1952-07-16 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, JULY 16, 1952.

MESSAGERIES MARITIMES NO REASON TO REJOICE

MOM

"MEKONG”

"GRENOBLE”

Arriving Leaving

Outward For

Earope

Homeward Yor

...Zaly 10 July to

Japan

Aug. 20

22

July 13

*

Aug. 10

Aug. 18

"DIR HAKKIM”.........July *"MEKONG"

M. Adrien à Europe N. Aliten & Kurope Marsellies via Manila

*"*FELIX ROUBBEL"...Aug. 15

For passenger and freight. Freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & alt Mediterrandan porte via Marseilles and West Africa by Transhipment. Madagascar by transhipment in Saigon or Djibouti..

Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES P.O. Box 53, 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, Siam, Malaya, Burma and East Coast Indian Ports.

"LENEVERETT"

Arrives Sails

July 26 from Manila, July 27 for Singapore,

"REBEVERETT"

Port Swettenham, Penang, Rangoon & Calcutta.

Arrives Aug. 5 from Singapore. Saile Aug. 6 for Japan.

(Accepting cargo for transhipment Robe/Pusan)

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 Ports.

FIRST CLASS PASSENGER ACCOMMODATION

M.S. "NORDSTJERNAN"

for Kobe, Osaka,

Loading July 21

Sails July 22

Shimizu Nagoya,

Yokohama.

(Accepting cargo for transhipment Kobe/Pusan)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinose Departments Telephone 28293.

SCHACHT

SAID

&

Private Enterprise

IN DEMAND To Develop

Cairo, July 16.

Hitler's financial expert, Dr Hjalmar Schacht, was reported to be in considerable domand to- day in at least two hard-up countries of the Middle East,

The independent Cairo news paper Al Akhbar said the one- time wizard of the German Nazi economic machine Will be invited to, try his skill on Egypt's sagging financial position,

Uranium

London.

Private enterprise in the guise. of two of the best-known mining companies in Australia is to be given the job of pushing ahead with Austraila's great uranium And in the Northern Territory.

have These two companies

the made their inspection of uranium folds and are prepared The Teherun newspaper to push on with the job as soon Etelaat reported last night that as the equipment is available. Dr Schacht has accepted an in. The mining companies will do vitation from the Premier, the job on a cost-plus basis. Mohammed Mossadegh, to, help

Mr The Prime Minister, solve near-bankrupt

Menzies, tied up the strings of economic difficulties.

the contract with the combined Brish-American Atomic Energy Organisation on his way home through America recently,

Iran's

There was no official confitina- tion of either report,

Sterling Area Gold And Dollar Reserves

Salvage Job In, Taiwan

Tulpel, July 15. Bix ́ships sunk-in. Anping harbour will be salynged by the New China Balveg Ing Corporation, and three other ships in Troying Harbour will also be re- covered for scrap.

Work has already start. ed, and it is expected that the task in Anping will fake

year. France- Fresse.

#

Malaya Wages Dispute

An Increase In Production

The Only Solution

London,

1

On the long-term view, the position of the gold and dollar reserves of the Sterling Area, as announced by Mr R. A. Butler, Chancellor of the Exchequer, in the House of Commons, does not inspire much confidence in the external trade of the United Kingdom or of the Sterling Area as a whole.

True, the drain observed in the earlier months of this year has been halted, mainly with American dollar aid, with a like amount of such aid due to help stabilise the third quarter's position, but without that aid the grounds for that lack of confidence would have been much more visible. On the same day, Mr Butler had been addressing the National Union of Manu- facturers, in, London, when he stressed the necessity of maintaining wage restraint at home and the necessity of more dollar earnings abroad.

As if to add to Mr Butler's consideration today claims for was two of gloth, of no standard worries, the Canadian dollar that increased wages from 8,000,000 alxo nor of specided nature. day rose to $2.70 for the £1, a workers involving a total in-Yaths are considered essential matter of satisfaction to the crease of £320 million a year. raw material for the wool textile

Pakistan Singapore, July 15.

Canadian importers purchasing

IB

going to follow Industry; therefore, no import but no A11511

Australia and others whose basic bermits are now being given for A labour crists to threaten in the Sterling Area,

for complacency nor products have fallen in price cloth in spite of the requirements of the in-of the protocol to the Anglo- ing the Malayan rubber matter

whilst the products equanimity for Mr Butler.

The simple industry following the im-

fact is that the dustrialised countries 80

wheroby agreement, of wage cuts on British position

exporter gets his re-rising in value in terms

Jute is to for the Importation of British estate labour by the Malayan quisite pounds for his fewer creased wages?

number of dollars, But Mr Butler Pakistan what wool or wheat or textiles

and other so-called to Planting Industry Employ-sets that fewer number of dollars meat

Australia. The "non-essential" goods, Liver- ers' Association.

with which to effect his pur- Korean war sent its price spiral-pool Journal of Commerce, chases in

Pakistan seized the dollar markots, ling upwards, unless our volume of exports can

the opportunity of "cashing by about 12 be expanded

per cent to realise the acquisition of the same volume of currency earned at the time when Canada set her dollar free, when it was $3.08 for £1.

Rubber producers recently decided to slash wages by 30 cents (Straits) per, worker per day when negotiations between representatives of the Association and the Pan-Malayan Rubber Workers' Union to set up a new compromise wage scale broke down in the Federal capital of Kuala Lumpur.

When

negotiatora, who met in view of the present low world markot rates for rubber, failed to agree on a new reduced wage scale, the MPIEA decided to issue instructions to estate managers to procced with wage cuts.

The

on

of inentine to to make provision

on this rise by instituting an ex- port tax, The fall in demand for jute and, consequently, in price have compelled Pakistan 10 effect a a 25 per cent cut in the price and a 50 per cent cut in the export duties, cuts which will seriously affect her budget formalities and her terms trade.

of

HONGKONG SHARE

MARKET

HK Bank

isas 1403 East Asta... 143 INSURANCES

Unka 239 Unscrwelle 20

AUSTRALIAN ECONOMY Another Commonwealth country, Australia, is also adding lo Mr Butler's problems. The fall in Australia's

The fortnightly review of the export income

(From Our Correspondent) during the year ended June 30 Bank of London and South 1109 involved losa of about America can usually be relied Business on the Stock Ex- £330 million. More than this, upon to offer much of interest as change this morning emounted there has

to how trade and Anance of the to $324,023.30. Noon quotations been # severaly adverse movement in the terms

South American Republics and the morning's transactions:- However, the negotiations were

of trade, due not only to the fall operate and are controlled. The unofficially resumed

the at

end-June review embodies a

**** SHARES Duvens selLERS HALES' insistence of the Commissioner in export prices, but also to the

rise in Import prices.

report for 1081 of the Instituto BANKS for Labour, Mr J. N. Biddulph,

"So

hus great

been this Argentino de Promocion del submitted a compromise who

Intercambio (I. A. P. Í.),. an wage proposal to the union and change," states the June monthly

conducting summary of the National Bank autonomous agency employers.

Stoppages of work occurred of Australasia, "that, compared and controlling much of the

many Federation rubber with last financial year (that business of that country.

MEAT SHIPMENTS. reports indicated ended June 30, 1951), it now re

? The TA.F.I, quantity

discloser that that others would follow sult.quires nearly twice the

of Australian

tralian exports to secure a owing to drought last year It UNION STAND

given quantity of imports. The purchased only 446,000 tons of change in the ration of export to meat, hides and tallow against According to union circles,

will import prices has been such that 503,000 tons in 1950. "In view the reduction in wages rubber the current year's exports at of this," comments the review, their estimated level will buy

