MESSAGERIES
P.O. Box $1,
Queen's Ridg.
M
Tel: 26651.
THE CHINA MAIL, TUESDAY, SEPTEMBER 1, 1953.
MARITIMES U.S. FOREIGN ECONOMIC POLICY Important
Importance Of The Douglas Report To The Commonwealth
M&
PASSENGER/FREIGHT SERVICE
Homewards For Europe
"YET-NA
***k
Leavra Kongkops Ralled
True Storreliqi Vĩn 16 Sept.
saigon
via Marseilles to all Mediterranean & West Africs ports. via, Djibouti to Madagascar.
Outwards Prom Rurope
"COURSEULLEN” “AURAY"
"IRAQUADDY"
Homewards For Europe "COURSEULLES" "AURAT"
"IRAQUADDY”
FREIGHT SERVICE
t.rares
*+ A+ Europe---BaBed
· Europe—Balled
· Antwerp- 1 Sept.
E.CATA
•-• • Keelung... 4 Oct. ==› Koulung—30 Del. ..............Meelang... 7 Nov,
pue Hongkong For
2 Sept.
Jagin 29/10 Kupt, · JADIA 12/14 Oct.
Тараа
For
Hongkong
Oct,
I Now,
Ο Νου,
↑ Saigon, Marselfies, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk.
Bubject to change without notice.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight-rofrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and
⚫ Chittagong.
"BRADEVERETT"
Arrives Soils
Sept. 15 from Singapore.
Sepi, 16 for Kobe & Yokohama,
"NOREVERETT”
Arrives Sails
Sept, 20 From Manila,
Move By U.S. Ex- -Envoy's Eloquent Plea
Analysed
London, Aug, 21. Favourable. London reaction to the United Stetos syntheile rubber plant closure is noted by the Dally Telegraph.
4
The paper's City Editer doubted, however, ic mora mature reaction will continue to
be favourable. He noted that the West Virginian plant has presumably been closed because synthetic stocks are too high.
The
~~ || |
For “Trade Not Aid Taper Target
(FROM OUR OWN CORRESPONDENT)
London, Aug. 31.
Just how far the Douglas Report will influence the deliberations of the 17-man commission set up in Washington to examine United States foreign economic policy is a matter for speculation not to say scepticism. But, from the Commonwealth's point of view, it is encouraging that the Report, with its eloquent plea for “trade not aid," will be among the first documents studied by the commission.
Mr Douglas (formerly Ambassador to Britain) punchos.
lange pants of the world.”
·
has not pulled any
afford the vehicle for invest- ment of American dollars in association with sterling within
cannot the sterling areas turns híài
NOT. INDIFFERENT And Mr Doughts mate it oleas that the United Blades pretend locifference to the date of the pound whether the world can recover
is doubtful"
he says,
Finally, Mr
He also recalled that a meet- Ing of the Rubber Study Group' "For 30 years," he tells his storation of economie frondom in meat Corporation "may wall is due to start in London on fellow Americans, "the barriers October 12, and inferred that the that we have erected against plant closure may be forest Imports into the United States Ing an American move to resist have been incompatible with, an international and have operated aguiast, the pressure for commoitity conference on rubber. re-establishment of inter
Telegraph City Editor national economic and financial added that the Amerlenn stock-health and equilibrium.
|a high degree of economic dree- pile authorities are reported to "Long ago we became the dem or whether Americant co- be willing to sell rubber three | world's greatest croditor. We porta so important to large months forward and that such can to longer pursue the pro-segments of oum contryan facilities enable American con-tectionist policies of a debtor enton foreign markets without the beneat of continued Ameri- sumers to hold of current pur-mation End hope 10 свопро
can subventions strdi suoridies un- intervention, chases, thereby further weaken- from
government ing the spot market position restrictionism, State planning i less sterlog cakes further pro- China Mail Special.
discrimination
towards its own, emancipai ogalnak | ST American products in inter national markets”
London Foreign Exchange
New York
Sep, 21 for
*Singapore,
ftangoon
&
Perong, Calcutta,
Eu
Co
(Accepting cargo for transhipment Kobe/Fusan 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 BETELGEUSE”
Arrives Sally
Sep, 17 from Singapore. Sept, 18 for Pusan,
Yokohumo.
"STAR ALCYONE”!`
Arrives Sails
Sept, 20 from Japan. Sept. 21
Kobe &
for Singapore, Port Sweltes-- ham, Penang. Madras, Colombo, Cocliin, Bombay, Karachi, Kharramshahr, Basrah & Bahrein.
(Accopling cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama
With Limited Liability Queen's Building, Telophone" 31206. Chinese Department: Telephone 28293.
The Rubber HONGKONG
on
Markets
Singapore, Aug. 31.
The rubber marke: improved
news from Trieste, Sellers
were reserved. Futures prices flosed ne follows:
No. 1 rubber per lb.
Sept.
Oot.
Nov.....
No.
0434-44
! SHARE
MARKET
(From Our Correspondent)
Business done on the Stock 60-64% Exchange this morning arvounted 0345-14 to $188,137,05. Noon quotations
2 rubber per 1b. Bepi. unquoted and the morning's transactions:- No. 3 rubber per 1b, Sept. ({})-1, No. 4 rubber par 11. Sept. 18%-2014
Snot rubber unbaled ...........
No. 1 pale crepe
Blanket crepe
.0336-14
71-10
LONDON MARKET
London, Aug. 31.
INSURANCES
Canton Umoa..
Ilk Bank
SHARES DUYERS SELLERS BALES 641-854 BANKS United Prem.
East Asia
1510 .143
240
5,08
1000 8.10
Ink Fire
160
10-1916 1911
DOCKS ETC.
K. Wharf
40
Dock
23 200 0 22
videt
S'hal Dock
12 2.30
The rubber market was duil throughout the day. Prices closed as follow
No. 1 39 spot
Nuatroos Seitioment... General market cit bazin
No. 1 59.*********** 30%
Extate oreve Sept, thick..
ungkoted 203-2132
thirited Prew.
NEW YORK MARKET
New York, Aug. 31. Rubber futures today closed Пva to 10 points higher with Bales of 29 contracts. Higher London cables and a lack of seiling pressure kept prices on a fairly oven Tovel during moal
the day.
of
Dealers
report a slow situation
in the outside market with spot.
No. 1
Ribbed Smoked Sheets
Underwriters
Wit clock
LAND, ETC. HK Hotel HK Land Humphreys UTILITIES
Tram XD P. Tram
Montreal Amsterdam
Zurich
Copenhagos
Parin...
Stockholm
Listen
Deutsche Mark
Blocked Mark
Others Prode
London. Aug. 11.
201 1/16-2.81 3/4 2,7755-27736 10.50 -10.00% 140,13-14025
19.00-10.9914 12.17-12.175 19.34-1934 073-9731
14.4832-24,481% 73.83-60.10 11.7135-11.7176 1715-1744 unchanged.—United
and
attention, to the "violent fluctua the major tions, in prices and volume of raw materials that enter into international trade," This single phenomenon of the post-war period has produced strikingly adverse effecta" upon the trade of the United King- dom, the sterling area
anti Western Europe.
L
ONE APPROACH
stocks,
than
Taipeh Aug. 31.
Tho
that the reported today Nationalist Government” hadi US$240
indiflor" "for" tm- porta in 1953-54:
·G.o
exchange through and the netmad ollaNDE remaining: US$110,000.926 bo carmarked for Foods shipped here under the Mutual Security Al Programinė –kozier,
forefoont. - supplied
WELL
Japanese Production Still Increasing
Washington, Aug. 31. Commerco Department
. One important approach to The Mr Douglas includes among this problem, he suggests, might reportan Japanese production Mr Douglas reached this con- the major causes of the present be to develop co-ordination be advance In June to woother clusion after studying on the unbalance between sterling and twen governments, 80 that U.S. Government's
behalf the the dollar "the mamtenance by purchases by public agencies post-war high by virtue of an problems
raised
of the the United States when
trade may be diminished when the increase in the output of textiles, Commonwealth Prime Ministers polic
policias
which were more ap business community is building on and steel, refined petroleum requested
to a debtor thats American help
aup an Inventory and Increased and other manufactures. In propriate their elms cheving
of freer creditor country; persistent and when it*is liquidswer has now the
The report was contained in subborn maintenance by the President trade and a convertible pound.
Department's regular Mr. Doug: orcas his Report the American market and sub-commission on foreign comomie US businessmen known
.S. of the policy of protecting forwarded this Report to the circular for the information of with an admirably concise sidising American services which poin its own examination
which is charged with Foreign Commerce Weekly.
as position of the
• the prerent interna-
enterprise lomat finanekal set-up. He points
of the cifectively cheaply render." lous that a larger part of worldh
problems discussed by Bis
*The key factor in the new There is an almost embarrase. Douglas and reporting its find post-war record in manufactur trade conducted in sterling
ing lack of criticism than any other currenzy.
ings by next March.
ing the report continued, "was aterling
One must hope that the com- countries
da 8.0 per cent intressa in though one defects a mild re-mission will take their cus from textile output, high-lighted by a buke for the United Kingdom, Mr Douglas and recommend 24.8 per cent increase in cotton Me legislation along the lines he has yarn and post-war records in whore competitive power, Douglas says, was weakened as laid down.
ex-
"For this reason is fuller con- vertibly is essential to the re-
London Exchange Influenced By Wall St.
Trend
(FROM OUR own corRESPONDENT)
London, Aug. 31.
Loreign
mond
of the themselves,
the result of sellers' market con- citions and opportunities for proteated trade fanuced by re- payment of the sterling debt."
MAJOR FACTOR
Ono cannot deny that the case with which British ex- porters were able until recently
Malaya's Best Customer
Singapore, Aug. 31.
to sell "tidir products in the The United States
Balts has been a ma- | Malaya's best customi
woollin yerns end, staple fibros Other
pest-war highs were established, în.
$100) pig iron ingots and refined petroleum Gains
were recorded also: in rallway rolling stock, passenger motor cara, paper and ammonium sulphate,
"Output" of "cool, however, was declined by 5.2 per cent largely durkio] due to voluntary restrictions on
jor
in perpetuating the July as Malaya's trade increased output owing to large stockpiles dollar shortage.
trade the smallest of the year. to make the month's adverse of con estimated at 4,253,000
Mr Douglas does not advocate immediato convertibility
in
starling Such a course appears doubtful against the background of the recent "modest"
ripe in the sterling area's gold and Threat of dollar reserves the German, and Japanese competi-
In July, imports exceeded ex- Blightly more than US$1,200,000 which
compared
ports by
very favourably
·with
tops.
"Although exports, increased In June, indications sull are
unfavourable balance. Couler at mounting industrial pro-
İto US$8,000,000.
'duction is - tied · to domestic purchasing power supplemented
Sentiment on the London Stock Exchange during the past week was affected by the Wall[tion and the standstill in Ameri- The United States led the bượt. | by special dollar earnings,
Street setback.
This, with its hint of the dreaded American recession, caused some hesitancy in the industrial share market around mid-week. But there was no rush to sell and most losses were recovered before the week-end.
.
ing of Malayu, goods which
000,000.
cant believe that I totalled slightly over US$14,- |-amounted to $115,300,000-
policy-making. Nor liberalisation of America's "re-
strive, protectionist policy" of itself rapidly produce
Question For Wool
Market
* London, AUZ
In an article of the opening of the new wool welling season at Sydney the “ Financial Editor of the Lon ̧ don Times said an important à question - Is whether it the United States can "get through another season without the help of other than limited purchases, of | Dominion wool.
"The feeling
that the United States must import a good deal of wool this your and that American buyers may take a more active Interest in the carly months of Dominion sales," he said,
La
But he added: "United States wod polley may depend to some cocient on the reshaping of the Administration's forel economie polley In general which may take some tine,"
This held good of other countries, he said. For instance, the President bf the French Chamber of Commerce ·had warned that France might have
of Atti to cut her purchases
it Australiaald tralian wool not Import more Fretich manu
factures.
The article concluded: “In the and, of course, the attitude of alike in the final consumers, United States as its other coun- tries, holds the key to the new
senson.
*While there is no reason
at suppose that accumulations last season's weel in consumming countries TO oxcessivo -- and tho commitments of present
wool manufacturing trade-both here and as a
the whole on Continent
thought to be are aufhelent to maintain the existe rate of manufacturing activity to the end of the year, wool buyers have been showing concern lately whether goods. produced on the basis of cur rent values can be sold in the shops.
ing
"If wool buyers were tą give tangible expression, to this con- cern by refraining from early purchases, the opening enles new wool might be unreprese tative of the present strength the statistical position of the material."China Mali
New Freighter
For Japan
"Mendiandise"exports, in June-
Tokyo, Aug. 31, "Tho ̈Uraga¬DookTM Company - US Britain was second by compared with $111,000,000 in to Inuncù the 10,000-ton. (diegel-- a less than US$200,000 min.
During July, Importa totalled May. Most of the Increase was weight) freighter Shown. Maem St$208,704,783 against St$285,-$3,000,000. Lesser gains occurred
provided by this#2" fetalling | on, August 22... 089,973 worth of exports. Ships, in cotton
The freighter was ordered by but he adstadaily to me starts and bunkers were worth lumber, textile machtuary to be completed as the same hig
St$8,217,004-—United Pacpa.
iron, and stonk, 125 frontest at decreases were In. raw silk, chemicals and cement
A
dollar-sterling balanc
BUL tributo substantially the creation of an environment of world Made in which convert-
The slackening ot Interest timed to in novo mindgest to bility at the appropriated with
have
the recent de-
in turtle shares beneftel
marke, — und | offret rouch of the gu-cdged incidentally ensured the success cline in the commodity price by of the East African High Com cutting their costs, mission loan operation.
This issue, of £4,500,000 ot
EYES ON U.E.
London, Aug. 31.
bo safely the conbidence that it would endure."
The immediate danger that Ms Douglas forepes is that towards economie progrods tibenly will be arrested, or even
four per cent stock 1008-71, With eyes fastened ailo was issued at the price of 05 anxiously on Wall Street, traders reversed, while the U.S. Gov terms specially designed on the Block Exchange have beemment ponders its attituda bo and the larga ingiltutional" In-been no selling to speak of but wards foreign trade..
to appeal to the surtax payer come more cautious. There
dealings began on Friday at a shares just a shade
market touched in
the year..
is
has
го
Grain Prices In Chicago
Ry
103-4
1914 per bushel
107!
132 (Prions per buinch” in penis)
興業 Uni-Prices per bushel in cents)
Sept.
erin)
Chicago,' Aug. 31, Prices of grain futures closed today as follows....
Wheat (No. 3, red, per bushel in vestor.
lack of new buying has talke
WOULD HELP
cents) Spot
1801 nom: course an instant talisingly kept prices of industrial It was of
Nothing. he says, would do
Beph 183111)
189 alter But SUCCES
shortly
below the more to encourage, further ad- | Dec.
March.vances towards economic liberty March 1964 frembum of 1/3d over the issue One that peak (1250 as mearur during the Interval
in which Mar
Corn (No. 2, yellow. price, "stags" began to appeared by the Financial Times In-American legislation
is awaited
iri centsy 1/3d dex) and the stock closed at
crossed, the United than a prompt announcement by
by Spot
Bept. Kingdom, It discount.
widely speculated, the U.S. Government that it is
Deg. first movement will enjoy a boom. The "afety
Washington's "determined pelley Maren 1864 inlo gill-edged carried several
That index closed the previous to work towards a simplilention May stocks to new high levels for week, at 124.3 and
closed this of our customs practices past week at 124.1.
progressive, vigorous and con-Dec Individual shares were a bit kistent realisation of our NEARLY AT HIGHEST The Financial Times Govern- erratic. On the downward alde sudctive foreign trade legisla Dec. ment securition index put on were Rolls-
olls-Royce, down 2/- Ford tion." 1/4 Dunlops Mr
echoes the Boot Douglas another fraction of a point and Motors, down is now within half i point of and Woolworths, down 1/-, Im-Commonwealth Prime Ministers Sept. the highest level recorded this perial Tobacco, down 10%
FEDOR. statement that more privato an. 1984
230144 Selling was not heavy. Neither | American Investment year, in
shares wero was the buying but it sufficed to Tako-over to than in re-lift Courtalds, Imperial Chemin foreign countries would, "heip to May
bushet in sanjay solve the basic problems. rather loss cent weeks but the market has cals and Lancashire Cotton by He acknowledges the exis
New York four, 200, ib, sack $15.20. not lacked Interest
and ninepence many lesser tence of economic and pollites1-United Pro Montague Burton, the tallers, knowin' shares `by'ong: or two barriors at present restricting
Inlo have
· prominence | shillings.
mich Investment but suggests rumours that a deal in→ volving the company's freehold risen 11
on per containly
the transl
transition from the period properties is about to be put rise in the price of the com- which American dollars, through through. The shares 200 1 212
went up modity but they are now slip public agencies, have bech In 5/to 22/- 22 22.20 1500 @ 25.10
shillings 100. P
In the stores section "Gussies" in bi Anglo-Iranian foll vested
to 147/6d, of a
(Great Universal Storqu) have Royal Butch' slid 8/94 to announced plans for expanding | shillings. O
the United into
Stries and Canadian markets,
$1.00 0.70
7.86 7.00 01 615
16
2412.00
1 TY IN) 21.10
Star Ferry 127 XD
C. Light (15) 14:00 12.70
C. Light (N) 0.35
Electric IN 3730 HEMERO Elec. Telephone
quoted at 237% cents per th❘ INDUSTRIALS
Futures prices
follows:-
Sept.
Dea.
March 1954
May
July
Sept.
closed
13.00 bid
23.00 $10
23.00
23.00
21.03 bid
22.03 nom,
İnitest Prem
LONDON TIN
MARKET
London, Aug. 31).
The in market: was, firmor 10%
day. Prices closed as follows:— Spot tin, buyers
nualness
refiora
Theo months tin buzuru va
· Busines”- Battlemant
1800 1010
4.25
Cement **** 10.70 10.00 2500 23.10.70 STORES, ETC. Dalty.... Wakika.....30 Crawford
L
21.30 23.30 1000. § 23.30.
COTTONS
Two Textile Corp. MISCELLANEOUS
2.00
3500 @ 0.10
Exchange
Rates
GOLD HOPES YADE
Nov.
in March
Tark ¿Prica par
Spot
fabrics, foodstuffs,
"Merchandise haports
for
Juno amounted to $197,300,000
and by mid-October. She is
built to the highest "clane ́ot Lloyd's Register.
The Bhiowe Marts is 12a
compared with $203,300,000 in metres tong, 178 melica endo las 10.4 metre deep. HAF STORY May.
Tho
og fa 0,550.
decline occurred
inly in wheat and sugar principat increases word in rico and petroleum."---United Prem
British Bid
Rejected
By Washington
to „Manufacturing
The freightoc's main engine will be n°6,000 korse power diesal:: -engine, which is expéctad tờ glyw
her 14.25 kodu ol' Quit --louch- China Mail Spacial..
Commodities In America
"New York, Aug. 31.
soybeans, and other bad quiet and wheat dealings today, faltered after an early rally.
Corn, commodity markets
Wostalragion, Aug. 31. The Interior Department has two annowiced award of a Boybeans(Prices per usher in taillion dollar contract for high At Chicago, wheat closed off
voltage franstoITECTS
10% to 34, soybeans closed.. Allis-Chalmers
4% to 0%. Wheat began to det the Сотраву for
cline around mid-morning, and Power Administration.
The Assistant. Becretary of continued lower during most Interiot, Mr Fred G. Andahl, the day. A portion of the galle
ing wald,
345,000-volt trans
come on reports that ad formers will be bang the best livery against the Septembe voltage equipment Installed and contract would be large. spirited in
In this
country and port trade and domestic perhaps the highest capacity word slow
wheat At Winnipeg, Inoriner in the world,
priced at 195% conty per bushels of three domestic bidders on the United Fress. contact although two foreign firms
Sinco July 1, oil shares have means of providing reasonable Sugar Prices
New York
and wal
In
130-165
the
Alle-Chalmers was the lowest
submitted lower estimates,
30 MP Andhal gild the American
The improvement in the com-19255 guined £4 to 225 arid acrvice in this closed one point higher to respect to experience”
inancial positioni hed the 1898s gained £1--V4. Japanese car pary's already, been discounted, how bonds were
Londdo, Amf !
Japanese Honda,
of
and the period
New York, Aug. 31.. dow of
World No sugar futures Electric Corporation of Murteta, JAPANESE BONDS adcounte He believes the International closed today 5 points lower to which bid $1,975,850, Farid ar CHINESE BONDS
Bank and the newly-established polits higher with mice of 178 ranil Electric Ltd. of Birthing (which bla ́·21,527,400, dia...” not Sterling apeculators are very Commonwealth
Development contracts
Domestic sugar No. 6 future most the specifications wits Chinese bonds. The keen on
could: perform a
At the saźne, kimo, Me Andabl points lower with pairs of 60
Prices clóneti.us | announeed... award... of .... another idio with, 'n faw
The
former, for example, contracts.
bythe Bonneville showed anal fractional changes both already provides a method by follows: and the shteres
Power Contracts No. 4 (World), little change on the work.
up and down
which an environment favours | Bebe.
100,000-undt highwolago suspen- Since the beginning of Aarnish, Dollar stocks wore
- macked | able to private investiment own | peli
Ron insulatory, 146, Nippo when preliminary figures were down severely, mostly by: foure created, tra
Caut ko kalba – Limited. published, "Gusslor have put points. Caradlaris were
THE VRÚKOLÉT -
July on 7/- to 37/13.
markets gold shares points.org International Nickel 3 The provialcas "of the indori, In other market have been deep in gloom. The points, #TheGarden Potash ture of the World Bank loan, Flincial Times' gold mines
fell G3 Rallied || Igit
Ties CRS-define Whok.
the bertus códa, which invest
pushed but Cahpscs fell two
· Me Douglas
Business was done. In thờ... lopal 1.Index Innowalite Lowook | $5, 10: phong inga bil their own i montes of mifirafa. Ainda raisth€ 140%
Unofficial
exchange market
morning at the following ratea:--
Us, dollar per #1) Werling Mojoz (për £B Indonesian unidera (per "100)
(600-806 | 11am-4icals (pwr, 190)
Singapore (Šitalis) . Pres. | Indo-China plasties - (per
1931, Invertors point, sineo.
the Calle Consola - led be made with reasonable Ima seem to have doepaired of ever seeing a higher price for gold with a rise of 13/06 while Worovially a sunst, most of the
But rubber, shapes -- Will Loons,, favourite of formen political fimumicino NEPAL
one of the most de owners of sterling, gained 4/6d. On the British side, he addi "groups" have con-United Press.
the Commonwealth Dávelops
1.11 recently
pressed
than the lowest, dencia
dors, Mir And Japanese firm
(vised slicin
NY Cotton Price