1953-01-09 — Page 9

MESSAGERIES M

"FBY-HILL"

+"MONKAY"

"BREST"

**LA MARSEILLAISE”

THE CHINA MAIL, FRIDAY, JANUARY 9, 1953.

样

MARITIMES Commonwealth Plan To

Arriving Leaving

Jan. 29 Jan. 29

M

+ Outward For

Japan

Homeward For

N. Africa & Ettrape

7 Port Jan. B Teb.. # Feb. 19 Feb. 12 Feb. 15

N, Africa, & Europe Maraeikina via Manda

For passenger and freight.

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

Havre, Dunkirk, Antwerp & Rotterdam.

Accepting cargo:

?

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

i

Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 63, Hongkong Queen's Building (gr. floor)

EVERETT

Tel 26651 (8 lines).

LINES

EVERETT ORIENT LINE

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

"LENEVERETT"

Arrives Salls

Jan. 18 from Manila, Joh. 10 for

"BRADEVERETT"

Arrives Soils

Singapore, Penang, linngoon & Calcutta.

Jan. 30 from Manila

Jan. 31 for

Singapore, Rangoon & Calcutta.

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

Penang,

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Perslan Gulf Poris.

M. S. "STAR ARCTURUS“

Arrives Salls

Jan. 12 from Japan,

1

Jan. 13 for Singapore, Port Swetten- ham. Madras. Colombo, Bombay, Karachi, Kharram- shahr, Basrah & Bahrelu,

M.S. "STAR BETELGEUSE":

Arrives Salls

Jan. 22 from Japan.

Jan. 23 for Singapore, Port Swelion- ham, Madras, Colombo, Bombay, Karachi, Kharrom- shahr, Basrah & Bahrein,

(Accepiing cargo for transhipment Kobe/Puana and Kobe/Oklaswa)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinoso Department: Telophone 28293,

HONGKONG

SHARE MARKET

(From Our Correspondent)

NY Foreign Exchange

Canada (doller) England-official

unofficial ....

30-day futures Do-day futures

Business done on the Hong-Australis (pound)

Stock

this Exchange kong

10 $355, morning amounted

Transactions recorded 640.40. and noon quotations were!....... SHARES BUYERS SELLERU SALES

East Asia

INSURANCES

faton

Underwriters 5.20

SIFIPPING

Asia Nav,

1.40

1420 00 1410

DOCKS, ETC.

N. PL. Woart 0.05 0.75 1000

France (franc) West German

Deutschemark

Bwitzerland-free

MIDDLE EAST

Closing lato

January 0. US$1.03

2.00-15/10 2.47 bit/ 2.00 asked

1405

Beat The

The Dollar Crisis Is New Year Keynote

(By Patrick Maitland, MP)

-London, Jan. 8.

The New Year brings real hope, Twelve months ago Britain had stumbled out of the most perplexing General Election for more than 20 years. A Tory majority was returned which seemed too fragile for power, Loo little to govern.

In the Commonwealth, we knew that our King was ailing but little lid we imagine, after his recent improvement, that within a few weeks we should be filing past his bier in Westminster Hall to mark not only the passing of a man but the start of an epoch.

That epoch, barely upon us, bristles with novelty: it is spiky with its hates and its problems.

But the year past has brought, It is typical of the subtle pre-jar, alternatively, they stuld set at least to the Commonwealth's parations, and the delleney of up an Independent Stabilisation

free Pound. millions, the sight of something the forthcoming encounter that Fund, to back

The success of that, of course, fresh.

Whitehall denied altogether that i And above all, the Common-it was on hand until the Com-would depend on the price of wealth has a plan to beat the monwealth Economic Conference gold-London Express Service. dollar crisis. Such is the New had finished.

U.S. VIEWPOINT Year's nole. For the first great after Mr Eisenhower's Inauguration will be the biggest Anglo American parley

In Washington since Mr Churchill went to Ottawa and Washington In December 1941 within days of Pearl Harbour.

ITALIAN LIRE ON UPGRADE

rate

Ranie, Jan. 8.

glowing The Italian Lira is with health.

The legal exchange between the Lira and the dollar fluctuates within fractions of 625

one US. dollar. A The black market rate has been running about 627 to one

10

to have, a

The

French Bid For South America

Markets In

J

New York, Jan, 8. France

1 making strong bid for more bual- es in- Latin America, U.S. iratio port.

sources

mak-

French firms are ing a concerted drive. to sell more heavy elecisio equipment. They aro offering altractive prices, credit terme and fast de- Hyerien,

In stiff competi with older European, countries and the U.S.. this

Inerative

Page

ROYAL INTEROCEAN LINES

SAILINGR

"VAN HEUTB2" Jan. 13

"TABMAN"

Jazz. 13 BTHLUWAN”

Jan. 18

"TJITJALENGKA” Jan. 22

"TJPONDOK"

TASMAN" "DOISEVAIN" "STRAAT

Singapore, Dalawan Deli, Reunion,

Durban & Br· E. Africa singapore, Penang & Betawan Delf Hingapore. Djakazin, Remarang,

Burabata & MacAr Singapore.

jakar

Mauritiue,

8. Africa di 8. America Djakarta. Hematsky, Nurabala

Macassar

Japan

Hingapore, DJakarta.

Burnhala Marassar

Japan

Jan. 11

#THBANTJET" "THWANGI"

Jan,

Feb.

Feb,

Pob.

3dpan

MAKASSAR" TJIKAMPEK"

j'cb,

7

„Japay

Feb.

Latin Their competi-

"TJIMEN FENG

**EJILUWAR*

"BOISSEVAIN"

ሆኑ.

11

Feb. 10

American business.

chlet European

tors are German, Bellisti and Swiss

French prices for some types of

equipment about 25 per cent lesn than American prices. On one project in Argentina, the

French

offered 10 to These years credit, long terms are an effort to

12

TJIUANTJET

#

Semarang,

#

Feb. 21

Djakarta Remarang. Auradafa

Macassar

Mamis, Ajagapore, E. & A. Afrien

8. America

Hingapore. Djakarta.

Surabala di" Marssaar Білкароте. Djakarta,

Bemarang,

Maarlilas,

8. Afelen & 4. America Djakarta Semarang, Surabala

Macassar

Ringapore, Penang & Belawan Doll Hemarang. jakarta, Burabala & Marakkar

+

purc

Pob. 23

"TASMAN"

Feb. 21 Mar. 2 *IJWANGP

"STRAAT KOKNDA” DHE, A "TJIBODAS"

Mar.

Kingapore.

Japan

Djakarta, Ясматаль Burabala

&

Macassar

"THSADANE"

Mar.

"TJIŁUWAI

? htar, 10

Фарал

"TASMAN"

Atar. 17

"STRAAT

MAKASSAR" Mar. 22

"TJIPONDOK"

"TIWANGI

Mar XJ

Apr.

offeel some of the price advantage of German pro- ducers, whose prices are sometimes as much as 40 Der cent below the But since the Prime Ministers

Valted New York, Jan. 8.

States' levels,-*** parted there has been a change.

Associated Press. Eisenhower - Churchill First, they profess

the problem: plan though in the same breath talks raise again they announce that its detalla' How to get the leading notions. need working out with friendly of the free world back once more countries. Australia's Bob on a sound money basis. Menzies, never averse to adding his dot to the 's' and his cross to the t's, says that the delalis do, indeed, need negotiation with the United States as much as anybody.

IN POUND'S HEYDAY So it must be assumed that, while the Prime Ministers know what they want, they alin to "American persuade the new Administration

that much of it Is the Americans' own idea.

The substance of the 'plan' is officially hidden. But I can give some critical details.

A

trial balloon in London urges, the United States to raise the price of gold and then use its paper profits from that to set up a fund to stabilise the British Pound and ather European currencies.

And a U.S. Senator quickly warns that "hell will pop" in Congress if any such proposal comes out of the Elsenhower- Churchill talks.

He hastens fo add: add: There is no indication yet

such a proposal that made to Congress.

Americas bankers regard a re- turn to stable currencies and to free convertibility their

But many US, bankers doubt prime goal for the free world.

U. S. Treasury-supported fund to accomplish this is the best way.

if

a

will be

as

of And even more bankers object

American dollar for personal thought when ex-officials of the lo any scheme to so use a paper ;

cheques, 628 for banknotes and only 620 for travellers' cheques

A

Was

almost the .official rate.. year ago the Lira around 885 to one U.S. dollar.

An American financial expert

calls such

the dollar

whore job oversens is checking Sterling Arca ran a $300,000,000 indation" and "about the poorest

two

Ceylon To

Return To Free

Tea Trading

D

Colombo, Jan. 8. The Ceylon Government will issue in 1953 leences for direct shipment

London

of 30,000,000 pounds of high grown ten and an equal quan- tity of mid-country ten. There will be no

restriction on

the export

direct of low-country ten.

This was

revealed by R. G. Senanayake, Minister of Con- merce, and it removes doubts about the Government's Inten- tion towards the Colombo auc- Lions,

"Now that doubt has

been removed." Senanayake sald, "operators at Columbo can freely concentrate to help build up and maintain Colombo as a world iva centre."

Mr Havengo So

South African Finoner Minister, is the prophet of an upward revaluation of the dollar price for gold. And American thinking to his line murked major switch in

Mission to London last profit from raising ECA Summer published an analysis price of gold at Fort Knox. of the Sterling Area crisis. ran to many hundred pages.

BANK'S CRITICISM The document recalled

The National City Bank of that in the heyday M the Pound. the New York, in its January Letter, scheme "currency trade defeit with the dollar

to deal with a 'dollar This was way countries, each year. 1. The greatest tourist year offset by yearly sales of newly shorloge","

mined

A top executive of this bank- gold untold $500,000,000. In history has poured

w. Randolph Burgess--is going millions of dollars and most

Had the Commonwealth Prime to the U.S. Treasury under the other currencies Into Italy's

the Ministers resolved not to propose new regime to manage coffers. The final 1952 tourist

that the Federal debt and deal

with And are still not complete. to the United States #gures

not just the dollar should be devalued in ac- currency problems.

a-bank

ink Letter--which Mr Burgess Moreover, it was

cord with that thesis, the con- In history year visitors was the most pro- cluding communique would have is known to read before it is Senanayake said, "lo re-build biggest

said so. For it did dare to re-issued-gives this advice, "The way to make currencies longed,

Preference, Rome, Florence, Naples and cord disagreement over Imperial

have them other cities still have tourists by

had been raised by

Jong after most

on

such

reasons:

matters gave

for

for

about

is

to admit that the convertible... the thousands in mid-winter. Britain, and to announce further not back Britain in seeking a general case-up of obligations under GATT.

tourist years that the Commonwealth would tibits almplest terms, conver-

end,

2. Italians have confidence in the Lire.

Into

means the ability to exchange the currency of one nation for that of another, either in coin, in paper money, or by This is a continuation of a

transfers of deposit balances on for

A NEW VIEW

with banks. This 13 trend which has gone

done several years.

That-the-gold-Jusuc was not through money-changers, foreiga Inflation during and after the mentioned, then, can only mean exchange dealers and banks, war made Italians almost as that action is pending. The and at rates agreed upon by the

cause of wary of the Lira as Frenchmen subject was not

of parties involved. division but of

Truth were of the Franc.

of concord.

Simplo convertibility went out rel' early in

in the thirties for many Now Italians hold on to their to tell, it is labelled 'Top Secret'

and is the kernel of the plan nations. Lira. Fewer want dollars.

Black market operators in which

and Mr Mr Churchill

Now you can change dollars Lira have another reason for Butler will argue in Washington. into Pounds, or Pounds the binuscule differences be. A new view is also being re- dollars unly when and it the tween the open and official Lira ported in secret despatches from British Government permits, and Washington to Whitehall. In so in the amounts and for the pur- rates.

"They say Italy has so much far as devaluation of the dollar poses it orders. Britain centends dollar exchange that importera would help it would also epse dollars in reserve, to set free its

the Found

has not enough gold and convertible, it find no difficulty getting grants

for dollars, Pound. channels, and the world demand through officia!

for dollar Attempts since the war to IC- thus are unwilling to go onto stem, the clamour

context establish in that

free convertibility have the black market. - Associated charity, and

a highly Inflationary been mostly futile so far. Press,

element from the American PRIVATE ENTERPRISE economy,

Inconvertibility of currencies, widely practised now, has The portent of these prospects an has already been observed by the deprived people of opportunities The Netherlands Bank, to travel, buy other nation's

sell their own. the central bank of the Dutch goods,

or to monetary system, has been un-invest overseas with any hope of

dollars since the getting their money back. Commonwealth Conference The International Monetary Chicago, Jan. 8.

In the last week of Fund was established at Bretton Wheat closed today 4 higher opened.

alone

bought Woods to carry It

money to lower and soybeans were November

of gold and changing between governments to 11⁄2 to 2% lower on small de- $17,000,000 worth

rig stock

nearly effect stable rates of exchange. Grains seesawed with raised its mand.

But the National City the interest in wheat divided $500,000,000. between a pick-up in domestic

Chicago Grain Futures

2.303

2.00

New Zealand (pound) Fouth Africa (pound) Belgium (frame) Denmark (krone)

2.24% 2.00 281-7/10

0109

0023

2375

Holland (uilder} Italy-ome

0010

BANKS

Norway Krone)

.1405

1K Bank.....

Fortugal (escudo)

101

Spain (peseta)

Sweden (krone)

.1935

症

Egypt (pound)

2.8014

Ital (rial)

Iraq (dinar)

Turkey (ra)

03723 2.81-8/16

3570

LATIN AMERICA

K. Whart

6.00 Argentine ometal

.0724

2000

0.70

Brat cruzeiro)

.0500

30

Bolivia (boliviano)

13.30 131

Chile-free

Columbia (peso)

1010

1,00

Mexico (peso)

1104

7.83

Pet-free

.06-40

3700

Spot

2000

March

7:33nda (rupee)

3110

Moy July

Paket rupee)

Honglopet

1755

September Cori

2,30 nominal 2.32 23014 2.34-2.54!* 2.35%-

Indonesia

.0000

Jang

Spot

300 yen to USIL

March

1.5814 1.03-

United Prek

May

July

Beptember

1.07%

Byo

May

July

Osio

Dock

Provident

Provident

(Now)

S'hat Dock

Wheelock

Wheelock

(Rs.)

LAND, ETC.

HK Hotel..

72%

+

500 up 11.70 | Cubs (Demo)

800

Uruguay (peno)

no cr-23 Veneruela (bolivar)

2.80 FAR EAST

500

0.

Stugapore

aco 2700

INK Land

.. £415 57%

63

13.30

504

57.

Japan

HK Land (N)

Shu Land..

Humphreys,

UTILITIES

Tram

....... 23.40 22,00

Star Ferry

3040

NY Rubber

remove

banka.

loading

on

Не said that in 1053 the Ceylon tea market would return to pre-war conditions of trad- ing. Both Ceylon and London auctions were functioning in 1951, but it was only in Octo- ber, 1952, that the tea trade in London was completely freed and ratloning ended.

"London Is

new free," Me

Its large pre-war export trade. As a matter of fact, Ceylon has placed no embargo on the re- export of her teas from the United Kingdom." United Press.

Housing

Boom In U.S.

"VAN HELTAZ” "TJILUWAD"

"TASMAN"

Singapore, Djakaria, Remarang,

Rurabala & Macassar

Japan

Kingapore Djakarta, Mauriti

S. Arrien &$. America DJakarta, Hemarang. Surabala

Macar

Singapore. Djakarta,

Suraħala & "Klaravṣar

ARRIVALS

Semarang,

From

JACE. 10 Jan. J

Japan Atacassar. Rutabala,

Djakarta & Singapore

Bemaraar,

Jan 14

Japan

KING'S BUILDING, Ground Floor

TEL. 28015/18.

CHINESE AGENTS; 82 CONNAUGHT RD, C. TELS. 31190, 25188,

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vla SAN FRANCISCO, LOS angeles AND PANAMA,

NEXT SAILINGS

ARRIVALS.FROM U.S.A.

M.S.

"OLGA MAERSK"

M.S.

"HULDA MAERSK"

M.S.

"GERTRUDE MAERSK”

M.S.

"TREIN MAERSK"

M.S.

"NICOLINE MAERSK"

M.S.

"PETER MAERSK"

AGENTS:

Jan. 18

Feb. 2

Feb. 11

Feb. 5

Feb. 18

Feb. 25

For Freight and Further Particulars please apply to:-

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36066-9.

Dater and roigilon subject to change without notice.

At liberty to proceed via sihte ports to Inad/discharge cargo.

International

Tapering Off Tea Talks

Chicago. Jan. 0. To Begin

Recent reports Indieate the housing boom hus passed

peak in many sections of the Letter, United States, the quarterly of the a publication United States Savings and Loan. League, said yesterday.

