1952-12-08 — Page 9

MESSAGERIES M

"FRY-HILL"

"""PEI HO“ ****

THE CHINA MAIL, MONDAY, DECEMBER 8, 1952.

Y MARITIMES BACK-SLAPPING IS OVER M Empire Statesmen Getting On With Job

Antying Leaving

• Jan. 20 – Jan '10

**LA MARSEILLAISE".c. 15

"MONKAY"

+"DBEST"

•

L

Dec. 11 Dec. 12

Dec. 18

Jah. Tab.

•

Jan, 0

Feb. 10

.

For passenger and freight.

D

Outward” for"

Jaden

Tama,ard For

M. Africa & Europa Marsellies via Manila N. Atrien & prope N. Africa

& Kurope

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

Accepting cargo:

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

Bubject To Changs Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 58, Hongkong

Queen's Building (gr. floor)

EVERETT

E

Tel 26651 (8 Ines).

LINES

EVERETT ORIENT LINE

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

"REBEVERETT”

Arrives Sails

Dec. 12 from Manila. Dec. 13 for

"LENEVERETT”

Arrives Salls

Singapore,

Rangoon

Penang, Calcutta.

Dec. 17 from Singapore.

Yawala, Dec. 18 Kobe, Hirohata,

Osaka, Kobe & Nagoya

(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. "STAR ARCTURUS”

Arrives Suits

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

M. S. "THAI”

Arrives Sails

Dec. 20 from Japan. Dec. 21

for Skigapore, Port Swetten- ham,

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

(Accepting cargo for transhipment Kobċ/Pusan and Kobe/Oklaṣwa)

EVERETT STEAMSHIP CORPORATION S/A ..

Queen's Building, Telephone 31206. Chineso Department; Tolephone 28293.

Formosan Coal For Japan?

Taipei, Dec. 7.. Formosa expects to sell a total of 200.000 tons of coat to Japan to ease the oval shoriage there dug to strikes.

to

According

reports from Japan, Japan Intenda to Import 1,600,000 tons of coak between December and March to ease her eritical coal abortare. **** Better.

Canada's

Search For Oil

#

The

Trade The

Expansion Of Trade

Central Theme Of Talks

(FROM OUR OWN CORRESPONDENT)

London, Dec. 7.

The Commonwealth Economic Conference has now settled into its atride. As one of the visiting Premiers put it this week in private con- versation, "The back-slapping is over and we are now getting on with the job we came here to do."

There can be no question of the importance of that job, not only for the Commonwealth but the free world at large.

arc

DISINFLATIONARY

Initiated.

FOUR MAIN HEADH Broadly speaking the work of the conference falls under four | Sterling Area can

However, there does not ap-

pear to be complete agreement on this point, and the propon- nis, of a strengthened system of Imperial Preference may in the end find themselves outnumber- ed by those who are satiuled with" G.A.T.T. in its present furm

Prime

The Commonwealth Ministers have agreed in prin ciple on the need for some form of international agree ment to prevent a repetion of the wide fluctuations in Sterl- ing commodity prices that have occurred since the outbreak of war in Korea and which-per- hiper more than any other factor-precipitated last year's economic crisia,

CA APPROACH TO U.S. -

Price stabilisation schemes might take the form of long- term contracts or arrangements similar to the International Wheat Agreement, But in any event it dari been docided to set up machinery for immediate con- ultation between Common- wealth countries at the frat

The Ministers who are gathered in London represent the largest single trading bloc in the world and their decisions may well influence the course of international trade for many years to come.

Their determination to adept | velopment-such as the provi- only those policies which will sión of power plants, more facilitate expansion of trade efficient transport systems and between the Commonwealth and irrigation schemes-where pro- the rest of the world has there-jects of this type are an essen- fore been welcomed.

tial condition of further econo- This does not mean that they mic expansion have decided on the immediate abolition of all quota .restale- Non- tions on imparts from London, Dec. 7.

This countries; that must Sterling

appiles especially in News that Sir Robert

Dominions. Industrialisation in Watson-Watt, the scientist dually in the light of Colonial territories and, the new Individual member countries

the other Dominions (except who pioneered the develop internal needs. Scope for

for überalisation of

Canada) will be at a much ment of radar, is to lead. a

greater trado is obviously

in slower rate and, the United search for oil in Canada,

will with advanced In-Kingdom countries

devote more radar dustrial economies than in these resour

the production of resources to using

new

relatively undeveloped,

ca 20ods

for expert. technique, has aroused con- that

But there is no question vi

announcement that the siderable interest.

Commonwealth

British defenco scelung

programme is But Sir Robert himself has the

year may; in warned that it has not yet been refuge in still more restrictive to be cut next

trado

be the first indication that polleier

fact, proved whether radar is able to

Expansion has in fact been this policy has already been penetrate the earth's crust and if his theory will, in fact, succeed the central theme of the Minis

terst approach to all aspects of the scientifle search for in Laurther stage forwards

Commonwealth economic policy. oll a fur

In of fact, radar equip-

point ment has already been used by the oil men in pin-pointing positions. It played an especially important part in a very ex- tensive survey carried out shortly policy. after the war In the Bahamas Miter

of the area, where four-fifths

surveyed was covered by area water. Indeed, the all industry every for long has

utilised scientific aid in

oil - bearing sub- potentially terranean rock atrata, and the element of chance so far as dis- new petroleum de- covery of

is concerned has been posit

decreased. correspondingly has been calculated that, on an exploratory, well average, ono out of every five drilled

geophy- result of geological and sical guidance proves productive as against only one in 20 drilled

such without

preliminary scientific investigation.

But, despite all these ex- tremely valuable precautions to eliminate as much risk of fallure States and Canadian post-war relaxation of import-restric-placed before the OE.E.C. coun

Lens, as possibic, such risk cannot be

yot, The present situation is a entirely excluded. For, as

"But can they at the same join what will in

Aries, who will be invited to ences no known method, other sharp contrast to that which time expect to build up the gold world economic conterence."

drilling, to

the Commonwealth than actual test absence of off-Finance Ministers when they met concretability for Bent where

THE STOOK EXCHANGE

After a firm opening, prices in most sections of the Stock Exchange began to sad at mid-

particularly

in

Meanwhile, the strict interna disinflationary policies

adopted utter the January economic conference will be continued..

Another way

in which the expand its main headings: trade; Anance; trade with the rest of the development; and commodity world is by replacing some of

of any future "emergency" the controls that prevent the

commodity markets. The first of these is by far the free interchange of Sterling and

points

emerge clearly most important; everything else other world currencies.

which this from this brief review: firstly, depends on the success of the

with The speed

that the Commonwealth is now bo efforts now being made to in objective can reached, how-

in the

of formulating process crease external surpluses, both ever, must again depend on the

to deal and colicotively. success of our collective efforts completely new policies

outlook in to earn a larger surplus in trade with its economic problems and, secondly, that fow of these respect moderately with the rest of the world.

policies can be translated into bright. The United Kingdom's

action without the activo co- trade gap has been progressively narrowed. The balances

operation other Standing countries. with world have the non-Sterling also improved.

locating indY

12.3

It

a

commercial

this

the

is

of

Our gold reserves are mount-

and the Finance Ministers Pppear confident that this in- proved position will be held for some months ahead-even after taking account of debt paymcata of $180 million that full due in a few weeks' time the United

on

quantities in a new area beyond this Improvement bag dispute.

A COROLLARY

in London last January. Bui been brought about largely by a series of drustic import cuts and

our favour."

NEAT PROBLEM

must be built up to a much

The

Prime

'Page 9

ROYAL INTEROCEAN LINES

"TJIKAMPEK**

"TEGELBERG*

BAILING B

per, DKK) BR surabate di- kacasAR?!

Djakarta. Cheribon. Педаглах

"STRAAT SOKNDA“ › D÷ç. "JIFANAS"

PESITJALENGKA"

ТУДИТАЦИ

"HUYS"

*VAN HEUTE**

"TASMAN" *TJILUWAB“

"TJFONDOK" "TIDANTJET

Dec. 11

idantta? 'n damapore), Maurition, –

5. Afsen & 5. America Kingapore, B. Africa & S. Africa Djakarta, Palembang, Cheribon,

Semarang, Burabala MRCATERE haplin, Japan' Biprapore. "Djakarta,・ Semarang,

Djakarta

Dea.

pic.

My

Dec

"EJIMENTANG"

PTASMANDAN "HOLSKEVATN"

Dec.

Japan Ra Japan!

*TJIWANGI

"TJIDODA£*

"AUTO"

Jan,

Jall.

Jan 10

Jan.

14

Jap.

Jan. 24

Feb.

**TASMAN"

Feb.

•

Зарад

*MA KASBAR"

Teb.

ZIVAN

"TJITJALENGKA”

Tib.

Feb. 1

Feb.

Feb. Feb. 23

Feb. 25

14

Mar..

"TUWANGI

"STRAAT

"TIKAMPEK”.

*TJILUWAN"

**TJIMENTENG" **TIBANTJETI

"TASMAN" “TJIWANGr“

*DOISSÈVAIN”

"TJIKAMPER* "TEGELUKEG" “TJIPAÑAS"

"TJILUWAK"

Semarang

siskápar. Djakarta,

Semarang. Surabata

Djakarta, Mauritus, B. Africa & S. America Bingeparo, Penang. Delawad Pall

R. & 8. Atlès.

Stanita, Bingapore,

Singapors, Penang à Delawan Dell starapere.

Djakarta, Semarang,

Diskatte Beratung, Surabalą *

ATECRET

Japan

Kingspers, Djakarta,

durabila a facassar

Singapore, Djakarta. Mauritius,

Afiica & 8. Ametica.

Dizkarta, Femarang, Burabala

Discus

Singapore, Djakarta. Kamarang,

durabila & Matemat Manija, Bingapore, E. & D. Afrien Djakarta,' · Semarang, Harabala

Macar

Bingapore, Pinang & Relawan Do Singapore, Djakarta, Semarang.

Kurabila à Macassar Manila.. Singapore,

Mauritius

*. America

ARRIVALS

Japan

From

Djakart

Africa

I' fr

Port Port

Dac. 10 Dec. и

Japan Japah

MACARIAT, Surahaja,

Bemarang.

Djakarta & Singapore

TEL. 28015/18.

KING'S BUILDING, Ground Floor

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31190, 256133.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALȚIMPRE & PHILADELPHIA VËR SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S.

Bro

*M.S.

"GRETE MAERSK” "JEPPESEN MAERSK”-

M.S.

"OLGA 'MAERSK”

• CALLING

VANCOUVER

ap-

. The gold reserves, especially. United and support of the

Ministars lugher level before any attempt therefore president-elect Elsen-

a joint at convertibility can be made.proach to

Hero indeed the Common- | Pave

bower's new Administration Ministers are wealth Pr

problem

carly in the New Year when all outstanding issues including faced with a neat prot

Their avowed intention is to

the

question of the dollar price work towards greater liberalisa- of gold-will fully ton of trade-including, pre frankly discussed.

ba sumably non- discrimination

Before

however,

M.S.

and

the

| against chilar goods--by gradual Comme then. iowa will be

reserves

the point

comes a practical proposition?

The answer obviously is no. Help will therefore be needed if the aim of convertibility is

effect be a

All that the scientists can do a swing in terms of world trade to be achieved. This is one of week and both gilt-edged and

Formosan NEW CHASE dos service is to indicate

Budget Discussion

Talpel, Dec. 7. The Legislative Yuan (the

the

1

BANK

CHAIRMAN

Mr Aldrich

and this in itself is of tremen-

THE ONLY WAY Result is that the United underground rock beds, perhaps thousands of feet below the Kingdom has been able to earn surface, whose composition and a small surplus in its external

much reduced

No fryour the

possible ! balance of payments but, at,a)

of

that

the

the chief topics, the Common industrials finished lower on wealth is anxious to discuss balance. with the new United States Administration,

50

news that the gold

ARRIVALS FROM U.S.A.

"OLGA MAERSK"

M.S. "HULDA MAERSÉ”

M.S.

PETER MAERSK"

Dec. 16 Jan.

2

Jan. 18

Dec. 18 Jan.

Jan. 16

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN &

Pedder Buliding.

CO.

Tal. Nos, 80068-9,

'Dates and rotation subject to change without notice. st_Liberty_la_proceed via other parts to loadƒdischarga exrgo-

The Poe salt in November S. African

But, uncertainty no to the outcome of the Commonwealth talks on future finance policy. and the gloomy Budget outlook, the better gold outweighod postulon and caused a moderate decline in gilt-edged prices."

Wool Trade With Japan

HK

HONGKONG

SHAREA MARKET

Bunk East Asia

1435

Canton Uylion

But whether help will had no apparent effect on gilt- eventually take the form of edged prices, largely because stabilisation fund provided by the rise had been anticipated of trade. lovel As oll.

We have won what the Chan- the United States and Canada or

by most investors. corollary, they can also say the type of underground rock cellor of the Exchequer terma a "stand-by loan from the

International "a breathing space'' but that is

Monetary Fund strata precludes any possibility

But they all. The task now before this must remain a matter for con- of of being present.

country and the Sterling words:

Area lecture. cannot say in so many

the (again The whole is

NOT SATISFACTORY ...“ "Here you will find oll!"

words of the Chancellor)' "to most they can say is "Here you work out a better long-term

Nagoya, Dec. 7.

