1951-08-27 — Page 9

Page

MESSAGERIES M

"MAGELLAN"

**FELIX ́ROUSSEL"

+"MEINASI"

*"OYONNÁT”

THE CHINA MAIL, MONDAY, AUGUST. 27, 1951.

MARITIMES SERIOUS BLOW TO BRITAIN

Loss Of Earnings By Anglo-Iranian

Arriving Teaving

Sept. 8

M

Rept. 15 "Mirkelilan Hept. 27

•Rept, 44

Sept. 26.

. Atslea & Estope

..Det.' 23 Det. 25%

subject to change, without notier,

passengers & freight-

† freight for Portsnid. Tunia.-Algiers, Oran, Tangier, Casablanca. Havre, Dunkirk, Antwerp, & Rotterdam.

'CIE DES MESSAGERIES MARITIMES P.0. Box 53, Hongkong

Queen's Building (gr. floor) Tel, 26651 (3 lines).

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vin

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "LAURA MAERSK"

M.S.

"HULDA MAERSK"

M.S. "TREIN MAERSK"

M.S. "PETER MAERSK"

M.S.

"NICOLINE MAERSK"

M.S. "SALLY MAERSK"

ARRIVALS FROM U.S.A.

Scrap Prices

Raised

London, Aug, 20. Serap iron and steel, urgently needed by Brilla industry

FEATMA » as the ment drive... gathers momentum, is to be 'rakel price by £2 per ion as from tomorrow,

The Government ainus

order

to encourage scrap collecting and help fil1 Clie gap left by declining in ports.

"British serap prices live been fairly stable. `siuco 1037, averaging about-CR a ton-Reuter.

HONGKONG SHARE MARKET

Government Faced With A Very Difficult Position

(FROM OUR OWN CORRESPONDENT)

London, Aug. 26.

R. I L

ROYAL

Thatr

In Vert

Port

10th Aur.

5th Apr.

Cih Kept

12th Sept.

*

Bent.

128th Aug.

2nd Sept.

7th Reply

The breakdown in the Persian oil talks leaves the British Govern- menti

tin un extremely difficult position both politically and economically.eth A. In the economic field the immediate problem it has to solve is where obtain alternative supplies to offset the loss of Persian oil production.

solution to this Fortunately we are not alone in seeking a problem. Any major breakdown in oil supplies at this particular time would not only have a serious effect on the economic position of this country; it would also place in jeopardy the entire defence effort of the Western European powers.

•

| Ang.n-Iranian Oil Company's

Recognising this danger the United States doller reserves, the end of the petroleum administration for defence has ap operations in Persia, would have proved a plan worked out by 19 American oil companies to expand their production of crude and refined products to enable larger supplica to be diverted to Western Europe.

This plan has now been put into action and, together with steps being taken in Europe, should result in inaking up about 255,000 barrels a day of lost Abadan production.

(From Our Correspondent)

Business done on the Stock Exchange this morning WAS valued at $316,775. Noon prices) But this does not mean, that and the morning's trans-logs of the Abadan reanery actions:

could be regarded with equanimity. Total output of

oil

12th Sepf 14th Reg tard · Sept.)

Date

*ish Sept.

29th Sept.

a further serious effect on the balance of payments.

Vita Imports into the United 17th Sept.

exceeding Kingdom already exports by £670 million up to the end of July (compared with £345 inllon for the whole of We are now Inced with the last year) it is becoming in prospect of having to spend far creasingly certain that there will ¦ end Sept. more dollars on oll, and be a large payments deflelt at "preliminary estimate" of what the end of the year, this extra expenditure may} amount to has already been made by Mr Gaitskell, Chancellor oli the Exchequer.

EFFECT ON PAYMENTS

SHARES DUYERS SELLERS SALES Western European refineries last. He pointed out that loss at dovT. LOANS

Aug. 30 Sept. 14 Sept. 20

4%

(1) N

Sopt, 14 Sept. 26 Oct. 20

BANKS

TK Bank

1515

For Freight and Further Particulara please apply to:--

AGENTS:

JEBSEN & CO.

Pedder Building

Wall Street

Tel. Nos, 36066-9,

Losses

Not Regarded As Significant Trend

New York, Aug. 27.

INSURANCES

Canton Union

HX Fire

DOCKS, ETC.

K. Whart

235

.747! 780

140

0614

N. Pt. Whart 550 3.35 500 1000 1111.35 1000 &

Provident

LAND, ETC.

JUK Hotel

5.00

4000 1000 #

92

HK Land Humphreys

UTILITIES

Trani XD

Stor Perry

13.10 to

ol production

year was 20 million tons-only Anglo-Iranian's four million tons more than the would not Involve loss of dollar

SERIOUS

BLOW

The United Kingdom's over- seas trade deflelt last year was more than covered by earnings from Invisible exports but it would be too much to hope that! the same thing will happen this year.

INTEROCEAN

shoviskey Vis”

JOT UNESA BUT

**TAIWANGI.,

ARRIVALS

LINES

Prom

Java Porta

8. Aftien, Staneitka"» sinuspore Alacagást, Java Porta & Singapore, siralle & Relatvan Deli

"ATRAAT BOENDA” BIAmAlen," 8. Afelen, "Bingapore:

*TJRADANYA

Mandin

Japan

SAILINGS,

**TJITJALENGKAN ROHBREVANGO T

-TIMESAN"

VAN REUTSZ" *THWANGE

"STRAAT SOENDA" *THSABANG"

Singapore, Invà Ports"& Mårnetat. Manila, Aingapore. (8. Afrien' "&" A,

America

Yokohama & aapan Paris

Japan Perin

Binzapère, Java Porin & MacaRRAT Iapan Paris

Mánila, Singapore. B. Aftien &

Ameira

Agents: HOLLAND EAST ASIA LINE

· Ship

"ROOGKERK" "ALMKKOK** "NOOOKENICH

7th Rept

Sept.

"HOORKERK” “ALMKERK* *[HOOGKERK

REKINGS RUILDING.

ARRIVALS

From

Europe & Slazapore, Laban

Зарап

SAILINGS

To

Japan via Manila Manila, flagapore à Europe Blanila,, Singapore, &- Europe

TELEPHONES, 284) ~ 1. 201“

FERENCSETTAGESEN RECONNAL GRI" "RIONTI, K. FEINUMANG TABLE

output of the Abadan refinery earnings since these after The Economic Survey original- PENINSULAR

Juring the same period.

But, if i did not earn dollars;

saved

& ORIENTAL

NOS

STEAM NAVIGATION COMPANY.

R.M.S. “CARTHAGE”

allowing for the dollar expendity estimated that the surplus on ture necessarily incurred in invisible accoun: this year would There is reason to hope, how-producing, refining and trans-be rather dver £50 million

bren oll-have ever, that loss of Abadon would porting the

greater than in 1950, giving a not be so serious as this .com-hegilgible.

total of about £450 million. parison suggests: The all com-

But this cutimate has since been modified and invisible ex- milice for the O.E.E.C. has just reported that total production of Anglo-Iranian certainly

ports are not now expected to Western European zeilneries is dollars for the Sterling Area.

exceed £400 million. Even reach expected to

63 about

Mr Galiskell's estimate was this loyer figure may be difficult million tens annually between

tha initial dollar cest to achieve. 5.30 1962 and 1953-which would t

The Economic Survey at- 530 more than cover the gap left by volved in maintaining our eil 11the Ires of Abadah.

trude without supplies from tributed

In last the increase Persia might be somewhere year's comings from Invisible betwem" $300 million and $400 exports to a number of factors, million a year at current price including "the operations of the

extensive Bi fish oil industry." a figure which, he added, would

Anglo-Iranian played

con- ! progressively diminish British-controlled capacity came siderable part in these operations SAILS: into production.

and the loss of its share of Quite, apart, however, from the carnings will be n serious blow prospect of a heavy drain on eura our economy..

4

Britalu is expected to make the 1500 5.80 largest contribution to this extra Sharefining capacity with an output of nearly 21 million tons an- nually by 1852-53.

C. Light (0) 735 7.00 2000 a 7.43 C. Light (N) 4.45 C. Light B) 730

Electric 29.40 20

1600 4720

500 29 1000 291) 1300

INDUSTRIALS

Cement

11.00 11.80 1000

Go

A lot of backing and filling in the stock STORES. ETC. market last week ended in a net loss. The net result was not significant.

Brokers were inclined to attribute It to traders' indecision while, the market swings just under the mid- summer peak; caution born of the negotiations at Kaesong and Teheran; and absence of a big section of the financial community on vacation.

on

There ware, of course, a, mul- reasons why titude of other the market headed lower. Most of them concern pressure individual issues or sections which declined despite specialised strength which spread throughout the market. Last week saw the mosi critical phase so far in the

15% and Paciae Petroleum Ltd up 13/18 at 0-15/18. Associated Press

Royalties Oil up 1% 31

MODERATE

Kacsong annistice negotiations ADVANCES

between the UN,

the Reds, while

und

envoys In Teheran and London a breaking poin,

was reached in the argument IN GRAINS

between Iran and Britain over franian nationalisation of the Brlish-owned Anglo-Iranini Oil Company.

the street -

market of these things. Does resumption of full-scale

aghi-

Ing in Korca, mean higher stock

J

The breaking off of cease-fire negotiations in Korea

to market ga: the

the

flrm

market prices? Or lower?

The cast of living as. mean slightly, although both wheat

200

The committee's report also contains encouraging news of the Progress being made in develop ing European resources of crude pil. The major producing oil- felds, it says, are in Germany - 29.00 and Holland which are yielding more than 60 per cent of Western European crude of supplies. 11.00 Steps are now being taken to 11.65 increase the output from both

these sources, · ·

11.60

45.20 15.40 200 1336

Dalry

Watann

L.

Crawford 1.25 COTTONS

18.75 1016

200 # 25

Ewo

....... 2.40 2.60

DIFFERENT LIGHT

300 # 34.25

In addition 230 k 16 29

to this it is cs- 605 16.30 timated that five per cent of the world's sedimentary deposits likely to bear oll iles within the borders of France and ils ever- torics and the Asso-

Americans Hunting For Crude Oil

a

reas

territories

ciated States in Indo-China. This

as new

Buying Factors

Again To Fore In New York

Cotton

New York, Aug.26.-

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the 31st August at 12.00 Noon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port, Sald.

-- 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 30th August.

SPECIAL NOTE: With the exception of hand packages-

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

tends the committee to believe Future prices advanced $1.05 to $2 a bale on EMBARKATION:

hat there are grounds for ex-the New York Cotton Exchange last week with pecting considerable expansion the largest gains in the more distant deliveries.

of crude oil production in Western Europe itself.

With the extra

Buying factors again were prominent in the

Will take place on FRIDAY the 31st August between 9.00 A.M. and 11.00: A.M.

supplies that market and in many cases were extensions of the NOTICE TO CONSIGNEES: made available by previous week. The goods market continued to American companies to help all

re to be

the

gop

lefa by the loss improve. Some sections of Texas remained dry,

of Persian supplies, the prob- and there was talk of stockpiling.

lem Ir obtaining crude oll

upplies to keep the European efineries working should not be .co difficult to solve.

of the seven

The committee estimates that jemand for oil by the OE.E.C.

tons, leaving,

after

CONSIGNEES. PER LLOYD TRIESTINO'

zn.s. "CABOTO"

te hereby notineti that their cargo: being discharged into the long kong & Kowloon Whart Be Godown. production.Co's godown where it will be at

What's terms and condition

serge. How

dealers said that

The Hong Kong Countryside

cunstances risk and subject to the storage, and where delivery may be Throughout The ahtained,

Seasons by

Damaged packages are to be left

in the Hodawns for examination by Coneliness and the Company's mUT

GA C. HERKLOTS

There was talk, also, of credi, felt that the early demand might.). Washington, Aug. 26.

to stimulate exports.

have been the result of the Texas The Petroleum Administration

Growers, were advised to put heat wave which brought fears for Defence announced that

of their stock' us of a lower • erop The committee's report, how-up as much It is seeking information con-

ver, does not fake account of possible under loan. and there While active business took place cerning the availability of ad-

he loss of Persia: oil supplies were reports that preparations in the print cloth section of the ditional

the crude all within United States to replace crude and this puts rather a different were under way to receive up to market, very little business was million bales. Trad done in sheeling. During the estimate Ight on its Chicago, Aug. 20.

oll/diverted from the 'Midle

the 04 X 60, 304-inch that is estimates, however, still ran to week of dollaroll amount Wheat and corn advanced on East which normally moves to the Board of Trade last week, the reineries on the east coast ikely to be needed to meet the three to five million bales, as a print cloth construction moved

Jup three-quarters possibility.

of. a cent arm on outh & Douglas at 10 nm. on the 20th August. 1931. There has been long argu helped along by export sulca

of this country and Canada. xpanding European demand. inent over just how the Inves- and cool weather, but there

The previous high was in 1937 yard to 15% cents.

To comply with the General Bond- Woollen lur

and,worsted goods ed Warehouse Regulations, consliners und trader-and

Information was requested at was nothing spectacular about

when 5,581,000 bales went into

the must have a nevenue Officer in at the average man in the

the upturn. The rest of

go: a lift from the loan. In 1948 the total was market P.A.D. meeting between Interpreis the effects on the market was either mixed

business in cotton goods as well tendance when damaged dullable officials and representatives of countries in the target year 5,272,000 bales, or lower.

14 petroleum companies.

(1952-53) will reach 73 million Exchange statisticians Enid its from word that the Ariny goods are examined.

No claims will be admitted after had

-ked for certain

was a little early to be making Quartermaster The Acting Deputy Petroleumdjustments have been made, estimates, but they gined the offerings on around 2,225,000 the goods have left the steamer's godown, and all goods remaining Administrator, Mr Alfred 114 million tons to be imported. total

eroy and yards of blended

ow undelivered after the 29th August, 'supply-new that Frame, told the meeting

this it will be subject. Is rent. ever. 0,000 assumes that carry-over-would be 10,400, resulted only in elight improve- The committer it was necessary to And ad-

All clalma' against the steater sured by the July 15 index of and corn had been moving up ditionat domestic crude oil to half this amount will be non- | baieś. They made a conservament in interest rather than in must be presented to the

Possible the Bureau of Labour statistics Before this unexpected 17- normit further diversion of dollar oil. But, with the Persian, tive athmate of a set a new all-time high level cident. There was no rush to Middle East oll from refineries supplies tone, it wow seems that 5,000,000 bales for expert and any material increase in buying. inned on or before the 5th Bentem

at around Hayon goods remain in plenil her 1983, cogzized. buy grains on the possibility on the east coast of Canada and all the ell needed to close the gured consumption

supply. While there has. average level. And that In-

No Fire Insurance, will be effected, it the end of the been a slight. Improvement in crease meant a raise y wages in Korea.

dollars. Hemisphere refineries.

carry-over season, would be about 4,850,000 buying, the demand made no ap million automobile

balcs.The Governineut an-preciable dont in heavy reserve workers and others whose Wheat closed the week. 1%

UNPLEASANT PROSPECT The P.A.D. announced that it

nounced its carry-over and con- Intocks.--Associated Press. · ̧ wages are tied omcially to the to 4 cents higher. The July is attempting to divert to the

This would leave Western sumption Agures during cost of living index.

contract made the largest goin Eastern Hemisphere refineries a and nearby September the major portion of 230,000 barrels Europe as heavily dependent on week, but this had little effect The market drifted lower in lowest.

daily of crude oil which normal dollar oil as it was during the on the market. light trading on Monday and

ly is shipped from Saudi dollar famine of 1948 and the slide continued on

Corn was unchanged to 2 Tues- day with a speed-up toward higher, and here too. Septem-Arabia, Kuwait; and the other worse off than it was before the Middle Eastern countries, to war, when the average amount of

7.3 Improvement in cotton textile the Nor

coast dollar oll Imported was only 7 sales continued in the market. North American east coast

millon tons. refineries, so that the may operate at full capacity of view the future problem of turning point in the prolonged apa From the Sterling Area's point However, what seemed to be the The P.A.D. said, those refineries 21 VIEW could produce about 100,000 all supplies holds out the un- dullness which had plagued the textile industry for more than additional barrels daily if the pleasant prospect of a new and ex

ware, available, perhaps serious drath on gold six months did not materialisa crude, öll

to the fullest and 'dolar reserves, ma United Press.

ich expectations of to ime mill merchants.. Even before the end to my The buying move started on port dollar oil arop this country

of 185.5 per cent of the 1935 of renewed full-sente fighting the United States to the Eastern gap will have to be paid for in!,500,000 Hales. On this basis the dict

for

the close. The fall persisted ber delivery lagged while the and widened on Wednesday. largest gain was made by the Thursday found a rebound in most distant contract. order, but on Friday overy- thing slowed down.

Conndn provided

much

of

TEXTILES EMPROVE

Exchange Rates payments cuites and these until Wednesday at last week

Oats ended lower to higher, rye (now style) 1 Denguet Consolidated Mining lower to. 24 higher, and soya

active beans unchanged to 2% lower, was the week's, most Issue, un one-quarter-at two with Jord 45 to 95 cents with 153,000 chares traded. It hundred pounds lower was followed by Radio Com poration, off one-eighth at 21%, National Power out, Light, up the depressing influence. in. one-quarter at 2. Texas Com-wheat. The Dominions, carry- pany, Canadian Pacife and in- over was officially estimated, at

Diiess was done In the focal ternational Telephopes an 184,780,000 bushels compared

market*thile

•Unofficial axeliange - with 113,200,000 bushels & lust morning at Uitblowing cales The ve

most active. cuth your This, along with the big Sterling natez (DOT)

WH/Dollars.) (per, stock word: Perconatal Oil, up, drop-in prospects made sit op-

Candida pour that, Canada, "would offer.

Riem; floats::(por Sout

rough competition in the shaxs Bingapore. Port market-Associated Prom 1930: DEFFORTS FAT ARDENNER

Ethan belis PASTING 10. Laper large

Vemel

or they will not be re-

$25 Second Impression On sale at

Kelly & Walsh, Ltd.

and

DODWELE, & CO., LTD;" S. C. M. Post, Ltd.

Agents.

Hongkong, 22nd August, 1001

HONGKONG & KOWLOON.

Pacific Far East Line, Inc.

Fast Regular Trans-Pacific Service":"

DDRESS STOVERLAND

NEW YORK-CHICAGO, DETROIT-TO: MONTREAL AND ALL'AMCHICAN & CANADIAN CITAKEN

Arrivea

DUIF.CT

SAN FRANCISCO, LOS ANGELES

From

LUCRENDACH”-

PFLYING DRAGON” "OKONDY: LUCKEN.

Alanla San Francisco

Вол

Cargo:

·Supt.

· Bept;

riving by,

NE

Ban Tradero.

Fordfall particulara, okil Talk

was facing, grave balance of Friday August 10 and conACON LUCKENBACHI";

dhte, demand started: are now likely to get worke After that

during the rather

thero was 'a buying Production never been tumclent to meet the stiffening in values arid 'à dryina demands of All the Sterling Area up of accond hand, oferings.

h countries;

Ans. Involved. The start of the buying Witnessed. thi expenditure of dollars to make demand for ars clash print Latéral høavlar,di print! upper the difference between

Lydro in demandr