MESSAGERIES
P.O. Box $3, Queen's Bldg.
Gutwards
M
THE CHINA MAIL, MONDAY, JULY 20, 1953.
MARITIMES EMIGRATION
TÖF,
M
PASSENCER/FREIGHT SERVICE
Leayas harscillos
"LA MARSEILLÄISE" ↑ July
"VIETNAM”
Homewards
1-4 A.
For Balgon Yokohama
12 July
B-1 Aug
Leaves flongkong
za Aug.
Stanl
• Aurut
27 AVE.
22 August
14 Sept.
Balcon Balgon
"FELIX ROUBBEL" 25 July "LA MARSEILLAISE”
*VIETNAM"
via Marschiles to al) Mediterranean & West Afried ports. via Djibouti tó Madagascar.
FREIGHT SERVICE
Leaves
"COURSEULLES"...arop-Balled
Outwarda
"MEKONG"
Homewards
"MONKAY”
Hongkong
Europe-Balled
zizi dy
31 August
For Japan Japan For
Leaves
Reeling-18 July
Hongkong
19-20 July
"SILVERSANDAL" .... Keelung- ? August · 4 August
* "MEKONG"
„Keelung-19 August 20 August "COURSEULLES" „Keeling→ 4 October October
↑ Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without nolles,
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT”
In Port Loading Solls
July 20
for Singapore, Rangoon & Calcutta,
Penang,-
"REBEVERETT"
Arrives Sails
July 29 from Singapore,
Kobe July 29 for
B Yokohama.
crept cargo for transhipment Kobs/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
"STAR ARCTURUS”
In Port Loading
Sails
“LAO
for Naha & Japan
July 21
Arrives Sails
July 20
from Japan.
July 30
for Singapore, Port Swetten- ham, Penang, Mndras, Colombo, Bombay, Karachi, Khorramshahr, Basrah Bahrein.
(Accepting cargo for transhipment Kobi/Pusan and Kobe/Okinawa) '
*
EVERETT STEAMSHIP CORPORATION S/A Quoon's Building, Tolophone 31206. Chinose Department: Telephone 28293.
Weekly Review Of Textiles
New York, July 10, Cotton grey goods mills, wind-
HONGKONG
SHARE MARKET
(From Our Correspondent)
OF FIRMS
FROM COLONIES
Reopening
TO GREAT BRITAIN Of British
\(FROM OUR OWN. CORRESPONDENT)
London, July 19.
Two important policy statements were made by Govertiment spokestien during last week's Commons debate on development in the Colöiiles and other economically backward areas.
They concerned the British Government's attitude towards the emigration of companies which, though registered in the United Kingdom, carry on operations in the Colonies, and the setting up of a world develop ment fund.
The first of these was dealt with by the Colonial Secretary, Mr Oliver Lyttleton. It was reasonable, he said, that dividends received from oversens enter prise by people in this, country should be subject to United Kingdom inx. It might also in some circumstances be desirable for a company úndertaking a new overseas venture to be resident in London.
"But,"
he went on, "it mary j exparided technical assistance become
something of.
an programme-ils first contribution anachronism that the affairs of to any of the U.N. specialised company operating exclusively in agencies. a British colony and employing a large local labour force should be directed by a board sitting in London."
The Colonial Secretary pointed out that several such companies hod, with Treasury consent, already removed their head- quarters overseas.
The advantages of doing this
were:
The British Government's at- titude towards the American pro- posal was stated by the folat Under-Secretary of State for
Mr Foreign Affairs, Nutting.
Anthony
Markets
London,
Of the commodity markets that Britain is reopening this copper is likely to be the only one in which forelmers will be allowed to arbitrage be- countries, and will tween dollar and non-dollar therefore have convertibility of any ster- to the stof free fing spent in the market. Added arbitrage commodity markets re-opened
beginning of this year [by the
tin, lead, zine, rubber, tea and cocon-Uils
brings out the "catch In it:" in general, the markets In Britain in which
foreigners aro allowed to spend sterling on dollar goods are not dollar commodities, Tin, rubber, tea and, cocon nre almest wholly
and
are quite wholly non-dollar com- modities in British Nobody can
HIGHLIGHTS string commodities,
IN U.S.
