1951-07-02 — Page 9

MESSAGERIES

M

"EPINAL" **AURAY

ARRIVALS

from Europe

from Japan

SAILINGS

M

THE CHINA MAIL, MONDAY, JULY 2, 1951.

MARITIMES Inconvertibility Of

Sterling & Its Effect On Britain's

PASSENGER/FREIGHT SERVICE

"A MARSEILLAISE"

"LA MARSEILLAISE"

-AURAY"

"ORENOBLE"

"QUISTREHAM"

"MEKONG"

to Japan

to Marseilles

FREIGHT SERVICE

6th July 11th July

8th Aug. 22nd ACE.

N. Africa & Europe 13th July Africa & Europe 31st July .N. Africa Europe 121h Aus N. Africa & Europe 6th Sept.

for

PORT SAID, TUNIS, MARSEILLES, Algiers, ORAN, TANGIER. CABABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM.

CIE DES MESSAGERIES MARITIMES

A LIMITED COMPANY INCORPORATED IN FRANCE Queen's Building

Tel. 26051 (Three Lines)

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via

SAN FRANCISCO LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "ANNA MAERSK"

M.S. "LEISE MAERSK"

M.S. "GRETE MAERSK"

M.S. "GRETE MAERSK"

M.S. "OLGA MAERSK"

M.S. "LAURA MAERSK"

ARRIVALS FROM U.S.A.

In Port

July 16 July 30

July 6

July 19

Aug. 9

Trade

Dangerous Implications

(FROM OUR OWN CORRESPONDENT)

Seen

London, July 1.

In a few days' time the Chancellor of the Exchequer is due to make his quarterly statement on gold and dollar reserves. This will probably show that although reserves continued to grow in the second quarter of this year the rate of increase has been slowed down by the recent reces- sion in world commodity prices due to slackening of American demand.

This fact has an important bearing on the current controversy about Sterling convertibility. There is a growing feeling, particularly among Conservative MP's, that continued inconvertibility has dangerous implications for Commonwealth trade.

The visit of a West Indian delegation to this

country to negotiate a larger allocation of dollars New American to prevent a breakdown in their trade with Canada underlines this problem.

Super-Liner

But even assuming Although licences for the quences.

could be an agreement

The United States hopes to import of dollar goods have such

reached before convertibility

Britain the Blue been granted more freely wre again attempted, the wrest from

Riband of the Atlantic (the my- in the past few months the problem of our balance of poethical award to the ship making nctual

ments would remain. convertibility of

balanced, the fastest trans-Atlantic cross- payments were not Sterling into dollars Cana foreign holders of Sterling would ing) with the new super-liner States, which was dinn or United States immediately cash it in for dollars United

far and our reserves would thus be launched at Newport News on remain seems to

fund out of which they June 23, away as ever.

could Anance their dollar re- quirements.

This would

As

come

probably result

no

JAPANESE INDUSTRIAL

REVIVAL

Tokyo, July 1.

Page

R.I.L.

ROYAL

Date

7th Baly petro- thuly

An announcement today by General Ridgway's Economie and Scientific Section showed that crude petroleum, refined team products, cement, cal- 18th July cium, carbide, soda ash, 27th 2017 hydrochloric acid had in Jaty May joined the list of in- 18th Ave.

all-time dustries setting. productions records.

Basic industrial production in

May was within 10 per cent of

10th July

Bhip

INTEROCEAN LINES

ARRIVALS

"TIITJALENGKA“

"BUYE” *TITANOP

"PRISEVAD!"

***SISADANE”

2018BRVAN”

From

Belawan Dell, Penang & Kingapore Șincassar, Java. Potta & Singapore

ра

Mackmar, Iata Porta ♣ Bingapore Bygamerling K. Affies dingsnoje d

Saigon.

America, R.' Africa, & Singaporn. Japan

BAILINGS

2th July 11th July

ith Jaly..

WVAN. HEUTDE" "TJITJALENGKA"

the all-time high set in 1943 when the Japanese Industries wbre straining # maximum | 21st July effort.

2nd Aug.

3rd Ap 20th Aug.

Docupation officials anid Japan's steel production facili- ties are still not being strained. 59 Operations in May were per cent of capacity.

SCAP officials said that with sufficient raw materials Japan- ese steel plants could be joined | to the al-time high groups.

Only textiles among the major Industries continued to say operate below the pre-war Mid autent levels-United Press.

Brazil Raising Jute Output

Date

*tch Jaly

13th July and July

"KUYA".

"BO18SKVAÍN"

"TJ19ADÄNR" "THWANGT

"DUISSEVAIN”

Dāņkalu, Semarang. Surabaya

Markier

Manila. Kintnypte, · 8, ; Atries,

R. Ameries,

Japan

Japka

Singapore, Java Ports & Racatsar Manila, Fingapore, §, Africa à 8.

'America

Agents: HOLLAND EAST ASIA LINE

ARRIVALS

Ship

FIELDRECHT** AMOTERERK" *AAOTEKENK®

*KIKLBRECHY": "AAGTEKERK" Mid August. “ÄAQTEKERK"

JAPAN.

From

Europe Ningapore Зира

SAILINGS

To

Manila, Singapore à Europe. Japan vis Manila

Manila, Singapore & Europe

-KINGS BUTEDENTE, TOTP PHONES, QİBTS, FOTPRATT

Rio de Janeiro, July 1, Brazilian economists pre- Jute dlet that this country's production will soon reach such a point that further Imports Exact speed of the new liner from India will be unnecessary Apart from the recent slowing

is a secret the published speed and that export to other Latin

American

will be Republics down in the rate of increase in in a rapid run-down of our gold is 30 knots but she will

possible. our gold and dollar 'reserves and dollar reserves and we doubt better this.

Production was stimulated by there are other signs suggesting would find ourselves back in the

Of 31,500 tonnage she is 090 free distribution of jute and by that Sterling may lose a lot of

Aid feet long and 101 feet wide. She before Marshall

devialing buliding of canals position in the months to its strength

will carry 2,000 passengers, and the muddy waters of the PENINSULAR and devaluation. come.

This is not to say,

a crew of 1,000. however,

Amazon River system to The liner, which cost US$70,- production will never

areas. The convertibility that

experience during the come. The British Government 900,000 to build, was the first anese sull considers this their ultimate ship ever built in a drydock. war showed that jute is better.

muddy was that no slipway cultivated in aim; indeed, it is bound under Reason

Despite indications that the tension in Persia is beglaning to ease there is still a distinct possibility that the British oil company may be forced to leave. This would involve not only loss

valuable earnings

For Freights and Further Particulars please apply to:-of

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Nos. 36066-9.

West Expected To Increase Crude Petroleum Output

Washington, July 1.

from

jute

зор-

& ORIENTAL

Barth

STEAM NAVIGATION COMPANY

the terms of Bretton Woods and existed in the United States was rather than in firm soll-Uni other Anuncial agreements to big enough to accommodata her.ted Press.

work towards this end. But

Sterling

until the political and economic oil but also weaken-NU ing of our dollar position it horizon becomes. much clearer Persian all has to be replaced from American sources,

A second Indication that Sterl- ing may

다 become

weaker

currency is

provided by

the

than it is at present, conver tibility is still an unlikely pros- pect for the near future.

THE STOCK EXCHANGE Two dominating influences in present trend of our overseas the Stock Exchange this week trade. The terms of trade have

have have been Mr Malik's релес turned against us ever more "feoler" and the news from drastically than was at Arst ex- Persia. The first of these in- perted and this, together with the fuonees was perhaps the greater fact that our import requirements since its effect was telt along a have greatly increased as result of rearmament, has resulted in

an adverse balance of trade for the first five months of this year equal to the trade "gap" for the whole of last year.

GROWING DOUBTS

growing There are doubts that this ap" can be

now

Petroleum circles here are speculating on how Alled by our earnings from the world will readjust to a possible loss of oil ex-invisible trade, especially since those ports from Iran, and the consensus is that there earnings come from our overseas the will be a gradual increase in the Western Hemi-oil sphere production of crude petroleum and refining facilities.

large proportion of

companies, including Anglo-Iranian.

broader front,

A settlement in Korea would

Stock Exchange reaction was

and dipped

dustriais

but

Makers Japan's Cycle Planning A Comeback

Tokyo, July 1. Japanese bicycle makers are overhauling their industry for a comeback into world markets and this time, they claim, they are through with the shoddy goods which earned ill-will for "Made in Japan" products before the war.

the

Press.

SAILS:

R. M. S. "CORFU"

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the 6th July at 12:00 noon for the UNITED KINGDOM vin Straits, Colombo, Bombay, Aden and Port Said:

ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 GATE, CANTON ROAD. ENTRANCE BY

į NOON on THURSDAY the 5th July.

!

"carried by passengers themselves,

ALL BAGGAGE must pass through the Wharf Co's Godown for loading

on board by ship's slings only.

