1952-08-11 — Page 9

THE CHINA MAIL, MONDAY, AUGUST 11, 1952.

MARITIMES RECOVERY ON EXCHANGE M Feeling Of Guarded Optimism In London

MESSAGERIES M

Arriving Leaving

"GRENOBLE" "FALAISE"

**"MEKONG"

..Sept.

4

.Hept. 10

Rept. 3 Sept. 21.

Keelung AUK. 11

AUG. 13

Monk Aug. 14

Aug. 15

18

Aug. 18 Bepi

9

*"FELIX ROUSSEL” .... Aug. +COURBEULLES” .....Bapt. 1

For parsongor and freight.

Outward For

Japan

Зарад

Homeward For

IN.

N. Africa & Europe

Mareckles via Manlin

N. Africa & Europe

For freight to Salgon, Algiers, Oran, Tangler, Casablanca, Havro, Dunkirk, Antwerp & Rotterdam,

Accepting cargo:

11

-via Marseilles to all Mediterranean & West Africa Poris. --via Djibouti to Madagascar.

Bubject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

E

Tel. 26651 (8 lines).

EVERETT LINES

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

"BRADEVERETT"

Arrives Aug. 18 from Manila.. Saila

Singapore, Aug. 14 for

Swettenham, Rangoon

"NOERVERETT“

&

Port Penang. Calcutta.

Arrives Aug. 30 from Singapore. Sails Aug. 31 for Japan.

(Accepting cargo for transhipment Kobr/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION M.S. "THAI

Arrives Aug. 11 from Philippines. Sails

Aug. 12 for Kobe, Osaka, Nagoya

& Yokohama.

M.S. “NORDSTJERNAN“ Arrives Aug. 14 from Japan. Sails

Aug. 15 for Singapore, Madras, Colombo, Bombay, Karachi, Kharramshahr & Basrah.

(Accepting cargo for transhipment Kube/Pusan and Kobe/Ukloawn)

EVERETT STEAMSHIP COrporation SIA Queen's Building, Telephone 31206,

- Chineso - Department: Telophone 28293.-

Japanese Trying

To Attract

Το

Foreign Capital

San Francisco, Aug. 10,

A representative of one of Japan's leading security companies has arrived here on a three- months tour of the U.S.

He will explain to hankers and security underwriters a new Japanese security law designed to draw more foreign capital to Japan.

Mr Shoshi Kawashima, of this year, foreign capital had Manager of the foreign depart- | bought 75,000,000 shares in ment of the Nomura Security Co., Japanese industry estimated to of Tokyo, said that the effects of be worth $17,200,000. the new law have not been fell

to the New York

Referring to as yet due to the coming elections talks on repayment of Japan's

debt, and the $400,000,000

debts, on whi

which

has been sitting since July 21.

bonds

Mr

Outlook For

E.P.U. Said Bright

New York, Aur, 10. An optimistis view of the

·European Payments Union's position is given in #pecial study in the August monthly review of credit and business conditions, TO- leased by the Federal Re. serve Bank of New York,

After detalled examina- tion of the E.P.Us present alatum,

RAID: the bulletin "The recent revision of the

E.F.U. charter seemed

on

the whole to have strengthened the E.FU,' capuelty to deal with

futuro sfaluk

the

ing out of the imbalances

ric

In intra-E.P.U. payments. The development in several of more flexible and effectivo policies for maintaining domestic economic stability further the hope that encourages extrenie dchlor and cred). for positions may be avold- ea during the coming year,"

-Unlled Press,

Wall Street Shows Good Recovery

Highest Levels In 22 Years

as a

Strong Underlying Tendency

On The Share Market

(FROM OUR OWN CORRESPONDENT)

London, Aug. 10. The Stock Exchange has staged a substantial recovery since the end of June when prices of both industrial ordinary shares and Government securities touched their lowest levels of the year.

Six weeks ago, when investors were expressing grave doubts about the prospects for bringing the country's external accounts into balance, the "Financial Times" industrial share index fell to 103.1 and the Govern- ment securities index to 90.82.

By last week-end, however, the indices had recovered to 113.1 and 92.19, respectively.

This

recovery has gone on Nonetheless, the paper finds fairly stepdily. The market has grounds for believing that tho thown a rộng underlyine | market can at icost hold its tendeney which

Air present The and pirhips Churchill's dramatic announce-continue its recovery a <little ment preceding the economic further. debale could.no more than check.

even

During tho brief periodi between the Prime Ministers warning that "very serious

measures" would

have to

he

taken to enable this country to pay its way and Mr Butler's mild and vaguely renasuring surves of the national economie position, the Stock Exchange simply marked time and awujte developments.

