1951-07-26 — Page 9

THE CHINA MAIL,' THURSDAY, JULY 26, 1951.

MESSAGERIES MARITIMES REVALUATION OF POUND

MOM

"GRENOBLE"

"LA MARSEILLAISE"

ARRIVALS

from Europe

froth Marselles- SAILINGS

PASSÉNGEL/Fnacht s£nvIČE

to Japita

to Marseilles

FREIGHT SERVICE

*A MARSEILLAISE” "LA MARGETLLAISE"

"QUISTRELLAM"

"MEKONG"

"MEINAM"

Arguments Both For And Against

28th July Bit: Aug.

Britain's

22nd Aug.

N. Africa & Europa 17h Äüg. N. Africa & Europe 30th Ang. ....N. Africa & Európe 25th Sept. for

PORT SAID, TUNIS, MArbeilles, ALGIERS, ORAN, TANGIER, CASABLANCA, HAYRE, DUNKIRK, ANTWERP & ROTTERDAM,

CIE DES MESSAGÈRIES MARITIMES

A LIMITED COMPANY INCORPORATED IN FRANCE Queen's Building

Tel. 26651 (Three Lines)

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK. BOSTON, BALTIMORE & PHILADELPHIA, vlá

SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

ARRIVALS FROM U.S.A.

M.S. "GRETE MAERSK”

M.S. "OLGA MAERSK"

M.S. "LAURA MAEKSK"

M.S. "LAURA MAERSK"

M.S. "HULDA MAERSK"

M.S. "TREIN MAERSK"

July. 31

Aug. 14

Aug. 28

Aug. 8

Aug. 21

Sept. 4

For Freight and Further Particulars please apply to:

AGENTS:

JERSEN & CO.

Pedder Building

Tel. Nos. 36066-9.

Annual Report Of World's Largest Uranium Producers

Brussels, July 25.

The world's largest uranium producers re- ported net profits for 1950 totalling 1,888 million Belgian franes.

These are the net profits reported by the "Union Miniere du Haut-Katanga," a huge mining concern

Congo uraniumTM which controls all the Belgian

mines, the richest in the world.

In its armual report to Its employed

a

1,445

of total shareholders the company, whites and 10,137 Africans to whicce assets are estimated at whom a total of 700 milion over $500 million, had, little, Belgian very little, to say uranium ore production.

about

tranes.

francs was paid in ile salaries. The company's social charges reach 200,800,000

The company has control over

than

00,000 persons and radium housed

com- In its buildings, pounds, schooled In Es schools,

On page four of the report it "Our mines produc- was cald, tion included also a certain ton-more nage of uranium

Press.

Shipyards Lead World

London, July 25.

Necessity For

RALLY IN

Considering The NY COTTON

Empire's Views

London, July 25.

A new spate of discussion has recently arisen The United States, which slumped from first to seventh place in world on whether Britain ought to revalue the pound shipbuilding after World Sterling in an upward direction. War El, inched beelt to fifth place, still well be- hind Germany and Japan. Lloyd's Register of the Ship- ping Clearing House on ship- building figures released a quar- terly report today on new mer-

bullt chart tonnage or under

in construction

the West'a rearmament drive.

mote skips

six years

FUTURES

New York. July 25, Short covering in into dealings brought a rally in cotton futures. Fatures closed 18 to 70 cents

a. bale higher. October Dreember

July

$1.09-.50 34.84

38.40 ruminat 24.04 34,35 nominal 34.43 22.27 nominal

The protagonist among advocates of such antiquing Spot move is Mr R. F. Harrod, who has argued in the March "Financial Times" that revaluation is necessary october to redress the damage Britain is suffering from be NEW ORLEANS MARRET the deterioration of her "terms of trade" and to! arrest the disastrous progress of inflation.

Cotton, futures efused 20 to 00 cents a balo higher. Octobe December

34.82-04

34.74-20

30.60

Airch

34.83-84

July

잘샀다

The effect of the worsen- } port £500,000,000 mora Middling United States which was ing of the terms of trade- goods than she did in 1949 | May ago that the non- the relative rise in prices for the same quantity of Axis world combined, produced paid for imports us against Imports. 333,022 grow tons of shipping prices for exports-is, he in three months ending June 30,

1951. An increase of 63.378 tone over the previous quarter was mainly accounted for by the completion of the 31.500-ton Hiner,

the "United States", the largest ship built in the world

since the end of the war the]

Britain led the field in second quarter as in the first and produced 2,114,319 tons of shipping or more than 30 per cent of the total.

Japan was second with 0.77 per cent of the world total of, $20,065 tons to erige Fronce with 8.24 per cent.

says, that Britain must ex-

HONGKONG SHARE MARKET

SHARES BUYERS ATLLERS SALES BANKS

But

for this Eritain cotild

either use £500,000,000 worth

of goods at home, in which case they would assist the rearmo- ment programme and help fe keep prices down, or could add the still efficient re- money to serves of gold and dollara.

THE COMMONWEALTH ·

Spot: cloned steady at 3.75 a bale lewer-Associated Prem,

New York, July 25. The enflon textils market was quiet toy with buyers aüli attempting to shakle asking ptices,

The wool goods market was fayon gonds were stalerntext, slow, with prlees henvy.-As- soelated Press.

Let us then, says Mr Harrod Short-Lived

write up the dollar value of the pound so that we may get-more sterling for our exports.

Rully In Grain Price

This might indeed hit United Kingdom exports to the dollar aren, but as Mr Harrod says, Britain must think, loo, of the

countries Commonwealth

fot whom she Is banker and dollar

Chicoito, July 25, holder; and the American de-

More wheat came into major for materials make It terminals today nhd prices|

that these countries backed down on the Board would still maintain favour of Trade after an early but able dollar balance.

short-lived show of strength. The case for revalualion 12 Wheat closed fa loweri

la extremely Sept.

East Asla

INSURANCES

Union Underwriters

100

740

10 @

743

case

3.30

bus presented

(From Our Correspondent) GERMAN FIGURE UP Business done on the Stock

this climbed

from the Exchange

morning was Germany

at $234,121.30. Noon first quarter's eighth oluce trvalued

and the morning's fourth place with 7.28 per cent. prices The sweeping removal of ship- transactions:- building restrictions in Ger- many upped her tonnage to 307,853 tons from 201,285 re- ported in the first quarter of this year.

Other

big shipbuilders were Sweden, Italy and Holland.

Lloyd's quarterly report said that 1,214 ships totalling 6,331,- 214 gross tons were under con- struction in Western nation and their allies. The total showed nu increase of 234,130 tons com-

2016 Flote!.. 4.80 pared

red with the previous quarter, HFC Land

S'hal Land ad The quarterly report does not

Humphreys into consideration such factors as the US mothball ordrTIES fleet of merchant ships.

tike

There were no figures on Russia, China or Poland,

Countries

making the largest adilitions to the existing fleets were the United Kingdom with more than 1,385,000 tons, Nor- France, tons: way. 045,400 542,829, tons; and Japan with 499,895 United Press.

European

Transport Pool

Paris, July 25. The Consultative Assembly of the Council of Europe is to dis-! cuss a European transport pool

air with a separate pool when meats at Strasbourg, probably on October 10.

Mr Paul Reynaud, former

Further, on page six, under treated in its hospitals by Is French Premier and now Pre- the casual heading "other pro- doctors and nurses--Associated sident of the Economic Com- ducts" the report said, "The uranium and radium ore ex- tracted in our concessions were exported as such ore after being [to decrease trans- concentrated" part costs).

wanted to One shareholder

com- know how much of the

obtained lake-in

WAS pany's

Не through selling uranium. asked: "What are the gross profis on dranium sales?"

ly

Long-Term Plan For Sweden

DOCKS, FTC.

N. Pt. Whart 4.00 18

Block

Provident S'hal Dock Wheelock

LAND, ETC.

Tram

3014 3.30 34

. 81

plausible.

Dec.

argu- March

May

But there are strong ments on the other side. Britain Is a member of the IMF, and has undertaken to observe the rules.

Is she then to approach it and seek its permission for the pro- posed up-valuation of the pound,

Corn: lower to Sept.: 1.72% to 3%.

Oats:

2331 to 4 2.30% 10

2.38% to 2 2.381

higher;

Seps changed to 4 lower:

78%

Rye (new style): 1 to 1 lower: Sept.; 1.79% to 1.73.

or Is she fo fake unilateral action Soybeans: unchanged to 314 and so drive more, nails-pro- higher: Sept.: 2.85 to 2.8514. 13.5 10.75 3000 1100 bably final chics-into the comh-Associated Press. of the International monetary

Mr

P. Tram Stay Ferry

700 OF 70 193 7.10 200

50 co-operation? Light (N) 4.30 4.50 333

talks glibly about C. Elf (3) 0.75 3.05 500 m 6.60

1000 the curative effects of revalun-

500 500 tion on the terms of trađe, 2.500 0.09 ..... 2032 2744 604 2512

1600 @ 26

Firetrie

Telephone .. 1115 INDUSTRIALS

Cement ..... 10.90 Itape

500

12 1200 @ 11.60

14.75

500 11

STORES, ETC.

Dairst

#35 141⁄2 500 m 14.33 420 @ 14.40 Watson. 1914 1915 1000er 18 L.- Crawford

COTTONS

Ewo

2.10

Obstruction

Of British

Journalists

But revaluation will only directly and immediately affect the terms of trade with dollar | countries,

It Britain revalues, most of the sterling area countries will ga with her, Le. they will just leave their existing paritics with the pound standing. The terms of trade with them will not be affected.

S.A. EXCEPTION

The same applies to the other sterling area countries save one, with whom the balance of trade has been growing more more adverse.

and

LONDON TIN FIRMS UP

London, July 25. Prices of tin, were firm and active this morning, Turnover was 250 totis,, Including 40 tons for cash.

Pilces closed today at the end of the official morning session as follows-

06215 nas..... 80%-860

shot un, VETS -Spat--tim-welters. Business done t Three-months tin, buyers 235 Three-menthe tin, sellers 83715

$40-8.30 Bödnek, done at Setlement

8635 -United Press. New York, July 25. Copper, lead and zinc futures

closed quiet, Ito sales. -AssES- One conspicuous exception to ciated Press. this statement is the Union of

South Africa.

revaluation

R. I. L.

ROYAL

Bate

In Pert

INTEROCEAN LINES

ship

ARRIVALS

“TJIWANGH "VAN HEUTAZA

“B0188FVAINĖ

Just July

ard Ant

31h Adit

*TJIBADAŃ€“

8th Aug.

"TARMANË

10h Aut. Bard Att.

314 Aug.

3rd Aug.

at Aug.

70% ARE.

11th Aug.

zita Aug.

23th Aug.

Date

Part

Froth

Stickar & Inda Poila Impar

BelAmérien, A. Ateles, Singapore,

Saigon & Manifa

8. America, 8. Afilca, Atogapore ♣

Atamla

Expan

"TÄITJAL.INGRA" Statasour; Java Ports & Stoťápore "DOBREVAIN". Japh

"TIWANGI

“VAN HEUTAZ“ "DOISSEVAIN" "TJISADANE”

TASMAN

SAILINGS

#TJITJALENGKA“

"BOISSEVAIN"

8. Amertra

To

Singapore, Jars Ports à Alacarons Singapore, Penang & Belawan Dell- Yokohama & Japan Ports Yokohama Japan Ports Semarang, Ta. Priok Delawan

A

Dell Kincapott, Java Ports & MarauAT Manlia, Kingapore, B. Atries & 8.

America

Agents: HOLLAND EAST ASIA LINE

Ship

"AAGTEKERK" 18th August "ANOTERKOK”

2nd Week Aug. "ALMKFOK" Alld. Sept. "ALMKERK"

27th July In August

2nd week Aug, "ALMKERA”“ Mid. Dept. "ALMKERK"

"AAGTEKERK" "AAGTEKERK"

ARRIVALS

Frarti

Europe & Bingapore Japan Europe & Singapore

Зарап

SAILINGS

To

Japan via Mizalla Manila, Bingapore & Europe Japan via Xianita

Manila,. Blogapore' & · Parsilo:

|EKINGS-BALDISGUSTELKANONENE 280}IÐANDI

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, ADÉN 'AND PORT SAITË,

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

York Building.

Tel. 94166 & 88710;

Foreign

Shares In

of the Fenniation of Merinding New York Sugar Demand In London

price

implies lower

of gold, but Mr N. C

Futures

New York; July 25, Domestic sugar futures No. Six closed a to 14 lower,

Sept.

2.01

3.30 id

Havenga has been making per- sistent efforts to obtain a higher sisten mittee of the Council, said here

price for South African gold. one-day after

London, July 25.

Revaluation today that

of sterling would has Owing to various measures of almost certainly drive the Union Committee meeting his agreed to set up a European intimidation and obstruction by out of the sterling area into the certain Communist Govern.

dollar area. transport office.

Nov. that the ments in Eastern Europe, it has Mr Reynaud said

The

already March Sterling area is practically Impossible Committee had also agreed on become

Domestic futures No 5 closed Bettish by for

newspapers and under such strains and stresses proposals to reduce tariffs

by reason of mounting deficits quiet, no sales. maintoin agencies to

COTTCS-

World with it that it could not be establishing a "low tariffs club"

those countries, wanted pondents in for countries which

Davies, Under counted upen to stand a blow closed 11 to 26 lower. Ernest trade liberalisation beyond the Mr

like that. Foreign Affairs, per cent agreed in the Tor Secretary for 00

Raid in the House of Commons qury general agreement.

today.

Pepper - Trading Deadlock

He was answering a question by Earl Winterton (Conserva- tive) whether, In view of the recent expulsion of British and American journalists

from various countries, the Foreign Secretary would consult with the United Stutes on a joint profesi,

Mr Davies said that this year there had been only fwà enses of expulsion of British Jour calists from foreign countries, These occurred In Persia.

The correspondents involved

WHEAT LANDS THREATENED

Scpt. Jan,

March May Naw

sugar futurės No.

4

0.30

0.09 nomiri 5.20 bid 5,2r nominai suger spot ... 0.15 nominal

-Associated Prem.

London, July 25. Oils, coppers, Canadian and American stocks were in demand on the Stock Exchange today.

Home Industrial shates failed Rails to, hold early gains. British Utilities. Government bonds were, ftac- tionally off.

Overseas 'stocks closed higher, i Brokers sald

many investors were switching from domestic holdings to Amertenn and Canadian shares.

There thot

plans

the

have been rumours

Labour Government dividends of

to limit

Seamen's Strike British corporations by law.

Settled

RELATIVELY SMALL

The Committee would also Edgard Sengler, President of

suggest to the Assembly new the company's permanent com- mittes, casually and discreetly

Stockholm, July 25. measures for lowering custome

West in

Europe duties said, "We

obliged arc

fo ob-

A dong-term programme for re-Sweden's serve great discretion (as

economy for

the Reuter. Herds uranium). I shall, how perlod 1051-55 just presented ever, tell you that you should by a Government expert com. have no illusions concerning the mitrée recommends larger pub- profits made through the sale of investments in trade, com- uranium ore. They are relative-munications, housing, social with welfare, schools, ere, which are small by

by comparison

sold to have Ingged behind in the whole (profits),"

Now York, July 25. company's

gross profits recent years In comparison with

The trading deadlock in the were reported to be 2,780,764, industry and agriculture

While no increase in the direct black pepper market remained 793 Belgian francs (US$55,615,- ! W 005). Out of this they paid taxation of companies or private unbroken. Prices showed the the change as buyers continued to 1,307,023,723 franc's (US$20-person is foreshadowed,

commitice staggoots switch-hold off.

1

Dodders Agured that in taxes 140,454)

from the taxation of profits Indian shipper offering prices were Mr Halg Nicholson, of £ A250,000 in the next cellaneous duties.

fo the taxation of companies' are still ranging between two Reuters, and Mr Sefton Delmer, years to farther Investigate discharged sullors. Their stinteholders

and three cents a pound above of the Dally Express, both of remedial mid preventivo mea- will get endations for higher in the domestic basis.

whom

expelled from sures,Reater. were

large freighters Perein on June 37 Local dealers, indicated on a

The British Government had nominal basis for spot pepper

the United

The

7607

mis- and

taxes

Congo

over

Income or expenditure, and

at $1.09 a pound, August and consulted with

The Financial Times daily

19.08

-Associated Press;

Egypt To

Enact New

index was 132.7, unchanged. Press Law

Associated Press.

SELLING IN NY

The

Perth, Jaly 25, More than A5,000,000 worth pro- of West Australia's most

Haifa, July 25. ductive. wheat land is thres:-

Cairo, July 25. ened with ruin as saline ground

New York, July 25. " The six-day-old strike of

Egyptian (Waldist) moisture

The stock market ran into sell-Government is planning to rush zeops through The

one-third of Israel's merchant floor of low-lying valleys. seamen endod at midnight insting troubles today after pushing through Parliament legislation

Pennefeather. Mr R R

ahead smartly in early trading empowering them to ban, con- night.

Gains were erased all alongaseste or warn any newspaper soil expert assigned to the In- vestigation by the

tire Common-

to The "Shohan" National the line but enough remained which conducts campaign wear Scientific and Industrial Shipping Company accepted give the market a mixed op "aimed at undermining the Research Organisation, recom- almost all the strikers' condi-pearance. Prices spread over a

am expenditure mended

of tions for discussions of higher range bounded by two dollars constitutional regime in Egypt."

The Ave wages did the reinstatement of either way among leaders, with

Clovernment is seeking some notable exceptions.

speedy enuetment before Paklla= Trading

the best day in of Inotensing

and one pas 2.000.000anded to around | mont's 'summier · recess if view

The strike affectan Ave

senger, slith .-Réátor. .

a month.

shares, the dest

frorics net after have been deducted for each dirce: taxation include a genotat of the company's 1,242,000 punched tax. shares, 20,000 of which are

The committee cellmates the the Belgion held by

average increase in over-all

Development Of Rubber Futures back Rails, steels, and soro at $1.09. States in the appropriate co905 Administration,

BIG PAYROLL production at three per cent per September August at

and August shipment stand would continue to do so annum, compared with slightly

an for 51.66 and August/September at when The company's money We more than four per cent made in 1950 by producing the past few years and the in- $145. a round on an ex-dock Reuter. 170,020 metrla totis of copper ercase, in industrial, production basis-United Press.

world production at three fo four per cent as

out of a

strategiculy important cobalt

ocension arose.

Synthetic

In S'pore

recont

and systematic. Tattneks · by "one" mootioii of" tho, Olls provided initial leader- Press, nè Government

ant spokes ship but they foltored and fellman raid today.

nw Tho motors joined the advance with necessary, he said, after a court

ww legislation ruile continuing to head tho

rulin reversing the forward movement even, though Government doclsion to ban steels and motors fell away. the newspaper Al Ishtirakeya

The rubber section put on an Washington, July 25. Singapore, July 25. President Truman-today pak-

sidered "loso Prices of rubber futures closed Individual display of light (Socialism) for articles con weakness. U.S. Rubber lost a ed Congrem to appropriate!$2,4 today, followay - 29 **

offence. ngainst pje novereliz fraction in a redetion from its

power. 1351440 of 1 on Tuesday 13712-13012 of synthetic rubber from guayule August

Benguet Mining again was to The draft law will amplify planta

·Delaber

the spotlight among the 16 article 16 of the Egyplinn con The programme would Include | Numors: » hrását. (Ku)

mort active stocks on sales af stitution which vaguely niyos stockpiling of sends, esmbilshing or Jeublets Aurust '10139-187 0545, i mursorios and rosearch......

22,700 altares, closing at 116, the Government the right to

confiscate ban or

newspaper would be operated by the Ag- Bout Hacids tolden 14-150% unchanged. 21, #2,50

only if necessary to protect 1.790 gulture Department, United AlmTOR *****

260,11(the social regimo."-Nadar, 18.70 Progs,

2,500,000 tone; 0,148 tens of stinat four to five ceremie NEW YORK BANK Exchange Hates 307,000 furifier development, Number 2 rubber pes

29,000 kilogrammes of cadmiunt; policy is the keynote of the

138,720 kilogrammes of silver; 41.3 kilogrammes of gold; tin

undisclosed

and inci and quantities of rudlum drie

and.

uraniam.

programme.

QUOTATIONS

Bushens wat donu in me font

exchang unofficla) New York, July 25.

morning at the following rated: New York, July 28.. Closing bank quotations. Bints Blerim note (per 2011. 10m

cobra. At of Amerfall 2784 bid 27% 1:5.bolleri (por 111). Sellers offered. refineries, | #107,00 per short ton. Coconut Baked Chase: 165 Bid 3119. Tridontal coliders (per 1007 ice

Blam icola (per 100). power plants, farms and hous-ofl was offered at 1214 cents a Bako National City: 4811⁄2" bid; ningepore (Bivate)

4515, askod-Associated Pres." VIC plastres (par 100), ing compounds the company pound United Press.

Na. "L"pale" crepu

100-101 160-103 -United Press.

Dow Jong Averagos:- Industrials