THE CHINA ·MAIL, THURSDAY, MAY 28, 1953.
HONGKONG Airports Keeping
SHARE MARKET
(From Our Correspondent)
Pace
With
Rise In Traffic
Dlusiners done on the Stock Exchange thus morning amount- ed to $319,540, Noon quotations
The rapid increase in air travel is dictating anti.
The morning's frant- action:
important developments in Britain's pattern of KHARES ÚLYERS SELLERS SALEḤ airports and the air terminal facilities serving
them.
BANKS
HK. flank.. 1188 East Acu....
INSURANCES
Canion......
Union XD
140
243
K. Fire XD 240
Jamaica Seeking Big Loan
The
Chlet
.Minister
Belgian Financial Policy
London, May 27. "The long-term policy of the uf Nation) Bank has been Dusta-preparation of conditions
Jarialen, Mr Withon mante, has arrived in Londen
for tilks with the Colonia! Secretary about a loun of £30 millions for Jamaica.
On nt London Airport, he rival
raid:
Caribbean
000
úre
the for
full convertibility." This is the conclusion reached by M. Loula Camu, the President *•
of the article in the National Provin Banque de Bruxelles in on cial
Bank Review. In this ready,
beconst
Such is the rate of expansion, under the normal growth of first-class traffic, supplemented 750 700 21757 by the widening introduction of tourist services
and the extension of scheduled services by the in-the loati
to help them. In dependent operators, that post-war plans for air-many earcs economie conditions
are dreadful."
After giving a ports in the UK. have already been considerably
warning that Jumalca is "the gateway to the out-dated.
Paugina Canal," Bir Budamante uld that he will ask the British Government to take the whole
500 47
SHIPPING
Al Nav...
DOCKS, ETC.
K. Wharf ...
103 70
N. Pt. Whart
XD
5.74 6.00
Bhai Dock Wheelock
$8.50 10.00 1400 ..11.30 114, 110
2.10
10.70 11.10
7.15 7.00
K. Hotel
7.50
Dock
Provident
LAND, ETC.
IX. Land
new
the
A further development in the class Viscount and process of keeping pace withzabethan
B.O.A.C., too, will be operat- events took place when British European Airways opened its ing 70 services a week into and 2000 m 7!
London air terminal at ont, of London this summer, 1000 75
the site of the against 03 a week, ted Ins! 1000735 Waterloo, on
500 715Festival of Britain.
year. This will mean s 24,999 SOLS GOLS
seals week will be a. able 1.375 140 1000 1.37%
2000
into London on 1.0.AX's alr craft alone, compared with about 2600 a week last year.
S'hai Land
UTILITIES
Team 22.10 30 100
1.30 22 20
Leak Tram
(Old) XD
33
Peak Tram
(New) XD 2716
c. Light 101 1011⁄2 10.00 1199 e 100
02 i ja
5500 10
Light (N) 6.65 0.70 666 605 Elect..... 21.30
500 + 219 1021
Telephone .. 10.20 101
INDUSTRIALS
Cement..... 15.00
STONES, ETC.
Dairy
18.00 19 1700
2000 1500 1500 13.30 10m
Watson
21.7022.10
Lane
Crawford
27.30 2715
2.37 240
COTTONS
Ewo Textile Corp. 3.12 5 20 200
MISCELLANEOUS
Yangture
1000
1000
6.10 45
Yangisze (
5 13
5 10 !
520
......
The new terminai is capable h.ndling 16,000 air passenger day, for 60 nights an hour on
ernal and Continental tiens.
her
With peak handling already
Over the next few weeks the effectiveness of this latest move, well as the adequacy of the while U. K, air-trifle system, will be rigorously tested.
All airlines operating Into Lendon report capacity bookings up to and over the Coronation
period.
AIRCRAFT MOVEMENTS.
|
Mr
M.
less
in
Britain Sets A Record
London, May 27. The British aircraft in- dustry exported aviation equipment worth nearly A million In, April, the Buciety of British Aircraft constructors said today.
ان تماما
This blogs, the exports for the first four months of this year, lo nearly £10,000,000 - record
Brure.-Neuter,
World's Production
Of Cotton
"We are not begging this loan, but merely asking. The grow-respect Belgium is now" current of Communism in the and will follow the principal really serious. There con pound in particularly the uncinployed we must have tlon is found when the sold-
In the post-war period, Camu writes, Belgium has had both the will and the opportu- nity to stand on her own feet more solidly,
and
with help, than other European countries. He traces the Belgian
Washington, Mas 27. story back to "operation Gutt."
The world cotton production of the sugar production. At the monetary reform of October 1032-03 is estimated al present Britain was taking 0, 1944.
33,700,000 bales-about 250,000 "only 15 per cent of the fuli { This was followed by a "hard bales less than the previous production. If this continued it money" polley started in 1946, crop-t le would mean
Department of the signing of when the National Bank took Agriculture anys. Jamaica's death-warcant," 500
successive measures to raise the It explained that the slight discount rate from 1.5 to 3.5 downturn in the current reason per cent. Also, the banks were suggcats a "possible levelling required to hold Treasury Cer-off of production after the long tificates
up to a minimum of
the 21,210,000 between 60 and 65 per cent of holes of
up wing from
1945-1946, the low their customers' deposits.
point to which it had fallen in This encouraged the bankers the course of World War II." to channel the credit facilities
Commenting on the world which they granted Into forms
cotton production' in its weekly susceptible to being discounted. foreign crops and markets re-
trend was away
from
view, the Department, sald more loans and towards bills. It was production was registered in aided by the opening ot re- South America where Brazil
with discount facilities
the had
experienced a decline of Re-discount
and
Guarantee 450.000 bales. Institute, the key institution In the Far and Middle East, between the call money market this is the picture, according to and the bill market.
|the review: "In the Indian nub- The result was that the recontinent. an increase In the discount rates of the National crop of Pakistan is attributed
Bustamante sald that there was "no bitterness against the Government, but reinething must be done soon." At pre- sent Jamalen was buying all but 1 per cent of its goods -from could
buy tiuse same items from Canada or the United States "If we had the dollars,"
At his hotel 1ales Mr will attend Bustamante, who the Coronation, claimed that there was "a bold attempt w create a state of Communism in Jamnica." If t Buceceded it would be "most detrimental not only to Drilalu but United States."
事
to
the
The
Britain, It All this is the measure of the | reaching 7,900 passtrigers a day,
luuld terminal at Kensington, current expansion from which which it refaces, long ago bethe developments in the foresee- ene inadequate.
able future can be gauged. It is expected, in fact that, scheduled, U.K. air- aircraft movements at ports, which have doubled in the will have years, past four doubles again" by 1960,
The opening of Waterloo air terminal is one step being taken meeting this prospect. It has been taken with
main the
Almost all the British islanda air not only of increasing capelly in the West Indies, he pointed CORONATION TRAFFIC but of bringing the terminal for
for out, generally imitated what the very high density trame
was done in Jamaica, and if Apart from foreign operators, found on the U.K. Internal and
and Communism bream: established B.E.A. alone is putting on Continental air services nearer in Junaies It would; he fell,
As regards the Budget. the Total 220 extra flights from the centre of London, and con-
surely spread to the other
could havy demands for 1963 are London and, Northolt airports, to necting it inancdiately with
islands. British Guiana
expected to cause problems. An cope with Coronation traffle. London's Underground train ser- already "be considered a Contaxe committee is now searching
munistic coluntry."
for economics, but the position This is in addition to an in-vices.
In doing this, a certain amount
RESTRICTED MARKET trease of 25 per cent which the
would change considerably Explaining the part that Bri- there were any casing of the airline is already experiencing of Journey time
tain could play in combating financial demunds for the number of passengers sacrificed. The coach Journey to
in Jamela, armaments-fcuter. morning at the following rates: carried compared with last year will take 20 minutes longer, but helping
London and Northolt airports Communism
her to reduce her DEA. belleves this will be 150,000 unemployed,
the Businmante said: by more accessible siting of the Terminal. And it is hoped to encouraging have the effect of mure people to make their own way to the airport, thus relieving still further the burden un ter minc facilities.
2000 # 51
Exchange Rates
Business was done in the focal
oficial скеналие
snarket
this
G.013 15.00
18. dollar (per $1) ......................... Sierting note (per 1 Indonesian guilders (per 100) 23.80
91am ticals per 1001
Singapure (Bérusta)
FIC plastres (per 10)
O. S. K.
in
The sunner is kely to see still further increases, with new aircraft of larger enpacity going 0.00 into service,. In the Discovery
31.00
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 und Particulars please apply to the
AGENTS:
bas
been
be
con-
Bank became a really important { to
10 3 small increase In acreage factor, and the Bank Rate be- and improved growing came a most potent and flexible ditions while that of India, weapon.
though how revised upwards by 100,000 bales, is down. from น botes year ago by 250,000
because of the drought, the region of greatest in- crease, is the Middle East where Egypt, the Anglo Egyptian Sudan, Turkey and Syrin Cach show a gain and together ac count for nearly 600,000 bales more in 1951-52. Turkey attain- ed a new peak of production.- United Press.
offset for the passenger Buy think it is bitt reasonable. Korean Peace
ALTERNATE AIRPORT In airports, too, the pace of development is being forced by The of air traffic.
the growth plans for London Airport should make it capable, by 1000, of handling in good weather all the air services likely to come to it within the doubled amount of scheduled mavements that foreseen.
13
But these plans now depend very considerably on the supple. menting of London Airport by a second, alternaté airport, The function of this will be, first la take traille
prevented from uslug London Aleport by bad weather, and secondly, to trans- fer some of the regular load.
This transferred load is likely of B.E.A.'s to consist mainly short-haul trafic to the South. such as its services to France, and this will enable BEA. to complete Its move froma Northolt, which is still handling 45 per cent of internal and Continental services, and which will then go out of usa-as civil airport,
The Government has chosza Gatwick Airport as the most suitable for development us the alternate airport for London,
CHOICE OF GATWICK The choice, however, has yet to be confirmed, in view of the local opposition it has aroused,
that
we should ask England to buy all our sugar under con- tract, because we are compelled to buy a Britain's manufac- fured products whether we want them or not. We are no allowed to buy in any other market, and it is an undeniable were able to fact that it we purchase foodstuffs, textiles, motor-cars, and so on in Canada and the United States, we should be able
1 reduce the
cost of living in Jamaica from 10 to 20 per cent, in rpile of the low value of the British pound."
Hopes Set
if
Wall St. Back
New York, May 27. Korean peace hopes today set back the stock market, and the
math body of shares was push- ed to losses of up to $1 (about 7-sterling).
Thin markets for some high- He also wanted to discuss
priced issues brought declines with the Colonial Secretary the ranging to over four points. question of income lax. In
Some Government bonds Jamatea all new private enter reached record low levels with price was given five of the best declines ranging up to 5/10 ng years of sevenTM Tree" of "lucome"}"
point.
tax, but Investors from Britain Reactionary tendencies were hat to pay income tax on whit-
also noted in leading commo- ever profit they made in dities, including cotton, grains Jamalen
during that period. end sugar. Britain, therefore, was copitalie- Dow Jones averages at the ing CI the generosity
of end of the stock market session Jamnica and undeing the pur-stood as follows:-- pose for which the relief from 30 industripis taxation was given.
The Rubber
Markets
Singapore, May 27, Prices of rubber futures closed today us follows:- Number 1 rubber, per lb.
Tape July
August Number 2 rubber,
The Hong Kong Eastern Shipping Co., Ltd. If it is confirmed, considerable Number rubber, June
development will be needed, Tels: 38601 & 32369 | the Best phase of which is likely to cover eight years, although the first runway would be laid
French Bank Building.
Chinese Freight Agents: Great Eastern Hotel, 1st floor.
O. S. K.
Tel: 26624. by 1955.
LINE
Have Pleasure in Announcing the Opening of
JAPAN-PHILIPPINE-H.K.-NEW YORK Fast Regular Freight Service M.S. “KYUSHU MÁRU“ Sailing on or about 2nd June M.S. "TOKAI MARU” Sailing on or about 15th Junc
for KOBE, NAGOYA, SHIMIZU, YOKOHAMA, SAN FRANCISCO, LOS ANGELES, CRISTOBAL, NEW YORK, BOSTON, PHILADELPHIA & BALTIMORE.
For Freight and Particulars plense apply to the AGENTS:
Beyond this at lies the nded for developing yet third airport for London. For this the Government has no plans in mind
mind at present. It will necessarily depend on the further development of the pattern of civil aviation,
The basis
TOS- 70%-8
GT-1
Number 4 rubber, June
az-03 Spot, rubber, unboled
70-101 Blanket grepe
01- No. 1 pale crepe
77-02 Unlied Prers, NEW YORK MARKET
New York, May 27. No 1 rubber futures closed
10 to today
20 points lower with sales totalling 50 contracts, Contract No & clescd nominal- ly 20 points lower with no Lentes reported. The wenkiless
of this further, in securities and the other ecm-
Dack
20 Tails
15 utilities 40 bonds
273.90 105,91 50.88 94.40
-Reuter and United Press.
LONDON TIN
MARKET
London, May 27, The in market was firmer. Turnover was 70 tons, including 30 tons for cash. Prices closed at the end of the official morning session as follows:-
Spot tin, buyers
Spot tin, selleri
Business done at Three-months tin, buyers Three-montha tin. sellers Business done at Settlement
740
740 73715-725 740 -United Prera.
Insurance Rate Reduction?
Regina, May 27.
insurance
A reduction In
Increase
In Tariff Suggested
Washington, May 27. Informed sources sall today they understand that the United States Tariff Cominisalun hds recommended to President Eisenhower that the 32 per
duty on
on imported silk printed Scarves be increased to
cent
per cent.
The Japanese Ambassador, Eikichi Araki. called on the Acting Secretary of State, Mr Walter Bedell Smith, to express hils concern over the effect of such a move on the Japanese economy and its seeming im-
Rources added.
plications for the future, the
Mr Araki spent half an hour in Mr Bedell Smith's office. Japancac scarves Arc เอาน Japan's biggest export spreiall- ties and are carning $800,000,- 000 a year in the American market.
The United States Tariff Com- misalon has been considering a request, led by domestle scarf printers and processors on Apri 14, 1052, that the current duty on imported per cent of 32% scarves be increased to 65 per cent-United Press.
Freight Rates
Decision
Melbourne, May 27. The Federal Export Ad- visory Committee has decided to oppose a proposed 10 per cent Increase by shipowners In oversens freight rates.
10
The Committee, which is ย move, however, is to reduce the modity markets following the rates on vessels using the Hud- the Federal Government on ex-
high level advisory body renewed hopes for an imminent
Hent | san Bay slipping rotile will
probably be announced shortly port policy, includes representá- ilves of Chambers of Com- In London, recording to the Premier of Saskatchewan.
merce, manufacturers, stale ex- the port development, groups, surance rate would materially and several Federal Depart
Australiah Exports Federation arsist in building up two-way
the ments. The President of trade through Hudson Bay by Associated Chambers of Com- reducing costs and increasing merce cald that the proposed confitterica, he said.·
Aus-
seven airports at present serving London to three fully developed Korean truce set the market alsports.
back nfter
forenoon rise. The choice will not be easy. The dullness persisted in the The expansion now taking pisco in the scheduled
spot market with denters In- operadicating No 1 smoked ribbed Lions of the independent airline ticets at 234 cents a pound. companice is bringing new Im
Prices closed today portance to the smaller aliports follows: around London.
Contract No. 1 standard
24.05
1,00
PRIVATE LINES
July Gatwick itself is already busy September. with private airline and charter Prember
March work, and the recent inaugura-May tion of Silver City Airways' car July ferry service to Lo Touquet from Gatwick promises an in- July
September creasing amount of business. December This service is the preliminary March to a car ferry service direct to Parls, using the glant Blackburli Universal aircraft.
Binckbushe airport also is be
mony
new, schedulèd
May
July
03
21.45
24.15
23.95
23.13
No. 6 standard
23.05 nominal
Press,
A further decrease in the In-
The Premier said thut, while
freight rise would coil tralia A £9,500,000
寝 year,
in Britain for the Coronation,
he would confer with various making it harder to sell goods. parties who might be interest-
ed in doing business with Say- katchewan.-Reuter..
1.
Pepper Turns Firm
New York, May 27.
-Reuter
SUBSIDY PLAN
Gehan, May 27.
The ↑ Italing - Government ehould grant thipbuilders sub- Pepper prices firmed today in of the building costs in the sidies amounting to 27 per cent jinc
with primary market case of carno. vessels and 21
vesicls,
the quiet olde. Spat pipper Was thd Minister for. Merchant indicated at around $1.46 and Mating stated at a meeting of
· New Otitans, Máợ 27.
ritonts: $140 to $1.47. On ship the Chamber of 12.13
Commerce, 33.30-23.40ment positions, a few Sarawak here -33.51-33.57
coming increasingly, ective, with New Orleans Cotton cables but busness continued on per tent for passenger how baring
simpendent operator services there, as well as their is the base for Hugling Air charter work, while, Bovingdon July
Detebe Denstr.Berget Transporte hw London New Murcia (1044) coalio service, forming part of May Tel: 20624 the company's Newcastle not-
October worlThe Financial Times,
The Hong Kong Eastern Shipping Co., Ltd. French Bank Building.
Tels: 380601 & 32960 Chinese Freight Agents; Great Eastern Hotel, 1st floor.
...
July
tons
3141-2955 cables were reported but one Italian merchant navy. 33,07 Lamponge June was indicated at now: nggregates: 3,688,000
around 31.42, July 31,40 and and will reach the 4,000,000 22.00.614 : Bugust $1.38, all on an ex-lock fort mark in the near future. United Presa,
basis-United Press
Reuter
MESSAGERIES
P.O. Box 53. Queen's Bldg.
M
Golwards