THE CHINA MAIL, MONDAY, JULY 6, 1953.
|
LONDON STOCK EXCHANGE Warning To HONGKONG MESSAGERIES
Firm In Spite Of Small Volume Of Business
SLOWEST MONTH OF THE YEAR
New York, July 5, The cotton gomis trade idled through the slowest month of the year in June, especially in
the final week when the finishing
general
plants and weaving mills were
their v vacation period. Agreement appeared that the current hill would con- tinue through the first half of July. Others became resigned to the possibility that August would arrive before the situation under-
worthwhile change. Roes n
05
Yarn spinners also set August! the likely date for a turn
in the situation. Quite a few felt that customers inventories be on the by that time would stender
would needfi side and quick replenishment. Some re- ; called the sudden turn last scar around the end of vention time.
Gilt-Edged
Prices Recover From Recent Recession
(FROM OUR OWN CORRESPONDENT)
London, July 5.
The London Stock Exchange closed the week quietly firm in most sections despite the small volume of business.
Favourable conditions were set by the renewed hopes of a Korean peace, the increased Tory gains in the Abingdon and Edgbaston by-elections and the rise in the gold and dollar reserves.
The gill-edged market seemed to have recovered fom the recent recession and to be resuming its upward swing. Buying, though on a limited scale, was in progress both by the big institutions and the small Investor.
To Report On
Hybrid Rice
Nearly
It
Feature DI oils was the strength of Anglo-Iranian, up 35. Dd. to a new higii of 123s. 9. Others were qulet.
For many with funds in hand Spasms of buying lifted Ford who were previously planning to Motors
skilling, Invest In denatlungfised steel Dunlops 18. dd, Vickers 9 shares now don't wish to remain pence, and Courtaulds 74.
quid until September or later when the realisation agency will Invite the public to buy.
Dominion and Colonial stocks showed only null changes.
In the foreign bond section Dr K. Ramials, rice breeding German issues were erratic. Al expert of the Food Administra-first they cased on the news that on Organization, is leaving for West Germany had rejected the cent urma this week to Inspect the law regulating debts to France down apart from the unscrled
but rallied on the announcement results of hybrid rice seeds Inter that the bill bod been which were sent from FAQ's co- operative rice hybridisation pro- passed. jer at Cuttack, India.
eight
The fibres trade was sluggish with Manila hemp quotations casing in face of a slow con- sumer demantel.
Burlap prices dropped back around 4
a yard, when buyers found a welling supply of lower priced shipment offerings from
the Continent Inclin.
weli
goods ruled
sellers showed any
from
here,
Morila, July 5.
tish
real in results of the arst batch of points from the lowest-ced by some of the trade
42
Gold shares were rather heavy on the June operating reports.
Retch loans closed unchanged. Japanese were fractionally up or 1930 which went ex-dividend at £11:12:0
Chinese bonds rose one and Polash bonds slumped up to
poln, when it became two shillings, but they are still that the Germant debt some £3 below the peaks touch- Staple rayon and accetate Dr Ramlah, who recently in- known
Churchill's peace speech. quiet with spected the hybrid rice pro- offer in this section was uncccepted right after Prime Minister, #rey
three recovered reported the able. They prices steatly as unly a few | gramme
One of the oddities of the Bri- scene the current demand 5% and goods. hybrid seeds which were also losses of
the week-on sent from Cuttack to the Philip-respectively, on
consideration that the offer did mitted to the United Nations. unions that Red Ching be ad- pines as ericouraging.
not conform, in the opinion of six trade unions out of 20 meel-
ztg Dr Ramlah will visit esth of the trustees
to the mininum Ing recently over a period of the countries taking part in the agents, even FAO -operative rice hybridisa standard laid down by the Ger-some eight weeks adopted re-
solutions to that effect though. this
tion scheme. Including Malaya. won external debts agreement. soft
they had no encouragement lo This indicates that the trustees, from 802814 Pakistan,
Cambodia,
cither the Trades Vietnam and Indonesia as well the Royal Exchange Assurance.
or the Labour Burma and Thatland and the paying agents. J. Henry Union Congress France-Presse,
Schroder and Co., are prepared to 1 Party-United Press. take a firm stand on behalf of the bund-holders in fair payment.
terest In pushing United Press.
Exchange Rates
Business was done unell
exchange
Inarket
morning at the following rates:
U.S. dullor (per $1),
Sterling note (pes Lij
Steals per ions
Indonesian gulders (per 100)
Singapore (Stini
PIC a tres per 1001
13 12
20 00
37 60
£15
1.02
Satisfaction
Laos,
But
Not Complacency
Order
Of Day
(FROM OUR OWN CORRESPONDENT!
London, July 5.
There is room for satisfaction, though none for complacency, in the news that the sterling area's gold and dollar reserves rose last month by $46 million..
The repatriation of American-held shares in Associated Electrical Industries Ltd. is sail to have cost $22 million; and but for this transfer the June surplus would have been much higher.
Again, the dollar demand for) But the greater supply of sterling arou products slackens British enplial goods now flowing In mid-summer. Its revival into the home market also points awaits the opening of the Aus- to faster progress with industrial tralian wool sales in September, re-equipment.
When seasonal and special In-
The
output
of
the
paying
demanding
JAPANESE SAG
Greek bonds continued in demand, reflecting the increased peace prospects.
Japanese and Chinese issues sngred as a result of small sales
PREVENTING
A
without accompanying buying OF
interest.
GLUT
SUGAR
Industriais, hesitant through- out the week, Birmed up at the
London, July 5, close un investment buying. The
One of the suggestions fo by the movement was helped
preventing a world glut of sugar, announcement that the National will be put forward to the world Provincial Bank was raising its sugar conferonce when it ances dividend from 71% to 8% percent under the auspices of the United It was also aided by recent re- Nations in Gohdon on July 13. ports
trade. will be a world campaign to in- Improved in the chemical, textile crease consumption. paper-making Indu
Industries
Australie is reported to One of the best sections, though, was in oils. This was especially interested in this plan news of to end the world sugar surplus encouraged by Labilo's big profits, the Increased situation. Mr Robert Muir, of the dividend from Attock and the Australiah Care Growers Coun
that Ultramar, the bigc, who will lead the Australian Venezuelan producer, is raising delegation to the world con its crude price by 25
e
and
report
the
be
ference, suld in Sydney last weeke cents.
that at present prices, half of the HAVANA DEAL
Australian export total of 620,000 Speculators in Havana railstons would be sold at less than have done well. Following the the cost of production.
The first step in getting returns announcement from Cuba last Monday that negotiations for the for sugar, he said, would be to sale of the rallways may soon make, efforts to increase world be completed, "A" stock have consumption. risen eight points to 70 and "B" stock five to 07.
the
indication
During the past four or five fluences of this sort are taken Certainly the industrial picture
Steel produc Holders of store shares also years, the world sugar produz- into recount, the size of the June is encouraging. surplus gives no cause for alarm. tion has been running at record saw all-round rises on the news tion has been rapidly outs.ripping trades of good profits in the business consumption. The recurring prob- fails short of the May figure levels, the engineering
thai thelom over-production has for of their and by $2 million and is in fact the have overcome most
shop remains]mahy years Ted to attempts to smallest monthly gain this year textile activities generally have unabated,
for some tine public's will to shortages, and
regulate production and market- But it continues the slow climb
Breweries, distilleries and tong by international agreement. which has now brought the
increasing. been the gold
subdued. woollens barcos have remained and dollar reserves up to £145
In 1931, the Chadbourne Agree- worsteds, their low point of fabrics
and mixture High taxation and heavy living ment among nine countries, in- million from
Tayon particularly is £393 million in April 1952.
higher costs are allowing no spending cluding Cubs and Java, reduced spece on drink and elgarettes-accumulated stocks in producing Nevertheless the rate of climb this year than last,
Moverover, industry has not Coronation or no Coronation. countries but the world supply is not reassuring. The thin
Tea, food and sweet issues continued to exceed the demand margin of solvency is widening yot felt the full impact of Mr but the
the sterling
investment pro- Buller's budget incentive. It is were firm, 23 was the engineering because of expanded production. This agreement has continued by mme throughout the Common reasonable to suppose that, when section. grumme
a series of protocols but as в - wealth depends on the strength 11, docs, the expansion will be
even faster than now.
sulb of the war they have since of these reserves. And, at the
In the mining section tins were beca Largely hoperative. present pace almost three years
marked down as a result of the
The vital importance
of would be needed to restore them
drop in the metal's price which tiringing equilibrium to the world to their mki-1051 peak.
Meanwhile the flow of opis now back to the 1950 levels. trade has been recognised by the plications for industrial develop- Coppers were quiet, with, buyers producing and consuming coun- ADVERSE EFFECT
certificates indicates Meanwhile Britain's
a hesitant due to uncertainty about fries. At its meeting last Novem- ment healthy and general optimism. the trend of the metal's future ber in London, the International balance of payments is being
The vital question, however, is
Sugar Council sent a request to value. adversely affected by the failure
how
this industrial soon
upswing Kalliry of exports to increase along with
were neglected and the United Nations to call the will be reflected in the country's imports.
Production and ive export trade.
Irregular, with prices of specula-world conference which will meet
This section:
is
own
VITAL QUESTION
KAFFILS DISAPPOINT
Although Industrial production imparts are both increasing and,ive Issues sagging as weak bulls in a fortnight.-United Press, running slightly higher than although imports are the raw their losses.
a year ago the country's foreign material of exports, the exports trade deficit not only persists
but has lately tended
this
Last year it averaged £83 million a month; in year it reached
und this after.
£41 millionth over
last quarter of
the
themselves have still
to
Japan Hopes For Market
to be seen how working profits higher than the said today.
trade. research origánisation,
America
Washington, July 6.
The. National Federation of American Shipping sald today that the United ftingdom threatens to aut strip the U.S. In the size of lis tanker fleet.
In
a press release, the Federation said, although the UK has the world's largest tanker fleet with About 450
ell-carrying deep sea vessels, few are now being bulli for Ameri- flar operations "despite the world-wide building boom in this type of sea-going vessel."
It sald the
world's tanker feet is now 31,000,- 000 tons or 85 per cent
SHARE MARKET
ì
(From Our Correspondent)
Business done on the Stock Exchange this morning amount- ed to $387,612.40. Noon quota- tious and the morning's tran sactions:
SHARES DUYERS BELLENS BALER
DANKS
IFK Bank
1600
Best Ara
150
INSURANCES
Centen Union HK Fire SHIPPING
Waterboat Aula Nas.
DOCKS, ETC.
greater than *apon
1939 and
of
K. Whart Dock
tonnage under
and
In completion order on construction
the
world fleet of tank-ships will be more than two and a half times a size at the outbreak of World War II."---United Press.
Another Round In Struggle
Protectionists in U.S. Rally
Washington, July 5. President Elsenhower Is eer- tain to obtain enactment of his principal requests to Congress Trade legislation. for forelin Protectionist Republicans mobilising their forces for a second act struggle for restriction of imports.
are
the
of lead, zine and wool Imports are at the heart of the still un- solved controversy, but many
Provident
.. 15.10
+
Shal Dock ..
Wheelock
LAND.
BK C
tutr{ HX 1.and
Iphiejs UTILITIES
ram
P.O. Box 63. Queen's Bldg.
Outwards
M
MARITIMES
Tol: 20801.
M
PASSENGER/FREIGHT SERVICE
Leaves Marteliton
"FELIX ROUSSEL" Sailed "LA MARSEILLAISE" ↑ July
| VIETNAMT"
Hongkong
10-11 July
2-4 ATK.
AMA
Yokohama
Balkon
9-10 Aug.
Yokohams
Timmiewards
Leaves Hongkong
Due Maraelites Via
"FELIX ROUSSEL"
23 July!
25 Aug.
Manila
"+
27 Aug.
Saigon
"VIETNAM"
.22 August
14 Sept.
SRIKOD
"LA MARSEILLAISE" August
vin Marseilles to all Mediterranean & West Africa' poria. via Djibouti to Madagascar.
Outwards
"SILVERSANDAL"
"MEKONG"
24:
-1300
1.35
Homewarde "MONKAY"
"SILVERSANDAL"
01
100 84%
MEKONG"
10.00
"COURSEULLES"
11.
300 + 11.90
10
7.50
* 2300
7.95
2000 w a
1
7.09
01 62 20001},' 15.20 *100 10
235 23.70 1000 63 23.60
1000+231
Star Ferry 113
C. Light (0) 11,70 14.90 2000 or 11.70 C. Light (N) 1.70
Electels.....13.0
4000 ( 7.63
500 7.30
2000 (1.7.70
182 68 23,50
1000 và 20 Từ
20 20.30 1032 47 20.10
17
Mocan Elec. Telephone INDUSTRIALS
Cement Repe STORES, ETC.
Dairy
...... 21.10
Watson
1400 @ 1710
300 uF 21.
2000 t 21.
1000 21.10
24.1024
1. Crawford 2210 CUTTONS
END.... 2.15 Textile Corp. 614 5.40 MISCELLANEOUS
Yanmore 10) 635 Yingt ze (New)
...... $.53
200230
Argentine Trade Pact
other industrialists are asking With Soviet
protection.
The House has granted the President's request for a one- year extension of the reciprocal trade agreements act, and for the bipartisan study commission to examine foreign economic relations.
Bul Sunate Finance Com- mittee chairman Eugene Millikin told the Senate that there is a good change thit the House of Representatives may later send to the Senate the second
Bill. This Simpson
controversia! includes the restrictions, eh petroleum, crude oil, lead and zinc, and would strengthen legal authority to control imporia --- of --farm-pm--| ducts. Air
Buenos Aires, July 5. Argentina mi Rustia Will barter goods worth $180,000.00 under a trade agreemera
expected te be signed here next week.
Sources vlo, to the negotiator: szid today the Russia will supply Angerstin 500,000 tons of cul and 300,000 tons of real. Other Ru stan shipments Include lon and steel plates, tubing, drilway cars, drugs, dyes, precisión, In- straments, cricultural machinery and clestifesi generators,
The bulk of Argentina ship- ments to Russia will consist of 75.000 dons of linseed oil, 20.000 tons of wool,;17,000 tons of calle and sheep hides and skins, 15,000 tons of quibrácha terning extract and 10,000 sons of mution nazd Pork.
Mink himself led the for the Eisenhower pro- Bgist gramme und gulned muck credit for his leadership in the Argentina will also supply Senate netlon. His statement quantities of cheese. tanned
consideration laterokins, lard, vegetable oils
of presible
of a Fecond Trade Bill disarmed senators who were seeking Im- medinte drastic
scilon agricultural Imporis, especially wool.
งา
Air Millikin appeased the Western wool bloc by on- that nouncing to the Senate President Eisenhower will soon -request the Tariff Commission to investigate the wool situa tion in the current wool year, arid that the bipartisan study commission
will include wool
in its
agenda.
conference A Senate-House committee must reconcile the bills differences between already passed by the House
tl Scnate.-United Press.
Cotton Prices
In Karachi
Karachi, July 4. Prices of raw colton closed at week-end as follows:- 4-F. Punjab, Roller Gin,
Rupees per Maund of 2.20 115, 03 1. S. S., folier Gin
Al
70
Rupees per Mound of 2.28 115. 2007. N. T., Sind, Roller Gin Hupees per Maund of 224 lbs. 9-. N. T., Sind. Eaw Gl Rupees per Maund of 25 lbs. 72 289-. N. 1, Punjab, Roller Gm
Rupees per Maund of 2 lbs. 72-8 289- N. T. Punjab, Saw Gin
Rupees per Maund of 220 lbs. 70-8 and The market was flrm moving up owing to persistent buying support for LSS and 4- F via Far East Shippers. Hong- kong and Japan were bidding for good qualities, and some speculative buyers were laying their hands on 480-F on ex- pectations of favourable results from the forthcoming trade tal.s.
The week's exports were: Japan 11.05 bales, Hongkong 285 bales. United Press.
Single Rate Welcomed
has, over the past six months, given the public perhaps more disappointment than any other. Increase materialise.
They have waited patiently for stimulate Measured against the nation's stabilisation of costs May of
the markets,. £77 million balance of payments their level the market-but
is still far too low.
both in London reduction to
and Johannes- This is all the more disappoint-burg, remain as unstimulated as
Toronto, July 5. Japan hoped to be able to ing since the terms of trade have ever, although the May returns The obvious explanation of or so in Britain's favour, reficeted some downturn in custs, enter the South Korean market
London, July 5. years Import June monthly reports were de- when the war ended "to nid in accompanied A almost two
The announcement that the falling much has been by rising industrial prices have been
42 major mining the reconstruction", Mr Kiyoshi pressing. Of
chiet of the Japanese Chilean Government is to revert British faster than export prices. that more activity, is
showed Kimura, companies only eight It remains
the Peso 10 a single rate for products are finding their way
long British
was welcomed today in London Into the home market.
manufacturers, previous munth. Investors, in
banking circles, financial and his development has, of waiting with these imported raw the meantime, are waiting on the
Mr Kimura, who was attend- materials, will be able
quarters to sidelines for the tide to turn.
Inter- trading Ing the sixth Canadian course, been Influenced both
big connections present export
national Trade Fair, sald that
America said that the by the sturching competition in maintain their
SITUATIONAL; BUYING
the chaing of the Korean war the prices.
For the moment there is no
would cut off a number of arms rate of 100 pesus to the United for anxiety but over the
London, July 5. next few months Britain's foreign
past week has been contracts from the United N States dollar is the free buying
quoted by the banks, idrade returns will be watched notable for the return of situations forces which Japan now would be dangerous lo ‘'assume CANDERRA, DISAPPOINTS
that this
step British expotletá
even more closely than usual to tont buying to then-edged had. pointed that the reltixation of the see whether the growth of in- market which lifted prices by Trade with Canada was dim-the rate for pesos against sterling from 7: Od cult, Mr Kimura, said, because will be the same as the banke Australian restrictions aridustrial activity la translated into amounts ranging Austed on Friday, is a limited; higher exports, as it must be to, 130, cut below the peaks Tarifs made it impossible
Japan has no trade derrement. buying rate quoted freely in the
for market, Banking circles Glits are allit more had heel hoped for in View If this country is to pay its way
to compete In zone waiting official clarification from trade and strengthen the sterling area's they reached in the middle of Japan rapid
Ilnes-Reuter." June.
Saulingo-United Press.
This
overseas marke's and by. Commonwealth Import restric
tions.
of
Australia's
recovery.
are disap-
reserves.
Tite
rate
incons that
fruits.
and
Each country will ship the other goods worth $70,000,000, while expital goeds such as hotvy machinery will be covered by a supplementary $30,000,000 agree- ment, the report sald-United Press,
U.S. Cotton Exports
New York, July 5. “Raw cotton txports by deiling- Hon as reported" in bales by the Now York Collon Exchange for the 1952-53 season 10 June,20 were as follows:-
Briles
Continent
Orient
Canada
tinters
Linters
Jinters
Total for season Including
Tutal for season
excluding
370,199 141,930 83,113 322.351
*****......................... 12,043,418 Same period, fast year in-
cluding, inters 15,000,045 Same perind."last year, ex-
cluding inters
5,467,045 United Press.
RICE EXPORT ALLOCATIONS
Washington, July 5. The Agriculture Departmen announced today that rice export allocations totalled 2,951,000 bags for the period of July 1 through December 31, 1953,
The allocations, are of 100-
bags
milled
rica allocations in The thousands
of bags are: The
of Department
for Defence: Korean military supply 1,000, For Korean civilian relier 1,000,
Others
Cuba 3,950.
valent.
were:
2,400. Belgium and Japan
Luxemberg 30. Other European countries 15. West Hemisphere count:jes (excluding Cuba) 160. Middle Ent arcus 70. Indonesti 800, Korva 200.-United, Press.
Rubber Futures
In S'pore
Singapore, July 4. Prices of rubber futures closed
lodny as follows:-
No. I rubber Der b.
July
August
September
No. 2 rubber per lb.
No. 4 rubber per
No. rubber per lb,
Ore
Hlankal erena
Apot rubber unbated
No. 1 pale crepe
Inited Press.
FREIGHT SERVICE
Leaves
Europe-Halled
itongkong
July
For
Јарки
,Europe-Nailed Purope Sisted
23-24 July
Заран
29 August
Japan
Hongkong
For
18 July
+
"COURSEULLES”
Leaver
Keelung-2 August
1 August
..Keelung-1 August 20 August
3 October
↑ Salgon, Marseilles,, Algiers, Oton, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.
October
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July 17
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"
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mi..
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A
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EVERETT
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"BRÅDEVERÉTT
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July 18 front Monilo.
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July 26 from Singa
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EVERETT STAR LINE
Fast regular freight-refrigerator-passcoger service to Korea, Japan, Philippines, Indo- China, Siani, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
LAO
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July G
for Kobe, Osaka, Nagoya & Yokohama.
Salls
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Arrives Sails
July 11 July 12
from Takao
for Singapore, Port Swetten- ham; Madras, Bombay, Karachi,
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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