1952-06-04 — Page 9

MESSAGERIES MARITIMES

M

Arriving

Leaving

"BIR TAKEIM-FUN.. June 2 Fülle, 29 "LA MARSEILLAISE” June 20 "MEKONG"

⚫July 10

July A Juty

"LAKE MICHIGAN" .', June 18 +"MONKA??..

**EA MARSEILLAISE"

EM HAREIM"

J

Junp June 20 July .1 .July 11 July 12 .July 10 July 20

Ang. AUE.

*"MEKONG".

*For Passenger and Freight.

M

Ontward For

Japan

Kobe & Yokpuzman Zapin

Iloriewax4_Png, am

N. Aftita, & Burope

K. Africa. Europe Barseilles in Saigon N. Alrien & Europe' N. Africa & Europo

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

Madagascar by transhipment in Saigon or Djibouti.

Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES P.Q. Box 58, Hongkong Queen's Building (gr. floor)

EVERETT

Tel. 26651 (8 lines).

LINES

EVERETT ORIENT LINE Fast cargo and passengers service refrigeration. space available for Korea, Japan, China, Philippines, Indo-China, Stam, Malaya, Burma and East Coast Indian Porta.

“REBEVERETT”

Arrives June 6 from Manila.

1

THE CHINA MAIL, WEDNESDAY, JUNE 4, 1952.

Want t Revision

Of Bell Act

Manila, June 3.

The Philippines Cabinet today approved a format

·resolution · requesting, the Foreign Affalra Secretary, Joabuín M. Elzalde, to open, negotiation at once with the United States.for

of the Bell

Act

Fortrade relations between the countries

Tho Philippines abolitiön of the free entry of American goods into.

but wants to the Bands amoured.

tario Folata pelion for Philippine ex- ports, mostly soggir, excoangt

products

Manila hemp, which

and Are

In main sources of dollar Income-Associated Press.

Foreign Exchanges In N.Y.

Canada England-oficial

unofficial

New York, June 3.

US 1.01-23/32

2.201

30-day falutes 10-day futures

Austraila

New Zealand South Africa

Belgium

Denmark

France

Italy

Norway

Portugal Spoln

2.59 bid/ 7.03 asked

2.147%

2.33

2.70

2.781K

.199

.0028-3/10

West Germany

4.20

Holland

--.2630

0015

.1400

.0370

.0305

Sweden

10039

Switzerland

12310

MIDDLE EAST

EKYRI

2:0814

Iron

03125

Irhtt

2.81

Turkey

.5370

Calcutta.

LATIN AMERICA

Argentina

Brazli

Bolivia

Chille

Colombla

Cuba

hexica

Sails June 7 for Singapore, Penang,

Rangoon

"LENEVERETT"

Arrives June 20 from Singapore. Salls June 21 for Japan.

EVERETT STAR LINE

Fast cargo and refrigeration spaces available for Korca, Japan, China, Philippines, Indo- China, Siam, Malaya, Ceylon, West Coast Indian and Persian Gulf Forts. FIRST CLASS PASSENGER ACCOMMODATION

M.S. "STAR BETELGEUSE”

Loading June 24

Sailing June 26 for Singapore, Madras,

Colombo,

Karachi, Bahrein.

Bombay,

Basrah Ste

EVERETT STEAMSHIP CORPORATION-S/A-

Queen's Building, Tolophone 31206. Chinese Department: Telophone 28293.

NOTICE TO CONSIGNEES | NOTICE TO CONSIGNEES

Consignees per

STATE STEAMINIP COMPANY

KA. "ARIZONA”

Perth

Urugtray

Venezuela

FAR EAST

Ludia

Pakistan

Hongkong

Indonesia Singapore Japan

3295

3:0 yen to US$1

-Unked Preks.

TAX ON OÏL

REPEALED

Washington, June 3.

The Senate today passed and sent to the White House a bul two to repeal the additional cents per, pound processing tax derived from en coconut all copra

pra originating in the Trust Territory of the Pacific.

tnx of

processing The basic three cents per pound would still apply, although there is at present a bill to repeal that tax. to bill extends

Monetary Position Of

The British Colonies

London June 3.

In a timely article, published in the latest isstie of the International Monetary Fund's “Staff Papers,” Mr H. A. Shannon, of the Fund's British Commonwealth Division, explains why very few Colonial territories are in a position to take measures by themselves to resist the effects of recessions on their economies.

The local Currency Boards, he points out, are merely automatic money-changers. They issue

Colonial currency against deposits in London and Argentine

take in Colonial currency when a payment is being made in London.

Market For Japan

"They have no discretion in the matter,” Mr Shannon writes. “Constitutionally, the rate of ex-| | change is fixed in London by the central

authorities.

"The quantity of money in, credit policy, except within the circulation can be increased only narrow Hinta dotermined, by by depositing an equivalent in- their own "sound" banking prac- crease in Sterling in London; it tices. can be decreased only, by an

equivalent redemption in Sterling

in London."

The Colonfal cuthorities, there- fore, can have no independent monetary policy. Nor can the local banks have an Independent

HONGKONG SHARE MARKET

CREDIT QUESTION

Jun#

9

June 10

June 18 Аспе IB

"TEGELDENO"

*THIBODAS"

OTSIMENTANG" *JULUWAT"

#EASTWAT? *TABMAN" "TJIWANGI”

"TJFONDUR

Judo 31 June 30 July

Joly

July

*RUT'S"

ย

"TZITJALENGKA“ July 19 "TJILUWAKY *İKAMPEE"

HEASTWAY" "JIWANGI"

July 16

July'. 25

July 27

105.

Aug. 像

Aug. 12

Ang. 20

Apr. 21 Sept. 2

7 Bept.

Sept. ·

Rept. 18

"TÜKKJALENGKA”

TJMODAS

SPEZILUWAI

PRASMAN” *TIWANGIN STJFÖNGÖR"

"BOISSEVAIN"

"TJILUWAD"

Buenos Aires, June 2. Juji Kil, one of Japan's leading industrialists, sald that a long-term credit would be needed for an immediate opening of a TEGELDERO" hage Argentine market to "TIL Japanese goods.

local production is mainly on boday

This la particularly true where fall cash, barls, but is more qualined where the banks have some, though limited,"

local Inves investment

opportunities, Shannon says. The

or changes of cash and credit, in a Colonial territory are primarily functions of the changes in its balance of payments the preservallen of which, he points out, is not a primary consideration of their economic policies.

Me Kil, who is head of a 12- member trade mission which has just completed a three-week survey of Argentina, declared in an Interview: that Argentinb's difficulties, would own.conomic

this

year.

its to bar any large-scale He believes Howtver, that there is tonie chance of giving a long-term credit until Argen- tina's next.crops come in, Suen

The

favourable more balance, then the more Sterling a colony can deposit in London and the greater will be the quantity of dia local cash. The more adverse its balance, the more It must reduce its quantity, of local cash to obtain the Business on the Stock Ex-Sterling in London needed to change this morning was valued meet the adverse balance. at $92,149.50. Noon quotations and the morning's trans-

(From Our Correspondent)

actions:-

FAIRLY SIMPLE

The position of the banking

SHARES BUYERS SELLERA SALES system within

BANKS

East As... 341

INSURANCES

Union *** 730 710

Underwriters

5.65

SHIPPING

Asla Nav. 1521

DOCKS, ETC.

N. P. Wharf 5% Dack

K. Wharf, mat

715

10.20 10.30

11

1.10

Providem

S'hal Dock Wheelock

LAND, ETC.

HK Hotel KK Land

S'hat Land

UTILITIES

TrEIK...

Stat Zerry

... 60 4135

ི་ཐ

-1.10 1.20

10.70

C. Ligi (0) 0.20,0,40

C. LENÍ (N) 8.36.5.40

Telephone

INDUSTRIALS

Cement

Electric ....

STORES, ETC.

Deby

Watson

The present Trust Territory oil the samo exemption now provided for the Philippines or any possession of COTTONS

The Senate the United States.

passed the bill by unanimous consent without debate-United Press.

New York Sugar Futures

New York, June 3. World sugar futures closed to- dny, unchanged to 1 higher with sales totalling 342 contracts.

Contract No. G closed 1 to 3 higher with sales totalling 287 contracts.

Contract No. 4 (world).

(AMENDED) MAERSK LINE m/v "GRETE MAERSK" having arrived from New York Bhd are hereby notified that their cargo Por of call. Consigueen of Cargo are hereby notified that their goods is being discharged into Tay Kis, are being landed and placed at their Ocmpany's Godown where I will brick into the Hong Kong & Kayleen

July Wharf . Gudown Company's godowns at congress risk and subject to the Wharf's terms and condition of at Kowloon, where delivery may be Florage, and where delivery may be obtained as soon as the goods are obtained.

Landed,

Damaged packages are to be left in the godowns for examination by Consignees and the Company's sur veyors, Mesir, Carmichael & Clarke at 10 m. on the sth June, 1958.

To comply with the General Dond- ed Warehouss

September November Sput Optional cargo will not be landed July here, unless notice has been given September hours prior to vessel's arrival, but November carried on from port to port to the Spot Anal port of call to which the option extents.

Coll No

proces must have a Revenue Officer the Goods have left the dodowns,

in attendance when damaged dull- and all goods remaining undelivery able goods are examined.

No claims will be admitted after the goods have left the steamer". godown, and all goods remaining undelyered, after the 6th June, 1952, will be subject to rent.

cargo will be subject to Balgon rent as soon as cargo la landed into godown.

steamer All claims against the must be presented to the Under- wined on or before the 13th June, 1952, or they will not be recognised No Fire Insurance will be effected.

DODWELL & CO, LTD. Agents.

Hongkong, 29th Stay, 1854

Efter tiset June, 1952, will be subject to rent.

All broken. chated, and damaged Goods are to be left in the Gadowns, where they will be examined on 10 a.m. 7th June, 1912, by our Sur- vayors Meeres, Goddied & Douglas.

To comply with the General Band- ea Warehouse Regulations consignees must have Reventie. Officer in attendance when, damaged duflable goods aro examined,

All claims must reach us before the 2nd July, 1952, or they will rat be recognized.

No Insurance, will be effected.

JEDBEN & CO..

Agents

Hongkong, And June, 103.

Contract No. G

Ewo

15 18.23

credit, be sald, Is a Govern- ment mutter and may be dis- cussed in trade talkis now going; on between Japan and Argen- tino,

Mr K, who is President or the Kink Rolling Stock Co., sald Japan could export steet and hon-ferrous products. And ho noted that

Argenting could

all mis of mughlfiery for slips always, clufifle, plants and all refineries.

the currency systems 19 fairly simple in principle, Mr Shannon explains, but varles in detail from territory to territory.

the ultimate legal liability of a bank is to re-

In the future Mr. K said, deem its

deposits on demand in Argentijn, should have meats focal

currency, it must keep its

products ultimate reserves and general which it would export to Japan.

But

and

assets in a place and in a drought' ;. 19:4 Two-year"!

| where they are easily, chcashable

he explained, prices in

into local currency. This means Argenuns are higher than in

other conttien London and Sterling securities marketable thore.

T

A large proportion of Colonial bank deposits are "re-deposited" 200 g 39.50 in London; in short, they become

part

of Colonial Sterling 131134 balances.. Because

the of economic structura of many territories, the banks may, in fact, have little or do appropriate.

their for

funtla in local putlet

5.30 investment.

33.10

21 91.20 1200 E 21.30 Local investment opportunities Vry from Territory to territory degree

132.00 1420: 600 m 15

اد

bul, in ge

of

according to he Industrialisation, general, either because of

year

PRICE DECLINE? But I am sure that next Argenting can produce plenty so I expect prices of those goods to become cheaper," ho added

Relations between Argentina and Japan have always been

"Mr Kit said, " good.”

,"so it should Be comparatively easy, to be- come more intimate," Even on this trip, members of his group had found -bualncesmen very! anxious to obtain agencies for Japanese

Brma. The group had two interviews with

stay. They alco toured Industrial plants in the principal cities.

2000 @ 25. The need of access to legal tender the resident · Peron, during!

16.00 10 300 ♫ 15,80

21.10.2015.

2.10

The Rubber

Markets

New York, June 3. Prices of rubber. futures closed today 40 to 65 points 30 totaling higher with sales

Dealer buying and contracts. short covering, encouraged by tho. Ecadiness of oulsko

com-

in London or the absence of suitable local autlets and local capital money markets, the Mr Kil and two or three Colonial banks hold a high pro-

other members of the mission portion of their assets in London. now plan to go to the United Statea for a short visit and then return to Japan. Other mem

mission will go of the from Buenos Aires to Europe.

BOARDS' ÄIM

"These arrangements under the Colonial Sterling Exchange Standard preclude local 'currency management' or 'central banking'

ordinarily understood," says Mr Shannon. "There is no locul discretion for there are no local fiduciary Issues."

This explains why very few Colonial territories are in a position to uso... anetary to soften the effects of

their prices on

1.21 bidmodities, stendied the market rempasticularly in com-

4.31-427

4.15

4.20

after a lower start,

September

5.01 bld October 6.00 bid Noventber 800 bid December 0.03

January February March April May

JAPANESE BONDS

Japanese bonda

United Press.

London, June 3.

June July August

"A" (45. of 1890) "B" (42 of 1910)

TA

59%

116

014

122

.50

United Press.

"C" (5s, of 1807) "p" (5 of 1034).. "E" (5 of 1934) Consels

$720.. 24.03 nominal

modity

econney Boards alm at hold-

20.50 nominal ing assals equal to about 10 per cent in excess of their abilities. 25.70 nominal Usually, they are held in the

30.18 25.03

25.85 nominal

253 namins 25.30 nominat -24.17-nominiai

20.45 nomlani 21.33 natpinpi piled Press.

LONDON MARKET

London, Jure 3. Prices of rubber futures closed today as follows:--- | No. 1 zubber, in pence

per.fb. Júg

Copra Quotation August

New York, June 4. September

July/Septembar

Copra was quoted today at October/Decembar $137.50 per thort len, asked. January/March........ Coconut off was quoted at 0% ccnfs à peurd, asked-United Press,

Pacific For East Live lice

Fast Regular Trans-Pacific Servico

DIRECT

BAN FRANCISCO, LOS ANGELES

NEW YORK-CHANGE-VETNÖII TOMONTO MONTREAL AND ALL AMERICAN W CANADIAN CITIES

Korular Service direct or with transhipment.

Guam, Marinas Islands, Micronesian Islande

From

"BAWAH BEAR” -

Manila

“WILLIÄSI LUCKENBACH"

“WILLIAM LÜCKENBACH*

Blogeporn

[Aƒrives,

June 12

June

Jane to

**June 13

San Francisco & Los

via Jepan Kuigapore, - Penang de. Fort Bwaltenham Tome an San Francisco & Loi Angöler

* Vin. Kung & Magoya v

For full particulars, call United States Lines Co. General Agente, Queen's Building, Tel: 28190,

United Press. SINGAPORE MARKET

June 3.

bers

“KAATWÀY! "TJIPANAS"

Page

ANES

Manila. Singapore,

....... 45. Africa & 8. America ... 1 Djakarta, Tjirebon, Bemarang,

Kurabria & Maenszar

Stakla, Singapore, T. & ̈A, Afrien NIMKADOYMAS Djakarta. Bemarang zy kurskala m' MachstÉP, A

fingapore, Penang Belawan · Dell 1 Singapore, Penang & Belawan Doll MINERDOTEJADAakarta, Bemarang,

Burabala & Notalar Djakarta, Tjirebon, Bemarang,

płania. Blogspots, renang

Buradala 4, bincassar

Ha Africa an

Mailingspote, Maurition,

... Africa & 8. America Jayab

Singapore, Djakarta, Semarang,

-Surabala 3: hincassa

Djakarta

Tiirebon. Semarang

Butabala di þizcassar Flugapore. Penang & Uriawan Déu Bingapore,

Djakarta, Semarang,

Kurabais de. Natassar

Dlantia, Singapore,) Mauritius

B. Africa & S. Američa

Djakarta,. Tiration, Bematang

Stabia&. NEATAKSAr ma

Singapore, Djakarta, Samajanj,

Surabala & klassisar Kingapore, Peñaria &, Delavan Dell Bingapore, Djakarta, Sematant

Burabala & MACREAT

Djakarta,

Titrepos. Semaians,

错。 Semarang.

- Burabala: &. AtienzaLT MRKIJK, Stagapore, Atkuritius,

VAIHòa & ̃B) America Bingapore.. Djakarta.

Rurabala & Miscamar

From

ARRIVALS

Адле 4 June Jsna

15 June 14 Juba 19

Penang. Belawan Deli & Singapore Japan Maçasent, Surabala, Bemarang,

Dikaria & Singapore

Јаран

B. Africa, Marius Singapore

General Agents.

HOLLAND EAST ASIA LINE

SAILING TO EUROPE "AAGTEKERK" "ALMKERE "ELITAR"

"ARENDSKERK"

Jann 10

July

Ang.

Sept.

notterdam

Arrives Подскол

Balled Apr.

29 May 28 July

In

Port

July

2

Aug.

Bepl,

Sept.

Qet.

SAILING FROM EUROPE BLITAR "ALAITERK”. HARENDBR “KIELDRI "AAGTEE

MAERSK LINE

· FAST FORTNIGHTLY. SERVICE TO:"

NEW YORK, BOSTON, BALTIMORE & PHILADELPHȚIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

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

ARRIVALS FROM U.S.A.

M.S. “OLGA MAERSK". M.S. MEPRESEN, MAERSK" M.S. "HULDA MAERSK”

June 6 June 17 July

June 16 June 20

July 17

Brill and Uruguay-Associat-

The mistion has also visited For Freight and Further Particulars please apply to:-

ed Press

Last-Minute Advance In

NY Cotton

New York, June 3.

AGENTS:

JEBSEN

Pedder Building.

Cotton traders crowded their PENINSULAR

ferm of Sterling gift-edged action into the last half hour.

securities,

Honda

of Income for their own

Boured of

governments and

forms an Important item in Colonial revenues.

from the Currency After drifting, prices shot alicad pronta

the close under. blybd-schle then become

demand

Oricans in from New Terests

commission houses. sometimes. Nearby July Egain pearheaded the rise, reaching 39.40 cents a the highest level in dive circum-Pound, stances apart," Mr Shannon say nothing in the news to necount weeks Ring observers saw "the Colonial, currencies. are a source of profit to their govern-

the buying outburst. mneata, and all are enore than fully

Prices closed today as fol-: lows: covered at their face value,"

(London: Expres. Service)

mobilnet

"quite

exceptional

Spot

July.

October December

39.33-37AB

24.00-37.00

SALA

$0.52

CO.

Tel: Nos. 36066-9.

OQUIS ROS SEPARABIT)

& ORIENTAL

STEAM NAVIGATION COMPANY

R.M.S. "CORFU"

-Unties Prons. SAILS:

Grain Prices

March May Fuly

Bet noinina!

F5.95

October

462 Hominal

NEW ORLEANS BIARKET Spot

1.

:39-27-29,43 3701-31 05 36.71-36.74 salo bid

Pelors of pubber futures closed In Chicago

today, as follows:--

Number 1 rubber, per lb. ?

Aligust

September

Number 2 rubber.

Number Tubi

JulyÁY. Number

July

Spot ribber Blanket'erepo

No. 1 palo crepe

July

October December March MAY

October

Chicago, June 9. Wheat futures closed todaySubt unchanged to lower, and 7835-70-14 soybeans, stendied on coverings 7414-78

in July

-Prices closed as follows 233-164 | Wheat price per bushel

100-105

Viited. Pres

July my Syftembér December, March Corm

Exeliange Rates

Abat

December

Husinran was done in the Mal Maron uboficial. Krchange & markers | ArÊN morning at the following kulan)-| 20y

19. dollar (157, 80)

Sterling ritu}{pár)13) 4

Indonesia, quilders (per 100),

Alam tante (per 100) ....dk: '30,2 Beptembe Singapore (Biralis) 4AA01/24

New: Yorkiñour

FIC" plavires (per 190) "ALL 155 Bq28, 50": nomirisa.

Lapis nominal

United-Pres.

LONDON TIN MARKET

Min London, June 3, In thay tin market, tundvor ||was:40 tons including "10 tons dor caah) Bricen closet at tho end of the, chcial morning messipras follows- Spotting,bilver

Beck/Bettlement i

EST

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the 6th June at 12.00 Noon for the UNITED KINGDOM · via Straits, Colombo, Bombay, Aden and Port Sald.

ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co's Godown at No. 2 GATE, CANTON ROAD ENTRANCE BY NOON on THURSDAY the 6th June, 1962,

SPECIAL NOTE: With the exception of hand packages carried by pusaengers themselves, ALL BAGGAGE must puss through, the Wharf Co.s Godown for loading on board ship's olings, only.

EMBARKATION.W]]l take place on FRIDAY, the 6th samsat June, 1952: hotwèch: 0.30 um, and

12.00 am.