་་
THE CHINA MAIL, TUESDAY, APRIL 14, 1958.
DANGER SPOTS IN U.S. ECONOMY
Penny Off Recession In The Sales Of Motor-Cars Noted
Price Of Petrol?
A reduction in the price of
petrol seems probable as a re-
suit of a drop in the rate at
Possible Production Cuts
Could Affect Millions
·President Eisenhower's economic experts are having to do some which much of the world's oil is hard thinking about the business outlook for the second half of this year,
carried across the seas, says the Manchester Guardian.
The London Tanker Brokers'
Panel, which twice a year fixes rate for oil tankers on time nnounc £1 sinstantial redue
charter to the
companies,
tion in the standard Eme char- 1er rate. From now on the rate for
molcr of 12,000 tons, ພາ
2
says the New York correspondent of "The Scotsman."
severe
None of them fears a "recession," but they can see various danger spots, and if trouble blazes up at any of them it might cause political troubles, even if the economy as a whole rolls on quite com- fortably.
Take the motor-car industry, for instance.
tanker Directly or indirectly, it employs millions of
charier workers. It is perhaps the biggest single pillar HONGKONG
for two yours, is 22s 3d per fon
per month, compared with 42s Ed previously. A year ago the ante was 52' per tun.
The significance of this rate is that it is one element in the form in which the oil companies qan m2 fix the prices of their troleum products. A fall in Ahls standard freight rate should mean, therefore, some reduction in prices of fuel oil, gas oil, motor Epirit, and kerosene. The whole structure . uk throughout the oil industry may be changed. One Buggestion
as that there Was almost enough scope for the companies
prices
Lake nearly one penny
gallon off the petrol price.
U.S. PRICE FALLING
ay
No immediate hanouncement is likely from the oil panies, however.
com-
The matter must frat be discussed with the Ministry of Fuel and
who
Power are interested In any charges in the price of. "pool" petrol. The oil companies may point out that some of the other cons which they have to bear have risen; the other main
element in their pricing formula is, however, the United States Gulf price for oil and this has been falling recently.
Normally the now price should be made publie within 20 days of the new award by the London Tanker Brokers'
supporting the present unprecedented level of American prosperity.
the
impact. unemployment, the trouble would soon become more than political: it could Dreame T grave economic problem.
recession ied io
SHARE MARKET
{From Our Correspondent) Business dano on the Stock Exchange this morning amount- ed to $350,800.40. Noon prices out the morning's quotations: SHARES DUYERA, AKLLEUS SALES BANKS
750,000 trucks and motor-cars to
The Industry has arranged for millions of voters will feel the roll off the assembly the end of June, but there is Jines by grave doubt whether anything like this number is going to be aborted
in the corresponding sales period. Last week, fur exa example, Chrysler announced a
BUYING ON CREDIT 100-dollar
tho 1053 As usual, the American people standard model, a reduction of are, on the whole, buying their about six per cent. Other big motor-ears, television sets and
us are expected to follow suit.
houses on credit. What worries the Administra Credit, In fact, is financing a ton-leaders is that if the motor-reat out of the nation's de- cor industry cannot sell what mand for goods and services and it has produced in the first half of the
industrial production INSURANCES of the year, its chiefs will Inge000,000 is owed for mortgages on meeting it£20,000,- | which is sharply for the second half. no time in cutting production
£10,000,000,000 homes. will be felt nil motor-arg and television szts. the
reonomy
Firms and industrial organisa- Lons are £25,000,000,000 " debt."
The cuts through
Will Take
אנט
and
Less From
From sustained.
Britain
London, Apr. 15. Finnish imports of a wide range of British manufactured toods will probably foll' this year, Board of Trade announced tonight.
ILX Bank..
East Asia
1400
21400
10 1300
140
Cartra
250
Union
700
10
780
10
778
for
20
775
Underwriters
5.40
HK Fire
103
SHUTING
Waterbunt
A member of the Federal Bestve Board of Governors recently said: The rapid in- creage In credit ruises the question as to whether such a volume of new borrowing can be "If it connot, the stubility of our economy is threatened, unless substitutes can be found for that portion of the present demand for goods and services which based credit,"
Aols Nav. DOCKS, ETC.
N. PL Whart 020 Dock ....... Provident S'hal Dock Wheelock
Japan Buying More Cotton
New York, Apr. 13. Japan's cotton imports Increased about 40 per cent from August. 1932, through January, 1955, over tho samo period in 1851-52, cotton sources say.
Beocipts for the period totalled 1,004,000 500 pounds.
bales of
United States exports to Japan in the period drop- ped to 182,000 bales, com. pared with 542,000 bales in the period a year earlier.
Japanese Imports Mexican cotton rose at the same time from 98,000 to 338,000 bales--Associated Preas.
Quiet Trading In Cotton
Wheat
MESSAGERIES.
Pact Signed
Washington, Apr. 13. Representatives
17 of countries aigned a new In- ternational Wheat Agree- ment at a ceremony at the Stato Department today.
Other nations have until April 27 to sign.
Afterwards, the pact will be ready for ratification or rejection by Jegislative bodies of the various governments.
M
MARITIMES
M
PASSENGERS/FREIGHT 'SERVICE
Outwards "FELIX LOUSSEL" "LA MARSEILLAISE"
Homewarde
Legyen Marrolller ***
It
17 Apr. Hongkong "FELIK ROUSSEL” . 19 Apr. “LA MARSEILLAISE" 22-21 May
via Morpoilies to all Moditerranean & via Djibouti to Madagascar.
Outwards "MIONKAT" Homewarde "MEINAM" "PET-DO"
The agreement would extend | present pact for three years with "MONKAY” a"maximum"price" of $205° « bushol
The accord would guarantee
totalling quote
305,542,032 bushels annually to the 42 mom" |ber countries.
}
Fat
Hongkong
10- Apr. 10-19 May
Manila Yokohama
Dne Atarsellies Via
20 May
15 June
Balgon Balgon
West, Africa ports.
LERYS veKeelung--23 Apr,
FREIGHT SERVICE
Leaves
Hongkong ..Dunkirk-15 Apr. 4-5 June
nongkong
For Japan
For
.
10 Apr.
20 May
1 July
• „Keelong-15 MU
Keelung-29 June
•
↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk
CIE DES MESSAageries maritIMES
P.O. Box 53, Hongkong
Only Britain among the major Queen's Building (Gr. Floor)
import and
and export nations her declined dign. She is hosting out for A $aximum.
Before the signing ceremony, Italy's P. Rogers offered a re- solution approving the part the Wheat Council
the pro-
Signor Rogers said gramme had stabilised the wheat market and helped continue the progress of International co-
New York, Apr. 13. Cotton trading today, apart
were Belgium, Canada, Sig from evening up on May de Ceylan, Denmark, the Dominican livery, remained a quiet and Republic, Franée, West Germany. uninspiring affair.
Guatemala, Haiti, Italy, Japan, Trading moved along at a Liberia, The Netherlands, stow pace
with fluctuations Switzerland, United States and narrowing to 10 points, the the Philippines. --- Associated smailcet
Presa.
some in vange time. After opening
CANADA'S REFUSAL
Oltowe, Apr. 13. Trade Minister C. D. Howe told the House of Commons today Canada will not drop her wheat price to $2 a bushel, the by Britain now as the basis national Wheat Agreement,
Mr Howe said the British are "shrewd hard bargainers" but
Tel. 26651 (3 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via"
SAN FRANCISCO, LOS ANGELES AND PANAMA.
w
NEXT SAILINGS
M.T. "LEXA MAKESEN m.v. "PETER MAERSK"
ADT.
May
m.v. "HEPPEBEN MAKASK" ***
May
Calling Vancouver
ARRIVALS FROM U.S.A..
m.v.
m.v.
"LEISE MAKESK” "JEPPESEN MAERSK"
Apr.
APT.
IV,
**GILETE" HAKRŠK”
2000 6.20 May situation to remain as the maximum requested by Inter- For Freight and Further Particulars please apply to:-
300 @ 10.00
11.40 1.00 7.50 2.00 400 @ 1.60
changed to 3 points lower, the list closed off 1 to up. 4 points. A leading spoi firm succeedixi in buying several thousand bales of May against sales for July at 10
difference. points Market
experts. expected the chief factor over the next ten days.
Open May contracts at the start of trading today totalled 92,900 bales. The certificated stock
rose to 60,30 year at 206,850 bales with some 1.40 1.8315 500 1.40 traders venturing to guess that deliverable stock may rise to 250,000 bales before the spot month goes off the board several weeks hence.
Wall Street speculators were
LAND, ETC. JK Hotel
7.40 BK Land (0) 3339 57 70 56
S'il Land Humphrey. 13.10 1345
On
UTILITIES
Tram ......
1. Tram (N)
Star Ferry
of course,
Panel. This delay will take us
ELECTION. YEAR past the Budgot, so that if the Chancellor makes any changes
Unemployment, in the tax on hydro-carbun oils
would hit the credit. structure that will also have to be taken
badly. People out of work will into account,
place no mora orders and may It ahould
noted be
In a communique on the con-default on what they owe. Üst the
clusion of Anglo-Finnish trade oil companies have, In fact,
There is no reason, given the been able to carry part
of their
Laiks here, the Board sald
which experience politicians and doro cheaply for some time Finnish Import licences pil
for economists have gathered on the freight rates for tankers traditional British exports are subject in the last 30 years, why not on time charter has been likely to be on a somewhat lower proper avoiding action should falling since the end of 1951. Eeals than in 1952.
not be taken us soon as the first Changes in the price of other
signs of a
a recession appear on products,
the horizon.
But next year there will be a national Congressional election Finland's exports to Britain in which the Republicans will sist largely of timber, wood pulp. Senate and the House of Re- this year will continue to con-have to fight hard to hold their Viny margins of control in the paper and similar forest pro-SI
and, in addition, some I presentatives. Elsenhower was ducts manufactured goods, the Board And said,
This was due to the decline in however, are usually Finland's earnings of Sterling left until this particular rate from exports to Britain. for lankers on time charter is announced.
There is
Gome time lag before motorist gets the benefit of cheaper cost of carrying oli
thus
the
the
Copra Quotation
New York, Apr. 13. Copra was quoted today at $125 per short ton, asked. Cocoa- nut all was quoted at 10 conts a pound, asked.United Press,
Britain would be making available to Finland cupplies of coal, coke and sted and other
essential
Reuter.
materials raw
elected last year on what most people understood to be promises
the
1000 200
50
42 300 @ 21.00
18 10% Le (0) 10 10 20 1300 @ 10.10
the
AGENTS:
JEBSEN & CO. a new high for the
it should be clear now that after 15 weeks' negotiation. an International Wheat Agreement is possible on the basis of prices recommended by the (Inter- national Wheat) Council and on no other basts."
The Council proposed $2.05 a The current bushel maximum.
$1.00.-Assoclated
C. Light (N) 840 6.50 200 si out of the market. Apparently ceiling
INDUSTRIALS
Cement STORES, ETC.
Watson
14.50
IDOⱭ 4+
Is
Exchange Rates
21.10 2300 23 the speculative element found Press, 1719 17.70 500 17.50 things more interesting in securities, grains, sugar and some other commodity markets. 21.70 494 21.60 But one private market advisory service recommended that cotton ellenia "take short proûto-buy 2.45 July--and stay long."
060* ******* __ KLJUCI
20.30 21 #700 42L Crawford 21
COTTONS MCLANEOUS
Ewo
1000
7000 @ 0.35 Prices closed
The Rubber
Markets
Singapore, Apr. 13. Prices of rubber Kutures
rubber,
to end the war in Korea (which closed today as follows: would certainly cut the present demand [or
for goods of all kinds), and an
to slash the national budget (of semi-manufactured goods. →→→
which national defence is greatest part), and to increase rather than decrease all credit facilities.
Political expediency and economic wisdom. may, In the short term at least, compete for the favour of the President and his advisers.
Australia To
To Send
Expedition To Southern Continent
Sydney, Apr. 13.
PRICES SPIRAL ENDS
0714-08
0412-16
414-4
604-14
67-3
60-6215
Number 1 rubber,
per lb. May June July Number May Number 3 rubber, Number 4 rubber,
May
Muy Blanket crepe
rubber, unbaled No. 1 pale crepe
United Press. NEW YORK MARKET
New York, Apr. 13.
follows:-
Spot
July (1054)
today
23
33.70
33.81 bid
--United Press.
Business was done in the local unofficial exchange market this morning at the following rates:- US dollar (per 31)
5.034
Blerting note (por £1) Indonesian gulders (per 100) 18.35 Siam 1icals (per 100)
15.03
Bingapore (Straits)
1,00
FIC plastres (per 100)
12.23
Report On New 'Mariner' Class Vessels In U.S.
