1952-06-18 — Page 9

THE CHINA MAIL, WEDNESDAY, JUNE 18, 1952.

Pare

MESSAGERIES MARITIMES A FIGHT FOR INFLATION R... INTEROCEAN LINES

MM

**RI KLAKETAK?

Arriving

·June to

Leaving

Jane 30

*"LA "MARSEILLAISE” • 30' July I

"MEKONG"

15

July 21

+"MONICAY"

J.Juan,:30

*BIN HAKEIM"

"LA MARSEILLAISE". Juy 11

+*MEKONG"

July 1 July 12 July 12 July 20 ..AVE. · Aug. 10

Outward For

Jaysa

Kobe & Vakokuma Janko

Homeward For

N. Africa Europe Marielles via saigon N. Africa & Kurope N. Africa & Europe

For Passenger and Freight. freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles and West Africa by Transhipment. Madagascar by transhipment in Saigon or Djibouti.

Subject To Changs Without Notice.

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

EVERETT

Tel. 20651 (3 lines).

LINES

EVERETT ORIENT LINE

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

"LENEVERETT"

Arrives June 22 from Singapore. Sails June 23 for Japan.

"NOREVERETT"

Arrives June 30 from Manila. Sails July 1, for Singapore, Penang, & Calcutta. Rangoon

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, Basrah & Bahrein,..

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

FOREIGN

EXCHANGES IN N.Y.

Canadia

New York, June 17.

US$1.03),

England-oficial.

Belgluta

France

Portugal

unomicial

Sentiment In Mixed NY Cotton

hedge cotton

New York, Juno 17.

and Profit-taking selling punctured the 2.68 asked market after a buoyant opening nearby July to a now high since carly April,

Market

2.3892 1.50 bild/

30-day futures 2.7614 2.7734 DO-day dutures

2.23%

carried

Organised Campaign Started In Japan

Investments In Japan Urged

Tokyo, Junio: 17.

The natlow's high polit- cal and business leaders to- day urged Japanese In- dustrialists to Invite

Investmenta foreign

modernise plant equipment bolster Japan's unstable to economy.

before the They spoke sixth Convention of the of National Federation Bankers Associations in Tokyo, following a state- ment by the Ministry of Finance that the yen will not be devalued.-France- Presso.

Slump In The Rubber Industry

London Analysis Of Situation

London, June 17. The Financial Times, in an editorial today on the rubber situation, raid there were hopes that American policy would be influenced by the need to prevent rub- ber prices from falling so low as to aggravate further the political instability in South-east Asia.

What America tended to do, intentionally or otherwise, was to hold the value of natural rub ber to a level which just enabled the industry to keep its head

above water,

There were alrondy indications that the price fall could not have Cone much further without dis couraging production.

Dodge Denounced As

TAILIN B

"Mürabala -a "Mecasest

smartia.

- Singapore." Helawan Del: Pezing #

"Port #wettenham. Тария.

Bingapore, Penang & Bolawan Deli BIERDUTE, Djakarta, ......... WAKATANG.

DİKKATÇA, S %]{#hom,

Manila, singapore, Penang

B. Afrtex

Japan (via Manila)

Mantle. Singapore, Mauritius, Africa America

Bingapore, D. Djakarta.........

Restrictions Being

"TJILUNAR”. #EASTWAT****

"TJIPANA?" *TARMAND "THWANG

June

June 20 July

"Coercive"

"JIPONDOK"

"TJIPANAK"

*July

“TJEJALENGKA" July

"BUYE"

"TJЛLUWAN"

July 10

Quiz

"TJIWANGI"

“EASTWAY” "TJFJALENOKA"

Aug.

Ass.

ARI.

Aug. 12

Djakarta.

Aug. LE

Aug. 21 Бар

A

Kept T

London, June 17. The fight for inflation is already on in Japan, writes the Financial,KAAPKE" Times in a special article from its Tokyo Correspondent.

"An organised campaign, led by businesamen with an instinct for politics and an interest in easy yen, and politicians with an instinct for business and an interest in easy votes, has already been launched against the Occupation austerities of Mr Joseph M. Dodge," the correspondent states.

Mr Dodge is the implacable little Detroit banker who was first sent to Tokyo to salvage Japan's finances in 1948,

The campaign was carefully business will improve in the

in

anticipation

chief

of latter half of the year. prepared

**Bul odds are swinging against Japan's new sovereignty and directed by such notabilities as the defence. General William Mr Tanzan Ishibashi, depurged] Marquat,

one-time former

Finance Minster and economic adviser of the Occupa- and reported privately likely next Finance Minister, and tion,

inent ruefully before the peace treaty and supported by such was signed that his warnings un

rising

costs and papera as the Nihon high

aroused little interest who from many Japanese saw the restraints of the Oc- cupation lifting at last. Besides, in Japan's first political

TASTE Takahashi, eminent

Keizal, which

freer has openly de- "on inflationary policy Japan."

и парны

The so-called Dodge Line will thus become the battle in the New Japan over ac- cupation financial policy.

The issue, affecting Japanese

presént

mood of emotional nationalism, the Dodge Line has one funda- mental defect: it is a product

HONGKONG SHARE MARKET

(From Our Correspondent)

The volume of business the Block Exchange this morn- was down to $43,627.80. Ing

Ing's transactions:-

- costs,

export prices and a legacy of the Occupation." Noon quotations and the morn

domestic stability and co-operation with the United States, will have re- percussions for outside

Japan.

-London Express Service.

Mr Dodge killed inflation by closing down Japan's Rehabilita tion Finance Bank, which was recklessly pumping loans Into industry, by abolishing all subsidies even for key Industries, ordering a balanced Budget, tax reduction And opposing generally insisting on savings.

A NEW TERM Now the Dodge Line is being denounced as "fatally deflation- ary," "binsed and short-sighted,'

new term--"out and--the harmony with Japanese charac-day

fer."

of

His restrictions are branded as "Irrational and coercive."

Increases

In Retail

Prices Authorised

authorised retail price in-

Washington, June 17. The U.S. Government yester-

creases on more than 70 per cent of all department store goods to

offset recent freight rate and parcel post increases. But many stores may not take advantage of the authority be- cause of competition.

Kamekichi Takahashi, writing in the leading English-language Oriental Economist, demands Indonesian output this year colourfully "an entirely new was expected to full well below blueprint on a While Paper based expectations. In Thailand pro- on Japan's own independent or two on small kitchenware

of

The price rises, to take effect on June 23, mage from a cens and dry goods items, up to a more on furniture, radio and television sets.

ducers were said to be megunt concebashi Bond Offensive dollar or considerable dimculty, and the The position

smallholders In is designed to breach the Dodge Malaya was a patious one, the Line by a Government issue of Also covered by the increase nowspaper sald.

long-term bonds to replace the are clothing shoes, muttress "On the other hand", sald the 200,000 million yen loans extend-sporting goods, toys, carpets,

Times, Financial

"American

ed on short term to city banks rugs, pots and pans. The Oce

of Price Stabilisation (OPS) rubber consumers, by the Bank of Japan.” and world

dul! though passing through

"URGENT NEED"

drafting further orders to cover patch of trade just now, may be expected to need a reserve of the correspondent continues, is angry because, rubber production

he says, Japanese key Industries Any significant like electric power and ship-

of expansion

ond vitally building-urgently cymhelle rubber industry would need long-term funds and should

heavy capital invest-

by Govern- properly be alded ment finance.

saturti

1.

involve

inent.

the

washing-machines, freezers and similar large appliances

The regulation authorises re- tall stores to pass on to custo-

the

mers

dollars-and-conta -amounts by which freight and other transport costs have risen since May, 1951.

Officials

forbids such subsidies and the "however,--because effect,

articles

many-of-the

rushed private are now selling below

to

SHARES DUYERS SELLERS BALES

BANKS

HK Bank

INSURANCES

East Ala...

Union......

EIK Fire

DOCKS, ETC,

K. Whart

{\"TJIDODAJ“:

"TJILUWAR"

TAMAN

"TRIWANGI "TIRONDGE" "BOISSEVAIN". "TIILUWAH! PEJUKAMPEK"

“TJIWANGI"

"TJLUWAR*

"BASTWAY”. IT JIPANAS" *TIWAND" "TASMAN"

Hop.#

·Sept. 16 Bapt. I

Oct.

"Hurabala" & hisCAUSAE

Djakarta,

Tiirebon,

"Burabala & Macaksar

Singapore, Djakarta,

- Burabile di "MaczaiST

Samarang.

Петагал

Bemarang,

Singapore, Penang & Batawan · Delt

Singapore,

M. Attica & 5. America)

Trabou.

Surabais M MACRAMY

Mauritius

Semarang,

Djakarta, Bemarang,

Bingapore, Penang & Betawan Del

Singapore, DJAKATA.

Surabain de MacassaT.

Djakarta, Tirshan,

Buradala & Macassar

Bingapore..

Manila

1. Atries à 2. America

Semarang,

Mauritius,

Singapore, Djakarta, Semarang,

surabala à Macassar Djakarta, Tizeban, SemaraBE

Hurable & Macassar Singapore, Jakarta,

Surabala Macutiar

Hemarang,

1

ARRIVALS

In Port

June 20

June

June

June

From

MICABAL

Djakarta & Singapore

Sarabata,

Japan

Bemarang.

My Africa, Mauritis, & Sloganore MACRESAI, Rurabald Bemartpg.

Djakarts & Bingapore

Japan

General Agents.

HOLLAND EAST ASIA LINE

BAILINGS TO EUROPE

P

"BLITAR"

July

*ALMKERK"

Aux.

3 D 141

"ARENDERERK"

Варт

141

*E ISLDRECHT".

Oct

Balls

KAILINGS FROM EUROPE

Itotterdam

730

743

Arrives Hongkong

"ALMHERE"

Balled

May

July

"AHENDSKÉNK"

July

Aug.

"KIBLDRECHT

Aug.

Bipt

"UNDERKERK"

Sept.

પૂ.

Nov.

器

260

17 D

N. P. Wharf Siy

Provident 10.00 0.00

S'hal Dock

Wheelock

LAND, ETC.

Ecote!...

HK Lond *{R}}

124

075

888

S'hat Land.. 115 1000 @ 1.20

11.10 Humphreys

UTILITIES

Tront.. .... 15.80 15.00

C. Light (0) 84 8.35 500 ₫ 5.30 C. Light (N) 830 5.40 Electrio.721.20 213% 200

Telephone... 15.40 15.79

INDUSTRIALS

Cement Nope

COTTONS

Ewo

14.20 14.60 17.30

1.36

1522130

The Rubber

Markets

Singapore, June 17. Prices of rubber futures nløsed today as follows:

Number 1 rubber, per ib.

July

***** August-

September

0744-03

Number a rubber. July.. 647-83% Number 3 rubber. July. 011-03 Number 4 rubber, July.. 2235-7815 Spot rubber, unbaled .. Blanket crepe

8716-15 07-00 106-110 United Press.

No. 1 pale crepe and

The Dodge Line, however, ***HAVING EFFECT· "The United States Senate, Industries have

and are subject in particular, wants the Amerl banks, which have been forced

price competition, Lan Government to move out as a result to cut loans to other

Rall freight rates climbed of the synthetic Industry and industrice.

an average of 15 per cent in estimates that two jumps last Autumn Mr Ishibashi Congress has now agreed to an Extension of the Rubber. Con- there is at

at present an accumula-

this Spring. Parcel post rates trols Act for 21 months only on tion of capital in private hands have risen 25 per cent and ex- condition that disposal plan is

potential 100,000 a disp

press charges at have gono submitted to the President in

yen," which could be at- to

Associated Press. eight months time.

tracted into industry by the urchase of new stocks and de- Private industry might well pursue a different price policy bentures if the Dodge Line were from that

of the official con more relaxed under the lead and trollers and the, shadow of such influence of a Government bond

even now having issue. a change is

Ա

a

"It must be realised that Mr

of most

Japanese who acclaim

the Ishibashi as the answers

up.

Lower Trend.

In Grains

irend.

follows: sentment appeared

to be little more mixed,

The market opened up 3 to 12 points. It rose to B to 17 points and then closed of 18 to 24 points. Prices closed today sa follows:-

March (305) ...........

Australia

New Zealand

2.73

South Atlea

2.70

01003

Denmark

.1453

0038-0/10

West Germany

4,20

Holland

2030

Italy

.3010

Norway

.1405

0370

Spot

Spain

0385

July

Bweden

Delaber

Switzerland

#313

December

MIDDLE EAST

May

Egypt

20814

July October

Tran

December

Iraq

201

Tudicey

ES75

Spot

LATIN AMERICA

Argentina

,000

Oclober

rall

.0500

December

March

.0005

4005

1.00

October

1165

December

.0013

Bolivia

Chile

Colombia Cuba..

Mexico

Peru

Uruguay

Venezuela

1755

FAR EAST

India ....

.2092

Pakistan

2030

Hongkong Indoneala Singapore Japan

-United Press,

$3010

380 yen to USȚI

JAPANESE BONDS

Londen, June 17.

Japanese bonds

"A" (45 of 1800) "B" ds. of 1910)

1

Consola

45, of 1007)

.....60 117

July

¿

$1.69 nomina}

40.30-10.33 37.34-3735

37.30-37.11 24.04 26.75 bid

34.07 bld 34.40 bid United PreKS. NEW ORLEANS MARKET

40.00 nominal 40% 37.33-37.34 27.12 30.97 bld

·30.00 38.34 bid

34.53 bid -United Press.

prices steadier," Reuter,

are

the

now

Httle

2,3034-2.31% nominal 2.2016

2.324-

2.3015

2.3011

2,30

effect. The noed to make the Ishibashi has behind him the acquisition of synthalle plant an support

Chicago, June 17. attractive privata Investment, businessmen,

Grains joined most major it is believed, now precludes rearmament and

emmodity markets in a lower the previously expected reduc- Bend Offensive tion in the synthetic selling to the present industrial slump, in

Wheat closed 1% to 1% lower which Japan admittedly has been price.

299 to 6% and soybeans were The fact that this threat has saved from a first-class crisis by

Iower. Prices closed today an receded is perhaps the main the Korean war and its dollar reason why natural rubber procurement business for Japan. Wheat price per bushel

MAY BE DECISIVE

Spot "These conservative business- July paper added-

September men provide the yen for the

December Liberal Party's funds.

March **Their

May pressure

Corn prove decisive."

Acting in concert, the cor- Spot | July

September respondent adds, the Tokyo and

of Commerce December Osaka Chambers

greed this week that "lack of March

Impeding July funds is the bottle-neck Japan's production boost,"

In calling for freer money, Oats the Chambers have asserted that July

September 201 the deflationary policy is con- tinued

will recede, New York flour-per production prices will go up and credit will $12.40 nominal-United, Frost. have to be expanded, so that the very donation policy adopted to

WORKERS' DEMAND

Kuala Lumpur, June 17. Maloyan rubber workers, worried by the slump in rubber prices, will demand nationalisa- tion of the rubber and tin in dustries at the Mulayan Trade Union Council meetings to take place later this month.

A resolution to be tabled blames the instability of rubber prices on the Government and Industry and makes references to the "indiscriminate exploita- tion of the mineral wealth of the countrys

fight Indalion lafation.

may ultimately

will encouragè MINISTER'S ARGUMENT "So far the Dodge Line is against thesa

New York Sugar exchanges to provide alternate holding firm

Futures

New York, Juno 17. World sugar futures closed today 1 to 4 higher with anlce totalling 190 contracta

Contract No. closed un- changed to 1 higher with males totalling 280 contracts.

Conitact No. 4 (world)

4.10

mert benet echome..

Ryo

September

1.06-1-0015 3:8135-38 1.01-1.02 1.7515 1.79

2.00 .. 2.08!$

200'1b, sack.

LONDON TIN MARKET

NEW YORK MARKET

New York, June 17. Prices of rubber futures closed today 50 to 70 higher with salce totalling 135 contracts.

September

October

November

December

January

February March

Apru May

Jun

July

August

September

20.30-

23.00 nominai

23,67 85003318103 2012

27.91 nominal

77.30 nominal 27.30 nominal 27.15 nominat

27.00 hid

25.61 nominal 24.25 nominai 20.83 nominal 2453 nominal

-United Press.

LONDON MARKET

London, June 17.

Prices of rubber futures closed

today as follows:-

Number 2 rubber,

in pence per ki.

July .....

Augus

7 September

July/September

October/December

January/MaroN........

United Prem,

COLOMBO MARKET

Colombo, June 17,,

The sheet rubber market was virtually at a standstill owing to tho refusal of Western buyers to take Ceylonese rubber

"BLITAR"

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

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

ARRIVALS FROM U.S.A.

M.S. "JEPPESEN MAERSK”

M.S. "HULDA MAEŃSK" M.S.

TREIN: MAERSK"

June 19 July July 16

June 20 July 18

Aug.

B

For Freight and Further Particulars please apply to:-

ACENTS:

JEBSEN & CO.

Pedder Buliding.

THE

· "POST"

TYPHOON

MAP

Tel: Nos, 86066-9.

BUSINESS REGULATION

ORDINANCE

1952

Incorporating amend. Coples of the prescribed ments to the Local Forms 1(a). 1(b) and. 1 {c}} and Non-Local Storm Bignal Godovi

Mounted $5.00. Unmounted $4.00.

Obtainable from

ni prices 50 Ceylodeso cents [SOUTH CHINA MORNING POST- abova

tho London price... Untied Press.

HONGKONG and KOWLOON

Now On Sale at

S..C. M. Post, Ltd. Hongkong and Kowicon

TEN CENTS EACH ·

Pacific Fur Cart Line, Inc.

DIRECT

Fast Regular Trans-Pacific Servico

It says widespread unemploy- merit is expected and demands the establishment of employment

London, June 17. The tin market was completely cmployment and an unemploy onslaughts under the dogged idle with no business done in defence of the present Finance, either spot or three months, but Prices closed The rubber price has slumped Minister, Mr Hayato Ikeda, and it was also easier. from S$2.39 per pound in Febru- | the Goy

Governor

of the Bank of at the end of the official morning. BAN FRANCISCO, LOS ANGELES ary 1951 to around 80 (Siraits) Japan, Mr Hianto Ichimada, who session as follows:-

pound today. states are reported to be putting flation and must lead to collapse Rubber declare that retreat means in-

staffs and trimming costs---Amo-1 of the solid foundation which has

of the elsted. Press.

estabilshed under at last been Japan's resurgent but precarious, "In particular, Mr Ichimada

ocrits

Exchange Rates economy,

Businem was done in the local

market unoficial exchange morning at the following rates

UB dollar (per, #1).

this

Bpot tin, buyers.

Spot tim, sellers

Business - dorso) at Three-months tin, Iniyer "Three-months sin,,sellors Business dora: at

2) Bakioment,

TRA-OVERLAND.

NEW YORK-CHICAGO-DETROIT TORONTO MONTURAL" AND ALL, AMERICAN ♣ CANADIAN CITIES

Regular Servico difost or with transblument.

Quam," Marinaa Kalands, Micronesian 'Islands -

Weat

From

Arriers

070

“WILLIAM LUCKENBACHT

United Free,

Now, York, June 17. claims that the current alump resulted from an International • Copra wan qudied today at supply and demand altuation, a145 per short ton, nominal.. 10.91 which cannot be cured by an Coccarat oll was quoted at: 20 July easy release of funds alone, conta a pound naked,

"He predicted, as do all of the shipment was sold at 1⁄4 centa Dodge Line defenders, that (a pound,United Prem,

*T#

July

September November

pot

4.18

8234 Jubr 601 November

Contract No. d

Biterling note (pdr £1)

0.12

•

Indonesia Huilders (9,100)

*5.14

0,10

bid

siam sicală" (par 100)

31.00

0.03

United Pro,

-Untied Proc.

(8 of 1984)..

(4150, of 1934) 1311 September

Bingapore (Straits)

FAC-plastres2 (per 100)

June.

Batis

San Francisco & Los Angelma

via Kotra de Nagoya

For full particulars" call United States Lines Co., Cloneral Agonio, Queen's Building, Tel: 25190,