1952-07-21 — Page 9

Page

THE CHINA MAIL, MONDAY, JULY 21, 1952.

MESSAGERIES Y MARITIMES AS FAR AWAY AS EVER

M

"MEKONG"

Arriving Leaving

M

Outward For

July 21 July 13 - Japan

......................Aug. 21 Aug. 26 · Europe

"GRENOBLE"

†BIN HAKEIM” ... ... ... ... ... ... ... Jity

21

...AVE. A

18

July 22 Aug. 10 Aug. 11

MEKONG"

**FELIX RDUSSEL” ............äg.

- For passenger and freight.

Blomeward For

N. Africa & Europe N. Africa & Europe Marsilios via Manifa

† Freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havro, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports.vin Marseilles and West Africa by Transhipment. Madagascar by transhipment in Saigon or Djibouti.

Bubject To Change Without Notice.

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

Queen's Building (gr. floor)

EVERETT

E

Tel. 26651 (8 lines).

LINES

EVERETT ORIENT LINE -

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

"LENEVERETT”

Arrives July 27 from Manila.

Sails

July 28 for

"REBEVERETT"

Singapore, Port Sweltenham, Penung, Rangoon & Calcutta.

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

(Accepting cargo for transhipment Kohe/Pusan)

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION

M.S. "NORDSTJERNAN"

In Port Loading Sails

Osaka, Kobe, July 22 for

Nagoya, Shimizu & Yokohama."

(Accepting cargo for transhipment Kobe/f'usan)

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

HONGKONG

SHARE MARKET

From Our Correspondent)

Japanese Visiting Singapore

Two

Singapore, July 20. Japanese businessmen Turnover on the Stock Ex- change this morning amounted have arrived in Singapore. to $408,870, with Electrics, Trams and Cements most in de- inand. Noon quotations and the morning's transactions:- SHARES BUYERS SELLERS BALES

BANKS

~IK Bank ... 1410

ELY Asth

INSURANCES

Canton

HK Fire....

SHIPPING

142

220

740

130

Asia Nav, 11.53

DOCKS, ETC.

K, Whart

N. Pt. Wharf 8.35

Dock

Provident.. 119 12.10

Strai Dock.. 1.30 Wheelock...

LAND, ETC.

Hotel

3 Land

The first is Mr Tesuya Inoue, who is making a business survey for the Tokyo firm of Tozat Kaisha. The second is Mr F. Hayashi, Director of Malayan 51435 Industries in Tokyo, who flew

in last night.

300 @ 30

43 1000 & 4233

6.80

3000 4825

Tik Land 10 43

Shot Land

UTILEYLES

Tram

P. Trans

Star Fer

C. Light (0)

C. Light (2)

Telephone INDUSTRIALS

Comment

Rope.

STORES, ETC.

Daly

1.50

Mr Inoue could not under- stand why Singapore is troubled by electricity black-outs when Japan could supply plants, turbines and boilers.

power

He said Maluya's enforce- ment of a quota system for Japanese trudio *LS hitting Japars, when the two countries could do well over 100 per cent more business without quotas,

Mr Inoue said he, has been offered bauxdie mines and iron mines in Johore for purchase by 12. ip.901 their owners who are not work- 1000 18.00

ing the mines,

40.00 1000

8.50

8.50

90 3500

2750 11,70

17.10 1000

AT.30 300 1750 8000 17.0

20

Mr Inoue will report on the mines to his firm-Router.

BANKS

ΤΟ OPEN

New York, July 20.

A

the

· Several Japanese banks have been authorised by their Gov- ernment to send representatives to Now

York and London, B001720 banking circles report.

The Bank of Tokyo, 18.00 18.00 200 / 10.30

1080 Chiyoda Bank and, the Bank

of Özaka will have representam. tives in New York, " and tha Bank of Tokyo, Bank of Fuji- and. Teikoku Bähk will have ropresentativės – in London, sake Associated Presa,

24.50

400 0.17

70

Sterling Area's Balance Of Payments

Export Prices

To Increase

Tokyo, July 20. The export prices of Japanese print-cloth -- ars likely to increase. This is regarded sa inevitable as the printers and dyers in Osaka area-mafor centro for the industry have de- cided to raise their charges by GO "per ceni,

While industrial afreles fear the current export slamp for textile goods will be further aggravated by higher prices, printers and because yers are happy they will now have a good chance to show overseas customers that "Japan esh print and are just as well as any foreigner - if paid reasonably," - France- Prease.

Philippines Trade With Indonesia

Bandoeng, July 20, Sources, close to the Philippine presidential party now touring Indonesia disclosed today that the possibilities

trade of opening relations between Indonesia and the Philippines аге

being examined,

A Philippine financial ministry official was said to be contacting the Indonesian authorities to dis- cuss this question.

Indonesian offelal

A high pointed out that the only agreement cxisting between the two countries is the treaty of friendship.

He added that cultural and trade agreements were necls- sary for the

two countries to come closer.

This official remarked that concerning

ning trade relations with Philippines, the difficulty ht lle int what goods were

the

might

to be exchanged.

Indonesia would be able to oxport Taw

materials to the Philippines but, on the other the latter might not be hand, in a position to supply manu- factured goods, which

by the Philippine

badly

home

were

Furthermore, according to the same official, the situation was such that bath countries might have similar products for ex- port.-France-Presse.

WEAKNESS

IN GRAIN MARKETS

Chicago, July 20. The lack of positive action at the Board of Trade this week produced an overall weak marker with a resulting drop in price: from the preceding week.

Adding to the reasons for a slow week were reports of the rapid progress of an abundant

and harvest of wheat together with bright prospects

ants

Britain May Be Forced To Rearming Programme

Cut

(FROM, OUR OWN CORRESPONDENT)

London, July 20. Mr Churchill's-mid-week bomb shell shatters atty false hopes that may still be entertained that we are over the "hump" of the economic crisis and that from now on all will be fairly plain sailing.

Announcing a forthcoming two-day debate in the House of Com- mons-probably next week-on the economic situation, the Prime Minister said: "The House is going to be informed of the very serious measures which are being taken in all fields to enable us to pay our way and live on our earnings and exports."

During the debate "very grave and far-reaching mattērs, affecting every branch of our national life, both domestic and defensive, will have to be brought into a new survey and presentation of our present position."

There can be te doubt, hausibl,' would meet, stiff op- that the nation at large is still position froen somo quarter in unaware of the peril of the this country and at road. position.

"The Economist," for example, The Iorgo reduction in our admits that politically this gold fusces during the second would be the most popular thing in to do and finds "disturbing in- quarter was a debnite step

this is Mr the right direction but the ob- dications that Jeclive a balance at

Churchill's intention; payments between the Sterling Area and

It is true that solvency must the rest of the world, including

says, "but at least a balance

with the be put first," it dollar arca by the end of the security ought to come a very

close second." year is stil as far away

evor.

•

If the defence programme is to Nor is there any real hope of remain more or less inviolate and да improvement sufflelently investment in industrial develop- this objectivement is considered as low as it great to bring within sight in the near future, can safely be, what other means But that is not to say there has the Government of switching has beeft any great deterioration resources to the export trade?

There are two possibllllies. in our position athee tho, poli- cles outlined In the Budget four months came into force

ago.

The worst that can be suid is that these policies have not had the decisive results that were expected of them; but the situation is certainly better than it was, even a short time

grave term's

Mr Churchill's announcement, therefore, surprised many people.

ngo.

The

TAKING RISK

the

af

WAGE DEMANDS

of

The home consumption durable consumer goods can be cut or the Government can reduce the rate of Investment in its own housing programme.

Either extremely unpopular.

measure

facts remain.

would But

|

་

Butter Becoming A Luxury

London.

Butter is mpkily becoming a luxury food. Supplies are dwindling Arid costs of pro- duction are rising.

It takes approximately two and a half gallang of milk to make a pound of butter, so that butler

protuolion becomes profitable only when supplies of milk are well in exces of demand in the liquid milk mar- ket, and the demand for liquid milk has ricin in practically all the major consuming countries,

Tlitas facts were emphasised be by the Minister of Food sore thee while ago, and they form the background of the specch made by Sir Geoffrey Heyworth, chairman of Unilever, at the British

annual company's general meeting,

Mr Butler assumed in his Budget that our foreign payments could be balanced without cuts in homo consumption and this has not so far proved to be the case, Stern measures are un- So far as housing is concemed, doubtedly needed to put the the Government's programme of national economy on a Bound 300,000 houses a year is consumi- vital materials Including footing but is the Government ing

to risk

un. Imported materials-that could be prepared

othet Industries to popularity that a further turn use in

expand exports. of the screw would entail?

Mr Churchill's

of choice

Another factor militating language implies that it is.

There are very few clues on against the export drive is the

rising. Wage which one can base a forecast tendency for our costs to go on demands are the type of measures the

the being pressed that would in- Government has in mind,

however, we

volvo

a steep rise in our export On one point,

prices. assured. cui rest

The most The Minister of Labour, Sir urgent task at present is to

Walter Monckten, last week-endi bring our external account took the unprecedented step of into balance, and Government referring back to 12 Wage action will therefore be direct-re

Councils, wage awards made by

of

ed towards this end.

We already have Chancellor's statement that the

This may be as indication of balance of payments mustat least one of the very serious come first in all our considera- Įmonsures” thé · Government has tions, and an official Treasury in mind for dealing with the pubiication has since asserted economie situation that the expert drive must be given protily, "and nothing it in Jea- done which places pardy."

them to 1,500,000 workers in

en the the distributive trades.

TWO ANGLES The balance of payments problem can be considered from twa angles. To achieve a balance In our visible trade we must either increase our exporta reduce our imports below present restricted level,

Khis

Or

the

could

..

Sir Geoffrey showed that

there was a direct relation between the consumption of edible fats and the standard of living.

D

Countries with

higher national income per head of population also enjoy a higher consumption of edible fate.

It is here that margaring, has played an important rola in the past and may become even more important in the future

Butter still has a distinctive flavour which a large proper-

tion of the population prefers though the best quality mat Karine (which few remember in this country) runs it close. The real choice between mat- rite and butter depends on relativo prices.

As agricultural wages have reen sharply so, too, have costs of milk produellon. But mar- garine is made from vegetable ofls and whale oil and although during the Korean boom prices of those olls rose sharply together with other commodity prices, in the past twelve months they have fallen and show algus of falling still further,

the

STOCK EXCHANGE The recovery in the Stock Exchange that has been going on for three weeks received a sharp setback co Thursday following Mr Churchill's warn ing that serious measures would be taken to deal with the balance of payments problem.

Thus the difference between Both gilt-edged and indus- trial share prices came back and margarine in Britain is like- the unsubsidised prices of butter sharply from the levels rulingly to increase rather than de on Wednesday.

ment

for corn and soybeans. As an It would be infinitely prefer indication of the general tone of able, however, if wh

The foreign bond market was in eliminto the trade gap by the almost done in escaping to the market, July futures wheat closed about cent a

former method.

depressing effect of the Prime bushel down, corn finished with

Import cuts

bave already Minister's statement. July 17-14 down, outs closed on been made and they have Recovery in the gilt-edged

ceuts n Friday down, rye 7

falled to achieve the desired

market had been

brought about bushel off and soybeata 1-4 result. Any further action

small by

Invest- direction lower.

might ven mainly

ment buying but this Was The wheat harvest in Indiana, impede the export progamme

Thursday and Illinois, Iowa

and Nebraska | by depriving of

essential choked off on

prices began to decline. neared completion, according to materials and provoking re-

Industrial share prices moved reponts, but rain has delayed tallatory measures against DALT

In aympathy with Government own exports, dry foreign coun- the harvest in Northern In-

securities. dlana where about 20 per cent fries.

In the commodity markets a Measures must, therefore, be remained to

to be harvested.

more optimistic view of the Nebraska reported that about taken to increase our exports 70 per cent were.harvested with without further reducing our outcome of the Korean peace similar reports coming in from imports, And the only way in talks resulted in copper and

rubber chores being neglected Illinois and Town. The reports which this can be done is by

Kaffirs

finished the week Falt market late Thursday reducing our

domestic own

quietly, and again yesterday when all demands

with prices mostly exporting lower where changed, but the finishing touches had industries. been completed on deal which

In considering what measures would send 200,000 tons of U.S. can be taken to switch resources wheat to Argentina in exchange to the export programme, ono fer 200,000 tons of Argentine obvious factor comes

to mind. corn. According to advices, The tearmament programme 1

then be shipped to absorbing would Franco or French territories,

Most of the inductood that engineering capacity that could in the export drive. Alruck the

market

CDET

the

VILLECAM

that

00

the

great deal

Minor Changes

વા

.

In Cotton

week weku of a va ho pass then, as the Chancellor hos forced prices down. One of the influences WOS tho widely cir culated

rumour

that there might be a break in the Korean fruce talks. On first receipt of this news an immediató downward reaction was noted. United Press.

Exchange Rates

Business war dons in the fond unofficial · · exchange morning at the following rated: U.8. dollar (pár 33) abri Sterling nole (per 1)

New York, July 20, Cotton futures backed and of payments filled nervously last week and ald, the balance must come first, will the Govert ended the period with minor not ment cut down-the defence"pro-"]changes, gramme and switch the resources At Friday's close, the Hat uus freed to expert production? ruled 0 higher to 7. lower or 30 cents a bale higher to 85 cents DEFENCE CUTST VI ր balo lower,

cline, and when this comes about throw aside its caution, and the Ministry of Food might well abolish the ration of both.

MALAYA MINE REOPENING

Singapore, July 20.

An Americaí mining company today announced plans to reopen an iron mine in North-eastern Malaya to ship iron ore Japan.

to

Mr E. J. Boyle, of: Washing- on, D. C., President of Metal Exports Incorporated, cold his company plans to ship 500,000 tons of iron ore annunity, bes ginning next Spring..

Metal Exports recently bought, the 1,000-acre Temangan iron State, ore trine in Kelantan which has been closed since the early days of the Pacific War.

Asspelated Press,

Rubber · Futures

In S'pore.

Singaporo, July 10. Prices of rubber : futures led today as follows: Number 1 ruiter; per To,

Angint "hin Bettembor

The final dyeing up in spot Mr Churchill, refused to be July delivery dominated the pressed by Opposition members trading in the fast two days of to answer this question but it is the week. Spat month dropped generally, astumed this week to 89.07 cents, the lowest level end thing Güvenment, has since: June 24, but nubsequently the s rearmament

firmed nod want, off the board, programmo strious review. eve It brought a splurge of covering gunner 3 rubber August

fubber, Augums 1931 unter

e

market this | gattomat: to out down the and, Investment buying...

Cletobis

ZMAQUIAL

15,70 defence

programme, however The crop picture brightened Indonesia sulidern ́(per (ADD) $15 Elan Ucale (per 100) ***** balneo of payments, until all rains in various sections of the Not a PRIT, CHEINE

Kilagkot, drepa much this may benent the considerably with widespread parubbas, vuribeled TE Singapore (Straits)-514. (1.74)

11.770 } other possibilities have been ez: Belt-United Press, OVE

BIC plastros (per 100)

Roy

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"151018SEVAIN" "TJTJALENGKA"

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"VAN BRUTEZ" *TIWANGI?

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"МАКАЗВАЦ -TJFONDOK"

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American

Aur. 10 Aup. 12

DIMENTA

Aug. 16

Aur. 1

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Sept.

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Sept. 16 Supt. ti

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Bapt. 30 Oct,

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