Russia Sees A
Chance
THE CHINA MAIL, THURSDAY, JULY 2, 1953.
Ship-Building S'pore Warning Marked Progress
Industry
Of Trade Facing Snags
Geneva, July 1. The arrival of Mr V. N. Nitchkov, the Soviet timber expert, who is to attend the meeting of a working party of the timber committee of the United Nations Economic Commission for Europe, is considered here another Russian as yet move in the present "peace" offensive.
The Soviet Union has c0117- pletely boycotted the ECE time ber commitler and its sub- sidinry, bodies since their In- ception in 1947.
At the same time it would be premature to see in this Soviet step a total change of a negative attitude to ECE alus trini committee: Ja general (for which the USSR was strong ly criticised!
the during Korsion of the commission) since it has abstained from sending representative to an ECE group of experts that will also meet to consider the set- ting up of an International council for research and docu- mentation in building.
The difference between the two meetings is that one int- plica possibility
of mure trade, from which the Soviet Union may derive considerable
the advantages, while
tloes not.
other
issue-l The ECE secretariat some time ago a study entitled "European Timber Tronds and Prospects," which suggested
steps for future action to meet short and long term needs for timber from European resources, a view to saving dollars,
suggested
that
with
and
On and
There can be little doubt that the British ship- building industry is at present in an unhappy and uncomfortable position. The difficulties are closing in like cross-currents and there is the threat of stormy waters ahead.
On the one hand they are faced with rising costs and demands for higher wages, while on the other hand they see the threatened cancellation of orders becoming an actuality,
And unless one or the other of these two opposing sides calls n hail, there is likely to be a head-on collision with the shipbuilding Industry, caught in the middle.
The cancellation of orders is} Although there have been no attracting attention In the in- further cancellation announced dustry. Clydeside has becn on the Clyde the position is re- particularly hard hit in this ported to be not yet regarded reaprel. Following the
can-s
as wholly secure. The local view relation of two Admiralty orders and possibly the larger view→→→→ -tur a hospital ship and apparently that much may Roy ficet auxilkry tanker depend upon the outcome of the there came the cruicellation of claim for a further increase in three other civilian orderstwo wages. of them for vessels tf 10,000 tons each,
Decline In
New York Cotton Price
of Hurland and Wolf
that
་་
On Recession
Singapore, July 1.
The trade recession is continuing and its reper- cussions will be more marked next year. Ho forceant the Financial Secretary, Mr W. C. Taylor, yesterday.
There is a doßibile ten- dency for commodity prices on the world mar- ket to fall but the full effect has nol; been felt in Singapore rei, he salit Reuter.
HONGKONG SHARE MARKET:
In Expanding
Oil Refineries
By 1954 Europe will have af annud! of refining capacity of 94m. tons, compared with an estimated figure of 85m. tons. for this year. At the end of 1954 Europe will have a further poten- tial capacity of over 10m, tons.
MESSAGERIES
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Yokohama
Due Marnelles Vís
...17 July
Lester Hopekatie
15 Aug.
27 Asg. 14 Sept.
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Manila Balgou Saigon
22 Auguri Via Matralies to all Mediterranean & West Africa poris, via Difooul to Madagascar.
FREIGHT SERVICE Outwards
"SILVERSANDAL”
oil "MEHONG"
The third report on the co-ordination of refining capacity in OEEC countries, shows the marked progress made by Western Europe in filling the gap in supplies of finished oil products created when Iranian oil was cut off in 1951,
The total cost of the European ports 10 non-participating Telinery expansion programme countries and in the volume of over the period 1048-54 is now intra-European trade in oil pre- estimated at $1,301m., compared dots as « résult of the expafision with an earlier estimate of European refinery capacity, Business done on the Stock $1,018m. Of this total amount, Exchange this inorning amounted 411m, is still to be incurred over 7.3m. fons, of whleh exports ly In 1951-52 net exports were
(From Our Correspondent)
to $301573.20. Noun quotations and the morningg's transnctions:-
SHARES BUYERS SELLERS SALES
BANKS
II.K. Bank.
East Asia INSURANCES
Canton Union.
H.K.
SHIPPING
Waterboat DOCKS, ETC.
150
775
141
1500 33 1490
the
next two years. One of the main objects of the the dependent overados territarles expansion programme, which was of the countries concerned ac- the saving of foreign exchange, counted for 2.7m. tans, and ex- particularly dollars, through the ports to other non-párticipating import of crude oil rather than countries accounted for 4.8m. the
more expensive finished pro-lons. ducts, has been achieved, ne cording to the report.
The report, which has been'
This is a considerable incrénse
on what had been expected, the
In
report states. 14.30 500 16.30 proposed by the Oll Committee estimated that It hap been
of the O.EE.C., states that the national expansion
combination of
of
1052 - 59 programmes provided
dependent overseas territories,
has been refining in Europe for exports of only 18. fans to
greatly accelerated b by a may of causes which ma well be regarded as exceptional participating countries.
and 1.3m. tons to other non-
K. What Dock Provideni Shal Dock Wheelock
BU
20.10 1800 10 12 1200
1.00 7.05 7.00 700
20 15.00
7.00
LAND, ETC. H.K. Hott J. Land
724 7.10 304 vi
02 200
7,85
G
330 81
The
most Important have
been tendency to locate refineries.
trade between
1.35
10.00
IG
23.30 23.60
-Shui Land
Humphreys UTILITIES
Tram
C. Light (0) 11.70 11.00 3000
11.00 1000 * 11.70 1000 or 11,80 C. Light (N) 7.40 1.45 742 64 7,50
Electric
23.4023.60 150 251
1200 of 232
Macao
Facelic
... B.GO Telephone 17. 101, · INDUSTRIALS
Cem:34
10 19.10 2000 4 17.10 3015
Parliament heard about the cancellation of orders on June 17 when the First Lord of the Admiralty,
Mr J.P.L. Thomas, stood up and, in answer to question, sald that cancellations of merchant ship orders notified to the Admiralty by the ship- yards since the
the beginning of
18,330 tons April amounted to gross of dry cargo and 54,110 tons gross of tankers--a total of over 72,000 tons, gross. He said that no reason is usually given beyond the fact that it has been New York, July 1.
by the owners, requested Cotton Traders today renamined
The subject of cancellations pecupied almost solely with the also drew comment from Sir up account in Frederick E. Rebbeek, chairman Job of evening the July delivery.
Limited, Interesi in crop news, Korethat the
e amual general meeting of of other tha developments, action outside markets or textile trade shipbuilding Arm. Ile said news remained obscured for the this question had been givbut STORES, ETC.
the industry the greatest possible concern and it was of the utmost being. July over a range of 80 cents a balo.
importa
rtance that
cffort The lesuance of delivery notices should be made, not only to avold COTTONS
caused a fine- for 20,500 bales
Hurther increases but
also to the noon selling movement;
retluce present costs; This he tenders soon were taken up by said, required the en-operation of
—— spot interests.
managements. suppliers At the close, July ruled 17 materials, and every employee, points lower while other
and such co-operation was
th: six only way to ensure the con- months were off kind of International financing points. Opening prices were off tinuance of a full order-book, that would chable exporting
Uree to 22 ele
points. countries to purchase
Bearish up-to-
opriators operated
ONE WAY OUT? timlily today with data transport equipment and
few a
Sir John to extent, training facilities, claiming
they intend to stay
Fisher, in his There
is a precedent for such neutral until July is out and presidential address to the Baltle a procedure; the International
und International Maritime Con- the
Issues government
its Bank for Reconstruction
ference at The Hagus, thought he acreage report next week. Development advanced loans to The net open position in July saw one possible way out of the
amteulty. He believes that be Finland and Yugoslavla that
of trading today at the start were guaranteed by timber-
139,400 bales fore long we may see something down to Was Importing countries, including
happen which will have Britain.
which the USSR "could help to raise the level
of limit the price
The commission then called for a working party of eminent experts to be selected, who would!
advice offer
to the secretariat
it measures should recommend to the tim ber committee when it meets next nutumn.
on
It is realised here that experts may well find it virable to
recommend
the nd-
some
and
t:me
194,700 bales.
New cro
.crop
stewed
two to
months showed re-
and re
lative steadiness. While Tues-thingpoir.costs.
every
Dairy
Watson Lime,
MÁ
10
t
20.76 203K 1000 20,80 ..... 24% 24.70 500 v 24.00
ord
24
5% 8.30 MISCELLANEOUS
Entertainment 17,70 Yangtze
0% Yangtze (N) 555
5500 6.02
IMPORT of steel. As he him-
beneficial
The certificated stock total was startling effect on shipbuilding The "some-- Sir Jolm is looking for is self said, this may appear an Texas sections, nevertheless, some experts felt optimistic unt
anticipation, but, he ulticel, "there are signs and foolsture was 400 little-and-ton-late-in-the portents, for those in a position
in
them." of the observe
The annual report of the State-
of Great
Britain stated that UK Production is now running! Esteel
at
that
the
breas
BRITAIN Prices closed today as follows: owned Iron and Steel Corporation
RICE TO
critically dry slate.
Spot July October
Marth May July
October
December
Returried To Private December
Industry
London, July 1.
Importation of rice into Dri-
tיאtה
30.00
33.74
31.92
34.JA
31.10 nomina)} 19
31.03
3333 nominal United Press, NEW ORLEANS MARKET
tain today returned to private trade but remains under super- † July
vision.
All imports Jicence,
to
October December March May July Oclaber December
are subject und rice can only be bought by direct purchase from producing countries in the Elerling area.
Until the end of July, retali
prices
will continue to be sub-
ject to fixed maximum rates and
39.00
33.01
23.12
33.89 bid.
31.10
31.01
41
33 90
33.15
United Fres.
SAO PAULO MARKET
Prices
Sao Paulo, July 2 of cotton fuktures
it is understood the Ministrymained as previous as it was a
of Food will continue to make holiday. The previous quota
periodic allocations until current stocks are exhausted.
First private shipments are expected to arrive mound mid- July but there will probably be small and mainly in the nature of samples to test values.
ure
tions were as follows:-
(rrozeiros per kilo)
15.81
15.83
10.00
10.23
rate than ever before in history and further expansion is planned for the years im- mediately ahead, and i niso set are at a record level and sald that supplies of finished
demand the
for steel, except for plates
դրմ some special categories, is being met. But there have been some dissenting voices from the shipyards.
Mr F. C. Pyman, director of the West managing Hartlepools shipbuilding and repairing firm of William Gray and Company he would be that demand on the steel industry of nerepting this theory will fall away.
"We are
"ilving in a steel he and when informed world." of Sir John's remarks. Every year the various industries get n bl
and more steel
dubaid
further
July October December March
the United States the arrangements are made to bring (In average price of 15/10s middling in and process iron ore. Produc- cotton at 30 designated epo:tion of steel is going up, but markets ons 33.15 per pound. so. is the demand.
this market totalled
London of a return Sales at
regarding
to pre-war.
cautious
conditions,
A free market is not expected
to become established for some
|0.511 ales.)-United Press.
AT THE TOP
Rails Lead
al
Rally In Wall St.
New York, July 1. Railways brought the stock market
with a to life
rally which gave that group its best gains since mid-June and best prico since May 2,
Rails ran up Individuat gains of more than two points and a rise in their average
of 1.80 points. They, carried the
rest of the list with them and in- dustrials finished 1.13 higher, utilities 15 cents higher. Volume
Picked
up 20,000 shares over yesterday to 91.000 shares but still tvds disap- pointingly moll,
There was nothing in the news to account for the sudden turn but market men theorised that traders, tired of a "do- nothing market", drelded
a whirl in view of give rails their excellent carnings, dividend reports and cutlook.
New York Central started the move when, in the second hour, it turned active
blocks an than 2,000
running to shares.
more
to
the day's best volume-513,000 It closed higher to 2/5 011
shares.
time and probably not until the New York Sugar place of timber: Its uses have to 1,029 Issues from 10,003 yes-
end of the Ministry's stocks...
at present undisclosed-is 102
sight-Reuter,
Futures
New York, July 1.
ADMISSION OF closed today unchanged to two
JAPAN
Brighton, July 1.
An application by Japan for membership of the Internationsĺ Civil Aviation Organisation was approved today,
The vole was 40 States in favour, and none against.
There were two abstentions-- Korea and the Dominkan public.
Re-
The delegate of Ceylon was not present, but the Secretary- General, Mr Carl Ljungberg, Government said the Ceylon
had stated their delegate had been delayed, but that they were in favour of Japan's ap- plleation-Reuter.
Copra Quotation
New York, July 1. was quoted today at $185 per short ton, c.l.f. Pacifie Coconnut oil was quoted 14 cents per
pound, West Coast. Unito Press.
Copra
Coast. 4t
Ex-
Rhode Island ran up $2% to $754. Illinois Central gained $2.5 to $79.
Offs had their share of wide gainers-3.5 to 165.5 in America. Continental gained $1.25 to $56.5. Standard Oil of California made $1.25 to $53.
Bethlehem gained % to $51%. gained to $381% in U.S. Steel their group. "Steel is going into houses in The market broadened a bit become absolutely legion. I de lerday. A total of 508 went not therefore forence any specta liigher (three of them new highs) cular fall in costs. It is true and 231 lower, with 34 setting that leaders of the big shipping new lows. World No.
The New 4 sugar futures firms are plainly indicating that
York Stock they will not stand for higher change bond volume was 200,000. The American Stock Exchange polits higher with sales of 55 costs, and I am convinced that
volume they moun what they'
was contructs.
200,000.- United ey shy. Domestic No. 6 ranged from "Costs are now jogging along Press. one point higher to one point at the top. They are not likely lower with sales of 22 contracts. to come down in terms of wages. Both markets displayed abut there is still hope through steady undertone, reflecting the the medium of greater efficiency. combined effect of covering in I believe, that" what Industry the July delivery plus the steadi reeds most is stablilly against new of the raw market and the violent fluctuation In
any market. seasonal expansion in the de-Orders do not
come mand for refined sugar.
market becausé buyers. have Prices closed as follows:
Contact No. 4 (world)
and to market that jumps in their eyes on its possible depth, July
Expired elther direction is a happy one." 3.59 bit September
3.50 anked October
So the
Industry's shipping January, 1954
nominal answer to its problems seems to March
3.40
Hle in the same sphere as the May
3.49 bla July
7 nominal Government have been telling September
3.47 nominal other industries to look to for Detsber
unquoted salvation: productivity. That Spot
observers, Say some
September November March May July September November Spol
404 Did
In addition.
at the point of consumption in participating countries has shown a substantial rise. A volume of Europe instead of at the sources about 5.8m. tons had been ex-
crude oil
of
or
117
pected in 1952-53, but the actual of volume was 7.1m. tons in 1950-51, difficulties and
and an outlet
and for rising crude oil production in 1051-52.
not less than 12.1m. toni
in the Middle East), the very in The principal
«COURSEULLES” Nanats MONKA “SILVERSANDAL”
MEKONG
Leaves
Europe Balled .... Eftrope-Halled
„Estoy Bailed
Leavda
Поскол
For.
3- July
Japan
21-14 July
Japan
20 Adjust
Japan
■kent
For
4 August
14 July
saler!nf− 2 ...Keelung--18 August 20 August “COURSEULLES””” ...Keelung 1 October 3' October
↑ Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk, Subject to chips without notice.
MAERSK LINE
FAST FORTNIGHTLY BERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vử BAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.v. "IFULDA MAÈÍSK" m.v. "CHARTINE Marrak" m.v. "REIŃ MAENBR"
July
July Aug. .2
17
ARRIVALS FROM U.S.A.
m.v. "ELSE MAŽISK m.Y "TREIN MAENSK" m.v. "MAREN MAKRŠK”
July
July
Juty
exporting For Freight and Further Particulars please apply to:—
are the Netherlands, the U. K, and France, but Italy
rapid upward trend in consump- tion since the war, and the countries"
refinery eisure ult of these develop, and Belgium have also developed
the Abadan
As a ments. Europe's share of world nil refining has risen from about 5 per cent before the war to) about 13 per cent at the beginning of this year.
substantial exports.
Grain Prices In Chicago
EXPORT PROSPECTS
Dealing with the prospects for the export of Inished oll
pro- ducts from Europe. the report states that the reineries have had the espacity, emergency, to maintain a sub- Spot
flow of
in
да
Chicago, July 1. Wheat-price per bushel
tia og so to non- July
have
March May
Date
September
Soybeans
Spot
1.85 nom. 1.91-1.8012
·1.004-10% 2.00-1 2.07-2.00 2.09% 2.10
1.03%
1.556-76
1.8014-11
1.432-34
1.4976-35
1,52%-130
1.3015-44
74-7434
2.75 nom. 2,74 nom.
2.0413-14
September December "It la fortunate not only that March expansion had reached a suf-May
"Corts" fielently advanced stage, at the time of the crisis, but also that Spot July refineries had the margin of september flexibility to meet an exceptional December demand."
The expansion in capacity has
"nye been such, however, that its July expected that Europe will still September
substantial
refinery copacity for the export of July certain finished products, even as far ahead as 1950.
This is due to the fact, that | July consumption, which rose stoeply Augus
September from 1948 onwards, the period November- of European recovery, is now January
Barley showing a tendency to flatten out.
arises, say the 2.50 home United Press. The question report, whether the outlet for these finished products in non- still participating countries will be available, when, the, new re fineries In Australia, fodia and Aden come on stream In the
Singapore, July 1. The Malayan Federal Gov- comparatively near future, or if
is should products
gain become
ernment announced today that available from Abadian.
subscription lists would open therefore the Is
more im-next
Third Monday for the the report portant,"
declares, instalment of the Federation of that any new capacity should be Malaya Security Loan.
The loan will be credited tó planned with reference to long-
General Roventie für "establish- term and economic outlets."
There have already been con- ing security in the face of siderable developments in ex- terrorism"-Reuler.
again
PENINSULAR
2.04
1.30-1.00 New York tour-per 200 lb, sack
Spot
MALAYAN LOAN
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 36066-9
· Chinese Freight Booking Office
27, Connaught Road, C..
Tel. 20461
Dates and rotation subject to change without noticel
Ad liberty to proceed via other ports to lox8/stickarid cargo,
EVERETT LINES
EVERETT ORIENT-LINE
Fast regular freight-refrigerator--passenger service to Korea, Japan, Philippines, Indos China, Siatt, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT”
Arrives Sails
July 10 trorn Manila..
July 17 fór Singapore, Péhatit,
Hangoon Calcutta.
"REBEVERETT”
Artivća Salis
July 23 from Singapore,
July 24 for
Kóbo & Yokoliams.
(Kodepling cargo tér transhipment Köbé/řásáñ and · Köbé/Okinawa)
EVERETT STAR LINE
Fast régülár freight—refrigerator--passenger service to Korea, Japán, Philippines, Indo- China, Sith, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"LAO"
Arrives Soft
"THAI”
& ORIENTAL
Arrives Saili
STEAM NAVIGATION CO..
R.M.S. "CARTHAGE"
SAILS:
NOTICE TO PASSENGERS
Exchange Rates BAGGAGE:
Businers was done in the focal unofficial exchange market this moroing at the following rates:- U.S. dollar (per, #1) Sterling note per £!) Indonesian gulldog, (ber 100) Stam ticals (per 100) FTC plastics (per 100 Singapore (Straila)
JAPANESE BONDS
London, July 1.
3.50 Contract No.
the Japanese, bonds workers could earn 0.01
more by "A" (49. bt 18od) producing more, while some of "B" (45. of, 1910) 550 nominal the saving could be pissed along "C" (4%, of 1007) 5.67 nominai 3.72 nomina to the shipping lines in the form "D" (5s. of 1924): 5.17 nomina; of reduced building costs. And: "E" (54. of 1930) 5.77 peminat that, of course, is what both Consola
Prem.
parties are sorking.—Reuter, "
FRIDAY the 3rd July at 12.00 noon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port Sald.
Passengers aro requested to send ALL baggage to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 Gate, CANTON ROAD ENTRANCE, by NOON on Thursday, 2nd July, 1958.
SPECIAL NOTE: With the exception of hand puckages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board by ship's Alings only, BAGGAGE COOLIES WILL NOT BE
· PERMITTED TO ENTER THE WHARE
1225 | EMBARKATION: Passengers should embark botwoon .9.80 and 11.00 a.m. FRIDAY, the 3rd
July, 1958.
101 14332
GU United Press,
July 6 from Singapore, July for Kobe & Yokohama.
from Takan
July July 10 for Singapore, Port Swelten- hara, Madras, Colombo, Bombay, Karachi, Khor .ramshahr,
Bahréin.
Bosrah
(Aċċċpling cargo for transhipment Robs/Putan and Róbe/Okinświ)
84
_EVÉRETT STEAMSHIP CORPORATIAN SIA
Quôón's Building, Telephono 31206. Chinoid Department: Telephone 28293.
BUSINESS REGULATION.
ORDINANCE 1952
Copies of the prescribed Förms 1(a) 1(b) and 1(c))
Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH: