MARITIMES
Tel: 20051.
M
PASSENGER/FREIGHT 'SERVICE
Leaven Marselites
"FELIX ROUSSEL" - 1 June
.....17 July
"LA MARSEILLAISE" July
“VIET CANI Homewarde
Leaves Hongkong
"FELIX ROUSSEL" ..25 July
"LA MARELLASE” 4 August
"VIETNAMES
*** August-
Thongkong 10-31 July 2-4 Aug. 2-10 Aug.
For Yokohama Balgen Yokohama
Bus Marseliler Via
2J Aug.
*Y ADK.
14 Bept.
Mianità
shigon
Raigon
via Marseilles to all Mediterranean & West Africa ports.. via Djibouti to Madagascar.
My invariable reply has been that where sound securities are held, whether gilt-edged, equities, or anything in between, they should be outwards retained...
"MONKAT” "SILYENHANDAL“ "MEKONG"
The first Jualification for this caso a sharp, general dall, Homewards view lies in the recent course of simply because of America's pre-RONKAY"
Between markets,
December, dominance as a buyer of row "SILVERSANDAL" 1052, and early last March; the materials; but for reasons, given "MEKONG“ "Financial Times" Industrial above, this fall might carily prove shure Index rope from 116 15 temporary. Taking tho very 125,
It then relapsed to 1133 dong view, a world shortage in May 20, and has since re-rather than a surplus of covered to 318.0,
world's leading cermeditles
in
the
These are some of the reasons
Now no one can say that the seems likely. past fortnight's recovery' will why Brst-class securities of al persist, these figures suggest that
kinda should be held and no:
Ja
the
but during the past six months sold. In saying this, I am got merket has been
Dech experienc- of moderate flucting that this Ing a series
UC moment, to buy. Yet, if uniLT tuations. They do not nece pain of instant execution, I had airly post to the beginning to choose between selling and of a major reecssten. All they buying, my instinct would be to rean is that current and future buy. indications need examination.
AMERICAN OUTLOOK
First among these is the possl- | bílity of a truce in Korea, which, it 18 argued, may upse! both trade and s:curity markels
United the
States. Here
រា
Wall Strzet shown signs of
nlready nerves,
Little Activity In Cotton
TROUBLE SIGNAL · However, procurement for the Korean war and the defence of Japan, and money the American and other Allied troops spent in-
And with the Roftest
easlest $801,000,000, which
handily markets which are most willing The reason is the banks' tra- to buy but least able to pay. But the trouble signal now 18 ditional preference for liquidity. For some of the markets Dying for a country that must told here.
They are content to discount "a | which
facilities export to live. the mooted America. six nantis bil which But in North
can would be useful, eg, some
has exported only Japan where
inkluded in the
properly be productiun
their the British Colonies.
$377,000,000 in goods in the last level is very high, and in liquidity reserve for balance sheet | facilities would, in effect only four months while spending the Far East, where, it is
earmark a fraction of their own $704,000,000. If this dangerous very low, the increase has
Yet, during this recent visit to But to agree to hold a bill for money already in London and trend continues, economists say destined to stay in London, that Japan's foreign trade will not been more than four
this country, Mr Charles R. lunger periods woult! go realest от. Пуе per cent. The
be $1,200,000,000 in the hole by
Sligh, Abjec President of the Far East is all producing
their traditional poley of only since these countries have much
here the end of this year. Formally inding short.
American National larger sterling balances this
Association only 80 to 85 per cent of
of Mamaturers, said that he policy is invariable, although it than nfe likely to be exhausted
New York, June 10. -capita
period at any pro- well understood that an industrial wit
within the bre-war
saw no reason to "fear pesce," per
Cotton futures spent a good indeed
and that we are not headed for part of the 'session today "alt- #roup that has borrowed several posed export credit, or
depresion." His argument was, ting on million pounds cannot be asked within a far longer period than
the fence" before a to pay it back at short noilee, that.
first, that the policy of the pre- small rally appeared shortly If and when the demand for and that on overdraft
sent American Administration before the close. The list open- this kind
was to leave industry free to ed longer credits comes more from
20ed on a firm note but some of
world out Rolls Royce" type the
salvation. further liquidation in nearby bankers British industry, the
i world circum- Second, that
the morning hours will probably not.
July during stances justifled reduction in cut into the initial gains. Prices American defence expenditure. the Konsequent saving would moved within a narrowly mixed
course quickly be passed on
later in the day, start- to the ing to cite
to climbs in the last hour American
on taxpayer, who is as the strength of the news
that the constamer, In other words, tax reductions would liberate grains had rallied as much as new spending power.
alve cents a bushel from yester-
output.
Figures for Russia and China are not available to the FAQ.-Reuter.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning amount ed to $487,500. Noon quotn-
BANKB
IK Bank ...
Ent Asia...
INSURANCES
Canten
1530
140
233
Underwritera 4.70
Union
BK Fire
140
SHIPPING
Waterboat
15
ASIA NAV.
1.35-1.45
DOCKS, ETC.
►
K. What **
Dock
TO 200 # no
N. P. Wharf 5.60 5.70
Provident
is in effest for an indefinitely long period, although it may technl eally be repayable on demand.
GERMAN PRACTICE
In Germany, things zre different. While the discount office of the Bank of Englund will not look at anything but a British Troasury bill, ¡he Bank Deutscher Laender will, if the appropriate procedure is followed, re-discount fine trade bis
institution has been followed by The example set by the central other German banka. In 1951 ten of the regional banks and five of the largest private banks formed ja consortium to finance export
20.20 2014 1000 20.20 ben sald that the German
500
11.00 11.00 2500
S'hat Dock .. 1.00
Wherlock..
LAND, ETC-~~
7.00 7.00 1400
They would hardly wait for the Government to move them to act.Reuter.
ANOTHER
DECLINE
IN STOCKS
Stocks
recovery,
20.30 policy an credits for exports the Government bond gains of
11.90 has been over-generous,
1.80 has led to substantial losses in 1.20 the case of defaulting debtors,
e.g. Brazil. 2004 732
IK Hotel . 73, 7.85 1000
copper
One reason for the growing trade imbalance is the Inability of Japanese industrialists compete on the foreign market. Their prices for
steel. aluminium,
products, textiles, cement and commercial fertilisers are bigher than the prenili
International levels. prevailing
is due not only to ob This solete and lucfcient plants and equipment, but to the
buck- wardness of management, which far behin the times in quality control, cost accounting practices, marketing research and the styling of goods for particular markets.
UF TO GOVERNMENT In addition. manufacturer: nd the domestic market is more profitable and attractive than the export field. Thut, economists say, may be goudi for individual manufacturers,
but It hurts the nation as whole.
There are ways to correct the situation, economists add, but it is up to the Yoshida govern- ment to lead the way.
OWI
1
One réservation miry be need-day's sharp break.
ed hare. It seems likely that The
4110 early support came the American Budget for the through the mills apparently fiscal year beginning next July covering futures against texüle will have a noticeable deficit,sules, traders sald. After the This may stami the way of initial furry, dealings slackened, carly tax remissions, even if de-reflecting the reduced rate of fence expenditure
be
of procleally all firm purchasing, partly on att
BANK RATE.
more
Another question which is per-growth."
is
tion and the morning's trans-credits exceeding two years. The
New York, June 16,
duced. But, if Mr. Sligh Dre exports and a slowdown in the
cotton goods market. nctions:-
cracked $2 and $3 a
right, it will be important to the
Traders continued to switch coriontium formed itself into `a
whole world, because he also
from SHARES BUYERS SELLERS SALES limited company, the Ausfuhr- share to new 1953 lows today,
nearby July into later said at America has to import months with a leading spot orcelit, A.G. I had a lending then rallied sharply.
Xails paced the
A proportion
4,000 bales or power at DM, 850 million, avall-
her essential raw materials. My ble for financing exports of finishing $1.42 above their bol
that a truce in outright basis and also agains! own Iceling is 783 220 780 capital goods on one to four em
Ulities fell 50 cents to May They suggest that the govern- Korea would cause a noticable years' credit.
saics of
of nearby October, American business, ment might provide credits for upset to German successes in the ex-1, 1952 levels after being off 68
government crop report of factories. which would be over-emphasised from the cotton belt indlested port markets have led to some cents at one time.
the modernisation
on Wall Street. Yet the set that The volume increased to 1- In addition, it could control im-
weather has controversy as to the relative
the hot shares from 1,000,000 ports and allocate raw
would very quickly. And ifself stimulated -ma- inadequacy of the equivalent 370,000
cotton growth but back on an even keel, terials, favouring facilities in London.
Arms that has yesterday. It
moisture
"in- Generally Market men pointed also 10 manufactured for export. Credit
sufficient for a satisfactory controls could be imposed
Atlanta Interests which support and 11/32 to 12/32 of a point as sup- Invouring firms
plexing
Interest in that mill many investors is the report the stock market the national economy.
Thera port for
future course of Bank rate. Here spot colton was small, but could be tax Incentives for today..
one can begin by clearing a cor- Memphis reported that the modernise their who The weakness in Treasury those
tain amount of ground. Notwith basle price for spot cotton plants. 1000 7.80 But this point is relevant to bonds had been weighing on
Standing the sustained lemprove suffened last week on old crop But ousterity the
is politically of Insurance, stocks, it is felt. question
ment in our gold and dollar re- cotton. tho than to
Chemicals had some of the unpopular in Japan, and that of credit, rather
Prices serves, the time for making the wider losses at the close. Hooker Yoshida government is weak serve for exports.
pound convertible still lies for follows: Mr Yoshian's party has only In both Britain and Germany was down more than $2. Union
ahead. Today We are simply. Spot 202 seats in the House of Re- there exist adequae facilities Carbid nearly $1 and
not strong enough. Is thirty-
Thcrofore July presentatives, which for Insuring export contracts about 75 cents.
we can rule out any fear of an December two short of a majority. Of 1.120 Issues traded, 583 190 or 12 against political and exchange!
increase in Bank rate desigrie: March party is in power only because
May CLight (0) 12 30 1114 2300 11.40 risks. The British
another conservative party, the
to pave the way for the restora- tion at convertibility.
October 1500 2310 Export Crodils Guarantee Dee were lower, 289 unchanged and 20 25.4023.60 1500 or 23partment. Is an offshoot of the
The New York Stock Ex-
Progressives, have offered sup-
What are the possibilities of a December port. However, that support is Treasury and of the Board of change bond volume was $3,-
Jower rate? 1000235
The reductions in vel to be tested, and the
NEW ORLEANS MARKET Trade, and it has had to write 102,000 and the American Stock
taxation contained in last April's. Yoshida government could be
Spat 17 17.20 1050 17.10 off losses in Brazil larger than Exchange volume 370,000 shares.
Budget were clearly based on the hy toppled any time the Progres-
fear that there might next au- Öctober those of Germany. Its existence United Press.
sives withdraw from it. makes the short-term policy of
turnn be a slight recession in Bri- December
Marchi 20,00
tish business. If this fear proves May 400 2960 the British bunics lea easy to 500 23.90 defend, for it will carry on its
justed, then lower interest July 209 23.90 own State-alded shoulders the 500 fir 24
abnormal risks peculiar to ex-
UK Land...
Humphreys
· UTILITIES
Teat
63 250 02
301 62
...15
21 130044 23:10
Peak Tram
10) 37%
Peak Tran
(N)
18.70
Star Ferry 112
C. Light (N) 7.20 Electric
Teleple 19.30 193 INDUSTRIALS
Cement Rose
STORES, Tċ.
Dairy Watson
1515
20.60 20.70 2000
24.10
1. Crawford XD
CONTONS
21.20
Ewu XD 20 2:05 2.240)
body, the
150 24.10 port business, and leave to the banks only the normal commer- clal risk on the cecurity of the debtor.
Textile Corp. 51% 5.30 1200 17 314
The Rubber
Markets
Singapore, June 10. Prices
futures of rubber closed today as follow!!c Number 1 rubber,
per b. July
August
September
Nuniber rubber,
July............
Number 3 rubber,
July
Number 4 rubber.
July
Epot rubber, unbaled
Bbuket crepe
No. 1 pale crepe
0174.00 #711-0036
6234-0314
,0115-02 07-0715
50-29
United Press.
LONDON MARKET
market was
London, June 10.
The rubber
featureless today. Prices closed
as follows:
No. 1 rubber,.
In pence par, Ib... 2014-
-United Fress,
NEW YORK MARKET
New York, June 18,
RECENT MEASURE
higher.
Dupont
Grain Prices
In Chicago
Chleago, June 10. Prices of grain futures closed today as follows:-~ At first sight, it may appear Wheat-price per bushet
1.934, nominal
rumarkable that such an Im-Spot
July portant gap should exist in the September highly
financla December developed
March Amachinery in London. But in
fact the gap has been opened May
Corn by the only quite recently
Spot comparatively novel failure of July the London, market to lend September overseas,
Traditionally an OVCTsCas buyer of British capital goods could scals long-term credit an the London market. Such credit would not be tied to particular purchases.
July
December March May
Kyo plember Oats July Seplomber
Hoybeans the Spot "tled" credit as a July substituto Docomos urgently september needed. Otherwise the British November exporter of capital goods will January
But since "untled" credit is .no longer available, provision of
August
March
1.93-1931 2.0232-2.03 2,004- 2.11
1.5216
1.4076-15 1.4344-1 1.47-1.47%
1.40
7015-56 701-71
2.0014 2.854-2.00
2.091-3.00 2.60-2.00% 283-7.034 2,60
New York
Futures
The
-
Sugar
New York, June 10,
sugar futures World No. 4 closed today 1 to 6 points lower with sales of 462 contracts. No. 6 closed 1 point lower with cales totaling 788 contracts, World sugar futures lost ground on liquidation attributed to the lower trend in the world raw prices, traders pointed out, Domestic futures showed Uttle change with eygning-up opera tions in nearby July dominating activity,
Prices cload today as follows: Contract No. (world)ER
1.52 bla 2.57-1.55
3.68 bla
3.02 nominial
3.40
1330
240
2.35
Contract No.
July September October January Marc Міну July September Spot
July September November
have to confine his market New York, four-per 200 lb. Sack March those who are rich mough to #1250 nominal-United Press. pay cash on capital account, or
else have meetry to a capital
market of their own: That Exchange Rates
means a very small market.
0.0
No. 1 standard rubber futurca 50 million, or less than one unofficial exchange
It has been estimated that Business was dono in the local murkat This closed today 20 points lower to 5
US dollar (per $1) pak points higher with sales of 20 per cent of the total deposits of moming at the following rater: .contracts."
banke, would sterling note (per 1 market followed a mixed course in slow turnover Provide a sufficient revolving indonesian Builders (per 100) 23.87 as the lack of consumer interest and for all the medium-term stam licals (per 100)
The
2 the
British
in nearby months continued credit nooded. It cannot be Singapore (Stralu)
The spot market also rembined
supposed that the
amarking 10 plaires (per 100)
31.30 1.04
Copra Quotations
Now York, June 10,
0.016
of this trifling. proportion quiet Spot No. 1 smoked ribbed long-term lending would Im thecis was quoted al 24% cents peril the soundness of the Bri
pound. Prices closed as dish banking structure.. follows:
The fund could be expressed Copra was quoted today at as a modest proportion of the $175 por short, too, asked, for September ink
banks time deposite: slaco Immediate shipment, c.1.f the these deposit accounts, un-Pacific coast. Cocoanut olsas March May
nomike the "current accounts," are quated at 194 cents a pound, nominal Press not withdrawuble from the asked. United Press.
24.10 24.10
23.10 bid
May
Spot
5.57 bid
5.03
6.91 bid
5.54 asked
3,74 nominal
5.00 Jnited_Preis
Pepper Market
October
BAO
FREIGHT SERVICE
·LARVES
Europe. Balled ..Europe Kalled
ffamburg-Balled
Leavea
Keelu—J duy
Stongkang
19-20 antie 28-29 Juna 18-19 July Flongkong
14 July
Keelund 10 July . 21 July
.......Keelung→ L_ Angust 11 August
For
Гарад
- Japan Japau
For
+
↑ Saigon, Marseilles, Alglers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Subject to change without notice.
MAERSK LINE
FAST FORTNIGIITLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA, NEXT SAILINGS,
OLGA MAERSK“ pt.v. m.v. "JJULDA MAEKAK” m.v. "CHASTINE: MAENSK"
June July
13
2
July 12
ARRIVALS FROM U.S.A,
BL.V. "ELSE MAERSK" m.v. TREIN MAERSK“ RY. "MAREN MAEASK"
July
Justy 10 July
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 36066-9
Chinese Freight Booking Office
27, Connaught Road, C.
Tel. 20461 Bates and relation' iubject to change without notice,
A liberty to proceed. via other porta to load/discharge cargo,
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Blum, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT”
In Port
Sails
Loading
Singapore,
&
Penang, Calcutta,
June 17 for
Rangoon
“BRADEVERETT”-
Arrives Salls
closed
today
34.18 nominal 33.58 Do
34.02.
33.00-23.00
33.00
31.70 bid 33.00 bid 33.00 nominal United Press.
33.61 nominal 33.64
$3.74-33.73
33.00
$350 bid 33.00 bld
23.57 bid
37.04 id
33.00 bid
United Press.
Julie 22 from Singapore, June 22 or Kobe, Osaka, Yokohama,
Shimilzu Bay, Lokyo
Nogoya,
(Accepting cargo for transhipment Hobe/Fran and Hobʊ/Okinavn) ·
EVERETT STAR LINE
&
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
"STAR: BETELGEUSE”
Arrives
Sans
10.05
10.
16.30 14.30
LA
Arrives Sails
rates and a more generous credit October policy offer the obvious, and December simple remedy. Such a reces
PAULO MARKET sion, of course, would have an
Sao Paulo, June 16. adverse effect on industrial secu-
Prices of cotton futures closed tity prices. Against this, a lower today as follows- Bank rate, with its concomitantly df lower interest rates and yields October all round, would certainly help December the gilt-edged market, and might March go come way to sustalo equitics, Looking nearly a year ahead there is a third possibility. Next Apru's Budget might contain further fax remissions, but, in order to encourage saving gene- rally and new tending to the Government, It might be accomm panted by a higher Bank.rate. At this stage one can do no more iban hint at this possibility.
(Average price 15/10 10 designated spot market) 33.15 cents per pound. Sales 13,103 balee-United Press.
LONDON TIN
MARKET
including 35 tons
morning
Session
08
London June 10. The in market wES casier A final point can usefully be today. Turnover was 80 tons, made. Over eighteen months
for cash. azo variations in Bank rate were Prices closed at the end of the reintroduced as an instrument of economic control. But after its official initial increases Bank rate has follows.
Spot tin, buyers now stood at 4 per cent for ever Boos tin, sellers
Those of us who re- Business' done at member the frequent changes Three-months, tin, buyers Three-months' tiq, sollers, during the twenties may well feol Business done at that perhaps Insufficient use is settlement
a Byar'.
|| being enado ot Bank rate.
COMMODITY PRICES
The point hose is that, if there
30
000
07714
United Preik. “
JAPANESE BONDS
London, June 15.. Japanese bonds
were to be an early change in Bank rate, whether up or down, too much should not be made of A. It should certainly not be regarded as the occasion for any widespread buying or selling. In saying this, I am not implying that expect an early change. But don't let it puse too much Consols *anstlety, it happens,...
621⁄4
60%
1204
"A" (45. of 1800) "B" (48. of 1810) "C" (5s, of 1007) "D" (58. of 1024)
· "E" (541⁄2 of 1980)
017 -United Press.
New York, June 16. Spice dealers reported an eagler undertone in the black pepper market when buyers withdrew to study the Korean developments and watch the
Another hopeful sign is that tion of the outside markola,
'since the riddle of April the foll Flax Soed Price Dealers indicated spot pepper in commodity prices sports to at $1.42-$1.43 and Jime suis have been checked. Here, again,
New York, June 10. ment/Malabar on about the same and must not be too optimistic. Prices in the seeds and ofis bash. Some sellers thought that Lampong June shipment Merting price of copper will market closed unchanged with
aimon, utainly, fail to a lower the following exception might be two conls' a pound or level, whch the London Copper Flax Seed,per bushel, fób more cheaper in some
38.69. - United direc-market is reopened next August. Mimcopolia tions.---- United Tress.
'Again 'a'izuice in Korea would Frem.
June 25 from Takaq
June 26 for Singapore, Port Swetien- hum Madras, Colorabo, Bombay, Karachi, Khor-
Bosrah rathons,
Bahrein.
June 30 from Singapore.
July
1
for Kobo & Yokohama, (docoping cargo for transhipment Kobe/Puran- und Kobe/Okinaves)
&
EVERETT STEAMSHIP Corporation 5/A Quaon's Buildlog, Telophono 31206.
Chinees Department: Telephone 28293.'
BUSINESS REGULATION
ORDINANCE 1952
Coples of the prescribed Forms 1(a) 1 (b) and 1 (q))
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH