MESSAGERIES
P.0. Bet 81. Queen's Bldg. ---
Outwards
M
MARITIMES
Td: 28651
M
PASSENGER/FREIGHT SERVICE
Loaves Marsellica
"LA MARSEILLAISK" Balled "VIETNAM* * Maitra -
"CAMBODGE"
“LA MARSEILLAISE“ * ALEX RENT
Homewarde
“VIETNAM”.
"CAMBODGE
(Ivngkong
14 ABS. 0-1 Ang. 24 Aug.
Lenvra Hongkong
Due Mariauif,
27 Aug.
14 Supt.
20. Kedt.
92 August
.21 λυγ
For Balgob Vakoname
Via
Balgon Saigon
Saigon
via Marseilles to all Mediterranean & West Africa porLE, via Djibout! to Madagascar.
FREICHT SERVICE
Leaves
Europe Slid Europealed
Outward
froogkong
"COURSBULLES”
2 Nepta
"AURAT"
25 Sept.
RAQUADDY"
......Rinburg-23 Aug.
Borbewardi
Leaves
8 Oct. Hoogkook
For Jabra
japȧh Japan
For
"SILVERSANDAL"
4 August
"MEKONG"
"COURBEULLES”
“AŬRAY".
„Keelung—is August 20 August ....Keilung→4 October October
.... Keelung-k oct.
11 October
↑ Balgon, Marseillos, Algiers. Oran, Tanglers, Ensüblancs, Le Havre, Antwerp. Rotterdam & Dunkirk.
Bublect to change, without notice.
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Körek, Japan,' Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT"
In Port Loading
Safl
Aug. 5 for Singapore,
Rangoon. &
"NOREVERETT”
Arrives Salls
THE CHINA MAIL, TUESDAY, AUGUST ́4, 1953.
FINANCING OF STERLING GOODS
Page
TRADE
More Generous Credit Facilities Being Permitted By The Bank Of England
Reversal Of
Of Last Year's
Restrictive Measures
(FROM OUR OWN CORRESPONDENT)
London, Aug. 31 The Bank of England has informed the commercial banks that they may
in future extend rather more generous credit facilities to finance overseas trade in återling goods.
This reverses the measure taken by the United Kingdom Govern: ment early last year to prevent speculation against the pound at a time when the gold and dollar reserves were rapidly runting out.
To some extent, therefore, the Bank of England's décision föllows logically upon the recent improvement in the reserves and the revival of confidence in the
sterling exchange rate,
HONGKONG SHARE MARKET
But there is a good deal more, from the sterling area to non- to it than that.
sterling countries, Like all exchange controls the three-month limitation on the
love has been welcomed for other reasons, loo.
Private
Enterprise Returns
BERIA, Aug. 8: Private eßtērpkise Idk. tories, now allowed to fune- tion agaļa under the new policy adopted by the East German Government, will | make a coineback at this
and
Korea Truce Has
Little Effect On
Stock Exchange
kets.
(FROM OUR OWN CORRESPONDENT)
London, Aug. 3.` The signing of the Korean truce caused year econbnile fair being scarcely a ripple on the surface of the stock mar- held at. Leipzig from August 30 to September 9,
The possible effects of the tritte were long according to reports pub. ago discounted-and it remains to be seen But in the City of London the lished by the East German whether the cease-fire will develop into a genuine perlod of credit that British
news agency.
peace in the Far East. extend banks were permitted
The agency sald The recent decline, in bill
24 that
In any case, the post-Korenf koom which carried 10 exporters
by means of the business has mised
Sovlet doubts in countries including the
will commidity and industrial stare prices to great heighis famous "bill on London" proved my people's minds
Union and China, which about to be n two-edged
Hungary, owed its origin to fears that the Korean conflict might London's future as the naancial have large pavillons, weapon. though it eliminated a
acapital of the world.
