MESSAGERIES
P.O. Box 63.
Queen's Bldg.
Outwards
M
MARITIMES
Tel: 24681.
M
PASSENGER/FREIGHT SERVICE
Leaves Marsellies
"LA MARSEILLAISE" ↑ July
**VIETNAME"
Homewards
Hongkong,
24. ADE,
Par Kalgon Yokohama
7 July
+ 9430 Aug.
'Leaves Hongkong
De Marseliita Vla
es 'Aug.
NADILA
27 Ang.
Saigon
14 Sept.
Raizon
"FERX, ROUSSEL" .25-July "LA MARSEILLAISE" 4 August
"VIETNAMI"
................22 Apgun
vis Marseilies to all, Moditerranean & West Africa ports. via Djibouti to Madagascar,
FREIGHT SERVICE
....Europe-Salted
Qutwards
*MEKONG"
› Europe-Railed
"COURSEULLES”
Itomewards
"SILVERSANDAL"
-“MUNKAY”
"MEKONG"
Leaven
Hongkong
13.24 July
20 August
Hongkong
'Far
Japan Japan
For
Keelung-j7 July ID July
Keelung Z Auguil * August ..Keelung-1 August 20 August
"COURBEULLES” „Keelung- 2 Delober 1 October
↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Botterdam & Dunkirk. Bubject 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 Salls
July 19 from Manili. for July 20
Skurupore, Rangoon & Calcutta,
"REBEVERETT"
Arrives Salts
July 20
Penang,
from Singapore, July 20 for Robe Se Yokohama. (Accepting cargo for travali)pment 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.
"STAR ARCTURUS"
Arrives SZIN
"LAO
July 20 from Singapore July 21 for Nuhu & Japan
Arrives Salls
July 29
from Japan.
July 30
ותנו!
for Singapore, Port Sweiten- Penang, Madras, Colombo, Bombay, Karachi,
Basrah Khorramshahr,
Bahrein.
(Accepting cargo for transhipment Kobe/Tusan and Kobe/Okinawa)
&
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telophone 31206. Chinoso Department: Telephone 28293.
Dullness
In N.Y.
Stocks
New York, July 14.
The stock market was dull to-
RALLY AT
CLOSE IN COTTON
THE CHÍNA MAIL, FRIDAY, JULY 17, 1953,
Commercial Air Transport
Growing Business Of Independent Firms: Turbo-Prop Services
Known in abbreviation as FIT.A.P., the Federation of Independent Air Transport Operators is in the main a European organisation of grow- ing strength.
There is little doubt that the national flag lines with prior rights and monopolies, were a sound basis for the formative years of postwar air transport, but independent operators have fought for existance against stiff oxidis in a business which tended to be ruled by stiff-neoked politics.
Events like the Berlin Airlift and other aspects of near emergency have proved the need for fleets of commercial aircraft available for the carriage of goods other than those man by the national airlines or the Services.
Sugar Prices In N.Y.
A quarterly meeting of F.1.T.-.¡ available to the philorophy of A.P. took place in Paris Inst high density, beenuse the writ. month. Delegates from Spain, ing WON on the wali. The airline with which France, Scandinavia and Great rapidity Britain attended. The members competition we growing in the were very
at the post-war world showed all too concerned
no room for report of the president, Air clearly there was Commodore G. J. Powell transport experiments.
While cur 100-ton Princesses naging director of Silver!
being cocooned with City Airways), that a British are independent airline, granted with rumours, which all seem an weather-proofing and festooned operating licence by the Ministry of Civil Aviation, had been to lend to some backwater of closed today unchanged to two prevented
wishful forgetting by the multi-poltts higher with sales opening from
tude of experts who have been contracts. service, because of h ruling by tur
Domestic Number +S:X
Buscar the International Air Transport Concerned in this expensive ex-
lens of the closed unchanged to one point Association that the fares were ment, the 200
fying-boot higher with sales of 69
Both ranrkets ruled are being kept afloat, although tracts, the cost is said to be more than quiet. Prices of futures cicaed
£500,000 per annum.
To keep as follows: huil dooked and deterioration
must
too
low. The route proposed was Newcastle-Scandinavia and the operating company, Hunting Air Transport.
to
Hughes
New York, July 10, World Number Four sukar of 10
con-
RED TAPE HAMPERS EXPORTS
Traders' Criticism In E. Germany
'Berlin, July 18. Fast German textile mer chants, representing private anil criticised State Arms, today
"red tape" for hampering ex- ports to capitalist countries, the East Gorman news agency,
ADN, reported.
Representatives of Planning Commission and trade unlons did not attend, though invited, the nuency rald.
Treasury Gives Storm Warning
To Britain
The Treasury has published a storm warning --but a very mild and modest one, The Bulletin for Industry was devoted to an economic review, of which the first part was healed "Production Recovers, But-" and it is the "but-" which is the sign of this cautiously modulated official anxiety. The points that stand out in this bulletin are The meeting, held at Karl-that production and imports have been rising murxstudi (formerly Chemnitz); faster than exports, that the gold...and dollar was called by the President of
reserves have been rising less rapidly than they the Chamber of Exports, Dr Laing.
might have, and that the cost of wagen lins been the State rising while the cost of imports has been falling.
The suggestion is that if these, dock already to great, not ba irends continue the pattern of cause wages tro tco hat 1951 might be repented, though because productivity is law. with variations, The Treasury This is now the central issue en does not itself any this, but he witch prosperity or crisis must bulletin presents the facts in turn. If this summer's wore de- such a way that it is the rural mands end to much higher conclusion to be drawn.
wages, or, as the caghicers de- There is one thing which mand, a shorter working week that could require a revision of Herr Engel of the Sinte felt immediately
Being about the things warning.
other
economic policies. works et Lengenfeld, Saxony, which the Treasury
complains abandonment of the assumptiou bald East Germany could satisfy about pre the result, the of expansion. In the coming many requests from the West
necessary result, of the Governmentlis it any be the Ministry for felt shipments "but our
ment's polley. It has been de-of Labour and not the Treasury Site ollclals to pot rentis elded that the credit restrictions which will determine the econo what possibilities there should be relaxed so that pro- nile prospect. --- The Financial this field."
duction could hereuse and it Times.
Increased Production
Import bound to incrense with
A representative st_a_textile works at Burgstaedt, Saxony complained that his firm had to Bli in 35 questionnaires for every export licence for a pair of gloves,
and
Herr Kurt Epp:rlein, of tac
for Dumestic State Office Foreign Trade, urged that Eust German exporters be allowed to do more, on-the-spot study of foreign markets, especially Western countries, where 55 pe
Textile exports cent of their 3.46 nom. went 3.47 Nom. 3.47.nom.
3.01-02 2.61 hl 3.84 nom. KAT
free
Coulract No. 4 (world)
by July
Mr
Sept.
Oct.
the Jan. 1054
con. March
May
such The point was made that there from were many possible routes for
nightmare. expert's which I.A.T.A. had no fled fare Hughes always
contended was considered boat structures; it
was
round of
designed, but that there was no justification struction and well for LAT.A. intervention on such that it locked power, and to Sept.
prove it he is installing a new Spot-frenia per th. Lob. routes and that the federation
Cuba) should Le
which should set of engines empowered
Contract No. B adjudicate in enses where provide about 2.000 1.3. ud-July Independent nirlines were tional for take-off. involved. Because of the wider
The Interesting thing about Nov. the Hughes ying-boat at this stay audience which has listened to the view of F.I.T.A.P.in. recent
nviation international ferences, the committee was hopeful thni dictatorship by I.A.T.A. of routes which did not concern its members could be averted.
lines route.
An
con
Bept.
March
Juncture is
Is whether anything July
can
utir
It
on the North Atlantic that
ospect interesting .British independent airlines' Bnance problems was raised by Air Commodore Powell, Manu facturers of large modern acro- planes-costing £300,000 to £1 now want substantial payment with the signing of the
sun
nero- will not advance
a complete
lic
where There 19 110
ΟΣ
be
one-third
* Nov.
of
In the welcome expansion of
NY ex-dock)
3.47 ΠΟΜΠ
3.00
0.02 bid 5.03
6.80 non.
3.5 nom.
in
The agency also reported the granting of bank credits of more lian one million East Marks (about 19,000 at the unofficial sute) to farmers in the Erfurt
district of Thuringia.
East
this
were
They included 25,000 3.53 nom. Marks (about £400) to 14
Jorge farmers who had retumed to be which after fleeing earlier this year to The Weal,
agency seld-whether Reuter,
3.28.r.om. 5.20
5.02
United Press.
LONDON TIN MARKET
the
Rubber Futures In S'pore
Singapore, July 16. The rubber market bad a quiet day. Closing prices:---
No. 1 rubber per th
July
and
58714 592
August
Sept.
587
Nu. 1 rubber perih. No. rubber
BD24 | No. 4 rubber per
500
692% Blanket crude
United Press,
"Secrecy
-
GO+C 601-462 unquoted
July 60104 Spot rubber unbaled
105%-05-2 No. 1 pale crepe **** insted Pre#S
Blanker"
Covers Uranium
Production Process
Johannesburg.
'ix
C
HONGKONG SHARE MARKET
(From Our Correspondent)'
-
A
Business done on the Stock Exclinnge this morning amount- ed to 2008,455. Noon quotations. and the morning's transactions:
SHARES NOTERS BELLERS BALES
BANKS
HK Bank FOR ARK INSURANCES
Canton
.. 1313 150
Last year the policy was to bulld up the reserves at all costs, after stopping the full, This year It has apparently been accepted that a
a slower mie of increase is as much as can be achieved with- out running into other difficulties. The construction programme now very large indeed, partly because of the better supply of because last steel and partly
on capital years Indications Investment are no longer operat- hg any significant extent.
TWO VIEWS
The question then really scoms of the ensury's two views Is the righ
the
monetary policy of last year is needed, a whether the palley of high pro- duellen and small overall-sur- pluser can safely be continied
UK Pire It is plain that the first view de the right one if this 320 SUPTING Economic Survey is accepted. DOCKS, ETC
Asia Nay, .... 140 1 was then laid down that there ought to be an annual surplus of "something ilke £300m, £350m." As things stand present there is absolutely no of a surplus of that prospect order being cumulated. Jocs It seem likely that such o surplus can be attained, year by year, without complete re- arlentation of economie policy.
It is not, however, the allure reach this surplus that is mosi to disturbing, but the possibility of a severe relapsa. One need inke no notice the theory thut Britain is bound to have á crisis that odd year. Those Fappancil have
hnd largely diferent causes. -1947-the-troublo-was.
every
have
Dock
Whert provident 10
.nt
15 @ 1620
241
73715 702
10 79215
1-15
10 14
73
21.10 *-12.30-13.30 2000 a 13.40
S'hal Dock 1.05 Wheelock....
LAND, ETC.
HK Hotel TTK Land S'hai Lend
*
3000 17.30
4000:29 12:30
500 13.30
BAD 505
12001
2000
10000
4 8.13 2000. 1.03
12
IBTIS 2000 19
291 14.70 3500 na 10.29 2000 » 10,70
11000 ms 12AG
23 100 24:30
200 14 2400 1000 2630
Itumphreye,
In
"the pre-
Recity UTILITIES
aren
B. Tiom (9)
175m N Star Ferry
21,70
0
6.65 1500 0.55
27 500 2000
18.50 10 + 1715
250 © 10,40 500
101
mature excursion in enave ti-
recession bility, in 1949 the
in
Jacstric ... 20:10 Telephopu the INDUSTRIALS
Coment
the Undert States and fallin- world demand. In
1951 movement of the terms of trade against us. There was, of course the common factor of domestic which made Brian inflation
vulnerable, did not itself touch off the
explosion
Itu
STOKES, ETC.
Dairy
..... 236 23.75 230 m 24.00 200-22.00
Watasa bui
COTTONS"
It is perfectly possible that
would orko
conditions
Crawford
21-20 2455 500. če 24,40
FANO 240 2.83
Fexsin Copo. MISCELLANEOUS
Yangtaxe
KN 1950, 2000 # B
040 3001-
proved by sumulent Sept. horse-power to make it fly. Spot-tcents per lb. clit anything at all worthwhile proved in the cause of air trans
this wooden making port by
I fail to ReD colossus airborne, why some intelligent long-range LOWEST POINT
use has rat been planned for All independent oparsters re-
British 100-101 aircraft port growth in their air which have proved themselves business, but express the opinion extremely airworthy. that fares have now reached
London, July 10. their lowest economical point VISCOUNTS' GOOD REPORT
The tin market eased för both and that the polley of F.I.T.A.P.
was only two-and-a-hatt spol and forward but became should be one of anu-subsidy.
price of £600 per Concern was voiced regarding months ago that B.E.A. opened steadier, and recovered £84 10
both spot short ton for unfair competition caused by the world's first turbo-prop air a common.
three months. average 22 per cent subsidy service. The introduction of a received by United States air-new Stockholm schedule means Tin spot, buyers
already
Beliers B.E.A.'s indupientes route Three months tin buyers mileage is flown by the new
sellers of viscounts.
Business Hone at The first operational report is Settlement
dramatically good for almost Great Britalu. In the first 1,000 hours of operation the Viscounts have male an overall profit for the the corporatione hand onesel £45,000 in order, a further sum half an average s through, construelton and a
af 32
32 passengers a
and 800 "delivery.
Although
of mall and cargo. This is Bunucial houses, are, in
nostly the beginning of thetr to
the operational life. The Viscounts cares, prepared
Sponsor purchase of puren:
have row completed 1,000 hours plane,
of uirline service, the first of money
any lurbo-prop aircraft in the lungible security and no gua-world to do so.
During these ranteed resale price of the pro-first 1,000 hours, the B.E.A. duel on completion.
Viscounts have operated for an of 025 There have been times during average sector distance
or so when miles at a black speed of 221 the last five years
American Howard Hughes m.p.h. the
The President of the Transvaal chamber of 200-ton wooden flying-boat has afforded this column with
Mr Viscount schedules, services have mines, Mr C. S. Maclean, said in his presidential this year external
which would be relict. My friend lighter
How vice-president, been started between London address here there was no justification for the every dangerons. If there was a Ed. Bern, sales,
an and Rome, Cyprus, Istanbul but an and of Panagra
Geneva. Route speed lief, apparently held both in the Union and over-recession in the United Sintes, or early associate of Mr Hughes
have
been already in his flying-boat project, will
defence of the captured between London and seas, that all South African gold mines would be
depends, rear up in the cotton
fying-beat at any time with the Genova, Zurich and London, and come uranium producers.
London and Cologne,
"Unfortunately, nature has been capricious in either could apeet the balance, argument that it has flown.
would and neither novement In the first 1,000 hours of This is true, if only a few teat
have to be a very large one t Bown her placing of uranium in gold-bearing reefs." utes: operation
they have off the water for a few minutes;
do so. The forlunate mine revenue-miles, carried was to Mr a great credit It
Mr Maclean sald cortal mining Industry could regard that there is no indication Hughes, who took it off, per- 7,700 passengers and 77 tons of rmoun!
misunderstanding the mall and cargo, and have grossed about of
immediate future with a moment that either of them will the magnitude of the measure of relief ond Indeed happen. The economy of the sonally.
£240,000 of revenue. What is, Union's uranium production
with "optimism. The upward, United States has shown extra- perhaps, more important,
resilience they
since the war, from curve of costs of operation of jordingly looking very hit of the Spot have achieved a service regu programme bad resulted
Isa- the "blanket of secrecy" on the mines was now rining less und it is of 99.3 per cent, Uulisa- however, when we can prognosis of the rate of 1,550 hours / information gold mining com- | sleeply, which might be a wel-moment, apart from a certain September
allowed to give come portent. panies were
nervousness on Wall Street. Im- December the Hughes flying-boot without so far-building up,
port prices are still falling but Mutch (1964) DECISION_ACCEPTED Including Dur British while not a doubt in the world but their shareholders,
The
Corn (No. 2, dllow, per elephants.
in actual that Great Britain has a winner which,
"Although it is
true a
Gold Producers Com-have not reached a level that May
low or ap bushel in cents). tonnage built, now exceed the in the Viscount.
