1951-07-23 — Page 9

MESSAGERIES M

"GRENOBLE”

ARRIVALS

from Europa.

THE CHINA MAIL, MONDAY, JULY 23, 1951.

MARITIMES BRITAIN HEADING FOR A

"LA MÄRSEILLAISE" from Marseliles

SAILINGS

M

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“LA MARSEILLAISE"

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to Japan

to Marsellies

FREIGHT SERVICE

25 July

8th Aug.

0th Aug..

22nd Aug.

.N. Africa & Europe 23rd July ‚N, Africa & Europe 17th Aug. N. Africa & Europe 30th Aug. ..N. Africa & Europe 25th Sept. for

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

CIE DES MESSAGERIES MARITIMES

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ARRIVALS FROM U.S.A.

July 31

Aug. 14 Aug. 28

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Aug. 21

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AGENTS:

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Fight

US Senate Over Foreign Aid Cuts

Looming In

Washington, July 22.

Some Republican Senators backing General Dwight Eisenhower for President were ready to: day to "fight like the devil" against heavy foreign aid cuts on the grounds that such action would hurt General Eisenhower's chances.

The Senate Foreign Relations Committee may open hearings on the Administration's $8,500,000,000 economic aid bill this week, following the return from Europe of the special

sub-committee survey

which visited General Eisenhower.

U.S. Aid

Needed By India

her

Washington, July 22.

India will require United Stales' assiniance to complete five-year $4,000,000,000 plan for Improving agricultural and living conditions, Madame

Lakshini Vijaya

Pa to Indian Ambassador, said today in a radio interview.

Madame Pandit sald 1,000,000 additional acres of farmland tion by 1950 under the recently

would be brought into produc-

gnrouneed project.

The magnitude of the plan

staggered the imagination, she said, adding that she believed it would be

successful in easing the problems of India's popula tion, unable to drew a decent

living from soil exhausted by

thousands of years' Intensive cultivation.

Delhi

PAYMENTS

PAYMENTS CRISIS

Chancellor Of Exchequer's

Statement This

Week

(FROM OUR OWN CORRESPONDENT)

London, July 22.

There can now be little doubt that Britain is heading for a new balance of payments crisis. The Chancellor of the Exchequer, Mr Hugh Gaitskell, is due to make a statement in the House of Commons on Thurs- day in which he will review the economic situation, and there is talk this week-end of an Autumn Budget to hold down the steadily rising cost of and possibly to do something about increasing profits and living dividends.

The extraordinarily large trade gap in June and the recent de terioration in the gold and dollar reserves indicate the problems this country is likely to face in the next six months.

The trend of payments during the first half of this year (assuming invisible earnings at roughly the same rate as the second half of 1950) shows Britain is running an annual rate of deficit of more than £260 million compared with last; year's surplus of £229 million.

now

a

·2)

But he found them far more

k with the possiblilly of

of Japanese competi-

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business dane on the Stock Exchange this morning

Was

"But we cannot complete t without your

"she added. help She gave no details of when or what type of ald would be Pusage of the wheat sought.

But the balance of pay-] turers to step up their exports—- for India bill had brought

panicularly to the dollar arca entirely tuvourable reactions ments crisis which is

and the Sterling Commonwealth countries, Government almost from the

upon us is not and would be one of the strong repetition of the old dollar links that bind the two coun-

problem.

43 It is largely She con tries in the future.

deficit that this ceded that the months of delay | Sterling hefore final passage had caused country is running and be He was able to give them Hile valued at $162,600. Noon prices a little criticism but she realls-

the slight and the mornings transactions:- coming reassurance beyond cnuse of this the consideration ed careful

comfort offered in his recent SHAGES BUYERS HELLENTS SALES the United crisis may not call for such Parliamentary statement on the 11ccessory before

those fimited measures States inxpayers ment $190,- drastic measures as

open to this 000,000,

brought in to close the dol- country to protect its export trade against the stiff competi- Turning to the current Indo-lar gap.

tion it will undoubtedly have the Pakistanl dispute

to face when Japan becomes province of Kashmir, Madome Pandit spoke of the massing of

sovereign State in full control of its own aftales. Pakistoni troops.

over

Was

Index, if the other Sterling a countrics are content to let their Sterling balances go on mounting there may be no actual "crisis" at all, in the sense that it will call for drastic remedies,

A EUPHEMISM He claimed afterwards that there was Aide tifference be- !

"Pakistani propagandists are warning the people to prepare

But will Britain's prestige between the manufacturers' point for n holy war against non- Moslem peoples," she Bald, enhanced by dis reliance on the of view and that of the Govern

But if not restraint and friendly under-ment in this matter. adding that India would

Eventual stand

standing of its Commonwealth here is a measure of agreement attack Pakistan. settlement of Kashmir's future Sterling partners to save

which has enjoyed

an un-: by its face? This is one of the ques- whic be determined desires and the will oftions MP's will probably want to precedented degree of protection Own the people

prevall discuss during the debate on the since the war, and the Govern would

ment, which is no less concerned ! after the unrest was settled economic situation.

to see this

continued, protection United Press.

would

Caution Still Dominant Note In Wall St.

New York, July 22.

its

between the cotton industry,

BANKS

IK Bank East Asia

INSURANCES

Conlon Union

HK Fire...

DOCKS, ETC. K. Whart

1420 1400

103

N. Pt, Wharf Wheelock .. 2274

LAND. ETC.

ICC Iole! 10 Land .S'hai Land UTILITIES

Tram ...... Star Ferry.......

1.10

13

D

84 8.00

100 23

C. Light (0) 0.30 7.

IN 430 430 2000 CLight C. Light (13) 0.00

2500 i 2013 Electric 2025

Meanwhile, however, there are see

there is already emerging "¦ INDUSTRIALS

rection of

STORES, ETC.

Dairy

Watson.

L. Crawford

Sinceres

300

13.00 11.20 2000

2015 1500 16.75

welcome signs that the terms

which abhora? Cenient.... 10.00 14 of trade, which have moved

oves the

of even further Ingeinst us so relentlessly, may the application of

coon begin to turn in our favour. restrictive trade practices.

"The Economist" speaks out The least we The

wo can hope for s

for this school of thought, Sir that the lower import prices

owards Hartley's hope for policies and ! will go some Away

narrowing the present alarming other countries

ing practices to enable

Japan and to take thelr COTTONS between import costs and ᏴᏢ export earnings. But, even as-place in world trade on a basis

A of live and let live, It the success suming

Bays, the vi

euphemistic no further: "seems to be an Kaesong talks and extension of the world political way of saying that the Board

of

Sun Co.,

Ewo

2 XD

Futures

the

In S'pore

tension (a hope which is not en- of Trade, which recently sound- Rubber hanced by the news from the, ed a resounding blast against

practices in we cannot ex-restrictive Trading paid off last week in Middle East)

Brifkh market, is now openly recession in

in vorld commodity av

advocating restrictive practices r pricesERSE

a ca

issues

២

August September

RIL

ROYAL

Dato

Part

Joch July

3rd Aug.

Ath

Aug.

3th Aug. pus Aug.

23rd Apr.

3rd Aug..

3rd Aug.

Tha Aux. Th Aux. 11th Aug.

2101 Aug. 23th Aug,

Date

In Port 15th Augart

-

Ship

INTEROCEAN

#THEWANGI "VAN BEUTAZ“ "BOIBREVAIN"

TSIRADANE"

“TASMAN

ARRIVALS

**TJITJALENGKA“ "BOISEVAIN“

*THWANQr" "VAN BEUTAZY #DDISSEQAIN", "TJISADANE“ *TASMAN"

LINES

From

Macaskar & Java' Forta

dapat

B, America, B. Ateles, Bingspote,

RAEOD Manila

9. America. 8. Africa, Singapore &

Manila

Japan

+

Macamar, duva Porta Japan

SAILINGS

TIITJALENGKA” "BOISSEVAIN"

8. America

To

&· AingapoTO

Kingsport, Java Porte à Macassar Singapore, Penang & Belawan Delf Veoliams à Japen-Ports Yokohama Japan Porte Semarang, T. Priok & Belawan

DALL

Bingapore, Java Porte à Macarame Kablla, Singapore, B. Africa & 8.

America

Agents: HOLLAND EAST ASIA LINE

Ship

"AAGTEKENK" "AAGTEKERK”

2nd week Aug, "ALMKENK" Mld. Bopt. "ALAKERK"

20th July

17th Aug

"AAGTEKERK? "AAGTEKERK"

2nd week Aug. "ALMKKNK” Mid. Bept.

"ALMREDK“

ARRIVALS

. From

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Europe & Singapore

Харал

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To

Japan via Manila Maalia, Singapore & Europa Japan via Manila

Manila, Bingapore & Europa

KINGS BULDING=FKLEPHONES:"28615-3028017

BEN LINE

FAST SERVICE TO UNITED KINGDOM AND CONTINENT

BY

S.S. "BENVORLICH"

LOADING HONGKONG 30th JULY

FOR

LONDON, ANTWERP, ROTTERDAM AND HAMBURG

VIA

MANILA, CEBU, SANDAKAN, STRAITS, ADEN AND PORT SAID.

145-14544 13814-130

W.R. LOXLEY & CO., (CHINA) LTD.

a cautiously moving stock mar-pect too much from the recent

in world trade.

Singapore. July 21. Prices of subber futures closed ̄Out ́ ́"SM ̃Harley “In Many individual

It 00 Br EFFECT

effect adjured British industry, today as follows:- sponder quickly and widely to

Our efforts to raise export

and notably the textile industry. Number 1 rubber, per ib. corporate developments, but the prices are already meeting con

to combine with Japanese and market never uppeared to be

so we cannot

other competitors in order urgos sumer resistance dominated by any mass

expect much more relict from to buy or sell.

this direction. Moreover, though

ugh make the export markets of the

world,

those in Number 2 rubber, August 1501-1401 York Building.

Number 3 rubber, August 133-134 especially Most of the reasons for cau- lower import prices may

50 Colonial territories, safe for re- Number rubber, August 12416-12513 improving quite obvious. For some way towards

producers, one thing the armistice talks at our terms of trade and therefore latively high cost and inefficient Spot rubber, unbal

"That is as good a formula as An unexpected break Kaesong were at a critical stage. have a beneficient effect on our

there balance of payments position, could be xlevised for undermin could cause a severe market re- the fall in Sterling Area coming and losing what is left of

tion were

a

complete

demanded Eisenhower's friends in Con-, ready gress, while not talking publle-accounting of the Pact Army's ly, see the forthcoming foreign progress to

aid

fight as one

13

000,000 American bulk to go

articipating in

date. Eisenhower which holds supporters feel

the

Western European

force.

for

the controls bill. They feel the Republican Party would have

done well to have given Pre-

פונדען

sident Truman all the anti- Decline

In

CX-

vlous week-Associated Press.

Raw Wool Trade

for

:

cly

and

Anda

of

them

the Commonwealth,"

BTOCK EXCHANGE Talk In the Stock Exchange this past week has mostly been about Japan. But shortly before

on

ont

news

October

Block crepe .......... No. 1 pale crepe

133-164 100-102

183-188 -United Press.

COMPANY DENIAL

Hannover, July 22.

Exchange Rates

Tel. 84165 & 88710.

PATTISON ORIENT LINE

LIMITED

S.S. "LAURE PATTISON"

11

DUE FROM:

n big cut in

reflect prices

must high stakes for the General foreign

ald spending action.

on our dollar position, Pact a dig at the personally as well as for the would be

Congress battled over econo-

Against this background it Western Allies. About $6,300,- Army and an indirect slap at

mic controis all week.

Inevitable that we shall hear The General's 'he General. earmarked

of This is the third straight week

future of near advanced more talk in the

An official of the British arms ald, with the supporters in Congress also op- that the market has

the benefits to be derived from Eese making foreign policy, in-

rom Friday's close the news of the

Everready Electrical Company to those nations

since it reached the lowest point

upward cluding the United States Far

revaluation unißted

of the yeal on June 28, butja Fartern pulley, a major issue in

each week the advance has been direction, however, w

Sterling. Any move in this esassination of King Abdullah (ssid tocny that charges by the sharp impect will certainly had a

on the Communist East German Gov- defence to 1952 prestiential campaign.

less vigerous.

weakening markets, and price, ernarent that the Company has They reason that the country

provoke bitter criticism of trading The volume

were marked down as a precau- engaged in economic espionago The handful of Republicans simply cannot afford this line panded lightly with B349.000 the other side of the Atlantic.

Dictionary

ard measure.

sabotage are completely in Congress who are working One Senator put it this way: shares changing hands as com- In Jates! monthly review

Its

Japanese bonds were strong groundless. for Eisenhower's candidacy "If we fight at home about our are not concerned about foreign | foreign policy for three or four/pated with 5,441,000 the pre- the National City Bank of New recognition of debt liability

York examines the arguments in the draft peace treaty and "I consider this as cheer Boll- affairs

alone.

They are also months, Russia might move and

"up-valuing" European

gald F. S. Johnson, can some notable gains were made. sense," dissatisfied with the stand of we would lose the works in a

In case-the five per cent member of the Company's Board Schafer Robert Taft and many hurry."United Press,

It comes ou! 1030 Issue the price rose to of Directors-Associated Press. other Republican

bluntly with the statement that: 103 and broke a 20-year record. members On

of But the recent strengthening

cnd of the week European currency positions was profit

prompted by the ex- due in part lo

to improved

from Kaesong. caused dollar but far more to US. parts

prices to decline though with- gifts grants. "The responal out affecting the underlying

and bility of America," It goes on, strength of this market. "is to hold those aids within

Another effect of the impend Washington, July 22, bounds

so no neliher to weaken

Ing entry into the world markets World trade in raw wool, in

of. a

a sovereign Japan

the 1950, estimated at 2,000 million ourselves nor to insill abroad a

false

of strength and

revival of fears of Japanese com- security."

petition. This caused weakness the more than in 1949, the United

Despite the fact that

the textile market. States Agriculture Department

position has already changed Chicago, July 22, said today.

the 1935.39 since these words were written. Eeemed to

I to be that of foreign Grala prices worked alight-

exceeded ald because it hits at the heart ly lower through a series of average by 300 million pounds this argument, which is widely of General Eisenhower's present dull trading scasions on the and was the heaviest wool trad.hel

influence

British job as supreme commander of Board of Trado last week. ing verr since 1940. The larger more inf the Pact forces.

volume of trade in 1030 was Government, faced as it is with About the only excitement due chiefly to increased exports a ca

rearmament programme the TWO-YEAR PLAN

can country

acarcely afford was provided by the closing to the United States. Taft told a reporter

the Senator

out of July futures, and even The Department said that the without outside aid, than

of the yesterday that it might be pos- sible to spread the $0,000,000,000 here the only, really

marked United States, Britain and Con- academic blandishments

economists. tinental Europo accounted for theoretical school of

the a two-year period with change came in rye. perhaps about $5,000,000,000 to

wool imports. be nilpeated fiscal year

inflation powers he wanted.

One

done

was

man explained: "Hind we this, we could cialm credit if the controls programme and we could success

criticism at Mr have levelled Truman if he failed to adminis ter the programme adequately and prices continued upward."

However, the big suc

over

the year after.

Chicago

Prices Dourds, was 200 million pounds

| Grain

"

sense

in

k

Fears that dividend limitation

shares of their hold in America, may have

012

The old style July contract 95 per cent of the total 1050 But at the same time

Government will have little

in

for the present gained 22 cents as shorts and $3,000,000,000 this delivery found themselves

in a tight situation.

Thit

Russian Imports, estimated at milion pounds, wer down Blightly in 1530-Reuter,

Sulphur Committee

is on its way deprived industrial beat attmetion and this section, too, showed warkness arul dinished lower.

Dullness In Textiles

the repented patience with

Now York, July 22. American argument that the

Dullness continuect (which European countries

characterise the cotton textile means chiefly the United King-market lost. wook.

LOADING:

Kobe In Port July 18th & 19th

12-14 Queen's Road C.

inesi

Chincio Agents:

1 markot

33.66

Business was done la the unofficial exchange morning at the following rates Sterling note (per l) US. Dellars (per. 31) Indonega qulders (per Sam Licals (per 100) Singapore (Biraito) FIC plastres per 100)

1001

1.2273 3.30 27.30

1.70

12.95

SAILING FOR:

Pusan & Japan

July 24th

Tel: 25846.

OVERSEA CHINESE STEAMSHIP · CO. LTD.

48 Bonham Strand W. Tels: 25646, 26127 r 81119

Pacific Far East Line, Juc.

Fast Regular Trans-Pacific Servico

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San Francisco; &: Los Angeles

vin Kobe, Nagoya de

Voitohama

San Francisco

Los Angeles

San Francison & Los Angeles)~

vin Yokohama. "

San Francisco- & -Los Angeles

via Yokohama

DIRECT

SAN FRANCISCO, LOS ANGELES

Vexsol

dom) should make further pro- - Buyers wore on the side. "EDGAR Y. LUCKENDAČI“

ess towards relaxation of the lines and mills did not press Currency restrictions and to offerings. wards freer convertibility.

For

From

Arrives

Strpita

July 27

Rails

July 27,

grcss

Washington. July 22.

HYMULIPPINE BEAR" "There ware tower offerings Men

LUCKENDACH”. ; “MATHEW LUCEENDACH"

San Francisco: San Franciscs

Au 13

Aug. 13

Sept.

Bopt.

of

San Francisco

།

Oct.

San Francisco

Oct. 31

Nov... L

Ban Tenochios & Los Anatales

via Yokohama

Is a little too early to Despite the development of a tell and we will want to receive song in the Korean cease-fire the reports

of the returning falls, and reports of damage to whent held in clovatore Senatory" he said.

Senator

sald that caught in the Kansas flood, spreading the funds over two wheat prices eased. There was

Meanwhile, the Government of the popular 80-square print necessarily years would not

a more pronounced trend 好

The International Materials is making every effort to instil cloth mean a 60 per cent spending wheat. In fact, than in

a greater However, other types announced today into manufacturers Priece reduction because Congress other cereal.

onded Conference.

that Germany and India, ec- sense of "export consciousmess." print cloths were heavy al “CIUNA DEAW”" can take another look at the 44-64 cents lower. programme next year and eca Price changes in the feed cepled its invitation to be re-Bir Hartley Shawrus, President prices declined if more funds are advisabla". grains were of very little impresented on the Bulphur Comet the Board of Trade, went to Rayon goods were quiet and This brings 16 18 the Marioheater heart of the curtailment of operations was The Sonato Republican portance. The market showed mitteo, loader, Benator

number of countries on the Langmshire textil lifetry-this becoming general in the Ju Kenneth a slightly nezler underlonė Wherry, and others have pi- | 'Associated Press.

Committee.Router.

week to urge cotton · manufme- dustry,Associated Prem,

Bhy

4907

For full particulars call United States Lines Co., General Agents, Queen's Building, Telf 28186.