Poland and Bulgaria from be spread into a general war. It is an recepted fee: that this date, Holland; Nor- ource of speculation and
Iran Curtai helped ave the pound, it position was attained largely by Austria,
Thone fears were dispelled setne, closing a new high of 30/0d niso bad the effect of reducing virtue of the relative case and way and Switzerland afnotik the months ago and since then com- duc
to its expected me tb legitimate bill financing to a point cheapness of
countries, obtaining short- Western
will be modity and industrifil share prices | America of a large consignment where valuable foreign exchange term credit in
have receded to more normal) of tractors. Other motors such London to finance represented of the fair. Income was
vas being lost to Britain, overseas tráde,
The misth theid of the fdir; levels.
A Rolls-Royce were up OFLO besides impeding the actual ex-
We still
have that relative, if added, will be the improve- However, the truce has revived | thalling but they were not in the ed to $309,000. Noon quotationsport of goods.
advantage but there are other ment of living standards and hopes that the Cochetinist coun- teme clyes as James Finlay and and the morning's transactions!... There was ample reason. countries waiting to seize the the unity of East and Westies may now wish to do more Flan Cotton Spinners.
the therefore, for
trole with the West, and for this Gold shares wire strong and RHARES BUYERS SELLER SALES England's decision to permit bills some of this business for them-
af slightest opportunity of gaining Germany efononly:
firm purpose will try to re-establish active, with Anglo-American up One private enterprise
no fear than 3703. again to be drawn up to four selves.
which will display goods at the their credit standing
bonds, months when this is necessary
the "City"
Chinese
recordingly, Fortunately London has a vast thiris
Jopinise bonis
well the to finance the export
of goods store
rose un news of the fruse bu below of goodwill on which to Factory at Lelþilg,
peaks, but they draw in times of difficulty. But According to the East German reacted later when profit-taking Boulded upwords this past week
Geman Potash Loans gained £1 barm there are limits beyond which 11 news agency, the head of this Belt bands have also been while the whole Reich list is would be dangerous to go. firm, Herr Kari Lieberwirth, hod For some time, therefore, the his factory Handed back to him
European loans were active and cheaper than it arise attained. experts have been watching as a result of the Government's
the Czech Jooh was up £1.- with growing concern the decline new policy line. In the volume of trade financed by commercial blis drown on London.
(From Our Correspondent)
Business done on the
Stock Exchange this morning amount
Penang, Calcutta,
GOVT. LOANS (1940) 315
BANKS
HK Bank XD
East Asia.
20000 80 1-4000 + $9
31530 45. 1340
151
&
Yokohama
Aug. 18 from Singapore. Aug. 19 Jor Kobe
(Accepting cargo for transbjyment Kobe/Purah and Kobe/Okidawa)
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 Salis
Aug. 18. froni Japan, Aug. 19 for Manila,
"STAR ALCYONE”
Arrives Sails
Aug. 21 from Singapore, Aug. 22 for Naha & Japan.
(Accepting cargol for- transhipment Kobe/Pusan and Kobe/Oklin wa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephone 28293.
Rally On
Wall St Extended
New York, Aug. 3.
COTTON
FUTURES
HIGHER
New York, Aug. 9. Cotton nuttees turbed hier Stocks began the month of meat the close of local and com-
of
extension August 'with an
rally which put the three-day prices up sharply last week öfter the initial post truce-selling,
mission house covering. Gains were limited but elsome if view of the generally mixed brif dull Showing of the market during most of the session: The dist ruled seven to 18 point higher at the close.
All sections of the list par- ticipated and volume continued At the opening, the list was oft above the million-share level at three points to up one point New Orleans clised six to 12 points 1,160,000 shares compared with
Traders, however, still higher. 1,320,000 last Friday. Brokers kept one eye out the private coop which are expected reported a greater interest on estimates the part of the public thing some time this week
Earlier, nearly October and which they have insisted
pressure at the moment increase, crop
all
along is necessary to an advance hedging positions were under
of any extent,
the
new
of the Operations by professional
INSURANCES
Conting
Union
IK Flie
SUIPPING
Waterbost
Asia Nav DOCKS, ETC.
Dock Provident Wheelock LAND. ETC. HX Hotel
IK Land
Sun, Lond
UTILITIES
Tran
130
1.45
100421.00
12.10
8.55 .05
1.80
#
60 300 4 1.45 1.8235
23
Star Ferry 125 128
C. Light (0) 11.30 12.40 700 13.40 1000 12.30
C, Light (N) 8.45 8.00 1000 or 812 Electric
27.20 100 まず
Telephone
INDUSTRIALS
Cement
Macno Elec
... 16.30
3050
Rope
100 000
STOILE, ETC.
Datry
22 22.20 200 E 22 30 1000 24.20
23.50 2420
1600 22.10
Watscrawford Textile Corn 3.63 6.20 2000 3000
COTTONS
Ewo
2.49
Bank
JAPANESE REPORT ON
TRADE WITH RED CHINA
amistice..
Japan's
Tokyo, Aug. 3.
lore
ANOTHER DANGER
there is half that amount.
a
to
Balunces
to
West news
PRICE TOO Hon
Sixty per cent of this £3 million issue of 4 per cent stock the 1970-72 was left withi underwriters.
The
reason is clear the price was too high. At 74 it was a full point above the issue price of the recent corporation loans.
new
The Ayr stock opened at a discount of one-quarter but this narrowed later and the scrip closed at par
The industrii share market has again improved, investment first-class equities demand for stru-continuing right up to the eve
of the holidays.
FEARS OFFSET
Uruted Presi..
were
MALAYAN RECESSION PREDICTED
Singapore, Aug. 3. A tin mining executive, in a report to his company share- holders yesterday, predicted countrywide recession business and trade as consequence of the rubber and tin prices,
naturál fall in
Mr, T. Waring, chairman of the Kampar Tin Fields, Eid in n report to his company, sald the price slump threatened Malaya with a problem of the Arst magnitude” and he pre- diated a "recéssion. In business. and trade throughout the coun-
less to do with the teuce than to strong but this appeared to have hopes that the British Govern ment would soon begin to Pay He will stroik & new weighing bordholders from the Impounded machine which will enable blind assets of the Baltic countries. people to control quantity. This
Gift-edged prices have Te- has been especially designed for maince very firin but investorn quantity control in the food chose the occasion of the Ayr In 1953 there were on the industry. The scales indicate County Council Issue to demons- average ncurly £600 million the
the quantity of goods welghed trate their determination not fo worth at these bills outstanding by sound, marking the different be pushed too far. Today it is doubtful whether weights by different tones.
Herr Lieberwirth expects But there is a more immediate export at least one-third of his danger in this decline in bill output
and East A Japanese businessman who anencing than its possible long- European countries, the 22 500 21
returned from a 10-month visitlerin effect on London's standing agency report stated. 700 18.40 to, Red China predicted that as the world's COO 18.40 chances are
centre. banking slim for opening.
KOREAN ORDER 18,40
Attention was recently called: 18.40
reguldr shipping service be-
tò this by Mr F. M. Bennett, à
One of the first orders turned 18 tween Japan and Red China.
Conservative MP who raised the out by these works after they
of restriction question of Mr Kusuo Suzuki, rianaging
ction on bills in hall been returned to private 500 21.30 dirvelor of the Japan-Res Cinta the House of Commons.
ownership was 500 special scales 600 @ 2220 | Trade Promotion Comell, who He pointed out that exporters for use in hospitals and chemist
returned to Kobe from Tientsin in the overseas
sterling area húd board the Danish ship Jacob to raise short-term finance by one shops in North Korea.
Other private firms which will Jebsen, said that efforts to trade means or another. When they
be thowing goods at the fair are: 5.19 with Red Chin would become cannot do so by drawing a bill Cart Agust Schuster of Mark- 8.83 Intansive following the Korean on London the Borrow the
neukirchen in Saxony, whole- necessary money on overdraft: sale dealers in musical Instru- And when this is done focally me
the Adolf Huelse with Communie, China, he and, through in foreign bank the making firm at Waltershausen; Aro Brithin, Germany, France invisible income.
and the Timelchemic Chemical sel! and ally who
mbials,
The last two It could be argued, however, Works at Erfirt. machines, chemical products and that if money
is borrowed on plants are in Thuringia. others to the China mainim and overdraft from a British bank to Commenting on the ringer.
fair purchase raw materials for otis
Onance overseas trade the United goods to be shown at the nrid fats.
come from overdrafte is higher "surprise domestic prd foreign also encouraged investors,
In In 10 commodity share China trade is dimeult, he said.than that from commercial bills. | experts."
closed The Chinese Communists com-
Here are some of the things markets toppers
abic Arm plained that Japanese
which the public will be exports EASIER TO CONTRÓL ·
The free market, In this possibility of a world tin surplus to Red China fre too limited
to see at the Leipzig fair:
reopens, on Wednesday, was the United States announce and that export prices are high
B true bul London
Ultra short wave radio tele-metal
caller fears that this ment that It was approaching pro-bankers nevertheless prefer bill phones designed for use by rail- and compared to European
would lead to a sharp fall to the end of is tin stockpiling oversees trade to ways and tractor stations, and ducts.
financing for
sot for the copper
been programme. přice fidve small walkie talkie But, he said. 30 export and the overdraft method.
that the For one thing. bills ore for minets, Both of these are made offset by the news import contracts
The tin, executive supported thé cluded during
In easier for them to control. A by the state-owned radio works Government will regulate stay
bill drawn in si Dresden.
Now of the metal from its implementation of a schemic of Chinn, thanks to the collabora- respect of goods in the process of
commercial
stocks to ensure smooth international regulation of th Export-Import being marketed and is therefore
production.United Press. switchi-over.
Olls registered some He revealed that the Peking
gains
of Increased on reports Government is currently draw-that
consumption, at payment will be forthcoming ways. It is explained, are to be American
and ing up plans for a five-year on a given ante from the proceeds installed in railway engines 20 South African 1233314
construction programme which of sale..
can receive orders shares also improved. They have no such that they is expected to be approved by assumice in the case of over during shunting operations. Flt- the People's Convention in De-drafts.
ted to tractors, they will enable cember.
These often prove for more farmers to report the state of
their work to
authorlifes Mr Suzuki stressed that future dimcult to
higher collect so that the
at any given froment. trade negotiations with Comfort-term loan which began as In the event of mine accidents, munist China
sideration the mods becomes in time in on the miners radio "Geaphone" with full consideration of the of becomes in time an or will make it possible for trapped
and must be miners five-year
construction pro-dinary advance
to broadcast directions to such by treated as such Emme.
the bank. Any negotiations which did This raises
of their rescuers. number a
Another ultra short wave set technical complications involving
New York
-Foreign Exchange
Conna
England-officist. unameisl
30-day futuren 90-day
Australia New Zealand South Africa Belgium
Denmark France
Germany
Holland
Italy
Norway Portugal Spain Sweden Switzerland
New York, Aug. 3.
US$1.01 1/10 2.8144 2.00-273 2,01% 2.001 futures
2.002 2.01-15/10
.020011
the
The recovery on Wall Streetry must Inevitably follow". helped the London Harket
In his report, Mr Waring said while the relaxations of the tin production on a world scale restrictions on crédit facilities had now exceeded world con
The promotion of Japan-Red Kingdom guins because the In- agency added that they will for financing overseas iradlő | sumpliori and, bé prédicted, "a
his
were con-
.1455
.0020
2315
2035
0010
.1404
tion Public Corporation.
of the
0335
.0200
10
MIDDLE EAST
Egypt tran Егад Turkey
Argélstiria Brazil Bolivia Chile Columbin Cuba Mexica Peru Ur.guny Venezuela
India Pakistan Hongkong Indonesia Bingapore Japani
2.0012
.03125 2.023%
LATIN AMERICA
0723
0300
0044
.163
13256
200
FAR EAST
2113
te declared.-France-Presse,
3045
.1750
0001
4030
1.00
0000 3250
360 yeh to USJ1 -Unlied Press.
Sao Paulo Cotton
Futures
Grain Prices
In Chicago
Although turnover was still traders were fully active. smoll
compared it
most Inquiry for cotton goods was recent slow, Worth Street dealers re- favourably with 500,000-share days. Market-ported.
Trade sources; while awaillog meh attribute the current ad- vance-which has added nearly the official Government crop re- three billion dollars to market port on August 10 and private estimates this week, speculated volutions in the past four that the 1933-4 crop would be
São Paulo, Aug. 3. scastoris to the continued re- the best since the 1949-50 sca ports of excellent earnings, the son. Traders indicated that
Prices of cotton futures closed it
today as follows (cruzeiros per today as follow this is so, then adoption of cot- favourable fortensis by. mittiy
kila):- business Jenders and the ton acreage and marketing con- Government's Indication that it trois next year would appear a
is planning no important redue- tion in expenditurė.
certainty.
Prices of futures follown:--- Bpot Afl groups closed higher in
October July maintaining the tradition | December" of the Sutminer rally. Televi- March (1954) slot kl alterafis stocks were May July
prominent in the advance today, October Phlico, helped by an excellent December rport, rat up 1 points, and Zenh was 14g higher, Douglas fealed in the aircrafts with a gain of 1%.
were BS
54.13 nom. 33.84 31.00-10
Augu
October February (1954) March Mpy July
23.32
24.57
33.00 jom..
3909 ham. -United Prem,
NEW ORLEANS FUTURES New Orleans, Aug. 3. Prites of cotton futures closeu toklay as followe; -- 278.13 October
December 100:10 March (1994)
Dee Jones closing aveenFEB:** ↑ BIGst...
30 Industrials
20 Fails
18 Utitles
65 Stocks
40 Bonds
Comin. Pricea Index
49.70 by 107,04 July
65,39 October
189.70
December
33.10 33.41-82
33.06-07
BLAS
34.28
13.50 bid
United Press.
unquoted
15.00
15.80
19.03 16.24 15.00
(In the United States, the average prien or 15/18 middling cotton at 10 designated spot morkets was 33.20 cents per pound. Sales at these centres totalled 17,980 bales).-United Press,
Exchange Rates
Deainees who done in the local tmneficial exchange, markdi mourning, at 'the' following Taler:—
1.8. Bollar (HELI PRASARA Sterling note (per 21)
This
self-liquidating.
a
In other words, the banks know
FIRST STÅGE
Commercial bills are repayable
at most in four months' time They can
dis- morcover, be
small loss on the face value.
NEW FABRICs
The radio telephones for fil-
tow
very
good
state of surplus must develop."
He and one of the factors contributing to the Increased
gold mining New
BLIGHTLY MĠngë
York Sugar Futures
New York, Aug. 3. World sugar futures closeti with anics of 212 contracts, wer decline was due to liquidation, Domestic sugar, was unchanged to one point higher with sales of 201 contracts.
sales Tho
London, Aug. 2, The Brit, wéég of the Korean distice found the slotic mor kela steady and left them light ly higher. Perhaps sempre ment was due to hasty covering by berry who hill happily sóla shares they did not own in the not take this Blaž Info considera“ bank's "quidity ratio”—that being shown by the same rmxplotation of picking them up)
cheaper, while the stendi- muen
The world row sufar market tion will be dooined to failure the tatio between Its ligula can put cara into communica-
ness was a pletedat brellide to was quiet with frader's expecte the
week-end, the fact remains ing some report on the progres resources and long-term loans tion, the one with the other.
Now fabrics including some that both British Government of the International Sugar Con which is allowed to vary only
Jana and cellular fibre (Zell-**** within very narrow limite.
ference
In Lantion meelings wen below the lever around the middle of this week. welle), or worsted mixed with stocks and Tuding Industri perlon thread, will be exhibited by East German owned textile on ruched corller at the time Alhough poleritat demand for Sir Winston's fathotspeech sugar was estimated at firs Industries.
British bales were one of the million tons, exporting countries Fifteen new office machines counted at any time at only a including electric typewriters, extins closing af new highs are said to have requested már-
for the year, mašlý dée to Mr kef
drouitid Guolag totalling adding
machines und fully auto- Batters removal of the. han seven million tons. Cuba, it was all practical purposes, matic accounting machines wil establisher a year ago,
reported, has asked for about Priced of grain futures diced therefore, they are liquid as fice Machine Works of Zella optimistle section, with Royal but in willing to receive Lear
be displayed by the Mercedes
Olf shares were another highly half of the total export quota, In that respect they differ from
Dotch, Shell Anglo-Iranian and If there is an agreement to cat! Wheat-(No. 3. vedl, per bush in overdrafts which may or may Mehlls, in Thuringia.--Reuter. cente)
Burma closing af new pedis or production and not be "liquid"-and very often Spol
10436 Sept. 307|6(H) 100%(L) 1903,
thereabout
market. Futurer prices closed Bro
This cadsed some surprise. It today as follows: vatis due, of course, to the
* Confrses No. 4'(world) advance in crude alt brick-the |first Since
1047-and. that Bopt. advance in turn caused surprise, Oct. New York, Aug. 3.
Kar Jan. 1054 There
Is a feeling that world March Rubber futures today closet! 10 points lower with sales of 30 demand for refined oll has been May July Rye Pr per buibet'm, cepta)
contracts. The market was very Sept.
reficeries on
Continent; ppt,teents per lb, fob Dec.
Cuha). Dober(Prices per bushel in clay how beni, opened, concerns the the primary markets in London notably France and Italy, unable
alscount
But on raid on commercial and Singapore, both of which to operate at capacity.
Contract Nó. billis which is considered to bijwere closed today, Number shares have a large and deter: another factor tending to restrict one RSS was quoted at 23% mined following: this type of financing.
Dec.
March 1054
May
Chiengo, Aug. 8.
205-2011
20031
The Bank of England's Itubber Futures
In New York
decision to exterid the maximum Corn (No. 2, yellow, per bushet in died of cohamercial Billa to cente
Spot Begit Dec.
March 2904
Sept. Dec. Boyba
"This
Jan 1984
Indonesian uilders (per- 100) 10.00
Hlam ticals (per 100)
灣
Hingapore (Braila) (again, 189
Indo-China plastres (por” 2001
Prices
18d
1422
bishelin
20% Bartoy-(Price per ishal in ognia)
130-80-
Spot New York Hour, 200 16, wick, patio, 3,30 '--United Press.
120 days marks the end of the flest stage, in the City's campaign for a feturn to pre-War, edh÷ ditions in the London money market.
The second stage, which has quidf Awältig⋅ the opening of Mowing down witfr the new oll
the
Bent.
cctifs per ib. Futures pricer M. the monent the discount were as fo fate la sed at three per cent Bag per annum but market experts March 1904" bolove this would fall at least May one-half per cent if the market in bil's was "set free."
Gepl. Noy
21.00, bid
BOOM IN FORDS Brifah' Göväriähett
stocks
July
gained haphazardly from 1/10 Best to 5/10..
July
Nov.
Bept,
22.63 við
ited Press.
slabilise the
Among the Industrials, Ford Spot-cents per the elf Ny
ex-dock) Motors endoyicit a private boom
雅
3.18 nom.
4 bla
3.41 nom.
3.41 nom, 5.68
0.07
Unlied Press.
A