1951-01-29 — Page 9

MESSAGERIES.

M

MARITIMES

M

"THEOGENITOR" "GRANVILLE"

ARRIVALS from Europe

from Europe

SAILINGS

PASSENGER/FREIGHT Service

2nd Fob.

5th Feb.

LA MARSEILLAISE”

"FELIX ROUSSEL”

to Marsellies via Manila to Marselljes via Maulla

9th Feb.

1st Apr.

FREIGHT SERVICE

....N. Africa & Europe 20th Fols. ...N. Africa & Europe 20th Mar.

for

"BEATVAIS" "GRANVILLE"

PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN, TANGIER, CASABLANCA, HAVRE, DUNKIRK,

ANTWERP & ROTTERDAM.

CIE DES MESSAGERIES MARITIMES Queen's Building

AMERICAN PRESIDENT LINES

Globel Flee

ST. GEORGE'S HLDG.

PHONE 28172/5, TO HONOLULU AND SAN FRANCISCO via JAPAN

PRESIDENT PRESIDENT

WILSON

CLEVELAND

Arr Feb. 4 Arr. Feb. 27

SR Feb. B Balls Feb, 25

TO SAN FRANCISCO AND LOS ANGELES vis JAPAN

Arr. Feb. 2 Baile Feb. 2 I'REBIDENT TAFT

TO NEW YORK, BALTIMORE AND BOSTON via PACIFIC COAST AND PANAMA PRESIDENT FILLMORZ

Imminent Issue Of Steel Stock Affects Gilt-Edged Market

London, Jan. 26.

At the time of writing the new Southern Rhodesian loan seems to have run into difficulties. Application lists closed at the appointed hour and City sources estimate that up to 30 per cent of the new stock has been left with the underwriters.

the

why

was what happened the American stockpile

to

when

HONGKONG

SHARE MARKET

Tho volume of business transacted on the Stock Ex- change this morning was valued a1 $200,527. The half day's business and noon closing quotations were as follow:- SHARES BUYERS SELLERS SALES BANKS

NK Donk Eact AniKI INSURANCES

B XD

020 810

Union... HK Fire DOCKS, ETC.

K. Whart... Dock..... 11.00 Provideni... D Shal Dock LAND, ETC.

2.50

035

341

ik Land S'hat Land, 1.0723 Humphreya

States lost nearly # third of modilles held in the United their value when the pound was UTILITIES slashed by thirty sent.

per Thero is a open-handed

for П more

-gold and dollar

to lift our present reser- ves of raw materials out of the

ΟΙ

Trem

C Light (0) 6.30

C. Light IN) 3.00

Light (Bonus) Electric

1250

23030

75 123

10074

1000 @ 3

1000 0.00 2000.00 200 0 34

100 245

ecece

R.I.L.

ROYAL

INTEROCEAN

SINGAPORE JAVA PORTS and

MACASSAR "TASMAN" • "VAN HEUT8Z” "TJITJALENGKA” "TJIWANGI" "TJIBADANE”

LINES

ARRIVALS

2nd Feb. Bth Feb.

SAILINGS 3rd Feb.

11th Frob.

28th Feb.

.37th Feb.

B, Dell

only to Singapore, Penang

• MANILA, EAST &

SOUTH AFRICA and SOUTH AMERICA "TJIPANAS” "BOISSEVAIN” **TJISADANE" **

ARRIVALS

.30th Jan.

In Fort

SAILINGS 15th Feb. 17th Mar.

20th Mar,

4th Feb.

not calling Maulla & S. America.

0%

....... 11.00

1000 12

600

500

"THIDADAK"

1300

Star Terry

via Japan.

1000

0.25

A

1000 p 833

✪ JAPAN

0

2434

23 1000 @ 2414

"BOISSEVAIN"

1000

300 24% 500

2415

""TJIBADAK” "TJIPANAS"

"TJISADANETM

24%

Telephone

(N) 9.50 INDUSTRIAIS

Comment..... 121⁄2 1231⁄2 1000 sy la??

Hope........ 114

1000

1000 129: 1000 12á 500 1214 122

and MALAYA

1000144

STORES, ETC.

Dairy

17

13

na-

Dalry (N) Waloon

I referred above to the inẞu-

art

it has not gone so well. The financial capital of the world. who are not keen to hold

Kenya loan was so over-subscribed that

Arr. Feb. 13

Sails Feb. 13

of

ROUND-THE-WORLD

Via Manila, Bingapore, Colombo, Cochin, Bombay. Karachi, Suez, Fort Sald, Alexandria, Naples, Marsellien, Genoa, New York & Beaton.

PRESIDENT JEFFERSON

Arr, Jan. 30

Halin Jan. 30

small seems

seem some-

may

rearma-

of a

L. Crawford COTTONS

Ewo

2.45

8888

700 @ 2.50

Exchange Rates

ARRIVALS

16th Mar.

18th Mar.

SAILINGS

30th Jan,

10th Feb.

18th Feb,

1st Mar,

Agents: HOLLAND EAST ASIA LINE

EUROPE via MANILA

SAILINGS 10th Feb.

6th Mar.

"MELISKERK”

"AAGTEKERK”

**TJIWANGI”

Through Ba/L

ARRIVALS

7th Feb.

3rd Feb,

issued to

Mediterranean and Northern

European Porta.

O JAPAN

ARRIVALS

SAILINGS

"MELISKERK" + "AAGTEKERK” †

9th Feb,

rth Mnr.

12th Feb,

† via Manila,

this

18.38

6.83

100) 4.00

26.00

10.03 12.00

This is in marked' contrast to the recent ex-fact, perience of Kenya which raised a loan with almost sterling was devalued, Stocks 1 Hotel.. ridiculous ease. As these two loans were intro-of tin and other sterling area duced into the Market within a fortnight of each other it is well to examine the reasons why one succeeded and the other (apparently) failed.

In the first place the terms offered by Southern Rhodesia were influenced by the success of the Kenya policy Tel. 26651 (Three Lines)

loan but the authorities apparently over-estimated the

rut into which they have been ullowed Market's readiness to accept less favourable terms.

to sink but not for olesale transformation The main difference between was no doubt the only wise

and dollar reserves into and course for the unancial authorities stocks of raw materials which Southern Rhodesian Kenya loans was in the length to take. The fact that it succeeded could be devalued by millions

mast Both beyond their

optimistic of their respective lives,

of pounds overnight if the poli- were three and a half per cent forecast is no reason for criticistical outlook showed any real loans Issued at

the ing them now. The financial signs of Improvement. par but Kenya stock is redeemable in policy a year ago was directed DIVIDEND POLICY

of alm 1973 to 1978, seven years before towards the ultimate

This removing restrictions on sterling the Southern Rhodesian.

and restoring full convertibility ence on the gill-edged market difference alone could account which is recognised as the only of Imminent issue of sleet for the less favourable recep-hans by which

This has also been a Canstock London can factor in other sections of the tion of the Southern Rhodesian means

its position D$ the Market. regain loan but there is another reason

Steel shareholders But

a great

hap- deal has heavily

the last

tionalised steel stock are selling in

year and all offers Pened

were particularly since last June--to out and finding ready purchasers £5,000 and under

in large insurance companies turned down. This onnoyed make this policy

As Lord and other institutional investors. what out of date. and Investorn

consi- The Market expects a it now

Balfour,

Chairman of Lloyd's decided Bank, pointed they have

derable amount of "switching" out this week, this to leave

large field to

the military situation

when steel stock is issued and institutional investors,

the whole subject this should be reflected chiefly in

Gusboss was done in the local The Southern Rhodesian loan have made

for the time the prices of most favoured in-

exchange. market tunofficial dustrial equities. It should also morning at the following rates was launched in the gilt-edged of convertibility market at time when prices being an academic one.

What Is urgently needed now support the new issues Market. Sterling note (per £)

Further signs were steadily falling. The main

break U.S. dollars (per $13 is financial policy for the

Indonesia guilders (per reason for this decline in

Last week I referred away from the dividend freeze

Sdern tenia (per 100) general level of gill-edged ment,

by policy were evident this week. Singapore (Strats) to the

expressed views prices has been the uneasiness at

big bankers that the

The Sun

Office an|FIC plastres (per 200) the trend of international affairs. several

small scale only basis for a realistic ap-nounced a better payment and Selling has been on

to the problem

of this pushed up the prices of all but there has been an absence of proach

financing rearmament

was shares in the insurance section. support and prices have lan- guished.

par-Tale and Lyle was another large vigorous retrenchment The dominant factor

the ticularly

ex-concern to unfreeze their divi- in Government

dend payment. gilt-edged market is the near-penditure.

Whatever

Mr Galt- There was a momentary flul- ness of the large issue of siecl

Ands for raising theter in newspaper shares at slock in connection with the skel nationalisation of the fron and

£4,500,000,000 which, it is es- mid-week on rumours that the steel Industry

of penny minimum price

newspapers Vesting day is timated,

would have to be increased as i Feb. 15 and the market is amount necessary to pur our expected, long before this, to see defences

in order, some cut-result of the new rise in price The biggest in- some sign of official support to backs in public spending seem of newsprint,

were in the shares of But although this creases prepare the way for the issue of inevitable.

estimated

the

way mass circulation papers whose if their will be able revenue would leap three and a half per cent long- the dated stock and such signs have to induce the nation to pull in price was raised by a halfpenny.

by their its conspicuous

On the whole, however, the bell, the amounts own that could be saved by prun- Stock Exchange has been dull Economists have been warning

expenditure are under the Influence of un- probably grossly over-estimated

favourable Ing the financial authorities for ing public

news from the poli- some time now that it is useless

by Government's political optical front and the fuel crisis whic

at home, This led to a general to urge the people to save

slackening of interest. The value of money is falling. Ponents. For every pound he put away

Better dividend announce- had only before 1945 the saver 15s. 10d. of value last August plete overhaul of the financial ments led to scattered gains in polley. It is useless to pre- rubbers. The oil market was and since then the purchasing power of his savings has preb- tend that we can maintain our quieter than of late but there exports at last year's high was a firm undertone.-London ably deteriorated further.

and still

produce the Express Service, now level The same reasoning is

arms we so desperately need. being applied to the Govern-

Even with the much needed ment's polley of amassing gold.

increase

of In the price to build up large exports it is extremely doubt- Is it reserves of gold while prices are

ful whether this could be done rising against ust

without seriously affecting the A year ago, while the experi-standard of living in this coun- ment of devaluation was still in try and thus undermining its infancy, this amassing of gold people's will to work.

WATERMAN

STEAMSHIP CORPORATION

MOBILE ALA, USA

WATERMAN LINE EXPRESS

FREIGHT SERVICE

FROM U.S. ATLANTIC COAST VIA JAPAN

1. "ANDREW JACKSON"...Due about

"KYSKA"

*

DIRECT FOR

27th Feb. 1931

12th Mar, 1951

NEW YORK, BALTIMORE & PHILADELPHIA

VIA JAPAN & HONOLULU.

1.

, . "ANDREW JACKSON"

"KYSKA"

...Sails about....

28th Feb. 1951 13th Mar. 1981

*

ALSO ACCEPTING TRANSHIPMENT CARGO FOR

GULF PORTS.

WALLEM & CO., LTD.

Agents

Hongkong & Shanghai Bank Building Telephones:-38041-5

дл

been absence.

in

means

£350,000,000 of is ment

OUT OF DATE

FLY

пок

Sleep away the miles as y

You will find your berth on tha

S.A.S.-D.C6 roomy and comfortable even for two persons. The soft, springy mattress induces sound sleep and you will arrive

at your destination well rested,

Book your $.A.S. sleeping

accommodation to Europa or

North and South America through Thoresens or

your usual travel agents,

SCANDINAVIAN AIRLINES SYSTEM

HORESEN A CO, LTD.

ZAPHEN

the

only

OVERHAUL NEEDED What is most needed in com-

Sun Insurance

Our NOTICE TO CONSIGNEES

the

CIT DES MESSAGERIES

MARITIMES

Consignees per Company's

m/▼ «ZA MAIZSEILLAISEN

Co's godowne, where it will be at

BERINGSERUTDING, LUUKEHOSES, MUG TO ZU Z

KURU DONE TAIKYDE AE

The wars our generation has witnessed have brought what wars-have always brought--disturbances, unrest and a feeling of general insecurity--that's the way of all wars. Industry and mutual trade-useful pursuits of peace-are the endeavours in the opposite direction. This concern has argued whenever it could, that free access, free intercourse and trade between peoples, contributes to peace and friendliness and security nd takes the tension off where diplomats seem to fail. For, when all is said and done, people want the opportunity to work for a living. Trade and industry, free and untrammelled, not only con- tributes to that opportunity, but is a way of life. Vessels of our Line are plainly marked and can be recognized easily when they sail in and out of the principal ports of the world, and we like to feel that they are practical Isbrandtsen symbols of this philosophy:--

INDEPENDENT

DEPENDABLE

Regular Sailings from Hongkong to New York, Baltimore and Philadelphia via San Francisco or Los Angeles

Conegueen' ralt and subject to the SS. "FLYING CLOUD"

Wharf's terms and conditions of storage, and whore delivery may be obtained as soon as the goods are landed.

is now being argued that we can do without the large surplus 011 OVETECES trade. are hereby notified that their cargo is being discharged into the Hong- We shall have to pay kong & Kowloon Wharf & Godow more for

OELT imports this year than we did last year and the longer we delay the decision to dispense with some of dur gold reserves the greater change we have of finding ourselves in an even worse plight than the man who saved one pound in 1945 and now has only 15s. 10d. of value to

to his credit.

To comply with Liberal

the General Dewspaper

Boaded Warehouse Regulations this week that we

Consignees must have a Revenue begin to turn some of ontrer in attendance When dara- our gold reserves into rawoged dutiable goods are erasalmed.

The financial editor of a

well-known

Damaged packages are to be left the Godowns for examination by Consignees and the Company a sur Vers. Messe Goddard & Dougins at 10 am, o Wednesday, 31st January, 1951.

No claims will be admitted after

materials. What this and at the Foods have left the steamer's

the

countries have gained in gold reserves has largely been at the expense of America1

but whereas holdings Americans have large quantities of raw materials--much of it bought at lower prices than those ruling today in Ex- change we have just a heap of gold.

rodowns, and all goods remaining undelivered after ist February, 2951

will be subject to rent.

All claims agaket the aberner must be presented to the under

med on or before 20th February, IDI, or they will not be recognised.

DIE DES MESSAGERIES

MARITIMES

There is, no doubt, a lot to Hongkong, 29th January. 1951 be said for this argument,but

it seems to me it overlooks one NOTICE TO CONSIGNELS

pro.

of the basle factors of

the

Consignore per "HENATTOW”

sent financlai dilemma. Our stocks are low and they must be built up again if our indus- tries are to embarkc on large- scale rearmament production aro arreby notified that their cargo without the fear

of break is being discharged into the Hong- downs due to raw materials kong & Kowloon Whart & Godown Co's godown, where it will be at shortages. But it seems to me Consignees risk and that is as far as we can safely the Wharf's terms and condition of go in the present circumstances.storage, and where delivery may be

GRAVE RISE

oblamed.

rubleet to

Damaged packages are to be left in the Godown for examination by Conages and the Company's sur

It has been estimated that it will cost us $500,000,000 to build up our stocks of food and raw material to their pre-devalua Clarke, at 10 am, 1st January,

veyors, Mensio

Hon level. That would. not, of 1951. course, leave any large reserves то oor ply

Cathol rad

to fall back on in the event of

with the General Dongled Warehouse Regulations. war. But once we have eep-Condence. must have a Javenue ped beyond that point we would offer in attendance when damaged

dutiable goods are examined. be running a gravo risk.

If we started to stockplic raw No cladres will be admitted after materials over and beyond the the goods have left the steaman's noods of

of current consumption undelivered after the 1st February, godowns, and all goods remaining and reasonable reserves. wc 1951, will be subject to rest... would merely

and

Corco

the -up world price of scarce raw materials and thus defeat our own purpose.

At the anima

wo would

Full risk drastia 'devaluation of our rezerves (which would then be in the form of caw materials, instead of gold) in the event of ́n "mudden, slickening of the

AR chuima assinat, the steamET must be presented to the under- signed on or before the 15th Febru- ary, 1934, or The will not be recognised.

No Fire, Inesanen, win ko stocked:

W. W KÓKLETA CO (CHINA) LED.

political tension and break Hongkong, 27th, Tibrún

in world. pekzen.

DUE FROM:

New York via Manila Feb. 8th

SAILS FOR:

Kobe, Nagoya, Yokohama, Ban, Francisco, Los Angeles, Tow York, Baltimore, Philadelphia, Boston via Panama Canal. Feb. 9th

(Transhipment cargo accepted for Jamaica, Havana and other

Cuban Ports, also Venezuela,} }

LIMITED PASSENGER ACCOMMODATION AVAILABLE

Above Dates Subject to Change

For Information Apply to:

A.P. PATTISON & CO., INC.

GENERAL AGENTS:

CHINA, FORMOSA, KOREA, JAPAN AND HONGKONG. 12-14 Queen's Road Central 4th Floor.

Tel: 25346

OVERSEA

CHINESE AGENTS:

CHINESE

48 Bonham Strand West, 1st Floor.

STEAMSHIP CO., LTD.

Tela: 26127 & 81119,

Pacific Far East Line, Inc.

Fast Rogular Trans-Pacific Service

OVERLAND

NEW YORK-CHICAGO DETROIT-TORONTO MONTREAL, AND ALL AMERICAN & CANADIAN ́CITIES

DIRECT

SAN FRANCISCO, LOS

ANGELBS

Vemp

Trois

Arrives

Haile

*. 3. LUCKENBACH” #CALIFORNIA DEAR”

Straits

San Francisco

San Francisco Stalbe

Duty A-7

Feb. 10

Feb. 21

Jan. 20

Feb, 11

Mob. 24

Mar. 10

Mar. 11

San-Francisco

Mar. 14 sko. 13

"AAN ANGELO VICTORY” #3, L. LUCKENBACIT"

"INDIAN DRAM“

Fot

Dan Francisco de Los Angelos

via Japan Djakarta, Bingapore. Bombay,

Karachi de Bereh

San Francisco Via Kobu

|Bats „Wyandiwon: viu“, Kobe

Yokohama

Ban FIRoples' "via" Kotro",

Yakobiqi 2

Hew full patientsin onli Qimarna Agente, Walted Białin Lawo Op. Queen's Enticing, › TOLI. HELPS,