THE CHINA MAIL, MONDAY, MAY 18, 1953.
British Policy Closer Taipei Platt To Investors Pursue MESSAGERIES
Economic Relations
With The Continent
(FROM OUR OWN CORRESPONDENT)
London, May 17.
The new freedom' given to the London foreign exchange market to take part in multilateral currency deals with seven other West European countries: is one more indication that the British Government is working towards à closer economic relationship with the Continent as a preliminary step in the direction of freer trade and payments.
British Mission's Report
London, May 17. British manufacturers should consider complete or partial manufacture of their,
port.
Industrialisation
countries 13
of the se going to
tinue. the report said.
con- Either
Britain- obtains a share in this process, or Britain's competi fora will,
with the rorult that these countries will progressive- ly cease to be
П market
It becomes increasingly clearer that this was the course urged upon Mr Butler, the Chancellor of the Exchequer, when he visited Washington: in March to present the Commonwealth economic plan.
The course of events since the Chantellor's return from the United States leaves no doubt on that-score.
to
HONGKONG SHARE MARKET
new
Alleviate Rice Shortage
Talibi, May 17. Governor O.K. Yul told the Control Yuan that one of the causes of the pre- Bent, rice shortage in For mosa Was because the government,
alt
hot have sumelent sideks on hand to throw on the market when supply was stringent.
To forestall another food crisis Governor Yul said The gogernment should re- ore, the out practices by chilceting 20 percent of tlis value ar terilizers sold to farmers in the form of rec, agalput the present five per cent.
The government, he said, collected only 0.000 tohi of rten when I changed, tha fediliser-rico tallő from 30- to five per cent against the 57,000 tons which would Formally be available.
Policy Of "Playing Safe”
(From Our Own Correspondent)
London, May 17. The recent movement out of equities and into fixed-interest securities became more marked last. week.
Queen's Bldg.
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Tel: 20051.
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Outwards "FELIX ROUSSEL” ..
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Outwards "MONIAY" "MEKONG"
Recent company statements have confirmed the trend of falling profits and, with big steel denationalisation issues on the way, investors MONKAY" seem content for the time being to play safe.
Political events have played a crop 1 company sietemints bul- large part in this retrent-front prices generally tended tower. Industrint shares, The
peace "Bcare"
Coppers and zinc-tends im- the last week โป
of proved but gold producers and March coured a sharp fall in a bad week and touched a new equities but WAR
this was quickly low point for the year. checked and
prices began to Sen-up later in anticipation of
MATCH SHARES FALL a mild budget.
Another main cause over-sensitiveness of far- mera in regard to the ex- ternal allustion which prompted them to withhold.
ocks.Renter.
U.S. ACT
CRITICISED
BY OWNERS
was በር።
сп
-art
.
The Swedish Match Co. was iso
mentioned critically and shares tell 3/6d,
The
FREIGHT SERVICE
Leaves Europe-filled
••Hamburg—23 May
Hongkong
-10 user
0-10 July
For Japan Japan
Leaves Keelung-16 June
Blangkong
+11 Jump
G Jaty
28 July
↑ August
Homewards “PEL-HO”
BILVER SANDAL"..Keslung-2 July "MEKONG".
•Keeting-3 July
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ARRIVALS FROM U.S.A.
Av. "JEPPESEN MACRAR" 1.v. "LAURA MAERSK“ 1.Y. "OLDA MAERSK"
1. Y. "OLGA MAERSK" m., "ANULU MAERSK“ ML, Y. “HULDA MAERSK“
seen
The tax concession announced
London, May 17, In the budget did. In fact, cause Company felt 1/8d, in the week Shures of the British Match an immediate All signs are that any promiss to be counted out for the line
narking up of on a stiff report on the "match equities but prices did not stay Should Make Goodsments at least for the next yea
towards tretr frade and pay- belug.
long at the higher level.
monopoly" made by the By the end of budget week Government In S. America
Menopolies Commission to the In the meantime it suggested or two while the American that Britain and the sterling area
the "Financial Times" index of belatedly this week. foreign economic policy
published is should get together with West
industrial share prices stood at incubating--will be made on a Europe to work out a system for
122.9. mure restricted basis than that expanding tinde between them-
having receded envisaged by the Cominonwealth selves.
nearly two points from its level of the Prime Ministers Inst December.
day following the budget, First step in this direction was,
Since then there has been America Kave It official in fact, Laken shortly after Mr
ealy, pronounced rise sleady decline in
among engineering shares was a . consumer goods in Latin-down by
blessing
the objectives laid Buller's return from Washington
equity prices/ jump in the Wrightson Com- and this movement the Commonwealth when Britain relaxed her restric- American "dollar" countries Economie Conference but asked tions en imports from West
celerated last week when the pany which is doing a according to an official re
Brussels, May 17,
"Financial Times" index
land- some business erecting fell
a strel Shipowners of 15 countries more than three points to 115. Europe and increased the foreign have diepted a statement criti-
plant In Spain. These items travel allowance.
It has thus fallen nearly 10 were characteristic of the week, A series of conferences is now Immigration
the "McCartah-Waller" points since immediately before
Industrial shares, as measur Act. going on between Britain and a stituted political screening of which in-
the March pace overtures.
cd by the Financial Times number uf West European foreign seamen in United States
index, drifted down countries and these have already ports. The
STILL RISING
10 the lowest level scen in the past produced the
delegate
the of
six months. On the other hand, currency United States,
Gilt-edged prices. ihe orbitrage scheme.
sixteenth other hand,
the British Govenment stocles con- country
have gone from inued to edge upward represented, abstained from veling on the statement. end of March.
strength to strength since
closing CHANGES NECESSARY
the the week at
the highest The shipowners' representatives Further progress
The "Financial
since December 1851. were delegates to the annual must now
·Times" awalt the incuting of Common-
conference of the International stood at 90.01 just
Old Consola rose 13/0d, tead- government securities Indexing the list, but gains of 5/ or wealth Prime Ministers in Lon-
Shipping Federation meeting Moscow
before the don next month.
more were frequent. Imperial One of the
pence moves; by the Chemicals lost 174% malaly on chlef items un
The resolution was as follows: end of last week it was 07.05. a rumour the agenda for their economic talks will be Mr
that the firm This contrast is heightened by planning provisions of the
to raise additional Commonwealth plan.
fordiga scamen
glit-edged security prices US porte
promptly but the price at 42/0 which Stre in10
measured by the Financial force
closed at inTimes" indices reached December 1952 have
a new low for The their year. caused
highest serious inconvenience to foreign Friday.
levels of the year
The feature of oils was the foreign
good buying of Shells which they have been operated with a
On the same day the indus-lifted the pries 3/-. Others were scumen, in spite of the fact that trin shore index dipped to featureless. desire to avoid untiue bardzhip new 1953 "low."
Japanese bonds suffered from to the crews: (2) The delay and hardship would be very greatly class industrinis is back
result the yield on first-persistent selling. The 1930's intensifed if the provision of the to nearly a six per cent basis.
ugain lost£, 1907s. Tokyo Electrics Act which is scheduled to come
Lost £3 and the others £1. into forte in 1954 requiring all
Chinese Issues were all down by £3 or £4. foreign seamen setting, foot, in the United States to have a pass-remarked, at this level
As one market observer has
East European
Issues
were port and vien, is in fact applied: should be a (3) The International Shipping siliency shown, granted, a more
there weak-United Press, Food deal of re- Federation therefore welcomes favourable turn of
for Foods of the British mission to Venezuela, Colombia,
foreign-made consumer
The full report
Dominican Republic, Cuba and by the The mission,
Mexleo was published
(From Our Correspondent)
the Stock
Business done on
Irere.
(1)
The
THE
Port
Jane
н.
June
-17
Mas 21
Jzásie
1
June
A
For Freight and Further Particulars please apply to
AGENTS:
JERSEN & CO.
WOR
Pedder Building.
lod by Brigadier Walter Cros-Exchange this morning mount- Butler's progress report on the McCarten-Walter Act affect the fort that fixed-interest and capital. The report was dealed
land
Board of Trade.
land, went
year,
The
out there late last nd to $274,409.20. Non quota- tions and the morning's teans- that actions:--
missien belleves
exports co
"very
in
eansiderably" ) SHARES BUYERS SELLERS SALES US Government is disap-ships and hardship to
British creased and Britain's dollar delcil these countries stantially"
thus
be 1-
with BANKS "sub- IK Bank reduced. It warns INSURANCES that these markets are fiercely competitive, and the United by far the biggest single supplier of them. British firms must make every effort to
Staits
..
1
730 760 10
755
lafon XU Underwriter 140 JIK The SHIPPING
Asla Nav.
cut, out inefficient export prae- DOCKS, ETC.
It urges British manu-
facturers to pay perconal visits
to Latin-America and send out
Dock
Pruvident Phal Dock Wheelock Hongkew
UK Flotel
HK Land S'tel Land
10'
7.40 7.63
1500 1.35
1120 000 sp 2.10 400 6 1.93
1300 7.30
1870 @ 1.33
1.30
1.33
7.35
the suggestion that the US Senale Judiciary Committee should in-
As
events.
CHIEF SUFFERENS
on
ไป In view of his recent
state- ment in Parliament that the pointed with -the American response to the plan his review 20 1460 can hardly be anything but
discouraging.
This does not mean, however, that the plan will be abandoned but almply that the progress in achieving its nims will not be as fast as was once hoped.
Convertibility for the pound and restoration of multilateral trade remain the ultimate objee- tlves but there will have to be certain changes in policy for the
Outride immediate future.
Obviously there can be no ru-vestigate complaints which have chief sufferers last week when Engineering. shares were the laxation
In the sterling area's been made regarding the operat efforts
to strengthen its dollar tion of the Act with a view to the news from Egypt depressed roserves. But 21.00 22 150 921.20 done by an expansion of trade would be fair and just to all. general
if this cannot be achieving legislation which the markets though losses were throughout the indus- 1300 21.00 with America greater efforts will They particularly welcome the trial list,
be required to conserve dollars.
fact that one of the Items pin-
Gill-edged prices continued pointed for review is the applica their rise after a short pause at TRADE EXPANSION_ foci of the Act to seamen while the beginning of the week. New sources will have to be their ships 23.60 found within the sterling area or
Reuter. 23.00 other non-dollar
countries for raw materials that ore at present imporled from America,
This means thet besides in- 15.10 15.40 500 @ 18.20 creasing its efforts to develop raw material sources within the sterling area the Commonwealth must seek to expand its trade with West Europe and overseus torritories associated with it.
C. Light (0) 10.20 10.40 Light (N) 0.45 0.00 23.00 23.70
qualified technicians, quote low and firm prices, with all docu- ments
and sales literature in LAND, ETC. Spanish, and to adhere to de- livery dates,
Propaganda and advertising for Brlish
18 UTILITIES Ecode must be Train stepped up, the mission states. Careful attention should be given to after-sales service, and exporters should be adequately represented by agents of branch oftees. The mission points out that the five countries,
parti- cularly Venezuela, Colombia and Mexico, are spending large Fins on capital developments, and drawing most of their technical ndvisers from the United States. It wants British consulting engineers sent out to assist in new developments and read knowledge of British "know-how."
At a press conference on the report, Henry Tlarks, a mem- ber of the mission, sald com- petition from German firms in these dollar countries was very strong. Another member, ir 1. Eceles-Williams, who had visited thly region before, said Japan- ese goods,
which had gained a considerable share of the mar kot two years ago, did not appear to have made. progress since then. The Presi dent of the Board of Trade, Mr Peter Thorneycroft, sald the mission's report was of great importance to British Industry, and deserved to be very care- fully studied both by the Gov- ernment and industry-Reuter,
further
Rubber Futures
In
S'pore
Singapore, May 16.
Prices of rubbe: fuures, clased tody na follers
Number 1 kubber, per lb.
10
Macao Elec. INDUSTRIALS
Telephone 17.50 18.40
13.00
100 v4 22.
200
23,00 23.60
23.00
200
200 or 23.60 200
Cement Rope
STORES, ETC.
Dairy
2015 19.80 F6001.00 Watson..... 21
364 21.00 L. Crawford 27.40 27.00 200 21.00 COTTONS
MWD 2.50 Textile Corp. MISCELLANEOUS
Entertain-
Frient
10.99
830 or 21.60
403 200 67
5000 4
In the meantime the sterling countries will have to continue 405 the restrictions on imports from
the dollar area.
4
200 17
A Threat Conquered
For Ever?
So far as international pay- ments are concerned the aim must be to make sterling freely transferable for current opera- tions over ns wide an area as
ments.
possible without actually giving freedom to sterling-dollar pay- A good deal of progress has, In fact, already been made in this direction with the reopening of a number of commodity markets in London.
are in US ports.-
Among 'commodity shares olla were active following the recent
Delay Still Being Experienced In
E. African Ports
CALL FOR ACTION ON
TIN OUTPUT
tin
publica-
London, May 17. The monthly trade tion "Tin" calls for immediate Government action to
imple- inent an International com- modity
agreement on Un avert the dangerous threat to production caused by the recent collapse in the price.
Warning that the next 12 months will be the most critical the industry has ever had to face, the journal said: "If we are to avold the same serious dimculties which overtook tin miners in the 30's action must be taken very quickly if tin re- sources are to be conserved."
The
magazine said the fall in price of tin was not so much the rem
result of the change as the culminating point in
most important, were:
the
Owners of cargo liners trading to Africa Räve, on many occasions in recent years alluded to the protracted delays experienced in East African in the international atmosphere ports, especially Mombasa, writes the Liverpool Journal of Commerce.
WON'T BE ALONE Free dealings in copper are to Ottawa, May 17. Western Canada has hope now British Government's Intention begin in August and it is the that the threat of a paralysing drought in the whent area has to restore freedom to the other been banished for ever, assur-commodity markets as quickly as national Possible.
Buthorities were more dependable. By this means use of sterling
world.
number of trends of which the
1.
from the full effects of the war and the general effect of rising The recovery of tin miner
production in the face of a falling-off of world
1lon:
Governments of the respective able one.
mentioned that the jean ports efficient is a formid-dissolution of the
to
the
A.
#
recognise
of
consump-
At the annual meeting in June last year of the Union-Castle Line, for example, the late Sir Vernon Thomson, who presided, stated that "congestion at cer- tain ports has been more severe than ever before, entail. ing very serious and expensive delays, to a large number of 2. The falling away in vessels, including many belonging to this company."
the U.S. Government purchases, for stockpiling and the impending Reconstruc- territories, and the various port
tion Ingo more stable
However, Mr
Finance matter, their attention, but ex- African Rallways and Harbours Dallon,
Corporation, economy and
responsible giving the general manager of the. East
for the
U.S. bread supplies for a bungry area of international trade,
will be extended over a wider pressed the opinion that
strategic buying programme. "In Administration, has
It said the speed and severity mude When the time does eventually some cases it is clearly a prob-clear that, in his
of the fall in prices has been Agricultural exper's say that come to abolish all exchange solved by n
opinion. tem that can only be inally number of the
due to these factors operating recommenda- more or less simultaneously. the testing time for soil conser-controls Britain and the sterling gramme of port
Jong-term pro-fiona leave much, to be desired, vation measures muy be near, · Jarða will not be alone.
development and has deprecated the
Pointing out the danger of Other West European countries ties between the coast and in that many of
and increated transport. facil-mittee's failure
com-delay, Tin" said: "The Chinese They would prefer a few more notably West Germany, land- centres."
Malaya ato, especially vul GR-E31 years to
consolidate improve- Belgium aid Italy--are now
measures nerable since they consist of a which it has suggested were al-Jarge number of Individual, -Cements but they believe the dust willing to keep pace with the 1940 he stated that in the pre-report was published.
AL the annual meeting inrendy under way before 04-941 bowl menace has been beaten. Commonwealth in any advancevious year cdigestion at ports
the economically Isolated units of towards this objective.
production. Any price below 78-03 It the worst comes to the
The non-dollar world is thus South Africa had been worse in East, Portugueso East, and
MATTER FOR REGRET
£800 per ton is likely to affect -United Press. worst, it is belleved emp formulating a common pelley for than in any
the Chinese, considerably." could be raised. on the re-closing
"Of 33 recommendations, 17 post-war year,
regard to Bolivia, the In juvenated soll of the Prairies could dollar gup. This but, happily, the position cover projects which the
not only lessen, the risk how caller
ad-magazine sold: "Bolivia, Is to changes. la farming of failure when,
minisitation either niteady has hardly more reassuring. In past methods Introduced during the eventually treed but also make currencies, are
in hand or has been consider- negotiations with the I.F.C., the last 15 years.
ing over some time, he has Bolivian producers have alway cuator for the American
observed. London, May 17, In the dust bowl era of the administration to carry through
Insisted that "It is to be regretted
a price around. The Civil Aviation Ministry mid thirties not so much as
more liberal trade policies in the
that $1.25 per pound was needed to the committee hiny approved a new. British bitdo.of
chould live sustain living, standards. In the face of alift Congressional op-
d result of complaints seen fit to tet out all its recom- country, which is entirely As grass rellevat European Airways, Servico be- powdery
about serious delays to: barrenness
ship-mendations as if they were pendent on Un."-United Press. vast position, tween London, Bordeaux and sections of land.
For the next approach to
ping, the East African High original,” Biarritz
America la certain to be made
Commission last July appointed or the other 17, he has sald to that six recommendations are and
June...
July....
August
Number rubber; June.. Number a rubber, June Namber 4 rubber, June
Spot rubber, uabaled
nanket crepe ...
No. 1 pale crope
BRITISH' AIRLINE
APPROVED
of
the
the
The Improvement obviously did not last for long.
FORMIDABLE TASK
.
It lindalbo
The past 10 years have been jointly by the Commonwealth consider proposals for Improv-worthy of consideration
• Committed of Inquiry approved a new good ones for Probrio grain and West Europe and their pro- ing transport facilities in East four others "may at best recvica by a private company. crowers.
Aviation, between London
posals will be all the more dif- Africa, with ficult to
poriicular resist if it can be shown ference to Mombasa. conditions that.
they have done everything
The committee's report häs
Eagle
and Hülsinki with stops at Al-
Good molelure,
de
Exchange Rates
re-described as platitudinous," Business was done in the local This description does not ap-ubonlelal exchants Market this. all-freight service by the same and three of tremendous size. ground company between London,
for an expansion of ing from the number (33) and that wilch suggests that more indonesian gulders, ther loo
mark, especially,
US dollar (per $1) Last year's was a record for world redo
regards Beling note (per kjek Colorno and Munich-Reuter, all time.-Reuter.
based on fully nature of the recommendations scientifle convertible currencies.
the task of making. East Afri-trenda be introduced,
methods of traffe Biom tesis i per: 100)
Bingshore (Btralia) YIC plastzet (per 100)
bot and", Gothenborg and an have brought seven good; crops in their power to prepare the row-bodn published, and, Jude Pour to be very wide of the morning, at the following rates
Tel. Nos. 36066-9
Chinese Freight Booking Office 27, Connaught Rond, C.
Tel. 20401 Dates and rotation subject to change without notice.
At liberty to proceed vin other parts to load/discharge cargo.
EVERETT
LINES
EVERETT ORIENT LINE Past regular, freight-rofrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
In Part Spits
Loading May 18 for
"REBEVERETT” ·
Arrives Soils
Yokohama, Shimizu, Nogoya, Kobe, Osaka, Moji & Yawato.
May 24 from Manila. May 25 för
Singapore, Penang, Rangoon & Calcutta.
(Accepting--cargo for transbipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Poris. "NORDSTJERNAN”
Arrives
Sails
May 28 from Singapore.
May 29 Moll, Kobe, Osaka, Nagoya,
Shimizu & Yokohama.
"STAR. ALCYONE"
Arrives Sails
June 2 June
Lrom Japan.
for Singapore, Port Swellen- Jum Colombo, Bombay, Karachi, Khorramshahr & Bahrein,
(Accepting cargo for tranali)pment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION -5/A Queen's Building, Telephone 31206. Chinese Department: Telephono 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