1950-09-27 — Page 12

Paro 11

R. I. L

ROYAL

INTEROCEAN

ĮSINGAPORE, JAVA

PORTS and

MACASSAR

"VAN HEUTSZ" ■

"TABMAN"

"TJITJALENGKA"

LINES

ARRIVALS SAILINGS

2nd Oct. 8th Oct

10th Oct.

10th Oct.

21st Oct.

20th Oct.

ARRIVALS

* only to 'pore, Penang & Bei Dell

@MANILA, EAST &

SOUTH AFRICA & SOUTH AMERICA

"STRAAT BOENDA" "TJIDADAK" *

not calling Manila and South America

"TJISADANE"

@JAPAN

"TJBADAK"

"STRAAT BOENDA"

"TJISADANE”

SAILINGS

9th Oct. 16th Oct.

20th Oct.

ARRIVALS SAILINGS

13th Oct.

8th Oct.

22nd Oct.

Agents: HOLLAND-EAST ASIA LINE

and MALAYA

ARRIVALS SAILINGS

EUROPE via MANILA

"MEERKERK"

"RYNKERK"

22nd Oct.

"LANGLEESCOT"

Early Nov.

9th Oct, 11th Nov. early Dec.

Mediterranoan and Northern

Through Br/t. Januod

Kuropean ports,

JAPAN

"MEERKERK"

"RYNKERK"

"LANGLERSCOT"

Bth Oct.

10th Nov.

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 27, 1950.

FINANCE

New York Stock Exchange

New York. September 25. The stock market was unable to make headway today even with encouragement of buying booms in a number of issues.

t.c

Veluine was around 2,100,000 shares.

AND

COMMERCE

YEAR OF DEVALUATION

IN GREAT BRITAIN

By NORMAN CRUMP

A year ago the pound was devalued from $4.03 to

$2.80.

Within a few days most of the sterling area, and

many other countries as well, had followed sult, although in several cases the degree of devaluation was less.

this the right moment for the upheaval which the revaluation of sterling would cause.

It is therefore opportune to consider today, the consc-

A free pound? Early strength futed into losses quences of these widespread but at the close', the marketdevaluations.

Another question is whether of recovered enough to present a Unfortunately it is not possibld not "the pound could be freed." I mixed appearance. Caution was to separate devaluation from the still hold the view, which I ex- caused by news from Korea. The other major economic changes pressed a year ago, that the time Street wärts to be ready for any

which have occurred during the not ripe for permitting capital sudden,turn there.

to move freely into or out of the past 12 months. The first of these, in point of time, was the American country. Bearing in mind-their recovery from the moderate busi-post-war treatment, a number of ness reecasion of the early part of British investors might be 1940. This recession, It will be mood to send their capital over recalled, was the last straw wiilch seas, to an extent which might made impresible to maintains strain unduly our gold and dollar the pound at $4.03. The American reserves,

de- recovery began just before valuation, and has gathered pace

Only major groups to show consistent strength were movies and gold shares. but their going were only fractional, Selling pres [sure was heaviest on rails, sicels,

notors and aircrafts.

Lesers

included V.S. Steel, General Motors. Union Pacific, Boeing, Douglas. Goodyear, Du-ever since. pont und Westinghouse.

Higher were American Tobacco, Twentieth Century Fox Hosestake Mining.

Dow Jones averages:

Stocks

ars

Rearmament

the

bc-

Nor is there any great incentive invest money to foreigners to here, especially as for good or for cvil we have forsworn changes in interest rates as an Instrument of economic control. Some degree of Freedom has recently been During recent months it har become merged in another world-corded in the relaxation of the exchange regulations regarding wide economle change. This

switching of securities. rearmament, which har been the

Under present conditions I think 81.71, sharply accelerated as the resu

that that is as far as we should 226.00. of the war in Korea. In conse- 30.01. quence American industries hav 40.00. been geared to a high degree of activity, and American purchases

24th Oct.

early Dec.

early Nov.

20 Industrialn

15 Rus

1 Utilities

Clusing quotations:

2? 2

AS KING'S BUILDINGSTELLPHONESJF2001SSLOA2901798

# 22cusisBALNINAISONNABHEZKOAN, CAUSAUKSUZ

m

ISTHMIAN LINE

(Isthmian Steamship 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"

"STEEL SEAFARER"

ARRIVALS FROM U.S.A.

"STEEL AGE"

"STEEL SEAFARER"

.10th Oct.

.21st Oct.

Sails N. Y. Salls.S.F. Dus HK. Sailed Salled Dil Oct. Sailed 29th Sept, 20th Oct.

GILMAN & CO., LTD.

Tel: 31146

Chinese Freight Agents:- NIN FAT & CO., LTD. Tel: 28823, 25553 & 23483.

SWEDISH EAST ASIA CO.LTD.

ARRIVALS FROM EUROPE

m.v. "TONGHAI" m.v. "BALI"

SAILINGS TO EUROPE

in.v. "BENGAL" m.v. "TONGĦAP"" BV. "BALI".

FOR

7th Oct.

Adams Express

Alaska Junegu

American Cun

Smelting Telephone Tobacco

17 Waterworks

of rubber, wool, rietala and ethe essential "commodities have been greatly expanded. From the pou 09%nt view of its effect on wor 644 prices, it is immaterial whether 150 these purchases are for current 03% consumption or stock-piling. Th

991 essential point is that the United 35% States,

and other countries, us well, are buying more.

Anacor/la_Copper

Aviation Coṛp...........

Baldwin Locomotives

Bendix Aviation

141 481⁄2

Bethlehem Steel

42

Boeing Aircraft.

34

Borden Co.

Canadian Parlie Case J. I. Chrysler Colgate

Commercial Solvante

Corn Products Du Pont Eastman Kodak

General Electric

Goodrich

Goodyear

Mators

Honestake lining International Hurvester Tel & Tel Johns Manville

Kennerelt Copper Montgomery Wardi National Distillers

Lead

New York Central Packard Motors

Pan American Airways Pennsylvania RR

Radio Corp.

Remington Rand Republic Sleel Reynolds-Tobacco

Schenley

Scara. Roebuck

Shell Oli

Socony, Vacuumi

Southern Pacilic

Standard Brands

ou of Calit.

19.

IMPORT CONTROL

SIMPLIFICATION

of

Pretoria, September 25. South Africa's import controls are to be simplified to reduce delivery delays, the Minister for Economic Affairs, Mr, Erle Louw, told the Federated Chamber Industries conference todny.

Letters of commitment will br Issued to raw materials importers Forecasts of the effects of de-

they to indlente to what extent valuation, which were made a the time, must therefore be inter- can indent in the first half of next year, he said, Permits will 50% preted in the light of these ne

example, a.be issued later to cover indents 20% evelopinents, or

Associated Press. 50%

year ogo I suggested that devalu 72ation would in time rate the 44% the average cost of our imports 2013 by 15 per cent. Actually the in- 07 crease between July, 1949, and 79% last August has been 21 per cent.,

and there have been further in creases during The

past few weeks. The extra six Ler, cent. however, is more than explaince 624 by the rise in world priers due t menligne 39% the developments

2042

40

47%

05

114

NEW YORK BANK QUOTATIONS

New York, September 25. Closing bank quotations: Bank of America 27-3 bid. 25- bid. Chase National Bank 37-3 bid.

38-31 asked. National City Bank 44-1⁄4 bid.

46-14 asked. --Associated Press.

some

INDO-TIBETAN TRADE HIT

St. George's Bldg.

AMERICAN PRESIDENT LINES

The Global Fleet

Tel. 28112/5.

TO HONOLULU & SAN FRANCISCO

via JAPAN

Arr Oct 14 Balls

Prex Cleveland

Gen. Gordon

Prex. Wilton

Arr. Oct. 18

Oct. 18 Bulla · · Deti - 19

Arr Nov. D' Balla Nov.

TO SAN FRANCISCO & LOS ANGELES

via JAPAN

Pres. Pierce

Arc.

Oot

Pros. McKinley

Arr.

Baile Oct. 24 Bali

4

Oct.

Oot

to

New Delhi, September 25. Communist threat The Tibet has hit trade with India, economic observers report,

TO NEW YORK, BALTIMORE & BOSTON

via PACIFIC COAST & PANAMA

to

Pros Fillmore Pres Tylor

"

..

20 Arf. Bept. Art. Oct

Salls Dept. 30

29 Balle Oct. 80

India's trade with Tibet-and West Tibet to South through China formerly, amounted $4,000,000 a year, Trado wiih West China has completely stop- ped and business with Tibet has dropped sharply.

India exported to Tibet coifon glass. and woollen goods, grain. sugar, biscuits, dried fruits and Tibet sent India wool, tobacco.

fancy borax, musk, carpets and articles.

In view of uncertain political conditions in Tibet, Lhasa mer chants are selling hoarded stocks, Some mer- trade sources said. chants ard reported to have moved to the Indian district of Darjeeling-Associated Press,

LONDON STOCKS

London, September 25. Rubber shares bounced wildly upward today in one of the high- ext buying days on the Stock Ex- change in many months. Brokers stood in line for hours to make purchases.

United Sua Betong set the pace of 6/3d. closing with, a gain Other rubber stocks closed with gains.

Elsowhere on the market, masi issues were quietly firm on im- proving news from the Korean war fronts and steady buying de- mands.

The Financial Times index was 118.1.Associated Press.

NY SUGAR

New York, September 25. Domestic sugar futures number six closed five lower.. Sales. 41 contracts,

5.40 bld. 5.40 bid. May March

number World sugar futures four closed 10 to 13 lower.

Sales 201 e tracts.

January.

March

May

July

Raw sugar spot

-Associated Press,

5.48.

4.90.

4.03 bld.

4.04 nomina).

6.23 nominal.

NY RUBBER.

New York, September 25." Crude rubber number one futures closed 150 to 200 lower. Sales 60 contracts.

September ....00:00 bid..

December March

51.75

........$7.50 asked. Spot number one ribbed smoked sheets 60.00 nominál-Associated Press.

NY COTTON

303 above. Thus during the past year 13% the level of American Interna 47% wholesale prices has risen by 11 65 per cent. 02%

That these price increases are WOOL MARKET 283 1 47% largely due to the higher cost of

SETTLES DOWN 164 primary products is shown by the 4 fact that "sensitive" price indices

Sydney, September 25. based entirely on such products,

Wool prices rose to 184 pener 10% have risen during the past year per pound tonight after an earlier both 10 by about 37 per cent In

Brokers said there was 13: England and the United States, drop of Ave per cent in values 3833 Meanwhile, prices of

manufac 3tured goods have not yet respond-evidence that buyers' ordere had 3234 ed in the same degree, partly be been cut down, but that there was

nothing particularly 40% entse of the time-ing between tite in the casing of prices. 52 purchase of raw materials and the The market in new settling December 23% sale of the

for which down with Britain as one of the March they are

Our

own main buyers-Associated Press. wholesale price-level has pro bably risen during the past year 84% by about 20 per cent. The average of the prices at which we sell our exports has risen by only 7 per cent.

61%

22%

77

H Oll of N. J.

Studebaker

32

35%

47

483;

Union Bag

Carbide

US Bulher

Steel

» Lines Westinghouse Youngstown Sheet & Tube Gen. Pub, Utilities

.38% Contrasting this Inst figure 10% with the 21 per cent, increase! 33% in the cost of our Imports, it 101% is clear that the terms of trade 16 have moved against us. In sim- pler language, we have to ex- port more goods in order to pay. for a given quantity of imports. Nevertheless there has been a

The bond market overall was quiet. Quaker Oats In the curb end Oct. market jumped as much as 10

points to 130 on announcement marked and welcome improve- that the Directors proposed a four for one stock split. Curb risers 3rd Oct.

included Aluminum Company of .31st Oct. America.

Consolidated Mining, ..mid Nov. Kaiser Frazor and Mesabi Irou.--

Associated Press.

ADEN, PORT SAID, GENOA, MARSEILLES, CASABLANCA, ANTWERP, ROTTERDAM, BREMEN, HAMBURG, COPENHAGEN, OSLO & GOTHENBURG

P

Deoptanks available for kulkefl;

GILMAN & CO., LTD.

Tol, 11148

PAKISTAN EXPORT

OF COTTON.

Karachi, September 25. Export of cotton by Pakiston

Hong Kong was the largest buyer, taking 250,000 pales.-- Associated Press,

ment in both our external balance of payments and in the state of our gold and dollars reserves.

The sterling area

One explanation of this lies In the fact that devaluation, combined with the American trade recovery, has enabled us to increase the volume of our exports. 1 la doubtful, however, it this is the

chict

explanation

reached a new peak of 1,240, of the strengthening of our re 000 bales in the year

ending serves.

For this we must look August 31, official figures show. not to Great Britain but to the This compared with 790,000 bales rest of the sterling area. Hero exported in the previous · 12- ❘ there is little doubt that the month period M

terms of trade have moved In our favour, Rubber, wool, metala and other primary products are the main things which the ster- ling ares countries sell to the United States, and this is where the price increases have been most marked. Here are the chief directions in which the, sterling area as a whole 'has been able to add to its dollar darnings during the past 12 months. -

Pacific Far East Love Inc.

DIREUT

Fast Regular Trans-Pacific Service

·SAN YHANGI500, LOS ANGELES

TRADE WINDangt

"ANDREA LUCKENDAGE"

-"FLEETWOOD” 4.

VICTORY",

Det

NWILLIAM LÜCKENBACH”

TAKEN OVERLAND NEW YORK-CHICAGO-DETROIT-TORONTO, MONTREAL AND ALL AMERICAN (4) GANADIAN- CITIES,

'port

Best. 24

30

It is occasionally aiked today it the devaluation of a year ago was too 'dinatie. At the time the pow rate of $2.80 looked, about right. It was, in line with the unofficial quotations of sterling then sub- rent, and' thero wag much to bai

VIA

ROUND THE WORLD

MANILA, BINGAPORE, COLOMBO, COCHIN, BOMBAY, KARACHI, QUEZ, PORT GAID, ALEXANDRIA, NAPLES, MARBEILLES, GENOA, NEW YORK and BOSTON

Pres. Jefferson ................... Pros. Polk

Arr.

Arr., Sept. 27. Baile Sept. 20

Oat.

Bella' 18

Oct.

BENDL BEN LINE

SHIP "BENOLEUCH"

DENVANNOCH" "BENYORLICH" "BENMACDHUI"

"BENALDER" "BENAVON" "BENREOCH "BENVENUE?

"GENLAWERS"

"BENVORLIGH".

"BENALDER" "SENVENUB”.

·FARM THE

BET SAAT

1

ARRIVALS

FROM UK, via Gingapore

SAILINGS

DUE

20th Dept.

29th Sept.

en or abt. 20th Dat.

London (Antwerp, Rotterdam, & Hamburg

29th Oct.

12th Nov.

26th Nov.

3rd Dec.

11th Dec

24th Dec.

Loading on or abt.

23rd Oct.

14th Nov.

15th Deo.

"DENVANNOCH”

London, Antwerp, Rot terdam & Hell.

30th Sept. **

20th Dec

30th Sept.

31st Oct.

30th Nov.

1

"BENWYVIS"

"BENCLEUCH"

"SENMACDHUI”

"BENAVON".

Genos, Liverpool;" Rotterdam › & Antwarp. ·

Liverpool,

Glasgow,

Dublin, Antwerp & Rotterdam.

Via Singapore, Colombo, Port Sudan, Adon, & Buci.

For Further Particulars, Apply Tom W. R. LOXLEY & CO. (CHINA) LTD.

"

New York, September 25. Cotton futures closed 70 cents significant to $3:10- balo lower-

October

40,00. 40.8583.

York Building.

40.87. .:

40.50-33.

39.60.

U.S. TREASURY Washington, September 20.

Septem- Treasury position on ber 21 compared with the corres- ponding date a year ago,

Total

debt: $266,811,088,036,00 and $258,358,702,659.00 and Gold Assets:

$23,524,673,035.00 and $24,000,000,001.00

Associated Press,

Now

May July

October

December

March Middling spot

95.50 -60.

35.25.

35.07 nominal. 42.00 nomina). Associated Press,

New York September 25, The American Iron and Steel Institufe today estimated steel production this week at 1,042,200 tons of Ingols and castings highest in history. It tops last week by 5,000 tons-Associated

Press.

The time to is

to plan

WHAT BETTER THAN A BOUND TRIP

Summer Holidays

ta

JAPAN

living, aboard

REDUCE

JAPAN

maid for degree of devaluation ROUND TRIP FARE:

sumelant toerule out any danger} of a recorid and later, dayaluation. On the whole, I see no reason" ta modify, this vlow today. There may, ha a case for revaluation of the Australian pound, for her (WDD) ('AKURMETing: areign, exchange zyć! Australia at sané almost-am- „URITAMBIENTALO, MOSTaras Great Elf Emderhede, the trade

HK$500 to HK$600.

For Particulars Apply to JARDING, MATHESON:

PASS

Agents

"Telephone:"34168.

GET THERE SOONER. STAY LONGER

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by fast.

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