BROKERS' CHANGES

The announcement

сусп

¿

Council at the Stock Exchange that the has recommended a new scale ot commission charges on Stock Exchange transactions has had a mixed reception.

Making Up Cotton Crop Loss

AMERICAN HOPE

Briefly, the ease for a revi son of charge is that stocks- Washington, Aug. 9. brokers'. overhead costs have

Agriculture Department gone up as a result of the general rise of prices since the officials were optimistic to- and these have not been day that the big colton pro- offset by a corresponding inducing States in the West crease in charge they make for would make up for the their services to investors,

War

In fact, if the

sow recom-

cotton crop losses in the drought-stricken Southland

The fall of prices was con- sequently very moderate,

The recovery went ahead in an even more pronounced manner after the debate when Jnvestors were fortified by the knowledge that col exportsmendations are put into effect, this year. cunt benent to the balance of were to be doubled, with signif- they will ostitute the

major-change in commission noro | charges since 1013. position; that more payments steel would be available to the engineering industries through

only

Most important effects of the

New York, Aug. 10. Prices on the stock exchange last week continued to move to an expected increase in supplies proposed changes will be to raise gilt-edged the highest ground in more than and also by the release of pro-he commission on

stocks from one-quarter per cent ductive capacity as a result of 22 years on a slightly lower

to three-eighths per cent up to a volume.

the "new pattern of the defenco effort?" und that group

total of £10,000 worth of stock. armament Railroad shares

manufacturers should bengät sparked the advance. Rail aver-

from large off-shore dollar con- smade a high on Thursday at ages 104.80, moving prices in that tracts, section to the best levols since Match 10, 1931. They finished that the week 11 cents under figure but up 87 cents.

Industrial averages went up to a new high since April 20, 1030. Utilities hovered around 21- year highs,

A combination of favourable corporate developments bolster-

ANOTHER BIGN

Any excess above that will be charged at the present rate of one-quarter për cent.

AGENTS' BEBATES The movement. of gold and dollar reserves in July was an-

There will be no change in other reassuring sign. For the

the charges for small transactions third month in succession the reserves showed a modest in-transactions of over £50,000.

under £100 In value or for

SICLES,

The gold payment to

More gradations have been in troduced into the scale of charges different marked values,

<d the market. Wall Street was European Hayments Union (in or transgelions in shares of impressed by the Chrysler Cor-respect of transactions in June) at $23 million was the lowest poration's first half earnings this year, as was the loss of gold port. The company on Thurs to other non-Sterling countries

revealed that first half 1952

increased earnings smaller sales than a year vious.

dity

on pre-

a

on Friday met Chrysler considerable amount of demand and finished the week with gain of 2% to 91%.

at $7 million.

But this deficit of $30 million was more than offect by the receipt of $0 million of Amer can ald, so that reservez petually

rose by $31 million to $1,719

enllion.

The Department's crop res porting board yesterday forecast 14,375,000 bales crop this your with better than average yields predicted from 25,493,000 acres expected to be harvested. Chiefly responsible for the ex- pected high ylaide were Texes, Arizona and California, Lavor werd yield than Inst year

imated throughout the Dixie-

Of the southern States, only Mississippi and

Arkansas normally produce crops above the 1,000,000 mark, and they are expected to go over the mark. atta again this year despite expected drops in yields-down 30 pounds an acre in Mkissippi and down 20 pounds an aere in Arkansas,

In other

drought-bit southern States, drops in yields range from 62 pounds an acre In South Carolina to a 31-pound. drop in North Carolina.

For shares ranging from 3/04 to 50/- this will have the effect of increasing the cost of some. The crop. transactions and leaving others unchanged.

At the same time a reduction in agents' rebates has been pro-

In August, the reserves will probably fall again as the result of the settlement due to take place this month of July's heavy loss of gold to the European Payments Union amounting to 300 millan, Railroad shares, the current "American aid, however, should | cont.

fell 2% to

On the adverse side of the ledger was a report by the Celanese Corporation that its earnings

slumped sharply in the first ball of 1952. Stock

42%

market lenders, continued to react to the favourable outlook for the remainder of the year and lied gains ranging to mure than a point.

Advance In European Farm Prices

rate of rather more than $50 now be received at an average millon a month until the end of the year and thus should ensure reasonable stability in the re- serves for the next five months,

FAIRLY OBVIOUS

|

that

now in prospect would be short of the 10,000,000- bale goal set by the Department building up reserves. earlier this year in hopes of

MAY BE ENOUGH

add

to the

Page"

ROYAL INTEROCEAN LINES

“TRISADANE“ #TJINDPAK "THLUWAN”'. "VAN' DRUŢIZ” "THWANG

BATLING B

Aug. 19

Aug. 21

Sept.

1

*ETRAAT

'MAKASBAR” "TJIPONDOK"

Sept. Sept. T

"DOISBEVAIN

Supt. o

"TIÚIANTJET” "TABMAN" “TILUWAI

"VAN BEUTSE” "THEANANKU "TJIKAMPER”

"THWANGr *THOELBERG“ MATRAAT

·MAKASSAR"

Sept. 10

Sept.

Bopt,

Rept,

Oct.

al;

Oct.

Oct.

pa.

"TJIBADANĖ" "TJILUWATE" #TJIPANAS"

"TWANGI"

Oct.

Oct,

Oct.

"VAN HEUT:2" "STRAAT

MALAKKA"

"TIBODAB

#THIYADANE"

**TJINODAЯ'S "TILUWAH"

"VAN HIROTĒZ“ "TJWANGt"

"TRAAT"

MAKASSAR"

Oct. Nov.

Ja

AER DAN. * * 2 * ** ***

...

Makarta.・・ Tiirebum.・・ Samimng.

#urzbaia focusł

Singapore, Djakarta, Semarang.

"Surebaja & Mikenikar Blakemore. Pjskaria, Palembang

Delawan Doll & Penang b Stagepore. Djakarta, KEMATANK,

"Mirabafa''m"Macagtar

Japak

Dikkarts Tjirabon.

Ruyabala 2 Miscasar

Singapore,

Man

Mauritian.

KeyAfrica 2 9. Anterion". Atasha, Singapore, R. & 8.. Africa Зарал Singapore, Diskarta. Нетнатан.

Buradaka A Microar Japan

Hingapore, Penang & Betawan peli Djakarta,

Türedom, Bemering,

Suendala & Maesuat

Djakarta, Mripatang.

'Thrahila và alucastar'

Аврад

Manila, Kirspore. Minuritian, *A. Africa & 8. Argoflen aingizate, Poning à Bolawan, Deu

Manila, Bingapore. G. & 8. Africa

Tikkebon, Diakarta,

Surebula & Macassar

Japan

atngapore, Djakaria,

„Húrábala & Piscamar

Japant

Japan

Bemarang.

Remarang,

Bingapore, Djakarta. Remarang,

Burabato &"Maenmar

ARRIVAL B

Port

AUK. 12 Aug. 12

AUE. 20 AUF. 20

Sept.

F

From

8. America, E. & 8. „Atrica

Aimuritius & Bingspare

Japan

APARKS Surabala, Semarang,

"DJ"karta & "Hingapore -

Japa

Macassar, Surabala, BEMATADE.

Djakarta & Singapore 5. America, S. Africa, Blauritus,

Singapore & Manila

KING'S BUILDING, Ground Floor,

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. O. TEL8, 91100, 25183

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

MS. "HULDA MAERSK"

ARRIVALS FROM U.S.A.

M.S.

"TREIN MAERSK"

M.S.

"PETER MAERSK”

M.S.

"NICOLINE MAERSK”

M.S. "ANNA MAERSK” M.S. "LEXA MAERSK"

Aug. 16 Sept.

2

Sept. 15

Aug, 28

Sept. 10

Oct. 3

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN

Pedder Building.

HONGKONG

SHARE MARKET

posed which will mean egents on the "general register" will receive. 20 per cent instead But officials fool that 14,375,- of 25 per cent commission on 000 bales will probably be. business brought to the "House,"

enough to meet the current de- while agents on the register of mand without dipping Into 2,400,- banks will receive 25 per cent 000 bales now in reserves, and instead of the present 39-1/3 per may even

stockpile.

Domestic and export' needs are estimated to be between 13,300,- a000 and 14,600,000 bales, most Likely near 14,000,000 bales. This would be made up of domestic consumption of about 9,500,000

Watsons; away from the bales and exports of about 4,500,-

1000 bales.

had

sources

arg

& CO.

Tel. Nos, 30060,9,-

The Best Business Of Year

New York, Aug. 10. New York cotton grey goods

(From Our Correspondant)

Providents and Lights (Old) were most in de Sellers lost weck reported the best business volume of the year with prices hardening all along the line.

mand on the Stock Exchange' this morning; total turnover was $324,200. Noon: quotations and the moming's quotations:-~~

".

BK Bank XD 1385 East Aslee INSURANCES

Union HK 50 SHIPPING

Waterbost

141

740 74735

W. (Bonus). 10,00

Aria Nav.

DOCKS, ETC.

What

H. Pt. Wharf Dock Provient

33.77 1305

18.40 10,70 500

1,40 13.00 3000

Wheelock

LAND, ETC. HK Hotel

K Land (0) #3 Shal and .. Humphreys

150

BAS

18

There was evidence of much batter inquiry for bag cheelings, osnaburgh, drills and twills.

The strength in raw cotton the continued prices, with scarcity of desirable grades in the spot markets, along with the inflationary sentiment and pro- longed refusal of mills to enter tain lower prices, are book- ground factors In

shaping market sentiment.

Business in print cloth, yarn, fabrics particularly in wide

constructions going into the

1216 garment field, extended into the 32% first quarter with prices up

conta a yard.

These proposed alterations in changes have given rise to Kood deal of criticism in the Anonolak · Press. Much of it is A number of pivotals showed

based on the fear that they will much wider improvements.

drive business Southern Pacific was n bright

Stock Exchange which is already spot with gains of 2% points to

But, if these factors have in-suffering a dearth of small in-

While the report quieted fears vestment activity,

about drought Jected an atmosphere of guard-. In the high-priced

effects, re- New York and Hatlen fed optimism into the Stock Ex

porters said Ulínt áinco August 1, CRITICS' ARGUMENT foll 40

scattered showers have been of points to 410.

change, they also limit the did not do

extent Steel shares

Nor have the critics accepted some relief in local southeast SHARES BUYERS BELLENS SALES so possible

of its present

unconditionally the view that areas, but added that in. TeXOB BANKS well. Bethlehem Strel finished recovery. the week unchanged at 51% and This limit may not yet have the rise is overdue. It is point- the drought continues and is

for instance, that U.S. Steel slipped to 40%. been reached but it is fairly ed out, whereas

the market reading cast and northwest In 1939 obvious that any recovery based value of all securittes quoted on A few oll shares enjoyed a

accompanied by record high En improvement in the good market. Barther Oil made on

the Friday economic situation brought about 600 million, in April 1052 this

Stock Exchange was £18,3mperatures-United Fress. ito best showing on

CROP DAMAGE Anishing the week with a gain by emergency cannot go on in-

Agure of 4 points to 108. American definitely.

risen to £27,000

New York, Aug. 10. Petroleum was backward with a' The balance of payments million.

Earthquakes, drought and It is assumed (though without loss of th points to 188 situation certainly looks better

been damage necessary statistics it is im- bollweevils have United Press,

than it did six weeks ago but

the lug crops and sending, cotton possible to prove) that at the very best all we can hope aveam

price: higher; trade has also average bargain to achieve, by the end of this

gone bringing bigger commissions report. A series of quakes in year is a balance with the non-Some erlies believe that the

the State of California, which

irrigation Sterling world and at least a Stock Exchange should increase disrupted

systems, balance with the world town efficiency and

may cost Jower

growers (19 much as ' whole.

$30,000,000 unicas

systems Increase business. This ccata to The Government has succeed-view is expressed by a writer in

repaired quickly. ed in rescuing the national the Investor's Chronicle.""

Hot weather, drought and economy from the threat of disaster which. fated It last Autumn but the artificial re- spiration that has been applied has left it too weak to ward off

New York, Aug, 10, any renewed threat-whether from internal inflationary pres- with might and main, to Increase stock and share owner-

Worry over crop deterioration sure or a downturn of American ship it does its best to discourage reports following in the wake of

really it-end before it has

the drought and "an expanding begun to try to improve its own demand for textiles showed raw CONVALESCENCË

internal efficiency,"

cotton prices into higher ground Another However, unless world events

for the third weeks in a row. take an unfavourable turn,

Council's proposals has been to At Friday's close, the list period of convalesettice will be revive, criticam of two Storic ruled 41 to 40 points fighter than granted to enable the patient Exchange for its

con the proceding week. to get back on his feat again.

Suggestions have The extreme cains were Durvatiam, That is all that la moant by boen heard that Stockbrokers in the week's final dealings when the current

their

wages and even

has been of the market to hold in the face But the national will still be far from a storevinod charges are probabayernment eron

cronomy of

to remark that while the of the unexpectedly low Glov

estimate," The French crop prices rose This is the background inevitable in the present chreum- Nearby October delit which

er delivery 13 per cent more than other prices, and Brush crop prices against which the present Stock clances they are in fact further reached 30.02 cents a pound,

Excluge were per cont ahend

Jung Jupied. AMONG¥nce in Memedyes of the dropped pack dimaat: 100 polata need for a much more aggres under heavy realising and some Thip main exceptions to the sustained recovery,

sive policy by tho Houso

selling, general trend wero Donmarie, must"

clot

widening the appeal of stock Norway, Italy and Switzerland

The Goverment's Aunist : 1, 7isink, whoto crop-prices-were from 1

esumpte ar M4,730,000 Dales 801-47

to 7 per cent behind the year's securel external position and In that deid, the hownpaper came" increases in the general whole- lifting of the gold reserve to û acis, collon is unfortunately the average expectations. United

#ill disappointingly dow

Press. more comfortable level. isule prices-United Press.

in the United States question of Japan's pre-war Kawashima said: "I believe the a conference talks will succeed because Japan in New York wants to establish foreign credit and pay every cent she owes to Mr Kawashima rald, however, the United States." The nation that since the new law went into has sufficient Sterling funds to effect on July 1, his company honour part of the debt now.

Genova,Aug. 10.

Western

had received many more inquiries Japan had sufficient raw. Farmers in most from private industries interested material now and is suffering European countries more than in steel and other metals, samo overproduction. He added hold their own in the past year's machine-tools and other indus-that his mallon de thinking of im-

scramble for higher prices, the demand. tries.

portime some iron ore from India.

United Nations Economic Com- said that "Livcatora United Press.

mission for Europe reported.

Japan will receive, un averago

dividend of 11 to 12 per cent

after the payment of withholding Rubber Futures

taxes, in comparison with the

five to six per cent paid on American securities.

The major point of the now

law

Mr Kawashima cald, is that

It allows Investors to withdraw

In S'pore

The study reported that crop prices Javo outstripped the general wholesale price index by up to 31 per cent.

Farmers in Wast Germany did particularly well. Prices received for chops rose 32 per cent over year while the the previous

SouthwesterÄ

"The

50" he insects are reported damaging

стор business the (BY). as - a result of there higher States, Associated Press. charges. At the very moment

PRICE INCREASE when the House should be

oalcoma

Own

<ho

pared

UTILITIES

lo

In yarns, spinners bolloved the 1500 1.35 substantiation of reports that

the Government shortly wir tako substantial quantities of 10.30 fabrics would result in Jargo 18.09 bodkings

combed of through the fourth quarter,

*Izam, ................... 18.00 10.00 500

P Tram (0)

P Tram (N)

Star Terry:

200

3004102

C. Light (0) 0,60 8.70 2000 19” 8.35 C. Light (N). 83%

Macso Telephone INDUSTRIALS

Cement Nope..

STORES, ETC.

Dairy Watron

Crawford C. (21)

talk about a should be allowed to HD have been shaken by the fallure / COTTONE.

advertis Inallish confidence appeared to futures wholesale prices generally in Blanca by the end of the.you | Romancial Times", "has

Singapore, Aug. 0. Prices of rubber

capital on a limited basis, which closed today as follows: they were forbidden to dó 'under | Number 1 rubber, per ib. the old law.

1 MILLION SHARES ¦¦

September

October

November Number 2 rubber,

The new law. provides that a September

con withdraw Number 3 rubber,

forcim investor

20 per cent of his capital every

Since May 1980, when the original law on foreign Invest ment became inactive, up to June

September

September Number 4 rubber, Boot rubber unbaled No. 1 pale crepe.***** Blanket, rrepe. ******

01-0714 0832-07

0112-03

100-111 [Unlied Prvan.

creased by only 11 per cent in

the same perlud.

fighting atness.

Jast painted out.

in hedge

12.10 22.40

1015 11.30 17.60

yara

Buring prices hatted a long decline, nishing the week around to cont a yard higher. The lowest pricco over a docado and the steadier 'culing of the Calcutta market, plus the rise in colton bagging materials, helped to change. 101% 10.70 1000 15.60 market pentiment £0.10

20.10

1740 17,50 1000ˆÐ ITIL, 18.70

| 0:40.

3000 20

Exchange Rates

Rayon grey goods rufod quiet, Finished goods still failed to rai flect the recent advances in grey; goods-United Pries

Big-Estato Deal

Chicago, Aug. 10.

-Business was done m the local A group of New York In

nofficial __exchange marketi. this

vestors on Saturday made oto of: morning at the following ralesgue. U.3. dollse (per #11) **** 0.3810: the biggest real nitate degjojin 15.42 Chicago's "hetory by puretinaing Blecking pole, (por £1)

Miam tiealt,(par.(100)

21.00. the State Madison Buliding in sho Singapore (Sitat:21

1,000 heart of the city's Loop for FIC, piastres (per“; 100)) 11.823-814,000,000-United Pres

week-end, on a more firmly and share invertinent, orally W00,000 bales under Indonesia guilders (per 100)..