MESSAGERIES
P.Q. Box 68. - Queen's Bldg.
Outwards
M
THE CHINA MAIL, THURSDAY, JULY 23, 1953.
MARITIMES GREEK'S Prophets Of ||
M
PASSENGER/FREIGHT SERVICE
Leaves Mintbellies
"LA MARSEILLAISE” solled "VIETNAM ............alled
"CAMBODGE"
Home WAT ON
"FELIX ROUSSEL"
Itongkang
2-4. Abg.
.Bulgon
LONDON
MISSION
Co-
Mr. Spyros Markezinis, Yokohama Greek Minister for
ordination and chief policy- maker of Marshal Papagos's Government, has arrived in
-11' Adc.
July
24 AUE.
Leaves fleagkeng
Due Antortilès.. Via
29 Aug.
Manlia
August
27 Avd.
Saigon
August
14 Sept.
Salgon
20 Aept,
Balgon
"LA MARSEILLAISE J
"VIETNAM”
"CAMBODGE" ......28 Aug.-
vin Marseilles to all Mediterranean & West Africa, porta.. via Djibouti to Madagasca
FREIGHT SERVICE
Outwards
"MEKONG"
"COURSEULLES”
.Europe-Bailed ....Europe-Sailed
Homewards
Leaves
"SILVERSANDAL" .Reclung- 1
Hongkong
21 July 31 August
Hongkong
For Барка Tapas For
4 August August "MEKONG"
„Keclang-19 August 29 August October "COURBEULLEŞ” ....KeringTM 4 October
Balgon, Marseilles, Algiers, Oran, Tangiers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk Subject to change without notice.
M.V. “FELIX ROUSSEL”
will sail for
MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ, PORT-SAID
EMBARKATION:
on
Saturday, 25th July 1953 at NOON
Passengers are requested to, board the vessel between 9 and 11 a.m. on
26th July. Saturday, Baggage room, hold and cabin luggage have to 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, 24th July.
BAGGAGE:
CABIN BAGGAGE: cannot be accepted on board before embarkation time. Passengers will therefore have to collect their baggage from the godown between 9 and 11 am. during which period cabin baggage may also be re- gistered.
Passengers are requested to note that ALL BAGGAGE must be re- gistered as prescribed above.
Compagnie Des Messageries Maritimes
Queen's Building.
EVERETT
Tel: 26651
LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong,
"REBEVERETT"
Arrives
„Sa'ls.
July 31. from Singapore, Aug-1 for Koba_&_Yokohama.
"LENEVERETT"
Arrives Sails
from Mabila, Aug. 3 Aug. 4 for Singapore,
&
Penang, Calcutta,
Rangoon (Accepting cargo for transhipment Kobe/Puran and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korca, Japan, Philippines, Indo- China, Siam,' Malaya, Colınıbo, Bombay, Karachi and Persian Gulf Ports.
LÀ C
Arrives Salls
July 28 from Japan.
July 20 for Singapore, Port Swetten-
ham, Penang, Madras,
Colombo, Bombay,, Karachi, Khorramshahr, Basroh Bahrein.
"STAR ALCYONE"
Arrives Solls
Aug. 21 from Singapore. Aug. 23 for Naha & Japan, (Accepting cargo. for transhipment Kobe/Tusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolephono 31206. Chinese Department: Telephono 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
Doom Again
Proved False
London. He is to see wheBy SYDNEY S, GAMPELL, REUTER'S FINANCIAL EDITOR ther he can and some way of attracting British capital The great U.S. setback is postponed again. to Greece.
Some day, presumably, it must come, but it is not in sight.
drachma
a to
During its first term of office the Papagos Government has devolued the realistie rate making Grecic_ex- liberalised porta competitive; foreign trade; and drastically cut administrative expenditure. Communist-controlled The closed shop of the tobacco workers' union, which had de- liberately kept down output the per worker and priced Greek tobacco out of the world market, has been broken; the Budget gap has been closed by extra taxation rather than by reducing reconstruction credils, as all other post-war Greek Governments had done; wages and salaries have been frozen successfully-10 far-- despit: strikes for more pay.
and
Those who, in each half-year since the end of the war, have been prophesying it for the next half-year, now duly put it in the first half of 1954, but they may turn out to be just as wrong as be- fore.
Moscow, London and Paris, the three main centres for prophesies of the "inevitable” U.S. slump, might do better to look in their own backyards.
Dollar Project Dissent
Anglo-American
differ-
Page
With
Doing Away
Two-Price System
For UK
UK Traders
eneca of opinion are under stood to exist, over the
Convertibility for Britons but not for Americans hat big effort foreigners as in the present British grain trade
under the Marshall Plan to
persuado West European arrangements where British traders can un- countries to put their limitedly import dollar grain and feed, while civilian economies on a foreighers cannot buy either of them för sterling—– healthy and expanding is a very important form of convertibility.
This last shot in the locker of
by direct
for. a
Pro
basia the European Recovery
ali but eclipsed ramme now ald-is the offer of rée dollar
European Productivity. Agency.
So far the Agency, in which the Americans put great hopes, has been given little publicity in Britain and has been very
American military
slow in getting
For all commodities which it covers, it does away with the two-price system in Which British traders were paying premiums for soft-currency goods merely to save dollars.
This hus
becn
This is a very long step to consed to be worth retaining. wards integrating the dollar and Thoy always swore that if and the non-deilar markets. Bluntly, only if the British Government when the British Government would stop treating sterling as paid or forced British traders worth less than $2.00, they would If Britain or any other country term debt instead of funding it:
started, Al- to pay more for non-dollar than have to, stop it too. though runs too precarious an economy has enlarged the banks' landing
the Organisation for for dollar foods, the British
HOME REMAINS and too soft a money policy, It power by $0 billion through the European Economic
ora Government, wos Itself trading Co-opera- Gov might be vulnerable to a drop cuts in reserve ratios; and is at
tion in Paris agreed to set. It up depreciated sterling. In grain
still remains, Some discount of only 1 or 2 per cent in U.S. present enlarging it further by
Jual March, is director, Dr and the other free-import com- because an Inconvertible currency business activity, or even-as in $1 billion a week by pumping Karl Horten, a German englue-modities, it has stopped dolag som never be worth as much as 1940- US. business merely $200 million a week into tho
er, was appointed only last to the country's immense ad- a convertible one; the unexpected month, stops rising. But that is another crest base (through the Federal
and it is not expected vantage.
convertibility for Britons his story.
Reservo Bank's
to start its work before the open-market
a major cull been granted at the expense of The great development is the purchases of bills).
autumn.
tributor to reducing the discounts the foreign holders of sterling. The Agency is, to have unexpected flexibility of U.S.
on transferable and other cum-who have been granted far less money policy.
fund of $10 million to be spent mercial sterling, which in turn convertibility than was expected; over three years, Its resources hus almost killed the Continental no all commodities are on of money and men are to be "export retention" schemes.
free-import list; and of Britmodities fint are, Britain. pro- used to support national ductivity progranimes and to build them into FJ1 coherent
forced upon her by the discounts not the only country that buys overall European
sterling and .par- programme on transferable aimed at a major increase in ticularly by
For Britain's imports of grain, the use that the
sterling at present is as good. production the bencats of Dutch made of that discount.
113 dollar-but not for any nou- Now that the discount has been sterling country's will be spread among
imports of inbour, menagement and con-reduced, Germany has dropped the scheme as being no longer worth while.
The present money managers were supposed to be hide-bound doctrinaires, with a bias towards deflation,
Any such Ideas have become derisory now that Washington is rapidly expanding the short-
UNJUST TAXATION These and other measures have boosted exports, disposed
stocks of accumulated tobacco
produced a tentative boom and In Greek Industry. But nothing. an yet, has been done to alter system of taxation the unjust
of which puts the
the major
part the burden
those who are on least able to carry it. That is n and politically conspicuous
tho in weakness dangerous
of the first stable Gov- policy ernment Greece has had since the
war. Mr Markezinis has plans for bullding Greece thote key
in power, chemical, mining and metallurgical enterprises which are essential if further expan- klon of the Greek counomy is to take place. He is also Initiating works designed to bring 250,00 IN STOCKS additional acres under cultiva-
tion.
for
GAINS RECORDED
ourable
To realise to urgency this expansion and the magni- tude of the task one should realise that the yearly income head of population in
than is Greece twentieth of that of the United was a 980.000 Slates $80 and $1,800 respec-
More
onc
Volume piny
As soon as
All this is the roverse. of monetary deflation. the tight money policy showed in its signs of going too far
the effects on business and Washington ran away from it.
and bond
money markets,
The New York bond market which fell almost every day until the reserve ratios were cut on June 24 has since been rising almost every day,
was
NO SIGNS
be
Wall Street is still going sido- ways in the narrow grove which it has held for almost two years, but shows no sign of slump,
North Britain's exports to Antica in June
orders which must have been booked money In a period when US. New York, July 22.
supposed to Small losses in stocks turned policy
tight were much into small gains today-the first savagely of the week--when several fay better than to any other destina-
appeared. Lion
One could easily get night- up a bit but still
small mares about the weaknesses in 0.000 shares, compared with inventories, steel, cars and con- sumer credit. Yet the horrors 830,000 yesterday.
Rells were the first to rally, do not arrive, and the arguments steadied by the action of the for expecting horrors may be inter-State Commerce Commis flimsy.
Board urging! the sion Examining
Tuking them in order, Invon- the dismissal of the railroad puration case involving most taries undoubtedly are at record But many economists of the railroads and covering heights.
claims aggre- believe that raw material prices as a whole are too low to give Amusements got a lift when an incentive for enough long- gating two billion dollars. the Senate Finance Committee term production to satisfy bill raw material demands of approved a House-passed
picture employment. motion exempting
costs thentics
Since wares and other from the 20 per Federal tax. Motors, zails, olis are not falling, inventarles. be
weakness only if a and tobaccos all developed
Industrials anish- armer tone.
needless and pointless liquida- el 40 cents higher on average, ton of inventories brings on a Utilities wem pulled down 22 setback. and so erodes full cents agely by a three-point employment, or if weakness in of the Iron Curtain -and to a drop in Peoples' Gas and % point some other sector erodes it. pay loes in Panhandle Eastern Pipe
せと
tively (1940
aguro,000 fully over, there are unemployed and 1,000,000 partly unemployed in a population of 8,000,000 which grows at rate of 115,000 a 3
GRIM
La for in Greece Austerity
than anything grimmer perienced in Britain; and if the plans of the Papagos Govern inent fail, the Grecks, in do speration, might even turn to Communism as a last resort.
Why is the situation in Greece the so bad in still
spile of which the Ameri- $2.125 million
have poured into the cans country? Because most of this sum was used to repair
damage the greatest this sido
1
པ་
17 Government
Brokers
cent
-for-Grocer's own."Korean", war. Line a remained at a loss for which she tonef
Zought for Over
alone jour years after every other any concrete explanation of the nation had stopped fighting. market's continues dullness, Thus only $40 million of Amer! They mentioned, as they have
were invested in in the past for weeks, the Horcan con ald dustrial development.
The Americans, moreover, in-. sist that the Greeks keep up s
the best performers in rails were issues of Denver and substantial navy, an air force, Rio Grande, up 1% in the com. and an army of ten front-line mon, and 24 "in proferred. divisions. To make
Chrysler rose to $70 a pro- portionate military effort the General Motors % to $58. United States herself would Dow Jones averages:- have to have 4,500 front-line 30 Industrials divisions.
20 Rolls Unfortunately, after having 15 Utilities Elven 60
so much, the Americans fà Stocks now cutting ald and arc 40 Bonds not providing the extra $100 Comm. Prices Index
are
million needed to completo the
job they started to generously. In doing that, they risk geeing all their work and sacrifice go to waste. It is to And part of the money needed to Anish the Job that M: Markezinis has goto to London.
Rubber Futures
In S'pore
a come
STRANGE STORY
the
full
# for
Throughout this year the out- look has been, and stiil is, that inventories would
aggravate setback, othur reasons, but would not themselves generate a
setback
If one occurred
Sical is a strange story. the Brst half of this year it was taken for granted that demand for steel was being padded both by the replenishment of inven- 209.30 tories depleted by last year's stocking-up to 105.04rikes, and by
forestall the wage and price increnses. Yet, with both these boosting factors out of the way, the demand for steel does not tycaken.
48.80 105.32 04,82 159.53 -United Preks.
Grain Prices
In Chicago
In
which
sumers."
SOURCE OF FUNDS.
0
A quarter of the total Lund will be given by the United Stales as a direct grant.. The rest will come mainly from the counterpart funds which West European Governments recely- ing dollar old are obliged to set aside for promoting Industrial productivity and stimulating free and unrestricted competl-
tion
Trouble may arise in defining the work of the new Produc». tivity Agency, which it expect ed to fall under five broad headings
L-Research into problems of Industrial management affect ing productivity and including, for example," work study methods and the structural or ganisation of individual In- dustries.
2-Publicity,
especially through nims, designed to arouse general interest in prob- blems of productivity, and ilms demonstrating industrial train- ing methods.
3.An expanded internation- al technical Information service.
4-Inter-Europea
produc!!-
between
vily teams and studies,
5.Exchange of business ad- ministration students European countries.
Some of the more ambitious American idens alicut the scope. of the Agency's work sćem, In British eyes, impossibly naive end impracticable.
