1952-07-07 — Page 1

MESSAGERIES THE MARITIMES NOT TYET OUT OF WOOD R. Interoclay Lines

MM Long-Term Prospects Of Sterling Area

"MEKONG" "GRENOBLE”

Bertring = Esaving ・ ・ Outward - Bor

**July 15 July : #1

Japan

"LA MARSEILLAIŊE” „July 12 +BIR HAKEIM” .......................July 30 +"MEKONG"

Europe

Homeward - For

Marseilles via Nalgon

July 11 July 31 Aug, 10

N. Africa Europe

N. Africa @ Kuroge

For Passenger and Freight. + freight for Baigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havro, Dunkirk, Antwerp, Rotterdam & all Mediterranean porto via Maraeilles and West Africh by Transhipment. Madagascar by transhipment in Saigon or Djibouti.

Bubject To Change Withquí Notion.

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (gr. floor) Tol. 26651 (8 lines).

EVERETT

LINES

EVERETT ORIENT LINE

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

"BRADEVERETT"

Arrivés July 9 from Singapore. Salls July 10 for Japan.

"LENEVERETT”

Arrives July 24 from Manila. Saila.

July 25 for Singapore, Penang, Calcutta. Rangoon &

EVERETT STAR LINE

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

FIRST CLASS PASSENGEÌ 'ÁCCOMMODATION

M.S. "NORDSTJERNAN”

Loading July 24

Sailing July 25 for Kobe & Yokohama.

EVERETT STEAMship CorporaTION S/A Queen's Building, Telephone 31206. Chinese Department: Telephono 28293.

HONGKONG

SHARE MARKET

From Our Correspondent)' Interest on the Stock Ex- change This morning centred ruainly on utilities. Turnover was $228,147.80. Noon quota- tions and the morning's "tran- sactions-

SHARES DUTERS BELLERS BALES

BANKS

HK Bank INSURANCES**

Canton

Union

Underwriters SHIPPING

Abfa Nav. DOCKS, ETC.

K. What

1383

552370

20 735 057371

811

1.07336

"D

N. P. Wharf 5.00

Dock........ 27.10 2716

Provident 20.30

Wheelock... 4114

Homekewi

LAND, ETC.

HK Hotel...

HK Land

Stel Land

400 1,00

Cotton Traders On

Sidelines

New York, July 5. Cotton futures moved within an extremely narrow range in quiet pre-holiday trading. At the close, the market ruled points higher to 15 points lower.

Eatly in the week, the market staged a mik rally on news from Washington that the House of Representatives had passed "bill designed to continue lovel through 1935 the high price support on the six basie farm commodities-cotton, com wheat, peanuts, tobacco and rice,

Many traders proferred the sidelines during the week. Traders felt

tho Bull ituation will continue until after July 8, when the Govern- ment acreage report is due.

The current stevi strike also Tola rostriant

futuros

813 0.49 1000 0.30 played an

toward trading

40

1.43

Humphreys 10.00

UTILITES

Tram

....... 17.00 17.00 300

Star Ferry

2000

800

C. Ligt (0) BIS B.00 1100

C. Light (0), 0.33 0.05 Mectric

21,00

Tophamo 17.00

INDUSTRIALS

Coment

Rove

STILES, EIL..

Dairy

CONIONS

Zwo

10.40

17.30

Ido

000

that

On the export front, exporters are not too optimis!le over the 17.60 next year because of financial 17.70 difficulties overseas and pros 17.00pects of lens US, foreign aid. A holiday atmosphere pre- valled in the textile markets.

Although activity was Umited, prices la most cases ruled firm. Many establishments closed their 17.70 doors, on

Thirde

at noon, prior to

to the holiday

Late in the week, dealers re- 17.30 ported moderate selling of print 17.40 cloths for delivery in the first

quarter of 1065.

