1951-10-22 — Page 9

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Japan

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"TTGELBERG“ "THWANGE

THE CHINA MAIL, MONDAY, OCTOBER 22, 1951.

INVESTORS' SOBER MOOD MESSAGERIES MARITIMES Realisation Of The Difficulties Ahead

BIGGEST CONSUMER

OF WOOL

Boston, Oct. 21.

Th Interd Kingdom.

Discussion Of Measures To

Bring About Disinflation

(FROM OUR OWN CORRESPONDENT)

London, Oct. 21. The Stock Exchange is entirely under the influence of domestic affairs. Even such events as the assassination of the Pakistani Premier Under Sutes, an industry and the worsening siturtion in Egypt have left it comparatively undis-

world's large't consumer of woo!

for 400 years, e now Pcond to

17 F

ofejal sch

X

Macassar Atrica &

5.

an

Afcha A

Amecha

a rts NADAMU, Java

Ports

S

Mangakar

General Agents

HOLLAND EAST ASIA LINE

Date

ARRIVALS

Ship

526 Nov

“ARENDSKTEK

2nd week Nov. KIELDRECHT"

th Nov.

HABENDSEFER“ 2nd werk Nov. KIES.BRECIST"

From

........

Japan:

baroju

4

SAILINGS

Singapore

ΤΟ

Manila. Singapore & Japan vin Monita

Europe

KING'S BUILDING TELEPHONES 28015 TO 28017 CHINESE AGENTS 12. COMIVAUGHT

ROWD C TEES $195 25833

NY Stock Break

Not

Unexpected

New York, Oet. 21.

turbed.

Gilt-edged prices have moved quietly but steadily ahead and the Woot threau, addres industrial shares on the whole have remained very firm.

Prident F Eugene Ackerman

conference. industry

said! woul textile products made in the United States last year were worth $2 llam These were converted int con umer pro charts worth more than

tlion

But, though their hopes still centre on a Con- servative victory in the general election, the mood of investors is anything but exuberant. They, more than any other section of the com- munity, know that the mere fact of a change in Ma Ackerman declared wool

government will not solve our economic problems. WEL exert

ever Kreater influency in terms of produc

The high cost of

living at wesk under the heading "Britain tion, distributum and consumer home, about which we have must pay her way."

"Wool textiles

"

which this

Wages in the wool textile in-nary dustry in 1950 amounted to more than $400 million.

Mr Ackerntan sold the only dark spot in wool's tremendous role in the American ecomorny

of the

se during the next decade. heard so much in this compaign, Atter examining the recent is only one of the symptoms of trend of our overseas trade and have always

This uther is the 50- the

Wowth

Sterling been and will continue to be flatlon, the very backbone of our ready-called trade gap the amount by balances, Mr Lyttleton turns to needed to country is living the policies that are to-wear apparel industries which

restore the balance between our are without parallel anywhere," beyond he: means.

imports and exports and halt in- Mr Arkeriam said.

Any discussion of disinflaation at home.

policies mus: start with We had tried without success the realisation that these are only every temporary expedient and symptoms and not the root causes every temporary device to posi- of inflation and cannot therefore pore the sime when Britain must be treated as separate problems pay her way, he said.

The politicians have done littl: is the rapid decline of sheep o educate the public in ibis

will come as an um raising this country This hes

respect. It blamed

between pleasant surprise to many to learn 01 A rivalry

that the process of disinitation Government authorities.

will not result in an immediate He noted that while the de fall in the cost of living or cline was taking place in the even the maintenance of prict * United States, the governments at their present level-but on the of Australia and New Zealand contrary will involve an initial have expanded production rise of prices. through scientific development

Associated Press.

HONGKONG SHARE MARKET

(Our Own Correspondent)

Business done on the Stock Exchange this morning was valued at $269,750. Noon quota- tions and the morning's trans- actions:-

SHARES BUYERS SELLERS BALES

BANKS

MM

"LES OLIERES”

POYONNAX"

***LA MARSEILLAISE"

PMONKAY"

Arriving

Nos. B

Leaving

Nov, 20

Ot 27

Ort.

Nov.

по

Nov 1

.Nev. 24 Now, a

* passengers & freight

Outward for

Homeward For

N. Africa & Europe Manību, Saigan &

Marcelles

N Atetes & Enrope

↑ freight for Saigon, Port Said, Tumis, Algiers, Oran,

Tangier, Casablanca, Hacre, Dunkirk, Antwerp & Rotterdam.

#object To Change Without Natter

CIE DES MESSAGERIES MARITIMES P.O. Box 62 Nonokome Quean's Building (gr. for} T»l "G£51 4 lines).

MAERSK LINE

FAST FORTNIGH TLY SERVICE TO: NEW YORK, BOSTON, BALTI MOKE & PHILADELPHIA, via SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S.

"NICOLINE MAERSK"

M.S. "SALLY MAERSK" M.S. "LEXA MAERSK"

Nov. 1 Nov. 15 Nov. 30

KK Bank

East Asia

1590 1948 30 $530 30 @ 1530 123

ARRIVALS FROM

U.S.A.

M.S.

Nov. 16

Nov. 30

Dec. 20

We had learned by experience that even stringent exchange controls could not preserve the INSURANCES balance in the dollar account, ef |

economy which was funda- mentally unsound.

MONETARY METHODS?

Canton

230 240 Union

74715 755 Underwriters 5.40 HK Fire

140 150

SHIPPING

11 140

Asta Nav

1.70

500 @ 1.60

10000 1.85

"There remains, I believe, ng to work alternative but other towards the convertibility of the Tha: much should be obvious Pound." Mr Lyttleton continued. DOCKS, ETC. The stock market break, long awaited by both of grazing and forage grains to anybody who studies the pre-"This will take time--If time is sent frade figures. The consumer allowed us. It requires an econo- bears and market technicians, came with force in

in this country is being subsidised this end. 11 may prove necessary mie policy specialty actapled to to the tune of £400 million a the last hour of trading of the Friday session.

year. By piling up debi-mainly to resort to monetary methods of

our Sterling Area pariners combating inflation."

But, although we are able

that to consume much more goods a year than measures

ex-they could not alone accomplish we are paying for with our

our aims parts.

In that last hour, 910,000 shares were traded, the most for that period since last January 18. Sales for the day ran up to nearly 2,000,000 shares.

The industrial average har the worst echte since May 18 Fat the general average worst

since June 25 PLC. Jell to more than 3 pounty and

Grain Prices

In Chicago

Chicag. Ort 2! Thies of grain futures closed

day as follows

Wheat prire per bushel Spot

September

350 253-254

54.

Desembe

199 179527

May

Corn

Spot

September

1784-1

Desember

March (1952)

May

FAZIL

13

kye

July

Septembe

Oats

July

September

47.im

New York four-per 200 . Saek $12.85.-United Press.

Substitute

For

Jute In U.S.

Belle Glade, Fla., Oct. 18. The first commercial crop of

recovered very uttie before the clrsing line.

Earlier on the week, the list hud moved narrowly with the stency gradually downward. The break

a long vanie after period of little change in the market a straight line forma- on in the graph, Many reasons ace paled up for the decline and when t Anally came, no one was able to put his finger in the definite cause.

As the market was breaking. The House parved the Tax Bill which is already gouging deeply

corporation carnings.

ו:1מ

General Electric repor' was cited as an example of the ravages of the first

.he

new laxation.

jaune mantles this Company's sales take by là over last year but taxes were more than doubled so that net profits were whittled down sharply.

port that peace in Korea was

Another factor in the sudden plunge in the market was o re-

mminent. The higher interest rates On business loans also played a part in the market men said.

more.

a

Healthier Trend In

NY Cotton

This situation obviously canno

It not only go on much longer. strikes at the roots of the whole Sterling

ra one ary

could help and hasten, LAND, ETC.

Side by side with these mea- tures, Mr Lyttleton sald, we must make untiring efforts to produce more abundantly and more e-

Area system but ieiently.

means in effect that we are living off mur earnings from exports

DIFFICULT TÁSK

There is no disagreement be- tween the two parties about the necd to increase

productive efficiency and remove restrictive: practices on both sides of industry but neither of them has yet had the to explain what these courage policies mean in terms of prices, wages etc.

One reason for the present All it would achieve is a con- strength of the stock markets is the home that investors feel that a Con- traction of supply to

New York, Oct. 21. Colton futures edged up- To recognise this feel, however, ward irregularly for the is admit that the policy of

seventh

consecutive week. restricting imports and expanding achieving the highest level exports without taking simul since early last June. At Fri-laneous measures to curb demand

is no cure for inflation. day's close, the list ruled 12

to 21 points or 60 cents to $1.05

a bale higher than the preced-market and the same amount of servaive government would have ing week.

price

speading power would be chasing still fewer goods. Prices at home; the price rise sill further and goods would Factors generaling lifting power included the be diverted from export markels strength of the producer hold-to meet this unsatisfied demand.

We should then be back in ing movement: the Washington

propping proposals; the same situation as we are to- even greater optimistic estimates on export day but with an

the inflationary amount of inflation.

difficult and unpleasant task, therefore, awaits the new govern- Disinflation will not be ment. lower painless but the longer it is de- layed the more painful it will be.

prospects and psychology.

One of the first casualties of disinflation is likely to be the present state of "full emplby- ****Iment."*

more courage to carry them out.

Dull Week In Basic Textiles

New York, Oct. 21. All the basic textile markets experienced another week of elow business.

HK Hotel

M.S.

"ANNA MAERSK" M.S. "LEISE MAERSK”

"GRETE MAERSK"

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Tel: Nos. 36066-9.

Whart

101

N. P. What

Pedder Building

Thack

D7%

Provident

S'hal Dock

Wheelock

Hangkew

14 4.65 30%

5 79

3500 # 34%

2000 @ 6

37 900 201

500 37

1.00 6.10 200 e 5.95

300 @ B

PENINSULAR

KK Land S'hat Land Humphrey's

51

2

10%

150 @ II},

QUIS NOS

600 @ 11.83

UTILITIES

Tram Prok Tran

Peak Trai

(N)

16.40 14.70 600 1.40

22.00

30%

Star Ferry

111

C. Light (0) #%

C. Light (N) 4.10 C. Light (B) 940 Electric

(B) 1

INDUSTRIALS

Cement

Repe

500 @ 9.30

500 8.30

1500 0.10 23 100 4 223

1000 @ 22

14 14.30 20

500 14.20

STORES, ETC.

Dairy

17.30 Watson 221

Crawford, 2012

L.

COTTONS

Ewo

to 1300 (7.90

5.40 574

Wants Steel Export Ban

Washington, Oct. 21. Senator Dennis Chaves (De- mocrat-New Mexico) proposes a ban on exports of steel unti! the Secretary of Defence finds that the supply is in excess domestic needs.

of

The news that the Price Con- troller did not intend to the ceiling price on raw cotton the is expected to sell-off.

strengthen producer holding movement. Traders' attention was also centred on the introduction of the House bill to boost the sup-

ESSENTIAL WARNING

In cotton goods, sheeting con- port price next year by 2 to 3 cents a pound, plus repealed "The Economist," which does structione adaptable for use in of high-priced burlap recommendations to farmers by not need to tear a loss of voles, place official sources that ginnings be has pointed out that an effective continued to attract a fair de held from the market for higher policy against inflation must allow mand from bag manufacturers. the other sections of the an initial rise of prices without But

Before the Senate adjourned, prices.

a further rise in market remained dull.

he introduced a bill to order precipitating

In burlap

the only feature the ban untu the end of the The National Cotton Coun- wages that would immediately

was found in constant Buctua-present national emergency. cil reported that France hopes offset the effects of higher prices.

There are two possible policies, tions at Calcutta as the primary to buy 850,000 bales of Amer|-

attempted

Mr Chavez, chairman of the to keep can cotton in the current sea- argues The government can; market son-50 per cent of her planned formally control wages or "labour astride of the ups and downs Public Works Committee which

made Jess of a seller's in

the value of can be imports. The high

cost

the pound has been studying the shortage and other *** of steel for schools sterling. 30 market."* foreign cotton, ranging

domestic "It is essential.....to warn the

told the purposes, Burlap's loss to colton and Senate he did not seek im-

mediate

Railroad shares yielded ground widdy during the week. Metals were also hit. Steels lost a point or more. Chemicals fell oft. Motors lost

♪ point

Oft Tyres were

lower despite session of strength when several set new highs. Utilities held better than the other grounds and in the Monday session their average reached a new high for Business years.

in large

20 more than

kenal abre ever grown in the news was favourable United States is now being hur-industries. vested, the American Kena reported in the

announced steel, Corporation

Fibre

today.

Mr Alexander Guterma. Pre- sident of the Corporation. ro- vealed that the harvesting

10

of

were

of and

Small gains

production automobiles, coal crude oil-United Press.

SATURDAY'S MARKET

of

from

to 80 per cent above the New

action

ARABI

& ORIENTAL

STEAM NAVIGATION COMPANY

R.M.S. "CANTON"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

SPECIAL NOTE:

EMBARKATION:

FRIDAY the. 26th October at 5.00 p.m. 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 EN- TRANCE BY NOON on THURSDAY the 25th October.

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.

Will take place on FRIDAY the 26th October between 2.30 p.m. and 4.00 p.m.

NOTICE TO CONSIGNEES NOTICE TO CONSIGNEES

· m,v. "AUTOLYCUS"

*.*. "PELEUS" . .

Damaged cargo ex the vessel will

Damaged cando ex this vessel wit be surveyed by Messrs Coddard & on his pró- Douglas at Hot's Wharf from to be surveyed at Holt's Whart be

.. on October 22 and 23, 1931 and tween 19 a.m. and soon on October the consimees are requested to have 2nd 23, 2001 arid ocneignees gra

tives present during the survey.

BUTTERFIELD & SWINE, Agenta.

York market, has greatly in-electorate that full employment paper in the American pack- creased the French interest in cannot mean security for everying field was demonstrated In

his present job," "The September statistics.

Last posel. large imports from the United one in New York, Oct. 20.

Economist" States.

says. "To pretend month, only 97,000,000 yards However, he wante otherwise is to make talk about were used here against 70,000,- Senators to look into the steel their représentativ:s preren during requested to have their representa France will also try to import stopping inflation patently unreal 000 yards in January. Brokers picture before considering his the survey. 250,000 bales from Egypt, Tur- and insincere."

ald consumers never used less bill

session at the next But neither party is likely to than 47,000,000 at any time in Congress in January.--Associat- key, Syria, Pakistan and India, also 100,000 bales from Mexico, commit political suicide by warn the last few years,

et Press. In the 150,000 from French Africa and ing the electorale that the happy full employment must West Africa, 50,000 from Brazil slate of and 250,000 from unclassified end. This is understandable be-market, observers felt that the sharply lower in active

Fources United Press,

Almest

this jute substitute will be Stock prices continued down- completed in 60 days. He said ward today, following Friday's kenat will provide home-sharp, break which was the grown source for many products widest since June 25. vital to the economy that now $2,000,000 in market valuations Com- were wiped out in the Friday must be imported. The

The modity Credit Corporation has and Saturday sessions.

the short contracted to buy the

market opened for

cntire

session

crop of 2,000,000 pounds under trading. Prices moved up from a directive to the War Munitions the lows at the end of the first Board. The fibre will be stock-hour but were still below the piled as a strategic material previous closings. Near the United Press.

close, rails slumped and the market turned decisively downward, closing at the worst level of the day.

Rubber · · Futures

In S'pore

Singapore, Oct. 21. Pelees of rubber sutures closed today as follows W Number 1 rubber, per lh, t

October

10736-300

November

Number Bruttier

B001

SATURDAY'S MARKET

Tayon

gray godde

continue is used nowadays to describe a state of over-employment and surplus inventory problem can the

electorate has not yet grasped be solved-United Press. New York, Oct. 20.

the fact that it is fila excess of Cotton Tutares moved sub- jobs over workers that must first after of all be removed. Before there stantially higher today recovering from lows of as can be any hope of halting In-S. much us 60 cents per bule re-nation. corded In an early spurt of Jiquation and hedge-selling. New York prices were up 4 to 10

cause the term "full employment" ating full would

for soma weeka before the

Sales totalled 1,020,000 shares which was the most in Satur- day trading since February 10, and compared with 750,000 lest points, white in New Orleans week. Of 990 (ngues traded, 141 | prices closed 5 to 12 points advanced, 021 declined and above Friday's clone, were unchanged.

Dow Jories averages at the 11:0 of the session atoul an followa

60 Industrials

15 utulies

40 holid

today Prices closed follow

Spot December 207.42 Maren, (1989)

##

$7,80

JEZERRE

LYTTLETON'S VIEWS

African Gold For Britain

of

BUTTERFIELD & WIRE, Agents. Hong Kong, October 20, 1991.

Hong Kong. October 20, 1931.

Pacific Far East Line, Inc.

DIRECT

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