BUSINESS
New York, July 10.
markets.
convert sterling into dollar commodities by buy
dollar tes in London; there
dollar tea.
Ing
Isn't
any
New Licensing
Of Imports In
Australia
Various textile products, sewing machines, tyres and tubes, crockery, China and toys are shong kiếw Itkma which inaj nal be
ported from Japan, nocord- ing to the latest licensing instrución m the Australian Culitos De- partment The
Importe will be subject to admiris. #tagiro
control. However Also Included In the Hat of goods which Hy now be Imported from Japan are dëmeñit, kültüren beurts, plywood canned salmon and
Der
and crustaceans, floorits Liles Textile products Include: table covering and berbitties. mapiery in the piece, tea towelling, calloo (qlber than bar calico which is airead
admitted). Doo-
HARAY
Th which cotton predominates. eption dress, prints, quilts, Ho silks, and pure alik piecegoods.--Reuter,
RUSSIA'S DRIVE
Page
Cotton Price
In New York Ends Higher
New York, fuly 18: Cotton futures andothe week on higher ground after Imoving up end down on the price ladder.
At Friday's close the 1st showed net gains of 12 to 10 points, or 60 to 90 cents per balo higher thun the preceding.
week.
Earlier the week winded sporms of pelivity as traders evened up accounts in July be- fore its expiration on Wednes- day. After that tiders steered close to attore while they kept à close watch on the crop news.
Korean
complexities, irregularifies of outside discouredly export buying, and the
the
an
plu markets. sibw tempo of the moderate
ly heavy rate of redemptions out of loan stock, all combined to
of he crop, picture was miked
overtone caution the week clored. Most welcome were widespread. raitia generally over the long drought- ridden Western and Central belts where the precipitation exceckied four inches in some locall
dered
the
while the reins definitely
drought, traders wod- dered whether ille moisture had come in time to aid the late planted cotton. Some experts questioned whether tho
raing
FOR TRADE would help or net above ground
before July 1.
1. That it enabled the directors gard to the future of world | Cartada this week estimated at ber to the arbitrage cöidmb- | growing number of iratie sgreg. / benefit and would go a lofig:WEY.
to control the affairs of the com- pany on the spot, in close touch
with local government, local/
labour leaders and local condi- tions generally, und,
2. That it enabled companies to benefit from the lower rates of taxation in the country con- cerned.
NOT AUTOMATIC
the
cialised
was
Focus:~~
charac-
Grain is the phenomenon. Last
There is a minor exception NOT NIGGARDLY
for the metals other than tin. It Canadian lead is sold to London Britain, he said, "supports and
for dollars, and bought from approves the resolution which
entirely reflects the policy of ports output of cats, buses and into dollar lead.
Automotive: Automotive Re Germany has converted sterling London by Germany in sterling, Her Majesty's Government in re-trucks in the United States and for the prospective addition of But, except
development."
170,500 units, comparte with defended
dities. all this convertibility had the 167,500 (revised) the week be against Opposition fore.
been granted by the beginning: that it
being
of this year, and in any case it niggardly In its contributions Banking: Federal Reserve→ is limited, since the great bulk to the United Nations organisa week ended July, B, member of the lead, zine and copper tous, especially the expanded bank commercial, industrial purchasable in London 15 not technical assistance programme. and agricultural loans in 9 of dollar origin. The
Britain, he said, hod spent leading cilice $22,000,000,000. teristic of the market re-
£200 million on UN. Gold reserves, week ended July opening
ogeneles. During 18,
Hing, amounted to $22,374.000.000. penings this year is the virtual absence of any further conver- two financial years for Excess reserves, estimated Mr Lyttelton did not suggest had been responsible it had con- tom
Government which the present
$141,000.000. Money in circula- bility for foreigners, coupled with the astonishing convertibl- that no new
$30,163,000,000; Colonial venture
securities
ly granted to Brilons-spine- should be started up in London
tributed over £17 mililön, Tis (gwernment) were at $24,900,- or that every company registered technical assistance programme
contributon to the expanded 000,000; ratio 45.3 per cent; New thing which nobody expected.
York City brokers In London and operating in had been restored to its previous
91,347,000,000; Bank Clearing. January, when the British Gov- colony should at emigrate.
rate 800,000 and this Dun & Bradstreet, Inc.--week company chuse to remain the second largest ended July 15, clearings in 25 to decontrol the trade in wheat and coarse grains, most people among the BB countries leading cities $15,914,519,000.
expected that foreigners would Carloadings: Association of
be given at least some sort of sums have been spent in American These
Railroads week possibility of buying dollar addition to the amounts made ended July 11, 721,454; load-grain for sterling. Probably no Nor ghould it be taken that the available by Britain through the tngs for the year to date ap-body in the world expected that Government would automatically Colonial Development and Wel-proximated 20,321,321 cars.
Britons would be given un- grant
every
for fare Fund, the Colonial Develop- application.
dollar Board, the Colombo Plan Each ment permission to emigrate.
Coal: National Coal Assecla- limited facility to buy
The Govern grain for sierling. other development and lion week involved the British Ex-and case
ment said that it would Heense chequer in loss of revenue and welfare organisations.
6,860,000 net tons for soft coal imports of enough dollar drain would have to be considered on
The British Government, Mr output estimated, and produc- to prevent the premiums o its
was not satisfied tion for the year to date apnon-dollar grain which under Nutting said, merits, However, Mr Lyttelton con- that what it had done so for was
231,155,000 tons.
mine sterling, but nobody read tinted,
the question of whether enough but it was doing all it
Engineering that to mean that British traders News-Record-week ended July would have an open licence to or not a company should transfer could.
16, Civil, engineering its headquarters to the colony iri
awards import as much dollar grain as $204,210,000. which it operated was "very
Electricity:
they liked near the core of colonial develop-
Electric Edison ment," and the Chancellor of the
Yot that is exactly what Institute-week ended July 1. British traders have been given. Exchequer would bear this in
8,010,140,000 kilowatt hours of ever since May 1: they are fres mind when considering future
output vs 7,914,877,000 in the applications.
previous week-United Press.
why a
domiciled in London their nearness to the financial and commerelal institutions in the City, for example.
DISAPPOINTMENT
This statement has been wel-
comed in the City of London.
But there is disappointment that Mr Lyttelton was not able to
give similar encouragement to companies which are at present vicitms of Government's policy on "pioneer industries" taxation relief.
the
part,
BRITAIN'S
EXPORTS
OF FIBRES
of
exports of rayon
yarn,
rayon
in-
ended. July
►
Filipino Trade
With Argentina
But c'hers felt no matter what London, July 10.
the status of the platit, Soviet Russia is piling up &
the rains were bound to be of ments with the West, and respon the event of p
bward making a late crop in sible British observers believe
tate fidst. In the export picture, Boston she needs rupprochement in
reports said Spain bought 19,- order to pave the way for more.
Buù bates of American cotton Authorities on the subject, in- within the past 10 days and in- cluding My Harold Wilson, the dicated further, interest · from former Labour President of the that direction. The same souten Board of Trade, are convinced reported interest being shown in that Russia's expressed deslie Mutual Security Agency for a finde revival is genuine, financed cotton with a continued and not merely felgned to sup-good demand for Mexican, port her pence propaganda,
pecially
from Japan.-United Press,
At the Economic `Commission for Europe in Geneva last year in April, thé Soviet délégates
asked Western consumer gourts.
