1952-02-25 — Page 9

MESSAGERIES M

"ZELIDJA"

THE CHINA MAIL, MONDAY, FEBRUARY 25, 1952.

MARITIMES UGANDA LOAN'S SUCCESS

Arriving 10aving

„Geun_Poit Feb 25

...Apr.

"THEOGENITOR"

2 Apr.

A

**FELIX ROUSSEL"....MAT. 4 ¿"MORTAIN"

+"ZELIDJA"

Mar. 17 Apr. 0

Mar. 1

Mar. 18 Apr. 7

passengers & freight.

M

Outward For

Kobe, Yokohama

Halphong

Homeward For Marseille via Manita N. Aften & Europe N. Arica & Europe

freight for Saigon, Port Said, Tunis, Marseilles, Algiers, Oran, Tangier, 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. 26651 (3 lines).

Sets An Example To The Other Colonies

Jap Ship Lines

7

Tokyo, Feb. 24.

Maritime circles expect that regular Japanese shipping services between Japan and Australia and Mexico, also Indonesia, Formona

Hongkong and would be resumed shortly.

France-Presse,

COTTON CREDITS

Japan Planning FOR JAPS

To Encourage

Capital

Foreign

Tokyo, Feb. 24.

Plans are under way to change Japanese law so that foreign investors will be encouraged to bring capital into Japan, says the Finance Minis ter, Hayato Ikeda.

"The Japanese Government is at present making a study of amendments to the foreign vestment law for submission to the current session of the national Diet," Mr. Ikeda adds.

Lu

Luc

far the importation of Mr Ikeda outlined the plans 1 060

American and | foreign-made daily necessities. whunt 500 Japanese-businesanten...altending. This allegation would

joint meeting of the American sealed down because Japanese Chamber of Commerce in Japan pruducts may and the Federation of Economic Organisations.

Mr How

under

be

Mendually

substituted to some extent.

It has been the consensus of said one amendment the small specialty shop owners conssteration

to Was in Tokyo that about $25,000,000 allow investors withdraw a year was needed for the for- their capital principal after eigh national consumers. perked of about three years.

The Japanese Government, he continued, had allocated $20,000,-

NEWSPRINT

OUTPUT

IN CANADA

New York, Feb. 24. Me R. M. Fowler, Presides, of the Canadien Vulp and Paper Association, said today that new Investment in pulp and paper mills and facilities in Canada $600,000,000 be- would exceed tween 1950 and 1951.

This would bring the capital value of the Canadian industry

about $1,750,000,000, com pared with $750,000,000 in 1945..

Speaking at the annual meet- ing of the American Pulp and Paper Association he said that about half Canada's total pulp tonnage goes into newsprint.

A recent survey showed that ar 1,760,000 tons in newsprint capacity could

it demand in great undertaken enough and tronomie considera- tens would justify it between 1954 and 1980.

an increase

"I think this survey

be

EVERY EFFORT

Mr Deda said: "The remark- able progress made in the field has Kreatly of transportation shortened the geographical dis- tance between Japan and the Unlied States,

Washington, Feb, 24. The Export-Import Bank has announced completion of an arrangement for the use of a $40,000,000 cotton.

Borrowers Must

Provide

Attractive Terms

XFROM OUR OWN CORRESPONDENT)

London, Feb. 24.

The announcement that last week's Uganda Loan issue was at least ten times over-subscribed must have been received with mixed feelings by those colonies awaiting their turn to enter the London market for development loans.

It proved on one hand that funds are still available for this kind of investment and on the other that horrowers must expect to pay dearly if they hope to induce investors to part with them. Like the Southern Rhodesian issue, which preceded it by a fortnight, the Uganda Loan struck a new note in market terms. Four million pounds of 31⁄2 per cent stock dated 1966-69 was offered at the price of 89.

the

open market.

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the

EK Bank XD

INSURANCES

Canton

תמונות.

As one observer points out, the General Services Administration is thus in the position of arbiter SIPPIN and court of uppeal in its own

se While 'one

sympathises with the dealers' point of view it must

"Financing of purchases wil greater appeal issue has made price, which indicates that it was

The

several grades lower than the specification.

SERIOUS EFFECT Whatever the merits or de- merits of this situation may be there can be no argument about the effect of the fall in the price of rubber on the Sterling Arch finances.

Last year Malaya earned. £401

HK Fire

ABID NAV. DOCKS, EIL. K. Whart

Rox

VAN HEUTIZ“ “B015SEVAIN"

INTEROCEAN

BAILING B

gah, 27th

· Kab. Both

"RTRAAT NOENDA” FOW. •29th

"TJIWANGI"

*TIPANAR"

*TASMAN" "TJIPONDOK"

TJIBADANE"

"TJILUWAI"

"STRAAT

MAKASSAR“ "BOISSKYAIN" **TJIKAMPEK"

*THWANGI"

VAN HEUT87"

Mnr. tod

Mar.

Mar. 7th

3. Mar. T

slat. leth

Mar. 14th

Mar 24th

Alar. Si

Mar, 27th

Apr, Zod

Apr. 1th

“THLUWAIT

Apr. 16th

"STRAAT SOENDA" APT. 18

*TJIN0045

Apr. 17th

"TASMAN"

TJIWANGI”

Apr. 25th Slay, 2nd

"ETIAAT

May

2nd

MAKANSAN" "TJIPONDOK"

May

Tib

“TJLUWAR**

MAY 16th

“TEDELBERGTM

May 2011

"VAN JIRUTBZ”

TJIWANOr

May 23th Joine 2nd

Japan Japan Japan.

To

રા

Lises

Kingapore. Djakaria,

Huralipia & SucasArr

Manila, Singapore

Semarang.

8. Africa

Bingeport, Tenaar Belawan Bu

Tilrebon, jakarta,

Nurabata. ICHIZAT

Непратать.

Kingsparr, Mauritius, E. & 8. Afcien

B. America Hingapore. DJMAYIN. -Kema:805;

Mirabala & MacaszMT

Зарад

Alkulia, Singapore, Mauritius, M. §. B., ......, Africa À 8. Amertes

Jakarta, Tjirebon, BRINKIKAE.

Burabala's Macassar

Singapore,

Jakarta, Semarang.

Butabala a Macassar Singapore, Penang & Delawan Doli

tantia, Singapore, & 8. Africa SIBE & MACATI

cure, Semarak.

bjakarta, Firebon, Gemarang.

Surabain Macar

Singapore. Penang & Relawan Doll Singapore, - 19jakarta, HOIATANG,

Vārabāla & Mincasany

Stanila, Hingapore, Mauritius, E. & S.

Africa & H. America

Dijakarta, Titreban. Semarang,

Hurabala & Macauses

Singapore, Djakarta, Semarang.

Surabain 4 Macassar

Mania,

Singapore, Maurition, F. & 8. Ailes & #. America- Singapore, Penang & Belawan Dell Singapore, Atuntok. Djakarta. Semarang. Skrabala & Macassar

ARRIVALS

"STRAAT SOENDA" Feb. 27101

"VAN HEURBE“ "TJIWANGI"

Feb. 27th

Feb. 21h

Stock

“THLUWAR"

Mar. 14th

Mar. 18th

BIAKASSAR"

--1510 ̈49* (* 1000":

From

B. America. 8. Afzien, Singapore

Surabala & Manila

Pedang, Belawan Doll & Blagapore MacRitar. turkkala, Hemarank,

Jakarta & Singapore

Macassar. Hurabai,

Djakarta & Singapore

Bemarang

Atrica,

A. America. E. & N.

Mauriilis, Singapore & Banlis,

General Agents,

HOLLAND EAST ASIA LINE

340

245 200 TOO 780

14

27 770

SAILINGS TO EUROPE

1.80 1.03 5000 en 1,6245

107 110 100 1

N. PL. Whart Dook

Provident 14% 14% 1000 à 14!

"HOOGKERT" 10"ABENDSKEDI

"KIELD CIFT" "AAGTEKERK" “OVERIJĄKI"

Kar

7th

Apr.

7th

May

7th

June

July

Th

S'hai Dock.. Wheelock

2

LAND, ETC.

HK Hotel

455

д.ба

2000 40

Ballo Totterdam

Arrives Hongkon

Balled Jan. Stat

Mar.

Mur.

5th

Apr,

L 10th

Apr.

5th

May

2nd

· Aluy- -- 28th -

2000 6.50 SAILING FROM EUROPE 2000 @ 153

1000

8.KU

500

"ARENDSKERY" B-GU{"KIELDRECHT"

450 or 63

"AAGTEKENK"

"OVERIJBEL"

„212...3,70, 1000, M., 2.65. “HOOGKERK”

15 2000 € 12.00

116 C. Light (0) 5.70 680 600 77 0.87

500 or 23 C. Light (N) 6.03 200 a 6

F. Tram (0) 231⁄2 Star Ferry

1800 4,00

Electric XD 22.10 221

500 #

200

Telephone INDUSTRIALS

1712 100

Cement ..... 17% 17.00 6900 @ £7,4 Rope

STONES, ETC.

Dairy

WADA XD

1910 20 700 € 19,80

35%

These terms compared, lion at the price of contract. This purchase credit for Japan; favourably with those of the places the dealers in an im-

The Bank approved the Southern Rhodesian Loanssible situation, for the Ameri- Exchange this morning amount-

car. General Services Administra-ed to $501.188.85. Noon quota- "STRAAT

this ions and the morning's transac- credit on Due. 19. Bearing a 4% per cent stock, re- tion, which has enforced

tions→→ interest of 3-4/5 per cent year- deemable in 1977-82, at 99 clause, is the sole purchaser of Iy, the credit will be used to

rubber for the United States and shares Durers BELLERS 'BALES scored -and

even rubb 2121 purchase U.S. cotton for greater success within cannot therefore be sold on-the

consignments which it rejects j part into Japan.

The new Bank announcement | vestors, said the credit was extended to

Main attraction of the Uganda the Bank of Japan which will Lean appears to have been the Japanese cenimereini banks unusually large discount at which In the capacity of agents, it was offered. It is many years Describing how the credit will since the gilt-edged market has

"The ben

offered a trustee stock credit is to be used to finance at a discount of 11 points. in-pere, the Bank said:

OI IRW COLIUMI, the purchase

The gross redemption yield on be admitted that the Americans excluding ginnubie waste.

£4:8:7d is only about,2/-per cent have undoubtedly received ship- of rubber which have Purchases and shipments are

that offered on the ments

to be well to be made in the customary less than

Loan but proved an examination lo with orders

Southern Rhodesian being Lanner,

KX Land such shipment was re- One

.. 15 placed by textile mills in Japan the prospect of receiving £ 11 below the stipulated qualities.

ported to have been valued at

Humphreys.. IN 1435 o their clients with U.S. per cent tax-free profit at

Really end-or-17-yeurs-held-an-cvc 22 cents 1b. below the contract UTILITIES shippers.

Trom for surtax payers, be effected through letters of the gill-edged market impatient credit under which 15-month

of the next the terms to see drafla will be drawn on the colonial, offer.

its To ensure Bank of Japan for the delivered

success the terms will have to be veluc of collon. Letters of at least as attractive as those of credit issued for this purpose are the Southern Ahodesia and not later than June Uganda loans. But the question expire 15, 1952."

Is whether will carry a straight The announcement said that 44 per cent interest rate, as in U.S. commercinl banks which the case of the Southern the Bank of Japan has die Rhodesion issue, от follow signated for use by Japanese Uganda's successful example and non from its rubber export, £203 million of which was paid spmmercial banks include the offer 34 per cent stock at in dollars. This year, however,

National heavy discount. America,

the dollar Income from rubber Is Trust and Savings Association, Market observers -believe, kety to be substantially less Hank

the Manhattan,

that the Uganda terms than this figure. however, Bankers

Bank, Trust, Chase

are unlikely to be repeated. The Chemical Bank and Trust Cam-

Now that new loan is generally regarded stockpile of natural rubber is pany, First National Bank of

as the second branch of

known be near completion Chicago, Guaranty Trust Com-

of of New York, Irving Trust Uganda stack created two years nothing short of resumption puay of

private purchases, Company, Manufacturers Trus go, when the issue price, was 98. American

Cily Bank These special circumstances limit coupled with greater freedom in Company, National

of future

the use of natural J.

possibility New York,

Henry the

borrowers adopting the Uganda

against synthese, will prever, a Schockler Banking Corporation

Area dollar Sterling Area

Paris, Feb. 24. heavy loss of and the Wells Fargo Bank & pattern.

income from this valuable.source. The Bank of France statement Union Trust Company-United

Rubber is the Sterling Area's for the week ending Feb. 14 Press,

and

reads og follows:- biggest dollar carner appreciable drop in its price is therefore immediately reflected in Total gold holdings the oerling doller paymen's Total at other

currencies position.

Bight balances Even

abroad if the price fell - no

which has | Advance to currency further, the decline

stabilisation fund already occurred would mean the Bills discounted in loss of about one-third of our from rubber as dollar income compared with 1951.

Fortunately, however, the U.S. 1s expected shortly to set a de- finite date for the withdrawal of the official buyer and to announce cent increase in the 410 Red level of naturel rubber

American private buyers are expected to be allowed to re- en-er the merke next month or early in April to make purchases for shipment in May or June,

and

"Never in history has our r:12 Bunship, geographically culturally and otherwise, been

close es iis aday,

"Every effort is now being made by the Japanese Govern mont to open the door of Japan foreign bugdness as widely as possible and to maintain the praciple of economic freedom so that conditions conducive to economie co-operation between the United States and Japan- can be established.

"Japan should be responsible for her own defence, but the strength of her national economy being what it is today, this is a very difficult responsibility for Japan to undertake.

"Furthermore, speaking of the industrial structure of Japan. we are faced with n situation plant have excess where we capacity capable of handling orders from the United States and

other countries, but are unable to take them because of insufficiency of electile power to work these plants."

1

FOREIGN CAPITAL

Regarding foreign ments, Mr Ikeda said:

invest-

To date, since the war, a shows fotal of approximately $70,000,-

Bank of

of

+

Demand For

Removal Of

Price Curbs

Moreover, further issues gilt-edged stock which offer large. tax-free profits to certain classes of taxpayers would undoubtedly provoke further agitation for a capital gains tax.

THE RUBBER MARKET The rubber market has been a focal point af-interest in the City. Once again the rubber dealers are at odds with the American bulk purchasing seriousness of agency, and the Washington, Feb. 24. A demand to Congress to re. the present quarrel has been re move the price cellings from flected in the sharp fall in the

price of the commodity. crude petroleum highlighted

week In the past

price on 10

The

Washington developments vital!ubber has falich below 2/04, u | pertin

te the all world,

ib.

recorded The demand was made by Mrib-the lowest price Russel Brown, General Counsel since July, 1950. This represents fall of no less than 6d a lb. at the Independent Petroleum since the beginning of the month Association of America,

and compares

with last year's It bade fair to find receptive| conclusively that if the US, and 000 of foreign capital has been eara in the legislative halls, average price of 4/2d a

The insistence of

of the General uuter countries throughout the invested in Japan with the where President Truman's

Services Administration - sole world wish to use more news-

of natural rabber for purchaser of print, and if they choose and approval of the Foreign Invest- latest request for strong wage-

Commission mient

or this price controls is unpopular. the United States on a a clause in ure able to buy it from Canada,

Mr Brown pointed cut, in a

the current

contract they will in due course be able amount roughly $15,000,000 re-

present acquisition of locks, report to the LP.A.A. · President, it

to reject Lyons, to obtain it".

Mr Charles

in New $2,500,000 represent loans and

rubber

-on no consignments of $52,000,000 represent technoto-York, that there has been

increase in crude prices since arrival in America if they fall rical assistance,

Dec. 5, 1947, despite rising pro- below the specification, led to "In preparing for the day

Suspension of sales to America when Japan must stand on her.luation costs.

He warned that if the huge the dealers felt-and under-

dealers. Malayan economie fect

the standably' so--that the American

In 1951 the United States produced nearly 10,500.000 tons of pulp and consumed nearly 19,500,000 tons.-United Press.

Strong Rally

In Cotton

New York, Feb. 22. Colton futures made a strong comeback after a shaky start in

holiday shortened trading period. At Thursday's close, the list ruled 21 to 78 points or $1.05 10 $3.00 a bale higher than the preceding week.

The

own

+

.

13

programme wanted

of

sovereign Independent nation, oll Expansion the Japanese Government by both the Industry and

Government is to be carried making a study of amendments to the foreign investments law oût, some realistic method for submission to the current pricing must be subsluted for Ecution of the non: Diet the ceiling-United Press, with a view to fuather accelerat

inved'men's ing forelan Japan."

in

The principal points under consideration are:

Thai Approach

ANNUAL REMITTANCE To World Bank

the

the United States

rubber as

any

Peron Move

To Increase

Exports

Buenos Aires, Feb. 24.

L. Crawford COTTONS

Ewo

334 1000 G 3.13 MISCELLANEOUS

Yangtze ... 14 $15

Weekly Bank Statement

Prance and abroad Notes in circulation

Current accounts

A deposits

May Jana 7th

--July ------ 4LA

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

Fri

M.S. "HULDA MAERSK" M.S. "TREIN MAERSK❞ M.S. "PETER MAERSK"

101,440,678,026

3,063,181,722 15.031,377,213

M.S. "PETER MAEKSK”.

M.S. "NICOLINE MAERSK” M.S. "SALLY MADRSK"

17,000,000,000!

847,766,275,817 1,814,133,850.225

174,452,003,217 United Press.

Argentine Trade Statistics

+

Buenos Aires, Feb. 24.

Argentina's trade with the

United States in the first

11

months of 1951 deft en un

pesos, the Government reported.

ARRIVALS FROM U.S.à.

Mar.

2 Mar. 16. Apr. 2

Feb. 28

Mar. 17

Mar. 25

For Freight and Further Particulars, please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building,

H. K. S. P. C.

favourable balance of 003,300 Needs financial support for the

...

Figures released by the Ministry of Technical showed that Argentina's

Affairs total

foreign trade left an unfavour- able

balance of 3,228,100,000 pesos; United Press.

vas unnecessarily harsh, The Peron Government, today Exchange Rates

U.S. ATTITUDE .... These rules are designed to parties in the They include the

foreign preferential

sake of poor children

Tel: Nos, 36066-9.

PRESS

| PHOTOGRAPHS

Coples

of photographs taken by, the South China

Morning Post, South China Sunday

Post-Herald,

and

China Mall Staff Photo-

graphors are on view. In

6.70 Please address communica- the Morning Post-Building. 13,37 | Lione:-Scoretary: Hongkong 1730 Society for the Protection of

2.25

1.745

12.70

Children. P:0. Boz 110 Hong-

kong

ORDERS BOOKED

Pacific Far East Line, Juc.

Icast of all reputable decreas Nobody.

to rates dealers, disputes the Americans" exchange

stimulate Business was done in the local

.market exhange right to refuse to accept delivery exports of

CHLA casaln, butter and unomelat of sub-standard rubber But, as cheese as part of the overall morning at the following rates;

programme to combat Argentina's US dollars (per 1), the dealers point out, they could

Storting note (per 41) protect themselves against any economic crisis.

the Traditionally

world's Indone la guilders (per 100) abuse without resorting to such

Siam ticals (per 100) extreme measures,

largest casein exporter and one Singapore (Biras) Under normal commerciai of the leading exporters of butts: FIC plostres (par 100) practice every buyer has the right and cheese, Argentina in rezent to refuse delivery, of consign-years has seen its shipments of 1. To open the way for some

ments which fall below standard these products dwindle, because Bangkok, Feb. 24. form, of remittance of Invested

For

In the case of casein a milk instance, to Thailand has approached the. but only after certain rules have of higher production costs, principal.

product used chiefly in paper allow an annunt. remittanco up World. Bank with a view to in- been observed,

official ex

exchange creasing the in-

conting, and paint manufacturing to one-fifth of the total

the Argenting price has was latest strength

vesteti principal after the lapse rate of the Thai baht and rais centred

March

exceeded that, in the United mainly ins

of a deferment period of, my. ing it on the international money delivery.. where scared short three years, and also to allow

market, it was revealed by the protect, bath moved to cover before the first change-overs in stock holdings. Minister of Finance, Major-transaction,

The desice provides that 60 per notice day on Monday. Mille

3. To open the way for General Phra Boniphan Yukakit. provision thus it a buyer rejects cent of the foreign exchange SAN FRANCISCO, LOS ANGELES

The

noted that Minisjor

a consignment on grounds that if from casein, butter and cheese price fixing was other factor

in circulation

does not conform to specifications exports will be bought at the in apot month with uneasiness foreign currency remittance of

interest paymen's on and re-bankmotes now Drilong shorts increasing in the dumption of the principal of are backed 94 per cent by for- he must pay the seller the rate of 1.50 pesos to the dollar, n the corporate debentures and cinims eign currency and gold holdings. difference between the contract or its equivalent in other, foreign and the current price if the currencies, while the remaining At present the official ralo isecat has fallen; In the mean“. 40. per cent will be: PHIA At tha Open contracts in March accompanied by acquisition of 33 baht to the Found Sterling

contracts

The open exchange rate had time. In the event of a rise in rate of 1 peson delivery, near the close of the stocks, or contrac

been around 82 to one but tho the market price between the This is the second important "WILLIAM LUCERNDACH" wock approximated 300,000

asalatoncede daisy bed

and the Government move to stimulate open the

way for Bank of Thailand hur lately aliming of the contract foreign cur

been announcing an increase in date of dellvory the difference is exports in recent days. Lost: currency.

*THLADE WIND" rd 36,900 bates. Traders

"Government, ans the open exchange rate of the made good by the seller, wook, the pected licavy Initial tenders, the Inforest accruing from Dr.

but the principal inverted in bone baht with the Pound Sterling Tho, Americans, however, have nounced a reduction of as mudy psy, p A 10,000 bad, prorates, trupe box, 11-14 now offera Round Sterling Insisted on Hipraht to reject as 50 per cent in the export

to promptly stopped, United vestment trust. Associated at: 6000 baht instead of 12 consignment on arrival in the prices of cattle hides United

Unite Prose.

U.S. and to reverse the transac Proth.

face of Jimited offerings in the spot month.

on monetary loans even If

not

bales. Certifiented stock toin! To open remittance, of

States.

DIRECT

Fast Regular Trans-Pacific Service,

OVERLAND

NEW YORK-CHICAGO-DETKDIT-TORONTO "MONTREAL AND ALL AMERICAN, A

CANADIAN CITIES

Guam, Marinas Islands, Aileroneajan Islands ---- Regulár Service" direct or with tran

Venal

For

From

Arrivan

Balla

San Francisco

Singapore," | Penang &e. Port;

"Bweitentiam

Franciaco

Mar 20

San Frannica & Fox Angeles

For full particulars cali United Blates Lines. Co. General Agonis, Queen's Bullding, Teir 28199,"