1951-10-15 — Page 9

*

*

THE CHINA MAIL, MONDAY, OCTOBER 15, 1951.

MESSAGERIES Y MARITIMES STERLING AREA PROBLEM

MOM

*LA MARSEILLAISE” .Del

"LES GLIERES”

"OYONNAX"

*"MONKAY"

嫩

LA MARSEILLAISË”

Outward For

Tokohama & Kobe

Arriving

Leaving

Den 21

Nay. 16

Nov ክቡ

Koneword For

M Africa & Europe

Mandia, Saigon A

..........Oct

Nov.

Oct. 26

Nav

1

Marselles

..Nov.

24

Nav. 20

N

Africs & Furope

passengers & freight

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 58, Hongkong

Queen's Building (gr. floor) Tel. 26661 (3 lines).

M.V. “LA MARSEILLAISE”

12 days roundtrip

to

MANILA and JAPAN

Sailing from Hongkong

Back in Hongkong

Sunday 21st October, In P.M. Friday 2nd November, 5 P.M.

CIE DES MESSAGERIES MARITIMES

Queen's Bldg.

Tel. 2665) (3 Lines).

Healthy Tone In

New York Stocks

New York, Oct. 14.

Stocks turned strong late in the week after narrow movements accompanied by dull trading in the first few days.

IMPROVING

SENTIMENT

IN COTTON IN

New York, Oel. 14. Cotton prices came off tits week after shooting ahead $5 a bale to the highest level since early last June.

of

The market closed on Friday for Columbus Day. Early in he week, prices moved irregu- larly in overages while special Isues took the limelight. Profit- ile some of the taking cane leaders.

All all, the market woS favourable by the judged analysts, many of whom saw news to affect nothing in the

The week's movements

by swayed mort market'swn situation than by outside news, outsid

were

10

The increasing amount hedge selling against new crop ginnings pared the gains. with the list at Thursday's close cul- ing 7 to 57 points or 35 cents to $2.85 higher then the preceding on Thursday week.

The

115

the

this

Restoration Of The Balance Of Trade

HUNT FOR

SULPHUR | SUPPLIES

London, Oct. 14.

the world for

of

sources

to be

a

new

new

Concerted Action Needed

·

By Sterling Countries

(FROM OUR OWN CORRESPONDENT

London, Oct. 14.

The strains imposed on the Sterling Area by the recent and con- A systematic exploration tinuing loss of gold and dollars were underlined this week by the decline

of sulphur is in the value of Sterling in nearly all the world's free markets, undertaken by

Brussels was the star performer. Rumours of impending devalua- company the tion were encouraged by false reports that leading Belgian banks were Pound changed Sulphur Corpora- tion with the backing refusing to accept British travellers' cheques, and the

of the mam in hands at discounts of up to 30 francs on the official rate. users of sulphur

British

of most dustrial

in this country.

The Corporation has already sent Qui one expedition to Chile and others are planten when data now being collected from British embassies, private geologists, and foreign panies has koen sifted

mined.

<x

and

In deciding which projects to follow up, both economic and be political considerations will

This im- taken into account. plies that the Company will not invest muney in exploiting

sources

newly discovered sulphur in foreign countries un- Tess there LS 2 reasonable assurance that the new industry will not be nationalised or con- fiscaled

dal: at some Later For this reason, Commonwealt to be re projects are likely garded with more

The fall in value of transferable Sterling has now reached the point where the margin between the official rate of exchange vis-a-vis the dollar and the free market rate is now sufficient to make "three-cornered" deals in Sterling commodities worthwhile.

It was this type of deal, in- į

volving the Sterling Area na

of legitimate dal serious loss lar earnings, that speeded the onset of devaluation in 1949.

The Sterling Aren's gold and dollar reserves are more than iwice what they word at the time of devaluation and

this

but, as we have seen, this trend reversed In the third was quarter when a respectable su plus with the dollar arca was transformed into

de- → buge

cit

•

Daic

IAL Рам

URCH

To Port

ON Oth OFL

23rd Oct.

24tir

Ort.

24th Oct

30th Ort

and Nor.

174 Ort.

17th Oct

18th

Oct.

Oct.

20th Oct.

2771+ Oct.

HONGKONG

3 NOT.

4th Nov.

SHARE MARKET

Ship

**TARMAN*

**TIWAND *THEBESAR" STHIBODAS" “EKGELBERG" "TÍUÍADAK"

STRAAT

ARRIVALS

MALAKKA” STJELALENOR S "STRAAT

MAKASKAR"

-TIDESAR"

PTHWANGr “TJIBODAR"

TASMAN

-TJADAKU **STRAAT

From

Delawan Dell, Penanc

Saigon

Hackset, dava Ports

Japan

42va Poris Japan

4 Paris, MAPARGAT

S. Amerles, Africa & SERCANSAT SİBETL Poris

Japan

SAILINGS

MALARKA" "TJETJALENGKA"

--STRAAT

WAKASSAR“

TO

Mania, Singapore, F.

& S. America

Page

Singapore K

& Singapore

A Singapore

Flagapore

Singapore

A S. Africa

Singapore, Java Porte & Macassar

Japan Ports

Salgoo Djakarta.

Surabala

Japan Port

Japan Port

SETATANG A

Singapore, Java Ports & Macassar Stania, Singapore, S. Africa & R.

America

General Agents: HOLLAND EAST ASIA LINE

ARRIVALS

"ARENDSKERK“ --ARENDSKERK"

Date

Ship

From

In Purt

hth Nov,

Europe & Singapor Japan

2nd week Nay, “KIEJ DRECHT""

Europe & Singapore

SAILINGS

TO

(Our Own Correspondentì

Business done on the Stock

this morning was

| 16th Oct. Exchange

al $428,814,60. Noon

6th Nov. valued

the morning's ikansactions:- quotations and

SHARES BUYERS SELLERS HALES |

The situation in which the Sterling Area now finds itself provides what Mr Gaitskell has is therefore obvious. The United called the "essential element of Kingdom's dollar deficit is no longer covered by a surplup time" to correct the situation

me

But at the same time many with the rest of the world. In independent economists believe short, the problem is no longer BANKS

the Sterling

favour than that the situation so far as the tone of equilibrium with the

1940

that

Thus it has been saki the Sterling Area could'not sur- vive another devaluation.

MK Bank

1650

Underwritera MK Fre

ONS 760 4.00 140

DOCKS, ETC

K Winari

104

. P. Wharf

rontinued effectiveness of the Area into Sterling Area mechanism is dollur area, as it was in 1949, INSURANGES concerned is worse than it was but of restoring the balance of the United Kingdom's trade with the rest of the world, in- cluding the Sterling Area itself. be But the problem cannot solved by the United Kingdom is weak it is alone. If Sterling largely because of the Sterling "gap" and this Area's dollar can only be closed by the con- Sterling rerted action of the countries

those in foreign countries,

Among the British compare tacking the new enterprise are Fison's

the feller inanafr.- id.ers. Imperial Chemical 1. dustries. Dunlops. Courtaulds.

and Chemicals Monsanto number of other well-known in-

This week, for the first time,

hint that all

well users of sulphur and

is not dustrial sulphuric acid, London Ex-within the Sterling Area club

came from Commonwealth

ย press Service

Finance Minister.

Less For

Civilian

Use In U.S.

Warning... Oct. 14. The Government wil order quens in the manufacture many civitan items but believes

nough to there will still be noma. nec de

Q

CEYLON'S HINT

Mr Jayawardent of Ceylon

said on his return from Lon- do that it had been

So far the United King- dom is concerned the situation calls fer drastic

A

tightening

Dock

Provident

Sta Dork Wheelook

LAND, ETC

HK Hotel HK Land Shat Loud

Humphreys

of the belt. The trade "gap" agreed £400 million-the extent to that a final decision on Ceylon's wich we are living above our LITLES contribution to the dollar pool means-must be eliminated and. should be

Si-

be deferred until

He went on to say tha nance

would Ministers "the whole

the

question of the rules and conventions the Sterling Area, with parti cul reference to the dollar- eaming countries and their con- tribution to the dollar pool

This should not, however, be

indicate that

Th. .cpp: came day from token to

Me Maaly Fleischmann. Head of breakdown of the Sterling Arco at hand even that

or eve

co

courageous

news.

Trastu

6.60 8.85 1000 1 6.80

4000

18 200

500

14% 4100

15.574

45%

5 1000

25

300 B.60

6030 50 @ 6.20.

61 5316

335 1.78 12 1015

16.00 3710 3400 @ 17

P Tam (C) 2016 P. Tram N Sta Ferry

23+

“ARENDSKENK" Japan via Manila

ARENDSKERK"

Manila, Singapore & Europe

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK. BOSTON, BALTIMORE & PHILADELPHIA, viz SAN FRANCISCO, 198 ANGELES AND PANAMA

NEXT SAILINGS

C. Light 10) 9.30

14ght (M) 8.10 S Light (B) 9.30 9.50

M.S. "PETER MAERSK"

Oct. 16

Electate

Telephone

M.S. M.S.

"NICOLINE MAERSK”

Oct. 81

"SALLY MAERSK”

Nov. 15

18 15%

ARRIVALS FROM U.S.A.

14.40 14.40 2000 4

21: 1500 2014

M.S. "LEXA MAERSK”

Oct, 16

M.S. "ANNA MAERSK”

Nov. 18

M.S. "LEISE MAERSK”

Nov. 10

Cement Rupe

STORES, ETC.

Dairy

next meeting of Commonwealth if this cannot be done by cut- ting imports, it must be done Finance Ministers in January.

the, by expanding exports.

This will require Coll- decisions involving cuts in of home consumption and a fur-

ther rise in the cost of living STOCK EXCHANGE

adversc Ignoring all including

threat Egypt's The abrogate Anglo-Egyptian INDUSTRIALS Treaty of 1936 and the ey

warnings of fuci and

power shortages, nearly every section nation, who announced that this present "conventions have of the Stock Exchange has gone steadily ahead this week. use of metal in making houst-been seriously questioned

investors have

Crawford 201 apparently hold appliances and other e

which bind lies

seen no reason to change their COTTONS sume goods will be reduced by Commonwealth are too strong view that the election will re- about 13-1/2 pet con: beginning and the real advantages ot

sult ri change of government, January 1

membership of

Sterling and the

this has served to "The cul

Arca

rea are too great to be swept

strengthen gilt-edged prices- by passing fluctuations.

Industrial shares for their But even the goodwill. that vision scis and heme appliances exists within the Sterling Area would f all kinds will be reduced". Mis not limitless and il Fleischmann told a joint meel be unwise to let the situation

of four Congressional com-drift until this goodwill

The Dolenec Production Adminis-

cu lock ts that prúdue- un suen civilian items as re- icle- irigeators, 8.oves, radios,

ing millees.

υμ

Demand for

bu+

noi

earlier

close F

The

away

streli Structural

the

was

exhausted

The warning implicit in Mr for the fourth quarter cxc.005 Jayawardenc'k statement should

ndicated supply by 233 per ceno heeded

National Production All-

OVERHAUL NEEDED

part have continued firm.

Shipments Of

Rayon Down

New York, Oct. 14.

Watson

L.

12wo

18.20 18.35 100 @

1500 23 1000 à 208.

700 $15

STEEL OUTPUT

New York, Oct, 14. The American Iron and Steel Institute cstimates that the nation's steel mills will work this week at 101.8 per cent of

and rated capacity

produce

2,035,000

tons

This

compares

with a rate of 102.6 per cent in

the preceding week and 101.6

Traders gave several groups bit of attention, They seemed to like steels on Thursday and rise. 2 good that

group had

makers may Word that auto

oul

nearly be able

car's 1,000,000 pessenger quarter sustained that division

Liquors had a good market they looked for the new beary

sales before

become effective. The Government's crop report excise taxes

like IET- furnished a complete surprise. These companies,

establishments, look for headlong rush of cantile It started a

this spending heavy covering 011 Monday, lifting fairly

3 Christmas. October

within delivery

implements were Farm points of the 38 cents line and

week A new high for the movement. inte in

tu overcome The effect of the report passed enough

losser-United Press.

bochy reported. As a result the over quickly.-United Press.

SATURDAY'S MARKET NY MARKET

approving less

Domestle shipments of rayon | per cent or 1,989,000 tons in the agency is New York, Oct. 14.

20 per cent of applications Sterling, for all its weakness, in September totalled 82,100,000 came week of last year.-Asso

diated Press: Prices edged upward slightly

now :sidential and commercial is still used to fince a con-

pounds, the Rayon Organ, siderable proportion of world

statistical bulletin of the Tex- ture prevailed in cotton futures on the stock exchange in moder-

ernstruction. dealings totalling

it is unthinkable tile Economics Bureau Incor- An

ufely active today.

accumulation

Aleraft industry and milltary trade, and the 750,000 shares. Gains through-

Sterling warried over e that officials are

Area porated, reported today. hedge seiling orders over

the list wert

The total fell 16 percent be- extremely holiday accounted for much of out

small fourth quarter structural mechanism czuld collapse with normal, with a large number of

low August and 25 percent un- were hoch Traders

trade pub- nothing to take its place. softness.

s eel allotment, the

Nevertheless, at the previous

the existing der the average monthly level ocks holding hedges 5

ication Aviation Week reported.

over-of 109,100,000 pounds for

the unofficial exchange market thir The volume of close Industrials had the modest

Estimates are that the air fore: policies need drastically Ralls eased slightly

Sep-morning at the following rates:- second quarter of 1951. will need between 100,000 and hauling, was small. advance

The United Kingdom, chief tember shipments of structural ster!!

included Sterling note (per £1) bought but this! The market opened

150,000 tons

U.S. Dollars. Iver 81)... member of the Sterling Area, 27,900,000 pounds of viscose Indonesia guillere (per 100) was limited to scale-mixed but

during the quarler, while

tenacity yarn, is now living at an annual rate high llotment is only 31,878

£400 million above her in- 17,200,000 pounds

and Simanticata (per 100) down orders; the 1951 October Just before the close.

of acetate Singapore (Straite delivery

FIC plestres (per 100) independently ruled

come. This deficit can only be yarn. steady. This was due to cover-end of the

follows--- ing by shorts prior to expira- tion of trading In the spot 30 Industrials month at noon next Wednes- 20 Rails day.

New York. Oct. 13.

A slightly easier price struc-

the

also expecting further

on

Monday.

business. however,

Trade dealers

demand

generally

displayed

Dow Jones

uverages

strengin

ut the

Associated Press.

session stood

275.13

15 Utilities Futures closed 85 cents a baic 49 Ronds lower than the previous close. October

December

March

May

July

October

December

March

Middling spot

31.46-49

30.04-0

$0.49

20.38

35.98

34.81 nominal

34.78

34.69 nominal 37.70 -Associated Press. NEW ORLEANS MARKET * October

37.33 bld United Press.

RUBBER FUTURES IN S'PORE

Singapore, Oct. 14 Prices of rubber futures closed today as follows: Number 1 rubber, per 5.

October

November

December.

10654-185 .... 1841.

1334-04

Number & rubber, October 149-150

Number 3 rubber, October 14912-14892

Number 4 rubber, October

Epot rubber, uhisted

Black crepe ...

No. 1 pale crepe

108-110

87.00 Assurance

46.48

than for

th

of

the

financed by dipping tro

and increasing

our

our in-

Ondebtedness, particularly to the producers totalled €2,800,000

185.23

-United Press.

Raw Cotton

Exchange

Rates

Business was done in the loenl

National Income

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel: Nos, 86066-9.

PATTISON ORIENT LINE

LIMITED

15.78

6.855

3.19

27.80

1.76

13.00

8. 8. "LAURE PATTISON"

Due From:

In Port

12-14 Queen's Road C.

of

At the end of September, the stock of rayon, held by rest of the Sterling Area.

49 pounds, an increase of

per The

proposition has

been cent compared with the gure San Francisco, Oct. 14. made, by a well-known British

The in August

inventories economist that a United King-were equal to 24 weeks sup- Chairman of the Counell

Mr Icon H. Keyserling, dom defeit

with

the

dollar ply, based on the second quat- Economic Advisers to President Washington, Oct. 14.

In may

principle ba

ter production. Imports Michael balanced Price Administrator

of Truman, predicted the gross by a surplus

nutput would Congressmen today that any new fact, was what happened last 10 percent compared with July year

16 $400,000,000,000 on textile order he may issue

existing year but it is not what is hop-imports. Germony supplied 40 four years.Associated Press, prices will not lower

pening now.

percent of imports with

the cellings of raw cotton.

The United Kingdom's deficit remainder coming from twelve The ceiling price on raw coton its balance of trade cxiends countries.Unlied Press. on will not be reduced by my boyond the dollar arcu. Dut-

Rail Carloadings vile amped cotton-State the non-collar world. This, in 7981,000 pounds, a decline of Hire from $325,000,000,000

with rayon staple in August totalled U.S. national

Decrease

Washington, Oct. 14. Railroad carloadings in the last U.S. dropped off slightly week, the Association of American Railroads reported.

ก

was

The freight volume for the weck ended October 658,750 cars. This was 5,823 or 0.7 percent below the pre- vious week.Associated Press.

NEW TEXTILES

New York, Oct. 14.

Although rayon sales

are

Mr Disalle told ing the first six months of this

action of ours." Mr

reporters after a conference with year we wero in deficit with Contract Awards House Agriculture Committee OEEC countries to the extent Chairman Harold Cooley, North of £26 million (compared with

New York, Oct. 14.

contraes

Carolina Democrat, and officials surplus the last half ot New construction

Jagging, Industry Bourges say After

in

Chinese Agents:

Salla. For:

DIRECT to Fusan & Japan, Oct. 20th

Tel: 25846,

OVERSEA CHINESE STEAMSHIP CO., LTD.

48 Bonham Strand W. Tels: 25646, 26127 & 81119

Pacific Far East Live, Inc.

Fast Regular Trans-Pacific Service.

DIRECT SAN FRANCISCO, LOS ANGPLES

OVERLAND

NEW YORK-CHICAGO DETROFF-TORONTO MONTREAL ANIA ALL ANNE ICAN & CANADIAN CITIRA

of The Commodity Credit Cor-last year of £60 million) and awards in the US reported in

the poration.

our trade balance with the rest the wook ended Monday dow Mr Cooley had called M of the Sterling Area_declined to $241,020,000 '01 13.4 Disulle and others into a closed feriorated in the same perlod percent under the weekly conference in his offtec after by £89 million

En overage to date this year, concern

been expressed had

gineering News-Record said. that

Once of

Price

The TREND REVERSED

tota consisting of Stabilisation move might hurt

Over the same six months, U

$120,800,000 In

In privato awards the cation market,

public tasia, Marinaa Islands, Merou oḍan Itands — Regular Service dicoot of with transhipment. $113 balances held,

in by and

4230,000 rhe closed meeting, Mr Sterling

Arda

in swarts was far below the countries

the production of the newer man- Disalle old reporters he hopes Stirling

to have some new regulations creased from £2,780 million to $421,040,000 dynel, is going ready on lexilies within about £8,098 million. On June 30, weck but well ahead of the ahead as fast as possible

two werke Associated Press. dependant overseas territories $108,607,000 in the like week

Sterling last year —A Associated Press.

"SBA SERPENT" Sterling

New York, Orl, 14.

15 L LUCKENDACH" Elkurio power, production "in" first half-year, the US increased to 7,155,921,-"PACIFIC DEAR earnings of Steril 000 kilowatt hours in the week countries (particularly ended Optober from 7,101,-

4-108

755-100 United Pres

made fibres, bach ns örlon, davron and

Cleveland, Oct, 14.

They are being purchased, they said, as fast as they can

be produced. Output cuts US Coal Production Ava

however. permitting The Reserve Mining Co. of limited, Cleveland will construct 875,- tle more thun test products 000,000-plan to stocess tags to be marketed. Industry sour Loconlle ore at Bouyer Bay, cos are

New York, Oct. 14.

Soft ecal production in the

lateys week fotalled = 20,878,000

Muinhaola. The plaft LB #3m newing 10 FOBLE 1 To Tonest wenn

those Juns, compared valih, 11,950.000 Aren

pected to be competed in about stimulate more Public, Merelt liked 000 to Zour years,sidoiated Prem Lin textiles.Associated Press.

Astroplated Pro

£108 million or

, and biler countries hell

preeeding

TRADE WIND"

From

Arrives

Malta

'Or 鼈

San Francisco San Francisco Ban Francisco

Navel C

Nay. 31 Now Dec 21 Des

For

Bàn Trangleep C 250 AMG

Ban Tronclad : Los Angeles |Bkógapore | Az. Djakarto

Ben Trapoleos & Los-Angèles

Platekonha

and the dependent (eriorlayo 794,000 the previous week for rail sexiestnen call Valley Blaten Lines On, Ginpaal: Azania, Queen's Fipildina. Tel: KALOG/

Marply, in reippase-të- me dem Kalzón Elteiric Institute repor mant for Merlin commodities | fedAssociated Press.