MESSAGERIES
P.O. Box 3. Queen's Bldg.
M
Uniwarda
"VIETNAM
"CAMBODGE"
Homewards».
"VIETNAM"
"CAMBODGE"
THE CHINA MAIL, WEDNESDAY, AUGUST 12, 1953,
MARITIMES Unilateral
Tel: 20051.
M
PASSENGER/FREIGHT SERVICE
Leaves Marsellies
.Balled
i Aug.
Hongkong
12-14 Aug.
Yor Vokaliami
+
27-28 Au
Leaves Hongkong
Le Marellien Vla
14 Repl.
Haigon
20 Hept,
Kalpon
24 August
28 Au.
vin Marseliles to all Mediterranean de West Africa poris.
via Djibouti to Madagascar.
Outwards
"COURSEULLES"
"AURAY"
"IRAQUADDY"
Liggewarde
"MEKONG”
"COURSEULLES'
"AURAY"
"IRAQUADDY“
FREIGHT SERVICE
Lenver
Kurupp--Salled
Europe-Sard
Antwerp 1 Sept,
Leaves
Heeling-20 AUK. Keetang-4 Oci. Keelung-20 Oct. .Kechung- 7 Nov.
Stungkung
For
2 Sept.
JAPAN
25/20 Sept. 12/14 Ort.
Japan
Japan
Hongkong
For
T
23 Aug.
3 . 28 Oct.
Nov.
↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Botterdam & Dunkirk. Subject to change without notice.
s.s. "VIETNAM”
will sail for
YOKOHAMA AND KOBE
on
Friday, August 14, 1953, at 7 p.m.
EMBARKATION:
BAGGAGE:
Passengers are requested to board the vessel between 4 und 6 p.m. on Friday, August 14th.
Road
Baggage room, hold and cabin huggage have to be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gate, Canton entrance) from 9 a.m. to noon, and from 2 to 5 p.m. on Thursday, August 13th, 1953.
CABIN BAGGAGE: cannot be accepted on board before
Passengers
embarkation time. Passengers will therefore have to collect their baggage from the godown between 4 and 6 p.m. on the 13th August, during which period cabin baggage only may be registered.
requested to are
note that
BAGGAGE must be registered as prescribed above.
ALL
Compagnie Des Messageries Maritimes Queen's Building
Tel: 26651
EVERETT LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- Chinn, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Arlves Sails
Aug.. 23. from Singapore.
Aug. 24 for Kobc & Yokohama,
"REBEVERETT"
Arrives Salls
Aug. 28 from Manlia. Aug. 20 for Singapore,
Rangoon
&
Pentag Calcutta.
(Accepting cargo for transhipment Kobe/Pusan and
Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight—refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"STAR ARCTURUS“
Arrives Sails
Aug, 18' from Japan, Aug, 19 for Manila.
"STAR ARCTURUS”
Arrives Salis
Aug. 24 from Manila.
Aug. 25 for Singapore, Pórt Swetten- ham, Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Bairah Bahrein.
"STAR ALCYONE”
Arrives Aug. 25 from Singapore,
Aug, 20 for Noha & Japan.
Salla
{Accepting cargo for transhipment Kobe/Puzan and Kobe/Okinawa)
&
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206.
Chinese Department: Telephone 28293.
BUSINESS REGULATION
L
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
Economic
Storm Signal?
Decline In U.S. Shipbuilding
London, Aug. 11. Today's Financial Times drew attention to what I described
the serious
decline in United States shipbuilding,
The newspaper also pointed out that Japanese shipyards are short of ordery as well.
The decline of United States shipbuilding might be taken as an economic storm signal, the Financial Times argued,
"If shipping has to be regard- on industry in which
ed as
most of the disadvantages but few of the advantages of the American economy operate, there are of course signs that the shipbuilding industry of the world is in some danger of re- cession,,
In a
Of
Convertibility Sterling Under Fire By Belgian Minister
Unilateral convertibility by any member country of the European Payments Union would be a retrograde step, according to the Belgian Economics Minister, M. Jean Duvicusart. The Minister was against any liquidation of the EPU as reported to be advocated in the British con- vertibility plan.
The coal
Higher Cotton Crop
Not Necessarily A Surplus
London, Aug 11
Page
NEW YORK
FOREIGN EXCHANGE
Canada
New York.
loginstdinofficial vi
Austenila
¿New
- 30-day-futurḥ-
DO-day future
Portugal
pa Sweden Switzerland
The Financial Times" (o- day expressed the belief mono that the possibility of, a higher cotton crop yłekď li the United States will not necessarily mean a surplus of cotton.---
Official United States policy Eart has named this year a higher production of colton, the news- Turkey paper pointed out editorially.
"The reasons world
for this have been twofold.
"There are two things which really exist in Europe: and steel pool and the EPU," he said. They are the two pillars of the new Europe we are building.”
The Belgian Government believed the pool's common market and the EPU were both essential.
HONGKONG SHARE MARKET
AN ADVANTAGE
The British authorities seo
bo
arising
Iran
Ineq
MIDDLE EAST
LATIN AMERICA
(Argentina 2Break
14
Bolivia (Chile !
Columbia
"In the first place the world- .wide texile recession, “led,
the senson kust ended, to D sharp. reduction in United States cotton exports.
"These
have amounted to roughly only half the quantity exported in the previous sci- "In the second place, domestic consumption of cotton in the United States has remained Very restrained, whilo the movement away from recession has got under way in other parts of the world.
бол.
The EPU was necessary for inclusive of all main the pool to work properly. It trader countries, and from provided the monetary counter custodianship, through the IMF, part of
physical of a fair part of their gold re- the freer trade channels which the pool serves. ! was creating. Convertibility should come through the EPU not suddenly, but proxiual
by a of raising
proportion of the gold in whi
which
EPU surpluses advantage in convertibility
sterling in that it would elimin and deficits were sottled. Any.
oate dealings in different varieties sudden raising of this propor of sterling. At present they have tion would dislocate (From Our Correspondent)
the disadvantages of converti- EPU countries, economies of he added. Belgium was strongly without the advantages,
All how sterling would Business done "The United States is
Stuck ly in favour of convertibility, convertible, whether on the senge a warning but it is the Exchange this morning amount but not at the expense of the frem capitol or current account.
ed to
$214,070.20.
Noon EPU. warning of
It is not clear what quotations and the morning's
would Sydney S. Gampell, Reuter's happen to convertibility
pre transactions:-)
"The arst acreage report at sterling balances, but the Bri- Financial Editor, writes: and some aro
the beginning of July in The British convertiblity fish authorities, it is said, na
timated that the atça under, plan,
as first formulated by the longer regard these ana a prob cultivation for the season had Commonwealth Prime Minis
them being in lein, most of..
been reduced to 25.6 million tors last November, then dis-"safe", Commonwealth, bands,
neres, a fall of 80.6 per cent cussed In Washington by the The British oro averEC cusse
from that of a year earlier, Chancellor of the Exchequer in moving to convertibility by In- March, has now been disclosed
gold elements in EPU creasing
LITTLE LOWER to representatives of all the settlements. This would not at- mula West European countries, tract the extra dollar subse but by no means certain that
"Though it .conceivable According to reliable reports, tion from the United States the British proposals are in which is essential to ruries lower than this, it now appears the acreages? "tright th ̈ fact bú level of resérvés.
cuse.
A very
share yards
of order's
reported idle.
.extreme
are
also
SHARES BUYERS SELLERS BALES
BANKS
HK. Bank .. 1:29 XD 1840 XD East Asia
101
"In the United Kingdom there
Centon.....
is still more than enough work INSURANCES on hand but new orders are very much smaller while there have been some cancellations.
"The fact is thut most coun- tries have completed or are near | to completing their post-war shipbuilding programines while war-damaged yards have been Jebuilt.
"On the other hand, provided | shipbuilding costs are brought and kept down, there are still a
Viry
large number of old ships to be scrapped for new ones.
"It is the level of the replace- ment and the level of costs which will determine the rate of ship- building in coming year
the Financial
predicted.-- Reuter.
*Times
Irregular Session On NY Stock
Exchange
New York, Aug. 11.
Railroad shures-paced -an.ir- regular decline of stocks today in the slowest session in mora than a fortnight,
The lack of interest
which
has dragged on the market for prices persisted and Go long
sheer gave ground under the weight of neglect.
-
the close
240
013
H.K. Fire
150
SHIPPING
Waterloot .. 18.30 Ania N NOCKS, ETC.
1,45
0411
109 15
11.00
3.00
the
400 0.70 1200 - 8.00
300 0.05
K. Whart Dock....... Frovklent Shal Dock
Wheeluck
LAND, ETC.
1.K. Hotel 7,03 II.K. Cond .. 80% 6111⁄2 Saul Land 1.421 Humphrey× UTILITIES
ןןתדיר
-
200 m 61
three stages:
to
con-
crop Hille last
The first stage is of negotia- adh
when spective yield will in fact bring leave the tions, which started when Mr would eve, the British plan that a substantially higher pes
would R. A. Butler visited Washing their currencies became LOTS
The early this year. vertible and the Union's dollar acgotiations
to assets would be left to finance are designed 1200 24.80 lead to stage two, who
the
between remaining clearing 500 (4 25
pound and other majat West members. Creditors leaving the European curreneles will be-Ulan would resign their claim come convertible.
on these dollars and accept in- stead claims against the debtora to be paid in equal monthly in-
over three years
1000 1.44
7014
...... 24.00
Fock Trom
42
Peak Tra
INS
31.30 Star Ferry 194
150 123
The British authorities intend C. Light (0) 19,40 1215 500 12.40 that the pound should fluctuate C. Light (N) 135 140 Electric
27.10 27.30 300 a 2720 in relation to the dollar with stalments
22 # 27.10 out middle parity or omcial Reuter. 1900 37.20 limits, but would be mannged
Macan Elec
INDUSTRIALS
+
British monetary RETURN TO
Telephone 21.70 22 200 @ 21.00 by on exchange equalisation account similar to that operated 110.70 100 15.70 by
the 23.20 22.40 TOUT 23.30 authorities before the wur, 22,40 1000 15
24
Cescrit STORES, ETC.
Chairy
Wation
L. Orawford
Ки Вал
Itm COTTONS
Ewo
236 Textile Corp. 1. 5.70 MISCELLANEOUS A
Yangtze 0.00 0.00
10 154
Sugar Prices
is
O lower than that at "Even on the lower acreage, a crop of 14.0 million bales now predicted against the fore cast of 14.7 million a year ago. and the final 1052-33 crop of 10,1 million bales,
"That a policy of crop re striction should have been encouraged by the United States authorities 1 understandable, for the price of cotton has only been sustained at Its present lovel by the operation of the price support polley
"Yet on other grounds it is perhaps not to be regretted that the output ไป likely to be higher
REFORM NECESSARY GOLD COINS that was expected.
At this stage the European Payments Union would have to be reformed to constituite a dearing mechanism for those | member countries `which would be unable to achieve conver Uibility, Austria and Turkey are 0.3 examples. In the British view the countries which malce
ADVOCATED
Senator's Proposal Washington, Aug, 11:"
-- thele ---- currencies – co¤~-~~Å ̈ ̈ return to the circula-
vertible will have need In New York to the EPU, Indock, it fadtion of gold coins has
Off Slightly
unworkable
points with sales, of 276 con- | trblility; (2), good creditor be fixed by Congress,
contracts.
Most of
ano
means
"It the United States should follow the rest of the world in the textile revival it is by no certain that the higher crop yield, IL -materfalises, will mean that much cotton". the Financial Times added, China Mall Special.
at
JAPANESE
OFFICIAL'S MISSION
To Increase Trade With Pakistan
Tokyo, Aug. 11.
Cuba
Mexico
Pears Uruguay Verzugl
Hadia Pakistan
oncon
Indobesda Skoore Japen
1 FAR EAST
2114
300 yen --United Frees.
The Rubber
Markets
Singapore, Aug. 11, After a quiet : opening, the noon, and though there were rubber market steadied, townda
somo sclling in the afternoon, the actors old with Bellers: Reserved.” Prices Greene' "No, à quober per ib.
No. 2 cubber Dez
No, a rubber per 3tq, 4 rubbe
Apot rubber
No. 1 pals crepe
Blanket crepo
LONDON MARKET
London, Aug 11. The rubber, ennaltah was steady, 184 pence per it. Prices were {NG."1 RSS «pot was citietokat
" ́es followi
NG I RES opor Settlement House
Aork/Juno-
Gengal Market eit basis
Beps.
United PreRL
NEW YORK MARKET
New York Aur. 11. Rubber market closed today 5 to 83 points higher with sales hof two contracts."..
Trading in rubber futures continued light again today although some tradera ipak for increased; activity in lingwiths the ecosocial upturn in the "in- dustrial activities.
There were 130 price changes in the apok... market. Cable offerings were few and some what above the price trend."
Tinders' are hopeful the" mis of Government-owned" syntheta plants due for completion by 1055 will be increased. Private of these plants ownership
about bring would
aff
and
J
demand would preced
Number one. ribbed
the EPU in its present form will been advocated by Senator borome
when Pat McCarran (Democrat- sterling becomes convertible as Nevada) as part of a pro- members will profer to hold gramme which, he said, sterling rather than EPU credits would establish a sound and New York, Aug. 11. and will therefore declare to the Volume totalled only 940,000
today shares compared with 1,000,000 barely steady at the close with not their surpluses, Sugar futures
ruled Union their sierling deficits but honest money system.
The Senator introduced legis- yesterday.
interest
Exseritial colitions for the lation to guarantee the redemp centred in mainly Only utilities managed
establishment of stage two are tion of currency overall gain A
nearby months. rise of
in gold or World No. 4 sugar futures (1) 11 balanced monetary policy cents
On average
silver. danand
closed unchanged to off 3 by countries assuring conver- stemming
from yesterday's for favourable rate indication
The price of the metals would tracts. the natural gas companies.
Much of the
activity by the United States in respect Roll losses generally were centre
centred in the Sept. and Oet, to tariffs, customs formalities positions.
of tied avoidance
Gold would be coined Into 10, (a) an snall but widespread. Industrials
No. Domestic
G futures enlargement of the International
20 and 50 dollar pieces, and A high Japanese Foreign Office allied smartly near
and 2.50 dollar official leaves here by 'die finished the session unchanged Monetary Fund's dollar capital, silver into 1 finishing two cents lower от
to off 2 points with sales of to be put by the United places.
fdr Karochi tomorrow, to seek market where the law of supply, average.
why" 81" increasing Japan's the States the higher-100
The Fund would also Pecially
would be trade with Pakistan. *** The price of gold activity
here was in the Sept, have to assure members of their issues lost most in the
fixed by Congress so that it industriais. Steels were little position.
ability to draw from it when
Omes annonced #accurately reflects" the de- late report from London, needed to. This in
tock Forming and the Bellish changed.
indicated that an international view would made up for the precation that has taken place Agreement may be in the offing, loss of EPU credit facilities and in the United States dollar based
Inadequacy of Delegates to the International for the
gold Sugar Conference are working reserves. An increase in
the index. on a plan to bring supply and dollar price of gold, does
not The price of silver would demand into balance.
oppear to be an essential pre-reflect the "correct ratio"..be- Helpers again reported very condition.
tween gold and silver based upon Dow Jones closing averages:reated sugar, and the trade was little improvement in demand for
the relative world production SHORT STAGE
of the two metals since 1942. still aid to be making replace- Aug, Aug
10 11 Changes ment, not purchase, on a day-
During stage two, import dis
The US Government would 275.32 274.30 .02 of
orimination aguinst dollar 105.80 165.11 .73 ott today basis. Futures closings:
sources would continue to be maintain a monetary reserve of 30.40 50.73 22 up [ Contract No. 4 (world) 107.11 107.56 .15 off Rept.
allowed, but Britain does not gold and sliver not less than 40 Intend to do this in case of imper cent of the face value of all porta of raw material for home currency in circulation-China 3.50 asked and be used for and the selling
use. This stage would be chart, Mall Special.
Of the 1,033 issues traded to day, there ware 363 higher, 417 lower and 173 unchanged. The New York Stock Exchange bond volume was at $1,570,000; and the American Stock Exchange volume was 270,000 shares,
30 Industrini...
20 Ralls
15 Utilities
63 Stocks
40 Bonds
3.39 bid 1.00 3,79 nom.
3.40 wid
05.40 93.40 m
Okel
Comm. future
prices index
Jan. 1954
15334 180.16 41 up United Prem
March
May
5.40 bid
Juk
Sept.
3.40 bid
Bpoi(cents per tb. fol
Cuba)
3,000
Contract No. 4
Bepi.
Nov.
Jan. 1954
LONDON TIN
...
MARKET
London, Aug. 11.
March
MAY
5.30 bid 6.87. bid 8.78
3.58 bid
the formulation
The trade rules would
agreed between the countries |
convertible curézicies,
i would be similar
of
redo
up of an
advisory board
ked
3,03 bom. and
thost
5.15 nom.
of the General Agreement on
3770 nomt.
5.DO
United Prem.
LA
tin market was quiet, Spol-leente per ib. cit NY
ex-dock)
July Sept.
The
Spot Ula was down £
to
£683 per ton. Three-months
tin was also down, an
Turnover, for the day was 20 tons, none for cash. The closing prices were as follows:-
Spot Uni, huyere
scilers
Husine
Three months tin,
buyers
sellers
Business
Settlement
Press
Trade Treaty TORRE
Kilahari, chief of the Sterling the upon
whalesale commodity
Hessian Stocks
In India
Calquilo, Aug. M,
·
Trade Scotion of the Foreign
sheets were quoted of 23 cents per lb. Prices of futures closed as followe
Sept.
Oleo Economic Bureau. Ho Doc. N will Investigate emises fór slug-March 1954 gliness in trade between the Mag Two (countries" sined the com2 -July merce pact was signed with Pakistan in May..
Commercial circles have be- come, Increasingly worried at the failure of Japan's cotton goods to sell in Pakistan.
A Japanese businessman, Mr T. Taguchi, who returned from Karachi recently, said Pakistan's own cotton goods production would "ring" in "à spectacular manner in the next nine months,
ME
„Taklauchi;...] who was realdent official of the Japan Cotton Goods Exportera Assocía- in Karachi, thought Pakistan might buy cotton goods
Tarifs and Trade (GATT) and Indian stacles to hesians cloth from India as friendship betwe
Sept.
$22.10.2
22185 Ba 茗 è
22.55 bid
22.50 614
$22.50 zim United Final
Grain Prices
In Chicago
panda Chleago, “Aug. 11: Prices of grain futures closed today as follows:- Wheat (No. 2, red, per bushel
In cents) but Sept Doc.
2599-190
biarch 1954
Corn
(No. 2, yellow, per
Spot
March 1954
Prices ** por,
of the IMF, When they cang bags: fell it 180.0 million yards the two countries Bad been lay into force and. the plan enters at the end of July from 1800 growing since the recent meet
3. dreamimination and mallon yards of the end of ing of the Indian Premier Mr
restriction
Imports
June, equivalent to 46,703 tons Nohru, with the Pakistani Prime be allowed and 15,000 tons, poctively, will be
Exchange Rates would no
Business, was done in the local unanicial
except minissé, di
The cults
Minister, Mr Mohammed All Reuter,
210.50
j». Backing cloth bags at michango market thised by the "advisory boord. This milion yards weLO. alkarily 4.970 will have BORTIO olght to ten med higher than at the end of June
morning at the following rates:- U.B. dollar (per $1) kes
Sterling, notes (per £1)
20.49 bers, three to fo
four of them being) figuro":3.6L 2# 200.7N 32.70 permaneat,
Industan qulidora (per 100) 30 -Diam ticals (per 100) Kingapore (btraits)))
minion
ment, and the remainde yards, equivalent to 80,000 to London Foreign
114 representing Govertiments of the und 780,700 Jobs respectively
Indo-Chins plastron (per 100) 0.70
(piintrips party to the trade China Mall Special. DRA
the
JAPANESE BONDS vertible une conica with con-
London Aug. 11.
1907
A Japanese bonds Tokyo, Aug. 11.
"A" 148 of 1800)
Lot 1910) -Nagotiations for a · now' Japanese-Siamese trade treaty Beven are to open tomorrow. Siamese officials compose the oficiál delegation,
Pronto
Commola
Tho-board-
-la-planned to have Bank's New Branch
coraldemble power, much mare
mul than the present International
Bombay, Aug.11.2
1366 | Monatory di Fund which can only The Bank of Tokyo wall open make Juridicial observations on accond branch in insilogin the policies
licies of
having
POWER
members without Bombay, with the much awo ergeorgponsiblilty month. The first branch opened The board woul audiarity from If membership, Pre
Exchange
per
;
Bapt.
Dea Boys)
Elpot