First reports reaching the U.S. Maritime Administration on the voyage performances of the new "Mariner” class cargo ships indicate that they 8 to 00 points lower with us are not only the fastest vessels of their type of 16 contracia, Number 3 closed afloat, but are also economical to operate, inactive and
Prices of Number 1 standard rubber futures
closed today
The masters and engineer officers of each of the first four Mariner ships to enter service had been asked to submit operating reports at the end of each voyage giving details of speed and fuel consumption, and it is these reports the adminis- 23.10 nominal tration has been studying.
Meanwhile, the rising spiral of prices set in motion by the outbreak of the Kurean war in June 1050 has come to its peak points lower. Prices of Number nominally 50 and is slipping back rapidly. 1 standard rubber closed as
Best quality steak which was follows:- 83 4d a lb. four months ago No. I standard. now about 58. 6d. Pork chops May Australia will send an expedition to the An- have gone from about 63, 6d. e July tactic this year to reassert its sovereignty over ab to 48 d.
September December Frult, vegetables, and fish are March dection of the Antarctic continent, prospect for sometimes nearly 20 per cent May minerals, including uranium, and collect weather data.
gcological
The expedition is now being, and the organised by Mr Phillip Law, ity between parls
The
Antarctic
And,
similar. of the
cheaper, and eggs 'aro at least | No. 3 standard. 16 per cent cheaper than they May were inst November.
July
September Clothing down
ja
by about December seven por cent in
In price, furniture March: by obout ten per cent, and TV May
23.CL 23.71
23.33 bid
23.15
21.09 nominia
2145
21.45
21.24
21.23
21.25
Uelled. FromE.
LONDON. MARKET
per ib. Mary Juży
modern
One of the most satisfactory The Old Dominion Mariner. features is that the ships can operated by the American maintain a speed of 20 knots President Lines, la reported to on little less than a barrel of have made a trip from Norfolk, fuel oil a mile, In addition, Va., to the Panama Canal Zone the
cargo-handling at an average speed of 20,59 facilities are reducing the time knots, with a fuel consumption spent in poris,
of 00 barrels ver 100 miles. A Many auggestions for improv- better passage made by the Old ing the vessels have been re- Dominion Mariner was ceived by the administration Balboa to a Californian port, a from shipowners now operating distance of 3.250 miles, at 2011- the vessels, but it is stated average speed of 22.91 knota 20 that these changes are only with a fuel consumption of 1.08 201-2 minor ones, and could easily be barrels per mila, 201
to Buit 20-2012 matte by the
WHA
director of the Antarctic division Antarctic Continent and areas sets and refrigerators are down of the Department of External of Australia where uranium hos by about eight per cent.
London, Apr. 13. Affairs, and is expected to leave been found.
Rent and fuel remain at the Melbourne cally next December,
The most important Msoma high lovais.
rubber market which is mid-summer in the Casey was probably thinking
strady today. Fricca closed as There has been enough of a follows: that it was about time Australla break in the trends of the last Number 1 rubber, la pence Southern Hemisphere.
Continent, showed a keener interest in her two and three-quarter years, which at its nearest point is vast "frozen
Empire
which she however, to give real relief to 1,500 only
milcs
south
casually the average of accepted about equat
American worker Australia, is
in from Britain in 1933,
and housewife.. brea to Australia and the United
Australia's claim! At present Stat combined. The "Austra to practically half the Antarctic la sector of the continent continent is recognised by fers 2,472,000 square miles, Britain, France, and other Euro- almost the area of the Australian.pean countries, but not by the mainland itself.
United States which has never
When he announced the ex- acknowledged olalms bared sole- pedition recently, the Minister ly on exploration.. 'Indeed, in-
LONDON TIN MARKET
London, Apr. 13.. The in market was: steady for External Affairs, Mr R. G. ternational lawyers have long today. Turnover was 250 tons, "Today the An- agreed that the bare fact of including 100 ton for cash. Prices Casey, sald: tarctic is
challenge which discovery, besides being hard to closed at the end of the official cannot be ignored. No one can prove, is an inquifielens ground morning station as follows: predict what Importance it may for proprietary rights,
Spot in, buyers.
770 tin, sellers waged 775. Three-months Un, buyers, « 130 2 Three-months in, scilors... 730 Business done IL - 750-720 Settlement. 730
---United Press.
Apr. 13.
usumo in the next 50 years."
July/September Delober/December January/March
--Unxed Prtan.
Grain Prices In Chicago
Chicago, Apr. 13. -- Prices of grain futures closed
Wheat-price per bushel-
If then, Australia is të havo are done at -745-725 Today as followE+
their own requi
Nevertheless, many of the suggestions have been accepted by the administration, and will be incorporated in vessels now under construction.
from
an
Comparing the performances between one of the ohi 17-knot C-3 type carro vessels and the new Mariner vessels, Maritime Administration oficials süld that the older yassel could average 400 miles daily with a The vessels in servico are be- fuel consumption of 325 bar- ing operated by shipping compi
rels, as, compared with - an panies for the Military Sea average of 109 miles
a day Transport Service and carry with a fuel consumption of 418 cargoes largely consisting of barrels by the Mariner, chips,. vehicles. Maritime Administra= | For the addition of 123 barrels on officials believe that when of fuel, therefore, the Marinor the vessels are placed là regu- vessels could accomplish an ed- lar commercial Bervice
ditional 100 alles a day..... they will be even more succcantul," Latest Mariner-type ship
enter torvice is tha CONSUMPTION RATE:
Garden Mariner, one of five, vessels or The On Colony Marlaer, dered from the Camden, Now which is being operated by the Jersey, yort of the New York United States Lines, is report- Shipbuilding Corporation. Al- od to have made a voyage of together 30 ships were ordered 1.07041 2008 miles at an average speed by the Festerni Maritime Ad-
of 10.01 knola, and another
ministration from seven ship-- Blaze Tin: Grado A. (09:00' per
cent
passage of 3,004 miles was re- yards on all threg the survey and research beambt down or higher) New York, per ib. May
of ported to have been completed the United States, azuishing, results of earlier expeditions to the Falkland Islands cach 105.00 contat
at an average speed of 20.50 each designated with a stábo which established the pro- Antarctic summer to keep a Copper (electrolytic, export, May
knold, with a fuel consumption nickname, are 628 ft; look, bot Bences AdiZwuxtensive coalfields watch on whalers and land New York, per 1b: 32.00-30;13 sind
New York ficut per 200 16. Back of 99.3 increls of fuel all per have a deadweight of 13,000 minerals
small parties at different places: |.conta.- ¿fnited Preja, tek 12.20 nominal Und
STRATEGICTM POSITION.
事
good.
anawer to any challenger
she must do
do something more
Mr. Caloy, was not thinking about her territory than
́of the`ice-locked, blizzard-swept|
proclaim her
her ownership,
continent as possible area for of permanent rettlement, settlement, lo was thinking of is out of the question, she must Its strategic importance: ca a prove
aprave continuous and effective futurar als soute for lanes administration by regular fying between South America poditions Just a
New York. Prices in the metal. market closed unchanged with the fal-
Spot May July Heptember December
Cora #pot May July Heptember December
Bye
1001
·Elo-wal> thinking, ido, cað frel ASTORES thọ lain doceflowing oxcuptions:- A
Or South Africa and Australia. || by
TB-741%
to
Pedder Building.
Tel. Nos. 36066-9 Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20481
Dates and rotation subject to change without notice. At liberly to proceed via other ports to load/discharge cargo.
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 Salla
Apr. 22 from Manila, Ápr. 23° för Singapore, Penang,
Rangoon
Calcutta,
"REBEVERETT”.
Arrives Salls
Apr. 25 from Singapore.
Apr. 20. for Yokohama,
(Accepting cargo for transhipment) Kobe/PuranR and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Peralan Gulf Ports, "STAR BETELGEUSE”
Arrives Sails
Arrives
Salls
Apr. 27 from Singapore. Apr. 27 for Kobe &
Yokohama.
"STAR ARCTURUS!!
May I from Japan. May 2 for Singapore, Port Swet
tenham, Madras, Colombo, Khor- Bombay, Karachi, ramshahr, Basrah & Bahrein.
(Accepting cargo for transhipment)
· Kobe/Puzan and Kobe/Okinawa)`
EVERETT STEAMSHIP CORPORATION S/A Queon's Building, Talophone 31206. Chinged Department: Telephone 28293.
BUSINESS REGULATION
ORDINANCE 1952
Copies of
of the prescribed
Forms 1(a) (b) and (c)
Now On Sale at S. C. M. Post, Ltd.
HONGKONG AND KOWLOON
TEN CENTS EACH