MARITIMES!
THE CHINA MAIL, MONDAY, OCTOBER 8, 1951.
MESSAGERIES TACKLING
M
Artying – Leaving
LA MARSEILLAISE" .Oct. 20 "LES GLIERES" .......Nav. *
M
Outward For
Oct 21
Yokohama & Koba
Nov. 15
Homeward For
Oct. 24
%
Oct. 25
N. Africa
Europe
Nov. 3
Nov, 24
Nov. 25
• passengers & freight
+"OYONŇAX"
"LA MARSEILLAISE” Nov.
+"MONKAY"
Manila, Saigon &
Marsellies
N. Africa & Europs
t freight for Saigon, Port Said, Tunis, Alglers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &
Rotterdam.
Babject To Change Without Notice
CIE DES MESSAGERIES MARITIMES
P.O. Box 58, Hongkong,
Queen's Building (gr. floor) Tel. 26661 (3 lines)..
Big
Rice-Growing Project Under Way In Gambia
Bathurst, Gambia, Oct. 7. After its failures with poultry, eggs and fish production in Gambia, the Colonial Development This is a Corporation is trying to grow rice. £1,115,000 project.
Reports on it are conflicting.
Others may last till Christmas." succeed.
Good Trade
Done In Sheetings
of
a
New York, Oct. 7.
demand Bog manufacturers for cotton goods in preference to high-priced burlap resulted in sizable consummation business in sheeting and osлn- But other divisions of burgs. the Worth Street trade, along with the rayon and wool fabric markets, remained more or less in the doldrums.
on
Three obstacles standing in the path of new business, in, addition to consumer price resistance, were observance of the Jewish Monday religious holidays on and Tuesday: the nationwide in- terest in the World Series buse- ball gaines and at the end of the of cotton -week-the-reluctance
traders to do anything pending Government's erop repart on the
Monday.
The switch to cotton goods by the bag trade as well as other industrial users Bee automobile and
industries construction gathered momentum following a rise in Calcutta further sharp burlap
quotations..United Press.
Rail Earnings On Downgrade
DOLLAR CRISIS
Substantial Deficit Of Sterling Area
Plan For
Wool Agreed
New York, Oct. 7.
Agreement On Need For
Cutting
Home Consumption
(FROM OUR OWN CORRESPONDENT)
London, Oct. 7. Announcement of the Sterling Area's new dollar gap was made on The Wool Bureau Incar the eve of the dissolution of Parliament, The timing is important. porated announced' today that the Electoral Commif-
One newspaper has already suggested that the new dollar crisis is· tee of the New Zealand Wool the main reason why Mr Attlee decided not to postpone the election any Bourd and the Council of longer. In other words, the dollar gap is fair game for the political cam- the Meat and Wool Section paigners.
It is, of course, right and proper that the whole question of dollar Do policy should be thrown open to public debate, but an election campaign is not the best atmosphere in which to discuss a problem of such complexity.
of New Zealand's Federal Farmers had approved a marketing plan for minion wool.
The plan picvides for con-
Linusnce of sale by growers at prices for wool ensured by the marketing crganisation where
auc lon with the minimum floor
auction prices fall short minimum floor level
of the
It may be well, therefore, to set out the facts)
as they are generally accepted by economists of both the left and right and to leave the arguing to the politicians.
The Sterling Arcu's gold and they are backed by positive ac- Sellar defisit in the third quar-lon.
The Organisation will supple-er of this year was $848 million. Until this week the only post- ment the auction proceeds up to this compares with a surpits ofive netice that had been sug- the appropriate floor level, $54 million in the second quarter.
in official quarters was The gcla
and dollar reserves Hested Funds availabio for the plan,
Med for a restriction of imports and are no longer cushtered against
An expansion of exports to the amounting to zbou: A £20,000,-
by Marshall Ald
A gollar countries. 000, would be used when neces-age deficits
cccipis as they were in the sary to support the auction prices)
Marshall for growers wool up the agreed dullar crisis of 1949.
Ald receipts in respect of pic- minimum floor prices.
This support would be given to all greasy and slipe wool held at New Zealand's auction and for sate at United auctions. United
consigned Kingdom
Some say "it think it may Press.
Last year it Jost nearly £8,000. This year's deflell is ikely to be greater, There has ag been heavy capital ex- Renditure, muinly on prepara. tory work. The rice has yet to materialise,
If the venture succeeded, it would be a great thing for Gambit, which is now ex- periencing its hungry Gambia Imports each year £200,000 worth cf rice from Burma.
season.
DEEP IN THE BUSI
U.S. ACTION
New York, Oct. 1. The American Woollen Com- pany has withdrawn the price on its Spring 1952 Bne of fabrics because of sharply higher wool prices rt the primary markets,
Prices for 'raw wool of better grades at the present auctions in South Africa and Australia have jumped 30 to 40 per cent above the levels existing three weeks ago.
GAITSKELL PLAN
J
aus allotments amounted in the Bu: M- Gaskell has now
hird quarter to only $40 million gene ene step further. The United The gold and dollar reserve fell Kingdom, he said, must strong
own position. British during the quarter by $398 mil-then its 10 $3,209 cxports
must be stepped up no lien and amounted
CHICAGO
GRAIN MARKETS
R
ROYAL
Dutc
Jn Port
I
Page
L
INTEROCEAN.
Ship
"TASMAN”
"TEGELBERG"
· ARRIVALS
"VAN GEUTEZ”
From
LINES
Dolawan Pell, Penang, singapore &
Saigon
1. America, 2. Africa, Bingapore &
Mana
Japan
Macassar, Java Ports & Bingapore
Зарад
In Port
In Port
In Port
*THIWANUI”
Ju Oct
"TIMESAR”
10th Oct
"TIBODAS"
23rd Oct.
24th Oct.
TJIBADAK"
spth Oct.
TUTJALENGKA"
2nd Nov,
"STRAAT
MARASIAN** Japan
Si Oct.
10th Oct, fath Oct.
170: Oct.
22nd. Det,
20th Oct. pra Nov.
Ad
Nov.
TEOKLBERG"
"TEGELBERG“
"VAN DEUTSZ“
**TJERBAR"
"TJIWANGI"
THIBODAS"
ATAUMAN".
"TUBADĄK"
Japan Pozia
JAPRI
a Singapore Java Porta, Miscareat MENCAUSAE, Jaya-Porta & Rinzoporo
BAILINGS
TITJALENGKA"
NETBAAT
МАКАВЛАЛ"
Japan Forts
To
Singapore, Penang & Belawan Di Manila, Mingaparë, E. & 8. Attica
8. Amyšlia
Singapore, Java Ports & Alscansar,; Japan Ports
Balgon |_ Dlakarta. . . Bemarang
Surabata
Span Porta
Singapore, Java Porta de Macates? Munka, Bingapota, R. Atelea & ș.
America
General Agehts: HOLLAND EAST ASIA LINE
Date
ARRIVALS
Ship
"ARENDSKERK"
11th Oct.
5th Nov.
"ATENDSKERK"
Rnd week Nov, "KIELDRECHT"
#
19th Oct
4th Nov,
Chicago, Oct. 6. Grain futures were mostly from steady to frm with soy- beans leading
the advance. higher.
futures) higher. higher.
Corn futures were Onts were in active demand. Rye advanced. Wheat closed lower to Corn was. to 14
soybeans. 1% to 2 higher. million at the end of September anly 15 the dollar aren bu; also were to higher and compared with $3,807 million at the Sterling Area. We must
Prices closed as follows:- the end of June and $1,051 mil- morcover, "make quite sure that wheat-price per bushel
Spol of consumer len at the end of the second exp
cxpcris
goods are quarter of 1949,
ner held back by the pull of the September
December' home market. Consumption at March (1163) The reserves are, therefore,
home than twice the size down."
must, therefore, be kept Mary July still more
Corn Spol they were immediately prior to
Both the main political parties September the devaluation but the spending power of the dollar has since de-now recognise that consumption December
in the United Kingdom-must be Moy
March 1012) preciated.
cut as a first step towards at- | nye tacking the inflation that is atly
September
Mr
he root of the dollar crisis and att
us a whole.
2.43
2.50
3,50.4
2.94-1
1,63-5%
1.70-4
1.83415
10
0~14-33
September
New York four-per 100 16. Shek $12.4.-United Press.
Galtskell estimated tha
account d factors" Remporary
about half of the defelt. The third quarter is the periode balance of payments problem duty for heavy purchases of cotton and tobacco and low carnings But there is by no means the Trade Interests attributed the from wool and cocoa. It is also same measure of agreement on
wool recent advances in raw
the
of heavy seasonal ex- where the cuts should fail. period
Little is likely to be said on prices chiefly to buying by The Corporation plans
the the French Franc and
for the Election bút a decision cultivate the rice mechanically
British Pound. Their purpose ai un mangrove swamps
is to switch from currencies to strategic stockpile and also to be much longer postponed. miles down Wallikunda. 180 the river giving this
comunadities in advance of such the rebuilding narrow
stocks of materiais. action-United Press, country Its name, and 10 miles
Georgetown, This deep in the bush.
from
Europeans who fear devaluation penditure:normal” expenditure this point unit after the General
to
of
15
The venture had to start from nothing. At first the only fighting in the long. tropiest eights which begin at about seven c'clock was by. candies, which wilted in the heat. Dur- ing the present rains, the area is inaccessible by road. There is a steamer once a fortnight,
The exceptional rains in last year's wet season drowned half experimental Crou and severely damaged the rest. EX- penditure exceeded £200,000.
The projcet was modified, and now excludes some of the en- rincering works then under- taken. There has been further heavy expenditure this year, on major engineering works, In- cluding canal digging to give flood control drainage and Irrigation.
Works have
been completed afler months of toil under the mest dimeult conditions.
Now it le planned to build perman-
nl houses.
EQUIPMENT DELAYED The arrival Washington, Oct. 1.
of pumps The Association of Americanother equipment is delayed. Rallroads today estimated the Native Jubour is schree. net income of class one systems Same long-established sellers for August at $95,000,000 com are sceptical, "Let the natives pared with a $80,000,000 net in do the growing in their tradi
tlonul way," they say, August, 1950.
based on pre- if The report.
like, liminary statements from all of
produce," the targest lines, sal operat- The Gumbin Government's
Increased about Ing revenues
own steps to boost food produc- $420,000,000 or 2.3 per cent in tion
hopeful, not- August of this year, compared ably for
for rice. that with n year ago,
Among 1 nima are the build- operating expenses
uping of causeways giving women $74,000,000 or 11.9 per cent. accesa 19
Ewamps, mechanical The Association estimated ploughing of fields and froining the earnings for the first eight Africans to drive tractors. Re- months of 1951- at $320,000,000 wards of 2 for the tails of compared with a net of $372, bahoons and Cd for the talls of 000,000 in the corresponding monkeys and wild pig, which
damage crops, are offered.
but went
1930 pertad.
12 months ended For the August 31, 1051, the rate of return on property investment -averaged 4.03 per cent against reurn rate of 2.38 per cent for the 12
ended months August 31, 1950. Associated Prets.
PEPPER STOCKS DECREASE
You
seem more
Decline In
NY Cotton
-Futures
New York, Oct, 0.
decilned Coticn futures
Some
was due
to purchases
of commercial
CAUSE OF DEFICIT
I
the
cannol
Cuts in homé consumpilon will nct, however, be enough, Investment must also be pruned and both parties are now agreed that this should be done through a restriction of credit.
If the Socialists rogain office direct controls will also
To a certain extent, then, third-quarter deficit was the re- suit of our failure to build up
ma trials last year more s.ocks of when priedy were rising rapidly help towards this end. and to this extent we are now paying out some of the dollars That should have been spent when the Sterling Area had a large surplus with the
arc3;
ever, been
as much as $1.25 per bale in year
At new quiet market today. York, colton futures closed
10
dollar
Increase In Cotton
Prices?
Memphis, Tenn., Del. 7. Formers will get 40 cents a pound for their cotton if they don't get jittery and dump it on the market, a beltwide cat- ton
committeeman producers
predicts,
The Commercial Appeal said. today this report was given by Mr J. C.
Wilson of Pecos, of the Texas, Vice-Chairman Committee, who is conducting
THREAT REMAINS .
ald to Some dollar
help. us carry out cur defence, commit- ments might also be forthcoming at the end of N.A.T.O.'s "burden- The Sterling Area has, move sharing exercise" bu: too much
the to lesing gold European Payments Union. The should not be expected in this
first direction. surplus accumulated in the first beca of the E. P. U. has
Meanwhile, the threat to the wee
weekly surveys on the effects absorbed and $100 million pre- continued cohesion of the Sterling of a campaign to drive cotton
remains. The
Sterling prices up by holding the thre viously received from the Union Arra 29 points lower and at New
as a result of this surplus was balances continue to mount faster, off the market;"
than this country can hope to
ot Orleans 21 10 20 polats lower.epaid in the third quarter.
The campaign was begun
8
when New Orleans on Aug. Most of the activity were centred Other factors
the rest of the Sterling
the average price of 15/10-inch in nearby deliveries. They were may be
on 10 de The danger can be exaggera- middling cotton adversely
connot be ignored.signated spot markets taking and hedging operations. United States' Distant contracts generally re-purchases, the fall in the price So long as the Commonweath South was 34.84 cents a pound. mained idle. Short covering in of, the Sterling Area's other big countries are ecment to let their Thursday's average was 36.40.
en rising nearby Octobre
Most of the State reports, Mr for dollar-earners, wool and rubber. Sterling balances go accounted
is time to take
disin-Wilson said, Indicated farmers barely steady conditions in that and the dollar cost of replacing thre
at position.
Persian
home. are holding for higher, prices oil which is running a Nationary measures
their cotton In un estimated annual rate of $300 Fallure to take these measures by putting
loan.-Associated pr. to take them too late-could Government Prices closed as follows:--
million.
Rress. -Sime of
these "emporary" lead to another devaluation.
And, as Mr Roy Harred, the nd abnormal" factors may not and
in
which may or pay them cut of its area.
***em"
"affected by profit of ined but
34.63 United Proem.
and
Spol October December March (1952)
37.30 nominal 36.73
30.62-30.54
38.47-30.50
May
30.44
July
October
39.90 34.72
December
markel
"Then, their
March (1933)
Spot October December March (1952) May July October December March
(1933)
Concession To Japanese
or
the are
STOCK EXCHANGE
10
be present in such great force well-known economist, has pain- during the present quarter butted out, "the Sterling Area would there can be little doub; that in hardly survive such a process." the 34.00 nominale present circumstances the
will remain Sterling Arta substantial defiet; with the dollar
The Stock Exchange staged a arca.
remarkable mid-week recovery- The Arst repayments on the remarkable for the fact that I past-war American and Canadian coinoided with
ment loans fall due at the end of this
of the dollar gap and the We must repay some decision to withdraw the British quarter, $75 million of capital; a further oilmen from Abadan. sum of about $100 million re- presenting interest is subject to a "walver" clause in the loan ogrtements.
NEW ORLEANS MARKET
30.15 30.78 bid 30.47-30.50 30.44-35.43 10.43 25.92-33.94 34.15 34.07 bid 34.30 bid -Unlied Prous.
New York Stock
Exchange
New York, Oct. 6,
the
abrolice.
in-
Investors or cbviously cilhed to view the Censervative proposal for some form of excess preits tox more favcutably than "A decision on whether or not a Secialist dividend freežt. to Invoke this clause must be They also place more faith in made son after the new Govern-the Conservatives ability ment takes office.
combat inflation.
STRAINS IMPOSED
the
to
a forerunner to Arm
disinflationary action
in the
Rubber Futures
In Singapore
Singapore, Oct. 8. Prices of rubber future-closed day as follows:- Number 1 rubber, per lb.
October November December
25414-155 15437-155 1521-16316
Number 3 rubber, October 14616-14019 Number 3 rubber, October 1154-144 Number 4 rubber October 134-13 Spot rubber, unhaled 15415-163 Black crepe
111-013 No. 1 pale crepe
157-162
--United Press. '
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Thus, while industrial shares made some advaners C? the The reappearance of a serious Conservatives premise to over- whole apparatus, of dollar gop imposes certain strains boul on the Sterling Area machinery company taxatien, gilt edged on the ali securities went ahead When Sterling is streng. Stock prices ended the first members of the Sterling Ares belief that a Conservative victory abbreviated Saturday session
far in benent alike: when confidence in would be without moving very Tokyo, Oct. 7.
The week's highlight was the either direction of the previous the Found begins to wane, all
suffer equally. The Foreign Exchange Con- close. The industrials average
performance of Japanese bonds, hich farged ahead on the an trol Board has agreed to let slipped 10 cents to 276.68 and
solved
at itast postponed which Japanese cotton mun Lise
the rails average was unchanged, by the devaluation. The risks of nouncement that redemption of "dollar clause" US$7,050,000 out of its dollar
Ralls were very active while.olls 1051 cannot be solved in the acs with holdings for resuming hedge
were quiet. Steels and auto- same way. selling on the New York Com- New York, Oct. 7:
wern unchanged.
But the damage is done when molives Recording The Produce Exchange re- modifica Exchange,
Chemicals were activo.
holders ef Sterling an American ported that at the end of Septo the Kyodo Press.
It was explained that it was
traded, 360 accounts believe, it will be, or tember the sick of black pepper customary for Japanese cotton advanced, 275 declined and 251
070 issues
Part of the last quarter's de- in licensed warehouses totalled importers before
felt was due to the belief.... the war to
were unchanged, Dow Jones An estimated $100 million
New 0,024 bags, a decrease of 4.178 hedge a part of the cotton they
York, Oct. 7. end of the at the
held Ameri- worth of Styling York bags compared with the previous purchased on the New
About 5,000 tons of Philippino Can and Canadian accounts Int month.
market to cover possible losses session stood as follows: *Withdrawals during the month | from price declines. Japanese
30 intlustrinia
275,63 London has been withdrawn mwugar has been sold to "PACIFIC DEAR"
07.00 botalled 0,350, bags, while re- cotton circles estimated that 20; ralla pagi
since mid-1930, is no sum-Jopen for immediate it shipment, sufficient 16 utilities colp's amounted to only 1,374 $7,500,000 would bo
40.24 clent, therefore, to deny that B. W. Dyer & Co. augus 140 to hedge for 300,000 bales 40. bonds
105.27 Sterling will be further devalued; conemists and brokers, report bazs of approximately pounds eachUnited Press,
dinials carry no weight unlessed today-United. Prent
BAN FRANCISCO, LOS ANGELES The dollar crisis of 1948 was
cotton-United Press.
averages
-United Press.
ස
OVERLAND.
NEW YORK-CHICAGO DETROIT-TORONTO- MONTREAL AND ALL AMERICAN & CANADIAN CITIES
would be made at the old roleum, Marinas. Islands, Micron estan Islands Regular, Borvies direes of welik iranshipment, of $4.03 to the Pound.
Sugar For Japan
Vessel
*TRADE WIND"
| “SEA" SKEPENTė
"For
From
Arrivai
Em Trinh co
Ban Francisco
Ban Freholeco
Oct. 22
Nov.
Nov, 111,
Oct 3
Nov.
'Nov.
Bark Francisen Dies.. 21
Dec.
Han Franco & LosAngeles
Ban Francjapo & Los Angeles |San Francisco › & Los Angeles,
Singapore Djakarta)
For full particulars onll-Ualled: Bisten Lines Cal General Azanis, Queen'a Bunding. Tel: 28104,
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