1
THE CHINA MAIL, THURSDAY, APRIL 2, 1953.
Foreign Trade Issue Being Hotly Debated
Backward Nations A Potential
Market
New York, Apr. 1. The oconomic development of
under-developed countries, con
Aria centrated principally and the Far East, wis described today as holding the key to the market opportunities for United States cotton exports.
The director of foreign trade of the National Colton Coune of America, Mr R. Dunn Jr.) estimated that the world con-
sumption of cotton would in- crease by 2-3,000,000 bales of
One way to bring this about he suggested, is for the United Slates to change its trade policies to permit the countries to earn dollars by increased sites to the American market.
Hc
In
America
New York, Apr. 1..
More or less-foreign trade? That is one of the most heatedly debated questions in America today.
between
Lines are about evenly drawn advocates of freer trade and. those who would clamp on even tighter restrictions. Almost daily some prominent individual or group calls on the U.S. Government to "practise what it preaches" and open its doors to more imports in line with its policy of freer world trade.
Just ጊ። frequently other individuals and groups urge the Government to tighten controls and to increase tariffs on a growing list of products, saying imports are damaging domestic production.
French Morocco, Algeria, Auc- trin. Spain, the United King- dom, Betram and Switzerland. Silk scarves-from Japan. Religious articles--from Ger- many and Japan,
which about 1,000,000 would Latest proponent of freer have 10 come from the US trade to be heart from a the supply-if the people of undersComell on Foreign Relations, developed areas were to buy as Th
non-profit organisation, much clothing as in pre-World which studier international Wur II days.
of American poligles, reports its poll of B23 leading Mustard Seed-From Canuda, caizens in 25 elties throughout the United Kingdom and Den- the United States show:
the mark. Government should further re- Blown glassware, watch
sri- tariffs, even if some bracelets,
colton carding domestic producers are injured. machinery, whiting. woodwind described the uter The survey, the Council says, tnstrument and wood screws. developed
ed nations-for the most milicates widespread belief that part in Asia and the Far Fast-the Government should consider
MAIN SOLUTION Solution to the world less well off than they the welfare of the American
trado us being less
As a whole, were last year due to a declinecatomy
father problem lies mainly in the re- in the prices of things they sell, than the welfare of întâividual moval by foreign countries of a network of strangling restric- producers. such as Jute, tin and rubber,
Some 70
and imports, "The great hope for Asia ust
cent of the tons on exports per
I. the Far East and other under- group surveyed sald they know W. A.
Sibley of Union, developed areas is
inanufacturer South Carolina,
President Gronomic of no American
the American Cotton Manufac who is being damaged by com development" he declared,
the standard
Unliedrera Institute, asserts. af lving peling imports in the power of States markets, whlie 05 and the purchasing under-developed
Sald areas of the cent
States the United world decline further, the will not be able to maintain a manufacturing countrie will high level of exports without inevitably also be affected.
Increasing imports. Elghty
be per cent favoured further delegation of power
"The rest of the world will need the Industrial raw
materials and come of the
foods from this area.
of
over-
Pointin; out that what tho United Sintes has already dono to contribute its part to trade expansion is commonly looked. Mr Sibley said there was a grave danger in a nar to Prest row interpretation of the sur- dent Dwight D. Eisenhower to rent slogan of "trade, not aid,” make limited thrift reductions, and added: and
"As it is now being used, ono snid cent
that continue wouki think United States should
only the
08
יויגן
the
India Willing Serious Shortage MESSAGERIES
To Supply Iron Ore To Japan
New Delhi, Apr. 1, India is wilar to supply Japan with 3,000,000 tons of Iron ore annually sub- Ject to a long-term agree- ment which would justify tho development
transport nceemary port facilities and Home financial adjustment for this purpose, the Commerce Ministry sald today,
Announcing the outcome of talks between Indian officials and a two-man Japanese mission, a Minis- iry spokesman said an olliclal negotiating team la expected from Japan in June to draft a long-icam pack,
Y. Kubota, president of the Nippon Development Company, and M. Watanabe, secretary of the Overseas
Material Kow Research Commitjes of the Japanese Iron and Steel Federation, took part in the Current taike-Associated Press.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Stack Exchange this morning amount- ed to $250,404.80, Noon quota- tions and the moming's trans- uctions:-
BHARES BUYERS HELLERS SALEB
GOVT. LOANS 3157 (1948)..
