THE CHINA MAIL, FRIDAY, JULY 3, 1953.
Ominous Note Struck Taiwan Expects Future Of The
By Chairmen Of U.K. Shipping Firms
The chairman's review în an annual report often contains à remark that, like a straw thrown in the air, serves to show which way the economic wind is blowing.
་
Just fately there have been quite a few of these straws in the wind, shipping company chairmen have been throwing them into the air by the handful and this straw vote is beginning to take on an ominous note for the shipbuilding industry.
Empire Finance Body In
Operation
ein.irman, has Lerndon,
ten C
Rice. Surplus
Talpei, July 2 Taiwan plans to AVO 150,000 tons of rice for ex- port after
feeding... Ita 9,000,000 people in 1955, Mr R. C. Li, the Provincial Food Director, revealed yesterday.
Mr Li assured the pubiis that there would be no recurrence of the recent food crisis. He said Government has not rice production target an all-time high of 1.700.- 000 tona this year and estimated that there would
the
be a 150,000 tons surplus for export.
This export, Mr Li sald, would net Uio nation US$30,000,000, the second largest to be earned by locat products, France-
Some of these chairmen have been saying in their
Presse. "Getting a ship built own way what boils down to: these days costs about as much as we can afford to pay, in some cases it costs more than we can afford. If costa go up much more we shall have to consider whether it would really be worth our while to get ships built at all."
'The
prices
Woold
Of
at Post
nute, Sir Frederick Godber, H Castle remarket that replacing
in ananced
the company's fleet at present This in the company
least envisaged in the communique! £82.000.000, compared with the kurd at the vid of the Com-actual historical cost monwealth Conference last De
£33,000,000. He was cember.
Brite about future policy:
situation,
he says,
The Chairman Ellerman hud decided not in place any Lines for instance, said that in further orders for the present.
of Now comes the chairman bis view, hipowners have al- ready gone beyond the limit" London and Overseas Freight- sald that cight could that
He they
ers Lid. prices
constructed reasonably pay for new ships; vessels have been
into service and put
which if there was any further rise in
cost in all £1,200,000 more
than he died, he would have The
£15 million Come to corsaler seriously, whether the original estimated prices. wealth Development Finance
are eight more tankers of his company's orders There Fome Company has new
still to be completed and it is will-cost estimated that these inblehed and as started busi-held be cancelled,
of Union-
in all £1,880,000 more than the contract prices. It is a very disturbing and one which is worsening.
The recent claim by the Con- federation of Shipbuilding andi 15 Engineering Unions for a percent wage increase for their members would mean an over- all increase of not less than 10 percent un
esti- the present mated east of the uncompleted building programine. So instead of costing
£1,880,000 more than the original contract price, those eight tankers still To be completed will cost something like an extra £2.- 800,000. This, says the chair- oul- man, is a very disturbing
The statement that It has slarled business is taken to mean tunt the
is now Company
examining applications for s ssistance, not that it has already project. The tot money for a
company will not provide all the finance needed for a particular
project.
Its resources
are fon
imited. It
It is instead to sup- j cssential portion that
ply the
no one else is able to provide.
The company will stipulate.
it is understood, that:
Match Firm's
Reply
An answer to the criticism of the British Match Corporation contained in the recent report of the Monopolles and Restrictive Practices Commission on the match-making industry has now submitted to the President heel of Trade.
of the
It suggests that the extent and dangers of monopoly power were commission's
ut
overstated in the more de- he
·
Quiet Day
In Cotton
Futures
New York, July 2
look.
About
WILL CANCEL
con-
report, and that such power as really existed had not in steneral in its been abused but had. in exercise, served the public in- terest. The report also under- rates, according to the corpora Lion, "the very real threat of com- petition and emits to compare the risks of any abuses with the benefits of the existing ditions In the public interest."
Brigadier II. K. M. Kindersley, chairman of the British Match Corporation, said in London that
had been the B.M.C.
charged with high production costs; but upon what evidence that criticism had been opinion on their wage claim.based. No international standard available Price
WOJU cor-But he is in a position to know of comparison
with the cor- respondingly morrow, ranging what the company will or will other than that
subsidiaries. the applicants
one point higher to six not do in any are from (2) That
given circum-poration's oversea
"and so far as comparable these lower. Quening prices stances. And he says that if to pointe ready in appropriate cases
unchanged up 10
with the ver- costs are higher than those of three they are faced put up a reasonable amount of were
points
tainty of further increased their own money.
B.M.C. So are the costs of the Aggressiveness was lacking on costs of this magnitude, they corporation's competitors in this
will seek and secure the can either side of the market.
country." With the July positions now cellation of outstanding build- considered to be
"pretty well ing straightened
that shipping twice tonnage
The proje: 45
sound [
He goes un to say that he is it was not known Colton trading today indicated
express an and have reasonable prospects one of the quietest ressions of no! qualified of being remimentive and sue- the year. ver sful.
(3) Thai they have taken leps la rate as much capital as can reasonably be expected in their own markets.
out,"
traders be», ene inbued with the holiday
contracts. Now the fact
(4) That they will provide spirit or decided to mark time befores are thinking
expert management,
new
new
was
what
"EVERLASTING" MATCH
the
were con-
15
Suez Canal Discussed
MESSAGERIES
Box 63. Queen's Bldg.
M
Page 9 MARITIMES
Tol: 28651.
M
PASSENGER/FREIGHT SERVICE
Outwards *FELIX ROUSSEL”.
Leave Marteilles .Balled
"LA "MARSEILLAISE” 7 Tay "VIETNAMI" Homewards
t7 July
"FELIX. ROUSSKE” ..25 July
"LA MARSEILLAISE"
Leaves longkong
4 August
Hongkong 10-11 July
2-4 AVE.
9-10 AUK.
For Yokohama Enigon Yokohama
100 Marselites Vis
23 Aug.
27 Aug.
14 Hept.
Manila
Salgon Baigon
"VIETNAM
vin Marsellies to all Mediterronean & West Afrles poris.
22 Angus
via Djibouti to Madagascar.
Higher gross receipts and lower net earnings compared with 1951 were experienced by many commercial and industrial enterprises last year as a result of all-round price increases and heavier working costs which more than offset the extra "SILVERSANDAL" receipts.
Outwarda
"MEKONG" "COURSEULLES" HotheWXYD'S "MONKAY"
The Suez Canal Company's receipts-for last year rose by roughly 720 mn. franes, whilst the "BILVERSANDAL" increase in expense was not more than 6 mn. "MEKONG" francs in excess of that figure, so in this respect "COUNSEULLES" the company was more fortunate than most, since. the available profit was much the same as in the previous year.
As M. Francois Charles-Roux ! observed at the recent annual meeting In Paris, the results certainly provided no, grounds for dissatisfaction." and the company has been able to main- tain the progressive policy it has steadily pursued in good times and bad over the years,
Thus the increased and in- creasing traffe through the canal and the increasing size and draft of ships have not caught the const nathorities
unprepared, and the greater volume of work which they have been called upon | W"
to perform has been carried out with the efficiency, which has come to be expected by the owners of ships of all nations making use of this vitally im- portunt waterway.
HONGKONG SHARE MARKET
(From Our Correspondent)
Basiness done on the Stock Exchange this morning amounted to $954.504.40. Noon quotations and the morning's transactions- SHARES BUYERS SELLERS SALES
BANKS
TIK Bank East Asia
Camion Uncon
That accidents in the canal INSTANCES are few and far between, despite the fact that when it was con- structed the large sizes and the deep drafts of the ships now ons passing through it daily could nat have been foreseen, speaks volumes for the manner in which those responsible for laying down policy and seeing it carried ou!
have
executed their onerous task, which M. Charles-Roux summarised as being to provide transit "as safe and speedy and also us cheap as possible."
NO EXAGGERATION He did not exaggerate when he claimed that the Suez Canal Company has been rewarded by the confidence placed in by shipowners confidence which has been well earned.
Government.
A gulding principle of the policy traditionally pursued by the company is to be useful and of sorvice to Egypt, and as M. Charles-Roux remarked, this is accomplished first of all by the fact that the company exista and functions, and relieves Egypt "of a technically dellente task,
IL is fair to Bay thut the shipowner members of the com- pary's bourd of directors have On the subject of the ever-
industry's interests Lasting" match for years the in-uarded the international ship-
ping has been herused dundry
of zealously, and merited their suppressing --he said that go far as the B.M.C. and the Swedish trust, also that of the Egyptian Match Corporation was cerned there
nothing to prevent anybody making ever-
is unfor mintches: " lasting tunate that the report does not make this clear."
price to Referring matches, Brigadier Kindersley said that the cost hnd only doubled since 1939 milhough the duty on box of matches, had been trebled. Now the Exchequer took more than 1d. in duty, out: of every 20.; the cost of produc tion was ed. a box and the dis- tributors received one-third of penny. The extet figures we duty, 54 percent.; manufacturers costs,
witolesalers 24 per and retallers, share, 17 per cent; of the remaining 3 per cent nearly two-thirds went in income tax and profits tax.
After that, will
ordering until the Government's acreage and are getting to the point of existing orders, leads way next cancelling or the company's nuthorised report is out of the
to the consideration of two capital of £15 milion, £6,750,- week.
number of traders made an other aspects of the problem. 100 is being provided by the
exit for the Indepen- On the one hand, there is a Bank of England, and £8.250,- early
mount of uncertainty 000 by leading industrial, corn-dence hollday on Saturday and certain
humid | due to the lonit
elapsing to escape the hot and
long periods merei, mining, shipping and
placing an order and Ruanetal interests in Eritain and weather predicted for the city between
taking delivery of the finished over the weekend, the Commonwealth.
Crop experis are having a ship. In
connection th this
tendency in downward The
operate hard time coming to any con company will
on the
acreage mutlook,
orders should be welcomed in- throughout the Commonwealth clusion.
Meanwhile, some reduction instead of deplored, say some ob- Dominions and Colonies. it will
in servers, for it would probably aim at encouraging these pro- expected from the original in-
the tention. Commentators think lead to a shortening of which jects
mere:se and that the reductions may be the very dates. But more than Commonwealth TESOVICES
producing this Is required to nt. it overall tract unters. strengthen the sterling area's heaviest in the low areas and that even
The shipyards balance of payments.
plantings are cut, there may need to get back to conditions
this Only
in which they can promise not 10 per cuni of its still be a big crop
for normal crop only firm Buthorise capital bas been allowing
delivery dates · but contracts in Open
alsu
firm prices, quote
say Called up for a start, But the hazards.
these observers. to July at the start of the trading burrow up company con
and totalled 105,000 bales, Trading
COULD HAPPEN twice the sued capital,
On the ollier hand, the ship- intend to france its operations in the spot will end in the noon hour on July 15.-United Press.
buikding Industry may feel that mainly by borrowing.
SAO PAULO MARKET
their fat order books It propose to co-operate with
Sao Paulo, July 2 Commonwealth organisa- elker
Prices of cotton futures closed cushion them against a lack of
new
erders. The Chairman tions and with Internatinoal
London and Overseas Freighters badies such as the World, Bank, today as follows;
July
covered this point when he As time goes on, it hopes to
warned the shipyards against interest America, Swiss and October
the danger of a complacent other investors in its projects, December
March
In the United States, the frame of mind. "Ortier books average price of 15/10s, mid-can be emptied overnight," he anid. "It happened in 1910 and diing cotton at 10 designated 1920-it could happen again in spot market was 33.10 cents per 1953." pound, Sales totalled 10,703 bales. United Press.
Router.
Wall St.
Advance Continues
New York. July 2.
stocks con. The advance in
today, inued at a good pace although enthusiasm was want- ing notably in late dealings the temperature climbed.
as
The volume, for the first time
In a week, exceeded the million mark, climbing to 1,030,- share 000 shares from D10,000 shares yesterday.
year,
15.85 15,70 15.05 15,00
concluded by saying that
the well being of all who look
and
cent
a
new plant set aside to serves must be and stocks of materials before dividends could be paid.
manufacturers' profit
average
The
10
was about one shilling a gross of boxes, sald Brigadier Kindersley: If they sold at cost, "which would mean they would soon cease, sell at all," the maximum reduc- tion to the public would be one penny a dozen boxes.
New York Suga pends on the continited moderni-manufacturer would just about
Futures
New York, July 2. Sugar futures closed today as follows-
Contract No. 4 (world)
35 5th bid
3.58 nom.
POTENTIAL DUMPING to the sea for their, Ivelihood
Equally, if three mare matches every cale remotely con-
a box the duty were put into cerned with the survival of the UK as a maritime power, de- payable to the Exchequer by the sation and expansion of the wipe out all his profit on the As it was, the duty pro- merchant fleet.
He believed that any rise induced £12m. a year-40 times as much as the taxed proits of ឋាន cost
match manu- of producing ships
the principal Wholesale would result in the
facturers and import:rs. enngellation of building con-
The commission's report, the tracts, to the detriment of all
chairman emphasised, stated that that fu concerned.
hoped Yie
there was no competition; but wiser counsels would prevail, fast year 1,054,807 grass boxes of
Reuter. 3.82 nom.
