THE CHINA MAIL, FRIDAY, JUNE 5, 1953,
Soviet Bid For Better European Steel
Trade Between West
And
Communist Bloc
(By Patrick Maitland, M.P.)
London, June 4. Russia's new rulers have invited Britain to join in an inter- overnmental conference to discuss improving trade between the Com monist bloc and the rest of the world.
•
Although the proposition has been channelled to Westminster with some subtlety, it is treated there as being an authentic proposal.
The matter was first raised in April at the United Nations Economic Committee for Europe.
Washington
Easing
Tight Money Pressures In U.S.
By Sydney S. Gampell, Reuters Financial Editor
London, June 4.
Washington is casing the tight money screw. In each of the three latest weeks the Federal Re- serve's open-market policy has been in the casing direction, not excluding the May 20 week in which the mid-month increase in the Federal Reserve's "float" was itself casing the banking position.
Above all, the U.S. Treasury is putting into abeyance its deflationary policy of funding short- terin debt.
JL
is handling its cominut maturities by a one-year certi- flento carrying the highest in- terest rate since the wave bank fallures in 1833, instead
of trying another
of
medium-
term or long-term issue.
Ben
the
Tho
Big Wheat Sale To
Britain
But the reason for the change to be only that markets simply could not sup- previous policy: It port the raised a real danger of defla- Lion and was becoming bluerly.
London, June 4. politically.
Canada has sold Britain rofess to intend to 545,000 metric
of wheat Long the funding as soon as under the International the markets can take it. Presl Agreement, It was learned to- dent Elsenhower's radlo specch
day. on the put heavy emphasis need for n sound dollar. The
resúme
Wheat
This, added to previous Bri- Ush purchases, virtually
13
Republienn money managers this country's import quota for hardly feel that they have done the present agreement ending Chough to that erd, when on July 31.
(even including the conver alons of savings bonds)
they
ot
the
Geneva conference
of the
Experiment
Luxembourg, June 4. About 50 stoel users from the European 'Coal and Steel Community's 元 coupleles will meet here next Wednesday to discuss the progress of the Com- munity's six - wrock - old "common *market" fot stret. Reuter.
PRIVATE INTERESTS'
DRIVE TO TAKE OVER SYNTHETIC RUBBER
Washington, June 4,
MESSAGERIES
P.O. Box 58, Queen's Bldg.
M
MARITIMES
Tel: 26801/
M
PASSENGERS/FREIGHT SERVICE
Outwards "FELIX ROUSSEL" ..
Homewards.
Leaved Åtarerilles
B June
Hongkong
Mr Paul Litchfield,, Chairman of the Board of FELIX ROUSSEL 11-13 July
the Goodyear Tyre and Rubber Company, told a Congressional Committee today that private United States interests were prepared to pay "full
HONGKONG fair value for synthetic rubber factories now
STOCK EXCHANGE
operated by the Government..
Tiongkong 10-11 July
Due Marselles
23- Angurt
For
Via
KATHIE ONE COM
via Marsellies to all Mediterranean & West Africa ports. via Djibouti to Madagascar.
Outwarde "MONKAY"
"SILVERBANDAL"
"Competitive private industry can and will | "MEKONG" amply, efficiently and economically supply the Homeward nation's requirements of synthetic rubber," Mr Litchfield told the Armed Services Committee of the House of Representatives.
The Committee was holding tis, cerned with possible anti-trust (From Our Correspondent)
second day of hearings on the law violations.
(Re- Unless the Justice Depart- Marked activity on the Hong- bill of Mr Paul Shafer
Stock Exchange this publican, Michigan) to removement were to give its approval kong
from Governmerk hands, the to rales profuced
private operation of the #1 morning
manufacture of synthetic rubber, synthetic facilities, |volume of $510,040.40 by noon.
any po The noon quotations
which started during the Seconcible operator might be caught and
World War. his transactions were:-
the monopoly features of the by American anti-trust laws. Mr
This is a body in which the Russian bloc takes a full part, under the inexhaustibly flexible and resourceful chairmanship Dr of the Swedish economist, Gunnar Myrdol. He has at least Die Soviet diplomat permanent
Stat
BHARES DUVENS SELLERS SALES
At the Geneva conference the Russians, who are alwaysHANKS preasing! for more East-West trade, picked the present de- licate monent in Anglo-Anieri- can relations to ask the West
to sell to the Communist bloc not strategic goods. but con- sumer goods.
This
Kremlin requirements quickly excited British interest,
Russia's sugestion came when there has been mount-
United og Canadian.
States
IK Bank Fast Asia INSURANCES
Canten
Union XD
TIK Flee
SHIPPING
Mr Shafer's bill, a complete | Cravens yesterday expressod outline of disposal leglalation doulits that the Shafer bill gave
10 1450 requested recently by President any private operator sufficient Eisenhower, would permit the immunity from anti-trust pro- salo of government-operated serutton-Reuter. factories to private industry.
.. 1430
140
705
* 700
30 700
XD E3D
Waterboat . 14.50
Asts Nov
203 12 7516
It would set up a three- member commission to invite bids for the sale of the factories. The three members would be entirely divorced from the rubber and chemical companies which now operated the fac- 11 antories for the governinent,
M 173 11.49
Mr Shater's bl 11.49 received limited
5.5
1.30
the change
DOLKS, ETC
that official
Whini I
131)
F. Whet XD
Dork Providing
3.40 3.70 800 10.20
1145 111⁄2 20
150G
S'ha Dock Wheelock
760 7.70 4000
1.00
7.75 7.03 10
90 5015 371
7.03 0
>
10. 10
1.10
41 the actual growth of British
and even British surprise trade with the Communist bloc. for example, Belus sold
In the E
China gouds werth more than ten times the value of goods sold in the
last year. irst quarteLY TIMED
This increasing turnover, as the Kremlin knows, corresponds to mounting unxiety in White. hall about the curly prospect of more favourable trade relations between the Sterling and dollar
artis
The Russian approach is thus timely and, because timely, it may be assumed to
have been carefully timod,
That il marches with Russia": refusal to join in the meetings of the Foreign Ministers' De- putles to discuss the Austrian treaty suggests that whoever now masters Russian foreign policy means to avoid diploma- the entanglements unul Anglo- American affairs are more in- telligible; at the same tinie
thore same master? of Russia
to
seem to bo, acting as if they seo a chance hero of explatting the suspicions aroused by the Attice-McCarthy controversy.
Interestingly enough, the sug- Britain has
refused
to sign gestion, that Moscow would the provisional new agreement welcome an East-West trade have hinded less than $2 for the
starting conference as between govern- three years billion of a national debt
August 1, because of a dispute ments was made again Mr $207 billion.
over the price. Even with
Harold Wilson, former Pre- new leniency, the market
Canada's big anle to Deltain ident of the Board of Trade in ill sick. Bood prices are con occurred during the week end- the Secialist Administration. tinually agging. The new 3% od May. In the same week He has been in Moxow recently
tens per
bonds, cent
Germany bought 110,000 Treasury
agent of British timber which
over of wheat from Canada and the Interests, word heavily bubscribed in
United
bought States. expectation
LOGICAL MOVE Italy to
On the face of it, to make a premium; are at a chronic dis- from the United States. There
suggestion of this sort 10 д count until the "stars" (what was no other appreciable busi- foreign government through a the Americans
freeness under the agreement during member of the official Opposition eall riders") Get out. The nelt in the week.
would look like D studied debtedness ar the member Quotas for the agreement year bank to the central banking ending July 31 total 15,810.000 offence. But if logic is a guide
the
that they would go D. 18,000 and India 19,000 both
1.
SCTVCS.
MONEY TIGHT
That is the nett amount of new Reuter. money that the Treasury will have to borrow, and it will take anding. Congressional action either way
as the
there is more to this.
For in his particular associa- theticns with the Labour move
on the President's New York Sugar
sians.
་ས
The possible Russions.
more talks
to
LAND. ETC. IK Hutel HK and
Bhai Land Linephreys ..14.20
UTILITIES
Tran
....... 225
Peak Tram (0)
XD
Star Ferry
2 240
21 Ga
yesterday
endorsement from Mr Kenton Cravens, ad- ministrator of the Reconstruction Finance Corporation,
which operates the synthalle facilities, Mr Cravens objected to several provisions of the vill
the bill and
BEARISH
COTTON
MARKET
New York, June 4 Cotton futures prices reneted sharply in late dealings today when traders became bearishly- minded In company with the
other commodities,
Α member independent commis-
multiplying and stronger 30022sion, the disposal commission be hope for an early Korean
32.401 Aed that instead of the drop in the stock market and
C Light (0) 19.70 10,80 1000 10.30
composed of the secretaries of truce also figured Importantly 150 ** 19 *| Treasury and Commerce and in shaping the market senti
the administrator of the Unic acting no other selling motiver In the background and ment. Sintex Defence Mobilisation Directorate,
500 N 10,60 4500 19.70
$500 10.00 C. Light (N) 4.5 6.95 1000 * 590 Electric
300 250 ... 24.40 Macao Mac
XD Telephone 10.00 INDUSTRIALS
Cement
21.10 STORES. ETC.
Dairy Watson
1.20
500 * 18.70
ID 10.10
CAPEHART BILL
were the favourable weather news and the discouragingly slow
export demand. Prices dropped 20 points at A bill similar to Mr Cravens the lows, then rallied haltingly recommendations was introduced at the close on covering by day the Senate today by Senator Traders but the list was all off
itah
John
points on the day,
Capehart (Republicun, to 13 19.30 - 19.46 | Homer 23.00 22.85 1030 ut 22.00 Indiana)
Senator L.. Crawford 20.00
Bricker (Republican, Ohio). 1300 205 1.93 Sun Co
Under the terms of bill COTTONS
2.35 700 230 the Board would disapprove any Exo
3.35
sale plan that would not "realise
MISCELLANEOUS
Yangisie (0) 0.19
(N)
1000
#130 1.45
Heavy Japan Exports To
This
The dullness In the export was relieved to a degree picture w by Washington trade
de reparts that four foreign
governments will be in the cotton the full fair value of each rub soon
market to 1*the US$70,375,-
to spend ber, producing facility proposed 000 recently authorised by the 10 be sold or will violate the Mutual Security Agency. anti-trust clause or will not Traders Bgured the sun S protect the national security and sufficient to buy around 350,000 public welfare."
bules, The four countries men-
sca
Committee officials predicted tioned were Fratice French that the question of "fair value" North Africa, Italy and Nation- for the facilities would be a alist China (Formosa) with point that would be argued at France length by members of Congress. US$45,000,000 They also pointed out that the national security feature of the
some necounting for
of the overall
Prices of cotton futures closed
total.
United States Shafer bill should be another today as follows:
aro
New York, June 4. The dollar value of Japanese imports to the United States for Use first
quarter of 1953 running about 20 per cent ahead of the corresponding period last year with indications that the second quarter shipments have been at an oven greater rate, the Journal of Commerce said today.
Spot
October December March May July October
23.75
33.77 nominal
23,53-13.54
12.00-32.99 NEW ORLEANS MARKET Spol July
X3.00 31.40-33.42
· October December
33.60
3.70
March
subject upon which much would be sald, particularly by some July Democrats who view with suspicion the Elmhower..pro- posal to rid the Government of the
synthetic rubber facilities. The security clause in the the Shafer bill would require private operators to produce synthetle rubber in case of war or a national emergency. Private operators also would have to produce
at least the amount of synthetle as required under the present law-about 450,000 tons annually.
same
The total Japaneso shipments for the first three months were approximately US$51,000,000 compared with US$51,000,000 in
MONOPOLY FEATURES 1952. It was noted.
Faced with "0 precarious
Committee The House
was trade future." Japanese scheduled to forcim
hear testimony have been peppering the U.S.
later from Department of market
of a variety with
Justice offeints, who would give popular priced items and con-
their views on private opera- effort to sumer goods in an
tion of the rubber facilities, dollar caraing probe for new outlets, the Journal said. Accent Their testimony would be con- is on merchandising the type of goods Japan knows the bost how to produce-moderately
economically
priced consumer goods which can be produced and sold in volume to the dollar area.
af
PENINSULAR
system has been reduced, not tous. All bui 950,000 tons had eliminated. At latest date, the been commited by May 29. Of New York City banks ngain the exporting countries. had an outright deficit of re- United States had 681,000 still to ment. Mr Harold. Wilson has a seil, Canal 101,000, Australla certain significance to the Itus- 57,000 and France 19,000.
To propose to him that a con- The only sizable unfilled im port quotas were: Greeze 308,000 ference of this kind could be Facing the seasonal upswing tons. Italy 242,000 tons, Germany useful is also to furnish him In both business and Treasury 137,000 tons,
with a stick that could be used, Mexico. 102,000 borrowing, money is likely to betons, India 83.000 tons and Brazil at all events in propaganda, reriously tight, however lenient 37,000 den.
against the Government.
will certainly the authorities may be, The No other of the 42 importing key to the situation is the U.S. counties had as much as 20.000 not have
Which explains the official Treasury's estimate that the na- tons of its quota still to buy. tonul debt will rise by $8.8 Britain had bought 4,802,000 tons British reaction. Obviously no billion in the next 13. months. of her quota of 4,810,000 tons,- | self respecting Government
could
accept propositions put cousu forward in that fashion; the answer is that Whitehall puts trust in bilateral trade improve East-West trade than in all-round British-Soviet ferences. talks are due shortly in New York, June 4, World No. 4 sugar futures to- event.
NOT UNWELCOME Up to the end of the year the day closed one to 6 points higher
with sales
contracts.
the ansiver is that Further, of 1,128
ure strain, will be seasonally ugga- Demestle No. 0 sugar closed to the British Government valed, since July/December is
carefully, and hope- always the le half-year for day unchanged to 1 point lower watching
with eales of 248 contracts. fully, for such changes in trad
Canada with The strength in the world con-relations in which business tracks where prices reached new timber and wheat (which
be bought and commerce has to raise most highs for the curent move what would ionty. For example, supposing reflected
demand Russia) may be obtained that the budget's cash deficit incredited to Cuina and other there cliher without resorting the coming fiscal year wero #3 trader interests.
to dollara os by-some compra-. billon (oqual to a deficit of
Buying was encouraged by remise payment arrangement...
New York, June 4. billion in ordinary accountancy, ports of an improving statisticsi At the same time the menace
No. 1 standard rubber futures which is likely to be
near positions on the land. Havann
points of trade talks with the USSR enough) it could well mean a reports indicated that through is not unwelcome to the Chan today closed 10 to 40
lower with sales of 36 con- deficit of $0 billion in May Cuba had sold 1,695,000 long cellor of the Exchequer as he tracts. The No, 3 standard July/December
followed by a long to the world market exclu-measures up for fresh economic closed inactive and
nominally BAGGAGE: esah
$0 billion five of the 609,000 tons sold to exchanges with Washington forty points lower. The lower
tax. proposals. is
minor matter,
A
since it will
affect only about $1 billion of
the total,
the year
Treasury and also
cush
surplus
the
an
active
con-
The Journal noted the arrival In the U.S. In recent months a vast quantity of all kinds of from reading trade merchandise
iny
glassen' to grass mats, from sporting goods to bottled sea- weeds, bedsprings to hairbraid,
binicages and telescopes to United Press.
that
15
from fcom
New York Rubber
Futures
May
July
October
33.70 bid
31.78
33,40 bld
22.03 bid -Ualled Press.
Exchange Rates
Business was done in the local una(icial exchange market shim morning at the following rates:- US dollar (per 81) Sterling nole (per £11 Indonesian guilders (per 100) Bam tleals (per 100) Singapore (Straits) FIC plastres (per 100)
"TEI-HO" "MONKAY”
"SILVERSANDAL”
"MEKONG"
FREIGHT SERVICE
Leaves
···•Europe” —Ratied
Europe Sated. Tamburg-23 May
1.CREA »Keelung-* Jose .Nrehunt=10 July .Kerlint 20 nh
Keelung→ & Atigt
Hongkong 13-14 Zima 19 Juna J-18 Jady
Hongkong
For
JADA
Japan Japan
For
Jishe
f
ts July
10 August
↑ Saigon, Marsailles, higlers, Oran, Tangiers, 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.
m.v. "LAURA MAERER"
m.v. "OGIA MAERSK m.v. "HULDA MAERSK❞
NEXT SAILINGS
· ARRIVALS FROM U.S.A.
m.r. “HULDA MAENSE* M.Y. "CUASTINE MAEEBIC" m.v. “ELSE MAERSK".
Juno
June 17 July
June 7.
Jung 10
July 2
For Freight and Further Particulare please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. No. 36066-9
Chinese Freight Booking Office
27, Connaught Road, C.
Tel. 20461
Dates and rotailon subject to change without notice: At Überty to prazend vix ather porte to load/Alscharge cargo,
Everett LINES EVERETT
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Blam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT”
Arrives Sails
June 12 from Manila. June 13. for Singapore. Penang,
“Nantoon
Calcutta,
"BRADEVERETT”
Arrives Salli
June 23 from Singapore, June 24 for Kobe & Yokohama.
(Accepting cargo for franshipment Kobe/Pukin and Hobe/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.
"STAR ALCYONE”
.Arrives · June 6 from Japan,
Sails
June
& ORIENTAL
"THAI"
Arrives
Salle
STEAM NAVIGATION CO.
R.M.S. "CANTON"
SAILS:
NOTICE TO PASSENGERS
FRIDAY the 5th June at 5.00 p.m. for. the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port Sald.
Fassengers 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.
market with dealers Indicating SPECIAL NOTE: With the exception of hand packages
In January/June, 1954. The Britain, Estimates indicated that after the Coronation Conference trend in the futures was Unked
Commonwealth Prime with seasonal factor can be handled, Cuba has left unsold only 555,000 of the
the drop in the stock By Treasury sales. of Tax tons of its 1953 crop allocated to Ministers-London Express Ser-market and liquidation, pending
certificates Anticipation"
the world market. held steady.
the Korean truce developments. in pile up
Domestic futures
Dullness featured the companies which
spot July/Deck
ec the. Cash which in relatively quiet dealings.
rect for tax payments Prices closed as follows:- they will In Jan./June. But many New
World No. 4 a July Fork bankers expect perlou
of real strain. Que September
October banker eminent
cal- January (1954)) culated that the TreasuryMarch will need to borrow $7 billion May
His
July
Spot
froin the commercial banks in September the rest of this year.- 2M Randolph Burces, the Fridin author of present Us July
September mancy bolides, thinks that this November
sumato le top high-but a much March lower one would be strain May
Spot, endogli-Reuter,
3.75 2.76
a.77 bld
3.00 nominal
$1.00
vice.
London Rubber
Futures
spot No. 1 smoked ribbed sheets.
at 24 cents a pound. Prices closed today as follows
July - London, Jube 4.
Replember Mai nominaj The rubber market was December
No. 1 standard
Ji nominal quietly steady today. Prices Sfareli, (1954) 3.63 nominal closed today as follown—
No, a rubber, in penco.
per 16. July August September July/Bep 0.35 hominni gelober
3.70
Contract No. G
2.80 bid
3.83 ba
В
United Press,
· 24.20 bid
24.15 b
* bid
Miny
Justy
2016-12
No. 3 standard
52.30 non
September
March (1050), J
mber
fay
July
United
July).
December
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 2.80 and 4,00 p.m. on FRIDAY tho. 6th June, 1953,
7
for Singapore, Port Swattan- ham, Colombo, Bombay, Karachi, Khorramshahr & Bahrein
June 11 froin Singapore, June 12 for Kobe & Yokohama,
(Accepting cargo for transfúpment : Kobe/Passn and Kobo/Okinawa)
· EVERETT · STEAMSHIP - CORPORATION SĨA Queen's Building, Telephone 31206. Chinese Department: Telephone 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 ·