1951-05-28 — Page 9

MESSAGERIES

M

"BRIANCON"

ARRIVALS

MARITIMES

fromla!phong

SAILINGS

M

PASSENGER/FREIGHT SERVICE

"FELIX ROUSSEL"

"LA MARSEILLAISE” "LA MARSEILLAISE"

"BRIANCON"

"BASTIA"

"AURAY"

to Mamellen

to Japan

to Marseilles

2nd June

23rd June

11th Aug.

22nd Aug.

FREIGHT SERVICE

N. Africa &

Europe 3rd Juús

N. Africa

Europe 14th June

N. Africa Europe 13th July for

S

PORT SAID, TUNIS, MARSEILLIES, ALGIERS, OHAN,

TANGIER, CASABLANCA, HAVRE, DUNKIRK. ANTWERP & ROTTERDAM.

CIE DES MESSAGERIES MARITIMES Queen's Building

Tel. 26651 (Three Lines)

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTI MORE & PHILADELPHIA, via

SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

M.S. "SALLY MAERSK"

M.S.

"CORONA"

M.S. "ANNA MAERSK"

ARRIVALS FROM U.S.A.

M.S. "ANNA MAERSK”

M.S. "GRETE MAERSK”

M.S: "OLGA MAERSK"

May 30

June 14 June 30

June 4 June 23 July 24

For Freights and Further Particulars please apply, to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Nos, 26661-3.

Material Cutbacks Give U.S. Industry A Severe Jolt

New York, May 27.

Goods for defence rumbled off the nation's assembly lines in jig time last week but material cutbacks and inventory adjustments gave many a business and industry a severe jolt.

---The cost of doing business swirled upward,- Wage increases were in the wind for many thousands of workers. Higher taxes were on the way for in- dividuals and corporations alike.

That production would creep close to wartime penks by Autumn WIS common belief The belief among economists, that prolis would be less and dvidends not quite so pleasing was equally generi.

On the New York Stock Ex- change, traders showed their edginess as prices tumbled day after day. But they displayed caution. They weren't panick ed. There was some recovery after each shaking spill..

The effects of the Govern- mant culback on steel and ro- strictions on other materials were anticipated. They were growing rapidly cases were a little stiffer than expected,

and in some

Some automobile

and refri- gerator manufacturing firms an- nounced shutdowns defence production.

Don- OF

numerous promotions and gen- erally favourable weather.

But civilian orders were takk- Ds defence ing a back seat business rolled along at a high, rate,

RECORD OUTPUT

since

The Commerce *Department reported the national output of goods.and services hit an un- precedented $319,000,000,000 year in the first quarter, a $42,- 000,000,000 increuse

the Korcon war began.

The defence programme was the driving force that pushed One Agures to new

record heights, the Commerce Depart-

Dar ment said. And price inflation caused dollor totals to rise

rapidly than total

pulput

more

at

In some Industries production was under the previous week In Washington. the Wage but in all cases it was Stabilisation Board considered breath-taking levels. It Wis at four-cent hourly bonus for only natural, industrialisis said, 1,000,000 auto workers and its that some output should be a possible effect on car prices. little of now and then because Ford and Packard said they | of the terrifte pace at which the wanted to pay the increase butį wheels have been turning. →→ would need higher prices to Associated Press,, offset it. General Motors said it would not ask for a price boost,

UNION WARNING

Walter P. Reuther, head ot; the Congress of Industrial Or ganisations' United Auto Work ers, sald if the production bonus is tampered with by the Board

the entire five-year peace' pact between the Union and manage. ment will be scrapped.

Uneasiness In Worth Street

New York, May 27. The auto workers will get a

Worth Street cotton grey cents an hour three

cost of goods traders uncaplly watched living increase on the basis of the collapsing of the raw cotton the Bureau of Labour Statistics market this week while they figures this week. The Govern-were striving to complete the ment cost of living index was computation of prices under the practically unchanged between new colling regulations, March and April but there was enough rise since Jan. 16 to give the auto workers their vage boost.

Pulp and paper mill workers were granted wage hike along

THE CHINA MAIL, MONDAY, MAY 28, 1951.

British Exports Drastic Revaluation

To U.S. Up

London, May 27, British exporta lo the U.S. during April totalled $38,020,000, up $7,500,000 from the January-Mareli average:

A Board of Trade report which disclosed this kald booming sales of vehicles, raw wool and woollen tex- tiles gooounted for most of the increase. -- Associated PTCSS.

Industrial Shares

Up Again

(Our Own Correspondent).

London, May 27. After last week's pause industrial shure prices con- tinned their post-Budget ad- vauce thanks to another crop of good dividend and scrip bonus announcements,

Rolls-Royer increased their dividend by five per cent to 25 that per cent despite the fact

bonus onus

istic

by

ial trading profits and other income were down on the year. This, together wtih a scrip Standard Motors, led to a strong mar- ket in muter shares. Sentiment in this and other "reurnament" groups was helped by Mr Stokes'

optimistic forecast about raw materials,

to

Of Currencies Urged

On Europe

Japan's

TO FIGHT INFLATION Shipping

Geneva, May 27.

The United Nations Economic Commission for Europe today urged a drastic · revaluation of European currencies to easily adjusted exchange rates, to turn the mounting tide of inflation.

But it must be reversable at need, and coupled with more internal austerity measures.

A special report on inflation said that this was the only alternative to allowing inflation-to-run-its-

course.

The report, a last-minute] addition to the Commission's i annual survey published a week ago, began by warning] that in the present trend of following spiralling prices the nutbreak of the Korean war. Europeuns could ex- pect retail prices to go up in some cases more than they had already.

Though the increasę in the European defence expenditure was still largely in the future, its shadow marched before it.

I advised that joint action the restore

substantially dollar value of their currencies

lower would radically

their import prices without necessari. ly harming their exports.

lo

An appreciation of currency inflation could thus check the

of the balance and improve payments.

Another

make group further gains on good dividend announcements were textiles. It is probably true that this week's fresh advances in in- dustrial

sharos swould save gone

further had it not been for the competition offered by Gils

The and coppers. dividend season" began well with good announcements from Shell

Transport and Royal Dutch Petroleum. Coppers wen: atend on two items of good news. Three Rhodesian cop- per companies announced scrip bonuses and a day later it was announced that the U.K. price of the commodity was to be increased by £24 a

"It ton to bring it into line with the new American price.

Despite the Malayan Govern- ment's proposal to freete part of the earnings of rubber and tin companies, shares in these groups became firmer after the recent waves of selling.

Gill-edged prices declined further, attention being diverted to the successful World Bank isque of £5,000,000 of three and half per cent stock 1968-71 at a price of 97 and the announce- ment that the City Council of Nairobi is to seek a loun of £2,- 000,000. This issue will take the form of three and three- quarter per cent stock 1908-70 at 00,

Raising Of Copper Price

Urged On U.S.

New York, May 26. The head of the Revere Cop- per Co.,

the urged today United States to be realistic and Talee the domestic price of copper three cents a pound to the world level of 27% cents. Mr Donald Dallas, Chairman of the Company, which is a major independent American consumer

of

"A strong presumption in favour of this possibility, is es tablished by the very results of the currency devaluations September, 1040; if, as happen- ed then, foreign trade prices rose in terms of devalued cur- rencies, and import prices rose much more than export prices, there is reason a priori to sup pose

that the opposite effects on prices could now be obtained by reversing the process.

would, however, be green- jy erronceus to regard an up- ward revision

European of currencies now as merely a re- versal of the earlier devalun- tion process.

a

"There is fundamental difference both in the relevant objectives of the exchange rate policy at this time and in the world market altuation.

**In

were

present time, it is the

HONGKONG SHARE MARKET

Fleet

AMERICANS TAKE BRITISH VIEW

Washington, May 27. The West Coast United States shipping interests have formally proposed six on the treaty limitations Japanese merchant fleet, int cluding provisions against cross trading or carrying

R. IL

ROYAL

INTEROCEAN

SINGAPORE, JAVA PORTS and MACASSAR

"EASTWAY"

TASMAN “TJITJALENGKA"

"TJIWANGI”

ARRIVALS

2nd June

17th June

For carre to Singapore and Dlakaria.

✦ To Singapore, Djakuria dißolawan Deli,

MANILA, ‘EAST & SOUTH AFRICA and SOUTH AMERICA

"TJIMENTENG" "RUYS"

JAPAN "EASTWAY" "TASMAN"

"VAN HEUTSZ" "TJIMENTENG" "RUYB"

† via Manila.

ARRIVALS

In Port In Fort

ARRIVALS

..In Port ..29th May

...In Port

..........18lb July

LINES

SAILINGS 28th May 31st May oth-Jupe .42nd June

SAILINGS

18th July SAILINGS

28th May

8th Junet

28th June

more than half of Japan's Agents: HOLLAND EAST ASIA LINE

own trade, it was learned to- day.

The Pacific American Steam- ship Association, in a policy the State Depart- proposal to ment; also demanded in effect that such trade be kept to the 1030-30 size. Ex-

(From Our Correspondent)

Business on

the Stock change this morning was valued at $239,126, Noon prices and the morning's transactions. SHARES BUYERS BELLER SALES BANKS

HK Bank .. $330 1350 INSURANCES

Union

710 20715 Underwriters

3.00

SHIPPING

Asia Nav.

DOCKS, ETC.

K. Whart

N. PL. Whorf 4.10

Dock

Provident.

LAND, ETC.

1DX Hotel

HK Land XB S'hal Land Humphreys. UTILITIES

Tram

10 u

The PASA is headed by DN.) Lillevand, Vice-President of the Grace

Line, and represents 14-

West Coast lines. major Lillevand transmitted the pro- to the Western State Con- regressmen' and the State Depari-

posals

ment urging their adoption a

1 2500 a 100 part of the Japanese peace)

treaty.

The following is a National Federation of American Ship-

10 1800, 10.25 ping digest of the PASA limito-

74

1294

35.50

100 d ↑

1.10

11/ 12 300 m 113% Star Ferry XD 1

C. Light (0) 6.83 XD

Light (N) 3.40 XD 3.60 XD Light

(B) XD Electric

TV. XD INDUSTRIALS

Cement Rope STORES, ETC.

Dairy

Watron

231, 2335

50 m 23.

91 034 2000

121/2

4000

1. Crawford MISCELLANEOUS

Entertainment 10%

Uranium

Prospecting

tion formulae:

1. Japan should be allowed jo rebuild her merchant marine. [la proportion to her re-entry

into trade

rations.

with

other world

2. The base period for measuring her foreign trade should be the 1030-88 period, not influenced by her pre-war Far East expansion programme and one adopted as norm by the 1948 War Department

JB study.

3. Japan should be allowed to carry no more than 50 per cent of her Import-export com- merce in her own ships, with the balance to be shared by other maritime nations.

NO RATE CUTTING

4. Japanese ships should be allowed to engage only in direct trade with their homeland and

In America should not enter "cross trade".

EUROPE via MANILA

and MALAYA “ARENDEFERK”

"KIELDRECHT"

Through B/L listed

ARRIVALS

Early June

to

Mediterranean and Northern European Ports,

JAPAN

"ARENDSKENK”

"KIELDRECHT"

ARRIVALS 11th June, Early July

SAILINGS

12th June

Early July

SAILINGS

Early June

EEKING SABUILDINGSTELEPHONEST SHISE TO2801

PATTISON ORIENT LINE

LIMITED

DIRECT SAILING TO PUSAN

Duo:

June 5th

Salling: June 9th

8.S. “LAURE PATTISON"

SAILING TO NEW ZEALAND

1948, the main objective was to improve the balance of payments while the effects on prices, Involving o deterioration in the terms of trade, regarded as the necessary means

that is, trade between two na- (S.S. “VALLES" to a solution of Europe's then overwhelming dollar problem.

tions both foreign to Japan. Salt Lake City, May 27. "At the

Sumner Pile of the Atomic 5. The treaty should require price effects which are directly Energy Commission expects the Japanese ships to abide by duly Important. But

because of the ABC's new policy of awards for established rates and practices changes in supply elasticities. uranium ore finds to result the relation between price

in and not contribute to unstable a huge changes and the balance of pay-

increase in uranium | shipping services by rate-cut- ments was

ting and other similar practices. was probably completely prospecting.

"I expect to see prospectors edtled. reversed," the report

6. Japanese shipbuilding, now crawling around this, summer Europe migh: ce files on a lump of sugar, subsidised with Unlied States By appreciation nov Avell

import prices and simultaneously im prove payment balances.

The report alan warned that movement of prices upward was already for advanced

Win

than

We

In releasing his proposals, Lillevand said they would help rebuild Japan. They were de signed, he said, to offer a fair treatment to traders, shipowners and maritime workers of all maritime nations and to ensure that Japan's future partnership with the rest of the world will be free of some of the frictions that existed before the war.- United Press,

Mr Pike told an audience

at occupation money, should pro- the

Western

Atomic Energy ceed without further assistance Seminar.

from the U. S, taxpayer, Mr Pike said the Commission In still gets most of its uranium most countries and far more ore from the Belgian Congo. 2 currency appreciation Domestic production is steadily alone was required to bring it increasing, and some mining areas in this nation "look pretty to a halt.

The necessary combination of good."

included

He noted that uraalum ex- Bacal measures

Or only six polley simed both at offsetting ploration began increased defence expenditure | seven years

ago, while tho at search for other minerals has by increased taxution and preventing undue inflation of gone on through the centuries.

Mr Pike said, "Even if pronts: an investment policy de-

tu curb non-essential have to pay through the nose,

outlays end,

end combat the capital

Increasing use of fission- of copper, charged | hoarding and a national wage able materials makes it neces-

to policy which would have on sary

stimulate larger on further uranium prospecting.—Associn- agreed moratorium general

increases untilted Press," wagos there was time to test the price stabilisation policy as a whole. The report ended: "The im- pact of even a modest apprecia tion of European currencies would help to break this spiral (of rising prices and incomes); a more drastie revision might well undo soms of the past damage. Router.

"Until the price of copper the United States is brought

to the world level, there can- up to be a little hope of halting the shipping out of copper from this country's normal sources of supply which causes curtail- ment und unemployment."

Under the United States agreement

Mr with Chile,

Dallas said, 80 per cent of their production is fixed at a mint- mum of 271⁄2 centa a pound and the

olter 20 per cent is free to be sold in the world markets at any

price.

"Therefore it is a little ab- surd to think that the American. mining industry or the Mexi- san, Canadian or any other na- Honal mining industry is going to be satisfled with less." United Press.

OIL OUTPUT INCREASE

edier?

U.S. IMPORTS

MORE

TEA

BRITAIN RAISES COPPER PRICE

LABOUR LEADERS'

PLEDGE

New York, May 27. Although

free America's trado unions continue to work for the welfare of their mem- bers, they will not permit in- dustrial disputes London, May 27.

to interfero The Ministry of Supply on with the Nation's defence mobi- nounced today that it will chargelisation. domestic consumers of copperare by high officials of the This position was reaffirmed an additional £24 per ton--the new price being £234-to bring two major US, labour organisa- the selling price for electrolytic

tions the American Federation copper into line with the higher of Labour (AFL), and the Con U.S. Level-United Press. gress of Industrial Organisa-

U.S. CAR OUTPUT

Detroit, May 27. Washington, May 27.

The nation's car industry will United States Imports of tep showed a 20.0 per cent increase Produce 182,804 vehicles in its United States plants this weak, in 1950 over the 1940 volume, ward's Automotive Reports sald while imports of Tow coffee dropped 16.4 per cent to the today. lowest point since 1943.

The agency counted

110,373

A total of 114,360,981 pounds cars, and 34,431 trucks in its (51,550,491,45

Tules, May 27. World all production in Marchrom established another record at an

from

kilograms) of

2,917,232,042

estimate. This compared with

in 1950. 110,281 cars and 3011 trucks were imported Row coffee Imports decreased built last week and 148,810 cara Tdi and 30,247 trucks auxembled in pounde (1,312,754,418,90 kilograms) in the like week of last year.—A- 1949 to 2,437,240020 pounds sociated Press. (1,000,702,480.70 kil

kilograms) in The

low in 1948

Following protests from the trade, the Office of Price Sta- bilisation extended the effective date of the ceiling regulations estimated 11,642,100 barrels a from May 28 to July 2,

day, according to the QII and for the Largely responable

"the wind, 5 The expanded output, the Journal

Sporadie furrion of activity Gas

Gas Journal, the Pacific coast. The Wage developed early in the week in

Board Stobilloption.

broke print clolhyam fabrics, through pay callings to make burlap trade welcomed the new sold was a sharp therooms

of

the

tion (CIO)..

loading second week June with transhipment cargo accepted for TAHITI, FIJI and SUVA.

12-14 Queen's Road C.

Chinese Agents:

Tel: 20346.

Oversea Chinese Steamship Co., Ltd, 48 Bonham Strand W. Tels: 25646, 20127 & 31119

STATES STEAMSHIP CO.

S.S. "COLORADO"

LOADING ABOUT 10th JUNE

FOR.

VANCOUVER, SEATTLE & PORTLAND DIRECT DODWELL & CO., LTD.

Agenta

Tel: 28021/6....

Pacific Far East Line, Inc.

Fast Regular Trans-Pacific" Service

בשפות

OVERLAND

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

For

DIRECT

SAN FRANCISCO, LOS ANGELES

Vocal

Arrives

Baile

<

4000-Exchange

Rates

+

PRAWIŁEM LUGEENBAORY

#GEORQB' LUCKENKAON"

San Francisco

San Francisca

μη.

Jun:

Business won done in the Hood,

exchang market

"'"KDUAB"LUCKKNI

Atratti

SO : 16

Jun. 16

July 17

San Francisco & Los Angeles)

Via Roby.", Nagoy

packing house - workers a raise. dollar and cents regulations 117,000 barrels, over. February's volume up from 703", { moxydog at: the following ⋅ewica 1-0)

Consumers

becoming which became Word

effective im- more selectivo and more heat midiately. Meatwhile, burlap ant in their Luying. Dun and bag houses awaited a separate Bradstreet reported consumer order for their perment of the upending was unchanged from | trade, "and expect it next, week. "the previous wack ~~ despital United Prest

daily average in US. flow..

That periodical nurod do- mealle production 2170047,000 barrels a day, a 24" Dor cent) pala over, March of 1950,--As- socísšlad: Prevaj

the value of coffee Huurports

234,073 in 1040 1.to $1000,408,- preling note Koen (1) 831 in 1800, the value of teg vestenarik per $14

Incident: kubiderà 100), ingorda in 1030 was #5097L10. Hum? tongue 16895-19 compared with $40,000,582 10. Alpenmore (@squim) sdn 2049:

FIC" pinetres (per 400)

San Franckies de Log Angwijs

Bingapore, Diskarta, Bombay

Barachi

For full particular call Uplied fitatos' Lino Go,, General Agen la, Queen's Building, Teir 181US,