1952-09-08 — Page 9

THE CHINA MAIL, MONDAY, SEPTEMBER 8, 1952.

MESSAGERIES Y MARITIMES BALANCE OF PAYMENTS

MGM Britain's Deficit With European Union

Leaving

Arriving

*LA MARSEILLAISE”

"FALAISE"

..Sept. 10

.....Reph. 27

Sept. 17 Sept. 29

...opt. 13 **LA MARSEILLAISE" ..Sept. 27

Sept 13

+GRENOBLE"

*****.Oct.

-5

Sept. 25 Oct.

+"FALAISE"

.......Oc.

For passenger and freight.

Outward · For

Yokohama & Kobe Japan

Homeward Wor

N. Africa à Europo Marazilies via Balgon

6. Atzien & Europe Oct. 27 N. Afalca i Entode

† For freight to Selgon, Alexandria, Genoa, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam. Accepting cargo: •

vio Marcofiles to all Mediterranean & West Africa Forts. Via Djibouti to Madagascar.

Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 58, Hongkong Queen's Building (gr. floor)

EVERETT

Tel. 26651 (3 lines).

LINES

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

"REBEVERETT” ·

Arrives Sopt. 10 from Manita. Sails

Sept. 11 for Singapore, Penang,

Rangoon & Calcutta,

"LENEVERETT"

Arrives Sept. 23 from Singapore. Sails Sept. 24 for Kobe & Yokohama.

(Accepting cargo for transhipment 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 Perta.

FIRST CLASS8 PASSENGER ACCOMMODATION M.S. "STAR BETELGEUSE" Arrives Sept. 9 from Singapore Sails

Sept. 10 for Kobo & Yokohama

M.S. "STAR ARCTURUS” Arrives Sopt. 17 from Japan. Sails

Port Singapore, Sept. 18 for

Swettenham, Madras, Colombo, Bombay, Kara- chl, Kharramshahr & Basrah.

(Accepting cargo for transhipment Kobe/Pasan and Kobe/Okiziwn)

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

Pakistan

Wheat

Crop Forecast

Karachi, Sept. 7. The final forecast of the 1051-82 wheat crew show- ed a 22.0 per cent decrease in yield over the previous year.

wheat

The ares under crop was only 8.7 per cent less than the previous yeaT and the drop of the yield generally can be attributed fo the lack of winter rains, fuadequate water supply and unfavourable weather conditions at the time of crep maturity.

The final forecast showed that the area under wheat crop was 10.210.000 acres against 10,832,000 acres the previous year. The 1951- 52 yield was estimated at 3,060,000

tons against 3,053,000 tons the previous Fear-United Press.

Changing Industrial

Picture

N. Zealand Report

Impossibility Of Drawing

Any Firm

Firm Conclusions

(FROM OUR OWN CORRESPONDENT)

London, Sept. 17. Outstanding feature of the gold and dollar figures released by the Treasury this past week was the marked reduction in the Sterling Area's deficit during August with the European Payments Union.

This deficit, it will be remembered, now has to be settled entirely

in gold.

Unfortunately, however, no firm conclusions can be drawn from this improvement. Our deficit with the European Payments Union has fluctuated sharply during the past few months.

Japanese bonds, which fuc- Payments

luated throughout the wock, Indications are, therefore, that clcred slightly easier. Only the the Sterling Area's gold reserves per cent 1891 issuo main- will rise during the current tained the previous price of month--perhape by enough to £81, all others showing lossta

beaded regain the August loss.

by 54 per cent 1930's which dropped £24 to £134, and 5 per cent 1007's which also dropped £2% to £132.

To conclude from the com- August European

of $5 Union figures deficit paratively amall million which wo incurred in our trade with Western Europe during August-and which must be settled this month-that the problem of our balance of pay ments with European Payments Union Countries is solved would be as misicading as the belief that the huge deficit of $99 million on account of trade in July signalled imminent disaster for our collective reservCE,

Changes in our payments the European position with Payments Union are not reflect- od in the gold reserves until a month after the accounting period.

drop The

in the Sterling Area's gold reserves in August by $44 million was, therefore.

NOT DISCOURAGING But if the Bank of England decides not to renew arbitrage them to nonew facilities, c

entirely due to the large gold

payment that had to be made to the European Payments Union during the month.

Wellington, Sept. 7. An indication of changing

And this in turn was largely Industrial circumstances in due to special non-recurring New Zealand has been re-payments, notably to Holland vealed by the report of the and Denmark, in July. three-man Royal Commis- alon of Inquiry into the waterfront industry tabled in the House of Representa- tives.

поду

Germans were, in contrast, firmor, both issues ending the wock 4 of a paint firmer. Young Loan was standing at [bo | £83 and-rihe 5 per cent Loan

at £65,

only on a much reduced sale, a good deal of Sterling that has been retained by merchants in

Europe Western handed over to the authorities,

And this would have tho effect of reopening, at least temporarily. the Sterling Aren's payments gap with the European Payments Union.

Otherwise the recent trend

of the gold

reserves has not been altogether discouraging, We have begun to earn a smali surplus with non-European countries but there are still dark clouds hanging over tho horizon.

new

1

The reserves at $1,072 million are still too small to withstand

shock such дя renewal of heavy purchases by Commonwealth countries in Western Europe.

Similarly the reduction in the deficit with the European Pay-nny ments Union in July from an average of about $50 million in months 10 the preceding four $23 million was chiody the re- of $25 sult of the payment million made in June for military follows closely equipment which Britain has post-wa

post-war loans falls due in four underlaken

lo

supply

to

and

Industry Com-Belgium over the next two years. \ probably wipe out any modcat

The report upon a statement by Mr A.E. Bockett, General Manager of the Waterfront mission, that the congestion which has existed in many last year's water- ports since kido workers strike is now

overcome, firstly be of the faster rate of work by the wateráldors and secondly because of a reduction in the volume of imports.

The

largely

catiso

Government's insistence

on discipline in the industry at the time of the strike aroused such bitter contention that Prime Minister Holland. proffer- ed the Government's resigna-

tion.

surplus December.

we may

In any case the payment of capital and interest amounting over $175 million on the States and Canadian United to post

months' timo

this will

earn before SPECIAL FACTORS We have grown accustomhed,

A balance in to look for special

our dollar ac- therefore, factors when examining monthly counts may, notwithstanding changes in our position with the this, be achieved by the end of

the year. Euorpean Payments Union.

And the datcit of $5 million

Common- will on account of trade in August is no exception to this rule,

Had it not been for the large

settlement of $90 million which had to be made to the European Payments Union in August, the gold reserves Sterling Area's even without the $45 million of military aid frum America, The subsequent election would actually have risen by returned the Holland Govern- $10 million. ment to power with an increas- ed majority.

At an early stage of the strike,

National the

New Zealand Waterside Workers Union was

One de-registered.

by one unions were set up at individual ports with the approval of the

Minister of Labour.

These

reserves 'can

the Before

bo considered safe the Sterling Aren must, therefore, correct the unbalance in its trade with Western Europe.

90,

with Prime Ministers

Before then tho

economie have reviewed our position and, it is to be hoped. drawn up a plan for enabling the Sterling Area not only to hold its own but to can n

the rest surplus with

world.

ESTOCK EXCHANGE

of the

The Stock Exchange turned quiet this

and an past week atmosphere of caution develop

ed.

There was no heavy selling, however, and, in the absence of buyere, price movements were comparatively, smali.

It would be misleading, how-

Small declines took place in ver, to assume from the August industrial ordinary shares, part- figures that it has already donely as the result of the threat by the electrical trade unions UNDERLYING REASONS to ban overtime, and gilt-edged were autonomous, It is true that our defcit were fractionally lower. owing no allegiance to any na-with the European Payments But the week's setback in

Since that Union tional organisation.

lust month was the these two sections of the mar- over a year ket did not more than reduce a seemed to vie with each other

there more important small part of the previous for the cargo-handling record, but

reasons for this week's gairis. with the result that for example, underlying

Movements in industriale were the 1,700 men in the new union which should not be overlooked.

clear ships in Auckland now faster than did the 2,000 men in the old union there.

In time unions have mallest for well

Business Group In

Demands

U.S. Free World

Trade

Washington, Sept. 7.

An American business group has recom- mended easier trade among free nations to offset dealings with iron curtain countries.

were

obtainable

Royal Dutch was firm and in good demand throughout the week. Gold shares were firmer,

United Press.

HONGKONG

SHARE MARKET

+

(From Our Cotrospondent)

Busness of the Stock Ex- change this morning totalled Noon quotations and $229,205. the morning's transactions:--

SHARES BUYERS SELLERS BALES

BANKS.

HK Bank .. 1625 East Asia

INSURANCES

Union

143

765 Underwriters 5.10. SHIRING

་་

A Nav XD 1.41

DOCKS, ETC.

K. Whar

N. 2. Wait Dock R. Provident

CT

15 4000

Page

ROYAL INTEROCEAN LINES

SAILING B

(-Jabami.

Japan

Djakarta, Semarang. singubata & Macasar

Klugapore.

Djskaria Palembang "Hielower Dell

A

P., Porla, Singapore, E. & A. Atrea DJakarta, Hingapore,

Bentarang,

Surabata & Macaziar

Bingapore, Djakarta, Bemarang,

Surabali & Mačssiar

METSAAT

MAKASSAR* "LUWAI "TİBADANE“

Atilia, &78, America

Japan

Sot, "11 Hapt. 16

Bept. 11.

TINENTANG

Bepl. 10

"VAN KRUISA”.

Nope. 21

*ÝJIŠLAMPER“

Høpt. 21

**TJWANG1"

Oct. 1

Djakarta. Sematrag. Surabala #

Масловат

"TIRANTIETH

OM. 7

Manila, Singapore E. & B, Africa

MARABRADOR

tri 9

Mania, Singapore, Mauritius,

#.

"TEGELBERG" THISADANE* "TIMODAS" "TJILUWAH"

OL 19

Nov.

#RUWANGI”

Nov.

"TAIMAN"

Nov.

PTJIPANAS"

Nov,

7319ADANE”

Nay.

#

"STRAÁT

MALKKA

"TJILUWAI"

Nov.

10

Nov.

"NUYA"

#TJIDANTJET" "STRAAT

MAHARLAR” **ILLUWAR**

SÍLADANE" YJIMENTENG"

gel. 13 Out.

Djakarta, Senarong, Surabxja

"Živerssar

晶

Singapore. Djakarta, Remarang.

"Súravala & Macassar

Japan

Bingapore, Bjakaria, Semarang.

Mirabala & Macassar

Hingapore, Penang & Nelawan Dell Japan

Singapore, Mauritius, 8. Afcles, &

8. Araerica

Stania, Singapore, S. Africa, S.

Athotics Singapore, Diakaris, Bemarang

Surabala & Siaenskar

ARRIVALS

Port

Bent. U

Sept. 12

Sept.

Apt. 18

Indoneılan Ports

From

3. Ameries. 8. Africa. Mamelung,

Bingapore & Manila Kapar, Bursbala. Semarang,

“Djakarta & Singapore

Japan Japan

KING'S BUILDING, Ground Floor.

TEL. 28015/18.

CHINESE AGENTS: 88 CONNAUGHT RD. O. TELS. 31196, 25138

MAERSK

LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

* M.S. "PETER MAERSK”

M.S.

M.S.

*

"NICOLINE MAERSK”

"ANNA MAERSK"

·Sept. 15

Oct.

2

Oct.

16

Also accepting cargo for Portland, Maine,

ARRIVALS FROM U.S.A.

M.S.

ANNA MAERSK”

M.S. "OLUF MAERSK”

M.S. "LEXA MAERSK”

In Port

Sept. 22

Oct. 2

For Freight and Further Particulars plense apply to:-

AGENTS:

JEBSEN & CO.

500

500 13.00

Pedder Building.

0.10

39.00

13.09

ghal Dock. 1.00 Wheelock ... $37,

LAND, ETC.

JLK Hotel

11K Leng

10)

50

{N}

Shai Land

484 12

400 4815

wopiweys, a.tu

UTILITIES

0.45 0.80 1300 11⁄2

TTAN XD","1000 ∙10 1500 1983 Star Ferry... 101 C. Light (0) 9.10 020

500 @ 1.20

500 8.19

- C. Light (N) 0.15

2000 or bel 1000 @ 0.18 Electric XD 22.30 2215 DUO 15 ZLAG Подсло Exc. 10.30 Telephone 17.40 17.70 500 17.00

INDUSTRIALS

Cemeni..... 17.30 1715 Rope ... 191 STORES, ETC.

+

Dalry Watson

19.30 101 1200 7 19.20 17:30 27 200 x 27%

Crawford

A large part of the improve- chiefly confined to shipping and ment was undoubtedly due to aircraft shares, the latter bene the

effect of the Bank of Eng-nting from the boost in morale

the Farnborough | COTTONS by The unions are now showing { land's recent experiment in the provides

commodity arbitrage business Air

were

a tendency tu amalgamate again. between British merchants and Most commodity shares --Reuter.

European Payments Union coun- higher on the week with the ex- tries.

ception of rubbers, which con Facilities for this

buslots; tinue to be depressed by the were temporarily withdrawn poor market outlook for this raw after a week under the over-material. whelming pressure of applica- Coppers were a particularly tions from British merchants

good market. However, gold wishing to take advantage of shares were depressed by the the opportunity to buy dollar political news from South Africa commodities for resnic to and also by the US, Secretary of Treasury, Mr Snyder's, oppost- Licences were actually grant-tion to a rice in the price of

the Bark for between gold. ed by £50 million and 200 million of business.

Steady Tone In Sugar

raw

New York, Sept. 7. Domestic

sugars were steady at 0.45, on a duty pald

basis.

Western Europe.

Facilities for arbitrazo 1 be commodities may renewed later this month after the Bank of England has ro- viewed the scheme in the light of experience gained during the first week of its operation.

The United States Council of the International Chamber of Commerce said American markets particu- larly ought to be opened more freely to foreign goods.

WC3- It mentioned tariffs and/ The Council said that other barriers which, it said, tern Europe exchanged goods

bloc

countries, prevented some countries from with Sovict

One sale was reported on this carnlag dollars by selling their sometimes by barter, in order

basis involving 15,000 bags to a dollar favourablo products in the United States. to get terms more

else New York refiner In a report on the "East-West than Trade Controversy," the Coun- where.

dealt clt said many countries

It advocated strict restrictions because

In East-West trade in with the Soviet bloc they needed the products and potential goods but said: because they got better

bar

"Action so far taken by the United States Congress and the go.ns.

United States Government has I spoke only for the American failed to provide a solution to of trade branch of

International this vexing problem Chamber.

between the free nations Calling for development of the countries behind the Iron new trade channels In the Curtain,”—Associated Press. Western world, the report sald

The Counelt explained that

the

that any study of Soviet trade

War

and

At the close, there was fur- ther buying interest at this level with sellers asking 6.50.

Domestic sugar futures trading was light and mostly confined to apot and November.

In response to the better tone, in actual raws, the position was Arm and three points higher.

New crop quotations closed 2 points higher.

The distribution of refined sugar in the Continental US. for the week ended August 30

United Pres.

GENERAL CONCLUSION

European merchants clearly hoping that this will be

LITTLE EXCITEMENT

London, Sept. 7.

all stocks

sent

Ewo

2.10 2.20 6000 # 2.18

Quietness In Textile

Markets

New York, Sept. 7. Quietness became a common denominator in all the basic textile markets last week.

in

Colton goods buyers remained a holiday mood Spring lines are now being offered to whole- salers and retallors,

thai

on

Tel. Nos. 36066-9,

Dates and rotation subject to change without notice.

Italy May Buy Jap Steelplates

Tokyo, Sept. 7. Italy may purchase about 20,000 tons of steelplates from Japan, chiefly for shipbuilding purposes, early next month, the Jiji Press reported.

RANGOON

RICE FOR JAPAN

Tokyo, Sopt. 7. The loftist Socialist leader revealed in Osaka luy that a considerable quantity of rico will be imported from Burma awing, he suld, to the efforts of the leftist Socialist Party. The agency said that leading

Mr Morburo Suzuki, leader as the manufacturers, such

of the party, told the Fress in Yawata Iron and Steel Company Osaka that

parky and the Kawasaki Iron

and received

A cable Steel Company, categorically Burmese Government informing

of such deny the possibility

it of the, completion of procom trado with Italy.

dures for the export of rice

to Some trade circles, however, Japan and asking the Socialist are confident that such a trade party to senu representatives to 19 possible for the following Burma.

reasons.

hard

from the

Two top-level members of the (1) There is report that party have been sent to Burma, Italian shipbuilding engineers and left by air last night. will soon visit Japan,

They were Seiichi Katumata (2) The

Japanese Govern and Tamotsu Hasegawa, both ment

is exprotod open candidates for the forthcoming negotiations with Italy towards

general elections, the end of January next year for trado and payments agreement. -France-Presse.

д

to

Leipzig Fair Opened

The exact quantity of rice to be sent to Japan is not known. Mr Suzuki charged that the pro-American

policy of the Yoshida

Government had separated Japan economically from the rest of Asia, and that this had been the principal ren- son for the failure to import rice from Burma.

had

should cover Importa as well Rayon-Producing to 14,252 short tons, arbitrage denis which the Bank ning of the previous

With world events taking a somewhat calmer turn, and with the opening of the new account coming on Thursday, the Lon-

Producare felt that the Govern- don markets Had little excite

ment's second crop estimate of ment over the last seven days the season, to be issued

Gilt-edged securities,

German Monday, will be an important

Tho Socialist leader added and

Government bonds factor in determining the future Japanese

that the leftist Socialist party are provided most 1of the action.

Berlin, Sept. 7.

always made efforts to The gloomy news from Iman buying policies."

Fabric prices held firm all

The East German Deputy trade with Asia, and the forth- so and their anticipation of a and South Africa,

line with buying Premier, Heinrich Rau, today coming Import of rice from of arbitrage facilities renewal

Monday, along th down on

opened the 1952 Leipzig In- Burma proved the party's efforts the special factor behind the had 2 per cent Consols down intercet

this direction. In cafton yarns, spinners feared dustrial Fodr, Communism's tig- ¡ in

France- spectacular drop in our deficit 1 point to 60,

though they

It the Government erag gest "show window" since the Presse. with the European Payments hoved a slight rise and closed estinale kicked prices too high,

war and its most vigorous al- Union in August.

the week at 69-15/10, almost

East-West It is too soon yet for the where they were at the begin would slow down buying tempt to simulate

interest. weekt

trade. Burlap prices softened notice- More than 8,000 exhibitors already sanctioned to be during which they rose by 45/-

from

all parts of the Communist- reflected in an improvement in to £81, their highest since ably late in the week.

The rayon grey goods market dominated world will show their our payments poaltion with the February 21.

ruled quiet with prices on some bast products to the Western European Payments Union. War Loan and 3 per cent constructions reported off 35 cent world Rubber Futures

concllision bas been Transports, which normally ro- or more from the recent level... widely drawn, therefore, that act in sympathy with Consols, However, mill quotations on merchants in Western Europe ended the week drmer in direct goods for future delivery held In S'pore

ren at the current levels. been

their contrast War Loan was retaining

and Tearports United Press, Sterling for use when and it higher at 76% Singapore, Sept. 0. Prices of rubber futures closed arbitrage facilities are renewed, were up at 79, the firmest ef

As payments between the all gilt-edged securities,

The announceraent on Tuer Exchange Rates from the Soviet Unioni, Czecho- asiced not to accept today an dolldwe

Sterling Ared and the Europea day of Britain's lower gold and Number 3 rubber, per '15.

7815-1 Payments, Undon are not reflect-

doliar in the montidy return on the market. Brokers sald

receipts by European

* exports.

"We have urged in the past;

and will continue to urge, the

American trade

reduction of

barriers," said the report.

INCREASE FEASIBLE

Concern

New York, Sept. 7. Celaneso Corporation America has joined with the

of

Colombia,

company Coltajer,

in

riew

The Jointly-owned

fers and operates Celanese

"A" considerable incredzy of largest cotton textile imports into the United States, in compatiblo with the main-establishing tenance of living alandards of rayon-producing concern

comply our people and of prosperous business

our is called Viscose Colombların, conditions for

October plant at industries is entirely feasible. 5.

We believe that growth or Medellin.. world undo is `eoridition for

November December

has

The

hove

reserves had less effect

CC ano sturned over to | they had boun prepared for o

Colombiana, S. Au Nomber cubber, October-10-72. continued rises in living stane another amtale of Celarico. Number 5 rubber, October old tires, respectivo, central banks fall in the foserves caused by

preservation of tms been producing acetáte Number 4rubber. October

at Call, Colombia; for pet rubbery unbaled Four. Arjociated No. a pale crepe

pi,

darus and for Bound bustine conditions both yarn for us and for the rest of the meanly free world.**

Prepa

Kinket - crops

10,00

102-107

miniled Press.

this would indved acconint for the payment of Britain's July want The.Exonomic has called debt to the European Payments the "misicading glow" to the Union,

Bank Refused-

The largest contribution to the has Fair was made by East Germany. Banco arid Russo,

Licence

New Delhi, Sept. 7. The Reserve Bank of India notified the Portuguese Nacional Ultramarino that a liceres to continue bual- The opening was attended by ness in India cannot be granted. the East German President, It was officially leamed that Wilhelm Fleck, and delegations the Portuguese bank has been deposits slovakia, Hungary, Rumania and after September 8.

An official Bulgaria

of the Bank, said the move was Business was done, to the local The Fair is being attended by a reprisal against the Portu. unofilcalexobames momakoti. this

Westem firms from Algiers, gucho" - Government's afutute morning at ; the, following ratpu

which Austria, Belgium, Britain, Den- toward Indian banks 4.345 A dollar(per $13

10.30 matk, Franco, Fininud, Holland, have not been permitted

Italy, Norway, Morocco, Pakis-, open branches in Portugala tan, Sweden and Switzerland, - possession In India. United

Prosa, Reuter.

Blerior role fer R3)

Indonesian gunders (per 1007.11.00

Bhen tiesia (per 100);

Singapore (Bratts)

FIC plastres (per 100)

ИВО

10.35

11.05