THE CHINA MAIL, MONDAY, MAY 4, 1953.
TASK FOR EMPIRE Caution
An Alternative To Trude Not Aid'
.
Protectionists In America May Wreck Plan
(FROM OUR OWN CORRESPONDENT}
London, May 3.
When Mr R. A. Butler, the Chancellor of the Exchequer, presents his progress report to the Commonwealth Prime Ministers in London next month he will have to tell them that the economic plai which emerged from their December conference is making disappointingly little headway against the prevailing winds from across the Atlantic.
The truth is, of course, that the plan, with its brave visions of a world in which the pound would live on equal terms with the dollar, wäs never intended to withstand the sort of conditions that now appear to be developing.
It was like a ship with glistening superstructure but no engine. Its motive power was to have come from America.
HONGKONG SHARE MARKET
(From Our Correspondent)
At the time the plan was, the speeches of private persona, formulated il dkl Bot seem however cmminent.
an the unrealistic to expect America to resolutions of chambers of com- make this contribution. After merce, or on the reports of fall, the objectives of freer trade committees,
even if officially ap and payments were vlonely in
pointed, 21121
on the Tine with the policy incries had generalised opinions of members been urging on the free world of the administration, but on the since the end of the war.
views of the majority of Congress. thni
It is truc six months ago,
with a new and untried adminis- tration about to take office in the United States; the Future economic course of American policy could not be predicted with any accuracy.
Business done on the Stock Exchange this morning amount- There were only straws in the ed to si03,374.40. Noon quota-wind but they all seemed to be tion auf the morning's Arun- | blowing in the right direction.. sacions:-
Most important of all from fle sterling area's point of view,
SHARES BUYERS SELLERS SALES
BANKS
IK Dank... 1100
Farl Aski
INSURANCES
Union XD
Underwz Bera SHIPPING
A Nov
Docks, Etc.
K. What J'mvident Shal Duck
Wheelock
LAND, ETC.
לוד
147
770 73 **
ΕΠ
326 100 A
5
5000 60
Py
R
140 1.50
E
'',
710 720 300 ..... 7.10
وان
1000 61 1080
ith Land (0) S'ha and
. 140
21.00 22.10
7.13 7.55
2000 130
300 200 / 23
Jonk Tram
UTALITES
Tram
(0)
Penk Tram
(N)
Star Ferry
XD
(RN 10)
10
10
22.10
300 22
310.10
48 10.19
2000 10.10
Z900 10.10
XD
Electrk
...... 0.45 15 500 BIS 29.70 200 64 23.13 200 23.60
Tak photo. 37.60
INDUSTRIALS
Cement
STORES, ETC'
13 19.30
Dalry XD 18.50 10.70
1. Crawford
Warning Tariffs
The
GROWING GULF
"And, as the practical men in Washingtom know, the problem of 1953 (and probably of 1954 also) is not to make progres in reducing the barriers round the American nuarket but to prevent any serious backsliding.",
There
is, in fact, a wide and guwing gilf between the views expressed by President Eben- lower and those of an influential section of Congress.
An example of this is the on- troversy which has arisen over
The Keynote
U.S.
Folbedst By
Cotton Export
SHARE ISSUES IN LONDON A MAJOR SUCCESS
(FROM OUR OWN CORRESPONDENT:
London, May 3.
San Francisco, May 3. Caution Will control the world cpttoli marketing the next few months, the opinion of Mr C.-S. Smith, vice-prosklent of the Na- Uonal Bank of Commerce of
The Tate and Lyle issue of £3 million of 4% Meniphis, Tennessee, ong of per cent stock at a price of 08-was over- America's major cotton subscribed within five inihutes and, when the applications were sorted out, it was found that investors had applied for over £100 million of stock.
The outstanding success of the big debenture issues by Tate and Lyle, the sugar refillers, and Bakelite, the plastic manufactüfltig. concerit, pro.. vided almost the only interest in an otherwise featureless week on the London Stock Exchange.
banks.
mere
million of 6 per cent clockt ul
The Bakelite Isaic, of par, was also heavily subscribed.
eyer
on
The average alloiment publle applications for this clock has been only five
restricted lo фег cent of the amount applied for.
Elsewhere the markels have been dull, with business at low ebb,
18: prodellen, based on the results of more than a hundred squids to ages of 132 bank in all sections of the world. was made at a inceling of the the Westens Colton. Shippers Association held here.
During the early months of The year only Japan and Switzerland have been buying
cotton
than they con- Rumed, Mr Smith reported. But, he expected that more nations would be buying before the end of the year.
The week's crop of company "Wik
necount is taken of statements did nothing to in- reduced stock positions and the prove the position In the in- relatively favourable consump-dustrial market. Buluhouncy- tion outlook for the balance of ments of falling profis this season," he said, "It seems not, the only factor in the fur- that there mighti be a slight ther decline of industrial share pickup in world trade in cotton prices. during the last half of the seu- KYTI,
foreign
the cotton
n
were
Investors are still wonder: ing what will happen to bust- ness activity in Americen if the Korean pence lalks succeed.
EXCHANGE POSITION He predicted that
NOT REASSURING countries would
usc
In this connection President maximum unount of
Eisenhower's statement just be- which could be paid for in their fore the week-end ling awn currencles. Helglum would bulk of
the buy from the Congo, Britain Slates budgetary Savings
United expenditure from Egypt, the Sudan, Pakistan for the next financial year and India
would occur i the defence The United States cotton pro-and forcin ducers might expect some resson-
aid programme.t was anything but reassuring.
Gill-edged prices tagged dur-
On the Reemrical Trade Agreements sble export trade because of the
Washington, May 3.
Washington Posi warned today that would America's allies develop trade with the Sovies if the United States adopted trade protectionist policies.
Nuting that the Russlan wore willing to take ex- ports from Europe, includ- ing those on which Ameri- were high, the tariffs newspaper said:
must
can
Europeans
But Representative Simpson, a high tariff Republican, has in- troduced a bill which would, ir it were pussed by Congress, dis- fort the Act almost beyond
Act which authorised the Ameri-improved dollar exchange posting the first three days of the can Government to negotiate tions of France, Germany, Japan, week while "slogs" of the re- tariff, concessions.
the Netherlands and the Unitedcent £100 million British Elec- President Eisenhower has asked Kingdan. Congress for an
tricity issue were getting rid of extension of "The exchange position of their surplus
stock. this Act in its present form for
Spain and Indin," he added, "s But, with this telling out of 2 turther 12 mmiths beyond June very weak. Export-Import Bank
the way prices began to 30.
financing of cotton will un-again, on Thursday.
rise doubtedly be available for coun-
tcs
metal which
shares Bese
have require such Anancing."
#hown a firmer tendency thun of late but Dollars were
Soulh African less important
isaugs turned the United in
Slates export
dull on
dis- trede than they were in recent
appointment with the quarterly угога.
reports issued by some of the Replacing the avail-
mining companies. of dollars ability
were such factors
sterling balances, world commodity
prices, and barter agreements.
In considering the future of cotton export market Mr Smith sold that
growers and ducers
inust consider thesc
recognition.
A PARADOX
It would do this by widening the scope of the escape clauses under which American Industries can apply to the Tariff Com- mission for greater protection from foreign cannot
competition and depriving the President of his to reject the Commission's power recommendations for higher
The gain part of their living by trade and if they
well to the United
Staten
they will eventually turn
East," Reuter,
tariffs.
A House committee has now begun hearings on the Simpson 2004 17.50 protectionism.: the arch-enemy of
and evidence hos already international trade, appeared to been heard from a number of
390 or 1814
by foreign
be a dying it not a dead forcewinesses who profess to believe 400 15.0 in American politics.,
It did not seem uitreasonable, that American industry is er-
threatened iously therefore, to approach America help in achieving the objectives laid down in the Com- monwealth plan.
283 v 13.00
290 m 14.00
68
27.0
for
Wation...... 51.40
13
EDITONS
Ewo
Sustained
Demand For
Textiles
competition.
terests
nhear
scenc
factors:
35
pro.
India had bought heavily this year in Egypt, the Sudon and British East Africa would continue
and to buy thosz sterling cottons so long as they were about as cheap or cheaper than United States cotton.
JAPAN AS BUYER
Sha
The paradox of the present
If United States cotton was conflict of views on trade Bolicy reasonably competitive . with In America is that the President foreign cotton, Japan nuight be will CONFIDENCE SHAKEN
hve to depend
one of the nation's major mur- upon the support of Democratic members kets for export cotton. Briefly, what was needed was if he is to obtain an extension would doubtless again buy some an assurance that sterling goods of the Act
of her dollar cotton in Mexico. in its present form.
Reflecting the re-establishment would not be prevented from But there can be no assurance competing Are the American that be will succeed in rescuing of the Japanese textil: Industry, market by high tariffs or other the Art unharmed.
Japan's produciloon would be Ioems of protection for American
"as grent or greater than during ALTERNATIVE NEEDED For industries.
For,
of the the past 12 months," be fore-. ag one observer This
cast. was not a request for American political
hus preferential treatment but the remarked, "where tariffs are Much of that production might logical conclusion of the Com- concerned, the House of Ile- be sold in Pakiston If a trade manwealth
Prime Ministers'
Is collection of agreement satisfactory to Japan
of special
special in- and Pakistan could be worked argument that action to restore economy
much as they out, balance in the world would be required by creditor certain measures And rever bien
"Pakistan has for practical along the lines of "trade not sid" may wish individually that
purpares almost banned imports as well as debtor countries.
introduced. And politically ix- of textiles," Mr Smith explain- When the plan was outlined to pedient to vote for them."
cd. "In an effort to resolve the Worth Stree; mill tgents re-them Mr Butler in March. The Commonwealth
them by ported the broadest an mos! American Treasury officials nothing to influence the course of
large holdings of ster- sustained demund for goods reaffirmed their belief in the this controversy one way or the ling, Japan is buying cotton since last autumn. Some sources principles of mutlintern! trade other, and it would be unwise for heavily in Pakistan thought that the week's sales and free currencies but refused it to ... it can do is to draw
posing to enter. Into an agree- exceeted 200,000,000 yards with to commit theirselves to any
ment, to take 400,000 bales au- delivery tunning through the
falte course of action in pursuit up an alternative plan for usentially and Pakistan agrees to rest of 1953.
of these objectives until the new if and when it becomes clear that take 250,000,003 yards Cotton yarn activity.. however, administration had formulated a "rade not, nid" polley has Japanese cotton goods annually." remained slow. The outerwear its own economic policies.
Mr. Smith predicted that Bri- falted to And any 'delalte res- ; trude showed a little more in- Recent development), hewere, ponse in America.
taln
would continue to pur- kaitting numbers. have shaken confidence in the It is to this teak that the Con- chase o reasonable amount of Other consumer goeds continued outcome of American polley-monwealth Prime Ministers may United States cotton from the aloor despite the low level of making in the field of literna-† turn their attention when they
1953 crop," although preference engineers Inventorics, Productional trade.
would be given to Empire col- toho.
BARTER: DEALS
New York, May 3. The biggest news of the week in the baste testlie fibre market esme out of the collon Brey goods trade,
tercat
·
de-1
were reluctant to book too for If these are any guide it will ahead at the current prices.
Hard fibres weakened
become even more dißeuit for with the sterling area to earn dollars!
hemp quolations off around a In the future than it has been in
cent a pound as the lull in com the past.
mercial cordage business curbed
⚫ demand. Gisal quotations were
of around: 1⁄2 cent a pound.
UNHAPPY INCIDENT
The Chief Joseph Dam offair
But
meet again next month,
cen dous grid to make use of lig
Barter Deal With Taipei?
Egypt
Rayon handlers said the re has caused especial concern in bartering duction in stapic of three cents Britain.
n pound was not expected in affect tho
already depres unhappy incident prices for spun grey goods.--
United Press,
Buoyancy In Cotton
Futures
More Dollars For Taiwan
Talbel, May 3.
Formosa's foreign ex- change assets will be sup- niciichted by UB$23,000.. doo through her bumber etic export itein--sugat.
A long distance, tele. phonie report received liere
night
Bald the Fipapese Government,, after months of hard bargainin hau finally decided to ktans
exchabr forcin Japanese sugar merchants buy Formosan sukar.
Jast
to
MESSAGERIES
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CIE DES MESSAGERIES MARÍTIMES P.O. Box 53, Hongkong Queen's Building (Gr. Floor) • Tel. 26651 (3 nes).
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The price agreed on was US$115 per ton c.ff. Japan.
The Taiwan Sugar Cor- paration will begin ship- ments to Japan as soon as routine signing of contracts between the Central Trant and Japanese sugar Im- porters ato completed.-- Itcuter.
MANILA APPROVES
PLAN
Manila, May 3. The Council of State has approved the recommendaticna. of the 15-man Presidential Can- rithee to adjust preacht trade relations between the Philippine: and the United States with a view to making them more equli- able and profitable for both countries.
of
the
The Philippine Ambassador in Washington, Mr Carlos Romulo. apprised the Counell approach he made to Washington the Philippine request for New York, May 3.
adjustment of Trade relations. At Friday's--close,
President cotton
Elpidio Qui:ino futures ruled three points krmediately instrusted Forehit higher to 16 points lower.
Secretary Joaquin Elizalde to Buoyancy in May reflected transmit to the Dofthe States ready abrorntion of delivery Government through the Ame:l- notices along with mill buying can Embassy the Philippine pro- following in the wake of a posal for trade revision.
demand for print hecompanied by a letter to the The Philippine proposals were broadening cloths and other fabrics in the effect that the Pallippines was Worth Street market.
cr
Other background factors In- now ready to appoint represcrin- cluded
meet with American the higher mid-April lives to parity price report along with; representatives to discuss detalls Jarger lean entries and inereus of joint negotiations.
The proposals include the ing complaints of delayed farm
because work
the ralny adoption of selective free trade. weather.
removal of tie-up of the peso The Commodity Credit Cor- with the dollar and revision of paration reported that entries the provision in the 1940 trade under the loan programine for pact granting parity rights to
week ended April
24 American nationals
the totalled 41,028 holes
of against exploitation
Philippine 34,984 bates in the preceding natural resources, — France- week-United Press.
Presse.
tho
and pro- PENINSULAR
of
Germany, he thought, would encourage buying of sóthe cotton
in
& ORIENTAL
STEAM NAVIGATION CO.
R.M.S. "CORFU"
in Brazil, Egypt, Turkey and | SAILS: Pakistan in oh effort to wipe
deficits
Talpel, May 3. out trade is Interested In nations.
Egyptian colton Consumption
98981_ગમન
of cotton
In
chart"
NOTICE TO PASSENGERS
FRIDAY the 8th May at 12.00 Noon for the UNITED KINGDOM via 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 Thursday, 7th Bny; 1953.
*The history of this against Formosan sugar, accord-Frahee was expected to be less
han last year by five to 10 per BAGGAGE; is now well ing to two Egyptian merchants known.
who arrived here recently.
cent. Total consumption lost The English Electric Comparty submitted a tender
Sellin Nokha, Egyptian sugar year was 1,200,000 bales. for certain merchant, and Robert N. Hurt, The other nations mentioned electrical equipment
Inform which was Egyptian cotton trader, said that in Mr Smith's one million dollars below that they wer willing to foster were:
Despite this, however, the count
country and Formosa through ducer of tender was rejected and the U.S. barter trade. Army, which is responsible for Trade circles here Indiented and Mexican cotton prices in SPECIAL NOTE: With the exception of hand packages the project, has now decided to the Nationalists would give buying her dollar cotton. advertise for now bids.
Rubber Futures of its nearest American rival. business relations between their Belgium was a low cost pro-
In S'pore
1 Singapore, May 2. Prices of rubber
closed today as follows:- Number 1; rubber,;..
perjih. (dune.
July
August
Number: 12 rubber,
Fun
Number
Junk" Number June
irubber.i
· Spor; rullsšt..
- Mankot" "Frepe
No. 15paldersp
slim now that
the contract are 741-78 American companies know the
[-] every encouragement to the sale
7-10 sort of figure they must alm at Exchange
14- next time.
textiles but would watth carefully the United States
to Spain.
had a barter artango- Even if the Brilish firm com- of Formosan sugar, to Muddleicht with Brazil, Argentine, futures petes again, its hopes of winning East countries-Reuter,
Turkey, and Egypt for relatively ambli quafities of cotton,
Italy did not present a
a good Rates prospect for United States cotten for the 1953 crop. Italian pur- 71-7415 This incident holds an Im-
portent lesson for the sterling picici exchange market this morning from the 1933 crop were likely Business was done in the local un-chares of United States collen, 08-60% area at the present time.
at the following rates:— 1 15.
to be smaller, A commission of 3.90780 Do 6-bit the words of "The Economita, dolar, per 11
| Sterling notë (nek 2)
18.di Italian, spinnere, bed, recently 743*1 that "forecasts of the probable Indonaran gulders (per 100) 21.40 been to Turkey to make a barter 64-00
course of American" commercial Sim cale per 100) 70-84
3010 agreement for about 100,000 Engapore Ginetta), polley should not be based on #ip plastre last 1001
um bales of Turkish cotton-Reuter,
fed Press.
1.430
EMBARKATION:
thrried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board. by: ship's ́ ́alings only. BAGGABE COOLIES WILL NOT
· BE PERMITTED TO ENTER THE WHARF.
Passchgers should embark between 0.30 hnd 11.00 a.m. öh FRIDAY, the 8th May, 1963.
ARRIVALS FROM U.S.A.
M.V. "LAURA MAERSK” m.v. KIRSTEN MAERSK"
m. "DLGA MAERSK“
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May 17 June H June
27
May 12
May
信
21
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Tel. 20461
Chinese Freight Booking Office
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May 13 Irom Shgapore. May 13 for Kobe &t Yokohama,
"REBEVERETT"
Arrives
Sall,
May 22 from Manila, May 23 for Singapore,
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BUSINESS REGULATION ORDINANCE 1952
Copies of the prescribed. Forms 1(a) 1(b) and 1(k)
Now On Sale at S. C. M. Pöst, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH
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