MESSAGERIES
PO Box 59. Queen's Bldg.
Dutwards
M
"CAMBODGE"
Homewards
*VIETNAM”
“CAMBODGE"
THE CHINA MAIL, TUESDAY, AUGUST 18, 1953.
Page
MARITIMES ANOTHER EMPIRE MINISTERS' MEETING? Two Questions Of Major Importance Needing Consultations With Dominions
M
PASSENGER/FREIGHT SERVICE
Lraven Atarsellfes
1 AUE.
Hun kom
7- Au
Via
Braves Hongkong
Que Marselle
Yalgon Via
1 Sept.
to Nept.
Asigon Halcon
24 Augu Aug.
via Marseilles to all Mediterranean & West Africa porta. via Djibouti to Madagascht.
Outwards
"COURSEULLES”
"AURAY"
"IRAQUADDY"
Homewarda
"MEKONG"
"COURSBULLES”
"AURAY"
"IRAQUADDY!"
FREIGHT SERVICE
Leaves
• Europe-Halled
Europe-Salled Antwerp-1 Sept.
Leaver
Heojung70 A15.
Hongkong
* Fox
2 Bept
Japan
23/28 Bept. 12/14 Ock. Hongkong
Japan
Japan
For
1
23 Aug. Oct.
Keelung-4 Oct. Keelung-28 Oct. #B Oct. Nov. .Keelunt...: Nar.
Balgon, Marseilles, Algiers, Oran, Tanglers, Casablancs,
Le Havre, Antwerp, Rotterdam & Dunkirk.
Bubject to change without notice.
EVERETT LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Arrives Sally
Aug. 21 from Singapore. Aug. 22 for Kobe
"REBEVERETT"
Arrives Sally
Aug. 28 from Manila. Aug. 29 for
*
Yokoliama.
Singapore,
Tangoon
تکه
(Accepting eargo for transhipment Kobe/Pusan and Kobe/Okinawa)
Perang, Catcultu,
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Mulaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"STAR ARCTURUS”.
Arrivcu Salls
Aug. 20 from Japan, Aug. 20 for Munila.
"STAR ARCTURUS"
Arrives Sails
Aug. 25 from Manila, Aug. 20
fur Singapore, Port, Swetten- bueรา
Penang. Madras, Colombo, Bumbay, Karachi, Khurranishahr, Busrab * Bahrein,
"STAR ALCYONE"
Arrives Solls
Aug. 35 from Singapore.
Aug. 20 for Noha & Japun.
(Accepting cargo for transhipment Kube/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building,~~Telephona-31206. Chinoso Department: Telephone 28293.
The Rubber MERCHANT
Markets
Singapore, Aug. 17.
The rubber market steailied on
moderate
trade
*demand
sellers reserved. Prices
futures closed as follows-
No. 1 rubber per th
AUR
Sept.
Orl.
Ne, 2 rubber per in.
Aug.
No. 3 rubber per tu,
Aug.
******
No 4 rubber per th
Aug.
Spet rubber
taled
Banket crepe
unquoted
-541-03
001-03-2
with
of
€3!%-04?%-60%-03%
.... 60-tals un
13-04
..30-51
No. 1 pale crepe, 71-70
United Prev.
LONDON MARKET
London, Aug. 17. The rubber marke! was steady. Prices closed as follows
No. 1 n9s spot
Dusita
Settlement
General
No.
In 13M 10-2014 1 sket til barla
*****........ 18 Estate crepesAug. Wijck unquoted
thin 201
United Pren. NEW YORK MARKET
New York, Aug. 17.
Rubber futures closed today 10
to 13 points higher with sites of
10 contracts.
MARINE
PERSONNEL
New York. Aug. 17. - More than 82,500 seamen are
employed currently
on ocean- going ships of the American merchant marine, the National Federation of American Ship- ping reports.
While
over-nli employment on United States flag ships had remained relatively unchanged for several months, the report showed n sharp reduction in the past Ave months in the number of men working on tankers. This reduction was attributed to the pay-up of many privately- owned petroleum carriers for lack of business.
Reduction of employment on tankers had been offset by the increase during this period of cargo vesse's operated by dry private firms hauling milliary support cargoes for the Govern- inent, it was stated,
Shipboard employment
on
Singapore Reports Progress
Steady Trend AII
The Year
Spasmodle outbreaks of Communist terrorismi and a sharp drop in the value of foreign trade last year did not interrupt Singapore's steady progress, says the Colony's annual report for 1952, just published.
In all matters affecting the life of the community, standards are being improved, Singapore re- mains in the forefront of the countries of Southeast Asia both in plarming and performance.
Despite a reccesion in trade, due to the fall of tin and rubbe: price, there was no significant unemployment in the Colony, and the general standard of living there continued to be higher than that of any other city In the East.
"If this process is to be main- tained," mys the annual report, "there must be not only prido‘in achievement but the determina- tion to work conscientiously mal devotedly in facing the cicas- ingly intricate problems which are bound to arise in times less prosperous than the present:
"But the responsible advice of Judgment of members of our Councils, the growing politicni Consciousness of the electorale, the loyalty of the public service and the inreating awareness among persons of all reces of the nards of
e less fortunate communities, kre which reliance
of
factors
upon
can be placed for the furtherance
New Bank In
Australia
The new Commonwealth Trading Bank of Australis will come into existence formally in the Best week In December.
This follows the reorgani- -sation of the Common. weajik Bank under banking lerflation passed early
year.
For the past two months.
officials Treasury
aitd Commonwealth bank officers have been organis ink the change-over-
cuter.
HONGKONG SHARE MARKET
Freer
་་
Multilateral Trading
& Sterling Convertibility
A third Commonwealth Ministers' meeting, it now seems certain, will be needed before the Spring. There will be two questions of first importance on which Britafn will 89on have to consult again with the Dominions.
The first is the Commonwealth plan for a gradual approach to freer multilateral trading and convertibility of the pound.
This appears to have lost its momentum during the Summer and to be drift. ing in the doldrums as a result of American Indecision.
West European Governinents, after the Commonwealth Con- meanwhile, whom Britain has farence last December, it would been at pains to bring in to the appear that almost nothing pas plan as joint intercedenta withalnice been don: to expand be im- the United States, appear to be prove on existing plans for such 'unconvinced.
derpumpmen
has been no sign of the Several
of them seem to think they would be safer and better big new plans to invest in off Inside s
dollar-saving snug European dollar-carning or system, based on the present projects which the Common- Payments Union.
Finance Ministers, nine and frankly weaith divorced and insulated from the months ago seemed to think so dollar area.
necessary for the survival of the
(From Our Correspondent) of
SOURCES FOR LOANS
Business done on the Stock 4mended policy-möking, for the second was held at the time
come.
Lancashire Complains Again
British Export Trade
Expansion Prospect Discussed
London, Aug. 17: The prospect for 41 further expansion of Britishi exporta depends on the opening up of oversens markets that have become clpsed, or restricted.
Examples
arc Australia, Brazil, Pakistan and Turkey, and it is a remarkable and encourag- ing fact that Lecent weeks have brought hopeful news from each of these countries..
Good crops of wool and wheat Competition Fromin 1052/89 have enabled Aus
tralia to replenish sterling re- serves to an adequate level.
Japanese
and those
Hted
the
In the circumstances, Com-Sterling Area,
Governments must monwealth decide how long they are pre- pared to wait about, in a state
A third meeting of Ministers—-
A fair part of the restrictions London, Aug. 17. support and co- of the Coronation could u30- There has been a fresh imposed on imporis in 1952 havo
already been úfted, all, fully discurs whether this in- Exchange this morning amount-operation that may, after
crop of complaints from that remain ought to be pression of inactivity is correct, Lancashire textile interests on, the difficulty Doing ed to $348.951.40. Noon quota-nover con
The second important question
so, what has been the about Japanese competition. high cost structure which has tions and the morning's trans-
will be that of Commonwealth and of it actions:-
development. In spite of the Lack of capital to finance_new Following the Anglo-Japanese grown up in Australion industry SUARES DUYERS BELLERS SALES emphasis put in the imperative projects, It is thought in Lon-folks in London in June the (to meet foreign competition.
need for economic development don, cannot be the reason. In British Colonies were allowed tu
Australian past year, three new sources lift import restrictions on JP: devalue its pound in orde published 01535 by the communique
the
and Australia. higa of investment capital huve been anese goods, and
a similar action, opened, but none of the Aslan or recently taken
of chester Chamber of Commerce.
The million
Lancashire
*
DANKS
HKC Bank East Aris INSURANCES
1540
152
Cinton
259
Union
BON
10 605
HX Fire SHIPPING
Waterboat
150
30
Arlo Nav, DOCKS, ETC. K. Wharf Dock Provident
500 a 18.90 2000 000
300 21.70
S'hat Dock Wheelock
11.90 12.
-0.00
(L. 8.00
K Hotel..
7.03 7.05
B01
7.46
10.10 10.40
of the prosperity and happiness LAND, ETC. of the people of this island. We face the tulure with hope and confidence."
Discussing economic trends in the Colony, the report stress the desirability of reducing Singapore's reliance on rubber and lin and expanding industries.
local
Increasing attention is also being given to the improve- ment of local food production. The Colony is now able to export pigs, eggs and chickens
NK Land
S'hal Land Humphreys
UTILITIES
Tram ..... 21.90 23.20 1000 ₫ 23 Peak Train
4
(0)
Peak Tram
(N)
21.10 Star Ferry XD 12
C. Light (0) 12.40 12.60 C. Light IN) 0.40 Electric ...21.70 27.30
Alacho Triphone 21.60 23
Elec
to the Federation of Malaya INDUSTRIALS Liter supplying its own needs.
The development 'of off- shore
ilsheries increased fish production by 1,400 tons.
Cerrient
18.60 10.90 2000 + 18:99 500 18.80 16 Rope
........ 17.80 STORES, ETC.
Dairy "..... 22.28 27.30 Watson
22.70 22.00 As a result
L. Crawford of increased
CUTTONS ..food..... production. „and. the development of medical services, Singapore
of the healthiest cities in the East.
*T
phc
Last year. the death rato continued to decline while the birth rate reached a new post- war "high."
tow
which
Textile Corp, MISCELLANEOUS
Yangisze
6.30
23 20
3.60 500 v
Another Drop
In New York
Stock Exchange
New York, Aug. 17.
Canadian Export Prospects Improved
cause
| Australian Commoth coun-despite a protest from the Man
uso
Exchequer of the affected have now protested to i
It has been rumoured that the Government might
overcome This
the £60
interests accounts London. with the the British Board of Trade and there have been demands for a dibate on the subject when Parliament meets in November.
tries has inde them. One was which
the
World Bank should be made available for development loans inside the Sterling Area. Ac- to the Intest Information
to
difficulty, and Australian gold for Australian has been noted' 'in
shares
But it seenus hardly likely that Government which has adequate and growing reserves ol foreign exchange would
It is unlikely that the British |devalue.
cornble, the Bank has réceived | Government will be able to dù
com-
BRAZILIAN PROBLEM only two or three schemes so anything to satisfy these far, and these will not involve plaints.
Trade with Brazil has been The Government policy is to suspended for a year, owing to very large amounts.
The second is the Common- impose import restrictions only that country's arrears
of pay Finance when they are needed for the ments to British exporters. wealth Development
There is a British mission in
+
Ottawa, Aug. 17. The Trade Department sald Corporation set up by the City balance of payments reasons and today that Canadian export after the Commonwealth Con- these do not justify restrictions Brazil now, and the latest une
The against Japanese imports, Japan ficial reports of their negotia Fospects in
December. the Sterling Area 》ference last had improved but there was corporation has an authorised being notoriously short of
steretions on this problem prp hopo- Little hope of achieving con capital of £15 million, but Itling.
ful. It is reported that Brazil Indeed, it seems unlikely that would be willing to vertibility In the *immediate does not seem to bave been
draw $10 future.
overwhelmed by
bor-the Board of Trade con continua million from the international coger
to restrict Japanese Imports to Monetary Fund to pay of 30010 The Department's weekly Towers.
The third zource is the London Britain.
of her sterling errears. publication, Foreign Trade, said money market, which is now
Such restrictions are incon
This way of casing payments that the frend indicated
be allowed by the Capital Issues sistent with the often proclaimed
already been русси
on experience
the Committee a much freer hand in Government polley of freeing problems has trade account and in the over-foreign lending.
successfully accomplished trade and payments as much as Turkey, which a fortnight for all balance af payments Zor
possible. Commonwealth
FUNDS AVAILABLE
The problem is a difficult one drew the equivalent of $20 countries
worth of sterling, and generally. Part of the improved position was a result of trade That the City could provide it is believed that the official restrictions. limiting the amount capital-though not perhaps in departments are now engaged in the Sterling Area could spend unlimited amounts-to Common drawing up a definition of their wealth equntries if they wanted It is shown by the success which polley-China Mall Special But the Sterling Area-with a several territories have had in few exceptions had been able dopting new loans. Since last to improve its exports, thus December loans' totalling nearly earning dollars with which to £18,500,000 have been floated buy American and Canadian on behalf of North and South goods.
Jamaica, Cyprus, and
in the dollar markets.
1
The trouble spots are related
for the British Government and mille marks,
Removing Barriers
To Trade
O
Such drawings are of course a temporary accommodation and they will have to be repaid, but they are very welcome newe for Overseas merchants worried about delays in the payment of their accounts,
Incidentally, the Turkish drawing is the Arst, concrete evidence of a more liberal policy by the Fund, Readier gecess ja this institution's resources of
is one of the foreign essential
to the pinn. The Po
position of Pakistan hos London, Aug. 17."
improved by a gift of ono It seems that effective inter-million tons of wheat by the. Com-national action is being taken to United States Government, and
many forward clear up
of the trade by a lgan of £10 million from
Government
With the single exception of to rubber, tin, cotton and jute Eut Communist activities
prices which have been falling New Zealand, which more 20 continued to Live trouble,
in an era of otherwise generally obortive attempt to finance the Despite unceasing vigilance,
Auckland Harbour bridge pro- rising prices. the report says, "there were a
test, none of the Asian or Aus- serious incidents against
This has affected the im- Iralian Governments has sought the police and those who al-
portant Sterling producing areos tempted to aid them,
of Malaya, Ceylon and Pakistan. the help of the City.
This reluctance in the Indicate What the
Malaya is particularly hard hit monwealth to come enemy, though driven underground, la Lacking new Incentives the because its two main exports with new schemes, is almost restrictions imposed in 1952, the the British
today ate Un and rubber
In his year of deftation and readjust-agricultural development-Ching and the certainly unexpected. prepared and able to strike in market declined again
which Mall Special the open"
in the slowest trading in three prices of both those commodities Budget speech the Chancellor ment to the price falls wecks.
have suffered severe selbacks
see thought that we should aced to followed the end of the Korean with compared
accumulate an export surplus of boom. of prices.
£350 £300 milion to level
orlan this In Ceylon the softening
a change in its composition can tho
rubber market also has were to finance overseas invest-be seen. In earlier years, the island ment and repay our own debts demand was for capital goods, time had without risking in qtion. Dominion at one
Now and official trade- negotiations caused a reverse, The favourable balance but this
fargely concerned with would be surprising it as werp
rationing
of these supplies has disappeared.
much will be required.
wanted produces, and of A possible explanation may wants
New York
Cotton Decline
Volume amounted to a mere 210,000 shares the lightest since July 24 compared with one million on Friday. Prices generally were gown a few cents a share with a few issues losing as
as much, as one or two
market was narrow with Issues appearing
on the tape. Of these 533 were lower, 21 at new lows, and 214 higher with 11 setting new tops.
Market men say some new New York, Aug. 17. Softening price tendencies ac-stimulus is needed to arouse lower trade in intercel in the market If there is companied a cotton futures today.
to be an advance of any con- POQUOTECC The good carnings After a maximum loss of 50 reposts have been virtually dit cents a bale, the market gjord counted except for their effect on on a note of steadiness but still the individual, Issues involved.
under the Falls, hundest hit in last week's
August J I was plaie per cent below was off six to 11 points. that of this time last year and
25
np
New
the
་
Pakistan's main exports are cotton and fute and with lower prices for those commodities the country's dollar carnings have fallen sharply. In because of a poor wheat crop Pakistan, is being forced to im port that from the dollar area. "The hour of convertibility is not glute at hand the trade publication said United Press.
year
mil-
if
wo
As irade expands once more
raw
buy
be that Commonwealth Gavern- materials and bargaining them ments who have been intent on against an undertaking to
and less essential consumer gods. pressing political problems
the capitai fact, on
cently, balancing runaway trade
More
hove
found accounts have not yet prepared goods
themselves the necessary plans for further
Jesa
active, and there economle development. In some has been a great revival in con Aslan countries, too, ambitious sumer goods Industries, postwar plans have been delayed One reason for, reduced de- for lack of technically qualled minds for capital goods is the people to implement them. prolonged fan in raw material prices that has reduced the UK. INDUSTRY'S PART --
of primary producing
part of the fault may lie in postpone their plans for indus British industry. Complaints from the Commupnyee:th have
York Sugar There are also some signs that countries and caused them to Market
development.
recent 704 of engineer-
been growing that British manu- ing exports fecturers of machinery and States,
electric
the United
Grain Prices
In Chicago
Chicago, Aug. 47. ́- Prices of groin futures closed
today as follows-
Whost...(No. 4. rod, pet bushet in
c)
Gept, 103(2) LOB34(L) March 1954
2. yellow, per bushel in
Spot
March 1954
(Prices per bushel în con
Orl--(Prices per burthal in
Sent
Soybeans-(Pries per
FOOL
Mpt
Nav.
Jan. 1986
March
May
Barley (Price per bushel
Book
New York flour, 200.
previous close New Oricans selling, were the sharpest lost New
agos today. Oil declines ranged Hedge-selllng, credited mostly to two points in Texas Facine per cent below the post-war to the Texas and Bastara helt Lond Trust and Amerada, bolh Steels were peak of early 1952 when more sections,
high-priced issues. mct indifferent
damong the wider losers: than 110,000 seafarers were mand from mills exporters
New York, Aug. 17.
Britain and Germany cent The firmer trend reflected the working on American ships, the
and other trade. Inters formant bond volume was $1,840,000, and closed today three points lower indiferent to their needs. Lack tries is selling tower agriculture
The New York Block Exchange
World No. sugar futures other caplial goods are slow and shows that each of these coun actical of the primary markets report said.
speculative interest was of although overall they still re-
the total personnel cerving
lers transferred, attention the American Stock Exchange to two points higher with sales of enterprise is often losing and textile traders
pnd less mained on the slow tide.
albard
of $15 contracts.
generaling plant. The spot market was dull with some 1,350-bean-gbing to the faster moving market. yolume was 280,000 shares.
mashings, Dow Jones closing averages:-- Vessels of the American The downturn today nudged
273.04 Domestic No. 9 Bugar futuros orders to German Arms.
The boat in consumer goods tinalers indicating 235% cents per merchant marine, about 30,000
Nor is the situation likely to the
30 Industrials nearby positions to new 20 Rails ...
104.17 eloret unchanged with sales of pound for No. 1 ribbed smoked were in the deck department, lows, October dipped to 33.37 BILION
30.77 43 contracts. Prices were:
Improve. Figures published by production may be attributed to the Treasury show that indus-the
of the casing 107.21
Chanctel shoot--United Press,
slightly over 30,000 work in the In the forenoon, or within eight, Blocks
05.19 Contract No. 4 (world)` engine rooms and about 21,850 points of the season's low made 40 Bonds
last Apr1****
Comm. future price index were steward department per- sonnel.
Technicians summed up the America's maritime labour on
market's
position this. way:
in the unlicensed Jobs and crnment loun rato arts to re- 18,330 serving as officers, the frala bearish sentiment. Con.
London, Aug. 17. Spot (cents per London, Aug. 17. Federation reported.-China Mall vorsely, bulls are unwilling to Japanese bonds
7.61-9/16-181-11/7 Special.
venture very far out in view of "A" (45. of 1909) 2.70-0/10-2.78-7/10
potential the
domestic big
"B" (48 of 1810) 30.3744-100TEP
tbla 140.15-160.20
20 "C" (5 of 1007) carnearly 10.34-19,349%
millon balds. On go basis of
"D" (6 of 1930) 12.17-17-1739 17.54-15.624/ 060-900. 14.452-34.497 7235-00,10
London Foreign
Exchange
New York
Montreal Amsterdam
Brussels
Oslą
Zurich
Copenhingen.
Parin Stockholm Lisbon Deutecho Mark 110-13,009% * Blocked Mark 10 1126da17.00 -
Others were unchanged United Pre
10728 United Prose, Bapt.
Oct. Jan. 1904 March
August 1 Included 04.230 mm Proximity of prices to the Gov- JAPANESE BONDS NE
Copra Quotation
New York, Aug. 17. Copra was quoted at $185 per ton, elf Pacific Coast short Coconut oil was quoter! at 14
Sept
3.54
$14
nom.
3.89 bid
#3 721- 120
Sept. 101 Nor 15114) Jan. 1954
March MAT
Contract No.
the last Government crop pell-E (646 of 1830)
overall supply
"R" - (Tokya 541. of mate, the
dured at 10,973,000 pales, the
29 July 1928):
Bent. "G" (Tokyo 35. of 1912) 97 largest since 1949-50, and com-
011 Spot (centa per cents per ll. clf West Coust-pared with 17,920,000 bales last Consola
United PreaE... year-Unged Press. United Press.
trial production has now righ restraints imposed during 1987. to eight per cent above last This is clearly the case
mid-Summer but that the Britain and Germanwhile
pprovement has been almost the United States maintains entirely confined to Industries constantly growing high level of Ching Mall producing consumer goods for consumption.
Bracig
the home market
Britain'
Since the coastal pode for
to provide the
-United
LONDON STIN
MARKET
economic development so closely Exchange Rates Tunnover was 20 tond of
concerns the Commonwealth, the next économie conference ragy nom. produce some scatching 449
tions for Me Butler on the effectiveness of his polley, in producing the necessary true- tural changes in Britain's Óconciny,
· 8,79 nom.
London, Aug, 12. The tin market was steady.
five tona word for eash. Clo Bundrais was done in the local prices at the end of the pul MODELCİBİ.exchange, market months, at the following rates:--
This morning session "wore 1.8. tbilar (per. $11.
3.948 50 m, Buyers 10 Boot im, sellers starting notes (per 2YUN
Busines Indonesian guilders (per 1001 21.00 se months un,, buz 3330 The months uri, sel 1.033 Eruiners
8,07
Slam tests (per 100) Bingapore (Biratio). Indo-Ehina plactres (per;