MESSAGERIES
P.O. Box 53. Queen's Bldg.
M
Outwarda
"CAMBODŐK"
Homewarde
"VIETNAM"
"CAMBODGE"
MARITIMES Food For Thought
Tel: 20051.
M
PASSENGER/freight serVICE
Leaves Matarlifes
2 App.
Leaves Hongkong : ....20 August
Aug.
Hongkong
27-28 AUK
FUT
Yokoham
Date Marielle via
14 Sept.
20 Rept.
Salion Kalgun
vir Marscilles to all Mediterranean & West Africa ports, via Djibouti fo Madagascar.
Outwards
"COURBEULLES”
"AURAY"
"IRAQUADDY”
Homewardı
"MEKONG"
FREIGHT SERVICE
Leaver
...Ehrope Salled
Japan Зарад
flongkong
For
Z Sept.
Euro-Salled Antwerp 1 Sept, 1.raves
25/26 Sept.
12/10 Oct.
Зарад
Hongkong
For
"COURSEULLES" + '.KeelunȚm | Uch.
"AURAY"
.....Keelung-20 Get. "IRAQUADDY" ......Koelung-7 Nov,
23 Ang
3 Oct.
J. Oct.
E
Nov.
↑
↑ Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.
EVERETT LINES
· EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korca, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Arrives
Sails
Aug. 21 from Singapore. Aug. 22 for
"REBEVERETT"
Arrives Sails
是 Kobe
Yokohama,
Aug. 28 from Manita.
Aug. 20 for
Singapore, Penang, 匙 Calcutta.
Rangoon
(Accepting cargo for transhipment
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
"STAR
Arrives Soils
Auk. 20 from Japan. Aug. 20 for Manila.
ARCTURUS"
Aug. 25 from Manila,
Aug. 20 for Singapore, Port Swetten- ham, Penang. Madras, Colombo, Bombay, Karachi, Khurramshahr, Basrah Bi Bahrein.
"STAR ALCYONE"
Arrives Sails
Aug. 25 from Singapore. Aug. 20 for Noha & Japan. (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A -Queen's -- Building, - Talephono--31206.. Chinese Department: Telephone 28293.
SUBSIDY FOR JAP
PROJECT
Tokyo, Aug. 18. The Ministry of Trade and Industry has decided to carmark total of 2,000,000,000 yen in Die fiscal year 1954/1955 budgets as a subsidy, for the Japan Jet Engine Company.
Aim is to help the company to complete
the trial manufac
ture of jet engines by 1955.
is
U.S. Textile Markets
New York, Aug. 10. Activity in print cloths for spal and nearby deliveries featured trading in cotton goods markets this past week. Other- wise grey goods were mostly quiet with sales in sheetings and wide fabrics.
"Big
Prices the
of
THE CHINA MAIL, MONDAY, AUGUST 17, 1953.
Foge
Sugar Talks
British Exports
Buoyancy:
On The London
Stock Exchange
(FROM OUR OWN CORRESPONDENT)
London, Aug. 16. Despite the holidays, which are naturally restricting the scale of business, dealings on the London Stock Exchange last week did not lack interesting features.
Investors had plenty to think about. On the bright side there was the announcement that July "exports were the highest of the year; the daily rate of imports was down and sales to the United States set a new record.
Ollier
Among Japanese bonds, Tokyo Electrics arsented and
the
lost £1-both non-assented
|
WIK
On the other side of the Fat 1458 Gd., clown eight shillings account there was a warning by from thele revent peak. Imperial Chemical Industrica oils were uninteresting, that the company's exports this below year might be seriously
202 last year's record level of million. because of the shortage of Sterling in several of Britain's "traditional" marketa.
Main
wal activity in the
owed little to
wal
the
but the others were unchanged.
An exception
South Manchurian Railway, up £1 market.
Among German bonds, export 7% Potash gained £14
Chinese issUOS antoin
were feature- sub-less, and
were metal shares mostly easier.-United Press.
however, prospects. Interest largely centred on shares. ject to "take-over" rümpurs.
the Manchester Arm Bylands,
manufacturers and Watchen, jumped 1/04 on
of
the announcement that a condi- tional offer had been received for the company's shures,
01
But the week's biggest gain--
lie shorex 17/@d-was in Johnson Brothers (the dyers).
WORTHY OF STUDY
HONGKONG
SHARE MARKET
(From Our Correspondent)
done on the Stock
Busines to f
The directors of this company, which has 1,300 branches dotted over the country, have fore- stalled the bidders by turning their properties over separate company.
Debentures of the new com-
will pany
the existing to ED equity holders who also benefit by the distribution of 10/- share from surplus assets.
This method of capitalising the "hidden" value of freehold property is one which other companies in the same position will no doubt study with care.
|
Trade Statistics Provide
Lagging Heartening Economic Outlook
London, Aug. 16.-
The lug of war over the allocation of export quoins for sugar to the free markel reached a crucial stage to- day as the International Sugar Conference adjourned for the week-end after Ave
weeks work
agreement.
on
a world
Pessimistic reports on the of the con- probable outcome ference COURCI casiness to develop in the world sugar market yesterday but delegates told United Press fodny that they were still optimistic that the conference would reach on agreement.
(FROM OUR OWN CORRESPONDENT)-
London, Aug. 16.
It is difficult not to give way to unbridled optimism on reading the latest report of Britain's overseas. trade. It contains, on the surface at lenst, nothing but good news.
Exports in July were the highest since March 1952. Imports showed little change on the previous month and the resulting trade "gap" was the lowest of the year.
With "invisibles" believed to be running at a moderately high rate Britain, seems to be assured on the present showing of a favourable balance of payments at the end of the year.
The figures are heartening. ̧(`With on incrense_from_14,351 | Exports und re-exports in July to 41,125 in cycle sales to Canada were worth nearer £243 inflion this more than offset a drop of dgainst. £212 million in June 109,051 in cycle exports and £221 million in July of last | Malaya over the same perind...
SOBERING THOUGHT
year.
to
However, they said, owing to limited prospects at the the
market, any agreement This was the highest monthly This gives rather a different tree reached may not be as wide in rate of the year and the best slant to the current talk about scope us had been expected. since March 1932 when exports foreign confpetition and trade
# gaems Reports that Peru had walkedet an all-time record of £265 restrictions.
million.
British exporters can more than out of the conference because
hold their own when the need On the other side of the ng- the Quota Committee's suggested count, imperts were held down arises. quota figure was unacceptable
were said to be exaggerated.
that
Crisis In Tin Trade
London, Aug. 16.
to 2202 million, a rise of only that efforts to increase sales in the world's
But it is a sobering thought Today Is the deadline for about £1,250,000 on the previous the more difficult markets are nations to ask for an inter month's figure.
Peru requestett a figure of 300,000 tons ps her annual quota
The July trade defleit was re-only
50 million with an irreducible minimum ofduced to a bare 330,000 tons.
The Quota against an average monthly de- Committee cut this request to
Bicit of £64 million in the first half of the year. 280,000 tons.
MAY COMPROMISE No final figure has yet been written into the draft agreement and a compromise is expected, The outstanding problem now
conference facing the
15 to
cut the total requested quotas for
the tree market from seven mil-
lion tons annually to Rve million tons which is all the market can
Exchange his moming mounted to $197,941,00. Noon quotations and the morning's transactions: absorb. A number of the lead- SHARES NUYERS SELLERS SALES have compromised
ing sugar producing countrice
Д
BANKS
In the "take-over" market it is belleved that Debenham's, the Blores concern, may shortly de- cde una similar course of uction and this caused the con- pany's shures
rise / lo 31/3d.
to
House of Fraser shares were again in the news with galn of 8 to 80/- attributed to "aggressive" buying in a market short of stock,
MOTOR SHARES UN
Molor shares have somewhat belatedly responded to the rc- cent steady flow of good newa from the industry. Production up, so are exports to the dollar markets and several Arms captured valuable overseas
ง
contracts.
Fords put on 2/440, Jaguars 101 and B.S.A. 1/3d.
There were also several good gains
vehicle commercial
4/30. shares. A.C.V. were up Lylands 2/1014d and Fodens 170d.
LITTLE CONVICTION
ot
inore
of
HK Bank
East Asin... 132 INSURANCES
Canton Union
IK Fire
SHIPPING
Waterboat Aala Nav,
1540
01540
610
340 18.00
18.70
1.45 115
0435
11.00
24
2.20
8.80 8.03 1500 y 8.00
LAND, ETC.
DOCKS. ETC. K. Wharf Dock Provident S'hal Dock Wheelock
IK Heich... 7.85 195 2000 A 1.00
HK Land 0035
01
S'hai Land
1.40
2018
Humphreys
UITLITIES
Tram A
P. Tram (0)
23 23.20 100 + 25
1. Tram IN) 21.10
Stur Ferry. 120 XD
Light (0) 12.40 12.00 378 32.40
1 1700 18 123 C. Light IN) 0.40 0.45 66 0.40 Elextric .... 27.10 27.40 600 27.10 900 w 27.20 Mac F21.21.21.80 2000 .21.70
Telephone
INDUSTRIALS
Cement 18.80 10.00 2700 - 18.00 STORES, ETC.
Baizy ...... 22.10 2.40 410 Watson..... 22.00 2100 Crawford 23.04
COTTONS
Texille Corp.
2 2.00 5.00
22.20
22.10
MISCELLANEOUS
Yangtze (0) 6.00 6.03 Yangtze (N) 0.05 1000 8.10
No Fear Of
Competition
not about
on
their demands. These are reported to be Cuba, the Philippines, Formorn and Indonesia in particular.
I was learned that Indonesia lator conceded an increase from the original suggested 150,000 tons to 250,000. tons. Formosa received an extra 25,000 lons which is reported to have satis- fed her. Cuba was given an extra 5,000 tons.Undled Press.
Australia To Manufacture Diesel Engines
has
At this male the "gap", should be comfortably filled by invisible earnings and will leave a little to spare-but how much it is at prosent Impossible to say,
UNDER THE SURFACE
To sum up. July produced the highest monthly ste of exports but only slightly. And the trade for 10 months. Imports were up "gap"
was the smallest of the
year.
If one probes a little deeper, however, # rather different picture emerges.
Conditions are never quile the samé in any two months of the year. Some are favourable for British exports,,others are not.
July is one of the good months but it is followed by two that are normally slack periods for exports.
!
easy
tin producing
the when made
N markets are restricted.
national conference to avert However, the present buoyancy | the threatened collapse of of British exports must be set the tin trade. egainst the evidence of resurgent Tin is one of the most expen- Inflation,
frmed the suspicion that the rise The Treasury has now con-
home demand was one of the main factors in the three per cent rise in Industrial production in, the first five months of this
year.
Rive of the major metals to in recent months have forced produce. Rapidly falling prices many of the world's tin mines to close.
A conference to discuss tin restriction met once in Novem- ber, 1950, but with the Korean war only a few months old, the price of was pouring, a nothing was agreed.
The tin price eventually reached as high. thens £1,600 per bom.
of tin
While it is of paramount im portance to increase exports and "this need investment," the Treasury stated, must not preclude
it elsewhere expansion resources are available.
Now, however, it is back to "On the other hand, increases | £589:15:0 a ton and the tin in many types
of consumption miners are asking tint som4)- involve bigger imports.
thing be done to bring stability. to the market.
THE NEED "Whether in the long run we' can afford to maintain then, therefore, depends largely on our ability to earn more from overseas antes."
The need, then, is for still This is largely due to the vary- | higher exports. But there is ing number of working days in no reason for pessimism. The the different months. July this July trade figures are moderately even on the daily year had 27 against only 24 in encouraging June and 25 in May.
bagis.
The low price now has forced a large-scale closing down of gravel-pump mines in Malaya.
BIG SURPLUS
In the first half of 1959, the world output exceeded con- sumption by some 17,800 tons or an annual rate of surplus, of over 36,000 tons.
Much of this surplus was absorbed by
strategic stock- puing by governments.
But there are signs that
to an end.
On the more realistic busia of The gold reserves are mounting the dally rate of exports, there-month by month. And produc-stockpiling in tin is now coming fore, July was not such a good tion is still rising.
The vitally month as the bare figures sug-
important steel gest.
industry has just announced that production in July set up a new record for the month,
Steel production averaged Exports in July were in fact 338,100 tons a weekt over the first £8,900,000 per working day com-
STILL ENCOURAGING
last year.
Melbourne, Aug. 18.
pared with 303 000 tons a week The Minister for Public Works Pared with a rate of 8,800,000 in seven months of this year. com
the preceding two mouthe in New South Wales, Mr Ren-
On the other hand, imports over the corresponding period of shaw, Swedish-lyue diesel ship engines basis,
announced that show up rather better on a daily
This represents an increase of July they were 11 per cent. will soon be manufactured under arriving at a rate of £10 800,000 licence at the State Deckyurd at
£12,100,000 in day against Newcastle.
June, £11,800,000 In May and
£12.200.000 in April.
Mr Renshaw said that the Director of the dockyard had completed negotiations with the
Swedish patentees of Polar Diesel Engines, who had agreed of the to the manufacture engines in Australia under the name Australian Potgr Diesel Engines.
No diesel engines of between 000 and 1,200 horse power were ent manufactured in Aus- present tralia and the engines of this power which had been installed in vessels built at the Newcastle Dockyard were brought from Britain.
The Minister said the steam engines were being built at the dockyard for the Australian shipbuilding industry and it was essential that diesel engines should also be manufactured
there because of the trend from
0
Ins
+
18-Knot
If costs can be held down- wages are the meat Im- portant factor here-Britain will almost certainly avert on "odd But if the overall picture is not year crisis" for the first time as bright as it first appears. certain features of the July trade since the end of the war, report are still
encouraging. It shows, ler cxample, that despite increasing competition British exports fill respond to vigorous sales methods.
true of sales in the especially doilar markets,
United Kingdom exports to North America in July were worth
£30,100,000 - only £400,000 less than in June and £600,000 more than the monthly average in the second quarter of this year..
HIGHEST
EVER
This is
Tankers
On Order
A working party of the International Tin Study Group met in Brussels in June and decided then to ask the govern ments concerned 10 State whether they favoured a re Conference. If replies are sent convening of the 1950 Geneva promptly the conference could be resumed In November- United Press
SUGGEST
REPLACING
•
OF E.P.U.
The Hague, Aug. 15. The Netherlands has advocated study of the currency problem aimed at the enlargement or replacement of the European Payments Union by a wider in- ternational payments Bystem based on Britain's convertibility
The recent armness of the
market industrial share
is in large measure due to the recent evidence that many boards directors are adopting beral dividend policies.
Among last week's
Lll brighter dividend news. Tootal. the textile firm, provided the chief. interest with an increase to 25 in distribution from 15
London, Aug. 1a. per cent.
As a result, Tootal shares:
Colombo, Aug. 10.
Two of the 32,000-deadweight- plans.
The Government spurted 8/- to 737.
ton tankers in the current búiki-
report on Ceylon need have no im- trade_ Inquiries for The gilt-edged market
British, progress under the economie ald Imediate fear of serious compet!
ing programme of the mained
Tanker Arm throughout
the ton
from the Philippines in
Company (Anglo-programme in the first quarter of Osnaburgs improved.
Mills continued strongly sold week but commodity shares the copra market, trade circles
Exports to the United States, Iranian's shipping organisation) this year, just published, said nhead but buying of finished tended to be rather dull. Tins, said.
at £15,200,000, were higher than will be capable of operating at that plans such as the British the on
convertibility in any previous months, though 18 knots.
project "always goods and coloured yarn goods however, improved
representative of the copra reflected buyer
to Canada, at caution. Improved
14,900,000,
involve drastic changes and give. improvement in the metal price. trade stated that Ceylon
steam to diesel power for ships.were a little below the monthly willlom exports need
announced by This was
rise to a host Chuirman Fraser,
of problems for buying of cotton knitting yams
Little interest was taken in
apprehensions China Moil Special. have any
which obviously no. average for the second quarter. the
at Anglo Iranian,
the W ppeared for September and
no immediate gold shares.
flush the approaching
Detailed trade figures showing launching at Wallsend-on-Tyne The report continues
solution can be found." The Ministry
S0011 to Qetober deliveries, and weaving
season in Philippine copra as the mostly
the performance of the various of British quiet, negotiate with the Ministry of yarns were
Merchant", the would be highly undesirable if two countries operate largely in
export lines are not yet colton have half of
32,000-tonner to take the PU were not to be prolonged s socond avallable sec alfferent Finance to
goods and
currency spheres.
but
It seems
that in were yarns
Philippine
the British Tanker сорга
les accounted for a company's service. Eleven other able to replace it by a more
there the moment
19 2,000,000,000 yen incorporated in cotton
creased car sales
no prospect of being Generally the 1954 budget.
and unchanged
goes chiefly to dollar areas and from the previous week,
very little to European countries.
of Interna The Government's cotton crop
Questioned about the recent in addition to 40,000,000 yen forecast on Monday of 14,805,000
reports from Manila that al- Government had taler, which was larger than which the
weeks ago tempta are being
made earlier decided to grant to the expected, had little effect on the
that industrial shares were at Improve the quality of copra company for this scal year's market, and the price values are
the year's lowest level. What there, the spokesman observed Industrial
subsidy near the Government's support experiment
landed them?. Nobody can re-that there was no need for such fund.
level. United Press.
member. On checking up, we measures here, the quality of And that Egypt was threatening war over the Suez Canal, and Ceylon copro, being well ahead I tri the world market, according customer for cars until the Cum
the Philippine product Since then, the China Mail Special. shares felį. market value of the landing in- dustrials has rizen eight per cent without ever creating any sensation of a boom.
Nationalisation
stocks have dominated the gilt-edged mar két this week with riscs of 10/-
others have Indian or 11/3d, but followed well behind with rises of 1% or 1/10 sierling. They are all below the peaks reached in June.
The subsidy will be furnished
The Japan Jet Engine Com- pany was established on July 28
theRattan Makers
through a joint investment of the Rattan
Shin Mitsubishi Heavy Industry, tho Ishikawajima Heavy In- dustry, the Fuji Heavy and Fujl precision instrument companies which are the leading aircraft Japan.-France- companies in Presse.
TRADE PACT
Egypt and Yugoslavia have signed.a. trade and payments agreement in Chiro,
Retrenching
"
A
London Aug. "10. The markets have had a good week measured by prices. But again it has been a week with out too much convletion, almost an absent-minded week.
It was about 13
of
JUTË OUTPUT IN INDIA
AL
to
Calcutta, Aug. 16, production of jule goods in July amounted to: 75,025 ons as compared with 70,200 tons in June.
The July output comprlied heasian 126,740,000 yards and 116,230,000 and 90,070,000, rea- pectively, in June-China Mail Special.
sacking 64,700,000 words, against
May Reduce Prices
Melbourne, Aug. 10.
The Australian Wheat Board is considering dropping its export prices to meet the competition of US. and Canadian whont prices
Sir
water
to 32,000-tonners are... yet delivered,
.ba
system satisfactory tional
payments."
One of
of the 18-knot tankers,
of
most
large part of the improvement in 32,000 exports to the United States,
Car sales are an outstanding
of the example of the success of British Sir William gold, would be encouring
the Or exporters' efforts to find alterna-built by Swan, Hunter, and
encouraging results tive markets to take the place of Wigham Richardson, the builders Economic Co-operation Ministers. Hanisation for European those lost
or partly closed to
of "British Merchant", and, the meeting last March was Britain's them by trade restrictions.
other by nwthorn Leslie and expressed desire to keep the EPU Australia wes Britain's best
Co
"Meanwhile
careful consideration
given to be devoted
further study can
the to
To
to trade circles,
monwealth Government clumped In referring to the particularly in existence for the time being; The
Chairman,
John down on" imperis,
problem of Teasdale, declined to reveal- As a result, car exports, to the preparation of the specifica-how, on the basis of the British whether a deciston has been Australia slumped from 25,477 in tion for the machinery for these plans a more satisfactors, 1.0
of international it was believed that the first half of 1952 to only two high-powered ships he paid wider system reached, but an immediate reduction of 6d 7,694 in the Arst half of this special tribute to the very valu payments can be devised.
able assistance received per bushel was likely.
from play lading rold in; this" la), Pametrada (the Parsons and one of OBEC's foremost tasks/ Marino Engineering TO DOLLAR COUNTRIES ·
report
declares.The Research
and
1. Development ultimate shape of a new 'interno- Alterative markets had to be Association),
tional payments system wit den found, and ear manufacturers "Brilish Merchant" and her pend on further consultation at turned their attention to the five sister ships, he added, would international level."--China Mai dollar countries.
have a service speed of about Special. The rise in the reserves during 161⁄2 knots and the five other
Sir John cautioned wheat growers against panie over the sharp drop in American prices adding, however, "We must, be prepared."-United Press,
year.
Turbing
Big Wheat Crop the first six months of 1953 owes 32,000-tonners, about half a knot
HIGHEST-EVER
Singapore, Aug. 15. A supply shortage of rattan from Indonesia is forcing Sin- manufacturing Rapqre rattan firms to make plans for drastic retrenchment programme in which hundreds of em- ployees may be laid off.
LIGHT TURNOVE One leading manufacturer
much to the corisequent Increase | mora-China Mall Special. Turnover, was rather light already has notified its 90 cm-
Brisbane, Aug. 10, States in car sales to the United ployees of its intention to close among leading industrials and
Australio'o' shipbuilding ·DROW from 19,228 to 17,033 and to
RICE GROP PRICE
stramine Is at its highest-over: down within the next fortnight. movements did not tellect strong Reason for the crids. In the opinions even when they seemed
Canade from 8,308 40 20,778:
Washington, Aug. 10.'- Toval, Shipping and, Tromport the to move sharply. was t local rottan Industry
The cycle industry has met
The Department of Agriculture Minister Senator George McLoy greater success in its Imperial Chemicals
drive to find alternative markets reported there would be no salds sold 23 shiny for t diminishing and irregular ar rivals of rattan stock from 1/04 on the
about ex
following the? restrictions
on change in the final support 'price' HO
"tho Indonesia and the consequent ports of chemicals decreasing, Business was done in the Ideal
of 31.84 per 100. Bis for the 1953 trade were being built or, were The total whoot production do within the sterling oreg, exchange innekes: (ALA of overseas orders while Ford Motors gained 2/00. unonical
tion order for the Australia mernlar at the following rates-25 is now put at 1,209,000,000 Sales to the United States in rico- crop, and T tura Umber, chemicals, hydro-
17 bushels compared with 1,176, the first six months or 1053 Rice will be supported through Shipbuilding Boned, and another electric machinery, rolling stock, of raitan have?rison, bo The boom In Anglo-Iranians 2 doller (per 11)....... Sterling, holes, (pet), if 1) ZADO
Chins | United .. Kingdom.—China : Mall, tobacco, caustic soda, rubber cause of the shortago while the Inspired by rumours of a hand-Indonesian gulden (per 1003200 000,000, estimated a month ago folatiod 102,387 compared with lodze and purchase agreements as four ships were on orders in the
and last year's harvest of 1420) 63,048 in the corresponding period in most programmes. hup, showed no some bonus Jamie, proved short- alam tenis per 100)
Singapore (Biraits)
Epecial products and irrigation and selling market
Mall Special) million Ching. Mall Special thờm stures closing indesutba = plastres (ps3): 1903 av 8.10.
of 1052 "Uyedgwil agricultural equipment. Reuter.change-United Press,
Egypt will send Yugoslavia cotton, phosphates, manganese pre, medical dehydrated plants, linseed, rice, salt, cotton- aced. oil, bananas and dates, a
onions,
warning
Yugoslavia will send in ice;
safe that local Courtaulds rosii niincoince,
Washington, Aug. 16. The United States is virtual- ly aitre of another big wheat crop, official figures issued by
ture Indicated.
Exchange Rates the Department of Agricul
Even