1952-10-27 — Page 9

MESSAGERIES M

"TEI 10"

*"'FALAISE”'

***FELIX ROUSSEL”

4"SAINT MARCOUF"

+"BEI HO"

THE CHINA · MAIL, MONDAY, OCTOBER 27, 1952.

Pago 9

MARITIMES BRITAIN'S TRADE POLICY ROYAL INTEROCEAN LINES

Arriving Leaving

Nov. 16

Nov. 18

M

Japan

Vor

Homeward For

• Now

Nov.

1

Nov. 4 Nov.

Nov, A

Nov, 16

„Dec. 4

Der. 3

N. Africa & Europe Starsetleg vin Bulga N. Africa & Europe Ni Africa & Europe

For passenger and freight.

For freight to Saigon, Algiers, Oran, Tangler, Casablanca,: Huvre, Dunkirk, Antwery & Rotterdam.

Accepting cargo:

via Marsellies to all Mediterranean & West Africa Ports. -vla Djibouti to Madagascar.

Hubject To Changs Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

EVERETT

E

Tel. 26661 (3 lines).

LINES

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

"BRADEVERETT"

Arrives Salle

Nov. 4 from Manita. Nov. 5 for Singapore,

"REBEVERETT"

Arrives Soils

Penang, kongoon & Calcutta.

Nov. 0 from Singapore.

Nov, 10 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 Poris.

FIRST CLASS PASSENGER ACCOMMODATION M.S. "NORDSTJERNAN”

In Port Londing Salls

Oct. 27 for Kobe, Osaka, Moji,

Nugoya, Shimizu.

Yokohama

M. S. "STAR ALCYONE"

Loading Salls

Nov, 3

Nov. 4 for Singapore, Bangkok, Colombo, Cochin, Bombay, Karazhi, Kharramshahr, Basrah & Bahrein,

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

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

American Tariff Commission Studies Big List

New York, Oct. 26.

Imports of a growing list of products are under study to see whether they are causing, or threatening to cause, serious injury to the American industry.

These products range from rosaries to wool. And they come from virtually every major trading centre of the world.

Currently,

the Government's made contracts for October-

Tariff Commission, which November delivery of almonds Investigates complaints from will be faced with severo price domestic producers and makes squeezes. In quoting, he said, ecommendations to the Pres]-they naturally had not taken the dent, is studying 15 different added Ave canis fee into con- items-

ord number. record

A sideration since they knew number of athers are pending, nothing about it. And there

to be no appears relief for the agency. As soon as it disposes of one case, one or more other canes pop up.

The latest investigation con- cerns hand-blown glassware

Opposite Of Empire Economic Isolationism

Australia May

Retaliate

Canberra, Oct. 26.

The Commerce Minister, John McEwen, has giveți the House of Representa- dives a velled hins of Ans- tralian retallation the United States imposes tariff

on

Sir

WOOL

maki** Australia's 118 Ambassador to Washington,

has Percy Spender. handed

the

State Depart. ment a note outlining Aus- tralia's arguments against wool tariffs.

Ile added: "If 6 U.S. takes any action to impede wool trade, we should have to give urgent considera- tion to our poslilon.” - Associated Press.

America Urged To Increase Stockpiles

рго-

New York, Oct. 26. Mr Manly Fleischmann, retired Government curement chief, urged the United States to add quickly to its stockpile of critical raw materials through in. creased imports. He speci- fied that slocks of colum- blum, nickel, tungsten and cobalt should be expanded.

In a speech on world affairs before the Foreign Policy As sociation, non-Government organisation, he said that unless the U.S. has such materials in sufficient supply if and when

should wor tha break out present defence plans would not worlt.

Mr Fleischmann said

these materiais arc. in short

rupply

Бала

Co-operation With Western

Europe

To Continue

(FROM OUR OWN CORRESPONDENT)

London, Oct. 26,

It is still too early to speculate on the outcome of next month's economic conference of Commonwealth Prime Ministers. There are too many conflicting views within the Commonwealth-and indeed within each individual country-to allow of oven reasonable confidence in forming a surmise.

One thing alone is certain: that no decisions will be taken by the conference as a whole until each member country, whether self-governing or not, has had the opportunity, fully and frankly to express its own particular viewpoint.

Having made this important reservation, however, it is possible, from statements made in the past week or so, to indicate in broad terms the lines along which British policy is shaping and the direction in which it may be expected to influence the conference.

economic

There should be a drive for | deep faith in the company, for United States long-term invest- | trade statistics show thus far no ment in under-developed poun- | improvement in exports of trics.

rayon урга. Buying lifted Dunlop's nearly a shilling and Woolworths more than a still- 'ing but in the main leading, in-

dustrials were unchanged.

This policy can best be des scribed is the opposite of Com- monwealth

Isola- tonism.

The British Government, 1

A WORLD PROBLEM appears, tas no intention of And, finally, there was a re abandoning the post-war policyference in the report to the

economic of European

- need for American policies "to operation. This was made ensure a high and stable in quile clear

last week by Mr

come in dollars for the under- Anthony Eden, the Forcim developed countries," which has Secretary, at the meeting of the been interpreted to mean that Council of Ministers of the Or- O.E.E.C. shares the British ganisation for European Econo

Government's view on the need mic Co-operation, over which

for long-term commodity agree- he presided.

Concern has been expressed by certain European countries hat the British Commonwealth might, as a result of decisions reached at the Prime Ministers confermice, act independently of Western Europe In seeking further help from America.

Mr Eden was therefore press-

In Japanese bonds, there was more selling than buying. 1930's led with fall of £9% to 149. followed by Tokyo Electrica with a fall of 214 to 17414, and 1807's with a fall of 24 to 1334.

German bonds, on the other But there is another reason, hand,

fairly were

steady, in addition to the similarity of although Potash 7 per cents lost the proposals they are likely to 14 to 11214-Unlied Press. put forward, why the Common, wealth und Western Europe would benefit by joining forces in this particular instance.

ments.

By presenting a united front

Is a

ed during the O.E.E.C. meeting to America--and to American to give his colleagues in Europe pubije opinion-they would be some

guidance

to the de- giving point to the contention 15 cisions that are from the Commonwealth talks, world problem which can only that are likely to emerge that the dollar shortage

by action over the Very naturally he pointed out be Belved that he was unable to give any widest possible field of economic

relations. commitments in advance of the conference but he also stressed once again that was British policy to strengthen the link with Western Europe through organisations.

THE STOCK EXCHANGE

now. And, if war came quickie the O.E.E.C. and other European well maintained.

the United States could not build all of

of the

sircraft # Jet wanted. While recognising this and working to increase stock- plica, the country is doing the jou too slowly, he sold.

Mr Fleischmann, whose task it was to restrict civilian use of materials needed for defence, said continued curtallment is essential, regardless of whether this hampers certain industries. Shortages could be America's "Achilles heel" In war, he sold,

He considered it possible that Russla may

start buying up certain scarce materials to keep them from going to the United

THREE BASTIONS Existing economic problems, especially the dollar problem, Mr Eden later declared, could be solved only by the simultaneous action of three different groups the European countries, the United States and the Cominon- wealth.

This was followed a few days later by an equally unequivocal statement of British economie policy by the Chancellor of the Exchequer, Mr R. A. Butler. objectives," the Chancellor said, "Our political and strategic to consolidate the three States, just as the U.S. did in bastions of the free world-the World War II to keep uch Commonwealth, Europe and the things out of German hands,

Mr Fleischmann said Russia United States, already has

"Our of

external ample stocics

economic these materials within her own policies must be directed to the

same ead." Mr

territory.

Press.

Fleischmann

of some

HONGKONG SHARE MARKET

"are

changed.

APPROACH TO US.

economic problems.

While, for

Ox-

the

It has been another quot week in the Stock Exchange but prices generally have been:

There

was little

selling in for gült-edged market securities and prices remained fim, Sentiment was helped by Mr Butler's promise to kepp a tight rein on Government peraiture, coupled with his hint of possible tax reductions in the next Budget,

Japan's Economic

Position

Largely Dependent On America

. In an

Mr

ધ

London, Oct. 26,

article entitled Why Japan Seems Pro sperous",

Patrick O'Donavan, correspondent of the London weekly news- paper, the "Observer", to- day stressed that present- The recent strengthening of

day progress in Japan and Sterling was another factor con-

the firmness tributing to prices in this marken

of her prosperity were very In the industrial share market American garrison,

largely dependent on the ditions have again been very

He went on: "Fundamentally,

condition is The "Financial Times" market her

curiously utter absence of enthusiasm for she has a expert has marked on this similar to Britain's, yet today favourable balance equity investment," which he of

of international payments. in ascribes to the fact that holders the first six mont's of this year, of ordinary shares are not yet her visible exports amounted -and-invisible in the mood to part with them to $792 million

million; $450 while those who are hesitating exports will probably want a good deal million of se

of these invisible more evidence before they decide Ings were payments by the for labour cou- on any sharp change in their United States

tracts inside Japan, and investment policy.

for the procurement from

Japanese market for the Korean war.

"Japan's

visible trade balance, on the other hand, has betn

сага-

loss

It could not be in our interest urged pro- curement

materials to work as a long-term policy

KAFFIRS STEADY through barter arrangements, towards the building up of per- in exchange for goods the U.S. manent discriminatory groups, The prompt action taken by now supplies free to its allies, he added. The British Gov- the Kenya Government to put He also said there should beernment must work with

the down

Mau Mau activities greater

co-operation between Commonwealth Prime Ministers has been a factor in steadying consistently adverse, and there Government and private in- to reach the objective of a freer the market for Kaffis, which seems to be no prospect of the dustry In promoting new world in which currencies and always reacts nervously to news 207 being closed. sources of supply. Associated trade could be readily

of. Political unrest in Afries,

"It for any reason, the Ameri- Copper shares have ogain can payments wore to end, Japan been weak DE result of the would exhaust ter dollar reserves strike of native

workers In within a year, and her condition Northern Rhodesia,

would be desperate. Japan buys It follows from these state-

the Despite

tries announcement from the dollar bloc, and ments of policy that the British

to sell to the Sterling Area, Government will give sympathe- that Rhokata's had stepped up

"Because of the cost of her tie consideration to the proposal dividend payment from 200 to

in materials, her steel is among the for # Joint Commonwealth- 225 per cent following an West European approach to the crease in their gross profit in most expensive in the world. Her machinery, foems, locomotives, American

Administration the last financial year by near-te are cheaper, though for telp in solving their commonly a million pounds, thokana efficient, than the British, but

shares finished the week with 4 she offers early delivery." net loss of 6/10ths. obvious reasons, (From Our Correspondont}

The nows that zine is to be not give his Business done on the Stock Mr Eden Exchange this morning totalled blessing to this proposal during returned to the free market did O.EE.C. meeting, t is not help sentiment in a market and the Noon prices $344,801.10.

possible therefore, that

for base metals already wank thq the morning's' transactions:- SHARES BUYERS BELLERS SALES British Government will sound as a result of the lower price opinion among ita Common-

of lead since free dealings were wealth partners on the ques-resumed in that metal,

Rubber shares were marked tion of widening the represen tation of their ultimate

up on news that the U.S. to include Government would permit the proach to America

use of a higher rails of natural would, of to synthetle by American manu-

facturers. :00 1.42% course, be brought to boar,

against such a move. The idea

STEADY TONE Commonwealth of

economic

The Financial Times' index of 430021.30 self-sufficlancy still exists In 500 12,70 many people's minds.

But, as the Chancellor of the

out Exchequer pointed week-end, the Commonwealth is not a self-contained econemle unit.

BANKS

ILK Bank 1420 1430 10 6 1420 East Asla 150 INSURANCES

Canton Union

•2 70332 Underwriters

0.10

210

HK Fire... SHIPPING TRADERS' COMPLAINT

Ašia Nav. DOCKS, ETC. K. Wharf N. P.Wharf Dock Provident S'hai Dock Wheelock

130

1.40

9215

190.

100 G 46

1000. 47

Usually, Mr Radcliffe added, the Government gives GOMIC advance notice of such a move. of dried figs, he In the case

weeks' notice was given before the two cents a pound increase in duty became effective.

from a number of European continued, two

countries. The complai was made by the American DRE→

Disk ware Association, which & dim- ports are

are causing the American

only

Ind

A Tariff Commission official

industry serious injury About said the intent of the restriction Item excluded from is to support domestic producers. list of hand-blown glass-This could have been defeated, whro

Christrans tree he said, had a.timo lag been. ornaments.

allowed. Other

investigations wider From

.

Canada's Trade Minister, watch bracelets, C. D. Howe, meantime, cume p way Include:

kitchenware, low-priced

and word of advice to the next fresh and frozen tuna fisli. President of the United States

Latest case disposed of was whoever he may be. Me Howe's that of imported almonds. And advice

to him reduce trade Fresident Truman's action la im- barriers. He

told posing on additiorni five to 10

Canadian cents a pound duty on them,

200 @ 4031

could

Western Europe.

Strong orguments

ap-

Reading

TEXTILE TRADE

The correspondent pointed out that the Japanese trade was now facing an enforced 30 per cent cut in production.

can sce

*MAETSUYCKEN" "RUVAR "THWANDI"

"TJIPONDOK".

"TUSADANE“

"TJIPANAK" *STRAAT

MALAKBA

"TJIWANGI

"TABMAN" "TJIFANAS“.

"TEGELDENO"

Oct.

Nov. 1 NAY. 1

Nov.

Nov. 12

Nov. 13

Nov.

То

Singapore à pinkarja Japan

Ringapore, Itakuria. Remarang.

surabala & CALIP

Jakarta, Semarang Sarabala

Menstr

&

Hingapore, Djakasta. Mauritius,

-H. Africa - &, s. Americý Зарай

•

Manila, Delawan Doll, kingrpora

E. &. Aftira à 8.. America Hingapore, Djakarta, Bemarang,

"Burabath & Macassar

Japan

Djakarta Semarang, Surabata

AFDCAA

Singapore,

2

Semarang.

Djakarta Burnhala di Macaviar Singapore, Penang' Belatran Dell

Jakarta Bemarang. Suraba #

Macassar

Manila, Singapore, Njakarta: Mauriling, S. Atrien & 8. Ärmarlen Manila, Ainexpore & H. Africa Зарац

Singapore, Djakarta, Remarang,

Kurubala & Macassar Jakarta, Bomarang, Arndala

Sincasar

"TJILUWAJI"

"TEUELDERG" "VAN HEUTSZ"

Nov. 14

Nov. 20

Nov, zz

Dre,

Dec. Bee. *

Drc.

#

*STRAAT SOENDA" Die. "TJITJALENGKA“ Bec. "THLUWAI”

10

Hec. 14

"TJIKAMPEK"

Dec. 約

"DOIRSEVAIN" "TUWANGI"

Ber. 31 Jan, 2

Japan

Singapore,

Jan. 9

Jan, 10 Jam, 16

Jan. 18

Feb. 1

Feb. 2

"TJITJALENGKA" Frb, D

"TJIMENTEN(" Feb, 11

"NUYS"

"VAN BRUTSZ" "TJILUWAH**

**THBANTJET

#TRAAT

MAKASBAR" “TJIWANGI**

"TEGELBERG" "THWANGI"

"RUYS"

**TJIBADANE“

Djakaria,

Nurabala & CREAT

Semarang,

Monile, Singapore, Jakarta,

Atourfikus, 8. Africa & S. America

Singapore, E. & §. Africa

Singapore, Djakatis, Remarang,

Surabala & Macar

Japan

Japan

Singapore,

Djakarta, Semarang

Surabala & Macassar Ringapore, Djakarta, · Mauritian,

5. Affler & 8. America Mania, Singapore & S. Africa

ARRIVALS

From

Nutrabala, Djakaria & Singapore

Net. 20

Oct. 20

Japari MRPASSAT,

Get.

20

K.

Nov. R

-japan

Semarang,

Americs,. B. Melea, Mauritius, Kingapore & Manlia

KING'S BUILDING, Ground Floor.

TEL, 28015/18.

CHINESE AGENTS: 82' CONNAUGHT RD. C. TELS. 31196, 25183,-

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

"NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S... “LEXA MAERSK" MS.."LAURA MAERSK” M.S. "LEISE MAERSK”

ARRIVALS FROM U.S.A.

M.S.

"LEISE MAERSK”

M.S.

"GRETE MAERSK", .:.

M.S.

"JEPPESEN MAERSK”

AGENTS:

Nov. 2 Nov. 16 Dec. 2

Oct. 31

Nov. 19

Nov. 28

For Freight and Further Particulars please apply-to:-

י:

JEBSEN

Pedder Building.

& CO.

Tel. Nos, 86066-9, ··

Dates and rotation subject to change without notice,

At liberty to proceed via atlier porix to load/discharge carks,

Planning Advocated

Tokyo, Oct. 20. Japanese economic circles are pressing the Yoshida Adminis- iration for a consistent and plauned economic policy.

BUSINESS

RECESSION

IN SIGHT?

Loulaville, Oct. 20.

A Harvard University econo- mist told Kentucky bankers that Reviewing the past record of a business recession is in sight the Yushion Government's finan- within two years. cial and economic *measures, But, said Mr Sumner H: these circles were critical of the Silghter, Its

Mesistency" in the Gover

The

Bonkers

effects

can ba checked by intelligent action export restrictions by the Federal Government and forced to counter Japan's by private industry.

holdings, accumulating Sterling

The economist, in an address hand an unplanned increase in association, said the anticipated while permitting on the other to the

Kentucky facilities for the spinning and business decline will be brought other industries at bome.

on by reductions of from 5 to Japan's leading Industries, 10 billion dollars annually in particularly those in the Osaka defence spending, begiming in orca, have expresed serious 1954. dissatisfaction with the economie

France-Presse.

In S'pore

The market

Singapore, Oct. 25.

was steady on Continental demand and short covering. There was somio pro- nt taking but otherwise sellers were reserved.

The

recession

could

substantial and painful under the most adverse conditions" be warned.

Beginning Immediately, Mr business must impose checks on Slighter continued,

private

Serleusness of the recession He continued: "The Japanese policies advocated by the various will depend largely on whether industrialists, who seem curious-beral Party financial experts--the American economy is EX- ly unworried,

panding two

or contracting two possible solutions at the end of

years kence and whether effective counter-meistires September, Japan has amassed

Rubber Futures taken in the meantime, he odded. dre Balance of £110 million. A non convertible Sterling

neat solution should be for Japan to switch her imporla from the United States and buy London, Oct. 20.

raw materials in the Sterling Arca Industrials was un- changed at 116.0 for four out second solution, the cor- last of dve days this past week. respondent sald, seems to many

That position is almost exactly to be the China trade. He add hids-way between the high and ed: Many, choose to regard it low touched in the past month. as a cure-for-all that is being

The hints from the

Chan arbitrarily

by the wint, under ages cellor of the Exchequer that West. At present," some roller in income tax might with the United States, be possible this year was one

trade with China is factors of the

in-the

buying of rather more restricted than that atrength gilt-edged. The Sterling in the foreign exchange the other defeated powers.

