1951-03-06 — Page 7

MESSAGERIES

THE CHINA MAIL, TUESDAY, MARCH 6; · 1951,

MARITIMES Mixed Session London

MOM

**MEINAM"

ARRIVALS

from Japan SAILINGS

PASSENGER/FREIGUT SERVICE

"FELIX ROUSSEL" "LA MARSEILLAISE” "LA MARSEILLAISE"

"MEINAM"

"GRANVILLE"

"CDT DORIAL"

to Marseilles via Manila

24th Max.

1st Apr.

to Japan GANANAL 8th May to Marsellies via Manila 19th May

FREIGHT SERVICE

.N. Africa & Europe 20th Mar,

·N. Africa & Europe 27th. Mar. .N. Africa & Europe 28th Apr.

for

PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN, TANGIER, CASABLANCA HAVRE, DUNKIRK, ANTWERP & NOTTERDAM,

CIE DES MESSAGERIES MARITIMES Queen's Building

Tel. 26651 (Three Lines)

WATERMAN

STEAMSHIP EX CORPORATION

MOBILE ALA. USA

WATERMAN LINE EXPRESS

FREIGHT SERVICE

FROM U.S. ATLANTIC COAST VIA JAPAN

-. . "KYSKA"

Due about..... 21st Mar. 1951

DIRECT FOR

NEW YORK, BALTIMORE & PHILADELPHIA VIA JAPAN & HONOLULU.

1. n. "KYSKA”.

Salls about ... 22nd Mar, 1951 ALSO ACCEPTING TRANSHIPMENT CARGO FOR GULF PORTS.

WALLEM & CO., LTD.

Agents

Hongkong & Shanghai Bank Building Telephones:-38041-6

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

In London

tes

London Mae. Sy Bubber, shares provided the' bright apota in a mixed session of the London Block Ex- change today,Bayou, Q9P~~ per and oll 'stocks were dull · British - Government bonds barely held their

awn.

Japanese

Government bonds, strong recently on strength of prospects the that the Western Allies will make a peace treaty with Tokyo, had a severe

spell. The 1307 sinking olosed at 61, down 1

1/4, the 1910s at 45, down one, , the 1930s at 81, down 256,

The Financial Times Index: 122.4 -Associated

Press,

NY COTTON

MARKET

CONFUSION

•

Reply Wall St.

Beats AR.I

To Attack On

Tin Interests

London, Mar. 5.

Retreat

television

Now York. Mar. 5. The stock market beat a 10- trent today, then steadied some- what before the close, Declines ranged to an extreme of around British tin interests today described the US$2 a share for some railroad steel copper mining and aircraft week-end attack on Commonwealth tin producers stocks. A late flurry of demand

Game radio by the United States Senate Preparedness Sub-ent Committee as “patently absurd.”

They declared that "it would fool nobody." speed on brief bursts of selling The Committee called upon the United States and volume for the

around 1,700,000 shares, Government to stop buying tin from the stockpile until Britain and other non-Communist countries had agreed to end the "gouging" of American tax- payers by tin mine owners and speculators.

The Committee contended that tin producers appeared more concerned about the prospects of future unsaleable tin surpluses than with “the spectre of Communist aggression.”

It proposed that the tin markets In Singapore, London and New York be closed and that prices should be negotiated among governments. A spokesman for a leading. organisation here said that the Sonate Sub Committee had completely ignored the fact that stockpiling WDB American almost

host entirely responsible for the present price of tin.

HONGKONG

SHARE MARKET

New York, Mar. 5. Cotton traders became hope-stable ful that trading in the futures market will be under way again before the end of this week.

The Government's week-end placing a basic ur.nouncement celling of 45.76 cents a pound for cotton piled confusion upon confusion in the trade, but optimists hoped that the situa

The United States now has tion could be sudulently clarified the equivalent of seven years'

the next day or two.

of tin metal yot reservo Meanwhile, the price celling Sub.

that Sub-Committee says riccision aroused considerable producers are concerned with 789. The half day's business hostility among cotton State the prospect of "future" sur- Congressmen, cotton shippers

pluses, he continuel and other trade interests. They "Perhaps the producers fear indicated their intention to carry the collapse of a vital industry the fight Into the Congress

that would open the door to when the time comes to rewriteCism in Malaya and

Over

The volume of business the transacted

Stock Ex- on the the change this moming was $118,-

and noon closing prices were as follow:

BANKS

BHARES BUYERS SELLERS BALEA HK Bank.. 1300 1330 to 1310 10 @ 1310

East Asia ..

XD XD

€30

70 a 080

3

Asia Nav,

700

Underwriter SurPPING

the Price Control Law before its The tin situation, together INSURANCES (expiration on June 30.

with rubber and wool, was A Democratie representative, Mr John McMillan of South largely the result of American reluctance to conclude regulating Carolina, stated that the protest agreements. At six major meci- is not against the celling levelings of the Tin Study Group but rather beenuse of the Im- nothing had been accomplished, possibility of trying to fix cell- At Geneva last October the ing prices on many grades of United cotton. Such control, he said, proposed will snart the marketing system. -United Press

Jap Concern

States

representatives fixed price for tin of 75 cents a pound, or about 2000 a ton when the world price was already 125 cents a pound, or £1,000 a ton.

AN EXAMPLE American view of the use of the proposed buffer stock purely as a means of replenish-

The

Over: Cotton In their stockpile was another

Supplies

example of their attitude.

On the charge of under-pro- duction of tin the spokesman sald that it was a well-known fact that the supply of high grade tin ore had largely been used up for the last war.

Tokyo, Mar, 6, Japanese cotton spinning cir- Every year that passed mada cles are apparently pleased with it more difficult to mino the the ceiling price on raw cotton tin that was left. announced by the United States Mr Walter Fletcher, Con- Government on Saturday, How-servative Member of Parlia- ever, they seem to be concerned❘ment who has important in- more over the quantity of

terests in raw

cotton which the United States that the pa, told Reuter

NEW YORK. BOSTON, BALTIMORE & PHILADELPHIA, via will allocate for Japan.

SAN FRANCISCO, LOS ANGELES AND PANAMA

NEXT SAILINGS

M.S. "LAURA MAERSK”

'M.S. M.S.

"HULDA MAERSK" "TREIN MAERSK”

Mar. 15 Mar 80 Apr. 14

TANKS OF ALL SIZES AVAILABLE FOR BULK OIL

ARRIVALS FROM U.S.A.

"TREIN MAERSK”

"PETER MAERSK"

Mar. 14 Mar. 28 Apr. 21

M.S. M.S. M.S. “LEXA MAERSK”

DOCKS, ETC.

Dock

Provident.. S'hal Dock Wheelock Yangtzee... LAND, ETC.

HK Hotel FIK Land S'hai Land..

UTILITIES

Tram

C. Light (0)

C. Light (N) C. Light Bonus Electrio

1016 153

shares ahead.

Trading picked up a bit of

day was

inclined to caution in view of the approaching income tax

Brokers said customers, were

deadline, uncertainties over the four-power conference and the

tendency to await the outcome of the Treasury Federal Reserve

move to combat Infation.

Some traders felt the market was in a vulnerable position after recent advances.

Prominent losers Included Santa Fe, Nickel Plate, Southern Railway, Douglas Aircraft. Lockheed, Bethlehem Steel, Youngstown Sheet and Tube, American Smelting. Phelps Dodge, Allied Chemical, Ameri- can Telephone and Goodyear.

Advances were recorded by Zenith, American Broadcasting. Air Reducilon and Celotex.

Dow, Jones Averages: Stocks 20 Industrials 15 Rails.

10 Utilities

L

ROYAL INTEROCEAN.” (LINES VA

SINGAPORE JAVA PORTS and MACASSAR ***TASMAN” *

*TJTJALENGKA" ** "VAN HEUTSZ” “ "TITWANGI"

ARRIVALS

In Port 16th Mar.

.27th Mar.

⚫ only to Singapore, Fenang & B, Dell,

not calling Bingapore,

• MANILA, EAST & SOUTH AFRICA and SOUTH AMERICA “TJISADANK" + **TJIPANABTM **TJIBESAR* ** † “ROISSEVAIN" "STRAAT BOENDA"

•

not proceeding to B. + not calling" Manila.

JAPAN

"TJIFANAS"

**TJIDESAN"

"BOISSEVAIN"

"STRAAT SOENDA"

"VAN HEUTSZ"

SAILINGS

Tih Mar, 18th Mar,”

Bill Mar.

1st Apr.

SAILINGS

ARRIVALS

In Fort

7th Mar 19th Mar. 11di Mar. 25th Mar.

In Port America,

ARRIVALS ....14th Mar,

......20th Max.

· Xith Mar,

.18th Mar,

4th Apr.

8th Apr.

SAILINGS

20th Mar.

Agents: HOLLAND EAST ASIA LINE

EUROPE via MANILA

and MALAYA

"AAGTEKKEK”

"ALMKERK"

"LANGLEESOOT**

Through B/L

imued to

Mediterranean and Northern

European Forta.

ARRIVALS

.80th Mar. .MIL, APT.

SAILINGS 19th Mer.

2nd week Apr.

May

93.94

JAPAN

ARRIVALS

SAILINGS

251.82

"AAGTEKERK” †

11th Mar,

05.00

"ALMKERK” +

43.70

"LANGLEESCOT""

.2nd week Apr,

May

26th Mar. Mid. Apr.

Dropping somewhat in the curb exchange were such Issues as Aluminium Company of America, Cities Service, Molybdenum, Pressed Melal and Kalser

Frazer. Higher at time were Crown Central Petroleum and Alaska Airlines.

The first bond market session since the Treasury and "Federal Reserve announced their agree») 1215 500 12.35 ment on Government monetary policies brought better than average trading and generally. lower prices in Government securities.

30

1.15 16

1700 @ 3.50,

Japanese bonds

were mixed in a quiet foreign dollar sec- tion. Yokohama Sixes lost 34 at 054 and Tokyo City Fives declined one at 52. Tokyo Electric Light Sixes gained 146 0.00 200 5.00 1 04-Associated Press.

04.15 2000 a 0.05

150 & 0

12XD

3.80

XD XD

INDUSTRIALS

Cement... 10% 10%

STORES, ETC.

Dairy

Dary (New) 11

Watson

10 13 1000 @ 13%

181⁄2 XD

LA Crawford 2155

U.S. Imports More Tea

The

AGREEMENT REACHED ON TIN

New York, Mar. 5. The leading 'Bolivian th pro- ducers said today that an agree- ment has been reached with the Reconstruction Finance Cor poration that may lead to a higher price for Un during the next two years.

of American cotton and grains during the These Japanese circles be- five years Immediately after lieve the

that the price of American the wor rose by a far greater raw cotton when it arrives here percentage over prewar

levels will be 47-or-48-cents if freight than did the prices of Malayan charges, insurance and margin rubber and tin.

Washington, Mar, 5. for dealers are taken into ac-

BARTER SUGGESTION

United States imported count They said the

It was only slace Korea and more tea last year than at any celling of 45.78 cents, imposed by the because of the heavy pur-time since 1918-114,800,000 Dr Marricio Hochschild wild. relatively low, considering that stockpile that tin and United States Government, is chasing for the American pounds-the Agriculture Do the contract will probably bo rubber partment reported today. The signed formally in two or three some classes of raw cotton or had reached their present total compared with 4,900,000 in the price which continues to weeks. No change was made now costing about 80 to 00 cents levels.

pounds in 1940 und a pre-war a pound here.

He suggested large-scale bar- average of 88,500,000 pounds.

be the price quoted in New It is believed here that the ter

York, but the door is left open operations between the The big increase in tea im- to an

increase. The verbal ceiling price

ports can. be chiefly attributed agreement includes a 20-day 18 for cotton

United States and the Common- already picked and accordingly

wealth, trading rubber and tin to the much higher level of option for Bolivian the price is very likely to be for supplies of cotton and other coffee prices and to the unique

producers revised for the new crop,

to adopt the pricing scale advertising cam-

xystem American commodities as the large

under which conducted jointly by Dutch sell to the RF.C. out of the growing palgh

Belgians and result of America's latest scarcity of key materials.

members of the Tea Trade and action, Japanese cotton interests

the Other tin experta expressctl

Belgian and Dutch represen International Tea Com- think the benefit to cotton spin-the view

tatives are expected to initiato that the American mitter,

A conference inl

Washington A survey Ilsted the following will be great-United charges were part of

"softening up" process with one represents

major sources (the first figure with the RF.C. on the pricing purchases in 1949 stem, and the price paid for eye on the forthcoming meet and tis scoond figure 1980): Bolivian tin will depend largely Ings of the International Com-Ceylon 31,700,000 and 44,600, on the outcome.

For Freights and Further Particulars please apply to:- world cotton prices decline as a best way

AGENTS:

JEBSEN & CO.

Pedder Building .

The Rubber

Markets

London, Mar. 3.

Prices of rubber futures closed i

here today as follows:-

Number 1 rubber,

in cents per lb.

April

April/June

July/September

October/December

ners Prèss.

Tel. Nos. 26661-3.

Grain Price

In Chicago

Chicago, Mar. 5. Prices of grain futures closed here today as follows:- Wheat-price per bushel

New York Sugar modity Groups in Washington 000; India 33,200,000 and 40,- new pricing system is

Futures

Now York, Mar, 5. Domestic sugar futures No. 6 closed one to four higher with sales of 191 contracts. May July September November

44 bid

6.58

2.07 bid Boi bla

closed five to nine higher, with

MALAYA ANNOYED

United

Idonesia

and in advance of any further 500,000;

10,900,000 devised which Bolivian pro international discussions on tin. and 9,300,000; and Japan 4500,-ducers consider favourable then -Router

000 and 4,900,000,-United' they will have 30 days in which: Press

to accept it or continue receiving Penang, Mar, 5.

the New York price. However, Malayan tin circles, which

it is pointed out in tin circles have been reaping unprecedented

that the matter must be given pronta since the start of the

while the Korean

war, reacted sharply

world price is currently higher today to the charges of

Beinem WEILAN

done in the local than the New York price the States State Sub-Committee unomical

market this reverse might be true if the that American taxpayers are sterling note (per) min

morning at the following rates!

trend toward peace develops. 15.50 "gouged.

8.000 --| US, dollars (per $1)

In a two-year contract it might General Mana. Indosega gusidara (per 100)'

be more favourable for Bolivia 20.00 of the

Singapore (Bitralto)

1.769 to receive the New York price. replied that Singapore VIC plastres (per 100) 153928 |---- United Press. little or no speculative element

Frecent prices were duo only to the great demand for stockpiling and were thus subject to the law of supply

Exchange Rates close study because

Фре

World sugar futures No. F. Mackay, → Tin Smelting Bists Comic (per 100)

anies of 604 contracts.

July

September

March

Raw sugar spot

7213-7335

70

Spot Ašarch May

4-011 July

Pross

September December

Corn

Spot March May July

December

here today as follows:-

Дуо

MAY

2,423% 2.404 EASY-34 240- 2.413 AAA

1.62 1.7734 2014-15 182-18211 1.794-36 1.0936

1,8535-54

May

Number 1 rubber, per Ibis

July

March

Number 1 rubbar, April: 223, 5934′′ Number 3 rubber, March 218 4919

Data March Day

STORE MARKET

Singapore, Mar. 8.

Prices of rubber futures closed September

Number 3 rubber, Maro

Number 4 rubber, March 1953) Spot rubber, unbaled ..- 225 Black crepe koma 103) ►100 'No. 1 pala crepe rančivo, 230 5-330.

Unliad Press.

NY MARKET ·

Now

York, Mar...

Rubber futures closed today

200 to 300 points, lawer, with

sales of a contracts Dealers sakā

1.30 bid

0.40

940

0.14-

6.05 nominal Associated Press.

New York Metals

New York, Bor; 6.:. Prices in the metal market here closed today unchanged with the following exceptions: New York Bour-per, 200 Back Tin, Gnde A" (04.20 91210-U'ed Press,

per cent or highar)

LONDON TIN

MARKET

London, Mar. 3. The tin market opened today

buying intertat in the spot rather HDSAY Turnover WAS market dried up in afternoon 180 tons, including 30 tons for dealings. Open contracts in the spot,

futures market at the start of

totalled # contracts, t Prices' closed today at the end cluding 16 for marcar delivery of the official mpraing session as

29 for hay and 19 contracts for follow

July, all of 10 tona och

* New York, par ibis 175.00

Lead commun, New

York, per JD. ***. 19.00 bid Zinc, prime western.

New York, par 1b., 21.30 nominal Copper, Elettrolyüle, export) 2.0.3.. Naw York, der 13................. 2100 nominal

Exchanges In“ NY

Brit

'No

ger

Company

and demand

Mr. Mackay violently criticised the suggestion of Senator Lyndon Johnson's Preparedness Sub-Committee that the U.B

tin until, Britain buying and other non-Communist countries and "gouging" by tin mine owners and speculators. Mr Mackay said the Sub- Committee's charges are "utter! nonsense, most unfair, and "une true,”--Associated Press,

NEW YORK-BANK

QUOTATIONS...

Now York, Mir. 5. Closing bank quotationa Bank of America Mays, bide 143% madced Chua Mallona) 6291 40,.

ked.

US. TRE

World Rice Crop

Expected To Show

A

Big

Increase

Washington, Mat. 5.

One of the world's largest rice crops estimated

át 119,000,000 short tons of milled rice is being harvested in the 1950-61 crop year, the Agric tare Department reported today.

The crop

W

be well above! The sirver the 1945-40" barvnst-of" 110,700;; production "will,

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