1952-05-26 — Page 9

MESSAGERIES MARITIMES

THE CHINA MAIL, MONDAY, MAY 26, 1952.

BREAK IN CONFIDENCE

MM London Stock Exchange View Of Position

Outward - For

Arriving · Leaving Jane D June 24, Japeth

June 20 July 1

"BİR HAKEISY").

"LA DIANSEILLAISE"

LAKE MICHIGAN" June

June. It **MONKAY"?

•June 30 July 1 "LÀ MARSEILLAISE" July 11 July 17

·

For Passenger and Freighti

Hong Yokohama HOMEWard For

N. Africa & Kurope N. Atrics & Enzone Marseilles via igen

freight for Salgon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles.

Madagascar by transhipment in Safgon or Djibouti.

subject to Change Wilbont Notice.

CIE DES MESSAGERIES MARITIMES P.O. Box 69, Hongkong

Queen's Building (gr: floor)

EVERETT

Tel. 26651 (8 lines).

LINES

EVERETT ORIENT LINE Fast cargo and passengers service refrigeration spacé ávallable for Korea, Japan, China, Philippines, Indo-China, Stam, Malaya Burma and East Coast ladian Poris.

"NOREVERETT”

Arriyes May 29 from Bingapore. Balls May 30 for Japan.

"REBEVERETT”

Arrives June 6 from Manila. Sails June 7 for Bingapore, Penang, Rangoon & Calcutta.

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION

M.S. "STAR BETELGEUSE"

In Port Loading

Sailing May 26 for

Osaka, Yokohama.

Yawata,

Nagoya

Kobe, &

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

OFFICES AT

TOKYO-YOKOHAMA--KOBE-OSAKA

SEOUL PUSAN

KIKKÄSITLERITEITA

BEND LINE

FARD F

FROM

FAR LIST

FAST SERVICE

TO UNITED KINGDOM AND CONTINENT

"BENMACDHUI"

Loading Hongkong 29th and 30th May

DIRECT TO SINGAPORE THENCE

HAVRE, LONDON AND ANTWERP.

W. R. LOXLEY & CO., (CHINA) LTD.

„York Building.

WATER

minuter

רי

IS PRECIOUS

USE IT

WISELY

Tol. 34165 & 88710.

BUSINESS

REGULATION

ORDINANCE

1952

Copies of the › prescribed Forms (a) 1 (b) and (c) Now On Sale at S. C. M. Post, Ltd. Hongkong and Rówleon TEN CENTS EACH

Formosan Fair In Japan

Talpel, May 25. Business concerng in Formosa are mapping but plans for an Industrial Fajr in Tokyo on Bébiétüèr 10. A preliminary exhibit may be held here in August, The proposed Fair is to in- troduce Nationalist China's 10ustrial

And products potentiatiles to Japan.-- France-PressU.

Britain Still A Long Way

From

Economic Recovery

14.

London, May 25.

A midweek spate of rumours, all contributing towards a general decline of confidence, started a sharp downward movement of gilt-edged prices which quickly contributed itself to other sections of the Stock Ex change.

The fall of gilt-edged values began in earnest on Wednesday, gathered momentum on Thursday and continued at a slower pace on Friday, when prices 'closed at the lowest of the week.

Biggest falls were registered in undated" stocks. Fout Der vent Consols

Cable Ship dropped 2% over the week; 311⁄2 per cent War Loan 3-3/16; 31⁄2 per cent Conversion

To Earn

Dollars For Britain

Sh

a

London.

The British cable-loying ship Monarch hus left Landon to cast $120,000 from the United States shels buy 48,000 bushels -enough to of wheat or 300,000 lbs of raw cotton.

into Going American waters, for the first time, to lay 240 miles of tele- phone cable between Florida and the Bahamas for the Ameri- con firm, Bell Laboratoritz Ltd. The 8,000-ton Monarch, big- gest cable-laying ship in the world, will call at the Bahamas before going to Port Everglades, Watre she will lobt Florida, 1,000 tons of Americas cable in four lengths each 60 miles long, The ship, with its 130 officers and men, will be back in Eng- Jand in three months,

The

United Kingdom

Earl Postmaster-General,

De La Warr, visited the Monarch before she left. He said the contract between the Post Office, which owns the ship, and the American frm was an- other example of Britain, and the United States working to- gatlier for purposes ,other than rearmament, Dollar's carned, though relatively few, would help decrease. Britain's depen- dence on

American Anancial aid,

The Monarch, Launched in 1840, was specially designed by the Post Office for deep sea coble-laying. She has £230,000 of scientific equipment, can carry 2,600 nautical miles of cablo and cali operate to a depth of 18,000 feet,

She is the fourth to have the name Monarch-two of the other three were sunk by enemy action, une during the 1914-18 war and one "during the last wer. Captain JP. Buism com- mands the present Monarch and was skipper of the one sunit in 1045.

3-5/16, and 2 per cent Console 2-3/8.

All these stocks, as well as a number of others, now stand at record low levels.

The "Financial Times Govern ment securities index, at 91.37 compared with 93.09 a week ago, is also at its lowest point out record,

Their confidence has been badly shaken, however, by the recent. Courzo of oventa... The Excess Profits Levy has been amthued to such at extent that

is now hardly recognisable as the same measure Air But. ir proposed in his Budget.

Indeed, the amentiments to Commencement of dehlings. In the Excess Profits Levy and the new Kenya stock doincided the corresponding alterations in with the beginning of this sharp the level

Tax of the Proits Despite prompted the Financial Times" downward movement. over subscription

Aluck to remark that as far as the opened at a small discount and .companies are concerned this closed on Friday at 1% discount. 1 is a new Budget.

thd

Whatever else the long list The delerloration of. confidence was marked, on Wednesday by of amendments to the Excess

that

further Pronts Levy have done and peralatent rumours

there can be no doubt that the bank rate was im- rise in the

changes were made In the In Even Thursday's on- minent.

terests of

have Justice they nouncement of "no chango" in the rate falled to arrest the unquestionably shalton lite faith decline

this in the Goveatment's resolve of prices which

to be- recovery rumour had touched off-proof place economile

foru popularity. rise in that Years of another

sympton

Bellef now prevalent among Interest rates are

Investors, that the Govern the cause at the rather than

menl's retreat from its own weakness in gilt-edged.

will force i criginal proposals doabl, There

can be little

to rely more and more, on kn however, about the underlying orthodox causes of the break in confidence. The April trade figures-details of which were released last week -and the Government's handling of fancial policy have con- fributed towards a growing beliet that we are still a long way from economie recovery,

REVEALING FIGURES

Nor is this bellef confined to business circles in this country. as the performance of Sterling in the foreign exchange market has shown. On Thursday, for the first time since the beginning of April, Sterling urity of one below the official parity of

One of the chief factors In the present weakness of gilt edged has been the disappoint ment fell over the Aptli trade Commonwealth import #gures. restrictions had a marked effect last month and this, together with the shorter working month due to the Easter holidays, caused sharp fali in. the value of our exports.

At £217.5 million these were £23 million, or eight per cent, below the average for the first quarter. Re-exports were also much lower.

Imports, however, were only Since going into service," the

slightly below average for the new Moriarch has worked ex-first quarter, with the result that tensively in the North Sea, off

£00.3 South America and in the Red the trade gop increased

million

compared with un Sea.

average of £70.4 million in the quarber and £100.0 million first In 1951.

the

Feverish Fluctuations

In Cotton

A fall in the price of row material imports more than offset the rise in the cost of imported food and manufactured goods. This had the effect of reducing overall Import prices slightly below the level that has been maintained since last December.

CONFIDENCE SHAREN ·

At the same time export prices remoined unchanged

New York, May 25. Cotton fuiures fuctuated rise in the price of metal feverishly last week over aand engineering exports exact- rango of $3.78

textile. a bale to endly offsetting a fall in

prices---30 that the net export period with minor

Lerms c1 trade Once again changed:

the list moved in our favour and are At Friday's close

now five per cent. below the ruled 2 points higher on June.

average for last year. The point changes equalled rise of 10 cexits a bale to a decline of 85 cents a bale.

The news of a sharp expan- Blon

ably later. nearby July delivery later

how

The Stock Exchange, over, was less concerned with

the favourable movements

Spurts of heavy selling In fered severe blow,

But

in

in

|

-utcem, rumours

monetary polley to weather the economic found expression' in of an Imminent rice in the bank rate.

apid decline in gilt eiged valua

values which

thest rumoure Get in motion Was quickly communicated to the Industrial section of the mar- kot. Industrial share prices, as

"Financial measured by the Times" index, fell 9.0 points over the week.

SEVERE SLUMP

London, May 25. The London Stock Exchange last week experienced a very severo slump in the gilt-edged market.

On Monday, the market was steady and 34 per cent Wat Loan was changing hands at

£17 per £100 of Bock,

On Tuesday, with no new bad news though with plenty of sale bad news, selling started and Increased daily until, at the close of Friday's market, War Lom had no buyers G: £7344, which was a new all- Ume low.

Another prime Invourite, Con- version 32 ptr cent, fell front Monday's £18% to an all-time low of £74. Old Consols, premier government issue which can be traced back to 1781, fell

£50 to £56%, the lowes:

HONGKONG

SHARE MARKET

(From Our Correspondant),

"Ruth "THIWANDI

TEGELDİNİ **

"THIBODAS" KASTIVALH MTJILUWALI” *TASMAN "TIWANGI

June

ROCE

ENTER

BAILINI B

June 10

June 13

щу

July

0

"TJIONDOK"

"TJIPANAS” "AUTO"

July "TOTALENORA July 10 *IEUWAR*

"ТПКАМРЕС"

"EASTWAT"

| “TJIWANDI

*TJRUDAS” "TURALÈNDHA “TSILUIVAR" -

|~TJIPONDOK"

"THWANGI" #HOIBŠEVAIN" “TJILUWAN"

"ROYS"

*TJIWANGI"

**TARMAN" "TEDELBERG"

July 25 July Avr.

Atr.

ASE. 10

Aur. 23

Sept. Best..

May. 14

ม

GE TREABAN, CO. Djalara, Zlo Bomatkog,

"Buradata «a Mucunar

Bingapazo, Mauritius

8. Africa 4. 5. América Djakarta, Tjirabon, Bemarang.

Buradata, & Mackstar B1ABADON PEARD & Me!Wan Du MIATARBED, › DJARATIN.. Semarang..

A GUYANA, & Stacsása? AKING Bldgapore, Penhht, & Bhilwan batt

- Djakarin, Tjirebon, Bernarabs,

Burakala & Machine

MAMIN Singapote, Penang

B.ỰA B.. Atties

· Magila stogapore, Mauricina,

6. Africa B.. Asherica

Ultraßero, - Bláfkrta, 'kamatang,

Barabala MALESERY Djakarta, „Tilkebok, Sumarabs,

Butabala, & Kiktinār

Singapore, Pepang & Belawan Deil Singapore, bjakarta, Bemark.

Burabála à Macassar

Djakarth, Treboz, Semarang.

Butabrik • MACATERI

#ngapore Mantiths,

Fid. Africk, 4, 6. Amertegge

digapote

DJAM

Arabia MACIELAS

"Jemarada,

TILIDWOR "deskarang,

BURAVAL nacassar

ath apote

Djakarta,

Burkbais 4DIKCREAT

Manua wingapurė, AJMERIDk. a.

Africa & Bi Ardsled

Singapore. Djakarta.

Hurahaia &. "Machovať

ARRİVALS ·From

May to

May 29

ઇ

Stiže

5.

Semarang.

America," A. "Africa; · Mauritius, Bingapore & Manila

putabala, Betharahg,

Újakarta • singapore

Fonany, Asiawan Dill & Siskapbre

Јарал

General Agents..

· HOLLANDIE

SAILING TO EUROPE

Juke

July

Business on the Stock Ex change this morning was valued at $190,585. Noon quotations and the morning's transactions:- SHARES BUYERS BELLERS BALES-AAGTERERKTM

"BLITAR" DANKS

"ALMKERE” TC Bank .. Eoit Asia....

INSURANCES

ALE. Sept.

ASIA LINE

33 1389

"ARENDSKERK”

141

BALTI

AttĪNI

BAILING FROM EUROPE

Botterdam

Hongkong

7760

"BLITAN"

Balito Apr. 她

Эрве

"ALMKERK"

May

Jaly

236

ARENDERERK"

July

Aug.

Ave.

Best.

DOCKS, ETC.

Hept,

od.

K. Whart

Uniɔh SHIPPING

Aria Nav.

N. FL. Whett, 8.70 2000 199 25%

Back.....MA

rovidenc

10.00 Wheelock ... 49%

LAND, HTC.

Hit Hole HM Land

UTILITIES

16.70

100 405

77

18.00

#12 1000 ( 3.20

Tam 10.60 15.80 1100

Tram (0) 215% C. Za (0) C. Lent in) Dy

Elective

2000 A1.10 3000 a 21

Telephone ... 14.00

INDUSTRIALS

Cement ...... 13.30 Rope

STORES, ETC.

Dairy

Watso

Z Crawford

171%

45.00

10 1000

Jap Shipping Service To Indonesia

Tokyo, May 26: Having been made a member of the Indonesian Freight Con- ferencs, a Tokyo shipping com- pany will re-open regular freight service on the Indonesian route as from June 1,

Iron since 1930,

The company will use 'five Although Japanese bonds had cargo boots the Nesho Maru, a good recovery on Friday they Samarang Maru Djokortá till showed some substantial Mani, Tokyo Maru, and

lesses compared with a week Surabaye Maru-for invo gail-

맡았

Tokyo Electric eix per conts Ings a month. were down Ei to £150, South Monchurns down £31⁄2 de L03, 1907's down £31⁄2 and 1030'6 dowm £2.

Dull⠀

Session

In NYA

Stock Market

New York, May 24. Stocks were virtually unchanged in dull dealings today as the

Two of the five vesADIS- Surabaya Maru and Tokya Mara -are newly-built ships.

The blanket cicafance needed for resumption of a regular route may be agreed upon et the Japan-Indonesia trade parley in June.

Wil

Pending an agreement, the Indonesian Government continuo 10 trant limited blanket clearance for an annual 25 saflings, by this Japanese shipping firm, thus enabling two Ballings a month.

The company's fieighters will carry drygoods and turtles to Indbrcels and for Jepan will

Exchange Rates

..

in sales of print cloth terms of trade than with the market observed its last short | carry zalt-France-Prcise. ·

size of the trade deficit. Re-session until October 4. Traders, yarn fabrics sparked an aggrescent confidence libt, we would hesitant in the face of the pend- sive mill demand and cover begin to see some definite in the steel seizure, bave deserted.

ading Supreme Court decision on movement on Monday but de-

provement In Our overbeas mand flattened out consider trading position by the middle favour of long week-ends, keep

the Street in recent Saturdays in of the year has, therefore, suf-ing price movements narrow and Business was done in the Jocal

holding volume at a three-year morning at the following rates!

Unofficial exchange the weakness of Blit low level. the week were credited against edged prices is not entirely due

U.S. dollar (per #1) of 703 issues trades. 233 Sterling nato (per Et) spot cotton

acquired from to the disappointment it over advanced, 243 were unchanged indonesia gulldors per 100) 3.10 mills on resales, and re-hedging our external trading position. and 217 declined. The volumio Slam ucala sper. 100) .... against cotton sold for export Equally important, in the side was 300,000 shares,

Bingapore (Stralis) and which was rejected. of businessmen, is the India

One or two issues respondadc plustres (per 100) Exporters reported the sale recont of vacliation. the to individual news developments, of some colton to Spain ab- Government handling of finan-Alleghany Corporation climbed parently to completo purchases cial and ceramic polley.

gainst a $12,000,000 Export- Import pak credit estitnaled to cover around 8,000 bales. United Pres.

to

recent

points to 12 on nows that First reaction to Mr Butler's boldets will be invited to tender Budget was almost entirely shares for cash purchase by the favourable despite the unpopu- Corporation. Halls Improved |larity of certain of his propo fractionally. Chemicals were sals regarding taxation on pro- fractionally higher. Metals were Als. Mout people recognised mixed. the need for a firm policy

Rubber Futures amination, and the belief that

In S'pore

Shijaport, May 24. Prices of rubber futures closed today as follow Amber, 1 rubber,.pur 18,

July

Avgust Patte Number 2 rubber,, June Humber rupper, June. Numbered rubian

Blanket grePD

13

7814-7335

RE

in

the Budget provided this was the most important factor the restoration of confidence in Sterling.

་ན་་

Bo convhwal War the Block Exchange that Me Butler's Budget ctcbled tho right! climate for economic recovery and that, the Government would do everything-poi, madler, how +375 unpopular-tomaka and keep. Sterling strong, that investors. 22531 Met about discounting in 'au vance the success of the Chan cellor measures,""

Dow Jones averages at the end

30 industrials 4. 203.28

of the session stood as follows:

20-rally.

16 utilities

',

0 honda c

·09.13 (9.82 98.94 United Press..

British Price Index

London, May 25, "The Economista”. Index:; of photonate prlown cloned bis MAY 10 * 2117, compared with, 323.6. on May bynd 229,5 Tarvierunry New Vaited

*0.52 16.00

51.00

..t.70

12.118

"KIELDRECHT

"AAGTEKERK”

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALFIMORE & PHILADELPHIA viz SAN FRANCISCO, LOS ANGELES AND PANAMA. "NEXT SAILINGS

M.S.

“LAURA MAERSK"

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

M.S. MS.

ARRIVALS FROM-U.S.A.

"GRETE MAERSK”

"OLGA MAERSK”

M.S. "JEPPESEN MAERSK"

Jube 2 June 17 July 2

June

June 19 June 29

For Freight and Further Particulars please apply to?...

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel: Nos. 86066-9.

PATTISON ORIENT LINE

LIMITED

S.S. "LAURE PATTISON”.

In Port

12-14 Queen's Road, Central.

Sails For: DIRECT Pusan

& Kobe. May 26th.

CHINESE AGENTS:

Tel. 25940.

OVERSEA CHINESE STEAMSHIP CO., LTD.

48, Bonham Strand, West, Tels. 26127, 81118 & 31119.

Pacific Far East Line, Inc.

Fast Regular Trano-Pacific Service

BAN FRANCISCO, LOS ANGELES

OVERLAND

NEW YORK-EHICAD G«DETNGIT.TORONZO MONTREAL AND ALL AMERICAN & CANADIAN CItika

~ Chiam, Marinna Tilända, Micronesian islanda wa Regular Service direct or with transalpanenk

For Slugspore, Pinang & Burt,

Frox

"WILLIAM LÜCKENBACH"

nha trandio

Artives

June

Manila

June

Juna

Juhe 10

San Francisco de Los Angeles

Japan

Eingapore

“WILLIAM LUCKENDAČÍS

Dan-Franelico de Los Angeles Lovia Kode

esil United States. Llacs Co., General Agents, Queen's Ballóing, Teli 28150,