MARITIMES Britain Believed To Huge Deficit Conversion Offer
M
PASSENGER/FREIGHT SERVICE
Leaves Marsalles
Mongkong 2-4 Aug
"LA MARSEILLAISE” ↑ July
"VIETNASI”
Homewards
For Falgon
Opo Mażerifies a
17 July
Leaves Longkong
23 ADE.
27 Abg.
14 Sept.
FELIX ROU88EL” ....1 July "LA MARSEILLAISE” « August
**VIETNAM**
11 August
Mabita
·Saigon
Saigon
via Marcellies to all Mediterranean & West Africa ports. via Djibouti to Madagascar.
FREIGHT SERVICE
Lexves
· Europe --Balled ....Europe-Balled
Outwards
Hongkong
For
*MEKONG"
23.24 July
"COURSEULLES"
29 August
Homewards
LeSTSI
Hongkong
Japan Japan
For
"MONKAY"
•••••••Kertung-1 July
f
"BILVERKANDAL"
August
"MEKONG"
"COURSEULLES”
October
18 July
4 Abkest Keelung-19 August 20` Ankon ...Keelung-2 October
Saigon, Jarseilles, Algiers, Oran, Tanglers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk. Subject to change without notice.
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives
Sails
July 17 from Manila,
Singapore, July 18 for
Bangoun & Calcutta.
"REBEVERETT"
Arrives Sails
July 29 from Singapore.
Penang,
July 20 fur Kobe & Yokohama. (Accepting cargo for transbipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- Chino, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porie.
"THAI"
In Port Loading Salls
July 13 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, ramshahr, Basrah Bahrein.
"STAR ARCTURUS“
Arrives Sailo
July 22 from Singapore
July 23 for Naha & Japan (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
Khor
J
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolophons 31206. Chinese Department: Tofophone 28293,
New Gold Mine In
South Africa May Produce A Fortune
Be Heading For New Round Of Inflation
(FROM OUR OWN CORRESPONDENT)
Those who believe Britain is heading for a have found support for their arguments in the figures for retail sales.
London, July 12.
new round of inflation latest Board of Trade
Undoubtedly part of the rise that took place HIGHLIGHTS in these sales during May was due to the once-for-
tive
OF U.S. BUSINESS
New York, July 12. Automobile: Ward's Automo-
cars Report-output of
US. buses and trucks in the and Canada last week estimated at 166,808 units, compared with the week (revised) 140,481
before.
Banking Federal Reserve week ended July 1, member bank, commercial, Industrial and agricultural loans in 01 leading cities totalled $22,585,- 000,000, Gold reserve, 922,430,- 000,000; excess reserves were estimated at $651,900,009; money in circulation $30,279,000,000; holding of U.S. 'government securities $24,064,000,000; ratio 45.5
cent.
Association
of
week
Asso-
Carloading: American Railroads endied July 4, 678,232.
Coal: National Coal elation week ended July 4, 1,375,000 tons, (reflecting sum- mer vacation).
Constructioni: News-Record - week July 9, civil engineering awards $101,028,000.
Electricity: Edison Electric Institute
week ended July 4, output 7,970,000,000 kilowatt hours.
Index:
Engineering ended
all influence of the Coronation.
***Sales of television sets, for example, rose abnormally
In this period. Again, buying was stimulated by the purchase tax concessions in the budget and these no doubt account for a large part of the increase in the sales of household goods.
But spending was not confined; these items alone; retell sales In all the mein groups were well Jevel of 12 months above the earlier.
inflation has been reversed and that we are now in for a dose at what the experts call "reflation."
Evidence for this is found in several other factors, the chiet. To some observers this sug of which are the return to full Kests that the trend towards dis-employment, the rate of industrial production and lie renewed pressure for wage increases,
AUSTRALIA
MASTERS
INFLATION
Canberra.
Whatever Mr Butler's critles accuse him of and they have accused him of many things- they can hardly now maintain that his policies are Leading to "wholesale unemployment." "The figures show otherwise.
There were fewer people nut of work in May than at the same time last year. This is partly explained by the fact that the slump in the cotton industry was its worst in May 1952: oppily the mills are busy once again.
WORRYING TENDENCY
Sir Arthur Fadden, Trea- surer and Acting
Prime Minister of Australia, has stated that the country's financial year which ended
June 30 had
But this is not the whole story, witnessed "the gradual mustery
Inflationary for the number of men who were of the insidious
unemployed last May was lower
spiral."
It had been the most important than that for the corresponding year in the economie. history of month of 1950, when Labour was
"It has scenin power, Australia, he added.
of the the gradual mastery
This would bra matter for Insidious inflationary
spiral
rejoicing if the fall in unemploy which, when the present
is now
ilures; Dun & Bradstreement came to power, Ument had been zerginpanied by a Inc., -week entled July 2, 20
to undermine the very basis of healthy redistribution of labour business failures totalled 380.
our economic welfare. Although between the exporting and con- Production-Standard
the sumer goods industries. which measures & Poor's industrial production some index lost
Government has had to weck estimated
introduce But this has not been the case.
the 230.0 per com
of the 1935-39 have been widely reset,
On the contrary, the tendency of the average, compared with 237.82 value (revised) in the week before, economic policies is
for workers to leave the ca-
motor Sir Arthur warned that there gineering shipbuilding.
problems to and electrical goods trades the many
on which Britain relies for the bulk of her exports and return to the textiles, clothing, food and other consumer goods trades.
Moody's Investors service index Iceiving general recognition" re-since the middle of 1952 has been
per
still
mided July 4. was at 230.3 overcome in the coming financial section of industry
of business activity in the week cent; Barron's
Index, adjusted for long term industry and year, "But the general economic population growth, in the week outlook is sound and 1 look for ended July 4, 112.3 per cent of ward to a year of increased pro- the 1035-30 average.
sperity for
Australian Oil: Production
American people." he added.--Reuter, Petroleum
Institute-week end-
et July 4, gasoline 24,044,000. bbls, crude oil 0,451,000 bbls., distillated ght fuel oll
10,- 457,000.-United Press.
OUTPUT OF
NATURAL
RUBBER
Washington, July 12, The Commerce Department announced that world produc- tion of natural rubber totalled 142.500 long tons in the month of May bringing the
cumula- Uve tutal for the Arst Ave nionths of 1953 to 002,500 long tors.
The figures were estimates of
the Secretariat of the interna- tional study group.
the
Middle East
Oil Price Speculation
In the nine months .between September 1952 and May of this year the latter group of industries has taken on another 130,000 workers.
Forecast In Washington
A
Us
WashingtonL, Administration official has visted that the United States Government Ja expected to wind Up the present fiscal year br Junë ́sa “about” 8,500 mil. Ilon dollars in defloit. This would be about 2,500 pull- lion dollars former President' Truman estimated in his Janunky budget.
4.2017
The same high ofŝolaj, Jooking ahead to the DETI 12 months, said It Vino go- ing to be "very dificult to avold
Infalion." despite the Eisenhower Government's
son hd money" Government would silir be spending much more than It took in, and that might thean new rebekal price rises.-Beuter.
Slump Hits Financial Position
Of Ceylon
Ceylon, whose 25,000 square miles give her an area of just under one-third the size of
Britain, as a history stretching back to those early colonists from India's Ganges territory, who settled in Ceylon about the year 550 B.C. She also has some essentially modern problems in respect of national finance.
Ironically, until a couple of years or so ogo, Ceylon wha enjoying an unusually affluent spell of
prosperity-based on exports of her three staple These were selling like hot-cakes ducts: ten, coconuts and rubber
in the world's markets and with the proceeds, Ceylon bought substantially In return. Her purchases were almost entirely foodstuffs especially rice of which she herself stood in con- siderable need.
Then a slump in the prices paid for her three main exports seriously upset the balance of her notional income and ex- penditure. The reduced earnings from her own crops left her with an uncomfortably small margin with which to buy the food crops of other countries. 11 looked as if she might have to tighten her belt for an inde- Anitely protracted period.
To Holders Of
War Bond Issue
(FROM OUR OWN CORRESPONDENT)
London, July 12.
The big news in the gilt-edged" market last week was the Government's conversion offer to holders of the £810 million of 21⁄2 per cent National War Bonds, 1962-54.
This stock may be converted at par into National War Bonds, 1954-56, between now and September 1.
Anouncement of this con- founded the market experts who had not expected the operation until later
year.
The slow-motion Fefunding of the Government's fhatural stocks has set the market guessing. Both the timing and terms of the con- version suggest to some observers that interest rates are likely to fall over the next few years.
The conversion has one draw- back for overseUS holders of maturity War Bonds-the in- terest on it is tax-free whereas that on inter Block is not.