UNIVERSITY PROJECT
For example, the Americans to set would like the Agency up in Europe an International University of
Business Mai- agement, on the lines of the Havard School of Business Ad-, ministration. Apart altogether" from doubts felt in Britain about
the efficacy of this kind of train- ing for industry, there is the prac tical dimeulty that few Eur opeen countries have develop- ed a cadre of potential leachers In this subject.
A much more serious
in Eur
In cars and other consumer durables, the bears are
point Banger
of cyclical fatalism.
of contention is the Americaa Interest in conducting research There is a three-year cycle in these things, in which 1953 was projects and propaganda cam- due to be
and
has been 2 peak palgns against restrictive proc- year, repincing the cars and tices, whether by trade unions
or trade associations, other durables bought in the 1950 boom, and 1054 is due to opean Industry. It is not denied In London that these exist, but be an off-year, since the smaller
it is argued that a frontal at- ases of 1951 need fewer purchases
tack three-
by the new Agency would per replacements after the
arouse so much opposition and year interval.
things rarely works resentment, that it would bring But really as that, and what
about the downfall
$10 out as 204-205 was wrong with 1951 anyway? Agency and an end to the rest
off-year for of its work. Besides being an consumer durables Had a
Chicago, July 22. Prices of grain futures today closed as follows:-
Wheat(No, 2, red. bushel in cents)
Singapore, July 22, Rubber prices remained steady today but turnover wng small, Sept. The closing rnies Werb 03 follows:
Spot July
Dec, March 1954 May
Corn(No No. 1 nibber per ib. July 0826-0050
August 6016-00 bushel in cents)
Sept. unquoted
Spot
M
No. 1 pale črope
TUSEL 1031
2, yellow, per violent commodity deflation and
21095
101%
100
1471
243% 145
from
violent
departure monetary indation. Yet it was nothing like a year of slump, or If 1984 turns even recession. [out to ba no worse than 1951 three years of normal growth, it will give litio cause for complaint-Reuler.
No. 2 rubber per ib. July 641-015 July No. 3 rubber por th, July 0212-04 Sept. No. 4 rubber per lb. July - Dec. Spat rubber unbaled ..... 0514-3342
March 1954 56-571 Blanket erape
May 73-78 **United Press,
cents)
July Sept.
Oat-Prices per bushel cerits) July Sepit.
+7412 Soybeans(Prices per bushel in cents)
Bys(Prices per bushel in plus
London Foreign
Exchange
Now.York
Montrea Atheterdam Brisola Ofe Zurich Copenhagen Parl
Stockholm Deutscho Blocked
Londoni, July 2
221-9/18-02-1716 2.78-15/16-270<1/10 10.8841410301% - 138.30-169,05 10
19544–195493
14.50-1951 G Mark 1100-1103 248Tk 19.00-19.0014
Unlied PTSEL
N.Y, Oils Market New York, July 22, Olle, and oli seed prices re mained unchanged - except the following: ANAND
Tung oil 28 cents per lb. Pesma: oil 10 cents per lb. Black pepper $1.30. nom. United Press.
July
in
208 nom
NATZlted. Prom,
of
Copra Exports Declining
"
of
Washington, July 22, The US Department Agriculture, in its weekly report en foreign. markets, said that. both Indonesia and Philippines
during the Arst
of this year than they did, during the first half of 1002.
United Europe exported considerably less copra
mont
Conference
to
Germany always calmed that the
export reken
retention scheme
her
was
them for sterling.
grain.
Under the heading of grain and apart from other
Even the Dutch, though they feed-alone, retain theirs, claim that it has the convertiblllly
HONGKONG SHARE MARKET
(From Our Correspondent)
quito
to British traders extends far.
For example, the open licences have been freely used to import dollar cottonseed, from surplus stocks offered cheaply by the U. S. Government's Commodity Credit Corp.
They
are not used for the higher-protein ollcakes, simply because In thoso cakes the dollar supplies are not the cheapest.
GLOBAL QUOTA
Cottonseed cake should not,
Business done on the Stock be exaggerated, but as there is Exchange this morning amount- some inter-dependence among all ed to $343,130.20. Noon quota- the ouls and vakes it could be flons and the morning's trans un entering wedge ints the re- maining differential price systems in that whole
actions:-
SHARES BUYERS SELLERS SALES
BANKS
..403
IK Bank East Asia 151 INSURANCES
Coalon...... 201 Unloa
HK Fire
SKIPPING
Azin Nov DOCKS, ETC.“
K Whart Dock
Provident
10
1.43 1.55
10
The device Whitehall
scare to be increasingly favour-
is the "global quota." This is simply a fixed quota for total Imports, based on some historie figure, but 803 previous
without Bny discrimination among the various supplying countries.
250 @ RO
21.0
22.10 12.20
6000
8.75 8.0
Wheelock
LAND, ETC.
FK Stotel,.. 0.03
-HK-Land
Bhai Land dumpe
Un to the fixed tonnage, im- porters can have dollars or any 210 other currency that will enable them to buy in the cheapest . 5.00 market.
The most important though not
the only case, is the forest pro- ducte Imber, pulp and paper To get the important but fimited British, market, soft and 25.30 hard currency countries have to
10 compote, and, 129 Д
8.00
8.10
6.18
1:36
500 @ 1.35
.
20.30 100
P. Trim (0) Biar Ferry
40 124
Tent
C. Light (0) 12 40
Light (N) 8.00 5.70 27 31.30 Electrio
Macon Elec. Telephone, INDUSTRIALS
Cemont Tope STORES, ETC.
Dairy
Watson COTTONS
Swedish suppliers of timber
10 paper have had to come to the priece asked by their Canadian competitors.--Reuter.
21.00 21.00 -124 @ 22. ....6040 10.do icon
17.ва 22.80 22.00
201
Two 12.63 0.00 Texille Corp 5.70 3.30 MISCELLANEOUS
Yonglate 8.75 8.00 1000 @ 6,00
LONDON TIN
·MARKET
INDONESIA
SIGNS
PACT WITH CZECHS
Djakarta, July 22,
A barter trade. agreement was algized here today between Indonesian and Czechoslovakları Government representatives marking the conclusion of six weeks of discussions between
trado experts of two coun
tries.
London, July 22. The tin market opened steady with spot up £1 to 573, and
Dr, Otakar Taufer of the three months a shade casier at Ministry of Foreign Trade in 25714. Turnover was 15 tous Prague algued on behalf of the of which five were for cash,
the
follows:
Spot tin, buyers
spot tin, sollam
Wore
374
+
572
ag
Closing prices at the end of Czechoslovak Government and Mr Basuki Djatlastaro of thờ official session
Indonesian Ministry of Econo mic Affairs signed for Indonesia. The agreement provides for two countries to conduct barter trade before the end of the yeas based on specifle demand, and supply possibilities amounting to 110,000,000 rupintis (11.4. to
Business
$70 Three months tin, buyers Three Highths Ut, sellers 87234 Business
670-581⁄2 Bettlement
$72 -United Press.
todonesla Iepeated to offer
coffee, pepper, rubber; in, shella, ៤. Czechoslovak
machinery
Exchange Rates copes, raitan, sisal and in rotura
in the local especially metalworking
Was done Business unfelst exchange evmarket this
morning at the following rates: printing machines, diesel engines
8 dollar, (per $1);
gots and machines for the 1490 facture, of rubber gooths, and 30.30
leather products also typow 1.328 writer
Sterling Bole (per £1 indonesian guilders. (per 100), Baticalper, 100) Singapore (B[ruita)
PIC Plastrés (per 1001
8.15 | machines,
JAPANESE BONDS
Indonesia copra exports from Sept.
London, July 22.
January to June, 1933 totalled Nov. Jan. 1934
The United Europe move 91.581 tons or less than half of March
is plaining an inter- the 180,880 tons exported in the May
Barley-(Prico per bushel in national conference in London sinillar period a year earlier.
THE Indonesia
exporta January to consider cons)
text *130-180 Spot
economie rationistaps between Netherlands, West New York flour, 200 lb. c 1 Continental / nations and the Japan, Sweden,
*Norway,
France Brilia Commonwealth.
and Denmark. Der Herthan Abs, leading Copra and cocoanut oll exports
thờ Philippine Kalands Japanese during
Bonth Dnancler, would preside. Copra was quoted today al previous conference on the talled 250,623 long lonis on copra $187.50 per hört, ton nised, subject at Brussels two yours basis, or a decrekup of – 28 per CHI.F. Fadine Coust, Chedatur ad attracted on 100% world cent from combined shipment off was quoted: 16 renta për 15., economists, including 25 repfe of 302.412 tons, in the dots e
For 1052 Tasked, C., Pacific Coast schtallves from Commonwealth ponding
United Press)
Copra Quotation *
Ako New York, July 25A DA CORT Gerthana banker dha from flest Isall of 1953_toe :||
countries:Reuter.
Consola
London, July 22,
paper sewing
products ma
signing the Br
that g
tradio in will in Its experimental
but i care
dr 1809) his phased any autó of (boot & Both countries. Ho fald Czéchűs
Bodi
Hovskia is highly, industri 1924) 100
sno, is Koch to sell, ta muigh de the noodle to buy raw maluklard 90-60% from Indonesia,, ho, added.
United Pross
United Prost