1952-07-22 — Page 9

Page

THE CHINA MAIL, TUESDAY, JULY 22, 1952.

MESSAGERIES MARITIMES Japan Taking Britain

M

"MEKONG"

"GRENOBLE”

Arriving

In Pol ...Aug. 21

**MEKONG"

AUE. 8 **FELIX ROUSSEL” ....Aug. 18

Leaving

July 22

Aug: to

M

Outward For

Zagrarf Europé

*foreward' Far

Aug. 10 N. Africa & Europe Aug. 18 Murselifen via Manila

For passenger and freight, Freight for Saigon, Tunis, Marseillos, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean porta via Mátscilles and West Africa by Transhipment. Madagascar by transhipment in Saigon or Djibouti,

Subject To Changa Winout Notice,

CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong: Queen's Building (gr. floor)

1

EVERETT

Tel. 26651 (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 Sails

July 27, from Manila, July 28 for

"REBEVERETT"

Singapore,

Swettenham, Rangoon

??

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

Less Cotton

Into

1 Washington, July 20.

Cotton imports Japan during August, 1951, through April, 1952, Lito Brat nine

tho months of season, fell 25 per cent be Jów "BEST

mo. years,

Department

Arrkulturo sala. toudy.

This season's imperts amounted to 1,229,000 bales in the first nine months, compared with 1,034,000 bader th the corresponding Deriod last season,

The Department, estimat. editas despite the fitial decrease, United States éx- ports to Japan will reach nearly 2,000.000 bales tbls seasoit United. Press,

HONGKONG SHARE MARKET

Expected

To

Take Firm

Firm Stand At

Jap

Debts Conference

REPAYMENT OF OVERDUE LOANS

(By NORMAN 'CRUMP)

London, July 21,

The International Conference on Japan's external loans opened in New York today.

Our own attitude at that conference will be clear-cut. There must be the minimum of conces- sions. We will stand firmly on the dollar clauses. Loans, which are already overdue for redemption, must be repaid in cash at once, with no refunding scheme.

I saw Mr Takashi Ihara, the Financial Counsellor to the Japanese Embassy in London, after his return from Tokyo, and before he left for New (From Our Correspondant) | York, to attend the Conference,

the

There was a drop in volume of business on the Stock Exchange this morningt, turnover Noon being only $187,342.50.

the morning's quotations and transactions;~~

BRARES BUYERS SELLERS SALES

BANKS

East Asin...

141

INSURANCES

Union A

740

SHIPPING

And Nav

1.33

DOCKS, ETC.

Port Penang, Calcutta.

N. P, Whart 5.00 Dock

Provident. 12.00

S'hal Dock.

(Accepting cargo for transhipment Hobe/Pusan)

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. "NORDSTJERNAN"

In Port Loading

TIK Hotel

2000 6 #

101⁄2

500 v 12,

1180 14.06

250

1000

1200

she cannot discharge alther ar- rents of interest or any prin.. cipat now due er overdue immediate cash.

An

RUBBER FUTURES MARKETS

Singapore, July “ZI.

Prices of rubber futures closed

NTJIKAMTER”

"TJIWANG

"DOINBEVAIN" "TITJALENGKA"

INTEROČKA

AATLINGE

# #

ADE.

Aug.

Aur

"ETŘKAT BANKA* AL. . $

*THBADANT" "TJIBODAS"

"VAN HEUTSZ "TJIWANOT

TJIPONDOK". "KÖISSEVAIN”

"TJILUWAIF" *TJIKANTER

“TEGELBERGɑ”

TJIWANGI"

"VAN TIBOTSZ" "STRAAT

NAKASBAN" TJIBODAS".

"THLUWAH"

"TJIWANGI"

"TJIKAMPER"

Page

To

Murahaia 4 Micassar Bingupare. Djakarta,

· Húrabala & Discassar

Japan jyla Manila).

SPIKATHAK

Singapore, Maumu, §. ANTEK M

8. Apteriga

Bingapore,,, Penang. Keven. Deit,

"Kelurahan, Taner, Zanzibar,

e-Salaam.

American

Тарад

Djakarta,

Africa

Tilrebon, Semarang.

Barabain & Marssar

Aug. 10 Aug. 17

ALZ. 16

.Singapore Dlakarla, Semarang,

Aug. 21 Sept.

Bingsparé, Penang & Belawán) „Don singapore,

Semarang,

Sept. 1 Sept.

Sept. →

Bapy, 16 Gept, zd

Sept. 20 Oct,

Oct. Let

Oct. 12

Oct. 16

Bürabaja di Macassar

Surakota & Macésar,

Japan

Djakarta...

Tiredba

Surabaía, pláčassay

Semarang.

Manila. BIDfapotu, Mauritius,

3. Africa & 8. America

Singapore, Djakarta, Semarang.

Suradals & Macassar

Djakarta, Tjirebon,

Surabala di Macasiar

Japan

bjakarta,

Burabala & Macaciar

Bemarang,

Brmarang,

Mauris

Singapore, Penang di Belawan Dell Manib, Singapore,

8. Africa & B. America

Djakartą TJirebon, Bendatang

Burahaia Macassa

Bingapore, Djakarta, Sematang.

Burabala & Macassar

ARNIVÁLS

In Port

From

tijakarta, Sémerang, Surabala

MECARRER

5, Africa, Mauritius & Singapore Span

8. America, S. Africa, Mauritius,

&lgore_

today as follows:-

"VAN HIEUTSŹ”

In Fort

"Number 3 rubber, per Jb.

Jaty

August

da-ba!!!

"BOISSEVAIN”

July 30

and

September October

0734-0

8744-65

JIHADANE"

Aug. "TJTJALENGKA" AUR.

*

*

6.

Japad

KING

LARGEST CREDITOR

This is my own He told me that Japon will

impression. make there her own

Including both principal proposal

the total for a settlement, and that her arrears of interest, proposal

"reasonable, amount now owed by Japan is will be

simple. It 05.3 million on her Sterling practical and very will also be fair as

million between bands, 3124.7

(£44.6 million) on her dollar honds, all creditors,"

More than that he was

ab- and frs. 430 million (£450,000). vlously unable to disclese. But on her frane bonds. his statement that there will be no discrimination is important far more reasons than one.

British

It will be scèn that we are by far the largest creditor.

And

her

In my mind It must imply Her existing foreign-exchange that there will be no distinc-reserves include approximately tion between

and 125 million in Sterling

$700 millien in dollars,” American bends,

These more than cover Sterling and dollar bonds, but they must be judged in relation to her current and prospective trade anceds.

Still Japan recognises she must re-establish her pre- war credit standing in London and New York, and that to do this implies a reasonable settlement.

DOLLAR CLAUSE Granted that Japan will base contractual 1.40 her offer on the

terms of each bond, it implies agala that Japan will not raise

of the the question

dollar clause attaching to certain of the Sterilng bonds,

Wheelock

14215

LAND, ETC.

6.90

1K Land (0) 43%

Shel Land

1.40 15 2000 or

1.40

We, of

6010.70 2300 e 10.70

of course, will take the dollar clause for granted.

If

the Americans raise

theb,

as I told Mr Thera,

we

will

UTILITIES

Tran

P. Tram (0) 20

P. Tram (N) 13 Star Ferry

100 $7

C. Light (0) 8.60 8.73 200 632

1000 give our views to the Ameri

C. Light IN) 5.03 5,00 Flectric 221 22.70 000 # 23.70

Telephistic

INDUSTRIALS

Cement Hope

STOILES, ETC.

Dairy

CASH PAYMENT'

Number 2 rubber, August 831-22 Number 3 rubber, August 7844-22 Number 4 Tabber. August, 731⁄2-32 Spot rubber, unbaled ... 9724-8 Blanket crepe

87-60 No. 1 pale crepe

******** 107-112 -United Press.

NEW YORK MARKET

New York, July 21. Prices of rubber futures closed today 48 to 55 points higher with sales totalling 10 contracts.

Prices closed today as follows:- September

October

November

December

January (1953)

30.30

20,30 nominof

29.30 nominal

BO bid

22.30 nominal

20.20 nominat 27.00 bild

27,00 monitóal 27.30 bld

27.12 nominal 26.93 nominal 20.75 nominal

February

that

Merch

April

May

June

July

debt

August

September

Spot

20:55 nomina} 31,00

United Press.

LONDON MARKET

Landon, July 21.

To achieve this, she must be

cans in no

no uncertain fermé. Recent rumouts to the com-gn by tépaying over-due bonds

in cash.

500 e 17trary. It also seems clear that Interest arrears could be met

25 1500 g 25

19.33

12

... 10.10

Watson

18.40 18.60

Crawford 23 Lane Crawford (RIS)

912

Nagoya, Yokohama.

Shimizu

Osaka, -St

COTTONS

Iwo ....

MISCELLANEOUS

Yangisze ....

A

Sails July 22 for Kobe,.

M.S. "STAR ALCYONE”

Arrives

Sails

Aug. 1 from Kakinada. Aug. 2 for Kobe and Yokohama,

(Accepting carro for transhipment Kobe/Pasad)

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

FOREIGN EXCHANGES

IN N.Y.

Conada England-oficial

Norway

Portugal

New York, July 21.

US$1.03-1/6

unofficial

2.70-15/13 2.30 bid/ 261 asked

2.18-1/10 30-day futures W-day futures

Grain Prices

In Chicago

Chicago, July 21. Prices of grain futures closed today as follows:- Wheat-price per bushel

Spet July September

December

March

Corn

Scot

July September December March

Number 1 rubber.

in pence per ib.

Prices of rubber futures closed, today as follows to no attempt will be made

between discriminate

bonds matured which have already and those which have several years to run,

My impression is that Japan is ready to honour the principal and interest of all her hands, scale withcut any attempt to 21% 100 2.20 down the amount due.

She may say, however, trary to our own attitude,

con-

by the Issue of short-term funding certificates, bearing in- terest at not less than 5 ecert, but this would be a cum- bersome and cestly process,

per

Alternatively she might offer to pay, during each of the next eleven years, two years'

terest in one,

11-

In this way the arrears would

that be overtaken, und, white cred:- tors superficially would

Trade

Philippines'

Relations With Japan Improving

Washington, July 21.

lose,

they might gain in practice through a decreased liability to Income-tax and sur-tax,

it

Whatever the settlement, seems likely that to begin with Japanese bonds will be quoted

London on a 7 per yield basis.

in

A COMPARISON

eent

August.

September

October/December January/March April/June

America, E

Я

Africa,

Almaritlas & Singapore

US-TOX

MAERSK LINE

-FAST FORTNIGHT LY SERVICE TO:

NEW YORK, BUSTÖN, BALTIMORE & PHILADELPHIA VIS SAN FRANCISCO, LOS ANGELES AND FANAMA. NEXT SAILINGS

M.S. "JEPPESEN MAERSK"

M.S. "HULDA MAERSK❞

ARRIVALS FROM U.S.A.

2015-34

2612-27

M.S.

TREIN MAERSK"

2014-16

2472-25

United Press.

M.S.

"TREIN MAERSK”

M.S. "PETER MAERSK"

In

Recovery

New York

Cotton

Price

New York, July 21. Short-covering and mill buy- the cotton futures market near the close.

After opening unchanged to 4 points tower, the list at the close ruled 9 to 14 points high- cr and at New Orleans 12 to 14 points higher,

Should Japan pay all

outing aided standing principal and interest in cash, and assuming that all dollar clauses are honcured, it possible to calculate "the theoretical prices of Japanese bonds, and to compare them

is

The Philippines achieved improved commer-with the present quotations

The bread Impression left by cial relations with Japan during 1951, according to this comparison 19 that the ammual review of the Philippine economy Japanese Sterling published by the U.S. Commerce Department.

and

The recovery in Japan's steel industry favoured the expansion of Philippines exports of iron ore manganese while sales of logs and abaca were large.

barter | 67 per cent of the total against Japan's trading on basis furnished 0.6 per cent of 73 per cent in 1950,

"The development of Japan's total importa the Philippine during 1951, compared with 4.2 steel industry which, as before 2.2114-2,23

the war, purchased the bulk of per cent in the previous year. 2.201

Japan took 7.4 per cent of the Philippine iron ore, has greatly 3.327

Philippines

imports stimulated iron ore production, tott 2.3715-4.30 8.41%-2.4 during 1951 against 0.3 per cent 2.4124

the previous your.

1.7011

of

1.79

1.7455-4 1.87 1.7036-15 1.7396-95

1,0130 2.0035

7816-74 September

7034 New York four-per 200 15. Sack. $12.30.-United Preis.

2.70x

Australia

May

New Zealand

Sruth Africa

Belgium

Denmark

France

West Gennuny

01003 1455 0623-0/1G 4,20

Holand

Italy

.0010

May

.1405

Пус

.0378

July

Spain

303

September

Syeden

Sitzerlend

Oats

IDDLE EAST

July

ГУРІ

2.00%

Itan

03125

1:49

2.70

6378

1.XAIN AMERICA

Aritentina

.0040

,05:00

Follyfa

calle

Cuba

Mexico Pen

TURILAY

***Bezvēja

2003

FAR EAST

2017

P, kilan

.1785

clombia

Hongkon Indonesia Fingapore Jepan

LONDON TIN

MARKET

London, July 21,

The tin' market was steady at

the lower levels with a turnover

TOTAL OUTPUT

bonds are now quoted ut about two-thirds of their optimum theoretical value,

To quele two extremes, the 5 per cent South Manchurian bonds are quoted at 91, which opti- is 71 per cent of their mum value of about 120.

Takyo Electric

cent 4 per

Earlier the market sagged os scattered liquidation and hedge operations met only scale-down trude demand.

The favourable crop outlook the layou traders, Private Dallas advices created hesitancy minong

sald there were most of Texas and Oklahoma over the week-end.

showers over

40.05 30.72-30.73 34.52

3040

36.29

35.79 Dia

The hot weather and insect control measures steadily cut down weevil activity in the bonds, which have a 4.886 dol-cotton belt with some exceptions, the Rio Grando for clause, ore quoted at 15114, notably in

their Valley. which is 85 per cent of optimum value of about 233.

It was reported that in the local textile district, dealers PLENTY OF SCOPE

the watched developments in This two-thirds, market steel strike for a possible impact The maximum pre-war share

"The total output.has reached valuation should allow more on goods sales. in the Philippines Japan

Prices closed today as fof- foreign trade occurred in 1937, 903,282 metric tons compared than ample scope for any con-

us at the Con-lows: when Japanese goods accounted with only 599,005 In 1950, The cessions by

Spot for per cent of Philippines prospects for a continued large-ference.

14.8

October Japan must recognise that&December imports and 6.6 per cent of ex-seale, expansion were excellent

at the end of the year and settlement, which in effect do- ut

March (1953) poris.

The review sald: "Although negotiations for new contracts prives her Sterling bondholders May July the increase in 1951 basically with Japanese firms were under of one-third of their dues, will October was a result of the Japanese ad- way, come calling for a partner not restore her pre-war Anon December vandement toward more normal ship arrangement and Anancial cial standing.

I have good industrial capacity, the scarce assistance."

hope that the

NEW ORLEANS MĀRKET Conference

proceed Spot will supply situation in the United States way also a factor.

smoothly towards an early set- dement.

· of Meanwhile I can see no reason

sell Japanese bonds, and July United States. While ranking explored since 1939. Promising casual rumours frem Tokyo or October considerably behind the United

ore deposits were being ex- elsewhere should be disregard December

fin States, Japan was the second plored

Zamboanga and ed. source for imports of machinery, Mindanao, electrical machinery and appli ances, non-ferrous metals, ears

About 2,000,000 tons of mine able iron ores containing 50 per cent to 52 per cent iron will

Available Northern Luzon which has been

"As a rource of iron and steel manufactures (for the Phillp-bo

pines), Japan has surpassed the

in the part

.

Production of manganese ose and parts as well as cotton in the Philippines declined to

October

December

March (1933)

May

343€ nominal

34.24 -United Press.

38.05

30,70-30.71

36.50-30.51 30.10 38.23-38.20

33.80 Dia 31.34 24.38 bid United Presi

of 30 tons of which five tens textiles. Japan is the lending 20,367 melle tons in 1981 from New York Sugar New York Stock

were for cash. Prices closed market for Philippine logs, In 1050,

at the end of the official morning métals and molasses and also took

300 yen to US: Ression as follows:---

--United Press,

Exchange Rates

Business was done in the local, this märket

u offeral exchange.

brning at the following rates:- U.S., donor (per, #1) ener 0.4175 Ffering note (per £1) ... 18.78

Indonesia guilders (per 100) 3.55

fam feals”, (per 100)

Flugspore (Streita)

51.00

1.74. 11.870

F10 Distres; (per 100)

Cópra Quotation

New York, July 21,

Copra was quoted today at $122,60 pur short ton nominal, Coconut oil was quoted today - 91⁄2 cender o pound, esked.

United Press,

Spet fin, buyers

Spot tin, sellers

อง notes done et

"Threa-mantha tin, buyers Three-months tin, sellers Budness, done at Sellement

pda

D0% 044-3364 -United Press.

Bur-

mdamurable

Futures

New York, July 21. World sugar futures closed i to 5 lower with sales totalling 62 contracts.

Nearly 60 per cent of the ore important quandfles of abgea, has bech shipped to Japan and remainder to the United DAS ranking as the third outlet after the

the United States and the United States.

In appraising the general Kingdom***** 20%

“BIGGEST MARKET Pallippines economy for 1951, the Department said there has The report said Canada

Contract No. 6 closed 4 to 11 rable degree of passed the United States in 1931 been a moc

Philippines trade and that ingress as the Government be points lower with sales, totalling

the 3d contracts. Indonesia romained the chief came; moro lomillar with the

Contract. No. 4 (world). Philippines source of petroleum machinery of economic control. september

The country's productive capa October

4.75 ked products, and Indin of jute:

4.33 asked Brail mode large gains in coffee trade, leading all the elly improved. All, agricultural anuny (15)

crops except rico showed sub- May. tuppliers to the Philippines. stantial volamo increases

and, Joly WITH by other

a) tow..exceptions, sur- the United States In

paced, the pre-war levels of makes for 03 per aistput.”...i

Infoade cent Pri | Bured with, 13 por cars in 1050 przeca, Wern fairly high, during whhio Philipping" (mports from the first half of the year with 60%

the United States in 1931 were later decreases-Unl'ed Press,

JAPANESE BONDS

London, July 21. Japancio bonds.

"A" (45.. od 1899) "B" (41. of (910)

"C" (43. 61, 1907)

· “". (55, 01:1034) *ame (520 of 1034)' Consols

89k and going

.09 12814

was

./

199 Philippine exports, con- Agricultutal ray and

Marcftiv

September

Exchange

M.S. "NICOLINE MAERSK”

July $5 Aug. 16

Sept.

2

Aug..

&

Aug. 11

Aug. 29

For Freight and Further, Particulars please apply to:--

AGENTS:

JEESEN & CO.

Pedder Building.

OFFICIAL

Tel. Nos, 86066-9.

NOTICE

Proposal to change Ships' names

We, The Hong Kong Eastern Shipping Co., Ltd. of Room 76, French Bank Buliding, Hong Kong hereby give notice that in consequence of CHANGE OF OWNERSHIP, we have applied to the Minister of Transport, under Section 47 of the Merchant Shipping Act, 1894, ip respect of the undermentioned. Tugs and Lighters;

Oficial Gross Registered New Name Number Tonnage Tonnage

MOTOR TUG "EKT HADDOCK" 194 MOTORTUG “HKT LJONFISH" 191492 MOTOR TUG "HİKT BAYA” DUMB LIGHTER "NKT L-2** DUMB LIGHTER "HKT L-573" DUMB LIGHTËN "HKT L-124" DUMB LIGHTEN "HKT L'ES ́DUMB LIGHTER "UKT L-$27" DUMB LIGHTER "HKT L-328"

**KURAU"

**TENGERI“

94.13 0941

27.43 14.02

27.03 14,02 "PART""

191483 Wiki · 200.14 203.60 191439

200.14 203.40 203,00

•172829. 200.14

191423 206,14 205.60

172094 200.14 172d45 200.14

*TISCO 101”

2.900 102

"HEBEO 10

205.00

203.60 Heido 1954

SITESCO 100

of HONG KONG REGISTRY heretofore owned by The Hong Kong Eastern Shipping Co., Ltd. and to have them registered: in the new names at the Port of HONG KONG as owned by The Hong Kong Easteru Shipping Co., Ltd.

Any objection to the proposed change of names must be sent to the REGISTRAK OF SHIPPING at HONG KONG within SEVEN days from the appearance of this advertise- ment.

Dated at HONG KONG the 19th day of July 1952.

{

The Hong Kong Eastern Shipping Company Limited.

T. N. Macfarlane.

Acting Manager.

BUSINESS REGULATION ORDINANCE

New York, July 21. Prices on the Stock Exchange gained slightly with interest in activity dampened, by the hot TO ADVERTISERS wenther the steel rike and the political convention,

dealings totalled

700,000 Or 1,024 Lugués traded, 368 advanced. 375 declined and 201 were

Sicels Beddy..

40 nominal

4.03. nominal

02 asked:

4.25

*

were higher up to 2 points.

Dow Jones averages, di 1 châ.of the session!.

OIL gained over three poin'd. Falls

Die

30 Industrinis ke

274.01

ส: tulle nominal 20 adla

101,73

+40 bonds

08.78

-United Press.

bid

Press

CUNDAY POST-HERALD .pico fotomimorafal

Advertfalng should

booked

noon on Wednesdayu............

1952

Coples of the prescribed

For the SOUTH CHINA Forms 1:(a) 1(b)__and _}{c}}

MORNING POST and the

CHINA KAIL, 48 hours before data of publicstion,

Apecial

Announcements

and Classlifed- Adverties. Imants as URUAL

Now On Sale at

9. C. M. Post, Ltd.

Hongkong and Kowloon TEN CENTS EACH