...
THE CHINA MAIL, TUESDAY, APRIL 7, 1953.
DRAATIC CHANGE IN U.K. ECONOMY MESSAGERIES
Remarle Recovery:: Sterling Areu Deficit Turned Into Useful Surplus
Budg Not Likely To Be As ugh As Expected
om our own CORRESPONDENT)
London, Apr. 6.
the
Last yeas a period of dramatic change in economic fort of both the United Kingdom and the Sterling Area whole.
The objeset by the Commonwealth Finance Ministers at the outset he year was attained and surpassed. By the beginning 953′ the Sterling Area had managed to wipe out the lit of £531 millions in its trade with the rest of the wond even to earn a modest but useful surplus.
This remarkable recovery is told in the econo- mic survey for 1952 just published by the British
Government.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Transactions on the Hongkong Stock Exchange this morning were valued at $303,538.40. The noon quotations were:-
SHARES DUYERS SELLERS RALES BANKS
1300 201300
KK Bank INSURANCER
Chaton Unjon
In Fire DOCKS, ETC.
218
20 1390
N. Pt, Whart 0.30 0.26 800 x 8.20
Dock
LAND, ETC.
18.50
500 # G.20
1000
MAJOR SHAKE OUT IN NEW YORK STOCK MARKET
New York, Apr. 6.
The stock market suffered a major shakeout last week in the midst of Korean peace moves, but
it withstood the pressure and came through with minimum damagê.
The decline last week has not been exceeded since the drastic fall the week the United States intervened in the Korean conflict,
ฟัง
That fact bolstered the reory 7.00 7.70 3000 2.00 that Wall Street doesn't fear 7. peace, as some have expressed it. What Wall Street fears. 1.40 1.00 1000 g 7.50 indicated by the reaction of the stock market, is a change from peace to war or a change from 21.70 War to peace.
Wheelbek
HK Hotel TUS Land S'hal Land 1.45 1.00 Humphreys.. 13.10
Train ...... 21.80
D0%
500
300
21.BO
500
Peak Tram
(New)
18
Star Forry.. 132
2000
Little Cott
The survey has been widely read and dis- UTILITIES, Mart Activ cussed. For it serves as a guide to the way the British Government's budgetary policy is shaping New York, A in a year when the Chancellor's intentions are even post holiday trad cotton futures proved une more unpredictable than usual. The business was on thi
The
side most of the day,
with minor declines
The emphasis in this year's survey, however,
is on external trade. By far the most surprising swaying within a 15-point fact it reveals is that the United Kingdom had a After a shaky start, the favourable balance of payments of no less than worked slightly above the $291 millions last year, compared with a deficit of
£398 millions in 1951.
vious close.
Small orders elther way
only
ly influenced the interm This tremendous Improvement | materials actually tread. The
indins due to a number of factors, the year. trading feature was the pure chlet
among which was a date in the day of 10,000 duction of £560 in the May delivery by a lee United
millions in Kingdom's import firm against an equivalent as compared with the pre- in July at 8 points differenous year's. And this in turn
The speculative talent
sulted from the aid of a com- too preoccupled with the whation of import restrictions, ness in. the stock market. ver prices Kid smaller de-
bnd.
se
Wall Street action brought t some scattered selling, bulut though import prices fell, bears
In cotton
of U.K. exports con- were not anxious to press for an open smaller
ued to rise to that despite volume of goods abroad, Technicians thought that it
export earnings were aware of the markusly rose by £88 millions.
These factors proximity to the government idli
were respon- rate and the possibility for for almost the whole of even higher loan rate on the ne improvement in the balance The New York Cott payments position,
стор.
The
rose during
be
PRODUCTION RECOVERS Fortunately, however, fears that the country might caught up in a deflationary spiral never inaterialised. By the end of the year produc- tion had recovered to its 1961 level. After the difficult "days readjustment." even the textile industry which bore the brunt of the recession perienced recovery In demand for its products both at Home and overseas..
the
CX-
But if the defeat of inflation at Home had a salutary effect on the balanoc of payments
the and
lovel
domestic prices, its impact on Gov- Exchange stated that on the bat other items in the account ernment revenue and ex of the lost parity rate, the toe invisible earnings from pendit un 36/16 cotton should be at leping, insurance, Interest on financial year ended last week 32.7 cents a pound against ign investments and the average of 31.90 cents on t- which were down by
millions, present crop. The crop news h
ald been mostly on the favourabince sido,
was severe.
on a dismal note. For Instead roughly in balance as
and American Mr
of beer had hoped, the final which totalled 7 millions compared with Budget accounts revealed
hugo deficit.
ing in the previous year.