(From Our Correspondent)) In any сабе the Common

Wool trade between Japan Prime Ministers are There are naturally many may find oil", or "Here you position and a solid basis for wealth

and South Africa is on the in- Business done on. the Stock" coctainly won't',"

the prosperity and contentment clearly dissatisfied with the rumours in the City while the

crease," A. G. Toy, director of Exchange this morning amount- of our people,"

present working of the Inter- outcome of the Commonwealth

Poppe, Schumboff and Guttery, ed to $369,430. Noon quotations And this can only be done national Monetary Fund, and Conference is awaited and some

these within the tramework of suggestions for some revision of

Ltd. wool dealers of Capetown, and the morning's transactions: bas

helped sentiment |

zald here today. gradually expanding trade.

in the markets 13 articles of agreement will no There are several ways in doubt be made.

| SHANES BUYERS, SELLER: BALES for the growing The reason Some observars bellove that

he explained, is the BANKS which the Sterling Area can put

So far as the other post-war convertibility, when it comes,

for shorter. Japanese demand its trade with the rest of the

20 @ 1430 International organisation the will be linked with a rise in the

fibres which are ated Aner." world and particularly with

International Bank and the bank rate, and talk of this kind

He points out that Australian INSURANCES countries--on

General Agreemment on Tarifs is anything but a studying

wool is longer variety and not. sounder basis.

suitable

for Japancad The first is by developing the and Trade are concerned, the factor in the gilt-edged market.

fooms. Also, Australia has not SHEPING Ministers appear to approve of resources in which the Com- | au

BUDGET DEFICIT. the one while doubting the

furnish able to вест

good so potentially monwealth is

Japan. efficacy of the other.

The announcement that the quality short Abro The International Bank is British detence

his first trip here. Air Toy. PRIORITY SCHEME In formulating their plans for clearly regarded as the source of to be out next year also con

praised Japanese manufacturers future development

and their funds. I tributed to the subdued state of

methods of doing future. development projects | 1*

is in any case doing the job it the markets. Aircraft zhares business. He says they pay the Prime Ministers rightly de- was set up to do in an extremely especially have been hit by this their commitments promptly to cided to concentrato their

chicient manner bead of

Immediately. open credits efforts

on improving the internal

But goa Che -BOTT

But perhaps, the matt ime

Japan is at present unable to supplies of those commodities the General Agreement

to South Africa on portant factor in this week's expor

export much the Sterling which

Area: at

Tariffs and Trader In the setback has been the growing due to trade restrictions,, he imports largely from

opinion of certain Common- Budget deficit. Ordinary ex- said, but if the present, favour- present

dollar countries.

wealth countries it cannot. penditure in the "Grat" eight | able relations continus, expan- They decided, moreover, that

months Tho present world economy,

of the financial year ox- sion of trade between the two It is perhaps one of the most the Sterling Area could and they argus, is a great dani tooded reverts by 2400 million countries is inevitable, he fascinating things about this in- should do more to Bnance different from that envisaged in and, while this may be made tended.

the immediate post-war period good during the remaining four never knows for certain when

But the

likelihood

that Mr Butler's estimate of a £400 mullon sur plus "above

will be

rich.

New York, Dec. 0. John J. McCloy, former pre- Nationalist parliament) will go sident of the International Bank into a five-day session begin- for Reconstruction and Develop-

The actual "proof of ning tomorrow for the business ment, will succeed Winthrop W.

the exploratory of working into law the 1953 Aldrich as chairman of the pudding"

drilling programme is inevitably Chase National Bank. national Budget.

the Ambassador- Mr Aldrich

aften a prolonged and exceeding The Yuan's Committee on the

Thus, ly costly investigation. and the related Budget, and

com-designate to Great Britain. His

one company in Venezuela spent mittees on finance, economics, appointment was announced last

over a 10- about £12 million working week by Mr Eisenhower. - and communications,

Mr McCloy. has more recently year period on exploration and day and night during the last

development before it marketed the dollar ght completed their been United States High Com- week, in which will be re-missioner for stated that the in Colombia, spent before

Germany.

a drop of oil. Another company, final report, commended to

plenary

over 23-year period Chase Board of Directors is deliberation. session for

The completion of the legisla- planning to take action next receiving the first return on its

money. expected Wednesday to accept his formal tive procedure

elect Mr around December 10.

resignation and to

NEVER KNOWS successor as Meanwhile, the Yuan's watch. McCloy to be his

a member of And in Canada itself--the land dog commitice on the national Chairman and as

where Sir Robert is now about budget met today to examine the board, both effective on Jan.

to lead yet another now, search the power company's budget, 19.

deposits over 100 Mr McCloy is a lawyer and for fresh oll Its chief purpose was to and

exploratory wells had to be out

the whether

company's former member of the firm of

drifled and hundreds of millions recent rate increase was justi-Milbank, Tweed, Hope, Hadley

and McCloy, legal counsel for of dollars hazarded before the fled,

Peng the Chase. Mr Aldrich also was first big post-war discovery was Comptroller - General

of a member of the same Orm. made in Alberta, at Leduč. Minister chou.

T. K. Chang, and i which was known as Murray, Webb when he Company key Aldrich and Tatwan Power officials

invited wero present at the meeting to to become president of the questions. France Equitable Trust Company a few months prior to its merger with the Chase National Bank in 1930.

answer Presse.

to

Japanese Hogs For P.L.

HOWE.

programme: 13

•

bo left the practice of law in 1020 | austry" to an dil inan' that he its own ANTENA / When G¡A.T.T, came into be months, there now seems little for Japanese goods in South

Tokyo, Dec. 7. Japan has sent its first post-

Mr Aldrich said that Mr

war shipment of hoge to the Sugar Quota

on

scale development project...ou

makes In

tho

700

234 2.00

Ja Nav BOCKS, ETC. Th N. PI, Wire 080 Dock

Provident. 12.00 Whercook

(47.2.... 21.80 ́

Hongew.

LAND, BAC,

HK Hotel

HK Land

39FC LADA (N)

S'hai Land

Humphrey. 13.70

UTILITIES

сод

mørket

>Blac Terry

CULimi Cit Vectras Maceo Pled

17.80

There is a tremendous

Africa among the native popula- ton, the wool merchant said, Veleproti.. and this business will eventual- INDUSTRIALS ly' form a solid foundation for : Commem

Rubber Futures In Spore

some outstanding new discovery only limited rassuréed 62: men; ing, coming. The ever-present machinery and money - three element of chance, and the main prerequisites of any large, MUST BE MODIFIED possibility of eventual dla

£ is 200 McCloy as Chairman' and Percy appointment, after endless time the 'clains that are made upon. The alluation that was -- ndt | Fouljicu early to saxt how..this future trade/United' Prèss, D

"the" "cold" "war" J. Ebbott- as President will be and capital has been sunk in an them will be critically examined foreseen is

venture, exploratory

balance" "of " The light of

by-which has divided the world might affect the thape of next year's Budget but it scena clear Day- the chief executive officers of success, when it is gained, that ments requirements,

into two opposing camps and the invertors hopes of lax

but the bank. Associated. Press

It much more thrilling than if

Priority will therefore be prevented all

reductions are beginning. the barest were

of trade between recade aired

the outset of a given to those schomea which minimum #t

Despite

somewhat thezá are designed to remedy a de- them;"

Therefore, the argument runs, adversti Zacion #however, th

remains fairly fm. Profit-laking Agriculture Department inciderice of risk by seizing upon have to be bought in are suit present conditiona of Berkshire hogs selected be: today announced that the US. every new scienting advance that quantities from

Lige part of the week's dreilne up producti cause of the breed's ability to sugat quota for 1958 will be can be adapted to its own ends. Stop in protion of that one of the first thing and bears rolling accounted for's

molà favoured

deure, which of prices but good demand by Roberts farable to tiese materials for exemp [heat. A 7,800,000 tons. This amount is And Sie I

and ind - Ceted: terato tons larger shipmen

* 800 boars 100.000

"Nino ih "the perfoes

exper TRADUAL Virtually, compels many member will leave in March and 1,000 initial 1952

adse to the Pour te Thipped to die Philippines tellen under-me providens of the search, the all men will be rasolburg, will 27nism beat countries to import quanta between April and July-United the Sugar Act of 1948 United among the very first to consider to enable a work to go striation on Imports to

ched on the basin forma of dow their balance of payments. gratulate him upon his feat. Prem

Philippines to build up the

divestock there!

A ship left Moll with 186 head

The

Pesiss, : the oil industry félency' of commodities such an-

Singapore, Doo

STORES

Daky

Watson COTTONS

2000

3000

10.10

Washington, Doc. 7. is always striving to. reduce the wheat and colton that now GATT. must be modified to, underlying trent of the marktika-Prices of rubber, futures cout Exchange Rates

mote yours and '500 Bowl win. Todoterrainsquis love, inestiAS HATS 32 demand la ta

Preak

should go

the.

99

today as follows

Number, & rubber, per the

at current levels is reported, 299: Number 4 kub Console is it: ahoya 31 sitte khalkeilke commonly 1 per cent lower No.1 pan crepe than that on first-class equities.

Taninees was done in the local exchange-market: 'this

| unofficial

| morning, at the following rates,

Sterlinkte (per

Indonesian, gulders (pgy2100110. Slam Meals (per 100) Bingapore (Siraits))