1952-11-26 — Page 9

Page

MESSAGERIES

MARITIMES

M

"LA MARSEILLAISE” "FRY-MILL"

**TEI 10"

· •"LA MARSEILLAISE"

+"MONKAY"

Artising

Leaving

.Dec. 4. Dr. 5

Jan, 20 Jan. 21

•IC. 器 Dr. P

Des is Dec 10 FOL

Jan. 0 5

For passenger and freighL.

M

Outward Yar

Yokohama & Kobe Japan

+

Homoward For

N. Africa & Europs Staručities Via Mantia N. Atites & Enrope

↑ For freight to Saigon, Marseilles, Algiers, Tangier, Casablanca,

Havre, Dunkirk, Antwerp & Rotterdam.

Accepting cargo:

Via Marcelles to all Mediterranean & West Africa Ports. -via. Djiboull to Madagascar,

Subject To Change Without Notice,

CIE DES MEssageries MARITIMES

P.O. Box 63, Hongkong

Queen'e Building (gr. floor)

EVERETT

Tel. 26051 (3 lines).

LINES

EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Sjam, Malaya, Rangoon, Calcutta and Chittagong.

"REBEVERETT”

Arrives

Scus

Dec. 10 from Manila.

Dec. 11 for Singapore, Penang, Rangoon & Calcutta,

"LENEVERETT"

Arrives Suits

Dee, 16 from Singapore.

Dec. 17. fur Kobe & Yokohama.

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

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.

M. S. "THAI"

In Port Soils

Loading

Nov. 20 for Kobe, Osaka, Nagoya,' Kamalshl & Yokohama.

M.S. "STAR ARCTURUS"

Arrives Sails

Dec. 11 from Singapore, Dec. 12 for Yawata, Hirohata, Kobe, Osaka, Nagoya & Yokohama,

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

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

Trading Revival The Aim

The

Ottawa, Nov. 25. Prime Minister, Louis St Laurent, tak Parliament on the eve of his departure today for the London Economic Con- ference thal he was confident of Britain's future and Canada would help to seek ways to re- that prevent move roadblocks the resumption of world trade.

It would be wrong to give

that the the impression

ference, which he and Finance

con- the Minister, Douglas could by

Abbólt, will attend,

Itself make Sterling convertible ar remove all the roadblocks to trade.

"We share the view that it may not be too optimistic to hope that the Western world will so rearrange trading that the great nations of the East will feel it is advantageous to remain with us to maintain the standards of freedom," Mr St Laurent told the House Jast night.

He and Mr Abbott would try to work with other Common- wealth delegates at the; conter.

to find ways to remove trading restrictions Britain- and Commonwealth found the necessary to impose.

enco

it

The Opposition party leaders, Mr George Drew, Progressive Conservative, and Mr M. J. Cold- Common-. well, Co-operative wealth Federation (Socialist), said Canada should de her ulimest to revive trade with Britain and the Commonwealth, She was too

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amounted to $842,344.80, Noon prices and the morning's transactions SHARES BUYERS SELLERS SALES BANKS

H.K. Rank.. 169 East Asia.** Canton

Union ....

243

Underwriters 5%

SHIPPING

Waterboot

Asin Nav... DOCKS, ETC.

K. What ... $115 Dock

Provident

S'hai Dock Wheelpek

20.00 12.70 13.90 1.50

0.00

5 3430

933 20.00

300 63

4000 $4

200 64%

1000 54 1000 + 5415

500 FF 54

200 or $3.

THE CHINA MAIL, WEDNESDAY, NOVEMBER 26, 1952.

·

CONVERTIBILITY ISSUE Two Preliminaries Before Step Is Taken

Free Commodity Markets Of Waste Elimination

Controls May

Be Lifted

Washingtoni Nov. 25. President Trumat is con- widering the question of Ming wage and price con- trols in the near future, according to a statement made today by Senator Maybank, Chairman of the -Senate Banking Committee.

Controls were Imposed after the start of the Korean conflet. France- Presst.

Rubber Control Ordinance

Comes Into Force In January

Singapore, Nov. 25.

A new law will come into force in Singapore and the Federation of Malaya January 1, 1953, which will help to avert complaints from purchasers of Malayan rubber.

&

London, Nov. 17. In the Debate on the Address last week Mt. Atlled and Mr. Gaitskell, as leaders of the Opposition, were professionally shocked by all the Chancellor's doings.

They appeared to believe that the worst thing Mr. Butler has done has been to toy with the idea of making the pound convertible.

Their opinions on convertibility seem to have undergone a remarkable change.

When

of this moment it was a matter

roaming around cadging money from the Amerl- London threatening that Britain cana, Socialist Ministerà paid will get no more American aid more than lip-service to the idea. If the Free lead market remains Then they proclaimed themselves open. mbst anxious to atiain con- vertibility. Indeed, was it not De Dalton

who, ns Chancellor of the Exchequer, made a premature experiment In convertibility five years ago?

And when his. experiment

tearfully told falled he

The

country over the air what a "grievous dicappointment" it was that this great effort in post- reconstruction

war financial

SOMERSAULT

The reason for this is that before the British market was reopened the price of lead war arbitrarily fixed in America by a few genliemen sitting in back

and room,

utterly without relation to world trends.

Reopening the markets puts an end to the stratospheric price- Axing of raw materials.

World Sugar Output

Rome, Nov. 25. Preliminary estimates are that world production of A SARDINE CHRISTMAS which we have made together

sugar (exclusive of Russia) has resulted in this setback." Consider what is happening to amounted to 35,000,000 Successive Socialist Chancellors commodiles that are stat do- metric tons in 1951-52, strice have admitted their obliga-minated by the buying and over-

compared with 33,500,000 ilon under, the terms of the buying of civil servants,

There is the Raw Colton Com-the previous year and an American Loan agreement to make the pound again con- mission which not long ago had average of 25,700,000 in the ver vertible, whenever that might a great deal of money at its dla- | 1934-38 period, according be feasible. But i wasposal.

Socialists Most of tune "the different

this has now been to the United Nations Food spent, and in exchange the Com- and Agricultural Organisa. played last Tuesday.

mission boasts 4 vast and tion annual report. ill-assorted supply of cotton. How,

In 1050-51, Time after time Mr Attlee used and when, they will be able to to deny that the Socialist Party dispose of it all, who can say? wanted to plan for planning's For In the meantime there has sake. I one reads the speeches been

partial restoration of free of the Socialist. leaders in last buying in cotton, weck's.

how debate one sees

Consider also the Ministry of hollow this claim was.

Government Convertibility may or may not wished to proclaim Sardine be feasible at present. But why Christmas, it could easily do du, do the Socialists object to 11? 'for we are told that the Ministry The answer is

is only too evident. owns at least two years' stocks A convertible pound would of sardines and is still adding to encourage a greater freedom of them. trade throughout the world, and The reason for this is that the

of Portuguese and Moroccan pro-world market. Govern- thus diminish the power

Socialist politicians. if ever they hold unlimited power again, to maintain a Schachtlan economy

Complaints about receipt of in- Ierlor grades of rubber have been received from the United States, Soviet Russia and other European continental buyers but the issue was recently brought to a climax by importers In Japan

Dan who ac- companied

complaints with their mild threats that unless the situation could be improved, they would switch their purchases to Indonesio.

and

The Rubber Shipping Packing Control Ordinance has the blessing of both the Sings- pore and Federation ments, and Malava is expected to "set its house in order" as far as bad rubber shipments to overseas

markets are concerned.

These shipments have

Brilain.

the

ducers of sardines insist on the Ministry's purchases; otherwise, they say, they will have ne sterling with which to buy British manufactured goods. If we had free markets and the pound were convertible, all this nonsense of barter by blackmail, would be swept away.

about 11,500,000 tons of sugar entered world trade as compared with 0,800,000 in the pre-war period.

arc

But there are indications that the rate of increase in interna- tonal trade may diminish since Importing countries trying

30 expand their own production.

countries where sugar is entioned, could return to pre- levels, there war consumption would be

demand for another

1,200.000 tons annually on the

Cuba alone will have for ex- port this year more than a million tons more than in 1951, while supplies from non-dollar ste still

There is no doubt that a great harm to Melaya's reputa- convertible currency is a check tion,

and the now punitive on wildly spending politicians, powers under the Ordinance, The only point of agreement be- and Beven and tween the Attlee prompty expected to act effectively.

splinters of the Labour Party is The Board is a body corporate that the casiest way to presCIVE with #1 scal and continuing their domestle peace is to spend

Mr

Gaitskel! spend. powers, in the legal phraseology and "capable of guing and being admitted as much when, speaking of the Socialist years in office, he said: "We were able to make

because we de this progress

exporting countries done

surd."

In

case

of

power's

used

of

by

substantially lower than before the war. Aside from a "artl- ficial price boom early in 1981,

re-

FAO

wore sadd, prices markably stable during the year. Cuban world market prices fluctuated between 4.5 and 4.2 certs a pound.

END OVERBUYING - Of course, it is true that the great capitalists of the past are and that

NO GREAT EFFECT no longer with us skilled technicians in the com.

"While the appearance of the RIGHT OF APPEAL

modily markets are a diminish- Ing race.

large 1952 Cuban crop tended to New York and Tokyo would be economie planning to maintain al 25 ma conditions in which the| suppiles but also of sugar from

Firms of standing in London, liberately

Some people therefore argue weaken prices not only of dollar level of demand by appointed as their agents to act high lev

markets could flourish soft currency areas (except from solamodlly for them and report on bad manetury polley."

do not exist, and of

that the the British Commonwealth, where This is a high-falutin' way shipments.

despite confessing that,

Mr necessary finance would not be the price was fixed in negotia- extreme Attlee's reiterated promises to forthcoming.

tions at the end of 1951y it has member of the A seriousness a

debis,

But these objections were not yet greatly affected market Board might fly from Malaya to scale down war maintain a raised against the reopening of prices," FAO said.

they were make direct investigations.

A shipper-or-packer-whose

the lead market and have bech "The Cuban Government has proved wildly untrue. The basis established a single seller for certificate has been withdrawn by the Board for bad shipments will

of a free market is that it bitys special quota' sugar, for the what it really requires and does world market and a 'sugar have the right of appeal to a

not olutter the country up with stabilising reserve of 1,800,000 tribunal to be appointed by the

fantastically huge stocks. Great tons to be marketed over a period of the

Anancial High Commissioner

BACK TO THE GALLOP

resources are not of not more than five years. Gerald Federation,

"Until The Debate on Tuesday last essential; all that is needed could overnor of Singapore, was very rugged, but one thing with comparative ease to sup- have met with a high

these measures Mr John F. Nicoll.

This tribunal will consist of clearly emerged. The Socialist piled by the City, and Mincing success and have

Peda Party's policy is to return to Lane could then do a very much steep decline in prices but it is chairman (who must be an

galloping inflation. Hitherto they more competent jobs of work too early to judge the long-term officer of high judicial standing) have tried to conceal this desire, than the Ministry of Food, cifecta especially; us seems prob- and two other members.

but now they have let the cat Not only the Ministry of Food able, production in importing and

and the

In fact used

to

high level of demand" in India and Middle Eastern countries Many of our troubles today are due to consequent exports from Britain without payment.

11 is.

of

countries in-

The Board would endorse that out of the bag and an ugly brute should be abollshëd, but also the other hy during the

mark or the estate name or the curer's licence number:

2. The type of grade-Unital Press.

the

on every bale of rubber shipped

Ministry of Materials and, for creases abroad there would be stencilled:

the Economie 1932/63 crop year." It is worth while remembering good measure, 1. The number of the packer's

This

Indications now are that there registration certificate, or the Fe-that to Socialist candidate can be Section of the Treasury. Eistered house symbol, trade adopted without the approval of section has had the misfortune will be a further productions in

to be perpetually mistaken in its crease in 1962-33 but weather Solulist Patly Executive, No other party excercises this prognostications about stocks, conditions can affect final out- rigid

prices and, indeed, about every-put by as much as 10 per cont. ut censorship. power It is not surprising, therefore, thing else. Its operations inter- United Preas that the politicians on the fere with wise financial manage- Socialist, Executive. who

the Treasury, and it professment in thefisdives ant! illationist, costs a lot of pubile money. should have concurred in provid-

DRASTIC CHANGES ing one of the safest Sotibilst seats in Britain to the former

When General Elsenhower goes spandthrift boks of the ground to the White House, drastic nuils scheme, Sir Leslie Plummer: changes may be expected.

Capital Goods

From U.K.

London, Nov. 25. Statesmen of under-developed LAND, ETC.

countries will Commonwealth 2000 @ 0.00 3.K. Hotel HK, Land

press here this week for more (014)

57

capital goods to speed their In .14 1.30 2000 @ 15 Stial Land

13.00 1C0013dustrialisation plans. Really

* 240 2.45 7000 or 2425 Tram....... 20.000 20.00 Stor Ferry 117 110

C) Light (N) BY

...

effected

For

The Rubber

Markets

Prices

closed today as follows:

futures

Singapore, Nov. 25.

of rubber

Number 1 rubber,

per lb. December January

February Number rubber,

December

Number J ́rubber,

December

0315-7

B124

70-00 100-113

OPEN THE MARKETS! one thing, there will certainly It we are to have convertibilly, be a purge of the vast collection two preliminaries are essential. of ageing New Dealers who serve First, all Waste Kust be cut out as heads of bureaux, counsellors, there is an personal assistants and publiere at home, and enormous amount of waste in lations officers.

There will also be extensive Britain today.

to thrusting

changes in the fringe of the Partly, this is due to far too many functions upon American Civil Service, though

nothing

the quite like Government perhaps and local central

purge

by Governor Number & rubber, servants, and partly to the effects

[Stevenson's grandfather, who was

December The statesmen will be attend- of excessive taxes on Industry,

afterwards Democratic Vice- got rubber, untaled The depredations of the thland ing the Commonwealth Prime

Blanket crepe ........................ President.

becsine No. 2 pale crope United Press. through all sorts of First

When he Ministers economic conference Revenue

Assistant Post-master- Light (0) 0.30 10.105000 beginning on

on Thursday.

em. taxes notoriously make

dentral in Grover Cleveland's NEW YORK MARKET 2000 0.45

They

state ployers are expected to 1500 0.43

ployers careless about Eusta.

Administration, and.

"Mr Adlai

New York, Nov. 25. convertible that if Britain 2000 0.45

A sound could, increder

Prices of rubber futures closed Stevenson Sr sacked no less than 10000

regained cannot be its supply of capital goods at

today 25 to 70 points higher Electric... 23.10 23.00 27002340

currency carly delivery dates and com- unites industry did Individunts 40.000 postinastera. 2000 EF2

We may

also expect drastic with eales totalling 115 con- drain on have rostored to them the power Telephone.. 17.40 17.00

petlitve prices the

cuts in American aid to forelga December

tracts. Telephone

the Sterling Area's cold and to Rave 3.69

But the most important prelude countries. The American budget INDUSTRs. 3.00

dollar reserves could be.. Cement .......... 18.30 16.50

to convertibility is the restora: this year is running at u figure u Rope

20ÃO STORES, ETC.

dicates say Some 19.30 20 1000 @ 12.00 Dairy

countries go to the dollar area always lived by its wits, of feet years before the outbreak of war. Selember

it was

at only $10,000m. spol Watson

23.10 19

running Britain for capital commodity markets A budget and outside Lane

ASP.

which

been Fecause all their re fccds only Crawford-

mulugudent d - AMERICAN THREAT COTTONS

nuirements, 10 hot met by MISCELLANDOUS

British production, Putting bateriing price of dozen years is surely more than

through the any country can bear. give speelfie examples be every commodity Yangisto

Dear JAPANESE BONDS mchinery and

other Foods operation of the British init kot

The biggest appropriation of

› budget which Japan and West Germany would greatly strengthen the all in the American

for

London, Nov. 25, Japanese: böfida foreigners,

-Year Lief" ok? $40,000m. There is hydusiy

"(4 of 1010) "C" (ar. of 1907).1: room for plenty of cuts hore, The of free spending - In

"D" (59, of 1934) Washington are in our opinion

(848 of 1030)- over, and a good thing too—| Consola“ The Financial Times,

536

150 2.40 8.90 630 11000 en a

dependent on the United States Exchange Rates

market, they added.

វ

M: Drew said currencies should be freely interchangeable, and Mr Coldwell said. Canada. murt | Sięcking note: (per (61) 996) help non-dollar countries to markot exports « In North America-Routen-

Business was done in the local this tinofficial exchange mackel morning at the folowing rulenta US dollar (per $1)

6.015

MAT

preciably stemmed 20 taletion in this country, which has [Ilttle over $80,000m.; In the last July

which for

December

31.10

20.00

23.00

20.45 nominal

20.10

20.10 3023 nomina “United · PreKS.

can supply morb quickly and at pound in the climation of military, expenditurers over 1 HAM (45, of 1099) -

cheaper prices

It would do, bring down the Development projects. In the Colonies, which will be repte price of many commodities, as rented by Mr Oliver Lytteltott, has alreads Happened with led days 15.63

the Colonial secretary, will did since it was freed. be considered at the conferenco. ---Reuter.

Indonesian' gulders (per 100) 27.00 Siam iteals (per 100)

20.00 Singapore (Btratti) FIG misstros (per 160)

18.35

Fome Representatives of American mining interests are at

ROYAL INTEROCEAN

"THWANDA" “IJIKÄMPER"

HARMANT "TEGELÚERO"

**K**

"BOISEVAIN'S "TAŠMAN** "TJIWANGI"

"THIBODAS"

***

"VAN HEOT:Z" "TITLUWATE" -

Der

SAILINGS

bee. ↑

Dec. Dec.

LINES

(Ningapore), Bjakarta, Rymark.

"Buzabala da "Macarist

bjakarta. Remaratig, Mürabala,&

Macanar

Hingapore. - Pasang Belawan Beit- Manila.

Mauritius,

8. Altra S. Amets a Bjakarta, Beinachssy, Murabala

Macassar

Singapore, H, Abrira & E Africs Singapore., DJARMILA, Semarang,

Surabata & MacAMA)

*

"TJPANAS”

Dee, JA.

*RTHAAT KOENDA" Bes,

THLUWAR*

10

Ber. 10

“TUTJALENGKA”

Der. 16

Japan

Dr. 1x

Japan

"TIMENTEN("

Dr.

20

Japan,

Bes.

28

Гарад

Dee.

Japan

Jail.

2

Bingapore,

Djakarta,

Mentarang

Burabila a htarakiNE

Jon,

jakarta

Remarang,

Hurabata

+

МАСАЛАГ

Jan,

Afanita.

Džulinėču,

Jan.

Jan.

Jan. 155

Зарал

Jan. Jaw.

23

"TJIWANGI"

Felt 2

MAKASSAR" -TJINALENGKA“

Feb. 3 Teb. 1

Feb. Feb.

Feb. 1

#

Feb. 19

Feb. 23

31ar. 2

MAN h

ATINANTJET"

"TASMAN" "THPONDOK"

"STRAAT

"TASMAN" “TJIHANTJET”

“TJIMENTENO" "TJIKUWAIT

"TJIKAMPER"

OTSIWANGU"

"DOISSEVAIN”

*TJIWANG

Singapore,

Mauritius, 8. Africa & §. Anseelea

Alagapore, E. & 8. Afrles

Singapore, Djakarta. Reninrang.

Norabala & cor

Singapore, Penang & Belawan Delf

Jakarta Kenaran. Hurnhala

Minealar

Ringapore. Diskarts. Remarang

"Burahala & Micum

Гаран

Singapore, Djakarta.. Maurtisux,

8. Affles & N. America

Japan

Djakarta, Semarang, Suratzada

Maranest

Manila, Singapore, E. & 8. Allen, Singapore.

Djakarta. Semarang,. Mirabala "Miscansar

Djakórta, Semarang.

Diacanar

Sorabala

Singapore, Djakarta, Semarang.

Murabála de atacantar Manita, Singapore, Bjakarta,

Mauritius Ꭼ .

5. Amerira

ARRIVALR

Marassny, Sarabula. Semarang.

Djakarta;& Singapore

Nov.

ZR

Japan

Der. 筋

Japan

TEGEL,Brno" Jer, 7

Japan

"STRAAT BOENDA" Der.

TARMAN"

KING'S BUILDING, Ground Floor

From

P

Africa

22

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31190, 28133.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

.

.

NEXT SAILINGS

M.S.

"LEISE MAERSK"

Dec. 8

M.S.

"GRETE MAERSK"

Dec. 16

M.S.

"JEPPESEN MAERSK"

Jan.

2

Arrivals from U.S.A.

M.S.

"OLGA MAERSK"

Dec.

18

M.S.

"HULDA MAERSK"

Jail.

3

M.S.. "PETER MAERSK"

Jan.

15

or Freight and Further Particulars please apply to:---

AGENTS:

JERSEN &

Pedder Building.

& CO.

Tel. Nos, 30066-9.

Dates and rolatles subject to change without astice,

At liberty to proceed. via other ports to tond/discharge cargo.

Japanese May Relax On Re-Exports

Ban

Tokyo, Nov, 25. The International Trade and Industry Ministry. intends to ease partially the current ban on the re export of Japanese goods to Indonesia via Hongkong, sources close to the Ministry reported."

The Ministry is said to be in favour of relaxing the embargo on some goods. If their total shipment value does not exceed a certain fixed amount,

The reasons for casing the ban are reported to be:

(1) Exports to Indonesia are at present very sluggish;

(2) It is better to receive Pounds

for Sterling

goods shipped to Indonesia than to have an over-balance.

Trade

To

Experts Confer

London, Nov. 25

Mr Fazlur Rahman, Pakistan Minister for Commeren, Economic Affairs and Education, has rou- vened a conference in London of The decision rests with the Pakistan trade commissioners in Ministry of Finance-France- Western Europe. Presse.

The conference is expected

to

DISCUSSIONS END be held while Mr Rahman is here Djakarta, Nov. 23.

for the Commonwealth The leader

of the Japanese Prime Ministers' economie talks economic goodwill mission to on the Sterling Area,

Pakistan trade: commissionera Indonesin, Mr Takahika Hupa-

to discuss their guchi, left for

Tokyo this mornare expected ing after the conclusion of pri- various local problems with Mr. vate trade discussions between Rahman,

the Japanese delegation and the Indonesian Economic Council.

in

The results will be laid down

report to both

Mr Suchjor,

The Pakistan Minister is like- The Pal

to consider with them ques- ly to

ons relating to the export ot vernments. Pakistan juto

the and cotton, country's largest dollars cornèrs, The trade' commissioners who Chairman of the Indonesian Economic Council, folil the will attend the Pakistan talks Press at Indonesian mission will include those stationed at may pay a visit to Japan within Donn, Romo and Paris-Reuter. some months to. Implement the

LONDON TIN

proposals.

He suid salt was one of the Indonesian products to be ex- ported to Japan in large quan- tities, if the proposals were ap proved-Reuter.

MARKET

Lonton, Nov. 25. The tin market, was stondy this morning. Turnover was 05 NY Stock Exchange tons, including 35 tons for cato. Prices closed at the end of tho

New York, Nov. 25,

Dow Jonca averages at the official morning: session" as fol end of the stock market sessión | lows:- INS

Sport, buyoin

pot iin, ellers

| Dualness" dana, at

105.08 Three-months tin, buyers

0812

¡stodil as follows:---.

30, industrials

"FILIS"

173 60-9/10 40 bonds United Preal..

20 rails.. 18. olitics

-United Press.

99.13 settlement

50.87 Three-months tin, sellers Business dont at

Unite