1951-11-13 — Page 9

THE CHINA MAIL, TUESDAY, NOVEMBER 13, 1951.

MESSAGERIES MARITIMES THE TORIES' MAIN TASK

M

LES GLIERES”

"FELIX ROUSSEL"

"DOCTEUR YERSIN"

+"MONKAT"

"FELIX ROUSSEL"

†"BASTIA"

•

Arriving Leaving

In Por .INE

Nov. It

The

Bay

Dec

Nov 13

28

6

Ναν #

Nov

Der.

30

2-1 Dee 23

passengers & freight

M

Outward For

Marseilles

Homeward For

Haiphong. BOLEOR

N. Africa & Europe

Manila, Salzon &

Marseillez

N Africa & Europe

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

Rotterdam.

Subject To Change Without Notice

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

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

MAERSK LINE

FAST FORTNIGH TLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via SAN FRANCISCO. LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "SALLY MAERSK“

MS. "LEXA MAERSK

M.S.

"ANNA MAERSK”

M.S.

ARRIVALS FROM U.S.A.

"ANNA MAERSK“

M.S. LEISE MAERSK" M.S.

"GRETE MAERSK"

Nov. 17 Nov.

30

Dec. 16

Nov. 16

Nov. 30

Dec. 20

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel: Nos. 36066-9.

British Concession To Be Taken Over

Tel-Aviv, Nov. 12.

Israel plans to take over the dormant British- owned potash concession in the Dead Sea as a semi- nationalised project, the Labour Party newspaper Davar reports, allowing the British to continue as investors.

Dear st the Governant will offer British harcholdes a prently auxinus to avoid the chance to participate with Israel. art of squabble that arus, over han's on nationalisation law

demands for rejected leftist

mediate fili nationalisation of

Potash. of Palestiur the firm Ltd. in fead, the paper said, it

To Double

Aluminium

Production

Washington, Nov. 12.

The Government has anmoune-

The paper indicated that if the British shareholders tion't enter the emi-nationalised set- up, they will be compensated by Israel! Government for the holdings that would be taken

over

Potash, which has many uses in industry, is yielded by the inland salt sea, 1,292 feet below the Mediterranean level.

Davar, which is close Lo the Government officials, said

on the Cabinet decided

pro- jected change last week und Authorised a $2,500,000 invest- ment with money to be borrowed from the U.S. Import-Export Bank.

ed another boost in aluminium Moshe Novomeysky, Managing- production and

contract

2 spokesman Director of the Palestine Potash, said contracts signed will practi-1d, said last night his company the nation's pre- has not yet been inforined of the cally double Korga capacity.

plan. He added that the firm The Kaiser Aluminium und

was not opposed in principle to Chemical Company has signed the Government's taking control.

with

Defence the

The British Potash Concession Administrator, Mr Jess Larson, dater from Britain's rule another 100,000 tons Palestine under to produce

a League Chalmette, Nations mandate, prior to per year aat its Louisiana, plant. This

creation of Israel as a state in double the capacity the

of Chalmette works which is ex- pected to pour Its Arst metal next month.

uppos

will

negotiated will nearly double the pre-Korea production of about 700,000 tons. United Press.

1948-Associated Press.

The

TO NEGOTIATE

in

of

the

on the

Restoring Confidence In

In The Pound

BETTER

OFFERS TO

COLONIES

For Uranium Ores And Concentrates

London, Nov. 12. Higher prices for uranium ores and concen- trates in some cases 100

per

cent higher than pre vious prices — are being offered to prospectors in

Problem For Sterling Area

As A Whole To Solve

(FROM OUR OWN CORRESPONDENT)

London, Nov. 12.

The economie crisis with which the general public has become ac- quainted during the past week or so differs from previous crises in one very important aspect. The problem in the past has been one of dollar deficiency; today's problem is to restore confidence in the Pound all over the world.

Mr Butler, the new Chancellor of the Exchequer, summed up the situation in one sentence: "The whole Sterling Area is in deficit all round the world and this is at once reflected in losses from the gold reserves."

His speech revealed not so much that the balance of payments situation was critical-that was already known. The real shock came when higher he announced details of the alarming deterioration

that took place during October.

the Colonies and Dependent territories by the Ministry of Supply.

The

reasons

prices are

for The

increase

(a) The general prives <>[ metal since the Munsiry's original offer in Marea,

1949, and

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock morning was

Neon quota -

In that month alone, the Steri-be confronted with the fae! thre ing Area gold and dollar reserves the belt-tightening process has fell by no less than $320 million only just begun.

compared with a net gold and The "Manchester Guardian" (b) Increased

some observers prices now dollar loss of 8638 million in the city editor says

months

last estimate that half of ending

the £183 three offered by US and Canada

million deficit with the European As an additional incentive. a September

This means that the Sterling Payments Union in the third developmen honus equal to the

quarter was on British account

this Exchunge purchase price will be paid for Area has been losing gold and

at un annual rate of Last

the deficit valued at $288,195. Arst five tons of uranium oxide dollars

Last month-- when grew to £89 million-the shartions and the morning's trans- unworked de- $3.840 million almost as much from previously

was probably actions:- as in 1947 and much more than of this country possia

capital undi

may

The rate iFi the SIX months even less than half. provided for processing plants

Although Colonial geological preceding devaluation

But that as not all. In the match surveys are, in general. better

provide third quarter the Sterling Area equipped to assistance and analyse samples had a deficit with the European ores than they Payments Union of £183 million of radio-active were in 1949 the Geological in October alone the delle was Survey of Great Britain is con- £89 million and, as Mr Builer

Responsibility out, this will result in tinuing this service to prospér

pointexi

international substantial the the

uf tors

Dayment London Express Service

Sterling must. therefore, be amounts of gold to the Union

Primarily,

the shared therefore,

by all those countries problem is one for the Sterling who normally Sterling t

use Area as a whole. Mr Butier finance their international trades. stressed that "we cannot solve As Mr Buller pointed out. our problems in isolation." The Commonwealth interests are as measures

ures he outlined are, there- closely bound up in the strength fore. only a beginning, and if of Sterling as are ours.

Warning To Canadian Exporters

of

of

they are to become effective they must be matched with similar measures in other parts of the Sterling Area.

Another expert view, he says, is that the rest of the Sterling Area was responsible for about a third, Britain for about a third and speculative funds for the deficit,

movements of balance of the

for improving

status

BANKS

SPARES BUYERS SELLERS SALES GOVT. LOANS

31%

(1948)

170.000 94

JIK Barak

1570

East Asta

125

INSURANCES

Union

770

Underwriters

0.30

HK Fire

145

SHIPPING

Asia Nav.

1600 @ 1.45

DOCKS, ETC.

6.00

14

Wheelock

..

N PL Whart Provident

LAND, ETC.

200 37.

500 50

1600 @ 365

500 i 37,

«

E'ti Land 155 1.70 1000 ₫ 1:55

HK Hotel

Humphreys

Tram

Star Ferry

UTILITIES

C. Light (0)

10.75 271⁄2 1000 10.90

122

C. Light (N) 6.30 016

C. Lig B Elverle

The Commonwealth Financr Ministers, he sold, would be u formed of the action taken by this country.

ain sure that taken we shall be able, having what immediate action is ap- propriate, to agree about a com mou polley for the strengthening of Sterling and the development

Dairy on restricot the most effective joint plans

for its defence," he added

First alm of Mr Butler's new economic policy is to streng.hen the Toronto, Nov. 12

international standing The President

That is the Sterling.

why the Canedien Exporters Associa emphasis is no longer on cuts in

Owyn, said dollar imports but tion, Mr Quintyn today that Canada's trade was tions in the volume of our non- Lied 100, dangerously 10 the dollar purchases Imports from Western Europe will bear the United States of the market, and urged exporters to brunt of the cuts announced last extend their enterprise to other week though no doubt it is the

Chancellor's intention That a channels.

whims

more

a year on

our

CLEARLT INFLATIONARY

In view of the present situa- tion is inevitable tha The overseas Sterling Area countries will be urged most strenuously to ensure that their own imports-- especially from Western Europe --pass the test of essentiality

control their Own Internal Inflation shall be taken without delay.

The Rubber

M Gwyn told the Associa¡ least some part of the saving of

that £350 million $ion's annual inveting

than

cent 65 per

of external cxpenditure should he and that whatever measures are Canada's foreign trade

10 this effected by further economies innecded linked in the dollar imports. year would be United States' economy

"It is a good idea to develop OL United States business, but

These measures by themselves extend their supporters should

are clearly inflationary, since enterprise to

other exporting they will reduce the volume of channels as well."

goods flowing on to the home He predicted another record

withoul market

having exporting year for Canada, as automatic effect on the level of much

$7,000,000.000. He spending. as

Mr Butler hoped, warned however, that the ex-however, that any additional In-

London, Nov. 12. goods nation caused manufactured

Prices of rubber futures closed by the cu's in port of was falling off and said such a

would be more imports

than today as follows:- condition could be damaging offset by the other measures he Number 1 rubber,

in cents per lb the future welfare of Canada. U

in the December proposed the chante -United Press.

bank rate, the review of the in- January/March (1932) vestment

programme and the re- April/June

July/September ductions that are to be made in Government spending.

HMV Chief

Leaving

London.

boss of the £12,000,000

is

any

Markets

1.60

2434

Elec. ¡Bonus} Telephone 14% INDUSTRIALS

Coment Rope

STOES, ETC.

L. Crawford Sun Ce

-

1514 16.AD

PAL

ENTEROCEAN

Ship

Date

Ext

Port

In Tort

**TEGELBERG“ ""TJIWANGIT"

J6th NOY.

16th Nov. FOUN Nov. 20th Nov.

1st Doc. 2nd Dec.

Dec.

Fad Nov. !. Νατ 19th Nov.

20th Nov.

21st Nov.

22nd Nov,

3rd Dec

6th Der

7th Dec.

"TJITONDOK“ "TASMAN" "TIBODAS" "STRAAT

MALAKKA"

"VAN HEUTSZ"

ARRIVALS

**TJITZALENGKA“ *TEGELBERG"

"TASMAN"

TJIPONTOK" "TEGELBERG" UTJIWANGP* "TJIHODAS" "STRAAT

MALAKRA"

Japan

From

Macassar, Java Porta & Singapore Macassar, Balikpapan & Ringapore Јарап

Djakarta & Singapore

Japau

Japan

Macassar, Java Ports

Japan

SAILINGS

"VAN HEUTSZ" "TJITJALENGKA” "TEGELBERG”

ΤΟ

& Singapora

Singapore, Penang & Belawan Doll Japan Porta

Japan Ports

Singapore,

Java Port & Macamar Java Porta & MacassAT

Manila, Singapore, E. & 8. Africa Singapore, Pojang & Belawan Dell Singapore, Java Porta & Mocasmat Singapore, Africa & S. America

General Agents: HOLLAND CAST ASIA LINE

Date

18th Nov. 11th Dec. 15th Dec.

31 San.

Ship

"RIELDRECHT"- "KIELDRÉCHT" "AAGTEKERK" "AAGTEKENK”

22nd Nov. 12th Dec. 191h Dec. 7th Jan.

"KIELDRECHT" "KIELDRECHT" "AAGTEREAY” "AAGTEKERK"

BUILDING

ARRIVALS

From

Europe Alugapora Japan

Europa Singapore

Japan

SAILINGS

то

Japanı via Manila Manila, Singapore & Europie Japan via Manila

Manlin, Singapore & Europs

HONES

PATTISON ORIENT LINE

LIMITED

500 @ 94

69. "LAURE FATTISON"

J0% 19%

31

280 »

22%

Shipping Official's Criticism

New York, Nov. 12.

A high official of the National Federation of American Ship- ping today criticised the United States Government for neglect- ing to increase

America's mer- chant Beet in

in proportion with the world's growing economy.

"In times of crisis we proud- ly demonstrate our unexcelled 43% ability to build ships and de- 43-43 liver goods, but now we relax Maritime planning," Alexander 400 Purdon, the Federation's Secre

tary, loid a meeting of the National Association of Steve-

40-403% -United Press. SINGAPORE MARKET

Mr Butler's proposals regard- ing interest rates surprised the Cily, which expected-and had prepared itself for something Number 1 rubber, per lb. much more drastic.

November The raising of the bank rate by a mere one- half per cent to two and a half cent is considered insuf- per

dores, Singapore, Nov. 12.

Prices of rubber futures closed today as follows:—

December

January (1952) Number 2 rubber,

November

Sir Ernest Fisk. 65-year-old ficiently decisive 10 have the Number 3 rubber.

November "His desired psychological effect. Number 4 rubber.

But

It is too early yet

November Master's Volce" business,

upon the Leaving the company at the end pronounce

purely Spot rubber, imbaled Black orepe side of Mr Butler's No. 1 pale crepe of the year, when his seven-year monetary

director policy. A partial return contract as managing

orthodox monetary policy has runs out.

An official of the company-been generally welcomed but it Electric and Musical Industries, is doubtful whether the raising of Ltd.-said: "Sir Ernest came to the bank rate and the measures us for a certain length of time. designed to give the Bank of

England some It is a normal retirement."

effective control

Sir Ernest, at his Knights-over, the volume of credit will be bridge hotel, said: "Talk to some felt outside the narrow confines one else" and banged down the of the money market. phone.

However the Government may His successor has not yet been not have spoken their last word named.

in this respect and the gilt-edgró

British Loan For Jordan?

Не

He said, "We are inadequate. for the present and in fact unprepared for the future. We 1484-1494 are not building a merchaní

14714- 1489-15

14214-3

1302-337

130-131 1485-144 107-108%

154-159

Unftod Press.

LONDON TIN MARKET

London, Nov. 12. Prices of tin were down this morning. Turnover wes 125 tens, including five tons for cash.

Prices closed at the end of the

fleet suitable either for our foreign trade or for our national defence.'

which

He urged that the US adopt

legislation long-range will provide the

shipping in- dustry with Government sub-

dies and tax exemption,

Government's Deploring the rejection of such legislation in the past, he said, "Unfortunate- ly our history does not reflect a firm and progressive national maritime policy which recog nises the shipping needs of our relation to our country in economic progress, our interna- tional commitments and our no- tional defence."United Press.

market has therefore adopted a letal morning session as follows Weak Spots

cautious: attitude.

7 LITTLE DOUBT

Tel-Aviv, Nov. 12. The Kaiser Company has also

Israeli Government agreed to boost production of its appointed a Ministerial Commis- aluminium plant at Baton Rouge, sion last night to negotiate with Louisiana, to 800.000 tons a year the British-registered Palestine and sobed the mining of bauxite Potash Company and make

The Government is clearly now being developed in recommendations for resumption

walling to see what effect its new measures will have before of operations at the Company's Intes Kaiser contract plant. The

deciding on the next step. - The makes a total of 545,000 tons.

lack of The plant, silunted

of really disinflationary Olier contracts now

measures seems to indicate that a being Dead Sea, has been fale since April 1948, and the Company

great deal is expected in this London, Nov. 12. faces the alternatives of Jordan

began direction, from the forthcoming officials nationalisation

A coonomies in Government partnership Ox

negotiations here today for with the Israel Government.

possible loan from Britain for penditure Under NEW ECA CHIEF

an agreement in reconstruction and the relief of December 1850, the Company Arab refugees from Palestine. The Taipei, Nov. 12. Dr Hubert G. Schenale, ECA undertook to raise £2,000,000 talks at the Treasury followed work im- caller discussions between the China Mission chief, flew in this capital to retur

two Governments in Amman. inorning from Tokyo to take up mediately. This was in addition his new post as successor to Dr to, a $2.500,000 loan from the. and Import Bank Raymond T. Mayor who is now Export an officer of the Ford Founda- obtained through the Israell

Goverment. Hon

Accompanied by bly wife, Dr The Government last night Schenck arrived here just ous appointed a Ministerial commis- day In advance of T. Allen sion to negotiate with the Com Griffin, ECA Far East repro-pany and make recommendations alive, he is to arrive to- for risumption of work at the dis is hipbevari pihe potash plant could become ip to all southeastern Coun- turdel's best soured of hard

currency after citrusRouter. United Press.

087

Spot buyers Spat tin, seilans .... 0075 Bulliness done at

900 - Three-months th, buyers $50 Three-months in. sellers 980 Business done at... 060-05712 Bettlement

__9671% -United Press.

Japan-Indonesia Trade Talks

-Progress

In

Steel Demand

· Cleveland, Nov. 12, Weak spots are developing in the demand for steel chlafly in the Consumer durable. gcods. ines, Steel magazine reported.

This is reflected in the shaving of premium gray market prices and prices for imported steel, the weekly magazine of metal Tekyo, Nov. 12. working said. It is reflected, too, There is litte doubt, how-

for con- Steel acided, in improved defence. was made ever, that the policy outlined test clusion of an Indonesian-Japanese account shipments and fees week was mainly for consump. Wade agreement when the In-conversion deals, especially In Tie Jordan delegation, which tion abroad. Is greatest effect donesian delegates at the cur-sheets-Associated Prem scrived in London last week, will be in the impression it gives rent, talks agreed to an open Is led by the Minister of that the Clovernment deler account arrangement with pay-

In assisted by the Minister of

doubt some measure relict in Agriculture,

"'ls expected la comu In conceding Suleiman Frank off No.

the form Togan.

talks was also cover the overament existing payments, including that the nextér British grant of about 40,000, overseas Sterling Kem opustilen.

90 Jordan for the curent of the ale ling of Merting Arek reaches Every large, autin part n o. 1), (200 year's defence and domotic winance Ministers that is due to should be paid in abreling and son (UML)

take placu early next year will 'burt in dolari. United Prem (ak Umum (per (100)

Pounds

Trade-Stefan Patha, Bukkat, mined to make arid keep

Sterlingheanaoday!

uld but

trade In

Lot, Well feel account

"affthe

2flen is up to the 2012

12-14 Queen's Road C.

Due From:

Kobe,

Nov. 17th

Chinese Agents;

Salls For:

DIRECT Pusan & Japan, Nov, 219

Tel: 25346.

OVERSEA CHINESE STEAMSHIP CO., LTD.

48 Bonham Strand W. Tels: 25640, 26127 & 81119

Call By U.S.

4

For Land

Reform

Japan And SE Asia

Tokyo, Nov. 12.

The Japanese Government feels it will be able to trade with Southeast Asia without the Paris, Nov. 12.

help of Red China, the Dlet, was The United States introduced told today.

a resolution in the United Na-

Hideo Sudo, Chief of the tions General Assembly today Economic Stabilisation Board. palling for worldwide action to said that despite the fact that

farmers improve the lot of

many of the 8,200,000 Chinese through land reformi

Who dominate trade in South- Asia support the Peking trade with Japan direct. regime.

of them would

The U.S. resolution follows up cast a report on land reform adopted earlier this year by the Econo- mic and Social Council of the UN.

At a meeting of the Upper House Treaties Comunities, 30- cialist Diet member Junichiro Dr Channing Tobias, an alter-Nagai asked how the Govern nate United States delegate to ment would be able to trade the General Assembly, said the with US. is interested in land reform Because a higher living standard among farmers and farm work- ers is closely related to the problems of peace.

He told a news conference was hoped this could be accor-

the Chinese merchants without Red China's help.

#

Mr Sudo replied that Chinese merchants in Southeast Asia are certain to trade with Japan...

He

cited as

an example Chinese who owns an iron mine in Malaya and at the present time is eager to ship fron ore to

Mr.

plished through the efforts of Jupando said the Government

UN agencies such as the Food and Agriculture Organisation, is carrying on trade negotiations the excharge of reports and ex- with India: and other South- periences among countries, and cover Asla countries---ABSO stepping up the techinical assist ciated Press. ance programme in support of

land reform.

Brazil, Thailand and Pakistan

-Associated Press.

are co-sponsors of the resolution. Unions Want

30-Hour Week

Wool Industry

Complaint

Melbourne.

Employers' organisations, ap- piled in the arbliration court for The standard Australian working 40 week to be increased from to.44 hours.

Bolse, Tinho: Nov. 11. The future of the wool in- dustry in the United States Ja questionable if the Govern hearing was adjourned. ment continues to buy foreign wout and subsidier synthetics, the Idaho

Wool Crower ion President declarce President, said wool is in u Little, the Ampelation

But Bothe unione asked for

30.10

30-hour week.

stronger position on foreign.

!!

"The

Steel Capacity

Now York, Nov. 12:

· The American Irdi and Stel

marketa than in the US being lule reported that the dan cause Japan, Britain Belgium, one steel industry expect to Italy and France. are buying

Exchange Rates wool and with American operate at 101 per cent rated

capacity this work. that will dollars

probably be equivalent to 2020 000 for never be repaid,

Last see the indone) prenota USAY Eliteutiese Wools will be procceed. at 104.6 per cent and in the

in eerling

the swing Dusion whe done is the turkollicle!...... exchange, market, limit is 610,- | monks at the dullowing mac

however, lng nuta (per 4INNERO,DE secuunt excess boulang (pec 133ddbo

ed by cheap favelan labour to same week a ye

loca

be

300

2.745

1855

sok backc

to in at lila (dured 1,089,000 LOTR when opted- prices while our mills in Towing at 1010 por cento A year are closed-down"--Asskönted ago, the industry rated capacity Frew/

we lekAssaelated Pres.