3.46 bld
5,48 bld
3.47 num 3.47 noin,
unquoted
July
Jan. 103
March
May
July
Prices opened firm and rese around the mid-session,
Sep1.
and
det,
Spot
2.50
from
Contract No. 6
Sept. Nov.
5.00
6.54 blu
March 1651
May
July Sept. Nov.
- Spot
then retreated more neglect than from any pressure. Industrial shares took leader ship away from the rails today. a gain of 84 centy finishing with a
in their
Rat averagedded frac
5.07 11027. 5.52 nom
London Pepper
Market
London, July 2.
The neopet market Whs
is
NO GUARANTEE
to the
But the company also endeav- ours to serve Egypt by its oficeasing contribution development of the new province which the opening of the Suez Chral has, th fact, kiven her out of the desert.
Yet Governments fall and policies are table to change almost overnight.
Whilst the Egyptians are ap- pagently satished at the moment of the Sucz with the control Canal being largely in the hands of foreigners, there is guarantee that they will always
remain so.
1300
150
FREIGHT SERVICE
LeRYCH
..Europe Balled -Europe-Salled
....
Europe-Balled
Leave
...Kvelɛag-17 July
irongkong
3- A July 21.21 July
fut
Japail
Japan
Japan
- For
20 August Hongkong
20 July
..Keelung Aust 4 August Keelung-1 August 20 August
October ....Reeling- 1' October
↑
↑ Saigon, Marseilles, Algiers, Oran, Truglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.
MAERSK LINE
FAST FORTNIGHTLY SERVICE, TO;
NEW YORK. BOSTON. BALTIMORE & PHILADELPHIA v
BAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
m.v.
m.v.
m. v. "HULDA, MAERŠK".
"CHASTINE MAERSK"
TREIN MAERSK“
July
3
July
17
AUR.
1
ARRIVALS FROM U.S.A.
m.y.
LSR MATRSK
July 4
ni.v.
rh.v. "TN MAERSK"
"MAREN MAERSK"
July
July
.14
16 T 700
141
ilk Fire....
DOCKS, ETC.
K. Wharf ..ot Deck Faldrm
..71.00 Shal Dock 250 Wheekick
LAND, ETC. HK Hotel UK Land S'hal Land Humphrey Really
UTILITIES
Team
་
J 7.00
.. 0115
1.43
15.00 ...... 2.40
Size Fer C. Light
20 1000
1900
12.3375 & 11.30
500 790
2300 7.09
400
3200 6 12
10
11.00 200 1000 Light (N) 7.00 7.00 4227 500 Kiratric 2015 Telephone INDUSTRIALS
19.00 20
11.70
7.30
1?
Cement .... 14. 17,10 1000 17
10,00 Rope STORES. ETC.
Dairy
Watson
20,00
21 2500
241
2500
1000 104
L Crawford 22.70
COTTONS
FWD... 2.16 2.30 Textile Corp. 5% 5.30 MISCELLANEOUS
Entertainment 17.30 Yanguze 033 0.43 2000 Yangtst.c (iv)
...... 0.43
6.40
The Rubber
Markets
London, July 2 The
'market rubbe
Was steadier raith No. 1 smoked theat quoted at 19%-10% pence per Ib. Prices closed today os follows:-- No. 4 fiss, in sente per ID.
1015-19% Settlenient Blouse
1945-195 August
opt
TD15-50% Oct/Dec.
193 Jan./March
101-10% Apell/June
United Press. NEW YORK RUBBER
New York, July 2 Rubber futures closed today 15 rio to 13 points higher with sales of 31 contracts. Scattered covering operations developed in the with: the higher primary markels
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
27.
Tel. Nos. 36006-0
Chinese Freight Booking Office
Connaught Road, C.
Dates and rotation subject to change without notice,
At berty to proceed via other porta to load/dlichargo cargo,
Tel. 20461
EVERETT LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Phillippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives Sails
July 16 from Manila. July 17 for Singapore, Penang,
Rangoon Calcutta.
"REBEVERETT”
Arrives Salls
July 23 from Singapore, July 24 for
Kobe
& Yokohama.
(Nedép¤ng cardo for 'transhipment Kobe/Pusan 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.
Arrives
Sally
Spot
Arrives Saila
The upsurge of nationalism in
Intra-dealers switching opera- the Middle East may before long be directed towards the control tions before the work-end holi
day dominated the pot market of the Suez Canal and the cum where new
consume interest pany which operates it, if the remained it a minieman. Egyptian Government's attitude No. 1. moked sheet wrs at 23
troops in the cents per 1b. Future prices were Canal Zone may be taken as a as follows:- guldie. Liverpool Journal of July
towards British
Commerce.
Grain Prices
In Chicago
were im competitive matches
Chicago, July 2 ported into this country, partly
Iron Curtain Chicago grain futures closed from behind the "where politics and the need for
today as follows: foreign exchange count for more
Wheat price per bushel than normal commercial profits.
Spol potentini dumping The
July enormous." There had also been september in this country and they had
complaints
Corn 27 nom. Sarawak nine shillings, sellers," make
to the coxn- Boot world No. Sarawak fa.q. quality, eight mission, they were and mic - Jufy.
timber without September
December Match
March to the British
May,
Kyo July September Qals
6.72 nom, steadier today with Muntok two-competitors manufacturing December
6.77 nom. quoted at shilings, nominal,
5.00
sellers.
to
The market showed tions to yesterday's wide gains. Profit-taking pured
of 34 con-
pront provement and the group finish- higher with sales
nominal, while July future, was 27 cents higher on the tracts.
July Corporation." Domestle No. 6 ranged from quoted at 11.70, sellers. Olt gains ranged to 14 points1 point lower to 1 point higher future was unquoted, and Lam- in Texas. Pacifle Land Trust at with sales of 10 contracta, pong also unquoted, - United 120 and a point in Seaboard Steadiness in Oil at 03.
carly in sugar unchanged to 1 point chilling, spot was quoted 11,6g Supplied withi
ed average.
The New York Stock
bond volume was 2,010,-
raws acted to Press, bolster both contracts in quiet Dealers understood
Copra Quotation
Bethlehem held unchanged at donline. 01%, and US Steel dipped one-that Chnoblanca overnight pur-
New York, July.2.. chased 7,000 tons of Cuban rawS cinthth to 3834.
Copra was quoted at $108 Ex-nt 3.58 cents per Ib., 1.0.b. Na-
per short ten, CIF tional Sugar Refinery was the (asked) accredited buyer of 3,000 tons of Pacific Coast.
Cocoanut oil was quoted at The American Stock Ex- Philippines due in July 13 at chango volume was 380,000 0.40 cents per lb., delivered. 184 cents per pound, nominal,
West CoastUnited Press. United Press.
chunge
000
United Press.
for no
May
London Foreign Exchange
July
September
Soybeans
New York Montreal Amsterdam
Calo
·Zurich
epatit Jubeni Autum July 2
Londer 2017-19/18-2X1-7/15 3.79-13/10-279-3/10 10,8016-10384 130.00-139.85
19,983⁄41⁄2=10.97. 12.186-12.185
United Press,,
September
Nüvider
Samuese (1954)
Barley
Spot.**
1.05 noin. 1.03-1.0314
1.3742-1.97 2.00-200312 20012.09 2014-12
182
3.2555 2,45-1.605%
1.3034
7370-b6
176% Hom. 277-2.7015
7 nom.
*DT-2014
2.81-204
1.30-1.00.
New York flour per 200 ib. suck $12.50 nom-United Press
Sept. Dec. March May July
13.23 nom.
23.35
13.30 Wild
23.15 bid
23.10 ild
23.03 bid
United Prem,
Penang Trade
her
Singapore, July 2, Penang's
with trade Asian neighbours, Southeast except in wice, Has dropped in this year the first quarter of compared with the same period! of last yehi.
This was revealed by Penang's Economic officer, A. H. Stone- ham, in an interview with the Straits Echo and the Times of Moloyo,
However, Mr Stoncham said: that "Indications in May show. an improvement and there is every hope that trade will im- prove in the second half of this year."United Press.
JAPANESE BONDS
Londoh, July 2.
05%
Japanese bonds
"A" (45. of Itbb) "B" (48.9% 1010) "C" (68. of 1007). "D" (5%. of,1020).
123
85
"E" (5% of 1030) Consols
·140.
60%
United Prem.
July 5 from Singapore. July
5 for Kobe & Yokohama.
:..
July 0 from Takuzo July 10
for Singapore, Port Swolten.
Madras, ham,
Colombo, Bombay, Karachi, Khor. δε Basrah ramshal
'Bahrein,
(Accepillig "cargo for transhipment
Kobe/Fusan and Kobe/Okinawa)
EVERETT STEAMSHIP · CORPORATION S/A Queen's Building, Telephono 31206.
Chinose Departmont: Telephone 28293,
BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed
Forms 1 (a) 1 (b), and 1 (c)".
Now On Sale at S. C. M. Post,, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH