1952-12-04 — Page 2

MARITIMES THE STERLING BALANCES ROYAL INTEROCEAN LINES

M Problem Not As Formidable Today As In 1947

Leaving

"LA - MARSCILLAISE”. in. Park Bee. "FRY-HILL”

**TEI HO"

#

Outward For

Yokohama & Koba

Зид. 20 Jan, 24 Japan

*"LA MARSEILLAISE”

· P'MONKAY"

"BREST"

Dcc. 10 ver. 11 .Dec. 15 Dec. 14 fan,

+ Jan, 4 Feb.

J'eb. 10

For passenger and freight

6

Homeward For

N. Africa, & Europe Maraelites via Mantia N. Africa & Europe

N. Africa & Europe

If For freight to Saigon, Marseilles, Algiers, Tangler, Casablanca,

Havre, Dunkirk, Antwerp & Rotterdats..

Accepting cargo:

via Marseilles to all Mediterranean & West Africa Porta. via Djibouti to Madagascar.

Subject To Change Without Notice,

CIE DES MESSAGERIES MARITIMES

Queen's Building (gr. floor)

P.O. Box 63, Hongkong

Tel. 26651 (3 lines),

EVERETT

E

LINES

EVERETT ORIENT LINE

Fast regulur freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.

“REBEVERETT”

Arrives Sails

Dec. 11 from Manila, Dev. 12 for Singapore,

Rangoon

"LENEVERETT"

Arrives Salls

&

Penang, Calcutta.

Dec. 17 from Singapore.

Dee. 10 for Kuba $ Yokohama,

(Accepting carro for transhipment Kobe/Putan 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 Sails

Dec. 12

Dec. 11 from Singapore,

for Yawata, Hirohata, Kobe, Osaka, Nagoya & Yokohama.

M. S. "THAI”

Arrives Suits

Dec, 20 Dec, 21

from Japan. for Singapore, Port Swelten-

Madras, hain,

Colombo, Bombay, Karachi, Kharram- shahr, Basrah & Bahrein.

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

EVERETT STEAMSHIP CORPORATION' S/Ä

Quean's Building, Telophone 31206. Chineso Department: Telophone 28293..

"Wait & See" Sales May.

Attitude Break The Over Japan US Record

New York, Dee, 3..

2

a

New York, Dez. 3. Retail sales in the US, will American businessmen have adopted cautious and hopeful reach an all-time high of

in attitude toward investment of $10,300,000,000

December,

magazine Management their capital in Japan. This at- Sales

tude amounts to a "wait and predicts in its monthly forecast. see polley. Japan,

The publication said that this prior to World War I, bad reputation figure, representing great would here for sound business practices, seasonal

upsurge that und American investors are now break records in almost all re- see whether the tailing categories, would re- waiting to

stablo present a gain of eight per cent Japanese can restore.

over December 1951. economy.

There are very few areas In An exception to the record- it said, will be "the world at present that look sement

attractive to US investment

stores with cales capital. Canada is perhaps the that have been trailing the best. There is a long list general retailing pattern by countries which, in the Wall almost four per cent. Street vernacular, have an “un- Sales Management favourable climate" for invest that some concern has been ex- pressed over the fact that an ment.

American financiers are quite unduly high proportion of new

goods hopeful that Japan will soon hard

suice .Is.Gelng total enumer Join the circle in which the out-financed, and

credit now is at a record high

Took in favourable,

Mr

of

trend,

reported

Edgar W. Smith, Vice-of $22,000,000,000-Aerocito

President General Motors Press.

Overseas Corporation, summed

Hyp the altitude toward Invest-

Business Hopes Rising

*

New York, Decka,

Business goes into the closing weeks of 1952 with confidence increasing - and fears of a slump being push ed farther back,

Industrial lenders, in New York for the annual meeting of the National Association of Manufacturers,

icok for good times but nor for Into next year, they aro being told,

Industrial production is at a peacetime recordt high, the Federal Reserve Board says.

Manufaruriers sales this au umn were the highest in als

tory.

New orders for manufactured goods poured in at the highest rate of the year.

Financial leaders, gathered in Florida for the meeting of the Investment Bankers of America,

also

getting encouraging predictions.

But Could Be Danger To Convertibility Scheme

London, Dec. 3.

