1951-07-03 — Page 8

R. I. L.

ROYAL

Dato

7th July

July

16th July 20th July 27th

Ship

INTEROCEAN

ARRIVALS

"VAN HEUISZ" “TJITJALENGKA"

**DUYK" "TJIWANGI" "BOISERVAIN"

July

314 July 11th Aug.

**TJIBADANE" "BOISSEVAIN"

9th July 1th July

18th July

31st

and Aug.

July

14 Aug. guchi

Ang.

Date

12th July

LINES

From

Belawan Deli, Penang & Singapore Macaster, Java Ports & Bingapore Japan

Macausar, Java Ports & Singapore A. Ameries, N. Africa singapore &

Halgon.

H. America. 9. Afrien, & Ningapore. Japan

SAILINGS

"VAN HEUTSZ"

TJTJALENGKA"

"RUYS"

Japan

Το

Remarang, Kurabaya

trakarta,

Marawar

Manila.

Hingapore,

"DOISSEVAIN"

8. America Japan

#THISADANE"

JALA

"TJIWANGI" "BOISSEVAIN"

&

Alrica A.

J

Singapore, Java Parts & Marassar Manila Singapore. S. Africa & 9.

America

Agents: HOLLAND EAST ASIA LINE

Japan.

From

Kérope & Ringapore Упра

ARRIVALS

Shitp

End July MU Aust

"KIELDRECHT" "AAGTEKERK" "AAGTEKERK"

SAILINGS

"KIELDRECHT"

"AAGTEKERK"

Mid August

"AAGTEKERK"

13th July

July

Το

THE CHINA MAIL, TUESDAY, JULY 3, 1951.

Sharp Fall In Discrimination In

U.K. Prices

London, July E.

The Economist's Index of wholemte commodity prioce for the fortnight

anding June 20 stood at 228.8, sharply down from the 228.4 shown for June

12.

This WELLE

since March 20.

lowest

The chief factor in the fall has been the tumble In the sub-index for tox- tiles from 330. to $12.1. -United Press,

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange thin morning was valued at $817,001, Noon prices and the morning's transactions:- SHAREK BUYERA, HELLERS SALES BANKS

IK Bank

GO 1450 .. 1440 Fan Art 104 INSURANCES

Canlon

Union ............ 750 Underwriters

UK Fire

240

3

..

133 140

DOCKS, ETC.

N. PL. Wharf 419

LEV

Docks ....... 14. Provident

20

S'hal Dock, 2.20 Wheelock ... 2515

K. Whnet. 78

LAND, ETC.

HR Hotel..

6.20

Manila, Singapore & Europe. Japan via Manila

Manila, Singapore & Europe

ECKINGSERUNDINGSTELERMONESTE200) JETO £280172890

RECUM SI ZIRENISE JE CONNAUGHTZMÍMLEGALES 2006SMIZ

Stk Land

S'110 Land Humphrey. UTILITIES

Tram

1,20

American

Budget

Surplus

Washington, July 2

The Federal Government closed its books for the fiscal year 1961 with a budget sur- plus of $3,510,000,000.

The

FIRMER

TREND IN

NY COTTON

New York, July 2. Cotton prices quickly re- gained a foothold after a shaky start, moving up as surplus was the second much as $2.50 a bale. De largest in history exceeded spite intervals of irragu: only by the $8,000,000,000 of the larity, the market managed Bscal year 1048.

The Secretary of Treasury, to hold most of the gains

John Snyder, said that net re-at the close. ceipts in the year ended last The turnabout in sentiment Saturday were $48,142,604,532, toward the bull side was not Spending totalled $44,632,821,- unanimous but prices showed 900.

distinctly firmer, A few buyers

folt that the Korean situation had been dis- counted for the time being and the that group believed that on

Mr Snyder was deeply grati- fied with the result of the fiscal year 1951, but said the Govern ment is faced with a defeit of

about $10,000,000,000 in the B-| basis of Friday's parity report cal year 1952 unless. appropriate the loan rate may be around 32 taxes are enacted DN Soon ascents a pound for middling 15/ possible. United Press,

18 inch culton. Actually the loan rate will be determined 011 4 busis of the mid-July parity level.

Crop news remained on the inarket

Sharp Rise favourable side. The

In Chicago

Grains

Chiengo, June 2. Chiengo grain futures rose sharply today. Wheat futures closed 3% to 3% higher, and soybeans were 2 to 10 higher.

Prices of grain futures closed i today as follows:-

Wheat-price per bushel.

2.33 2.34 2-371-2,38 2.4211- 2.4856-15 12.457%

Spor

July

September

December

March (1952)

May

Cora

Spot

July

1.723- 1.0737

.CO

September

March (1052)

1.03

1.04%

1.7916

7446 703-77

December

May

Rye

July

September

Gats

July

Beptember

New York flour-per 200 ib. Sack

$12.76 United Press.

opened off 11 to up 4 points. Thereafter, it moved irregularly higher to close just under the top lovely and 26 to 34 points above the previous close.

Prices closed today as follows: Spol

40,00 nouninal 44.87 30.40

30.0-1-30.0-

July

October

December

March (10azi Biay July

36.00

29.95 bid

Oktober

35.03 bid 34.12 bid

December

33.89 bid

-United Preen, NEW ORLEANS MARKET Closing rate, July 2:

Spot July October

44,91 nominal 44.67 bld.

34.29-36.38

December

39.07

March (1032)

30.00

May July

35,09 1xld

October

December

35.82

34.07

21.88 bld

-United Press.

New Mission

Chief

Washington, July 2, Roland R. Renne, President of

Star Ferry

2 x 2

Marine Insurance:

Report By Chamber

DEFINING CLEAN BILLS OF LADING

Among the matters discussed at the conference of the Inter- national Chamber of Commerce, recently held in Lisbon, the question of discrimination in marine insurance has had a prominent place.

No report of the discussion on this subject is available, but the resolution adopted at the meeting of the Transport and Communications Commission of the United Nations was under consideration,

I

It is important that those concerned in this question of discrimination should be informed as to the nature and extent of the laws and other measures by which discrimination ́la enforced, and the following mmmary, taken from a report of a session of the council of the International Chamber of Commerce is most helpful in this connection.

In Argentina an insurance law under

the terms of which A seml - Governmental Argentine | Institute of Reinsurance to be passed by the set up, was Chamber of Deputies and the Senate in 1947. This law also enacts that any insurance affect ing Argentina must be entered in a contract with an Argentino insurance

company Any in- 200 201 fraction of this law is punishable

1000 8.10

than 25 times the value of the 5.30 premium. 1000 2000 * 8.34

The

25

1000 1000 25.

300

22513

13 134 600 @ 15.

500 e 19 1500 g 136

00

C. Light (ỏ) 6K

600 0

E. Light fal 8.40

Light (N) 3.75

Electric

600.05 10.00 0.05 300 @ 0.00

American Business

Forecast

by a' fine amounting to not mora ganks in Antwerp. It mom United Press today.

conditions governing transport insurance are set forth

вент

cover

for the

*Page 9

MESSAGERIES MARITIMES

M

"EPINAL" "AURAY

-ARRIVALS from Europe

from Japan

SAILINGS

M

PASSENDIR/TEEIGHT SERVICE

*LA MARSEILLAISE” "LA MARSEILLAISE”

"AURAY" "GRENOBLE" "QUISTREHAMTM "MEKONG"

to Japan

to Marsellica

FREIGHT SERVICE

6th July 11th July

9th AUF. 22nd Aug.

N. 'Africa & Europe 13th July .N. Africa & Europe 31m July „N. Africa & Europe 12th Ang ....N. Africa & Europe 6th Sept, for

PORT SAID, TUNIS, MARSEILLES, ALlgiers, obaN, TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM,

CIE DES MESsageries maRITIMES A LIMITED COMPANY INCORPORATED IN FRANCE Queen's Building

Tel. 26051 (Three Lines)

MAERSK LINE

PART FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

MS. "LEISE MAERSE” M.S. "GRETE MAERSK" M.S. "OLGA MAERSK”

July, 16 July 30

Aug. 14

ARRIVALS FROM U.S.A.

M.S. "GRETE MAERSK” MS. "OLGA MAERSK” MS.

July 6

July 19

Aug. 9

i

This danger is emphasised in letter from Belgium, which points out that by a decision on

New York, July 2 the part of the French Govern- ment

General business in the apparently dictated by the desire to prevent currency from United States will continue leaving the country, French ex- at a high level for the re- porters using the port of Antwerp mainder of the year, Mr must insure their consignments A. W. Zelomek, economist in France; and may not, as was

custom, have their marins of the International Statia- Insurance covered through

the

tical intermediary

Bureau, told the of their forwarding may be

He said this prediction holda remarked that here there is no cuestion

** with or without a cease-fre of a loss

of foreign currency, since the opening of order in Kores

The economist believed that in art. 14.of the law as follows the credit by the buyer for the

the

recession in prices "The insurance of all classes of French soller provides, under the and in production of many in-

prosent goods ontoring the country, in

intended to

2o dustries and in sales should not any manner whatsoever, must cover insurance "Furthermore, continue beyond the next 60 be effected by Argentine the French ins

insurance companies doys and at the most 90 days. when the which will

these marine insurance companies

He sold "An upturn in gen- risks are borne by the consignees, risks, must, in their turn, re-

emi business during the Inst and the insurance of all classes insure themselves, and this will three to four months of 1851 in of goods leaving the country, in then have the effect of bringing clearly indicated." 2000 0.10 any manner whatsoever, must be about a loss of foreign currency.

He anticipated a higher grOSE 1000 effected under the same condi- This decision would, therefore, national product

4 не

loot 00000 tons when the risk of marine seem to be merely a measure of quarter than for the second or 1000 6.60

borne by the protection, favouring French | third quarter, also o bigher 600 0.70ransport is

The Customs {OT-

Insurance companies at the ex-- Federal Reserve production in- 1000.00 Consigner," 1000 Gmalities include the obligation pense of others,"

dex in December than in June, p 20 20 500 6 23, both to declare on oath that the

higher consumer Income TWO.EDGED WEAPONS 1000 4 201s

risk has been covered, and to be

December than in June and a 500 @ 2094

in possession of a copy certified All this is very true, and it good-sized recovery

in pricce by the police authorities. might be added that restrictive from the low levels to be re-

Laws aimed at protecting acorded in the near future. THE IRANIAN DECREES

national market and at con. He said the stock market will In Iran, the Government has serving currency can prove to be not be in a major bear market. promulgated two decrees, dated two-edged we

weapons.

one. As we now-United Press. 500 @ 10% December 8, 1946, and May 31, know, French shipowning in- 1047. The latter doɑrea rendsi- terests are opposed to the re- "All goods imported into Iran quirements that French ships any of the banks

claused documents is under- bc Insured

anxhali with

ba insured with French standable, Bл shrli Insurance company registered in ins

insurers, even those Insurers trade If it goes so for as to When the credit for the 11 Irun.

the are allowed to re-inture

with ensure that any documents 1000 of 12 import of the goods is open, the

the underwriters of other nationa.

however in- PENINSULAR bearing

clauses, 1000 or 14 autorised banks shall demand No doubt the case of the Liberte nocuous, will be refused. 1500%

import

the had some merchant

influence in arousing It may be recalled that at a insurance policy proving that the This

opposition for, after she had meeting

council goods were insured with a com- been reconditioned at the cost of international Chamber last year, pany registered in Iran. After about £8,000,000, the national a definition of a clean bill of this insurance policy has been market could only provide cover lading wo

which did submitted, the bank may proceed

the opening of the credit."

It is

is not int

was the subject of

Telephone INDUSTRIALS'

Cement

101

flops STORES ETC.

Dafy

134

273

-271

11 must

1125

of the

for un-

it is a handicap on

of the

of the

for about £3,000,000, leaving lading was drafted

| not entirely satisfy bankers,

unizaured. £5,000,000

since

It would stem that export clear. however, whether the undiscussion between the Rritish goods which are sold fo.b., or covered amount is

is at the risk of Liner Committee and the British. which are the properly of foreign the shipowners or whether the Bankers Association. A revised merchants are exempt from this

to

14.

wautan.... 1791 1892

100

Crawford 23

........ 2.00

OTTONE

Ewa

The Rubber

Markets

London, July 2

Prices of rubber futures closed closed here today as follows:

Number rubber, In cents

per ib. Augusi

September

October/December

January/March

Apri/June

decree. In such cases the buyerovernment has given ony 12[draft,

demnity

mity in respect of the de-

as laid down. Sales 1.o.b. must | BUT, BUT RAs it resul

bank.

the

be

which It is understood

LAURA MAERSK”

For Freights and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

SAILS:

Tel, Nos. 36066-9.

& ORIENTAL

QUIS

STEAM NAVIGATION COMPANY

R. M. S. "CORFU“

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the 6th July at 12.00 noon "for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden andgu Port Said,

"ALL passengers baggage must be "sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 GATE, CANTON ROAD ENTRANCE BY NOON on THURSDAY the 5th July,

may insure the goods with the ficiency which would arise if the has been accepted by the British

Bankers'

Was Association, company of his choice. Other vessel were totally lost.

adopted by the council of the export goods must be insured Again, marine Insurance is an

The new wording is, with the Iran insurance company Invisible import. involving the fact, more than a definition, for

of currency in payment of

It opens with the statement that: certified by an authorised

"Shipping

documents boring in a profit to the insurers. If a reservations as to the apparent The decree of December 8. loss is incurred, it becomes an good order and condition of the 1848, requires that the general export, since the insurers have to goods and the packaging may be shall provide the currency with which refused. There follows, how- Customa administration for all export goods dispatched 10 most the claim. It is one of ever, the proviso: by motor-lorry, rall, steamship, the great advantages of an inter "Such documents should not

demand

national insurance market that aircraft,

refused 4434-35 or

merely because they 42-43 Insurance policy proving that the in the oven, of catastrophe the contain: 4-5 goods were insured in Iran. The loss does not fall

upon

(a) Clauses which do not ex- 57%-22

administration

may refuse per- the nation affected, but is met in

packaging Are unsatisfactory, mission to export goods if ruch part by the insurers of other Pressly state that the goods or

is not nations. In the case of both 'insurance policy is

second-hand containers, submitted. Trade in frontier San Francisco earthquake

used drums, &c.

(b) Clauses which emphasise | SPECIAL NOTE: With the exception of hand packages, amount of the money the carriers' non-liability substantial The present tasks, subs regions is exempted from there the Tokyo earthquake, a provisions.

for reconstruction was required

required administration are enforceable in provided by foreign Insurers and risks arising through the nature

of the goods or packaging, the

national finances strain on

"(c) Clauses which disclaim on the Customs orans where the agents of authorised insurance was eased to that extent.

the part of the corrler know- Just how the discussions at to insure the

ledge of contents, weight, companies agree

hove

measurement, goods and where the necessary Lisbon

of discrimina technical

quality specification of the sport lasurancs re- goods." tion in transport by the Insurance, companies are made to be seen, but the Inter- to be found. "These circum- stances must be certified by the national Chamber of Commerce general Customs administration in its campaign

carrying on very good work

against and by the Iran insigence con-rimination in which, no doubt.tions applicable to shipping do-

www

-United Press. U.S. PRICE OUT

Washington, July 2 The Government selling price for rubber has been cut 14 cents

lo 52 cente a pound, in line

with

the announcement June 21,-United Press.

New York Sugar Futures

an

on

ย

the

VCTY

means for technical inspection important que on this all- |

New York, July 2 World sugar futures closed pany." today 1 to 9 lower, with sales Contruct No, & closed 9 lower to 4 higher, with sales totalling 235 contracts.

U.S. CONTROLS Montana College, was named totailing 497 contracts.

TIGHTENED

The

Authority

today chief of the Economic Co- operation Administration's nis- sion to the Philippines. He re- Washington, July 2 places Vincent Checchi, who has

Production

chiel of the Philip en acting controls pine mission for the past several

National

tightened today on the use

during three

ing July 1.

of pig tin months. Mr Renne plans to start leave the United States for his months

new post on August 1.

of Greenwich, New A native As previously tin users aro limited to 90 per cent of their Jersey, Renne was born in 1905.

the Joined faculty of Mon- rate of consumption during the He

Prices closed today as follows:

Contract No. 4 (world) Beptember January (1053)

March

May

July

September

Spot

Contract No, a

September January (1952)

College in 1930 me

March

MAY

July September Spot

first half of last year. But the tana State clause which had permitted them assistant professor of economies 10 exoced that quota for and agricultural economics. He ing "implements of war is become President of the Univer- making eliminated.

Heretofore, anybody could buy

in 1943.

ECA

Chief, William

4.79 traded 4.20 bid

1.40 bid

6.40 traded

5.41 nominal

6.49 nominat 4.75

5.72 bid 6.77 traded 0.40 traded B40 nominal

841 nominal

5.44 nomina! -United PreRE.

3.75

up to five long tons of pig Foster, anid Renne is eminently Pepper Market

tin without allocation. This fitted for his new post. The exemption has been racuced to Philippine Ambassador, Joaquin 0,000 pounds.-United Press.

Elizalde,

welcomed Renno's appointment-United Press.

Rates Japanese Bonds

London, July 2

Exchange

Business was done in the unofficial exchang market morning at the bollowing rate

Jocat this

Japanese bonds

(44. of 19)

Indonesia quliders, par 100) ..

(80) of 3034)

(5159", of 1831

sited Press.

Un dollars (per (91)

Esimera ticalo (per 100)

Ringsporo (Biraita) FİLİPANİERS (per 100)

Slowness

In motorship visions of the

2

Traning

for

or

NOTHING DEFINED This wording is in no sense a It lays down condi-

definition. dis-

at

cuments and is largely ex- planatory. It defines nothing. The actual definition comes the end of the wording. It reads: [“A clean bill of lading is one which bears no superimposed fective condition of the goods or clauses expressly declaring a de- packaging."

The wording of these deerees the newly-formed "Freedom of raises an interesting point. If Insuranco" committee

of the the transition is 1eral, the re- International Marine Insurance ference to "motor-lorry, railway, Union will willingly co-operate. CLEAN BILLS OF LADING steamship or sircraft would seem to exp from the pro-sidered at Lisbon was the defini goods carried Another matter to be con

bill of law, thon restrictive

clean but it is probably too much to lading a question, discus ed

· coliane In thes

May on

This is explicit. It leaves no hope that even the wily

2. Here there is no question loophole through which banks Insurance Booking

cheap

with of influencing stubborn and might escape the acceptance of market would get away

Instituto tmt. Some of the

short-sighted-governments, but bills of lading on grounds of un- be-cleanliness, although argument Clauses in general uso stih refer of reconclling differences

over questions of tween two Important branches might arise when "steamer" A

COLTETASIDE, for mechanically propelled ocean of

while fact, as, for instance, whether

clause relating to

to the condition going vessel is meant, but no one shipowners and cargo owners ara.) a

packing embodied supposes that the word does not concerned in some measure the of the goods or Include motorshipe by implics major parties are underwriters an express declaration of de

and bankers,

fective condition. The preambla It is hardly

to re- laying down the conditions in necessary to re count how bankers are so re- which shipping documents should The comment of the Interna-fuelent to accept any shipping minate such arguments, and not be refused should help +30 tional Chamber of Commerce on documents which suggest that the these docrom Argentine and

to

tion.

ICO COMMENT

list the concrete, security of cargo on those caewa ine whichs Irantis fama which shipment has been cannot be reached should be

"carried by passengers themselves, ALL BAGGAGE. must pass through the Wharf Co's Godown for loading on board by ship's slings only.

EMBARKATION: Will take place on FRIDAY the 6th July between 0.30 A.M. and 11.00

A.M.

New Republic

ISSUE 2ND JULY, 1951

NOW ON SALE

AT ALL BOOKSELLERS

PRESS PHOTOGRAPHS

Coplas ...... of photographs Invites your support in helping to takon" by" the South China. train the Hongkong siffiane of Morning Post, South China la-marrow. Subscriptions should be Sunday Post-Herald, and mark__1024=1mlion. Treasurer /The

Mara and Girje - Clubs Amosiation China Mall" Staff - Photo war atemorial welfare Centre graphers are on view in the Resthorn Playground. Wanchal Morning Post Build

In the New York, July 2

imply a very dangerous inter nanoad is in any way de- comparatively few. The black pepper markest ruled terence in the internal trade precisect, that they have the course of sing it will be known definition was slow and soffer in one as dusters of Shoes countries. #Unison Wress part, TeXised bills of fading claw whether

jach nadopted at the Laston; Scon is a protesi essinst these cofreived to the stock that the i awalled Borean developments.

Lower Bombay offerings caused measures, thats amples will be packed in record-hand conterence and, presuming that it buyers to back away though a followed by other governments, Carr: or that the carrier is not has been adopted, few dealers noted inquiries for which would morpolise the sapone ble fortis risks ise osatly facilitate the Arancio and grinder accountab the lower rateme of maritime and transe through the nature of the goods shipment while in conditions levels Central donerings were pors- insurance with: its object or packaging Buch schautes de in no way counter WARE. Come Kihamaolvasg bill of quirements of underwriters with reported at between $1.07-81.00. of obtaining further resources for not, in!

the Stata:"

ladio" daringleaned and while regard to kills-of-lecking and nuts United Proza

* For further information please | Brushing telephone the Bedretary: (23015).

ORDERS BOOKED