July between 9.30 AM, and 11,00 Will take place on FRIDAY the 6th

AM

not solve all the problems of the "cold war" but it would at least take the immediate urgency out of the rearmament pro- They are depending upon standardisation of parts, Krammes. This possibility has, modernisation of Industry and rigid inspections to im in 'fact, already led to some hesitation in the commodity prove the quality and marketability of their bicycles

and put them back into the running for world markets. SPECIAL NOTE: With the exception of hand packages markets,

II- With them, it is a case of To those who declare that the therefore understandable.

com-efficiency or bust, because high bleycle belongs to hoop skirts modities -

base post-war wages have seriously and the horse-and-buggy

era, metals-turned weaker. On the reduced the low-cost advantage Japanese inakers point out that other

on American, manufacturers turned hand, hopes that a Korean which gave them the jump settlement might loosen the risk rompetitors before the war. out more bicycles than ever be- of inflation led to a stronger

better-than-fighting market is growing, - United to our dollar position undoubted-market in gilt-edged securities have Japanese feel that they fore in 1850, and they say the EMBARKATION:

and in gold shares,

chance. The United States is likely to petroleum is marketed largely Potential

The news

from Persia was The lifting of Government encourage other countries in ex- in the sterling area,

on bicycles in April panding output.

production in some other areas

Mr Mossadegh's controis The refining capacity of other would have to be financed in

letter to President Truman led last year put the industry on a areas and new problems of dollars and the general problem

to the hope that a solution might competitive basis and knocked out fly-by-night manufacturers, will tem- of hard versus soft currencies foreign exchange

yet be found. Such little con- concern would be aggravated.

In the one year then, Japan morc cause

idence as this

in Poht hint of moderation in

Anished 2,000,000 POLICY PROBLEM production situation.

outlook produced was able to generate, helped to bicycles, There can be

20 per cent more than The United States no firm opinion on the worldwide readjustment theoretically capable of expand-

peace overtures give the gilt-edged

section

a Japan's pre-war peak of 2,200,-

000 in 1937. total crude petroleum have now injected a new note of more favourable appearance. until U.S. companies with inter-ing its

The

oll market has remained Exports, however, were only national connections complete a production to offset the world caution into the world commodity voluntary programme to meet loss of Iranian ou.

markots. If the political tension Arm. Investors are apparently one-quarter of 1937, when Japan the changing situation.

But this could only be accom- is further cased by a cease-fire taking the line that if Anglo- shipped half of her output over ofplished by higher prices to in Korea. prices may fall almost Iranian is forced to leave Persin, peas. Mont of the past year's The relative importance

other | output went to the domestic Iran in the world situation 13"marginal" oil fields, which are as spectacularly as they rose in demand for all from

immediate post-Korean sources will increase and most market where the bicycle supply indicated by fallowing not productive now, at the cost the statistics: Iran in 1950 produced of accelerated depletion of na- months. True, this would have all companies could be expected hed

tional reserves and swift teve a welcome effect on our terms to benefit. 242,478,000 borrels of crude

of trade but it has obvious im- petroleum, an average of 684-lopment of synthetle 000 barrels daily. The United

which tho Jending the

porarily than the

the

alone is

Stan country, had an out- teum for defence, it would not

put

barrels

or

But the greatest single threat ly lies in the recent recession In commodity prices from their post-Korean war peaks. This all bad had in fact been expected for. some time since it was obvious that American demand could not continue Indefinitely at its recent high level,

Mr Malik's

of

L

Pakistan's

fuels, Considering these factors and plications for our dollar-carning

nations' need of petro-prospects.

Nor should it be assumed that for the United non be desirable in 1950 of 1,071,845,000 120

5,402,000

rels States alone to attempt to meet our dollar position is as sound as barrels the defcit Experts therefore,

the figures suggest. Despite their dally.

Venezuela, which is the second producing country and a link that the United States Is recent encouraging growth the

dus gold Trade With real purchasing value lenting exporting country, had likely to encourage petroleum and dollar reserves in terms of a production of 549,783,000 bar-production abroad.

The Latin American coun-

1839 prices is only about, one- rels, or 1,499,000 barrels dally.

are likely

quarter of their pre-war value. to re-appraise In 1949, Iran produced 204, their own

end of this petroleum policies Moreover, at the 712,000 barrels of crude petro- from the standpoint of en-

year, service on our post-war leum in a world total of 3,386,-couragement to maximum pro-

trans-Atlantic dollar debts is due 400,000,

{duction—United Press,

to begin and this will mean a further deterioration,

In the event that Iranian pro- duction of crude and refined products should be interupted current expert speculation runs as follows:-

tries

RENAULT! BUY UK ENGINES

London, July 1.

French

INEVITABLE RESULT

Japan

dwindled during the war prices years and blackmarket were obtainable.

STREAMLINING

Miyata, largest bicycle plant In the Orient, Yamaguchi, and other. makers are leading the way In streamlining their highly-organised Industry produce Foods competitive with high-to.

Brillist and Ameri-

can

1.

new

to

P

O

A

S

认

TOKYO - SINGAPORE

via Okinawa, Taipeh, Hong Kong and Bangkok

FRIDAYS.'... Northbound.

WEDNESDAYS AND SUNDAYS.

Southbound.

FLY BY POÁS SKYMASTER "COMMUTER” SERVICE

"THE TRADE_ROUTE OF THE ORIENT"

Pacific Overseas Airlines (Siam) Ltd.

Their programme Includes:

Introduction of electrosta- tio painting equipment, infra-red dryers, Conveyor belt systems Karachi, July 1. and improved welding methods. The newspaper Dawn sald Major, assembly plants, much as today that under the new im- Miyata's big plant in Kawasaki, бесп port policy Japan will possibly outside Tokyo, have

ment, supplier All this must inevitably result peplace the United Kingdom as slowly introducing such equip to the Japanese in- Pakistan's principal in A slowing down of the of cloth and industrial materials. dustry, over the past few years. Standardisation of parts EAST OF SUEZ

progress towards relaxation of

The Government announced so any part will fit any bicycle The impact on consumption

exchange controls. It should not would be most felt in countries

be forgotten that the Treasury today at an extension to the and Japanese parts can be used east of Sucz like Pakistan,

The nationalised

learned bitter lesson from the general licence of various com- en British and American pro- This means rigid super- India and the Eastern shipping concern, La Regio Nationale

disastrous experiment in conver=| moctitles importa, excepting, the duela.

In- the 1945 dollar

the new vision over Japan's collage this on

area, under routes, Consumption

Des Usines Renault, has selectibility that followed side

of the Atlantic would not ted Perkins Diesel Engines for American loan. This showed Import policy will be effective dustry, which supplies many of

the simpler parts that go into affected,

on July 1. except its new range of agricultural that two essential conditions Possibly in Argentina, due to tractors.

must be present before such an

Dawn sold the object of the

RIGID INSPECTION

On the The British supply commitment F. Perkins Ltd. of Peter experiment is undertaken again.

new policy is to adopt -dela- 3.Rigid inspection of under the Argenting and United

Friland, competed The first

that some form of tionery monumes to bring down finished a prochick. The Japan Kingdom trade agreement i for

contract with

man agreement must be reached with the prices of cloth and able Bicycle Industry Association her of diesel engines holders of Serling balances, for the common man and an Association to inue: cerudicates "GEORGE LUCKSNEACE”

established: Bicycle Inspection

makers in the USA.

and,

• "devaluation

1twin- to goods, which... 'pass- spection, and all reputable "EDGAR LUCKENDA CH" Venezuela probably Indonesia.

is producing at

Second, that

stand by high

but could probably with the firm⠀⠀ for £500,000 payments must be at least the new policy includes o-makers have agreed to

tankki 10 Live : optri eguneret | ite

ir decisions, the Japanese Increase further.

approximately and . Messrs balanced, Authorities said at world Berking state that the contract it was largely because there Moonce fox, the import of cotton Spokesman war readjustment to a psalblo low is likely to amount to

Production of crude petro-facturery Joum would be expected to in-

crease soon. In Juwalt, Saudi-thout the world. 'include 1 the “freezing" of those, funds; | benefit from Pakistan |

Arabia,

The Renault organisation ban placed a preliminary order

our oversQAN

bicycle.

many) was no "sgreement on thes, cloth "valled up to: 11⁄2"; rupses, awausing 198,199,000 / birydu |

Peninsula Hotel Tel. 58865.

Pacific Far East Line, Inc.

Fist Regular Trans-Pacific Service

SOVERLAND NEW TORE-CHICANO SETROIT TORONTO MONTERAL AND ALL, AMERICAN 4. CANADIAN

DIRECT

JAN FRANCISCO,, LOS,

of Irkalan petroleu would be hundreds of thousands of freezing" of Bierling balances yard from all countries Jus greatly complicated by the for pounds sterling per year for that the first attempt at convercept the kodlaki arome Uralted yearlyse they expect to turn out THEY

Iclose to 3,900,000 this year;:. sign exchange problem. Iranium, Great Britain,

tibility had such ludire, const 1 Prons.

July

Lan h