THE CHINA MAIL, TUESDAY, MAY 5, 1953.
Britain's Position In World Disinflation Not
As Bad As
Feared
London, May 4.
There is no certainty that the U.S. economy is going to take a toss. If it does, it may take it at home and not for export. That is not what happened in 1949, when Britain and sterling were the worst sufferers from a minor setback in the U.S.
But it did happen in the 1950's, when Britain was sitting pretty on her terms of trade and yet sterling was not ruined: on the contrary, it got up to near $5.
Whatever they do to the overseas sterling aren, falling commodity prices dó benefit Britain, and it is at its centre that the sterling arep most needs strengthening.
Indian Textile Industry
Bombay, May 4. Almost two million dollars to completely is needed modernise India's textile in- dustry in order to bring
BO down production costs that India can sell her tex- tiles in the export market.
Mr G. D. Somani, Chairman of the Bombay Millowners As- sociation, reported at the us- Bociation's annual meeting that exports of India milimade goods during 1952 had totulled only 542,000,000 yards against 732, 300,000 yards in 1031 and almost 1,100,000,000 yards En 2000.
He said that the fall in world markets coupled with India's dependence on exports, showed the nord for bringing down production costs to enable In- dia to gell more goods and keep
employ up production
and
Wile wool holds up, Aus-sidies arc tempinated or cut trailos unlikely to become a j during the coming year as an burden either to herself or to incidental 'effeel of de-rationing, Britain's dollar reserves,
freeing of markets and legislą-
run
UP TO NATURE
Some of the other self-lon un rent restrictions. governing countries of the sterling sterin area may
Into trouble - Pokiston has already done so, and Ceylon may-but they can obtain massive rling overdrafts
(which will not be Cory) their scope for transferring the trouble on to Britain and sterling is limited by their diminished sterling balances,
Is
距
The subsidies were originally created by administative neel- dent, not by announced policy, and the prospect
Is that they will disappear that way.
The main surgical operation on them was their halving last Year: ikis year
surgeon leaves nature to do the rest.
The Not being self-governing, the
budget
elfel not take Colonies perforce accumulated credit for this prospect of huge sterling balances
during
Bubly cuts, not even for the the commodity boom. This ending of the £10 million 1 great stabilisation fund should great
which year sugar subsidy
foreshadowed. It Is stand them in good stead in any alreally cornmodity slump, and Britain quite possible that, during this could
the financial year, subsidies may probably regulate Tata al which they draw on [1, be cut by, a further £125
Primarily sterling
The million a year, Uus taking currency of the United Kingdom back all the budget's bounty to and, and, in the first Instance at consumption. least, falling commodity prices
this on
prospect helped sterling do benent the UK. At a later | might have stage they may wreck the UK's abread. The Chancellor did to be not do it because it might have exports, but it is not taken for granted that this been awkward at home. both
olitically and in wage country must always have the worst of both worlds.
tions, and he evidently hopes that
in falling prices
world markets will make the further subsidy cuts painless to house- wives and wage-carners.
As and a host of
when the subsidy cuts make themselves manifest, sterling may have some benefi to come, since news of any
subsidy
helps British
cuts sterling-Reuter.
REYNESIAN LINES
Lately sterling has held very strong in the face of factors that might have been expected to weaken it.
Chancellor Butler hos pro. duced a Keynesian compensatory budget which, coupled with the monetary weapon that he in- tends to use, may work out quite well.
Mr Soman; at the same time reported that the Indian textile industry had produced a record total of 1,449.000,000 pounds of yam and 4,009,000,000 yards of cloth Uuring 1952
as against 105) totals of
Britain's recent budget 1,304,000,000 pounds of yarn and 4,070,000,000 very flexibly geared to the trade
cycle on Keynestan lines.
yards of cloth.
was
He said that a mere declara-some justice, the Chancellor re- tion that India's export target gards it as a sort of universal of 1,000,000,000
would joint, yards not get India an export market, He snitt the industry must work for it and earn it.
TWO MOVES
adaptable in any direction that may be required. The Budget, he said. had been framed against the background of any development, wh
whether in The situation called for two defence expenditure or whether things: (1) Initiation of mear there be signs of recession, great suros which would assure buy-or small. He believed that the er that India will sell what dreision an demand which they they want and their grievances, bad taken in the budget would if any, will be properly attend be adaptable to circumstances ed-to; and (2) systematic as they might arise in the world survey of every sizable overseas scene." market.
0л
Dilating
Indifferent
Activity
Taiwan Industry Increasing
Talpet, May 4. Taiwan's Industrial Retivity in steadily in- crearing, 11 was reported by 16e Talwan Power Company which estimated that the present power capacity has reached 330.000 kilowalla
However, the power station Ove-year reconstrue- tion plan blueprinted fast winter will probably be reduced. The plan, seid p involve 05$7.000.000 FOF construction and
ment was primarily to be supported by MBA, which will, however, nei be able to meet the epifta così, m France-Free
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Exchange this morning amount
c3 to $354,449. Noon quotations and the morning's transactions GUARES PUYERS SELLERS SALES
BANKS
.. 147
770
UK Bank East Asia
INBURANCES
Union XD... SHIPPING
Walerbost .. 14.20 241
2 v 1979
Coronation Note MESSAGERIES.
Struck In
B.I.F. Exhibits
(FROM ALLAN MURRAY)
London, May 4. Many bright and dignified designs, striking the inevitable Coronation note, are making their appropriate appearance before thousands of over- seas visitors to the British Industries Fair every doy.
The Colonies add their own specialties to the Coronation motif, and proving particularly attrac- tive is the Hongkong stand's display of a splinter of ivory, small as a match head and set in a tiny gilt crown. On the ivory, too small to be seen by the naked eye, is engraved the Coronation opth in Chinese characters,
"Young Boss" and "Elizabeth less than 2000, and because of 1" ore the names given to two ofte patent wall packed with the many texto desig
Norfalls reads, the makers claim While the royal theme is is as well insulated see house ponerally treated with reserve, with stone wals Bth leat
thick. catcher varied for the imagination in interested visitors to his
hibit have included. Mr Thore
the central fpecination mah, the Gold Coast Finister of Opede- ir of the detailed" models of the Commerce and Industry, whose Coronation route. place in the midst of the Com-development schemes.
This has its country is unc
is undertaking some big
mont
mwealth stands.
Another exhiblige of One thousand uncut diamonds fabricated buildings told me that pre- scintillate in crown adorning three members of his firm are Slerze
Leone's stand. A cushion going to East Africa In Auto of rich purple velvet supports the explore the market.
стол.
But if the stimulus of the pre-
Main Nav .. 1.40 1000 1.45 Coronation month is obvious, the BIF keeps its hard core of trade enticements some old, some new.
DOCKS, ETC.
K. Wharf
N. Pl. Whart Prevident Wheelock
LAND, ETC. HK Hotel Bit Land (0) Shạt Land
610
10.80 11.20 +1.40
7.05 1.20
1.40
rela-
UTILITIES
Tram Peak 21.20
(0) Peak Train
(27) Star Ferry C. Luan (0)
XD
22 7000 ( 21.00
35
18
110
2.50 10
C. Light (N)
xp
New York, May 4. Rayon and acelate grey goods activity continuedțindifferent, res flecting a depresed price picture and general slacking of in- terest.
Some Drmness was noted with- in the past week in some fila- ment constructions in rayon and acetate goods, presumably. stemming from the fact that filament demand,
mills
Mectric
Telephone
Cemchl
INDUSTRIALS
STORES, ETC.
Hope
SYNTHETIC FIBRES Special designs for Coronation year ore likely to have their in- fluence long after the celebrations are over. This is specially true,
perhaps, in the textile scetion.
Safor, head, we have sold ments and inisalong, but now we mainly to Government Depart want to sell direct to the epiton and cocoa workers in East and West Africa."
Colonies' stands are full of local products ranging from the utilitarian to the decorative handcrafts
an rafts from Barbados, rum much admired display of vivid and cigars from Jamaica, and a
dress fabrics made
from sca
Prominent among the textiles island colton and shown by sye synthetic fibres like Terylene makers in the
8.45 0.50 2000 6 6.43 | is
3000 23.70
012
is
15 10.10 1500 18.10 Wally
15.00
Daley XD ..... 1816 18,69 6400 & 18,00
1000 183 Watson
21.00 200
1. Crawford !!
Kwohl Sang
Jong
COTTONS
Exo
60 4 150
3.40
Freight War Continues
Rotterdam, May 4.
unrestrained com-
This decision Samani suggested that to help which is the key to the budget the textile industry recover its and to the near-term outlook for export trade, the central and British markets, is that, against state governments should stop a background of world dis- any fresit Loxation Icgislation directed
pt the some stock in the economy. The industry.
budget compensates for this by He said that despite the a minor stimulus to consumption industry's setback in 1992, the and by what
Free and were fairly well sold Up on nearby deliveries and taking a more confident tone
more distant business. On
prico or social Inflation, there is likely to be the recent
not considered Was enough to offset the generally depressed situation prevailing
the
for some months.
Standard constructions for the
** | cost-United Press,
situation for the future did not impes will be a major stimul most part continue to be below
Justify
Bighor
a posaunistic outlook. to production and export He standards of efficiency
ency reckons that the Epontaneous
in production and help from the revival in demand would suffico
petition still prevails among the shipping lines serving North América from Rotterdom, oc- cording to shipping circles here. and Shippers
forwarding agents say there is no end in sight" to the freight war whien ha sent freight rates sharply downward since the break-up of the North Atlantic Westbound Conference on January 1 last.
л
to be Leeward Islands.
time two years'
Windward and
Оле of the conspicuous
so for obtainable only in limited quantities abundant likely
a new £10,000,000 factory absentees from the Common- When in
wealth Anished.
section this year is Arill, made from groundnuts, Nigeria, but its sister Colony of much more plentiful, and is the Gold Coast is accenting its shown in a wide assortment of development programme by dis-
coloured clothes and playing a model
of a projected harbour at Temp. furnishing fabrics.
And the biggest and most
MORE SOUVENIRS varied collection of nylon goods Ever brought under one roof in At Olympla the Coronation Britain has for a centrepiece a motif also emerges, as you might set of glowing Coronation robes expect, in the china and glassware for Peeress made entirely of sedions, Manufacturers-whose this synthetle übre.
namés pre guarantee of the best The emergence of these
In English china have turned out synthetic materials gives the some sine pleces which are being British taxtile Industry an ever-much admired. growing range of products to Besides
ROW
with. It has also been showing a wide range of colourful these, they are also ced as strengthening theit | designs that until recently were arkets ability in overseas available for export only but":
gre Raymond Streat, Chairman ow available to the home buyer. the finuzi muhibits of the Textiles Working Com- said this would be a
among the hard-engraved cigas buyers' year, with keener prices are also Corcnation souvenirs and better deliveries. At several goblets, tankards, losing cups
The finest and jugs of the stands I visited, optimism carrying the royal
quality cipher and commemorate had replaced the gloom of a year other devices to Адо, when Lancashire Was
the Coronation grappling with a slump.
Both
Delta:
M
Pago
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
"LA MARSEILLAISE” "FELIX ROUSSEL"
Leaves Matteillem
17 Apr,
15 July
Jonskog
HOME WARGA "LA MARSEILLAISE” 22-23 May "FELIX ROUSSEL”
June
Slongkong
10-12 May
15′ Augnit
-Bue Marsellen
15 June 11 July
For Yokohama
Mašlji VIA Bajgon Yokohama
via Marciller to all Mediterrangan & West Africa -ports. via Djiboull to Madagascar.
Outwards "MONKAY"
tipmawards,
"MONKAT"
"PEI-HO "SILVER BANDAL
FREIGHT SERVICE
Laxvo
·Dunkirk—j* ADT.
LTATER Keelung-10 June
• Keelung-30 June
Keelding-14 July
Hongkong
4-3 Jane Hongkong
For Japan
For
11 June
28 July
July
† Salzon, Marseilles, Maiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dynidrk. CIE DES MESSAGERIES MARITIMES P.O. Box 68. Hongkong Queen's Building (Gr. Floor) Tel. 20651 (8 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & FILADELPIHA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
1.v.
NEXT SAILINGS
"JEPPESEN MAERSK” H.V. "LAPBA MAERSK” my. "QLGA MALUSK“
ARRIVALS FROM U.S.A.
m.v. "LAUBA MAENBR” m.. "KASTEN MAERSK”· m.v. "PLOS MAERSK“
May
June 2
June 17
May 12
May
I
Mas
21
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 86066-9
Tel. 20461
Chinese Freight Booking Office
27, Connaught Road, C.
Dites and rotation subject to changa without notice.
At liberty to procend via other porte 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.
"NOREVERETT”.
Arrives Soils
May 13 from Singapore. May 13 for Kobe
"REBEVERETT”
prices
The com-
Arrives
Solle
Olympia and Earls TRANSPORTABLE TOWN
sections there is en obvious Con Another section at Earls Court accent on export business. which has drawn many visitors crganisers believe was the Transportable Town of pore more favourably with. prefabricated houses, a new in- foreign quotations than at any dustry which has mede huge time since before the war. strides in recent years and now makes
government to understand the only to repair last year's drop New York Sugar | originally $22, foil bre, also specially designed for tropical certainly helped to
Industry's dimculties would help in output, That being not nearly to consolidate recovery of the good enough, he concedes Industry. United Press.
boost.
There are some that the Chancellor
Grain Prices many ricks
In Chicago
Chicago, May 4. Prices of grain futures closed today as followe
Whest-price per bushel
May.
Spot hday
September
December
March
Spot
July
Fleptember
May
MÁY
2.00-2.173%
"
mutterings Look too
Futures
New York, May 4.
In fact, unless World No. 4 dugar futures some psychological "multiplier closed 2 points lower to 4 points applies to the stimulus he has higher with sales of 190 con- given to consumption and to tracts.
production, he may turn out to
have too safe.
NO REFUNDS
Domestic No. 0 sugar closed
lower
| unchanged 10 2 points
with sales of £§ contracts.
Prices closed as follows:-
Conlapej No. 4 (world)
For future years he promises Industry great relief in the July 2i8 nominal Excess Profile Levy and the September
October Initio; allowances, But this year, Canary in those two lines, he will be March
May taking about £200 million more July than last year, and almost all of September It at the expense of company Spot
1.45-13 1501
2.8036-34
7314-#% July
New York floyer 200 i. Sack $13.05 mon United Press.
Rubber Prices
In New York
New York, May 4. No. 1 standard rubber futuren clased 138 to 170 points higher.
No. 8 standard contract closed 16 points higher with sales of four contracts.
Prices closed today as follows:
1:NO. 1 STANDARD
May September
July .nl **
Auvignation of the Excess July
Profits Levy at the end of this September year manna that there can be November no refunds of EPL pain in 1952 March and 1953, if profits later fall be low the standard.
There may be some highly con- servative accountancy this year by companies liable for EPL and particularly by those which pald
SPL for 1932 and have a chance
of a refund for this year if they can show Lower proots. For the
Book
3.41
3.84
Contract No. 4
0.03 bid 8.16 bid
5.90
5.30 bld 6.39
United Press.
Pepper Market
up
New York, May 4. Pepper prices – moved coming two years, EPL will be a rather charply today. Spot was charge on company sayings, and indicated up to $1.41 o meanwhile much can happen to with afouls at around $1.40 a markolk
pound
pound
„The initial allowances "cost the, Dealers werg reluctant to in- Treasury nothing this year; on dicate prices on later positions the contrary, this year and next pending developments. United £170 Press- year it stands to make million thanks fa its one-year holiday from them since last April
Ostenalbly granted an immediate · şiimulus 20.30 nominal of about £125 million to con-
London, bday A. 123.10
sumption, to make up for the Japanese bonds" slack elsewhere. Even
it all
"AY (49
of 1099)
• Of 2010)
26,90 25.90
23.91
STANDARD
**
Chancellor JAPANESE BONDS
this money is spent and none
of it mayed, it adds poly shut
one
powde
per cent to total apndes
March
2435 nominal
May
United Prem
In fact, the Treasury:- may Concois take a lot of it back, as sub-
81 00
(049, of 1990) 1414,
United Press.
And whether or not the ap- The rate for zin; originally BIR first appearance at the prosching Coronation tempts a $22, has dropped by successive
and Olympla, jt – has Some of these buildings are red number of visitors to Earls. stages to $14.
promote markets. One can be packed into more colourful exhibition than two lorryloads and set up as a is usually provided by this annual permanent home in 11 days. It shopwindow for British manu- comes complete with plumbing facturers.-London Express Ser- and electrical fittings. It costa vice.
to $17 at the
middle of April. Then, these circles say, a shipping line which did not normally carry staplec fibre suddenly announced that it would carry it for $13, and other lines have had to follow sult.
"The freight war, is costing the compantos a fortune, but determined to all parties seem
ght to
the bitter end," one source Bald "None dorca to PENINSULAR begin negotiations for
being considered to have reach-
fear of
ed the end of endurance."
None of the former members
of the North Atlantic Con- ference ore
the maintaining
these original conference rates, circles said. They added that the "war" had also spread to United Antwerp, where the
States, the Waterman and the South Atlantic Lincs had also cut their rates to meet the new competition.---Bouter.
LONDON TIN
MARKET
London, May 4. The tin market was very firm today. Tumover was 200 tons, Including 20 tons for cash. Prices closed at the end of the official morning session. follows:
'Spot tin, buyers
Spot up, sellers
Business donat
as
72-750 Three-months. Un, buyers 20 Three-mentha tin, reflers 20 Business 'doną at Bettlement
720-710
{ted Press.
Exchange Rates
Business was done th tlin' local yn- quietal exchangd jiärket thijs jnörning
of the following" yaton:
· Aletine, hots (per A})
Bjare: tienis ((per 100)
Singapore (8tralis) | FIC plastres (per 100)
May 22 from Manila. May 23 for Singapore,
Rangoon,
Calcutta..
Yokohama,
Chittagong
Penang, &
(Accepting cargo for transhipment Hobe/Faban and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- Chloo, Stam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porta. "STAR ARCTURUS“
Arrives
& ORIENTAL
Soils
- STEAM NAVIGATION CO,
R.M.S. "CORFU”
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
SPECIAL
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 May, 1958.
NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE. must pass through the Wharf Co.'s Godown for loading on board by ship's slings" „only, BAGGABE COOLIES WILL NOT BE PERMITTED TO ENTER THE WHARF..
EMBARKATION: Passengers should embark between 9.30 and 11.00 a.m. on FRIDAY,Adip 8th May, 1953.:
May B frgin Japan. May 0 for Singapore, Port Swet- tenham, Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Bozrah & Bahrain.
"STAR ALCYONE”
Arrives Salle
May 10 from Singapore. May-11 for Kobe & Yokohama, (Accepting cargo for transhipment Robe/Pusan and Kobe/Okinawa)
EVERITT STEAMSHIP CORPORATION SĨA Queen's Building, Telephona 31206. Chinois Departmenti Tolephone 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-