"It should be recognised that workers in Malayan estates some £520 million less of goods Argentina's effort in shipping to a tola

total sum of SS$7,640,000 In

from. abroad than if the the United Kingdom nearly all three months. Such a loss, favourable trade terms of last the 200,000 tons of ment pro- they said, was not likely to be

financial year had been main| mise

mised under the last

additional by labour..

protocol to the Anglo-Argentine

On estates and

deprive 300,000

pree

cepted the price of Malayan

toere is no point, therefore,

in

agreement is all the more praise- rubber reached its peak in the

Mr Butler, or any of his worthy." I. A. P. I. handles the Korean

about 70 per cant of the country's months following war, a Government arbitration colleagues, pressing Australia" to board decided on a "prosperity sell to us, at lower prices, her export trade; its Import busipcas wheat, agricultural and dairy largely confined to bulk pur- produce, her

from

65,700 tons of jule, 5,000. tons of current

award" for wages. -- -- ---- --

According

d

In an incresEC

to

Wo

75 cents, respec-

to

BASIC PRICES

the

is

(a) Tive cargo

pur-

SPING

Ašia Nav.. 1.65 DOCKS, ETC.

K. Whert...

... 45% 42%

N. P. Wharf 6.35 Dock... 17.00 18 39 Provident

11.00 Whoolock LAND, ETC. Ik Hotel HK Land S'hat Land Humphrey Realty UTILITIES

Tram

619 0.29

1+

CEAN

SAILINGÈS

"TIILUWAD"

July

"YAN HEUTEZ"

July

“TJIKAMFEK"

Joly

Aug.

E

Aus.

ARE

*TJIWANOT* "NOTÉBÉVAIN". **TJIZJALENGES "STRAAT BANKĄ". ADI.

OTINERIANES -

TJ BODAS"

“HVAST REUISIT -

"STRAAT

MAKASSANUS ***IWANOF

"TIFPONDOK".

"STRAAT

MAKASSAR" "TJIBODAS"

*TSILUWAFI”

Aug.

Aup.

Aug. 10

ARK. 21

SEDL.

Dept.

Aept. 7

Ropt..

F

Sept. 14

Sept. 25

Bingapore, Djakarta, Semarang,

Nurabala & Machtiar

Japan

Diakatia, Turebon, ~Bomaranci

Marabala » Macessar

Athgapore, Djakarin, Semarang

Kurabula de Matassár Japan (via MANIA) -

Singapore, Rigurlíns, B.. Ašílen a

■■. American

Singapore, Penang. · · Belastan ́ Dell, * Alombara, Tanga, Zanzibar, Dar-

3x-8ainam, America

Japan

DJakarta, Titrebon, ・ › Semarang,

Strakala d'Macassar

Singapore, Djakarta, Semarang,

Buradala & Micartar ·

Singapore, Pedang à Belawan Doll

Japan

Big pote Djakaria,

Sunbathe "Madaming'

Samarany,

Djakarta, Tjirebon, Semarang.

Surabala & Macass25

Manila,

Singapore, Mauritius,

da 8. "Africa & 8. Americh

Bingapore, Djakarta, Settarang,

Kurabala & Macassar

Djakaria, Tjirabon, BIMAZANE,

-- Bursbala & Macassar Japan

Bingapore, Bjakarte, Sematan

Bürabala & Macassar Manis, Singapore, Afauritiu

8. Africa & U. Amèrica Djakariz, Tjirebon, Homarang

Stendala & Macassar

“DONISEVAIN” "TJILUWAH "TJIKAMPEK"

TEGELDENG" *TJIWANGP'

Oct. 1

Oct. 2

Oet. •

pl 12

Oct. 10

ARRIVAL S

.to

Fort

July

"VAN HIEUTSZ"

July July July

**JILUWAM

"JIWANGI"

"ТПКАМРЕК" "DOLESEVA"

N NAR

Singapore. Djakarin, Semarang,

Búrabala & Nacassar

From

Macassar, Surabale, Semarang,

Dfakazia & Singapore

Djakaria, Bemarang,

Burabala

Macassar

1. Africa, Mauritius & Bingapore Japan

B.

MAERSK

。

America, 8. Attica, Mauritius, Singapore & Mania

LINE

FAST FORTNIGHT LY SERVICE TO:

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

NEXT SAILINGS

30 1400

M.S. "OLGA MAERSK”

1000 8.10

M.S. M.S.

"JEPPESEN MAERSK"

"HULDA MAERSK"

M.S.

"HULDA MAERSK”

M.S. "TREIN MAERSK”

M.S. "PETER MAERSK"

1114 ปี 2.13

1000 @ 2,20

10.00 10.00 3900

10.00

100

Peak Tra

Peak Trave

[0]

(N) Star Ferry

19 00 10.00 1000 @ 13.90

20

EX

4.03

330 @ 10.30

1500 0.0

C. Light (0), 8.30 8.85 5000 # 8.09 3000 0.00 <. Zient in) 5.80 84% 2000 # 4.10 this award ismo; a reduction".muiton and chases of raw materials such as |

Zectric 22.10 22.5D Macao Elos. 10 known as the Taylor Arbitra- prices charged would mean just lend, 8,000 tons of iron shoots,

more than £520 million less ex tons of cement.

6,000 tons of copper and 559,000

Telephone ... 17 17.70 600 KỲ ITS tion Award of 1951, the pros

Australia from

INDUSTRIALS

Dement, 10.60 16,70 1000 @ 10.40 perity rate would rise or fail, porta

It was also required to finance

2000 10,00 depending on the movement of United Kingdom and from else

where,

whether measured in the importation of railway STORES, ETC, market prices 9991.50 for can

textiles ΟΣ motor - cars or equipment,

Dairy cargo passenger

38.30- 121 ₺ 14.30- Watson .... 24.20 24.60 200 24,30 tract tappers and SS$1.05 for

and machinery, a prospect that had vessels

tankers for the check-roll tuppers and field

700 24.40 Ministry of Transport and the

Crawford 22.00 workers daily when the price better not be contemplated.

State Oil Fields. This included:

(2) B.40 of rubber was over $5$2.00; Again, it must be stressed, the

MISCELLANEOUS

Entertala tankers LT the price fell to basle prices of raw materials, of vessels and four

ment chased in the United Kingdom; Tangla between BS$2.00 and SS$1.00 agricultural and dairy produce

of Australia and other countries (b) Three .cargo - passenger to 90 cents and und

who produce such commodities vessels and

three Lankets in when the price was between

must not be depressed beyond Holland; (c) 20 diesel trains in SS$1.50 and SS$1.00.

must be Hungary; (d) 18 locomotives in They For the past three months, the existing levels.

allowed to

buy from the Indus-

Indus- Czechoslovakia; and price of rubber has averaged trialised countries lest these locomotives in the United States. Jess than SS$1.00 and the em-

countries all will have At the end of the year

I.A.P.I. ployers contend that a downward latter adjustment of the prosperity mass unemployment far beyond was awed 8,734 million pesos by

Chicago, July 15. factor is justified now that many present levels. The remedy, it other Argentino Government de

Such nutononious Prices of grain futures closed estates in Malaya are only just would scam, can be only more i partments. able to cover the production productivity per man/hour/week, agencies do much domestic work today as follows

volume of in social insurance schemes, and Wheat-price por hushel the present market ensuring a greater costs at

goods for current wages.

in investment and development prices.

This view coincides with what

"Their other Mr Butler said to the National

states a supplement firiance in Latin

45 cents

and made at a

*

Yet

on

(c)

110

Grain Prices

In Chicago

3.10-2.2214

31.1916-2.90

2.831-2.34

2.376-12 2.403-

2,40

1,80 mornisal

apot July.... September December March

May

Corn Spot July September December Marcit May Iye July

1.7872-1.70 1.7036-16

.7331

3.75

·3.0811

September

Dals

July Septembar dari 1015-15 New York fourper 200 lb. Back.

1250 nominal-United Fress

DECISION CONDEMNED

public Mr P. P. Narayanart President Union of Manufacturers, namely, of PMRWU and Chairman of "Let us set about earning abroad America, issued by the bank, the Negotiating Committee, con more than we pay abroad, get "which are not fully reflected in demned the MPIEA decision as

and budget accounts, include price more gold into the

the kitty, against all trade union print have a good surplus. Rather for and production subsidies.". They and said it was, therefore, likely any product we must think first seem to conspire, to via with one to prejudice employer-employee where can it be sold abroad? another; in the

Imposition of relations in the rubber industry. Cati it be cold in some non- taxes.

He pointed out the decision Sterling country, best of all in

CUSTOMS DUTIES was arbitrary

the dollar market."

In the past,

Customs duties negotiations were Chancellor left it opmi to the were based upon weight or unit time whom not yet finalised.

is British

manufacturere and ex-

Recently, to ex of the entries. He added, "The position

but the porters to find out for themselves acquire advantage of high prices, not at all optimistic union is. determined to do what whether the frustrated and other they have switched to an ad Dr Schacht recently opened a

can to avert a bad situation, expose Unter sold in Canada valorent basis, which has tended private bank in Hamburg, Ger-

and the States, or offered to increase the importance of the if there is goodwill on General Stevens, head of the

again to Australia, New Zealand Customs receipts. Another source -many,' Last Dummer he went to

aldes" Indonesia to counsel the Australian Supply Department

Mr Biddulph's

proposal was and other Sterling Area markets of revenue is the imposition.of Republic on financial problems, which controls the Rum Jungle

talke with Mr Which have already refused some form of taxation on ex- made in new -Associated Press,

uranium folds and the Woomere

the Secretary them.by mass import

ports. In Chile, Venezuela and Narayanan and

CLASSIC EXAMPLE

Porti, where mineral resources of the MPIEA, Mr H, G. D.

The tin market was frm but Mr Butler has again appealed have been developed by foreign quiet this morning with turnover is being studied by the union for wage restraint; a plen which, enterprise, such export taxation of only 20 tons, of which fiva Houghton, The mopoval, which Join and employers, will involve the in the present circumstances is has been instrumental in retala-tons were for cash. Prices closed workers in a low of 20 cents essential. At the same time, iting much of the wealth within at the end of the official morning

must be borne in mind that a the country. Tiri, in Bolivia, sextion as follows- (Straits) in wages per day,

country grows rich as the higher provides a very recent illustra France-PreSSO,

level

the tin industry is not wago tlong a higher stan-nationalised but its export la

STABILISING SILK PRICES

Tokyo, July 15.

range, and Dr Harold head of the National

ment Department, flew

from Bydney to America to

Mr Menzies in the talks which are bound to have a tremendous effect upon Australian and Bri- tish Commonwealth defence and economic positions,

The Japanese Government is expected to approve today

It is expected the fields wi calling prices of 252,000 yen (US$700) a bale of mw tilk for be great dollar earners.. export and 245,500 yen (US$882) | combined, British American for doincolic delivery.

agency which curried out ex-

The

priced worn Comtensive tests of the uranium to discuss the matter

Who shulled the proposals by financial and technical

A by the Vice-Ministers i fieds has told Mr Menzies it in

the Deliberative Council on of

atatiilising cocoon prices for

the project. The Aus-

a 240,000 yen per bhle price level tralian Government is most

dopier for 20/22

"Grade concerned that private enter- „A” silk to check the rising slik prize be well "represented “in

prices.--United Prem,

this venture,

Cotton. Futuras In New Orleans

·Spot.

New Orleans, July 18,

of the of wages

ined

Earriers creates

·

wages ensure compong | strictly controlled, and the prica"

of living," provided. higher wagea

ing productivity. The

States and Canada, are the

of foreign sales well padded

por export tax,

with

the Reverting to Argentina, in-

LONDON TIN

MARKET

London, July- 15.

apas in Buyer ...

spoj. Un, saltere

Jusipar done as ;,!)

Tiirde-menine tin, bivars ... Three-ionths tin, patter Jules dotis at

settlement ...

67211 gia

duuza mape United Press,

present-day classic examples of creased imports of yarns raised Exchange Rates orodica: accompanied

high

July October December Match (1953)

1. axpired at noon

30,41-33.00*

Miny July October December

34,35 DIA

M4.24 bid

Press,

.

by high the May, number of packages For auch reasons, allowed into the country to business was done in Alte, Indul the present glut of unsalpable" 10,945, compared, with 11,007-în unamoini tichéorod, market this, Exports

orts and the apparent in April and 10,480, in March, Immortor at the following rates

dollay Apar'51) 317dEGAN difference of the T.U.C. and iti ports of cloth, en the other hand, string gove (per, gil componont unions and members, reached a record low level, 40 mdanosta ruflderke bực, 100) 1950 make it the more appalling to packages. The United Kingdom's Similicals (per 100) realise that there are under | contribution to all these pachager |FIC plastros (per 100)...

Singapore (Stralia).

10.0

July 18

July 80

Aug. 16

In Fort Buoy A3

Aug.' G Aug. 11

ARRIVALS FROM `U.S.A.

For Freight and Further Particulars please apply to:--

AGENTS:

JEBSEN & CO.

Pedder Building.

Sterling Area Trade

By P.I.

Tel. Nos, 86066-9.

MALAYA'S

TRADE RECORD

years

Singapore, July 15. Monila, July 15. A plan to creato

Malaya a Sterling

had the highest. reserve for the Pilippines, to trade balance

among Colonial enable the Repubile to carry on territories during the trade with countries within the 1948-30, the Economic Informa- Sterling Area, is under study by tion Bulletin said. economie and financial advisers of the Government.

There are bright possibilities of developing trade relations with European countries,

The only problem is their lack of dollars to pay for Philip pine products,,

A

The official publication, organ of the Secretariat for Economid. Affairs, cald Mainya had balance of £100,000,000 of the total Colonial balance of £102,- 000,000.

*There Is

no doubt tho publication added, **that 1931 Was da even more favourable

Maintenance by the Phillp-year, pines of doitirs as well as Ster- "Malaya's favourable balance ling reserves will enable the on merchandise account will be the country to sell to the Ster- nearly £154,000,000, almost as ing Area such products as much as for alt Colonial ter- cannot be absorbed by the Uni-ritories, including herself,

tho ed States marketi

previous three years."-

At the same time it could im- Associated Press,

port goods which can be pur-

chazed cheaper than those from the United States, according to

proponents of the plans, France Rubber Futures

Presse.

Bankers Visit

To Taipei

..

In London

London, July 15, Prices of rubber futures closed today as follows:

Number 1 rubber, * *

In pence per lb. Auguit

September Talpel, July 15.

October/December.... Two American, bankers

January/March rived in Tapel last night to con-|-

April/fune

fer with economile and Bnancial thorities on the overall altuntich

The bankers are

Mr A, Calhoun, Vice-President of the National City Bank of New Yark, and Mr R. P. Newell, Hongkong manager of the bank,

-France-Presap.

24-771

20-201

211-23

2# nominal

SAUDI ARABIAN

OIL OUTPUT

New York, July 15:1- The Arabian-American OIL Company announced today, that crude oil production in Saudi Juno totalled 20,970.041 barrels Now July 15,

of 800,001 barrels per day. Copra was quoted, today': of. Production of crude oil in the $180 por sort on, nominal, fret de months of the year. C.ID. the Pacific Coast Cocon- totalled 150,264,022 barrola nut oll was traded at 94 cents Crude all run in refinery in the pound, F.O.B. mü-United kamo perlot totalled 30,820,702

barrels United Press, Av

Copra Quotation Arabia durels of an average

30.00

1.745 1100

Press