MI ENCOURAGING FACTS
Planting is reported in đư swing in some sections. weather with timely rains haj
favoured crop progress in Texij e most encouraging aspect
-United Press.
this swing from
An increase in the servicing the National Debt → and the inevitable consequence of the Chancellor's new mone
C. Light (0) 10.30 14.20
C. Lig (N) 4,50
10 500 * 10.20 1000 n.50
92.453 1000 9,50 600 6.55
N.Y. Stock Exchange
New York, Aprii, 6.
The stock market went through Its wors! shake-out in two and a half years today,
When the United States was 31.80 pulled into the Korean war in 1050, the stock market in that Onal June week declined with surprising rapidity. At the end of the week the Associated Press average had declined $5.50. The nervousness which struck
Later,
09 defence us
orders the market with the Chinese and civilian demand peace bid early last week, hit 11.30 10 100 17.70 the
stock market with renewed force today and 500 15.0 advanced strongly. From the rolled back prices in all groups beginning of the Korean war to to Ifft to more than 5 blon Thon or 20.40 last January 9, the Associated dollars the total Joss in the 500 + 10. Press average gained some
50
market valuations in the past per cent and reached a. 22-year
five sessions. | posle.
21
Electric Telephone INDUSTRIALS
Cement
11.20 STORES, ETC.
Dairy
• 2014
Watson .... 21.80 L. Crawford 23.00 COTTONS
Ewo
2.40
箍
MISCELLANEOUS
Yangisze
2700 20.00
1500 20.00
2000 4.10
N.Y. Foreign
M
Page
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Outwards "FELIX ROUSSEL" "LA MARSEILLAIRE”
Homeward
Leaves Márveillan
salied
Hongkong
1. Apr.
17 Apr. flongkong
10 May
Due Marsalles
12 Apr
20 May
13 Jun
For Manta Yokolisma
Vi Falgun Saigon
West Africa porta.
"FELIX ROUSSEL" "LA MARSEILLAISE" 23 May
via Marseilles to all Mediterranean de via Djibouti to Madagascar.
Outwarde
"MONKAY"
ffenswards
"MIEINAMTM
"FEI-DO"
"MONKAY"
FREIGHT SERVICE
Leaves Donkick-19 Apr.
Leaves
··Kibelung-28 Apr.
pubg 21 May
• Keelung-17 June
Honkong
For
21. Kay
Mongkong
30 Apr.
May
Japna
For
26 June
+ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablancɔ,
Le Havre, Antwerp, Rotterdam & Dunkirk
CIE DES MESSageries maritIMES
P.O. Box 53, Hongkong Queen's Building (Gr. Floor)
MAERSK
Tel. 26661 (3 lines),
LINE
FAST FORTNIGHTLY SERVICE TO:
*NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO. LOS ANGELES AND PANAMA.
NEXT SAILINGS
m.v. "LEXA MAERSK"
Apr.
221.7. m.7.
"PETER MAERSK" "JEPPESEN MAERSK”
May
May
ARRIVALS FROM U.S.A.
"LEISE MAERSK"
Apr.
m.. "JEPPESEN MAERSK" m.v. "GRETE MAZRNIC"
Apr.
1. Y. Volume was heavy at 3,050,-
shares.
The total WBS the 3,120,000 shares of
AGENTS:
JEBSEN & CO.
Pedder Building."
Tel. Nos, 36066-9
Since that peak, the market 000 has fallen only a little more below than 4 per cent, including the last Tuesday. Twice during For Freight and Further Particulars please apply to:-- decline of $3.50 staged this the session the high speed week.
Lickers
foll behind the floor Many even consider the set-transactions-once Just before back last week a technical affair the noon ay. selling got under so far.
way and again near the close when prices got another jolt.
