1952-06-09 — Page 9

THE CHINA MAIL, MONDAY, JUNE 9, 1952.

MESSAGERIES Y MARITIMES LONDON SHARES SLUMP

Would-Be Investors Reluctant To Buy

M

'EM WAKEIM"

**LA' MANSEILLAISE"

"MEKONG"

*+MONKAY"

Arriving" Leaving

Juno 24 June 20 June 30 July Quy

M

Grrlward Br

japan

Kobe, & Yokohama

July 12 Japan

.June 20

July 1

*LA MARSEILLAISE” July 11 July 1* “BIR HAKEIM” ......July 20 July zz '4''MEKONG"

Aug. 3 Aug. 31

Runeward Yor

N. Afries & Kurope

Marseilles vla Balgon N. Africa A Europe N. Attica & Entops

For Passenger and Freight. freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterrancan porte via Marsellica.

}

Madagascar by transhipment in Saigon or Djibouti,

Bubiret To Change Without Noties.

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

Queen's Building (gr. floor)

EVERETT

EVERETT

Tel. 28051 (3 lines).

LINES

ORIENT LINE

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

"LENEVERETT"

Arrives June 20 from Singapore.

Sails June 21 for Japan.

"NOREVERETT"

Arrives July Sally

1 July 2

from Manila.

for Singapore, Penang, Rangoon & Calcutta.

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION

M.S. "STAR BETELGEUSE”

Loading June 24

Sailing June 25 for Singapore, Madras, :

Colombo, Bombay, Karachi, Bagrah & Bahrein..

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

RELIEVING P.I. RICE SHORTAGE

Manila, June 0.

The National Rice and Corn Corporation has signed a con- tract with the Cesar Bedesma Company for the importation of 12,000 tons at Siamese rice.

Mariano

Garchitorena, the

sold the latest contract help avert the country's estimated rico shortage

Salary Increases In U.S.

Washington, June 8. Wages and salaries paid to American workers have in- creased 25 per cent since the Korean war started, the Govern ment said.

In the first quarter of this advanced nearly they year

chairman of the Corporation, $4,000,000,000 to an annual rate

Mill of $183,000,000,000.

Most of the increase tock of place during the first half of

1951

when the annual Jumood $20,000,000,000,

150,000 tons this year.

Previous contracts COVOT

The rate at riso since then

shipments of 40,000 tons of the has been. only $8,000,000,000 cereal, They are 30,000 tons with from Burma, 15,000 tons drom with government and milltary

payrolls

secounting for nearly

Thailand under an allocation by half of this.

Manila-Taipei Air Route

Talpel. Juno B.

A new route joining Manila to Talpei has been authorised to the Civil Air Transport (CAT), I was

disclosed today.

Chennauti'm General company line been designad- ed as China's airlino to operate the Taipei-Manila route in nocordance with the existing agreement be- tween China and the Philippines Government.

The first flight will take place on Friday morning, June 20, and will carry to Manila representatives of the Chinese Ale Transport Board, Ministry of Com- Bronications, Bilnikkiry of Foreign Affairs and dele- gates of the Chinese and foreign Press,

CAT has prepared special air malt envelopes to mark the oconAJOTI,~~ France-Presse.

Wall Street

Has A Good Week

Continued Sag In Prices

In The

The City

Expected In

(FROM OUR OWN CORRESPONDENT),

London, June 8.

The continued weakness of world commodity prices, Britain's £17.7 million deficit last May in her trade balance with Western Europe and the general reluctance among would-be Investors to commit themselves till they see their way clearer, caused Stock Exchange prices to drift lower in nearly all sections last week.

J

Prevailing belief is that prices will continue to sag and that there is nothing to be lost by holding money in the bank for the time being.

Result is that brokers are reporting that they have difficulty in dealing with some of the lesser-known stocks at all and dealers, unwilling to hold the stock on their books, are often bears of them.

on

fallen enough

Even anall selling orders have shops will have therefore a disproportionate effect to attract them and their men- folk to re-stock on clothes, furnishings and other consumer goods which have met with something of buyers' strike recently.

prices, and brokers see nothing in the immediate future that will reverse the trend.

It is pointed out that any effective remedy for Britain's present economic situation would include longer working hours, all-round increased effort and lower wages,

But these measures, far from considered by the 'being even rank and file of British workers, are not even dreamed of by them.

Disappointment is, int the meantime, felt that despite the "Government's Import cuts,

Britain's

defelt with

the Europeon Payments Unlon has been reduced by only £2.6 De

April as ugainst the than 21 years million

figure.

And, as the Sterling Area has exhausted its quota with the European Payments Union, all debts in future must be paid In gold.

abroad

New York, Juac 0. Railroad shares set nowy high for more this week to feature and strong stock market list.

It was the most active market broadest since April 20, the since May 10 and showed mest gains since May 24.

Tho

the upturn followed Supreme Court decision against

DISTURBING THOUGHT A drain in gold to the United the Government seizure of the States has come to be regarded;

remaining steel mills and the steel strike | as a permanent evil which slowed down railroad with us but the possibility of a operations, reduced coal mining drain alco to Europe is disturb- and threatened to halt car pro-ing. duction.

Analysty said the Supreme Court decision hoe satisfied traders' best hopes and was construed as highly favourable. Tha Drst reaction of the was a rive on the market decision. Later, prices slipped off when Phillp Murray called out his steel workers.

HOTIS

When this happens, in the per- haps not distant future, at least the home trade will improve.

In the City there is much talk

and against for

Sterling convertibility, and it is argued that the case for convertibility is strengthening.

Japanese Need For

Red China Market

Tokyo, June 8.

"REGELDENG"

"TSIMENTENG“ "IJINODAS"

“EJILUWAH*

#BASTWAY TARMAN" *JWANGI

Juma

Juny Janu

Jung

Jose Ro Jose July

13

July ,

“THFONDOK”

**TJITJALENGRA" July

"HUYS**

"TJIWANGI

July

Joty D

“TJILUWAII"

"TJIKAMPEK"

July 10

July 23

ARK. #

«EASTWASH

Ass. A TJITJALENGKA" Ang. D

Aor. 12

Aur.

IG

"TASMAN" *TSIWANGI" "TJIPONDOK "EOINNEVAIN”.

*THLUWAR*

AVE. #1

Lope

Labt. ·

Bept. ,

Sept. 10

SAILING S

To

**Manila. Kipoze. Mauritur, 8. Atilen & "86)_ Ainerträ Manila, Singapore, E. & 8. Afrien Djakarta, Tilerden, Usmarans.

Furabnia Macanear

Singapore. Djakkita. Hematant.

"Aŭrabala & `Mseamar Hingapore, enang Belawan Dell Singapore, Penang & Belawan Doll Hingapore, Djakarto.

Burabala 44 MACHBLAY

DJakarta TJirebon, Semarang.

Surabala & Macassar

Гарка

Мард Singapore. Гепар

8. Africa

Manila.. Bingapore. Mauritus,

8. Affles & #. Amerles

Singapore. Djakarta,

“Būtabula &ðlarnusar Djakarta,

Thirebon,

KemaTADI.

Remarang.!

Hurabala 22 Maramar Glasspero. Djakarta, Semarang.

Surabala de incasar

Singapore, l'ening & Briawan Dell Manila Singapore, Almiritius,

Africa B. America

Diakarta

Tilrebon, Semarang,

Surabala &” Marnswar

Kingapore, Djakarta Seinatang,

**BULTANALO & DEXRAY Singapore, Pelang & Belawan Dell

Singapore. Djakarta. Seinatang.

"Murabala & Macassar

Djakarta, Treban

SUIADALA & Macassar

Manita. Bingapore,

Semarang,

Maurfuus,

18, Africa 54 8. America Singapore. Ujakarta. Semarang,

Nitrobala & Marasar

ARRIVALS

Japan Japan

Alácanzar. Surabata, Hemarang,

Djakarta & Mingapore

Japan

8 Africa, Mauritios & Singapore

General Agents.

HOLLAND EAST ASIA LINE

“TJIBODAS"

"TJILUWAD"

"TEGELDERⱭ” "TJIBODAS" "TJILUWAI"

ARTWAY "TJIPANAS"

"Japan cannot write of "AAGTEKERK" the Red China market too "BLITAR

"ALMKERE* easily, H the newspaper "ARENDSKERK" Asahi aald today.

In Port June 12 12

Tune i June 10

From

SAILING TO EUROPE

June

July

ART.

Rept.

SAILING FROM EUROPE paperALMKERK”

Salla Rotterdam

Arriver Hongkong

Atay

July

PARENDSKERE”

July

ADE.

"KIELI "AAGTKKERK"

Aur.

Sept.

Rept.

Uct.

Oct,

Nov.

The leading Japanese insisted the Government should giva definite assurances to the Japanese people if the market had to be given up.

Ar the "Investor's Chronicle" points out, gold losses continuo and hard currency earnings still go abroad despite the fact that Britain is subjected to all man- ner of financial controls,

Whilo the protagonists of that the convertibility argue

of the Pound would value strengthen If it were allowed to go free, opponents claim that it

Aashi editorial pointed would be followed by sharp drop and an inflationary spiral out the Red China market, once the source of the largest In- would be set in motion.

comes

for Japanese busineŃ- men, strongly attracts them al- though "they know quite well the recent Red China business approach

cant, nothing but a wedge driven Into the Free World camp."

Tho likelihood is that the Government will make no move towards convertibility, for some time anyhow.

OVER-SOLD

London, June 8, The Stock Exchange had a

An

The editorial explained that the current world wide recession

as badly hit Japan and recovery prospects are very bleak.

Nothing.. concrete has been worked out about the develop. ment of Southeast Asia which supposed to replace Red

was

The half-hearted week-end rally that occurred in gilt-edged securities and some sections of the Industrial market was mainly chart week mostly devoted to techy technical, and several brokers,

ters, buying by professionals who had week | sold short and feared that an while admitting that their predic

was about upward correction tions

may

bo

have wrong,

due. advised their clients not to buy Government stock til it has Over the previous four trading | China as a major market for fallen another four or five points.weeks, the index of gilt-edgeå | Japan, the editorial said.

The recent slump in com- stocks had fallen from 94.91 to All that happened on Mon-modity shares, together with $1.85 and this week's covering day. On Tuesday, the list moved Japanese and German bonds lifted it to 91.18. narrowly with a lower tendency. (potash bonds shed 30 points on On Wednesday, rails got into

the last account) has caused Operators sold the out- many speculators to lose heavily. action. Look In earnings for carriers

Now they also are sitting on was good and many bought the the sidelines. fastes heavily.

and

Industrials

Ralis tired a bit on Thursday immediately took over the leadership. Traders sald steels were behind the market and they bought the Some short covering group. also helped to lift prices and stir up activity.

Rails closed this week on the

SHIPPING OUTLOOK

Similarly, the index of indus- trial shares had fallen from 113.4 to Wednesday's low of 109.1. It closed at 104.6.

One or two Government stocks The outlook for shipping com-had been over-sold and proved panies is rapidly changing, too expensive. One of the savings Last week the chairmen of both loans, for example, gained 15/- the P. and C. and the Union but Old Consols closed unchanged Castle Line warned of increasing end War Loen gained 2/64. to

Germany, 74%. competition Japan and Italy.

from

Operation costs are 30 per cent up on 1850, But liner freights bave begun to be reduced ond

highs. Late In the week, tonnage is no longer in such de- rumours helped to stimulate mand.

some

further buying. Wall World trade is contracting as a Street hourd that the Federal result of the present import Reserve Board may reduce the restrictions. Compony dividends, present 76 per cent margin to though, are securely covered and, GO per cent.

unless the world enters a major slump, these should not be cut.

Tramp slupping the doldrums following a 50 cent fall in freight rates, which reached their peak a year ago,

The Industrial average closed this week at 260.03, up 5.72

polls, and its best level since March 31, railroads 100.36. up 3.07, Utilities 50.12, up 0.18, 05 stocks (the insues in the threo foregoing averages) 104.34, up 2.00 points.-United Press.

shares are in

METAL MARKET Metal market prices last week fell drastically.

wat

Standing alone against the downward trend

copper which, after remaining steady for a long time on the American

Grain Prices market at 27 cents per pound,

In Chicago

the UN Food and Agriculture From the end of the war to Prices closed as follows-

Organisation,

1951, compensation rose by more than 50 per cent, from 'an Two private traders holding annual rate of 117 billion to 178 contracts for the importation of billion dollars.

In 1951 the average annual

Chicago, June 7. Wheat futures closed today 1⁄2 to lower and soybeans were 3% higher to lower, Whest price per bushel

2,30 Spot July September December March

Corn

posted their performance bonds earnings of full-time employees spot with the Corporation.

23235

2.30pmk 2.4246

1.0336 1.2-16 101 133 17016

and 3,000 tons from the United States,

02,000 tons of rice have not yet

A Congressional committee of

rose

ឌ

33 per cent rise in consumer

37 per cent, compared with

Duty

September December March

Bro

July September Oats July September

$12,40 nominal-United Props.

2,00 bid

75-7016 7834

inquiry has blamed the shortage prices.

on" inefciency on the part of

Government procurement clining meni, however, is do-i

agencies.---Associated Press,

Cotton Bill Approved

Washington, June 3, The House has passed and sent to the Sapato a bill to prevent cotton prices from skidding, there is a big 1952 crop.

The measure, approved by a -standing voto of 160 to 02, would raise the Government price sup- ports for cotton by more than 10 per cent if a 10,000,000-belo cróp - is harvested or officially forecast *by the Government reports this syear..

Grower prices are now running about 15 per cent above the Vinterent support level-United

Press.

reflecting the bustness

slump.

In the last year tho number of production workers employed in the nation's max- facturing plants dropped 410,- 000, the Government raid.

workers

were made

More Idle in consumer and building materials manufacturing : than defence- wero employed in related Industries, This hat been particularly true in the fields of texiles, motor car and home appliance production.--- Asociated Press,

Sugar Production

has risen to 32-33 cents.

market

London

ever, do not

circles, how- believe this pries will be maintained for long due to the number of mines which are now increasing output.

A quieter

ahead for time diamonds was also predicted last week by Sir Ernest Oppenheimer, Chairman of De Beers, although sales for he announced record the first five months of the year, TIN'S FUTURE The Shell

Shell Oil group announced a 17 per cent increase in produc- tion in 1931 against a world in- crease of 13

per cont. the steadier groups Amongst the

never were

The same thing happened with certain industrials which had been over-sold. United Molasses Gained 2/- and Imperial Tobacco

gained 4/83.

Courtaulds and Imperial Chemicala both gained a shilling. Oils lived Irregularly in n world of their own.

Royal Dutch gained 20/03. to £2846.

German bonds ended lower changed or a bit higher. but Japanese were mostly un- The

chlef feature, in Japanese was s jump of £344 in 1899's to £70% and a fall of £1% in 1980's to

£127,--United Press.

HONGKONG SHARE MARKET

(From Our Correspondent

The volume of business on the Stock Exchange this morni ing amounted to $157,050. Noon and the morning's quotations transactions:-

SHANES DUYERS BÉLLERS SALES

DANKS

Kaffles. These, theless, remain under the cloud | INSURANCES →

of South Africa's political sliua- tion and are not following the customary rule of rising whan |

commodities fall.

Stül being hotly debated in the New York Hourspor 200 lb. Back future o-back in the near futuro of tin. It would 'appear

is possible when the British Government withdraws its sup-

that

Rubber Futures port from the Singapore market.

In

S'pore

Singapore, June 7

This support was consequent -on Britain's 'agreement to supply. the United States with 20,000 tons. On the other hand, the United States is expected abortly to lift the restrictionis, on end users while in addition known

being

exhausted and cours

lite prospecting has been done for 20 years.

Prices of rubber, futures | W closed today as follows: Number 1 rubber, der ili,

July August Lavina, June 8.

September Vengadaka The Ministry of Agriculture Number 2.4lber, July panounced that 20. sugar milis at Number 3 rubber, July the end of the tune-grinding Number rubber. season had produced 20,950,404 Spot rubber, unbaled

Blanket crepa bags of 325 pounds of sugar ench. I No. 1 inle, crepe

United Trea. : ****.

Union Underwriters

141

700 740 00 @ 730

4.03

DOCKS, ETC.

77

N. PL. Whark 555 XD Dock PIOVIMAI 2015 Wheelock... 4037 413%

LAND.)

της Land

TRADE TALES

Negotiations are under way with France and Italy to con clude treaties of commerce and

navigation with Japan, Kyodo News Agency reparted.

Kycdo Navigate Commerce and Twenty cluded with France in 1011 but was abregated by the second World War.

WAS COA-

-quoted - Government sources is saying that a similar treaty with Italy, signed in 1912, is too antiquated to meet pre- sent conditions,

The

Government will also

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MAERSK LINE

FAST FORTNIGHTLY. SERVICE TO:

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

NEXT SAILINGS

M.S. “LEISE MAERSK”.

June 17

July 2.

M.S. "GRETE MAERSK”

MIS.

"OLGA MAERSK"

July 16

ARRIVALS FROM U.S.A.

MS.

"OLGA MAERSK”.

Juno 16

MS.

"JEPPESEN MAERSK”

Juno 29

M.S.

“HULDA MAERSK” ·

July 17

make efforts to sign a Commerce and Navigation Treaty with Britain and other Common- wealth nations, Kyodo added,~ | For Freight and Further Particulars please apply to:- Associated Pres

TEXTILE TRADE IMPROVEMENT

New York, June 8, A sharp

rite in raw cotton prices last week injected new life into fabrics trade for the Arst time in a year. While cotton

gray and finished goods enjoyed splurger of activity

AGENTS:

JEBSEN & CO.

Pedder Building."

PRESS

other basic textiles, including PHOTOGRAPHS

quiet with buyers riding in

wool, rayon and burlap, remain-

ed

the driver's seat.

Local cotton mill agenta esti.

mated sales of print cloth yara

Coples of

photographs

fabrics for the week at between takon by the South Chine 15,000,000 and 20,000,000 yards. Morning Post, South Chine --United Press,

Sunday Post-Herald,

and

Exchange Rates China Mail Staff Photo-

Euances unofficial

on vlow In was done in the local Trapher ́nra morning.a. Ure following rates exchange

the Morning Post Building.

U.S. dollar (per 01) Sterling note per

1)

market

0.623

10,90

| Indonesia, guildens (per, 200) J.

Alam icals (per106) Singapore (firaita).

30.5 *1,20

ORDERS BOOKED

FIC Diastre (per 100),

17.30

↑ 300 @ 0.30

DIRECT SAN FRANCISCO, LOS ANGELES

Sri Land ( UK Land (EKLY Kumphreys, 10:10 101% #'hat hand... 100 UNLITIES

Tray'. 30.00 Star Ferry

Fidgetyka fi Telephoon INDUSTRIALD 18394-04

Mope On the home front housewives 0134-%

attention to STONES, ETC. are paying lille. 70-7814

Darya!. Folk-2016 these events, Nevertheless thers Watson is an incileation that the tima is

Crawford approaching when the prices of a COTTONS · wide variety of goods in the

107-108-

lod - Presi,.

Tel: Nos. 38066-9,

TO ADVERTISERS

SUNDAY. POST-HERALD Брасо for. commercial advertising "should booked not later than noon on Wednesdays.

bo

For the SOUTH CHINA MORNING POST and the CHINA MAIL, 48 hours bèfore date of pubileation.

Special' Announcements and Classified. ́Advertize

ments as vetal.

Pacific Far East Line, Inc.

Fast Regular Trans-Pacific Service

OVERLAND NEW YORK-CHICAGO-DETROIT-TORONTO MONTREAL AND ALL AMERICAN & CANADIAN CITIES

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For

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Vir Jupan

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a

Finis

412

"HAWAII `DRAR"

"WILLZĄM LUCKENBACH? San Francisco

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Arrivan

June 19

June 13

4

June 20

KARI

June 10

June 14

3und 20

· #wettenham |

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via Kobe & Nagoya

For full particcists' call. Unlled', 'dinius, „Lineá Có, General Aronia, Queen's Buliding, Toli 28109.