erntent announced its intention for the first me since the War South American
to buy dollar or on-dollar groin, whichever is the cheaper, While foreigners have
been given no
facian ins
whatever to buy dottar
sterling
freedom for British traders to
Duy
418
Luty
the the not
buy in the cheapest market, which was expected to be the Britain's exports
carefully circumscribed excep staple fibre in May amounted to
tion, has been made the rule 1.93 million Ib against 1.52 mil-
without any exceptions. The lion in April, bringing the total
Government Intends
to pr Manila, July 19. for the first five months of the
unrestricted Imports of Argentine businessmen are rain only Despite pressure from
million b to year
long as 8.65
against
13 of payments colonial governments concerned, 8.03 million in the comparable ready to trade with the Phillp-balance the British Governmen! has ne
perlod
commerce jeopardised. But that, It stands, Values, and Filipino a year earlier. to permit resolutely refused
however, 11
were
officials predicted a balancing of down at one this country's
only means that this form bl trade from its million
with the company to exclude
pounds against £1,04
would be sug- convertibility South American assessment for United Kingdom million previously,"
Republic as soon as regular trade between ended in batante of payments taxation any relief granted to it
1515, In which
other yarn;
countries is the two
carried under these concessions.
doubled
rayon out.
towards convertibly advance Mr Lyttelton dismissed this and spun rayon and mixtures,
on the would be suspended 100.-Reu Business done on the
Reports of eagerness The Ing up their vacation period, re-
totalled 2.54 million lbs in May Exchange this morning amount-matter, he said, was still under against 2.26 million in April.
of Argentine businessmen to trade with the Philippines were ported a dehund for a numbered to $803,939,20, Noon quotd- consideration by the Treasury. For January/May
the
Total received from Philippine Minis- ttons and the morning's tran- In any case the amounts involved was 11.09 million s worth
ter Manuel Escudero in Buenos sactions:-
were a relatively small part of £4.34 million against 7.02 mil- Aires, who said that he had
. K taxation it affected Hon lbs and BHARES BUYERS BELLERS SALES
£3.14 million a arranged tentatively for a bra colonial development,
year earlier.
liminary exchange of goods BANKS
The question of D World Total exports of rayon and between the two countries after ILK Bank Enst Aria
development fund was first spin rayon fabrics, including conferences raised by Mr Skinwell, Minister tyre cord, knitted and other traders. of Defence in the former Labour | fabrics,
Argentine reached 13.03 million Government,
the who opened square yards against 12.03 mil-ready to finance the whole deal debate for the Opposition.
llon in April. This brought, the Frated-Presse. He asked the Government to export Ngută fur January/May stato Its
towards to 63.35 million square yards President
world- compared with 72.70 million a
of stantlard constructions as the week drew to a close.
Failure of second offerings to upset the market during the milis! holidays caused' buyers needing print cloth, broadcloth, INSURANCES osnoburgs and twills to pleto coverage against third and fourth quarter commilments.
Com-
Interest was stirred further by knowledge that converters are expected to begin buying soon to meet the demand from who garment manufacturers shortly will be in the market for yardage sample lines ON carly Spring 1954 fashions.
In colton yarns, activity start- ed to perk up as knitting mills ended the vacation. Salos yarn producers
good reported a underlying inquiry and expect- ed knitters to become sub- stantial buyers for: autumn
yarns
Canwa Uniors IK Pro
SHIPPING
Stock
subject in
in u words.
few.
1 @ 1515
.. 100
Arlo Nav... 1.45 1.45 800 g 143 2000 150 DOCKS, ETC.
CE
21.30
K. Wharf. Dock Provident ..12.20 B'hal Dock
Wheelock
LAND, ETC. Inc Hotel
BKC Land S'hai Land Humphreys Really
UTILITIES
Tran
DT
100 12.30
2.021
-.0.10
• 500
8.85
2200 8.90
9000 6 0.35
United States Government was ports also dropped to
shaking that the
year before. The value of ex- |
ready
to ask its
of
to join all million
from
£0.94
13.02 million
nations in devoting a substantial previously.--Reuter.
the savings by disaringment to a fund for world aid and recor 0.03 0.15 2500+ 0.10 struction.
