THE CHINA MAIL, MONDAY, JUNE 1, 1953. ̈
Coronation Having A Surprise Action Quiet But More MESSAGERIES
Tremendous Effect On Note Circulation
(FROM OUR OWN CORRESPONDENT)
London, May 31.
The amount of extra spending generated by the Coronation will probably never be calculated. All that can be said with any certainty, is that it will be tremendous.
Singapore Trade Not Affected
Singapore, May 31. Tie Indonesian ban on imports froni Singapore, Pruning and Hongkong will not affect with Singapore's barler trade Inmesin, according to Mr T. I. Hart, the Colony's Director of Commerce and Industry.
By Pakistan
Karachi, May 31.
The Ministry of Com- merce today suddenly banned. effeoliva LOBAY and until further. notice, alt forward trading in Bew estion crop due on Séptám- bcr 1.
The Ministry also dir- reted exporters to file with the Cotics, Board within seven days-fall details re- zarding unfilled, contracts covering both the current crep and the new trup. No explanation was offered.
United yks.
Cheerful Tone
On Exchange
(From Our Own Correspondent)
. London, Máy 31. With the Coronation only a few days off it could hardly be expected that business on the Stock Exchange would be anything but quiet. And so it has turned out.
Perhaps the red and white decorations that
Queen's Bldg.
M
outwards
MARITIMES
Tel: 20001.
M
- PASSENGERS/FREIGHT SERVICE
"FELIX NOUSSEL”
Homewards
Leaves Marseilles
מתג 1
Hongkong
*FELIX ROUSSEL" ..24-25 July
Hongkong
10-11 July
Due Marsellep 13 Abr
For
+
VIA Tokohama
via Marseilles to all Mediterranean & West Africa ports, -via Djiboull to Madagascar.
Outwards *"MONKAY"
MARY
BILVER SANDAL" "MEKONG”
Homewards
"PEL-HO "MONKAY" "MEKONG"
*FREIGHT SERVICE
Lenver
Europe Salled Europe-falled ..Namborg-23 May
Leaves
«Keeling→ June
Another £9 million of notes went into circula- HONGKONG blossomed overnight in all the principal streets of "STAVER SANDAL Restang-28 3
tion during the week ending last Wednesday. But this is only a fraction of the extra money that people are drawing out of the banks to pay for their Coronation celebrations.
SHARE MARKET
Since February an additional £81 million of currency has gone into circulation. This partly reflects the customary seasonal rise in demand for (From Our Correspondent) extra money but this year the increase has 'been greater than ever.
+
In the comparable period of possible to say how much of it inst year the rise in note circula-] has been stimulated by the tion was £54 million, so at least purchase tax reductions in the £27 million of this year's in- last budget and how much by crtase can be attribulég directly the Coronation.
indirectly
Coronation
or
spending.
donc as
MAJOR INFLUENCE
But quite definitely Coronation has exerted a major
on spending shops, for retail cairs began to recover even before the purchase tax concessions were bnnounced.
influence
in the
Business done on the Stock Exchange als morning amount- ed to $240,108,40. Noon quota- lions and the morning's trans- actions:-
SHARES DUVERS BELLERS SALES
DANKS
HK Bank East Aria
1470
148
INSURANCES
the
Canton
Union XD
HK XD
1:30
SHIPPING
Acta Nav... 1.30
DOCKS, ETC.
Mr Hart said the Singapore burter trade had a favourable
Even this, however, is only a bulabce
about equivalent to US$3,300,000. In. various very rough and ready estimate of Penang's the extra spending that is being Indonesian ports.
Coronation Day ap- balatice le about US$4,500,000.
proaches. For, almost as fast as Mr.Hart hoped the Indonesian the pubile is drawing money Government would
the from the banks, the traders with restriction soon. He has had whom they deal are putting i
with talke Consulate here.
so the banks are The ban, enforced from May having to draw upon their de- 9. 13 reported to be causing posits with the Bank of England considerable inconvenience to to replenish their "till" money, traders
in Singapore and and it is this which accounts for Indonesia. The reason advanced the increase in the note circula- The increase for department for the ban is that Indonesia is tion. short of foreign exchange and overstocked with entrepot goods.
the
Indonesian back.
ut even
The latest Agures relate to March, and these show a marked improvement compared with the previous year. Weekly sales of "non-food goods by the multiple shops were 11 per cent higher than in the some month of 1952.
stores was three
N. Pt. Whorf
XD
the City helped to disperse the pessimism that has lately been depressing industrial shares.
French To Negotiate Barter Pact
In any case zellers stayed awny and buyers took over,
The result was a modest but definite rally i the better- known market leaders, ·
But this was not entirely due 10 Coronation high spirits. There were technieni factors in- volved, too.