HONGKONG SHARE MARKET
(From Our Corraspondent) Exchange this morning amounted Buchess done on the Stock
to $579,110. Noon quaintions, and
But, as the bulk of the 1952- the morning's transactions: 34 stock is held by Government NARES HUYERS SELLERS SALEB
banks, the will not be called BANKS
and
departments
thorities upon to find
much money for HK Bank 4010 1520 10 1610 those who do not wish to INSURANCES convert.
Gilt-edged stocks improyed on slon, due to the belief that with the announcement of the conver-
this operation e of the way there will be more scope for a further rise of priots.
NEW ISSUE
Canton Unbor 11K Fire
SHIPPING
DOCKS, FIC. Asla Nav.
K Wharf Dock Provident
100
no
143
1.30
20.70
72.30
S'hal Dock Whicchick
104
8.43 816
3000 to IS
200 0.4
3000 DIS
6000
The new issue market appears the terms of the English Electric-makers of the to approve forthcoming debenture issue by famous Canberra jet bomber and LAND, ETC. electric household appliances.
A total of £2,500,000 of 4 per cent
debenture stock in offered at a price of £974,
The company is also raising £4,000,000 by a one-for-three rights issue of ordinary shares at 4876d a share.
This caused the shares to fall from 57/-to 54, at which price "rights" are worth about 1/5d.
IK Hotel
IIK Land
S'hai Landl Humphreys UNLES
Tram
400
4100
a.05 1000
5100 5100 **
1.40
.10.30
24.00
P. Tram (0) FEL
P. Trom (N) 10.0 Star Ferry
120
2000
2600
000 60
2000 € 10.40
300 24.10
C. Light 701 12.40 1915 1600
aers&p&T&
000 69
100 8.30 1000 de
C. Ligt (N) 0.40 8 1000
Electric-
.... 20.70 Telephone 21.10
pusTRIALS Cement Rope
MORE ACTIVITY
There has been more activity thon of late in the industrial share market. The demand has been heaviest
textile In the But there was an alternative, section where shares in both which Ceylon was swift to spot. cotton and woollen companies STORES, ETC. 1774 That was the scientific agricul-have improved.
turat development of her fertüe
Rayon shares also attracted land and the adoption of modern WAGE DEMANDS
methods of cultivation in place. buyers after Courtauld's state- of centuries-old, but lessment that production is now And this has been largely at
effective, prattices. Here, the expense of the engineering outpost of the oil industry WAS industries whose labour force able-lo-give-help. Not only
fallen by 41,000 since the peak of the rearmament recruitment in the early months of last year.
Now that the
of
tha
back to mid-1951 levels.
18.30 2019 000
Dairy
蘿雞路
Watron
24.90
L. Crawford 23.00 COTTONS
EWO...
2.35
J
Textile Corp 5.65 8.10 000 5.00 MISCELLANEOUS
Heavy engineering shares re-Yangtze (0)
Yongliza
could it advise on the obvious mained friendless but plastics, a (New) mears of increasing acreage out-long-neglected
trade unions have
mployment has rewed it.
London, July 12. Oil circles are wondering their last is about to break away unions
place
group, showed
as use of mechanised signs of revival.
tractors,
'In the
ahore of buffalo-power but markets, Gils attracted renewed
commodity
whether the Middle East at lons Thes for more money. I could also advise on the use interest on the increased petrol
which
Is obvious, The of fertilisers, soll stimulants and prices, and lead-zincs improved been warned re-
producis re- other similar
on Australian buying.
ŚLOW RISE
from its old established habit of peatedly that if they press their could help add to the harvest of
following the ups and downs of American prices as measured by Texas crude quotations.
Thus for only one Middle East company has followed the re- A cent rise in Texas crude.
few days ago, Gulf Oil, which
claims for higher wages they may contribute to a new round of in- Bation and thus place Britain in danger of pricing herself out of
markets.
the world
wor
owns one half of Kuwait oil, wage claims are going for-
Some important unions have wisely heeded this warning but form a a small minority. Blg raised its price for Kuwait
or of millions of Th five months total for 1952 crude from $1.50 to $1.75. But ward on behalf was 727,500 tona,
Anglo-Iranian, which owns the workers in the railway, cotton, is ap engineering and farming in- World consumption of natural other half of Kuwait,
to the dustries. The dockers, too, are rubber in May 1953 was estimated parently still slicking
Whether Gold worth hundreds of millions of pounds is ex-
at 130,000 tons with the five $1.50 which it posted on April demanding more pay.
they
will Bucceed is another pected to be yielded from a new pipe which startshorths consumption total 867.-1.
matter. production on July 18 in the heart of the parched,500 tons, compared with 020,000
In both casts, the price is for The Industrial Disputes tons in the corresponding period dusty province of the Orange Free State..
crude 31 to 31.9 Tribunal has just rejected the low gravity at 1952,
The other Middle Estimated imports of natural degrees.
claim put forward by 17 unions Together with the opening last month of the Trans-
Eastern olts arc
higher in the building industry for a Kuwait and are
for about vaal uranium plant at Daggafontein, the event will be the rubber into Russia and China in-
chrded in those figures totalled gravity than highlight in another year of peak prosperity for this 11,250 tons in May 1953, 19.500 sold at prices ranging from 120,000 on our
in January-May 1953; and 91.75 to $2.20, and these prices fabulously wealthy country.
72,500 tons in January-May 1952, still ignore the rise in Amerienu the Imports of natural rubber into crude which began on June 15.
the United
States amounted to 50,128 ton in May 1953. 285.711 tons in the first half five months of this year, and 287,044 tons in the corresponding period of 1957. Latex included in these Agures amounted to 5.674 tons in May 1933,-United Press.
The new mine, Western Hold- third Free Ings, will be the State mine to start production; two other gold mincs-St. Helena and Welkom started producing 18 months ago.
Work is proeceding on an- other ten gold mines and three uranium plants are planned for
Colourful
names
in
picturesque, romantic story of South African gold prospecting: are næociated with the opening up of the Free State mines. Among them are Sir Abe Balley and Sir Ernest Oppenheimer.
Western Holdings,
which starts production this month, is owned by the Anglo-AmericanA
tomm
Corporation, the president of Rouble Stories
this province, once looked upon which is multi-millionaire Harry as little better than a desert. Oppenheimer,
FON
of
Sir
-United Press.
Joint Project
In Indonesia
workers.
OBVIOUS DANGER
Higher wages are a sign of increasing prosperity when they are in line with higher output but not when
the movement between these two factors is disproportionate as
it
is
the fields. And Ceylon is taking advantage of this on-the-spot expert assistance to go to work on the land with a will.
With this active co-operation of the oil men and other experts she is setting about completely re-modelling her agricultural system.
innovations
2200 6.70
2000 @ 0.00
$100
2000 0.30
Reform Of Industry Essential
༄་ "
#1
London, July 12. Prices of industrials in the ma-ket continued to edge up- ward very slowly. The Financial Times index of leading indus- trials cloud at new high for
Paris, July 12. The European cotton Indus- July at 1203, but it has a long way to go before it reaches the try-especially France's must If and when all the proposed 1958's peak in March of 125. be reorganised if progress
Courtaulds were strong, rising to be made towarti a and improvements Cau
according are completed, Ceylon may be is, Bd, and Rolls gained 9 pence, unified market, able to contemplate World But most of the well-known cotton fluctuations in raw material and shares were commodity prices with rather higher. more equanimity than at present. For then, they will not have such an acute bearing upon her nbilly to fill her larder. She will be doing this to a greater de gree for herself.
Thrown
1,000 Out of Work
only
single
to
threepence port today acturers in a re-
Among oils, Royal Dutch went down some 10/- at 31%, trond was but the general higher, with Anglo-Iranian up 3/9d, and Shelt up 1/410.
Glits were mixed with War Loans down Ya, and Treasury
of Most
the 24% up 3.
changes were of the order of
which
fell
a
D
the
However, the report calls attention to the general diff- culties of the textile industry single and concludes that European cotton market would not work at present.
Coming after similar hesita tions by working on a Europe wide agricultural "poo)," report indicated that the Schu man Plan high authority, Jean Monnet, was over-optimistic in recent statements that uninca- Lion
of European Industry Was Among mining shares, Kaza
on the way.
To keep a healthy balance, were rather depressed towards the end of the week though the French industry must ex- is true that production is
ett losses were not very great, port about one-thirt rising out of the trough Inta
Singapore, July 12. An exception 1vas Anglo- cotton goods. Under the tenta which it slumped last year but
threative plan, other European na❤ The lessening imports of slab American the Increuse is not as great as rubber from Indonesia
tions, possibly Including Great for chillings.
havo
to be Britain, would was hoped.
