1952-12-05 — Page 9

MESSAGERIES M

Arriving

"LA MÁRSEILLAISE”... ....je Port Dre. "FRY-HILL"

"FEI HO"

THE CHINA MAIL, FRIDAY, DECEMBER 5, 1952.

MARITIMES U.S. To Japanese

M

Yokohama & Kobe физика

Losving

(etward Far

........... Jan. 20

Jan.

28

•

«Dea. 10 Dec

**LA MARSEILLAISE” ..Deo. JA Dec. 10

MONKAY"

+"BREST**

D

.Jan.

Jan.

.Fab,

# Frb. 12

❤ For passenger and freight

Homeward you

N. Africa & Europe Marcellies via Atantia

N. Africa & Europe

N. Africa & Europe

For freight to Saigon, Marseilles, Algiers, Tangler, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

• Accepting cargo:

--vla Marsellies to all Mediterranean & West Africa Ports:

via Djiboul to Madagascar.

Rubject To Change Without Noter.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

EVERETT

Tel. 26051 (3 inca).

E

LINES

LINE

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

"REBEVERETT"

Arrives Salls

Dee. 12 from Manila. Dec. 13 for Singapore,

Rangoon &

"LENEVERETT"

Arrives Sails

Dec. 17

Penang, Calcutta.

from Singapore, Dec. 18 Kobe,

Yawals Hirohata, Osalta, Kobe i Nagoya.

(Accepting cargo for transhipment Kohe/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 .. Dec. 11 from Singapore, Salls

Dec. 12 for Yawata, Hirolata, Kobe, Osaka, Nagoya & Yokohama,

M. S. "THAI” ·

Arrives Salls

Dec. 20 from Japan, Dec, 21

for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Khorram- shahr, Basrah & Bahrein, (Accepting cargo for tránshipment Kobe/Puan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephono 31206. Chinczo-Department: Telophone 28293.-

Direct Dealing In Shares?

London, Dec. 4. Conflicting views are being ex- pressed as to whether or not the day is approaching when British investors in Empire shares will And it cheaper to deal direct with the local stock markets.

In a recent article London : Evening Standard Financial Editor, Ernest Eve, tool the view that direct dealing was likely.

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning mounted $158,278, Noon quotations and |the «morning's transactions:-

SHARES DUYERS SELLERS BALES

BANKS

10K Bank East Asia

Replying to criticisms of his SHOPPING purchasparison of a hypothetical Docks C

article, he says:

in both centres indicates

that it would pay. Let us assuine

that the investor wanta

100 Nchanga shares,

at

to buy

"In London he can get them £7 costing £700 Com- EDY, msalon at the proposed now. rate of 18. 3d a share costs £0.55. Stamp duty at two per cent is £14, contract stanip 4s and re- gistration fee 25. Bd; total, £720.

Ed.

NEV

1430

-

131

13

K. Whart P014 N. Pt. What” 0.40 Dock

Provident. 12,00 Provident (NEW) ION Stial Dock. Wheelock - XD LAND, ETC.

HK Hotel..

0.00

U.S. To Japanese Conception

Import More Ore Of

New York, Dec. 3.

Iron ore. is to steel what bread-the wheat is to primary ingredient.

The United States has lost its old, self-sufficiency in this key raw material of steel-making. In the future it must look in. creasingly to fereign ore sources low-grade make Use of taconite deposits of which there is a vast demestle supply.

The American steel industry, by for the world's largest, pro-

or

luced a record 105.000.000 tons of ingots and enstings In 1951. In the process is blast furnaces gobbled conut 135,000,000 tons

of iron ore.

About, eight per cent of thia In the from abroad. came future, as production continues to rise, the ratio of imperied ores will inercase rapidly.

Not much longer can the fabulous Mesabi

range In Northern Minnesota alone supply the major part of this need. About 75,000,000 tons, more than half 1951's requirements, came

Mesabi. As a matter of

(By D. King-Page)

Contract

London.

It is always interesting to note the conception held in other countries of the meaning and extent of a contract of marine insurance.

Cut In Imports

By Egypt

ROYAL INTEROCEAN lines

KUNK

Aingapore. Penang & Belawan Boll DJAVARA, Cheribon. SEMATASK.

Butabala & MACARAME

Manlia, Bingapore,

MASHALION,

A. Africa A. America Singapore, H. Afṛlen & 1. Africa

Bijakarta, Painting,

Semarang, Barabala & Mar Mantis. Japan

Japa

Extent of Marine Insurance

SAILINGS

· #TASMAN***

"TJIKANPER"

Des. Der.

"TEGELBERG"

Dec.

B

*STRAAT SOENDA” · D24. 10 "IJIPANAS“

Bro. IL

"AJTEJALENOKA" Dec. H "EJILUWAH" :

14

Singapore,

Djakati,

Aurabals & banesatur

Dec.

11

Jupan

ZJIMENTENG"

Beci

"ABMAN"

Det.

Jage

"HÖJSBKVAIN”

Dec.

Japan

"ŽJIWANOI"

Jaa.

Bingapore,

Aurobair & Almennrar

"EJIDODAS“

"HUT!"

Jan. >

Djakarta Rèmarang,

*VAN MELTAZ”

**TASMAK" 'ZTJELUWAD"

Jan. @

Jatt. 10

JAN. 13 Just. 10

Afaniis, Singaposo,

Jan. 23

Jan, Feb. t

Feb. 4

Bingapore,

Запам

Feb.

3 7

акрал

Fed.

B

Feb. 16

Feb. ** Fab, **

Star, 2

Mar,

·

A particularly interesting example of how foreign opinion may differ from that held in this Country is to be found in a letter from a Japanese correspondent in a recent issue of "Fairplay."

In the letter the point raised is the extent of the cover of the policy in time in relation to a voyage polley on goods.

country

This correspondent opens by stances of the case under dia- saying that the granting of cover cussion.

of meaning ngainst "country damage" to The cotton has become fairly damage is well defined by the universal, irrespective of the U.S. Department of Agriculture origin of the cotton or the in the passage elted above, but transit to be covered, thereby aim not sure that this enters

at all. entailing sometimes very heavy into the matter

As 1 from the mighty the huge to dianutes between insurer and that if an

din understand it, the suggestion is losses to underwriters or leading un

underwriter has

given Iron mountain of Mesabi is past assured as to the exact exten: cover against country damage he La prime. Experts say that at of the liability of the former.shou

rmer.should be liable for such damage the present rate of extraction, After referring to Poole (The found to have been incurred at red transit insured Mesabi's high grade ores (50 per Marine Insurance of Goods," the end of the cent iran or higher) will be ex-

and to

Winter's even if the risk is from ware- Mr William นมน hausted. within 10 to 15 years.

American 'text book house at port of shipment and Insurance

as the only the damage has been incurred works in which he can lind re- before leaving that warehouse. ference to country damage, the AN UNTENABLE THEORY

OTHER SOURCES Since other ricts Great Lakes deposits will eventually be depleted also, the steel industry bos boe: developing other sources of supply for some time

at home and abroad,

years,

newcomers

Venezuela.

Liberia and

Liberia, previously non- producer, became in 1951 the

moisture

כי.

the

matted starched

appearance

of

vering such damage,

В

וות

clan

10th largest exporter of iron ore attached from the time of the him to say so exactly in so

to the US. in the Arst six months of 1952, Liberia more the than doubled its fast year's out- pu: to rank sixth.

London, Bec. 4. Ezypl'a decision, an- nounced today, to limit Imports from Britain and the rest of the Sterling Area to exantials did not come as a surprise to Bri Liah trade circles.

Trade circle sourens said that Egyptian Sterling Arca Imports had to be rui In line with the country's balances. declining Sterling balan

The decision meant tha Egypt would now concen- trate on Importing essential goods to the extent that her Sterling balances allowed.

Egyptian Imports from the Sterling Area-chiefly been Britain-have restricted since June this year-Reuter.

Production

"TJIPONDOR"

**TJIDANTJET"

. "IJIWANGI"

"TARMAN"

"STRAAT

MAKASSAR “THEJALENGKA” Feb,

**TJIKAMPEK"

“TJILUWAR"

**TIMENTENO" *THIANTIET" -

**TIWANOF+

"BOISARVAIN"

Cherthan,

Armaran

Djakarta, Bemarang,

Surabain

Djakarta,

Bazeltine, S. Attien & B. America Singapore, Penang. Belawan DOL

B&B Africa

Bingapore, Penang & Belawan Dell

Djakarza,

Aurebala Meczar

Djakarta Sematang, - Borahsia - d

ACACKERAU

Japan

Mirabila & Macassar

Blogapore,

Djakarta

Remarang,

Bernatang

Відгарата, Djakarta, Maurtitu

B. Africa & 8. Wmarlen

Bjakarta, SemaTANK. Burabala

Macartaz

Singapore, Djakarta

Surabala à" Miaenszar

A

Semarang,

Atanija, - Singapore, R. & 8. Afifes Djakarta, Semarant. Aurabala

Blackstar

Bingapore, Djakare. Remarang.

Surabala & Macausar Manila, Hingapore, Jakarta,

Mamelcior, H. Africk

B. America

ARRIVALS

"STRAAT SOENDA" Dee. J

"TASMAN”

Japan

Dec.

Japan

"THKAMPEK"

Der,

Janam

Det.

Japan

Des. 10

Japan

"TRGELBERG“ "TJIPANAS"

Of Machine KING'S BUILDING, Ground Floor

Tools

New York, Dec. 4. To promote

better foreign trode in machine-tools, is it in best to manufacture ther the US. or Europe?

This question is the subject

of trade talks between Ameri- can and foreign producers, the trade, journal American Machinist reported, adding:

Without naming concerns-in- volved, the magazino said that une American builder has agreed to have his machines assembled by a French builder, giving the latter exclusive seli- ing rights for the product in Western Europe and the British Isles, Another US. company has been discussing Cros

1 licensing agreement French builder that may result in French production of # heavy-type machine of Ameri- can design.

with a

writer quotes the definition the Department of Agriculture of

The most momentary con- the United States as follows-- sideration will reveal that this

"Country damage or weather theory

untenable. is quite damage or de-Country change is the

damage Is #n ex- A New Jersey iron

iron mine which terioration of the fibre caused by traneous risk and must take its

absorption of excessivo ance supplied eunnon to General the

SANTORING | place with uther extraneous George

rge Washington's

from troops in

exterior,isky PAR * risks which are sometimes the revolution was reopened that. which may result from the ex-covered under the marine polley,

Aerial Instrument surveys

posure of the bale to the weather such as theft and pilferage, hook year. uncovered an

it on damp and sling damage, underground vein or

or from storing

&c. I do not Weather of magnetic ore ncar Reading, ground or floers,

think that

any theoretician Pennsylvania, only 30 miles from

damage is easily distinguishable would seriously contend that bo- the historic Comwell mine in

by the discolouration of the fibres operation more than a century and- their weakened character. cause a policy covered theft and the pilferage the underwriters must and a half. Millions of dollars If the damage is excessive the be liable for losses due to theft have been spent in research on fibres become heavily stained and and pilferage Incurred before how to make use, of the low-

and

Logothes mouldy

attachment of risk, and yet surety grade

*felt. In

"Some Americans feel their ores. Taconite pilot stimy like

for the plants have been in operation for

best bet in competing some cases they may even lose this is what is suggested by the writer from Japan. Poole, whom

kayo their

Abres

he cites, deals effectively with European market is to

machines manufactured Damaged bales, to this point when he says: "It

their Since 1945, U.S. iron ore im-

altogether.

on the poris have risen steadily. Annual be merchantable, there therefore follows, for instance, in Europe. Europeans, totals in million gross tons were conditioned by having the fibre that if tea or cetton is damaged their machines produced in this red other hand,, would like to hove 1.3 in 1945, 3.1 in 1940, 5.5 in entirely picked off."

up country, when the insurance

country." 1947, 6.8 in 1948, 8.3 in 1949, 9.2 CRUX OF THE MATTER-

attaches, say only from the port in 1950 and 10.1 in 1951. Im- The crux of the letter comes of Calcutta or of Alexandria,

for the first half ports for

there 1052 of

in a passage in which the writer respectively," is no claim were 4.4 million tons.

says that it has been reported

against the underwriter." Heavy orders went to auch Tokyo recently

that .certain The other suggestion is

is that if established foreli sources as claims-settling agent represent the Intention of an underwriter, Canada, Sweden, Chile and

underwriter has in giving cover against country ing a foreign Brazil and to such promising rejected a claim

for country damage, merely to cover loss or domago, in

in respect of colton damage due to exposure to covered by a policy expressly weather &c., during the insured on the transit it would be much better that the risk. having for

many words: I maintain that this at is just what the Warehouse to goods leaving the warehouse

Clause does; The port of shipment under the Warehouse

it is Warehouse to Warehouse Clause, admittedly the clause governing the underwriter is not liable for the extent of the cover of the

arising up damage country

in time polley.

agiri as well VERY HIGH QUALITY

country.

in the case under con- tranalt He goes on to say that loss or sideration:- The Liberian Mining Co., whose

10 exposure to

"This insurance attaches from majority-stockholder is Republic damage due

weather, &c. can prise even the time Steel Corp., shipa ore of during the very

the goods leave the short transit ceptionally high quality—88 por | dur cent Iron. A new long-term from the warehouse at the port Warehouse and/or store at the place named in the policy for the shipment to the steamer, contract, renegotiated last month,

transit...." gives the Liberian Government though it may not be appropriate Commencement of the to call this country damage; but a share in the profits instead of royalties and

In cases where

DANGEROUS PRECEDENT cotton is sold place on the

What could be clearer or more Beard of Directors.

f.o.b. cr c. and t, and insuranco Bethlehem Steel Corp. received thereon is effected by the buyer, definite than that? It covers all

the under 1951, its first ship- the

policy the perils insured, against under in March, ment from Venezuelan - Mines, naturally attaches from the time the policy, not only those of the

began development of which

of the goods, becoming f.o.b. seas in the traditional sense but fe more than 10 years ago. The when the risk pusses from the also may extraneous risks which

seller to

and the may be added to those name in Company is bringing in ore at the rate of 2.5 million tons a coverage against country damage, the policy or covered under the rule, It would ejusdem gencris. ྃ་

If included in the policy covering year.

very dangerous such cotton, would become totally in fact create Inoperative.

precedent if underwriters were A DOUBTFUL, POINT to say in su many words written taj into the policy that it Is With this it is possible

Intention that but the writer the ogree entirely,

damage

from some speelsted goes on to say that though it is

rule

that on peril is only covered during the established an underwriter is liable only for insured transit, for this would er damage arising during the leave open a way for argument 109s insured transit, it is nevertheless that other losses resulting from doubtful whether he can rely other unspecified perlis incurred the insured transit upon that ground in repudiating outside liability when he has expressly might be covered.

more point may granted the cover.

Chauses defining the It is very difficult to reconcile advanced. this correspondent's admission commencement of the liability of that an underwriter is only llable underwriters under

incurred polley use the word "attaches" for loss or damage during the insured transport not "commences," The risk, in

of | that it is the his suggestion doubtful whether he can rely on threatening the insured interes! Business, done at

ime, but Three-month sin, Work is being carried on by

in repudiating his may commence at any

Three

tin the Iron Ore Co. of Canada, that ground

the formed by M. A. Hanna, big liability when he has expressly the itability of the insurers only

moment settlement granted covor against country attaches Cleveland coul and ore shipper damage.

defined in the policy at which Other stockholders include ave

That he had real doubt on this they assume auch liability. To big

U.S. steel firms; Republic Armco, Wheeling,

Youngstown point would, however, seem to suggest that because liability for

be borne out by the concluding loss or damage caused by Sheet and Tube and National.

༤

A fleet of dredgers is digging 200-mile long channel in the Orinoco River to permit ocean- going carriers to bring Venezue lan ore to the brand-new U.S. Steel Corp, mill on the Delaware at Morrisville, River Pennsylvania. Plans call for first shipments in 1954.

Probably the biggest iron ore strike in recent years was the 1000 11 discovery a 2,000,000,000-ton lode on the barren boundary of Labrador and Quebec. More 200 12.00 than 3,000 men are working, often in 40 degree below zero cold, on a 360-mile railroad to carry ore down to the St Lawrence River, IN LATE 1954

200 @ 6.10

1.90

8#

7 3000 A 8,AN

FK Land (0) 6011⁄2 HK Land (N) 55][ 9'hai Land 1.35 Humphreys 13.00 13.60

Prices on the Bulawayo ex-UTILATIES change are generally somewhat higher than those ruling in London, so let our investor pay 1-16 there for his 100

Nehangas, costing £706 59.

"Commission' at

nt one-half per cent is £3: 10s. 74d, stamp duty at 100 per cent nominal is ds, 10d., contract stamp 3d, co- gistration fco Zs. Bd. A coblo each way would add up to about

making

£1

10

-4/20

*

C. Light

10000

2008 190 1000 6.00

2914

1500 @ 221%

Tran

Star Ferry (0) XD

2215 22.00 100a

117

0.45 0.55 2000 m. nis:

B00 F 9

GOO 05

C.

Electric Telephone

Tel. (R)

total of £711 | INDUSTRIALS

Cement

To remit that sum in Rhodeslan STORES, ETC. Pounds would cost £710 Sterling

still a saving of £7 11s. 6d on Le Crawford

the London cast of the transac

tion,

"Of course, there are practical

difficulties but with a prospect

of, a profitable volume, of busi

0.20

231 23,70

10.40

10.00

of

risit

the buyer

or

Ono

от

bo.

The publication also said that have twa French companies been seeking Americpm manu- facturing outlets for their tools and a German buildor is-Joolc

g for an American producer to adopt his successful bydraulic

unit.

The report added that foreign machines are entering the United States at a rapid rate. Il Bald about 100 Italian machines are being imported by a motor- car manufacturer for a new de- fence project and another fac- French. tory is importing 170

drills, American mado radikal

In- Machinist said it has been formed that a quantity of machine tools made in East Europe Communist countries are being sold to West Europe nations Associated Press.

LONDON TIN

MARKET

London, Dec. 4. The un market " was

stendy this morning. Turnover was 130 ions, including 45 tons for cash. Prices closed at the end of the efficiat morning session as fol-

Spot in, buyers

051 93415

months n from

wellers 94525

DJK -United PreKL

of rubber futures

London, Dec. 4. Prices closed today Number Day as follows

per ib. 1. January

Engineers, expect tho first passage of his letter in. which he peril Insured against is covered LONDON RUBBER trickie of ore to come down says that he would like to stress by the policy, such liability ex- in the 1500 from the Labrador, fields in inte the necessity of clarifying the tends beyond the limits of time

of the country and place laid down 1954. They expect to take out rera nature 5,000,000 tons in 1955, 10,000,000 damage cover, especially in con- policy, would be a negation of a policy covering every concept of the duration of nection with. In 1950.

cotton not from the interior but risk in marine Insurance law. In

an emergency, such as an- other world

from the seaboard only, MUCH BETTER could be doubled or tripled.

Much

war,

abipments

of the Labrador

020

at Movered only by, reindear. during the Irgured

moss,

Exchange Rates for hum

ness, these would soon be over Business was done in the local came

unomelal

exchanga, 2 market." „Ch Tof¦business to the Em-morning at the following rates in

09. dollar food 81)

400 Diro “exchange im not such a sterling note per. #1)

15.70 mmate possibility, an seines of my indone day, gullarių (per 100: T Throgmorton Streat triclids item laws treats per la

Bingapore (Biraits) to think,"

and

In S'pore

February

March. Jair/March

April/June July/Geptember October/December

United Press

Bingapore, Duże NY Stock Exchange

"If the intention of an under- Rubber Futures ranges 55 and 85 por cont fron.writer. In giving, cover against Much of it can be dug in open country damage is merely to plis, even mare profitably than cover loss or damage due to ax-

weather, In many spots, the pesure to

transit, |ore is:

Prices of rubber futures closed rock) Is to say so exactly in so many today as folldiva: only seven feet deep. The over-words avoiding the ambiguous Numbera ritter, per 1b. burden covering Meanb! depailts term country damage, NA extends from do feet to over 300 Frankly, I cannot see any pa Marche

Mal Number 3 rubber, feat in depth its ambiguity in either the intention Number Fuche

oreof, an underwriter covering: KumbNY ME Before any Labrador comes out, however, somo 4200 country / damage during the Epokrustad 000,000 will have to be put on insured tranlar bi the extent.

T developmenti-Associated Press. of the cover given in the circu»,

10216-36

New York, Dec. 4. Dow Jones averages at the end of the stock market session slood as followä;=

230-ladustrials

20 ralis

13 utilities

10 bonds

100.15

51.04

99.15

-Whited FreeR.

From

TEL. 28015/18.

CHINESE AGENTS: 62 CONNAUGHT RD, C, TĒLS. 31190, 25133,

MAERSK LINE

'FAST' FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE 4 PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "GRETE MAERSK": *M.S. "JEPPESEN MAERSK”

M.S. "OLGA MAERSK"

VANCOUVER

Dec. 16

Jan.

2

Jan. 18

ARRIVALS FRÒM Ú.S.A. ·

• CALLING

M.S.

"OLGA MAERSK"

M.S.

"HULDA MAERSK"

M.S. "PETER MAERSK"

Dec. 18

Jan. 3

Jan. 16

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 86063-0.

Datze und rotation subject'to changu withons musien. At iherty to proceed via other ports to lond/discharge carga.

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 vessel 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 rogistered after this time.

COMPAGNIE DES MESSAGERIES MARITIMES

Queen's Building

Tel: 26651

BUSINESS REGULATION ORDINANCE 1952

Now

Copies of the prescribed Forms 1(a) (b) and 1(c),

On Sale at S. C. M. Post, Ltd.

·HONGKONG AND KOWLOON

TEN CENTS EACH