MESSAGERIES
P.B. Box 53. Queen's Bldg.
M
THE CHINA MAIL, MONDAY, SEPTEMBER 28, 1953,
MARITIMES ADMISSION
Tel: 20051.
M
FAST PASSENGER/FREIGHT SERVICE
From Marseilles
"LA MARSEILLAISE' 13 Sept.
VIET-NA
"CAMBODGE”
To Marseilles
Yar
Yokphirets
Bærvos Marseilles
Bus JCK.
8 Oct.
@net.
1 Nov.
34 1.
* Nor,
Leavea Hongkong
Dun MaznaliĒes
13 Nov.
24 Nav.
Vokolistna
Via Balkon KAJEON
· 22
Der.
"LA MARSEILLAISE” 21 Oct.
“VIET-NAM
1 Nov. 19 Nov.
"CAMBODGE"
Via Matreilles to all Mediterrancan & West Africa Porta Via Djibouli to Madagaschr.
From Europe
"IRAQUADDY"
"AURAY"
"MONKAY"
To Europe
"COURSEULLES"
"AURAY"
"IRAQUADDY"
FREIGHT SERVICE
Lell
Antwerp-27 July Antwerp 1 Sept.
Dunkirk—early Oct.
Leaves Keelung
5 Oct.
30 Oct.
10 Nav.
་
Due 11.K.
For
29 Sept.
Manlia & Japan
22 Oct.
Afantia & Japan
28 Nov.
Manila & Japan
Leaves II.K.
• Oct.
1 NOT.
For + 1
17 Nov. # Salgen, Singapore, Djibouti, Morailles, Algiers. Oran, Tanglers. Crazblanca, Le Havre, Antwerp. Rotterdarn & Dunkirk.
Babject to change without notice,
EVERETT
LINES
EVERETT, ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT”
Arrives
Sails
"BRADEVERETT"
Arrives Sally
A
OF JAPAN
CERTAIN
Temporary Associate Membership Of Tariff Organisation.
United Kingdom's Arguments Buying Spate
On Limited Waiver
(FROM OUR OWN CORRESPONDENT)
Geneva, Sept. 27. Although the current meeting of the 33 contracting parties to the General Agreement on Tariffs and Trade (GATT) is expected to go on for another three or four weeks none here has any serious doubts about its outcome.
Three things now appear certain: 1. Japan will be admitted as a temporary as 2. The life of existing tariff concessions will be extended for a further period of 12 or 18 months; and 3. The United Kingdom will be granted a limited waiver of the GATT rule which forbids any extension of imperial proferences.
HONGKONG sociate member;
SHARE MARKET
"the
In July, 1952, Japan, which is The United Kingdom, Aus- the nation with the largest ex-traila, New Zealand and France ternal trade remaining outside objected. (From Our Correspondent)
GATT, requested the opportunity The working party that has
into tariff negotiations Business done on the Stock to enter Exchange this morning amount with a view to accesalon:
was dis- Japon's application ed to $280,400.50, Noon quafa- tions and the morning's transcussed at inst year's sussion when the question of timing and the actions:-
conditions of her accession was referred to an Inter-scalonal committee.
SHARES BUYERS BELLERS SALES
Xxnton Littl
SIPPING
The subsequent study resulted Japan's the proposal that In admission should be subject to against any corlain safeguards country which caused a disrup trading con- tion of normal 1.43ditions.
Gilt - Edged
Of
Abates In London
(FROM OUR OWN CORRESPONDENT)
London, Sept. 27. The Stock Exchange closed the week steadily though the buying spate of gilt-edged following the bank rate's reduction has now abated.
Undated Government stocks and "shorts," however, remained firm though irredeemable, and medium-dated stocks were slightly under their best.
This is considered satisfactory because the big Institutions have not been buying gilt-edged on the scope expected, and the Brst of the steel issues will shortly be announced,
been zel up to study Japanese question" is expected to recommend her admission In though on terms that will seek to allay the foors of countries like the United Kingdom and ensure their participation.
MOSTLY AGREED
The question of extending the existing tariff concessions is Most the for los controversial,
on agreed members are
extension need for such an
Cily, morcover, is taking on optimistic view of Britain's Industrial development and the export drive.
Sentiment was also upheld by
cains
S'pore Textile Position
Financial Strain On Stockers
Singapore, Sépt. 27. Tho financial strain on téxtile stockers here hus
more and become
more
acute because of the slow moving stocks und pro- gressively diminishing local
interest,
consumer
the Singapore Chamber of Com- in its half- merce says yearly report.
rc-
Whilst every possible export opportunity has been to alleviate the over- taken stocked position, the report
adds, in many cases huge losses
have been incurred resulting in a number of failures throughout Malaya.
Statistics for the Hirst Ave
this year
khow the following imports;
mon
culion worch bleached and
unbleached
Cotton woven dyed
rq. yards
30.000.000 13,500,000
20,000,000
coloured
7,600,000
1,500,000
Cullen woven printed
Coltng Woven
fabrics
Synthetic fires printed..
-
Whilst it is known that the runging Furthermore, a Treasury fund-These showed
re-export trade has tradition- be aptrum 101⁄2d to 3/9d. issue must also
declined Tobaccos
In following ally been
ihe cheapest proaching,
Meanwhile the rise in Brat- the halving of the interim divid qualities, they are also in good demand locally and the differ- grade Industrials is expected to end by Godfrey Phillips.
African South
ence in value between imported gold shares continue as their yield structure
the average price is has not yet come into line with were also subdued as a result price and not now of the ever-increasing costs of
by that of Government stock,
any means the difference in The
mining. This section has been plained by
a reflection of constantly disappointing to in- quality but is
now even hardened tho enormous losses which: tho vestors and
trade has sustained this year to speculators are wary of touching
Kaffer market,
date, the report saya. the
Following the Korean
rocommeded But this proposal has now been unt!! the United States is again a trickle of good company news
interim as "right" by many brokers and of Allo to take part in tariff nego by an increase in gold shares were 60%
ket superceded
the public sent prices, especially outside tiations, entirely
dividend. 21.88 eircumstances
the
also those of developers, sharply up- Countries
Favourable contro-Bamely,
from such different wards. standstill in U.S. foreign com-
anxious to modify certain im-received
But, values have receded again which will -policy
special arms as National Conning, Wail meet mercial
port duties to
Manufacturers and the to the former levels owing to it entering into new domestic prevent
probems and means Paper
Company, which second thoughts in Johannesburg to Prosted Stpol turu nezolations for at least a
no doubt be found Wi
to do In epali tended to harden the prices and no follow-through in Loydon enable theni year.
and on the Continent. of the industrial group.
1.431 1.471 1000 ₪ 1.45
1000
from Singapore, Ocl, B
Kobe Gel. 0 for
BANKS
&
Yokohama.
East Asia INSURANCES
107
.....
250
Oct. 16 from Manila.
[ur Singapore, Oct. 17
Rangoon
20 800 10
&
Penang. Calculto,
Underwriter
5.20
Asti Nov.
DOCKS. ETC.
K Whart
Dock
むひ
67 100
23 100 2.00
200
Provident
1000 i 1234
Provident
200 11.00
▸ 140
500 da 8.5
2006 2.13
500 M 6.10
1200 in 83O
300 B.S
2008.93
Bombay,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo,
Karachi and Persian Gulf Ports,
"THAI"
Arrives
Sails
"LAO”
Arrives Sulls
"STAR BETELGEUSE”
(New) Wixclock
Japan's .. 12:40
by
Д
Japon has therefore applied 2000 for provisional associate mein- $200.00 bership
But Боте
Under this proposal Japan is tariff
are
proved cases.
LAND,
from Sandakan, Oct. 5 Oct.
Pusan, fur 0
Yokohama.
IK Led XD
Kube
&
S'hai Land
Humphrey
UTILITIES
Tr
P. Tram (0)
Oct. 18
from Singapore.
Kobe, the Oct, 20 for
7.03
1.40 .10.20
2%.29 P. Tram (N) 2.10 Star Ferry.
0312
1000 1.40
Meanwhile. of GATT until such tline as lari negotiations ngain possible and she can come a full member.
are
be
question that answered is the of extension.
real the only
bo remains to
exact period
200 29,10
SOLEMN PROMISE
120
100
Yokohamu.
100
C. Light (0) 1315 13.60 1000 135 600 1313 2913
members
Arrives Sails
Karachi, ramshahr
Oct, 10 from Jappan. Oct, 20 for Singapore, Port Swetten- Modras, ham, Penang. Colombo, Cochin, Bombay, Khar- Bastah,
Bahrein, &
Electric
C. Light (N) D
.... 27.00
10 1000 10 500 1,00
1000 131%
of GATT automatically granit to each other. 1500 33 Japan-has also given a solemn
400270undertaking
(Accepting cargo for transhipment Kobe/Fusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A.
(Incorporated in the Republic of Panama
With Limited Liability
Queon's Building, Telephono 31206. Chinese Department: Telephone 28293.
Ceylon's
Rubber
Surplus
tons
Colombo, Sept. 27.
With only
12,812
more
U.S. TIN
BROKERS
PUZZLED
New York, Sept. 27. US tin brokers are perplexed
of sheet rubber to be delivered by the firmness of prices here
to Chinn, against this year's over
the
last six wooks, an
in the World Telegram
contract of 50,000 tons, produc-article tion is expected to exceed the and Sun observed. contract figure by almost 8,000
after
Prices during this period have tons, it was revealed by the been holding three cents above Rubber Commissioner's offee. the early Summer low
The spokesman for the Office plummeting downward steadfly, said this situation has arrived except for a short period from
three- April to May, ever s the result of nearly quarters of last year's produc-March, it noted. tion being delivered against this year's contract, and the swlich-
since last
The decision of the Interna- over to sheet rubber production Bonal Tin Study Group to call a by
producers meeting on November 15 to dis rubber crepe
cuss the advisability of curtalling owing
Airline 22.26
18.00 10.00 Cement STORES, ETC.
Dairy XD 23.44 33.00
Wetwa ... 24.10
1. Crawford 23.40 COTTONS
Textie
101
Corp
...... 5.00
Textile Corp,
(N)
MISCELLANEOUS
Yangtze ... G.70 4 DO
Chemicals'
news was
wer,
WALL ST INFLUENCE STORES IN DEMAND
Over the other markets, how Stores have been prominent
Well ever,
Street's favourable realisation of on more general
week has also had a helping la- assets coupled with the duence though it is too early their
to discerni whether America is
its nine yet from month wear trend.
Brokers, nevertheless, point out that if Wall Street has not
power of from
that increased purchasing Geneva is Opinion in
negotiated the public. This results concessions GATT will remain in the present high level of em- and the Increasing 130 prepared to bind 91.3 per cent under 130 of her tariff in return for parti-force at least until the end of ployment
trend of wages. cipation in the most-favoured 1954.
Among foreign bonds the star nation treatment that
is
of the
AN INDICATION
of
tho textiles
Comparison made monthly
ol average Imported showed there has been a marked fall in the volume of piecegoods whilst artificial sikk Imports of cotton woven print- average for ed is more than the 1952. This would appear to in- dicate, the report says, that in the dimcult times, Malaya consummer turns more to hard-wearing cotton print and - in rayon les Interested
shore
|
is
pleeegoods.
In January. the Singapore Government
At
re-features were two polash bond yet reached the low point of the During the period
total
Axel the
textile value of the Japanese import
Quota
34,908,000 Malayan dollars for six months.
netuni im- port against the quota was $14,300,000 only.
Despite the Chamber's recom- mendation
that
further 110 should quains
be issued this the Singapore. Govern- year
further that meni decided
prosent dealine, the time when it does so may not be far off.
And London Bentliment is favoured by the belief that as for as equities are concerned Britain is entering a bull market
Commodity prices also appear 535 300,000 quota should be made
if required. stabilising-temporarily available
The United Kingdom's quest for a limited walver of issues which each gained around ther dollar the famous "no new preference' Blx points on the announcement rule has met with some opposis of the freeing of another the observe
lion. But there general bolarice and on settlement hopes. rules of GATT and to prevent
recent problems The
recovery in rubber of 100 @ 20.70 repetition
trade recognition unfair.
the United King- shores, however, has petered out her confronting brought 500231 Prices in disquite before dom a tre result of its special and this section is back in the
relauonship to the Common doldrums awaiting a load.
On the other hand, ten shares in keeping with the increase of
As a result commodity shares, the average price of tea at the
from about 3/Bd including copper, tin and lead- London sales
But in and sales go to around 4-zine Issues, all showed small in-
creases on the week.
investors are
all
600 23% the war.
1000
6.10
to bo
tu anyhow and even
Thirteen nations Includine/wealth countries in the matter howed good rises over the week | déveloping an upward trend.
the United States--spoke out in Invour of Japan's admission when the matter was discussed GATT plenary session last
weck.
Silk Experts Of World To Plan A Counter-Attack
Milan, Sept. 27.
More than 300 silk experts from 21 countries, including Japan, will meet here on Tuesday to launch a world-wide counter-attack by the silk in- dustry on the artificial products which have cut deeply into its market in the last 15 years.
the
buyer
In
of trade.
BRITISH TRADITION
Ar Mr Peter Thorneycroft, President of the Board of Trade, reminded the delegates, the United Kingdom has tradition- blly given duty-free entry to a wide range of Commonwealth goods and could not under the existing legislation change this situation.
In view of that, and of the rule against preferences, the greater part of the Unitch Kingdom's tariit is frozen at its present, level.
Won
could
now.
be
Good features were Scottish this section
and watching Wall Street for Angio Ceylon Ceylon,... General, and Standard Tea pointer....
UNANSWERED QUERY
Farm Bureau
Federation
Up In Arms though. Theks a general dis-
then
by
issue a formal charge that the day need) to 83% at the end
can
1
OR
the question of restrictions on Japanese trade, the report says that although the Chamber the decided the restrictions on import of a
great number of Japanese goods should be re- felt the danger moved, it is exists of Malayan markets be- ing thrown into chaos and con- fusion at "unspecified-times-in- future if all protection against dumping is withdrawn.
NOT SENSE
The Chamber has at one timo the removal or another urged of controls and restrictive prnc- lices'
In trade to the greatest possible extent, the report says,,
"But it is not sense
to push that policy to a point where it Yo of
our markets are subject dumping and other forms attack we have not the machin- cry to protect them."
A further important considera-
and is that some contruis tion protective measures must be re- fained as an offset against the most pernicious of all controls,
The report says the Chamber's Committee is actively pressing
time the matter of protection of local markets In case of uccess!ty-United Press.
Weekly Bank
Statements
London, Sept. 27.
London, Sept. 37. Why did the Bank of England lower the bank rate on Septem- ber 17 from 4% to 34%?
Nobody knows after 10 days Continuous debate and nobody even pretends to know
explain it sug If the United Kingdom raises
postion 10 an import duty on a foreign
gesting that Mr Butler wanted the market in Washington, Sept, 27.
in Government product it must, under GATT,
The powerful American Farm stocks to be good and strong allo raise It on similar
Bureau Federation is beginning before he attempted to convert to simmer about the Eisenhower
Home £900,000,000 of Govern- Commonwealth products s0 89 to prevent an increase in the Administration's delay in carry-ment debt miling due for re- existing margin of preference.
ing our mull-million-dollar payment.
Markets have reflected the But Mr Thomeycraft pointed bargain cale of surplus food
Congress last confusion of Government stockF out that it would be politically authorlod by Impossible to introduce a bill to Spring.
tumbling
maty impose duties on Common-
A spokesman for the Fodern-jumping many shillings higher with The delegates represent more than 110 big wealth goods; no United King tion, which sponsored the plan shillings down Chief beneficiary
pars for selling American surplus was War Loans, favourite with Government at the present to achieve overseas, indicated that the big foreign holders of
ཡ་ law merely professional or technical organisations belongingdom government
may soon which rose from £33% (on the technical form organisation with compliance to the International Silk Association.
before the bark rate was rules. Bilk
Administration is "dragging its Their four-day meeting is the different branches of the
the detriment of the of the last week, theronfier breeding of The cold logic of the United feet" to
to £85% at the close Falling £1 to Kingdom argument has clearly farmer. the silk worm to high fashion. fourth International Silk Con- industry, from the gress held since the war,
Impressed the delegates. Mr The economie fate of Ameri-of this week. Thus B retains a They
on substantial gain, are expected to seek
these sections fexperts Thorneycroft's assurance that a agriculture depends to the uneconomic prices production hos tended, of course,
on ก universally
he said. A The week ended with prices agreement offered for crepe
two to give a Orm tone to markets recognised trade mark which from the 21 countries will cx- waiver, it granted, would cause moving surpluses, Producers, he said, have
the change the latest information on no diversion of trade and would law on the books is not any reflecting the general view that will give
were substantially alternatives to sell the surplus everywhere, It added.
guarantee that the silk which the problems which contront be applied only after consulid solution until it is aggressively speculators
correct in assuming that Govern "Unless the study group can In the world market at a price
bears comes up to iricr them and will seek agreement on and, if necessary, arbitra- administered.
should satisfy those on necessary standardisation.
The law passed by Congressment stocks will naturally stand well below the price at which come to an agreement, however,
nationally accepted standards.
European countries that are allows President Eisenhower to higher but that they vastly China is buying or to hold on it is felt that tin prices may face
since in- The adoption of the world
MAJOR PROBLEM uneasy about the British motive all from $100,000,000 to $260, overdid things in the urgent September 23 reads as follows to their stocks for delivery another casy period
World trade mark will be accompanied ventories are piling up.
One of the biggest problems and ensure a decision in the 000,000 worth of surplus form buying. against next year's contract.
are that production at 170,200 tons now by a planned advertising" Present Indications
exceeds consumption by about paign aimed at winning back the to be studied by the technicians United Kingdom's favour. stocks are doomed to the excess
sales that silk has loat slike the is that of mechanisation of the
of World War II. cutbreak
till witch silk industry, be sold in the open market but 30,000 tons a year.
. "European buying le belleved
The other big probient facing depends largely on manual skill, the position is expected to be finally determined by the price to have been heavy recently in the experts is that of
#tabilled- offer in order to take advantage of the
tion of raw silk prices on Delegates from many coun- Chinu is prepared to 1954 which is
is expected to be prevailing low prices.
The British Government is world scale. Mr 1. Haratbal of uics who had already arrived shortly.
the Japanese deleration, will in Milan today were agreed that Lnnounced
One trade source said that it suspected of having made sub- deliver one of the three main there is still a big future for
purchases for stock-
Industry if succeeds ir much stantial China decided to pay
Rio de Janeiro, Sept. 27.. Over the
word piling. It better price
Thousands of Rio residents culting the prices of nomi- He will describe the purpos market price, the producers are unrly last year, Britain sold a
Unilever 18 3d, but Dunlops and by are flocking dally to seek cures their large amount to the United
and the effects of the raw silk Anished or finished products)
Vickers were unchanged/ States. Britain could thus re-
Lancashire lost 2 shillingsgid/ place this metal with cheaper stabilisation mearunos no means of large-scale mechanissat a "weeping" pine tree in the IN INDUSTRY
Wool others like Courtalds, un and support the market at by Japan in February 1002
Tomorrow on the eve of the suburb of Santa Cruz learned the same time. Meanwhile
The pilgrimages started after ITALIAN BELIEF, Congress, the Executive-Com-
Every third worker in West worths and numerous others lost Curront that the number of rubber
"The recent drop in the re-
Members of o Italian milleo and the Directing Cous-a rural worker who had rested
じ dealers Ceylon may be re-discount rate of the Bank of
a market which had delegation beloved that Japan cil of The Intefiatlonel 80k in the shade of the tree report: Germany is woman, although sixpence duced. The Rubber Commis England has had the effect of
is now ready to accept various Association will meet to make ed that a gentle rain had fallen she would prefer to go back to in criticisma Mahadeva, las miffening the price of tin
of the law which anal arrangementu.
from the branches salthough the her kitchen, according to 30 Sri-no
·Inter
German Buying of aloner, Mr B.
Government | London.
fol-wather
women workers 10 recommended
was perfectly clear dustrial have come from other countries
The silk, Industry in
viewed by a Protestant academy, Potash raised the 7% Isque EG Uat the dicences of all dealers "The trade, however, has been
as a result of two years ex-lowing countries besides Japan elsewhere.
ourney A receiving reports that US tin-
will be will
would rather look after to £131 and the. 0% by £7 be, represented: Austria, who have not transacted
Canatie, Belgian Congo, One pilgrim, Jose de Oliveira their familles than stand for 48 to £121 (peak was £121) voired at the Congress.
Belgium, Ca specifle volume of business be plate producers are planning to perience and which
Japanese were irregular. a week beside'l tithing, on hours a cut back operations in the
The assented bonds of Tokyo It was understood that some ypt, France, Germany, Bei Filho, claimed that a sure auncelled.
Orpoor, India, He had also recommended fourth quarter of this year.
Persin, his leg which had been open they said. countries bbject to the degren twin: прио
uncertainty over
"But My they needed the money Electric, the Tokyo 5% % of years closed that a registration fee be levied for the Issuance of licences, price situation domand for pig of direction and of state inter-Italy, the Lebanon, Norway, for some
Netherlands, Portugal, Spain, hours after it had been touched they would not object to work- 1930, gained £1 but others lost shiling, United a nearly one 2,800 metal in the United States has ference which, the law entails.
drops of ilquid from the ing half-days or three days. There are at present
The Congress will split into the United States, Switzerland by United dwindled to practically nothing,"
Branches,China Mall Speciali, wook China Mall Special, dealers in Ceylon.
sections to study all the and Turkey-Rouler, United Press, Pross
expected to hold over Burplus stocks for delivery Chin next year.
WEB
will be recalled that speeches of the Congress on this ng raw material prices |
the
subject.
10
tion.
the
'Weeping' Tree In Brazil
4
cope overucas in exchange for local currency Instead of hard- to get dollars.
LACKS GUIDANCE
They bought Consols at £615
So far the only action on the ond saw them soar to £04% and
hus been con-close the week at £64%. programme
the Agricul- Loading Industrials zig-zagged ferences between! tups and State Departments and all over the place. Imperial whose unexpected Organisation Ad- Chemipla the Farin
display
of liberal polley electri- ministration-United Press.
ded the market closed the week
WOMEN'S ROLE
Hanover, Sept. 27.
with a net gain of is, fd,
Ford Motors rose Is. 714d and
Proza.
The Bank of England state-
Kor the work ended
Note in circulation Puidic depoal tar '..........
Frivale deposita
Cavernment securities
Other securities: Receipts Bank ratio
1,631,034,
30,405,6
153,849
20,260,767
United Prest.
BANK OF FRANCE
Paris, Sept 27.
The Bank of France statement. for the week ended September 17 reads as follows:- Total gold holding my Total other eiurencies Right Balance strand.. Advance to Currency.
&tab. and mak un discounted
201,301,501,428 7.845,043,000 $.600,682,067
2,140,799,900.
Trance de broad. 974;150,656,318 Note in circulation
deportis
DoCourts
140,114 217.035
Exchange Rates.
Business was done les tho - koval
market Domela, exchange-
CORE
this
mag at the followin V.B. dolle (per_$1) Sterling note. (Per Rij Soen, sinala (pre 100) Indonorion guilders (per Bingapore (lltraktu):) Indo-China, plastros (per 100)
7