Future Of Tin Market
Tin fell yesterday to its lowest polat for three yents, and it i
back to now almost
the level which oblained before the out- break of war in Korca sent raw material prices soaring in 1950,
The question whether in Is derlined to decline further can- not be answered without
*
Remarkable Developments
THE CHINA MAIL, THURSDAY, JULY 9, 1953.
In Currencies
"By Sydney S. Campell, Router's Financial Editor)
There are people who believe that, given long
ference to politient factors. If enough-though it may take longer than some of
actilement in Korca mulertalises, tin muy well fall further, but this could be no more
1 temporary psychologient
action for tin depend
In the long run,
il
re-
mod
America. There is stiti demand the primary fin in that country, and the lower price is put it in a much more favoure abig
comaved positiers
with secondary melal ̧
more
In the UK., Ihere I still ma sign that Luyers are becoming
active, but
it is certain that stocks are low. This long -indicates
A that
recovery of market tilly is likely pecially if the price fails lower. wer, Su Jat as the work statistical Mal position
is netrutt, the fare for the fed three months of this For andicale surplus at th annual rate of 53,000 tons. Thi continues the trend of the
the past few years, Tin hai bien rbiekted from the Brits of its relative Matisteal weakness by the pur- chases of the 1.5. rock jaile which kept the price compar.. tively stable duriin 1962 and 1st- til the
us will live to see-the Americans can be relied upon to make their dollar the world's softest cur- rency.
The Canadian dollar and the Swiss franc have already looked over its head. The German D-mark may be going to,
Recent developments are remarkable:
1. For various reasons-Indud- | ply was to meet the market" ing the desire to help their ex-by raising the F:deral Re- strategie needs. foreverve's discount Tale and Fightedness, inertin; and sheer the Treasury's borrowing goodness of Reart the Americans rate, have instead
decided tu have, for the past 15 months, 8 of intale the credit base so as to there under a supposedly libera bring the market rates down to Republican
an Congress, gone on the official with the result manting doller and to a world that June 25, the day after the which would have balanced its announcement tassellons with the 0.5, with out any aid.
"The Republican monetary
ww.s whole philoso
NARROW
international develop MARKET IN
nents which began in
of this year.
March
REASON TO DOUBT,
Nevertheless, there is
IVA
some reason to doubt whether the surplus absorbed by stock- piling has, in fact, heen so large
n the estimates have indicated.
seems possible the
It now
"withdrawal of fore, that the stockpile purchasing may not have such serious effects on t as have gencrally been envisaged. Finally, there Is sunother relevant factor. The Indles- tions are that, even in Malaya, which traditionally cost producing or.a, tin is al-
a low-
WALL ST.
(f the lower
amk reserve ratios, was the best day the New York bont market hu had in nearly 10 years.
However much the officials may profest that their nim was only tr prevent interest rates rising further, the fact is that since the zucenicnt of June 21 - terest rates have her?]
going down.
(I
"Wait-And-See" WORLD SUPPLIES MESSAGERIES
Policy Of Jap Businessmen
Singapore, July 7. Japanese businessmen ars adopting is "walt-and-see" polios before deciding, to reaßen their pre-war ofileen in Singapore, according to Mr Ken Ninomiya, Japanese Consul-General in Singa-
pore.
Mr Ninomiya was quoted as saying in an interviow that twe factors had in.. fluenced this policy.
One
was "Singapore's decreasing importance as the entrepot trade centre for South- cast Anla." The other wAS the general trade recession brought about by the slump in the prices of rubber and tip.
The Consul · said condi- ilona for the
of entry Japanese businessmen were now easier but the; Incen- tive as evidenced in pre- war year was absent Reuter,.
HONGKONG SHARE MARKET
OF OILS, FATS AGAIN NORMAL
London, July 8.
The world supplies of oils and fats, reckoned in the amounts available per person of the increased population, were last year back to their pre-war level.
P.O. Box 63, Queen's Bldg.
Ostwards
·M
MARITIMES.
Tol; 20031.
M
PASSENGER/FREIGHT SERVICE
Laves Barsafitas
• Halled "LA MARSEILLAISE" ▼ July "VIETNAM”
....17 Juty
"FELIX ROUSSEL"
Namowards
"FELIX ROUSSEL"
Hunghong 10-11 July
3-4 ADE.
+-10 AUX.
For Yokohama Halgen Yokobara
Leaves Hongkong .23 July
Due Diarsellies Via
23 Aug.
Alabila
22 Aug.
14 Sept.
Balgon Batgon
"LA MARSEILLAISE" August *VIETNAM" .....................22 August
via Mfatskilles to all Mediterranean & West Afries ports. via Djibouti to Mangascar.
Ojfwards
And this recovery has been achieved ignoring the fact that roughly half-a-million tons of olls | "MEKONG" and fats previously used in soap manufacture are now being replaced by synthetic detergents,
This was among the statements; made by Unilever exper! Mr J, C. A. Faure when he spoke to the international Association of Seed Crushers
Scheveningen, Holland.
ut
World production this year, he continued, looked like totalling 23,650,000 tons, which was bou: 380,000 to Jess than last year and roughly equal to the 1051 output.
Curren! production should therefore amount to about 20.0 b. a head of world population, or rbout | là, a head less than in 1032,
The
Rubber
Markets
Singapore, July 8. Prices of rubber dulures closed today as follows:-- No. 1 rubber per .
July Augu
Septenter
BO-00
6634-07
No. 2, rubber per 16, July 547M-037% Bin Mr Faure argued, this No. 4, rubber per . July J
No. 3. rubber per 1. July 02-62% 01-614
I duetion gave no cause for alam, since last year's supplies were well up to pre-mur” level on a re: capita basts, and when this
slocks happened
to began accumulate in many parts of the world.
spot rubber mbled
| Blaket erepe
No. 1 pale crepe
37-545
23.36 bid
23.94
72-77 United Prest. NEW YORK MARKET
New York, July 8. Prices of rubber tutures closed today as follow- In other words production till Fuly | amalns nuvre or less in line with į september the world's population increase. December And if this year's exports of olls March 1994 and fats reach the cetimated July figure of 5,210,000 tons, thon, na Hubber future zlezed 30 to 34 Mr Faure pointed out, there points higher with sales of 25 should be more than sufficient contracts. Although volume in- 2 1500supplies
to meet current con-creased a bit over yesterday's sumption needs.
(From Our Correspondent)
on the Stock Business done Exchange this morning amounted Noba quotations and the morning's' transactions:-
SHARES BUYERS SELLEBS SALES
HANKS
1 Bank.. East Asia
There is something wrong in ¦ to $1,022,185. the New York reports that the expansionary effect of the lower reserve ratios will be almost im- metely outweighed by the
the contraction
Federal New York, July 8. Reserve's float HI
by the withdrawing money Stocks added out a small rise Treasury today on reduced volume in a from the banks in order to
ver market. Some luff its mid-June special borrow- Biquidation developed from time-ings from the Fed; the greater to part of both those adjustments te hue but when it failed
more selling. prices had already been made by June generate Tuled up agam aufficiently to 24.
ter a six cent rise in the industrin average which closed. at 279:19, best siner May 19..
NEVER DEFORE
pay
3. Consreulive news Hems on inils, helped by With Mayne recent day were (a) a state- carajog estumates, were strong ment by the executive vice-
ready reaching a level which is fun day. They ek:ed at 107.95, i president of the U.S. Savings and
uneconomie for sume producer. In addition, deposits a
11
some of the older are being exhausted, the long term, therefore, quite apart from any for restriction
0.40, while the utilities Loan League that "never in the group close up 8 crts at 444 history of the United States has It was the seventh Con there been such an outpourig of secutive rise tornustrials and home mortgage credit us during utilities, and the
Ah rise in the last few months;" and! scheme
me six sessions for rails,
and (b) which may be
At the current high levels the Senate's passage of a bill em- agreed on-and it seems that market, experts looked for some his own desir-to lower
powering the President-against the
the U.S.
the action. FLOW regards possibility of an international
clown payments on Government- totalled
sidered necessary guaranteed mortgages if con-.
to stimulate home building.
for the day Sales agreement more favourably than 950,000 shares against 1,030,000 It did--the normal free market
The factors are likely to emer
shares yesterday. Though to
averages showed gals there the support of the as the lower
were 322 states closing lower price levels which It is now
out at 1,058 Traded. A total of reaching. The Financial Times.
418 issues gainer, and 316 e- mained unchanged. Five
NY Cotton Prices Bolstered
New York, July 8. Reports of smaller
votion
plantings as of July 1 bolsterei the cotton market in a continua tion of the
recent advance small loses turned int
til gains after the o'clock Report of the Depart- ment of Agrientture, estimating walton plantings al 24.618,000 acres compared with 26.022.000 acres of the same period of last year slightly below trade ex- pectations.
The 1st reacted around one dofitur per bale from the highs at one time, as hedging and liquidation
appeared, then rallied again оп commission house buying which met only limitel offerings, Only nearby July
under
pressure.
was
closing six points lower. Itest of the st was unchanged to nine points higher,
4. A high US. oficial reekens that the U.S. Iudget deffelt for the year just ending is about $215 billion more than President Truman forecast last January, new highs and new lows.
The Atlantic Coast Line, the Looking ahead to the next 12 aris 1.5 months the same bigh official said rail feature, netted
to be "vers Specials, several pulpits,
it was going to of
difficult them,
to avok some inflation," despite a point or more. gained a Now Yerk
the Eisenhower Central
Government's stand "sound
money Government would still be spending mugh incre the it took in, and that night meat new general price rises.
Penn-vivania
vanja rikards featured in thoser in that orde
The New York Stock, vond volunt was at 2,190,000, and ther An vivon etécks volume was 390,6on--Uniest Press.
Sugar Prices Economist's
In N.Y.
New York, July H. Prices of sugar futures closed tulay as follows:-
Contract No. 4 (worid)
6.92-9 A Rom.
By contrast with the U.S. even those who have been most con- fident about Germany's recovery may fill their eyebrows at the remark that the world's D-markt gap is now second only
to the dollar gap. Weakening of U.S. money policy may conduce to on out- flow of reserves from the U.S. but lowering of bank reserve ratios does not necessarily have that effect: it is only one of the influences on the international movement of money.
BELOW BRITAIN
Germany has reduced her bank reserve ratius three times, and
has progressively lowered her bank rate to below the British and is still almost one, barrassed by
the rate
is gaining
cin-
at which
Gewerber Laender,
which never lapses into optimism
it can
can help it, is constrained
Juty
3.37
September
350
Geinber
3.04 non.
January 129501
344
Murch
3.40
3.43
July
3.43
September Spi teraly j . £.0.b.
3.43
3.58
she
Contract No. 6
The
July
5.91
September
Nuvember
March 1954+
Mny July
Septener
closed
42
33.40
33.51
34.10-21
3138-40
March 54
34.59
May
34.59
July
34.37
October
XIL.GO
31.46 nom.
United Press,
Desters noted particularly the Department of Agriculture's comment that perhaps 1,500,000 acres of the total was planted but not yet up.
Prices of futures follows:-
Spol
July
October
December
December
NEW ORLEANS MARKET
New Orleans, July 8. Prices of cotton futures closed
as follows:
Spot
July
Getober
December
March 1954
May
July
October
December
33.45 33.50 bid 34.20-21 bid
34.37-29
34.57-09 34.57 bid 34,38 bid
33.48 bld Šako bid
United Prees.
SAO PAULO MARKET
Sao Paulo, July 8. Prices of collon futures closed today as follows:-(eruzeiros per. kilo),
July
Oofober
December
March 1054
MAY,
15.80
15.05
5.77 nom.
il no
to remark that the threat of 5.75 nom. payments difcutties for Western 5. not. Germany has now disappeared. 3.72 nom. Even that Bank has become 5.77 hom. only half-hearted in suggesting Noventar Spul
that, unless the ants per 16, ...
the Germans husband 5.00 New York, ex-cock
every penny of
of foreign exchange, Number four rugar futures their recent impressive gains closed today one point lower to will turn into a pumpkin at th: one point higher with sales of
stroke of
of midnight, 20 contracts,
In principle.
Indeed, Domestic number six wer; un- lenger seems to deny that the D- one point higher marks could be made convertible changed to
sales of 152 contracts, on current account. with Dealers reperten that Chere Its objection to doing it soon were no raw sales. They re ported offerings at 6.45, but are that, as the convertibility no could not be confined to current Apparently went Interest
would bring the 6.40 higher than
rents
account, it per
of a dight of capital from danger United Press.
Germany: mud that might destroy the EPU and other pay- which, though ments systems imperfect, should be retained until they can be replaced by something better-Reuter.
SHIP LAUNCHED
vessel, London Foreign
Stockholm, July 7. The Ocresund Yards of Land- skrona have launched à 5,350 ton deadweight cargo the DISA, for the Disa ship- of Stockholm. plug company The vessel in the seventh the company has ordered from the Ocresund Yards.
Exchange
1
New York Her mah dimensions are:- Montreal
Amsterdam moulded beam Osto
10.40 length between perpendiculars Druses (in United States, the average 120.39 metres, price of 15/10s middling at 10. 17.07 metres, depth to shelter Zurich
Deutsche Mark designated spot markeis WAR fleck 107 metres, and draft Copenhagen... 33.80 cents per lb. Sales at about 7.11 metres. Hor esti- Paris these centres totalled 10,345 mated speed on full load is 10tockholm bales))--United Press.
knots Neuter.
Blocked, Mark
London, July #.
2016-2817 2.70-6/10-9.79-7/18 10.50%-10.58y 13035-139.03 10.687%-19,50%
12.1054-12.1854 31.70-117011 29.0319-19.04 DEO-9001 24.0136-14.83 38.47-19.00 -United Press,
INSURANCES
Canton
Union IK Fire
SHIPPING
Waterbust Asia Nav DOCKS, ETC.
C. Whurt.... Dock
Provideni Shat Duck Whelcck
1500 1520
100
PRICE LEVEL
May
23.00 23.75 bid
23.65 nominat
23.50 nominat
three contracts, broker said the market whe dull: Dealer buy- Last year's consumption was ing pushed prices up.--United maller than the total quantity of Press.
Gils and fats produced. And this year the total output may not be much if at all, below the actual level of consumption,
Turning to prices, Mr Fane suggested that the price level in recent years had been determined 0.20 by the demand, not just for ells 2.15
and fats for irrimediale consu-up- tion, but also. Ip: those used to stock up and illl the pipelines.
Grain Prices
In Chicago
Chiengo, July 6. Fr this demand for adding to:
Prices of grains closed todny stock should cease, he said, there as follows:-
138 1.4
15
200
20.70 300
11.00 12 3200
84% 201 12
1.00
3.0 8.20 10000 1
500
LAND, ETC.
HKC Hotel
103 1.03 3003 -
500 BOR IM 7.00 1000 M 635 10000
1
705
2000 16.30 500 36.20
24.00 1000 1 24.00 103024.00
110
2000 # 12
500 125
300 1230
If more severe it a general attempt July were made to dispose of accumu-Sept. loted reserves.
"Hory these actions would March 1954 affect prices", he said, "I leave to your imagination".
Spot
1071-2
Doc,
Alay
2003-201
207-20713
10 12.40
A WARNING
Corn (No. 2, yellow, per bushel in cents)
312.301
Spol
HX Land ... 800
S'bal Land 1.35 Humplicey.16.10
UTILITIES
Tram
Star Ferry
500 1.40 would be a contraction in pur- Wheat--(No. 2, red, per bushel
chases, and a contraction all the
C. Light (0) 12.10 1230 3000 12.60
Assuming that there was no July C. Light, (N) 11.45 000 8.40
longer any scarcity in work sup- Sept. Electric ... 2830 28.40 2100 26.60
Bre. 500 26.40 plies, he thought that a reason-
1000 2500
26.20 26.30
Muçao Elec Telephone
20.07 21.10 2500 21.30
500 21.20
200 (21.30
100 21.10
12.70 10.10 2500
...
for
19,
INDUSTRIALS
Centient Hope STORES, ETC.
Dairy
Wation
22 22.30 1000 1 22.30
1. Crawford 23.20 COTTONS
Ewe
Textlic Corp.
1700 21.10
800 4 22.30
1000 a 2120
1000 24.10
24.50 2500 25
1300 or 24,00
200 M 24.30
1000 1 2.30 5K5 51⁄2 3000 1
MALAYA'S
RICE
POSITION
Singapore, July 8. Mulayan's rice position better than t uny Ume since World War II, according to the market correspondent of Strolt Times today.
March 1951 tole price for oils and fats would lay
in cents)
14712 150
be between three and four times. Rye (prices per bushel in their pre-war level.
cents).
150
Some prices, he pointed cut July
1309-14 those of liquid Sept. particularly
Oats prices per bushel in edible oils and coconut oile-hati
cenis)
1542-44 74%-2 Soybeans (prices per bushel
in cents)
en wall bove this range. But July this was due to declining output Sept.
of these particular oils and also to the market's anticipation of a
harp decline in world produc- Spot.
:ce in 1953.
Mr Faure ended-on-a-note of warning. "It is true", he said, "that there appear to be sufficient oils and fato in sight for the pre- sent year. But let us not over- look the ever-growing world population".
The present rate of world pro- duction, he believed, would be quite inadequate to meet demand in two or three years' time. There was no room for com- placency, and there must be no slackening off-in production for the world's future needs. London Express Service.
July August
Sept. Nov,
"COURSEULLÉS”
Homewards "MONKAY
"SILVERSANDAL"
“MEKONG"
"COURSEULLES"
FREIGHT SERVICE
Inves
• Europe-Salled
Irongkong
21-24 July
Europe-Railed
29 August
For Japan Japan
*.
