Tel: 20001,
MARITIMES M
PASSENGERS/FREIGHT SERVICE
Leaves Mfrseilles Hongkong
7 Nangkang.
Outwards *FELIX - NOUSSEL"
Homewards
neive consistently repeated makes bad copy. There is a donner, therefore, that the stendyLA MARSEILLAISE 22-23 May rise in the sterling area's gold reserves will not be "FELIX ROUSSEL 225-30 given its due weight, merely because it has been steady, declares the "Financial Times."
It is worth while setting forth the facts. The The largest export item dur-rise really got under way. In the last quarter of
អាន
April was sugar while 1952. wheat and four were the main Inports
In that quarter, which is The English-language news- usually seasonally favourable to paper China Times raid in an the sterling aren, there was a editorial today that utmost at-surplus of $321m, reduced to tention and consideration should $101m. only because the service be given to
a set of measures payments on the American and recommended by a visiling Canadian loans
huppen to fall to the Nationalist government, group of Hongkong merchants
due
in December, In the first quarter of this alred at Improving the Dow trade between Hongkong, and DERWACH DAYments for some Formosa.
commodities, Defloring the state of affairs tobacco, had to be made, there existing in Formosa's trade and the same amount $320m-all of was a surplus of almost exactly exchange policies, the paper said " loss restricted uude rataing the reserve
which In this quarter went
ent to policy is urgently needed.
adore
smaller businesses should be left in the hands of private, tradersć" "
In?
notably
Agreement On Rubber "Pool" Unlikely
Inspite of the Now the gold coming in from
Copenhagen, May 19. fact that the
As the International Rubber E.P.U. has been contracting, there Study Group went into the third has boen another surplus of day of lis current meeting in $197m, equivalent to exactly the Copenhagen,
reliable sources spine rate of rise.
Indicated that It seemed vir- If the dollar
tusilly certain no agreement a the establishment of an interna- tioral "buffer pool would reached at this conference.
be
"Proper remodini, measures. must be adopted to overcome the present stalemate, in our in- temational trade.
The paper called for stream-falling at reserves had been
this samo
rate, and Jining of different official with such regularity the Head- organisations or amalgamation lines would have been humming of organisations with almost RATE. OF INCREASE the same functions, to cut down This rate of increase has been
A conference source, who overhead expenses and simplify sustained despito fuctuations in asked to remain anonymous, procedures.-Router.
the three main
flowe of dollars said that the limited agreement into the reserves.
within the group's working What
especially heartening party concerring the necessity for the future, since il suggests of a "buffer pool"-had not been that the rise may continue in the reflected
at the present full next few months, is that in the meeting of the group. first four months of this year.
sterling
area's underlying scheme was strongly voiced by Opposition to the "buffer pool" dollar balance
seems to have been improving
the United States delegatea, who
Late Rally In
Stock Prices On Wall St.
centre. The Dow whlch' average balance,
Was
| duction and consumption of na-
For Ataulla
15 June
Salgón
via Djibouti to Madogancor vip Marseilles to all Mediterranean & West Africa porta,
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May
June
June
•
ARRIVALS FROM U.S.A.
Miny
KANTARLO..' June
M.V. "KINSTEN MAERSK ' HY. “ULGA MAEESK" M.Y, "ÁRNOI SĀPESE”
AGENTS:
الاها
JEBSEN & CO.
Fedtler Building.
Tel. Nos. 86066-9
Chinese Freight Booking Office
27. Connaught Road, C.
During this period American maintained the view the pro- For Freight and Further Particulars please apply to:--- aid has been less than had been expected, and was unusually low fural rubber should depend upon
the fee. play of market forces. in April: gold from EP.U. has whereby natural rubber pro- been tailling off an the
the United ducers would be forced to sell Kingdom moved into the tranche hair products at competitive. of credit where a tower propor- prices with synthalle rubber, tlon of
of gold is repaid.
A But the
conference source this $40m. nmorning said, "An agreement is month in the first quiler of the Hill a long way off." Hệ In" :
that tho year, improved to $70m; in April,'" diented
delegations from natural-rubber-producing This improvement occurred at a time when there were falls in countries art territories. in this concentrated theff area's
debiéving "at least Bome guarantee that
the countries mainly for example.
States wichinottarsteple NOTE OF CAUTION
rubber stockpiles would not dis- It is tempting,
against this pose of them in a manner which background, to be even more would-in, the words at this opumistic than this.
Colonial Britis The
This cunnot quite be taken for On the other hand, K, as some In an interview with Reuter
discussed tho post-war granted. With the passing of OEEC experts belleve, con- revival of export competition, monetary inflation in the sterling vertibility is the way to induce
with markets more fight capital to particularly between the indus-area, and
come home,
New York, May 13, friul countries, and said it saturated than starved, Impuri France would stand to gain most The stock market acted dimcult to see how the adverse licences are no longer endow from it. She
could make samo today as on Monday and ments. If French goods remain herself the best fitted for effects of trade rivalry could be
Fold, Tuesday, Stocks declined frac markets, too dear, British Importers will she would not suffer if the whole tionally early in the sersion and [repl voided without
not buy them, even though the EPU moved towards converti- But in Britahu, Japanese com-
came from the lows to finish bit the petition has mainly
British Government no longer bility by ordnining, a higher
dead about ire textile industry. Lancashire
proportion of gold or dollar pay-Jones composite average stops them doing so. Thi is one of the reasons
for example, ments,
the mooted Obviously France cannot afford | 50 per cent overall, instead of 11 cents on the day. why a section of British opinion
of Volume picked up
Bit R. has opposed Inpan's admission many more months like April the present 40 per cent overall.
1,120,000 shares, from 1,080,000 loss of $52 million to the EPU It is Britain that has been blow- yesterday. It was still a market to GATT-the General Agree
in a single month is a seriota Ing hot and ment on Trade and Tariffs.
blow to the frane. It is hard to several EPU countries are better body of stocks moving narrow- Mr Murayama
pending the fully
conselous of the problems see the outcome..
for convertibility than by as traders awaited
further prepared In radical reform of French finances are Britain and the sterling area. incentive. Markel men thought were which he
noted evitable when one had three which seems to be needed.
In this as in other matters with antisfaction that activity countries such as Britain, Ger-
Germany is probably the most was the heaviest on the, strong many and Japan all competing
orgulle, though as she started issues. for the same markets.
from scratch she has furthest to 80.-Router.
said he was
He felt that if trade could be developed with, for instance, Communiat China the situation might be
be cared.
Asked about the prospects of Increased Anglo-Japanese trade;
he
Thereafter there might be little cause to worry about the franc:
is some other currencies that might have to pay back some of the strength that they have lately derived from the franc's weak-
ness.
Franco stili has huge latent said the recently concluded strengths-includlog the world's traple Agreement between the biggest private hoards of gold two countries had not brought | and' some of its biggest private mach
hoards of dollar and other foreign
I greatly increased | investments. No trado jetween Japan and the Sterling uncaps a whole of which Britain is the banker..
"Some Japanese traders say they do not even get inquiries from the sterling countries," he commented.
British traders could show In exploring greater activity possible Japanese markets, Mr Murayama added-Reuter,
Rally In New York
*'' "
Cotton
New York, May 13, cntion. : market today The crowded; all of the betion into the forenoou Epssion. swayed" || over p range of 34
May
the
the prices of some of the sterling efforts on
sitizatioņi
cold about that. of; special issues with the male modi in dollar-carning corn-
1 day,
HONGKONG SHARE MARKET
(From Our Correspondent) Business doge ou the Stock
Exchange this morning amount ed to $243,072.00. Noon quota- tions and the morning's trans- actious:-
They are all jatent: pending a radical reform,
French authorities have no chance of laying hands on the assets. After such
a reform, things might be very different. It has happened before that the French frane was transformed, almost from the weakest to the currency in Europe. Tand If and when they have the political and SPADEJ NÚYÉNS BEIJERS BALES
will, social Frenchmen have, the means to make it happen again, BANKS
But it is A weary wait and there is nothing yet in sight. Meanwhile, the weakness of the franc plays Into Germany's bands, and the French do not
themselves Muse
to their economic needs.
JAPAN'S CASE
10
1400
LK. Bank.. 1400 1465 10 a 1463 East Asla INSURANCES
Union IK. Fl.... poCKS ETC. K. Wharf N. PL. Whate Provident Wheelock
ZAND, ETC.
149
140
0.60 500 11.20. 743 765
6.60
K. Hotel. 7.30 7.30 1800 II.K. Land Bhai and 1.55 1.401
For Japan also, sterling arca import licences are not the same as import orders or earnings of sterling.
to be seen how UTILITIES
It remains far, the British calanles will points. Other deliveries closed in fact, liberalise their import
1 10 5 points lugher.
Local speculative covering at the finish spurred the final rally to the 34-cent line.
Prites closed today as follows: 14.30 pominal
Spet
Mey:
July
October
Fecember ENTRAN
Merch: (1034) 22,0
May
33.65 33.59-33.01 33.00 33.67
Jy
Octoper.
NEW ORLEANS
May tip
July
October
May
July
October
licensing for Japanese goods and, in particular. how far Japanese exporters will be able
able to take advantage of it, to
carn sterling
A remarkable part of the sterling area's world
since last July has gone to
C. Light (0) 10.20 10,40 C. Light (N)
23,4023.00 echile
#
110
111
Of the 1,080 issues traded to- 464 were lower and 309 hight. Paglie Western Onl Jumped 11⁄2 paints to 481on sales of 30,700. The company is part of an oil group reported to have brought in rather well on the Persian Gulf. Other olla were generally firm. Aircrafts were weak early in the session and must stime support later.
Dow Jones averagey at the end of the seaston stood as follows:-
30 industrials
20 ralls
15 utilities
40 bonds
270.00 103.50
94.78
181.58 -United Press.
The Rubber
Markets
Singapore, May 13. Prices of rubber futures closed today as follows:-- Number rubber, per ib.
June... July BRY-T August 00-4
was
rubber, in and cocoa
those
United
delcention
of £15 Food; a surplus art!
balance In April Afering ditante: to South
£7.5m.
compared with only
It was understood at the same the month before, will time that the delegations from bring. In over $20m. in May, against $1 Im. in April.
Morcover #t
Thờ
British and British dependent daritories had welcomed to be expected United States government's ro- that in May and June, the last coinmmendation to Congress that two months of the American the United States Government's fiscal defence aid payments synthetle rubber stocks should will increase.
hot be sold for less than their Next month indeed the surplus full vatur." may well rise.
may,
The Britlah delegates were However, there are several sold to regaivi this as an in- reasons
for thinking that the dication that the United States balance may not
be quite so government at least would not favourable in the months after initiate steps which would be that, and a notc of caution is contrary to the achievement of competition on equal terms bo* tween commercial production of natural and synthetle rubber. -United Press.
necessar31.
E.P.U. BALANCE Ath
this time lost
year the E.P.U. balance was "seasonally"
unfavourable, in
efforts
Government of the Britse of all the lo turn it the other way
Though It may owe something to the weakness of the franc, the improvement in Apell is probably equally "seasonal officially it is gratifying but inexplicable. At any rate once the trade liberalisation concessions go
Into full operation the balanca may ensily tip the other way,
Similarly, though American ald 00- may rise in the next two months. 001-6215 it is almost certain to fall with 30-61 United Prest.
the beginning of the new Ameri LONDON MARKET AA
can fiscal year in July. London, May 13.
| Number 1 rubber, June Number 3 rubber, June Number 4 rubber, June Spot, rubber, unbäled Blanket erope No. 4 pale crope
0834-07 03-04
62-0315
ald
year's
appropriations
already
Have to run the
· been reduced by
Kauntiel of
Next have
Grain Prices
In Chicago:
Mixed Trading
Chicago, May 13. Strength in import commodities darinated the commodity price
today,
Korcal picture
Tho fruce news caused recent sellers to cover and encouraged a beje
The rubber market was fully president Elsenhower and stiller trade demand.
aleady. Prices closed as follows;
***Congressional criticism. Mean At Chiengo, gains were mixed
No rubber, in, pence
per ib.. June
043 July/September
© 23.70 October/December 900 & 23.60January/March -400 11 23.50 18.70 10.40 500 30.10
Macao Eloc, 000. Telephone
Ing of Japan'a, sterling INDUSTRIALgda SIAS
In the second half of 1958; as Cement 15.10 18.40 Jogá ♬ 15.40 much of it wont that way us
Rape
31.71 nominal went into entprging the dollar STORES, ETC.
22.00
•United Prens. MARKET
33.20 expired 53.72
$3.60
In found Agurez, Britain's surplus of about £240 million with the non-sterling world In the second half of 1052 was split ALL almost exactly four ways: one 13.65 bid quarter went to enlarge the 33.62 bid dollar reserves: another quartor 32.30 bid went to enlarge Britain's invest- United Press. ments in non-sterling-countries; a third quarter went towards paying of
Japan's balance; and the fourth quarter,
LONDON TIN
MARKET
Dalry
Watson 1. Crawford Kingeres ***
COTTONE
FRO TaxLite Comp
10,70 10.00
21-21
2011
20 F-3
-United -Press.
· NEW YORK MARKET
New York, Mhy 13.
No.
1 rubber: futures today closed 50 to 60 points higher with cales of 10 contracte.
No. closed nominally 60 1039 poluis Wgher with no saules res
ported. Outside brokers report led a pause in factory and dealer 21 50
1900, No 21.70"; demand and Indicated spot No. 1 27.30 27.70,
2.99.
ribbed spot theals at 234 cents round. Prices closed as follows:-
2.30 2.40 4100 $.10 1990
sterling Exchange Rates
while, the underlying balance of trade, is open to
all the Dicting forces of world trade and
more particularly American market.
with activity devoted largely to evening-up operatians in ex- piring May dalveries,
Wheat closed 1% to 3% cents of a lower and soybeans: 36 highter fo cont lower. Prices closed. of this as follows:
In the first four montbauti
Wheat price per bushel (No.
2.404
par..
not seem to have owed much to yellow). year the sterling belance does American commercial stocking. If anything stocks, of: Sterling July area commodities in América pre Ecolember December! on the low sido in relation to March the' prosent levels of activity. LoT Provided activity continues to in-pa crease this is something of an Sui
"of an Mey?" insurance. But if there should September be any signs of recension, parti- March
December cularly with world markets in sys their
sensitive state, 1 May s means that: effect on erling
would be im-May area carning mediate and perhaps startling, | Puly 23.in nominal the "Financial Times" concludes, Soybeans
- No. 1 Standard July do September
24.90 Uld December March May
No. 3
24.03 bid ard
July
December March
July
went towards paying off the Business was done Multheter!September sterling balances of other non-unoffelal -- exchange sterling.ecuntries.
So far in 1952, fürthien paying off of Japan's sterling balance hos ranked second only to the further rebuilding of the dollar
Chest London, May 19. Thelen markel was very steppyfoday, Turnover was 65 tontncluding Ave tons foreserves. casiì. Prices closed at the end of the, amela) morning sesalon
Bontiging buyer
Rozellers
Thuides Agnezet.
Biblia dond
Belllement VEN
- 740-
140
་་”
740
A HARD CURRENCY
As a result, sterling has become a hard currency for Junan. Unless the Apes accumulate
-market Vedhika morning at the following tales: Us. dolar (per 81) Sterling note liber. 11 Him Allspor":100) Indonesianbiders. (Das Singappro. (STA)
blautres (per 100), rupt
Copra Quotation
New York
rk. May 13. Copra was quoted today at
Thathan, buyers 20sterling in the next few munuu, 8205 per short, F: the Thyrenderup tin,, neilmen (535 the exchange swapa merely put Pacific Coast Coroalul ofl
735.725
-
United Press,
off the day when she will have quoted at 15 cents a pound- to convert dollars Info sterling: United Press,"
(21.30 nomina)
73.10 minspi
2110 nunina
2110 nominal
drilled Press.
Pepper Market,
Kpopper
New York, May 13 Tho
market remained extremely quiet todry** with JAPANESE BONDS Brickhowing: litio charge.
Japanese
Consoli
Enote
July Beptember; November
Pamary
New York
12.00 tom
Although the market continue Flax Seedin Price: Loridan, May 13, well below parity, with "India; ]
A grinders and cather consumers of 1890) 81% continual to matk ilme. Θρού
or 1910) 0815 pupplies Mare 12 Indiontell al
Prices in the speda, and, olis
(DT DE VAR Vodicel pround 142 pound, nominal; # Märkätelösed, Anchanged - Witz.
bran ex-dock basis. While the following, akception: (028. of ipan, 1994 popper was also indicated at Flaxseed, per bufnel, rob around the $1.18 level Unliad Minneapolis $3.72. --- United United Press,
O Press.
Press
Tel. 20461 Dates and rotation subject to change without patice. At liberly to proceed via other portato load/discharge cargo.
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.
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May 18 from Singapore. May 17 for Yokohama,
Nagoya, Kobo' & Osaka, J
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Shimizu,
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BUSINESS REGULATION
ORDINANCE 1952 253
Coples of the prescribed Forms (a) (b) and (c)
Now On Sale at $ CM. Post. Ltd
HONGKONG AND KOWLOON MOVIE
TEN CENTS EACH