Rails and oil shares were the
dest hil. In rails, hardest
Western Pacife had the worst partly in reaction to the Supreme Court action sending back to the circuit court of the appeals a $17,000,000 stockholder claim against the read. Bethlehem steel and US. 2.67 asked one-third of the previous gaireach. General Motors fell 34 to sical were off more than a point within the minimum limits of a 04. Chrysler 2% to 70%. technical reaction.
Exchange
Canada (dullar) England-official
unofficial
They point out that the stock market con retrace from one- third to two-thirds of a previous rise and still be within the Closing Rates of an official reaction. The Tast sustained rise October January Eisenhower Presidential boom. since then retraced
Apr. 0. .US$1.02
2.81%
was the
Tho more than
SELLING SIDE
The
Aircrafts losses ran to 3% points in Bendix at 50%. market was the broadcast since Last week the market had ils traded, 1,016 of them lower and June 27, 1030 with 1,258 issues reaction on Monday, Short-term 330 of these at now lows for the traders and other highly cast-
Lous persons jumped to the sell-year or longer and 141' closed
side immediately.
unchanged. United Press. Prices were hammered down for the worst average loss in nearly 21⁄2 Volume shot ahead to
years.
ound 2,750,000 shares.
The Communists had proposed Bartering
7.61 bids
30-day futures
The
Australia (pound) ..... New Zealand (pound) South Africa (pound) Denmark (krone) Belgium (franc)
201 50-day futures
2.8116.
2.0512
2.0042
2.02
.01095
-1435
France (franc) West German
.0020
_Deutschemark
2305
Holland guilder)
3
Italy-ocial
.0016
Norway Krone)
1400
ing
cost of
Spain (pesota)
Portugal (escudo)
0380
0200
1736
2343
2.6812
.00120
2.8212
3585
ed
0735
0500.
0103
.009;
.4020
1.00
3104
Tuesday saw
.0670
1025
2005
.2114
the first time in more than two years, but the pressure on prices} cased somewhat.
The
3045
.1730
,0900
3288
Iran (ral).
Sweden (krone) Switzerland-free Middle East expected. So was the rise in fes (dinnar) a gravetary policies was larger than Egypt (pound)
prices for some of the goods Turkey (liraj, and services that the Govern- Latin America ment bought.
***** || Argentina-official
and Oklahoma, the survey notedit to a respectable surplus that it was achieved not result of further improve
Malaya's Exports Rise
In the U.K.'s position -vis the rest of the ing
this 228 us was reduced by £220
þd
fact Area-in
the
Brazil (cruzeiro)
"As the result of these and olivia bolivia) other factors, Government ex- Chlie-frie penditure exceeded the original Columbia (pero) ons, between the first and estimate
Cuba (peso) £210 by
millions. stexles (peso) 1952-but On halves of
the other hand, revenue Peru-free gh tho reduction of fell short of
original Urugung (peso millions In its deficit
estimate
Venezuela (boftver) by £288 muilions.
Far East the non-Sterling world.
Chely because. Income Tax, India (rupee) Singapore. Apr. 0. the American defence ald
Proits Tax including the Pakistan (rupee) Shipments of tin and rubberleluded, the United King-
Exces Profits
Hongkong Levy and from Malaya in March Increased| contribution
Netherland East Indies on amounts shipped in the pre-nl recovery was more im- Customs and Excise receipts all Singapore ceding month, monthly figuresve still. As a result, the falled to rise to the levels fore
1g Area
into a cast last March. Therefore, in- passed
showed today.
quarters
making the first s
the to
was
The shipments tolaliod 73.313 with the rest of the stead of exceeding expenditure of £77 on both current and capital oc- tons compared with 88,770 tons to the extent in Forthi 210,805 tons.
counts by £5 millions as it was for as the United King-expected to do, revenue Tin
shipments in March
although it sufficient after meeting current concerned,
to expenses Indebtedness totalled 6,868 tans compared with ed its
to cover
Over £88 4,957 tons in February, making a ropean Payments Union millions of the £524
milliona total for the quartor 17,600 tons.
spent on Capital Items. The result was an "over-sil deficit Resumption of the Korean truce
talks and other political
of £430 millions, developments, including Soviet disarmament suggestions, brought a
in
a pronounced reaction
the commodity and share markets in the past week. Tin fell about US$11 per plcul (100 entlies) and rubber dropped to as low as 22-2/3 United States cents per pound.