INSURANCES
Canton Union
1 Fire
SHIPPING
Asia Nav. DOCKS, ETC. K. Whart
0000 # 01
240
1.40
7115 724
N. P. Wharf 6.10 620 4500 0 0.20
10.20 Duck Provident
Wheelock
LAND. ETC.
HK Hotel HIK Land (O)
Humphreys..
11.30 11 1500 115
1000 or 11.40
7 7.33 5400 715
€200 € 7.85
400 71
735 7.40 1000 @ 1.40
1.40 1.00
The future of Japan is Hak- ed inseparably with economic development In Southeast Asia, to reduce tariffs in return for United Slates can provide the "The level of this develop | Smpensaling concessions by expanded trade and should do
Shal Land.. It so by allowing all countries and ment will measure the market other countries after the opportunity for United States elprosent Trade Agreements Act all products free entry into its markets without regard for Le cotton exports."-United Pressures in Juna.
Imports of petroleum and interest of American industry or petroleum products are current-agriculture,
Grain Prices
In Chicago
Chicago, Apr. 1. Wheat closed today 14 to 14 lower and soybeans were higher to 2% lower. Prices closed as follows:-
Wheat price per bushe
for
con-
ly strip up the biggest dues, Addressing the annual with dury products, including; vention of the ACMI, Mr Sible chcete, tung oll and tuna fish said that "while the rest of the afro in the picture. And tomes-world has been tightening 18 fie producers of a dozen other trade restrictions, America has items have called
more been opening its gates" and
elted: curbs on imports.
Tariffs have been reduced in the United States by more than two-thirds since 1938. with more than half the imports duty free,
MOST VOCAL Loudest opposition to petro eum imports co far has been ounded by the coal industry. 11- charges the "floods"
fuel ril
2221 nominalforeign residu
223-2.234
2.2009-2 2.33
1.50% 1567-157 180.1.001 1.50x
Sput
Moy
July
September
December
Corn
Spot
May
July
September
December
Ryo
May
July
Oats
May
71-7132
July
New York four-per 200 th, $13.10 tal-Uniou Press.
rack
1.60%
1.GR-1.673% 1.00-1.11
LONDON TIN
+
MARKET
Lohdon, Apr. i,
The tin market was irregular today, Turnover was 160 tons, Including
30 tons for Cush Prices closed at the end of the official morning session follows:
Spot tin, buyers
Spol tin, neilers
Business done al
Three-montlys
Three-montiis Business done al Settlement
of
4.IN
ruing coal markets and caus-
In
eval-producing
four
were
THE FACTS U.S. imports are now ing mass unemployment among times greater than they American Joiners. Congressmen prior to World War II and are Stales ice as-great-as-they-were-in.
1047. have introduced a total of 21
"The facts," the continued, bills calling for a slash in im-
the commun port. One would cut imports "do not support
being t about 20 per
of the belief that America is cent
stingy in iis purchase of foreign goods. The 10.7 billion imports imported Coat groups claim
in 1952 were the second highest fuc) oil displaced residunt $1,000,000 fous of coal and idled in history and were only slight- ly less than the all-time record over 32,000 miners last year. Senator John Sherman Cooper, of 11,000,000,000 in 1951 when Republican-Kentucky, sponsor the imports of emergency war m one of the bills against materials were at the peak.
"If allowance be made rts, raid the oil was displac-
current volume,
ever.
were
13
5103
UTILITIES
Tra... 21.00 21.50 300 a 21.70 Star Ferry 102 Cght (0) 10 10,10 3300 10
For
Of Steel British Yards
Liverpool.
All concerned with, or interested in British shipbuilding have, for years, been aware of the difficulties experienced by shipbuilders in obtain. ing sufficient steel, says the Journal of Commerce, It is doubtful, however, if anyone outside the board rooms of individual firms comprising the industry appreciated how serious the position had become until Mr John Short, a director of Short Brothers, Ltd., Wearside shipbuilders, announced a partial closure of the yard and the immediate redundancy of 20 per cent of the firm's employees because of inadequate supplies.
50
Whether the position is grave us to warrant this drastic getion only Mesars Short are in. á position to judge, but it is unfortunate that it has been taken at u time when the in- dustry is endeavouring to at- tract more recruită.
