1952-05-13 — Page 9

Page

MESSAGERIES

RO MARITIMES

M

"BIR HAKEIM"

+"BEAUVAIS"....

"FELEX ROUSSEL”

Arriving Leaving

Jund 10 "Juno" 22"

...Way

May 20

.... May

21 May

23

"LAKE MICHIGAN" ....June นี Jupe

THE CHINA MAIL, TUESDAY, MAY 13, 1952.

The First Of Six Articles On Britain's Textile Industry.

M LANCASHIRE REACHES A

'Protection' In TURNING POINT

Outward For

Tipan

Homeward For

N. Africa & Europe Marcolikos via Manila

N. Area Europa

freight for Saigon, Alexandria, Tunts, Genoa, Marseilles, Alglers, Oran, "Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean porta vla Murseilles.

Madagascar bý Transhipment in Saigon or Djibouti

Bubject To Change Wut Notice.

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

Queen's Ballding (gr. floor) Tel. 28661 (3 lines).

EVERETT

LINES

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

"BRADEVERETT”·

Arrives May 14 from Manila.

Sails May 16 for Singapore, Penang,

Rangoon

"NOREVERETT"

Arrives May 29 from Singapore. Sails

May 30

for Japan..

Calcutta.

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION

M.S. "NORDSTJERNAN”

Loading May 13 Sailing May 14

M.S. "THAI"

Loading May 19 Salling May 20

for Singapore, Bombay. Karachi & Persian Gulf Porta.

for Singapore, Madras, Colombo, Bombay, Kara- chi

Gulf & Persian Ports.

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

TOKYO-YOKOHAMA-KOBE-OSAKA SEOUL PUSAN

Eastern & Australian S.S. Co., Ltd.

S.S. "NANKIN"

direct for

PORT MORESBY, BRISBANE, SYDNEY, DUNEDIN, LYTTLETON, AUCKLAND,

LOADING 12th MAY SAILING

14th MAY

For Freight and Particulars please apply

MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD.

Agents.

Telephone: 27721—4,

PATTISON ORIENT LINE

LIMITED

S.S. "LAURE PATTISON”.

Due From:

Japan

In Part..

12-14 Queen's, Road,. Contral

PI Urged

!

anita, May 12 The Foreign Boerejavy, Jasquin Elizalde, –– today revision of the urged a country's tariff laws order to protect Philipping Industries.

Indicating

concern over

the effects of an inilux of Japanese "manufactured goods on infant local in- dustries, Mr Elizalde pro- posed early creation of permanent tarif' commis- sion similiar to that is the U.S.

Д

The protection of local Industrios under the 'barier Lado GETCE-

ment with Japan Was nel adequate, he said, and non-cusential Japanese goods had found their way kato the islands in one ruise or another because of ike way in which the agreement had been en- forced.-United Fress

Slump In The Price

Of Rubber

CALL FOR AN INQUIRY

ITS HISTORY

(By RONALD BOXALL)

IN

London.

Crises are nothing new to the 200-year-old. Lancashire cotton industry. They have been met and overcome often enough in the past. But though most people in Lancashire still insist that the situation con- fronting them today is a serious recession, and not a slump, the fact is that the industry has reached a turning point in its history."

It is four years since the industry last experienced a crisis in its, affairs. But its problem then was one arising out of conditions of unpre- cedented prosperity.

World domand for cation textiles was expanding much faster than Lanca shiro could increase its production. Ready markets existed for every yard of cloth that could he produced. Conditions everywhere were in favour of the sellor, and prices scared.

Д

HONGKONG

But in spite of this, Lan- reached in April af last year, cashire was producing to noth-after which prices entered

But Inn- gradual decline. cashire WAS- eushioned from the effects at this comparative.

mild recession

the ly

by length of its order books. Mills had anything between months to a year's backlog of orders to fill.

for

con-

ing like its full capacity. The limiting factor was the size of the Industry's labour force.

cotton During the war the Industry had been concentrated into two-thirds of its pre-war size. Export markets disappear

the ed, and production home market was severely re- stricted. Thousands of colton ด operatives left the Industry join the Forces; others sought higher pay in war factories

When the war ended, Lan- The Laced with cachiro was tasks of rehabilitating the fac- tories which had been closed "concentration" down through

rebuilding and

its depleted six For nearly labour forco. Penang, May 12.

years the world had been de Mr Heah Joo-scang, Pre-

prived of

and of texilles, sumers' stocks had fallen to nll. sident of the Penang Rub-

ripe for ber Trade Association, said Conditions were

sellors' market. today that the Matayan

But Lancashire was not only -Government-should-appoint.

looking for quick and easy a commission to inquire Info

а It had patriotic profits.

not the fall of the price of rub-duty, too, and this was

The nation needed neglected. to rebuild its reserves of dò and to foreign currency, that it depended heavily da largest exporting industry.

In 1948, the year of the "ex- port crisis,"

IC- Lancashire doubled its efforts to expand

Publicity production. paigns, called "Cotton Weeks," were held in towns throughout,

Local Lancashire.

patriotism

stirring was aroused by such slogans as "The Nation's Bread Hangs by a Lancashire Thread,"

ber.

The fall had already proved disastrous to

Malayan the economy and prompt action was essential to save the situation, he said.

Heah criticized the Mr Malayan delegates for what ho called "a wrong sense of timing" advocating a long-term price

last at

week's agreement

of the International meeting Rubber Study Group at Ottawa, If this had bean sought at 1st Rome, conference in year's better prices might have been ensured, but now It was too late, he said.

in

On May 9 the Group con- cluded its lust meeting as a unit this year without reaching any Immediate decisions. ca crilleal Issues of stabilised prices and assured maritats.-Reuter,

SINGAPORE MARKET

Singapore, May 12. Pricts of rubber futuros closed today as follows:-

Number 1 rubber, per 1h.

June

July

August

L

8514-30 83-8515 Muniber rubber, June 021-8315 Number rubber. June 70-80 Number rubber, June 81-56 Spot ribber, unbaled 8515-00 Blanket crepa

****** 103-105

United Press. LONDON MARKET

No. 1 pale crepe

02-

London, May 12. Prices of rubber futures closed

follows: tcny as

Number rubber, in pance

June

per 1b.

July/September

October/December

Jayupty/March

20 -20%

20 -2014

2516-1

2415-12

-United Press.

NEW YORK MARKET

New York, May 12. Prices of rubber futures closed lower with sales totalling 114

contracts.

September Oelsber November December January (1033) February Berch

May

June

July

August

20.10 21.00 nominat 21.97 nominal

THE ZENITH

cam-

These campaigns were 'de- signed chicily to attract labour to the Industry, and succeeded beyond the most optimistic hope: Thousands of

Workers joined the industry, and pro- duction fairly leapt ahead. So did cotton exports.

Between 1948 and 1049 exports of cot- ton yarn increased by about 30 per ernt and exports ef cotton cloth by nearly 18 per cont. The sellers' markot had reached ila zenith.

However, by 1950, the firs signs of a general world roces- The sion became noticeable,

10 set itself colton industry face a gradual decline in de

Bul then

something mand. totally unexpected happened. Al- War broke out in Korea. must at once, a jittery world hectic buying set out apree. The recession had been

on a

postponed but only to later with oven greater 1y.

return

vari.

WALA

Meanwhile, Lancashire enjoying itself. Workers, with more money in their pockets than ever before, came to re- gard their new prosperity as a permanent part of their lives.

Cotton operatives could now afford new clothes, new furn!- ture, new, everything. Televi- son aerials began to appear on 20.83 bid. the roofs

of smoke-blackened 20.40 gominol

ધામા. 28311 maminal cottages in score of "eation 20.04 aminal

towns.

Cinemas and public 23.77 nominal 25.63 d

2525 nominal

20,00

23.75 nominal Untied. Press.

Grain Prices

In Chicago

Chicago, May 12. Grain futures joined the com- modity markcots in an irregular performance featured by roar. Ing rye futupts prices. The rye activity reflected short- covering and reports of Gmall crop this year. Wheat futures Blosed 36 lower to highre and soybeans higher to % lower: Prices of grain futures closed" today as fdikawas.... Wheat-prico per bushel

-3.4316 nominat

Spat

May

July

Salls Foria

DIRECT Pusan & Kobe May 14th.

September December March COEN

Tol, 25346, camber.

Spät May. July September

RYE

2.43%

..asis. 4.011-1.8

1.70

.a

· May.

July DATS

May

July New York › $70v

300

-United -Izes.

CHINESE AGENTS:

OVERSEA CHINESE STEAMSHIP CO., LTD.

48, Bonham Strand: West,-")) Tels. 26127, 81118 & 81119,

3,00% 3.01

~$10,80 nominal-

Bix

of

no-

SHARE MARKET

(From Our Correspondent)

Business cri

The Stock EX-

RITARES BUYERS SELLERS SALES

BANKB

By Jast December most there had been completed, and thon something happened which the world had not seen for more than six years. Sud- denly, for reasons which body

has yet attempted to change this morning wag valued- analyse,

over a $100,747.30. Noon quotations consumers all

ner and the morking's transactions:--- the world went on a buyers" pay strike. They refused to the high prices demanded for textiles, and

back com- placently to wait for them to fall fortined in this attitude bulli by the stacks they had

during

tho pest Korean buying preg.

This situation, moreover, coinelded with the development

of of a serious balance pay-

HK Intel Ster- ments crisis within the

IIK Land Some of

TC Land (f) Lan- Aren.

UTATIES

up

sat

cashire's

best Commonwealth customers tound themselves "embarrassed by a shortage of

The foreign exchange.

Anal blow came when Australia an- nounced that it would restrict its imports of consumer goods. Including British textiles, to loss, than one-third of their

1050-51 lovel.

BASIC TROUBLE

mar-

But though this temporary loss of valuable export

•kets presents a major problem for Lancashire,

basic the trouble is still a lack of

ས

con- sumer demand at home. Before the war, 80 per cent of Lan-

cash cashire's production of goods was exported, and only 20 per ci

Was consumed at home. cashire's output is now sold on the home market; only a quar- ter goes overseas.

selling

cotton

Bank East Ara 120 INSURANCES

Conion XD

Untoa XD

DOCKS, ETC.

K. What ..

140

171303

Ni pt. Wharf 6.20 0.43 500 m 6.40

Provident

Wheelock

LAND, ETC.

(-40,73-4175

7.50

211 at 10

Tram ... C. Liget 10) 20

.C. Light (N) XD Klectric Telobana INDUSTRIALS

Cement STONES, ETC.

Dairy

139070.16 100 15.00

1.20 3.40

030 M

5,50

20.70 20:30 500 @ 20.80

14,70 13

100 @ 14.30

Walion

Watson

Crawford

16.30 181

31.80

31 33

10 2

Foreign

Exchanges

In NY iree-quarters of Lan-

If the problem was entirely one of a contraction in export therefore markets, one wou expect to see Lanshire

of three-quarters

But the fact is output. new orders are practically non- existent. Even on the present restricted basis, a good deal of eurrent output goes to swell the large stocks already hold at every level of production.

Lancashire

its

main problem quite clearly. It is to clear this congestion in "pipeline."

New York, May 12.

Connda England-pMetal

unofficial

30-day futurei Da-day futures

Denmark France

Holland Italy

USI1,0)-7/10

2.00-11/10 254 bist! *2:37 asked

5.80%

ROYAL

"THLUWAI

"THIKAMPEK'

HRUVA" ✔TIWANGI"

"TEGELNEUG"

**THIBOPAS"

"RUTS"

**TJILUWAI"

"TJIKAMPEK"

Pago 9

EROCEAN LINES

INTERÒ

SAILINGS

May 1

May 25

May 20

June

June 10

גו 6וון

"EASTWAY"

"TILUWAI

June 14

"TASMAN"

**TJITJALENGKA" *THWANGT

"THPONDOK""

"TIIFANAS"

June 21 June 25 July

Juty 1

July

JULY S is July

July 25

PEASTWAX "TJIWANGI"

duty. ST

AUE. 1

"TJIBODAR"

Ang 7

"TJITJALENGKA" Aus

Aug. 18

Aug. 23 Sept.

“TJLUWAH"

"TJIPONDOK"

"TJIWANG""

"TJILUWAN" OTIKAMPEK" "AUTH

"TJIWANGI

"TABMAN"

KINKADAKA, fijakarta, Hemarans, May, Muzakala - kiaraatarmel

Relgon, Djakaria, Tfirebon. Semarang,

BuraGala & Macassar

Japan Sinsapure

Djakarta, Senčarang,

Kurabala & Macassar MANIER,

Singapore, *BIMIljun

8. Aftica & sy "amerira Hakarta, Tjirebon, Homarang,

Huçabala de Migestiar

6Layapore, Penaba Bolawan Deil NEINAIKNE, DIMENTO,

karia, krabála " Maruxsne singapore, Penalig & Belawan Dell Fan

NUngapore,

Djakarta, RemarADE. "Birnbata, K. Maranat

DJakarta,

rebon Kerabula – Macaksay

Klapik,

Semarang.

Singapore, Penang

A. & N. Afric

anila.

thupore.

8. Africa & 8. America

JJARATI

Bingapore,

Kurabala & Machsiar

A

Mauritius

Semarang,

Jakarta, Titrebon, Semarang,

Surabala Macassar

Slug-pare, Penang & ketawan nell Singapore. Jakaria, Sekarang,

Hurabala & Macassar

TJÚCAUD,

jakarta.

Surabala & Margar Manus, Singapore,

Bumar205,

Mauritius,

4. Atrira a 8, America Bingapore, Jakarta, Hemizyong.

Semarang,

Surabala & Marasar fajakarta. TJirebon,

Surabala & Macassar Singapore,· Djakarta.

Hurabala & Macassar

ARRIVALS

In Fort

Alay 24

Alay 34

May

2#

May 1

Japan

From

Semarang,

S. Amertea, 8. Africa. Mauritius,

Slugapore, & Manila

Macakat,

Surabala. Semarang,

Djakarta & Ringapore

Penang, Delawan Heli Singapore

General Agents,

HOLLAND EAST ASIA LINE

**ATENUSKENK"

SAILING TO EUROPE

SAANTEKERE"

June 10

*BLITAR"

"ALMKENK”

Aux.

Sent.

Haun

SAILING FROM EUROPE

Rotterdam

Arrives Hongkong

"AAGTEKENK”

Salled

Apr.

May

Apr.

June

"ALMKERK"

Mor

July

Bity

AUR.

Aug.

Rept.

"BLITAR”

"ARENDSKENK” "KIELDALÇUT"

IKIN

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "LEXA MAERSK"

M.S. "LAURA MAERSK"

M.S. "LEISE MAERSK"

ARRIVALS FROM U.S.A.

M.S. "LEISE MAERSK"

M.S. "GRETE MAERSK❞

M.S.. "OLGA MAERSK” ·

May 18 June June 17

2

May 14

June 6

June 17

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN

2.703

Auriralla

Its that

New Zealand South Africa,

2.09

2.414

Belgium

01091

1493

(KIA-9/16

West Germany

4.40

2608

.0018.

Not Way

Portugal

8320

Spato

6:103

Sweden

.0335

Pedder Building.

Switzerland

the

MIDDLE EAST

Egypt

2.08

Iran 140

onias

2.01

Turkey

LATIN AMERICA Argentina

.00.33

0500

Braz'

Many members of the indus- try believe that if alocks can once be induced to low again -it, in other words, the buvers'

strike can be broken — their, Bolivia worries will be at an end. Colenbla

But there are others who re- Culia gard the presont crisis 阵容

texico

Chile

India

clear indication that Lancashire Ber

tirustay has seen the Inst of its recent Venezucia prosperity for many years to FAR EAST come. The industry, they say. Pakistan must reorganise itself along angkERE. more efflelent lines, and be pre-indones houses shared in this prospert-pared to fight every inch of Singapore

Japan

the road to survival.

4025

360 yen to 15$1 -Unlied PTO,

Exchange Rates

ty', and for the Orst time working-clo69 familles could

how+ Most ominous of all, afford to take a holiday.

ever, is the view I heard ex- Lancashire had come a long

pressed by some of the Indus way since the war and oven try's leaders. It is that the farther

since the Inter-war

prosent cotton recession may alumps, a steep precipico

be the forerunner of a wider Business was done in the local awaited 1

When and more serious trade depres-moming at the following rates: unwary. the cotton industry tell it bndlon that will affect the whole U.S. dollar (per #1) all the farther to fall for its rapid ascent.

ed.

QUITE SIMPLE its dizzy descent has left Lancashire hurt and bewilder-

Industry's The

350,000 operatives have only just be gun to grasp the true signif cance of the present altuation. The question one hears most often: "What happens?" To same, however, the answer a caly too clear,

What did in fact, hap- pen can be desenbed quite simply. In 1040, Lancashire's exports of feniton yarn amounted to 90 million lbs. and earned £10% inillion. Its ox- ports of cotton cloth in the

unoleial exchange

Singapore (Straila),

market

this

4.3075

3.03

29.10

1.74

11.915

country. The growing suspicion Sterling ncle (per 1)... 14.30 that the slump may

Indonesia-guilders (par 100) spread, oxpressed with grim hum teals (per 100) mour, in the slight twist that FIC plastres (per 100) has been given to the indus fry's 1048 alogan. It now reads Lancashire's Dread is to hayo no Bread."

(Temarrow; Lanonshire's Posi-war Boom),

LONDON TIN

MARKET

Landon, May 12. The tia market wogeniler, zame year amounted to over with a turnover of 150 tons of 765 million yards, valued at which 10 tons were for cash. nearly £80 million

But In

common of yarn Prices closed at the end of the exports earned nearly £32 official morning session million, and cloth exports, foliew amounting to 838 million yards, not fin buyers i

Epel time peligra brought in no less than 4,184iners an ol

"Three-ning tin,

Cotton prices started to rise Three-months in steeply after the outbreak of Business general war in Korea. The peak was

B01Jorg

Silver Price Down

London, May 12. Silver prices wore reduced in London today by a farthing. Both spot and forward prices

CO.

Tel: Nos. 86066-9.

BEN LINE

Ext

FAST SERVICE

TO UNITED KINGDOM AND CONTINENT

"BENLEDI"

Loading At Buoy A-4 15th and 16th May

DIRECT TO SINGAPORE

THENCE

LIVERPOOL, DUBLIN AND HAMBURG,

were quoted at 78-3/44 per fing W. R. LOXLEY & CO., (CHINA) *LTD.

cunco-United ·Press.

S'pore Dollar Lowor

London, May 12.

York Building.

The rate for the Singapore The following publications dollar, has eased to 2/3-15/108

to 3/4-1/168, compared with the previous rate of 2/4-1/100 lo 3/4-3/16d Unlied Press.

Copra Quotation

Now York, May 13.3 Copra was quated today t 0821130 per short condmaal, Cocoanut oil was quoted at 01 cents a pound, asked,-United

are now here'

Tel. 94166. & 38710;

"IT'S FUN FINDING OUT

"NO HIDING PLACE!! ENJOYABLE COOKERY

6; C, M. POST.

HONGKONG. and KOWLOON.,