on the
These fails were reflected in substantiul marking down of nearly
Block every Singapore Stock Exchange list. This shake-out was the inrgest seen in the local market for several years but a substantial volume of business has
beca recorded by sharebrokers, — United Press,
the year by and ran down Its stock and dollars by £175 it reduced its
£53
other c
$ to
the Commonwealth
BUDGET PROPHECIES
Japan
360 yen to US$1 -Ussited PreRS,
N.Y. Sugar Futures
New York, Apr. 8. If one were to judge by these World number 4 sugar futures figuron by no less than £410 mild budget for 1953-54 would peinta higher with sales of 125 alone, all hopes of a today closed unchanged to 4 The balance of £109 have to be banished. Fortunate
contracts, that
to long term investment ly, however, there are signs
con
10%-
an exchange of sick and wound-
prisoners of war. To Wall
Street the air was filled with Cotton For
ominous developments.
Tha
generalTM desire was to sell and
wait to see what would happen Soviet Wheat
in the International sphere.
an increase In
selling past 3,000,000 shares for
Washington, Apr. 6. U.S. Department
of
agreement
for
In the final Agriculture said today that the hour a recovery movement stif- now
bartering fened prices and brought the Egyptian cotton for Soviet witeat should have a little effect on market up from its lows.
That carried
the market value of Egyptian through on
cotton since Wednesday when the market cotton
government sále actually turned in an
based pr the New gain.
average prices are It was small, but it
York quotations. Was,
a reversal of the sharp drop of
the two previous days,
In
It's weeklyft "Foreign Crops and
That buoyancy continued on the Department noted that the Thursday, but
a moderate March 10 agreement provides for amount of selling
was enough delivery of 115,000 tons of wheat and Bulgurin to press prices down before the from Russia, close.
Poland before May 31, in ex- The market Was closed for change for about 58,200 bales of Good Friday,
Egyptian cotton. The exchanges The Associated Press average are to be based on. 0.03 tons of wheat valued at approximately
with a loss of 3.50 on the week. of cotton, the Department sald. of 60 stocks ended the week at $111.30, a new low for the year, $3.13 a bushel against one ton
All through the nervous re- Under a similar agreement of
92.000 1952, about point treat of the stock market last February to 1
week, Industrial leaders voiced bales of Egyptian cotton were
statements reassuring
about the
the exchanged for 200,000 metric future of the nation's economy tons of Soviet wheat.-United There wero reminders that Press. "peace
is Bulilsh
and
there were other reminders that the United States in all probability
Domestic number 6 closed to- the Budget which Mr day unchanged. Butler will present on April lower with sales of 250 STIC
IMPROVEMENT
14 will not be as tough as tracts. some people are anticipating. mprovement evident in
Prices closed today as nce of payments figures Unlike most post-war Budgets lows:-- ompanied by an equally its emphasis will be less on Contract No. 4 (worldy nt turn for the better measures to combat inflation May domestle economy of for according to the economie ly ted Kingdom.
September Despite survey "the total demand is no October fall in production in longer excessive and more January fumer goods industries
Suitable May ustries on means of creating a slackening of Home conditions for an expansion of spot
and a drying up of British abroad-the country's
was state
in
Governmmy,
March
Contract No. 0 economic policy May
Rayon Dealings Inar than it had been po to "allow imports and
New York
New York, Apr. 0.
bo-
The activity in the rayon and fl easonable margin for millions each year the amount
serves.
Exchange
3.14
3.20 bid
won't let down its international 3.25 nominal guard against aggression with u
10 nominauard 1.27 nominal resounding crash of closing de-
nominal) fence plants. Such
bld
100 bla
United Press.
15.020
10.15 25.30
1.035
statements
helped to stem excesEES of
pessimism.
Chicago Grain Futures
Out of the 20 most active Issacs on the New York: Stork Exchange last week, only four
Chicago, Apr. 6," advanced, end -all Sour word Chicago grains and other lend- |davoured" by special demand.|ing commodifier market closed The great bulk of Josets in that today. lower in sympathy with list were
heavy benesotaréos | the declines on the security of defence spending-Associated markets. Short covering steadied whent following the early He- elines on a poor export 'demand plus ralis over the southwest growing belt. Wheat closed to.
were 1 to 2 lower. Fricas closed today as follows
Press.
