HONGKONG SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this inovning amount- ed to $241,850. Noon-quutations und the morning's trans- actions
BHARU, NUVERS SÜLLTES SALES
BANKS
UK Pank 1 INSURANCES
Cantur
750 XD
SHIPPING
Asla Nav' ... 130
Pocks, ETC.
K. Whret
74
H. P. WHILE IN Dock
20 225
20 1050 18 90 1500 m in mo
NK Nöts .... 71% 352 3500 m
343 6 18 24
Prot Wohl ... 10 0 11.50 Shai Deck: Whipelek *
19.10 100% 7% 7.00 toro w 1000 +
tim
7.00
LAND, ETC.
SALU ODES
1.71
714 1000 09 190 1200 1.00
7330 135
1420
22.10
(0) XD
.. 55
Ik Land S'ha Land itunerys UTILITIES
Train
Peak Tram
Peak Fron
IM) XD 17.08
THE CHINA MAIL, FRIDAY, MAY 22, 1953.
Taiwan Agrees Colonial Development Cold,
On Policy
Taipei. May 21.
A new economic polity for Taiwan's exporta and Imports wan outlined at
the Provincial Production and
Finance Committee
meeting.
Under the chairmanslip of Governor O. K. Yul it was agreed that barter will be limited to areas where there is no trade part with the Government. In that case, barier will be ap
Economic proved by the Stabilization
and Beard, all excess profits must be turned over to the national treasury.-France-I'rense.
The Rubber
Markets
London, May 21.
The rubber market was dull. 3000 Prices closed as follows:-
C. 19 (0) 19.40 10,30 500 m 1015
C. Light (2) GLO
INDUSTRIAL
Cement
2018 à 10%
1000 e 101
60 1
300 za 6,83
24 200 23:30
Electre... 23.30 Telephone 10.30
13.30 15 500 13.40
18 Ca 1 200 177 1870 100 or 18.70 200 18.30
STORES, ETC.
Dairy
Number 1 rubber, in pence
Jine
"per ib,
daily/September
October/December
January/March
21-21
United Fre
NEW YORK MARKET
New York, May 21. No. I standard future closed Today 10 to 30 points fier with sales of B contracté,
No. 3 contract closed nominal: ly 40 points tower with no sales reported. The spot market was
1. Chawinit 27.26 27.00 300 e 27.40 dull with dealer, quoting No. 1
Watron ... 2114
COTTONS
Ewo Texшe Co:1),
2.31
MISCELLANEOUS
Yangtze 101 510
(M) 340
2000 ** 4000 41
smoked ribbed sheela at 251 cents a pound. Prices closed as follows:-
24,78-24.77
24.40 bid
21.23 24.03
No. 1 Standard
July Seitenber December
2413
Rates
March
May
July
No. 3 Standard
exchange
Market 1s
July
U.. dollar (per 11
6.0675
September
23, notinal 23.16
flerling nol (per £1
1590
Indonesion culiders (per
300)
23.20
Miami támly (per 1001
3000
Deermiy
Stav
Sirspore (Siratta)
Exchange
Bunne was done in the Total tmofficial inarning of the following roteste
FIC pinstres per 100)
O. S. K.
Marchi
120 † July
Corporation Under Fire
From Lord Reith
(from an economic correspondent)
London, May 21.
Hard Facts
Controls May Be Put On Cotton
Cleveland, Miss., May 21. The Segretay at Agriculture, Mr Ezra T. Benson, said today that the "cold hard facts" that controls will be clamped on
A question of fundamental importance has been raised by Lord cotton in 1954 if this year's drep Reith in his latest report on the work of the Colonial · Development Cor-equals the 1952 production. poration.
MESSAGERIES
P.O. Box 49. Queen's Bldg.
M
MARITIMES
Tel: 20051.
