1951-09-11 — Page 9

THE CHINA MAIL, TUESDAY, SEPTEMBER 11, 1951.

MESSAGERIES MARITIMES Loan Offered SUBSTANTIAL LOSSES AS

1

MOM

FELIX NOUSSEL" *"MEINAM"

Arriving Leaving

..Hept. 14

22 "mlag"

**LA MARSEILLAISE" ..Oct. 23

"OYONNAX”

E

Mararlien

For

Bent. 12

N. Aftien & Europe Hept. 23 Oct. 21 Kobe & Yokohama

Oct 35 N. Africa & Europe ..Dkt. # subject to change without notice,“

passengers & freight

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

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

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

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S.

HULDA MAERSK"

M.S. "TREIN MAERSK"

M.S. "PETER MAERSK"

ARRIVALS FROM Ú.S.A.

M.S.

"NICOLINE MAERSK"

M.S. "SALLY MAERSK"

M.S. "LEXA MAERSK"

To Pakistan

Karuch, Sept. 10. Australia 122. offered Pakistan a low.; of £2,000,- 000 for the first year of

the six-year Col

Colombo "Man. A similar offer is expected from

om New Zealand.

This was disclosed zero today by Pakistan's Depaty Finance Minister, Ghaya- suddin Tathan, who said negotiations were proceed- Ing with Australia and i that the offer was hoped would be reailsed shortly, --Amociated Press.

NY Cotton

Market

New York, Sept. 10. The cotton market ave

In tho good account of self face of a new surprising Gov- wag ernment crop report. It

indicated that this officially yield on September 1 at 17,281,- 000 bale came 25,000

hales more than the previous Gav- ernment estimate.

The market opened up 2 to 11 points, then rose to maximum gains of 18 to 26 points, cased 37 to 48 points from the highs agalh finally to but steadied close off 2 to 13 points on the

Spor

December

RESULT OF MINE STRIKE R...

IN AMERICA

New York, Sept. 10.

Domestic copper production was well on the way back up to pre-strike levels this week-end, but the full impact of the walk-out still is at least a month away.

Competent

industry authorities' estimated that something over 40,000 tons of mine output was lost because of the strike by the independent International Union of Mine, "Mill and Smelter Workers, Substantial tornages of lead and zine also were affected.

HONGKONG

SHARE MARKET

(The strike began on August was 27 and lost Wednesday ordered halted for at least 80 Truman days, when President

In- Invoked the Taft-Hartley Junction procedure).

Silk Talks Opening

In London

Bilk

London, Sept. 10.

from -17 executives

#

countries assembled here today to discuss Japanese competition in the silk trade.

Among the nearly 200 de- legates, attending British Government reception märklig the opening of the International were S. Yoshida, Silk Congress

delegate, an Japan's national 13 other Japanese silk men, ' ́* The Japanese will be united with other delegates

in a encial wlúrl of silk, satin, jewels

and during the next 'four days. The resulting air bubble in There is banquet in their

probably honour in London's copper supply lines.

medieval will take a month to

reach Guildhall tomorrow; # gata major refineries, trade spokes ballet performance at the Royal man said, and that's when the Opera House, Covent Garden, big squeeze will hit the mar

.on Thursday which will ket.

by 4 champagne followed The serious

copper deficit

оп Prod

Friday, rupper cuts glittering silk ball will be held may force even sharper. In copper consumption for in fashionable Grosvenor House civilian products. The Defence Hotel. Production Administration an- But delegates are unlikely to nounced that

allotments of

SO united when French, copper for consumer durables Italian and Delish speakers get it the last three months this down to problems of raw silk

(From Our Correspondent)

Business done on the Stock was this morning valued at $470,035.35. Noon The morning's

Exchange

SHARES BUYENS SELLERS BALES BANKS

day.

Prices closed as follows: ----

35.15

34.40

prices transactions:--

and

34.45-94.40

March (1952)

May

34.59 34.50

НК Denk .. 1823

1310

1540

July

34.18-34.17

East Asia

121

Sept. 16 Sept. 30

October

33.17-33.10

700 779

December

Oct. 16

100 0 01

Sept. 20

Oct. 20

Nov. 7

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Noa. 86066-9.

Appeal To Reduce

+

Restrictions. On

Foreign

Exchange

Washington, Sept. 10.

President Truman today appealed to the financial leaders of 50 nations to reduce restric- tions on foreign exchange which he said were stifling world trade.

Bonk

The President was formally "We are not joined together defence purposes," opening the annual meeting of purely for

for he said. "We do not want just the International Reconstruction and Develop to preserve things as they are. ment

the International Our great object is to secure and

and create better Monetary Fund, which is being the peace

Finance lives for all the peoples of the the

of world."--Reuter. Governors

attended by

Ministers and Central Banks.

President Truman said that since the two organisations had Just met, the free nations of the world have had to join them- selves together and spend ол their energies much of building

military their up defences for the protection of the free world against aggression. He emphasised that these firin ciforta must have economic foundation and the contribution which the work of the Bank and the fund could make to this foundation.

met

Empire Experts Meet

are

on

United Press.

TEXTILE MARKET

New York, Sept. 10, The cotton textile marice! with Interest was quiet today focused on

Government the cotton crop report, The Depart- men of Agriculture estimated the 1951 cotton crop da September. 1 at 17.281,000 bales. This was 25,000 bales above the August 1 forecast and brought further declines in the cotton Buyers felt futures market.

of

this might increase pressure on cotton goods values,

The wool goods market was quiet as dealers awaited an- nouncement of Spring prices by additional mills. Wool prices in Australia continued to sag competition reported only fair.

with

Omeiul

INSURANCES

Untun

FFX Fire

DOCKS, ETC.

K. Wharf

N. Pt. Wharf 5.80

Dock

Provident Wheelock

LAND, ETC.

ik Land

HK Hotel

UTILITIES

Tram XD

Star Ferry C. Light (o

器

14.10

600 27

3838 % 388E ARE 8 SABBBRED

trimmed to 54 scar will be per cent of the amount facturers used in their Koren base

period,

#

manu prices, labour costs in Japan and ore-similar topics in the closed edbusiness sessions beginning to-

compared

with 60 per cent in the present inorrow.

brass

about

quarter. Use of aluminium in Many Western silk producers

frankly worried the coming quarter was cut to are 1046 per cent then from the pre- Japan's future role in interna-

sent 50 and steel was cut to 58tional markets.

Other topics. due to come up per cent

trom 65. DPA R150 told

and for discussion Include the im- wire mills to give preference provement and standardisation to military and Atomic Energy of yarns and the production of Commission business it they soap to prevent the yellowing cannot all all priority orders of silk-Associated Press, placed with them under Controlled Materials Plan.

C. Light (N) 4.70

Light (N) 7.05 724 1600 @ 7.30

33 331 Peetrle XD.

Telephone INDUSTRIALS

Cement Hope

4.70

000 ir 1

30063

BIG DEMAND

the "VERY SATISFACTORY"

output

ROYAL

Date

In Fort 19th Sept.

11th Sept.

Sich

19th Rent. Hejal. 17th Hept. 29th, Sept.

Sed. Oct. Det.

100 Ort.

12h Rept,

10th Sent.

16th Nepl

21st Regil.

2nd Oct.

4th Octo

Bib Oct..

Date

13th Sept. 4th Oct.

Ship

INTEROCEAN LINES

ARRIVALS

**TIWANOI "ATRAAT SOENDA“

"VAN HEUTRZE

- TSISADANG" A

"ТАЯМАЙ **T217JALENGKÀ”

*TRAAT

MAKASHAR" "VAN BEUTR2":

"TSIKAMPFK" "TEGELBERO":

*TJIWANGI"

Mincansar, Java Porta & Bingaparo -8._ Amerien, ^R.- Atyles. Ruigapõis.

Atralia & Belawan Dell Japan

Belawan ji, Penang ́& Sinærpore STAPARENT, JAVA 1'ora & Ringapore

Holland (Malden Voyage)

Japan.

s. Atilen & singapore

S. America, K. Afilea, Singapore

Mantia

BAILINGA

Japan Porta

To

Singaporr, Java Poris & Macanał THAAT BOENDA" "Japan Paris*** YAN BEUTRZ" SOPHISADANG"

→TSITJALENGKA”

RTRAAT

MAKARBARU L "VAN HEUTEZ" "TAKAMBER"

**TEGELDENG”

Simport, 4. Atrien & 5. Ameries Kingapore, Java Parts & MaÖKKRAT

Japan Paris

Singapore, Penang & Belawan. Delk Japari Porte

- Japan Ports

Agents: HOLLAND EAST ASIA LINE

Shin

"ALMKERK“

ARRIVALS

"HOOOKERK 2nd week Oct. “ARENDEKERK”.

12th - Rapt.

Jik, Oct.

- “1000XKRK"

Mle Ort.

BABKH

From

Sapan

Europe Singapore

SAILINGS

To

“ALMKERE".

"ARENDSKEOK“

Manila, Stoessora & Karope. Manila, Bjngapore & Egropio Japan Vik Manila

KING'S BUILDING, LEPOONES: 28013.10

Canadian EXCHANGES

Aid Scheme

For Asia

Ottawa, Sept. 10.

IN NY

Closing rate: Canada (dollar) England-omelal

New York, Sept. 10.

unofficial

France (franc)

Deutchmark

....160.94-11/10 2.30-30/15 2.45 bid 2.48 asked 2.30-1/53 1.001.

London, Sept. 10, The Silk Executive Coin.! mittee and the Directors Boar]

Canada has agreed with India'

30-day futures" and of the third International Si and Pakistan on the principles Australis (pound).

90-day futures Demand for both lead

Lere today and under which she would extend New Zealand (pound) zinc continued to run far abcari Congress mot

what officials described economie aid to the two, Asian South Africa (pound) of supplies. Trade sources re-mado

members of the Common-Delgium fronci ported, for example, that ce as very satisfactory atTangs-

for refined ments"

the General As-wealth, the External Affairs Denmark kroner for domestic 3quests

lead, for delivery this month, sembly of the Congress which Department announced today. German

will be ex- The assistance, on Tuesday. totalled around 100,000 tons

opens at 0930 GMT on

George Elbogen, President of tended under 145 Colombo. Holland guilder) while estimated U.S. -for. October is only 20,000 tons. the American Silk Couril and Commonwealth Plan for economiclat

Norway, ikronej of the US. de ration, mic ald to South and South-Portugal (cocuse) Some sellers believe, consu-leader

Spain (peseta) mers are trying to fill all their said Monday's two meetings East Asia.

The Canadian Parliament at Sweden Krone) simply preliminary needs with domestic lead be- were

session voted $25 Switzerland-free General A- the last under a cell- cause its price

sessions to the ing, whereas a big portion

inillite, of which $15 million MIDDLE EAST of rembly.

Egypt (pound) India Bod $10

Iran (rist) their lead in the past was in- "There were D develop is going to

Iraq (dior) million to Pakistan. ported at higher prices. Partments. We were simply making of the recent extraordinary de-arrangements

The principles provide that Turkey (litr) wer and deciding on mand for zinc was attributed to the same cause.

the details for Congress sessions Canadian aid will be provided. LATIN AMERICA

Brzi (erześro); ka which

other on on outright grant or Argentine meial Mr start

loan basis, depending on the Bolivia (boliviano) metais Prices of all major

Elbogen sald-United Press,

nature of the projects to be Chile-free held steady. The Reconstruc-!

Corporation tion Finance

Its tin

23

13140022

173 2074

STORES, ETC.

Dalry

10% 1012 200

1015

Watron

2.50 2.00 2000

The rayon goods market was quiet-Associated Press,

BEST SINCE 1937-

Washington, Sept. 10.

published estimates

L. Crawford 281⁄2 forecast a cotton COTTONS crop of 17,291,000 bales this Ewo year the United crop since the 1937 record of 18,040,000 bales,

here today

States' bazl

This indicates that the severe drought in Texas, the larges:: cotton producing State, would not affect total production. Loss in Texas has been countered by Increased production in other States.

The Government has already indicated that because of the big

prospects, export crop quotas are no longer necessary and friendly nations can buy as much coiton as they wish. Restrictions will be relmposed only if there is a marked fall

prospects.- production

In

Router.

Advance In

NY Stocks

New York, Sept. 10.

advanced The stock market strongly today with just about all arcas Joining in the rise.

tc

accom-

The

20000 255

Rubber

Markets

London, Sept. 10: Prices of rubber futures closed today as follows:- Number 1 rubber, in-centa

per lb. October November

40-491

50 -30% 0012-15

December

404815

October/December

48 40

January/March (1053) -... April/Jung

+40-404

942-13 ****United Pressi, SINGAPORE MARKET

Singapore, Sept. 10. Prices of rubber futures closed today as follows:-- Number 1 rubber, per lb.

September

October

November. KAYAAN

rubber.

Number

September Number 3 rutber,

:September

Number

4

rubber, September Spot rubber, unhaled Black crepa

No, i pale crepe

170-171

103 -109

{

in quotation unchanged at $1.03 agency agreed u New York, even

though

pay Bolívia $1.12.-pound for the next 30 days. Bollylan been halted shipments had

since May 31 when the old tin contract expired.

LATEST PRICES

Major prices:

1

non-ferrous metals

Copper-24.50 cents a pound, delivered, Foreign, 27.50 cents. New York,

tomorrow,

West Germany

And The

World Bank

A

an

Columbia (pesa) Cuba (peso) essentially Mexico (peso)

financed

Projects commercial nature, such as for Perustree

Uruguay (paso), private industry, will be Venezuala (bollvar) cilgible for. Joans; others of FAR EAST basic utility or development” India frupee) .. character will be eligible for Pakistan (runce)

Hongkong grants,

Netherland East Indies All of the ald will consist of singapore. Canalian goods and services in Japan accordanco with

programmes

ime to time

thov speciile

agreed

upon from TAN

Where grants.

are extended.. Washington, Sept. 10. Hans

Karl

von Mongold, the recipient government will sut West German representative on

up a special account and pay Lead-17 cents a pound, New the European Payments Union, into it the cquivalent of the York. 16.80 cents, St. Louis. expects 'Germany's applications Canadian expenditure in goods. Foreign, 21.30 to 2 cents for membership in the World and services.

Gulf of Mextes ports. Bank

and International Mone- These funds-known as “coun-. -170 17.50.cents a pound, fary Fund to be approved with- ter funds will be used piss to

Now out serious ob who is! East St. Louis, 10.286,

finance the economic develop- 10914-10015 | York. Foreign, 29, nominal, Herr von

attending the annual raceting projects in the two coun-

Irles--Reuter. 20014-18136 Gulf of Mexico ports,

10

a of the Bank and Fund here as Aluminium 184. -163

final approval pound, ingols, shipping point. an observer, said 17014-17112

might tome before the end of 130-132 107

Ho

told the United the year.

informal United Press,

LONDON TIN MARKET

Spot' tin, buyers

Spot tim, sellers

Bursa Conn at

Three-month tim, buyers Three-months tin, sollers

055

90715

935

DOT11

cents.

Antimony 45.35

cents:

conis

pound, cased (less than carload Bress he was als of the

New York bulk. 42 cents, contacts with lots, Laredo, cents, Cascade,

Texas.

Manganesy are wil 1.30abe dog

long ton unli (22.4

pounds),

were

Grain Prices Decline

EXTOY

01991

.0025

4.20

11002

231

.0150

2003

2000

360 yen to ESJI -United:Prom:

London Stock

Exchange

Londen, Sept. 10.

Jcpancre bonds

HA”) (49% of 1809) NA 100

349; of 1910)

"D"

"C" (5s, of 1907):

(as. cf 1934)

GO.

8014

77

-HE". (0345, <f, 1994) ;; 1001⁄2 65% Conrola,

Domestic stocks were neglect-

ed in favour of overseas bonda and Canadian issues

Reports of high production prompted renewed buying of

bonda which German potash

1828**

Government cotton crop report Drop In Wool

50 two organisations while here. However, there was nothing to on Germany's

part at

have been in the spotlight re- toward furthering its

Gains

to presant

ranged up cently. India ore, elf US ports, duty membership bid.

Chiengo, Sept. 10:

carly three points comm On long term contracts extra.

The German basking experi Light but persistent selling

Li'llc. business was done in sent grains down on the Board British Government; bonds and from other sources, 'prices sub- said the Federal Republle's appli London, Sopt, 10:

fions were flied in good order and of Trade today. The decline stocks, whic}r. ject to Individual negotiation.

showed little The tin market oponed steady

the initiative new lay with the extended to all plts although change from Ferromanganese - $185 Turnover was 50 tone,

Friday's closing. today

gross ton, shipping point, directors of the Fund and Bank there were times when the de

levels. including 5 tons for cash.

Nickel-56.5 cents. a pound, Informed curets raid cfficialsed onts contracia zhowed The Financial Times''s daily Prices closed at the end of

Aas of strength.

Index of stocks was the official morning cession as electrolytle cathodes, Port Col-ef the two organisations

.con- US duty In-now studying the German cause. borne, Ontario,

th part the slump was

Associated Press, ' cluded.

They added, that technical quer altered a technical reaction after ounce, tons made the Gaiman applica- last week's brisk upiura. Soy- Platinum-$90 an

more difficult to process beams sold aft following the wholesale. 503 retalled, New lon York. M

than usual.

The injor." problem Silver -90.16 un ounce, New

Wheat closed 1-13 tower. York.

78.5 pence, London. establish the size of the German

Sept. $2.4244-42 Tinalde a pound, New subreiption to the International Bank and ie ax Germany's quota Quicksilver $195 - $200 a in rails to the Bank. they satt.

to Market Mask (70 pounds), New York. The quais cesigned cach Tungsten ore-305 a ton unit paticn exproases in monetary

cách sinh (20 pounds), ceiling price, terms the voting power of each New York, Sept. 10.

Imember. The pepper merkot started | Associated Press.

The ultimate size of the Ger lower. Sept. 81- man subscription · and quoja!

Rye new style was would be effected by the Banks tower. Sept. $1.70.

Federal Repub- He's

West Berlin. relationship to The extent of the financial re sponsibility of

of: Bann for city of the Comunist-encircled - would-

materially, Alici

Business done at Settlement

123-100 035

Profit-taking toward the close was readily absorbed with E slight sei-bock frem the bes levels of the day.

Leaders

ahend pushed around $2 a share at the cutside London, Sept. 10. with a few issues going even Commonwealth trado experts higher. Lorsza were held below a

here today to plan their dollar a share as a rule.

for

international President Truman then turn policy

Rising prices were and tarlita conference

expanded volume with panied by ed to a question which is ex-trade pected to inspire considerable opening in Geneva on Septem- business coming to a total of around 2,200,000 shares, one of discussion during the Fund's ber. 17.

the the

best days in the past 10 conferences throughout

Representatives of nearly 40 weeks. week, the question of restric-

Steels started the ball rolling, followe meet at Geneva. flons on trade, through exchange nations will

and airlines They

aircrafts the contracting Later controls.

by parties to the General Agree were the lenders allowed

steels, olla Trade distillers,

and and President Truman said that ment on Tariffs

were laggard the task of simulating world (GATT), which produced 8,700 others. Motors trade and ending post-war re- separate tariff concessions after all day

Some of the attention being #frictions upon it through gov-a meeting at Torquay, England,

to gold stocks was attribut-. ernmental controls, would now last winter.

ed to the fact that the Interna- tional Monetary

Fund anruol mooling is getting

under way with hopes on lite part of the

fraternity mining.

that

some- The Commonwealth experts

price higher than the He expressed the hope, how-tiere for the preliminary talks thing will be done permitting o the British celling imposed by the U.S. officials of their best to reduce restrictions Board of Trade and the Aus- Treasury of $35 a fine ounce for

New Zealand, South monetary gold.

lons at between $1.81-142 New York Sugar time of the on foreign exchange which stine trallan,

African, Canadian, India, Higher were Douglas. Air-pound, on an ex-dock, basis, world trade," 17"

Pakistani and Ceylon High craft, Consolidated Vultec, US October delivery was quoted at He also urged that no mem- Commissioners Offices in Lon- Steel, Bethlehem Steel United $1.70, November delivery at

B pound. ber of the Fundabould use don.

nerican Telephone, rearmamento justify restric "

Copper

Homestalte were

at around 62.77- tions on trade and exchange of

East-1.78 bpound, including :+cos! not expect, that the United States! which were currencies

to break off its trado

and freight-United Press, nefually needed for defence.decision

ogreciment' awith Czechoslovakia

be more difficult as a result of! the reatament drive of the ndtions of the free world.

GREAT OBJECT

Next week's meeting will be concerned with general trading problems.

ever, that members would do are

pald

Pepper

United Prest.

the new week at a slow pret. On a nominal basis dealere in- dicated spot and nearby post-

Air Lines. Werane-World Air Brooment :*:offering.

Douroodyear.

Well-informed. quarters iler canecott

man Kodak and

Curb rintket Stocks gederally higher. Among them

The President said that tho would be discussed at Geneva, free nation's had resources sumisight to provide both for

wero

Vark

Futures

1a

sffairs

Mi

rch May

Dec

July $2.41% 36, Corn was 360 G

Outs were

unch

Wool

|

Continues

Melbourne, Sept. 10.

prices continued to

which

made

lower, Sept. drop in the season's art series

which

For Melbourne, w

Wool S Merino

need to opened today. RES

-1 cent up 95 per cent of the offerings, was up to five per cent lower than at Brisbane last week. Comeback and crossbred linen, helped by Japanese compeition, held firm,Associated Press;

Soybeans were 14-2% lower

$2.87-874 September sceinted Press:

Ал-

STEEL INDUSTRY AT FULL BLAST

# LIGHTERS IDLE

Singapore, Bept. 19%%! Herr von Mangoldt plans to By back to Paris this week-chd.

Now York, Bept 10.

Moro Zhan // 300 / žingáy He will attend the meeting of. The steal Industry plant tongkang (ght the European Payments Union, output to its capacity of in the harbour fat there het weekend 1,990,000 tons of logo and steal owners refused

for castings this week.

Sumbira to "plest, The American Stroh and

New York, Sept. 10. Domotic sugir fuluros No. closed two upper with galds, Germany

contracts Novembet 621. Dombele eugar future No. were Kalser Frazer, Lake Shore Exchange Rates quatre

Molybdenum, Czechoslovakia is the only Minen,

United

World sugar futuree No. 4 GATR st country in the Seat This Goldfield Content exchang Shoot Machinery Cuban Allan LLEVAN

Dulcess was done in the focaclored four, tai alint; lower. Ao the con-

KARMA morning at the following sterg March Bar Ta slacken in their attempts to The delegates to the C provide is thei: machines and forence were falas expected to

ideris per- 100) YANG 1-301

milllery defence and economic Communist progress, phd they: must:

not

"countrles le despite manent organisation for

jagos of these i trade and, fariti

sollen

market, this

York, Sept.-10.

Kionsgo

oday that

ot: 100-percent compared mat with 98.8 ben cons laritwook Alodia tod/Fres