1952-04-25 — Page 9

MESSAGERIES M

"LAKE MICHIGAN"

"BIR HAKEIM”

"DEAUVAIS"

1.

"FELIX KOUASEL"

THE CHINA MAIL. FRIDAY, APRIL 25, 1952.

MARITIMES EGYPT'S COTTON CRISIS

M

Artuins Heavens

.. Atay

June ic

Stay 15

... May 21 3

"LAKE MICHIGAN" ...June

3 May Juno

May 20 May 2

June

Ontward Pr

& Sapan

Japan

Rameward For

N. Africa & Europe Marschtex via, Manila

N. Africa & Europe

Genoa, t freight for Saigon, Alexandria, Tunis.

Maraellles, Alglers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports vin Marseilles,

Madagascar by Transhipment In Saigon or Djibouti Subject To Change Without Natick,

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong

Queen's Building (gr. floor) Tel. 26651 (3 lines).

EVERETT

EVERETT

LINES

ORIENT LINE

Fast cargo and passengers service refrigeration space available for Korea, Japan, China, Philippines, Indo-China, Siam, Malaya and East Coast Indian Ports.

"LENEVERETT"

to Port Sails

April 25

"REBEVERETT"

Arrives May 8

from-Manila-

for Singapore, Penang, Rango and Calcutta.

from Singapore,

Sails .May 9 for Japan.

EVERETT STAR LINE

Fast cargo and refrigeration spaces available. for Korea, Japan, China, Philippines, Indo- China, Siam, Malaya, Ceylon, West Coast Indian and Persian Gulf Ports.

FIRST CLASS PASSENGER ACCOMMODATION M.S. "STAR ALCYONE”

In Port

Now Loading

Sailing April 25 for Singapore, Madras, Colombo, Bombay, Kara- chi & Persian Gulf Ports.

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephone 28293.

OFFICES AT

TOKYO-YOKOHAMA-KOBE-OSAKA SEOUL PUSAN

BARTER

TREATY

EXTENDED

Foreign Exchanges In NY

Manila, Apr. 24. Canadu

unonte.al

30-day *09-y

The operation of the Philip | England-offietal pine-Japanese burter

ugree- ments has been extended to June 30, 1052, the Foreign Office

ald today.

Austratin New Zealand South Africa Bellum

Denmark Franer

We:3 nag The ceremans tiated with SCAP and were to terminate on April 28 with the

West Gerinzny

folland coming into force of the Japan-

Italy tre peace treaty which is still peading ratification by the, Norway, Portugal Philippine Senate.

Spain Sweden-

.

The Philippines proposed the switzerlar! extension and the Japanese MIDDLE EAST Government agreed, according | Egypt

to Advice received from the

Philippine mission in Tokyo.

felt necessary to

Icon ΣΤΑΥ Turkey

New York, Apr. 21.

US$1.02

2.03-15/16 Elsa. Nds - 2.43 Hated futures 2.60! 2.793 futures

The Foreign Office said it was LATIN AMERICA

extend the Argentina

-YAR

agreements for two reasons: to Bolivia ensure the orderly liquidation Chile of acccinta

under the agree Colombia

Cuba mets and the need for addi Mexico tional me within which tho Peru

Uruguay Senate may be able to act on

Venczučla

the peace treaty now pending FAR EAST · beture It..

Japan

India Pakistan The extension cases the

Hongkong exiely expressed by local Indonesin banks and businessmen during Singapore the past several days over the effects of the sudden

of the agreements | on trade and commerce with Japan, The

1.24 2.00%

2.81

MID

1435

1928-9/13

2003

1483

Market Collapse Could Bring Disaster

Stumbling Block Government

To Trade

Washington, Apr. 24. Wayne Taylor, a mem- ber of the advisory couhell of the lutual Becurity Agency, yesterday urged or The simplification American Customs regula- flous to encourage Euro-

· pean exporis to the United States.

Testifying before the Senale Finance Commities. he said the complexity and ambiguities of the Ameri 0311

procedure Customs

stumbling consiituted

bloc': to European *x- parlers and neweamers In

the

American market- France-Presse,

Seeking Higher Prices

:

Plan

Prices At Present Level

Cafro.

ROYAL INTEROCEAN

"TJWANGP

STAHMANU **TƏ(PONDOK"

OSTRAAT

MAKARHATO" "TEGELLXO"

BAILING. B.

May 2nd

To

Vingapore, Djakarta, - Remarang.

Burabula & Stscara?

Singapore. Penang & elawan · Dek Isjalearts, Tilretiert,

Armatan,

Surabala A Stacaksar Manila, Singapore, Maurkins,

S. Mrira A. America Jazan

Singapore.

jakasta.

Hurubala & M

..

Bursala de atacassar

Fraratx,

Nematant,

Singapore.. jakast, Renátane

Mirabala & Macar

AMFA

Singapore. Mantking,

H. Africa & 5. Amoşten Diakarla, Vlierban,

Mar

May 7th

To Keep

May

{

May 10th May

11

"KY"** "THKAMPSEK"

May - 20th:

Jastan

May

Djakarta, Tizeban,

"TASMAN" "TJIWANGI“

TEGELBERO"

“TJIBONAS"

WPHLUWAH"

3Tay

Japan

Jutie

2nd

Jime

01J

Jiae 13th

Inne 10:1

July 200

*THITJALENGKA" July "TJIPANASU

"TSIPONDOK"

CHA

July

July

Anty

2011

"STRAAT SOENDA"

Juty

Japun

"TIHLUWAII"

July

14h1

“NASEVAIN" "THWANGI"

July 28 la

AUG. 2nd

A collapse in the Alexandria cotton market has been a spectre haunting Egypt's able young Minister of Finance, 41-year-old Dr Abdul Mortaal Bey, ever since he took over this thankless portfolio after the fall of the Wafd Government and the calamity of "Red Saturday" when much of Cairo went up in flames.

י

Chaos in the Cotton Bourse could bring speedy disaster to Egypt's tottering economy.

Cotton is responsible for 85 per cent of Egyptian exports and 3,500,000 kantars normally shipped by mid-March are still in stock.

Also, Egypt faces a feit of £25 millions in the budget.

de-, gambling on a reasonable world demand which will inng up most of the oustanding; crop now that the Alexandria Bourse has been wrenched from the hands of eraity speculators (it is under- stood one wily Syrian stands to luse £600,000 with 1 statie

How comes this crisis?

Government held The. Wald cotton prices at on abnormal minimum level; they cherished | Bourse). this scheme in the unrealistic hope of bolstering their budget by forcing overscas

And the next three months clients to will show how much the Gavein- buy at this price coveted long-ment stands to win or lose. staple (Karnak-type) Egyptian cotton which has high prestige;

turning ol

LONDON WHEAT among spinners

CONFERENCE

grod-grade pro

products.

This was nothing more than a į national corner

er operation. London, Ápr. 24.'

and speculators encouraged resulted in bringing confusion to The United States, Cana-

Bourse known throughout the da and Australia are seck- Ing higher prices for their commercial world as being, at the whent,

usually reliable beat of times. #1

| degree. source close to the present London Wheat Conference said today.

sensitive to a

There were virtually no. buyers: so the present Govern- ! ment was compelled to iet prices gu as the issue was complected There was no indication yet by the fact that there is a small

global what prices the countries-

the

recession.

believed the

L

HONGKONG

SHARE MARKET

(From Our Correspondent)

SHARER-BUYERS -SELLERS-SALES.

IIK Bank East Asia

Busints done during this morning' artion of the Stock Exchange amounted to $89,103. the three major exporting mem-f- Though some

Nena quetrtians and the morn- could get Pid of il;! hers in the International Wheat market

art.icial Aucement-had in mind

influences in time, ing's transactions:- let-to-itself, other observers in diursions" Wire

Alexandria other

and Cairo insisted carly stage.. France, exporting country, would re- the Government must interfere DANKS sumably agree to any decision. though it has no resources to

The United States decision to back such a decision.

in i Canada and Australia join seeking a higher price had been

by three main en Influenced siderations, the source belloyed. One was the need to reduce the amount of the subsidy the the United States Treasury paid to This American wheat growers,

forr the Krowers compensates

A WARNING

So there was pretty widespread relier and approval when the Minister of Finance said alter an extraordinary Colanet meeting that the Government would enter the cotton' market at the difference in the price at which end of the season (August 31) us purchaser ready to buy any they sell whent under

and quantity of long-staple Karnek agreement-$1.80 a Bushel--and at 125 talleris and of short-staple

"free" price ef roughly $2.45.

This, said the Minister, was A reduction in the wheal

intended

warning to subsidy would make the renewal

the of the agreement, which expires o July 31, more acceptable to

the

the American Congress,

"UNREALISTIC"

The second consideration was the United States view that the agreement price of $1.80 was

realistic at present."

Ashmouni at 72 talleris.

ns

that spinners

foreign Egyptian Government was not prepared to allow a continuing landslide in prices."

Although this is bad news for manipulators who have Addled the Bourse to their own satisfac- tion for the past two years, up- country merchants will be in- relieved timt prices have finitely The third was that a higher been xed. With two-thirds of price would encourage increase the Upper Egyptian crop undis- whea: production in Canada and posed of, a tumbling market ruin to brought Australia, necessary to the im- would have

hundreds of small and smallish porting countries,

growers,

The London talks are expected A rus

their scheduled three

Not long ago the Alexandrin Bourse was physically invaded growers: there by up-country was an ugly scene as they de- shouting ratified by themanded their rights,

"Down with the speculators."

The Government got a good Press whion concluded a barter deal with Russia-disposing of 500,000 kantars. But it could not hope to dispose of the crop by bartering unless some unfore- seen event loomed up (another

There was

completely- painless escape from the situa

weeks, and perhaps langer.

A decision to renew the aggree ment for a further term. would Eave

bo to inember coimtries.

The present agreement was signed in Washington in March, 1049.-Reuter.

New York Sugar Korean war" for intiauce).

Futures

New York. Apr. 24. World

sugar futures closed today to lower with sales fotalling 202 contracts.

Centract No. 6 closed changed to 3 lower with sales totalling 300 contracts.

UA-

Contract No. 4 (world)

4.18 comixol 4.20

2.81

4375

May July

September

*4.22-4.23

1500

November

4.20

Spol

4.23

.1025

Contract No.

1.80

1155

July

5.04

2005

September November

0,06

Spar

2:10

1750

301A

3300

360 yen to UGS)

-United Pren.

Japan-Thailand

Treaty

Foreign Office said that as of April 15 the Philippines had an outstanding sale totalling

Tokyo, Apr. 24. 543,000,000 P value to Japan

The existing trade accord be- andan cutstanding purchase tween Japan and Thailand will fem Japan totalling a little more be extended until June 30. The than $5,000,000 in value trade agreement was originally United Press.

to expire upon the coming into force of the

treaty

Copra Quotation

at

New York, Apr. 24. Copra was quoted today £115, nemini per shunt tan. Ceanut oil was quoted at 74 centa a pound, bid. United Prema.

The That Government hns In- formed the Japanese Govern- ment that it agreed to the ex-. tension. A new trade accord to replace the existing treaty will be negotiated early in May in Bangkoke between Thal omdials and a Japanese mission,- France-Presio.

6.00 bid 5.85

United Press.

tion.

nia

INFLATIONARY

Unhappily aware of this, the Government realised the market must be backed, although it is clearly an inflationary procedure Involving opening a credit and

Bank

1 of bank notes by the

Egypt. One of the advantages of this course, indicating the market is not permitted to trist to a entastrophic level: it tells the possible banks of the lowest

For the banks are at prices. present pressed by growers for advances on next season's crop (the colton "season here runs from September i to August 31). This is a normal commercial practice giving loans to cover fertilisers, seeds, and land rents bank muut prudent

-80

any

|

INSURANCES

Cantón Union Underwriters

SHIPPING

Waterheat Ava Nav DOCKS, ETC.

K: Wharf XD N. P. Wharf Deck XD Pravilest Wheelock

LAND, ETC.

33K Hotel Ik Land S'bai Lant

(RIS)

1371 1305 ∙140

5 G 1385

235

,760 50 μ 160

4.75

61%

$300 5

112 100 t

Rice Position Disturbs

Manila, Apr. 24,

Metals of the National Rice and Corn Corporation (NARIC) were apprehen- sive over the rice situation here today following can- Fellation of a contract for the importation of 50,000 meicle tons of rice.

The NARIC cancelled the contract with Attorney Jesus

Quiambao for

failure to post a

Lond.

$100,000

The corporation also con- fiscated 窳 $5,000 deposit

filed by Quiambao at time of blading for

contract,

Qutambao was—Inte bla der when, the Government sought shipments of rice Thailand and other from areas to replenish local suppiles--Associated Press,

"TUWANGI"

*RUYS"

"STRAAT BANKA"

STATJALENGKA”

"THWANGI"

"TEGELDENG?

"TJILUWAIT2·

"RUTS"

"BEITAR"

Aug. Deli

Aug. Rele

Nurabala 2 Maraviar

Sematangi

Singapore.. Djakaria. Remarasz,

Surabals & Marssy

Singapore.

Jakarta. Semizianz,

Surabala & Seaskar

Japan

Manila. Kingapore. Penang *

8. Airlea

Djakarta,

T]}rebon. Besarang,

Surabata Macassar Manila, Singapore. Mauritius.

. Africa & S. America

Klipanore. Djakarta,

Hrabala & Machar

Japan

Semarang.

NingSpot. Jakarta, SemaraÁK.

Buratata & Micamar Manila, Singapore,

Mauritius,

Semarang.

8. Africa 8. Ametica Singapore, Djakaria,

Surahsla Marassar

From

ARRIVALS

Ápr. 28th

atoy

May 134

May 2414

Macassar, Sarabaia, Sentarang,

Djakarta & Singapore

B. America, 8. Africa, Mauritius,

Singapore, jakarta & Manila Macassar, Surabala, Hemarang,

Djakarta & Singapore America, B. Africa, Mauritius, Singapore & Manila

S

General Agents..

ih the

HOLLAND EAST ASIA LINE

-SAILING TO EUROPE.

"KIELDRECHT"

May

"AARTEKENK”

June

7034

July

7001

"ALMKERK"

Ang.

7811

BAILING FROM EUROPE

2174

Airiver

Rollerdans

langkong

"AAOTEKERK"

Salled

Apr.

it.

MAY

741)1

Apr. 29th

June

"ALMKERK"

May

26th

July

4th

2nd

AUE.

7th

Ant. - 2nd

Sept.

741

Attack On American Tariffs

New York, Apr. 24.

The Assistant Secretary, of State, Willard Thorp, de-

1.60 1.70 1000 1.629; clared today that the nation should be greatly concerned with the significant in- crease in demands by special interest groups for protec- tion from foreign imports.

31.50 10,60

31

12 1000 11.68 20%

7.70

43 4+

16

1.43 1.33 2034

the

of

31st

En speech prepared for unnual lunchcon the National Council American Importers Inc.. Mr Thorp, In charge of economic affairs for the State Department, attacked restrictions on interna- tional trade in the United States.

Humpty's UTILITIES

Tram Peak Tram

10)

to

12

ol

13.50 15.00

1.80

C. Light (0)

XD C. Light (N)

XD Electric

8% 8.35

5.20 5.45 2014 20.00 200 i 20.00 288 20%

11,80

Macoo

Ficetile INDUSTRIALS

Cement

14.20 14.00 STORES, CoC.

Dalry

....... 16.10 Watson (1) COTTONS

Ewa

25 3500 2.40

The Rubber

Markets

Singapore, Apr. 24.

today as follows-

Such restrictions, he said, are of two types, those which ad- vance solbic (lectured pubile policy and thore which satisfy special interest groups.

In the first class, Mr Thorp sid, countries sometimes pro- tout--- Infant Industries With special tariffs. Such protection, bc declared, would bereine a real danger when provided foo long and clied "our own cheml-

cals

where The Industry incidence of the tariff rates is cases well over 100

in per cent."

Interference with

fortign

trade may be used to enforce a domcalle policy or programme

"DLITAR"

“ARENDSKERK” "KIEJ.DRECHT"""

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON. BALTIMORE & PHILADELPHA vin SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

M.S. "SALLY MAERSK” M.S. "LEXA MAERSK” M.S. "LAURA MAERSK”

ARRIVALS FROM U.Š.A.

M.S. "LAURA MAERSK" M.S. "LEISE MAERSK" M.S. "GRETE MAERSK”

May

May June

Apr. 28 May 13

June

7

For Freight and Further Particulars please apply to:--

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel: Nos. 36008-9.

Prices of rubber-futures closed as illustrated in the country by ESSENTIAL SUPPLY CERTIFICATE

Number 1 rubber, per ib.

May

100-110

June

July

100-

Number 3 rubber, May: 10714-108 Number rubber, May.. TUX-10%

101-101 Number 4 nibber, Mes....

110-12015 Spot rubber, unbaled Binnkel repo

70-82 No. 1 pale crepe ............ 127-132

-United Press.

NEW YORK MARKET

New York, Apa, 24, Prices of rubber futures closed teday 20 to 50 higher with sales totalling 70 contracts.

September.... 35.15-33.25 October

31.70 no! 34.32 nominal November

33.83-33,00 nominal January (1853) ·33.55 nominal February March April MERY

December

33.3 nominal

32.95 nominal

3205 nominal

zada nom.nal

Jude July

32.05 nosl 31.75 nominal -Valted Press.

tarifs designed to project high United Slates

agricultural prizes, he etntinued.

are

The special interest groups demooding particularly now, Mr Thorp contended, be- cause for a long period United States industry has had automa- tic protection in inany fields.

"During the past ten years," be raid, "our ow production has expanded at a time when many historical foreign sources have been unable to produco

DECLARATIONS.

Forms 3, 4 & 5 as amended by the

Government of Hong Kong

NOW ON SALE

at

any substantial quantities for SOUTH CHINA MORNING POST LTD.,

export.

"The revival of these foreign competitors, and we have hardly heard Lom Japan as yet, has brought forth cries of threaten- ed injury

on Increasing from number of special groups, many of whom have themselves ex- panded during recent years, to ill a domestic demand formerly met by foreign producers..

Seeds And Oils discover the lowest to which the Exchange Rates Associated Press.

market can slide,

One of the disadvantages of the

course: If the world

New York, Apr. 24. Prices in the seeds and olis market closed today unchanged recession Increases, the Govern with the following exceptions-ment's prices can prove too high falling bourses ton, to cope with Castor Seed, per long

clsewhere. F.C.B. Brazilian port, $108.00,

Flax seed, per bushel, F.O.B. Minneapolis, $3.00. United Press,

A COMPLICATION .”

The Holy Exchequer hus been complicated by the losses

B:0cpare (Sivalla)

FIC plates (per 100).

LONDON TIN

MARKET

of January 26, and the fact that NY Stock Exchange hing. Turnover was

Hong Kong & Kowloon,

These amendcil forms are now in force.

Grain Prices Cotton Price

-K

In Chicago In New York

Chicago, Apr. 24.

Wheat futures closed today lower 106 lower and soybeans 1 to 1% higher.

Wheat-price per bushel

New York, Apr. 24. Prizes of cation futures closed

today to follows:-.

Spot

May

41.15 nominal 140,01-40.23

2.43 nominal

243

2.30

July

October

-370

December

Starch (1933)

2.40%+2%

May

30.04:30.03 MED 34.32 nominat

July

33.05

October

54.43 nominat

Ulled Press,

US dollar (per $11

string note per ED

i

maonesia guliders (per

Ha ticals (per, 100)

Business was done in the local unuicial" exchange market morning at the followthe rates!....

6.40.25 13.00

20.00 1:za

thin

1001

SOL

15.00

London, Apr. 24. Prices of tin were, firmer this

May

July

September

December

260

Corn

tons, all for forward. Pricas dbred at the end of the amelal month session sa follows:-

Noot May

July

September

December

205

Ryo

altin, pellers

DOSSA

Mny

MIL

July

DO 35

Dats

May

DC1

July

06314

1.05

7713-15 New York staurper 200 lb, Back

-October

December

38.01

March (1943)

May

July

Pross.;

New York, Apr. 24. bow Jones averages at the end of the stock market sessión. ditatcod as follows:-

30 indtistrials ..

millions

the cotton the Wald Govorn“, First Since War ment took up at the end of last season for £35, millions has

C18 Tokyo, Apr. 21. Falready lost The Nippon Yussen Keisha's through deelino la prices. Tiknwa Maru (11,000 tona) is still in stock.)

But the Premier and hit 20 ralis Bailed from Yokohama today for North America. She is colleague, the Miniatur Japan's first post-war passen- Finance, are hoping to steer 10 bonds

out of troubla. by ger ship going abroad-Reuter, the way

15 utilities:

| mybf"Jim." Buyers 258.88

| Business" dena at

·00,58 - | Threp-meatly tin, buzera. 18.30 The months un, sefiers' .175.24

denga

ited Press,

Rettlement

907

-$18.03 ŋomival-Inflad Prass

Snat

May

July

NEW ORLEANS MARKET,

40.10-10.17 2007

1.07-31.05

44 ค

36.30. bjd

40 hid

United