1951-11-15 — Page 9

MESSAGERIES M

"FELIX ROUSSEL"

THE CHINA MAIL, THURSDAY, NOVEMBER 15, 1951.

MARITIMES BRITAIN AND COLONIES

Leaving

Bre G

iter

ร

Dec 12

Dac 18

M

Outward For

Marcelles

Japah

Homeward For

Salgon

Africa & Europe

How Sterling Balances

Formosa

"BIR HAK ETM"

"DOCTEUR YERSIN"

...Nov

**MONKAY"

Nov

15

21

Nov

F3

Nov. 30

N

**FELIX ROUSSEL"

ti

Sure. T

Warned

†"BASTIA"

„Dec 24

£40 25

N. Africa & Europe

By U.S.

Manila, Baigon &

Marzilles

System Works

No Question Of Unfairness

To

Overseas Territories

(By RONALD BOXALL)

⚫ passengers & freight

† freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp &

Rotterdam.

Subject Te Change Without Notice

CIE DES MESSAGERIES MARITIMES

P.O. Box 63. Hongkong

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

Further U.S. Aid

For UK Forecast

Washington, Nov. 14.

Senator Ralph E. Flanders said today the United States may have to "squeeze out" more dollars to bolster Britain's sagging economy.

But the Vernunt Republican told a reporter that additional aid should be supplied only after a thorough review of United States spending.

EXCHANGES IN NY

lan

Canada England ontvtal

anollista

New You Nus

30-day tatoren W-day futures

US$

2-1/16

2 bed/

237 shed

2

237

Australia (pound i

221-44

New Zealand spinn

279

South Africa pund

280.

Belgia franca

Dennuck (krone:))

1455

France frane

West German

Deulebemach

201

+20

Holland guluet

200

Italy Mai Norway she Por Spain (pesyla!

D

1405

escuder

6347

0205

Sweden Kronuri

1935

Switzeland ཀęས

MIDDLE EAST

Egypt pound:

29372

Iran (

Iraq (dinur!

Turkey dua

373

LATIN AMERICA

Argentine flietai

1703

Braz (cruzeiro)

DJU

Bolivin (boliviano

#10

4029

Cuba (peso!

FC)

Mexico (peau!

J165

Pera--free

USD

Uruguay (pesu)

4250

Venezuela bohemi

2003

FAR EAST

india TripECI

2143

Takisto empezo

Jauka

Itonglom!

17:30

3040

SMA

Chic-fre

Columbia (pest

Indonesta

Singapore

Japan

Chatted Prest

Tonly

ເ

He said aid could be providleri

if economy ruds made in next yisr's budget

spending which, Defence Serator Pianders said, had been would be Euslowed to run wild

fun such possibilty

1€

artolkanajes

MI Flanders sand Congress should "Brow the budget pa cess to reverse" and tell the Administration how much

be spent during the fiscal 1953 which begins next July

London, Nov. 14. One of the more unfortunate and least necessary results of Taipei. Nov. 14. Colonel R. Allen Griffin. the present economic crisis is that it has given rise to the completely special Far East represen erroneous impression that this country is somehow "living off the backs tative of the ECA, today of the Colonies." warned Formosans that every dollar of United States aid must be employed for

the most effective use.

Mr Grifin, who is here on a

five-day inspection of the ECA programme, told a press con- ference the whether the money comes in military or economir

This impression has, moreover, originated from this country, where who are in a position many leading politicians and financial writers

to know better- have spread the idea that the late Government was using the Colonies' sterling balances for its own purpose and to the detri- ment of their rightful owners.

Mr Oliver Lyttelton, no doubt unwittingly, contributed to this idea when he wrote in a news- paper article:

aid it comes hard. He wanted to emphasise that every dollar coming to Formosa or any other

"The Socialist Party...pay requirements food, clothing. comes from somebody's country

lip service in public speeches and so on. And since Malays bard work in America."

to the noble idea that the desert is a member of the sterling area "Every United States dollar should blossom like the rose and he can, by definition, use his smust be effectively employed that these backward territories local currency to buy anything The American waxpayer is carry should be developed. At the he wants from anywhere else in

time load of taxes in same ing a heavy

the the sterling area. (We are order to provide aid to this and Colonies balances by which assuming he has been success- other zuntries. Whether it 15 these desirable ends could be fut in obtaining import and ex- mubtary of economic ata ever) attained"

port licences when these are delar Uhat comes here comes

is, incidentally, required). He out of the pockets of Ame

also free to move his capital cans who at working hard

anywhere within the sterling give protection to our and othe:

Countries

vasy

they seize

that

The fact is of course, neither the British Government "seize" nor anybody else could

area

of

the Colonies sterling balances a simple demonstration Ak the sterling aren system

Thus money does not come

Congress is very critical show. of the way the money is handled It is very proper for them

represent eritwal as they people who pay taxes that may have the things" he said

Von

Mr Griffin and the two over all mala glovetives in Formosa

So far, then, he is no will

worse off for having exchanged his United States dollars for

doliar's. But Malayan instance, that a

wha! Suppose, for b the Malayan smallholder produces happens when he wants to buy of rubber something from America? A 101 amount certain

would, customer in

of course, depend on which he sells to a the United States. Eventually he what it was he wanted to buy,

exchange but if it in

something important. will receive

machinery he cheque, payable in dollars. The like a piece of smallholder presents this cheque needs for his business, he will

granted at the local branch of his bank, probably be

licence to credited with Increase agricultural pro-and his account

buy it

this The dollars for Toral purchase then come un equivalent amount of

from the duction and improve the heal is acro

area's

dollar currency in this case. Malayan sterling

central and welfare of the people

dollars. The transaction, so for reserves, and the amount of Keneral.

dollars that Malaya is allowed as he is concerned, is then com

rubber He has sold his

to draw from the reserves iz Plete. and received a sum of money in correspondingly reduced į return. But what happens

the dollars?

are

2. Improve industries, trans

communications and After selling a firm spend-ez | portation, mat instead of asking the

power faciliés Administration for spending estimates Congress evuld de- vide ኁናትህ 10 parcel out

pending Total

the

Me sand

"We may have to do Something more for the British, at I would want to do it only after review ur the entire spending picture. I would think we can squeeze out something

If the more

situation seems preasingly important to us."

CHURCHILL VISIT

Emphasising the

importance

of review of the entire spending Flanders programme. Senator

said that to 1 considerable degres the Britishy have been

forced into sactalism" by the

size of their own taxES,

ile

ござい

Britabi's defence

spending plus various nationali sation programmes of the recent

Governmen! Labour

were

300 you to US$1 responible for Britain's high Boxes God "we do not want to work ourselves into #similar Situat.on,"

Irregularity

In Cotton

news

uf

The Senator suid Congress I will get an idea of the serious- Britain's financial situation when the British Prime Minister, Mr Winston Churchill, visits

with br He said there

fertiliser pro large-scale gramine, support for expansion

fertilise Formosa's own

ان

to

These are paid by the bank to the country's Exchange Control industry, importation of cotton and the bank receives an equi-

of local materials to valent amount

are The dollars and rency industries

raw

cur-

then

3

This amount, or "quota", of dollars which a member of the sterling area is allowed to draw from the central reserves is fixed yearly or half-yearly, but the system is not rigid and a mem- ber may have its quota increas-

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning Was valued at $410,085, Noon quols- tions and the morning's trons- petions:-

SHAKES BUYERS SELLERS SALES

BANKS

HK Nak East Asia INSURANCES

HK Fire DOCKS, ETC

K Whart N. P. Whart Provident S'hai Dock Wheelock Hongkew

340€ 4 00

1575

40 @ 1075

123

Union ....

770

160 775

Underwriters

L

145

300 100

0.80

13.00 200 13.90

4.40

30!

LAND, ETC.

HK Hotel HK Land S'hal L

6 1000

&

SI

1.00

Humphreys

10%

17 700 @ 10.8 9.80 100

00

915 300 96 1000 9.40

UTILITIES

השלת

C. Light (0)

C. Light IN1 6.35 0.40

C. Light (B)

Electric

5

2934 23 2000 23

500 € 22.

400 # 23

211

224% 149 15

.15%

1500 154

211% 29%

183

1600 # 10%

Watson

L. Crawford 31

Sinceres

25 25.35

215

210 21%

Wing On

5754

50 57

4.20

Electric (B) Telephone attd other

INDUSTRIALS supply

Cement lucal

Rope supply cerlain commodities paid into the

to produc dollars to the central gode inged when it can show good cause stopES, ETC.

why it should be.

Dvdry At the same Formosa is unable

area in London, and the countime, at this time.--United Press.

however, members ате try from which they originated

credited with an equivalent discouraged from drawing too reserves during amount of sterling, which then heavily on the

period of dollar the the present liability becomes

of

stringency. United Kingdom. So far as the country of origin (in this case, Malaya) is concerned, it then nolds, instead of a given amount (DF States dollars of United other hard currency), a "sterling balance"

Estimate Of Wool Clip Revised

Sydney, Nov. 14.

of Australia's The estimate 1951-52 wool clip has been r vised downwards by 200,000 The National Council of Wool Selling Brokers and the Aus- ralian Wool Growers Council

bairs.

อ

MAY BE BETTER OFF

(H.K.) COTTONS

Ewo

The Rubber

Markets

London, Nov. 14. Prices of rubber £utures closed today as follows Number 1 rubber, in ceris

per fb. December January/March (1952) 03

Except when he wishes to buy some luxury or non-essential article from America, the Malayan smallholder who earns UK AS CUSTODIAN dollars through the sale of rub- ber is no worse off for having But before

to se been paid in local currency. On going on what happens to these sterling the other hand, he may be con- find out what siderably better off if he is able balances, let us has become of the dollars. These to buy essential dollar goods

part of the have now become

over and above the value of his sterling area's central gold and dollar earnings. dollar reserves. They do not belong to the United Kingdom, in July estimated that 3,600,000 acts as custodian of the

Genital

reserves, nor do they bales

300 of about

pounds belong to Malaya which earned weight each would be received

them. They belong to each and sterling balances, which, as we stores.

every member of the sterling have seen, are now in the form This figure

of a bank deposit in the United duced by 200,000 bales or about area, who are free to draw on

them, up to an agreed amount, Kingdom, will be needed for two 5.6 per cent.

purposes. A A certain proportion The total clip, allowing for to pay for their current imports

From the dollar countries.

will become the cur- of them 25,000 bales to be shipped over-

through Aus- It must be pointed out, how-rency reserves of the country seas other than

to that cast at 625,000 bales.

This would have been an in- crcase on the 1950 to 1951 clip Associated of 64,000 bales. Press.

President into brokers has now been re-

Truman in January-United

Press. New York, Nov 14.

Cotton futures bobbed up and

down on the price ladder, cover-

ing a range of almost 100 points.

Traders were uncertain which London

way to turn, pending Washington developments on the raw colon the producer export policy and holding movement in the South. The murket opened up Lo 43 poin A blast of liquida-

points. tion and local selling 10 minutes before the close forced the market down to lows for the day, but mill buying at the close repaired some of the damage, although the list still closed off 12 to 55 points net,

Prices dosed as follows:- Spot

December

Marth (1932)

May

October

July

December

March (1953)

42.06-42.75

43.35

42.55 42.63-42.80 41.34-41.01 39.50-39.70 3027-39.30

United Press.

NEW ORLEANS MARKET

Spot

December

March (1052)

May

July

October December March (1933)

Shares Slip Back

London, Nov. 14. Stacks rallied for a time on the London market today bul prices slipped back again be- fore the close.

up

Government bonds pickeri a fraction and oils showed strength. Comper and tir

shures lost ground.

The Financial Times' daily index was 120.8

Japanese bonds

"B" (5s, of 1810)

"A" (4s. of 1809)

60%

39.25 nominal

"C" (5s. of 1907)

112

"D" (65. of 1934)

78

42.50

42.93

"E" (545. of 1934) Consols

$2.05

42,43-42.47 41.42

30.25

39.CB bid

39.03-39.75

United Press.

New York Sugar Fatures

127

635% -Associated Press and

United Press.

Technical Rally On Wall St.

New York, Nov, 14.) The Industrial average gained

80 cents, mils 12, utilities five and composite 23. The volume New York, Nov. 14.

light ht 1,220,000 futures No, continued Domestic sugar

shares. closed one lower do one higher."

With advances averaging trac March

0.30 bid

tions to brouild a point, traders May

5.80 5.40.

felt that the mild recovery is 1 or 1,087 World sigst fatures No. 4 mirely technical sicsed unetian to two higher be traded, 400 advanced, 361

4.71 bid declined and

bid

changed.

were mixed: chemicals did well. Textiles Angroved. Rafle had mild gaine United Press

March

4.720

4,71 bld September

waugur spot 0.05 nominal, -Associated Prem.

200 werg.

Televisons mot demand, Olle

The Malayan people, whole, however, may, under pre-July/September sent conditions of world trade, have cause to grumble. The SINGAPORE

Prices

432-44

494-44

43 -43

412-42

4015-01

futures

United Press. MARKET Singapore, Nov. 14.

at rubber closed today as follows:- Number & rubber, per ib.

November December January (1952),

2 ribber, bur

rubber. Number 3

Number 4 rubber.

November

tralian brokers, had been fore- ever, that every member of the concerned, and

sterling area is not frce to draw they will not wish to rent November

Confused Trading

In Textiles

New York, Nov. 14.

The cotton textile market was in a confused state today", as

upon the central dollar reserves

them very much; the rest they will want to use to finance their in the same proportion as they pay into them. Some countries,

from purchases

the Current will earn like Malaya,

more United Kingdom. This is where dollars than they spend, and the difficulty arises, for the the United UK, is no longer in a position to others, notably Kingdom, which has a deficit in

And

its current trade account with meet all the demands for goods

which are placed upon the dollar countries, may take Although the sterling balances out far more than they put in,

"un-

the

It is this fact, more than any blocked", they may therefore lie other, that has given rise to

United that the impression

the Kingdom is "exploiting"

This, dollar-earning colonies, of course, is simply not true. the It the principle by which

nore United Kingdom tokes dollars out the central of

are con etely free, or

dormant for some time until the U.K. can deliver the goods the country wishes to buy.

cetonles balances,

1454-

141 142 1361-137

1311-132

Spot rubber, unbated.. Black crepe No. 1 pale crepe

148-1491

1081-100 154-159 Uatted Press.

LONDON TIN

MARKET

London, Nov. 14. Prices.

tin were of

very steady this morning. Tumover was 150 tons, including 40 tons for cash.

97234

5178

0724

£145

But to say that the UK. Is condi- unable, under present tirns, to meet all the demands.

Prices dosed at the end of placed upon it is very far from the official morning session' os serves than she pays into it saying that it has "setzed" the follows

then the logical

which quite Spot Un, buveta 1.. of that argument is obviously still belong to their Spot in, sellers cotton prices continued to move that the colonies are net losers rightful owners that is, to the Business don't erratically.

in the

sterling area system. But country concerned. Indeed, it is Three-mionis Un, sellers 14716 Mill representatives said they in were unable to fix quotations for they aren't. No colony could in the interests of the UK. to Rurifices clone at

trade ensure

that the sterling balances support its international goods until prices stabilised,

There were some scattered unless it had the facilities on do not become a deadweight sales of broadcloths, print cloths joyed through its membership its economy, for they represent and sheetings

with the popular of the sterling aron, and none exports of goods which one day And “build_up | It will have to deliver. as high as could ever hope to 10-square selling

through its 21% cpate a yard.

Individual although these exports. will not The market for the 38% 04 efforts a:

of be central reserve

"unrequited". they will on our strain

Own

Settlement

on

PIL

INTEROCEAN

Ship

Date

Fort

"TEGELBERG"

In

Fort

19th Nov.

16th Nov.

"TIWANGI" "TJIPONDOK" "TAIMAN"

1901 NOT.

20th Nov.

1st Dec. End Rec.. Gtli Dec.

1710 Nov.

17th Nov.

19th Nov.

18th Nov.

21st Nov.

22nd Nov.

3rd Dec.

6th Dec. 7th Dec.

**T3180145"* "STRAAT

MALAKKA”

"VAN HEUTSZ"

ARRIVALS

PEJTJALENGKA“ *TROELBERGTM

"TASMAN" "TJFONDOR" "TEGFLAERCI“ ""TJIWANGIN" "JIBODAS" "STRAAT

MALAKKA

Jupan

From

Macassar, JAUH Parts & Blagapore

Macassar, Balikpapan & Singapore Japan

Djakartą & Blugapore

Japan

JOPAD

Macassar, Java Poris & Singapore Japani

BAILINGS

"VAN HETT:2" "TJIFJALENGKA”

"TEGELBERG" .

TO

Singapore, Penang & Belawan Deli Japan Porto Japan Ports.

Singapore, Java Porta & Macassar Java Porta & Mincassar

Manila, Singapore, E. & S. Africa Singapore, Penang & Belawan Dell "Singapore, Jaya Ports & Machetar

Singapore, Africa 8, America

General Agents: HOLLAND EAST ASIA LINE

Date

11th Nov. 11th Dec. 13th Doc. 5th Jan.

21st Nov. 12th Dec. 10th DBC. 7th Jan,

Ship

"KJELDBEGET" “KJELDRECHT" "AAGTEKERK" "AAGTÉKERE"

"KJELDRECHT" "KÆLDRECHT“ "AAGTEKERK" "AAGTEKERK"

ARRIVALS

under

From

Europe & Singapore Europe & Singapore Japan

SAILINGS

TO

Japan via Manila Manila, Singapore & Europe Japan via Manila

Maria, Singapore & Europs

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

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

ARRIVALS FROM U.S.A,

M.S. "ANNA MAERSK" M.S. "LEISE MAERSK“ M.S. "GRETE MAERSK"

Nov. 17 Nov. 30

Dec, 16

Nov. 19

Nov. 30

Dec. 20

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel: Nos, 36066-9.

PATTISON ORIENT

LIMITED

5. 6. “LAURE PATTISON"

12-14 Queen's Road C.

Due From:

Kobe, Nov. 16th

Chinese Agents:

LINE

Balls For:

DIRECT Pusan & Japan, Nov, 213

Tel: 25946,

OVERSEA CHINESE STEAMSHIP CO., LTD. 48 Bonham Strand W. Tels: 25646, 26127 & 31119

PATTISON ORIENT LINE

08 9721%

-United Prosk.

"EMPIRE GLENCOE

Exchange Rates

Business was done in the Joenl inunoMelal exchange market

this

0.03

by 05.85 yards print cloths was illars 8 large as thing in Lon- nevertheless be a will be morning at the following rates!~

quoted at about 15 cents a yard. don. This is an important fact economy since they

The woul goods market was which should not be forgotten the form of payment for value 17.5Dollars (per 1 quiet,

in any discussion of the coldales: Wo have received in the past Sterling note (per (1) The rayon goods market was

part in the sterling area vyelem, un already consumed To this Indonesia uiders (per 100)..

Stanica (per 100) are merely singapore, (šisalts), oxtont, therofere; wo are dull, Asociated Prese

putting off the When We FTC Dikaren (der":"190)

day will have to

export

port more than an naman go back wp impert In But los now

pert to impart we export today. and see how our Matayan mall more than

BONDS DECLINE

HOW IT WORKS

1.760

holders and through him. the Indend, this is simply another India Follows UK

Malayan people as a whole, aro of saying that the balance

for

New York, Nov 14.

Bombay, Nov. 14. . The bond market sought rating under the eyelem: To arparment must balance, Tower price levels in sightly take a firat cate frat, the the disparity between Imports The Reserve Bank of India' that the mure dotive trado today, smeltholder, as we have been, and export mure en filled with today winounced

fourrency through an equivalent amount of thirt bank rojgwil be iurand High-priced Bonds gave up recelves. mare round than did the hisle of rubber to resident term debt, which representa from 3 to 3 per cent effec

United speculative contingent Amo in the United Biales. He can fulule exports London To

bo it to buy any of his urial brew Service,

LIMITED

Thue from:

Yokohama Noy, 18th,

Sails for: Singapore, Penang, Colombo, Bombay, Atien, United King- doin; also calling. Genon Marsellies and Casablanca it. sufficient indice ment, Nov. 22nd

For Freight & Passenger Accommodation, please apply to

PATTISON ORIENT

ORIENT LINE LIMITED

12-14 Queen's Rond, C., 4th Floor, Tel. 25346

Chincas Agents:

OVERSEA CHINESE STEAMSHIP COʻ 48 Forbam Strand West Tel. 25646, 26127 & 91119: