MESSAGERIES
P.O. Box $3. Queen's Bldg.
M
Ouiwazda "VIETNAM!! "CAMBODGE"
Homawarde
*VIETNAM
"CAMBODGE"
MARITIMES
Ti: 20081.
M
PASSENGER/FREIGHT SERVICE
Loaves Marseilles .Bailed
......21 July
Поликонт
1.11 Aug.
For Yokohama
-
20, AVE,
Leaves Hongkong
'Dus Marseilles Via
.. Iz August
Aug
24 Sapt.
20 sept.
Balkon Nalgon
vin Marseilles to all Mediterranean &2 West Africa porta.
via Djibouti to Madagascar.
Outwards
"COURSEULLES"
"AURAY"
"IRAQUADDY"
"SILVERSANDAL"
"MEKONG"
"COURSEULLES"
"AURAY"
Homewarda
FREIGHT SERVICE
LEAVER
· Burope-Halled
· Eirope-Halled
Flongkong
tar
2 Sept.
25 Rept.
Hatzeburg-35 Aug.
3 Oct.
Leavey
Hongkong
Japan Jkpart Заран
For
+
#
S August Keelung-19 August 20 August
October Reelung 4 Gelober 1 Kerlunt=22 ict.
24 October
↑ Balgon, Marsciiles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk Subject to change without notice.
EVERETT LINes
EVERETT ORIENT LINE
Fast regular freight-refrigerator---passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT"
In Port Sails
Loading
Aug. 5 for Singapore, Perlang,
"NOREVERETT"
Arrives Sails
Rangoon
Calcutta.
from Singapore. Aug. 18 Aug. 19 for Kobe &
Yokohama.
(Accepting cargo for tranɛbipment Kobe/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"
Arrives Sails
Aug. 19 from Japan. Aug. 10 for Manila.
"STAR ALCYONE”
Arrives Salls
Aug. 1 from Singapore. Aug. 22 for Naha & Japan,
(Accepting cargo for transhipment Kobe/Fusan and Kobe/Okinawa)
EVERETT. STEAMSHIP CORPORATION S/A Queen's Building, Telephono 31206. Chinese Department: Telophone 28293,
New Lows
TESTS OF
In Tin & Rubber
Singapore, Aug. 4. Prices of tin and rubber, hit a new "low" during the past week. Tin was at S$28.87 per plcul (133 lbs) and rubber fell to 61 cents (Straits) per pound.
THE CHINA MAIL, WEDNESDAY, AUGUST 5, 1953.
Inflation In France Still A Menace
Inflation continues to plague the French financial and economic system. Since the begin- ning of this year, the State has manufactured 155,000 million francs worth new bank notes under the guise of borrowing money from the Bank of France. It has just been authorised by Parlia- ment to manufacture another 100,000 milliards worth.
The revenues of the Government are between 700,000 million and 800,000 million francs lower than this year's budgeted expenditure of 3,800,000 million francs. The debit balance in the country's foreign trade account is greater than ever. Never- theless, the price of gold on the French market has been going down almost continuously since the end of last year.
Hongkong, and in France the rush for gold has declined.
Fear, of war, revolution and loflation, which is the great driving force for the
acquisition
Two factors would appear to account for this curious develop- ment, since normally a rise in the price of gold should auto- matically reflect and register a fall in the value of the frane.
of gold, has deminished, Thus The first factor is a drop in the classic law of supply and the world market price of gold, demand has operated. Bigger This is due to a falling off in offers to soll and muller offers demand for this
his age-old com-
to buy have kept the price of modity. Until September 1951, gold declining despite of its re-
International
increase In value in the
to relation to the rational cur
Fund prohibited produMary Jative
01
sell gold to private people or rency. firms and obliged them to sell
affecting The second factor anly to
bank national
or the price of gold in France is special International organisa-purely national in character.
gold. tions nuthorised to buy
Frenchmen have less money to Although this
the "order" of
spare than a few years ago. International Bank was neverProfit rates have declined, and fully respected, 11 nevertheless the various black market nelivi- greatly restricted the amount of tics, the profits of which went gold available and made it thare-into gold, have also disappeared. fora relatively dra
Furthermore there are far moro, consumption goods, motor-cars, freezing washing machines, machines. holiday pleasures,
But since Septer aber 1951 the International Monetary Fund to virtually closed its eyes
has
infringements of its directives. available.
In addition, world gold produc- tion, excluding that
Russia, increased.
anore
of Soviet
Since
HABIT REVIVED
Japan's Trade
•
With Peking:
Taipei Estimate
Talpel, Aug. 4.
Trade between Japan and Communist China is ex- pealed to reach a total of UA$30,000,000 to UBS40,- 000.000 annually, acoord- Ing to the official Contral
News today. Dally
The Kuomintang organ said despite the Japanese Government's outward op- posillon, negotiations for
Barter humerous
agree. between Red ments Chinese and Japanese pri- vale concerns were under Way,
Japanese textile machinery,
blcycles. typewriters. rayon and were the prin. seaweed elpal Items in the exchange
China's for Red
coal, vegetable olls and fodder, the newspaper added. United Prem
HONGKONG SHARE MARKET
this
OUTLOOK FOR GERMAN BONDS
IN LONDON
Sugar Council Discussed
London, Aug. 4. The 35-nation sugar con-
(By Norman Crump, Sunday Times City Editor) Lasi February'a Agreement on Germany's external | ference today discussed the debts has now been ratified by the United Kingdom and | netting up of a new Inter- France, and has been approved by the American Senate's national Bugar Council Foreign Affairs Committee and by the German Parlin under a proposed world commodify agreement to
ment.
Comumin Lats
This suggests that only one or two formal stages | prevent extreme fluctun- remain before it comes into force. The next step will tions of sugar prices. be for the German creditors to provide the paying agents with the necessary funds, and for definite offers and non-Communists today con
The delegates, to be made to all the bondholders concerned.
sidered what machinery should be established for adminiklering Meanwhile, all bonds will have is necessary to dent with the
the proposed pact. They dis companies cussed to bo "validated" by the German potash - produqlar
the composition, power authorities. In tho case of themselves, who were not direct and duties of a new Council and sterling bonds held by British parites to the Trust Deed.
Executive Committee, and alled antionpie this should present no
of dimculty,
An offer from the potash com- questions Uke the terms for the German Government has already agreed paules was received in London at reference of a chairman and
election procedure. that all bonds
Lodged
the end of June, but the Royal with "authorised despositaries," os
Exchange Assurance, as trustee. The General Counell is expect- defined by the Exchange Control and Schroders, who are the chiefed to consist of delegates Act,
stated that the representing the will be validated unless paying agents,
contractingg there is some specific reason to minimum terms laid down in Committee will be composed of
offer appeared to fall short
governments while the Executive the contrary. This definition in- tho cludes practically
the February Agreement. This about nine members, operating in this country.
states that " dealing with the Potash Loan....there will need to be considered the special features of this loan.”*
all
ALLEGED CLAIM
These special features include
The powers of the Council which will probably have both an elected chairman and vice- chairman, Euro elude:
expected to in-
administration of
The way is thus becoming cleor for the discharge of the German debtors' obligations under last February's Agreement. So for as {From Our Correspondent)
the
Dawes and Young loans are
1. general concerned,
Agreement Business dono on the Stock provides for the funding of in-not only the bonds' dollar clause the new pact, Exchange
morning terest arrears up to the end of and their general security on the
proceeds of Germany's exports of 2. annual estimation of the amounted to 9223,470,00. Neon 1944, and for the pestponement potash, but the fact that there requirements of consumption of quotations and the morning's [of arroura which became duc ure various sums of money in the free super market; fransactions: --
subsequently. Young Loan - existence outside Germany, to 3. appointment of permanent ments to the holders of steeling which
committees for bondholders
are or temporary SHARES BUYERS KELLERS BALEB bonds have the benefit of a full alleged to have a claim. A pay- implementing the agreement;
"dollar plause," in which they are ment of £35 10s. sterling per DANKA
4. approval of the annual bud- K Bank XD
scaled up in the proportion of £100 bond was made in 1931, get and fixing of the contribu- Eant As
4.808 to 2.80, or by 74 per cent. but if proper weight is given to tiens of the signatories;
PAYERS
the dollar einuse, with its at- SUR-TAX
0. Research uf 4,885 to 2.80, statistics Landem ratio One point about these interest-this becomes
a payment of no fanta; funding bonds is of importance more than about £20. to sur-tax payers. Out of every it looks as if, the next move 6. Appointment of a secre £100 of bonds issued £45 will will bo negotiations
with re-tariat.
INSURANCES
Canton Union
1630
150
245
010
14 103 20 0021
UK Fire
£50
SHIPPING
Waterbost
17.49
NIJ
Adia Nav
DOCKS, ETC.
Dock Provident S'ini Dock.. Wheelock
LAND, ETC.
HK Hotel HK Land
154 1.83
11.00 2.05
21.00 12
gold produces dividends and general fear of war is loss, many gold hoarders now teen willing to spent their satisfuc- immediate money on on
tions,
Wille
gold became avaliable und restrictions on were increasingly free trading Ignored, buyers at the same
keen time became less acquiring the precious melai,
CHINA ALMOST OUT
The big buyers of gold have India, China, bren always Pakistan and France.
dis- China has progressively appeared from the gold market, trickle through except for
#
BURMA MISSION
TO BRITAIN
·Rangoon,–Aug._4..
Burma will send trade mis-
to
and slons
Britain
other countries this month in a con- cented drive to expand its ex- port trade.
The drive has been stimulated fall this year by an expected
SYNTHETIC traditional Far
RICE
Tokyo, Aug. 4. Synthetic rice which vill ellewin Japan's Insumelent staple food supply in the limelight as the Government has decided push its mass production.
10
In Burma's sales of rice to her
Eastern They average
tomers.
300,000,000 £22,500,000)
Rupees annually good proportion of the national budget.
At the same time, there has been a revival of the habit of
Laniel Promises Swift Action
Paris, Aur. 4. French Prime Minister Joseph Laniel tonight pro- inised swift Government action to restore financial health to the country by the establishment of "a
real budgetary balance."
In a nationwide broad- cast, he said urgent tasks face
two-month-old fils Government. The Treasury was undergoing
a parti cularly— aculeorisis,— the Fold
in reserves wero grave danger, there was a general economie regres- slon. The objective of establlabing budgetary balance had often been proclaimed, but this time,
the Govern
he declared,
ent intended to ach anení
Government spending
would have to be cut and widespread economies were prepared, he said.
"Shn Land.. Humphrey
UTILITIES
Tram
Pk Team
Star Ferry
3200 k 8.00
tiner
question
on
and publication
Guzar of
be handed to the Inland Revenue presentatives of the varlous The new pact would replace authorities, as representing the potash companies, and these the 1937 International egance deduction of income tax at the should open fairly soon. If they ment on the regulation of pro- standard rate, Before long the fall,
tho whole
duction and marketing of sugar, 815 0.60 400 0.35 Inland Revenue is likely to sell
to arbitration valid until August 31, 1938.
The London tolls are likely its holding on the market, there-bly goes
a mixed tribunal by bringing down the price.
her to go on until the end of this senting Germany and 20 Meanwhile sur-tax payers may creditors, defined
have discovered that they wi
Agreement, Unicus, February have to sell some of their share however, the Potash Syndicate of the bonds in order to pay their can be revived, each potash
7 to
20 $1
1.40 1.021
10,00
114
Tཐ
4.8
TC-
in the month.-Reuter.
24.90 200 24.70 | Bur-tax. They might be wise to company will be abl: to argue
(0)
43)
129 100 124
C. Light (D)
12 12.40 1000 a 13.20
C. Light (N)
200 5,50 1000 F B.30
Electric
20.00 340 20.00
Macna Ficc
ALS 10.30 181 2500 @ 18.48
2.10
INDUSTRIALS
Cement
IBOO 20.30 STORES, ETC,
Dairy ... 22.10 4.20 157 Watson a L. Crawford MISCELLANEOUS
Yangtzo
24 24.10
0.00 0.80
The Rubber
Markets
Talks To Be Resumed
anticipate the sales by the fte Idividual caso,
The
question is how far each authorities, and to make their own sales is soon as they can. debtor will be able to plend
Each will certainly The question of the German "hardship." Potash bonds is still outstanding, argue that 60 per ocat of One complication is that the Germany's prewar potash output Trust Deed behind these bonds now immured behind the "ron
Tokyo, Aug.-4. was signed by the German Potash curtain," and that the remain-
Chances are good for & Syndicate, which owing to the | Ing
should successful of the
Industry part
conclusion to the action of the occupying Powers not have to bear the burden of
Japan - Argentina is now in abeyance. Therefore it the whole of the bonds. Against for the import of aluminium, negotiations this Western Germany's output trade circles sald today.
LONDON TIN
MARKET
London, Aug. 4.
Browar
of potash has greatly increased since
days,
number of
A group of leading nluminium
has received
reply
of the Western German ers
from Argentina expressing its potash companies are now paying desire to keep up the talks on
ordinary dividends.
On
ground seems logical for the Japan
service ot
to be
this the Import of aluminum from
Japanese refiners previously
the
stalemated
bonded debt not the resumed.
This is as far as the story can notified that be taken at present. If a reason- aluminium negotiations will be is reached, and broken off if no reply is received settlement
ablo
The rubber market opened cash. Prices closed at the end of recovery, then at
The tin market was quick Spot romained unchanged at £571 per tom, and hive months as marked down £1 to 2500%. Turnover was 50 tons, one for it one belleves in the continuance from Argentina by the end of
political stability July
Trade circles believed that the official afternoon session
as and
Polash today's prices
bonds
Japan is the only country that folibers:
export should be undervalued. On the can. other hand one cannot any that Argenting, and that the negotin- there will not be further delay, ions will be successfully con-
cluded.-France-Presse.
Singapore, Aug. 4.
turned steatller higher and during the day on trade and factory support. Prices closed as follows:
No. 1 rubber per ib. Aug. 037-0431
64-04 Sepl. det.
No. 2, rubber per ib. Aux. 02-621 No. 3, rubber por lb. Aug. 00-81 No. 4, rubber per ib. Aug. 082-50; 0376-644 Spot rubber unbaled
5415-031 70/13 United Pre
LONDON MARKET
Ա
Spot in, buyers
Belleza Three months tin, buyers Follern Businem
570 673
170
BUT
Settlement
571
or how long that delay will be. ||
-United Press.
Brazil Cotton
Cus- about (about
B
being -Reuter.
market сторо No. 1 pale crepe
saving, since the franc tended to remain steady.
has
Prices
London, Aug. 4.
was market rubber The quietly steady with No. 1 RSS spot quoted at 18-2/10. - Prices closed as follows:- No, 1 RSS spot
Sao Paulo, Aug. 4. Prices
cotton of closed today as follows: August
Bettlement Hause Sept, Oct/Dec.
187-10
Oct.
10-1016
Feb. 1954
1956-19
March:
futures
unquoted
18,60 10.60 15.05
1914
May
18.25
United Pros.
July
18.00
After foregoing aid from the United
Co States, Technieni operation Administration earlier this
Burnia year.
recently millions of severni ordered
and of Industrial pounds
In machinery America, Europe and Japan 10 help carry out its plans for a welfare state.
It must now seek new outlets for exports to provide foreign exchange for which it has re- lied mairdy on rice sales in the
Both European and Chinese
The Agriculture-Forestry Min- ogricultural producers of tin moved during istry has instructed, is experts to the week to support the proposal probe into the possibilities of of a national buffer stock. artificial rite to meet the soaring Several big
black market rice prices, it was groups in Malaya told shareholders" at modlings announced today.
а Some
local food manufac- that they strongly supported recodation to the Federal turers recently succeeded in pro- to ask for the con- ducing "stimulated rice, using vening
United Nations wheat and flour which is bolted commodity conference on tin with hot water first, made into which was adjourned in Novem-rice-shaped graina and dchy- Ect
drated again.
Its taste is a bit inferior In
the previous week, the All-Malaya Chinese Minero compared with real rice, but its Association decided to recom- "feeding" and nutritional value mend that the commodity con- is almost equal to that of real ference be reconvened.
rice, experts said.
10505
the
In the absence of buying sup- onthelle rice, it port, this led Co
past.
that It has been pointed out contrary. to previous experience, there was no noticeable move- ments of exchange rates or gold prices during the recent 38-day cabinet crisis, whereas usually cabinet crisis tends to lead to at least a temporary fall in mone- tary values.
Although the State bprrowing from the Bank of France has canes pumped 155,000 million
Timber und minerals are of uncovered credit, ie, inflation, Burma's main potential exports into the national' economy this besido rice. But the oil in year, this extra money does not dustry has not yet recovered yet seem to have found its way from the war and the Govern- into the noto circulation. ment and Burma Oil Company
are
trying to launch a joint venture to exploit mineral oil.
Jan/March April/June
Cotton Prices In New York
New York, Aug. 4. Prices of cotton futures closed today as follows:-
MAIN FACTOR
The number of bank notes as
Spot The State Agricultural shown in the Bank of France's
Oct. 1101 Marketing Board, the Agricul-balance sheet has varied Dec. turni Improvement Corporation materially between December
the Commerce and Co-last and May of this year. and operative Ministries will be re- prevented by the missions which
Barch 1054
May
July Qcf. Dec.
or
The members of the public will visit Europe, the Middle who, in the form of wages Enst, Africa, South Americ, payments of contracts, have re- from the West Indies and the Farceived this extra money
The conclusion of a Korean The invention has not reach- armistice brought out sellers in ed a stage where mass produc- the rubber market last week tion is possible, omcials said.
Since starch and wheat and which was rather unexpected as this event has been discounted flour make up 85 to 70 per cent
production of the
of for several weeks.
cost bo
pro- duced at
at about the same cost of weaker
provided that market in which prices sank to real rice, a new "low" of 01 cents per Government maintains the price West mladon has already the State, have neither bought
the raw material at pound for the year. United of Press
adequate level,
spokesman mid that synthetic rlee will be produced under the strict super vision of the Government to keep its quality uniform and its price reasonablo-Fitinco-ProSSO,
J
London Foreign
Exchange
Tiftondon, Ang.
New York ......... Montreal.
Amruterdan
Brussels
Caio
Zurich.... Copenhagen Stockholm Deutsche Mack- BlockO0 MM
Other WE'D Pres.
34.20' nom 33.83-81 30.04-07
34.49 31.32
33.52 24.77 nom. -United Press
NEW ORLEANS FUTURE
Now Orleans, Aug. 4.- Prices of cotton futures closed today na follows:-
MISSION TO INDIA
orrived in Japan.—China Mail | gold with it nor consumption Spdelal
goods but have put it into their Post-Offico savings accounts or their banking accounts.
"French economista
Spet Opt: Dec.
March 1054 bellevo
24.43
May July Get.
23.07
Doc.
25.72
United Pros.
JAPANESE BONDS thin Minister of Forestry,there is no rush to buy any-;
London, Aug. 4.
Japanese bonds
"E" (4#, of pic)
72% 120
PD" (06, DE 1994).
13
"O" (Tokyo Dr.
*2 (5) at 1050).
*(TORYD Blus, of 1028
nited Consols
-United · Press,
Cakutia, Aug. 4. A 12-man Burmese Govern- that the pubile no longer bo- mont Mission, including the eyes in a further, long term Mines and Defence Minister, Utrend towards higher prices but Ba Swe, the Inaltatales Minkter, ballaven that prices will graduni- Kyaw Nyein, and Thakin Kyawly tend to fall. Consequently Berived from Rangoon by air thing.
to study Ind
Indian deve- yesterday to
Main taator in the The Miselor, represents paradox remains paychological.
It way the Ministries of Industries,
sdemed", "again. Mines Irrigation, Agriculture, threaten or the, gold war were and Forestry, will visit numbers intensified namin, there would factories and research no doubt be a new rush for gold and prices would soar-Reuter.. Institutes in India-Reuter,
of
gold
to
Stu I would not sell Potash
bonds at today's prices, any mere
timn I wous
ell Dawes or
1
Incidentally. I Young loans. would equally rotain, Japanese bonds, despite Japan's current shortage of sterling Whether buy
these any of bonds, whether
80
to
German or Japanese, is another the but even question, eventual reward may prove to outweigh the ultendant risks.
pluminium to
Commodities
In U.S.
New York, Aug 4. Weakness in the grains mar- kets and strength in cocoa and cotton crop months featured an irregular price trend for most leading commodities
1954
[NY: Stock Exchange today.
(In the United States, the Wall Street were as folity
27328 up 1.55
the
Favourable crop and weather news along with slow foreign demand
carllented for much of
weakness in grains. At Chicago, wheat closed off 20541 of 22 23 to 21% conte. Soybears off 107.31 of 33 1% to 24 cents.
At Winnipeg, wheat was priced at 203 cents per bushel. -United Press.
Now York, Aug. 4. Dow Jones dosing swemzes on avirage price of 15/19 mikidling an Industrials cotton at 10 designated spot .Ba
15 Utilities markets was 33.23 cents
pers Blocks pound. Sales at these centres to Donda totalled 10,317 bales.)United Comin Futures Prices
Index Press.
Optimism On London Exchange
Was
London, Aug. 4. In view of the fact that Wall | Ironiang, which qulod strong on For better than expected Street now appears to be adapt- bonus hopen
Gold "minings were
quiet the general verdict itself to the feeling that
London had some months ago throughout most of the period, among brokers with regard that peste might not, after all, but latterly were helped by bad thing: to the stock markets, the be such
and that the firmness of Johannesburg already existing firmness freedom of many commodities at Paris,
from Government stockpiling dilt-edged being underlined by the will result in a big demand from perienced very little more than continued strength of Wall sections of the industry, which normal routing business, Street while London was on up to the present had to con- trend themselves with sub- holiday.
blitutes.
sacuritiba
But there was a noticeablo change in polley of those insti tutions which normally are big The fact that today was end-
buyers of every short-fated of account had none of the re-
The comparative quietness
that the past few days percussions usually associated of the industrial market has have seen them going for the with that period, which in-
beon due to the fact that recent longer alented that much of the recent demand for first-rate equities bringing about an all-round up- thus longer-dated securities, buying hus been by people completely absorbed the foal ward trend. prepared to hold their stocks.
Log: supply Institution in-
Patchy conditions character- Prospects of high-level Gov-
zarance companies and banks Ised the London ernment talks brought about, a
Have been largely responsible in the poon money market
week, with credits' Exchange Rates revival of condence in foreign, for this state of affales and fi is
tight and com alternately in bonds, particularly Europeans, known that many of them are
·Bužinám was done in the locsi But Far Eastern issues had little sun ready purchasers mi the fortable supply the bank
The incidence of unatic chankermarket this activity, the steered immonent of any stock that ap hollday accentuated adenly, morning at the following rated-
being
of the Chinese that many. 5.918 MB::döller, (per" #1)
pours. Just
but a change for the better Late Sterling note per £11 rsp 10,84 and Japanese mice, hava.
"Tho oll・ market" was very in the final session gave the Indonesian guilders (per 100)-1940- about renched fi difiable levels. Slæm tirais (per 100) Pa
The commodity share market prominent in the latter stages market a relatively comfortable Wingsport(stralis) Indo-Chins plastres er 1903 85515 behaved very well, particularly under the leadership of Angio= | Knish-China Mail Special.
1.031