COMMERCE SECTION
.:
Subsidies Not Full Solution Of U.S. Shipping Problems
Less reliance must be placed on Government subsidies to overcome U.S. maritime industry problems, and more direct practical ways of meet- ing the problems must be worked out, Senator Charles Polter, chairman of a Congressional sub-committee investigating U.S. shipping problems, told a meeting of the American Merchant Marine Conference, held in Cleveland.
It was generally accepted, but did not neces- sarily follow, that management and labour should always assume that their wage and other operat- "Graveing problems would be overcome by increased sub-
sidy allowances, he continued.
Japan
Menace" To
Australia
solution which must be fought with
full
CONCENTRATED EFFORT
HONGKONG SHARE MARKET
(From Our Correspondent)
NK Bank
+
1010
Underwriters
GES COS 1.00 108
.. 10.40
.. 1.20 1.40
►
071%
100
The maritime industry must take a fair and reasonable attitude in its demands to the Government for aid, and everything possible must be done to keep operating expenses down and efficiency up.
"Unless this is done," he went} Mr C. Thompson, president of co. "shipping subsidies may American Waterways Operators, But the smallest straw
Ceberra, Oct. 28.
prove too big an expense to be said that agriculture, industry, Business done on the Stock Japan consituted a grave matatabred. There is no
commerce and finance ware suflee to show a change in the!
to Exchange this morning amount- easy be congmtulated on the to the problem
facted to $318,030. Noon quotations wind. This is the first Septem-nace to Australia's Industries,
commerce and the morning's transactions-- ber rise in employment in the
developing and maintaining the that the waterborne every avalinbic weapon, the
Lakes and the entire post-war period, and the Director of the Associated Chem-
emelency necited by the on the Great
waterway systems BHARES DUYENS SEÇLERS WALES first drop in the
maritime Industry today, but 20,383-mile national pro- duct since the 1040 setback.
bers of Manufacturers, Mr Lthe catablishment of a group in of the United States were joined BANKS Withall, sold today.
Washington' to maintain Also for the first time in
a con- at Ave points. years. personal
income
In has stopped
statement Issued under tinuous survey on a permanent "Integrations of these great INSURANCES
Unton basis promises to develop some systems rising
August (at annual the heading "Dangers Associated
waterway of inland rates) it
was still $10 billion with Japan Becoming a Mem practical conclusions.
through the New York State MK Fire larger than in August 1952, but ber Nation of the General
Barge Canal, the Chicago SHIPPING it was $300 million below the Agreement of Trade and Tariffs."
Sanitary and Ship Canal, and Waterboat Moially reduced estimate for Mr Withall said that the "I sincerely believe that the the Calumet Sag Channels are Asla Nav. July, and $1,100 million below |Japanese trade nichate were efforts now being made through- | iirectly
for the responsible the original estimate for July. not fought successfully. Aus- ou! the Government, industry vusi economic wealth through DOCKS, ETC.
K. Wharf Deck tralla's expansion over the past and Congress--by concentrated industrial expansion, develop- Up to the end of August the decade would be prejudiced.
Provident of new markets, and attention to technological ad- menta makers of durable goods were
(0%) vances, increased labour
(New) ably
pro-population growth," he saxl, ciding
Inventories,
ductivity, and more business-
Wheelock for the future including the im-like conduct of contractual re- been built to keep pace with Had those connecting canals though for six months their new orders had
been failing below migration programme and the
growing tramo their deliverles, and cancella- | maintenance of material
pros lations tions had been cutting into their perity for the
can be and industry-we will be able capacity, the present cities people
to achieve merchant marine the Great Lakes and connecting backlogs for a year. The forgotten." or (pli
adequate to meet the needs of seaways would be larger by of new orders below
Import restrictions formed
our security and prosperity."to added. The inland waterways,
several million
people, he deliveries, has been accelerating.
Senator temporary protection froin "un-
Potter went In March-June it averaged $750 reasonable" trading practices suggest a revision of the 1930 where they entered Lake Erie, million month, in
In July
but if these restrictions tapered Merchant Marine Act to permit
Lake Ontario, Lake Michigan, widened 10 $2,000
million, off, it would be certain that the the Maritime Board to submit and the St. Lawrence river, and in August to nearly $3,000 Australian Government would to Congress every
horizontal clearances had million.
Jumary short of the reasonable.re- In the 12
to mantis
findings on the disparity the end of August the makers be compelled to take an essen
the U.S. und tally realistic
foreign
quirements of modern lugs. shipbuildin of durable goods added nearly
when, Japanese trade
and cosis, $3,000 million Inventories te volume and character became struction
LACK OF FORESIGHT while their unfilled orders were fully known, Mr Withall added. falling by $7,500 million, an Reuter. unpleasant pair of scissors. In the later stages, the additions to Inventory voluntary, Since
probably the end August they may have been
were
to
to
in-
start
able to make an overdue on reducing their excess inven- tories; but if the shortfall of new orders has widened further. the order backlogs will have continued to fall and perhaps faster. Barklogs are still very large but they can melt sur- prisingly fast when sentiment
changes.
Mr Withall continued: "Plans
view of menace
The Rubber
Markets
Singapore, Oct. 28.
The market opened lower and eased slightly In the morning. In the afternoon, it rallied on trade buying. Prices:"
No. 1 rubber per lb. Nov. 64-541
54-44 December January
No. z rubber per lb.-Nov. 521-554 No. 3 rubber per in. Nov. 509-51 No. rubber per ib. Nov. 181-471, Spot rubber unbeled Elanket rrept No. 1 nle crepe
United Press, LONDON MARKET
00-02
some of their supporting argue No. Res spot.
Settlement House terms:
between Government
on
Its
doma
acon-
subsidy
Dad carrier
WINI
on
LAND, ETC.
HK Hote! HK Land Shal
far
observed
12.50.4235 500 # 12.60
8.70 1 8300 @ 6.70
7.85 7.06
02031000 4 0214
Land 1.401.47 Humphreys 103, 1
UTILITIES
Tram. 23.10 25.30 Htar Ferry 155.
200 63 25.30
C. Lagai (0) 13.00 13,70 1000 a 19:00 1000 $ 13.70 -C, Light (N) 0,00
Electric... 2715 27.70 2100 # 27,70 530 27.60 Mano
Elec, 9.00 Telepho
INDUSTRIALS
Cement Stope
18.30 20.00
17.40
Wason
دست
1.20 23.30 1600.23.36 23.10
200 23.20 Crawford 23.00 23.80 -
135
COTTONS
Textile Corp. 0.45 301% 5200 g 815 MISCELLANEOUS
Yangtze XD) 0.20
which would equalise this-die--~All-America is suffering to- STORES, ETC. parity for uniform application day," Mr Thompson during the next financipi year. "because of the tragle error of This approach recognises that those shortsighted forefathers, the estimate of foreign
con- who, at the advent of the first struction costs can at best be ruliwnys, blocked and druined navigable only a rough approximation, the canals and the and will inevitably involve in rivers which 100 years ago were by maritime the principal commercial high- Pennsylvania, and could be feeding into Great Lakes ports,
rich cargoca had they been permitted to survive
formed resenting the handl- ways in Indiana, Ohio and
Langibles
officials Ing. abroad pl
such as profit margine, cost account
and values currency ing. bargaining," he said.
which now
In the course of his address, and develop into modern inland
and
waterways.
.
the
tankors
Grain Prices
In Chicago
Chicago, Oct. 20, Prices per buttiel in centa: Wheal. No. 2 rèd'
197% nom. the Spot
March 1934 MAY
Mr Albert Rice, chairman of the
president Capt. Jonassen, Merchant Marine Institute, said
of Cleveland Tankers, told the because of that
conflicting
there were' now 23 demands
attacks ngalist
tankers totalling Government by various
100,000 tons in service on segments of the shipping"
of those 1H), 305!%(1) dustry.
the merits of existing Great Lakes. Most subsidy legislation and other than those at present engaged July
older type were on Government proposals had been in deep-sea trade, he said, be
the ship completely lust, and
catisc of two factors. One Des ping Industry had lacked a cɔn-
that the Unuity of Government interest lems on the Great Lakes' vessels July
corrosion prob- March 1054
were hot 20 great as ocean- Rye and purpose.
going vessels, thus giving the Dec. Vessela longer service,
20376-36
Curt. No, z yellow
109-
149 101-150
Dala
MERCHANT MARINE ACT
He called upon all sections of!
and March 4031 the maritime industry to unite secondly, the limited navigation p behind the principles established season eight or nine months March 1954
Morchant Marine-handicapped operators when by the 1938 Act. The Act may need ad considering large capital In-Nov
vestments for new ships. justments to extend
ap- plicability, and certainly needs
The gravity of the probleni has from San Francisco to New York emphasised by recent if only a single sight were taken revelations of Soviet Russia's en a plane as it passed through increed-stemic-striking power, the radar barrier.
The "McGI Fence." pur-
SECOND LINE? ported to be a very voluable There is
here, One traditional Business baro- speculation addition
America's therefore. to North
that the "McGill
meter, the price of steel scrop, be con- Fence," radar ramparts, will
cheap to produce and:
the has been pointing sharply down- sidered, among other things, by economical to operate, might be wards. Its fall of 32 per cent inembers of the Canadian-United installed more
since July has been even faster, lavishly us o Slates Defence Beards when backstop to the main radar line.
though not yet as large, as the they meet shortly.
With this device
subsequent ust
55 of per cent between Dr O. M. Soland, chairman fixes might be made on planes. January and June 1940, which
which had
the heralded the curtailment in steci pussed through the Research an Board, has stated that
the main radar line and the direc-output from 102 per cent of
London Oct, 20. "McGill Fene" is not regarded
tion of their fight computed capacity in the
Arat
quarter of with o as a substitute for radar stations
fair degree of accuracy,
The rubber market was quiet that year to 79 per cent in the familiar
the In other words, "McGill
The optimists with No. 1 Ras spot quoted at third pattern.
quarter.
that steel sŁO has 10% pence per lb. Prices: however, known
Fence" this be
might easily be a second theorise tot ne cheaper in money, materials and ing particulars when the primary of radar defence for provid-
to be barometric, but teated nay
prove an
meats scom
calculated invaluule supplement to a full-alert had been provided by the
#ggravate rather than to allay sized radar chain and of parts foremost radar station network, ngg
The first work on the device
One argument uny uneasiness. cular value in the vast exparises in Canada's northland.
Was done by the Defence is that the steel industry, having Research Board. Then scientists
furnaca its blast Eaton Eased First reports on the "McGill working at the new
is using more iron ore capacity, is Fence" described it ns a cheap Eletronics Laboratory at McGill
and is
is less dependent on scrap; and
that effective substitute for University, Toronto, refined and but the fron ore position is multi-million-dollar
Test equipment the ore radar developed 11.
boals on the Great **** The world's biggest roy installations strung acros
Lakes the has already been manufactured,
are expected "barrier" — 12 miles of It — la northern rim of Canada. It has Earlier this year, Canadian operations by December 1, two roon to cover every rise and been estimated that such and American observers began wecks earlier than last year and dip on the perimeter of a. top-radar chain, which would be far to find flaws with the proposed the earliest date in 15 years, and Aecret defence plant "some from air-tight at that, would ling
$1,000,000,000 (about £334.- Arcadar stations across the to restar unusually late next | an earlier advance with higher for qualifications.” where in the Empire." It will cost to creat
because it was felt that
that spring, because Inventories of and large the expense was inordinate inces are eo large that there is no barrier cannot be sums to operate and maintain view of the sketchy information need for the boats to work a crawled under. It cannot be it would also take a great deal which would be made available. full season. (Their other major climbed over. But, if plerced, of time to produce the equipment There is. reason to
poorer supporse traffic, groin, has counds an instant alarm in- and install it.
that the "McGill Fence" Will mapetts at the moment.) remedy this outstanding short- Tor SECRET
Another argument is that the coming and could be combined
collecting Industry 'is must cut The "McGill Fence" and its with a radar station system to scrap delalls arc still top
sceret, meal the aerial defence views of over-expanded, and
down to a more reasonable size.
Invisible rays are to form an outer
line
nt defence ot military and atomic plants In Britain and the Commonwealth,
They
the arc
scientists answer to prowlers, sples and saboteurs.
cost £30,000. The ray
14
check posts -- and guards know exactly where to look for the break-in.
The new
equipment is improved version of a well-kept
an
war-tline accret-an Invisible There is every reason to believe, both United States and Canadien ray which guarded long, lonely however, that it is economical experts.-China. Mall Special.
auretches of Britain's coastline.
COUNSEL TO
GARDENERS
are
and can be produced with speed, Ottawa defence authorities obviously unhappy at the dis closure in the United States that such an electronic device exists, even If the details and its
ond capabilities
shortcomings have not been revealed,
British Expert
Off
To India
London, Oct. 28.
A British expert will leave, by
to
Duran, Oct. 28.
In stating that the "McGil Johannesburg garderers were
Fance" would not take the place sea for India on Nov. 9 to help advised by · Durban milliary of the normal radar station the Indian Government pemioner L. B. Anderson not ta network, the Defence Research review the working of its trade.
any old teapots
Board gives a possible clue os marks and merchandise Arts, the they might
And without ilrat to the nature of the new device. Treasury announced.. looking
To see if they contained
throw away
gold coins.
Mr Anderson said that in the early days of the Rand gold boom Chinese Labourers had the habit. of bud
burying their gold for sale
keeping. Теарота
were
popular receptacle.
*
even
to cease
10-163%
November
1036-1032
December January/Marchi April June
104-10 July/September C... basta R No. ... 10-101 Esinte crepe thick
'10%+1831⁄2
10%-10%
103-10
thin
nguoted 1612 -United Press. NEW YORK MARKET
New York, Oct. 28. Rubber futures closed un- changed to five
points higher with rates of 20 contracts. After cables, the market eased slightly at the close.
Dec.
March 1054 May July
Dac,
10.75 bid
12.00
19.00
20,00-bla 20,00 bid
20.00 bid
United Presu.
That raises the burning question New York Sugar
of whether some other indus- including the steel industry trics
and perhaps U.S. Industry as a whole, may not also be over. expanded by the forced draught of several years of inflation and also requiro cutting down to a more normal dize. Reuter,
Agreement To
Be Extended
It has been well-known, that The export, Mr C. T. Whyman. one of the shortcomings of a who is in charge of the trade:
chain
across marks branch of the Patent doctited radar
strung Canada's Arctic reaches was that Once, will asslat an Indian shortly with the Uruguiyan It would show the presence of Review Committee for four Government extending the oxist- foreign planes and even thair months.
ing provisional bllateral trade. modelled and payments agriément
six months from October 28.
numbers
but.
ano
The Indian Acta. could not. Indente the direction in which they were on the provisions of British Mony of the Chinese were flying with
of statutes, ti any degree orested for crimes and deported accuracy.
Mr Whyman is going to Delhi All roads without having a chance to
from the North under the technical co-operation recover their wealth.-China Pale lead south; although the scheme of the Colombo-Plan Mail Special.
ultimate desthation could very Ching Mail Special,
Prices
New York, Oct. 23. World No. 4 sugar futures closed unchanged to one point higher with sales of 01 tracts.
con--
Domestic Noɔ, 6 sugar futures closed one to three points lower with soles of 49 contracts,
Contract No. 4 (world)
BO
LONDON TIN
MARKET
strengthening and clarification antagonistic that neither ugeneles nor unreasonable com panies can defeat Its objects,"
thore is rooni; he said. "But within the framework of the Act to meet the needs of the present
London, Oct. 28. which lines and unsubsidized
the
Tho in market requirements
was steady. will assume
Tumover was five tena, nons for Landers of the industry were cath. Cosing prices:
Tin, apot, buyers now working together in ណ
seller effort to formulate for Congress 3-month tin, buyers
-sellers
and industry approach to that Busine pressing problem.
Koybeans
Spot
Jan. 1034
March
May
July
Darcy, spot
12411
2036-32
27216
New York flour 200 lb. rack, #14.30 nom-United Press.
Exchange Rates
Businers was done in the legal unomicial exchange market this moming at the following rates:- V.S. dollar (per #1)
Sterling notes (per £1)
Indonesian guilders (per 100)
.$20
1000
Blom ticals (per 100)
nil.
United, Prem..
Indo-China plastres
(per 100)
Singapore (Siraits)
CHINA PROVIDENT LOAN & MORTGAGE
COMPANY, LIMITED
No. 19 GODOWN, CONNAUGHT ROAD, WEST.
COLD STORAGE
OPENING 30th OCTOBER, 1953.
Jan. 1954
3.39 nom.
Morch
ta
Tokyo, Oct 20, The Japanese Government has notes exchange
May.
July
Bepl
Spot-teenis per ib. for
Cuba)
5.10 nom. 3.17 nom.
1.00
Contract No. 0
for
Jan. 1984
159 nom.
March May. July Nov. [spoj÷fcentiper
NEA-
PHONE 26058
lied Press.
The existing agreement, which expires on October 17 was con- 'cluded on 'May:51, 1948,— TIBORN Presto.
Inspection invited Tariff on request
OPEN 8 a.m. to 6 p.m.