1951-10-04 — Page 9

THE CHINA MAIL, THURSDAY, OCTOBER 4, 1951.

MESSAGERIES MARITIMES FALL IN GOLD RESERVE

MOM

Outward For

Arriving Lesving

"LA MARSEILLAISE" ..Det. 20

"LES GLIERES"

Oct 31

Yokohama obe

«Nov. 1

Nov. 13

Homeward For

...Get. 21

Del. 20

N. Africa

Europe

"OYONNAX**

•LA MARSEILLAISE" Nov, 2 Nov. 1

+"MONHAY"

...Nov. 24

Noy, ts

* passengers & freight

Manila, Saigon &

Markušies

N. Allen & Europe

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

Rotterdam.

subfact To Change Without Nolles

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, vla SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "PETER MAERSK”

ARRIVALS FROM U.S.A.

M.8. "NICOLINE MAERSK”

M.S. "SALLY MAERSK”

M.S. "LEXA MAERSK"

M.S. "ANNA MAERSK"

M.S. "LEISE MAERSK"

Oct. 16

Oct. 81 Nov. 15

Oct. 18

Nov, 14

Dec. 2

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO..

Pedder Building

Tel: Nos. 86066-9.

EXCHANGES Fast Buying

IN NY

New York, Oct. 3.

2,70-15/16

Canada (dollar) ..... US$0.94-16/1G

England-oficial

rt

unoMeinl

30-clay futures 10-day fututes

Australia (pound) ....

New Zealand (pound)

Belgium Grant)

MIDDLE EAST

Iran trial)

2.48 asked 2.1016 2.772

2.12

2.797

2.001

9100!

Of Grains

In Chicago

1455 0020-9/10 plts.

Chicago, Oct. 3. Soybeans shot up in a fust buying move on the Board of Trace today pacing a market which was very strong in all

Processors were eredited with bears, Thus far, the buying run of cash Beans to market has not been large. Much buy- ing also was based on rumours that the Economic Co-opera- tion Administration Kwould moke

large grants to foreign countries to buy American and bean products. beans

Goins in wheat and

cor ranged to more than two cents at times.

South Africa (pound)

Denmark (krone)

France franc)

West German Deut-

chemark

4.20

Tolland (qv)lder)

Italy-official

2030 1100%

Norway, skrone?

.1405

Portugal (escudo).

0340

Spain (pescia)

.0265"

Sweden (kronie)

0035

Switzerland-free

.2200

Eypt (pound)

2.8

Iran (dingri

03124 2.01

Turkey ray

2175

Argentine-clai

.0710

Brazil (cruzeiro)

0150

Bolivia (bakvinoj

Chillo--free

.0150

Cubo (pras).

Columbla (peso}

4025

which was expected

Mexico (peso)

1155

further deterioration

Peru-free

0150

quality of the crop.

Uruguay (pesa)

4000

Venezuela (bolivar)

2003

FAR EAST

Indla (ruppe)

202

Pakistan ruper)

1Jongkong

Irfanrsia

,3040

3303

360 yen to US$1

LATIN AMERICA

Singapore

Japan

Steel

United Press,

Control Tightened

London, Oct. 3.

Wheat was bought on un- favourable weather in Canada

Britain's Biggest Loss In Peacetime

Dutch-Japanese

Trade Talks?

Rotterdam, Oct. 3. Hojland

Have to begin trade talka with Japan. In the opinion of her Foreign Minister, Dr

U, Dirk Stikker, who came home from New York to- day.

Dr Bilkker has been to the Japanese peace treaty

Frau- conference la San elsco and the North Al- lantio Organisation session in Ottawa. Dr Stikker sald that Indonesia.. and the Philippines had not achieved more in Ben Franciaco

the other countries. Japanese pro-

had mises

Iri all CASEX been the same. ***As a result of San Fran- cisco, we shall have to be xin jalka on a trade agree- ment with Japan," he said. -Reuter,

than

Figure Called Serious But Not Catastrophic

London, Oct. 3.

Britain's gold and dollar reserves fell by $598,000,000 during the quarter ended September 30, the Treasury announced tonight.

This was by far the biggest loss on record for any peacetime quar- ter, the next biggest having been a loss of $321,000,000 in the second quar- ter of 1948.

In war and peace the loss in ́the quarter just} ended ranked second only to the loss of $673,000,000

in the third quarter of 1940, when Britain and the HONGKONG

Commonwealth were fighting and financing - a world war almost single-handed.

in

The figure was officially des- North American_holdings were cribed as serious but not catan- | built up from 231,000,000 trophic.

June, 1950, to £79,000,000 the end of 1850.

Commonwealth talks to con-

cert internal and extemal poll- cles are to be held at the official level in November, and at the Ministerial level near the end of the year.

Cable Company's on September 30. At the

Request

PACIFIC SERVICE MAY CEASE

New York, Oct. 3. The Commercial Pacific Cable Company has asked the Government for per- mission to discontinue its service, the only cable operation connecting the United States with the For East.

SHARE MARKET

(Our Own Correspondent) Business

and

PERSIAN OIL Last quarter, on rumours of

done on the Stock Starling 'devaluation, they were Exchange this morning

Was sharply run down. This move valued at $600,703.75. Noon

ceased when the Chan- quotations ment Last quarter's huge loss slash cellor of the Exchequer des-

the morning's rd the reserve from $3,807 mil-

transactions! llon on June 80 to $3,268 mil-ibed the devaluation rumours

us complete nonsense.

SHARES BUYERS BELLEDS, WALES reduced level they were zül Some of lost

BANKS quarter'e above any post-war gure bobnormal factors will continue. for the end of 1950, and for Replacing Persian oil costs about above their trough of $1,340 $300,000,000 a year, If the dollar Inillien on the eve of devalua-oil can be bought. This cost Hon in September, 1949.

will be spread fairly evenly over the years, until it can be reduced by developing more all and

refining In the Sterling Area.

A Treasury oMcia! said that the remaining reserves, at about three and 2 quarter billion dollars, give some time for the Sterling countries to frame con-

structive polleles.

below

At their post-wur peak last June the reserves were well $4,170 million in March, 1938 the pre-war poak of and for lower in purchasing power.

NOT HIGH ENOUGH

British and Sterling Ares im- ports are running high, tor strategic stockpiling and for robuilding commercial slöcks.

would have produced rather less Underlying influence alonc than half as large n deficit.

The problem is not for the United Kingdom alone. If the They were officially described Sterling Area, as u whole, is In

with, the tonight as not high enough for dafcit

rest of the

1 Bank INSURANCES

Canton

1630

245

120 12000##

linderwriters HK Fire DOCKS, ETC. # Whare

N. Pt. Wharf 6.00

Dock

Provident Bhai Dock Wheelock

LAND, ETC.

06 100

100

01,78

22

HK Hotel .. 0 8,30

1 Land.. 8174

་

Humphreys

10

£6.80

17 200

Tram

the total trade between the world, it can be covered only UTILITIES Sterling Area and the Dollar by borrowing from the central Arca which runs to $5.000 mil-gold and dollar reserves. Hon a year cach way.

The firm, one of the plencers in world communications, said In a statement yesterday that unprofitable operations were the reason for ending the link.

Commercial Pacific laid the Arst cable across the Pacific. In Pounds Sterling the loss of storting business. in 1902. 214,000,000 last quarter was Other lines have been laid since even worse than the loss thon, like the Canada-to-£107,000,000 in the third quar- Australia cable, but nodz fromter of 1940. the United States.

just can't get along pore," explained Mr Thomas V. Jordun, Vice-President of Com

mcreial Pacife.

are

of

The gold and dollar deficit of the Stering Area last quarter was $038,000,000 compared with a surplus of $64,000,000 in the second quarter and a surplus of $360,000,000 in the first quarter,

The problem is to redress the overall balance of the Sterling Area, including Sterling Aren, including Britain's own overall balance. This requiren actions by member countries of both Internat and external the Sterling Area, Individually and collectively.

Since

SOME CUTS

an

SL Light (B)

Freephong INDUBTILALO

Cendent

0.70 (2294) 1005 @ 22

15 3000 18K

2007 1794 1434–1500

10 10%

14.30

W 19:30

STORES, ETC.

Dairy

17.40 1774

"There have bron. frequent cable Interruptions which

Only $40,000,000 (compared

the problem is costly to repair. That about with $55,000,000 in the second brings us to the end' of the quarter and $98,000,000 in the one, cutting Imports sources and D- rope."

first quarter) was covered by from some receipts of Marshall Aid granted placing them from other sources The Pacific cable runs

before Marshall Aid to Britain would be no real solution. But Honolulu, Son Francisco to

Guam, was stopped at the end of last there must be como cuts. Even thehea 10: Midway,

year. Manila, Shanghai and Jupan,

It pli dollar imports are essen- tial, there 19 0 difference to The Application for authority

quarterly deficit of

between-essential in character discontinue the cable opera- $438,000,000 was the biggest for and essential in quantity. tions was filed on September 28 any peacetime quarter, except with the Federal Communice-only the crisis year 1947. It was tlons Commission. public not nearly a record.

Radia

$1,510

notice of the application sald: Every quarter of 1947 had a the appilentien is granted. bigger deficit. The record donelt substitute service will be avall was $1,537 million in the third able by Mackay

and quarter of 1847. Telegraph Company, RCA Com-

LOAN REPAYMENT munications, Inc., Glebe Wireless, Wireless, Inc., Ltd., and Press to cause

But in that quarter between San Francisco, Honolulu and Mantia; by RCA Communi-million was covered by the cations, Inc. to Guàm

in the North near future; and by the Civil drawings on the International to Monetary Fund, so that the gold and dollar reserves fell by only $27,000,000.

In

the

of

ometal

confirmation damage to crop by last week's frost helped that cereal.

Closing prices:

Wheat closed 1⁄4 to 1% higher. Corn 13% to 2 cents higher. Outs to 14 higher. Bye (new style) 11⁄4 to 15% higher

Soybeans 3 to 50 cents higher,

Wheat: December

March (1951)

May

July

Com, December

Qain, December

Rye, December

$2.44

42.4725

$2.502

$2.501

$1.707-20

3722-4 61.84 12.831- -Asmelated Prem.

Britain tightened her control | Soybeana, November

dls-

over the export of finished steel tonight to ensure proper tribution.

The Board of Trade announced the revocation of current bulk Heences valld for various des- linations, and said they are being andorsed to exclude most foreign countries.

Bulk licensing, however, will continue to the British Com

Denmark, Finland, monwealth, Norway, Portugal, Sweden and Argentina-United Press,

Pepper Market

The

Quiet

Indo-Australian Exchanges

4

Aeronautics Administration Midway."--Associated Press.

Trade Taipeh

Fair

Tokyo, Oct. 4. Sixty Japanese manufac-

American

loans

and

In the last quarter there was only the $40,000,000 of belated | Marshall Ald.

Internal disinflation in any Sterling country, for example # disinflationary Australian budget, certainly helps to solve the common problem.

Watson- COTTONS

Pwo

3.10 13.30

17.00

300 7 17.00

20 34

NY Cotton Market

Tin rubber and wool make up about a third of total dollar earnings. Regular United States purchases of Buch goods ut stable prices would greatly help,

Now York, Oct. 3. Talks to that end have been

Prices pimost continuous and it is

or cotton hoped that something will de- closed today as follows:- velop in the next month or so.

Spot

October

The Treasury official equld not December say whether the gold loss was March (1952) accelerated as the lost quarter Max A high Treasury onciat ended. Weekly figures of the July

October States United

Hold

in-flow, December pointed out tonight that hitherto in the post-war ern the Sterling

which are largely the counter-March (103) Aren had the cushions of, fitt, part of the British gold out- how, indicated that I was, →→ the North American loans and, Reuter. Marshell Afd.

turers, traders. and executives Fubsequenus both those aids

At

of economic organisationsTM are At present

and Britain, la- planning to attend the Taipeh have censed irade fair. The sample fair stead. faces the liablity of planned by Mr Huang Tien-having to start to repay the

President of the Formosa North American loans. amber of Commerce, will This repayment obligation run for 20 days starting Octo-falls in the current quarter, en ber 15,

December 31. It amounts to Twenty thousand Japanese about $65,000,000 capital repay- items will be on display. The ment which cannot be waived, items include blcycles, sundry and about $110,000,000 in in- goods and modjelno-Associated forest which may be waived in Prces.

certain conditions.

CANADA'S NEW GOLD POLICY

Ottawa, Oct. 3.

The Rubber

Markets

40f4-45 4335-4914

futures

$1,80 nominal

38.07

38.63

84.24

31.90-34.02

34.03

-54.82

United Pre

NEW ORLEANS MARKET

Spot

October December

March (1952) May July October December March (1963)

36.50 37.00 bid

30.33-33.36 30.83 35.33-34.25

36.30-30.03

35.00

38.41 bid -United Press.

LONDON TIN

· MARKET

London, Oct. 3. Prices of tin were irregular and easy this morning. Turnover was, 200 tons, including 50 tors for cash.

Prices closed at the end of the floket morning assalan na tol- futures lows:-

London, Oct. 9. Prices of rubber futures New Delhi, Oct. J.

closed today as follows:- Ast Indo-Australian trade of understanding on exchange

Nemberi nubber,, in conta SEASONAL SPENDING

per th.. commodities has been reached,

to leave according to Ministry of

It is intended

the November December Commerce announcement,

question of the waiver for the January/March (1052)***!

Government after the April/June

* 101.41% new Australia will export wheat,

--Unllic Press. general election on October 25. load, zine and tallow, and im-

The Treasury official sald

SINGAPORE MARKET part from India jute, cotton

Prime Minister Louis St that the defelt in the current pleco goods, cotton yarn, raw

Laurent told nowomen today quarter should most certainly

Singapore, Oct. 3. colton, cotion wasto, linseed and that the Government would be smaller, He made the fol

of Prices

rubber traced oil, castor oil and announce its new gold marketing towing points:

closed today as follows:-- New York, Oct. 3.

groundnut oll. The arrange policy within a few days,

Seasonally, lust quarter saw Number 1 rubber, par lu

October

24014-150 the_period from He met three hours with the heavy purchases of, doller cof- black

pepper market ment covers

November

140-24915 to June 1052 Cabinet. He refused to divulge ton and tobacco and low dollar Desember United Press,

what Vecisions were taken carnings from

wool || Number" Sterling

October United Press,

and cocon.

Number These

was seasonally heavy October expenditure in Europe. Brinin Number

whole, $100,000,000 Spot rubber, that she had previously To Dirck Crepe ceived from the European Pay-No. 1 pals. menta

Union.

were

was quiet after a splurge July 1051

of

лctivity

sesalon.

late in the preceding Sellers maintained

firm attitude, holding

D spot

material at between $1.71-

$1.72 a pound.

Seeds And Oils

Grant For Greece repaid the

authorised Greece I'm #payments, and some

October

347-149

F1

rubbe

14436-145

A-1501%

100-110 180-100

Prean.

New York, Oct. 3, Nearby afloats were indicated Prices in the seeds and olla

Washington, Del. +3 at $1.71, October delivery $1.09, market here closed today un- The Economie Co-operation November delivery $1.07 and changed

the with

following Administration today announced December delivery $1.05 a exceptions:

that it has pound. December shipment was Linseed Oil, In tank naro, to purchase. $2,000,000 worth conversion into dollars of Now York, Oal. 3. Indicated at $1.58, January New York, per ib. 18.2.

of sugar from Latin America.| American and Canadian held=|_ Copra waEL-QU $1,56 am) March $1.50 a pound, Castor Sord, por, long" ton, the United Blaics

|$186 pir, short dan wiss). on. an ax-docic' basis.--- | ¥.0.3. Brazilian port. 2.40

peiserziona pod: Inominal.—United Press.

United Pres

United Press.

M

Spot tin, buyers

Epos tin, sellers

·Business gone

Three months lin, buy Threemanttis

Bubiness done at Seitimnent

0171-910

→Valted Prem..

Exchange Rates

t

Page

R.I.L.

ROYAL

Data

In Port

5th Oct.

Ith Oct.

Mh Oct.

13th Oct

Zird Oct.

2nd Nov.

9th Oct 9th Oct. Jith Oct.

14th Ge

17th Oct.

Zitte Ort.

26th Oct.

4th Nov.

INTEROCEAN

Ship

"TASMAN"

"TEGELBERG"

“VAN BRUTSE“ “TJIWANGI"

ТЛАВА

ARRIVALS

PTJIBQDAR" "TEGELBERO” "TJINADĀS". "TITJALENGKA"

STRAAT

NAKASSAR"

"TEGELDEÉG"

VAN BRUTSEN "TASMANI

"TAIDRSAR"

*T#IWANGI" **JIBODAR"

"TJIHADĄK"

"STRAAT

4th Nov.

MAKASSATU

LINES

Prema

Belawan pell. `Penane, singapore A Waixon

3. America. 4. Aftion, SiNFEROFU. I

Xantia

Japa

Macassar, Java Porta & Singapure #арад

„Japan. Porta

JAVA Porta, Magaskar & Singapore Stacamar, Java. Porta & SixstPATO

JADEN BAILINGS ·

#TJTJALENGKA",

JADED Port

TV

Bingapore, Banjos a Delawan Dell Služebere,- Fanang "&" Belawan Dell MARIA, HINKgapore, E. & Atric

8. America

Singapore, Jaya Ports & Maegetar Japan Por

Japan. Parts

Manila, Singapore, S. Africa à 8.

Amerien

Bingapore, Jays Ports & Macassar

General Agents: HOLLAND EAST ASIA LINE

Dato

In Port

11th Oct.

5th Nov.

Ship

ABRIVALS

Japan

"HOOGEERECH "AREND KERK" #ARENDEKERK" Заред

2nd week NOV. "KIELERECHT"

$th Oct. isch apt. 4th Nov.

"ДОРОККАК "ABENDSZERT!

From

Europe & Bingapore

Europea Singapore SAILINGS

"ARLENDSKEJK"-

Manda, Sinesdore & Europe Japan VIN Manila

Manila, singspora, & Burope.

KINGSEHEILDING "TELEPHONES: 9815 TO SHOE

PATTISON ORIENT LINE

8. "LAURE, PATTISON"

LAURE

LIMITED

12-14 Queen's Road C.

Due From:

Kobe,

Oct. 10th

Chinese Agonta:

Sails For: DIRECT to Pusan & Oct. 14th Japan,

Tel: 25846.

OVERSEA CHINESE STEAMBHIP CO., LTD.

48 Bonham Strand W, Tels: 26840, 26127 & 31119

Japan Timber For Britain

London, Det, A....

The Board of Trade to day denied reports from Tokyo that Britain had suspended feming Uconces for Imports of Japanese limber. ****A Board of Trade official ̈ said: "There has besa no change in the [wae of licences for importing hard wood. There is a possibi Illy of licences being slowed down in the case of ply- wood. This would be due if the quota available "for the current quarter had already been Imported."— Reuter.

Jute Tax Increase Attacked

London, Oct. 3.

The British Jute trade's!

London Stock Exchange

Landon, Oct. 3. All sections of the Indon Stock Exchange were firm in Inne on Wednesday.

Small gains were general in leading domestic stocks, Gold shares were in good demand, along with elected oils. BM- tish Government bonds finished with plus signs, generally up to

of a point

Its

Japanese borde bromed on aigns that reviving international trade may enable Tokyo to meet debt. The 1007 foreign

bonds jumped five Japanese

1920's ad- points to 08%; the vanced. 12 to 87% and the 1930's anded 2% higher at 11-A230- clated Press.

Japanese bonds

"A" (4 of 1800) "B" (48, of 1810) "C" (s. of 1807) p" (69, of 1994) "E" (5% of 1034) Console

70

120

06

United Press.

NEW YORK MARKET

New York, Oct. 3.

Federal Council today described All sections of

as a retrograde step Pakistan's market

the stuck advanced with

la-

reported intention to increase ex-dustriale hovering around now port taxes on raw jute, from next | 21-year highs Volume picko: month..

up at 3,880,000 shares.

I said, "The Council consider this further increase is a retro- grade step for the jute trade of the world.

Near the closo some profit- salting entered the market.

Industrials, gained $1.53, rails 67 cents and utilities closed down 7.

Dow Jones averagos at the of the session stood as

"The present world price of raw jule is from six lo eight times above the pre-war level follows and due to these figh prices consumers of jute goods are in-

end

50

industriple 20 relis..

duced to look for subsikules. 15 utilities

"Any artificial Increase in 40 bonds prices, therefore, merely stimulates the movement, to And other materials · in subgțitution for Jule.

"In the long run

275.87

80.77

10:34

104.73

-United Press.

Rise In

any such New

Wool Price

increase on the export Plax of raw jule from Pakistan is against the Interests of Pakistan facit.!! -Ruter.

SILK GOODS IN DEMAND

New York, Oct. 2.

Sydney, Oct. 3. Prices of woot had a further speolecular rise in Auéiralía today. At Newcastle sales all

ypes rose 20 to 30 per cent. ahove last work's closings A The doolong dales ware :15 Increased demand for high || new cent, higher than Mol- which quality all goods was reported bourne's Monday rates today by the authoritative Busi, show an increase of 20 per cent neas newspaper the Journal of over the previous eples, Commerce. The newspaper, said →→ The ralca in Porth maintained damendi jualdera (por. 120) **.264 the demand for him strunile | yesterday's: 16 per cent tire. " Bruna: Biowin7 (pere:100);

Included, abatudas The top price today was 15912

United Prons", penca.➡United Press.

amyamisinha axthan the market at this

| marpinagins "the" Källowing PATREON:

Sterilag oota (per 81) S

Dollars" pe

oday

Forr

and risings of Sterling at Sterling nut oli was quoted at 1864 cents

On mouSES. 'would bo. [up-valued," thesela pound ́aikod.--United. Press,

"Fic), plantes : (per. 109).

* 14.00

and laneta.”

Lingapornis)