1951-09-25 — Page 9

MESSAGERIES MARITIMES

MOM

*"LA MARSEILLAISE"

Arriving Leaving

*Det. 20

"LES GLIERES"......\Ngv, [1

"GIALONG"

"LA MARSEILLAISE”

Oct 21

· Nov. 17-

Sept. 30

+"QYONNAX"

...Oct. 22

+"MONKAY"

Oct. 25 Nov. 3 Nov. 2

.Nov. #l Nav.. 23

* passengers & freight

· Outward - For

Tokohama & Kobe

Homeward For

N. Africa & Europe Manila, Saigon à

Afraelites

N. Africa & Europe

+ freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &

Rotterdam.

Subject To Change Without Natics

THE CHINA MAIL, TUESDAY, SEPTEMBER 25, 1951.

Page

Gloomy Picture Drawn Of U.K..L..

Japanese Bonds Decline In N.Y.

New York, Sept. 24. Japanese bands declined with scattered sales in the foreign dollar scotion of the murket today, Great Consolidated Electric Powers has lont 33% on sale' of some honda Several other Issues Toat fractions to a point. ---- Associated Press,

Republicans

CIE DES MESSAGERIES MARITIMES Oppose

P.O. Box 68, Hongkong

Queen's Building (gr. floor) Tel. 26651 (8 lines).

NEW EFFORT TO

REACH TIN PRICE AGREEMENT

Aid

To India

Washington, Sept. 24.

decided today to cali in the Assistant Secretary of State, Mr George M. McGhee, for a report on the economie ald plans India

In connection with the nomination of Mr Chester Boxies to be Ambassador to

A Senate Foreign Relations Sub-Committee

India.

for

Internal Economy

ECONOMIST WARNS OF

DANGER AHEAD

London, Sept. 25..

A good deal of current economic thought especially that part of it that finds its way into print is tinged with political bias. It is refreshing, therefore, to find an article analysing Britain's economic dilemma, written by a distinguished economist who has no personal axe to grind,

in

ROYAL INTEROCEAN

LINES

Dale

20th Sept. 29th Яept.

30th Sept-

Ein Oct.

sih Oct.

Kth Get.

and No.

1st Det.

Ship

#T31KAMPEK" "TABMAN

ARRIVALS

"TJITJALENGKA"

"STRAAT

MAKABSAB" "YAN BAUTIZ- **RGELBERO”

From

stáeimar, lawn Parfe’& Singapore * Attien ♬ Sipkanote Belawan. Dell, Penang, slugspora ja Kalzon

Holland (Maiden Voyagej Japan

A. Amerlen. §. Aftlea, Singapore. à

Stanja.

sikeaskar, Java Ports Singapore

Зарад

"TJIWANGIP

"TIDEBAR”

"STRAAT

MARABBATE"

Japan

SAILINGS

#TJITJALENOKA“ "STRAAT

MAKASSAR" "TJIKAMPEK"

“VAN BEUTRZ" "TEGELDERO"

TASMAN** PPJWANOP! *TIBEBAR"

ard Oct.

7th Ori..

11th Oct.

Exh Oct.

lub act,

18th Ort.

HONGKONG

4th Nov.

"STRAAT

SHARE MARKET Government

than

(Our Own Correspondent)

on

MAKASSAR"

To

„Singapore, Java Porís & Miscassar

Japan' Porte

Japan Parta

„kingapore, Penang. &- Delawan Dəli.

Japan Purl

Jingapore, Parody ♪ Balawan Dən Singapura, Java Porti a. Afschutzr Manlia, Wingapore, E. & 1. Africa

• &'S. America Stadiis, Blugapore,, R. Afrles

America

Ceneral Agents: HOLLAND EAST ASIA LİNE

Deta

Bih Oct.

:: ARRIVALS

• Ship

"RDOCKENK" *ARENDSKERE" 18th Nov. "ARENDSKERK" 2nd week NoY. "KIELDRECHT"

18th Oct.

the

7th get. 15ft dirt. 12th Nov.

Mr Colin Clark, economic adviser to the Queensland Government, is the author of

many works on economies. From his relatively detach ed position he lives in Brisbane - he has turned his mind to the problems facing Britain, and reaches certain disquieting. conclusions.

Writing

interest the Manchester National Debt Guardian, Mr Clark asserts that France in 1922, "not merely the British Govern-" expenditure was 40 per cent of

notional ment but virtually the whole the

income, British people, of all political pared' with the 34 per cent parties and of all schools of spent by France in 1822. The Share transactions thought, has allowed itself 12 British Budget was balanced

ced Stock Exchange this morning cherish three economic Illuby rates of taxation which were

volued at $027,120.50. The chairman of the sub-sions......each one, taken singly,

obviously impose excessive Noon quotations were Committee, Senator John Spark-three in combination fatal,"

extremely dangerous and the deterrents on enterprise"; the QUARES DUYERS BELLERS BALĖS nipo. :of Alabama, said that

French Budget was "hopelessly BANKS

1C Bank.. 1835 1850 10 # 1540 Representatives of the world's main tin pro-

committee wanted to be According to Mr Clark, these balanced". At the same time, INSURANCES"

the basic industrial situation ducers and consumers met here today with the certain that the State Depart-"are the illusions of Cheap Food in France was more favourable, producing countries smarting from the United med retructed Mr Bowles of Limitless Taxable Capacity,

Congress did not want and of Rapidly Increasing Pro

productivity tending States hammering of the world's tin price in the any large-scale old programmes ductivity. Taking them one at a

altempled in India at this time. time, he demonstrates that they FURTHER PARALLEL.. last six months.

are, in fact, Illusions, based on Sparkman,

Mr Clark pre-conceived notions and memo-

sees one further Democrat, said that the Reries of the "good old days", to parallel between the position of publican demands for this type say nothing of political dis-France in the early 'twenties of instruction to Mr Bowles in honesty.

and that of Britain today. The

Press The Cheap Food illusion, he French

then blamed position to his nomination wa

says, has arisen from the pro-

Uheir inflation on the "machina- gressive downward trend in the lions of a British Government 1920s and 1930s. Mr Clark de- determined to destroy the value monstrates how the terms of of the French currency out of

Rome, Sept. 24.

Senator

The main producer countries still appeared to be lined up solidly against the United States with other consumer countries standing neutral as the tin experts met for the sixth time since the war to seek a formula for International Price Control.ubsiding.

NY Foreign Exchange

Now York, Sept. 24.

U530.84-13/18

Canada Idollar) Ynglac-omcial

Australia

unomelal

3,00

2.47 l/ 2.40 дней

2.793 30-day fitures 10-day

2.787 futures (pound)}

Holland (gullder)

Portugal (encudo)

Iran

MIDDLE EAST

01005 3435

world's

dicated to him that their op-

just

a reporter

on

h.crease.

Union Underwriters HK Fire

703 00 67 700

4.10

119

to

DOCKS, ETC. K. Where

However, tin

Senator Owen Brewster. (Republican,

that he was during the period from 1913 to Lold

as much opposed to the end of the thirties. Bowles as he had been He said fortunately, this state of affairs that just in case Mr Bowles was confirmed, he and others want-persisted

for

Maine) trade moved in Britain's favour ideas."

our! hatred for. French political

Meanwhile, the price stood today at about £940 per ton, more than £100 above the price the American Govern- meni's Purchasing Agency has indleated it is prepared to pay.

The price had been beaten down to this level from Its peak of nearly £1,000 at the begin= | ning of March when America abruptly eut off stockpiling pur-

hases.

were

Represented at today's meeting the United States (with rirong delegations from the State Department and the Reconstruc- tion Finance

territories

tain, British dependent n), Bri-

ed

long enough

Un-

the Ambassador to have people to come to regard it as explicit instructions against normal..

sid

attempts

the to broaden programme in India-Router:

Oil Prospecting

(principally Malaya and Nigeria), Belgium and the Belgian Congo, Indonesia, Bolivia, the Nether- lands, Thailand (Slam), France, .310032

1405

SYM

.0203 .0035

200

In India

Bombay, Sept. 24. Aircraft equipped with Canada, India, Italy and Austra-magnetometers have arrived in lia.

Calcutta to start a survey next month over West Bengal and Assam States as a preliminary to oil prospecting.

The meeting was the first of a six-day session of the Inter- national Tin Study Group set up in London In. October, 1948 after the first abortive effod to achieve-International-control-of

tin prices.

221

New Zealand (pound)

2.707

South Africa (pound)

2,301

Belgium frane)

Denmark krone)

France (franc)

West German Deutsche-

mark

4.20

2030

Italyomelal

Norway (krone)

Spain (pesetal

Bweden (kron)

Switzerland-free

Egypt (pound)

arat taunai

2 201

03125- 2 #1

Turkey fra)

£375

LATIN AMERICA

Argentine-oficial

87W

Brazil (cruzeira)

1350

it

Bolivia boliviano)

Chiin--free

0150

Columbia (prao)

.4025

Cuba (pero)

1.00

Mexico (peso)

114

.0026

4015

.2009

10

agenda.

FAR EAST

Meanwhile,

India (rupee)

22102

2030

.1785

3040

Peru-free

Uruguay [?

Venezuela (bolivar)

Pakistan rupee)

Hongkong

Netherland East Indies

Gingapore Japan

300 yen to US$1 -United Press,

New York CottonTM

Futures

WIN

An

SECRET SESSIONS

The experts met in secret,

thai announced communique would probably be issued at the end of the meeting.

DETLEL

It was understood that most of today's meeting was devoted

drawing

session's up the

وا

An

(A magnetometer instrument for measuring the Intensity and direction of' magnetic forces);

The survey will be made by the Standard Vacuum Company by arrangement with By the Government of India. a similar arrangement with the Pakiston Government, the com- pany will also make a magneto- meter survey of Eastern Bengal.

The company's general it was learned manager, Mr B. H. Pease, said that since the last Un talks in

the survey would today that

early lin October.- Washington in March, Britain, begin Belgium, Bolivia and Indonesia Reuter. have sent five

of notes

וע

protest to the United States State

Department against Congress

allegations that the world's

tin

producers have been trying to U.S. Steel

"gouge" the American tnx-

were

made

The allegations In March by the War Prepared- ness Sub-Committee of the Senate Committee Armed Services. With

on

Output Up

New York, Sept. 24. New York, Sept. 24.

The nation's steel plants ex- the Un price then Cotion price

pect to increase their production retreated today after a strong opening, feeling standing at nearly £1,000 per

Sub-Committee de- this week to 102.1 per cent of ton,

tax-rated capacity equal to 2,041,000 American

aged net tour of ingots and steel for

10-

11

the

"The A

the weight of technical realising|clared, and hedge selling. After rising payer la weary of being gouged 44 points, the list closed only for the privilege of obtaining castings.

points higher to @ points low from some of its Allies the row er. Nearby October delivery materials with which he is ex- hit 38.50 cents pound on pected to supply the food and covering before the first notice armament needs of the non- the highest Communist nations in the event And of another all-out war, this Committee intends to do fol-whatever it can to put an end to

that gouging."--Reuter,

day on Tuesday, price since July 18.

Prices closed

today

03

lows:-

37.20

March (1963)

May

July

October

Spot

October

December

December

Maret (1063)

30.40-30.43 30,10-30.15 50.10-30.11 30.20 35.70

24.20-34.33

34.27 nominal 34.24 nominal

NEW ORLEANS MARKET

Spot

October

December

March (1892)

MAY

July

Priober

December Maret (1953)

24.10 3025 bid 30.08-36.00 30.15-30.33

30.20

*9.00

34.23-34.30

34.10 24.14 bld. United Pratt,

Copra Quotations

New York, Sept. 24.

New York Sugar Futures

New York, Sept. 24. World sugar futures closed to- day unchanged to 2 higher, with saics totalling 20 contracts.

closed today Contract No. unchanged to 4 higher, willi sales tolalling 12 contracts..

Prices closed today as

follows-

Contract No, & (world) [January, (18029~~47 5494 * Cruded .628 traded

March

May July September spot

Contract No. January (1983) March

Peptember

Apot

Copre was quoted today stiuly $1.60 per short ton asked United Prast.

Arid

PRESENT TREND

By 1947, the terms of trade had worsened. though COTT pared with the year 1913, they were still in Britain's

favour.

If supervenes, there is little doubt, a British Indiation now

Mr Clark fears, that it will be blamed upon the Americans,

He sums up: "On the face of it, as things are now, it looks as though Britain will have a first-class Inflation, culminating about 1953",

Commenting on Mr Clark's article in a leading article, the By June of this year, they had Manchester Guardlan

quotes moved against us.

Professor W. A. Lewis to sup- Moreover, says Mr

Clack, port its contention that the there is every sign that the | terms of trade have noved present

trend will con- against us because the annual Unue throughout the decade. rate of growth of primary-pro- Many

Breduction since 1913 is only half

British

imports

N. Pt. Wharf 8.00 7.00 4000 @

Dock .......

Provident Wheelock

LAND, ETC.

HKS Hotel HK Land

UTILATIES

Tram

Blar Ferry C. Light (0) 8.75

200 a 12

age

a 383A SE NE

"RAÓGKERK“.

ARENDAKENK" HARENDSKEEK"

Japan

From

Rurope & Bingapore Гаред

Europe & Singapore

SAILINGS

To

Vantia. Stacapore & Europe Japan via Manila

Manila, Singapore, & Europe,

BERING'S BUILDING. TEIT PROSES:28015/10) 28017

BUAT RENE MOZZAGLAIS UN GUNNARGITE ROAD CELLSZAVONÁS

MAERSK LINE

FAST FOETNIGHTLY SERVICE TO

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

0000

10' 200

2400

1815 1830

27

0.40 0.00

01 53P

100 200,

53

150

0121

S'hal Land 1.00 Humphreys, 11.90

1500 1312

10 10.30 500 1083

1000 m 100%

800

16.30

300

p 800

1000

1000

1100

8.

6.00

6.78 500

2000

•

35 30.25

15

15.20

M.S."TREIN MAERSK”

24 14:40 2500

M.S. "PETER MAERSK”

Rope

....... 16.70

STORES, ETC.

Dairy

M.S. "NICOLINE MAERSK”

Sept. 30 Oct. 16 Oct. 31

200

1834

273% 27.80. 700 2 17.09

ARRIVALS FROM U.S.A.

M.S. "LEXA MAERSK”

Oct. 17

Watson

M.S. "SALLY MAERSK"

Oct. 20

MS,

Nov. 18

C. Light (N) 50

Light (B)

Electric (CB) Telepho INDUSTRIALS

Cement

Ewo

still bought at prices far below us great as that of manufactur- COTTONS world level and exports solding production, at prices above world level; this

cannot go on indefinitely. Despite the evidence to the contrary, there seems to have

been an conviction

almost unanimous

Mr

1.80

31% 1000

Chicago Grain Futures

The effect is to compel us in Britain to export more or lo consume less, it says, The long- run remedy is to raise produc- flan in the under-developed among Englishmen. . .

and this, under that the days of cheap food countries would soon return," Clark Present-day conditions of Invest goes on. Those who continued ment, means inter-governmental to hold this belief must be held action. responsible for the consequences basis

Colonial development and today. Wheat futures closed 1 of any actions based upon it.

of things like the Colombo Plan. lower to % higher and soybeans Dealing with the illusion Limitless Taxable Capacity, Mr Summing up Mr Clark's other were 2% to 3% higher. Prices Clark points out that in each conclusions, the Guardian says,

follows:-

Whaat-price per bushel pat

post-war year national and local Laxation in U.K. has been levied at a rate of

per cent of the Over 40 the entire factor-cost Di ni-

There is thus

thus a solid self-interest

of

"We shall go from bad to worse unless we can not only check inflationary trends

start the along the line but

tional income. In every can reverse process. And this where attempts had been made, involves painful surgery, pre- at various times and places, to ceded by even more abrupt exceed the "safe" limit

tends is 25 per cent of national economic diagnosis".

ol

laxation (which, Mr Clark con-

changes in our habits

income) "the effect was so dis-

cir-

couraging to real production,

and encouraging to the

Chicago, Sept. 24. Grain futures moved higher

ANNA MAERSK”

For Freight and Further Particulars please apply to:--

AGENTS:

JEBSEN & CO.

Pedder Building

gin futures closed today a PENINSULAR

2.413

September

December

7.683-15

March (1052)

2.401

May

2,4211-5%

Com

Spot

1.624,

September

of

December

1.754-4 1.799

March (1952)

101-14

BRY

W

1A7

July

1.67

September

Dats

1,30%

Juty

September

01-00

culation of money, that within Tobacco Grouping

two or three years an inflation supervened sufficient to raise

thus the

money prices (and value of national income) to a point where the 25 per ratio again prevailed".

cent

BARRIERS "TEMFORAEY"

Rigorous controls and favour

external conditions

able

Set

Up

Amsterdam, Sept. 24. The creation

"World of a Tobacco Organisation" (W.T.O.} |·was agreed here today by six hundred delegates of the World Tobacco Congress nt lis main session.

The Congress, representing and all branches

Jart

¤

New York four-per 200 lb. 'Back. $1240.-United Press.

London Tin Market

London, Sept. 24, The tin market was steady and quiet. Prices closed today al the end of the official morn- ing session as follows: Spot tin, buyer

10 Spot ther

Business done at

---United Prem

had helped this country to hold the uflationary forces in check, but these temporary barriers will 50 countries The mills reporting to the shortly all be swept away, and of the tobacco industry, passed

Iron American

Steck Britain will have to face the the statute of the proposed or-

@ppointed ganisation, and Institute last week produced an full

consequences,

of 10 nations Mr

has liifle patience committee estimated 2,023,000 tons with an operating rate of 101.2 per cent. with the oft-repeated assertion draw up plans.,

The W.TO. will be establish- Three-month tin, buyer A month ago the industry that productivity in this coun-

ed immediately as 20 coun-ee-month ta, weiler worked at 09.8 per cent to turn try is increasing at an un-

Business done at tries have rated the statute. Suntlemant out 1,905,000 tons. In the same precedented rate. The fact of

It will safeguard the interests week a year ago the figures the matter. he says, is that

per cent and real product per man-hour in of the whole tobacco industry.

-Reuter. 1,042,200 tons Associated Press. rising only very slowly and is Press,

only about 5 per cent higher than that of 1938. About half of

this

Increase has been swallowed up in shorter work- ing hours".

He compares the position of

New York, Sept. 24. Britain today with that of The weakness developed in France after the Grat World the black pepper market. Spot War. In both cases, the im- material was available at $1.87 mediate post-war problem was a pound. Dealers reported In

were 100.7

New York Stock

Exchange

the

the in

Black Pepper

1.

1

235

940

940

London Rubber

Prices

Futures

London, Sept 24, of rubber futures closed today as follows. Number rubber,' in /

cents per lb. November

October/December

BAILS:

Tel. Nos. 86066-9,

& ORIENTAL

QUIS NÓS SEPARAB

STEAM NAVIGATION COMPANY

R.M.S. "CORFU“

NOTICE TO PASSENGERS

BAGGAGE:

ŠPECIAL NOTE:

FRIDAY the 28th September at 12.00 Noon for the United Kingdom via Straits) Colombo, Bombay, Aden and Port Said.

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 27th September.

With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the. Wharf Co.'s Godown for loading. on board by ship's slings only,

EMBARKATION:. Will take place on FRIDAY the 28th September between 9.00. A.M. and 11.00 A.M.

NOTICE TO CONSIGNEES)

“BELEEMOPHON"

Dermagrock cargo' ex thie wessel will

413) nominal

October

Exchange Rates bevered it's Wharf between

New York, Sept. 24.

&h increase in dollar prices. The, dian offering for the first week December Stock prices. today ended

peak of dollar prices was passed of October shipment at $1.67 January arch (1901) 4 irregularly lower, despite

1948, and Britain is now, pound, October shipment at April/lume strength in the rail soellon. Trading was 1,030,000 Ahares, experiencing an Independent $1.03 and October and Novem

Inflationary d cycle”------- thus ber shipment a $1.60 cents Industrials, suffered

including widest

cost And declines with olls and metals duplicating conditions in France pound,

fri the early 18203; 2) freight-United Frem the biggest losers in the section.

Both

these: movements-the ไท Steol

fractions. Flolded

baka mwall do the British. French Motore eased. Tyres Jost over a point. Televisions and

derived from excessive LONDON INDEXE aircrafts were Infractions, are Buger Government spending. There slipped amandine! #ocks gained fractionally or are of course, differences, Bet no doosrusa trasode 197 declined, Britain in 1080 gyár spending. n.

Fundnat $247 dranced 0 and 940-Run- greater part of a national in index was 187,4. Associated Blam iscaliper 100)90224

chansol,--United Press.

come on defence and 1018 on Press.

6.00 hid -$40 20

5.42 bla

United "Prem

London Best

The Financial. Vitroes : daI

10 am and Nasa su #eptenikar: 25 Zovitan "your inippa's in helping KG 16, 1951, and conatinees = { "kre | train the. 'Honkong Dunloem was dana", "In the focal | requoties to bave thile cupinamotae marrow. dubpariptions

morning" at: the following. ERTHEIMA. sterire nole (per, kij

BUTTERFIELD A. KWIDE, Indonrala mylists izver: SPP Kingapors (direita) (22)

DEAL FIC? plaetres (per, 100): 64444.

EERSTE

Hongkong. Septembe

War Memoriti

by Fee further!

telephone "the Béɗretary (29018).

Z