1952-12-01 — Page 9

MESSAGERIES

M

Artving

"LA MARSEILLAISE“ „Dec. 4 "ERY-HILL”

....

--**LA MARSEILLAISE", Des.

MARITIMES

Leaving

Dec. A

20

Jan. 24

M

Outward For

Mokohama & Robe Japan

Ildmeward. The

N. Airten & Europe Marseilles via Manša

THE CHINA MAIL, MONDAY, DECEMBER 1, 1952.

OFF TO A GOOD START Prospects Bright For The

For The Empire Conference Convertibility Of Sterling The Outstanding Issue

British Trade With The Philippines

"PEI 110"

Dec.

**MONKAY”

"BREST"

IB Jan. 0 Feb. 1

pec. Dee, Fo Jah. d Feb. 10

N. Africa Europs

N. Africa & Europe

A

·

For passenger and freight.

br

For freight to Salgon, Marseilles, Algiers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

• Accepting cargo:

-via Marselles to all Mediterranean & West Africa Porta. --via Djibouti to Madagascar.

Subject To Change Withous Notice,

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

Tel. 26651 (3 lines).

EVERETT

LINES

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

"REBEVERETT"

Arrives

Scile

Dec. 10 from Manila. Dec. 11 for Singapore,

Rangoon &

"LENEVERETT”

Arrives Salle

Penang, Calcutta.

Dec. 10 from Singapore. Dec. 17 fur Kobo &

Yokohama,

(Accepting cargo for transhipment Kobt/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. "STAR arcturus“

Arrives Sail

Dec. 11 Dec. 12

from Singapore,

for Yawatu, Hirohata, Kobe, Osaltu, Nagoya, & Yokohama.

M. S. "THAI”

Arrives Sails

Dec. 18 from Japan. Dee, 18 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karnchi, Kanerain- shahr, Basrah & Bahrein,

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

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephone_28293.

Slump In British

Car Industry: Dealers' Hard Time

London, Nov. 30.

Used car prices in Britain have tumbled over 25 per 'cent during the past month, and dealers are scratching their heads over the causes of the motor industry slump.

Lack of buyers is also giving the dealers a hard time, New medium-priced cars seemed to anticipate either a si aight

trom the plant are reduction cr abolition of the being offered to 10 or 12 cus-purchase tax, but there has not tomers whose names have been been, and there seems, no like- en agents' books for four years lihood of, official backing

or more before an actual buyer their statements.

is found: even in the case

of

the so-called "popular" small

cars, dealers complain that they

REPORTS DISCOUNTED

of

The result of these statements

-used

sometimes have to make three is, however, that

the sale..

•

CATS

car

Manila, Nov. 30, British business executive urges conclusion A fotelen exchange between the arrangement Philippines and Great for Increased Britain

relations between

trado

the two countries.

Harold managing

Crowther, director

Balcer Perkins (Exports) Ltd., of Peterborough, said the industrialisation pro- gramme of the Philippine Government openn a new market for British equip- ment and machinery. the Ile indicated

ex- change problem Wis a deterring factor in carry- Ing out large-scale ́ com- merce between the Philip- the dollar pines-within

bloo and Britain,

Mr Crowther is here in the course

business of survey the Far East.— Associated Press.

SLUMP IN

ITALIAN

SHIPYARDS

(FROM OUR OWN CORRESPONDENTI

· London, Nov. 30. The Commonwealth Economic Conference has got away to a busi- nesslike start after the delay caused by the late arrival of the Australian Prime Minister, Mr Menzies, and the Foreign Secretary, Mr Eden, who were held up by bad weather conditions over the Atlantic.

It is true that This, however, need not be taken as a bad omen. metaphorically speaking a large question mark hangs over the conference table bearing the legend "Conditions over the Atlantic.". But this has nothing to do with the weather.

Despite the uncertainty of the United States' future economic policies, however, prospects for the Commonwealth conference" are ex- ceedingly bright.

The way ahead may be ́long and hard but. as the New Zealand Princ Minister, Mr Holland, has remarked, this is a evafidence conference and not a crisis conference,

The opening speechts by the heads of delegations certainly reflected the feeling that for once the Conimenwealth coun irles

have

gathered in atmosphere that is not heavily welighted with the Icar of

HA

smail,

ROYAL INTEROCEAN LINES

“TİLANGIT PA

"TIIKAMPEK“ -

**TASMAN"

"TZOKLİPTO“

“THPANAN

Dee.

Dec.

SAILINGS:

30. 9

Dec. 10

"

**THAAT BOENDA" prc. 19 "THTJALENGKA”, Dev

FILUWAII"

RUY8"

“THMENTENO" "BOISSEVAIN" "TASSANT "PAWANGI" - "TJIBODAS"

~RUYA**

DE:

Tu

Singapore. Tajakarta. Hemarang,

Burubala "Macassar Bakaria, Romanik, Aurabia

Atacasar

„Singapore, Penang & Belawan' Delt intanita. Ningapore, Mauritiue,

8. Africa & S. America Jakarta, Semaratix. Serbalk

Macassar

Singapore, S. Africa & E, Africa

настила

Singapore. etjakarta. Semarang,

Mürabala & Macawar

Japan

Singapors, Djakarin, Semarang,

Hürabala &NincansA5

Mucasiar

!

her,

Dec. Dec

10

Здрат

Dec.

Japan

Dec. 29

LYRTA

Jan, 2

1

Djakarta Nemarang, Suratioļs

AXCATE

JAR,

Q

Manila, Singapore,

Djakarta,

Mauritius, A. Atelen & H. Aineries

*VAN BEUT:2" →TILUWAU"

“THDANTJET”. "TARMAN"

Jan. 10 JAN. ክር

Jan. LEF

Japun

Jan. 10 Jan.

21

#jakarta

Mocasine

Feb.

2

Singapore. Diskarta.

TASMAN" "TJIKAMPEK"

THIMENTENC" **TJILUWAII"

"T31DANTIET"

Feb. 3 Feb.

Feb.

Frb,

Feb. 13

"BOISSEVAIN"

Feb. 16

Feb.

Mar.

Mar.

23

2

Singapore, Djakarta.

Semarang.

Mann, Singapore,

Jakarta,

Africa

THPONDOK"

“TUWANGI"

*STRAAT

MAKASBAR" *TJITRALENGKA"

but the effect of these gains was to put the "Financial Times Index of Government arcurities up by no more than a WANG fraction of one per cent.

Industrinis Improved after the opening of the new account on Wednesday when the market felt under the Influence of Wall Street, where the post-election rally has been resumed.

The view taken by the British authorities, on the other hand, appears to be that even if Sterling was made convertible the Cem monwealth Sterling countries would still be required to prae- the the almost economy in their purchases from the deliur area.

While the gold and dollar reserves remain at the present low level, however, this is a question of neademic interest

Motor and aircraft shares only,

were the brightest spot In the THE FIRST TASK impending 'disaster.

former market, the

Forging From what little is known of

Clearly the first task is to re-ahead on hopes of purchase tax the actual

these build the reserves until they are concessions and content of

the latter speeches it is clear that this is

bravy hopes that recent aircraft sales not 10

to the dollor area presage valu- be a repetition of the

new able-

orders for this industry.

So far as the motor Industry 18 corerned, however, the immediate sutions seems nane tou bright.

January Finance Ministers

urc

does not

the

to be

able to withstand pressure that is certain exerted on them from outside the Sterling Arco in the early meeting.

Certain differences of opinion days of convertibility.

This mevitable, even in a family

necessurity gathering-hudeed, they are demean that they must be in sirable if the conference is not creased ut least fivefold before convertibility can be attempted to degenerate into that

as Mr Dougina Jay, Former Socialist Financial Secretary the Treasury, suggested lost week.

Rome, Nov. 30. Italian shipyards hope American know-how may help them out of a slump.

The Italian shipbuilding in- dustry employs 85.000 workers and is important in the econo-

an occasion

for mutual back-slapping.

But the various delegations are quite agreed on two things

A CLEAR POLICY

First is that, in the phrase of

to

But, when it is considered that the Sterling Area's dollar de

has averaged fickt

over $709

The 15 national shipyards one Prime Minister, "Sterling lion in the last three and a

my. have a productive capacity of 300,000 Kross tons per year.

out turn

another They can 11,600 tons of finished material.

Moreover, there are 32 other minor yards which

construct small tonnage wood and metal ships. Their

Now

NOW

must be made to swim." The lifebelts of restriction and dis- crimination that have enabled it to remain precariously on the

surface through recurrent crises are now to be thrown overboard by the process of gradual but continuous development and ox-

production can pecond point of the general

Italian

keep

has

д

It will not be nehloved-as

the

run to 15,000 tons a year.

agreement is that this expansion Italy never seems to her chipyards fully busy. Be- must be achieved through the

o! and 1938 they turn implementing tween 1910

clearly- of defined policy in which every ed out over 8,000,000 tons shipping-only half their pro- member of the Commonwealth ductive capacity.

a definite part to play. their problems are

Commonwealth greater than ever. To compete

has in the foreign shipbuliders, past sometimes tried to solve its problems-through a ship-economic economists tell builders they must lower costs series of disjointed nctions by individual members without re- through modernisation of equip ment. More efficient work and gard to the common

interest. These broad administrative

principles Administrative methods also are judged essential,

guide the Prime Ministers and amists believe if all this their economic advisers --- Economists could be accomplished, Italy including seven would get a higher percentage tories throughout

procure ference. of the U.S. offshore ment contracts for ships in ad-

busi Eltion to more private ness.

In an. effort to help the Italian shipbuilding Industry the Mutual achieve reforms, Security Agency special mistica

Italy has just sent seven in 10 dustry experts and four ship- five-week yard workers on a study tour to

Foto America.

dollar sur-

half years-despite plus of $800 million in 1950- it should be obvious that the reserves must be built up quite cantiderably from the present million before level of $1.767 convertibility becomes a practi- cal proposition.

H

Bermoran

singapore, E. & 8, Africu

Hingaporr, Djakarin,

Súrabala #

Mingapore, Penang & Relawan Bell

Semarang, Surabala

Burabala & Machtiar

Japan

Sincajare. tijakarta.

"Manchir,

d. Africa & 8. Ametler

Japan

Iljakarta, Bemarabe. Nurabale &

Ataca

Manila, Ningapore, E. & S. Afrien

Kingapurei 1km

Aurabila & Macskar

Djakaria, Semarang, Surahala 嚨

Macassar

Hurabila &" Macasar

Mauritius, 5.

S. America

ARRIVALS

From

Alacassar, Sarabola, Semarang,

Djakpla & Singapore

"TJWANG"

th. Part

"STRAAT SOENDA" Dec.

"TASMAŃ" *TEGEL,DERO”

Japan

Der. Dre.

Japan

Japan

оп

KING'S BUILDING, Ground Floor

On Saturday two firms con- nected with the manufacture of cars announced the suspension or dismissal of n number f workers through luck of work. CHINESE BONDS

The forelen bond market was again the scene of a good deal of activity.

Interest spread Lo Chinese bonds on hopes of a peace settlement in the Far East but later news caused a partial loss of

some of the ground gained. Japanese bonds were in de- mand at the beginning of the week and several issues made large gains.

Later, prot-taking developed and, though this was well absorbed, the market lost its momentum.*

This does not by any meuns exhaust the arguments against immediate convertibility. It takes no, account, for example, of the position of the Sterling balances,

Some £850 million of these The success enjoyed by are held by non-Sterling coun- Japanese bond-holders led to tries. Another £1,000 million some switching into Germon are held by the Colonies (whose Issues on hopes that these would noed for dollar goods is as great prove as proditable in the long it not greater than that of the run as Japanese stocks have Dominions).

CLEAR SIGN WANTED These Habllitles will

alono are greater than the Sterling Area's entire gold and dollar reserves.

It must not be forgotten, on Colonial terri-

the

Com- the other hand, that the con-

monwealth includes Canada

On questions of detall, how-which is #n important dollar ever,

the Ministers may find country. themselves in something less than full agreement.

of

CONVERTIBILITY

The hope is that they will coment

bring back some of the know- how which can help guide the shipbuilding industry here to ward a financial renaissance, Associated Press,

Brighter Business Outlook

Sydney, Nov. 30. Australian businessmen fore- cast more employment and a brighter business outlook.

They expect trade conditions to continue, to pleit up after the

is

And

of

been..

HONGKONG

SHARE MARKET

1423

243

701% ופלד

10 @ 1435

Is the Sterling Commonwealth to go on discriminating against imports from another member It will have to do so country, us

in Outstanding issue before the long as the Pound remains

(From Our Correspondent) conference is that of Sterling convertible?

Here there convertibility.

pance for Business done on the Steck known to be a certain amount development? Is foreign private Exchange this morning amounted

evel what nong the investment in the Sterling Com-to $234,404. Noon prices and the only over the monwealth Ulkely to expand ap-morning's transactions: all-important question of timing precably while the repatriation BARES BUYERS SELLERS SALES

It seem3, over the of prolis and the availability BANKS but also,

that convertibility | of equipment to improve invest- DiSURANCES exact form

ments remain subject to the should take.

It is not easy to arrive at a provisions of exchange regula- definition of convertibility to Lions? which all parties to Le

These 4011~

Arc some of the troversy could subscribe,

questions the Commonwealth But, strictly speaking, K

Frime Ministers must answer currency is convertible-in the during the next two or three sense that the dollar is today weeks.

means can be exchanged by people who hold it for an equivalent amount of any other currency in the world.

convertible in this sense, people who came them in the normal course by IN International trade and france would be able, H they wirbed, to exchange them into

be

If Pounds wero

inte

dollars and use the proceeds 10 by goods from America,

There

arc, course, various degrees of "freedom" that could

given Christmas and New Year buying making it fully convertible. The to Sterling without Mr W. J. Allison, Melbourne right to convert Pounds Chamber of Commerce President,

otlier

currencies could, for those said: "I think everyone has got example, be confined to over the effects of the heavy

carned, through, current' transaD? Hons. decline in export Income.

"Business is settling down on a solid and profitable level.

Bre.

foreign

STILL RISKY

There are, of course, other important problems demanding attention.. But their

many people all over the world will

conference #13 regard the falture untasa - It, gives come clear indication of the steps by which Sterling is to be made

convertiblo,

a

THE STOCK EXCHANGE Dominating factor in the stock

140

K Bank

Canton Union Underusler IK Fira SHIPPING

Wolorboat Arin Nav poCKS, ETC. R. Wharf N. PL. Whore Ol

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TEL. 28016/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31196, 25133,

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

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

"JEPPESEN MAERSK”

< CALLING

VANCOUVER.

ARRIVALS FROM U.S.A.

M.S.

"OLGA MAERSK”

M.S. "HULDA MAERSK"

M.S. "PETER MAERSK"

Dec. 3

Dec.

16

Jan. 2

Dee. 16 Jan. B

Jan

16

For Freight and Further Particulars pleasé apply to:-*

AGENTS:

af

JEBSEN

Pedder Building.

CO.

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Diter and rotation zubjɛɛt to change without notice.

14 Hbetty Io proceed via other parts to fordydierkerEN TAFEN,.

PENINSULAR

& ORIENTAL

QUIS NO

ARABIT

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13

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HK Hotel 5 0.03 IK Land (0) 585, HK Land (N) 565

Land UTILITIES

·Tram...... Star Ferry

14

118

C. Light 103 10.30 1920

Light (N) 0.65 6.70 Electric ... 2311⁄2 23,60

Macao Ekg. Telephone 17.30 _Tel._ (Utm.)

INDUSTRIALS

markets this past week has been the opening of the Common- wealth Economic Conference.

Though Government officials Bave been

stressing that what the Prime Ministers are con- is long-term cemed with now policy as opposed to short-term expedients the publicity which the conference has received haz served to focus attention on the rail improvement that has taken place in the general economie COTTONS

January's situation since last crisis meeting of Finance Ministers.

Cement... Kope STORES, ETC.

Dairy Wabon 1. Crawford

Ewo

11.201

1100

53

NOTICE TO PASSENGERS

BAGGAGE:

33%

10.30 201

10.60 20 1800 20.99

5.30 200

1000 .380 SPECIAL NOTE:

2.35 1000 @ 2.30

Exchange Rates

Bukinem was done in the legat uno Belat

market

or four offers before clinching dealers have already discounted

purchase removal of the Export markets,

are and dealers are refusing to take too

into stock without having their scasonal lull, and new this is having a reciprocal effect some guarantee of protection on new car production. At least against dropping values should the Chancellor of the Ex- one factory in Coventry, one of

This would prevent Sterling Britain's main car manufactur-chequer, Mr R. A. Butler, decide

"Our-export income this year Geld-on capital account from ing towns, is now working only on abolition of the tax. The re-

will be about A£850,000,000.

being converted into other cur- 22 hours a week, which is un-sult is a complete stalemate.

Compare that with earlier years,

rendes and removed from the economical.

At least one ocction of the The Treasury is certainly not particularly pre-war, and you Sterling Arca; but it would still

is hoping for Purchase tax on British cars, getting any yield from the pur- eller how well off we really entall the risk of a run on the market, however,

If a decision that will lead to quick gold and dollar reserves. priginally 38-1/3 per cent and chase tax because there are no It

members are much more cent, sales. It seems, therefore, as

of current action. That is the gold mining holders of fter raised to 06% per

the prospects Sterling, decided to use most of section where hopes are now moming at the following rates: was originally imposed to pre-pressure of under-employment satisfied with

their Pounds to buy dollars pinned on a rise in the price of US dollar (per (1)

Sterling note (par 1) vent a rush of post-war buyers in the motor industry, which nhead."

Professor W. Prest, Dean of as under present ever by

Indonesian quliderk (per 100) cannot

conditions

The forecast, made by in

Riam tirala (per (100)- and shorter working Economics, Melbourne University they almost certainly would, otherwise go. for

American publisher that the Singapore (Biralis) is bound to force a pro- sareed that conditions showed A difference of opinión arises,

United States will next year FIC lastres per 1001 nouncement from the Treasury signs of improvement. It is now almost preventing intentions regarding the

bawavet, dver

question There is a reasonable chance where even in this. Herited raise the gold price from $35 to Any sales inside Britain at all:

Sugar For Japan The covenant, and the re-sale to hoper for cat out apart from unit the improvement would ans form cerventibilly, would mean nabrought saves fors, into the I would not that Sterling Area: countries market and some good gains restriction declaration system, the hoped-for export revival: tinue," ba

liko to makë 'a'

Tokyo, Nov. 30. measures imposed by the motor

But buying

mainly con Experts have calculated that, for "three months

of dollars from the central

The Japanese Govermanent Indpetry, upon itself to avold un-slice the end of last 'erionth's In Canberra," Latham exservas to dance increased fined to lasues of those concern has permitted the import of: 30.- fair trading, seem, like the pit Motor Show, the loss of capital

Director of

also have important | 000 tons of Indian, sugar, and Certain Dominiono --Australia

urantium usefulness:bea

BIG BRIGHTEST SPOT Ministry of International Trude od in stock markets ond the facturers, said the employment and South Africa among them. Unico-ordinated public ancars held. In'ngenta', showrooms position -appeared, "to "have ore inalined to regard Sterling The gill-odred market has and Industry announced today. fiduncementa made at the recent and manufacturers' stock rooms orgattnet gerally, particular converabunty chiefly, mean remained quietly hirm. Both un-ils, the first Ume Japan, h Maine Bhow at Butts Court by must be at lihat

In the last montit.Assdellied | of "increasing their dollar pure dated and medium British stocks imported sigar Doin India,

up on the wesele United Prems mia ni ufacturers' representatives |¡£10,000,000.—United Press.

were slightly

of British cars which would shorter be absorbed for export. * hours,

the

Lyn iven could draw, antimlind quintiles were made was

4,0723 15.02 27,50 37.0

10.35 11.075

· chase tax, to have outlived their valuca.to the industry, as reftet. Bekundi chambers of Mint (porta from America, WHICH Interestsigare i |70,000 tons of Cuban : sugan the

„PUNGAN,

Associated

Press

t

TUESDAY the 2nd December at 12.00

Noon for the UNITED KINGDOM_vina Struits, Colombo,. Bombay, Aden und Port Said.

ALL passengers baggage must be sent to the longkong & Kowloon Wharf Co.'s Godown at No. 2 GATE, CANTON: ROAD ENTRANCE by NOOM: on MONDAY the 1st December, 1952.

With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading board by ship's slings only, BAGGAGE COOLIES WILL BE RECUSED ADMITTANCE TO THE WHARF;.;

on

.

EMBARKATION: Will take place TUESDAY, the 2nd December, 1952, between 9.30 a.m. and 11.00a.m.”

BUSINESS REGULATION ORDINANCE 1952 Copies of the prescribed 20forms 1(a), 1(b) and 1(c);

Now On Sale at S. CM. Post, Ltd. HONGKONG AND KOWLOON

TEN CENTS EACH