New York Cotton day to lower and soybeans
д much for 1083, the survey says, will september
July at the end of
ex- | November thonths carller.
port, production, Investment and March consumption at Home, to Spot words of the economic develop along lines which, "The lovel of demand make possible a regular balance will was no longer un- of payments surplus bly high and it allow-w
tween £330 millions and £350
Rates from food, acctate grey goods market last
needed to meet Britain's over- Busines was done in the local and various sent power week continued on the
capital commitments, re-unometal exchange market quiet so the prices of consumer duce the foreign debt, and re-mering at the following rates: side generally, despite some regere stable or falling build the dollar aral gold re-sterling noto (per &1)
US dollar (per #i)ezonas poris of price firmness in some index of Retail Prices
Indonesian gulidore (per 100) constructions early in the week, weigher at the end of Butler
th then in the previous to achieve this objective
will probably try Slam ticais par 100). 7aily News record sold ;
Singapore (Straita) today!
the foreign pro- Ju
holding but every possibid
DY FIC plaatres (per 100) ducers" were believed to have
adds up to marked contive to burines men and sold substantia quantifies of Bu for Mr Batter's dis
earners alike. waga
work to future de inty policles.rente peilive emelency of British in- staple for rayon
harder, and Increase the com- livery to American mills parti- doing much to crento cularly
New York, Apt. 5. during a period when a condition at home, dustry. This may mean tax one of the largest producers
The Mitsui Steamship. Co. July liefs thecies also played their
for rayon plants was closed because paternal improvement. tisdir profits to install raw shipping company announced Spot
businesses which use Ltd., of Tokyo, Japan's largest e NEW ORLEANS MARKET that reported
To all in production in machinery an the staple was sold "at prices the per goods Industries easing of the tax
· and ・ some: ・・ slight it will storl monthly trans- May July ranging from 2 to 4 and perhaps wa
burden of Atlantic cargo services from elaber panted by Occasionally 3
a drop in wage earners-though this lattor New York in May. The service | December cents below the den for Imported current - domestic price.
raw may be partly or even wholly will be part of an East-bound March: for ma Yet,
on balance, offset by a further reduction in round-the-world freight, run- MAY suyon staple.tom-United Press. the les stocks of these the food subsidion.
Associated Press..
of d strike, - - It Is
In-
| Winas-price per bushći vj. #pot
New York, Apr. 6. Prices of colton futures closed 12.03 today as follows:
39.70 nominal July
Spot MAY
Now Cargo Service October
July
December Marth May..
July
Spol:
3351 nominely
3125-$17
September
December
Corn
KAY
September December
57.15
sadi bid 33.40 33.00 1141. SAT
July
May
bid
33.00
allad Press.
-1A 1.03%
York Figurwper 200 lbs fick. $17,10-nominal-Uniled Frem.
Chinese Freight ́Booking Office 27, Connaught Road, C. !
Tel. 20461
Dates and rotation subject to change without notice.
At liberty to proceed via offer ports 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"
In Port Sails
Loading ̄ ̄ ̄ ̄ ̄Apr.~8~forTM Singapore,"
Rangoon
"BRADEVERETT"
Arrives Sully
Apr. 22 from Manilo, Apr. 23 for Singapore,
Rangoon
"REBEVERETT"
Arrives Salls
Apr. 23 from Singapore.
Apr. 24 for Yokohama.
וי
(Accepting cargo for transhipzzent)
and Kobe/Pusan
Kobe/Okinawa)
Penang,~~ Calcutta.
Penang.
Calcutta.
EVERETT STAR LINE
Fast regular freight—refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
Arrives Satis
Apr.
from Japan,
Apr. 10 for Singapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Khor- ramshahr, Basrah & Bahrein.
"STAR BETELGEUSE"
Arrives Soils
Apr. 18 from Singpaore.
Kobe Apr. 10 for
& Yokohama,
(Accepting cargo for transhipment) Kobe/Pusan and Kobe/Okinawa).
EVERETT STEAMSHIP CORPORATION S/A
Queen's Building, Telephona 31206, Chinose Department: Telephono 28293.
BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1 (a) 1 (b) and 1 (c)
(a) 1(b)
Now On Sale at S. C. M. Post, Ltd.
HONGKONG AND KOWLOON
TEN CENTS EACH-