1952-11-24 — Page 9

MESSAGERIES M

"LA MARSEILLAISE" "FRY-HILL"

EI 10".

THE CHINA MAIL, MONDAY, NOVEMBER

24, 1952.

MARITIMES A NEW APPROACH WANTED ROYAL INTEROCEAN LINES

The Empire's Big Problem-The Dollar Shortage

M

Arriving

Leaving

Onterned for

Ber

Jun.

4 Dec. A

20

24

Japan

Ber. M

fire

#

LA MARSEILLAISE" .Dec. 15 Per 14 1''MONKA Y***

Jun.

For passenger and freight.

ג

Yukdhama & Rube

Stoneware For

N. Allen & Europe

Marsellies via Mtanda

Lan

4

N. Atelen & Europe

† For freight to Salgon, Marseilles, Algiers, Tangier, Casablanca,

Havre, Dunkirk, Antwerp & Rotterdam,

Accepting cargo:

yla Marseilles to all Mellterranean & West Africa Porta. -via Djibouti to Madagascar.

Bubiret To Change Without Notice.

CIE DES MESSAGERIES MARITIMES

1.O. Box 63, Hongkong Queen's Building (gr. floor)

EVERETT

3

Tel. 26661 (3 lines).

LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siani, Malaya, Rangoon, Calculta and Chittagong.

"NOREVERETT"

Arrives Satla

Nov. 24 from Singapore,

Nov. 25 for Kobe, Onda, Hirohata,

Yokohama & Nagoya,

"REBEVERETT"

Arrives Salls

Dec. 8. from Manila,

9 for Singapore,

Flowcoon

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

Penang, Cateutta.

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo-

Siam, China,

Malaya, Colombo, Bombay, Karachi and Persian Gulf Poris.

M.S. “NORDSTJERNAN”

In Port Landing

Sulla

Nov. 24 for Singapore, Fort Sweltenham, Penang, Madrau, Colombo, Bombay, Karachi, Kharramshahr, Basrah & Bahrein,

M. S.. "THAI”

Arrives Sails

Nov. 24 from Singapore. Nov. 25 for Koba, Osaka, Nagoya,

Kanaishi

Yokohama,

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

--EVERETT-STEAMSHIP-CORPORATION—S/A-

Queen's Building, Telephone 31206.. Chineso Department: Telephono 28273,

Projected

Steel Firm

In India

Washington, Nov. 23.

The protructed negotiations un

a plan

for forming an Indo-

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done

on the Stock

Japanese steel company are ex-Exchange this inorning amount

pected to enter a new stage here

cd to $635,761.20. Noon prices

This week with the arrival of and the morning's transactions:—

n Japanese official.

Mr Tatsuno Suky, head of the newly-formed Jepantse hydro- electric power development-pro- ject, has arrived in the United States and is

cxpected Washington on Thursday.

in

It is understood that one of his

main objects will be

the dis

cussion of the steel proposal with

the three-man Indian Govern- ment delegation which arrived here a week ago,

SHARES BUYERS BELLERU BALES BANKS

K Bank...1420 1438

But Asia INSURANCES

Genton Unton Underwriters IK Fire SHIPPING

10 7 1420 231423

250

710

140

Wate:buat 1216 Asta Nav.

7000

1,35

K. N. Pt. Wharf

Dock Provident Wherlock

Wharf

01 1%

DOCKS, ETC.

The proposal is for construction LAND, ETC.

of a mill in India which would produce plg iron for processing. into steel In Japan.

6000 1.80

100 g Di

500 # 20.66 12.00 13 000 14 12.0

5215 531% 3400 ke 6915

103053

Jik Hotel.. 6.00 0.00

KK Land (0) 605%

HK Land (N)

hai Lind Humplireys Really

Trom

The Indians came here Intend- ing to confer on the subject with UTILITIES

any representatives Japán sends. The talks possibly may push the project-outlined when the Japanese mission visited. India some time ago-to near the final. singe

0.145

200 kr 57 ...

