walzen Balgot
West Africa ports,
ilongkong
-3 Арг.
27 May
Jatinis Japan
For
Aps.
30 Apr.
30 May
24 Junr
FREIGHT SERVICE
Leaves -Diinkirk—4xiled „Antwerp-8 Apr. Leaves
• Keelung-- Mar --kurtyng-28 Apr. Jestus2-28 May
•Keelung-22 June
год
Salgon, Morsellies, Algiers, Oran, Tangiers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Bullding (Gr. Floor)
EVERETT
Tel: 26651 (3 lines).
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger Hervice to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT"
Arrives Snils
Apr. 7 from Manila.
B Apr. for Singapore.
Rangoon ✓
"REBEVERETT”
Arrives Salts
a
and onc of the encouraging the market has pivote at that features of the meeting was the point and caused a modification of the bearish sentiment agreement on the 'dlajosis."
Sir Ewart Smith, for the generated over the week-end.
and Sir Lincoln All attention at the employers,
opening the propon Evans, for the trade unionists, wag centred on the both emphasised that high pro-a resumption of the
truce negotiations with ductivity depends primarily on the right attitude of mind. This background is the great lesson brought back peace. from America by the 68 learns $2 a bale. The effect of the re that have been studying the sistance In May became reasons for the high productivity
in that continent.
Contrary to belief, American
at their superior to British
cesses
parent.
Apr. 23 from Singapore. Apr. 24
Penang, Calcutta,
& Kobe
Yokohamu,
(Accepting cargo for transhipment) Kode/Pasau Ad
Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo. Bombay, Karach) and Persian Gulf Ports, "THAI"
possibilities Prices plunged almost
tho Uf
Arrives Sails
ap-
Mil buyers and month-end widespread trade covering in May delivery technical pro- were able to sponge up excess best are not offerings from mid-season
May and
July technology at the clone. In fact,
closed at the day's best level. different is the
One commentator said: "Some scaled down mill buying ilmits attitude of the workmen to their fave been cancelled in line with machines and their jobs.
its best.
But what is
the foreign news and the action but of the outside markets, THE LESSON The difference has been epito- there was still enough month. stabilise the maised in the saying. admittedly end mill buying to exaggerated, that British work market for the present."
The market opened off 12 10 men would go on strike if the
It declined boss introduced
points. Infest 35 machinery, whereas American, maximum forenoon losses of 21 workmen would go on strike If 10 38 points, then closed of 14 to 21 points from Friday's close. he did not.
by Bir-United Press
the
The
made speech Lincoln Evans
is therefore of capital importance. It ought to
read;"
marked,
digested inwardly
10
learned-and-Jap-Trade With
Venezuela
to
factory, mill, shop and place of employment in the country. He
Caracas, Mar. 30. brought out forcefully the truth
C. Itoh, leader of the that low productivity soclis low Mr
mission commercial standards, whereas high produc- Japaness tivity means high standards or touring Latin America, said to- at least provides the conditions day the Japanese are interested under which thesp con be in increasing trade with Vene-
zuela obtained. United Press.
The interests of employers and
21-231
2011-211 21-21
2012-35
Grain Prices
In Chicago
Reater reports that Japanese Government is appointed with the latest British proposals for e trade agreement,
According
usually well- in Tokyo,
Chicago, Mar. 30. informed sources Reuter says, Britain has sug
Prices of grain futures closed This is about the amount gested Japan's exports tu
today as follows:- the Inflation which jas taken
Wheat-price per bushež place every year since the war, Sterling Area should be raised from an annual rate of £148 million in the last six months of 1952 to about £168 million.
from
British
12.24 nominal
2.243% -7.25 2.2736-15
2.201-2.30
2.34%
KETI
Spot May July September
December
Corn
Sput
1.08
May July
1.595-4
10015-42
September December
Eye
1.50
May
July
1.7033-16 1.7333-16
·Date
July
New York Bour-per 200 18, Sack of $18.30 nominal. United Press.
It is apparently contemplated of that in due course even aircraft but in the past the deficit has carriers will use gas turbines in
bren disguised
discreet by "Treasury advances which in
Other items In the plain language means printing proposal, including Japanese ex- money to meet current debts. ports to transferable account The current budget estimates areas and invisible trade, would and
French produce bring Japan's annual trade to u has assumed that
ion would rise this
year. by conducted on the marine use of tion
£ 108 million. total of about turbines considerably ex-urce per cent.
The
cf Japan- propoted total gbs
In fact production has fallen ese imports from the Ster- as is known, any ceed, to fur
Most experts feur
inx reling Arra
May to reported been done in thing which has
ceipts
fa!} to will continuo
million. be £233
leaving any other country.
ihroughout the year.
Japanese Stirling deficit One big factor in this stagna- £35 million for the year. tion is that French export prices are high for the world markets. It may be presumed that the French
discussed Ministers
It may well be, indeed, that other countries are several years behind.
The new test house just com-
pleted at the National Gos Tur- exchange rates ini
bine
Establishment at Farn- turbines up to
borough, where
It is obvious that the present 10,000 sh.p. can be tested--with valuation of the franc in terms -dollar is un- for expansion to accom- of the American
realistic.Reuter. modate still inrger engines
W
*mething approving
In
Balk
patentulet of a milestone in t technical prennes,
652 Alictal Desiiyoh si
fostulur grounde You
re
Japanese Visit Mexico
a
ها
Pesticide For Taiwan
on
Д
Taipei, Mar. 30. The Central Trust has con- cluded, on behalf of the Joint Commission
Kura! Rc- construction (JCRR), a contract with a foreign firm for airlifting frem West Germany "Folidol," new pesticide said to bo effective against rico borem,
The pesticide, which is ex- pected to arrive here within 10 days, according to the JCRR, trol of rice-boring pests in will be used for emergency con-- Southern Formosa...
und the myvet of this progresh
Mexico City, Mar. 30. on the artuption of the gas bar-
Nine Japanese business and WW! bine might revoluttery
Arrive the partial industrial exports will ..
here on April 3 to make a study cypernglon of the stem ciprocating engine, at the tum of possible markets in Mexico. of the century, ty the com The trade mission, headed by
Dr Chubci Ito, rep turbine."
representative of One thousand litres of Folido!" the Japanese Government, will will be afrified under the con
AE in 503 on what Britat remain in Mexico eight daya. It tract signed yesterday. Оде Cs, fud overy.
to be has been touring Latin Ameri- thousand seven hundred iltres rearen both jcoud to have he lead and, to ep scouting now outlets for will be shipped by 141, and Bay be determined to keep it. The Japan's growing industrial out expected to arrive here in early Time doncludes.
May,--Reuter, 27
put.-United Press,
LONDON TIN
MARKET
London, Mar. 30. Tho tin market was inactive and
weakc. Turnover was 10 tons. Prices closed at the end of the official morning session as follows:-
Spot tin, buyers Spot tin, vellers Businem done at Three-months tin, buyers Three-manida sin, seliers Busine dose at Bettinent
-United Press.
Exchange Rates
this
- Business was done in the local unacial exchange market morning at the following Talesiml US. doliar (per $1) ... Sterling noto (per S1) Indonesian guiliters (per 199) blam ticis "(per 100) Hingapore.. (S{ralis) XIC plarices (per 100).
the same.
Japan is prepared to export
in this matter is heavy machinery to Venezuela, !
also cameras, photographic sup- plies, bicycles, sewing machines, electrical appliances and porce
We have become afflicted in country with a new Luddite
this
movement, which does not openly United Press.
machines bu! by restric
Hoplat practices makes it in- JAPANESE BONDS possible to derive full advantage from them.
Perhaps the chief way in which effect could be given to the meeting would be the casing abolition of the and eventual hundreds of restrictive practices 1 which production by hamstrung.
Apr. 2 Apr. 3
[rom Japon.
for Singapore, Port Swet. tenham. Madras, Colombo, Bombay, Karachi, Khor- ramshahr, Basrah & Bahrein,
"STAR ARCTURUS“
Apr. 5 from Singapore
Kobe Apr 'for
&
Arrives Sails
*LAO" Arrives Sails
Apr. 0 Apr. 10
:
from Japan.
Yokohama.
for Singapore, Port Swet- tenham, Madras, Colombo, Bombay. Karachi, Khor- ramshahr, Basrah & Bahrein,
(Accepting cargo for transhipment) Kobe/Pusan
Kobe/Okinawa) and
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephono 31206, Chinese Department: Telephone 28293.
The Hongkong & Yaumati Ferry Co., Ltd. FERRY SERVICE TO OUTLYING DISTRICTS (In force on and after the 1st April, 1953.),
CHEUNG CHAU FERRY SERVICE
Leaving CHEUNG CHAU for Leaving HONGKONG før
HONGKONG CHEUNG CHAU
0.20.
Ο
6.55
L.BL
4.00 a.m. — (To Aberdeen)
· 6.45 a.m. — (Via S. M; B.
& Ping Chou) 7.45
(Direct)
11.00
11.15
(Direct)
}
Vla Ping Chau
& S. M. B.)
* 10.20
10.00
**
-- (Direct)
13.00
w
A 11.30
19
70
1.30
124
091%
门
4.20
"
1422
4.30
o 5,00
6.15
London, Mar. 30. Japazoir bonds
MA" (ts. of 1859) "3" (45. of 1910) "C" (5 of 1907) ((58. of 1924) "E" (565, of 1930). Consols
50-13/10
Jaited Press.
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
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(Vis Ping Chau
& S, M. B.)
1.30 p.m.
(Direct)
S. M. D. & Ping Chau) (Direct)
Via S. M. B & Ping Chau) (Direct)
1.45
€ 3.00
(Direct)
4.30
(Via Ping Chau:
4.15
(via S. M. B.
& S. M. B.)
& Ping Chou}
(Vla Aberdeen) |
0.30
(Direct)
(Direct)
5,45
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| Leaving SILVERMINE DAY for
HONGKONG 7,15 sm. — (Via Ping Chau)
(Direct)
2.00 p.m.
→ (Via Ping Chau)
(Vin Ping Chau). (Direct)
(Via Ping Chau)
Leaving HONGKONG for
SILVERMINE DAY
C
8.16 n. (Direct)
0,00
❤
9.10
-Via Ping Chau)
(Direct)
*
9.30 T
11.30
11,00
(Via Ping Chau)"
1.30 p.m.
(Vin Plag Chau)
•
5.00
*
3,20
(Direct)
5.15
4.30
(Via Ping Chau)
. 5.40
(Via Cheung Chou)
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A From Wilmer St, Ferry Pier, (Sundaya excepfed)
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May
• Calibly Vancouver.
1,30 p.m.
4.30
A
· ARRIVALS FROM U.S.A.
1.V. -*LEISE MAKRIK”
Apr.
m.v. JEPPESEN MAERSK”
Apr.
M.V. "QRETE MAERSK"
Leaving PING'CHAU för
HONGKONG!
7.35 a.m.
11,50
2.20 p.m.
5.35
11
#
Leaving TAI O
2.00 p.m.
Tai O
7.00 a.m.
3,00
11
Tung Chung
4.00
3.48
J
Castle Peak
8.45
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(Culling at Tung Chung)'