1
1
MESSAGERIES M
“LEA GLIERES”
Arriving
THE CHINA MAIL, THURSDAY, OCTOBER 25, 1951.
MARITIMES Talks On War Limited Scope For
Leaving
-Nov.
G
"FELIX ROUSSEL"
Nov. 10
Dec
"OYONNAX"
*"LA MARSEILLAISE"
Del ar Oci 27
Nay 12 Nov. ງາ
**MONKAY"
Nov
Nov. 30
passengers & freight
א?
M
Outward For
Homeward For
N. Africa & Europe Rana, Anigon &
Marcilles
Atrics & Enrapt
t 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. Hongkung
Queen's Building ter door) Tel. 26651 (3 lines).
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis SAN FRANCISCO, LOS ANGELES AND PANAMA
NEXT SAILINGS
M.S. "NICOLINE MAERSK"
M.S. "SALLY MAERSK”
MS. "LEXA MAERSK"
ARRIVALS FROM U.S.A.
M.S.
"ANNA MAERSK"
M.S.
"LEISE MAERSK"
M.S. "GRETE MAERSK"
Nov. 1 Nov. 15
Nov. 30
Reparations
Tokyo, Oct, 24,
Meetings between Japan and Indonesia and the Philippines on war repara- tions are expected to begin "in
about three weeks, Japanes Foreign Office spurers said.
The Krodo News Agency said an Indonesian Egpara- tions Mission would arrive in Tokyo about the middle of November. Beparations talks with the Philippines expected after the the
are
elections In general Philippines on November 13-Associated Press.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business done on the Sicek Exchange The morning was valued a $565,931.45. Noon quciations and the trensacions:-
I BANKS
HK Bank East Asia
1655 1589
124
INSURANCES
Contan Union Underwriters
HK Fire SHIPPING
Asis Nav DOCKS, ETC
K Wharf
N. PL. Wharf
Dock
230 240
TAS TEX
morning's
140
1.50 1.90 3000
104 200
1000
6% 0.85 2000
לימן
1473 17
104
Private Investment
In
Backward
Areas
BOXALL
By RONALD
London, Oct. 24.6
The conclusion that can be drawn from a study of various reports on the possibilities of economic development in backward countries (in- cluding many of the British Colonies) is not that there is no need or scope for private investment, but that private investment alone cannot and will not be forthcoming on anything like the necessary scale.
One advanced parts of the world This fact has been widely recognised.
sets resources free for use else- reason for it is that some countries exclude private where
The only possible answer to foreign capital altogether, or insist that local
this problem is that resources capital should share in the ownership of new in- for development must be pro- dustries - a condition which is not always accept-vided out of the rising industrial uctivity of the shore ad.. able to private investors.
countries, and to the extent that these resources are from the national the people of those
their standards of living.
ment in the backward areas
of
a
11:3
Date
In Port
In Port
30th Oct.
30th Oct.
2nd Nov,
8th Nov. BLh Nov. 15th Nov. 19th Nov.
5th Der.
DAL
Ship
**TARMAN"
ARRIVALS
MALAKKA” "TITJALENGKA" "STRAAT
MASABBAR TASMAN
VAN HEUTZ "TJIWANGI "STRAAT
MALAKKA" *TEGELBERG
From
Page
Bolawan Dell. Penang, Singapore &
Raigon Japan
8. America, Africa & Singapore Macassar, Java Ports & Kingspers
Japan
Japan
Penang, pakwan Deli & Bingapore Macasser, Java Pork & Singapore
Japan Japan
SAILINGS
"TASMAN"
"STRAAT
MALARKA" "TIFTIALENGKA“ "STRAAT
25th
Oct. 2nd Nov.
3rd Nov. 4th Nov.
10th Nov. 18th Noy. 20th Nov. 21st Nov.
*STRAAT
HAKASSAR"
"VAN HEUTİZ"
*TEGELBERO"
*TJIWANGT
MALAKRA"
Japan Ports
Japan Ports
TO
Singapore, Java Ports & Macassar
Manila, Singapore. 1. ¿
Japon Ports
Japan Forts
Africa
Singapore, Java Potis & Macacon? MADIA,
Singapore. Africa
$. America
General Agents: HOLLAND EAST ASIA LINE
Date
ARRIVALS
Ship
"ABENDSKERK"
5th Nov. 2nd week Nov. "KJELDRECHT
8th Nov. *ARENDSKERK" 2nd week Nov. "KIELDRECHT"
The scope for direct investment by private withdrawn capital in backward countries is therefore limited. ennomy, But there is another way in which private invest-countries must accept a 6.ower SHARES BUYERS SELLERS SALES ment can play its part in economic development. All plans for economic develop This is by means of loans to backward countries. depent on the acceptance of this
fact. But here, too, there are serious drawbacks.
Mr Walter P. Heuther, pre- Here, the attitude of the re-slica of the American United Political and Economic Plant
research ceiving countries is an important that America should set aside Automobile Workers. has sald ning, Independent
an organisation, in its recent repor consideration. Development un-
World dertaken for political reasons five per cent of is current 170 on "The Strategy
Development" says, "The most for instance, to keep certain national output for overseas
development
This would urgent projects in the early stages "neutral" areas out of the Com-
million 680 of development, the suppression munist camp will be regarded amount to about £4.009
year. If Britain set aside a It Although 100 @ 170 of malaria, or of the tsetse fly, the with suspicion. 400 17.13 building of bridges and hospitals may be to the advantage of in- similar percentage of its
24.402 the installation of water- dystrfalised countries to finance lonal output each year,
purifying equipment, may have the development of backward further £500 million would be
made available for develop no direct effect on production; but countries--by opening up new a considerable amount of imports sources of raw materials and ment purposes.
It is probable that a five per may be creating new markets for ex- 63.75 for this kind of work
withdrawal of resources needed
before any increase in the ports this consideration must cent
from national output for de- ability of the backward county be kept in the background.
would be PENINSULAR Mr Gordon Gray, in his "Re-velopment purposes make the exports required for
for the United service
can eport to the President (of the too high even
States It would certainly be United States)
Foreign on in later stages of developmen, Economic Policies", has pointed too high for the United King- dom. But the figures show of arousing 630 private leans on commercial terms out the danger
that if even one per cent of the may be pcesible, but the prime n'agonism if there is too much that
of the national output advanced on supervising 200 need in many backward coun.ries insistence
countries could be set aside for the improvement of living
the rate of economic develop- ment could be considerably in- creased.
Provident S'ha Dock Wheelock LAND, ETC.
HK Hotel JIK Lond
14% 14.50 300
436
3636 37
30.15
6 0.20 000 5316
300
8.20
54 300
Nov. 16
Nov. 30
S'ha Land Humphrey's UTILITIES
1214
500 (18.75
Dec. 20
Tram
16.75
17 400 @ 10,75
P. Tram (0) 2235
ne
expected."
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
Tel: Nos. 86066-9.
Mossadegh EXCHANGES
To Ask
Bank Loan
24.
Landou, Ort Premier Mossadegh ROW Washington, is to negotiate a Joan of US$25,000,000 with the Export und impor Bank, Teheran brad- according to a cast picker up in London.
It was added that of this sum, US$10,000,000 will be used to
buy agricultural
IN NY
Cannda dollar) England-ificial
uno letal
New York, Del 24. US$0 95-5/16 2.861
30-day futures. 90-day future Australa (pounds New Zealand (pound) South Africa pound) Belgium (franc) Denmark Crong) France frane) West German
Dutchemark Holland (guider, Italy-oflol) Norway Kroneį Portugal (escudo) Spain (peseta) Sweden (Krone)
MIDDLE EAST
2.32 bki/-
2.35 asked
.18
2.7224
2.30
2.50%
2.2016
01001
1455
0023-8/10
4.20
2630
1106%%
1445
.0318
0283
0935
particular will
be tran lal
Iraq (dinar Turkey (irs▷
2.8814
(3125
2.01
.6375
LATIN AMERICA Argentine-official
0700
.0$50
machinery. broadcast The
that sald relations between Persia and the
101
today newspapers
importance ot
for Persia
United States generally will be discussed and that the oil ques-Egypt poundi tion examined anew.
Teheran stressed the American support under present circumstances.
The independent Setareh said: "Persia has enjoyed the best of relations with the United States for 40 years. Unfortunately, we pro- cannot forget American
Brazu (cruzeiro)
Chile-free Cuba (pero) Columbia (peso)
Mexico (pesa) Peru-free Uruguay (Desk) Venezuela (bolivari
FAR EAST
mises to Persia during the war India (ruper) and Persia's considerable | Pakistan rupee) sacrifices during the hostilities.
Hongkong Indonesia
"Persia sets her hopes on Singapore American help, especially if we Japan are not to become the prey of Communism".
Pakhtar
The newspaper Emrouz said that four days ago, Dr Mossadegh cabled from the United States for information
the
possibility about
of
and
Immediate oil deliveries prices. The Premier is reported 10 be discussing the question with American oil companies.--
Reuter,
New York Sugar
Futures
New York, Oct. 24. World sugor futures closed today 4 to 7 points lower with sales totalling 38 contracts.
Contact No. 8 closed to 0 lower.
DATO'
P. Trani (N)
Star Ferry 111
C. Light (0) 30 9.48 1000 # 9.40
c. Light (N) 8.20
Light B 8.15 Electric
22.79
Flee (Bonusi 2lgs Maceo
Elec. 12
23.
22
Telephone INDUSTRIALS
Cement
15 15.50
34%
1500 ( 14.25 3600 @ 1419
Rope STORES, ETC.
Dairy
211
18.16
16000 17.80 FOOD IS.
Watson .... 24.35
COTTONE
Ewo
cl loans
is for basic economic develop. use made of grants for develop
purposes ment, meluding the improvement ment
or on
of living standards by the pro-able standards of vision of health services and socis. He therefore
"reason-
dance standards in the backward areas,
that
Institutions, and it is unlikely that wherever practicable such pro- these projects can be financed, grammes should be operated through international organisa- even in part, by private capital.
This is the second of three by Ronald Boxall
iz
This is emphasised by heting, staffed in part by nationals despatches 1800 & 1813 International Bank for Recon- of countries in which the particu-on economic development 10008180 struction and Development in its lar under-developed country has the backward areas. The final
despatch Financing
confidence.
will appear "Memorandum
"China Mall" tomorrow. 2001 € 24. 2003 Resnomic Development". "In the 15002453 past
"I says, "the major on
200 24.40 of private international
5 5.20 6700 #5
London Stock
Exchange
London, Oct. 24.
talks and
the
The Asian delegates to Conference of the Institute of Pacific Relations at Lucknow in October, 1950, also stressed the need for channeling financial seletance through international agencies rather than they should be provided by bilatera: agree- ments,
in the
RUBBER EXPORTS SLUMP
ments has been made either in the more developed countries or in the raw material or foodstuff cxport industries of the under developed areas. A certain amour has also gone to public utilities and allways. Only a minor part
Many countries also insist on has been invested in production for the domestic market of the participating in development
Wherever under-developed countries. This projects
possible, ccpsideraffen therefore, local finance, govern- Is an important because it draws a tention to the ment or private, should play its
Kuala Lumpur, Det. 24. often insufficiently fact,
Em- part. This would not only re-
Rubber exports from Malaya Korean cease-fire
phasised in the present day, the move suspicion of the motives
countries in the during September stumped by "advanced the overnight return of buyers private investmens are attracted
tons, it was on the New York stock market by marke's, and that market minds of receiving countries, nearly 15,000 prompted arm tone in most demand does not lead necessarily but also ensure that the re-officially disclosed here today. sections of the London
Stock
The official figures show sources provided from external belanced all-round develop- to
from 02.011 tons When economic activ Exchange today.
Election-eve trading remains small, and particularly
as in most under-developed areas, ed moderate, however.
effective markets are narrow god weak (which does not mean, ci Shipbuilding led the upward
in
and course, that needs are not great), less Industrials, coppers stood out among mining there may be both rechnical and
economic reasons why little i oucement is fell by foreign British Government loans private capital." were quietly steady.
swing
4005
1.00
2155
shares.
0650
4175
2003
2100
0207
3040
.1756
3303
Financial Times' dally index was 138.1.
Japanese bonds
300 yen to US$1 United Press.
"A" (48. of 1890) "B" (4s. of 1010)
49
58
120
“C” (58. of 1907) "D" (5 of 1984) "E (55 of 1934)
66% -Associated Press and
United Press.
Grain Prices Consots
In Chicago
Chicago, Oct. 24. Prices of grain futures closed today as follows:-
Wheat-price per bushel
lows:
NEW YORK MARKET
ment.
OVERWHELMING CASE.
the
in
Japan
From
Europe & Singapore SAILINGS
QUIS NOS
то
Manila, Singapore & Europe Japan via Manila.
SEPARABI
& ORIENTAL
STEAM NAVIGATION COMPANY
R.M.S. "CANTON"
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
SPECIAL NOTE:
FRIDAY the 26th October at 5.00 n.m. for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Fort Said.
ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 ROAD EN- GATE, CANTON 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.
sources were or which they August to 47,081 in September EMBARKATION: Will take place on FRIDAY the 26th
the
purpose were intended,
The main reason
was that Discussions of this nature Britain took only 13.221 tons are, however, of little use un- compared with 17,417 tons in the advanced countries August and that United States have the resources to spare for imports from Malaya fell to the overseas development. The fan- lowest figure for many years fares which greeted the 4,233 tons.
Plan
died Colombo
have into dismal silence. To away
The United States importa announce & plan is not enough; tion for August was 8,314 tons earlier this year it was with but And action means sup- vill over 10,000 tons a month.
Melaye's rubber production.
The whelmingly in favour of govern-} ***
case is therefore over- action followed up
di
advice. Plans hopes in the
acich
BIGGEST PROBLEM
November
December
Number 2 rubber.
October
Number 3 rubber,
Octabor
to
Number 4 rubber,
15014-167-14 156-14-167-14
160-756-14
15135-152-14
14035-147-14
consumer ment financing of the necessary plying capital and
tons. flow of goods and services needed goods, technical assistance and figures showed a decrease dur-
raise ing September of 4,907 for development. But this raises
areas mainly due to a drop in put- Should the 1073 noter question.
and are then allowed to stag-put from small holders-Reuter. advanced*** 77% govermenta of the
SINGAPORE MARKET countries lend money to the nate defeat their own purpose
Singapore, Del. 24.
rubber futures Prices of backward countries or should they and leave a feeling of frustra- where provide the resources for develop-ion and resentment
there were only closed today as follows:
Number 1 rubber, per 16. ment without my thought of formerly
apathy and inertia.
October return?
PER. thinks it should be the New York, Oct. 24. latter. "It must be accepted," it How can the advanced coun- Stock prices worked higher way's has the goods accessary for tries supply the material and
pils and metals, a wide range of development pro-human today led by
needed resources shares met lects should be Non-ferrous motal
given to back-
October
12334-138-14 carry out development plans? the proles Money
19094-187-14 Spot rubber, unbaled It good demand. Motors gained wand countries that
alone can do little. Black crepe
110-111 should be naused by grant has been Dils
158-162 advanced as much as 3.
demonstrated that No. 1 pale crepe Dow Jones' averages at the rather then
United Press. by loana in order Colonial governments can raise end of the session stood as fol-voldy
repayment difficulties late-
CONSUMPTION IN U.S. private loans in the London this market. Investors all over the
Now Yook, Oct. 24. 264.85 policy in the long run would world are prepared to buy Now rubber consumption in 8250 be to make the backward areas World Bank bonds. But money September rose 3.28 per cent to 45:09 more rather than less attractive
no use unless it can buy 100,912 lang toris from 104,824 to private lending,”
materials and machinery for tons used in August, the Rubber To reiterate, economic deve development projects. This was Manufacturers Association In lopment can only be financed, emphased wh
Com corporated spported today, in the first instance, by governmonwealth Supply
erencs
Consumption of natural rub- ment grants. Secondary, deve where many delegates pointed FRENCH TRADE opent projects may beque that although
per cent to 87,302 long tons, compared with 30,704 tons used epinings
AUKUSI. The use of synthette rubber September amounted to Manila, Oct. 24. that recalving countries need demands Por defence production, 19,471 is los, en escase of France Aceking closer moit or would welcome.
capital gooda 2.07 per cent from the 37
37,740 economic and cultural ties with
Bo far, us British Colonial i needed for expansion 0 tons, used in Augist. The Philippines
developinentini Douteau, French
Copeumallón Robert
advanced rubber
by industry Economie Counselor for South- therefore, the most the scan the own Industries
expected is an increase in called on Frinton
and Britain; have set stimated by the Association at 26,340, Long 4pna, a decrease * for development 876 undh
per cr compared with Yot the provision 20,986 tons Used In August.
Ensina a the Way United Pro
Spot
2.8034
September
2.0414-%
December
2.472
March (1932)
2.551-%
May
2.40%
Corn Spot September December Biarch (12)
30 Industrials
1.1996
20 rails
1.7076-1.70
15 utilities
May
Kyo
July
September
Osts
July
1.8241% 1,03%-% 1.033
10534 1902
00-913%
40 bonds
United Press.
1.20 bid
September
8.07 tredeu
3.03 bid
5.07 bld 8.07 nomtaal 5.35
0.34 bid
Pricca closed as follows-
CONTRACT NO. 4 (World) Jantury (1952)
March
May
September
Spot
CONTRACT NO. €
March (12)
May
July
September
Spot
6.36. Tibentrai
1.43 blú
4.40 nominal 8.41
United Fress.
Spice Trade Slow
New York Hour-per 209 ĮB. Şack $12.86,-United Press.
LONDON TIN
MARKET
Lonkton, Oct. 34. Prices of din were sleady this morning. Tumover was 110 tons including 70 tons for dama
Prices closed at the end of the
morning...... segulon
New York, Oel, 24. The dook workers alike con- tinued to fie up business. in the. spice trade. Dealers reported offdal
followe little, interest ready goods warehouse with sellers hakiing at tin, buyers
-1.00 #bobna, Pitu
Blivery win inclusiod at around ihrenfortiniting maliers
Pria -1.03 and December 31.07%) winent
·Bulátor dona ul.
Gid
1:090 1020-1AR
WITH P.I.
of
nanced by private capital, but a foreign last month increased 157.
the type of project to which were higher than ever, they in private investment is attracted were sell
ex
is not alwers the type of project was strong and the prior in
Colorf/7y: proje
fore
Add Kipidie Qulying akiel said a frace develop the French Union's re-
#rebok, Union' comp
Lae Associated States soule.
But there are other aras the world In
and Cambodia.
In the the del
Some
the of
獎
notab
the United
of
reclaimed
LONDON MARKET
London, Get, 24. Prices of rubber futures closed
October between 2.30 p.m. and 4.00 p.m.
"Economic Anarchy"
In Israel
Tel-Aviv, Oct. 24.
Problems For Car-Makers
Detroit, Oct, 24.. Hopes for the substitution of steel for copper in automobile radiator construction still URG israel's Minister of Trade and many months from realisation. Industry, Dr Don Joseph, last Reporting this in its current night called upon the people of issus Automotive News says new Israel to help meet the "state of car production in next year's.
will depend largely arandhy existing in the economic first 'field"
upon the car-makers
ingenuity In a broadcast to the nation, he in providing substitute materiels outlined the Govtramen's polley Many trade spurces believe a in the face of the grave economic copper shortage will hit the in- crisis facing the country because dustry's production programme of a severe shortage of hard our harder than its steel supply.
Of current passenger car pro a flourishing black rency and
duction, the trade paper said: market.
"Most auto observers last In his Bret publie address. since the new Cabinet was week, foresaw the probability formed at the beginning of that fourth-quarter car pro October, Dr Joseph promised duction will total no more than improvements in the distribug million units, instead of the tion of ratione goods. But he 1.100,000 supposed to be built governmental restrictions. warned that Israel has still eth three weeks. ni October not enough to meet all require-
mert alt require accounted for, It still looked ments that in lise $13,000 cars will be built *HÀ Jisted four problems month along with 114,000
First, facing the Government. Janel was not producing enough trucks 56 food for her own requirements, In October a year ngo 660,110 second,
Increased productioneers and 110,404 trucks were lad ng ofught up with the bull in Unlied Satea factories. Automotiy News plso reporte third, of population, Tasc
hard curechos available was that both new and used car
dawn preslowing: not sumcient for food purchases aga and other Emported goods Acpoisted Preys. fourth, the consent from
tion population through was constantly iner amount needed for Routes.
Curley HORNEO AIR LINE
Singapore, Ost, 24.
U.S. Steel Warning air porvide
The Mojayan Airways Limited is to operate a feeder intertial with de Haviland Washington, Oct, 2 Rapide, aircraft in confuetion Americawarned, yesterday | with-lie Government of Norin that exports of cortion, steel in Borneo. the dret quarter of 2061 would A two your scheme had beart bo Timalled "trially to users Pro- agesed upon between the air- quciom elataklo gooda Required in autopany and the North for the defence programme of Borned Government, according the United States do i friendly to the company?) chairman, E
No comments yet.
Private notes are available after approval.