10

500-131 2.33 0.43 (500 6

2.40

33

20.03 2120 100 21

118

1. Tmm (0) Star Ferry

87% 9.50 2500 @ %% C.-Light (0) C.... 1201 (N)

3.10 2330 1400 120 Electric Telephone

1770 Tel. (KE) 3.00

244 3.00 INDUSTRIALS

Coment

18.20 10.49 Ilone

20.30

Dory

10.70 20 200 10.70 Watson

·20.00 500 at 25.40 L. Crawford

212 2.35 Yanglaze... 0.00 5.03 3000 47 6.55

COTTONS

Dwo

İndian- STORES, ETC." before any But

be cain Japaniss agreement reached here and sent to the two governments for their decision. the Indian delegation presumably MISCELLAN would have to wind up the first erder of the day-the negotin- tions with the World Bank for a

Exchange

Open Licences

Abolished

Thie

Karack, Nov. 22.

Pakistan Gayern. ment tonight Junounced the abolition of the open general licence.

be

"It is essential that ad- rquate Nafeguarda taken fo

actual Ece that expenditure an insports in· as close to estimates praceable," the statement said:

fully Tha not

under. Be મ system in which there is an Inherent element of In-

Doralble

calculablilty.

Th added:

#

Government

The

wishes to make it clear that this cancellation will not entail any discullics In the Im- in- portation of essential dustrial requirements."

Announcement The measures taken by the Government to safeguard the external have al- finance position readly begun to lake effcel and the balance in. Day- menta is gradually Im- proving."—Reuter.

Silk May Stage A Comeback

New York, Nov. 23. The New Yurk World- Telegram und Sun quotes * major American textile manu- facturer ns saying hopes

the

Vital Decisions To Be Taken

At Premiers'

Conference

FROM OUR OWN CORRESPONDENT)

London, Nov. 23.

A formidable agenda has been prepared for the Commonwealth Prime Ministers' Conference which convenes here next Thursday.

Its main headings are familiar enough; they include such old friends as Commonwealth development, convertibility, the price of gold, the Sterling balances, relations with the General Agreement on Trade and Tariffs and the future of Imperial Preference.

It is not too much to say, however, that the solution of each and all these. problems depends on the answer to one over-riding question: is it possible for Sterling to live in the same world, with the dollar?

the

to

Mid-week shock was the an nouncement of the hugo losa on stocks sustained by the tailoring firm of Montague Burton.

There was sume improvement, in Kaffics on a better reading of the political, situation in South Africa, and the market closed a good week on a Arm note.

If the Prime Ministers de-facilities as a means of financing their elde-as they must-that

Ü persistem defirit In answer is "Yes," and if they go balance of payments the debtor

have and countries further (as they should)

would Suy how it is to be done, ค surrender "more power than Into sovereign nations have hitherto ollide problems will fade insignificance.

been willing to concede" to an This may seem to be a some international body which would what brash Himnist of prob- be able to inalst on Internal lems which have baffled Com-disinflation and, if necessary, mmonwealth economists since the fluctuations in exchange rates.

the Countries which objected to end of the war. It is nothing- of the sort.

this surrender

economie of The

problems that confront sovereignty would be free to the

resign. Prime

Ministers have thing in cominon: they would never have arisen-at least cer- tainly not in their present acute form if the world-had-not-been storved of dollars for the pust

seven years.

fore,

ona

Each member of the unton would be given a stated deposit obligation equal to its maxi- Thu mum overdraft facility. Economist's Iden of how large this should be is "50 per cent of

What is expected of the Com- [one year's trade or five per cent one year's gross national monwealth conference, thereof

was the number of clear product, whichever Is not

not & cut answers to a list of separate greater." and distinct economic problems STAGGERING AMOUNT

a completely new approach to the central problem of the dollar shortage.

The task is not an Casy one. Nor does it fall on the shoulders

U.S.-CO-OPERATION

lk will stage a corneback and enter a boom period through its use as a blending material, of the Commonwealth Prime

Robert M. Schwarzenbach, Ministers alone. President of Schwarzenbach liuber Company.

mode statement as he announced that his mills are now turning out three different fabric blends of silk and orlon. Such blending, he said, promises to widen the application and uses of silk.

Staggering though this might appear, "The Economie FOCS to argue that "it would really he better if deposit obligations were fixad at double this amount"

On this reckoning the United States' deposit obligation would be $35 billion dollars.

The dolllar shortage is world- wide and the action needed to This would mean." the pub- overcome it will require the leation explains, "that if the active co-operation of the United United States continued to run States and Western Europe. à balance of

of payments surplus! This

does not mean, however, (and It should be given all the official aid: "By

there

the nothing help it wants in keeping that bining, the old and the new wo

Commonwealth can do by itself, surplus under control) then it able after six months of development to offer versatile la mitigate some of the worst would agree to receive payment features of the dollar shortage. for that surplus in up to $35 and Obviously

a great deal can be billion Hollors

interest- dene--for example, by increasing bearing claims on other peoples'

are

com-

fabrics with the quality colour of silk and the practical orion features of washability, crease resistance,

A

that

commodities which 270" most likely to increase direct dollar earnings.

drying relen. the output of those Sterling

Before this can be done, how- ever, there must be a more rational distribution of the Com- monwealth's economic resources. This will Involve culs in

-the

industrialisation programmncs at

and this means it must eam a

with the rest of the world.

After reaching a record low previous weeke the "Finan- cial Times" gold mines index was more than two points up on the week,

In the commodity share mar- kete rubbers closed a good week on a firm note.

Teas were a dull market but, after early hesitancy, oils turn ed firm and some good gains were made before the close,

Coppers improved on news pl further large developments in the opening up of new copper mines and also on hopes of an early settlement of the wage dispute in the Rhodestan copper

beit

Shipments Of Poor Quality Rubber

"Giving Malaya A

are

dealers to

of surplus in its current payments the dele Economist Test { SHOWing a preference for rubber

“TUKÁMĚRK"

jakheli.

Krizerang,

Diakarear Keuntung. Burabala

MISCASSur

品

Singapore. Penang & Belawan Delf

Maniin, Singapore, Mauritisin,

8, Atring, S., Ameclia. Dja. Komaraliai" suzabala

NASIKRAT

Ringapore, K. Atrica & E, Africa

Jakarta, Ringapore, * durabala, à Alachtest,

SAILINGS:

bon. ber:

"TARMAN" STEGELREZNO" -

Dec.

Dec.

*TJIPANAS“

Dec.

10

MATRAAT BOENDA” · Dec.

JIKUWAM

Dec.

30

bee. ts

Dec.

"TAKAMPEK

Dec

*BO196EVAIN"

Dec.

Харал

TASMAN"

Dec.

Гарад

TJIMENTENd" Dec.

Зарар

TJIWANG

Ján,

"TJÍRODAS"

"RUTE"

"TJITJALENOKA"

"RUYS**

"VAN HEDTIZ" **TINOWAN

"THBANTJET“ "TARMAN"

TJPONDER"

#TJIWANOP"

"STRAAT

MAKASJAR" "TJITJALENGKA"

"TJIBANTJET”

"TIMENTENG" "TJILUWAI"

«TJIKAMPEK"

"DO1896VAIN"

"TJIWANGr"

STARMAN" "TEGELDENO" "TUPAÑAS"

jau,

Jari. 10 Jan. 14

Jan. 10 Jan. Jan. 23.

Peb,

Feb. 2 Feb,

Зария

Arulaca

DJANATIO: Remarälis, Nutrabaja

Macassar

Glugahore. Djakuria,

Autola ท - Karakter

Betmarang,

Djakarla Semarang, Kuradals

ALLCASBAT Manila, ingapore, Datensi

Mattlilta, B. Africa & 8. Ampila Singapore, K. & S. Africa

Bingapore,

Djakarta, Artwaráng.

Mūrabato BIO CALLAT

Zapan

Singapore, Penang & Belawan Dell Diskeria: Semarang, Kurghala

Gutabala & Macassar.

·

A

Djakout. Mauritius, d. Africa 8. America jokarta, Sentra

Macassar

Ancasar

Sinksporėt Diskarin. Bemarang

JAPAN

Feb. D

Feb. 11 Fab. 14

Feb, 23

Mar B

Manila,

Kurabala

&

Bianlia, Alogapore & 8. Aftirs Singapore. Djakarta. Bemarang,

Burabala & Macassar

Djakarta. Semarang. Surabala

Macassar

Singapore,

Mauritius, 8. Aftlen

B. America

ARRIVALS

*

From

Semarang.

aficar. Butabala.

DJakarta & Bingapore

Nov. 28

Der. 0

Japan

Dec. 1

Харда

Dec. *

Japan

KING'S BUILDING, Ground Floor

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD, C. TELS, 31196, 25137.

MAERSK LINE

FAST FORTNÍGUTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "LEISE MAERSK" M.S. "GRETE MAERSK" M.S.

"JEPPESEN MAERSK"

Dec. 3 Dec. 16

Jan.

Nov. 25

Dec. 18

Jan. 3

ARRIVALS FROM U.S.A.

M.S. "JEPPESEN MAERSK"

M.S.. "OLGA MAERSK”

MS. “HULDA MÅERSK"

AGENTS:

or Freight and. Further Particulars please apply to:-

JEBSEN

CO.

Tel. Nos, 86006-9.

_Datas_and, rotation „pobject_to_change_without_nofira..

At liberty to proceed via other ports to load/discharge cargo,

Bad Name" resources.

"It would not mean that the and

Singapore, Nov. 23. would not be United States "broadcloth He

Shipments of rubber be blend of two-thirds orlon and

paid for its surpluses but that it would have to take payment low contract quality thirt

silk has the broadest

in the only way of the three new fabrics

It can be giving Malaya a bad name taken in imports from and throughout the world, ac This blend, he said, is the least

Investments in other countries." cording to a prominent Lon. expensive and is suitable for the manufacture of men's shirts,

MANY DIFFICULTIES don rubber dealer here on a women's blouses and Summer

some of the Dominions and the In the past 20 years, "The visit. senson washable dresses.

switching of resources In Economist" points out, the Stanley F. Ward, president The other two blend are

Britain from the consumer to United States has covered its of the firm which bears his name Sixty

per cent

spun

silk capital goods industries.

surplus by giving away about and member of the London warp and 40 per cent orlon,

Overseas investment pre- $40 billion dollars of foreign Rubber Trade Association, sald intended for the same trades. grammes, morcover, should be aid

wartime ald) Malaya's low quality shipments Pedder Building. The extra

over $20 billion are forcing rubber silk gives a more financed as far as possible freen and cluding, delicate hand and widens the Sterling Area's own resources in non-interest boaring-gold. look elsewhere." tulour-range attainable.

This is a brief summary of

Some customers, he said, are reserved combination

próposis orlen

put T and silk filing, es- wath

but from

Indo-China,

Ceylon and pecially uitable tor blouse

ward by But even if these things are It is sufficient to indicate not

Indonesia. and dresses.

done-and there are political as only the size of the operation Production of the three blends well as exonemle bartders to be

informed London

The Minister of Materials in

has overcome before some of them which, according to tcm-

had

much SD is ted

nicossary adimculty with now

below-contract but porly by available supply of can even be started-the Com- opinion, Es

the dellar shortage The supply is expected monwealth will have achieved solve

rubber shipments that they are the immense political new refusing to take delivery of nothing more than a presarfeus

difficulties that would have to Inferior rubber, he said. The Company has been balance in its dollar payments.

he overcome before a solution FUNDAMENTAL

Mr Ward urged Malayan rub- engaged in silk production for

could be sought. anl ta

and Convertibility

the abil-

ber shippers almost 125

It would, of course, be

and producers to idle exchange restrictions to suppose that the Common penalise packers and shippers of

fale "play business in the twenties ran up on of

unite to and to to $40,000,000 annually.-Asso- will be as far away us ever.

wealth Prime Ministara will The

dollar shortage is П incorporate such a grandiose bad rubber. He criticised the

problem

and

scheme in the proposals they apathy of the Malayan rubber fundamental changes will be w Inter

towards the Mr trade generally place before needed before it can be finally Eisenhower and the new United Rubber Shipping and Packing overcome. The Commonwealth

Control Ordinance, which came Primo Ministers' meeting, But it is clear that official Into force on November 1, therefore, will be the curtain-

opinion on both sides of the misor to future and wider Atlantic is now in favour International conferences on

sceking a once-for-all solution the dollar problem.

31

presen

lo increase.

ciated PressS.,

A Slight Increase

In Prices

Washington, Nov. 23,

The little change September. 15 means that about 1,000,000 workers in the motor car and alraft industries will take a pay cut of orse cent an hour effective December 1 owing

fundamental

In all dirçussions of ways and means to solve this problem a good deal of thought will have to the suggestion

the

States Administration.

13

rather present ul

to the dollar problem than continuing the "aid not trado" methods closing the gap.

THE STOCK EXCHANGE

The London dealer was amazed by the lack of publicity on the ordinance,

Не

PANEL OF EXPERTS

Production

Of Steel In Japan

Takyo, Nov. 23.

PAKISTAN'S

ECONOMIC

POSITION

Karachi, Nov. 22. The International Trade and The Pakistan Minister 01 and Economic Industry Ministry has decided on Commerce a production plan calling for the Affairs, Mr Pastur Rahman, told output of 4,470,000 tons of pig Parliament that the drain an fron, 7,000,000 tons of steel Pakistan's foreign exchange re Ingots and 4,600,000 tons of serves had been halted and the ordinary steel products during|Improvement already visible in the next fiscal year.

exchange position her

On this basis, the Ministry was expected to be maintained. The country's economic post- expects the Import of 7,340,000 suggested the formation of tons of fron ore, 6,740,000 tons of tion, though by no means day, for alarm, he coal and 5,300,000 tons of scrap Kave no cause an International panel of experts

Iron.

sald. to work in close liaison with the Malayan Registration Board, the

Exports validated during the The Minister, who was re- The Government reported to-to be given

for an Atlantic payments union.

disciplinary body under the new

first half of November totalled plying to a question, reviewed day living costs went up frac The idea of such an instilu The strength which has de-packing ordinance.

US$20,738,000, or a sharp de the country's economic positián, Honally in the 30 days ended

infer veloped in the stock marketi Experts in New York and

crease of more than US$17,005,- He said Pakistan's foreign ex~. October 15. Its index inchel uption, through which all

pational

would

men payments

be in the past week

London, has on the

of Integrity, and

000 from October, according to change earnings had begun to me-tenth of one point:

with technical knowledge, should But it is whole been well maintained, from cleared, is not new.

the International Trade and fall when prices of her exports The funds ended the week on visit those centres from which Industry Ministry:

declined. undoubtedly the best proposul

The Ministry attributed the The price fall had been ag- that has so far emerged from a firm note, dealers reporting a there are complaints about bad

undertaken very confident ione in fairly Malayan rubber shipments and drop to inactivity in the in-gravated by the bigger juto crop many studies

make personal investigation, he ternational market. setive conditions.

which resulted from increared Medium-dated und nationall-sald.

Other reasons are smaller sowing when prices were high. A valuable contribution to sation

On the question of price, Mr Issues benefited

Textiles by the There was a balance of pay- purchase of of the from this

be said it would not understanding

In Sterling Area and the con-ments deficit of 500,000,000 an institution could deemable stocks but Dominion

advance than irre-Malaya's interest for rubber, traction of the buying of stool rupees (over 250 million), In part such cost-of-Eving chaué

play in solving the long-term and Colonial stocks were also prices to go above the present by the United States.Franco- thair Union contract calls for.s

level, at least for the time being. Presse. three problem of the dollar shatag well supported. wage revision, every,

If the price rises any higher, months based on changes in has been made by "The Econo-

Most spectacular advances of

he sold, по longer

would ba Index of the Buteau of Labour inlat" which this week-end de-

recorded on

competitive with synthetic rub- Sidtiriica,

voles a 17-page supplement to the week were again

foreign bond market ber. This would inevitably delay a discussion on how. Sterling in the

issues became the Increase in consumption of

of annulusal rubber

against debt synthetic in the United States.

United Press.

in recent years on the subject of the dollar gap.

to Aving costs declines in August world

and Soplambar.

A

It also means a cut of $5 bonus for salerled workers of General Motors.

quarterly in the cost of living can ve "on more friendly and where anticipation

less fearful terms with the buoyant In

carly announcement dollar.

The Atlantic payments union settlement terms. envisaged by "The Economist"

IN UNITS

othertraues

of

more

of

by

дз

Rubber Futures

In S'pore Prices of rubber futures closed

Singapore, Nov. 22.

today follows: Number 1 aulaberi Dar. 26.

December, January. febtumeyake

The Bureau of Labour Statis-

Reports on Friday that Japan ties reported its index on Oclo- ber 15 was 190.9. This compared would have certain featurts in will pay the Sterling equivalent common with the present Euro- of dollars and Swiss, francs as with 199,8 on Scptember 15.

specified pro-dievaluation rates (Average prices in the 1035-30 pean Payments Union,

caused a renewed upsurge "base" of period,are used as a 100).

*, For instance, all payments prices,

Five-and-a-half per cent 1930 The Oct. 15 Index was 1.0 per would be made in units of equal gased. Ras the work and cent higher than a

a year ago, and worth, as in the E.P.U. In such

Improved United States 12.2 per cent higher than June a system the 18, 1950, just before the out and any other potential creditor amounts varying from £3. 10

country would be required to 26. break of the Korean war.

The Bureau of Labour Statis receive payments for some of

Industrial equities remained ties reported that food, and its exports in the form of de-

until mid-week when con-. arm down posits at the union,

16- These deposits "should be dition turned rather dull owing

Number 4 Hibber October 15 period but this de immutable interest-bearing to profit-taking. However the ercase was more then offset by claims upon oiler people's re- undertone remulded arm, and,ecember

though business was small, by spot rubber, unbated rises in cosis of fuel, electricity, sources.

Blanket krepe in 100). 27.30

To prevent members front the end of the week dealors pale crepe rents, and miscellaneous goods 11,215 and horice issociated Press using the union's overdraft were reporting increased inquiry,

7000 ** 0.00

Rates Business was done in the local clothing prices September

"This | slightly.'In"

steel loan.

The Hanke is sticking to the

exchange market Bolicy of not saying anything whomcial

morning at the following rates:- about toan applications until an US dollar (per #1) agreement is reached but usually sterling note (per il woll-informed, quarters under-Indonesian guident (per

Blam ticals per 100) stand that the talks are proceed-Singapore (Straits) ing, satisfactorily. United Press, Fic plastres (per 1001

0.015

33.00 10.33

1

Number rubber, Number rubber.

Decembre 20

December

+ 86-5035+/

631-1

MALAYA TIN PRODUCTION

Nov. 24.

Singapore, Malaya's production of in- concentrates this year will be substantially lower than in 1981, says the quarterly bulletin of the statistics for the mining Industry in Malaya.

But the essential demands of defence development and the food shortage had made the position worso-Router,

Cotton Market

Two-Sided

New York, Nov. 23.

Cotton futures trading become more of a two-sided affair, this. past week.

Markot technicians said the Thi forecast was mado steady decline in cotton prices despite expectations that the since early September carried last three months of the year the market closer to the Gov- will show an Improvement on ernment loan rate. the September figure. Pró-| The Census Bureaji reported duction for the first une months that ginnings from the current 0314-15

of thin

to....November 14 totallod year was tin-concentratio crop #47680,303; Un-in-concentrates/ 42 12.77,180/rumming bales, com- 294 tons. The output for the part with 10,808.060 bales to first nine months was almost 200 November 1 Ginnings from tons less than in the amo 1961 crop to November 14, 1961-

of last year United totalled 11,077,783 bales, United Derici United Prem Preas

6944-0014 76-70 -100-111