MESSAGERIES M
Arriving
"SAINT MARCOUF” .:..Oct. 20
· “PEI KO"
THE CHINA MAIL, MONDAY, OCTOBER 6, 1952.
Y MARITIMES END OF THE BEGINNING
Gt. Britain's Struggle For Dollar Solvency
Leaving
Vet, 23
Nov. 10
Nov. 19
:
"FELIX ROUSSEL" .... Nov.
Det. 雅 Oct. 9 Oct. 15 Oct. 20 4 Nov. 3
•
For passeliger and freight,.
GRENOBLE"
†"FALAISE"
*
M
Outward For
Jayah
Japan
Bomeward For
N. Africa & Europa N. Africa & Európe Marseilles via Balgön
For freight to Salgon, Aiglers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.
Accepting cargo:
-via Marseilles to all Mediterranean & West Africa Ports. --yla Djibouti to Madagascar.
Bubject To Change Without Nottes,
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong
Queen's Building (gr. floor)
EVERETT KE
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,
"BRADEVERETT"
Arrives
Solla
Oct. 7
from Singapore.
Oct. 8 for Kobe, Osaka, Nagoya &
Yokohama,
"LENEVERETT"
Arrives Salla
Oct, 23 from Manila.
Oct. 24 for Singapore, Rangoon
&
Penung, Calcutta.
(Accepling cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast cargo and refrigeration spaces available for Korea, Japan, China, Philippines, Indo- China, Siam, Malaya, Ceylon, West Const Indian and Persian Gulf Ports.
FIRST CLASS PASSENGER ACCOMMODATION M.S. "STAR BETELGEUSE"
Arrives Salis
Oct. B from Japan. Oct. $
for Singapore, Port Swottenham, Madras, Colombo, Bombay, Karachi, Khorramshahr, Boarah Bahrein,
M.S. "NORDSTJERNAN"
Atrives Soils
Oct. 21 from Singapore.
Oct. 22 for Kobe & Yokohama. (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
&
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolophone 31206. Chinėse - Department:-Telephone-28293.--
Car Production In
America May
A New High
Hit A
Detroit, Oct. 5.
The greatest production volume in the U. S. car industry's history is a distinct 1953 possibility.
car makers are un-
That would mean Home two years after the Korean out- thing in excess of 8,000,000 break the vehicles-some of them animous in asserting they have proved the practicability of com- military units, but more bined civilian and millary pro- civillan passenger cars than duction.
Food Prices Declining
New York, OEL 5.
wholesale U.8.
food prices, as kneasured by the Dan and Bradstreet Index, destined this werk for the the fourth week in a row, and averaged the lowest since the week of June 24.
The lodex at $0.43 tom pared with 10.48 last week and was 5.3 per cent lower than the year-ugo Invel of $6.79Assclated Press.
FEDERAL RESERVE
STATEMENT
October
1.
the
American Expert's Analysis Of Sterling Area Crisis
(FROM OUR OWN CORRESPONDENT)
Löndon, Oct. 5. The September gold and dollar figures released by the Treasury last Thursday complete our knowledge of the state of the reserves for the third quarter of the year.
The surplus of $13 million earned by the Sterling Area last month" transforms the quarterly position of the reserves from one of deficit--- ranging from $934 million in the last quarter of 1951 to $15 million in the June quarter-to one of overall balance.
.
But, although the reserves remained unchanged between June and September, the net loss of reserves resulting from the past nine months' trading has amounted to no less than $650 million.
The reserves at 91,095 mil- not galn except Indirectly lion $200 million below the through their oversens invest- peak of the summer of 1951-ments and to the extent that are still too low to warrant any the dollar earnings of other complacency.
member of the monetary arena: The September Agures are to which they belong go into nevertheless definitely encour-the common pool on which they aging. For the first time since can draw. April of last year we earned a surplus in our trade with the Payments Union (Western European) countries and this will result in a gold payment of $37 million to Bri- tain during this month.
Washington, Oct. 5. Money In circulation increased $170,000.000 during the week U.S. ended Federal Reserve Board report-European ed.
Following is the text of the Board's statement:
"During the week ended Oct. bank reserves menber
The 3483,000,000. decreased principal changes reducing re- increases ΟΙ
our
It was this factor more than any other which led the "Finan- cial Times" to proclaim the end of of end The beginning" of serves
In Treasury de struggle for dollar solvency, $269,000,000 5202
Federal Reserve and "The Economist' to make posits with
the cautious $170,000,000 in
money there is now "a
Banks
**
were
in circulation, $160,000,000 ather
Federal reserve accounts (nel),
and $13,000,000 Treasury
cash holdings.
The
in
that
In the meantime, however, they will beneft by the United States "off-shore purchases" of equipment for the American and other N.ATO. armed forces.
PERMANENT FEATURE?
in the gold som allt 2" to the earnings
The end of the beginning for
|
Dr Maffry sees little likelihood
Jap Bonds Soar On NY Market
and
Now York, Oct. 5.
this Japanose bords scared past week As the two-month conference to settle Japan's Though these purchases are
foreign bond debt ended with a purely an expedient of the re-
dollar-for-dollar and Pound- armament period. Dr Maftry be
agreement favour- leves they may add $1,000 mil-for-Pound lion annually "for a number of
to United States abic of West British holders. European countries.
Great Consolidated Electric Power Sevens Jumped 24 points and Uligawa Electric Power Sevens climbed 20 points to
138. of In another foreign develop.
Czechoslovakda ment,
Sixes dropped 18 points to 33 after reported that interest payments due on Oct. 1, were not avail- able.
It was
the issue's Arst de- fault since service was resumed In 1948 after the wartime in- terval,
of an increase in United States
the Sterling Area, however, dots principal offsetting change was not mean that we can relax our imports of manufactured goods the record highs
an increase of $100,000,000 in reserve bank credit.
"The inercase of $100,000,000
efforts.
through further tariff reduc- We have in the last quarter tions,
the gold Nor can there be much hope in reserve bank credit resulted and dollar-reserves. The dollar of any great increase in private the New York Stock Exchange
managed to stabilise
States investment in Rap has-temporarily at least-United been closed. The ‚question is: foreign countries. Where do we go from here?- and how?
from an increase of $143,000,000 in loans, discounts and advances, and decreases of $21,000,000 in US government securities and $17,000,000 In float. The decrease
in
Those are the 'questions which
of $21,000,000 in US government the Commonwealth Prime Minia securities reflected decreases of ters will try to answer when $7,402,000,000
certifientes, they meet In London next $714,000,000 in bonds, and month. $21,000,000 in bills, and an in- crease of $8,206,000,000 in notes.
"During the week, $714,000,000 of 244 per cent Treasury bonds, investment Berles B, 1975-80, were exchanged for 1 per cent Treasury notes due Oct. 1, 1987"
-Associated Press.
Business Loans In America
js On the other hand, it "entirely possible" that grants- in-aid on the Point Four pattern
become
permanent will addition to the International supply of dollars.
• Once having achieved balance in their dollar payments at a satisfactory level, individual countries and monetary
approach the United could
for further help In States attaining the goal of converti-
Most intermediate and long- term United States Government bonds sank, to all-time low early this week, unsteadying the Corporate Bond Market,
The Treasury's Victory Loan 24s dropped to 95-18/32 bid on Monday, the lowest a Govern- ment bond has traded in recent years.
Pare
ROYAL INTEROCEAN lines
Kuřábkin. Bemarang, DJAMAFIA, BATAWAN Deb Hingapore, .&. Atria
Manila, PL Forts, Djakarta
Hingapore, Maariiti4, 8. Africa & 8. America
Зарад
Djakarta,, Kentstang.. Horahvin .
braceskar
-20bati
slagspake Ujakarta, Remklang.
Kurabila a Alacamar -
GARDING B
"TILÄÄNEJRYS
-det
"ATRAAT
MAKASSAR"
Oct.
ott. Oft.
A
Oet. 15 ON.
Oct 20
Japih
DA -hi Ott
Japan
"TRɑELDENGA“. #TubвAS
“TJADANK" "TJILUWAN"
"VAN BEUTSZ "ATRAST.
MALARKA
**TABMAN".
"MARTBUYCRERTM Oct. 13
*AUVA
#JPONDOR"
PETRÄAR
MALABRA "TJILUWAH"
*TEOÉLRENO* "VAN #BUTSE
d
Djakarta, Aemkrang,
Macasant
Burabala
singapore, vjakārta & Freniksitio Jabab
Singapore, Djakarta, Sematania.
Súrabala & Mecaluer
Blogapore, Maúrtijus, 8. Afzles,
B. America
Djakaria, Hemarang
Macassar
Enrabala
Manila, Bingapore & 8. Afrien
stareperb, DJakarta, Semarang
Búzabala & Riscassar
Japan
Djakarta. Semarang, Butabula
"TJIWANGI"
Nov. Nov.
1
"THPÁNAB” "TISABANE”
'Nev.
Japan
Now.
Nov.
Nov. '19
Nov. 16
Nov. 20 Nov. 11
bec. Dec. -
Bel.
D
Dec. B
Dac. 14
bec:
Dec. 30
JAN.
TJITJALENORA" "TJIWANG1"
JIKAMPER"
"TEGELDING"
"THLUWAN"
"DUÍŠSEVAIN” *JIWANDI”
Mrcassar
Japan
Hingapore, Djakarta, Bemarang,
Aurobala Macoitar Djakarta Heriarang, Harabala
MACHITAC
Manila, Kiogopaze, Dimuriiius,
5. Afitea & 8, America
Bingapore, Djakarta, Bematang
"Bŭrabala & "biscassar
Djakarta, Beratung, Sorabala .
Mincasar
Japiti
singapore, Djakarta, Semarang,
"krabíls & Blacaklar · ARRIVALS From
*TJILUWAN"
"ÉTRAAT.
MAKABIAR” TEGELDENG”
*THÍBADANË”
Oct.
Oct.
ol.
Oct.
13
4
Djakarta, Semarang, Surabala
SINCASSAT
Japan
1. America, 5. Afelca, Mauritius
Singapore, Djakarta & ManIIK Djakaria, Palembang, Belawan Dell de
Singapore
KING'S BUILDING, Ground Floor.
TEL: 28015/18.
CHINESE AGENTS, 12 CONNAUGHT RD, C. TELS. 31180, 25193
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS,
M.S. “ANNA MAERSK". M.S. "LEXA MAERSK” M.9. "LAURA MAERSK”
ARRIVALS FROM U.S.A.
Oct. 18
Nov. 2
Nov. 15
Oct. 18
Nov. 1
Nov, 20
THE FIRST TASK Obviously the first lask is to build up the reserves to a safer level. Meanwhile, to enable us to judge our prospects, we have the benont of an expert appraisal | bility. of the world dollar problem by one of
NOT ENOUGH America's foremost economists, Dr. August Maffry.
Stabilisation loans might Dr Maffty, former chief of the then be granted to chable International Economics and these countries to "consolidate Statistles Unit
of the US.
a newly-won equilibrium. Department of Commerce and
But, as Dr Maffry of The United States In author
points out, the World Economy" belleves
"It is in the nature of genuine eligible 24s climbed and ended For Freight and Further Particulars please apply to:......
loans pr that the Sterling Area's task. stabilisation
credits on Friday at 96 bid, only be that if they are expected to below the previous week. The new though difficult, is by no means
used they cannot be justified, 235 Impossible.
entled unchanged nt while if they are not expected 89-7/16 bid. And Victory 24
be used they are to
needed only as show pieces to restore and maintain-confidence."
In an article on the prospects to: closing the doller kap Washington, Oct. 5.
published in Lloyds Bank Review Business loans Increased -$00,- he points out that-the-most 000,000 during the week which important factor in the world- ended September 24 at Federal wide shortage of dollars has Reserve member banks in been an excess of demand over leading cities across
tlon, the U. S. Federal Reserve
Therefore the relaxation of trade restrictions would have to precede or' accompany the undertaking of stabilisation partly operations; the mere prospect of these goals would not
Stabilisation loans could be
the na-supp gap
has been Alled by various American aid. But the basic be problem remains.
Board reports.
This brought the total of industrial and commercial, agricultural loans outstanding to $21,000,000,000, an increase ef slightly over $1,500,000,000 since a year ago.
serve districts. Real estate
only
forms of cough.
Bank-eligible 21⁄2 fell to 95 bid. And even the new 2s descended to a record low, 99-11/32 bld. The US.
Government let spent the rest of the week making up these losses, Bank-
actually gained 1/16 concluding
Prosa."
է
M.S. "LAURA MAERSK” M.S. LEISE MAERSK" M.S. "GRETE MAERSK”
AGENTS:
JEBSEN
at 95-16/10 bid. - Associated Pedder Building..
HONGKONG
SHARE MARKET
(From Our Correspondent),
Aim of the United States' made through the International foreign policy has been to ds-Bank, the International Mone- sist other countries to remove tary Fund and the Import- all restrictions on dollar pay-Export Bank of the United ments and to attain free con- States Government itself. vertibility of their currencies.
Dr Maffry belleves, however, the most likely method of approach to future stabilisation operations would be through Congressional legislation au- Telephones were in demand ot thorising United States foreign improved rates, ofd funds to be used partly for this purpose.
NOT AN END
are
the
were ever assembled in a hat materiais controls no longer 100,000. This pushed real
They say they have also proved $9,000,000—to a total of $5,075,- the most imot among single year.
This is not intended as an un-re necessary. Some are optimis loans shead by $270,000,000 in enough to believe that con-
the last year. Associated Press. qualified prediction: a worsening trols will and around January 1 of the defence emergency could instead of early in the second upset a lot of current thinking quarter of next year as pre- and plarming. In the huge car viously suggested in some indus- industry. But a little more than try circlen.
Elimination of controls, of
.
Power Output In America
The
the
that
of
The morning's volumo business on the Stock Exchange totalless
$275,305
value. in
SHARES BUYERS BELLENS BALES BANKS
IIK Bank ... 1409 INSURANCES
Valon
K. Whart .. 0919 Dock Provident 12.00 12
Ris 80 S'hai Dock
1.00 Wheelock LAND, ETC.
HK Hotel NK Land (0)
in
40 JK Land (N) 47% Sini Land 1.50
Peak Tram Pook Troni
30
IN
15
Sur Testy ...
165
22 1410
25705
100 @ 50
at
500 @ 13.50
425 @ 300 1000 @ 1.93
16 1000 0.45
C. Light (0) 035 0,40
C. Light (N) 0.40 51
The chief Increase Was loans to the food, liquor and tobacco industries where borrow- ings rose during the week by 503,000,000. Loans to commodity. But the dollar restrictions are dealers
increased $37,000,000 and
now "weigh universal". and Ivang
utilities and to public
convertiblity is as remote 03 transportation companies went
EVÉT, up $20,000,000.
to lex- Lending
Dr Maftry 19 undoubtedly tile, metals and metal products, right to stress this aspect of the petroleum, coal, chemicals the doltar problem. Closing
THE STOCK EXCHANGE and rubber industry, and other the Sterling Area's dollar gap
Activity in the market mining is not an end. In itself. It is foreign bonds stole the lime manufacturing and
for DOCKS, ETC. 737 merely the prerequisite for companies was down.
Business loans increased at further developments of which light during. a week that was marked by several interesting all but one
of the 12 Federal the removal of the
dollar developments
in the-
Slock and restrictions
con- Exchange. loons gained
slightly vertibility of
Announcement of the terms of estate
the Japanese debt settlement led varlous means of Ther
to sothe striking riscs equilibrium
in Japanese bands, Sterling-dollar
In payments.
Biggest gain short run the way we have was in Tokyo Electriz six par UTILITIES
cents, which advanced 15 chosen is undoubtedly the best.
points, We have stabilised there whole range of Japanese issues. but interest was spread over the serves by cutting down dras- tically on our imports from
In the glit-edged market the dollar area and stepping up our the Government's long-awaited announcement of the terms of dollar-earning exports.
But, unless we are willing to funding operation led to some adjustment of prices, but the contemplate a permanently low level of imports from dollar market remained steady,
Earlier in the week prices hat countries, with involves, we must now attempt covered some of the previous to build up our reserves to a
week's losses
where the point
The events exchange
at Morecambe, be abolished where Mr Anturin Bevan's sup restrictions can
porters increased their repro- and convertibility achieved.
sentation on the Labour Party's THE PROSPECTS
National Executive, led to A falling off of business in tho Ewo our prospects for market for industrial shares. What are
MISCELLANEOUS attaining this goal?
Later, however, there was According to Dr Mary, the quiet demand
for first-grade RAIL FREIGHTS long-term solution of the world issues, and prices became firmer, dollar problem Hes In Ulio In commodities, lead pro- LOWER THE WEEK'S OUTPUT,
Unlied States increasing depena ducers' shares reacted to the ball U. S. motor vehicle output
Washington, Oct. 5, dence on raw materials imperts, la the price of the metal when crudo bil dally. The daily this week will total 120,889 U. S. railroad freight volume In 23 years from now the free dealings were resumed in average a year ago was 8,350,- cars and trucks, Ward's Auto-sagged slightly last week, The United States economy will have London on Wednesday 000 barrels per day,
motive Reports said.
double itself, so that 107 in South African, gold mines Association of American Rail-
There was demand for shares Finished and unfinished petrol
The agency
Amerita counts 100,598 redus reported.
rods retur the work ended volume of raw materials roughly wanium production But, offer
will nted to intport - a |
which also have intereals in stocks
totalled 120,270,000 cars and 20,201 trucks in the barrels compared with 118.315,- loffl. Last weete 103,020 cars september 27, totalled 062,001 double that ur 1050.
tracks were built cars. This was a drop of 11,408 000. barrels as of the previous and 20,000
This, of course, will mainly issues were neglected.
Copper Alures wire generally week, qisa 122,408,000 barrels in and in the comparable 1951 cars or 1.3 per cent below the bench the raw material prbaue
countries of the world affected by the uncertainty as to Unfinished petral week 84,000 a: year ago.
cara 2,514 cars, or 0.3
and 22,353 previous work, e came week Britain and other industrial the outcome of the labour butt stocka totalled 7,387,000 barrels. trucks. ·wero -ociated Press.
Associated Press.
Inst/year-Adsociated Press, countries in Western Europe will bles in Rhodorin.
U.S. Crude Oil
Production
course, will ba veessary before, the car industry can set out to establish another new produc- More mahpower. tion record. also will be needed. The cur factories already have felt the manpower shortage. Some are reported to be considering the Training again of women for light jobs now handled by men.
A shortage of help in the fac tories contrasts sharply with the 11,200 barrels in the week ended situation during this year's first September 27, totalling 0,507,160
restrictions and compared
0,303,500 quarter when with barrels a year ago, the Amori-factory output Idled many thou- can Petroleum Institute ported.
New York, Oct, 5. The daily average gross crude oll and lease condensate pro- duction in the US. decronsted
on
sands of workers in tho, Detroit
Grea
6,987,000 barrels
ran "to uf
Refining companies
stills
In
New York, Oct. 5. Efectele power production the U.S. dipped Bilightly last week to 7,021,747,000 kilowatt hours, but the total was 7.4 cent above the 7,101,794,000 of a
year ago.
The figures for last week com pare with 7,724,664,000 kilowatt hours the previous week, accord- Ing to Edison Electric Institute. -Associated Prose.
all that that
200 0 $2
50 10 40 3000 a 1.50
1500 1055
..
Electria (22,20 19.80 200 @ 27/40 Maczo Elec. 10.00
Telephone
.. 17.00 · 2000 121%
INDUSTRIALs
Cement
..... 17.30 Rope. STORES, ETC.
Dury Watson COTTONS
Yangtze
1000 17.60
CO.
Tel. Nos, 36086-9.
Date and rotation subject to change without notice.
At liberty to proceed ‚viä' other' ports to load/discharge carEO.
Belgian Investment
In Peru
JAPANESE
REQUEST
TO U.S.
Development Plans
In S.E. Asia
Brussels, Oct. 5.
Barreda, Felipe Benavides Peruvian career diplomat now representing a Peruvian Anan elái and Industrial group, an- Hounced here plans for now Japan has combined Belgo-Peruvian in United States for assistance in Justrial investments in Peru. developing IDW material
Tokyo, Oct. 5.
requested
the
Senor Barreda said he came resources in Southeast Asia for la Belgium at the Invitation of the Japanese steel industry.
Jiji Press said the Ministry of the Belgian "Societe Generals" International Trade and Indus ene of Europe's largest nunclufry has filed a four-point request
and industrial concerns.
through the
According to
hou
He sold an agreement in prin- Embassy here. ciple has been reached between the Societe Generale and bls own group for combined h ment, of several million dollára. Senor Barreda declined to give more specific detalls..
United States
the
to
report requested the
1. The Unlied States negotiate with the governments concerned on Japan's behalf to enable Japanese engineers to Projected plants on which enter Malaya and the Philip work would start within six pines in order to survey deposits months, would help the mining, of min
mineral resources. 2. The United States to ex-
oll and steel Industries In Peru.
He found the Societe Generale tend nancial aid by Peru's development projects.
3. The United
t8
such greally impressed favourable conditions of pro- tection and guarantees of for consider making available to States to
supplies, or scrap now
150 1731
1000 17.00
eign Investments,
900 17.70
600 @ 1740
י
192010.60 300 C ĐỘ ĐỘ
27 20
2.53
1000 is 27200
* 800 2003 STEEL OUTPUT SCHEDULE
Japan
and
Soner Barreda said the Beigo- stockpiled at Okinawa Peruvian project la only a pro- | Korea. view of further Belgian Invest-
The United States to in- ments in the country Associat-crease purchases of Japanese ed Press.
'by the Technical Co- operation Agency (Point Four Programme) and the Mutual
steel
Rubber Futures Security Agency. Such pur
S'pore
Singaports Oct. 4.
chrages presumably would be made available to other nations under the two programmes.---- United PreST.
Prices of rubber futures close Exchange Rates
New York, Oct. 5. The American Iron and Blow Instituto reported that the n- seheduled operauens at 105.7 tion's steel-muts this week have today as follow
1,100,000 Bet tons. per cent of rated capacity, equat Last week the firurck', ware 104 per cent and 2,100,000 to and in the same week a month and ut.. per cent and 9,000,00 tons Associated Press
Number 2 rubber, per 18.
November December, Zanusty (1083); Number » Fubber, Nüvembe Number 3 rubber, November Number 4 rubber, November Spot rubber. unbated Blanket repe No. 1 pate črepe
BuslicinTM Wan, dons di the loend LETOCHICHAE
exthanke matkat
morning at the following rate Uh, dolar (per, $1}'
| Sterling bola tore All
Indonesian:guidors ipar 150)** Batica (per 100) Bingapore (bitzuitar) • Fic· pisatres ·(per 100).
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