MESSAGERIES
F.O. Box 55. Queen's Bldg.
M
MARITIMES
Tel: 38651.
M
FAST PASSENGER/FREIGHT SERVICE
From Atarseliice
“LA MARSEILLAISE"
VIET-NAMI'
"CAMBODGE"
To Marselitas
"LA MARSEILLAISE"
"CAMBODGE"
F
#
Leaves Muruslikes
tue 16.65,
13 Sept.
* Oct,
Yor Yokohama
Ucl.
1 Nuv.
Ort.
Leaves Hongkong
4 Nos. Dud Marvellion
13 Nov.
Yokohama
VIK
$ Nov.
19 Nav.
Via Siapaplites to all Mediterranean & Via Djibouti to 3tadagascar.
From Europe
"AURAY
"IRAQUADDY"
"MONKAY"
To Europe
"COURSEULLES”
"AURAY"
"IRAQUADDY"
26 Nov. Halgon
12 tire, Balgon
West Africa Forte
FREIGHT SERVICE
Left
">Antwerp-21 Zuty --Antwerp i fept.
...-Dunkirk-early Oct.
Leayes Keelung
30 - Oct.
11 Nov.
Que H.K..
30 Rep. 19 Oct. 21 Nov. Leaves II.K.
O Det.
Nov.
1 Nov.
For Manila & Japan
THE CHINA MAIL, FRIDAY, SEPTEMBER 18, 1953.
British Refining Outlook
which
the
Contribution, Merseyside area is making to the development of the petro- leum idustry,' web referred to by Mr A.
Carter, chief technologis, of Shell Mex and B.P.. .. Stenlow. In an ad- dress at the annual meeting of the British Association for the Advancement of Science Liverpool.
Manila & Japan | Carter, had
For
spid
in
Mr
The oll industry. Ma & Japan
mado some startling advances in the last 10-15 years in methods of ex- ploration for oil, in production, transport, redning, distribution, and utilisation.
Saigon, Singapore, D}|bouti, Matarllien. Algleta. Oran, Tanglets,
Casablanca, Le Havre, Antwerp, Butterdam & Dunkirk.
Subject to change without notice.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger servico to Korca, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
“BRADEVERETT"
Arrives Sails
Sept. 10 from Singapore,
Sept. 20 for Kobe, Osaka, Nagoya
Yok.hum,
"NOREVERETT"
Arrives Bails
Sept. 21 from Manila,
Sept. 21 for Singapore,
Rangoon
B
Penang, Calcuitą,
(Accepting carga for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR
LINE
Fast regular freight—refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Sium, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
"STAR BETELGEUSE”
Arrives Sails
Sept, 21 from Singapore, Sept. 22 for I'uson,
Yokohama.
"STAR ALCYONE”
Arrives Sails
Sept. 22 Sept. 23
Kobe &
from Japan, for Singapore, Port Swetten- hami, Penang, Madras, Colombo, Cochin, Dombay, Karachi, Khurramshahr, Basrah & Bahrein,
(Accepting cargo for transhipment. Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMship_corporaTION S/A
(incorporated in the Republic of Panama
With Limited ability Queen's Building, Telephone 31206. Chinese Department: Telephone 28293,
Almost Invisible British Exhibit At Trade Fair
(From Ralph Hewins)
Stockholm, Sept. 17.
A well-nigh invisible “exhibit" is the star turn of the 26-nation St Erik Trade Fair in Stockholm.
Ir 1940, Britain Imported 2,500,000 tons of crude ol!, and
U.S. Business Omens Said
To
Be Better
By SYDNEY S. CAMPELL
Bouter's Financial Editor
Construction contract awards in the United States during the summer were running below last year and were showing a more than seasongl drop. Construction has great Importance for the. general business prospect, and on the whole the latest omens are better.
Even during the summer building expen- ditures, as distinct from contraste awarded, ran at record levels and seemed likely to remain very about 16,000,000 tons of petro-high, even if below the spring peak. More recent- tons orly contract awards have improved and have
reversed the previous softening.
leum products were consumed, 22,000,000 In 1952, cride of wore Imported ani of Just under 24,000,000 tons petroleum products were con- sumed. Thure deures llustrated what had taken place. Instead of the finished products being Imported, the crude all itself won bellit imported and re- Ained in Britain, and Mersey- side's phare of that was about one-Arch
atea.
the Including
Manchester Ship Canut in the Merseyside Carler said there Мг were approximately 18 lastalls- ions manufacturing, handling or distributing petroleum products in the area, and eight of them were either new or had begu rebuilt und
since expanded
Intake 1946. In one case, the had Increased tenfold-from B.4 mo.
tons in 1846 to 4.2 min. ton in 1052.
ECONOMICAL POINT
The location of the industry did not dépend upon the part- cular location of raw materials, but was dictated by transport. Refining accounted for
, plenty
of capital, buy an equal amount
tankera, went
pipelines vehicle fleets and other incans of distribution. The reДnery, therefore, must be located at the .midst economical
point, and, for that part of the coun- 11, it was Merseyside.
The changeover from relluing In remote parts of the world o refining in Britain had been motivated by a number of nc- tors. As reßning became more flexible
and markets more diverse, the point arrived 15-15 years and, when crude oil could in the be refined
consuming country and all of its products could be used.
Outlining factors influencing the changeover, Mr Carter saldi that crude oil production in a given area tended Arst to rise on exploration and declined' as the fields became exhausted. Refining in the producing area, therefore, was subject to due- luations.
the
Another factor was that good many of the oil-producing areas were politically unstable. so there was a reluctance to put a lot of refining capital in country concerned. The in- dustry was highly complex in
requirements equipment
and operating techniques, and WOB more easily operated in an in- dustrialised country, where they had equipment manufacturers, research organisations, technical staffs and skilled labour.
NEW EQUIPMENT
As a result of those and other factors, the oil companies de- cided redning in Britain' should expand, and expand it didnt an incredible rate. The back- ground for that expansion was very favourable, аз most the companies had long
ex-
perience of
of operating refineries and a lot of intensive abroad, and ment
op-
was
wartime durime use.
for
plicablo Moreover, the industry could build from the ground up and obsolescent equipment,
technique
did not have to superimpose on
It is a microscopic ball for bearings and sites, so the triumph of British craftsmanship and already a substantial dollar-earner.
Imagine the ball of a ball-by the mighty British midget. that is a Even the Ministry of Defence la point pen....Well, hundred times greater in volume | interested. than the new 'midget which has never been "shown" abroad before.
NEW VISTAS
It is so tiny, that Mr Edward vistos are opened in the finest Fothergill, sales manager of the possible instrument Crawley, Sussex, manufacturers, physics,
often cannot
phial with the aid of a magnify-
Commercial, educational and scientifle hujiding has reached now records. Even housing contracts keen up extremely well.
be
If this san
maintained, | how long, though some of the nothing on the physical side smaller producers have folico will be more important-sub-by the waysite. jest always to the qualification Alet-down, when it
Comes, that all physical factors in the will have been so long anticl- US. may be less important than pated that it may prove to have sentimental ones.
been over-discounted.
A
Tariff List
Revision In Formosa
Taipei, Sen. 17.
The Chlnero Nationalist Maritime Customs and the Provincisi Department
Flange are working on rovised fat on im ports into Fermadsa, usually reliable sources sald today,
The new tariff list would reduce the ratra on daily heceulties and Ingresso fhore na luxurich," The squrces said,
They added that the revised farlite would be roady in about s” month.-- Neuter.
HONGKONG SHARE MARKET
tions:-
Bage
BRITISH AIR TRANSPORT IN POST-WAR YEARS
•Two factors have decided the charseter of British air transport during the post-war years.
One has been the extent of Government super- vision; and the other has been the very high level of capital expenditure which has so far yielded only a very small return în profits, although its value in terms of prestige has been considerable.
"Despite the prope (dizeral policy | the upplications made to it, the adopted by the Contentallye security slyph covers a period Government towards indefienders of merely "7. "or" in' a' few cases operators, the two Corporations 10, years. There are few com- B.O.A.C, and B.E.A.-continue to mercial firms which would re- gornindle the picture."
gard this "security" period as It is necesGFY to repeat the adequate: and when she type plastute the aviation is still of cperaton envisaged is linke- only in the Infancy of its developed to the purchase and trial of ment. When questions of de- aircraft, its Inadequacy is ob- fence, of the incomparable posi-vlous. Lack of opportunity la bilities of developement and of in- nevertheless a minor problem crebring world competition when compared will the considered, obvious chat private operators lock of idly commersial consideralites inancial support. The (wo neo still premature when the problems are intimately related: rostunes of Brish rasation are but st, the present time, the difcussed.
francial problem 19 certainly the more serious.
· (From Out Correspondent)
·Buziness Hone on the Stock
Even so, the progress Exchange this morning amount during resent yes Has been made
Of the work done by the in cd to $347.20ring's stripes. During a fonent of dependent comes to ale tropp tions and the morning's transac-year 1947-48 the gross deleil
relates B.O.A.C. amounted to £7,571m.ing. At the present line, By 1952 this deficit had been
private companies are moving wiped out and the Corporation personnel at the rate of
того recorded in chass pret for the than
109,000 year. Thus, Cuancial
1951-52 your
of besides relying on the Govern- £274,009. BEA, has also thown ment for their opportunities, 20 602% steady, though less marked, the private
"Govermen
ALANER DUYERS SELLERS BALES BANKS
HK Bank... 1520 Eat Aula...
Union
137
INSURANCES
Canton
230
100
Underwriter
HK Fire
150
DOCKS, ETC.
K. Wharf
#7
Fuck
21.00
11,00
Wherlock
LAND, ETC.
7.00 7,00
dis-
1.80
The automobille Industry must fairly substantial slacken- sincken, simply
because itsing could be absorbed by a re-
hot to duction of
overtime. before not causing outright' unemployment, since about 15 per cent of the record output has come from overtime.
pace has been far too
• Even this keep up. necessarily bearish.
The remarkable thing
is
how
hol a pace the major manufac-
and turers have kept up
It is still dimeult to for
entangle the double-talk about the sondition of the car business. On the one hand dealers "re- port record stocks.
rks, and
pricca
The Rubber Markets
was
Singapore, Sept. 17. The market
quietly steady throughout the day, and
buying tenderl a little factory
tono in the to an improved afternoon.
Closing priecs:
No 1 rubber per . Oct. 011-05
November
831-03 December
63-65
No. 2 rubber per ih. Oct. 822-63 No 3 rubber per 16. Oct. 673-01 No. 4 rubber per it. Oct. 38-30% Spot rubher unbated Blanket crepe
. Provident
HK Hotel HFC Lane S'hal Land UTILITIES
Train
སཾཎཱ*
(0)
C
trend towards at improved dnan-to cind
During fest full their # a position.
1547-48, financial year'
the This 1000 11.90 Corporation ad o defeit of serves t showed this does whitiled sway to £1,423,000.
look qiro for one of i sources of revenue,
a73 8.83 400 6.59 £3,574,000. The. year 1931-52 retively Bhasise the com-
23 23.20 1909 25
23.10
-DECISIVE FACTORS The progress made by the two Corporations has boen satisfac-
tory.
Tram. 21.10 Star Ferry 125
But, when the advaninges they C. Læg (0) 12.00 13.10 4000 # 13. caday in the fores of Taensary
Light (N) 0.05 po Electric. 20.70 310628.20 support and Governement super- vision are taken intas recount, the Telephone 21.20 at
INDUSTRIALS
Tormidable obstacles in the path Cement
18.09
of private olr ÉTEKSPORT CORT=
become panies 23.40 23,00 000 # 23 00
of used cars have been falling. On the other hand the stocks hold by pew
car dealers are still only about ate month's | sales, and used cor prices,
the decline are still dearer' relation to new car prices than they were before the war..
in
of
MAY BE WEAKNESS This looks like n sign strength but may be a weak- ness, caused only by the large trade-in allowance that new car denters have to grant in order
10
-
64-55
71-73
-Unned Pre
LONDON MARKET
No. 1 pole drepe
Prices closed as follows:
to move the new cars,
Used car dealers report that sales in July were 24 per cent below July 1952 52 per cent dowii in the Western states - and that inventories were down much less. Perhaps the best inhelpful though
rathor
London, Sept. 17. The rubber market was dull, surming-up is that the car is B.S il keeps with No. 1 RSS spot quoted at all right so long 19-1/10
pence per pound. going.
Stoel is shaky, jnfluenced py cessation of Inventory accum
atlon, by curtailment of output of
farm implements and house- hold
pros- appliances, and by pective curtailment in cars.
.........
No. 1 RSS apot
19-1933 1016-10 Business................................... Genorat market c.l.t. basle 107-101
No. 1 SS ................................ unquoted Estate erepe Sept. thick unquofed Estale crepe Sépi. thin
-United Press.
During the summer the bulls rode this off by praying that as automobiles fake dhly
10 pur NEW YORK MARKET
cent of sicel output, and appli- New York, Sept. 17. paces only 2% per cout, cur- Rubber futures today closed tallmetitIn these lines would Duig unchanged to five points lower reduce the demand for steel with no sales reported. Business only slightly.. ་་ remained at a standstill for the The drop in steel second day in a row. Dealers which was expected to sald
'the outside market" "was the price increases did not
featureless. materialise. Order books equally slow and
for Spot No. 1 RSS was quoted at the fourth quarter started 23% cents per pound. Closing fill rapidly when first opened. prices of futures:-
December
March (1953)
May
وانان
September December
buying follow
DECIDED CHANGE
bus been
to
23.10 bid But here there 23.10 bid decided change for the worse,
0
Luc-
23,10 bid 2110
fu The drop in buying has idatedly arrived and the fourth- 23.10 bid quarter order books have turned United Press,
slow to complete, and still have plenty of room for business. The tone of reports on steel has decidedly worsened.
Grain Prices
In Chicago
Chicago, Sept. 17. Prices of grain futures closed country today as follows:-
brand
was in possession new industry capable of supply- ing all its requirements of re- Aned petroleum products.
Wheat (No. 2, red, per bushel
In cents)
10316 181
wide
According to Iron Age, un- certainties bred of the spread feeling that the produc-
tion boom is at its crest and must ebbs moderately is pushing the manufacturer inte shorter- term buying based on competi- tive advantage.
Seeing the steel Industry's capacity as d guarun- expainst tod
future shortage, are intent on reducing buyers their inventories. Programmas CHL Inventories both of steel 10-products and of raw müterials ure said to be marked "urgent."
has Steel bylput
piready dropped a little.
Bpot Sept. 1094) 164(L)*** Dee. March 1954 May
Ca(No. 2, yellow, per
bushal in conts)
Mr Carter said that Mersey- side relined about 5,000,000 tons of petroleum per annum, and July the quality was use in
if not higher, than anywhere
the the
Sept
DEC.
10946 140-15
NEVER SAFE The optimistic view in the Industry is that a 90 per cent steel ingot rate might be more In economic than the recent rates of 100 per cent or more, which required the use of high-cost equipment.
STORES, ETC.
Deity
Wation
COTTONS
...... 23.30
L. Crawford
22
Textile Corp. 5.50 3.65
MISCELLANEOUS
Yangtze (0)
Yangtze (N)
6,90
3000 23
sentour.
all the more
Heng there tayo kle-
fct alone ongare, the future
situation
has been made towards
progress that com- peilive ale transport, and tho need for the private companion to enter vigorotly into other fields-The Financial Times.
REDUCTION
OF THE
cisive firators. To make postka BANK RATE London Analysis Of Surprise Move
prosperity the private air com-
1600 ep 8.10 | Donics need increased opportuni- ty, and Inc:gated" fazndial re- scurcas.
LONDON TIN
MARKET
To a certain extent, the pre- sent Government has offered the former of these two neces- sities.
In an article to the survey
Alr Transport published by The Final
London, Sept. 17. Today's Bank of England changes do not affect Ita London, Sept. 17.
lending operations in the The tin market was firm. of British
discount market, since the Spot was marked HP 8 to
effective rate for them is Un Times, the Minister of rose £3 to £500. Turn- Aviation states that the policy the unchanged special rate. Closing of the Government is to help, But the many market rates forward the development of air far lending at home or
public
£815,
over
and three-month
BO WILS prices:
Spot tin, buyers
sellers Busters......
tons.
transport by colettis.."
private
010
020
and
ክ.
500
600
abroad, which are linked to the Bank rate itself, will fall.
fact, This polley has already Three months tin, bụyora.
been put into effect. Since his sellers
appointment, the present Minis- -United Press.
Pits appli ter has
new routes, rejected 50. All but 17 of The
#pplications approved
Exchange Rates lens to approve
This is notable in the face at stering
easinges recont normally a country does not
when the were cheapen money
*x- changes qre moving agelost it. Business was done in the lost from independent operators.
But the easiness is regarded as unofficial exchange market this However; the opportunities morning at the following ratre:-
seasonal 4.01 of which private operators can
and there algays 15.90 take advantage are
not yet some contrary-factor at work.
Confidence in sterling 20.20 very impressive. For instance,
might 32.70
although the Goyment has be heightened by this demon- 1.78 135 granted a fair proportion of stration that the British
thdritics are getting away from the appearance of zigický and
to
.S daller (per $1)..... | Sterling notes (per £11
Indonesian guilder (per 100) Sion ticals (per 100) Singapore (Straits) Indo-China plastres (per 100).
Reduction Of Tin
Export Duty Called Necessity
feel
TRY
make This gesture the casinoes sterling. do noi regard" "the changes as involving any change in the tighter money policy of the past 18 months, Tidy are regarded as a further step to- wards freedom and flexibility in interest rates,
Britain's position is better than when rooney, rates were boosted In November, 1951 and March, 1932-dallur reserves bovis eller and tpk advances have filen- bin saday's adjustments do not that she can afford to relax. requeste previously made
The rate of the Malayan tin export duty mugt be reduced to meet modern conditions, said Mr A. G. Glenister (chairman) at the annual meeting in London of the Malayan Chamber of Mines.
This, now that Malaya had imposed income-proven tax, amounted to double taxation of the mining industry, he declared.
important
onckily
and
so the banks for prudence priorities in their advances aro regarded as remotning. Today's heronk of England's
arg_comple memary is relaxalons on
Tp the
appenfance credits” and It discouraged prospecting and, most
producers, pubber korte of derling dnotice for might easily render the more Malaya is, however, peculiarly internal trade. marginal grade areas unpayable, dependent on the behaviour.“ To the extent that they improve "Malaya must be particularly the tin price and there par bo and ciscupen the facilities avail-
question on guard against any proposed le
that recent able for tondign trade, it is hoped agreement which would, in trends in this context could that they 1954 amain competi practice, jend to stabilise the seriously affect the moderation's tive endurinn far export in price at too low a level-a economy at a time when political Route. very real danger in present difculties circumstances," he declared. urgent.
ba
hove remained
wishes the point of
New York Sugar Market
Mr Fothergill claims: "New world. An interesting point, Mr Spo! Sept. Carter observed, was that the
Dec. work In Manchester Ship Canal, built in
March 1954
"The only cure for unemploy- chemistry,
May medicine, 1874, had stood up to the Toad
Is With this background, says ment in the mining industry It had manfully find it in its off engineering and aeronautics."
handlod July
"Kye-(Prices" per bustibl
a reasonable economic price for the Financial Times, Mr Glenis enormously increased traffle and The baby boli is 3/100ths only broken down when the ell
cents)
Un-and that is dependent upon ters speech should be studied ing glass or even a microscope (.003) of an Inch in diameter. companies began to build giant
1031
consumer demand and a reason epocially for its long-term im-
New York, Sept. 17. "It disappears into the seams in One ton
100-1
able contumer buying polley." Pilcations
World" "Nel #sugar futures of steel produces a tankers of 30,000-40,000 tons:
Date (Prlers per bushel in
Malgra the stopper," he says,
Security of tenure and ascur- yay of But it is never safe to assume
alone Is
1s being closed unchanged to three million balls and in the progess that, he added, was beyond the
points' centa)
nce of the renewut of mining considered" "or"
world tin value b. the
hletier willl sales of 41 contracts. 2296-45 that ʼn declino will stop at the vision of the builders United States is multiplies the
of the Sept.
position In the
vital Joasts en fair terms were
whole. Bach has Domestic No. 9 sugar futuros 7215 canal.
Dec.
optimum point. If the rate docs already being used in advanced metal 200 times.
Boybeans (Prices per bushel drop below 90, one will soon be
to the maintenance of a healthy boed the high rate of taxation closed unchanged whip sales” bf Laboratory work by a brillant The brain behind the miracio
'In cents)
sald Mr loyled on the Malayan milnes 20′′ contracts, mining Industry, not that that is the
The reduced hearing refugee
250 om optimum point but that high
Glenister. "Without them Ma- that prospecting for vital new volume of business in botit pgt Krisch.
Inya will not be able to extract areas has been brought to vir- and futures was due to lacking and inflexible costs have raised the capital which all agreo: is ful atquist for some years of Whon
definito feature, dealers the break-even point to not
past. its further deve
Byen whim it is resumed, sold, arrived in the
much below 60.
comparatif, be proved as follow
Closing prices of The cuts in
Government 10pment.”
ground' is spending cut into
spending
PAPER'S COMMENT
Avustable for THE Industry
Cofftemat No. 4' (World) future:
Ab Mr. dienister: E power. During the suguner the tahlonable counter
At a time when, statistically, - argument
MPİRXAN greater over-supply meal taxation raiment
the was that the cuts would be in Is. In
major smail, but that no longer holds, than the other
bars the industry Indy Well On cash budgeting bars, motals, the remarks made by to criticism
laboratory cabled
"We ordered steel balis.
23716
Bept.
on. 1954 March May
253-13 Barley (Prices per bushel In
cente)
Why senior opened the first ball-American friend who inapec spot.
did you send oil phial?". The bearing factory In France.
reply was "Look again.”
130-150
New York, four. 200 lbs. sack, $15.00 nom United Press,
BIGGEST OIL DOCK scientist, Dr Kube midget is 45-year-old Mr John He referred to the construe
Bass, managing-director, and tion of the' new" oll dock at Nov. the first consignments 5-year-old father, Mr Eastham, which would handle
the John Bags Ken,, who have been those plant tankers, and lie re Statos
John | culied. the a lifetime.
of an comment to Crawley, in bearings
it: "Nobody could mistako for anything but a hole in the But it is not the Dass brain- | ground.' But, added Mr Carter, Even the Swedes, inventors of child which attracts the millions it was the biggest hole in the
to the £25,000 ground one had ever seen. ball-beatings, are amazed. The of sightseers
Pavilion. M. British
The Eye- great" "Swedish" ́· firm Beldesort Ltd., which operated catcher in an unusual over e first telephone villainous, spiky yellow, plant the world's
which Mr Fothergill calls which Soapholandra system, has placed orders. liave the A. G. A. stove people.
I will take its word for it other part of the country or Stockholm Under- also his usurance that the baby comparable area in the world The new ground Railway and the traffic ball, does in fact exlet. So for which had such a coricentration lights of the city (pop. 1,000,000) I have not been able to spot it. of diverso Industries based on will be controlled or "rectified"-London Express Service, petroleum,
L.
1
to Referring Merseyside's NY Stock Market importance in the Fiew indi
an
Carter sald that, look- ing at it quite soberly and disinterestedly, there ras
no
Wa
New York, Sept. 17. Dow Jones' closiṭig'average' pri
Stroot
30. Indilais
20 Falls
T
1
ad Blocks
to Bonda
Comm, future petoen inds
necessary for
operi
on the grounds, if
[po
the U.S. Treasury will be about Mr. Gienistør qssume a special
plat nothing glee that J HAY BET all square during the current significance, the Finahelal Times based
scal year ending next June, mys. This year's sharp poihack
annad moro. Birna NwoHAY whereas in its nacal year which in the metal price has so far had contegyetibles thaches the ended on June 30 its cash outgo. no marked offect on overall Feder on? Un mining industry exceeded its cash intake by production, though it is known cannot be maintained for much more than $8 billion and added that numbers of snail marginal longer at its pevsent – level of that amount to current spend producers have had to close productivity if oxšting_condi-
down. ing power.-Router.
As one of the world's tions perelit
DURTA
+