THE CHINA MAIL, THURSDAY, AUGUST 19, 1954.
Fight To Save Blazing Ship
TRADE and
MMERCE
With dense smoke pouring for her, the blazing Norweglan cargo ship Mildred lies off the on the Mildred's deck East Coast of England. She caught fire after an explosion and bales
blowing the flames across the burst into flame. The tur turned the ship to stop the wind
deck,-Express Photo.
The Sheikdoms Will
Examine The
Teheran Agreement
Teheran, Aug. 18.
The Teheran oil agreement, although it has yet to be ratified by the Iranian Parliament and finally codified, is an important step towards strengthening Iran and stabilising the whole Persian Gulf area.
It aims at satisfying Iran's thirst for control over her own resources and will enrich the country.
It should repair the damage to Britain's prestige suffered in 1951, British oil men were forced to evacuate the southern oilfields.
# embodies rome are of In spite of this, there is no Teheran all that the compensation for losses incurred drubi
will through rationalisation by the agreement
examined minutely by other Anglo-Iranian Oil Company.
ulf states,
more profis. to find a weakness in proposals which
JUXTA
For the West, it will rank at the Western a triumph since over half the world's known oll deposit:... outside the Soviet bloc-il- the Persian Gulf area.
can be made the basis for claims agoist British. United States, French ant Dutch il conceAN← Innaires operating
within their
of One
the
factors first of other on I noticed
Will Houbtless be the in the Persian Gulf are
naltonaliste fuct that if an all market is to barbouring
other all will have to restrain their output.
But whether the seillement boundaries.
will dele
rules
arcat
Staten from hopes or whether it will set off; be created for Fran, In chain revelion of demands in producing Traq, Saudi Arabia, Bahrein, Kuwelt und Qatar for a bigger ! sikee of the profits and a broad- er grip 1531 management and exploration plans remains to be
Bech
Other Persian Gulf oil pro- ducers-notably Kuwelt-great-
when
SECTION
New Economic Natural Rubber United States Urged
Policies Aired By Japanese
Production Will Drop
Rome, Aug. 15. The excess in world pro- duction of natural rubber is expected almost to dis appear this year despite an antielpated reduction In both US and Soviet imporis for stockpiling, the United Nations Food and Agrioni- taral Organization såld to-
"On the other hand, the Organization's report sald. communpilon of synthetlo - rubber – was expected to
drop sharply.
day. Tokyo, Aug. 18. - Japan was at an historical turning point today with new economic and diplomatic policies being aired. But it was hot. It was humid.
With temperature at 94.6 in the shade in humidity, of 50 per cent people felt too hot and far too wet to take much notice of major policy pronouncements by the governing Liberal Party. Politicians able to survive the beat were debating the advisibility of following the Liberal Party Committee recommendations which advocated:
Firstly, in foreign policy, an approach to Com- mumist powers with whom Japan, since the war, has had no political relations.
at
Secondly, ล revolution inferences, including the forth domestic economic policy. For coming Bouth-east Asian Treaty the first time since the war, the Organisation conference Party's Advisory Committee Baguio in the Philippines, has advoenteci the application implement the
of controls 20
Government's current deflation-
ary policy as a possible solution
of acute teenomic crisİN.
Japan's domestle
were
sute time
International affairs,
JAPAN'S REACTION
Japan's reaction to this con-
ference generally Is that al
meeting to organise an Asion
policies detence system Is (n) outside
major Japan's immediate interests or
む J domestic as well as jurisdiction, principally because her constitution forbids her Lo
Diplomatically Jupan
bulated from international
rerort to military measures, and
The anticipated 100,000 ions drop in United States and Soviet purchasen would affect synthetic mainly
the World
report said. consumption of natural rubber Via 6x- pected to increase by about Ove per cent while its pro- duction will drop by about 20,000 tons, mainly Indonesia-Unlied Press.
In
HONGKONG STOCK EXCHANGE
(From Our Correspondent) Business done on the tone
was; (b) pointless without the par-kong Stock Exchange this con- tielpition
major Aslan morning amounted to $056,142.35.
Noor
quotations and the morning's transnellons:
I powera.
The only Asian nations taking part are the Philippines, Thai-
World Cotton and and Pakiston,
Markets
was
↑
New York, Aug. 18. Cotton futuros trading active with prices up in the third session in a row today.
The upward trend lifted de- ferred deliveries to new season al highs. Gain ranged to 40 a bate, Some futures,
centa
however, later in the day, re- certed off a bit on realising and some hedge selling. of other oll countries adopting
Is reported in the New politicni York the boller VAL for
Exchange Colton
that reasons, they can hold Western York Co
of raw cotton in oil companies 10 runson for consumption
the four-week period ended July 31 wno Dt 845,000
bales, This compares with
762.000 bales in the preceding period. Consumption
of the
1932-34 year was
estimated at crop 8.584,000 bales.
Trading volumes and interests in the Exchange 10 representatives day were:
view cf all these considerations nation- allation on the Irauton pattern oc will not prove an attractive aine Mar. for other Persion Gulf states.
But
should develop If this into a trend, then profitable oil extraction from the Middle East might well cease after another expert ten 15 years, one
to here strited,
Consorilum here bleve that
Lescurets
For Irun, the forced British ly increased production to make evacuation
in up for the sudden withdrawal economic chaos in the hope of of the oilbelda
the market. Winning greater sentral over oil Iron
and marketing after from 1851 was ruinous although the of
crude oil production! of being the pelitical glamour
in some years. from 17,200.000 tons first nation in this region to rid
before itself of foreign workers glossed 1950 the year
alisation of the framion
over many unpleasant results.
Kuwait's rose
open
Opening Interest
275,000
350,000
$17.300
The Bopulo conference, Japan feels, largely duplicates existing United States defence frame- work in the area. Ibs whole Is Amerleon-Euro- complexion pean rather than Asian.
While
International policies therefore provide only negative STU reaction in Japan's Gatmusho there is ex- (Foreign Office), ferme Interest her in forogo reaction to Japan's own Anancial straits,
ad...
World Bank and foreign ministrators, recently or cur- rently in Japan have found that this year's deflationary policies have had considerable effect.
UNEMPLOYMENT
Bankruptcies and unemploy- ment have Increased.
But inconsistencies appear. The main bonks still report they are in an "overloan" position an almost chronic condition In Japan. They have lent out more money than they actually have in the form of useful assets.
BANKS
UK Bank East Asia INSURANCES
Union SHIPPING
Waterboat
To
Trade With Indonesia
New York, Aug. 17,
The Journal of Commerce, daily financial and commercial newspaper, today carried a special 12-page section devoted to Indonesia, surveying its first nine years of independence.
The first page carried stories |
by Indonesia's
Ambassador to:
Amerien Mockarts Notadig NEW YORK
and Acgmad Natanagara, Cesisul- General
In New
York. The
Ambassador viewed Indonesin's
de since
than
Etid
becoming inde
ita
progress.
Nataungara, noting that political newa has been more common |
cccnemde news out Indonesia, reported On hu nation's soclai End economic development.
STOCK
MARKET
In a long story on #n inside page. Archibald King, Executive Irregular Vice-President ci Steamship Company, whofe
Isthmian
DIRECT CONTACTS
"Today one the most help- fui and mutual beneficial steps for American business to under- take is the prometion and tension of dreet emtacts with Indonesian films for expert and import trade between sur two
New York, Aug. 18. Stocks moved in a widely pattern today, with a number of sharply higher features taking most of the play.
Measured by the averages, stocks were a few cents higher on the day. On the basis of issues truded there were a few more declines than advances -- 407 against 427 out of total 1,187 Issues appearing on the tapo,
Northrop Alrcraft, which ran up "Ten
sharply Other
yesterday on a two- for-cna stock industry turns the corner-worst inrere,
split and dividend added belloved over
another 3% 10 battle against
points. Sperry, an aircraft sup-
countries."
headlines
Aystem
were:
A
SHARES BUYERS SELLERS SALES blister blight" "Going
herd in foreign trade" "Tecanter, soared 5% points on
two-for-one split cal training
proposal an key factor in E
increased cash dividend. Indonesian devel-pment;" "NsW
Later in the day Chrysler wow gaining aume banking strength" "Rubber export presume to life when marketmen concluded the company's new pects mouse some anicety.
models which may help it recoup mcq ENLIGHTENMENT
carlier horses. It claimed up to $02 and lifted as the third most. active stock.
Akin Nav DOCKS, ETC.
Dock
Provident (0) S'hal Dock Wheelock
LAND. ETC.
IK Hotel
lik Land S'hat Land Humphreys Realty UTILITIES
Tram
Sim FETTY Yourati
C. Light in
1710
43 DIS
10 41
500 V DOS
21.70 22 4770 1119
3100 13,601300 114 170 71% 7.00 2500
21.00
00
Ini the
"Business column View, Charles Percy, President 135 of Bell and Howell
2000 * 7.40
14 that education inda to 7.55
problem for 1000 255 £UCCCES
Ja n
Montgomery Ward was the Co., wrote highlight of the thie trading, goined more than 4 pointa anch
༄
thehel holding 3% of thhe gain, the
Indonesia.
c. cny
10.
18
democracy day's second most, native trading. the enlighten- with no apparent reason .. 16,40 10 65 2500 60 15 60 | dependent upon
2500 # 10% ment of Its ettirens," he wrote.) Steels were the soft spots, "In this regard Indone_12098] reflecting concern over attempt one of the most difficult--jobs off to block the Bethlehem-Young- any nation and is beginning to town merger. Bethlehem eased recognisu
this on 16 points, US Steel 4 and head-on....United Youngstown 1%.
19.20 10.40 2.12.1
19.70
problem 100153
15.30 1000
13 13.20 906
104
Press.
10.10
1
1215
500
11.40 27.30
C. Light (N) Electric Macas Etc. Trinhone INDUSTRIALS
Cement
.... 2014 17.20 Rope STORES, ETC.
Dairy
25% 29.90 Watson
10 10 18.30
33 331⁄2 1300
27 20 27.40 2200
(N)
100 25.10 500 To 18.10
li must meet
Deep Rock, off 2 points, and Standard Oil (NJ) down 1⁄4 on realising.
World Rubber Tending was less belive than
Markets
Singapore, Aug. 18.
yesterday, totalling 2,300,000 shares, compared with 2,900,000 yesterday.
Bond volume
was $3,920,000 the New York Block Ex-
in
change.
The
American Stock Ex- was 070,000
volume After easing on home selling change market leadied later on shares.
800 @ 10.10
[000 e 1020
133517
500 17
117.0 the
71000 0.00
A special financial committee of the Liberal Party, now gov erning the country with a slight Parliamentary majority, is nc-| cordingly considering with more than usual interest a Finance COTTONS {Ministry propošal that actual Textile Cort 0.00
MISCELLANEOUS controls: should be brought in to implement more strongly the
Yangisza ....85 8.93 1000 4 5.88 3500 8.00 Allied -4.5236 4.2735 230 4.221 polley of disinflation,
Japan in this
s contest was re- be preparing
Prices of cotton fares closed rather than enlarge her defence New York Sugar
Month
Volume
22.500
12 200
30.000
May
40,000
401.300
July
13,700
183,400
I
Oct
3,000
57,400
They are confident that par-
Dec.
3,000
23,600
Hamenta and rulers elsewhere
Tetni
182,800
In the Middle East will hesitate to plunge their countries
1,303,300 bales
in to
NEW YORK PRICES
They will, however, που be faken compiekty by surprise if December demands for minor concessions to 43,450,000 tons in 1953. They
New York, Aug. 18.
today as follows:
Spot
24.30n
October
3418
34.75
July
March May
October
34.32
51.87
34.87
34.22
December
34.22
NEW ORLEANS TRICES
New Orleans, Aug. 18. Prices of collon futures closed
today as follows:
24.00
Ozi.
34.30
Dec.
34.73
Mar.
34.29
May
3437
July
Oot
3423
Dec.
LIVERPOOL PRICES
As a result of nationalisation, i will also notice that compensa-are made in the next few years Tran will bear a seat on her tion appears economy for many years,
to be somewhat an other rulers try to improve For less than whs originally sug¡ on Iran's oil marketing arrange:
during the past three years, she hat lost her place in world of markets and it will take several years to recover It.
The
The output of Abadan
ԷՐ
gested back in 1951, and will ments-China Mail Special.
be paid for in oil, not in cash. |
The discount on oil produc- tion which frau is to give to the Consortium of eight Western Anery in southern Iran, has been
marketing for totally replaced by the con- all companies
thot struction of numerous smaller her output is less than refineries In Europe, India, given by other Persian Gulf all Culf in the owners. Discount Australia ond the Middle East.
varies between 12 per cent arca and 10 per cent but Iran will only give discount on amounts guaranteed minimum levels rising in the third year 10 30,000,000 and of re-operation
Iran's oil industry, which once employed between
60,000
over
Surplus Of Canadian
Wheat
Ditawa, Aug. 10.
Ярет
Liverpool. Aug. 18. Prices of American middling cotton 15/10 inch, closed today 70,000 workers will have to cut tons. Even then, it will start at
Canada had 587,500,000 bushels | in pence per lb. as follows: down staff and find alternative only 8 per cent and rise
for several thou- each additional 10,000,000 tona of 1953 wheat in her elevators to 7 per cent and anally 10 and bins on August 1, and a new
employment
sands.
During the shutdown period per cent.
by
crop estimated at 513,000,000 |bushels rapidly ripening in the
expenditures with domestic
arguments in support and inter national.
arguments most widely
counted here as superfluous.
Japanese officials said Japan could hardly be expected to in- terest herself in practical ways in conferences to which she was not and could not be invited. China Mail Special.
Trade Talks Over
Market
New York, Aug. 18. World No. 4 sugar fu*urts clos- point ed today unchanged to higher with sales of 332 con- tracts.
con-
Feilers
trado covering with
Future closings: reserved. No. 1 subber per to.
September October
November. No. 2 rubber pur
September
No. 3 rubber por 1b.
September
No. 4 rubber per lb.
September
Spot rubber
baled
Blanket crepe
-9/10-60-11/10 00-11/10-08-13/16 unquoted 0014-0014
0512-60
DOW JONES AVERAGES
New York, Aug. 18. Dow-Jones closing averages
On Wall Street today were as follows:-
10 title
50 industrials
346.30
20 ralin
112.04
CL.ED
6414-0514
64 stocks
130.04
40 bonds
· 101 20
Comm. future® price index
8316-0855 0324-0414
No. 1 crepe. pale 60-61
NEW YORK MARKET
New York, Aug. 18. Rubber futures today closed 80 to 40 points higher with moles of 102 contracts,
Domestic No. 6 sugar futures closed 2 points higher to 1 point lower with sales of 704
Spot No. 1 Res were quoted at 23% cents a pound, nominal. tracts.
World futures ruled steady Future closings were:"
Sept.
23.00 on trade covering in the near- Dec. Radio
by months while
23.95 1lquidation Mar.
2300 dea May the deferred weighed on
July liveries.
Sept.
Australia
No world raw sugar, soles but substantial
were belleved
Iran
other than
170.00 -United Propy
Cruzeiro Sagged
In Market
Rio de Janeiro, Aug. 18. The cruzeiro, Brazil'a monetary unit, mgged en tho 2155-88 free exchange market today as trading resumed for the first time since the Govemment an-
nounced
24.10
21.10.
LONDON MARKET
London, Aug. 18. The rubber market was quietly
a suspension of trading on Saturday.
The cruzeiro closed today at GU per dollar, to sell, and 88 to buy, compared to 626 and 03.0
Banks did virtually no trading
A new series
of programmes were reported, dealing
with trade will be sales of refined Introduced by Radio Australia made by countries every four weeks, beginning on Cuba, dealers said. Monday, August 23.
Pakistan reportedly bought steady with Spot No. 1 Ron Friday. 45,000 tons of refined from quoted at 20-1/16 pence per lb. Prepared in conjunction with
France and
10,000 tons Prices: the Commonwealth
No. 1 spot .*. Department
of Peru, A purchase
Settlement Duo term; of Commerce
100,000 tons of Cuba refined by and Agriculture, tron ese broadcasts will servo | these
ve to India was reportedly still under of the negotiation. Asian traders which followed Britain's This concession by the Con-prairies,
inform ollsortium in Teheran
ALLS- cvacuation, between 1951,
large variety of articles could lead production dropped to one-
The combination
can contribute Ogures
tralla to the gradual abolition of the thirtieth of normal and exports discount principle in all-deal-provided new headaches for
development of her neighbour were negligible.
ings between Western oll com- Federal grain officials,, dist
countries, and for the improve- Contract No. 4 (World).
sept. ment of living conditions. Oil revenues which formerly panies
oil and Middle East
got. In the face of declining world represented almost one-third of states and sheikdoms.
But, probably, most important markets Canada will
the national income were cut
siderations were
of
Oct/Nov.
31.00
Dec./Jan.
31.31
Mar/Apr.
May/June
Juw/Aut
53.00 31.10 31.90
Official values for spot cottons, in pence per 10. lesfuchas: American meddling 1/18th inch 32.90 A. S. LM, 15 34th inch Mexican middling 3-132nd fach 22.7 Others were unchanged. ----
have to
off and Initation developed. In of all, the other all countries boost her exports of wheat by 40 the last few months of his rule, will notice that political con-per cent in the new crop year Dector Mohamined Mossadegh
over-riding to avoid an almost unmanege- printed millions of banknotes factors urging the Western able record carry-over..
on all
possible renegotiaters to arrive at a settle- national income
ment oven at the expense concessions.
and drow
erves of
pay
to
the largely idle oll work- the Army and the civil
servants,
Evon toll revenues start to
come in again soon_after the
ot
DOMESTIC CONSUMPTION
30.00
BAO PAULO PRICES
São Paulo, Aug. 18. Cotton futures closing prices, in cruzeiros per kilo were as follows:
Det.
Dec.
Mar.
May
20-2014
Sept. 1975-20.
Oct/Dec.
Jan/Mar.
Demand for domestic refined for the sugar was reported fair.
Future closings:
Apr/June
104-20 1949-1916 10-191
July/Best.
1914-1915
AUR
3.10
Sept. Oct.
10.9/16-1914! 19.2/10-191
109/19-1914
3.10
330
The programme will include | Jan. intervlöws with some of the men | star. concerned with production in May Australian Industry and actuallly Boot-remis per 1. fou Cuba) from Australian Open interest: 2038 contracts,
20.12factorALES
17.3
July
Contract No. 4 Bept. The following are the times Nov. Arst Mar. and frequencies for the
MAY **** 100 edition of "Trade Catalogue":
July With this year's 587,500,000 747
· Monday, Avg 23
Bept. In the United Blates, the AVOIRES bushel carry-over added to un de 15/16 middling gotten at 10 de
1116 GMT nic/ 41.58 metres; Μάν. estimated 513,000,000. bushelated spot
moc. 20.31 metros: 1100 mc/s. Bpois conta per ib, «if"NY" Shaows metres.
ex-duty) #bound, Selena being barvested, tho
"1415 CAMT-738-ma/s. 41,55 matres) | Ozon nterest: centres toka+18,45% 5886m), Wheat Board will have. 1,100,–
VkUpitód. Press.
9.05 m0/24 41,42, meires: 11,60 mg/24 United Press
crop now
beginning of 1965, Iran will If Iran, with her 1,200-500,000 bushels of grain to die- need further grants of 'United kljometre (about 720 miles) States aid if she is to feel any border with the Soviet Union pose of during the year..
brriefit.
had been allowed to drift out Chnada's Averago domestle London Foreign
and consumption is about 100,000,000 vital bushels a year. Exports in the
granted since September 1958 at collapa interests here would erop Just örided · corte tu" "Tons |
the rate of about 0,000,000
United States ald has boon of the Western orbit
DBS economically,
(over: £2,000,000) be endangered. dollare month. Under the bil agreement Without on agreement, there Iran will receive Iltile, more were chances that Iran would Barring a drastió! crópí failure - Thần this from oil fronte
to Communist presin the prairis provinces, Wheat
succumb
than 240,000,000. Kurtzole) L
1/1855, Tór some years, there will sure, Jeopardising both Western | Board salemmen will have to and be little, surplus money vavalis defence, plans in the region and customers GUTORCI ZON: 340 800,000 able to plough back into i kontrol of the World's, iprgest bushels Just to avoid oconarnie and, social reforına öll exporting area, end des record carry-over... that Sunless, further grants in "kid are 100Woburn ofl'ropresontalvas tax the nation's 3,
mhache, by the United States,
bere-do not discount the danger ties svað fuMEELDETURN/30/199
Exchange
'9,58 @me/25:21,3- maứna: 11.30 m2/6,
-"ease" (ff?=1724 ano/n. 10th ksatres.
change Rates
MANGANESE EXPORT DUTY
General markets, cif basis, poris:
Ertate crepe thin.... 23}&~233%
AMSTERDAM MARKET
Amsterdam, Aug. 18.
Whe
The rubber ma:ket steady. Prices closed in guilders 054 per kilogram, CIF, Sept. 833 follow-
rubber
3.10 | No. 3 rubber. DST No. & rubber 5.01 Ho, i czepa
New Delhi, Aug. 18. The Government announced today - abolition of mport duty
נם
in cruzeiros yesterday while Finance Minister eizing up Oswaldo Aranha's new regula- tion which allows Brazilian ex- porters to sell one-fifth of their foreign earnings ut the freo auto of exchange, * and the re mainder at the official United Fress,
zate,
CHICAGO GRAIN
PRICES
Closing Prices:
Chicago, Aug. 18.) Prices per bushel in cents: LED BASED Whest, 'No. 2; fed Fion buyers
SPOL 1.89 beryart 2.30 buyers künited Press.
New York Foreign
Exchange
New York, AVE,
unofficial
futures
„The new réguini to'edme | Naw Zesjand
were
Corn, No. 2, yellow