The recent decline of 'Indus- trku share prices had brought first-class stocks, to n six per
smail
Paris, May 31. A delegation of 10 Frenchent yield burls and this was a
clear encouragement to businessmen.had_left_Paris_for
Investment buying. Peking to conclude a new bar- ter trode' agreement between The high yield on industrial France and China. This visit stocks, however, has not tempted fellowB last year'z Moscow institutional buyers back into
conference cronomic
where the market. 'Buying from this Chinese and French business-source has been on a negligible men agreed to exchange eight scale and will probably remain million sterling worth of goods so until Uhe new steel de- After considerable initial nationalisation issues COSTIC on difficulties the trade exchanges effer.
Dock ... 18.70 10.00 500 14.30 got under way only in De- then Franco- cember. Since 7,45 | Chintre barter' trade has tench-
Provident S'hal Dock Wheelock LAND. ITC. HK Hotel HK Land 'Slial Land
UTILITIES
5.00
11.40
12.10
7.40 75 1000 4
7.00 7.63 3000
50 194
...... 22.20 22.09
Peak Tram
10I XD.. 351
(N) XD. 17.30
Peak Tran
C. Light (01 10.40 1015 10300
Trum per cent and The notes actually in clrculo-for, independent retailers four tion at the middle of last week per cent. Retall sales in this The Director urged Singapore reached- £1,532 million-the category by the "large" stores merchants to work harder as "we, highest ever for the time of year were up by seven per cent. are returning to normal, the boom and only £ 18 million below the days are over and trade has be-all-time come competitive."
"Trader
up
record set
joat Christmas,
All this extra now have to work
spending has really hard to sell their pro-brought A sharp recovery in ducts, he added.-United Press, retall sales. It would be im-
O.S. K.
LINE
Have Pleasure in Announcing the Opening of JAPAN-HONGKONG-EUROPE Fast Regular Freight Service M.S. "ANDES MARU"
Loading At Buoy A-5 Sailing p.m. To-day
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
AGENTS:
were
Bates Higher
fairly general throughout the list of non-food goods which figure in the returns.
Biggest Increases, however, were in sales of furniture - and furnishings by the multiple shopa
1 (35 per cent up) and in sules of Jewellery, leather and fancy goods by department stores (14 per cent up).
[C-
IN OTHER DIRECTIONS Sales of clothing by all tallers were also well above the | level of a year eariler.
It would be hasty to attribute the whole of this increase to spending directly connected with the Coronation but there can be little doubt that it has at least played an important part in it.
Many people, it would, scem, have chosen this time of national celebration brighten their homes and buy themselves new clothes.
The Coronation has stimulated business in other directions, too.
C. Light (N) 6.70 8.80
Electric ... 24 M. Mectric 10.20 Telephone .. 18.30
INDUSTRIALS
Cement
15.00 STORES, ETC.
Dalry
...... 13.90
Crawford
Watson ....22.20
26.80 COTTONS
Ewu
3.39 2.40 Corp. 1.10 5.18 Texille MISCELLANEOUS
Vibro Yankisze
6.10 B3
CONSOLS TO FORE
ed a level of two to three mil- For the time being institutions
be appear to
their directing 7.50 on sterling.
undated
The delegation, headed by funds towards the gilt-edged M. Bernard De Plas, chief of market, favouring the "Cofrack" organisation stocks, which has made Its aim to
As a result the advance of sponsor trade with Communist countries,
offer the gill-edged prices continued last will
week with four per cent Chinese steel sheets, chemicals 10% and antibiotics in exchange for sols well to the fore.
bristles and silk.
ten, br
500
1030
100 4 7
of Bank and
Cairo Decision On Cotton
Con-
The rally in the Industrial The delegation is visiting share market mainly a Tocted Peking at the invitation of Nanthe so-called "blue chips." Han-chen, Chalemon
the Breweries, shops and stores Chinese. Central.
were favoured at first but later
recovery 19 500 19.00 President of the Chinese Com- this
became more 193 18.00 mittee for the development of
Reneral and Interest spread to 2000 18.90 International trade.--Reuter.
engineering, moter and aircraft 1000 1 2230
and electrical equipment shares. More lively Bellvily in al- {brewery shares has been
tributed to hopes of bigger beer sales over the Coronation period but a more sophisticated theory is that investors are resporiding de- to the smaller breweries' Cairo, May 31.
action 10 today fensive
discourage Government decided to continue to handle outside bids. cotton purchaacs and sales
SLIGHT SETBACK A operations. Joint Cabinet Junta Council jasued a commu- Singapore, May 30.
This is supported by the fact
increases several futures nique saying that the Gover- that of rubber
ment win export around 13,-brewery dividends have closed today as follows:- Number 1 rubber,
announced Intely. per 1b. June
Rubber Prices In S'pore
Prices
July
August
6824-78 70-7011 70-70%
Nunger. 2. rubber,
Juzte
0634567
Number 3 rubber,
83%-54
6245-02
70-01
June
Number 4 rubber.
June
Spot rubber, univaled
Blankel Crepe
The
000,000 Kantars.
In been
over-
It added that the Government There was a slight setback in hus succeeded in regaining the the industrial market early. on confidence of the customers with Thursday following the
nigh
decline on Wall Street the result that colton exports from September 1952 to May but little selling developed and 1953 Increased by 1,000,000 prices recovered later in Kantars in comparison with ex-day.
On Friday prices advanced corresponding further and the market the Go-621sports in
closed previous year on a distinctly firm note. Elsewhere the markets
The sale of souvenirs, though No. 1 pale crepeiled Press,
slow to pick up, shows signs of a last-minute boom.
Flags and bunting are also in great demand as more and more proplo enter into the spirit of the occasion and decido after all to decorate their houses,
Many of them have left it too late and are now finding that stocks are sold out,
SIGN OF TIMES
A sign of the times is the widespread use that is being made of plastic material for street decorations that are ex- posed to the weather. The
The Hong Kong Eastern Shipping Co., Ltd. advantages are obvious-
No.1 Duddell St. 2nd fl
especially in view of the rain
Tels: 38661 & 32369 that has recently interrupted a
Chinese Freight Agents; Great Eastern Hotel, 1st floor.
O.S. K.
Tel: 20624.
LINE
Have Pleasure in Announcing
the Opening of
JAPAN-PHILIPPINE-H.K.-NEW YORK
bowa
Mang Fast Regular Freight Service
M.S. “KYUSHU MARU” (Borth: Buoy A-16)
A Sailing p.m. 2nd June
M.S. TOKAI MARU” Sailing on or about 15th June
• for KOBE, NAGOYA, SHIMIZU, YOKOHAMA, SAN FRANCISCO, LOS ANGELES, CRISTOBAL, NEW YORK, BOSTON, PHILADELPHIA & BALTIMORE.
For Freight and Particulars please apply to the AGENTS:
Ane spell in London.
Pastic has also largely taken the place of paper and cardboard for window decorations.
panies.
Exchange Rates
the period United Press.
U.S. Production
Dualners
done in the local umoficial exchange market
Washington, May 31. this morning at the following, roter
The Federal Reserve Board's U.S. dollar (ger (1),
8.6473 Sterling note" (her 411
15. Index of industrial production Indonesian guliders (per 100) 23.70 for April is 242. Its estimate Stain ticals (per 100)
3120 for May is the same-United Slavapore (Straits)
1,328 Press. FIC plastres (per 100)
British Exports
Increase April
London, May 31. British exports in April totalled £214.8 million
or
the
have
remained generally steady. In quiet conditions.
A BULL MARKET?
London, May 31. Will Queen Elizabeth's reign see a genuine "bull market" on the stock exchange? The mass of decorations in the city has inspired some commentators to touch on this question but they .do rather gingerly.
When King George died In February 1952 and Elizabeth #ucceeded to
tho the throne, Index of the average value of industrial shares stood. at 114.2, fell to 103.1 in June, recovered to 125.3 in March 1983 and 1 now (at 116.7) at the point it started from. Not
reaches 140the two peals which it reached under the two. post-war Labour governments-
three per cent higher than the monthly rute in the first will the chart followers call three months of 1953, and £1.7 million higher than in the, a "bull market." final quarter of last year.
economy.
a
Many businessmen who have large sums in the
One invested
reason the pundits cannot Coronation have naturally This result was achieved despite the loss of two make up their minds is the pre- valling uncertainty regarding wanted to Insure themselves working days at Easter, which left only 24 working days the future in America. The six against the risk of a postpone-
cent decline
markel ment
and this has brought in April, against an average of nearly 26 for each of the per several million pounds worth of two previous quarters. Allowing for this the April total values in London trom the March peak seamed mainly due to un- business to the Insurance com- was the highest for the year...
cosiness regarding poile Shipments of engineering Re-exports in April were £8.9 thorp correction in the American Happily the possibility of post-products increased by £6 million million. The excess of imports week saw a fale meunt of tiu"- However, the past ponement can now be ruled out over the average. for the first valued CIF over exports and re-ing, mainly in British Govern- but there are certain other risks quarter. Exports of textiles exporis valued FOB was there- ment stocks, with Old Console up. against which insurance is
being sought. One is the risk of were also higher, and those of fore £69.5 million. The averagoj 11/3d.
other. manufactures Increased monthly excess for the first Dollar stocks were down two, Jury to people on privately by over £1 million.
£57.0 million and three or four points in step with Quarter was crected stands- on in buildings Exports of metals were £1 £63 million for the year 1952. Wall Street but the demand was which will be used by large milton less than the average for The rate of export to the non- better, lifting the premium 1.2 numbers of visitors on Coronation the first quarter, and exports of sterling area, recovered further percent to 8 per cent, Japanese Day,
dropped by the
Aprit from the setback ex-were down by amounts ranging perienced in the first two months from C14 to £. Chinese.
totalling £203,3 million, the level of the last quarter of United Press. against an average of £272.4 1857, |- |-- million in the first quarter, and
BUBSTANTIAL 'BUMS
foox!
amount.
same! in
Policies protecting owners or mports were also higher in of the year. It is now back to were quiet, as were German
fesseca in respect of claims from the public for personal injury or damage thale properly pre re- ported to have ben isded for substantial sumi.
with
£209.3 million in the recond On the import side nearly four- half of 1952 The volume is fifths of the Increase. In Apri estimated to have been ton per as
compared
the fixt cent greater than! in the first quarter was in arrivals from
| Die sterling area,
Nearly
CAR PLANT IN
CINDIA
There has been a last-minute all the Import increase
New Delhi, May 31 rush for achats in brivato standa
The Indian Government to along the processional routs and in April was in food, drink and The terms of trades Improved day announced a new mont some of the exirs money in cir-
in cir tobacco.
Ah increase of 23 in April the index being 63 facturing and assembling plan culation in no doubt being op million
in Imports of raw against 94 for March. The im- for cars, designed to rash their materials was to this purpose
∙a few, days ago fts, was was argely offset by i provement is largely due to a prices, in 'Indio by. 281 per cent
further which were material Imports, for which the
Until
Hongkong.
For
14-10 June 28-28 JunIM
Марад
18-19 July
Mongkon
for
X Juhe
2
הגה
12, July *July Reeling #Arnstad 10 August↑ † Balgon, Mersellies, 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 via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.Y. "LAURA MAERSK” hi.v. "OLGA MAERAK" m.v. "DA MAERSK"
June A June
17
July
ARRIVALS FROM U.S.A.
m.v. "ARNOLD MAERSK” m.v. "HULDA MAKĦRIC" M... "CĦASTINE MAERSK"
June
June
#
June 18
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Tel. Nos. 36066-9
Pedder Building.
Chinese Freight Booking Office -- 27, Connaught Road, C.
Tel. 20461
Dates and rotation subject to change without motiva, At liberly to proceed via other ports to loud/discharge cargo,
EVERETT
EVERETT
LINES
ORIENT "LINE
Past regular freight, refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT”.
In Port Loading Sally
June 1 for Kobe,
"NOREVERETT"
Arrives Salts
Osaka, Moj!,
-Nagoya, Yokohama & Tokyo-
Bay.
June 12 from Maniin.
• June 13
Penang, for Singapore, Rangoon & Calcutta,
(Accepting cargo for transhipment Kobe/Pazan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Slim, Malaya, Colombo, Bombay, - Karachi and Persian Gulf Ports. "NORDSTJERNAN"
In Port Loading Salls
Juno 1 Moll, Kobe, Osaka, Nagoya,
Shimizu & Yokohama,
"STAR ALCYONE”
Arrives June 5 from Japan.
Salle
June 6 for Singapore, Port Swelton- ham, Colombo, Bombay, Karachi, Khorramshahr Bahrein.
(Accepting cargo for transhipment · Kobe/Fusan and Hobe/Okinawa)
EVERETT STEAMSHIP - CORPORATION S/A. Queen's Building, Telephona 31206. Chinese Department: Telephone 28293.
MITSUI
LINE
S.S. “MEIKO MARU“
Loading At Buoy B-20 Sailing p.m. To-day
for
SINGAPORE, PORT SWETTENHAM & PENANG
AGENTS: The Hong Kong Eastern Shipping Co., Ltd.
The Hong Kong Eastern Shipping Co., Ltd. The plan is intended to en- Tels: 38661 & 32809 still
na little.as £ 6 but prices have running in April at only three index fell two points to 80: The courage motor transport In No. 1 Duddell St. 2nd 11. hardoned over the week-end and quarters of the tale in the first fall has been continuous over the India by a reduction of prices Tel: 20024 the minimum is now around 10 half of 1952, before the import last 12 months. A year ago this and pave the way for a wholly Great Eastern Hotel, 1st floor.
guineas.
restrictions had fully taken effect.Index stood at 106-Router, Indian-made car-Reuter!
No. Duddell St. End A.;
1
od of Sales Chinese Freight Agents:
Great Eastern Hotel, 1st floor.
Tels: 38061 & 82869 Chinese Freight Agents:
Tel: 20024,