"But the fact remains. that where it 5/16 from

roso

Oven

It trade with Ching were 2.10-9/10 last week lɔ. 2.79%%

politically possible, China is no a colution, to the dollar problem | this week, crossing 2.60 at one

fongor the answer. She is now and

those expected to emerge point, was another factor.

doing what Japan did in the the commg prah 17.60 100171 | from

300 economic conference.

gonfused withhe classic

In becoming competitive wlih The report of the Economie did Coola" of 25 per cent Japan's rather than 18-400 1830 Commilice of the O.E.E.C.), murprised the market by rising

LAND, ETC

HK Hotel 054 0.50 4000 HK Land (0)

50 (N) Bhai Land 12715 Humphreys 112

4

5.60

J

"We cannot even, if we wish, look inwards only," he sold. "We must look outwards too."

Tram 1.20.2020.00 700 4 20.30

ALONG, BASE LINES

There is, moreover, a strikli

5:00

6.00 2000,

118 · similarity between the proposata under discussion in Europe for 65

C. Light (0) 9.70 0.00 2500

Peak Tram

(0)

Teak Tram

(N)____................ 25.00

Star Ferry

C. Light (N) Electric Macao Bloc Telephone

(1)

uf a group Importers. that INDUSTRIALS.

Седель trade restrictions, but the job is only half done. STORES, etc...

without advance notice, received merken has led the way in re-

bilter

in Now

Harry

York from importers |

"Lot

us hope," Mr Howe Radclife, Exosutive added, "that whoever wins the

Dairy

Walioit

Bincere Zporfum

| Vice-President of the National coming elections in the United

Council of American Importers, States will carry on the good. woog Sung Fald many traders who have work."Amsociated Press,

market,

Closing prices:--: Number & rubber,

per it. November 771 December

January Number 1 rubbar."

November

Number 3 rubber,

November Number 4. rubber,

November Spol rubber,

unbated Blanket repe No. 1 palo crepe

7836-73

consumer credit and at the same time the Federal Government ough to limit its defence ex- penditures to whatever maxi- mum accurity permits-Asso- ciated Press.

Outnumbered

New York, Oct. 20. The Consus

Bureau reports that foreign-flog vessels

far

77$%7B 0006 nomina outnumbered American ships in 100-106 nominal United States ports in, 1051 United Prest.

It sald 41.7 million tons of foreign shipping

entered the

Four, per cent Compla, ont to 19th Century, and autem Exchange Ratesports with cargo, compared with

mentary.

comple

9500 18 which the Counel of Ministeaks of heading for its 1962 China trade could be somewhat

10 no considered, made the following

Wer loan gained 7/8d

anillion

tons

20.3

tons of Uga Of course, Japan's Business was, 'done. In 'the Heal Outbound, wero (47,

unofficial exchange.. arkot thus

of foreign, ships: empirring at the following | EATON!--- dxpanded, but""20%" cough"="to

6.100 and 33.4 mifion tons American. *1.8.. dollar (per 81). 30 The United States should be: An Industri le fosture has close the trade gap or to offest sering note (per £1 18.07 The report showed New York

100 naked to lower tarlins and been the buying of Courtains the fli-will of the United Indonerisa quliders. (per 100) 10.10 remained America's

budest 250 port, handling over halt re which lifted the price 1/- to States, from which it would Ham tests per 100) elfminsta mentures which

37/4d. This represented. a' earn döllery! France Fresso.

11.75 trafic.Associated Press. 203 @ 150 strict imports; and

115.70

20 600

20.10

2.00

1537

9.10

150

9.30

*Aingapore, (Straits)

·FIC" plaufren (per:100):

10.19

thin