1951-09-10 — Page 9

THE CHINA MAIL, MONDAY, SEPTEMBER 10, 1951.

MESSAGERIES MARITIMES PAYMENTS AGREEMENT

MM Effect Of New Arrangement With Tokyo R.P. L.

BarselBes

For

Asrising

***FELIX ROUSSĖL" †"MEINAM"

Sept. 14

Leaving

BEL IS

Dept, 27.

"LA MARSEILLAISE" ..ort, 20 {"OVONNAX”

Art. 31 Qel. 21

N. Africa'& Europe

N. Africa & Europe

Kohr & Yokohama

Ori. *3 det. 21 subject to change without notice,

passengers & freight

freight for Portsaid, Tunis, Algiers, Oran, Tangler, Casablanca, Havre, Dunkirk, Antwerp, & Rotterdam.

CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong

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

Business In U.S. Keeps Fast Pace

New York, Sept. 9.

Business maintained a fast pace past the La- bour Day milepost last week, but a few rough spots were promised for the 1951 stretch run.

Gradual

Rise In NY Cotton

.......

Position

Japan's Unique

In The Sterling

(FROM OUR OWN CORRESPONDENTI

Area

London, Sept. 9. Conclusion of the Sterling payments agreement between the Governments of Britain and Japan marks a further extension of the trading area in which the Pound Sterling is mutually acceptable currency. Under the new agreement Japan has all the rights normally accorded countries in the "transferable account" area-with one impor- tant difference.

New York, Sept. 0. Raw cotton

futures Inched

Last hipher

Hadually

week. Satu dag Desalona have been resumed for the first time since inal May. At the close, the 1st ruled 10 to 20 points higher dan the preceding week. Korcan uncertainties, plus the sharply higher stock market Subject to authorisation by the Bank of

of inflationary sentiment, were other back-England Japan will in future be permitted to settle

and the revival

ground induenees

side,

The

on the up her current transactions with the "transferable HONGKONG

account" countries and certain other countries in Late in the week, evening - Sterling.

before the Government's second- erop estimate of the scoson, lo

fer

rather

by

SHARE MARKET

ROYAL INTEROCEAN

Date

to Port 14th Sept.

(6th Rent.

10th Sept.

14th Hept.

27th Rept.

29th Sept.

3rd Oct.

St Ort.

10th Del.

•

"Lila'. Kepit, '

tail Rept,

17th Repl

"1st Rep.

ist Oci.

2nd Oct.

Ship

"TIWANGU

ARRIVALS

LINES

From

Maenmar, "Java Porin &. Ringapore,

"STRAAT NOENDA" 8. America. 8. Africa, Singapore

"VAN JEUT:2"

PTHRADANET

"TAHMAN"

*TITIALENORA“ "STRAAT

MAKASIAN"

“VAN UZUTRZ" "TZIKAMIK

TROLLBER"

JIWANGI"

Mantia

Straite & Belawan Deli Japan

Stelawan tiril, Penang & Alagapore

Mseamar, Java Ports & Singapore

Holland (Malden Voyage) Japan

N. Attien & Aingapore'

8. America, 8. Atiles, Kingapors &

Mabila d

BAILINGA

'To

Hingapdır, Java Ports & Maraque

Japan Porta

"STRAAT BOENDA” Japan “Ports "VAN HEDTAZ" TJIKADANE". "TITJALENGKA"

"STRAAT

MAKASSAR”

tih Del. #th Oct. 15th

"VAN HEUTRZ"

TJIKAMPEXTM

Date

"TEGELBERO"

Singapore, R, Atries & 8. Amerten Singapore Java Paris & Marastar ́

Japan Porta

Singapore, Penang & Belawan Dell Japan Porta.

Japan Parts.

Agents: HOLLAND EAST ASIA LINE

Skip

"HOOGKENK" 16th Sent. “ALMKEĽK“

5th Oct. “HODOKĻAK” 2nd Week Det. "ARENDSKERİ

be published on Monday morn- It has been made clear, how-i A good deal of recent talk Ing, provided a main trading ever, that permission for these about the "danger of Japan's feature. Generally froders did transters will be readily granted. re-entry fale the world markets

unique has been characterised This not expect much

gives Japon change from

the Sterling Area. emotiona

dhan factual the Government's August 1st-position in

"ad-considerations. I is particularly (From Our Correspondent) in Port mate of 17,266,000 bales.

Technically it becomes an ministrative transferable RC-

Mit Bading to see Japanta. exports experiers In this Traders reparted a slow silun-count"

country which gives tlon in all the basic fabric mar-most of the rights but none of mounting just at a time when kets. Jobbers and wholesalers the obligations of membership of we are having great difficulty in appeared to be morc pre-

maintaining our exports at even occupied with the job

last year's level. tling down inventories tha making new purchases. In Worth Street, all factors in the cotton gray goods market kept attention focused

of whit-

estimate due on Monday.

In the burlap market, prices ruled steady to firmi.

Such basic industrial indicators as steel and erude oil output held at relatively high levels as did production of soft coal and electric power.

first of June with some major divi- And what may be the stirring of an expected autumn sions for in front of others.

ernment's second in retail business ap- Consequently there has been an upturn

of

avid search for sectious "behin with Leports peared

consumer; the market." That led to a sort moderate rise In

of a reviving popularity, based purchases.

+mainty on to such/et

two factors those Lending

Support

ef defence spending and inflation. pick-up was an expansion

As

In rayons, sales continued to of defence measure in, circulation of $28- money 202,000,000, the highest hotel in spending, the Senate Appropri- represent second-hand selling of allons Committee at the end of gray goods by converters who

reduced inventaries. approved a a defence wick the

That sales were al prices below the bill or $61.190,000,000. was up $5,000,000,000 from the mill level.--United Press.

an amount House President added for more air power,

That represents future spend- Defence Mobiliser Wilson sud, Ing. the nation's economy will

increasing shortage

years.

The warnings of difficulties ahead from the two Charl E. Wilsons, the Defener Mobil or at Washington and the Genes at Motors Corporation at Delrol!.

៦៧

materials.

version,

Some re-

NEW YORK FUTURES

been

ince

FALSE VIEW

Business done on the Stock

morning this

Was Exchange valued at $779,530. Noon prices and the morning's transactions:- SHARES BUYERS SELLERS MALEN BANKS

the

11K Bank

SIT

1638

J

700

159

10

705

Underwriters HK Fire DOCKS, ETC.

12.75-1000

N. P. Wharf 4.70 5.75 Dock Frovent

18.89 13.25 300 15

LAND, ETC.

HK Hotel..

HIK Land

0.70

50

the "transterable account" area.

In other words It can use Sterling to sell: its current transactions with "transferabl secount" and "bllateral agree- This has given rise to

East Asia .. 121 ment" countries but there is no popular view that Japan on the Gov-corresponding

obligation

o taking advantage of the pre- INSURANCES cotton

erop Japan to accept Sterling from sen rearmament programmes

these

countries.

to capture markets which are of This arrangemen: hus the legitimate "property" worked cut to the mutual salis- countries which are now busy

cf Britain fection

and Japan. with defence production. Britain has won her point on

But this view of a Japan re- "dollar

was vitalised and in belter trim clause" which the previous pay- than ever for what "The the "do

called ments agreement and this has Economist" has

serted in

the markets" now been omitted. This has the battle of world effect of making Japan asal: not entirely borne out by the currency instead of a hard cur- facts.

(so far as the reney country

United States An official Sterling Area is concerned) since

publication this week defending New York, Sept. Ü. it removes the obligation on the the new concept of pence" first Business in cotton futures on Sterling Arca to settle in gold points out that in the.

dollars ali outstanding months this year Jepan had.

balance trado falled to move very far in either balances above a certain level.

sh 40 million. For this at twice the rate of a year ago. direction. At the

the At the same time Japanese nearly close

It says, reasons, And in the guns and buttermarket was 7 points lower to 6 fzars that large Sterling balances and other

economically ug of war, guns were winning.higher and at New Orleans would be built up through her! Japan today

Wilson, Ε.

Defence finished Charles

4 to 8 polts lower. trade with the Sterling Area much more reduced than Ger-

also been

removed. In many was in 10. Mobiilser, said civilian shortages Most traders preferred the side-have

Nor is it generally realised are showing up. "The pinch is fines awaiting the Government's future Japan will be able to use

to finance her how much these balances here now," he said.

second cron report of the seavoți

recent of her

Owos To show what kind of a pinch which will be published on imports fram rensferable acconomic recovery Japan

count" and certain other coun- to the purely fortuitous "bene- it was, the motor Charles Wil- Monday.

ries and thus extend the area fits" thrust on it by reason of Motors, head of General

of her trade,

Its close proximity to Korea. said only 10 per cent of GM

Japan's enormous Industrial business was defence work but

capacity has been fully utilised

Варе the total company business was

by the Americom down 20

Occupation cent per

authorities in the

prosecution STONES, ETC.

Dairy of the war and this has had

Watson the effect of 'speeding her re~!

The Treasury repond Saturday was light and prices ar

feel

that the Government by the

of

of August already was spending

!

If

In line with this, the Nation-

al Production shaped

I

Administration stiffer restriction us: of metals for ordinary con-

O sumer goods, effective un

Steel will be limited tuber 1.

pre-Kuren to 50 per cent of levels; copper to 54 per cent; aluminium to 46 per cent.

The

could copper stush have been deeper, If the strike of miners were continued, but they returned

to their jobs in response to a esort injunction. :

BIG YEAR General Motors' Wilson said defence work accounts for less! than 10 per cent of present valume of the world's biggest industrial corporation which he heads. He said additional Iny- offs would be needed-unless defence contracts

GM is the biggest au- tomobile producer.

creased.

were

in-

The motor car industry as a whole. despite fourth-quarter entbacks, is assured of a big year. It turned out 105,951 cars and trucks in this holiday week, but one of them was the 5,000,- 000th vehicle since January 1. Only once prior to 1948 did the Industry succeed that total

Son

because

civilian production had to take second place when it came to location of materials. --- As- sociated Press.

Economic

Development

Project

London, Sept. 8.

illun

Eight thousand dollars are to be allotted for economic development In Africa south of the Sahara Desert, the for European Organisation

ม

The list Blurted 4 points lower to 5 higher, After feeble attempt to rally, prices near the close again reverted to around the initial levels. Prices closed today as follows- Goat... October

December March (1052

May

July

October

December

33.20

34.42-34.47 34.58 -38.02 38.72

HONGKONG TRADE

This arrangemen: has an cb- vlous valus to Japan which has already accumulatzd a Sterling balance of about £40 million.

covery,

"WHAT NEXT?""

Humphrey. 1040 UTILITIES of Tram XD

The new agreement marks one Important change in the pattern of Far Eastern trade. Hitherto 23,24.nominal trade between

This gives an impression of Hongkong and

to especially Japan has been arranged dicet prospertly

$4.10

14.29

33.20 -United ProES.

ly between the two countries Japan's foreign competitors

-NEW- ORLEANS-MARKET-15 under the new-agreemen: but it will leave the Japanese,

Spat October December March (0SA) May July October December

34,05 34.37-34.30 34,47

34.00 bid 34.22 bid 33.21 bid 33.13 bid

-United Pres.

Hongkong sincluded "Sicaling Arca."

In the

This means in effect that any 34.07-34.08 us earned by Hengkong in Its trade with Japan will be at he disposal of the rest of the Sterling Area and this has been cause of some narurai anxiety in the Colony..

The trade agreement between the Sterling Area and Japan which expired on June 30 has a low months before more per- manent commercial agreements are negotiated in the light of the I new monetary arrangements.

reaching Economic Co-Operation (EEC) World Rubber en renewed and will run for

Auto producers t Office of reported tonight. Price Stabilisation authority to Five thousand million dollars will be used for public and three dollars for thousand million

the private projects,

report stated.

boost prices new passenger cars

an average of five to six per cent, which could mean an cent at retail. And eight per OPS warned that additional in- creases are likely.

at

The car price increases come dealers a time when many are reporting buyer apathy, with more customers turning to the used car lots. Of course,

The

ઘડ

hove Programme: their main objects these things: To learn more about the resources of each territory and to ensure the most efficient use of known resources; to improve and enlarge basic equipment, pick-up in demand could come especially communications; to here; the industry, again is talk- ing of possible car shortages, and improve health, education and such talk in the past has tended living conditions; to improve to send some buyers into dealer agriculture and existing indus-

to develop show rooms.

purchasing power is sources of production.-Reuter.

at high

Coh levels and likely to r higher under the impetus of heavy defence spending ahead.

Associated Press.

iries

and

Will Increase

Trade

new

Canberra, Sept. 9.

ہیں؟

announced

Production

..

in economy

dangerous vacuum when hostilities" come to an end and the Americans

ncod further

for love special purchasea of Japanese ! non-military equipment.

по

the

193,999:

11 000 10.00

15.154 150

P. Tram (0) 103 Star Ferry. $215

C. Light 10)

Light (N) C. Light th

Incoris Telethone

INDUSTRALS

Cement

$100

# 003

100

a 4500

7,05 7.80 30300

3000

950599 9308

13

13.85 2500 P

100

000

225.00

17.00 18 2000

.....1015 1012

10.10

02

2322

10th Sept. 17th Sept. tih Oct. Mid Oct.

"ДОСОККОЕ" "ALMKRIKE »

ARRIVALS

From

Europe & Singapore

Japan

Japan

Europe & Aingapore

BAILINGS

"HOOGKERE" "ARENDSKERK".

To

Japan via Maria Mkolla, Singapore à Europe Manila, Singapore & Karope japan vis Manila

EB-KINGS, BUILDINGS ELEPHONES): 28015" (F0__28017,

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTÓN, BALTIMORE & PHILADELPHIA, vİs

BAN, FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S.LAURA MAERSK❞

M.S. "HULDA` MAERSK"

M.S. TREIN MAERSK"

In Port ****Sept. 14

Sept. 29

ARRIVALS FROM U.S.A.

..... 2212 223 Crawford 2516

M.S. "PETER MAERSK

COTTONS

Ewo

2.40 00

Steadiness

In Grains

Chicago, Sept. 9. Grain fuftres finished the firs!

At ont

from the

For the present the Korean war is keeping Japanese indus- try fully occupied but it can- not permanently take the place Saturday's drading since last June of her lost Chinese markets. with a steady underlone led by

It is not surprising, there- the cabean market, fore, that many Japanese busi stage of the scesion, beans were nessmen are beginning to won-up 3 cents a bushel der "What next?"

previcus class. Robert Guillain,

Prices closed as follows:- French newspaper. "Le Monde,"

Wheat price per bashst claborates this problem in a

Spot

2.434 nominal 2.4314 current series of articles, "In

2.4714 a world cut in two," he writes,

will-Japan

2.491 ganise an independent systen and of commercial

would not her best opportunity The campaign against Japan- of reviving again and keeping her factories at work lle more ese "competition" has by no means ended; it would be sure in entirely allying herself with to flore up again the moment the United States, collaborating negotiations began to put trade in her relations bewteen the Sterling

coming Area and Japan on a more per- manent footing.

These negotiations, however, may stumble on the famillar obstacles London, Sept. 10.

be able to World production of natural which have been placed in the mubber during July was 157,500 way of unrestricted trade be- according to figures tween the Starling long tons. Issued here today by the Secre- | Japan. fariat of the Rubber Study Group.

Stocks at the end of July were 737,500 long tons, 10,000 tons fewer than on January 1.

This

Government excluded stocks in the United Kingdom, the United States and France which were not available to industry.

Stacks at the end of the

Arca

trade

Demo O

exchanges

That question has

September

December

Merch (1953) May

240142

1.0415 1.781-15 1.717-172

of-

or

Corn

Spot

September

December

March (10321

1.754

May

1.77

пу.

and

be

July

1.01

of

the

September

1,731

Oxl

already

July

September

been partly answered by tho

new payments agreement. It

home, the Sterling Area negotia- Sterling Area. of the Exchange Rates

If any

16.78

"UNFAIR" -PRACTICER.

New York flour-pes 200 1ù, Baek, Shop's Japan is anxious to re $1260-United Press, Negotiation of a new Production of synthetic rubber

duce her dependence, on the totalled 81.000 long ions and agreement would be the occasion dollar and aces more hope for mutual embarrassment her future in closer association consumption totalled $5,000 long for tons.

Prompled by vested interests at with the fortunes

tors would setk guarantees

from

Business was done in the local Mr Nell O'Sullivan, Federal month were 07;500 long tons-Japan that she would not em- |

・ STOCK EXCHANGE

tusonelai 37,500 tons more than on Jen bark on "unfair" trade practices.

exchangu market Trade and

The stock markets have been, moming at the following rates: tonight uary 1-Neuter.

Sterling Bole (per 1). satisfactory

agreement were to be worked out on this generally quiet this week but US Dollars (per 1

there has been no lack of in- Indonesia guilders (per 100) basis it would involve a pro teresting sidelights. Industriais Simcals (per 100)

Singapore (Biralty) mise frem Japan not to take ad were under the influence of the FTC plastres (per 100)

her lower. lubeur Trades. Union Congress meeting costs to "dump"

in goods

and Britain's established markets from this

further attacks on prots quarter depressed especially those within the Com-

shareholders. monwealth.

But the underlying, firmatisi But it would be dimeult to

frem of this market stood it in guód extract; this uniterfaking

read and enabled it to show # Japanese without offering

STOCKS ADVANCE

New York, Sept. 9.

· ́Defence spending and inflation were twin spurs that cent the

Minister stock market pounding ahead

Customis, last week to new 1051 peaks,

The short four-session week that Australis nnd Israel had

ngreed of

other lo give each was notable for a number,

favoured nation treat- developments, all of

which most

ment in trade exchanges from added up to higher prices at 'n time when a reaction would not September 17.

Mr O'Sullivan said that the have been unexpected.

removal

discriminations Here is the statistical

Elva trade between picture: the Associated Press would

Australia and Israel an op- average of 00 stocks established

portunity to develop-Reuter. 1051 peaks for three straight sessions and closed the week at $99.30 That's the 20, highest since September 1030. To reach that lovel the stock, market went forward tight times without a break, something it hasn't done since

new

ย

traditional milatinmer rally

vantage of U.S.

Dollar

In S'pore

M.S. "NICOLINE MAERSK Sept. 14

M.S. "SALLY MAERSK”

Sept. 26 Oct. 20

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Nos, 86006-9.

SOUTH CHINA MORNING POST

THE CHINA MAIL

SUNDAY POST-HERALD

THE MOST EFFECTIVE ADVERTISING MEDIA

COLOUR IS AVAILABLE TOO

FOR PARTICULARS · AND

RATES

DINING

THESE LEADING NEWSPAPERS"

Pacific Far East Line, Inc.

Singapore, Sept. D. the The American dollar is sour Japan equal rights with other very slight gain on the week. Japanese, bonds continued 19 U.S.-Cambodian ing to a now top value amang countries to expand her foreign rise despite the antics of the

the money changers of Singa-

accordante

Iron-Curtain delogations at San Agreement

accepted practices Francisco Rubbers were al n's high

Instance, Japan would eb-in demand on the American SAN FRANCISCO,"LNA" They are now, offering as Paris, Sept. 0. as $33.37 for an American 41 vicusly require an explanation announcement that their

note, Tlity will sell it back for of the British Government's re-natural

rubber

stockpile is for: S$3.40. Kankkua scent refusal to grant Japan from complete

omelat exchange for the most favoured nati The

(pation; treat- | But Conndian securities: signin American dollar

meh

mandag kole "the limelight, and the 532.00 to 5san fange

span might also request the minor boomlet in this section "FLYING DRAGON" Four months ago, the dollar Brush Government to repossi continued,

der its decision that she should p

An economic agreement, his the middle of 1947: been signed between the US.

As general thing tite and the French-dominated Indo

Chinese State of Cambodia, the French news agency announced or a little before.. This year tebay from Pnom Penh

on going The agency shitt agred

bed ment-detalls or which were money changers. They Absorbed process

peters out around Labour Day

word

brought only: 813.10" from the mean 'rignis,, "undantite kataba kulde, protests: against: the i profit-inking: an encouraged TROS RIVER was signed by Cum kiferien on for the rising /giensfory:10:thiso trèsties #Jahan) isons Mining-ASSOC

didin't It kept right. And the

now buying.

Thore, were plenty Cheung Sun or chief of the Finetntives for higher prices Cambodian Government Robert dollar In

market. The Blue, the head of the Marshall Kored market has mission is Indo-Chinia, Avansed rapidly since the end present.oclated Fresh

Fast Regular Trănì-Pacific Service

OVERLAND.

„NEW YORK-CHICAGO: DETRUIT-TOKON

"MONTREAL)ARD.

Versel

From

San Francisedi

flirmítatíonut proposal | “TRADHWAND***

TRI. LUCKENBACH us bell it back for 83.18. Congur Barin TreatiesMEAs have been volded by the Over- tion, which price Fears that the enjoys equal rights with other, Joined the m Ma) kym sản rubber, cotitets may you fita participating countries in the planters and to producentijn, a major Adrian

territories concerned, new content clated Fre

CANADIAN-CITIÉN