Exchange Rates

Business was done in the focal unomiel EXCÉRISÉS.. market this morning at the following rates-data Vak, dollar (per (2) SkipTI Bibriing mola (por. £1) NA 1980

dndonesia mildum (por 100),.

GENTI KINAM, par 200) ver

Bingapore (Miraita)

Tic pissites (per 100)

01923

$1,00

181 11.00

Popular, 80-iquare print cloth

Japan's Best Customer

of

Tokyo, July 0. Indonesia topped the list

countries Importing cotton textiles from Japan for the month of June with purchases totalling US$3,- $10,000.

The Ministry of Interna. tional Trade and Industry wald that although exports to Indonesia last mouth regts- tered a rise of U9$101,000 over the figures for May, toxHIO exports to other areas generally showed a dowaward trend-France- Prosse.

Wages Of Workers In Malaya

WARNING OF A

REDUCTION

Kuala Lumpur, July 6, Some 300,000 Malayan rubber workers have been told they may get a cut in their earnings as a result of the fall in the price of the commodity.

The Malayan Planting Indus- tries Employers Association an- nounced it is informing ou estate managers to notify their workers of a possible reduc- tion in their earnings.

This cut would come in extra carnings, not in the basic wage. After five weeks of negotia- tions the MPIEA and the Pan- Malayan Rubber Workers Union announced Jointly that they had falled to reach agreement on a lower wage for rubber workers.

The MPLEA held this was necessary since rubber had shown signs of stabilising below 6$1.

pound for the second half this year. The PMHWU fought this re- duction on grounds the evskaf living had not come down.

of

Misleading Figures On Gold

And Dollar Reserves

1

(FROM OUR OWN CORRESPONDENT)

Lanalan, July 6

After the tremendous gold Ipases of the previous two quarters the news that the Sterling Area lost only $15 million worth of gold in the June quartor made pleasant reading.

!

On closer examination, however, the gold and dollar position of the Sterling Area is seen to be less reassuring than this bare announcement seems to indicate.

The drop of $16 million in the gold and dollar réservés Comparei with a loss of $934 million in the last quarter of 1951 and $635

35 million in the first quarter of this year.

The Sterling Area has thus must be settled entirely in gold, reversed the alarming fight | now Includes Western Europe) which began and to elher non-Sterling coum- from the Pound towattis the end of last year tries to a much higher level than or at least succeeded in sloping we have yet achieved

it down to a tolerable rate.

Thanks for this are largely

With this in mind the Chan- cellor stressed the following two

duo to Mr R.A. Butler's Bud-points:

get which reintroduced a degres 1. That we have gained a monetary discipline into the respito "but the tack before us Is

long and hard" and, British economy.

of

2. That "we must put the balance of payments Orst in all our considerations and that we shall continue to take whatever

But, though the relative stability of the gold and dollar reserves during the second quarter offord welcome re lief, the temporary and boo- further measures prove necessary recurring factors which son to maintain confidence in Sterling tributed to it should not be and to balance our payments.” forgotten.

STILL HOPING

Japan's Trade Problems

TURNING TO THE STERLING AREA?

London, July 6. the Sterling Area depend less Chancellor has in minti is a sub-newspaper, The Observer,

The long-term prospects of

What "auther measures" the The independent · Sunday

more

on the accidents of circum-

Jest Low: speculation. stance-like the arrival of

The import cuts already an-today wrote that Japan ald of American large slice

sales of nounced have not proved ca de would have to turn and seasonal heavy Sterling commodities-than on

cisive

propio as some

had and more to Sterling Its ability to increase its ex- hoped and further cuts would sources for food and raw only ztlich resistance to

materiala, ports to the non-dollar world.

Imports. Unfortunately there is little Bridah Uni

is still apparently the hope Area Finance of the Sterling

in the figures which Mr Butler

Studying Japan's trdo prob-

announced last week to indicate | Ministers that the gold drain ems, The Observer added: that we have reached a position will be halted by the measures of safety so far as our exports propose

and therefore our gold re.

serves are concerned.

|

Tio Observer explained, With national sovereignty and dependento regained, Jupan faces the problem of coming to

rips with economic reality.

"TUPÖNDOR". STIITJALENGKA”

JADZINO

-Dinharia, 20 Tilreban,

Burabala & Mačakar Japan (via Manlia) Manila,

*HUYE

#TJPANAS" "EJLUWAB"

July July

July is

July 2

"THIWANGI"

ABE.

"BOIBBEY AIN"

Abg

"KARTWAT

and

“TUTJÄLENŐKA”

Aur. Aug. 12.

PTÍMADAN *JIHODAK STILUWAH", IVAN DEURSIÓ "STHAAT

MAKASSAR” “TJWANGI"

“DÖIŠBEVAIN* · ¿ÝJILUWAIT

Aug. 11

Aug. Ki

Bept.

·Heinarang,"

Singapore, Mauritius

BRASSICA RB. America Eingapore, M. * §. Africa

DJANEZIA,

Kurskaja' & Blacassar

Semarang,

DJARSTA, Tirebon, Bemarang,

Soranzia di Macassar

singavary,- Diskarta,

„Kurabala &" Macassar 31DAN

Bemarang

Bingapore, Penang- & 'Bisiawan Dati Manila, Singapore, Mauriuar,

8. Africa & §. Amarica

JAPID

Djakarta, Firebon, + Bemarang,

Kürsögin á Mácalar: athgapore, DJakarta,

surabala & hisenssir

singaböré, Pegang & Dalṣwan Dell

Japan

BIBENDere Diskarte,

Surabaja & Alneatkar Djakarta, Tjirebon,

Sprabria & Macassar

Singapore,

Semarang,

Mauritius,

8. Africa & 8. America singapore, Djakarta.

Mirabila di fincassar

Djakarta,

Elraban,

"Kurabala &"Macassar abgapore Djakarta,

Burabala & Macassar

Bingapore,

Manila,

Bemarang,

Bemargar,

Bemaring,

'Mauritius,

Africa à 8. America

From..

"TIWANGI"

Sopt, 18

døpt. Es

Oct,

"STRAAT

Oct.

MAKASSAR”

ARRIVALS

"TJPONDOR"

TJTJALENGKA": July

Japan #L

Mausiiina & Stugapore

"LETE":

July

Japan

"THIANA!"

July

“TJILUWAIP*

July

"TJIWANGI

Joly

*

America,

E.4 8. Africa,

*Macassar, Burabata,

Djakarta & Singapore

Semarang,

Djakarta, Bemarang, Sorabala. A

MACESSAR

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT: SAILINGS

M.S. "ÕLGA MAERSK”

July 16

M.S.

M.S.

"JEPPESEN MAERSK” "HULDA MAERSK" :

July 80

Aug. 18

ARRIVALS FROM' U.S.A.

M.S. "HULDA MAERSK”

July 17

M.S. TREIN MAERSK” MS. "PETER MAERSK”

Aug. 5

Aug. 9

"Otherwise, if her needs cul- proposed at their January meet not be met within the Sterling Ing-namely, an ex

an expansion Di Area, she must return to full exports and restriction of im-dependence upon America or be AFFECT OF US. AID

further consultation drawn politienily and econo- ports but will be needed after this is milly towards the Chinese The loss of gold would have achieved

plans Cominumist mainland.” to scryts to a | been much greater had it not for building tsp the boen for the fact that during safe level, the quarter wo Toceived two-

Finance Ministers, who The thirds of the American, ald will meet in Mexico for the allotted to us for the full year annual meetings of the World 1051/52.

Bank

and International Monetary The

"Sinco · 1045, the American position, moreover, Fund In September, are therefore deteriorated towards the end of expepted id confer again là Lon- Occupation has encouCLEA the quarter. In April and May don before the end of the year. Japen to poud freely in lio wa· received $100 million of

Dollar Arta”, TN YOU "food for American aid, which reduced a STOCK EXCHANGE

her growing population ant for deficit of $128 million to lose Though the reduction in the raw materials for her rapidly of only $22 million.

Kola lose did not make any great recovering Industry, In June, however, after

to Impression on the Stock Ex-Now Japan has to dara her ceiving a further $98 million in change it did lead to a slight | own living. defence ald, our gold reserves

"Her Improvement in the tone of

pre-war trade centred gained only $1 million, which most markets.

on the Chisa mainland. Bangkok, July 6.

means that without the old wo

for Gill-edged were generally up Northern Asia accounted Over 500 rubber plantation would have incurred a deficit of

more than half her foreign trade on the wook. workers were

both Industriels were today reported $80 million in one month alone.

a. patchy and provided her with to be

On the other hand, however, markel bir improved towards markets and raw materials. on striko at Nakorn

"Since the war, $40 million which were due to the end of the week, closing!

Japon has Rithamarat in South Thailand,

under the Katz-Galiskell

found The strikers

South Pedder Building. were protesting us

new markels in yery firm. which safeguardi against a cut in wages and agreement

Highlight of a werk of in- east Asia and a new source of tame

dismissals, the France- this country against the loss of Presso

gold to the European Payments created activity the be cotton and other raw materials Union, as a result of its by haviour of the foreign bord in the United States, member upon their "existing went ahead on hopes of an Ing on

market, where

This has been done by draw- Gotih Jesus

American credit and Sterling resources, was hót, in

Hebt soliment Japanese piling up large unspent Sterling paid because no find were care expecially thòng: con- balance.

"But this articciol balance

The wage dispute seems to be headed for further arbitration or settlement by an indusitial court,

-Associated Press.

SIAMESE STRIKE

SINGAPORE MARKET -

Singapore, July 5. -Prices of rubber-futures closed today as follows:- Number 1 rubber, per 1b.

Augus!

September October.

8734-38 8722-08

Number rubber, August 6314-041% Number 3 rubber, August m Number rubber, August 745-763% Spot rubber, unbaled 075-80

Danket, drepa

No. 1 Bole crepa ***** 110-118 -United Press.

Wall Street

Levels Best

avaldable to the United States Mubial Security Agmcy.

This sum should therefore be received during the third and present quarter, though it will be the last we receive under the agreement.

THE PROSPECTS What, then, are the long-term prospects for the Sterling Area's gold and dollar reserves? ·

So far as our raw material exports our best dollar earners are not are concemed they too bright.

Other facts were operating in the second quarter (apart from receipt of American aid) which

+.

In 22 Years unfortunately cannot be expoel-

4

New York, July 6.

The stock market last week stretched an advance to the highest point in more than 22 years, but it could not hold to the peak.

of

ed to benefit the reserves to the same

ume extent

during the next three months.

Sales of wool, bacon and certain other Sterling commodi- ties were particularly heavy, in

taining a dollar clause were assisted by the rise in Germans of trade mot be continued but interest began to fing on for long," The Observer point- Friday on reports of heavy ed out, France-Presse.

in Japan. floods

The commodity mērkots · also Welcome advances showed

Olis forged ahead with Shells leading the way.

Coppers made carly gains but slipped back at the end of the week.

Kefire Improved at mid-week but became unsettled later by the South African political situa- tion.

GERMAN BONDS

PI's Record Exports

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Tel. Nos. 86066-9.

M.V. "LA MARSEILLAISE'

Will sail for MARSEILLES

MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ & PORT-SAID

on

Saturday, July 12th, 1952 at 10 p.m.

Passengers are requested to board the vessel with their cabin baggage on the 12th July between 5 p.m. and 0 p.m.

Washington, July 6. Copra and coconut oil porta from the Philippines and other Far Eastern broducing press reached a record in 1951, Agriculture Department statis- ties disclosed today.

The Dapartment ferdign agriculture report than 1,000,000 ported that year as compared with

ie than 1,000,000 in 1950. It soice that the Philippine Regarding the gold clause of thre Young Loan It was total.

Sotal exports ar

London, July 6. German bonds dominated the Stock Exchange this week on rumours filtering through to the public that the debt negotiations were going better.

suld tons were ex

Baggage Room and Hold Baggage will be registered, at Kowloon Godown No. 50 (No. 2 Gate Canton Road Entrance) on the 11th July between 7 p.m. and 5 p.m. and

the last quarter. Earnings from yumoured that the Germans had some 133,800 fone pater on the 12th July from 9 a.m, to NOON.only.

170

year

than the

No baggage will be registered after this time,

The Associated Press average these sources,.. however, Are

60 stocks on Tuesday hit seasonally

the third greed to write up the value to combined total from Indonesia, low in

per £100 of the original. Ceylon and Malaya. It rauld the $107.50, the fifth straight ad-quarter.

This is 40 per cent below the Modni shipments from., cach of vance and the fth straight new

prices of many Sterling high for 1952.

raw materiala (with the notable faune of 195 which the actual the four areas have Exepeded COMPAGNIE DES MESSAGERIES

post-was of cocoa) are now fulfilment of the gold clause those of any other. Not since June 10, 1930, has exception

would give."

and oxports from the the Associated Presa averago well below their post-Korean

Tokyo Electric 0 per cents and Philippines and Ceylon have been so high. On that date 22 peaks and some of them are 1930's both rose £1 to £145 exceded even the pre-war years ago the stock market was almost down to their pre-Korcon and £184, respectively, while average.

-United Press falling. It had crashed with a Jovel,

1907'% roso 24 to £120. and resounding roar la 1920;

American commodity prices others were up from €1⁄2 to then early in 1980 it started on the other hand, have £3-United Press. the

in recovery that reached a peak

remained comparatively stable, May. Thereafter the

stock market plunged. down, halted by momentary EcoGo intr

smacked bottom in 1932.

it

Last Tuesday represented the third time in less than a year

[ STILL⭑DOWNWARD

Conditions prevailing after the Grain Prices

outbreak of the

Korean war,

when the Sterling Area benefited greatly from the very high prices

that the stock market has tried was peld for its raw materials

to push through the current and tho może moderate pricks of

level

the dollar area, have therefore been

at prices in a decisive its raw material imports from manner.

the Bulls were hoping that market would take a dramatic Indeed, advance

reporting to';

world doubt about its Intentions.fasue of the London and Cam

that would leave no commodily survey in the current Quality of the leadership on bridge Remomia, Servico, the the rise was good, and when decline in Sterling commodity the market turned down on

prices hum reached The of

*

the Sterling Aron's come

was sold at 20 cents a yard. | Wodnemeny there was no surgite | Verity storing of: fredi'), 'krs /

Most firms however, were hold-

ing out for 20% ente

Sheetings, 40-inch 48/40, changed hands at 21% centa in

August deliveries.

in Wall Streek Most soling harge, could be traced to m

ront-taking Albo; the market probably now more unfavourable got a Inte bit from buying by The trend of the gold beserves

#1n 1990,-**** ** a fair vardugo for July an

and those who, felt that the decline

find been over-dona a bit. Thurs therefore still unmistakablp: day, the final trading day of the downward and will: templiz 20 week, was a quiet affair with until we can increase ur exports nothing, of has sweeping sisture is the dollar world (which, since developing, and there also was a any further deficit we incur with Union Jate ipfummodated Prom the European Payments

Drills and twills prices were ranging from around 23 conta for the former to as iniich a2 07 conta for 4 some types of the Batter United Press,

In Chicago

Chicago, July. 5. Prices of grain futures closet today as follows

Spot July Beptembe

Wheatprice per bushel

9.233% nominal

March

· Dorn

Spot

RYD

Fr

THREE

MARITIMES

Queen's Building,

SILENT

Tel: 26661.·

SALESMEN

***