THE CHINA MAIL, THURSDAY, APRIL 9, 1958.
Spurt On London
Incentive Scheme For Shipowners Advocated: Stock Market Encouraging Building
Suggestion that the Government should give "serious and immediate consideration" to the establishment of a ship- building incentive scheme for shipowners was made by Mr A. J. Jenkins, newly-elected chairman of the Cardiff and Bristol Channel Incorporated Shipowners' Association, speaking association, held in Cardiff. at the annual meeting of the
In putting forward the suggestion, he said that under such a scheme a proportion of the direct taxation paid by shipowners would be credited each year in a special account and made available, with accrued interest, against the building of new tonnage, the credits not to be salable or transferable.
GRAIN OUTPUT LAGGING
London, Apr. 8.
which lies ahead.
A scheme along those lines for the Intensifted competition should have a simulating effect upon the tramp section of the "Unquestionably the greatest industry and provide a practical difficulty which confronts the recognition by the Government shipping industry at present is of the important part played by the deadweight of excessive 1 shipping in securing taxation, which makes it funda- those invisible exports so vital
mentally Impossible to maintain to the country's balance of the financial
resources 30 trade.
essential to make proper provi-
the replacement
the
sion for
At the outsel of his address ships. Time and again the heads Mr Jenkins referred to changes In the pattern and of our great shipping companies
hove volume of world trade which have stressed the wasting effect World production of grain had taken place last year mark-unen the
ot the crippling level of taxation size of tho British has not kept pace with the the cart of the "golden era
merciant nect in relation increase in population since of freights" with the result that world tonnage.
shimwners
experienced arranging employment
had difficulty In
London, Apr. 8. Persistent speculative bitying of Chinese bonda brought a further upward spurt in prices on the Lon don Stock Exchange today, Japanese bonis also were in demand and European Issues generally found good support.
Elsewhere,
British gov.
erment bonds were firm while loading industrials recorded numerous small gvina. Mining tasues were quiel with Kamrs firm, Commodity shares чего stendier reflecting an over- night rally on Wall Street; -Associated Press.
HONGKONG
SHARE MARKET
American Exporters Given Warning
New York, Apr. 8.
MESSAGERIES
Outwards
M
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Leaven Marseilles
American exporters have been told they must "FLEX ROUSSEL *• #piled
join the fight for increased imports if they want to sell more goods abroad.
The Assistant Secretary of Commerce for International Affairs, Mr Samuel Anderson, warn- ed the annual convention of the Export Managers Club of New York that the financial fortune of exporters hang on allowing nations abroad to earn more dollars by selling more goods in the United States.
Anderson estimated that with- out the $38,000,000,000, in ald given by the United States since World War II exports would have: been about 30 per cent lower than they were.
He chided exporters-several hundred of them from all over the nation--for not fighting for increased imports
04- greasively.
mare
"In studying this matter," he
U.S. Charter
Rates On The Upgrade
New York, April a. (From Our Correspondent)
sald, "It has puzzled me that in A better balance between the continuing round of debate demand for tramp shipping and Business done on the Stock which have been going on for the supply of available vessels Exchange this morning amount the last decade or so, the voice of has developed, and charter rates ed to $401,482,00. Noon quotathe exporters has not been heard continue to show moderate im- tions and the morning's iran in the commer occupied by the improvement. saction:-
parters. Can an exporter escape Coal for shipment
SHARES BUTERS, SELLERS AALES ВАНКА
HR Bank.. 1380
INSURANCES
Conton
Where
610 620
to
250
DOCKS, ETC.
"Does the nation realise the
notv under
K.
по
11.30 1000
1.00
100
before the war while the ex-greatment for their vessels toave significance of the fact that
or at the tonnage
portable surpluses of grains | other than rice
are
coming concentrated fower countries, mainly dollar countries, says "Grain Crops" published by the Commonwealth Economic Committee,
|
G
he show even a modest margin of construction or on order for Bri- in profit. In many trades friss tish owners, only one-tenth con-
had fallen to the late 1950 level, but were less
tive sists of tramp remunerative
vessels? Add to this through lack of
ding the gloomy forecast that during a corresponding
British decline in operating costs. The the next 10 years one
had ship in every three is due to notable exceptions only
welcome reduction in been
reach the end of its normal and, nd we are faced with. the price of coal bunkers
a situa- after the Increases In the early tion which I venture to suggest The figures cover the post part of 1952, in the cost of oll cannot be ignored. It is obvious war yours up to 1953 or 1931-52, Dunkers.
that urgent remedial measures und show that the production of
are called for and wheat and maize, the
and taxation HOPES OF BETTER DAYS largest grain crops, has -
Hol in some form is essential a leading our position 4 A creased, but that of rice,
"The autumn of Inst the
year" mercantile sea power is dan- "saw rates begerously weakened. next largest, has shown itle he continued,
The change. While the level of trade come so depressed and curgoes any special consideration should form in grains in 1951 exceeded the so difficult to
to secure that a
take, having regard to the claims pre-war average, the increase number of
r
rame largely from the expan-lay up. s were forced 10 of industry as a whole, is not
mented
countries
also
an
INCENTIVE SCHEME
N. PL Wharf I've S'hal Dock Wheelock
LAND, ETC.
HK Hotel BK Land S'hat Lond
Humphreys
UTILITIES
מופTr
7.46 7.60 100
745
54 554
from the
from a conviction that he must East coast of the United States be a pro-import man if he wants to Europe has been carried for to continue to sell at
a high about $4.00 a ton, compared level?"
with about $4.50 a ton several weeks ago. There is also some Dr Paul V. Horn, Professor of improvement In charter prices International Trade, New York for groin to the Adriatic.
11.50 University.
One declared: "I wish charter broker reports forward 1 emphatically to point out that chartering is the best in some 100 freer trade now is probably the time, with demand especially
116
most important step that could firm for shipments in April and be taken toward reversing the May 13.20 4de of shrinking world markets 13.30 which already
115 1.60 5500 13:16 10.40 2000
1000
21.70
500 H 22. 1000 G 22.
100 or 22.
seems
The
"LA MARSEILLAISE"
Homewards
Hongkong
ID 'AM. 10-12 May
17. APP.. Jongkong
19 Apr.
Dus, Marseilies.
20 May
Fur Alanija Yokohama
Vin Salgan Natgon
"FELEK NOUSSEL" "LA MARSEILLAISE" 12-15 May
vin Marsellies to all Mediterranean & -vis Djibouti to Madagascar.
Ontwards "MONKAT"
Homewards "MEINAM" "PEI-HO"
"MONKAY"
FREIGHT SERVICE
„Leaven Dunkirk-19 Apr.
Leuven
,
15 Rue
West Africa poris,
Hongkong
21. May Hongkong
For
• Japat
· Keelung-28 Apr. feelun-2 May
30 Apr.
30 May
July
• • • • •Keelung-29 June`
ker
•
+ Salgon, Marsellies, Algiers, Oran, Tanglers, Camblance,
Le Havre, Antwerp, Rotterdam & Dunkirk
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong Queen's Building (Gr. Floor)
Tel. 26051 (3 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
hi.v.
IV.
"LEXA MAERUK" m.v. "PETER MAERSK"
"JEPPESEN MAERSK”
Apr.
May
Mary
paying up
ARRIVALS FROM U.S.A.
m.v. 2.1.
"LEISE MAERSK”
Apr.
"JEPPESEN MAEUSK
Apr.
m.v.
"GRETE' MAERSK"
May
Military Sea Transport to be Servio is currently 1.10 | assuming alarming proportions." to $1,800 a day for Liberty vezel charters. This comparco David Rockefeller, Senior Vice with a low of $1,275 lost autumn. President of the Chase National At the Arst meeting of the
Star Ferry
102
C. Light (0)
C. Light (N1 Electric
9.06 10 1000
3500 10 615 6.00 500
10.10
INDUSTRIALS
13
m
in
the
Tree
repre-
1000 21.00 Bank, told exporters that Ameri- newly formed Tramp Ship Own-
cau tariffs and custom restrictioners Association, Witchl are one of the biggest "barriers sents 30 companies ow
owning 22320 000 #7 2120 to the expansion of world trade," tramp vessels, or about 80 per
800 21xt "Controls
of and restriction on cent the industry
In the Telephone 17.70 17.00 200 10
10020trade are among the basic reason United States, the group asited for the lack of economie expon- to be protected from excessive Ano 15. sion 500 G 14.80
world use government-owned ships, 500 @ 14.80 Rockefeller declared. "We
Wit It asked the government to re- must reduce them as rapidly as possible turn these vessels to the reserve needs to help restore the Incentive that Deot as soon as military 200 20.60 makes possible rising production were fulfilled,
and living standards."
Seven of these Victory chips 21.00
Will soon be removed from the 1000 € 2% needed
reserve floot to carry Military to promote the
Te-Spa Transport Service Healty ******* 2.40 215 3000 9 2.38 establishment of normal
free The MSTS had asked for 20- 1000 € 2.37 trade and 庭 growing world 4000 2.10
Asociated Press. economy:
Cement
STORES, ETC.
Dairy
20% 20.60
Watson COTIONS
Ewo
2.40
MISCELLANEOUS
20.70 20.70
120.00
LONDON TIN MARKET
the increase over the pre-war prove in incentive to other British shipping in foreign cur-
Overseas earnings of Prices closed at the end of the
He listed three chief conditions
precede the "must
أب
cargoes.
Steadiness On Cotton Markets
there has been slon of shipments of wheat and a slight improvement since to propound, but the 50- flour. The level of rice exports those days and the better de-vival of the 40 per cent initial continued Tow cind
tonnage in Eastern Allowance would be welcome." rice-mand for importing
supple-markets, coupled with the re- supplies by Jarger
cent revival and maintenance of imports of four and barley, time charter enquiry, gives rise Mr Jenkins then suggested with maize scurce, oals and to hopes of better days ahead. the establishment of a ship- barley constituted a larger pro-
The loosening of some, forms building incentive scheme for
Conservative Internal finan portion of supplies of feeding of Government control of com-
shipowners, to which reference tending stuffs to importing countries.
elal policies preventing inflation. modities.
to greater has already been made. He went
2--Tho establishment freedom for private charterers, on to recall that the Inquiry Although in the 1951-2 season should provide
adequate wider oppor-carried out at the request of the
Currency reserves. grain
3The drastic reduction of production outside the tunities, whilst the casing of Government Soviet Union und China was the Australian Government
by the Gener
London, Apr. 8.
tariff and other trade barriers. import Council of British Shipping highest recorded until then
in restrictions is
"Convertibility of currencies is The tin market was Irregular any post-war year except 1948, couraging
respect of the year 1947 reverled sign
should that the and
today. Turnover
product made was 100 tons. the
possible by the three conditions," Rockefeller average was only 3 per cent, as countries to adopt a like polley.renci
official morning session au sold, but
follow-not compared with an Increase I
for that year were £60 follows:- "Whether we shall in population over the same period time
our million, and
been Spot in, buyers
"The free world is now in a of the see a resumption of about 10 per cent., Wheat
better position than at any time pre-war steady combination of mated that the further inves- Spot tin, sellers malze both showed an
coal and grain
tigation which was to take place Business date at
New York, Apr. 8. in the postwar perlod to move crease American
cargoes, which wheat
toward freeing trade and making
futures were steady harvests in the past were the foundation in respect of 1952 would show. Three-montha
that those carnings had Im-
currencies convertible," Rockefel- today in dull trading. Switching
to late from nearby May ler said. to doubt, but the open
concluded
excess of und recently
a good Eugene P. Warner, Senior Vice months accounted for Anglo-Something in revent Argentine Trade Agreement, milton
815-700 President of McGraw-Hill Inter- deal of the activity as traders 835 national
continued to transfer holdings Corp, counded an -United Press. cptimistic note, saying
from May futures prior to Brat "In spite of cloud heated cotton sticks
notice day on April 24. Ceril- overall
export out- new high for the current move look for 1953 is good. Foreign Business was done in the local nations will acquire more dollars 200,280 bales, an increase of
1,420 bales over the unofficial exchange market this and will spend most of them moming at the following rates; US dollar (per $11.
here-perhaps $13,000,000,000 all; Sterling note (per £11
*16.07
told and put another $1,500,000,- Indonesian guilders (per 1991 18.35 000 into their climbing gold and Slam Licals (per 100)
dollar reserve." — "Associated 1.88 12.073 Press.
and
that it had
although remaining high, of the tramp shipping industry, proved about 150 per cent clined from the war-time penk. Canadu had good harvests European
Recovery
bul rye
is
and
tin, buyers
to
Three-months
£150
Que
years had been rupic. Barley embracing as it does the pro- No one could gainsay and oats showed Increase, jected export of about 800,000 significance of those figures in was still below the tons of coal from this country, the country's balance of pay- average. Rice Increased little should do something to help in ments or belittle the leading role above the pre-war love!.
this direction once the ship- of British shipping in maintain- ment programme gets undering the country's Island life and way.
livelihood. Moreover, in a coun-
which sccepted the prin-
EMPRE INCREASE
Production In the
Commun-
serious
the
a
Mr Jenkins went on to say try wealth of ch of the grains that, as was only to be expect- ciple of rearmament as a prime covered by the survey was high- ed. in sympathy with the necessity, it was strange and er in the 1951-2 season
recession in carnings, alarming that so litle attention before the war, Wheat increased heavy falls had taken place in appeared to have been paid to by 21 per cent and represented hand tonnage,
the prices realised for second-the state of tramp shipping,
and some ships upon which over one-quarter of total world
success or during 1051, when bought production (outside the Soviet
failure of rearmament would at their prices were Union and China).
highest, decisively depend. had been sold at about half Changes in the levels of pro- the amounts then obtained for
considering duction and consumption in in-them. In
prices dividual countries affected
for
tonnage
very different picture was apparent. year or two ogo It was
the
pattern of work trade in grains. A
new
Grain Prices
In Chicago
in spite of increase la produc- thought shipowners were within tion the volume of maize enter measurable distance of a halt ing world trade in 1951
Was to the rising tendency of only one-third
of the pre-war building costs, but, unfortunate-
Chicago, Apr. 8. Agure und, with declining Xly, that hope had been com- Chicago grains and leading ports from Argentina, conslated pletely disproved by events. commodities edged Into higher very largely of shipments from
ground with soybeans, sugar and America,
BUILDING COSTS wool among the upside leaders. % to 1% Although For importing countries
Wheat closed today shipbuilders were
soybeans were 1% concentration of exportable sur-
now well booked, with orders, higher and
many years to 2% higher. Prices closed as pluses of grains other than rice some of them for
of delivery of follows:- in a few countries, mainly dollar ahead, the rato
Wheat-price per bushel areas, became of increasing im had fallen for short
im the classes of steel required
of the Spot portance when assistance avail-
22433-12 industry, and July
3.26-327 under the European Re needs of the
builders were complaining September
-50% #zifa-2.35 bitterly that the acute shortage December
Corn endeavours to
2.01 Spot reasonable delivery
of May
150 duced imports of maize into tonnage under construction. July some European countles were Inevitably that delay in September accompanied by Increased delivery, combined with the December
Пус domestic production of feeding increase in the price of steel
MAY stuffs, especially in the United which took place lost year and
July Kingdom.
other inflationary factors, such Data as the higher rates of pay May
nblo
ablo
∙COVERY Programme and rustrated their
after the Mutual Security gramme was reduced. The re-ust
New York Sugar
Futures
give
May
1.02-10116 3.024% 1.05-1.05
1.88
764-36
Copra Quotation
བས
tin, sellers Business done at Settlement
830
840 nii
602
805
Exchange Rates there
Singapore (Stralts).
FIC piastres (per 100)
5.90
Cotton
last re
port.
One private survey estimated cotton acreage this year at 23.- 625,000 acres. 35.10
This was a
Wall St. Makes Good Recovery
New York, Apr. 8.
come down of 1,335,000 ACTOS from a survey from the same source a month ago. Most of recent surveys
forecas: a slightly higher acreago, com- pared with 26,460,000 acres last year.
have
Futures closed 40
balo
cente a higher to 20 cents lower than the previous close.
May
33.25-27
July
October
December
33.44-45
March
May
July
The stock market advanced on a broad front | Middung" "spot" today for the second straight session. Some of the best gains were shaved down near the close.
of
33.80
unchanged. Associated trean.
NEW ORLEANS MARKET
The market had been under, $1,850,000 us against $1,000,000 »
Now Orleans, Apr. 8. Cotton futures closed five GOVCTO selling pressure for year ago.
cents to 10 canta a bale lower, more than, a week as a result General Electric estimate May
33.20-21 Communist. peace moves pret quarter sales of heavy ap-July
33.34 around the world.
October pliances were up 10 per cent
13,35 bid December over a year ago. The stocks of March Prices were around 2 GE and other appliance makers Good middling points at the best with losses reacted well. going to the neighbourhood of
Steels
apparently ignored the a.point. The better gains were announcement that more generous than in several Steelworkers Executive Board the CIO
weeks.
un
33.44
13.30
-Associated Press
would meet at the end of the The Rubber
month to map a
wack pro~
gramme for the industry. vigorous trading.
more
Markets
Singapore, Apr. §. Prices of rubber futures closed today as follows- Number 1 rubber per b
May June tuly
The risc, however, didn't bring out
The Volumo
American Stock Ex- Was down to estimated 2,000,000 shares as moderate.
change was: higher with trading compared with 2,500,000 shares Brown Co., Electric Bond & Advancing were awarded to tho shipbuliding July
yesterday. New York flour per 200 lb. Sack traded
and and engineering trades, had 15.30 nominal-United Prest.
Share, Eureka Ltd. than 3,000,000 shares on Mon-
Molybdo day when the market was fall-Wichita River Oll,
num. Standard Packaging, and resulted in an increase in cost greatly to the disadvantage of
ing fast. owners, who
to were unable
The advance of the stock obtain fixed price contreets.
Most major groups get the market today represented a con New York, Apr. 8. "During the last nine months
Poday at benefit of buying and both the inuation of the buoyancy Number 2 rubber. Copra was quoted New York, Apr. 8.
the nation's economic position
when nomial, defence and non-defence stocks altered yesterday
the Number 3 rubber, May $250 pr short to, marked improve-
market had one of its best days | Number « rubber, May Domestic sugar futures No. & has disclosed a
and dollar
the Pacific Coast. parcipated in the upswing.
stocks included in the past month. Although the plankes crepe
Spot rubber, unbaled closed unchanged to 4 higher.. ment in our gold
Higher Coconut oll was quoted today. account and also in our sterling at 18%, cents a prund, asked. Southom Pacific, Fennsylvania gains were relatively good, they No. 1 Fals rep account within the European United Press.
Rallrond, Texas Co.,
Worner regained only a small part of
Untled Pr Payments Union, which are
LONDON MARKET Cololex,
International the lovers fall of the previous Phone Homestake maiters for congratulation," he
Mining day...
Landon, Apr, B... continued. "But internal con-
point out that thera The rubber market was irregu- Chemical, tions are not 50
Tobacco, Republie Steel, Studenatural tendongy for a re-lar Prices closed today as satisfactory, and the country anxiously awaits Prices the seeds and all baker, U. S. Rubber, Sears Ros-bound to develop in the market follows adranje curtailment of Govern market closed unchanged with blick, Lockheed, and Radio mer, sustained enli such as the amber rubber in sneruje
market has been going through ment expenditure to enable is to the following exceptions Com
- for more then a week. live;wlúila Its means and, by a Flax seed, per bushes, Lo.b. Western Union was well the entire fall was touched July/ep general rellet in taxation, to per- Minneapolis $3.80 Unitedt ahead as the comparty estimated at by Communist peace pro
October mit Industry" to "re-equip`fumit | Preis
first quarter Income at about.posals Associated Press..
May
*5.09 bld
July
September
4.04 5.07
November
3,07 bla
World: sugar
futures No. 4
J.24
bid
3.20
2.31.nominal
eleted 2-1 higher." May
September October JABUGFY.
March
RAW
ied Press.
Seeds And Oils
A New York, AB
...
June
nited Press.
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 80066-9 Chinose Freight Booking Office 27, Connaught Road, C.
Tel. 20461
Dates and rotation, subject to change without notice,
At liberty to proceed via other ports to load/discharge exrgo.
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
BRADEVERETT...
Arrives Saila
Apr. 22 from Manila, for. Apr. 23
Singapore, Bangoon.
"REBEVERETT”
Arrives Sally
Apr. 23 from Singapore,
Apr. 24 for Yokohama,
(Accepting cargo for transhipment) Kobe/Fusio And Kobe/Okinawa)
Penang.
Calculia,
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Poris,
LÀO
In Port Solls
Loading
Apr. 10 for Singapore, Port Swel- tenham, Madras, Colombo, Klior- Bombay, Karachi. ramshahr, Basrah & Bahreja,
"STAR BETELGEUSE”
Arrives Sails
Yokohama,
Apr. 13 from Singpaore.
Kobe & Apr. 18 for
(Accepting cargo for transhipment) Kobo/Pusan, and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION 5/A Quaon's Building, Telephone 31206. Chinoso Department: Telephone 28293.
BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1 (a) 1(b)" and. 1 (c),.
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH