THE CHINA MAIL, THURSDAY, JUNE 4, 1953.
Significant Turn In Tokyo Approach Burma To
Washington Internal HONGKONG Money Policy
SHARE MARKET
By SYDNEY S. GAMPELL Reuter Financial Editor
The present turn in the tides of both U.S. re- serves and U.S. Internal money polley is significant but not necessarily bullish.
(From Our Correspondent),
Even with official leniency instead of the re- on the Stock cent official sternness, the New York money Businers dane Exchange this morning amount-market faces serious strain for the rest of the year ed to $280,092, Noon quota and the U.S. business boom looks increasingly
tions and the morning's trans actions:
SNARES BUYERS SELLERS SALPH
NKS,
J.K. Bank Fan Ada
INSURANCES
Unters XD
SHIPPING
Waterboat Asia Nav
DOCKS, ETC.
.. 34m
a
145
735 703 110 261
1460 1 30
75
N: Pt. Whart Dock
XD
10 70
11.40
K. Whart
Amvident
Wheeluck
PL
71% 7,55 100 - 733
LAND, ETC.
31.K, Hotel
11.K. Lend..
7.60
14
450 7
on 400 391%
Humphryn
*. UTILITIES
Tram 22.39 22 30 - 500 o 22.30 |
Peak Tram
נים
Peak Tramı
[New] XU (17.79
Star Ferry
100 4
LL 9 10 1000 1000
vulnerable.
The London market has its own uncertainties, in- cluding the competitive pressure from sales of de- nationalised steel stock which will have to be on a generous yield basis, to the detriment of outstanding securities and other new issues yielding less.
Currency Reform Analysed
London, June 3. Czechoslovakia's currency re- foren
is retinded here as a Typical Sovie! satellite device 10 for witing out the accumulated 100 0.30 spending power in the private | sector, which mainly means the 1300 1815 #gricultural sector. Signilleants
110 18.401
goes further than earlier similar reforms by other Soviet 1500 15:00 blor countries.
C. 14ght (N) 20.15 3000
ני10 .
Eleevele .....31.10
Telephone
INDUSTRIALS
Cement... 15.00
TORES, ETC.
Dairy
14 90
Wutman
*.30
COTTONS
Textile eorp
KANO 19
230 2.33 2000 225 fx.10 3.15
Czechoslovak peasant holdingą of cash, are cut to one-tenth of their former value because the exchange basis - is two new crown per 100 old crowns, while The general basis for wages and prices is 20 new crewns per 1001 old crowns.
In Bulgaria
the various Inter- Adding national uncertakitles, includ- ing those of the outcome pf the Big Three merits, world markets seem likely to remain enulious,
плане
To World Bunk
For A Loan
Washinglói. June 3,
The World Bank and The Japanese Government Antiounced today that negotiations
cre opening loans for economic development in Japan,
on
It was understood that the initial talks will con- tre
for
re on a Japanese request
a loan to finance three, Japanese thermal power projects.
'The Bank's announce- ment here satd, flowever, that the talks will cover "the general approach of the Bank toward the Inancing of Japan's economie development"-- evidently on a wide basis. -United Press, ›
The Rubber
Markets
London, June 3.
The rubber market was quiet today. Prices closed as follows: Number 1 rubber, iis pence
20%.
July
per ib.
Augum
September
July/September
October/December
January/Mareti
011
For the present, the tide of reserves from the U.S. has turned. US, gold mussen have since Morelt 25. Allowing
for Washington's vayment at $50 million France's EPU defleit In
April (the first time that Washing- ton has made an outright EPI payment for any country CX- rept the EPU "wards"-Austria, Greece and Turkey) there has been no nett loss of U.S.
re-
serves as a whole sinée April 22.
reserves
U.S. was
2014-2021 -United 're NEW YORK MARKET
New York, June 3. Number 1 rubber futures closed higher today with sales of 3 contracts. No
No. 3 close nominally, 10 pokits higher with
calcs no
Dulless reported. prevailed in the spot market with No. 1 smoked ribbed sheets at 2434 cents a pound. Prices closed as follows:--
No. 1 standard
For three weeks from tien up to May 13 the outflow of
from the
July September small. The week ended May 20 had the biggest inflow of re-
December Maret Ferves
fo the U.S. for
any May July week in more than a year-573 milion,
July
LAUNCHING IN Poland in 1950 persant and othe: dollar
SWEDEN
MAIN
EFFECT
The main effect of this turn Cunadjun in 1952 and in so far-clashing the
premium-has been Javourable: the high premium cash holdings were wit to res- pectively
Canada's one quarter and one handicapped third of their former value. newsprint and tourist Industries. which welcome its disappear-
In Rumania in 1952 they were zut to one-fifth for small boasts but one twentieth for lot Czechoslovakia are treated hoards. Savingsdeposits. In ter but peasants hold cash rather than savings deposits.
Stockholm, June J. The Goela yards of Gothen- burg Have launched the 17,506 fon deadweight motor-tanker Janega for the Spermaert Whaling SA of Panama City.
The two other Communist The all-welded Janega is being methods for trying to control built to the highest class of the Peasants compulsory delivery Her cargo quotas and collectivisation-are Norwegian Veritas. tank-capacity is about 825,000 in serious difficulties,
euble feet.
Contractual speed on full lood Is 14.78 knots. The vessel will be powered by a nthe-cylinder, Goeta, Diesel engine of 8,300 horse power-licuter.
Exchange Rates
Czechoslovak severity and reports that sheer hunger
ance.
Its effect on the U.S. internal money position is also favour-
the
End
Preferential Tariff Rates
Rangoon, June 3
Buriha has decided to end the preferential tariff rates enjoyed by goods from the United Kingdom, India arið Pákistán, according to a usually well-informed source.
The Burma Government has served six months' notice on these goverliniefits to terminate the system, effective from midnight September 30, this year, the source added.
The Burmese Guvernment is
The end of the preference | representations to the Burmese will facilitate the entry of Government to end the pre- Japanese goods Into the Bur- ferential turi rutes which the mese market on competitive Japanese termed "diset hinta- terms, Butnin needs these tory." goods urgently to: rehabilitate her war-torn economy
and is believed to consider "Empira anxicus to buy these goods as profetences out of tund", BA- che.ply as possible,
pecially now that thirman is cut- system
of "Imperial side the Commonwealth. Preference" Was agreed 10 between Britain and India
The
at
Attempts are now being made
by certain foreign rns here to
the Ottawa Imperial Economic import as much as possible be- Conference bi 1932 wien India fore the deadline ending uromised á margin preference ferences.
tel
pro-
pro of
per cent on a large British business circles, how- of goods imported fever, do not think that the re- schedule from the United Kingdom aver moval of proposed barter agree- Imports from non-Empire coun- ment between India and Bürma tries.
including a wide range of goods,
con-
Cotton Prices In New York
If the standard rate of duty should help to lessen the hard-
from for goods
non-Empire ship caused by the removal of countries was 45 per cent 'nd the preferences.-Reuter. valorem'. Imports from the United Kingdom were charged only 35 per cent.
which Burma,
formed a large part of India when this
was signed, agreement tinued the system after her separation from India in 1937, and also after she became in- dependent in 1948 although she opted out of the Common- wealth.
Burma has also served notice
cancel to
the do-Burmese July 23.45 nominal Trade Agreement of 1941, under December
Burms agreed to addi-March perference for Indian May July October
NEW ORLEANS MARKET Sput This agreement created a July three-decker tariff system
in October
December which the lowest rates were to Maret
24 50 24.40 bid 24.00 7ld
0.30 d
No. 3 Mandatd
September
B
which 200 nomitational
December
ย
Roods.
March
May Jois
THREE-DECKER
-Quited Press,
New York. June 3. Prices of cotton futures closed today as follows:--
Octaher
Grain Prices apply to goods of Indian origin, Alg
In Chicago
Chicago, June 3, Prices of grain futures closed] today as follows:-
Whcaprice per bushel
2.0416 2.0413-16 2.07-5
2.1744
Sput July. September December
policy early this year, mainly Workington's tight money took the form of allowing outflow of reserves, to tighten the U.S. banking position.
As soon as the outflow stops,
tightening
effect this internal
fuel, it ceased as censes, (In soon as the outflow turned into March foreign accumulation of securi-May.
Com ties. It is only the U.S. losses
Spot July September December March
ibat
reduces
the internal
Epst Germany is among causes,
of gold. and/or foreign ne- of spectacular chlargament of cum
cumulation of dollar balance", rofugee flight to West Berlin are regarded by some observers as reserves of the V.S. banks. Indications that agrarian train Foreign accumulations of dollar in the eastern countries is truong ses do not the motiver for Russin's changed
policy,
Within Russla itself the change from Stalinism is most notable not so much in the the local changed international tone as in exchange inarket this the new emphasis
on constiner
Business was done in moficial naoming at the following rates:- U.S. dollar per $1) Sterling note (per £1) Indonesian gulders (per 100) 2360 Stan Kienis (per 100) Support "Straits)
PIC piastres (per 100)
0.025 goods and on protecting in- 1581 dividuals against bureaucratic 3120 both of them sensa- Lasitional departures from Stalinkm.
GO-Reuter.
W. German Trade Prospects With
The Soviet
Soviet Bloc
have this
But, coupled with present lower commodity prices, the new tide of reserves, If con- tinued, could inconvenience the non-dollar countries.
LAST STRAW? Bolivia's currency has already been devalued. Free rates for American olher South currencies are not strong.
This new idle-or
some
anything
else could become the 19t straw for the French
2.1733-Y
May
Ryc
July
10115 1.59- 2.40%-5 151 1.334
1.4384-11
September
Oats - July
September
Soybeans
TOIL-IS 7015-14.
Spot July Auruni September
2.0035 nominai 2.88-88 2.047
November
Jaunty
March
6.64 2.71%
New York four-per 200 lb, Shek $13.30 nominal.-United Press.
frane New York Sugar
Futures
which plainly requires read- Justment if and when France acquires a Government strong 10 put through the Until then, reforms. devaluation of the franc is over- due but would be pointless.
ago, Bonn, June 2. West German business have refused a Soviet invitation to go to Moscow to negotiate an increase in Russian-West German trade, informed sources reported.
The West Germans, who have no diplomatic relations with the Kremlin, uld they would meet the Russians only In a neutral city, preferably Geneva.
Only 2.5 per cent of West Ger- tougher, are admittedly interested many's total exports are to Com- in reopening munist China, the Soviet Union Eastern markets,
or her European nattlutes, and
their pre-war
eply 3.5 per cent of her imports Some might even be willing
e from the Communist blue, to sell, the East strategle goods..
October
middle intiff rates to goods from July the British Empire with which there was already an arrange- for Empire preference, ment and the highest was the stand- dard rate applicable to imparts from non-Empire countries.
Under
MESSAGERIES
PO Box 13.. Queen's Bldg.
M
Chatwaesk
MARITIMÈS
Tel: 20031.
M
PASSENGERS/FREIGHT SERVICE
"FELIX ROUSSEL"
ffomewarde
"FELIX ROUSSEL"
Leaves Mararilies
Ba
◊ June
--20-25 July
Jongkong 10-11 July
For Manila
Tike Marseilles
23 Augus
Via
Yokohanan
vja Marsellies to all Mediterranean & West Africa porta. via Djibouti to Madagascar.
batwarijs "MUNKAY" "BILVERBANDAL" "MEKONG"
Itomewardi
PEI-HO
"SILVERSANDAL" "MONKAY"
**MEKONG"
L.Davu
-Kurope —Nailed
FREIGHT SERVICE
longkang
For
14 June
Japan
nopr Salieð tambu-23 May
28-24 Jan
Japan
1-19 July
Japan
Itongkong
20be
Tar
+
Leaves .Gerlung-6 June „Kerlung-10 July
12 July
.Kertung-26 July
..Keelung— August
10
28 July
August
† Saigon, Marseilles, Algiers, Oran, Tanglers, Casablarien,"
Le Havre, Antwerp, Rotterdam & Dunkirk,
SUBJECT TO CHANGE WITHOUT NOTICE
MAERSK LINE
FAST FORTNIGHTLY ŠERVÍCE TO:
NEW YORK. BOSTON, BALTIMORE & PHILADELPHIA va SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
m..
M.V.
"LAURA MAENEK" "OLGA MAERSK“ m.v. "HULDA MAERSK*
June.
#1
June July 2
17
ARRIVALS FROM U.S.A.
1. Y. m.v.
"HULDA MÅERSK"
Juse
"CASTINE MAERSK”
Jutte
18
m.v. "ELSE MAERSK“
July
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Tel. Nos, 36060-9
Tel. 20461
Chinese Freight Booking Office
27, Connaught Road, C.
34.10
33.30-33.59
33.70-31.79
3383
33.88
11 BR
31.64 nominal
Pedder Building.
33.09 noming!
United, Prays.
33.10
53.16
33,81
33.03
33.00
United Press.
Pepper Market
New York, June 3. the agreement, India The enjoyed the "Most Favoured Em-remained extremely quiet and pepper market today ire Nation Treatment" by which goods of Indian crigin or 'vice verra
10
the
featureless.
Spot pepper
locally was in-
ex-deck
enjoyed in market which they were exported htt dicated nominally around $1.43 margin of preference of ten per a pound with June shipment sent over similar articles enjoy-about a cent a pound lower, on bass.-Urited ing preferential treatment when an Imported frem the United King-Press. dem be from the colonies, and à margin el preference of 15 per bent over similar articles liable to duly at the standard rate.
Specified exceptions also guaranteed free entry for certain commodities.
Tals agreement extended to Pakistan on its creation.
FREE TRADING RESUMED
New York, June 3. Trading in copper futures on the commodity exchange resum- ed today for the first time in almost two years. The first place in July transaction took 1053 contract at 21.75 cents a pound.
Free trading in copper on the
metal London
exchange is
BENEFIT TO JAPAN Commercial circles here said that revised tariff rates which Burma has under consideration would be more protective in scheduled for August 5-United character than the existing Press.
It is thought revenue turista. here that the termination of
Tin Price In N.Y. preferences will affect British imports
New York, June 3, and more seriously
Prices in the metal market Irian imports and will Icad to increasing Imports from closed unchanged with the fol-
towing exception:- Japan.
It is known here that Japanese Tin, Grade (90.80 per cent business interests in the past for higher) New York, per lb. few months have made repeated 105.00 cents.-Unlied Press.
New York, June 3. World futures No. 4 closed to- day 3 to 13 points higher with sales of 579 contracts. Domestle No. 6 closed today unchanged to 1 point higher with sales of 372 contracts. Sympathetic buying developed in domestic contracty although several thousand tons
Sugar PENINSULAR of "distress" Philippine afloat were reported sold at 6.35 cents a pound delivered. Prices closed today as follows:~~-~
World No. 4 July
The world tide of reserves to the US. could obviously put some pressure even on sterling For the present, sterling is strong enough. But it is not so strong
as I was a few weeks Transferable sterling, and some other varieties, are well off their recent top. Sterling can and will corininly be held. But,
SU with the strains which buyers September markets and lower commodity prices are setting up in various parts
rts of the sterling area- March Britain's own exports a tide of September ranging from Pakistan 10 July
reserves to the US. might force the British Government to de- which would hardly be bullish.
Reuter,
fensive and restrictive measures
Metal figures show, although the but American officials Bald State Of U.S. ompatible Agures before the recently that the West German er wers about 10 per cent, govertiment, which must cense RO German cxports, hus
And if they
Shipping
of
October
January
May
3.71
3.71-5.73 3.75-3,77 3.84 nominal
3.50 bld
350 nominal
Spot
July
5.50 3.03
November
September
March May July September
Contract No. 6
3.09 6.04 bild 5.14 d 327 nominal
5.75
Spot
United Press.
Seeds And Oils
New York, June 3. Prices in the seeds and oils. market closed unchanged with
the following execptions:-
Tung all, in tank cars, fo.b. New
York, per 1b, 20-1/2 cents.
Dates and rotation subject in change withoist, notice..
Al liberly to pròċeed via other, ports to 'toad/dbcharze cargo,"
EVERETT LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slain, Malaya, Rangoon, Calcutta and Chittagong,
"NOREVERETT"
Arrives Sails
June 12 from Manila, June 13 for Singapore.
Rangoon
"BRADEVERETT”
Arrives Sails
&
l'enang, Culcutta,
June 20 from Singopare, June 21 for Kobe & Yokolina. (Accepting earze for transhipment Kobe/Puran 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 Ports.
"STÁR ALCYONE”.
Juric 7
Arrives Solla
June
& ORIENTAL
"THAI"
STEAM NAVIGATION CO.
R.M.S. "CANTON"
SAILS:
NOTICE TO PASSENGERS
BAGGAGE;
FRIDAY the 5th June at 5.00 p.m. for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port Said.
Passengers are requested to send ALL baggage to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 Gate, CANTON ROAD ENTRANCE, by NOON on Thursday, 4th June, 1958.
Russian delegates to a meeting "categorically assured us there In Geneva of the United Nations will be nu shipments of strategie Economie Commission for Europe goods to the East."
New York, June 3. The National Federation In May, indicated to most of the West Europeans present, in-
cannul buy American Shipping reports that is being cluding the West Germans, that strategic items, the Red traders not one passenger ship they wishetto increase trade seem unwilling to buy anything built for the United States.
British lines tire with
approach- at all from the West, West,
ing 80 per cent of pre-was
Castor Seed, per long ton, SPECIAL NOTE: With the exception of hand packages Trude fat wefe' exchanged. West Germans also
the report fo.b. Brazilian port $145 are passenger capacity,
Flax Seed, per bushel, f.b.b. the West Ja interested mainly in reluctant to buy from the East, states, but the US has less than
$3.64. United ying foodstuffs, in particular oven though the prospect of half the passenger shipping it Minneapolis. Theaterfroin the Communist reopening that market exelles had in 1930.
bloc
and
Press,
14 JAPANESE BONDS
toc, Intgundel met
them, because deliveries by Com-
lilles dre ́ bulläng. 21 munist-
states are
so pre... Bhips, France The latter went inainly goods uncertain, their prices Italy eight, and the Nether- which Are copiidered strategie usually in considerably above lands four. and which oil Astions receiving the
world average. The West The altarpest increase is in American aid. Including West German Agricultural Ministry, In tanker feels.. In January this Germany, have promised not to particular, understood to year there were 63 per cent sell to the Ensti
oppose the purchase of wheat more talkers than in 1030. West German businessmen, from Ruskin, even though all More than 63 per cent of ships realising that competition in sources demand dollar payment.
being built are tankers, the re Western markets is growing over --United Press.
port states-Reuter.
London, Juhe 3. Japanese
bonds "A" (4 of 1800) 60% "1" (43.* of 1010). 46) "C" (51. of 1007) 110: "D" (85, of 1924) (07-. "E" (51⁄2;, of 1930) 330.
01% -United Press. -
Consols
EMBARKATION:
carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board by ship's slings only. BAGGAGE COOLIES WILL NOT BE PERMITTED TO ENTER THE WHARF.
Passengers should embark between 2.30 and 4.00 p.m. on FRIDAY, the 5th June, 1958.
Arrives
Sally
from Japan.
far Singapore, Port Swetten- ham. Colombo, Bombay, Karachi, Khorramshahr & Halirein.
June 11 from Singapore. June 12 for Kobe & Yokohamu.
(Accepting catto for transhipment Kobe/Pudan arid Kobe/Okinawa)
– EVERETT_STEAMSHIP_CORPORATION__S/A. Queon's Building, Telophono 31206. Chineko Department: Telophone 20293.
BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1 (a) 1(b) and (c),
-
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH