MESSAGERIES
P.O. Box 81.
Queen's Bldg.
M
MARITIMES
TW: 26881.
M
FAST PASSENCER/FREIGHT SERVICE
From MRYsalijan
Leave Mareciiles
"LA MARSEILLAISE" 19 Sept.
"VIETNAMR
"CAMBODGE
To Marseilles
"LA MARBETI.
"CAMBODGE"
“VIET-NAM"
ct.
Oct.
13
"Leaves Hongkong
21 Oct.
1 Nov.
16 Nov.
Que 11.10.
* Oct.
1 M.
For
Yokohama
• Nov. Youthlan
Die Maffeliter Va Halgon
15 Nov.
26 Nov. stron
11 Dec, Rizon
Via Moreilles to all Mediterrabran & Wek Africa Ports
Via Djibouti to Madagascar,
From Furope
"AURAY
"IRAQUADDY"
"MONKAY"
To Europe.
"COURBEULLEB"
"AURAY"
"IRAQUADDY"
FREICHT SERVICE
Leit
Dab *.
Ipir
-Antwerp-21 Juis
20 'Hip2.
22 Oct. zł Nov.
CARS.K.
Manifa & Jupih- Manila & Japan Nails & Japan
for
1 ba.
} Nov.
•»«Antwerp- 1 Bept.
Dunkirk-eatly Ort, Leaved Keelung
Oct,
30 Ort.
15 Nov.
10 Nov.
Salgon, Singapore, Djibouti, Marselles, Algiers, Oran, Tangiers,
Cambiance. Le Havre, Antwerp, Rotterdam & Dunkirk, Subject to change without dolles,
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT” .
Arrives Sails
Sept. 19 from Singapore. Sept, 20
"NOREVERETT"
Arrives Salls
for Kabe, Osaka, Nagoya & Yokohama,
Sept. 20 from Manila,
Sept. 21 for Singapore,
Rangoon &
Penang. Calcutta,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinaw=).
EVERETT STAR LINE
Fust regular freight-refrigerator-passenger service to Korea, Japan, Phillppines, Indo- China, Slab, Malaya, Colombo,
Bombay,
Karachi and Persian Gulf Ports.
"STAR BETELGEUSE”
Arrives Sails
Sept, 21 from Singapore,
Fusin, Sept. 22 for
Yokohama.
"STAR ALCYONE"
Arrives Salls
Sept. 21 from Japan. Sept. 22
ham,
Kobe
匙
for Singapore, Port Ewellen- Penang. Madras, Colombo, Cochin, Bombay, Karachi, Kharramshahr, Basrah & Bahrein,
(Accepting carto for tranihĭpment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A.
(Incorporated in the Republle of Pindi
With Limited Liability
Queen's Building, Tofophone 31206. Chinese Department: Telephono 28293.
INDONESIA The Rubber
PROVIDES PUZZLE
Markets
•
Singapore, Sept. 15, The market opened steady but cased towards the middle of the day. News of the Indonesian Singapore, Sept. 15.
strike caused a slight advance Indonesia is seeking to attract
in the afternoon but sellers fresh investments met the essential
Market
prites and from abroad but is at the same closed a little lower. Closing time setting her traffic lights prices were as follows: at red to keep them out,
whole
has
arci."
this
even
course
of
10-9/10
Mr Mathewson said the Refutures closed as follows: public was fortunate in having Oct.
a few lenders who recognised Nav. the challenge
Indonesia.
presented to Deo.
Oct./Dec. Jan./March
July/Bept.
"They know the invaluable | April/June
·
part
play
foreign investment can
in raising the living
standards of their people and
101-1011 10-19 1932-1945
10
United Press.
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 16, 1953.
No Developments In Convertibility. Issue
For The Time Being?
(By Sydney S. Gampell, Reuter's Financial Editor)
No developments in regard to convertibility
American of sterling or any other major world problem are
Aid To Trade
to be expected from the annual meeting of the International Monetary Fund in Washington.
Neither the British not the South African Finance Ministers are taking the trouble to attend the meeting. Both have good reasons for The Washington Corres- staying at home, but if there were any chance that pondent of The Financial the meeting could advance or even seriously dis- Times has reported that the Cuss their respective Heart's desire convertibility Administration is giving and freer world trade for Mr Butler's, and a serious consideration to pro- higher gold price for Mr Havenga's both would would effect have found the youthey to Washington really
that
posals immediate liberation of the "Buy American" Act.
necessary.
It would be going much too for to expect the President to propose any far-reaching mca sure like the repeal of the Act, which has been a corner-stone of American protectionist policy for over 20 years. But the up- rour which attended the nego- A good time will be had by tiation of the Chief Joseph Dam all, and in a general way there contracts hes apparently per will be maný valuable can- sunded the Administration that toets. It is most useful to have
wp-
for
Instead, Britain's delegation is, There are some who think that ted by a junior Minister, Mr Britain may yet be sorry Reginhid Maudling, who is 58. having let it be known that her years old and did not become convertibility With would allow O member of Parliarient unt the sterling tate to font below.
2050.
as well as 'dbove, its present permitted range. Reuter.
MAUDLING CONFIDENT
Washington, Sept. 15. as long as the Act remains in this annual get-together of the Mr Reginald H. Maudling. top financial omeinis, who leads the Deftige delegation polítics Belog to the International Monetary
inçeting, Fund's inmuni
Existence 13 wording should be
so tightened up that all Govern ment Departhients and agencies which
of getting
10
know
But the most that can be ex-
Import-Export Control In Ceylon
"
Colombo, Sept. 15. The Ceylon Government is to control, by tegid- tion, the quality. of both Imports and exports. Speel- Do Provision, is inade for This Turpose in a new Im Borland Exports Control Bu, which will bo cons sidered shortly try the Ckbinet.
of
22, ekino tà 'lik bi pro- Vai ir the printuition or retiriction of the importa tion of
Food
which are not prescribed standard for qually. The roverai tenk will also have the, rizik, to decide who should import export goods it will PREATH LAB DOWar to Tegu- late, trading in, Imported an the malin- golds as well
exportable goods. *ntestire
The
Government
or
.. rethin
will
the right to Togulate Imports and ex- poris from or to prescribed cötmitri. A 'Controller 'di Imports and Exports will the be appointed ander Bill-United Preis.
HONGKONG SHARE MARKET
The U.S. is known to hope RARES BUYERS HELLERS SAles
BANKS by allowing the free, Tank
8 4530 of the pound for
2013T 1st Apth the British
INSURANCES will
Canton countries to Union netten on their Underwriters
1540
£37
4:00
150
1.472
Da
11.00
(From Our Corrdapondant) CX- they are, there are so many.
that
Business done on the Stock have to implement the new or changed faces from one pressed confidence today provisions of the Act pursue a year to another, and most of the Elsenhower Adininistration Exchange this morning amount- Noon quota- dist Britain's ed to 5809,420. common policy which
at pre- them have no other opportuni-will eventually sent for from being the case,
the efforts to achieve convertibility tons kind the morning'a trans- 续 The baste Federal law, enacted others.
of the pound sterling.
actions:-- In 1933 and amended in 1949, provkles that Government agencies procuring supplies for pected is that convertibility and that public use must buy only do-jöther problems which have re-exchange mestic products except, firstly,cently had bilateral airings will doitors if domestle
stimulate other are not have a more multilateral airing. muterinis avaliable; secondly. the pur-It cannot go beyond un airing, take similar chase of domestic supplies would until the United States lakes currencies. Convertiblity wouldPPING not be "In the publie, Interest,"
abe a major step toward free position, and Thot may be am, thivelly, if the cost of do-long time.
world trade and the expressed Republitan Ad- aim of the mestic suppiles
Whington
aired ministration. recently various possibilities, including a
In nt $5,000
an interview with the LAND, ETC. bilionion credit
Mr Press,
Maudling million, for helping the conver-United
that informa) other acknowledged tibility of sterling and
The item. which Britišh-U.S. talks currencies.
have bren મન | London regarded is 'ol; most Heid during the meeting of the "Unreasonable CR91"
has practical importance was
Tram the Governors of the international usually been interpreted to mean Washington statement
Fund on Bank and Monetary that domestic purchases should would be eight or ten months the possibilities of Heating &
the price for before anything concrete could speelal be made unless
fund to cushion the domestic articles exceetls the be dong. II, in that time,. the, financial sback of a general price of foreign geeds by mors United States had a business switch-over to convertible cur-
cent. thon 25
set-back, action might be put rencies. some Departments off for another eight or notably the Defence Department months, or indefinitely,
also required that the procure-
abic."
is "unreason-
It is this third qualiflessions which is nt once the most ira- portant and the most vague.
NEW HOPE?
Bu!
that
1
Ana Nav DOCKS, ETC. K. Whart Provident Provident (j Wheelock... H.K. Retel. 7.83 7.05 1000
** L1.70 8.85 8.90 21000 8.50
700 400 796 500 of 80
IX. Land BOXD S'hui and... 1.46 1.33
10 500 18.10 Humphreys. UTILITIES
Peak Trath 2400 XD, 4200 - 25
132000 33
་
COMPANY LAW IN EGYPT SAID OUT OF DATE
Cairo, Sept. 15.
If Egypt is to realise her ambitious pro- grammfe of industrial development, according to Maitre Hussein Fahmy, President of the National ProMaclion Cóññèil, a new Company Law must be Tormulated to attract foreign capital and brains,
In an outspoken report, Maitre Fahmy condemned out of hand the 1947 Company Law passed in the "sad old days” of party politics.
been in-
The 1847 Law, drawn up ing Control should have
of 'anti - foreign, troduced in Egypt at a time of upsurge feeling, was one of the most | unpeeerrated, economie
prod- repressive gets of legislation perity, and when abundant funda aybe helped to build in Egypt |accumulated during prosperity.
were available.
It was a serious attempt to "Egyptianie" foreign business interests in the country.
Jald
of
the war
P
INEVITABLE SEQUEL
Introduring Exchange Control, we Imitated the British
Among other things, the Law Government's action in entirely different circumstances, with the down the proportion Egyptian office staff and workers inevitable result that inflation which must be employed by ensued in the form of soaring foreign firms, and the salaries prices. and wages which hind to be paid
"It would have been possible to them.
for 119 rother to
encourage
of wealth of
outside its
There is, and always hna been Egyptian Investments abroad a vast reservoir of unskilled since the source irbour in Egypt. But under the any country is by investment new Law employers found either insite available only limited numbers borders. of skilled and semi-skilled staff and workers.
"Exchange control has not prevented considerable funds When this was pointed out to from escaping from Egypt to the Government of the day, eme other countries.” ployers were told: "It is up to you to train skilled staff and workers."
In a final word regarding the offraction of foreign funds to Egypt for Industrial develop-
Malare Faluny PROFITS TRANSFER
satd meat "Capital is naturally not sent to Nor was that all. The Law countries where it is likely, to laid down that the proportion be imprisoned.” — China Malt
of Egyptian Directors of Com~ | Special.
panies should be thereseed and specified that only D limited amount of profits mode could be sent out of Egypt.
The effect of the restriction on the transfer of profits abroad is seen in many parts of Cairo today. The surplus money
new
which companies were prohibited from sending out of the country is now represented in skyscrapers in the centre of the capital itself and on the island of Gezira in the River Nile.
AMERICAN
SETBACK EXPECTED
London, Sept. 15.
Sume sort of American set-
must now
Egypt's new regime has pro- nounced that most of the nets back
be expected. Wall yesterday's
of political governments of the Conceivably 1000 12.08 pai have been bad, and in the Street break could be a selling
opinion of Maitre Fahmy the climax. 1947 Company Law falls in this
If the psychology of a act- category. 21.70 22
has bech overdone the "This Law, framned under the back
markely WE! recover. Bul, 18.00 10.00 5500 * 18.70 influence of blind nationalisın,"
Wall Street's **** 23.10 XD 2000 se 23.30 he stated in his report, "ghould meanwhile,
than technical action gets even worse scrapped amended and replaced by wise and storm wanings are flying and more lenient legislation financial · sectors
also In many physical and of American harmony with the real industrial
business. needs of the country.”
ment
in the
thiy
(Old)
.42 Star Ferry
Light (0) 12.00 C. Laghe (N)
Electric Telephone. The United Press reported | INDUSTREZAES
Dement during the meetings that British afficer should submit to There has been an important representatives behind-the-
in
STORES, ETC.
Dairy the head of the Department for change
International scenes laiks asked the U.S. to
Watson final decision cases involving a Monetary Fund's tone. Former support early action to increase
Lame differential of less than 25 per ly it spent most of its time the Fund's reserves That
30
Crawford but amounting to a cent.
con- lecturing the non-dollar coun- Britain and ofher nations can COTTONS
tries.
Ewo This year it has fully restore currency convincibility. siderable sum of money.
pravision-and the come round to the view that, It is
further different gure placed by dif-if there is to be any
NECESSARY STEP ferent
the ent Departinents on what is progress, the onus is on
a "considerable sum United States, to maintain high moant by
which of money"
has led to prosperity and to admit imports and confusion
unpiensant | more freely. political consequences in many
Zecto
ten
22,0
23,40
Texts MISCELLANEOUS
Yingine Yangute (N) 0.10
cases.
KEEPING MUM
But these matters are
Mr. Maudling declined to elaborate on the suggestions he ......
not within the Fund's competence. On there there are, particularly
the use sources, guarded.
оп
of its own
it
mude to the Americans:
N
He said, however, that such a fund would be mojor and necessary step toward a freer convertibility of currencies be tween countries.
2000 23.40
Be
300 23
2.55 5.53 5.05 1000 $.00
London ForeignTM
New York Blontreal
Brus
Exchange
"If, as it now appears possible, the President takes this oppor tunity of reducing the present 25 per cent differential as well power to do is within his
much more Fund officials feel that the Amsterdam without recourse to Congress
It has great resources organisation's reserves would Delo he will put new hope into the hearts of those who were be--more than $3,230 million in have to be boosted by some zuricht
in his old and in US and Canadian $1,800,000,000 to meet problems Copenhagen lo lose faith ginning
dollars, besides other countries that might arise from conver-Stockholm liberal intentions..
which could
help the world tibility moves. Increasing the Lushot
Cotton Prices Decline
The Ocleber
and
cofioble amount
of
Park
flocked Mark
greally. Unfortunately, it gives Fund could be accomplished Deutsche Mark no hit of any new policy for either through subscription by lobbening up on all this money.
oney.alt 55 member nations or by a On its existing polletes 10 is
special contribution from the dead loss. In its nanelal year hard currency countries. ended Inst April it aggravated the world dollar problem by more than $200 million it
an Mr Maudling said: "For
conver- took in from the non-dollar effective move toward
that tibility, we have in mind there is need for llould reserves
than scale greater A
United
countries that amount than it paid out.
more
оп
mit-
avallabic."
London, Blept, Id.
2.75 -2.75
10.30-10.301
130-140
rother
The dangers
long Intent In inventorles, consumer credit, steel, oll, housing, cars, etc. are capital in coming to the surface,
Maitre Fahmy placed the 1947 Law first on the list of reasons "for reluctance on the part of foreigners to invest Egypt."
--------- · · NO-INFLUX;
The Treasury-ls -- ominously concerned to establish an alibi "The Law was drawn up by for its credit squeeze last spring.
moderate prople who knew nothing about A
setback might industry, and who cared little strengthen American
economy for the repercusions of such later and without any strategic
since legislation on industry," he said. repercussions
Russia's Industrial economie "The Law strangied
plight seems far developme
which, before its worse.
had been pro-
19.3443-19444gressing most promisingly. Since
075-17335
14.45-14.4312
7036-00.10 141.6732-11.077
1524-10
-United PTERS,
Exchange Rates
But any American setback
1947, no limited liability com- would be serious test for the pany with foreign
fram free world, including the Steri- abroad has beenhed Injing area. Germany might
dustrial companies
yptian industry is still in the singe of preliminary forma- caution seems tion because Egyptian labour markets, is still obsessed by ogricultural (mainly activities.
Egypt, while only a few in-emerge best,, though Britain also
do have been could
in well
certain started with local capital.
circumstances.
Until the situation clarifies,
advisable in all few those except United States and foreign bonis and conceivably which stand to This has militated against the gold sharca)
States 2010 creation of an adequate pool of benefit from a United
trained und experienced in-scbc-Reutor.
workers. 178 dustrial
particularly
Iong Indo-China plastres (per 100) 860 foremen. It will be n
before we eati provide
at
Business was done in the local
exchange market Linofficiat morning at the foliolving fates: U.S. dollar, (per, 11). starting notes (per R1)' indonealan Cuilders (per 150
6.39
Blam ficals (per 100) Singaparo (Straits)
32.30
For
New Process Synthetic Rubber
1
New York, Sept. 15,
time
sumcient number of foremen. Grain Prices
"Existing industries suffer greatly from the fact that they are forced to employ inefficient labour.
This spreads and disorder in businesses.
chaos
"The only precaution taken against such destructive effects
Law was elusive! In the 1947 authority to engage foreign 'ex- perts for whom special rules were laid down.
In Chicago
Chicago, Sept. 15. Prices of grain futures closed today on follows:-
Wheat-(No. 2, red, per bushel',
in cents)
Spot
Sept. 1804 (1) 165% (2)
New York, Sopi, 15.. No. 1 rubber per lb. Sept. 15); 11; Commission house selling in
0517-0032 Oct.
scattered Nov. This statement was contained
unquoted nearby October
Meanwhile, sterling makes its present of Mr A. L. No. 2 rubber per ir.
Sept. 33 hedge-selling sent cotton futurca the report Mathewson, chairman of Allled No rubber per ih. Bept. 8612-30
No.3-rubber per ih. Sept.
lower again today.
own way towards convertibili-Press. The list closed unchanged toy, by making itself scarce. I 044-0123 Spot rubber unbaled Sumatra Plantations, Ltd.
Blanket crepe
04-30
seven
had is no scarce that Brazil, Japan points lower It 70-12 that the No. 1 pale crepe He pointed out
to and Turkey are being driven United Pren.
opened two points higher question "Whither Indonesia?"
two points lower. New Orleans to buy sterling from the Fund,
Tr though, LONDON MARKET
and when they continued
carmest to engage
closed one point higher to six even attention "as
money, they the
wil repay the points lower. London, Sept. 15.
dollars. contract hh a have to repay it in events there vitally affects the
The rubber market was steady of Southeast Asió aud
low as h result of liquidation Yet even this is not much more outside with No. 1 RSS spot quoted at Influence
which reflected anticipation of than a technicality. The form pound. pence рег Settlement Housc terms for the first nolice day on Septem-Is that Britain has $206
ber
uplion of the Fund's money. On 24. Volume picked 10-19 considerably from the previous about $33 million of it. she has interest. to pay steeply rising traders pointed out. session,
A new processing method has been developed
CONTROL ATTACKED Offerings for the most part The purchases of sterling from through scale the Fund by Brazil, Japan and were absorbed
"Authority was given to Dec. 19-19 down trade buying. There was Turkey will father more than to produce synthetic rubber at substantially lower
cost than at the U.S. government's own synthetic employ such experts from year March 1954 some demand for distant months pay off this $33 million. on reports that producers are withholding a
To the extent that they cat plants, the Journal of Commerce reported here to year, rather than on long-July
and great dif- term contracts, Lccd
Into the $233 million, Britain today.
ficulties were experienced in Com-(No. 2, yellow, Traders
1953 can draw the difference from of
services recuring
bushel in cents) without The the Fund in dollars
these It said Dr Robert Brown of 15 other eonomics in équip-
foreigners under crop cotton to flow into
because interest,
ditions." Improve.paying any
ho U.S. Ruber Ceripany had ment and labour, it was said. the $233
million the expect
represents reported the process at a recent However, they
The new chemical process
calling for a greater pro- peak harvesting scription to the Fund, and any
Journal New York, Sept. 15,
during
plants, the country is entitled to draw that
Dr Brown
more uniform quality of tyres, portion of Egyption Directors on World No. 4 sugar futures season-United Pres.
out again.
skying,
Thโร and domestic No. 6 sugar futurės,
ablo to achieve the foam sponge thd other products, boards of companies, Maitre
it can be readily adapted by Fahmy observed: ported to be increasing at closed today as follows:-
Tula is nice business for highest production rates becauso prodace rubber from the start creased the reluctance of foreign. Der.
present equipment is not de-
desired to Contract No. 4 (world)
materials In any eperate under the time from 18 hours down May Close Down Britteltally explains
why Britain forces such Cohen-igned
tremendous
anrounts ot January (1004).
heat
to less than two hours, Dr. tries to buy sterling from the
Brown was quoted as saying. Fund, Instead of forcing them generated.
About 2,000,000 pounds of dry Tos despatch added, "The new company directors long resident The Commerce Minister, Mr T. T. Khrishno Machari, cald to buy it from Britain herself
by
dollara to Bank and 200,000 pounds General Motors of England. But it to hirely, a rubber is Intex torem Dunks of recipo, conkists of fint organie in Purpt where they have Im- today that
nodroperoxide, Vaalum, formide-portant interests, by Egyptiane
limited interests which Sept. (India) was expected to close mater advance towards cover by Dr Brown to have hirendy hyde, sulfoxyhite hat un down in the middle of next
Sterling at the been manufactured under the
fication by share holdings for JAN. 1904 cart, ethylene, diamine aut noeticatio mom though still above Its authority of the Reconstruction complexed with tetrasodium afton at hot exceed their quali-' Nov. The Minister shid the Gov-dollar parity, has fallen to its Finance Corporation on wald, Vier conted with this seats on boards.
Maitro Fahmy also tiga kome- crament sought to encourage lowest rate since last Jamanty peftmental pass, becording to recipe, according to Dr Bro
on Exchange the Jourtm). native car manufacture and had Britain's gold and dollar
the sinollenty of manufacture be thing to An estimated in Maving all Varities of Cold rubber Control in Elypt, irsued no bir import licences serves, though Bill riding, are
materials alono would approaches for the Erst time that: "It is surprising,"
he Bald, Spat
New York flour 200 ÍBE. BACK during the second half of last not rising as fast as they were in
a system, of Exchange' #13609 nom-United ProFr. year.United Press,
or as fast as they should be. amount to $700,000 in addition | of the "hot types. United Pref. "that
how absurdly empty and perni New York Sugar
cious are the allegations that economic bondage might
endure," he said.
He pointed out that the Re- public had a population about half
that of the
as large as
United States
and it was re-
rale of 1,000,000 United Press.
a year-
October March
JAPANESE BONDS
Japanese bonds
July
Market
Beptember November London, Sept. 15.
apat-teens per ib. fob
Cuba) 04/2 733% | November 1944 January (1054)
"A" (49 of 1889) "B" (4 of 1910)
"C" (5 of 1007)
"D" (08 of 1921)
VE" (5s of 1530)
$25 nominal
$3.36
327
3.20-27
3.19 nominal
3.28
:
Contract No. 6
4.00
6.13
103
160
March May July Kapielhet
0.50 bid
5.55
5,01
Epot (conis per Ib. cit
NY ex-dock)
-United Press-
"F(Tokyo GM of 1020) 91 November
#3 (Tokyo 19 of 1912) 103
Console
014 -United Fresa,
loan unless prices
the
market to be under pressure Britain's own original gold sub- meeting of rabder chemikis: { Wh's described as, providing a Lanciming that part of the March 1954
the
New Delhi. Supt. 15.
:
A
Present quoted oro
not
to
19
per
of
Sept.
Dec,
207 $
14514
Moy
invest
was
Ryo (Prices
in- Sept.
their capital. Int
also responsible for st the replacement of non-Egyptian Dec.
cents)
per bushel
103
tut
1004-107% Østs—(Prices per bushel in
conts)
* Soybeans-(Prices per buitrol
in cent
Bpi
March
May
Burley-(Price ber
cents)
236 with.
250-
bushoi