To parents and youths, this trade will hardly be considered to possess many advantages if, because of restricted suppiles of materials, workers have to be dismissed without, it would
MIXED
TRADING
IN COTTON
New York, Apr, i.
seem in this cave, prior notice Cotton fukures today beenme being given, or any warning more of a two-sided affair.
While nearby months showed being sued by the firm to the Government that redundancy increasing steadiness the new more crop months came under hedge selling and Hquidation as buyers held aloof.
would be inevitable
sleel were not forthcoming.
The situation which now ob tains at this yard did not de
The market closed 10 points
velop overnight, as it were, and higher, to 15 points lower. The It is improbable that the decl-opening prices were off 5 to 12 sion to discharge one-fifth of its points. employees was made by the firm on the spur of the moment,
Henco Mr Short's announce-too
ment, out of the blue as it was, must have come as a
severe shock to workers and their re presentative organisations.
Outside speculative talent who preoccupied with slock
M
Outwards
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Lekves Marsollen Itongkang
"FELIX ROUSSEL" .Aziled
· "LA MARSEILLAISE” 17 Apr.
Norewards
"FELIX ROUSSEL” "LA MARSEILLAISE"
10 ABT.
10 ATKY
longkong
Duo Afarseilles
19 Apr. 23 May
20 May
13 June
For Mania Yokoliara
VIA saigon Salgsh
via Marseilles to all Mediterranean & West Africa poris, via Djibouti to Madagascar,
Ostwaldi "MEINAMI"
MONKAY" "COURSEULLES” "TEI-HO" "MONKAY"
Homewards
"MEINAM”
Leavey «Dunkirk-mailed
..... Dunkirk—19 Apr.
FREIGHT SERVICE
Hongkong
For
1 Apr.
Japan
27 May
Japan
Hongkong
For
* Арг.
30 Apr. 30 May
+
Leaves United Keelung-29 Apr. Features ng Keelung-22. June
סתמי 24
† Saigon, Marsellos, Alglare, Oran, Tanglers, 'Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (Gr. Floor) Tel. 26661 (3 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
*m.v,
"ANNA MAERSK" M. v. "LEXA MAERSK" m.v. PETER. MAKBAK”
Apr.
Apr.
May
Calling Vancouver,
ARRIVALS FROM U.S.A.
m.v. "LEISE MAERSK" m.v. "SEPTESEN MAERSK" m.v. "UKETE MAERSK”
Apr. Apr.
May
developments as they For Freight and Further Particulars please apply to:-
watched the Korean news.
The big individual trading feature was the purchase of up- wards of 25,000 bales in May delivery by a leading syot firm lögainst equivalent sales in July, Introduce delivery.
VALIDITY DOUBTED?
Would it not have been pos- sible to devise and "short time working to tida over what, it must bë hoped, is
Loal shorts grew apprehen-
a temporary period of extremo sive as the difference narrowed. dificulty?
Same bears had been expecting a Shipyard workers may be in-widening of the May discount in disposed to accept the validity view of the big open interest in
Some quarters felt that a part of the certificated flock may be shipped out for export.
of calls to work barder and the spot month and the steady langer when there is apparent rise in the centineated stocks. ly insufficient steel to enable production to be maintained at its present subnormal tempo,
Doubtless, the question of re- The Commodity Credit Cor C. Light (N) 9:40 0.43 332 3140 dundancy in a British shipyard poration reported Joan entries
8.45 Electric
500 2.00 and the reason for it at a time for the week ended May 27 .... 22.00 Telephone .. 17.40 11.00 100 * 17.70 when the industry as a whole totalled 20,203 bales compared Cemect ....15.10 15.40
has sufficient orders for ships to with withdrawals of 15,610 bales. keep it busy for about three The net stocks of 1952 crop STORES, ETC.
Dairy 20 20 20.40 1400 20.50 years ahead will again he raised cotton in the Government's hands
In the House of Commons. amounted to 1,903,877 bales-
United Press.
Waison
.21%
L. Crawford 25.00
COTTONS
Ewa
230
500
200 @@ 21.70
The Rubber
Markets
London, Apr. 1. The rubber market was un- certain. Prices closed today as follows- Number 1 rubber, In pence
per lb.
20%-%
Miy
June
July/September
October/December January/March
for
20%-1 United Press. SINGAPORE MARKET
Singapore, Apr. 1. Prices
rubber of
futures closed today as follows;
May Juna. July Number
09-2012 C9-00
cor-
which ing 40,000,000 tons of coal an the lower export prices
actual nually. Other sources. how prevailed in 1952, the
ver, place the figure es low volume of physical inports was probably the greatest in his- as 10,000,000 tons.
The trend is definitely tory. that desce There sources mart for bituminous, cont last upward and the reason for thatt is very clear. As America year stumped by 81,000,000 tons grows, these imports will below 1951. But they say about 51,000.000 tons
lost for respondingly grow,
The ACMI President argue): reasons other than imported oll.
"Centrary to propaganda being Exports, they note, dropped by 9,000,000 tons, due to Europe's disseminated, the real solution bulance of payments 13-023 improved coal supply. Sales to of the buyers B
11s the near ecliera 8.5 the railroad slumped by 18,000,- problem, so far
roads be future is concerned, depends in 800-870 000 ton. 6 more
dieselised
sed relatively minor degree on fur- and came
Df ther elimination of barriers avmestie light oll instead coal. The long steel strike here, and in much greater mea- of other caused, a loss of 17,000,000 tons cure on the action
330
tin.
tir,
United Press,
Wall
Steadier
Street
New York, Apr. 1.
The stock market, after two sharp drops this week, managed
WDY.
of coat to the iron and stool countries."-Associated Press. industry. And retați deliveries
fell by 0,000,000 tons, due to more use of gas and domestic heating oil
TUNG OIL
oil.
TARIFF DECISION
New York, Apr. 1.
Wood
on
screws,
ad
per cent
the
States
rubber, May Number 3 rubber, May Number rubber, May Spot ribber, unbaled Blankel crepe No. 1 pale crepe
SOMETHING WRONG
There is certainly something radically wrong somewhere, and from the information available at the moment it appears that the blame may be laid at the door of the makers of heavy steel plates for not ine
increasing their manufacturing capacity."
On the other hand, it is easy.
to be wise after the event.
The other
U.S., Japan To
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 36060-9
Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20481
Dates and rotation subject to change without notice. At Iberty to proceed via other poria to load/discharge "cargo.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT”
Arrives Salla
Apr. 7 Apr. U
from Manilo. for
Singapore,
...
Penang. Calcutta.
Rangoon
"BRADEVERETT" Sign Paci
Tokyo, Apr. 1. Japan and the US, will sign Few in 1946 expected that the shipbuilding industry would a new treaty of friendship, still be fully employed in 1853. commerce and navigation tomor- day, Mr R. A.row-the Orst Buch Japan has Bartram, managing director of signed since World War II..
standards It will lay down Bartram and Sons, Ltd., stated
handling that he understood the output and procedures
business, taxation, of heavy steel plates could not residence, be improved before 1956.
customs and other such mat Improvement may
therefore ters involving citizens of both erme at a time when the Brl-countries, tish chipbuilding Industry
will
Jor
The Japanese Foreign Minis- require fewer sicel plates than ter, Katsuo Okazaki, and the at present. No one knows what U.S. Ambascador, Robert Mur- the position will be three years phy. will sign the trenty.§-
scelated Press hence.
United Press.
PENINSULAR
New York Sugar Futures
New York, Apr. 1. World sugar futures closed leday unchanged to 3 points higher with sales totalling 179 contracts.
& ORIENTAL
STEAM NAVIGATION CO.
R.M.S. "CARTHAGE”
Short covering by recent sellers bolstered the world con- tructs while the raw market showed a steadier tone. Sales of Cuban raws in the world market to the end of March | SAILS: were placed at 1,281,000 long tons by Cuban trader. Interesta Short covering and a scatteredi trade demand also bolstered the domestic contracts.
Tariffs which aro Imported from Japan and Seven Westem Euro- to steady itself today with Latest call for additional pean countries, will remain the about an even mixture of gains curbs has come from domestle sume 12.0
United and losses.
producers of lung
They valorem.
Commission has ruled. Price changes
ranged from have asked the Department of Tariff
be no fractions to $2 a share either Agriculture to place un ambar-And there will
quota restrictions. go on imports. The producers cluim that Traded: 2,200,000 shares.
greatly Increased Domestic, producers of tha steels, cars, rall imports; particularly from Ar-screws, made of iron and steel, Contract No. 4 (world)
for May roads and aircrafts declined, gentina, have sent prices down had asked the Commission Some rubbers, coppers, golds to the Government's support greater protection against im-July
September petroleums advanced,lovel. When prices of support-ports a year ago, mying a October Assoclaled Press.
ed commodities drop this "food" of imports had reached | January level, the law directs the De- such unprecedented - propor- partment to stop or limit im- tions" that the American ports.
dustry was threatened with The Tariff Commission, which serious Injury. They urged a May July quato. handles complaints from protu- protective,
September The Commission found Im- products,
November cers of unsupported
March
Spot
and
JAPANESE BONDS
Japinero
London. Apr. 1.
bondo" "A" (the
Confoli
· "3" (45.
of 1809) 781 of 1910) 60
"C" (53. of 1007) 123 "D" (38, of 1924) 00 "E" (528, of 1030) 110
59-19/10 United Press,
Copra Quotation
Now, York, Apr, 1.
Copra was quoted today at
to
مدد
3.15 nominal
3,10
March
In-
May Spat
9.10 bid 3.20 nominat 1.40 nominal
228 nominal
3.15
Contract No. G
5.81 bla
0.50 bla
5.51
D.63
United Pre
made its latest recommen-ports have increased but not ition on imports of fresh and "in such quantities to cause or razen tuna fish, which comes threaten serious injury to the chiefly from Japan and Peru, domestic industry." The Com- The Commission told Congress mission also noted that domes-
that quotas, rather than a fer-te sales of the product have Exchange Rates
porary duty of three rents ashot skyward up 64 per cent pound, would probably prove since pre-war. The Commis the most satisfactory method of slon therefore ruled: No in
Jury," controlling
Imports, $200 per share, ton, nominal, Other products on which the The screws come from Japan, c.i.f. the Pacific Const. Cocoa-producers have asked the Com- Austria, Belgium, Britain, Ger
Netherlands nut oll was quoted at 20 cents mission to boost tariffs include: many, Italy, the
Burner was done in the local
mchang unofficial
market this morning at the following, rates: Use dollar, (per $1)
Fterling note (per £17 Indonesian gulidern" (per 100) Diam. Hieris (per 100), Bingapore (Strails)
a pound, traded, United Press. briar pipes, from Italy, France, and Sweden-Associated Press. FIC plastres (per 100)
NOTICE TO PASSENGERS
BAGGAGE:
SUNDAY the 6th April at 12.00 noon (Hongkong Summer Time) for the UNITED KINGDOM vin Straits, Colombo, Bombay, Aden and Port Said.
:
Passengers are requested to send ALL baggage to the Hongkong & Kowloon. Wharf Co.'s Godown at No. 2 Gate, CANTON ROAD ENTRANCE, by NOON on Saturday, 4th April, 1958. SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board by ship's slings only. BAGGAGE COOLIES WILL BE REFUSED ADMITTANCE TO THE WHARF.
EMDARKATION: Passengers should embark between 9.80 and 11.00 am..op SUNDAY, the 5th April, 1953,
Arrives
Sails
".
Apr. 22 from Manila,
Singapore. Apr. 23 for
Rangoon Be
"REBEVERETT"
Arrives Salls
Penang, Calcutta,
Yokohama.
Apr. 23. from Singapore.
Kobe A Apr. 24 for (Accepting cargo for transhipment) Kobe/Pusan And Kobo/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"THAI"
in Port Sails
Loading
Apr. 3 for Singapore, Port Swet
tenham, Madras, Colombo, Khor- Bombay, Karachi, ramshahr, Basrah de Bahrein,
"STAR ARCTURUS”
Arrives
Sails
“LAO”
Arrives Salla
Apr. 5 from Singapore Apr. 8 for Kole
Apr. 0 from Japan,
દ
Yokohama.
Apr. 10 Yor Singapore, Port Swet- tenham, Madras, Colombo, Khor- Bombay, Karachi, ramshahr, Basrah & Bahrein, (Accepiing cargo for transhipment) Hoba/Puss13
Kobo/Okinawa)
and
EVERETT STEAMSHIP CORPORATION S/A Quson's Building, Telephone 31206, Chinese Department: Telephone 28293.
BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1(a) 1(b) and (c)
1(4) 1(b)
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH'