MESSAGERIES
P.O. Box 53. Queen's Bldg.
M
MARITIMES
tad: sedai..
M
PASSENGER/FREIGHT SERVICE
Outwards From Rurope "CABIBODGE"
Leaves Murmetllen
ANR.
flomewards For Kurbe “VIET RA
Lentes fiồngkong
***** 20 August
rend August
"CAMBODGE"
thur Hongkong Via end adilh
Aton
Die Mätskilles 115
Antron
vis Marseilles to all Mediterranean & West Africa porta
via Djibouti to Madagascar.
Outwarde From Europe
"COURSEULLES" "AURAY" "IRAQUADDY"
Homewards For: Europe
“MEKONG”
"COURSEULLES”
"AURAY"
"IRAQUADDY"
FREIGHT SERVICE
Leaves
...Europe-Railed
· Europe-S■lled
· Antwerp- 1 Bapt, T.CAVES
Due Hongkong For
2 Sept
23/32 Bapt. 12/14 Oct,
Зарад Japan Тарап For
ZT Aug.
Oct.
5 Oct.
+ Keelung÷-10 Oct.
1 Nhv.
1. Now,
· Ketlung-12 Aug. .... Keelung-
..Krelung➡ 1 Nov.-
↑ Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk.
Bubject to change without notice.
s.s. "VIET-NAM”
will sail for MARSEILLES via
SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ, PORT-SAID
EMBARKATION:
on
Wednesday, 26th Aug., 1953, at 4 p.m.
Passengers are requested to board the vessel before 3 p.m. on Wednes- day, August 26th,
BAGGAGE:
Baggage room, hold and cabin luggage have to be registered at the Kowloon Godowns, Godown No. 30 (No. 2 Gate, Canton Road entrance) from 9am. to noon, and from 2 to 5 pm. on Tuesday, August 25th, 1953.
CABIN BAGGAGE: cannot be accepted on board before embarkation time.. Passengers will therefore have to collect their baggage from the godown between 1 and 3 p.m. on the 25th August, during which period cabin baggage only may be registered. are requested
Passengers
to note that ALL
BAGGAGE must be registered as prescribed above.
THE CHINA MAIL, TUESDAY, AUGUST 25, 1953.
Sales To
Japan's Application To Britain's
Join GATT May Be Shelved Till 1954
(FROM AN ECONOMIC CORRESPONDENT)
London, Aug. 24.
Canada Increase
Ottawo, Aug. 24. Britain and the Common- wealth increased their sales to Canada by 15 per cent in the
first five months of the year but Canada silli Is spending 70 per
cent of her own dollars abroad
in the Untied States and its possessions.
Page
Western Germany
Achieves An Amazing Recovery
((By N61hák Čramp, Junday Times Chý Editor)
In January, 1947, I spelit a day in Frankfurt, and 1, still veram & vivid impression of the wide. spread war damage suffered by tlint city,
Last week I silent another day in Frankfurt, and I could hardly recognise it
HONGKONG tion, but what her attitude will be when Japan is the total importa for the year to work was the insior I received. benvy war damage at being a
SHARE MARKET
.
The Government's embarrassment is in- creased by the fact that it is under strong pres sure from a section of its own followers both in the House of Commons and in the country (From Our Correfpondent) generally—to quit GATT altögether. Business done on the Stock
Opposition to DATT takes two whether he would take into ac- Exchange this morning aloutų- ctl to 3055,397.50. Noon quots distinct forms. The chiles of count, in considering his attitude Lions and the mornings trans- Bgree that it prevents towards the Japanese application, Britain and her Commonwealth the fact that thost-favoured- pantners from taking. the best | nation treatment was "dented to į advantage of their Unique | Japan Under the Péacs Trenly,
position to expand trade between
IMPORTANT WORD themselves
preferential 11 basis. Thereafter, however, they part company.
were
total
become
Japan's application for membership of GATT, likely to be one of the chief terms on the agenda for next month's full gession of contract-
Gaps made by hombing were still to be te hers and there, but it leaves the impression of A busy, ing parties, is a cause of acute embarrassment to the British Government. ¦
Bureau of Statisties on prosperous elty, with many modern buildings in the Hounces that Canadian Imports The question Britain has to decide is not for consumption in May this business quarter. whether she should oppose the Japanese applica-year amounted to $420,600,000, a How has this complete change tlon regarded industrini
Hew monthly record, bringing come about?
hard borrowers who, hnd suffered admitted. For this will certainly happen sooner with £1,028,000,000 in the same dustrial, and business reconstrues The thain fason was that such a for to $1,810,300,000, combated it hot vily a question of the better credit fisk than others. or later.
Ave-month period last year, But Canadian purchases
lon. Weslar Germany has her concern obtained a new up to: down from other Commonwealth was plens de hot only to date plant instead of one that war dammge but also to the in- sources, reducing
in-might have | រាំង
already Commonwealth share of Cala-1949, she built 200,000 housing trayed. In consequence it could ten million refugees. In obsolescent when it was dea- dian
to an increase an imports to
of unità: 'b} 100%; the yer's reduce its ovèrhend easts, while per cent. Actually, the construction had risen to 450,000. | destruction followed
fe- United Kingdon and, the Com-Half the cost of new
by Bolkit construction enabled it to get rid monwealth areas of Europe in- creased
uniis is. covered by subsidies. of "passengers" aming its staff, their shipments to Canada by 30 per cent in the Indüstrisi Meolstruction Bäs INDUSTRIAL PROGRESB five-month period.
also gone a long way. In part, it While there was a 36 per cent has been Allahced by the Today Westem Germany has increase in Canadian purchases ploughiär tidek of profits, but the population of about 48 million. Of in the Commonwealth and Reconstruction Loun Corporation these 10.3 million are in employ Europe, there was on 11 per cen las lent to Industrialists Increate
reare in Canadian purchases million D-marks
A 1010. There are about The Minister agreed that, "it
in the US and is possessions. oblained thla
The money out of one million unemployed. in Marshall Ald we assume the obligations of the The money spent by Cantida in Mi Ald counterpart funds
Gunsliner-goods Industries have the United Kingdom, European whereas our counterpart sterling, thirds greater progress than-have on Torits General Agreement
and Commonwealth
the decalon of the late the basic industries. shipping by the and Trade towards Japon," we
The copl should assume from
an bligation to points amounted to $170,800,000 Socialist Government, was used Hines are employing more people. accord
the her
five-month most favoured-
period. to redeem the National Debt, that before the war, but with nalion treatment.
Cofiadian spenting in the United which in effect means that it was no greater, output. Much Your Sintes rán ib $1,075,000,000, used to check Inflation.
money has been invested in the won orld sleel sild exectric-power Industries, but more is needed. sicel antees fic "ther than those of the United Kingdom.
The colaimer-
To see why, one must go back the monetary reform of fune, This forced everyone to work as hard as he could, and
actions:-
SHARES DUYERS SELLERS SALE:
BANICS
HK Bank
Et Arts
INSURANCES
Canian
Union Underwriters
THC Fire SHIPPING
Waterboni Aala Nav DOCKS, ETC. K. Whaal Dock Providem S'hat Dock Wheelock
LAND, ETC.
IK Holel
HK Land
Stal Land.
Humphreys UTILITIES
Trail
P. Train (0)
is 1836
103
212 810
4.90 100
on.
One rzhool of thought believes Britain should lead the Common- 10.48 16.00 500 or 10 wealth in a "walk-dul"
GATT. 1.45
210
150
2000
12 .111.00
8,60 1.70 4000 S
7.05
1.00
The Daily Express. which speaks for those who hold this view, said:
The Important word is "if." For Britain, or any oilier contract- "Let those who remain do what ing party, withhold her tariff 7500 7.85 they like. Let them lay them-schedule from another member 2000 790 selves open as dumping grounds simply by refusing to enter Inlo 250 for Japan, it that is what they triff negotiations with, it at the
time of its accession. waht. But let Britain build us her own tariff walls around her on Empire, and trade within the walls, safe sufficient."
16.10 18.40 500 u 16.2
25 25.20 1200 @ 23.10
P. Tram (N)2110 Star Ferry
C. Light 0) 12 12.70 100
2.70
500 12.013 000 12.10
C. Light (N 8.1 8 1000 8.05 1400 à 8.TO
Elec
27.20 27.40 1500 27.30 Telephone 21.00 21 300 21.50 10 19.20 500 @ 10.10
Electric Macao
Tel: 26661
Compagnie Des Messageries Maritimes Queen's Building
EVERETT LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta #hd Chittagong.
"REBEVERETT"
Arrives Saus
Aug. 28 froin Manila,
- Aug. 29 (UT Singapore,
Rangoon
-"BRADEVEŘETT””-
Arrives Sails.
&
Penang Calcutta,
Sept. 15 from Singapore. Sept. 16 for Kobe & Yokohama, (Accepting carro for transbipment Kube/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 Salls
Aug. 20 from Malilla.
Λυκ. 27 for Singapore, Port Swetten- Jam. Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Basrah Bahrein.
"STAR ALCYONE”
Arrives Sailes
δε
Kobe, Osaka,
'Aug. 27 from Singapore.
Aug. 27 for Naha, Yokohama, Wagoya,
"STAR BETELGEUSE”
Arrives Salls
Shimizu
Sept. 10 from Singapore, Sept. 17 for Pusan, Kobo
Yokohama:
(Accepting cargo for transhipment Kobe/Putah and Kobe/Okiddwa)
&
EVERETT STEAMSHIP CORPORATION S/A
(Incorporated in the Republic of Panama
With Limited Liability
Queen's Building, Telephono 31206.
Chinese Department: Telephono 28293.
BUSINESS REGULATION
INDUSTRIALS
Cement Hope STORES, ETC.
Dairy
Watson
· L. Crawford COTTONS
Ewo
17.90
33.20 23.30 7700 @ 222 23.30 22.70 BOQ ** 2235 23.70 000 21
3.00 1000 * 2.5711⁄2 311⁄2 3.60
6.00
Texille Corp. MISCELLANEOUS
Yang19ze
The Rubber
Markets
to admit Japan to GATT may be In fact, however, the decision and self-postponed until some time hex! year. For there are olller factors Hindering Japan's accession.
ANOTHER ARGUMENT
Another section of opinion argues that GATT is unsound in Its present form, but could still serve a useful purpose if certain basle nemalles were removed,
Briefly, their argument is that Japan
with her "rice bowl economy," is
produce able to goods far more cheaply than her competitors for world trade. The spectre of the shilling shirt Is very real-if one is a Lancashire mill owner competing for markets with Japah, The influential
Empire In- dustries Association and British
Empire League has
is the present One of these stand-stul in American com mercial polley. This will prob- ably delay a final decision on Japan's appllentiary at kastumbli the commission, set up examine U.S. foreign economic policy, submits its report noxt Spring.
The Bureau of Statistics said the gains in British exports to Cahada during May and in the five-month period were general throughout all classifications of commodities except the mis- cellaneous comunodities Fibres and textiles and iron and, Its products showed the largest gains in both periods.
TOUD,
(£320 million cast, and this is 2.5 million more
In passing, it may be noted that the Reconstruction Loon Corpors
Grain Prices oods, inditstries have prospered.
In Chirago
(
to
1048.
મ
bare
the beginning of
from Imports into Canada other Commonwealth
for the last half of 1948 workin countries
chise hollscholds Had
to dropped in May to $17,620,000 as
Chicago, Aug. 24.
seb compared with $20,100,000 Prices in futures closed
the whole of their rear rlier. The January-May today i fellow-
arnings
and food $14,040,000 fast total fell from
Wheat-(No. 2, red. per büibal in necessities, year to $50,331,000
this
'cents) year.
1949,
howev There were
Targur
Spot
30715 nu. BAUG A Sapt. 1987 183 1984-168 Jamales,
Dec. Ceylon Malaya, Sindiport and
March adi the Bureau Australia,"
said, "but sharply reduced purchasescents)
to imports in May hay
This would give the British Government a few more months in which to make
up its mind what sort of trade relations It wants with Japan.
by Trinidad, New Zealand phil other points."-United Press.
Sugar Prices
this drgument in their campaign to give Japan, equit rights in In New York
But it will not make it any have employed easier to reconcile its reletance with its own ameridient of GATT Batish markets rules. Japan, by
"by belḥg so inalstehce on the need for indre
for dn
Singapore, Aug. 24. vastly different from othe: trad-liberal frealiment for British im- The rubber market was slighting nations," has dropped à bonib ports in America. ly casler. There was no real into GATT, it said, but this selling pressure but some traße would do good if, a new Agree- Inquiry at lower levels. Futures ment emerged from the ex- prices closed as follows:-
plosion.
No. 1 rubber per l. Aug. 03-0311 The Bort of Agreement the
Sept.......................... 05-de
unquoted B.A. and B.EL as it mind
Del.
No.
No.
04%
No. 1 rubber per 15. Aug. 03-93 is one "which will permit tariffs
011-04 and rubber per lb. Aug.
other measures ta bit rubber per lb, Ang. 5824-59 Spot rubber unbaled
adjusted to suit le circuithhees of each else, the elimination of the most-Invouret-nation clause, and the re-establishment of the sendible proceduro bf preferential trading."
No, à, pale erepe Dlankel crepe
The
steady.
71417 55-54 Unlied Press. LONDON MARKET
London, Aug. 24. market was quiet but Prices citised As
follows:-
No. 1 SS #pot
Business
Soitlement
1835-1916
102
COMMITTEE'S PLAN
Prices Of
Jap Goods Decline
Hokyo, ¡Aug. 24. Price Indices for Japan's ex- ports and Imports sagged by From 1.0 and b.18 per cent
aftermath of the
Japan announced. Korean truce the Bank of
Getieral market cir'fact: 1012-10 by GATT members to examine Juc, as an
No. RSS
101 Estate crepe August, thick unquoted upquoted -United Press. NEW YORK MARKET
New York, Aug, 24. Rubber fututes today closed 20-30 points lower with sales Both the of three contracts. future and spul iharkets were dull and without feature in ay direction, dealers said. Prices of futuris closed as follows:-
էլի նա September
3. December March (1954)
May
July
Seplenber
22.3 bid 22.05 bid
20 hom.
-United Press.
A special committee, appointed the implications of Japah's up- plication for membership, decided not to recoinitien ohy thänge. in the rules that would open the way to discrimination against a particular party.
With July, 1649 to June, 1950 average of 100 ds. the basis of the export goods, the price index for July register- roots ed 125.8 and impart 180,7, Export prite of goods, which had been rising steadily the start of the year, since dropped below last December's any low of 120.2.
"It additional safektards were found necessary to meet special difficulties,"
it sald, "these should be of general application so that Japan would be in a position to accede to GATT with the same
obligations ag rights and other contracting party."
The price index, which is the committee decided that lowest registered, 19, comparable 22.00 noth. Interests would be to the level immediately after adequately safeguarded if the the silbreak of the Korean wor rules were amended to speed in August, 1860 of 128.3 for ex up the process by which on port goods and 110,3 for Imperi Injured party can seek to de goods. Lend
excessito itself against
Compared with the period just competillon home market.
in its
before the isorean war, however Under Article 23 of the Agree the July Index for export goods
a member
can place was higher by 20.9 per cent and In the hands of GATT-bat that for import goods by 8.5 per
teit-France-Press. is to say, of other members-if a 2.81-7/15-281-9/10 "milden flooding"; of its home threatens to produce {"violent disruption
trading condition with serious adverse repercussions for large sectors of production."
London Foreign Exchange
New York Montreal Amsterdam Brusel
Dalb
Zurich Copenhagen
Paris
Stockholm
Lisbon
Deutsche Mark Blocked Márk ...
Others Work Fross
London, Aug. 24..
2.78-3.7814.
10.30 -10.0814
140.15-140.23
12.0831-10.9014- 12.1734-12.17
14.4012-14.403 70.03-60 1738-177 unchanged-Uhliad
of
MAXIMUM LAID DOWN
In these circumstances, GATT may relieve an injured party from its obligations.
New York, Aug. 24. World No. 4 rugár futures closed unchanged to three points lower with sales of 270 Fon- tracts.
between
Domestic migar No. 5 eldred two points lower to three points higher with sales of i contracts. Trude switching operations and the September
world October
deliveries dominated an otherwise, quiet trade in both contructs, Prichs of fitures closed as follows:--
Contract No. 4 (wortd)
Bentember
October
May
January (1954)
March
September
July
Boot, teents per lb. to.
Cuba)
31 vie
3. noin. 3.48
3.30 BIA 3.42 hom. 3.41 ho
May
19493 Iba
people began to
have a margin, and from then
the middle of 1950 Небулу br
Cora (No, t, yellow, ber bine houyehold equ
157101
nyszívleti ply Bushel_th_cehlá)
112-1114
Spot
Scift.
Dec.
·March 1954 May
Sept. Doc.
· Dəỡ
・
Boy!
Cent)
Prices per bunări în
Apot
Bet
Νόν.
Jan. 1064
March
Mar
centa)
Spot
Prople
ana
other consumer goods. was not much saving, because of bitter
The total memories of wiping-out of savings after, both world wars. In fact, such desire as there was to save was scotched in mid-1050 by the ride in prices
per bushel in cents)culinet! by the Korean war boom. In 1951 total savings amountéd to bnly 900 milton Demarks (12 million).
24754 24955
BORIS
In 1953 come the reaction fromht
the Korean boom, and savings al
once improved, amounting to
2,900 million D÷inbrks (£280
Banki in million). These weit into life
130-165 Insurance, savings banks, howling New York flour, 200 15, sack 13.10 companies (analogous to bonding
-United Press.
LONDON TIN MARKET
London Aug. 24. The tin tharket Wes' stady but quiet. Spot. temblnda at 20024 ant three-month rosu 24 to 26011⁄4,
socfeties), and also into Govern
ment und housing-Bontot yet
fortunately there has
been any adequate Investment of how savings in German kidlis- tries. The absence of a new capital market di dive of Western Germany's chier trondité problems today,
TAX CONCESSIONS
In May, 1952 the consumer- goods idustries were made to
Turnover was 20 tons, of lend 1,000 million D-marks (£80 which 10 tons were to chill million) to the basic industries. The closing nices were as The latter were, also given followb; —
4.00 asked Tin spot, buybri
September
3,50 Contract No. 0.
3.00
November
January (1934)
5.78 ikea 4.78 bla
March May July
8.74 nom
9.77 mom.
Busines
September
5.74
November
6.77 hom.
5.00
United Press.
Spot (cents per lb. c.lf.
NY ex-dock)
1clleri
Three-inbrith in. buyers
Business Settlement
stilers
000
allowances in respect
of profits
now
capital: expenditure financed out and started within three years. On the other hand,
in 1982, the interest on all publie bonde,, whether State or mortgage Cast bonds for housing, was exempted United Press.
from income tax. This rellet did not extend to holders of in- dustrial shares and bonds,
Red China Trade
Seen As Panacea For Japanese Ills
New York, Aug. 24.
The magazine Business Week today said in an article that the Japanese now feel that business with the Chinese maidlând can be a “panãçéa for their zednðmið lita.”.
The magazine said the sentiment. always has been
One concession, however, has led to another. The German corporation tax (equivalent, to dur profilš tak) is to pét éént, But diatribuled profits are now subject to this tax at only half the rate, namely 30 per cent. Here is a contrust with the British Byslein.
The reason for this discrimina- tion is clear. Industrial con- panies are to be encouraged, to pay dividendá in order that the publié may be tempted to
Trade Council there, and now, with the Korean trucc, big business in helt kivilliga in industrial bhares.
To
Meet
Tokyo, Aug. 24. International Trade and In-
Exchange Rates such an emergency much might dustry Minister Okano will. coll
ORDINANCE
1952
• Builner
I
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
was done in the focal undificial exchange narket morning at the following rules:wa U.S. dollar (per, #1) Sterling Hoteau (der £li Indonesàn guilders (per ipo) Sun ticals (per 480) Singapore (Stralis)
rushing to join the small businessmen who have bech In the van of the China trade drivė.,
constic
to
with kid and mfflsky
The average rüle of dividend has lately been only 3 per cent
cent and is subject to income tax, "Other businessmen on
compared the will lose out forever to West This is for too low,
the 5 with outside are for ikertadoḍ. Japan-|Germany; Britain and others.
per cent tax-free China trade for the simple rea- "Japan complains of the und Interest obtaitubble
from State son that there will be fesa com-certainty, brit indegnon of US and mortgage bonds, Meanwhile petition in world markets for policy they question whether in biso necessary to revive, the
market their own products. If Japan Washington will
Industrial Bonds (1.0., were
debenture
companies. juicy markets in China,
busy concentrating on underwrite their present can do 18 better than issue 8
the stand
per cent bonde repayable in five thugaikne said.
#pending.
The magazine said specife in yeare. This derin contrasts with In addition to claiming that dustrialiath and Junieasrita be the Bill investart readindas with the end of the Korean war, deve that trade, with Citha wil to take up 5 per cent 20-year ing, political arliment " för Bring new cruuri while the whole Industrial deöchtures. restricting trade with China ronde of Japanese kistry
· To Win lið Öötíáñ industries. Jobanese claim that the US Chinese raw materials and have made gril
ilfe-Miver for Japan's' indated her to 8 DUB that on wii eveliaily be remedied. conbing, certainly will decline the surface Die Chinelo that THO
reddinesa, to work hi
But it was recognised that in
depend on quick setion.
a meeting of the Ministry's Therefore,
the.
committee Trade Promotion Counell early proposed that Article 23 should next month. be amended to chable à methber Mr Okano intends to sound to take unilateral action of GATT put the views of Ub members of 15.01 37.00 delayed its decisión longer than the Counell bis the budget for 53.00 30 days.
caimplied by his. 1237 THE is the position at BATT MAULY
prepares for
hexi, Juli Bession,
TA Jehova. What idi, major budget items one, the inhgazinë, shia, the countmg ón big · savings: front!
million yen för överens JAPANESE BONDS usuce will the brush Gever irido rothearch works are mullion stemi procurement for Koren, is coal, frost and food such a rack of papital, which no doubt
ment adopt at this meetinal The yếu tới 14Buchment answer to that question must be epähese
150·
Indo-China Dailies (per 100)
London, Aug. M.
"Japanese bonds
Consola.
16
Overseas,
dought in vigilo hinta that have laws thders th
béca
By Governtitill spökesibK...
}
Japan is already lasih odt looks lucrativo" the magati Tes th. the averaĝo
from time to time
facturers Last March,
Peter far ove Thorneycraft, the President of to finance the despatch | f for the Board of Trade, wan, asked | Japanese businessmen to foreign „by a member of his own party countries.-China Mall Special.
averseas, and 40 milk, toate to Europeah
other areas a biter battle,
marketa: la mura to come.
"If Japan 'doesn't trade China, te natural market,
ould use trade to iwlet Japan't hate to Moorgate, and then Walk
But it beinted out that "Peking needed, Wilk todry rom
political tall · just as soon as across. Frankfurt and Munich, na with | trade came to depend on. It,”—I did, from one side to the other.
It United Press.
It has left me thinking.