1952-09-04 — Page 9

MESSAGERIES

MARITIMES.

M8 M

"GRENOBLE”

Arriving

**LA MARSEILLAISE" .eps,

"FALAISE"

LERTIDI

Outward for

Гарда

Yokohama & Kobe Japal

Janoward For

10

*Sept. 33

5 Sept. A Bept. 20 Sept. Zi

Sept. 11

Rept. 30

5

10

Oct. 6

Oct.

N. Atrita & Europe htatarllen via saigon N. Africa & Europe N. Africa & Europe

"COURSEULLES" .....Rept. 13

*LA MARSEILLAISE” „«Sept. 27

+"GRENOBLE”

*"FALAISE"

For passenger d freight.

† For freight to Salgon, Alexandria, Genoa, Alglers, Cran, Tangler, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

Accepling cargo:

-Via "Marseilles to all Mediterranean & West Africa Porta --vin Djibouti to Madagascar.

Bubject. To Change Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

EVERETT

Tel. 26651 (3 lines).

LINES

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

"NOREVERETT“

In Port Loading

Sails Sept. 6 for Kobe, Osaka, Nagoya

& Yokohama,

"REBEVERETT”.

Arrives Sept. 10 from Manila.

Sails Sept. 11 for Singapore, Penang,

Rangoon & Calcutta.

(Accepting carzo for transl:lpment Kobe/Pusan and Kobe/Okinawa)

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. "THA!”

In Port Lunding

Sails Sept. 5

for

1

Singapore, Port

- Swettenham, Madras, Colombo, Bombay, Karachi, Basrah Kharramshahr.

M.S. "STAR BETEĻGEUSE”

Arrives Sept. 9 from Singapore Sails Sept. 10 for Kobe & Yokohama

(Accepting cargo for transhipment Kobe/kusan and Kobe/Okinawa)

&

EVERETT STEAMSHIP CORPORATION S/A.

Queon's Building, Telophone 31206. Chineso Department: Telephone 28293,

FOREIGN

EXCHANGES

Canada

IN N.Y.

New York, Sept. 3.

US$ 14-22/18 2.78-3/16 2.51 bld- 2.54 asked

England-official ......

unometal

30-day futures

90-day futures

Australia

New Zealand

South Africa

Belgium

Denmark

Italy

Norway

Portugal Spain

Sweden

2.773

*70*

The Rubber

Markets

Landon, Sept. 3.

Prices of rubber futures closed

today as follows:-

Number rubber. In pener

per lu. October

November December

October/December January/Mareli

THE CHINA MAIL, THURSDAY, SEPTEMBER 4, 1952. ~

Monetary Fund Warns The

Wheat Crop in World's Governments

Argentina

Buenos Aires, Sept. 2.

In

An Argentina economie magazine estimated today that Argentina wobld pro- daco 0,000,000 to 7.000.000 year, lons of wheat this more than twice last year's near-record low of 2,285,- 000, fons,

The magazinó káld that Argentina should be able to export at least 1,000,- of wheat this 000 tons year, United Press.

Japan To Try Out New 'Link'

for

System

Tokyo, Sept. 3,

machinery Japan drafting

શમ impuri-export link

will encourage system which balanced trade with clier coun- trics.

Tende Ministry offelal are planning to initiate the systan with Indonesia' as a test care which normally buys more from Japan than sells.

if it is successful, it will be applied to Argentina and then 10

which countries City: normally have import-export trace with Japan, informed

sources said.

The plan is to issue import certficates to trading firms which import commodities from Indonesia.

Any im wishing to export to Indonesia must buy certificates to the value of their export chip- ment and attach the papers to the cxport applications they make to the Trade Ministry.

The objective is to encourage Imports and discourage exports with traditional purchaser coun- tries.....

In Critical Review

MUST END INFLATION

Mexico City, Sept. 3.

The International Monetary Fund warned here tonight that the choice before governments is to end inflation, or to move further toward a world of restrictions on trade and currency convertibility.

ΟΙ

still dark.

Britain, which was

In such a world, even the present weakened structure of interna- tional trade and payments is more likely to deteriorate than improve, the Fund said.

This is the keynote of a critical review of the world economic situation in the Fund's seventh annual report, published here tonight.

The report also dealt with } But preliminary consultations.,000,000 in 1950 but declined to tariff barriers and competition indicated that the picture is approximately $820,000,000 in

1031. from Germany and Japan.

The purpose of the Fund is to

engaged It cald, "The largest absolute promote international trade by in a brisk discussion with the decline in 1931 was in the

States the establishment of stable ex- United States last year about United

the Where and the eventual its ability to allow frcer trade, trend of gold production since change rates

rehas now received the Monetary 1947 has been somewhat erratic. elimination

currency

Fund's approval for the con-There was also a slight decline strictions.-

in the Union of South Africa The Fund was formed by the tinuing of restrictions for en

and Canada. United States in 1944 and start- other year. ed operations in 1940. Its man-

"The largest relative decline Ecuador and Venezuela aging-director, Mr Ivar Routh, will present the annual report to

where gold production came to a the Board of Governors here to-

virtual stop during the year. Several other lesser gold pro- morrow morning.

ducers, including Colombia, the Philippines and Belgian Congo showed increases, though their output was still well below the pre-wor level. On the whole, the devaluations of September 1949 fatled to stimulate the production Press.

It is a "melancholy fact" that seven years after the end of the war there has been little secure toward progress or sustained multilateral trade and convert bility, the report said.

The prime need was internal monetary stability. Many coun- tries had been attempting to live beyond their means-utteinpts

were bound which later to be frustrated.

sooner or

ESSENTIAL PROBLEM People had to be persunded to accept the inevitable cula in real consumption and in investment for civilian production. This was the essential anti- inflationary problem, the report said.

Other points from the Fund's report were: Agricultural protec tion

JAPANESE VIEWS

The Japanese Government in tends to square its financial debts with the world in order to be eligible for new monetary assistance,

Japan's Finance Minister, Mr Hayato Ikeda, sald, Fr Ikeda said the Korean war

had provided a "windfall" to the Japanese economy by providing war contracts and jobs,

He added, "But the Japanese Government realises that this cannot lost and we must look to the future"

Japan was hopeful of effecting a satisfactory settlement of her prowar debts to the United States, Fratice and Britain in order to be able to attract in- vestors.

The Mexico City session will be the first meeting of the Inter- national Fund attended by Japan which

was admitted to the Organisation last month.

Mr to countries

The system may later be ap- plied in reverse which normally sell more to Japan than they buy from it, it was understood.-United Press.

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- ed to $503,665.10. Noos quota- tions and the morning's trans

in Europe and the United States still creates difficulties for some countries; other protective polleles maintained in the United States, despite its great competitive power, also con- tinued to embarrass other coun- Difficulties are aggravated by Jack of International ordination of monetary, import stockpiling policies. Over a a and period of time, import cuts and discriminations make countries

less rather then more capable of dealing effe, ively with their international payments

prob- lems,

FORMIDABLE TASK

Mr Ikeda was accompanied by Kichlo Futami, Vice- Governor of the Bank of Japan, Mr Kichi Miyasawa, the Secre tary, and Mr Gengo Suzuki,

Finance

the Reuter.

Commissioner. —

FRANCE'S OUTLOOK

who in

of gold."United

Price Of Rice In Saigon Decreasing

Salgon, Sept. 3. For the first time since the beginning of this year, the current rice prices in Saigon and Cholon have stopped increasing and have decreased slightly.

Mexico City, Sept. 3. France has gone through a very acute financial crisis but

Rice No. 2 the present outlook for the

(25 per cent nation was much better, the breaks) now sells at 430 pinsters French Governor of the Inter- per 100 kilos, while cargo rice national Monetary Fund aid No. 1 sells at 416 plasters.per tore the

100 kilos. Paddy, No. 1 sella M. Pierre Calvert said: "The at 100 plasters per plcul, and situation in France last Febru- paddy No. 2 at 104 plasters, ery was desperate and made

The moving back of rice necessary a loan of $100,000,000 prices was regarded as resulting 'The task of restoring trom the Fund."

from the need of certain stock- of interna- Drastic

were im-holders for cash, though the balanced system

de measures tional settlements that will posed to prevent coonomie die Government's measures in fight- function without periodic integration

ing against speculation have SHARES BUYERS (SELLENA BALES breakdowns is indeed formid- He added. "The outlook at had an effect on the prices.

abic, even under the ΠΟΔΙ present is better and hopes are

According

to reliable

of yes, favourable circumstances.: that it will keep improving." the Government would be cased if the output M. Calvert said that trade has also succeeded in "unfreez- of non-doilar coal and wheat between Mexico and France ing" an important part of the. could coula bo expanded on an

would show a marked increase stocks held by Western stock- economic basis.

within the next few months. holders. However, it will have whether this downward trend of rles prices

actions:-

BANKS

JIK Bank

East Asin

INSURANCES

Union

Underwritery

SHIPPING

10 @ 1430

145

703

5.10

Asia Sav...1.02%

DOCKS, ETC.

K. Wharf

N. PL. Wha: 6.63 Dock

....... 10.00 10.00 Pruvhient 15.00 S'hal Dock Wheelock

Hongkow

LAND, ETC.

4.

1500

2500 @ 13.30

1142 000 a 13

50807.20

0.45 0.60 1500 15 HK Land (0) 4915 80% 300 @ 150

KK Lex (8) 4794 403)

It

In Cambodia, the ban ordered by the Government on all rice, and paddy exports has just been made official.

The measure was taken to ensure normal domestic supplies until the next harvest, and to avold sharp price increases.

CATTLE EXPORTS

It requires the most efficient Spokesmen for the United to wait to ser 1300 1.82% allocation of resources by all States and Yugoslavian delega-

countries, a very high degree of tons attending the World Bank will continue. competitive strength, and and

Monetary International 0.70 maximum flexibility in making Fund conferences also said to

Inevitable

able adjustments to chang-day that there was little likeli

such as the hood of any immediate decrease ing circumstances, reviving productive capacity of In the tempo of military pro- Germany and Japan.

duction in the Western world. Addressing a plea principally to the United States, the report said the task must be under- taken as much by the persistent creditor countries as by the deficit countries.

"The Fund expresses its 14

carnest conviction that Star Ferry XD 103 104

countries in a strong balance, of C. Light (0) 9.10 9.23 2000 ₪ 9.03

2009.10 payments position should take 1000 6 9.15 all practicable means of reduc- ċ. Light (1) 0.15 0.20 7000 8. Ing barriers to international

2500 6 0.20

trade."Reuter. 1000 0.10 Electric XD 2215 22.30 500 2215

Elec. 103

.. 17.00 17.00

Shat Land

25.232

2334-24

HK Hotel

233-24

2345-24

2347-24

23-2315

Unlied Press.

SINGAPORE MARKET

Singapore, Sept. 3. Prices of rubber futures closed today as follows:

Number 1 rubber, per ib.

October

November

804-24

December

Number 2 rubber, October 74-74! Number 4 rubber, October 30 201 Number 4 rubber, October 63 -50 Spot rubber, unhaled 70-80 Blanket crepe

60-621

100-100 United Press.

April/June

2.2234 2.7735

2.70-9/10

030934

France

.1455 200206

West Germany

23515

Holland

2030

.001G

1403

,0330

.0303

1035

Switzerland

2324

Middle East

Egypt

2.00%

No. 1 pale crope

Iran

,03125

Iraq

2,7034

Turkey

3575

Latin America

Argentina

.0125

.0550

0103

.0045

4023

1.00

.1164

.003%

700

Venezuela

Far East

3025

.1700

spot in, rellers

02000

uness dong nt

3260

Three-inants un, buyers

300 yen

to VBS 1

-United Press,

Brak Dolivia Chille Colombia Cuba

Mexico Peru

Uruguay

India Pakistan

Hongkong Indonesia Bingapore

Тарал

2005

LONDON TIN

MARKET

London, Sept. 3.

The tin market was steady to- day. Prices closed at the end of the officlal morning session as

follows: 2000

Spot tin, buyers

Three-tnontits tin, seifera

Businers done al

Settlement

051-950

United Press.

New York Stock Exchange Rates

Market

Now York,. Sept. 3. Stock market trading today Increased to the best volume

the -of

month but without

- much improvement in prices.

Some 1,200,000 traded.

ahures were

Price changes were within fractions either way, hut a few more advanced than declined.

Duxiness was done in the local unofficial SKCHARES

this market morning at the following rates: US. dollar (per 1)

0.3075 Sterling note (per £1) Indonesia guilders (per 100). 23,50 Siam ticals (per 100).... Singapore (Straits) FIC plastres (per 100)

16.05

33.80

18.15 11.70

Humphreys

UITLITIES

Tram XD

10,80

P. Tram (0) 30

P. Tram N

Miscão Telepsans

19 1800 18.00

1000 22.03

INDUSTRIALS

Cement 17.30 17 2000 € 17.40 500 7 17.40 RODE....... 20% 10.70

The

-

of

any

The Yugoslav delegate, M. Sergi Kraighter, sald Reduc- tion in world rearmament or any slackening at this time is un- thinkable. The aggression Im- pact has not diminished in way."

The Secretary of the United States Treasury, Mr John Sny- der, voteed

a similar opinion but added that a reduction de- peaded on the future course of foreign policies.—United Press,

HOARDING of gold

The Cambodian Government

stock.

Pago 91

ROYAL INTEROCEAN LINES |

TJBANTJET" "STRAAT

"MAKASSAR” (ZJLUWAH”

TJIBADANA "TJIMENTENG "VAN HEUTHZ” "TUKAMPER"

TIRANOM »THDANTJET"

BAILINGS

Arabia, Djakarta, Bingapore, Maur)-

tűs, 8,- Anica & 8. Aidertes.

BABE 1

Sept. 10

Sept. 11 Sept. 10

Зарап

17

Sept. Мерь, 14

Nept.-22 Aept. 27

**STRAAT

MAKASSAR"

1 Oct,

dict. 1

Oct. 1

"TEGELBERÓ” “THISADANE" "TJIDODAS"

"THILEWAUI”

OM.

.Oct.

Oct,

Oct. 10

Nov.

"TJIWANGI" "TASMAN "TJIPANAS" "THSADANE"

"STRAAT

Nov.

Nov. Nav. Nov,

*

MALAKKA

Nov. 10

"RUTA"

Japan

Singapore, Djakarta,

„Surabalk di KURTKIKAT

Hemarang.

A

Singapore, Djakarce Patenban

Belawan Delija

Ports, Singapore E. & 3. Africa Singapore,

kart,

Gurabalų, di Macnsmar

Hemarang,

Dikkarta, Kemang, Surabati na

Macassar

Bingapore,

Djakari. Semarang,

Buzabala di Macamar Manila, Bingapore E. & 8. Arfea

Mania, Singapore, / Mauritius,

Japan

Africa & America

Japan!

DjKkurto... Aemairne, Surabata

Micasar

8.

&

Alagapore. Jakarta. Semarang.

Hurábala & MacassAT

Japan

Bingapore, Djakarta. Sematang,

Surabala & Marusiar

Singapore, Penang & Hrlawan Dell Japane

Singapore. Maarilina, B. Africa, &

8. America

Manila, Singapore, A. Africa, & R.

America

ARRIVALS

Sept. J

D

Japan

Frota

# America, 8. Africa, Mauritius,

Singapore & Manila

"DOISSEVAIN" "STRAAT

MAKASSAD"

"THBANTJET" "TJILUWAH"

TJIBADANE” ·

Sept,

Sept.

Sept. 12

Sept. 16

Japan

Indonesian Poris

Makasar.

Hurabala,

Djakarta & Singapore

KING'S BUILDING, Ground Floor,

Remarang,

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31100, 25141

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK. BOSTON, BALTDIORE & PHILADELPHIA vis SAN FRANCISCO, LOS ‘ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "TREIN MAERSK"

*. M.S. "PETER MAERSK”

M.B. "NICOLINE_MAERSK”

In Port Buoy A2 Sept. 15 Oct. 2

Also accepting cargo for Port@and, Maine

ARRIVALS FROM U.S.A.,

M.S. "ANNA MAERSK”

M.S. "OLUF MAERSK"

M.S. "LEXA MAERSK”.

Sept. 10

Sept. 22

..... Oct. 2

For Freight and Further Particulars please apply to:-

AGENTS:

JELSEN & & CO.

Pedder Building.

Tel. Nos. 26066-9.

Dates and rotation subject to change without notice.

Evidence Of World Scramble For American Dollars

New York, Sept. 3. Evidence of the worldwide scramble for American dollars is contained in a study made by the New York Board of Trade,

The survey, based on questionnaires sent to 31 countries, showed that only eight of them per- mit 100 per cent free use of proceeds obtained through exports to the United States. These are Canada, Cuba, Dominican Republic, El Salvador, Haiti, Mexico and Venezuela.

has also decided to restrict catüle exports to a minimum, and ex- plained that the action was necessitated by the fact that too

Ten, other nations

Ecuadorean exporters may keep exercise restraints. heavy demands had been made Umited

They are 40 per cent of their dollar carn- France, Germany, Ings from certain types of com- by Saigon and the French Union Finland,

of the and dispose countries on Cambodian live-Greece, Italy, the Netherlands; modities

Norway, Costa Rica, Ecuador and proceeds freely. PRICE OF GOLD

The restriction en cattle ex-Japan.

IN JAPAN Mexico City, Sept. 3.

ports will certainly have deep

Finnish exporters may keep up U.S. Secretary

Mexico City, Sept. 3. repercussions

the Saigon to 10 per cent on

Japanese exporters can keep their earned The annual report to the market,

per cent of dollars Treasury, Mr John W. Snyder,

The prices

dollars, but must spend them to Ave to 15 indicated today that the United International Monetary Fund's

of certain

buy machinery or raw materials Carned abroad for advertising Board of Governors, pointed modities in the twin cities of States may be willing to compro-

and promotion purposes. or for sales promotions. mize on one of the most con-

but that during the fiscal year Salgon and Chalon have In- STORES, ETC.

ended last April 30, there was Dairy, 10.2010.40 2000 4 10-20 troversial issues at the Interna-

creased since June. The price of French exporters can use 15

Among the 13 other countries in eight of ..... 27.00 27.70 3393 3940 tional Monetary Fund and World a general decline in gold prices pork has gone up, while that or per cent of export proceeds, of studied, exporters Watson

In nearly all the premium beef has gone down. Generally, 30027.70 Bunit meetings here - South

which 12.5 per cent can be used them are required to account for Africa's

however, the prices of

locaf to pay commilesions, travelling, their dollars fully and must get world equest to in-markets. crease the price of gold. The price of gold dropped products are on the increase, expenses, advertising fees and permission from the Government

Mr

to spend any of them. here to almost $2 per ounce in the first while those of imported goods Snyder camo attend the meetings opening to-nine months of 1951, fluctuating are going down-France-Presse. day and said the United between $30-$30 an ounce. By States could not permit any April 30, 1952 it declined to

In the present about $37.

Declaring that efforis to However, he added, she might check the premium gold sales go along with suggestions for a will be bindered if strict con-

in newly-minted trols are not enforced by ap-. free market gold.

propriate economle policies, the

rid of the pre

L. Crawford COTTOVA

EWO MISCELL Vibro

-2.10

100

500 10

direct Increase

Slow Dealing old price of $35.00 an ounce

blow.

In Grains

1

15

tion rather than

Asks For Redmodities,

China Trade

Chicago, Sept. 3. He pointed out that the Fund said: "The only effective Smail price changes werb | United States agreed several way of getting

Rome, Sept. 8. recorded in grains at the open-years ago to a minted gold free nulum gold markets and private

Two Italian Communist Ing on the Board of Trade markel, and probably will do hourding of gold is to create

economic conditions under. Senators, Cluæppe.. Alberganti it the proposal today. Dealings were rather so again

which demand for hoarding and Pietro Mentagmanly today brought up.

will become negligible."

called on the Italian Foreign Local traders: were inclined

Ho would not bring up tho

In some countries gold board-Trade Minister to resume textile 10 sell soybeans phor to Is suggestion officially. suances of a private crop es- The delegates are opening the ing is a matter of special tradi-exports to Chinn.

The Senators said that the de- a.means' af The estimate was ex-meeting in an atmosphere safeguarding against risks of crease of exports was partly due timate. pected to show a crop improve cold pessimism about the

currency inziability. The world to the serious crisis with which fhent compared with a month world's chance of untangling

production declined la the Italian textile industry was ago.

IDBI

at present faced. The crisis had New York, Sept. 2

Wheat started unchanged to money problems during his

coming fiscal year. United States steel mills are cent lower.

When: the Fund whin

resulted in the dismissal of fene Valued at $88; por fine ounce, of thousands of worlčērs, September due to operate at full capacity

$2.3176 | 'augurated roven years ago, it

„The Senator, therefore, küge Soybeans were tent lower was hoped that the countries it unld, the total output, ex- this week for the Arst time in

have been able to lift cluding the Soviet Union and gented that Italy should re- would the American to 4 higher, Steel Institute

September

$3.20 restrictions on the movement of countries associated with it. In establish exports towards Red LAssociated Press.

erenzed to approximately #044,- | China-France-Presso, ported today. -- United Press.

Imoney and goods by 1932.

Back To Capacity

Some chemicals, petroleums, and aircrafts advanced, and three months, "Home" railroads, steels declined; Iron and

Associated Press.

10-

gold

LARGEST DECLINE

imports of permitted products,

These countries include Aus- Germán exporters may retain 40 per cent of their dollar, caruria, Belgium, Denmark, Por- Ings to be used to buy non-tugal Spain, the United King- leerised imports of certain com- dom, India and the Union of

South Africa,

In the five others, however, no Grecce permita exporters to keep an unspecified portion of provision is made for the ex- dollar earnings to be used for porters, to retain or spend.any of non-essential, but large profit their earned dollars, the study

showed. margin, importa

IN ITALY

These are Ireland, Sweden, Brazil, Australia and Pakietan Italian exporters may use 50 | Associated Press. per cent of dollars cared for purchase, within a 60-day period,

of certain items.

Sept,

The Netherlands exporter may JAPANESE BONDS keep 10 per cent of the dollars he earns for any use ho desires.

In Norway, the exporter can Japanese bonds keep in per cent to purchase new machinery and certain materials.

Costa Rican coffee producers can keep A portion of export earnings to promote their product Conzols in other lands,

Tow

London, Sept. 9.'

"A" (4%. of 1699) ag (AB, of '1910); Ca of 1907) D" (5 of 1934)

(518 of 1030)

185

04

1581 004

United Press.