1951-10-01 — Page 9

MESSAGERIES

M

MARITIMES

THE CHINA MAIL, MONDAY, OCTOBER 1, 1951.

BRITAIN'S DOLLAR

GAP

M Gaitskell To Make Statement This Week

Arriving

Leaving

Ontward For

***LA MARSEILLAISE" ..Oct. 20

"LES GLIERES”. ..........

Oct. 11

Yokohamia & Kobe

.NOT, 11

Nov. 17

Homeward. For I

+"OYONNAX"

Oct. 23

*LA 'MARSEILLAISE" NOT, 2

Oct. 25 Nov. 3

N. Africa & Kurape

↑"MONKAY"

.............. Nov, 21

Nov. 13

passengers & freight

Stanila. Malgon ä

Marsellien

N. Africa Europe

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

Rotterdam.

Subject To Change Without Notice

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong

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

Wall St. Still Maintaining Its High Levels

New York, Sept. 30.

The stock market is passing the three-quarter mark of 1951 with average prices still close to a 21-year high.

the

1

HK Takes Less Jap Fabrics

Tokye, Sept. 80. Export contracts during Aurdal

totalled 4,605.000 for Yerde

staple

Abre fabrics valued at $1,561,- 060 and 23,230,000 yards for rayon fabrics valued at $5,849.000,

according

the Intersational Trade Industry Ministry's survey. The survey revealed that Area in again the Sterting

the largest customer with the

United Kingdom bure buy. ing more staple fibre and buying more rayon fabrics than Ert July

Tran

Indonesia

and

Barme, Ceylon also made larg purchases then the pre- vious month, but Hong. kong sales dropped- United Press. ~

Decline

In Sterling Area Commodity Prices Blamed

(FROM OUR OWN CORRESPONDENT)

;

London, Sept. 30, Mr Gaitskell's quarterly statement on the gold and dollar reserves of the Sterling Area is on event whịch has cast its shadow before it.

Whether by accident or design a figure-$500,000,000—“leaked out” during the Chancellor's visit to Washington, and this figure is regarded. here as a fairly accurate measure of the dollar gap which has opened up since last June.

Mr Gaitskell himself refers to the deficit as a "substantial one" and talks of "further steps to restrict imports and expand exports."

His full statement, which periods of heavy purchasing up prices and is due on Wednesday, is which forces

creates shorloges, and periods Awaited with great interest. of little or no buying which de- It will among other things presses the price level and dis- reveal the nature of the courages production.

Prices"temporary factors" which,

Grain Prices

Decline In Chicago

Chicago, Sept. 29. With temperatures rising in the Mid-West corn and soybeans belts, prices of both those commodities sank on the Board of Trade today.

.

Some ground was lost in listless trading last week. But the movement had no decisiveness to it. When the exchange wound up | pared with $14,213,000 last ity summer closing schedule week.

Japanese bonds were irre- and

prepared to resume

gularly lower on scattered sales section

Soybeans lust the incst in the foreign dollar added this

ground, being adversely 112- this week.

Meanwhile in Washington the

fluenced also by casing tenden- Treasury announced- it

cles in crude soybean oil, had received subscriptions totalling Largest losses in corn were $1,832,022,000 or approximately registered at and immediately 95 per cent, for its exchange after the opening. Toward the worked slightly | offering of 11-month 1- per

cent certificates for $1,919,307,- | higher, 000 1-

1-4 per cent notes maturing October I.

5 day programme, with Saturday session aweek, stock prices were within steudy distance of the year's average high,

Trading patterns, however, Have tue Indication whether they might surmount that high In the near future or whether A collective movement may be getting under way to cut sharp- ly into the market's recent Emins.

The 29-high for The Asso- ciated Press average was estab- lished at $100.80 on September 20. From

point 30 conta below that at the start of last week's dealings, it declined to $99.50, at the close of Friday.

Only on Thursday did an appreciable speeding

of up trading accompany a price spili. Prices steadied at the lower Jevel.

In view of the slow nature of the

Subscription books will be opened on Monday for u new issue of 11-4-month. 1-% per cent certificates in exchange for

1-1

cent per $5,040,000,000 notes that mature on October 15 $5,253,000,000 1-14 per and

notes that mature 031 cent November 1.-Associated Press.

cloxo

Cash

Corn

grain dealers reported an increase in offerings of corn from the country 53,000

of old bushels

crop and 30,- 000 bushels of new crop being booked,

Wheat and outs

were lower

most of the day, even though

losses never amounted to much. They, too, rose toward the close. Oats showed pretty closed lower to higher.

Corn was -1⁄2 lower,

December $1.75% Osta were

lower to

Enamel Ware higher.

week's denting onls From Japan

7,833,000 shares changed hands compared with 10,178,780 in the week some market preceding observers said there had been no real attempt to test the level _ut which_new_buying would

come in to support prlees.

The decline

never im pressive and only on Thursday, the day of its sharpest bile, was there a wide excess of losses over gains. In each of the five sessions, issues recording new highs were more numerous thna those touching new lows.

was

CRITICAL INDICATOR While ruils, which some followers regard as critical in- dicators of the probable course of the market, drifted lower, they avoided any runaway de-

cline.

Osaka, Sept. 30.

ware

to

Jocol

The export of enamel this year was at its lowest in August but plcked up this month. with purchases by Indonesia," East and West Africa, Bangkok, Penang, Singapore and Central America, according industry circles,

Shipment of enamel goods. reached a peak in May, reaching $1,000,000, but slumped $320,000

worth in August. Export during August was made at prices 30 to 35 per cent below floor level,

to

of

Manufacturers expected tu produce $1,000,000 worth enamel ware during September desplic the power shortage. Makers sald September orders But strong support likewise increased when enamel ware was failed to

concentrate behind added to the prior approval ex- particular section of the port ist. Some was sold up to December at prices 10 to 15 per rent below floor level.-United Press.

market.

Critical international situa- tions, such as the Iranian Ou dispute and the attempts to re- sume Korean cease-fire negotia- tions, lended to restrain traders from taking any decisive action. Three of the five most active stocks

on the exchange were railroad Issues. Pennsylvania Rallroad topped the list, up at 19; New York Central was at 18%, und second, down Baltimore and Ohio fifth, off 3%

December".. $97-881⁄2 Rye, new style, was lower.

.. $1.79

(new style)

$1.77

United accounted

mor- "drove

HONGKONG

SHARE MARKET

(Our Own 'Correspondent)

Business done on the Stack Exchange

morning was valued at $102,108. Noon quota- tions and the morning's transac- tions:-

STRANGE POSITION Mr Stokes wants no morc according to the Chancellor, of the "smash and grab tae- were largely responsible for ties in the commodity

kels" which recently." the deficit.

this stockpiling prices through the celling but United Kingdom

does he want a situa- neither purchases from the

tion in which demand is 30 States undoubtedly

ted low that producers do not think for at least part of the "special worth their while to expand ly heavy non-recurring

pay-

production. ments which contributed to- wards the deficit, Dollar

ex penditure on all to replace the lost Persian supplies also play cc its part.

from

icost

the

to balance its

of row

SHARES BUTERS BELLENS SALES

BANKS

J

1540

12:45

Canton Union Underwriters

....40

ilk Fire

DOCKS, ETC.

44

140

K Whart 03.15 N. PL. Whart Dock

0.90 500 1 0.90

1412

1300 141

500 4 14.30

Provident

We have thus reached น situation where. the Chancellor of the Exchequer is asking the ICK Bank United States to maintain their INSURANCES purchases at a level at deftelt has obviously been the Sterling Area

But the real cause. of the high enough to enable

Sterling fall in the price of

dollar account while the Area commodities

the Minister of Materials is Im- high levels

of 1950 and the ploring the United States to curly months of this year.

keep their stockpiling purchases The following comparisons sufficiently low as to enable show clearly enough how the other consuming countries to Sterling Area's dollar-carning get their fair share capacity has suffered as the re-materials but not so low that sult of the fall in the price of producers will stop producing. the three main Commonwealth

It is, of course, possible that LAND, ETC, raw materials-wool,

bolh Mr Gaitskell and Mr rubber.

Stokes have the same thing in unlikely. A mind but it is level of American demand that was high enough to enable the UTILITIES Sterling Area to balance its dollar payments would in all probability be too high to en- sure adequate suppiles of row materials to this and other con- suming countries in the

tin and

In March this year wool was fetching 314 pence per pound, in £1,235 per lan and rubber By last 03 pence per pound. week these priers were down to 10 pence, 2960 and

ence, respectively.

CLEAR HINT

46

Mr Gaitskell clearly had Commonwealth.

three these

mind when

commodities

in

he included programme of steady purchases

178

by

December

December

(old style) Soybeans were 21⁄2-3 lower. Wheat;

December March May July

the

ΟΙ

S'hal Dock. 329

HK Hotel

$0.40

HK Land S'hal Land Humphreys.

60 1.75

500 @ 1.80

1000 2116

Tram 15.50 15.00 500 @ 15.50 1400 @ 15,00 Star Ferry 100

C. Light (0) 3.60 Light. "(N) 61 C. Licht (13) 8.40

Electric

to Rope

the It may be argued that

Telephone Chancellor and the Minister of

about INDUSTRIALS Materials were talking of different

commodities -- that States United

Cement Sterling Area raw materials at Mr Gaitskell was referring reasonable prices" antong his suggestions for incasures signed to reduce the Impact the of external factors upon economy of the United King- dom."

Mr Richard Stokes, Minister of Materials, sald much the same thing at the end of this

in and rubber and Mr Stokes STORES, ETC. "de to such raw materials as man-

Ganese and tungsten.

R300

8.70

2000

1000

DIMEN

R.I.

·ROYAL-

In Port in Port In Port

and Oct.

5th Oct. 4th Oct.

12th Oct. 12th Det. tzad Oct. 23rd Oct. 26th Oct.

244 Nor.

L

INTEROCEAN

ARRIVALA

LINES

"TITJALENGKA” →THIKAMPEK". **STRAAT

MAKABRAR". MEASULANYA

"VAN-BRUTSZ" *TEORLDENGY

"THIWANGI" "TINERÁR" "THIBODAS" “TEGELBERG“ *TJIBADAKT "STRAAT

MAKASSAN"

From

· Macassar, Tava Ports & Stagaporn

8. Africa BigExporę

Holland (Malden Voyage)

Helawen peu. Pedang, dingępOTH 'A,

8. Ameries, A. Alries; Blagupora

Alanda

Macarrar, Java Porta: & Singapore Japan

Japan, Porta

J

Jaya, Ports, Maramaz K Alagapore

Japad BAILINGSTM

"TJTJALENGKA“ "STRAAT

MAKAIBAR" "THKAMPER"

"VAN BEUTEZ"

"TEGELBERG

TARMAN "TJIBESAD"

"TJIWANON "TJINGDAS" "TJIBADAK" "STRAAT

MAKASSAR"

Singapore, Java Porta & Machetar

Japan Porta

Japan Porta

Flusspore, Penang '& Belawan Deli Japan Ports

Bingapore, Penang à Belawan B Manila, Kingapota, E. & B. After

B. America

· Ringapore, Java Forts &' Macuniar Japan Porta

Japan Pests

Manila, Singapore. 8. Afiles & ́8.

Amertes

General Agents: HOLLAND EAST ASIA LINE

1st Oct. 3rd Oct.

3rd Oct. 7th Oct 10th Oct,

17th Oct.

14th Oct.

17th Oct. 24th Oct 26th Oct

4th Nov.

Date

Bih Ocl 11th Oct

ARRIVALS

Shin

"HOOGKERK" "ABRNOBENI

5th Nov. #ARENDSKERK"

T

Prom

Japan

Europe & Ringapore · Japan

T

2nd week Nav. "KIELDEĚCHT" Europe Singapore

BAILINGS

Belt Oct

"NOOGKERK"

15th Oct.

6th Nov.

"ABENDSKENK" "ARENDSKERK“

Mandia, Singapore à Europe Japan via Manda

Maalia, Singapore, & Europe,

EENINGS FALL DING, TELEPHONISTERHILLS: LO AZADIE,

14.80 100

MAERSK LINE

ན་བ ོན་ ོ

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis

SAN FRANCISCO, LOS ANGELES 'AND' PANAMA,

NEXT SAILINGS

M.S. "TREIN MAERSK”

101⁄2 13.00 |

"

to

Dalry Watson

17.30 1714, 4200 ₫ 17:40 Crawford 254,

M.S. "PETER MAERSK” M.S. "NICOLINE MAERSK"

Oct. Oct.

Oct. 31

+

1609

ARRIVALS FROM ̃U.S.A.

........ 2.05

M.S.

“LEXÀ MAERSK” M.S. "ANNA MAERSK”

Oct. 18 Nov. 14

M.S.

"LEISE MAERSK"

But it would be difficult persuade the United States to embark upon a programme of COTTONS

tin and steady purchases" of

Ewo rubber which are in potentiul surplus supply and at the same Commonwealth talks on time to "moderate" their pur-

Dec. 2

week's Connection What chases of such scarce materials CAR PRODUCTION For Freight and Further Particulars please apply to:---

$2.40-437 $2.49%-4

$2.50

$2.434 -Associated Press.

and a little more collaboration ways, between nations."

that

Stockpile

Copper Withdrawn

hns

both

was needed, he sald, was 11 as manganese and tungsten.

We cannot programme of "orderly buying"

have t

Detroit, Sept. 30. Auto factories in the United STOCK EXCHANGE He thought it unwise.

The election boom which en- States, will build 100,070 cars countries should embark enlivened the Stock Exchange at and trucks this week, Ward's huge stockpiling programmes the end of last week has peter-Automotive Reports said.

of at a time

material ed out, A new talking point raw

Is the Conservativo Party's shortages and made a plea for moderállun in purchases against

manifesto which promises to future requirements either by introduce some form of excess private consumers or the stock profits tax. piling authorities.

But although

Mr

Mr Gaitskell has said **It

one

comTM

AGENTS:

JERSEN & CO.

Pedder Building

Tel: Nos. 36065-9.

cars and 20,242 trucks SOUTH CHINA MORNING POST

week and 154,234

Exchange Rates

THE CHINA MAIL

this

16.75

SUNDAY POST-HERALD

3.30

1.78

13.65

The Agency counts 80,039 cars and 20,040 trucks as this week's effort. This compares with This has apparently not dis-100,290

asbullt last Gaitskell turbed the City as much and Mr Stokes give the im one might expect. The Dally cars and 24,410 trucks assembled pression of speaking with one Express city editor Frederick in the same week a year ago. voice there is a fundamental Ellis, comments, "No

in Associated Press. difference between the Chan the City likes any form of ex- cellor's

for request

"steady s profits tax, with its dan- purchases" Washington, Sept. 30,

and

the Minister Ser of encouraging extrava- of Materials' plea for "orderly gance. But a new form of ex- Trumon President

buying"-particularly as they cess profits tax is only one side authorised the withdrawal another 30,000 tons of copper both had the United States in of the Torica plan for

panies.

Business was done In the local from the national stockpile to mind.

upofficial -Exchange market The other is a 'revision of morning at the following rates: make up for production losses

is clear that the circumstances the existing system of taxing sterung note (per £17 in the recent strike.

which led to our earning inrge their profits. And it is on this U.S. Donors (per #1)

City men dollar surpluses in 1950 have that

are fastening Indonesia guilders per 100)...

Siam tea (per 100) now changed,The underlying their hopes."

Singapore" (Straits) Publication of the manifesto FIC plastrex (per 1001 position is much less nble."

came too late to have any marked effect on Slock Ex- HAPPY MEDIUM

change dealings although the initial effect

was to cause In other words the United some small rises in top-prade States are not maintaining their shares, Investors will probably purchases of Sterling Area raw want to know more about the materials at the level of 1030 excess profits tax proposal be- and prices have consequently ore they start buying on the fallen. To the extent that this strength of promises to revise fall in raw materials prices the existing taxation systems. has improved the terms of In the meantime it is trade of the United Kingdom likely that the manifesto

Rally In NY Charles Wilson.

Cotton

His decision was announced by the Defence Mobiliser, Mr withdrawal It is the second of copper from stockpile to help to overcome the current short- age.

nt 21%. Fedders-Quigan was The cotton market headed 17.

Curb

New York, Sept. 29,

third most active and RKO higher in late dealings today after Pictures

each up fourth,

up /2.

siriking around $1.50 u bale On the Curb exchange, shortly after the opening. Closing Kaiser-Frazer was the

most prices were five cents a bale active issue with a gain of 1⁄4 ot lower to B5 cents higher. A 04. It was followed by Pan- subsidence in hedging plus short ccasial OU, unchanged. Ford covering brought a reversal in Motor of France, down 1/16, trends just before the market and Hallon Superpower A, up closed.

·BOND MARKET

Government

bonds declined

with losses running, as much us

1% of a point.

Dealers had reports cf addi- tional spot offerings in Southern markets.

Delober

December March May October

The showing for Govern- March ments was the worst in any weelt since an upswing

one

די

30.70 30.50 3,47-40 30A0-41

34.00

37.03

Midding spot.......

New Orleans cotton futures started in late June from lows closed stendy 40 to 00 cents a bole touched in the decilne set higher.

October on by the removal of fixed December price pegs by the Federal March Reserve Board in March.

The largost losers were, the restricted fasues-bonds ineligi- ble for puntuases by commerical banks. Sevin dropped below than the A8 bid level—more two points below par (100).

*Dentern salt::'activity for the

May

July

31.63 bld 35.55-84 2.45-52 34,43 33.69-03

-Associated Pres.

U.S. Coal Output

New York, Sept. 30, most part was light" and the Soft coal production last week price changes reflected a lack totalled 10,000,000 tons.com.

The release of up to 25,000

tans was announced last August Mr Wilson said it was with great reluctance that he asked the President to authorise the second withdrawal. The step was necessary 10 keep defence production rolling. United Press.

Jap

Fertiliser Exports

favour-

Business Failures

and

New York, Sept.*20. declined to 160 in the week Business failures in the US ended September 20 from 104 the previous week, Dun. Bradstreet reported. The total un was slightly in excess of the will 155 for the corresponding week It is to be welcomed. But al dispel the deep gloom that the last year,Associated Press, the same time it has had a loss Persian crisis, and the dollar welcome effect, on ́our dollar situation have cast over the

reserves,

The happy medium might

be hard to attain but this is undoubtedly what the Chancel-

markets.

for has in mind when he speaks Steel Estimate

of steady purchases by the United States."

New York, Sept. 30.

THE MOST EFFECTIVE ADVERTISING MEDIA

COLOUR IS AVAILABLE TOO

ASK FOR

PARTICULARS AND RATES COMBINING THESE LEADING NEWSPAPERS

Pacific Far East Line Inc.

DIRECT

Fast Regular Trans-Pacific Service

Tokyo, Sept. 30. The Government.

The Minister of Materials, on announced

The American Iron and Stool that 200,000 tons of chemical the other hand, has a

quite Institute estimates the nation's fertiliser will be exported during different. problem to solve. The steel mills will produce, this the current fertiliper year Commonwealth conference, over week at a rate of 102.1 per cent SAN FRANCISCO, LOS, ANOPLES. (August 1, 1051 to July 31, which he presided, has issued A

of rated capacity. That will be 1052). One half will be nitro- statement (remarkable for genous fertiliser and the other omission of any reference to equal to 2,041,000 net tons of

the United States or the doi Ingots and steal for castings. helf superphosphate of lime.

In The Government has decided lar_position) in the form of a

The comparable ¦ ¦ week a to export 45,000 tons of nitro- declaration of principles which year ago, the mills operated-at gerous fertiliser together with now have to be translated 100.7 per cent of rated capacity, 70,000 tons of superphosphate | into action.

Associated Press.

of lime to Formosa, 40,000 tons One of these was that tho

of mitrogenous and 20,000 tons | "range" of prices and pur-

New York, Sept. 30,

OVERLAND

NEW YOKE CHIAGO: BETRON-TOMONEG -MONTREAL" AND ALL ABKILIÇAN ★ CANADIAN CITIES

Regular Service direct or with sexuaḥipment,

Guam, Marines Islands, Méronesian Istarzijd

Vél

From

Ban Francisco

Box Francisco

Ban Francisco

Arrives

Och

Balle

20

Oct at

Nov. 1

Ben Francisca

"TRADE WIND".

“SELL” SERPENT

of superphosphate of lime to chusing" arrangements" ? should South Karen 10,000 tons of be such as would encourage Canadian" steel output during *** L LUCKENBACK nitrogenous fertiliner to the long-term production without the first seven monthu," of '3951;"IDWARD LUCKENDAGET": of demand rather then exceivepared with -10,000,000 tone the Philippines and 8,000 tons of discouraging, consumption." tõlalled 2,048,827 tóns compared: supply of offerings.

previous week. It was 11,532,-nitrogenous fertiliser, and 5,000 Again, we find the (samo) with 1,900,000 tons, in the same Par value of sales for the 000 tons a year ago,--Associated lons of superphosphate of lime striving after the happy period in 1950, trade sources weekt totalled $18,100,000 con= { Press,

[ło. tiấy Hyukyus-United Press.) medium-in this caso` between bald.—Associated Press.

Jer.

Bati. Francisco & Los Ange San Francisco

255 Kingspore:&c Djakarta

Bank Branco. & Los ApgÈMI

via: YokohaTR

For full particulars onli-United - Státes" Lines” Co. Generat^Agauid, Queens Buliding, TGI HEIJA

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