1951-08-09 — Page 9

Page

MESSAGERIES MARITIMES Cotton

M

"'QUISTREHAM"

ARRIVALS from Japan

M

10th Aug,

"LA MARSEILLAISE” . frum Kobe & Yokohama. 21st Aug.

BAILINGS

PASSENGER/FREIGHT SERVIOS;

"LA MARSEILLAISE" "FELIX ROUSSEL"

"QUISTREHAM"

"MEKONG”

"MEINAM”

to Marvelltes vis Manila 22nd Aux, 15th Sept,

to Marseilles

FREIGHT SERVICE

N. Africa & Europe 17th Aur. .N, Africa & Earope svih Aug, N. Africa & Europe 27th Sept. for

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

"ALEKANDRE DE RHODES" to Balgon

: '

Market

THE CHINA MAIL, THURSDAY, AUGUST 9, 1951..

POLITICAL MOTIVES SAID

TO LIE P

BEHIND THE

Firms Up LIMITATION

New York, Aug. 3. Cotton Futures sawed nervously within' a range of 35 points traders analysed the Gov ernment's firat crop fore cast of the year.

મું

After a lower opening, prices

mate fell below expectations.

Prices closed today ak follows:- Spot

Page

R.I.L.

OF DIVIDENDS ROYAL

London, July-27.

The Chancellor of the Exchequer, Mr Hugh Galtskell, yesterday outlined the Government's proposals to overcome our present economic difficulties.

The interest aroused by his statement may have led one to believe firmed when the official esti- that he was making a second Budget speech and, indeed, in one important

respect it was a second instalment of his Budget proposals.

Many people had expected Mr Galtakell to introduce statutory limitation of dividend in his 435-34.30 April Budget. When these fears failed to materialise, some companies seemed to treat the omission as an invitation to go ahead and make hay while the sun shone.

October

December

25.05 14,34-34.30 34.24

March (1932)

13th Aug.

May

Juty

Oelolier

December

34.54 3.UT 32.00 33.03

United Press.

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. "OLGA MAERSK”

M.S.

"LAURA MAERSK"

M.S. "HULDA MAERSK"

ARRIVALS FROM U.S.A.

M.S. "HULDA MAERSK”

M.S. "TREIN MAERSK"

M.S.

"PETER MAERSK”

Aug. 14

Aug. 30

Sept. 14

NEW ORLEANS MARKET

313233424 34.22-34.03

Apol

34.00

October

December

Starch (1932)

$4.34

May

24,30 bid

July

33.01 bid

32.04 bid

34.26 bid

October

December

United Prest.

New York, Aug. 8. The cotton textile market was qulet today. The Government cation crop report, viderable been awalted with interest by mills and buyers, proved about in line with ex- pectations. Dealer's

This may be an unnecessarily

has

Share prices boomed in an- ticipation of larger "dividendi alarmist view. Nothing that Mr pay-outs, following the thaw Gaitskoll

proposed will ing out of the voluntary divi- affect the level of profite, as dend freeze. In the event, this distinct from dividends," "After optimism was well justified. | the first wave of selling - has

died down, the share One hesitates to impute will undoubtedly recover

Chan- political motives to a

cellor of the Exchequer, but prices will become

LONDON

STOCK EXCHANGE

London, Aug. 8. The Stock Exchange was

· morkels | mainly firm today with and German bonds in "the stabilised,

tish Government in this case it in dificult not to though at a lower level. Mean speculative spollight, Bri-

put- do so. Had he proposed statu- while, companies will be

anting a larger proportion of their were higher,., tory limitation of wages and salaries to match the enforce-prouts to reserve, and inciden- ment of restraint in dividend tally paying less tox on dis payments and linked this with tributed profis

a price freeze, he might have therefore

Moreover, although Mr escaped this criticism. But he Galtakell has not attacked the deckled otherwise.

cause of internal Inflation at lis measures he has pro-

felt the report will 'not be an important influence on the buy- ing trend in cotton goods,

WAJ

The wool goods market qulet. with civilian buyers showing no inclination to make commitments.

Rayon goois were quict. Associated Press.

Aug. 20 New Economy.

Aug. 28 Sopt. 14

For Freight and Further Particulars please apply to:~~~

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Nos. 86066-9,

17-Million Bale U.S. Cotton Forecast For 1951

Crop

Washington, Aug. 3.

An American cotton crop of 17,266,000 bales one of the largest_on_record-was forecast today by the Department of Agriculture. The best ever was 18,946,000 bales in 1937.

Production last year reached only 10,012,000 bales primarily because of acreage and marketing controls, plus the fact that farmers did not fully plant up to their aereage allotments.

Hedging In

Chicago Grain's

Today's forecast was in title with trade de mostre avdraga

guess being around 17,500,000

tho bales, while Government had previously naked farmers to aim at a crop of 10,000,000 bales,

Although it had been expected that this year's crop would vastly excood the small "pro- duction of 1950, the United Staton has temporarily main tained Ite export quota scheme Chicago, Aug. 5.

and to date has curmarked Chicago grain futures, except and

9,500,000 bales for export rye, finished around the lows for the day with wheat meeting during the first four months of increased hedge selling to erase the season-August to Novem- earlier gains due to buying by exporters.

Whent closed 4 lower to 36 higher. Prices of grain futures clored as follows-

Wheat-price per bushet Spot

September

•March (1052)

December

2.3914-44 2.42- 2.4342-93

ber.

For the whole of last season. (12 months)

today Farm experts here expested the Government to easy restrictions on cotton ex- porta

For South

Korea

It seems probable, therefore, root, the hift Mr Galtekell's speech tots posed will undoubtedly have the pattern for the Govern- some disinflationary effect. If elee statutory wage restraint would ment's campaign in the

the

trada be unpopular with tion battle to be joined.

unions, and if it is beyond the the power of the British Govern things ment, acting alone, lo

control of the

trend of import prices, the which have contributed so much to inflation, he has at Jonat taken some action in the only direction. left open to him.

In the three months since Budget, two important have happened. The cost living has rison beyond capacity of wage demands keep pace with it, and com- pany profits, have increased.

IDEAL BETTING

10

un

In Port

la Port

14021 Aur. 18th Aug.

22nd Aug.

26th Aug.

lat. Appl.

11th Aug.

27th Aux. 20th Aug.

3rd Aug.

26th Aug... 28th AvK.

di Bept.

Date

14th Aug.

1613 Au

16th Sept..

Ata Яent.

INTEROCEAN

ARRIVÄLS

S-VANḤSIRUTAE”:

PESIRADANA"

HEJİTİALENGKAM

TASMAN TINKBAR “ROISSEVATN" #TJIWANGI"

"VAN HEUTSZ"

"TJADANE" “TASMAK"

**TJITJALENGKA

.**THDESAR“

"NOISSEVÄTN"

"TJIWANGI" /

Prom

Ambrica, 8, Africa, Bingapore Mantia

Machar, Java? Pórta & Ringapor Japan

#Afrion, atauritius &...Mingspora

Atacaskar, daya Foría & Bingapore

BAILINGS

To

Balgob, Bingapore, Penang

Bolawan Bell

Yokohama à Japán Ports.

Singapore, Semarang, Thiraban,

Njakarta & Belawan Deti Singapore, Java Port & Mapankar Vokoliamá A-Jugan-Ports

Manila, Slogaparo, 8, Africk- &°N,

-America

Singapore, Jaya Poris & Macassar

Agents: HOLLAND EAST ASIA LINE

ARRIVALS

From

Rurope, & Alagapore Тарил

bon'ds

And week Ort,

Ablo

"AAGTEKENK”. "ALMKERK". MALMKERK" "JIQOGRERID* HOOGKERK”

JAPAN

urope JAMA

Leading Industrial and copper issues improved and there were emalt advances among some of the gold shares

10th Aug.

2142 Auk.

17th Sept.

stid Supt.

"AAGTEKERK" "ALMKERK" "ALMKERK" "ПОСОКЕЛИ»

The Financial Times' Index | fnd work Oct. - "ÑÖÖGKZNK” was 180.8, up 0.1. Japanese bonds

"A" (4 of 1893)

SAILINGS

"

To

Manila, Bingapore & Enropa “ Japan via Manila

Manila, Singapara & Europe Japan "vla Manila

Makita, Bingapors & Evrope

"KISO'S BUILDING,"TELEPHONEST RUDES:STOL 28017

"B" (s. of 1910) 18. at 1907) "D" 15..of 1934) **** (516% of 1554);

10:3 Convata

----Associated Press and

United PresS,

"ETRINEST

NEW YORK LOWER

New York, Aug. 8. stock market closed Irregularly lower today with a For this reason, the business last-minule show of recovery

1

The

community will probably recon- that brought prices up from cile itself to the new proposals, their extreme lows. though nothing can prevent It

This from the Government's point of view, at least-f3

deal setting for an election campaign. Had the Chancel- from hoping, as

DC-

it undoubtedly A few high-priced stocks

the $1 and #2 range. Gains amounted to very little in any arca. Trading dropped to around 1,400,000 shares.

AGENTS (BL) (ONNAGLIFE HOOVIS 6.FLES 41%, VAN

America Removes Restrictions On Cotton Exports

Washington, Aug. 8.

on the

The Secretary of Agriculture, Charles F. Brannan, today removed all restrictions size of cotton exports. HONGKONG

lor proposed stetutory limita deco, that a change of Govern- were off sharply, but the bul tion of dividends in his Bud-ment will mean that these pro- of the active leaders showed never reach the losses running at the most into get speech-that is, before the posals will

be- Statute Book. United Nations, N.Y., Aug. 8. present trend of prosis

South Korce,

almost came an "irritant on the rest once entirely agricultural, will of the population"-its political

lost emerge Industrialised from the effects would have been

But now that the high level wer which has completely

been destroyed North Korea's. wide of company profits has

well publicised, and the effect 3.1 spread Industrial facilities,

af rising prices due to world Donald Kingsley, director-

carmament, has been felt, the UN. Korean get tough with capital" general of Reller Agency, indicated today might have the desired at a Press conference.

Soulli Korea's pre-war population of more than 8,000,000 has been halved during

of

a

flying the rebel factions in the Labour Party, which

the i not happy' about

aro

Government's economie policy.

the war and there has been speculation about rehabilitating South Korea, because before the war most of the country's indused trial facilities were in North Korea, The problem is one of constituting almost from scratch

with

now

SHARE MARKET

There was no outstanding

E

| development in the news to give the market. push. Stocks cor responded to individual porate

'or industry develop. ments.

There will be no limit on the quantities of cotton that may be shipped under export licences. The preliminary export allocation of 8,500,000 bales has been in effect for the early months of the Bonds were steady, changes marketing season.

narrow,

Mining

Curb stocks were mixed, The Agriculture Department: should: From Our Correspondant) Lower wore Imperial Oil and said that export licensing wit be continued to enable the. De- Business on the Stock Ex-Electric Bond & Shore, Rheore

supply Corporation partment to keep the Included

under constant To- of

Canada and Venezuelu. situation change this morning was valued at $873,235, Noon prices and Petroleum.

view. the morning's transactions: BLADES BUYERS BELLERS SALES BANKS

TEK BAK XD 145A East Asia INSURANCES

Union

That these motives now be imputed to the Chan cellor is only natural. He. pass

over the question of wago demands

appeal to the trade unions to .prad- llee restraint, and hoped that the psychological effect of the dividend freeze, together with of "I think an expected levelling oft Mr Kingsley sald,

104 the objective of the United Na-retail prices, would help

a new economy.

tion of Korea." The U.N. in

It Mr Galtskell fulfilled ex-

tons continues to be the undica- wards this end. confronted with rehabilitating 000,000,000. For example, he reacted just as typically. Next war damage estimated at $2-3, pectations, the Stock Exchange sald, Scout lost about 85 cent morning share prices slumped the of all its industrial facilities, heavily, and this despite

most fact that conditions 75 per cent of its office 50 to 60 per cent of its living rections of the market word quarters. In Uljongbu, city of weak in anticipation of divi

limitation. But this 35,000, there is only one build- dend

"not ing with walls standing more weakness was caused

much by any active selling us than three feet high,

a lack of buying. Once the new

how He said,

proposals were known, "Our objective should not be merely to replace ever, heavy selling was expect-, to develop particularly what was there but attempt to ed provide the kind of amistance in the more speculative shares, and Jobbors to the Koreane on the basis of ke rubbers which they can develop marked down prices according- stable economy."

ly.

Press.

$Q

Most Japanese bonds traded bday gained fractionally to 45 99.1479 | more than two points on small ----@-1479 | sales. Ujigawa Electric Power:

severe dropped one..

7042

111

748

*

100 C

760 750

HK

DOCKS, ETC.

Underwriters

Fire K. Wharf 835 N, PL, Wharf 5.03

Dock

2000

Dow Jones Averages:→→ 570 Industrials

Rolls

Utilities

15 100

1000

1000

5.03

1000 125

400 25

Provident S'hai Dock. 2.45

Wheelock LAND, ETC. HK Hotel HK Land UTTUNTIS

Tram

4:10.

30 34% 100 @ 3034

200 10.00

500 34.

* Tram

Tram (N) Star Ferry C. Light (0)

7.30 4000

T

extent this

C. Light (N) 4.45.4.58 C. Light (D) 7710 Klectro 2515 129, 500

203.73 81.97 45.40

-Associated Press.

The Rubber

Markets

Number 1 rubber.

In cents par lb. September

October

November October/December January/March

143) April/fone

1131 K 200 ₫ 1116

500

15%

STORES, ETC.

Dairy

444-49% 4134-45

406-41

United Press.

SINGAPORE MARKET

Singapore, Aug. 8. * Prices of rubber futures closed today as follow:

Today's `action was: Inline; with Mr Brannan's previous announcement that it would be the Department's policy. to..pro- vide for the export of all cotton not required for domestic con- sumption, and maintenance of necessary reserve. ...

In making the announcement, Mr Brannan praised the cotton farmers for surpassing the De- partment's 10,000,000-bale cot ton goal

PREDICTED OUTPUTS

Simplified System Of Payments

Paris, Aug 8. Murshult Plan sources disclosed

today that a simplified system of aid to weak countries in the European Payments Union has been put in operation, retroactive

to July 1.

of

Sources said the change in the He said. "The production re- part released

today indicates E.P.U. agreement was mado an the probability that the supplies August 4 by the Council of the

for of cotton during the 1951-02 | O-ganisation

European season' will be' adequate to meet | Esanomie Co-operation. The new all foreseeable · domestic "' re- syelem afforda a more direct. quirements and at the same time simplified London, Aug. 0.

and streamlined method af, helping the weal: Prices

fulitres of rubber

allow unrestricted exports."

countries in the BP.U. For all closed today as follows:-

practical

new. purposes, the The following are bole pre-system benefits chiefly Austria, dictions

for leading cotton Greece. Iceland and Turkey. States with the first figure re-

Each member country of the presenting the 1951 Agure and O.EE.C. is allotted a quota. the second last year's produc- representing the limits within lion:

or deficlis Texas, 5,000,000, 2,940,000; which is surpluses

would be automatically settled Miesiadppi, 2,000,000, 1,332,000; by credits orfby gold payments. Arkansas, 1,500,000, 1,090,000;

In most cases. quotes were fixed 980,000, 676,000 or 4-bosts of 15 per cent Alabama, Georgia, 920,000, 488,000; South each country's 1948 total ax- Carolinu, 880,000

,000, 403,000; Call-

port Import trade

plus "In- as tourism, Carolina, 010,000, 181,000; Ter

400,000; Lout shipping and the 1341-1334 nessee, 300,000,

Union's the

first year of opera- 420,000; Oldalon, the weak members of the 133 -330*

12,000;).

MU

E.P.U. "were helped by the souri, 320,000, 254,000: Arizona, United States in meeting debts 130 131

820,000, 474,000; New Mexico, to the Union through a system 300,000, 187,000; Virginia 19.- known us "conditional aid,”

Florida, 30,000, 13, 4,000; 000,

The funds involved in this aid 000;, other States 12,000, 7,000.

United Press

were over and above $350,000,000, Reuter adds that Mr Brannan This pool was set up by the also announcelt, an increase of Unlied States to help finance the 100,000 biles in the export EP.U. Operations. Under the allocation for raw cotton linfers "cenditional ald

the United equivalent pulp. This States, for example, granted one brought the total 1951-52 pre country a certain sum in dollars. liminary allocation, to 250,000 on condition that this country boles.

-mako a'zimilor grant in its own cttrency to the EP.U, then the, fund is to be used to help weaker countries to meet strato, debate

- 15 15.20 1500 22 1490 | Number 1 rubber, per 1b.j

1500 10.

August

650 24.

20 25 D

300 → 19.50

September

October

Number 2 rubber/

One of the first steps 18 lo To u cortain replace 200,000 cattle lost in the reaction can be held to justi wor. Talks are going on with fy the Chancellor's proposal to Pakistan, Thalland and other clamp down on dividend pay- to get 20,000 cattle monts. The violent movement countries

his into Koren by next Spring and in share prices following

134% Telephone lopped off INDUSTRIALS plans are under way to import statement merely

Coment exporis were brown cafiile, meet and mild come of the increase in sharo limited to slightly under 3,700,-from Switzerland. United values that has taken

place Rou 1000 balos,

com- since the Budget. The panies that benfifted from this recent rise in share values -

.....10.30 Watson mainly industrial concerns and commodity producers will still

3. Crawford 243, make profis. The rearmament COTTONS

3.30 programme and the inflationary fu- tise in prices makes this evitable. But the proportion of profita payable to share. holders will be strictly limited, The biggest cut-back will to be made by those. puntes which increased ably more cofion would be More shipped abroad this year than barrels a day of crude oil and dividends most sharply Now York four-per 200 16. mek. Last year when the crop was products have already been the abandonment of the volun- -12.00-United Press.

found to fill this month's over, fary restraint policy. very small

It was bolleved that quantity scas defelt of 060,000 barrels

TWO TRENDS

Corn

Spot

December

6-1.73

HIGHER

EXPORTS

It was reported that,

September

March (19323

after

May

nye

the cotton mariteta closed today,

July

1.74

the Department of Agriculture

September

1.75

would ́ announce that consider-

Okta

July

00:4

September

034

"

Making Up Deficit

New York, Aug. 0. than half a million

New York Sugar export quotas would be aban- a day caused by the Perslani

Futures

New York, Aud. -8.

Domestic sugar futures No. 61

closed 8 to 11 lower,

September

November

March (1932)

May

July

Septembar

doned and foreign shipments stil-down. placed

an "open end"

Icensing system.

have . CUTI- their after

מא טאלב

LONDON TIN MARKET

as

London, Aug, B.: Prices of tin opened firmer this morning. Turnover was 100 tons, including 30 tons for cash'

Prices closed at the end of the in the opinion of the bust-official morning session

of follows Thees figures, which were ness community, the effect

wil Boot tin, buyers. that the compiled on August 3, were Mr Galtskell's proposals

Tip two reccati Apoi tin, sallere supplied Government could keep cotton

Ao the American bo to speed

Investors will do Business done at

within three-month tim, from going to Iron Curtain Foralgn: Patroleum Supply: trends.

Commitico countries, birs that other coun-

by

its Brits Cvorything permissible

the horrow Imits set by the Three-months ini, the

aller Overras trica would be allowed to buy counterpart,

exchange controls to get ther Petroleum Supply Committee.

money out of Britain and this nusigers dono at The 650,000 barrels addition can be expected to cause even settlement. 54

more activity than recently an

That would mean

8.47 bid 5,40 bid

A nominal

as much as they wanted.

H

export

Colton was: put under

control

Domestic sugar futures No. 6

ejorad-quiet, no salesisiv

World" sugar futures. NO

closed 2 to 10 tower.N

· #zptember 2012 **

January 113012).

March

8.45 paraizia)

Beptember Gá

HAY'S QUEST, Mpot: : 0.90

rigid

...in

buyers.

August Number 3 rubber,

Augurt

Number 4 rubber,

August

Epot rubber,

unbaled

Black crepe No. 1 pale crepe

144 14455 139-189

· 124-125

સ

.145 9919-1001%

183-180 United Press.

NEW YORK MARKET

New York, Aug:"8. Crude rubbar spot-No. One ribbed emcked sheets closed at 62 taked-Associated Press,

NEW YORK BANK QUOTATIONS

Bi5-420 00015

New York, Aug. D. 057 -Closing" bank quotationale, A -Rok-100 ↑ Rank of American 20 pld, 2015 asked

30 bid, 45 bid. 47 asked

Press,

fant Autumnat apply includes 270,000 the Canadian security market. Export: regulations...now barrels of crude ell and pre-Secondly, it will mean effect set total quotas 2,500,005 måles for the x-month duets bought from American Companies will and it more Exchange Rates period ending

January 1, 1902, sources the United States, dimcult to raise now capital,

the Caribichards and the Eosing of export, restrictions could be expected to hayo a

“Middle East Avaliable for themeN EXPERMOTARIO LITIO strengthening effect on prices, Immediate collection theirs borrowing frain's banks: which declined" considerably to The reet was jald to you Code: Chalakoll,

made. recent weeks on the basis of greens Increases |prospects

frostliny-owned production and poshla

K

formin. 1.730,000, 978,000, North; visible" trade. During

or

*

Pepper Market the Union. Under the new system

Firms Up

set up by the Comell explained, ruch U.S. aid to the wesker membera iz now going directly to the needy country with the E.P.U. acting as little more than bookkeeper for the eponen Volted Press,

by New York, Aug. 8. Black pepper ruled armer in fone although quotations were not disana M geomaliy unchanged. Dealers Iradfonted apot, and naarby de-in muut

liverios at around $100 pound Copra was sold at $175, par

New York, AUR B.. with jajar positions posibly one FontFlowdo

shortton, Cocoanut oll was

London market. offered; again at 18-1/4 cont"

Thod | aking with higher replacement | pound" but dealers, indicated [h="| cost in India - helped, to shape that "business" might bo doné Iné markoti "sentiment, pamtimited:] on a bid of 13 cents. in United