Lain amount of
lymittee had accepted the Union seems abnormally sterecy 'Hughes Dying-bont tonnage by
Finance Minister's decision that parently presages any sharp im- Spot July The latest turbo-prop air ser essential, particularly on techni as many hundred tons
Beptember 0s the
aspects of the production to present was not the limo mediate rebound.
to increase the amount of gold
A COMPROMISE number of Brabazons and Prin-vices were inaugurated when cal
of Viscount airliners started flying process, nevertheless I feel un-
mado available
for non- cesses completed in excess
that the pro- It seems then monetary purposes, one of each. The giant woollen between London, Coperhogen due limitations have been Im-
Rye (price per bushel In Stockholm, and boat of Howard Hughes repre- and
nightly posed on goldmining companies
Spooking of mining prespects, phecies of disaster, to which after the information they aru sents about £84 mn. The between London and Zurich. At in
reveal to ther Mr Maclean we have all even the
pessimilem of the conds).
13031+2 found no evidence to suggest the Treasury does not lend itself, do september British giants would leave little 315 m.p.h., they reduce by one allowed to
Investor is
Fice change at this juncture out of hour 50 minutes the London-shareholders. The
State helds will balle not stand Just Bed, The present at least to suficient Stockholm-schedule for platon- entitled
profitable enable him pro- 56
balance £16 mn.
premite. This precarious probably does cents). engined Vikings, and they better information
be, rightly
the best current com- July The excuse for the Hughes
the time of the Elizabethan air perly to syess the potentially'r
directed Loweeds the one
prolonging
Boybeans and for high- ying-bont
Mocican
life of the Industry by mining promise between the need for September
bigger. reserves Mr this important route, by
said the maximum cursor ore production and livestiment. But In esata). oceanie range in pursuit of the in which any are replacas des of his investments." Germans or the Japanese. Thenn-hour. On the Zurich route, mine Western Reefs Explora undarlying the goldackis. The on either view everything must birth of the
Company Brabazon giants viscounts will be flying for the lion and Development was due, in part, to ideas
would be over the ocean transport to the first time at a cheap night fore, would shortly be producing were closure of any mine Contrary Ho South Liverpool Journal of uranium. The speed with which -The
| Atriton'a -iesbrasta” The Zone. Eastern war For
uranium plants had been erected
On the Witwatersrand, mixing and brought to production in costs and shortages were renting scheme for the post-war Braba- Commerce.
the Union had bocn favourably a dificult parled for the elder zons ng Princesses was plain long-t
civil transport,
commented on by the authori
10 products. "But there two faz-
on the whole running well. There Book lies in countries which financed
New York Aors are examen te mining the is a prospect of larger exports the venture Britain and the weld ever and forensed posts Inside the Commonwealth, though $129 nom-United Prem United Staics.
Can and in my view, will be that carries with it the risk of of the goldmining countered by a perifdef de diversion of dollar exposta to Mr Maclean, sult in stings and ultimately by a caster, but, from the national
New York, July 10. A
close smart rally at the climaxed another qulet and Prices edged up at the open-featureless session
day.
ing and held Arm, Anishing
Volume.
a futures today.
in
few cents higher on the average, Prices displayed stendiness,
10- was Ught Sales
und some recent bears became talled 730,000 shares.
moved to cover This persistent dullness is the uneasy and
the final biggest worry in Wall Street, rather anxiously in Brokers my good pick-up in dealings. Closing at the day's volume probably is essential to best levels, the list showed nett advance and gains of nine to 23 points, with zustained any many feel that without greater the biggest gains on the far for- Investor Interest there could be ward positions.
test of the a more thorough mid-June lows in store.
an
Interest in
Opening prices were up two to three points. With expiration With the excess proill tax no of July contract yesterday, the longer
"unknown", the market seemed to be drifting of development Korean and Russian uncertain-pending the ties now are balanced against now incentives.
Traders talked about the crop the growing list of good second
export possibi- prospects, the quarter earnings reports.
But today at least, investors files, the irregularity of outside News of scattered appeared to be thinking about markets. anything but the stock market, showers in parts of the North Some
Aircrafts and West of Texas and other yesterday drought-ridden areas spillea
come in when Douglas ran up $3.3% per for comment but they appeared to have little market influence. The Census Bureau reported Rnüs closed 18 cents higher, utilities 15 cents lower, and the that the domestic crop of cotton market narrowed to 1,008 Issues for the season would be around with 418 higher, 30 lower and 207,408 bales.
Peleca of cotton 200 unchanged.
closed today as follows:- 200.41
Spot 105:19 October
40.00 December 106.March (1034)
share.
over from
Dow Jones closing averages:- 30 Industrials
20 Rails
15 Utilities
*00 Stocks
40 Bonds
Comm. Prloos Intex
July $4:05
October 189.14 December
United Press.
JAPANESE BONDS
London, July 10.
Japanese bantia
"A" (45. of 1809) "B" (4 of 1910) "C" (Pa, of 1007) 50% 101924) EN 158. BE'1930) Consoli
04.
futures
34.4 nom. 3410
34.31-73 34.40 34.03
·Dima bid -
: 33.67-00
33.02
United Press.
NEW ORLEANS TRICES
New Orleans, July 10. Pricen of cotton futures closed today as follows:- Bpo!..
ctober 7134ecomber $1224 Agrežu : £1004) 10034 May 1441⁄2
005 October United Press.
December
31 10 Stalbid 2440
SA bid
33.38 bid
United Fress.
The
"WHITE 'ELEPHANTS"
time has now
ticate on the ultimate fate
gotic
WES
of
of
records
There is
wanted for the money London Foreign
Exchange
to be expendoll was never elearly defned. After the money had been spent, it was found that neither aircraft was wanted, because the air routes could not be tailored to fit the aircraft,
New York any more than the trend to Montreal wards less luxury and popular Amsterdam fares could be checked in pawn, rusels The fact was that a breed of sin
Zurich eecnomie, tensports had emerg Copenhagen 7d and none was interested Paris in luxury flants, So the ob- Stockholm vious course was to prune, planlocked Math and
aircraft convert the
Deutsche
CLT-
•
3
B
whose favourable movement tum in the terms of trade, on Britain too largely
The
1
Grain Prices
In Chicago
Chleage, July 16. Prices of urdin futures closed today as follows:
Wheat — {(No. 2. red, per bushel in eants).
July
December
March (1054). Nay
THE
TOWE
1013
-307-1013 200 2197
146 1987
(price per bushel in
(price per bushel
205-1009,
0114
2377(4
04584
bushel
130-180
depend on the expert position, Stomber The view is that of the moment, November
Gro. likely to bel Januszy' ̧(1051)
March exports maintained, but not, evidence of order books, greatly Kay
Harley (price per Dollar exports are, in cents). Increased.
on
the
fleur-200 ib. Xackc
Speaking of Industry. evitably the time must come subiectel porcato in point of view, loss toportant Exchange Rates London, July 10.
the The price of gold." i-/10-281-9/16 when shadows clauding 279-1/10-2703/10
Me Masions mid to the end of, bids)
·152835-10,00 NA prezent would disperse to fo
the industry in its rightful fast year neatly
'Edvarks was jfone in the "local The great that to exporta is 100,000,000 the mainstay of South had been spent on capital works that prices, should rise too for metal exchange
moting at the following TUTOR Africa's commercial and In in the From Blate golddelde and Already Gorman and Japanese Va, dedos (ner sipar dustrial life. It would poem estimatessen the broadest lines competition is very Intenze and sterling note peste 13 that the peak in the Union's were that over the exxt decade any increase in the labour cost Indonesia guilders (per 100) Ram tenis per 100)..... of Briush goods could have impor (oimitali cost structure was close at hand a further £86 millions re least and if this
disastrous effect; The cost is in-¡VIC plastres (per 100) ****** was so the gold would bb required-Reuter
1124942.30%
140.00-140.10
1954)^-19.34%
10,34-10.30
000-9601D
Mark 11.091-31.201
15.43-19.00
United Press,