THE CHINA MAIL, WEDNESDAY, MAY 13, 1953.
Capital Is Withdrawn From Canada Owing
To Shortage
Japanese Foreign
Exchange Situation
Japan's International account
Talayo. May 12.
Tecorded a dellelt of $35,105,000 In April. the Bank of Japan elractbed announcement of foreign exchange payments und receipta:
to 512- Receipts amounted 107,000 and payments to $20.- 212,000.
the
In U.S.
Policy
For U.S. Shipping
Plan Put Forward By Ownors
Plan for reviving what is de- scribed as a waning American Merchant Marine is detailed In a
The
BRITAIN LOSING ORDERS TO FOREIGN YARDS
Shipbuilding returns issued by Lloyds show that Britain is losing orders to her overseas com- petitors.
(By Sydney S. Gampell, Router's Financial Editor)
On March 31, export work in UK shipyards Extreme shortage of money in the U.S.-report issued by the Committee accounted for only 27 per cent of the 2,139,000 tons American Shipping Lines under construction. This was the lowest pro- where banks are said to be bidding two per cent Serving Essential Foreign Tinde for one-month money-is one of the two main Routes. Fifteen maritims operat portion building for overseas account for six reasons why money is being moved back froming concerns that represent the years.
subsidieed
At the end of 1952, buliding for export accounted for Canada to the U.S. (both by Americans and by were ocction of the industry.
were concerned with
report, International capitalists) and why the Canadian the result of a lengthy study of 31 per cent of the tonnage then under construction of
2,146,000. merchant marine needs.
Warning that the American dollar has fallen so dramatically, at a time when seasonal factors should be strengthening it and other cations of the high seas, flas "ingging seriously" behind were expected to do so.
the companies noted that since the Second World War competi for sea-going nations had added more than 2700 vessels to their feels through construction or acquisition,
In the same period, the United States had bulit only
The other reason is the widespread feeling that Canada's wonderful development prospects are long-term and that, for the present, all the good news about them is already known and fully discounted in prices of Canadian securities-which started falling from their dizzy peaks before the Canadian dollar did.
The deficit is attributable to the fact that while sports from the sterling area were increase area were ing, exports to that on the decline and the period of the settlement of American cotton credit was approachlag.
than the disappearance of it is Ah excess of Imports over ex- ports was $97.001,000 or an in-arded as the abnormality.
cam-
crease of $31,034,000 over the previous month. It was an all- time high since the beginning of this year, the Bank sald.
So long in the
country's parative high price level re- malas unchanged, it will be int- possible for the country in ex- pect a remarkable inercase exports from Britain's
from zestriction
on imports Japan, the Bank of Japan said,
case
of
may
The present mood in foreign | halding at scarcity prices, the exchange quarters is not to ask plans
be prunod, why the Canadian dollar is fall-Canadians themselves are un- in but why I ever went up to likely to be
dashed: moet. of so big a premium over the U.S. them have been keeping their del dellar. The premium rather feet on the ground, however ulry Game other people may Canada can be con- have bec fidently expected to progress but no country has a guarantee of uninterrupted boom.-Reu- ter.
The Cannding authorities have un
been braking the decline by letting out some of the reserves in gold and of U.S. dollars that they took in to brake the great letting advance. But they are the brunt of the movement fall on the
exchange rate rather than on their reserves, Think has been their policy ever since the Canadian dollar was freed in 1950.
When they weze were with the speculative swamped
adding that accordingly the inflow of hot money they wan ternational Account decit willed the speculators that if they As regards the dollar foreign ever wanted to take the money necessarily exports to America out they would not exchange
continue.
of textiles and miscelleneous be able to do it at as good rates gards Increased by $3,001,000 as those at
prea
comes
samie
30
The
come
now
Germany And Japan Confer On Trade
may le
40 new vessels,
At present, the report added, other countries were building 500 ocean-going cargo ships and passenger ships, while not one
was being built in the US. for
ownership. private ow
The report urged withdrawal of Government-owned vessels on routes where private shipping tonnage was available. This is necessary, it declared, "to foster free enterprise ją shipping, and to avoid duplicate expenditures of taxpayers' funds,"
It asked for Government action in eliminating practices of other nations that discriminate against American-flag vessels to build up their own merchant feels. Also advocated
was 題 "balanced" merchant marine, and to this end ateps to the in
lines proposed "insure strong intercoastal and constwise fleets, and to expand the fleets of tankers and ore. carriers.
SUGGESTED MEASURES
report asked for measures The ro in support of American shipping
follow:-
as
Would be settled speedily. for
The Post-war peak: „Was: achieved nt end-September 1930, when 40 per cent, of the tonnaga under construction, or 825,745 tomm, was for overseas
shipowners.
Tanker figures emphasise the loses to foreign shipyards. At the end of March, British yards were building only 37 per cent, of all tankers under construction in the world, a decline of 14 per cent. over the year.
above
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Stock Now orders for the UK in the January-March 1059 period Exchange this morning amount- totalled 170,000 gross tons, Al- ed to $277,004. Noon quotations though slightly
the and the morning's transactions: fourth quarter figure of 106,000. SHARES DUYENS BELLERS SALES
uk- they compared extremely favourably with the
Corres- BANKS
JK Bank ... 1400 1403 ponding quarter of 1952 when East As they totalled 482,000 gross tons. INSURANCES In 1952,
Union total orders wers
Underwriters 1,205,000 gross tons, while 1981 they were at the peak SHIPPING level of 4,151,000.
227,691 tons gross,
MESSAGERIES
P.O. Box 53.
· Queen's Bldg.
M
MARITIMES
Tel: 20051.
M
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Outwards "MONKAY”
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BUBJECT TO CHANGE WITHOUT NOTICE
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
13 #ẹ 14ca.
ira
140
760 700 5.10
NEXT SAILINGS
IK Fre...
140
1.35
M.Y. "JEPPESEN MAERSK” .......... m.v. "LAURA MAENSK" m.v. 01GA MAERSK".
N. P. What di
£ 1000 6.60
500 - 4.00
500 + 8.00
18.Co to
.11.30 1000 11
for
Azia Nav DOCKS, ETC. K. Wharf
Launching in the first quar- ter of this year totalled only compared with a quarterly average 1952
The of 325,153 tons. figure, the poorest for
throc years, apparently reflects the severe check to koel Laying and advance prefabrication re- sulting from the shortage of steel plates over the past year. |
TANKERS DELIVERED
Dock
Provident Wheelock LAND. ETC.
HK Hotel 720 7.40 4600 Fr 7.05 FIK Land (0) 3D 3Diş 200 or $9 S'hat Land 1.55 1.40′ 5000 #7 1.3755 Humphreys
300 . 1915 UTILITIES
Tratn
1.43 7.05 2000 s
.....22.10 22.30
Star Ferry 100 111
Light (0) 10,30
430
5. Light (N) 3.00 0.79 Electrie ..... 23.60 53.70 100
!
Telephone.......... 18.10 18.40
USTRIAL
15.20 10.40 15.70
Cement Itope STORES, ETC.
200
1415
10.40
282828822 6687822
100-21.70 200 or 2.70
100
203 or 3.70
500 * 23.50
500 ** 23.70 500 er 20.70
18.60 18.00 DOO (7 11,80 200 $18.00
Watson 2136
I Crawford COTTONS
Ewo
27.00
2000 @ 2.30
1000 2,30
2000 2.30
Texille Corp. 5.10 3.15 2000 3000 MISCELLANEOUS
Yang
3.15 0.15
... 8. 9.30
which the money
A planned policy of industry and Government to assure con- to $47,390,000 over the previous was put into Canada, took time to in Waming
tinued. United States leadership month, or an alltime high
Howover, completions by UK her home, but home it has
In vessel design and population, chipyards in March totalled 27 Honn, May 12. post-war years. On the other i
come---to the rellet
the The possibility of re-
In "particularly
relation to merchant vessels hand, imports from the dollar
aggregating This gold minting mark and yen quotu
atomic
merchant 131,303 powered
ions. amounted to $98.910.000, Canadian exporters and
grost the producers who suffered from tions tö West German and
vessels. including $14,000,000 of
brought the total for the first for the high exchange rate, but to Japanese exchanges cotton credid $40,000,000
4,301 A joint undertaking by the quarter to 60 ships of 304, the detriment of the owners of discussed during the German-national administration and the
The total com- settlement, leaving
gross tons. ม extest
the hot money.
Japanese trade talks which be-shipping industry to divert "a
with payment of $40,520,000,
pared favourably
both So However, as a result of in-
far, the suction force gan here today.
maximum" share of Unlied the 1952 and 1951 first quar froni United States seems
be the monetary
ters, when they were-40 ships Mr Nobohiko Ushiba. Teader States foreign trade to American- garrison forces and other
has been created in vacuum that
of 256,238 tons and 40 vessels dag bottoms. visible trude, the dollar account the US. It could be intensi-Reuter that it was doubtful,
of the Japanese delegation, told nog
of 285,314 tons respectively. An appeal to the shipping in- recorded an increase of $9,000,- led as and when that vacuum however, whether this question dustry liselif, "one of America's
A feature of the Marth 1953 000,
achieves its purpose of inspiring
most competitive enterprises,"
returns was
Dalry the delivery of As regards sterling foreign mure confidence in the U.S.
unified approach to
Keven takers. In February, exchange, the Bark announce economy and In the U.S. dollar.
The talks would almofreas-problems on which the economic
no tankers at all were de ment said, exports amounted to Last November, after an interval ing the volume of trade between well-being and national security
Livered. $23,100,000 or # decrease
the of of 20 of of
US. nequired the two countries now fixe at depended years, $2,000,000 from the
previous the
kind of right-wing about 30,000,000 dollars annually An appeal to labour to work
The steel plate supply situa- month, while Imports boosted government as American and for each olde.
with management tawards tion may shortly take a turn by about $10,000,000 to $60,055, international capitallets had so
towards the for the better. Mr Duncan 000, leaving a
"Our present trade, however, tatabilisation, and Canada and which
solution of economic problems. Bandys, Minister of Supply, beein one of Canada's running at only about 80 per cent of imports over exports. To
In another major recommenda-said in answer to a question deducted from this is
greatest attractions for Amerlof our expectations," he said.
report said the Merchant in the Commons that he Was visible trade receipts of can and international money. Me Ushiba, who is heath of the Marine Act of 1930 was effective asking the makers to
Q allot $3,608,000,-
Kan-From-12:0ŋ-- thus leaving
on. It scrmed only a Foreign Trade Department of the and adequate legislation if-pro-romewhat larger proportion of actual $42,380,000 excess of mattes of time before most of the Japanese Trade and Industry perly administered and complied the avaliable supplies to ship- payments over recepits.
would go home from Ministry, eald Japan in the new with. To this end, the report builders. This would be facili-
the U.S. da to
U.S., except only trade year starting July 1, hoped asked for a study to determine tated, he said, by the increased a sign of recovering its balance. Canadian
the money that Was ixed to sell West Germany more whale how
which many privately-owned ships long-term
hips suppiles of plate Exports were $24,201,000
projects on, textilica and steel products, the feet should have, for both now coming forward. In addi an increase of 20 per cent over
such as geographical diversifica petmarily steel plates for the commercial and defence requires the newly appointed Inter- tion, he disclosed he had air- the January to March average,
Singapore, May 12. tion of portfolios; some people shipbuilding industry,
ments, and urged "on orderly ra
Prices of rubber futures closed while imports reached $20,173, dislike keeping, all eggs in one
pro~
Departmental committee to ar-today as followe 600. Because of an excess
com- progressive replacement" another Copper was basket, however attractive a
gramme to keep the flect
for range with the producers
Number 1 rubber,, modity of which Jopan hopes to payments over receipts in Inbasket R may be.
adjustments in deliveries to in- per lb. June Ger-
modern. to West
July visible
more trade,
dividual consumers. payments WDC $2,379,000,-Reuter.
that the Japanese many now prices had fallen "considerably" To the extent that the homing though not yet quite down to money was hot money, the the American level, he added. Conudions are better off with-
Japanese textile producers ex- out it. Their major develop pected some hard opposition ments need not be checked.
per cent of investment from the West German textile since 15
industry. Canada has been by
a $45,889,000 excess had
admired in
in- an in-
The open account has shown
or
di
Clothing Prices
In W Germany
..
in
BETTER OFF
Canadians, and unly 15 per cent
tion the
Cotton Prices
In New York
wero
The Rubber
August
Juno
Markets
A prominent British Anancial Number a rubber, weekly, in an article on the Number 3 rubber, steel plate shortage, has raised Number 4 rubber,"
June a point which appears to throw June
It
Extension
and
the
of existing plate mills. It has
6912-
0014-1
€314-19 GI J4-2$
a new light on the question. Spot, rubber,
0013-021) - points out
No. 1 pale crepe that the steel in-Blanket crepe
70-01 United_Prcos. dustry has supplemented its New York, May 12.
plate rolling capacityernization
by
LONDON MARKET Prices of cotton futures closed
London, May 12. The rubber market was slight- today as follows:
installed no new plate mill and ly easier. Prices closed as fot- though various
to lows:- existing capacity are proposed Number 1 rubber. over the next four years, new mill is planned. It sim-July/September ply does not believe, the | October/December writer asserts, that long-term January/Marchi demand would justify one.
TECHNICAL AID
by Americans, French, Swiss
and others. Britain brought up
1
Average public
according to a spokes- Whitehall, in March, started motorcars, chemicals (especially
Bonn, May-12. the rear: cynies in London say fancy goods, canned food West German consumption of that everybody should have bamboo products.
Japan was mainly interested clothing must be increased if an known that the bloom was off accumulation of stocks is to be the Canadian rose as soon as in German machinery, potash, avoided,
and pharmaceutical pro- man for the industry.
arrangements for dyes) consumption of clothing per head in Canada, arrangements which
British investment ducts. of population in West Germany ffer little, if at all, from those pressed the wish of buying or Spot
Many Japanese firms had ex-
May and German, patents which had been in effect. for, hiring
July were asking for technical assist-
October ance from the Germans, he sald. December He hoped that the import March
May quota for German films could be
July October Recent increased.
the
His country would also offer
and
Spet May July October December March May July October
Ports
of
were ex-
be
n
23.03
33.74
33.60
33.40
་
33.65
33.83 nominal
NEW ORLEANS MARKET
39.30 nominal
SITE DJA
United Press.
23.20
.33.60
33.72-33.3
23.62
20.00
33.04 bid
btd
12.17 bid United Press,
Pepper Market
was below that in the other West European countries,
the months. spokesman said.
Prices
clothing pected to remain alable through gone off the speculative boom in The bloom may well have out the rest of this year. In view Canadian securities, of flim raw material prices; the
fortity spokesman odd
oddeel.
The current trade agreement, of developments Sales women's dresses rose consider-
opinions that have been held in which expires on June 30, would Consider come ably in
quarters for more than a probably be extended for an- in 1953, while those of men's year, that discrimination should other year and its volume ex- suits declined. Demand for high
in shown quality goods was op the increase. Canadian
appraising panded. The talks would there-
They are fore mainly deal with fixing newTurns Weak Exports in 1051 exceeded Im- o
prospects some of the most wonderful lists of good. for the Arst time since
In the world, but oven prospects
Mr Ushiba sald the Japanese
New York, May 12. 1945, the spokesman said. The the millenium is discounted at Government changes would have main foreign buyer was Britain. some price and some Canadian so influence on the talks. But became extremely wonk
today pepper market
with prices did go high. Tradition- his delegatlon had to be back in
coften in ally, Canadian booms always Tokyo before mid-June for the prices inclined, to
company with other commodi- pay off, but they have been new Diet discussions.-Reuter.
ties and the pause in the recent BANK REPORT known to take a long umo
grinders and dealers' Inquiry.
Spot material was indicated
May ship at $1.43 pound. ment was also indicated $1.49 a pound, June/July Paris, May 12. $1.40-$1.41 a pound, on on The tonnage of the French dock basis-United Press. marchant Deel now totals 3.-
-Reuter,
Ioads
Match
ما .
do 11. As a developing country,
with an adveren balance of pay-
ments, Canada depends on some French Tonnage
free
ngainst
The
additions
BORE POINT
no
In pence per ib. Juno
taken
to
Very few shipbuilders, the article continues, have advantage of the freedozn import steel, allowed since last year. Despite their heartfell shortage, complaints over the they have not been prepared to pay perhaps £10 to £25 per ton extra for foreign plate. The writer concludes by may- ing that British steel prices, compared with the world level Jast autumn
have amounted to
of a "subsidy" £30,000 to £70,000 in the cost of a ship.
עמעת
steel
2014-2
2011-91 20-
United Press,
LONDON TIN MARKET
London, May 12. The in market was steady. Turnover was 68 toas. Pricco closed at the end of the melal moming session es, follow-
Spot in. buyers
Spot Un, sellers
Business done at
Three-months din, buyers Three-month Un, sellers Business done at Settlement
United Press,
Exchange Rates
Business was done in the local unofficial -exchange. market
The cost question has been as coro a point with the ship builders, who have raised almost as often as the problem. It may be, therefore moming at the following rates that had the builders
U.S. dollar (per $1) at imported
steel, their costs sterling, nolo per £1) would have risen to such ah Indonesian guilders (per 100)
Elam ticals (per 100) they extent that
could
net Hingeporn (Straits)) have paid Useir way. But FIC plastros (per 100)
circles themselves may know.
ex.
Investment Law To that ew outside shipbuilding
Bo Amended?
I
15.02
£3.00
$3.00
1,81
* Washington, May 11. The International Bank for inflow of investment capital. Reconstruction and Develop- Her reserves, her
exchange ment has announced that its rate
and her sound policies total reserves on March 1 were amply cushion
her $105,045,605.
fluctuations of the flow. A spokesman for the Bank
182,801 for 747 ships, according said the Bank hat made three Novertheless, temporary to the latest statistics Issuet by
ever UGANDA RECORD the quarter ended cessation or reversal of an in-the Merchant Navy Ministry.
These
These eludo 80 liners total- were: $10,-four of money can be uncom
Kampala, May 12. Istanbul, May 11, 1.
In the meantime,
the $30,000,000 fortable, even when it is hot ling B18,783 tons, 114 all tankers 500,000 to India,
Preliminary figures, just re- It is reported that Turkish General Council of the Con-leased, show Uganda's sales of worth of Europsih currencies aney. If Canadians did more of an aggregate 183,731 tons and to Yugoslavin, and $14,000,000 liverdication of investment in 644 freighters totalling 1,780,087 Government circles are contem-
foderption at Shipbuilding · and collon last year to be just short amending the ław
Engineering Uniong has de- or £30,000,000 sterling-on all- These the U.S. than Americans and tons. In addition, 11 liners, 38 plating
others were temporarily doing all tankers and 45 freighters governing Investment of foreign cliol: to recommend their 38 me record and nearly the total of in Canada, there could be quite tothing 374,000 tons have been capital in Turkey At present, constituent unions to apply for £2,000,000 sterling up on 1931. loans
by the Bank to an air pocket.
ordered in French or foreign only 10 per cent of proffts mado an increase of 13 per cent in Uganda grown more
cotton $1,587,700,904.
shipyards a
by foreign concerns can be adult, workers wage rates. Last thin the rest of the Colonial During the quarter, repay. Some of the biggest Canadien On September 1, 1939, the Transferred abroad. It is expect-November, the shipyard | Empiro put together. The only ments from? borrowers totilled. development plans were geared French merchant fleet totalled ed that the new law will allow workers after drawn-out" nego- other major Colonial producers 3000 398, the amount due, the to scarelly prices of various 070 ships of an overall tonnage the transfer of all - Carnings,—— Untiona gut on. Introsimo" of "Za, aru : Nigeria and Tanganyikayı spokesman said-Reuter,
i minerals, As they and not of 2,733,633 tons.—Rauler.
Reuter.
4d; per, woek,-Reuter.
Neuter.
to.
ARRIVALS FROM U.S.A.
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in. V. "AUNOLD MAKESK”
May June 2
13
17
May
TM
May - 21 Jusie
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Arrives Sails
May 18 from Singapore.
May 18 for Yokohama, Shimizu, Nagoya, Kobe, Osaka, Moji & Yawata.
· "'REBEVERETT”
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May 22 from Manila.
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BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1 (a), 1(b); and 1 (c);
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