1
4
THE CHINA MAIL, TUESDAY, APRIL 28, 1953.
For India
Soviet Russian Offer Russian Wheat Wo Britain: Wants Increase In Trade.
Bearish Mood In
Gentva, Apr. 27.
Russian trade experts in Geneva informed the British delegation that Russia was prepared to step up her exports to Britain to £56,000,000 more if Britain agreed. to increase her deliveries to Russia of manufactured goods, including certain types of machinery, it was re-
or
Wall St. vealed today.
New York, Apr. 27.
Bearishness is spreading Wall Street. Cautious storm warnings are being
in
holsted by somie,
The cause is the fall by the
stock market to new lows for the year. Most of the market's gains in the post-election bovin have evaporated.
..
The Russian offer was made during private discussions between the Russian and British delegations to the recently concluded United Nations Economic Commission for Europe where 26 countries, including eight from Eastern Europe, tried to find means of increasing East-West trade.
Earlier Russia had handed over
to the Westem representatives a list of goods that Eastern Europe could export in the West. It in- itcluded grain, timber, agricultural
machinery and foodstuffs.
That looks like a blak plc- ture, and sorme Insist that
It looks, but there is as bleak
undercurrent of optimism in Wall Street based on the inherent Arength of the
economy. Datin
15
stung
ה
A lot of bearishness is com- ing from charter readers. Those are the
plot the men wha course of the stock market measured by various averages composed of a selection at key stocks.
were
Britain's imports from Russla in 1951 totalled 260,178,571 and her expre to Russia £3,678,571, according to the United Nations Economic Com- mission for Europe.
Next On
List For Derationing
London, Apr. 27. For the first half of 1952, ne- Shipments of
from sugar the only statistics Cuba, which Mr Butler pro- cording to available, Britain imported from mised in his Budget speech, will Russia to the value of £30,000,- stort in May, and the 000, against exports valued 01
at rations is to be Increased to 12 £2,400,000.
oz. a week on May 17. At the will same Ume manufacturers
of 20 per cent
Many persons disparage chart
Every influence, theories. the stock market of trading muusi based chart readings
be taken into consideration.
The Autociated Press average of qu stocks declined last week
to new low for the
your.
From top to bottom the devie erated around 90 per the advan in the
of
cent
average since the Presidential election.. The fall has been going on for the Mist five weeks without en- countering rustained support.
THE QUESTION
It turned
the
Russia's needs from Britain! get an increase include tractors, mining in their supplies. machinery, electrical machinery and chemicals.
The discussions between the British
and Soviet delegations were the outcome of an invitation from the Russians to the British team.
MOST ENCOURAGING The talks, which were strictly
Lugar
The rate of deliverles from Cuba will control to some ex- tent the date on which sugar can be derationed, but the Ministry of Food hopes that this will not be later than November, The Cuban sugar has to be refined after it has reached this country, but there may be enough in hand to per- mlt another increase In the date of derationing.
that
New Deibl, Apr. 27. India has offered to buy 1,000,000 ton of wheat an- nually from the Soviet Unida for the Bext five years at price prevalling
on the Indian marksis and not on the International pilce of Iood, the Trado Minister. Han Ahmed Kidawal sald today.
In turn, Russia would buy goods sho requires from India, also at the Indian price-United Press,
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business don't on the Stock Exchange this morning amount- ed to $800,044.70. Noon quote tions and the morning's tran- sactions:
SHARES DUYENS BELLENĄ BALES BANKS
IK. Dank.. 1905 1905 East Asia.... 148
INSURANCES
Unton... 70916 SHIPPING
Waterboat..
DOCKS, ETC.
K. WHET
14
50 < 1403
150 @ 300
77 78 150 @ 78 N. Pt. Wharf 0.10 025 Dock........ 18.00 19.10 1500 10 Provident 11.29 1331⁄2 2500 út 11,40 Shal Dack. 2.10 Wheelockc 7.50
J
1030 0 7.53
2400 @ 2.00
61 1500 @ 00
U.S. BOOM AND MESSAGERIES
CHANCES OF
PEACE IN KOREA
New York, Apr. 27.
Outwards
M
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Leaves Marsejālas Hongkong
*LA MARSEILLAIBE" 17 Apr.
Kopjkang
Homewards
10-12 May bus Stardalea
15. June
For TARUNIMA
Via Sałgosi
The life of the U.S. business boom-how "LA MARSEILLAISE” 22-23 May closely is it tied to the cliances of a truce in Korea?
Peace would have a quick psychological effect|* upon consumer and business thinking.
via Marseilles to all Mediterranean & West Africa ports. via Djibouli to Madagascar.
But many businessmen agree with Secretary of the Treantry George Humphrey that other forces both those sustaining the boom and those dragging at its heels-could set the course of the economy in the next few months whichever way Korean stalemato is resolved:
the
Many business observers think that course was already preity well set before the Kremlin began talking pencofully,
They think that Washington policies are geared to a gradual economic deflation late this year, to slowdown In government spending, and in Industrial plant expansion.
The goal of a stable dollar, or one that will buy a litle more, means lower prices. Farm prices have been on the downslope for come time. Many consuiner
-
goods prices have followed. And now the basic metal prices are weakening with the notable exception of steel
Secretary Humphrey told the annual Mombership luncheon of the Associated Press: "There is no reason to fear peace.
BEST THING ·
·
by those
ELLERMAN
LINER
ON TRIALS
London, Apr. 27. The liner City of Exeter will leave the Tyne yard of Vickers Armstrong tomorrow for trialy
and
her malden
voynge to Scuth Africa will start from London on June 4 after a Con- tinental leading run.
It is expected that she will take a number of Coronation visitors back home to the Union. second to be completed of four The ship, 12,500 tons, is the
and cargo liners passenger ordered by the Ellerman Lines. The first, the City of Port Elizabeth, has just completed her drst round voyage to South Africa.
The City of Exeter will be over, to the owners on
rsday.
The third vessel, the City of
Outwards. "MUNKAY"
Hokiswards *. "MEINAM” "FEI-Д0"
“MONKAY"
FREIGHT SERVICE
Leaves .Durkisk—19 Apr. Leaves, Keelung-28 Apr. .Keelung-JI HAY
Hongkong
4-3 June Itongkong
10 Apr.
For Зарад
For
2 June
+
..Keelung-29 Juni
I July
↑ Saigon, Marcelles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk
CIE DES MÈSSAGERIES MARITIMES P.O. Box 58, Hongkong
Queen's Building (Gr. Floor)
Tel. 26661 (8 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA VIR BAN FRANCISCO, LOS ANGELES AND PANAMA. NEXT SAILINGS
1.7.
*m.v. "PETER MAENSK”
"JEPPESEN MAZHER" 1.v. "LAURA MAERSK“
May
May
Juno
Calling Vancouver
ARRIVALS FROM U.S.A.-
in.v.
1.V. "GRETE MAERIK” 3.v. "LAURA MAERSK"
"KIRSTEN MAENSE”
May
May
May
10
This is applauded who argue that a business boom York, is fitting out at a shipyard LAND, ETC.
bullt on an armament race and The fourth, the City of ILK Hotel.. 7.25 7.40 3560 @ 7.40 | always carries with it built-in Durban, will be launched next 11.K. Land
weaknesses. They point out it month,
are identical in Jayout, is sustained by high taxation and Inflation and that it
it results in varying only in interior colour
schemes, and building
minor furnishing up armaments necessary for
but detalls. When the dour are in For Freight and Further Particulars please apply to:- defence but | nothing that the people can use. commission,
Tram
sold) S'hai Lond. 1.40 UTILITIES
Peak Tram 220 22.20 3100 14 22.20
(Old). 30 Peak Tram
(New)..... Star Ferry..
10 111
C.
Cght (0)
10.30 10.40 2000
6.60
0
they will
from London
enable
to South
They argue that let-up in approximately fortnightly suil-
The City of Exeter has
250 (1 108
spending would mean oings defence 100 110
shifting of production among in- Africa,
CC- dustries, but in the long run a XU
/ 10.40 C. Light (N)
10.30 return to all-out peacetime pro-commodation for 100 1st class XD
would be the best thing Passengers. There is a verandah Electric
duction 23.10 23.90 150 27.70
cafe, swimming pool and 123023.80 for the economy.
G The stock
children's playroom. The ship's reacted quickly to the Treasury 16% knots-Reuter.
loaded service speed will be that Secretary's Korean truce wouldn't have "an carly importan! Ining."
Influence on the
CUI
Telephone 18.30
for
INDUSTRIALS
taken
Cement ..... 13.10 1315 -Hope STORES, ETC.
13.30
mar-
Chartists believe that a reac-secret, took place in the office lion between May 17 and the tion of one-third to two-thirdsol Mr K. Bakhtov, head of the of a previous advance is not-Russian Treaty and Legal De- mal. The question for them to partment of the Ministry of Home
The Ministry is now whether answer now is
sidering other commodities execeded and Foreign Trade. current reaction has. what they call normal bounds.
With him WES Mr V. B. derationing, and though no de- Last week the market chose Spandartan, head of the Ministry margarine, cooking fats, butter,
cisions have yel been to ignore brilliant earnings re of Foreign Trade from Moscow.nd bacon are favourites. It is
major ports turned by many
Britain was represented by Mr
possible
branded the C. II. Baylis, chief trade expert garine will be on sale again be corporations. same guld shoulder to corporate of the Board of Trade and Mrfore the end of this year, and executives word portraits of aC. E. Coffin of the Ministry of some people assume that if bright future.
Food,
margarino is decontrolled, but.. Tivo assistants guarded theter will be decontrolled too, last week said the nution, isn'tcorridor to stop cavesdroppers, heuded for a depression regard.
A number of political factors The Russlan offers are regard- less of what evolves from the ed by the British experts as most whether or not to decontrol but- Jare involved in the decision present. Korea negotiations. encouraging. It is thought
But there were renewed in
Supplies fer.
not arc dications that the nation's talks will result in a definite plentiful and there is no sign decision with Russia Yet of a Government
to make any offer for the sur- plus butter
reported to be
Tresury Secretary George
Humphrey in a major
in
Speech
fenen spending was being nur rowed down. And
Woll Street there was an effort to
however, that these
doubtful, trade
agreement
Just yet.
yet
readjust trading and invest- The final negotiations will take available in the United States.
ment 'thinking
that development.
Dairy XD .. 18.00 19 600 10.70
600 18.80 2500 10.00 500 10.00 2500 * 10. B0010 Watson ..... 21,73 21,50 1600 21.80 Lane
Crawford COTTONS
LANEOUS Entertainment 10% Yangtze
2.402
6.35
100 0 27.20
rate of
market, however,
assurance
The psychology of that.affects
stock traders
that
D
quicker than it dots business
executives
ves who have already pretty generally decided government spend- ing is due to slucken slowly, that the great building spurts by industry and home-seekers are likely to find slower pace before the year ends.
The
size of the growing public and private debt, the high level business inventories, the Business was done in the local of
production expanded this rea
of Industry, the surpluses of farm products and shrinking export markets are the danger signals businesmen are 1.834watching.
Exchange Rates
unofficial exchange merket
nomina at the following rates:- U.S. dollar (per $1).
8,035 Sterting nate (per ki)
15.71 Indonesian gulders (per 100) 22.00 Slam ticals (per 100)
31.00 pur-Singapore (Siraits)
¡FIC plastres (per 108)
12.12
to encompass place in London and Moscow as objection loses some of its force
early as possible.
LITTLE SELLING The gradual trend to higher interest rates got close atten- tion. For many months
the move has been toward higher money cost. It is showing up in Wall Street in the form of that money higher rates on brokers and others need to du business. "That cuts into pro- fits. Higher interest rates tend
deflationary exert a
10
In
fluence on the notiondi econo-
myAll of this beavishness
last
week didn't bring out intense
selling. The dully
average
volume of business was 1,572,-
000 shares, considerably below
It would cost dollars, but this
after the Government's Other Eastern European chose of Cuban sugar. nations ready to negotiate with Britain include Czechoslovakih, Rumania, Hungary and Eastern Germany.-London Express Ser-
vice.
UN Plan For
Cotton Prices Interest Loans
Low
To
In New York Backward Nations
New York, Apr. 27. Prices of cotton futures closed the daily average so für this today as follows:-
year.
Those who believe the mar- Spot
May
ket isn't in a stage of transi- July tion and isn't ready to enter a October new bearish phaso would Ek Dreenber to see come rousing,
sersions
Marci Miny
with heavy selling, That, they July belleve, would enable the mar- October ket "o get the selling out
of
its system" and prepare for the
traditional summer rally.
United Nations, Apr. 27.
The United Nations has published an nominal economic expert panel's blueprint for "Sunfed," 33.69-93,05 proposed new low interest loan agency to help
23.77
37.43
31.01-33.07 33.80
32. nominat
-United Press," NEW ORLEANS MARKET
Prices were up on average Spot last week on two days-Mon-
July
Ainy
day and Fridny-but neverthe- October less minus signs predominated. December On the other three days the larel
May July
market was down all around.
On Thursday it suffered most October with a foldy sharp decline on expanded volume. The selling was orderly anti concentrated in the final stages of the day,
-Associated Press,
New York Sugar Futures
KNJ
33,32 33.61-33.58 33.40-33.50 33.42
ayas bid LES HIS Umied Prem.
FIRST SUITS OF DYNEL
New York, Apr. 27. The first suits, made of wool and Dynel, one of the newer man-made fibres, will be the New York market soon, a maker Bold.
under-developed countries.
COULD DO BETTER
On the favourable side are the record employment totals, the record high dollars value of the goods and services being turned out in this country, the increased number of persons with good in- comes and the considerable nest egg of savings, pensions and various insurance schemes to cushion any fall.
The slipback from the present business peak, if it comes, should be easy and not too long pro- longed, the majority of observera
think, they applaud Secretary
And
Humphrey's rebuttal of the Com- munist charge that peace would be a calamity to the Western frec world.
Insofar as the present boom is false and built on inflation, peace
out
The nine experts who mapped "Sunfed" might squeeze some of the water
of it, they admit. Special United Nations Fund for Economic But those who look upon pro- duction of peacetime goods as Development turned in their report last March 6.
more important economically This was before President Dwight D. Eisenhower than the output of war goods revived suggestions for pooling disarmament better in a peaceful world than this country could do for savings in a fund to help under-developed areas, in one where war threats bring.
The experts' report had a study. In preliminary discussions, similar proposal for the future. there were come predictions it The U. N. gave no reason for de-might run from $400,000,000 10 laying publication of the findings. $1,000,000,000 a year.
think
inflation and confusion. Associated Press.
The Rubber
Markets
Singapore, Apr. 27.
Prices of rubber futures closed today as follows:- Number 1 rubber, per ib.
May
70%-2
June
-70%-
July
2014-15
07-0714
B4-0415 -622-03
-
2014-70 73-00
Number 2 rubber. May Number 3 rubber, May Number 4 rubber. May Spot rubber, unhaled No. 1 pale crepe Blanket crepo
Unked Press
NEW YORK MÄRKET
--Now York, Apr. 27;--- No. 1 standard futures closed 30 to 3 points higher with sales totalling 30 contracts.
No. 1 standard
July
24.70 nominal 34.70
May September December
24.43 bid
24.03 bişi
March
23.03 bid
May
185 bid
No. 3 standard
May
22.70 nominal
July
22.60 nominal
September
22.50 nomina!
December March May
22.40 naminn) 22.40 nominal 23.40 nominal
Valted Press.
LONDON MARKET
London, Apr. 27. The rubber market was quietly steady. Prices clored as follows:-
Number 1 rubber.
„in pence per ib., May
June
July/Beptember October/December January/March...
2024-21
204-21
2011-21
2036-2143
-United
AGENTS:
JEBSEN & CO.
Fedder Building.
Tel. Nos. 36066-9
Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20461
Dater and rotation subject to change without notice,
At liberty to proceed via eiher porte to loadƒdlacharge cargo.
EVERETT LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Stam, Malaya, Rangoon, Calcutta and Chittagong.
"REBEVERETT”
Arrives.... Sails
Apr. 28-from-Singapore, Apr. 29 for Yokohama, Osaka & Kobe.
"NOREVERETT"
Arrives Salls
May 12 from Singapore.
Nagoya,
May 13 for Kobe & Yokohama,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/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. "STAR BETELGEUSE”
Arrives Sails
Apr. 30 from Singapore.. Apr. 30 for
Moji, Kobe, Osaka, Nagoya & Yokohama.
"STAR ARCTURUS“
LONDON TIN MARKET
Arrives Sally
Private and non-governmental Grain Prices indover was
The United States has opposed | the idea of the special fund etj contributions would be solicited the last scesion of the U. N. on but the general council of the
could authority
row
-05
In Chicago
Chicago, Apr. 27.
London, Apr. 27. The tin market was steady today. 80 tons, cash. Prices closed at the end of the official
cession follows:-
morning
Spot tinbuyers
Spot fin, cellors
Business done at
Thred-months tin, buyers Three-months in, sellers
Chicago grains and other lead-Business done al
ing
commodities favoured a Settlement
higher trend today. Grains were mostly steady to Birm
with
support in wheat futures coming from exporters and flour mills.
the grounds Wizat only U. S. proposed new fund would b would contribute to it and that composed of the Kovernments describing it as a new interna- which contributed to the fund. lonal body would thus be wrong. The Council would select a Director-General and an Execu- on The new U. S. delegation re-tive Board. New York, Apr. 27.
presenting the Eisenhower. ad- World No. 4 supar futures closed unchanged to 1 point The cloth is made from yarn it is studying, the plan.
minhtration would say only that: Out of this, the experts say, lower with sales totalling 210
development blended with 35 per cent Dynel
which would contracts,
One important new provision ordinate all the work of the U. N. stic No.: 0 Domestic
closed un-end $5 per cent wool. In the experts blueprint, is that end its specialised agencies in changed to 1 point higher with sociated Presed at $3.50. the fund would not begin optra providing
to 1% lower and soybeans were Bo-colled sales totalling 31 contracts.
long until at least 30 countries countries with improvement of as follows
backward to 2% higher. Prices closed World contracts- remained
plodged a total of $250,000,000 their economie development pro- active and a shade casier while
Tóc Its Intual two-year hind. But
Wheat-price per bushel the domestic futures market
there was nowhere in the report ming, engineering, education, July gramme through ald to industry, Spot May was alcady in a light turnover.
ohy Indication what percentage health and Contract No. (world)
redoing September. would still have to come from standards. 3.50
December -Merch
Corn
Ato
July
September
October ɔiri:
January
March May
Spot C
Mag
347 3,40
340
Bond Retirement
New York, Apr. 20. Denmaric has set aside an the U. S. additional $4.8 million for re-
sold. That
YN MILLIÓNÉ
United
May 4 from Japan.. May
for Bingapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Khor. ramshahr, Basrah & Bahrein,
(Accepting cargo for. tianshipment Kobc/Fusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telophone 31206. Chinese Department: Téléphone 28293.
Wheat closed today Ma higher New York Metals BUSINESS REGULATION
The U. S. member of the panel.. set In his private capacity as an ex May:
July
December
inya
349 nominal|tirement of Rs bonds this years. The report said that the size of i pert, wan. Wayne C. Taylor,
banking sources brings to $14.4 million the the total sums needed for a former President of the Export-1 September amount the Danish Government thorough-goths and programme is Import Bank and former Under- pforch has put neido mo for this year unknown at the present time. Secretary of Commerce. to. cut. Ita outstanding debt. Ond member of the panel said Countries unable to und money M. Notice was given in February that the initial figure of $250,000 for the reondinte duvelopment thet. 59.0 million gym to be used 000 was set to Indicato tint The projects anywhere he would say for similar purposes-Ascociated sum would have to be in the come to the fund, if it is set up, Press.
millions and thus worth serious! —Associated Pres.
July
Begle
Novem
Malch Beat
Prată.
وانات
New York, Apr. 27. Prices in the metal market cloped unchanged with the following exception.
,ני
Tin, Grade A (09.80 per cent or higher) New York, per 16 01.00 cents-United Press.
2.304 25014
1.4015
1,00-1.0016 1.022-15
Japanese bonds
July
New York, flour. $15.00 nominal
United PreN
JAPANESE BONDS
*London, Apy. 2.
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