Chinese remilling factories in Tokyo, July 12,
in Japanese bonds
very provided with sirailar proper- were With investment outlays rising the Colony have resulted
1924 tion. This would not, however, The Jupan Mining Company is
and sales in shops at their present about 1,000 workers becoming Arm. The non-assented
while the help the unemployment problem drawing up plans for a Joint high level. the Inflationary Joblem, according to informed improved to £101
the industry in neconted went ex-dividend at common to Japan-Indonesia.development of danger becomes apparent,
£85 down £4 15s,
most nations, the report added. But too much stress should not oilfields in Northern Sumatra,
-United Press. A Singapore Nubbe: Trade be laid upon this for the incen- Association source said that the
to
Chirate bonds were firm and production greater
on truca ude uneconomical because of the rumours of forthcoming-Soviet currency
reforms as without of Indonesia, on the joint pro-get have not yet had time to do hight duty imposed by Indonesia
their work, and the foundation, felse and harmful.”
recent ject, the Japanese flrm han
plus foreign exchange difficulties.
German Polash bonds were 11 Chinese re- "Rumours
Four of the spending spree may, owe more about coming decldegi to Lend five-mento Coronation Influences than milling plants established in fractionally higher. United down 1. 10. Greeks were As one of the country'a richest
monetary reforms, which have
part of the spection team to Indonesia as some observers fear.
the Colony are reported to have Pritás, Today, the town of Welkom, old-mines this will be a major circulated among
Despite the trend of wages and closed down completely while centre of the Free Stato gold-Frank Neale, president of the devoll of any foundation," he The company is pushing plans situation is not too discouraging. ing on about
contributory factor in what Mr population in recent times, are econ as clearance is given,
production the present economie the remaining seven are operat
30 per cent of mining aren, is the fastest Johannesburg Stock Exchange, stated.
SRTA reserves are still capacity. The The gold
officiat growing town in South Africa, recently described дя "the
power, of the to give technical assistance to The
purchasing
Exports neo. оп the pointed out that the factories Exchange Rates on August 6 to mark the re- The 100 inhabitants of 1948 coming unprecedented period of Soviet rouble had double in the Alfon Mining and to import
petroleum from Sumatra,
Imports are which have shut down are being last
(though have grown to nearly 40,000. prosperity for South Africa."
five years, he said.
showing a disconcerting tendency closed only on a temporary A 15,000 milion "rouble State
The Japan Mining Company is to rise even more sharply). Where a few scattered farm- And its opening will repre- taitery lom, which, was recently
If the present exterrial position The Idle workers, besides re- houses anca mood, these are sent the most significant act in oponed to the public, has been building a combination tanker now hoursing Estater, most of the romantic drama which 18vra0bscribed by 343 million and are currier of about 10,000 can be held and Improved, mill employees, include welgh
to bring back oil and Britain's economic recovery willing hands, stevedores and bargo the treeless roubles. them bullt by the mining com- transforming
Mr Zverev announced tons
go ahead.
But the margin for and lightermen wmployed by panies to accommodate mine-stretches of the Orange Free that no more subscriptions would mineral_ore from Sumatra, sa
France-Presse.
error at home is small.
dealers.United Press. workers and their families. State into a new Golconita,
be accepted-Router.
Gold, in small quantities, was Ernest. first struck in the aren In 1934.
13 mines of the State reach full production within the next
When the Then the rush began-and in- vestors und prospectors made Orange Free fortunes overnight
Are Denied
Moscow. Arsenil Zverev, the Russian
Approached by the Indonesian tives
cources.
three or four years, they will Finance Minister, has described frm, the, Atjeh Mining Company provided in Mr Butler's last budenperrtation of slabs in at present | fractionally higher
Since those carly days nearly represent
DA investment
by
500 shafts have been sunic, private enterprise of more than most
of them unsuccessfully, £180,000,0 0. along the ribbon of the rect.
"
0
basis.
hopes.
Resumption Of Service
The
Vancouver, July 12, trans-Paciña *** Uner Hikawa Maru is to arrivo horo.
sumption of regulae Canadian- Japanese passenger service. "Business was 'độno' in The Total Owned by the Nippon Yusen ¡unofficial ́exchanjo... snarket hi! | Kaisha," the 11,921-ton liner is morning at the following rates!.... US. dalar (per 3 gratis 5,025 how undergoing extensive 20- giering note pert£1)
Indonesian guilders (per 100): 10.40 tting in Japanese naval yarda
Slam ficats (per 100) Singapore (Straits). TIC platites (per 100)
32,50
The NYK "Line's Pacific ser 1829 vice was interrupted by World
Báze | War H.---United Prezi,
.