M
PASSENGERS/FREIGHT SERVICE
Gutwards "FELIX ROUSSEL"
Homewarda
Leaven Marseilla
+4
Jaho
Itongkang
"LA MARSEILLAISE" 27-21 May
"FELIX ROUSSEL” ..24.25 July
Hongkong 10-11 July
Due Mararil
15 June
Fur Mania
Via
Belron Yokobame
25 August via Marseilles to all Mediterranean & West Africa poria. via Djibouti to Madagascar. *
e
Outwards "MONKAY"
"MEKONG"
Homewarde
"PEI-HO"
pl
"MONKAY"
SILVER SANDAL“ "MEKONG"
Mr Benton told the Della Counell that acreage
It is whether the Corporation can continue to fill the gap between koting quotas for the 1954 That part of Colonial development financed by Government grants and crop would be "unavoidable" if that which draws its funds from private enterprise if its obligation to domestic and export demands are excceded by nioren 30 cover losses on some. projects by profits earned on others is not per cent. removed.
"Reluctant as I would be to have to invoke marketing and
no cholce under the law." he cold.
Capital for C.D.C. operations la provided by the Colonial Ofier, mainly in the form of long-term advances. These bear normal market rates of interest and acreage controls I would have are repayable by annuities for 33 years beginning at the end of seven years. Up to the present, a little over £25 million has been advanced to the Corporation in this ,way.
Д
·
the
suin
in-
of
GRAINS IN
CHICAGO
(Agricultural and banking leaders have agreed almost unanimously that this year's catton crop will be greater than last year. However, recent rains and flood-waters which have washed away up to one- fourth of the cotton In $0 10 arens and delayed plantings may
decrease the expected
size),
crop
"Now we have world produc- tion exceeding consumption," Me Benson said.
Under a concession granted report points out that success last year, however, interest is has been uneven. "Associates
sums 207-21 waived an
Invested in have not in general boen will- 201 projects that have been aban-ing to take more than a token tioned. But. 05 Lord Belthancial participation. Relus- points out, the value of this tance to invest scarce funds in concession is restricted by the the kind of risks which the fact that capital sums have Corporation normally under- till to be repaid. The
Car- tak
takes is understood: but, in-
Mr Benson said that the most poration's hope that these caneidentally, the Corporation can- be written off, he adds, would not be expected to sell a shore
serious Chicago, May 21.
problem at present therefore seem "logical
Declines outnumbered more and in a successful venture
ad-facing the country was the a mixed commodity cheaply than commercial prac-
vances in
sharp drop, in cotton exports. equitable.”
Lord Reith develops this tice justifies."
price situation today. Traders He predicted that foreign coum- argument in his own distinctive
cautiously, In 1952 the Corporation had continued to move
tries would buy only 3,500,000 the decline bales of American cotton this style. "It must be understood,"
da deficiency of £3,805,208, com- Import items lod
which included he says, "that commercial
cocoa, rubber, | scason. pared with £2,009,200 In tnsls of operation.
coffee, wooltops, Including previous year. This
wool futures Mr Benson blamed this ritun-, any proviso that losses must cludes trading losses
and non-ferrous metals.
tion on the Federal Govern- be covered by profits, is likely £038,747 (£643,404 in
Price: of 1051).
grain futures closed ment's ban on cotton exports anyhow for some years to heat office and overseas offices
as follows:-
for the short 1951 crop. Не rule out various types of
Wheat-price per bushel inconic
said that the ban proved a expenses, interest und velopment hitherto regarded as tax,
Spat
2.1334 nominal] "bonanza" for foreign cotton consolidated the and
July
2.1246- 2120 nominal dednitely within the Corpora- operating loss of the Corpora-sepiember
growers who immediately Mi- 2.10 tion's field, unless special 25- tion und. its subsidiaries, December
creused production. 2.3214- rangements can be made."
and March
2.20% amounting to £1,097,091. New schemes must be taken of abandoned projects and pro-5pu1
Corn up only on a strictly commer-vision for capital losses on pro-July cial basis, which means, under jects and investments in sub- Septemntier The Corporations present con- skilaries. stitution and financial arrange- ments. "virtual exclusion of The Corporation's cumulative | July Home types of desirable develop-deficiency to date is £8,309,800. September ment," Agricultural settlement This includes £230,819 for ex-
Oats schemes
July are likely to be the penditure on investigations into
September chief casualty.
projects not followed up, Soybeans While welcoming the applica- £3408,035 for losses (including po tion of a
abandoned July commercial- criterion trading losses) on to the Corporation's genreal projects, and £2,607,853 pro- AURURI funds, the report points out vided for capital losses on in- that "efflcient managemonts may vestments and projects.
2.70% luse heart $1 they see their Last
year's CD.C. report Barley hard-won profits swamped by sold 1951 should constitute the Spot
1.30-1.53 losses on "welfare" projects. peak of loss, "Events" Lord
New York flour-per 200 lb. Sack The Corporation suggests, Reith remarks, "have taught us100 notinal,-United Press. therefore, that, "to an extent betler: approved." It should be abic During the year, eight pru-
Tin Price In NY 10 Inance projects that are of jects were abandoned and great value but are unlikely to others curtailed or "part aban-
New York, May 21 Prices in the metal be profitable; that such invest-doned." Nine new ones
market { of ments should be separately re-started, but of these, five are
closed unchanged with the corded in the accounts and only Investigations, while tho
following exception: their results judged on. other others are loans involving the than a profit basis.
Corporation
United Pret
LINE
Have Pleasure in Announcing the Opening of JAPAN-HONGKONG-EUROPE Fast Regular Freight Service M.S. "ANDES MARU"
Sailing on or about 1st June
for
SINGAPORE, PENANG, ADEN, SUEZ, PORT SAID, ALEXANDRIA, GENOA, MARSEILLES, TANGIER, CASABLANCA, LONDON, ANTWERP, ROTTERDAM & HAMBURG.
Tanks Available for Bulk Oil Space for Refrigerated Cargo
For Freight and Particulars please apply to the
French: Bank Building.
AGENTS:
Chinese Freight Agents: Great Eastern Hotel, 1st floor.
M.V. “LA MARSEILLAISE”
HOPES FALSIFIED
were
December
March
Ryo
September November January
7.037$
1.307-EX
15053-12 1.0124-1.02
23-73-
73
2.53 nominat
2.5414-12
2.91 -
2,0514
2.073
STEPS TAKEN
ills Department had taken steps to try and bolster sagging exports. I had sent marketing specialists to the Far East and Europe to carry out surveys and legislation to endorsed
Federal authorise
Insurance against "certain abnormat risks" jon United States products stored
overseas.
had
Mr Benson called
Fon Council members to make "every effort" to secure for, colton und all agriculture equal research with Industry. не cited cotton's loss of the tire cord market to rayon he said, provided an which, "outlet for roughly 500,000 boles
cotton" The
reason colton lost the market, he said, was because Tin, grade A (90.80 per cent industrial research developed or higher) New York, per Iba rayon fibre specifically for use
in tire cord."-United Press.
In no feld work. The C.D.C. now has 67 pro-98.50 certs-United Press,
THE QUESTION The question that arises,jects in hand. however, is whether the Cor- This "deliberate restriction poration was intended, in the of Corporation's activities and first place, to finance "welfare" the evidence
ore of a determined projects. As the London Times pruning, of. particularly. in. has observed in д leading UK. headquarters, are almost article, the finance of Colonial the only aspects of the report development
non-profit that have been welcomed by basis has belonged from the the British press.
од
outset to the sphere of the There is general approval of
Colonial Development and Wel- the fact that the
U.K. sinf fare Fund.
has been cut by a quarter_and the overseas staff reduced from 10,000 to 17,500.
ed to cover
The Corporation was Intend- borderland of financially self-supporting de velopment which for one rea- con or another was supposed to
the C.D.C. and those
to
of the
In
of
а
The Pressure_Of
Pension Funds
(By Norman Crump, Sunday Times City Editor}
In these days, when the average investor finds that most of his spare cash is taken in taxation, the influence on the market of the so-called institutions becomes of greater importance,
Prominent among this latter category are Pension Funds. It is, therefore, necessary to con- sider their structure, methods, and future pres- sure upon the stock markets.
While a number of Pension Now many Funds have not
an in-
perdicts,
Fund
LARGE INVESTMENTS Total administrative costs were consequently lower be neglected by commercial 1953, though The saving in enterprise, the paper went on, U.K. expenses "does not rem If the Corporation entered the present the fult effect non-commercial field, the pro-economles introduced," while Jects which it proposed would the increases in overseas costs have to compete for priority necessarily followed improved with those sponsored by the regional organisation." C.D. and W. Fund, and the
the The report reveals that decision on priority manifestly Corporation is now investing The Hong Kong Eastern Shipping Co., Ltd. belonged to the Colonial Ofice. "materially in leans for public Funds have been in existence yet reached that point. There "The Times adrmitted, how-utilities under Government for many years, the movement fore, it is reasonable to assume Tels: 38661 & 32369ever, that as the whole of the
as a whole is of comparatively that the demand for securities guarantee. C.D.
and W. Funds have been This, it hopes, will give recent growth. Broadly speak- from this source will continua Tel: 26624. committed while the Corpora-steady, if restricted, net income in, I falls into three different to increase. A further relevant
Lion still has large sums
to cover some part of over-classes. The first, of which the point is that many pensions are draw upon, "there may be B
pilot farmer railway company funds based on the salary in the last heads and abortive case for examining whether
are a
prominent example, is year before retirement. It there is some intermediate stage schemes and investigations.
"But this income," the report self-contained. Here the em- follows that so long as between the responsibilities of continues, "cannot meet all player collected the money. falionary trend
such
The charges.
parily from himself as Corpora-
Gm- salaries will C.D. and W. Fund requiring lon's requests for allocation of ployer, and partly, perhaps, in raised.
Therefiue to be finance, and whether it might funds for approved purposes, agreed contributions from his which may have been fully- be coped with in some way by
own funded several years ago, may subject to neither interest nor staff, and used it in his the two institutions jointly."
A fund of this kind have to be built up again today. But, the Times adds, the repayment if the objective does business,
GROWING FACTOR Idea of any departure from the not materialise. have not been does not affect the stock mar-
So far, it is impossible to say commercial basis of the C.D.C.'s
agreed."
how many Next,-the-employer creates a funded, and how much add
Funds operations should be treated
are fully with the utmost caution.
specific Trust Fund, and in this tional Investment will be, need- STRONG CRITICISM
JAPANESE BONDS case the money Is Invested in ed. Basically. It Although the
fa a question Corporation
various securities outside the for actuarial calculation, and no feels more confident that it
21.
employer's business. 824 management
such cumale has so far been of the fund is in made. Other factors should be will be able to achieve
68% this case conducted by the remembered, including the later purpose for which it was set up the general tone of press
ployer. The third alternative,
retirement and the Kowloon Godowns, Godown No. 50 comment has been unfavour-
094 which is the best for the of
general reduction (No. 2 Gate, Canton Road entrance)able. The
in mortality strongest criticism
smaller funds, is for the em. rates. 614ployer to pay over his own and from 9 a.m. to. noon and from 2 to came from The Financial Times Consols
said: "On its record to
his workers' contributions to an Funds are likely to be a grow- The upshot is that Pension Insurance Company. tho ing factor in the market for form of premiums. The In-
some time to come. This means
will sail for MARSEILLES Via
SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ AND PORT-SAID On
SATURDAY, MAY 23rd, AT NOON EMBARKATION: Passengers aro requested to board the vessel between 8 and 11 a.m. on Saturday, May 23rd. Baggage room, hold and cabin luggage will be registered at the
BAGGAGE:
N
int
London, May "A" (45. the
of 1899) (45.
of 1010) "C" (55. of 1007) 4.(55.
of 1924) "E" (5 of 1930).
120-
138
United Press.
kets.
The
surance Company then invests
rup-
the funds as part of its general an increasing volume of 1-
gilt-edged stocks- business, and hands back to the port for employer the money needed for specially the long-term stocks- the pensions as they fall due.
FUTURE EXPANSION.
which 5 p.m. on Friday, May 22nd and date there is little economic or from 9 to 10.30 a.m. only on any other purpose in keeping Saturday, May 23rd. No baggage the Corporation in belag." But NY Stock Exchange room or hold luggage will be most commentators believe that the C.D.C. sull has an in-
New York, May 21, registered after that time.
portant job to do -- though | Dow Jones averages at the end there are
widely
divergent of the stock market session stood views on the way it should ret as follows:
30 industrials .....
278.51 20 rails
100.21 15 utilities
61.10 40 bonds
94.78 United Prest,.
ubout doing it.
The Corporation's dilemma is made quite clear in the report.
and also for the better classes of debentures,
CABIN BAGGAGE: Cannot be accepted on board before embarkation time. Passengers will
Yields, of course, are a factor, therefore have to collect their
and here the Pension Fund's In each of these lost two axemption from taxation is of baggage from the godown between
cases, the money · has to be in great importance. This again, 8 and 10.30 am. during which The Colonial Secretary has en-
vested and the general investor throws the emphasis on the period cabin baggage may also be dorsed the Corporation's policy
wants to know how much longer-dated stock for the that atrociation with privato registered. Passengers are request enterprise and local knowledge
money is, or will be, Involved, shorter dates, with their today's Hero the root question ed to note that ALL BAGGAGE should be
possibility of curly: capital up- where Copra Quotation whether or not any Pension preciation, appeal more to the "must_be`registered as prescribed possible, with financial particl
Fund, Is "fully funded." -In | heavy-taxpayer. Süll, on the pation-goveråmental or other-
New York, May 21. other words, has the Fund been | whole, Penalon Funds are likely wise. Such assotiation is, in- Copra was quoted - today, at bulll up to the point where to give, growing support to the deed, a normal requirement for | $210. per short ton, c.lf; Pacify current contributins plus in- marketin · Government and capital sunction.
coast, Cocoanut oil was quoted terest on the Fund's invert-1 analogous securities, and also But. While ackn edging af 15% cents: 'a pound, asked, minta tre sufficient to balance to good debentures, for an un- much help from associates, the West Coast,-United | Press; current outgoings.
known period ahead,
Jaque anda! above.
BIO 21507
ad div zdr
Queen's Bullding,
Compagnic Des Messageries Maritimes
Tel: 20051
combineti,
FREIGHT SERVICE
Leaves
Mongkong
לחגוג 10.
D-18 July
durope --Krited -Bamburg-23 May
Leaven Keeluff-Từ 10tr Keelung 4. Hy
Hongkong
11 June
6 July
.Keelung-in July
*Kbelong-Į July
28 July
1 August
For
Japan
Japan
For
1
† Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk,
SUBJECT TO CHANGE WITHOUT NOTICE
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA,
M.Y, “LAIBA MAERSK” M.Y. "OLGA MAERSK” m.v. "HULDA MAERSK”
NEXT SAILINGS
Jiute
u
Juno July
17
ARRIVALS FROM U.S.A.
m.v. m.v.
"ARNOLD MAERSK” "HULDA MAERSK”
June 1 June
В
m.v. "CHASTINE MAERSK”
June
18
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 38066-9
Chinese Freight Booking Office
27, Connaught Road, C.
Tel. 20461
Dates and rotation subject to change without notice. At liberty to provved via other porta to load/dliebarge cargo,
EVERETT Everett Lines
EVERETT ORIENT LINE Fast regular freight--refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong,
"REBEVERETT"
Arrives-May-27-from-Manila,-----
Soils
May 28 for Singapore, Penang,
Rangoon, Calcutta.
"LENEVERETT"
Chittagong
Arrives June 2 from. Singapore, Salts
June 3 for Koba & Yokohama,
(Accepling cargo for translijpment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports. "NORDSTJERNAN"
Arrives
Sails
May 30 from Singapore. May 31 Moji, Kobe, Osaka, Nagoya,
Shimizu & Yokohama, "STAR ALCYONE”.
Arrives Salls
June 4 June F
from Japan.
for Singapore, Port Swellen- ham, Colombo, Bombay, Karachi Khoramshahr & Bahrein,
(Accepting cargo for transhipment Kobe/Pusan and Kobo/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Quoon's Building, Telephono 31206. Chinese Department: Telephone 28293.
BUSINESS REGULATION
·ORDINANCE 1952
Copies the prescribed Forms (a) 1(b) and 1 (c)
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
Į
TEN CENTS EACH