1950-09-09 — Page 12

1 THE CHINA MAIL, SATURDAY, SEPTEMBER 7, 1980. “

R. I. L.

ROYAL

INTEROCEAN

SINGAPORE, JAVA

PORTS and

MACASSAR

"TASMAN"

"VAN HEUTAZ”

"TJITJALENGKA"

ARRIVALS

In Port

19th Bapt.

only to B'pora, Penang & Bet Delt

MANILA, EAST &

SOUTH AFRICA & SOUTH AMERICA

LINES

SAILINGS

9th Sept. 11th Bept. 24th Bept.

SAILINGS

11th Sept.

ARRIVALS

18th Sept

14th Sept.

20th Sept.

9th Oct, 12th Oct:

20th Oct.

"BOISSEVAIN"

"STRAAT MALAKKA' "STRAAT BOENDA"

"TJIBADAK" •

not calling Manila and Bouth America

ARRIVALS SAILINGS

"TJISADANE"

OJAPAN

"BOISSEVAIN”

"STRAAT MALAKKA"

"TJIBADAK"

"STRAAT BOENDA"

"TJIBADANE"

0th Sept.

15th Sept.

9th Oct. 8th Oct.

21st Bopi.

22nd Sept. 22nd Oct.

Agents: HOLLAND-EAST ASIA LINE

O EUROPE via MANILA

and MALAYA

"MELISKERK".

"MEERKERK"

"RYNKERK”

fatued

Mediterranean and Northera

Through. Do/t

European porta.

JAPAN

"MELISKERK"

"MEERKERK"

FINANCE AND COMMERCE

MONETARY FUND DEBATE Hong Kong

ON WORLD GOLD PRICE

New York Stock Exchange

New York, September 7. Closing quotations:

Adams Express American Cản

22

Telephone

04k 154

Tobacco Waterworks

Anaconda Copper .. Aviation Corp. Baldwin Locomotive 'Bendly Aviation ..

Bethlehem Steel

Paris, September 7.

Mr. Chintaman Doshmukh (India), Chairman at this morning's meeting of the International Monetary Fund's Board of Governors, ruled that Mr. N. Havenga, South African Minister of Finance, would be able to speak in public session at the annual mooting on the world price of gold.

The Procedures Committee, which arranges the work of the annual meeting, had suggested that Mr. Havenga should confine his critic- isms of the gold policy of the Fund to the secret meeting of the Gold Committee.

he

Claiming that he should 04% permitted to discuss his points in 85% open session, Mr. Hovenyn said 34 that he raised the matter in open session at last year's meciing of the Fund nut the question was one of great publie Importance.

1.9% 30% 41

Australia

Sauth supported Afrien and there was no shrugle 37% dissentient volee.

ARRIVALS

SAILINGS

In Port early Oct..

12th Sept. early Oct.

Boging Aircraft

Karly Nov.

Canadian Paclße

18

Case, J. 1,

to

44

Chrysler

69

Colgute..

44

Commercial Solvent

19

11th Sept.

Corn Produkts

64

early Oct.

1,1th Sept.

Du Pont

Burly Oct.

Eastman Kodak

13

General Electric

47

0012

Goodrich

107!$

"RYNKERK"

early Nov.

BAKING SABIH,DINGSSTELEPHONESESLİMATOSATË SAAMISEMISAGENSERECOSSARGI LAHEAD, CZELISZEGECSEZs

art

20010 TRA

ま

ISTHMIAN LINE

(stinian Steineship Company, New York)

DIRECT MONTHLY SAILINGS TO NEW YORK

VIA LOS ANGELES AND PANAMA

"STEEL SURVEYOR”

.27th Oct.

SAILINGS TO SAIGON, BANGKOK &

DJAKARTA. (BATAVIA)

"STEEL AGE"

.22nd Sept.

"STEEL SEAFARER"

.21st Oct.

ARRIVALS FROM U.S.A,

"STEEL AGE"

"STEEL, SEAFARER"

GILMAN

Salls N. Y. Sails S.F. Due R.K. Salled Sailed 21st Sept. .12th Sept. 29th Sept. 20th Oct.

CO., LTD.

Tel: 31146

Chinese Freight Agents:- IIIN FAT & CO., LTD.

Tels: 28823, 25553 & 23483.

SWEDISH EAST ASIA .CO.LTD.

ARRIVALS FROM EUROFE

4th Oct.

m.v. "TONGHAI”

SAILINGS TO EUROPE

m.v. "BENGAL" m.y. "TONGHAI"

5th Oct. .29th Oct.

FOR

ADEN, FORT SAID, GENOA, MARSEILLES, CASABLANCA. ANTWERP, ROTTERDAM, BREMEN, HAMBURG, COPENILAGEN, OSLO & GOTHENBURG

Deeptanks available for Bulkeli

GILMAN & CO., LTD.

BRITISH

Tol, $1140

INDIA

STEAM NAVIGATION CO., LTD. S.S. “MALIGONIAN QUEEN''

LOADING · 12th SEPTEMBER

FOR

STRAITS PONDICHERRY:

BOMBAY

MADRAS COLOMBO KARACHI

and

PERSIAN GOLF -PORTS:

For rates and full particulars apply to

MACKINNON MACKENZIE & CO.

& O- Building

Goodyear

Motors

Homestako Mining International Harvester

Paper

Tei & Tel Jalus Manville,.. Kenneentt Copper Montgomery Wardl National Distillers

Lood

New York Central Packard Motors

Pan American Airways Pennsylvania RR

Radio Corp.

Real Silk кем

Remington Rand

Steel

lesbucco

Schenley .......

Scars Roebuck .. Shett On

Sorony Vacuum

Southern Pacife

Standard Oil of Calif.

Studebaker

Unton Bag

Oll of N. J.

Carbide U.S. Lines Youngstown Sheet & Tube

???+

The Governors then suspended their work for an hour,

When the meeting resuined, Mr. Havery said that there were eer- tala aspects of the present policy of the International Monetary Fund "which boded ill for its ob- Jective of successful internation- al co-operation."

He alleged that the gold policy 00% of the Fund was harming certain

30

307

11

4515

of its members,

The organisation was establish- ed, he said, to attempt to secure International

20-operation ina

monetary affairs.

"Is In this spirit that my 23 Pountry joined it and it is in this 47% spirit that we have continued to 14% give its policles our support despite 4the high cost, especially to my 8 country, which membership has 18% entailed," he said.

13

37

31

297

17%

401

23

597%

Discriminating

Mr. Havenga asserted that the Fund was actively discriminat-; ing against South Africa in part. leular and gold producers in general.

He said that his claim that mem- bers were in honour bound to cor-

rect a serious disequilibrium be- tween fixed prices of gold and the inflated prices of commodities 32% stood unchallenged.

72

82

31

45

16

who were

So did his claim that at present 03% It was the gold producing members -Associated Press.

bearing the east of maintaining the Fund's policy of relatively stable exchange rates "the only sphere in which the Fund has had a small measure of success."

Complaint by Caltex

"Gold producing members are virtually subsidising the great trading-nations," he declared

While producers were trying to New York, September 8. strengthen central reserves by The California Texas ol! selling them their gold at exces- company has advised the ECA| sively low prices these reserves odrinistrator, Mr. Paul Hoff- were actively feeding the "black" man, that it will not supply markets", Mr. Havenga declared. Middle East oll for ECA re-

"The effect of the Fund's policy quirements because of what it is that of pouring previous water termed discriminative price re-into a sieve. Yet the Executive gulations.

Board sees no reason for depart ing from this policy."

The chairman of Caltex, Mr. W. H. Pinckard, wrote to Mr. Hoffman that the new ECA regulation call- ing for substantial arbitrary re- ductions below the lowest com- petitive prices could not be met by Caltex.

In many cases, he said, the gold must be reflued before it could be sold. The

refineries were

20

essential link in the progress from the mine to the blackmarket..

Has anything been done by the The Caltex view is that it great trading nations to stop the "channelling of gold into black- seems very unfair to have a remarketa at this easily controlled mulation issund which is designed point?" he asked. to force an arbitrary reduction in

Earlier, Mr. Havenga criticised of Caltex petroleum the price produced in the Middle East to u a decision of the Executive Board, point below competitive prices contained in its report, that in its there was "no economic when the same regulation does view not apply to companies in the justification" for recommending to United States where Investment the Board of Governors a uniform change in the par value of all cur- is relatively safe," he sakt

reneles.

supply of gold for tween the monetary purposes and its supply for man-monetary purposeя,”

Implication denied

Mr. Havenga denied the im- plication that gold entering the central reserves was only gold used for monetary purposes,

All gold used as a store of value In any form whatever was gold used for monetary purposes, hel

said.

"This is a particularly impor- tani function of gold in a me" when money is losing its value as a method of storing up the anys) Ings of the people on a vaster scale than ever before in human his- tory," Mr. Havenga said.-Reuter.

British companies

get warning

The Tax Bureau of the Shanghai City Government 20 per has announced that cont of the land tax for the first half of the current year was still outstanding, accord- arrivals here from ing to Shanghai.

The Bureau has. Issued a warning that no leniency will be shown to those "wilfully" de- faulting in the hope of escaping payment.

The Bureau was said to have mentioned a group of companies belonging to Sassoons and Mol- lers. Limited, both British con- cerns, as being among the de- faulters.

It said that the Far Eastern the Cathay Realty Company. Land Company, the Shanghai | Really Syndicate and the Son Sing Realty Company, all be- Sassoon group, longing to the defaulted Intentionally."

The Bureau said that the tax quota was the Jen Min

Piao equivalent of US$100,000 which, together with fines, totals about US$312,000, the Informfants sald.

Regarding Mollers, the Bureau complained that the only reply given by the managanent to re- quests for a settlement arrears of ubout US $5,000 was: "Nothing doing.""

of lax

The Bureau announced that while due consideration will be given to landowners when rea sogable and legal evidence is presented to prove their inability to pay, no leniency will be shown: to those who wilfully delay their tax payments or stubbornly refuse to settle,

The land tax collectable for! the first half of the current year was given ag Jer Min Plac 163,700 millon, or about US$5,- 100,000-Reuter,"

PAKISTAN RUPEE Paris, September 8. M. Camille Gutt, Managing, the International Director Monetary Fund, today refused to the Fund say whether or not

possible do- would discuss the valuation of the Pakistan rupee at lis ofth annual meeting, which Mr. Havenga commented, "No began here, today.

"If a decision to devalur the attempt is made to argue the case.

"The Board of Governors is Pakistan Tuppe

to be were treated as a body that should be taken, that dopiston woulm any spoon-fed with digested results, event not be officially made not as a body to whom the final during the period of this meet- "Such Government policies can decision must be left on a pre-ing." he said.

Observers thought that de.. only result in dlacouraging Ameri-sented case, as is expressly pre- can industry, enterprise and in-vided by articles of the agree- valuation of the Pakistan rupee to bring it into line with the vestment abroad," he såld.

Indian rate-though not on the Fund's agenda-was likely to be discussed during the meeting.

Mr. Pinckard added that the company was at an unfair dis- advantage compared to firms who got their oil from other producing

arcas.

A Caltex spokesman said that ECA price regulations for oil purchases to be used in Europe wore severe-United Press..

ment,"

Mr. Huvenga also referred to an other part of the report of the Executive Board which stated that South African proposals "would destroy the basic distinction be-

Pakistan joined the I. M. F. in May this year-Reuter,

Pacific Far East Live, Inc.

DIRECT

Fast Regular Trans-Pacific Service

SAN FRANCISCO, LOS ANGELES

HYLYING SCUDA + “ANDREÄ LUCKENBACH”

"TRADE WIND

“NORTIC' WESTERN ...VECTORY" FLEETWOOD"

"Ban-Francisco'

"San Francisco

San Francisca

Ban Pernicioed

OVERLAND: NEW YORK-CHICAGO-DETROIT-TORONTO, MONTREAL, AND ALL AMERICAN & ‘CANADIAN OFTIES,"

Artire

Sept.

3773174

For full

call General) Apente.

FLINE

Bán Franceco & Los Angsian.'

San Francisco à Las Angstid,

via Koolunge Han Francisco_vto Uzum,

Baigon, Diskarta, Bingapito,

Boshay,, Karachi @ Daarnă. Baa Fraodaco à Lan ÁruzĪS,

Stock Exchange

HK Govt. Loans

(1994' ■ 1980) 9šin. * Loan (1948) D.

15. Dont Miqu

3

J

Banks Khanabal Dansk 1,150,

H

(Loh, Rex.) £140. Chartered Hair 20 1/32n. Meretile Bk. A ▲ 1), Ex.D1⁄4, £81%a. Jank of East Aala 101.

Insurances

Cantar Iwa, 2802, Union Ins. 615b, 20m Chini Underwriters in.

HK Fire in. 245.

Shipping

Doustanes 130n.

HK & Macan teammin 11n, Indo China (Prof.) 12n.

(Del.) 30. Bhella (Bearer) 31/1015, Union Waterbista 18n. Asta Nav, 26, 62% nx,

Wharren 56.

Docks, Wharves, Godowns, Eto. JK Kowloon Wharven 70, 70. North Point Wharves 435. Hhanghai Itongkew HK Docks 12 m Chine Provident 0.906. Shantal Backyards 35.

Wheelocks 19.

Mining

Raub Mines 4.10. J{K-Miner .01% n

Lands, Hotels and Buildings JIK & Shanghai Hotel 0%, 4.13. Hands 24%6, 94% **, Shanghal Lands 1.235, Humphreys 76D, TYOR. HK Realties 1,9051. Chines

Estates 110.

Public Utilities

JK Tramways Ex.Div. 10.00b, 10.50.8.

Peak Trams (014) 18n.

H

(New) in.

Star Ferrien Tob.

China Lights

(018) 9.00, 10.10.

.9/10.

(New) 0.701), 6.00/Rosa,

IIK Electrics Ex.Div, 204, 2024/218. Maemo Electrice Jin.

(New) 10.

(Benue 853 8. Sandakan lighta ö¶n. Telephone 08.

(Ilts.) 20. Shangha! Ons 2.

Industriale Calet, Mner. (0:d.) 22%ñ. Cantai lees in. Cements 146, 13500. HK Hopes Jan,

Stores, Etc,

Daley Farms 10%, 10%», 1974 m.

(3.) .001. 00/.917.30am. Watsons 2145.

Crawlerde süb. Siaceres Bn.

China Emporium . Run Co., 5,td. 1,70m. Kronic Brus long 10- Wina On (TIK) 42/43, Wm. Powell, Lid, n.

Miscellaneous

Chien Sowertalainen14 1426 HK Constructions (Old) sim.

(New) 1.80. Vibro Pilings 10n.

Merman Investments 9/-8. Marsman (UK) .9%. Bhanghi Loan Tob. Abangbal. Explor, 20h. Yangtze 231 m. -

Cottons Ewon 2.0b, 8, 2.95.

Rubber," ato. Companies Alma. Balates 125, 148, Anglo-Dutch 18. Anglo-Jars 158. Batu Anams „124. Flute Plantatiopa 55n. Chemor Unlled 60

Chen Rubbers 17h.

Consolated Rubbers 1.856, 1.60 Dominion Rubbers 40. Java-Consolidatede .050. Kota Bahroe In. Kroework Javan 150. Langkala Dob.

Fadan

Rubbere 10. Repah Rubbers 1875 m. Rubber Truste 2b.

Samoanga Rubbers .70%. Bemambu Rubber 50b. Shanghel Kedahu 4,08%. Shanghai-Malaya 10. Shanghai Pahang...60n. Shanghai Biemstran 18. Bua Mengele 10n. Bungel Duri 18n. Tanah Meraha 48,55 Tebong Nabbers 15. Zlangbe Nubborn 500.

BUSINESS DONE (Direct business) Kak 0 m #1,150. Union Ine, 36 at #620. -Wharf Ca; 100 at 7034

!

HK Land 200 at $54%, 000 at $24%.

K&Shanghai Hotel 1,000 at $8.86,

7,000 at 86.65,

1 Team 2,000 $10.40.

China Light (014) 890 at 10.95. *200°

at 10, 4,024 at $10, 1,200 at $10, China Light (New) P1,215 at $6,50

Bént teki, 860 at $8.80. Kecirle Ex.Div. 200 ak 2014, edn

ni #1, 100 m2. Cement 1,030 JR, ES50 Dairy Farm 500 st $1012. Two 100 mi 12.95.0

·Humphreya 050 vá 8716. Dairy Farms (Nachts) 533 at 50 venta, 600 at $5, conta, 185 at 93 cente, -3,160′n}_15 ̧rents, *291 at 93 centa,

6,120 al 10-venta.

Arts Nav, *1,000, 6215 cents. Wing On 23 at 845, 30 t. I Eraporlama 500 'at' BA1%.' Hwang Bang Hong-25 at 3701: Consolidateds, 1,000 nt $1.40.

Money Market

US dollars opened yesterday at HK$0.337 and closed at $0.349.

I opened at HK$6.95 and clos-

ed at $0.361

Industrial gold was on the down grado yesterday. After opening 'ot JiK$299 "a lael, it "dropped to $295,50: In this afternoon, closing ut $290.00. kendon

/ Sterling was, unchanged: Stat HIC$15.65/S

Australian pounds guan “two, centa to HKII3.02.2012/2013

Platines cununued nominal at

Ticais opened at HK$20.00 "a" £100, and closed at $20.50.

NEI Guilders: Ware ; und

AMERICAN PRESIDENT LINES

The Global Fleet

EL George's Bldg.

'Tel: 20173/5,

September 11th

S.S. PRESIDENT TAFT

soiling for

SAN FRANCISCO and LOS ANGELES

September 27th

́S.S. PRESIDENT FILLMORE

sailing for

NEW YORK ---- BALTIMORE BOSTON

Speed

Rogularity

• Dependability

Frequency

BEN LINE

"BENCRUACHAN"

BENVANNOCH" "BENCLEUCH"

418

ARRIVALS

FROM

M

QUE

SHIP

U.K, vin Singapore

In Port.

on or abt. 22nd Bapt.

25th Bapt.

15th Oct.

19

29th Oct.

7th Nov.

12th Nov.

26th Nov.

"BENVORLICH" "BENMACDHUI "BENARTY" "BENALDER" "BENAVON"

*BENCRUACHAN" "BENVORLICH"

"BENALDER"

SAILINGS

London Antwerp, Rotterdam, & Hamburg

Loading on or abt.

+12th Sept.

18th Oot

18th, Nov.

"BENVANNOCH” · .

London, Antwerp, Rot-. terdam & Hull.

25th Gopt.

"BENCLEUCH"

"BENMACDHUI"

"BENAVON"

Liverpool, Glasgow, Dublin, Antworp Rotterdam.

28th Sept.

4

31st Oct.

30th Nov.

Via Singapore, Colombo, Port Sudan, Adon, & Suez Canal. tAccepts Cargo for Japan.

For Further Particulars, Apply To-

W. R. LOXLEY & CO. (CHINA

York Building.

Agonts........

(CHINA); LTD.

Telophone: 34165.

HOLLAND-EAST ASIA LINE ·

S.S. "MELISKERK "

LOADING 11th SEPTEMBER!:

FOR

MANILA, SINGAPORE, ADEN, SUEZ,

PORT SAID, ALEXANDRIA, GENOA, MARSEILLES, · ANTWERP, KOTTERDAM, AMSTERDAM, HAMBURG,

*COPENHAGEN, GOTHENBURG and OSLO

Agents :

ROYAL INTEROCEAN LINES

King's Building, Connaught Road.

Tola. 28015, 28010,28017.

THE EAST ASIATIC CO., LTD.

M.S. "KVERNAAS”

LOADING ABOUT 27th SEPTEMBER

for

ADEN, PORT SAID, GENOA, ANTWELP, BOTTERDAM,

HAMBURG, OSLO, GOTHENBURG & COPENHAGEY

THE EAST ASIATIC CO.,

Queen's Bldg. 204

Tol, 24111