Lexves
Tongkon
For
16 July
1-
..Kretung- 2 August
Augns
#elung-16 July
•Heetung......15 August 20 Aurust
....Keelung-2 Orlater
Orlaber
↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk, Subject to change without notice.
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON. BALTIMQUE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
Π.Υ.
m.v.
"CHASTINE MAERSK" m.v. "THEIN MAERSK"
*MAREN MAERSK”
July L AUE. Aug 17
2
ARRIVALS FROM U.S.A.
m.v. "TREIN MAERSK“ m.v. "AREN MAERSK" m.r. "OLCUF MAERSIC"
July 14
July .14
Aug.
2
For Freight and Further Particulars please apply to:--
AGENTS:
JERSEN & CO.
Pedder Building..
Tel. Nos, 30066-9
Chinese Freight Booking Office'. 27, Connaught Rond, C.
Tel. 20461
Dates and rotation subject to change without notice. A liberty to proceed via other parts to load/discharge cargo.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China. Siam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT”
271 non.
Arrives Soils
20215-71 25000
203
19%
Jan. 1954 March
Barley (price per bushel in
cents) Spol.
130-160
United Press
LONDON TIN MARKET
London, July 8. Prices of in closed today at the end of the official morning session as follows:-
JAPANESE BONDS Spot tin, buyer
London, July 8.
Spot tin, sellers
Is
Japanese Bonds
"A" (4s. of 1890)
85
the
"E" (45. of 1910) "C" (58. of 1907)
72
Business done al Three months tin, buyers 610 Three montha tin, sellers 612 Dustures done at
0125-60215 0121 SetUement
0121 015 012 15
124
"D" (53. ct 1024)
101
146
00%
United Press.
there were 35 tons in cash. -- United Press,
He reported that this situa- lion was achieved because of a windfall of 230,000 tons of lee from Burma.
Another important aspect, the report added, is that rice prices are dropping in Burma and, in Siam-Malaya's major supples -which if continued can have very real effect in reducing the cost of living in this coun- ury.
Malaysian Last year British territories comprising Singapore,
Federation the
Malaya. of Sarawak, British North Borneo and Hongkong obtained 90,000 tons of Burmese rice.
Mr R. M. Willis, Deputy Director of Commerco anti Ja- dustry, Singapore, said British Malaysian territories art ting 320,000 tons of rice from Siam the first nine months of this year and hope to get more remaining three during the months of the year.
A total of 470,000 tons Siamese rice was asked for by the territories last year but only 354,000 tans were supplied. United Press,
Exchange Rates
siness was done in the local unofficial exchange market
this
morning at the following rolemiam US dollar (per 31)
0.014
Sterling noto (per #1}
30.56
Indonesian malíders (per, 100) 20,40
6m Ueals (per 100)
Ringapore, (Siraita)
FIC plasies (per 100)
30.00
"E" (543, of 1930) Consols
The market was steady with spot marked up to £6134. The turnover
was 150 tons, and
M.V. "FELIX ROUSSEL"
WILL SAIL FOR.
YOKOHAMA and KOBE
ON
Saturday, 11th July, 1953, at Noon
EMBARKATION:
BAGGAGE:
Passengers are. requested to board the vessel between 9 and 11 a.m. on Saturday, 11th July,
Baggage room, hold and cabin luggage will be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gate, Canton Road entrance) from 9 a.m. to noon, and from 2 to 5 p.m. on Friday, 10th July.
CARIN BAGGAGE: cannot be accepted on board before embarkation time. Passengers will therefore have to collect their baggage from the godown between 9 and 11 a.m. during which period cabin, baggage may also be re- glstered.
Passengers are requested to notu that ALL BAGGAGE must be registered as prescribed above..
Compagnie Dos" Messageries Maritimos Queen's Bullding.
Tel: 26651.
July 10 from Manila. for July 17
“REBEVERETT"
Arrives Sails
Singapore, Penang. Rangoon & Calcutta,
July 20 from Singapore. July 27 for Kobe
it Yokohama.
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinaway
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
· "THAI”
July 11 from Takno
Arrives Sails
July 12
for Singapore, Port Swellen- ham,
Madras, Colombo,
Bombay, Korachi),
ramshahr,
Bahrein.
"STAR ARCTURUS”
Arrives
Salls
Bosrah
July 22 from Singapore July 23 for Naha & Japan (Accepting carch for transhipment Kobe/Pusan and Kobe/Okinawa)
Khor-
EVERETT STEAMSHIP CORPORATION SIA
"Qucon's Building, Telophone 31206, Chinese Department: 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