An examination of the external payments of the Sterling. Area, such as that now being undertaken by the Commonwealth · Prime Ministers' conference, cannot fail to embrace the problem of the Sterling balances, says the "Financial Times.”

Indeed, if it is the intention to draw up a programme for making Sterling convertible at the earliest possible time; recollections of the pain- ful experiences of 1947 will ensure that this matter is kept well to the fore.

It is now generally conccded that the convertibility venture of 1947 would ultimately have proved a failure even if it had been possible to limit the application of the dollar conversion right to current account Sterling, the theoretical intention:

Nor does this represent the full measure of the relier which the change in the world price level has brought about.

But there can be little doubl This means that the real. that the main reason why the burden any repayments may im- scheme collapsed in such disas pose on the UK. is correspond- trous fashion is that it provedingly reduced. inpossible in practice to prevent the conversion into dollars of age quantities of "old Sterling" many countries had available in the inflated from the balances inherited the problem of balances is now formidable than it the initial post-wax

is

in

war.

Many of the creditor countries have always regarded a substan tial artion of their Sterling balances as a basic foreign_cx- change reserve or as a working baltice needed for the finance of trade conducted in Sterling.

A. DEEP DITE

Capital Flowing Into Singapore

Singapore, Dec. 3 The Communist toll-

pr quest

China caused capital from all parts of the world which formerly found Its way into that country 10 Dour into Singapore, the Colony's Financial Secretary, w.c.

aald.

Ho

~TASMAN" HOTZIKAMPEK"

"TJPANAR"

BAILINGя'

The... :

Ber:

*STRAAT BOUNDA“. Der.

"TAMAN" “HUIRSEVAIN" ,"ISIWANDI"

"TSIBODA:""

"HUTS* "VAN BEUTS2"

TASHAN "IJILUWAU"

**TJIHANTJET" "TJJPONDOK“ ·

"TJIWANGI"

"STRAAT

(Kingapore), Penkuæ, &' Belawan Dell (1)jakarta, « Kematang. · Kurabala. S

Manila, Singapore, Mauritius,

, Africa B. Antertra Djakarta, Semarang, Surabaja

Macankar

Singapore, B.. Africa & E. Atrios Japan via, Manila

Binckpore, Djakarta, Semarang,

Surabaja & Marassar

Japan

irc.

10

10

"JITJALENGKA“.

*JULUWASE"

iter.

11 Djec #

Dec. 10

*THMENTINO"

ben. 21

Japan

ber. ZA

aspar

Japan

1án. *

4th

+

*

Jan.

强

Jani

13

Jan. 16

Jan.

3D

Jon. 21

J'ch. 2

I`rb. MAKASBAN" "TARMAN"

Feb. "ESTRALENOKA” Feb.

#TJIHAMPEK"

"TJIMENTENO" "TILUWAR"

"THIDANTJET"

**THWANGI",

· “BO15SEVAIŅ“

1

+

Feb.

Feb. 13 Jeb., 19

Feb. F

Mark

Mar. 0

Mandin

Mauritian,

=

Blagapore, Ujakarta. Semarang,

Mutabila d ́AlacaaKAT Ljekaris Semarang. Surabala

alanila, Ringapore, DJARATIA,

Mauritius, . Afties & 8. America

Singapore, Penang) Belawan DELI,

E. & 8. Africa

Singapore. Penang & Belawan Doll bingapore. Jakarta, Semarang

Suzabala di SEACRASÁT

Japan

Dijakaria

Semarang. Buraaja

Marassar

Singapore Djakaria, Remarana

Burabala & ngantar

Japan Japan

Singapore, Djakaria,

By Africa & 8, America Djąkarta, Bemarang. Surabala

"Macassar

Minnia, Singapore, E. & S. Africa: Singapore, Djakarta. Asmarang

Surabala Macassar

11 Jakarta, Semarang, Burabala

Macaenar

Kingapore, Takarin, Semarang,

Kurabala & MARKANT

Mingapore. Jakarta,

5. America.

ARRIVALS

"STRAAT SOENDA" Bee, "TASMAN"

$

Japan

Der.

Japra

OTHIKAMPEK"

1

*

Japan

Taylor,

"TKOELBERO"

Dr.

Japan

"TJIPAÑAS" -

Dee,

Jahan

twa factors bere attracting ・・ capital

were the low rate of in- come tax and the solid

Fortunately. the Sterling much was in period. TAX REDUCTION

The total of the debts is not, it

1947. Taxes may come down some materially lower than it

It the what next year, und inore the

Kums owed to the following

This year

year's

Union, In most cases it has been con- European Payments Federal Budget may be held to which is a form of Sterling sidered advisable to Increase the around 79 billion dollars, instead balance, fare brought into the monetary value of such reserves of the 5 billion frst talked of reckoning.

backing of sterling. the current total is to take account of the fall in the And there í talk that

the about £3,000m. And this is no purchasing power of the £. prevent 76 per cent margin re- | mare that about 2 or 3 per cent quired Jat buying stocks may short of the figure of five years

brokers who ago, Le ent

Riving have been enjoying on "I like

In the interins, however, two Ike bull market in recent days developments have been at work,

hope of stili mare business. Merchats, whose Yuletide business has been held back by a Late Thanksgiving still are ex- peating their best Christmas irade ever. The next three weaks, they say, could see the greatest crush of shoppers

In terms of British goods. the steres ever have known. Mer-purchasing power of the current chants are folt that people have total of the Sterling balances is

that

REDUCED BURDEN

The change in the price-level bas thus bitten deeply into that pariton of the Sterling balances which had been regarded as available for actual spending.

Countries liko India and The first of these is the re-Pakistan, which were formerly so

for the early duction in the real value of the anxious to press

Sterling. debts caused by the rise in the repayment of their

balances, are now lending to world price level.

guard wint is still left.

bigger ineomez this year-and only about 70 per cent of that

can spend more if they want to.of the 1047 total. Conflence is likely to be con-

tagious in the business world. Even forcign traders are catch- ing it.

-

World trade has been drop- both exports ping this year

imports trailing. und

But some are now predicting a re- versal of this trend

thortly. Others tre saying that trade

relations with Europe aro get- ting more healthy, with the dollar gap steadily narrowing financial pros- Europe's and picts brigh.cr than a few months 250.

HOPEFUL SIGNS

Two of businessmen's biggest uncertainties apparently are being resolved.

One was whether there would

HONGKONG

SHARE MARKET

The beneflelai effect of the decline in the real value of the

Sterling debts has been under- lined by their re-distribution--- which should make the task of controlling their use much easier in the future.

The portion of the total-owned other and by the Colonies territories that can be directly controlled by Whiteball hus, for Inslunce, climbed from about a sixth to almost a third.

SEVERE FALL

Mr Tayler Bald though there was a slump in the textile trade in the Colony

present,

other Uhe trades, entertainment business,

at

especially

Was thriving-Associated Press,

Tobacco Control Hinted

...London Dec. 3. Rigid control ́ ́In' planting Canado's Spring crop-of tobacen may have to be exercised be- cause Britain is cutting her im- ports by 76 per cent."

Mr N. A. Macrae, head of the Canadian Agriculture. Depart- ment's Tobacco Division. saidi

meny yesterday at the 14th annual Federal Provincial Agricultural that Britain contem- buying only £10,000,000

The Independent Sterling Área (From Our Correspondent)countries atl possess about

£1,500m of Sterling reserves. Business done on the Stock Exchange this morning amount- But almost without exception of ed. to $965,794. Noon quota-'these counteles have experienced tions and the morning's trans-a sevare, fall in their balances actions;

during the past 18 months, net

be a truce in Korea. This could SHARES BUYERS BELLERO AALER losses. sustained by the group

some

upset

industrial plans. BANK'S Russia's recent loud "No" to

-Indio's plans-Rooms to have

ended

that hope, and America's dislerze programme

11K Bank

will op. parently continue at the sehe INSURANCES duled

pace.

some

Another thing

- that businessmen had feared WRA that next month's change in the U.S. Federal administration would come us a jolt, with un- certainties all up and down the Une.

Canton Unjon

N. PL. What 0.40

100

B

Underwriters

IK Ye SHIPPING

Asa Hav. 15 DOCKS, ETC.

K. Whart

091

Dock

Provident

12.50

Provident

New) 0.10

Sinai Dock Wheelock LAND, ETC.

1.00 40 50 1000 49%

ik Land (0) G HK Land (N) 5532 Shai Land

130

13.40 13.00

Hote..

Humphreys

UTILITIES

Fram

in the year to June 30 last having amounted to no less than £700m.

New movement

been

co tobacco next year.

This

said, would be a reduction of 75 per cent of Canada's 1052

short Brital exports to dollar- to the British West Exports Indles and Australia were not expected to exceed £5,000,000 and there-iero--no additional- In the case of Australia and export outlets in sight.

Zealant the downward..

Therefore, the outlook for bas Just

1853 in general would appear to reversed, but it was continuing require some action which up to quite recently in the case would result in definite ex- of the Asian group of self-pansion of the domestic market, governing Sterling countries--as well as an increase in exports India, Pakistan and Ceylon.

of raw leaf,” he said.

"Otherwise, the grower

wit be required to exercise drastie controls

over pjantlugs next Spring."Reuter,

All these countries are anxious to conserve what Sterling they now possess.

Then again, the re-distribution

6 ca 500 m one has reduced the balances heid

10 0.05 by non-Sterling countries--the New York Stock 13000 0.80 part of the debt. which, for

22 33.40 100 21,50,

200

obvious reaso19, could be most troublesomo-from £1,300m. in

1947 to £850m. today.

Exchange

President-elect Eisenhower, has named his cabinet in quick time.

"And it some of his appointees may

be not too familiar to all businessmen

are many

ex- that the now pressing relict men will have time to learn their jobs and take over withou:

New York, Dec. 3. STILL AN OBSTACLE

Despite wide, gains made by a hitch, both in domestic and foreign affairs. The public will

alls, the market, closed lower And of the latter figure some have

a chance to learn ahead

with the tetback attributed to n 6. Light (0) 10.30 18.30" 500 m 10-10 £170m. is in Egypt's blocked time what their polletes ure

technical 10.20

reaction after the C. Luni (N) to be,

8.70 2000 zir 6.65 ceounts, while the bulk of the tech likely

Traders represents working Post-election Ketic 23.40 23.78 1600 235 balance Another hopeful sign to many

1000 de 2315 balancer held by other countries were optimistic, however, look- businessmen is that remaining

11.20

ing forward to renewed market Macao

and arc, controls

Telophono over

17.30 100 17.40 (mainly European)

vigour governmental

and

on advance #Semming INDUKTIVALÝ

therefore, unlikely to be heavily prices and materials are being

reduced in the normal course of business outlook.

partly from confidence in the Coment cases fast. Few expect Federal

Rupe controls to survive far into the STORES, ETC. coming year.

of

CAUTIOUS

NOTE

In the midst of all this optimism, however, some busi ndas leaders are sounding two uotes of caution:

(1) A

in

months,

Star Ferry

Dairy

COTTONS

Ewo

Elec.

117

20.90

2000

20 1000, a 1.80 25019.70 100 10.00

events.

.

On the surface, all this is encouraging.

But it must not be argued that as a result of these developments Sterling balances Sterling convertibility,

Exchange Rates present a malor

howeve: downturn. alight, is still considered likely

Business was done in the local піле another

to twolve | unakiviai · "exchange market thin

mording at the following rules:- (2) A business administra... dollar. (ner BI)

Sterling note (per 1). tien" in Washington puts the indonesian mulders, 1er. 100) 21.50 responsibility aquarely up to Siam Ucgis iber 100) business. The publle will be Sigapore (Stralis)

FIC blaitres (ver 100)

ment in Japon when he told the Dutch To Make witching closely how business.

United Press: "The aluation

there in too new for us to tell about the investment possibili- tes."

bfect of foreign invest

Cortisone

Amsterdam, De, 2.

rescived major attention. European production of syn- during last week's National For-thetic cortisone will be initiated elgi Trade Convention here, by the Dutch pharmaceutical The declaration, adopted by the industry. In 1953.. delegates and which they hope For this production a cosily will influence ilio foreign econo

plant is under construction now

the tors

enen handle what they are call Ing their belter opportunities- and especially how handle a slump, should one develop Associated Press.

$4.00

they will JAPANESE BONDS

SWISS HAVE A DEFICIT

mic polley of the Elsenhower in the town of Oss, headquar

Zurich, Dec. 3.- stration container

of this Industry. Organon

Switzerland booked a defeit "It favourable in N. V. The factory building with the European Pasenenta Vesiment climates are to be has been contracted for. 349,760 | Upton in November of ape abroad, our Government Guilders. This is only a very proximately 101 million franes make it clear by word and small part of the costs of the as a result of the transfor of

that American public cortisone plant.

It is expected that "Organgur cortisone Tor projecta which, auuter proper will sinrs full-scale

#unds will not be made available

conditions, could be financed by production In May, 1953-As privato capital,United Pren. cociated Press.

.

по

longer

gains.

Dealings totalled

1,710,000. Of 1,167 issues traded, 420 ad- vanced, 84% declined and 305 were unchanged. Industrials were 81 cents.lower, rails 60 and utiliiles

14. Oils gained. Soma rails were higher, about

KING'S BUILDING, Ground Floor

X.

Maaritis

Aftir

From

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 21190, 25139.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "LEISE, MAERSK”. M.S. "GRETE MAERSK"

*M.S.

“JEPPESEN MAERSK”

In Port Buoy A-4.

Dec. 16 Jan. 2

• CALLING VANCOUVER

ARRIVALS. FROM U.S.A.

M.S.

"OLGA MAERSK”

M.S.

"HULDA MAERSK”

M.S.

"PETER MAERSK”

Doc. 18

Jan.

3

Jan. 16

For Freight and Further Particulars please apply to:-

AGENTS:

JERSEN

Pedder Building.

CO.

Tel. Nos, 86066-9.'

Dates and rotation inblock to change without notice..

11 Uberty to prorred via other parts in Ioad/discharge tapEN, •

M.V. "LA MARSEILLAISE"

will sail for

Yokohama and Kobe

on

FRIDAY, 5th DECEMBER 1952

AT 9 P.M.

Passengers are requested to board the vesaci with their cabin baggage on the 5th December, between 4 and 8 p.m. Baggage Room and Hold Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate, Canton Road Entrance) on 4th December between 2 and 5 p.m. and on the 5th December from 9 a.m. to noon only. No baggage will be registered after this time.

obstacle to two, but many lost fractionally. COMPAGNIE DES MESSAGERIES

It may be trup that at the moment holders of the balances can be counted upon in general to retain them,

But it could be a different story if in opportunity arose for the conversion of these balançes Inlo dollars.

A POSSIBILITY* The British authorities might, London, Dec. 3,

for instance, find themselves Japanese

bonds "A" (4%. of 1800) 88 called upon to convert a sub- "B" (401 1910)7812 | utantial * portion of present

of HC, (59, of 1907) 15915 | Europoon' holdings

"D" (68 of 1034) 1074 And there

are some *E(5148.02 1030) 108% Area countries that have always taken the view that they should United Press

have a larger gold and dollar element in their feeling

Copra Quotation

New York, Dec.

100 million, tane loan to one copra was quoted today at throust flie Union's, booka, nakata

In Octobur, Switzerland hat 1 2107.50 per sheart ton, Coodanus favourable balance of 1844 qul was quoted at 14-echta d

pound United Press. million francs-Reuter.

Steels cased. Chemicals moved Irregularly about a point each way-United Press.

Seeds And Oils

Now York, Dec. 3. Prices in the seeds and oils market closed unchanged with the following exceptions:

Tung ok, in tank caza, New York per lb. 35 cents.

Peanut oil, per.. lb. F.O.D. New York. 20 cents-United .Press.

LONDON RUBBER

The rubber market was quiet

· London, Dec. 3. today. Prices clored as fol- JONS:

Pressure from either of these állections "could wregle w Now. | JANUARY,

March -Sanigry/Marti

Amil/June July/Beptember

pen-ib Number 1 rubber. "In pence

convenibility venture

.It sa o possibility that must be fully considered in any plan.

-United

Queen's Building

MARITIMES.

Tol: 26651

NOTICE TO PASSENGERS

Passengers are requested to note that the “La Marseillaise'! will sail for Japan, on Friday December 6th, 1952, at 9. p.p, instead of 10 pm. previously announced,

Passengers' are conséquently requested to board: the wessel with their cabin, baggage on the th December" between 4 and 8° p.m. The times for registration of baggage remains unchanged.

Compagnie des Mossageries Maritimes