18 10.80
.25.20
P. Tram (0) 40
45302
6000 6 8.10
0.10
Farm Mission To Manila
part
with Argentine
businessmen wero
U.S. Cotton Statistics
Washington, July 19. The Census Bureau reported
Concessions By Belgium
Brussels.
A draft bill has been tabled in the Belgian Parliament ta facilitate the transformation
They suggested to the British delegites another world econo- mile conference such as
that which met in Masebw in April last year.
Cotton
New York, Muly 19. closed at the end of the week South American cotton prices ending July 18 as follows:- Buenos Aires, Type F, in pesca
per metric ton
Sảo Paulo, Type 3. în trimetrna fleste. Sertad Hype A
per strobe
The British did sist favour- ably react but ដង that bilateral (dlits would produce Better results.
cruzeiros per acrobang Cecile, Matu. Type 1, (N *, Bhce then bilateral talks cruzoltus per acroba have produced Soviet trailem. Tanguis, Type "b agreements France, Greece
with Argentins, Lins. Pima, Type £. En Rol
dhd Hollend,per quintal unquoted atul other agreements are being Torread in dead pet. Spanish
quintal, 18/10-middling panana negotiated.-United Press.
Dull
-United Fresa.
Conditions
On London
Stock Exchange
(FROM OUR OWN CORRESPONDENT);
London, July 19.
The June trade gap and Mr Butler's warning that the general trade position "is, ag yet not satisfactory" contributed towards the dullness of the stock markets at the close of the old "account last Tuesday.
But sentiment fimproved when the new three- week account opened on Wednesday, and both gilt-edged and industrial share prices rose higher levels.
Business in the gili-eugod by Britain and the tuliča market was restricted at first States.
This caused De Beers Do into Belgian companies of exist by the English Electric issue of ing branches of foreign banks-22 million of 4% per cent ferred to spurt 4/7l4d. to 60/ in this country.
debenture stock.
Amdiig oller South African This was d great success, the rinkig shores Winkie
Collier application lists closing within rose 7d. to 14/14d, follow
heavy ing the announcement that the two minutes owing to over-subscription.
company is to raise 251⁄2 27-
on of new capital velopment works.
The bill would enable them to make the change free of registration duty. They would | aled be cxempt from the revenue lax and
The concessiona
national offibr-
com-
It
of Axeti
the
that
Li-
It was
QUIET WEEK
Londoni, July 19
a quiet, wook with
thero
has been estimated the Icsue attracted applications emergency contributor of
for at least £25 million, de- wiso, chargchble in ARE cumstances on foreign
rating once again tila presi today that the United States panies and private companies.
popularity cotton Edisumpti for 11
terest recuriles. would be RUSBÌAŃ ÚEACTION
months through June, 1953 was valid only for companies mak-
Further indication of 8,060,494 bales compared with
wae the revival of gut-edged lindst too much time for tal Ing the change before January According to Mr Eisenhower
8,422,440 bales in the samd
In the gilt-edged priten following mid-week the purpose of this fund would
perfod idat year. The consump. 1950-Reuter.
Bulinéa
was heavy buying benc be "to help other peoples develop
tion
of June, 1953 was 741,929
Medlin-dále stocks were Loan one of the few issues on of the four per cent Funding 604,273 under-developèdit areas of Dje
bales compared with
well to the fore Manila, July 19.
In this 2310 world, to stimulate profitable
which the Interest is the- covery, and rizos of 15/-- wero and fair world trade, to amist all
Vietnamese and Cambodian bales for June, 1952.
Cotton on hand in consuming
recorded in 3 per cent Savings for living abroad whe 12.50 people to know the blessings of agricultural officials exchanged establishments at June 27, 1955
rose 18/- to 1011⁄2, hɛnów 1964-67 and, in Funding 4: Pr high for this year. Information With Philippine productive
freedom."
was 1,000,823 bales compared
Zent 1080-90.. proposal was embodied in experts on farm techniques and
with 1,224,047 bales on June
Industrials SPECULATIVE TYPE respectable, draft resolution submitted by uses of plant and forest products 29,, 1952. 2007 a 1.50 10000 the United States at the Uroid sity of Philippines Agricultural spindles on June 21, 1953 with been granted his operate in
their visit to the Univer~ Active cotton consuming
Some of 600 + 27.10 Council
the day be Department meeting of 130221.50 fore the Commons dabate
150 # 21
4100
LJ (b) 1212 17 00 7400
Star Ferry, L 127
#
C, Light (N) 8%
production in the near future. Prices for carded and combed
firmi held
with strengthening tendency also ap
conrsté cürded parent, in the counts.
Fibres were quiet with mixed prices" changed. Burlap ́· WAS mosily uncharged in a dull market. Interest ju hemp and sisal fibres was aí an irreduce- able minimum with spinners IGA and consumers well covered for the present and hoping to make replacement purchases at lower levels. ·· Rayón: dry göbda business was
anly moderaic with bids Incfting on many types of goods, brokers reported.
United ProES.
Electria
Telephone INDUSTRIALS
Cement Hope STORES, ETC.
Datey Watson LiCrankford COTTON CA
1000 12.00 1000 8.08
2720
2000 44.
2000 # 27.20
1500 27,50
500 2135
Nations Economic and Social
Wos
Bande, 10,824,000
|
ona, province of Manila..
at Loos
rejected by Russia It
Visitors were necom the
that world trade panied by officials of the U.S. grounds 2000 18.00 was being hampered by the Mutual Security Agency during
United States which the Soviet, their trip.
17.00 40
· 22.90 . 23-
24.30 14.70 700
Textile Corp MISCELLANEOUS
Vibro
Yangtzo (0) 0.00 Yangiate [New]
compared 10,440,000 on June 28, 1932. United Press,
Traffic Right Extended
Mandia, July 10, - The Philippino Air Lines has
of rights to Japan, it was disclosed by PAL vice-president Daniel Gomez
1
were
hights
Improving thro these stocks, whose Interest Imperial Chemical up
pened to disponed mostly writh the demands for Courtatilde, Ford Motors and are from overder investra, and Woolworthi up: 101 posto
buk Rolls-Royes fall 1750.jpg The Industrial market closed. Dll had several belive days in on a dlatinctively.. drm, noto.
winch Anglo-Iranion kmanska but interest was again centred party two shilings lind Abou dis the more speculative typo 1/9d
enmo
Diamond share jumped
22.90
said, spokonan
The visitors Interest
“ was imposing an emburgo on Uilder-developed centred on the culture of black countries so ne tom pavent
and
other Business was done in the idea them pepper, vanilla ading their practice In the most local herbs. They exchanged unofficial exchange. market a "this
tagedus, markets a notes will Filipino agronomista UB.deltar tari 2.00 1000 @ 816 ? mā varam starflod the world, on the technique, af průpain= | Sterling tote (póc\2}}"ave 15.30-
morning at the following rate
kath however, by offering to con- tion, and the curing of spices, Indonesian culiders (per 100) 2000 @ 0.79 | irībute" four million roubles fibre plants and other herbs als past 00)
Singapore (biraite) (£ 300,000) to the United Nations | Franco-Presse.
Exchange Rates
21.60
32.00
PIG plastres (per 100)
#20
Mr Gomez returned yesterday from Tokyn aftar talks with the Japanese Transportation Minis
Mr Gomez added that the
As always, Were ̈ the tons between the Philippizer resumption of normal zelki
68 60/P on bedf most volatile section,
“Qüier,neuve markols were In Anousee and Japan no air agreement could.
Properties be concluded between the two dife
BWhich Arühkiss Telephonь countries, and instead annual favourably to the higher ballot jumped extension of tenute rights could. | price, "and in diamond: shares another: report be resorted to by indiaidual -ate | following reports from Johan-} negotiations with Veneru frans-France-Frekid
lesburg of "secret stockpiling imminent-United. Pres