Current trends indicate some decline

in building

for new houses in 1953 from the 1952 but the 1,000,000 house level mark may bc approximated, the It estimated publication said. more than 1,100,000 houses were started in 1952.

"Markets

are growing more competitive with buyers general- ly being in

In a favoured position." the Letter sald. It was written by Norman Strunk, Executive Vice President of the League, and Arthur M. Weimer, Dean of

Business.

There are 'other facets of the points out that in administki the Indiana University School of

the Com-

priced

well as a sales volume which

$p

-

Pepper Market On Soft Side

New York, Jan, &,,

The pepper market was quiet

prices tending

with

Haft

the

to

the

skie In absence of buying Interest Spot

wers

material was marked down" New York. Jan. 8.- cents to $1.25 a pound. January

of the arrivals were indiented at The Tea Association

at 1.23, United States announced today late January 1.20, January that the Governments of India, chlpment 1.13, February

and Ccylon

the and March shipment 1.18-1.09 Indonesia, world's major ten producing a pound, all on an ex-dock countries, had accepted its in-basis. The New York Produce vitation to an international tea Exchange today reported at the conference in New York City, end or December the pepper

stocke beginning next Monday.

in the licensed Its objective is to negotiate houses at 1,304,bags, equivalent anal details of a new large-scale around 75 tons. This represent

of 191 bags. Co-operative effort to increase lea ed an increase drinking in the United States. December receipts wero 543. The American tea trade, and bags and withdrawals 354 bags.

of these pations, had United Press. already agreed in principle to

ware-

contribute to a joint proton New York Sugar

fund, on whose governing body all wo

would be reprezented, the as- sociation sald

Futures

"The new campaign organisa. Hon,

therefore, will be an un-

New York, Jan. 0; partnership

World Bugar futures closed precedented direct between American businessmen today unchanged to 2 points and foreign government co- lower with amics totalling 204 cerned with, Increasing tales of contracts. their export products in the

returned to private bankers, tends to be lower than the level New York Cotton insisting There is no question of u

year ago, Associated

that

Préss.. ca)) private enterprise provide convertibility if allowed to do so."

Exchange Rates

3.04 nominal

3.76 nominal

The Letter said about one-half four nelivity and favourable great plan the work. it is pro- their gold monopolles. and re-

of possibly the gulating private foreign exchange of the reports from weather and crop news. Prices per to observe,

frst coherent, policy-making business, the member nations mitten on trends and economia closed today as follows:

conference the Commonwealth have put stability of nominal policies of the Savings and Loan Wheat-price per bushel

exchange values ahead of con- League affirm a decline in a has known since Ottawa.

vertibility.

volume of new house sales. The

Contract No. G closed today APPROACH TO E.P.U.

The

Bank noter "Few things Letter added: Britain as a member of the are less useful to international

United States market," it added. unchanged to 4 points lower There are but few indications

declines European Payments Union whose commerce than Axed rutes at a yet of

now house.Router." membership extends the Union's which currencies cannot ba prices. Some softening of the advantages to the whole Sterling changed."

of older homes is reported The Bank urges the job be Arca-his approached EPU with EPU countries a fair project. are to be asked to promise, if the Pound is freed, or partially freed, not to accumulate simply to turn it into dollars. To the EPU countries will be disclosed the rest of the plan.

They will be told of the project success, the two currencies now for raising the gold price. And being exchanged they will be told that Londou, governmental Interference, and in the name of and with the with the Canadian dollar com- Lead Prices Down backing of all: Commonwealth manding a slight premium. 1240 ve 950 tower with sales totalling 00

Britain and the rest of Europe capitals, will in the Spring put 24 0400 23.60 Contracts. Dealers reported In

New York, Jan. 8.`--

to the admittedly, have a worse problem proposition 200 23.40 terast on both sides of the mar-

The custom smelter interests another

than that faced Ca

Canada after the koct. The spot market cased in 2000 6# 30

the afternoon

factory on Wednesday cut the price of Elsenhower Administration.

thal is

International war, 09 the

the

But som

some American bankera 19.10 19.30 000 1910 continued aloof. Prices closed load Ye cent to 2415 cents a

2015 500 of 2040 today as follows:-

Bound on New Yeric basin. The Monetary Fund should first

think that If Britain Just teek nction. which follows the recent permit e wilet variation than in March

declines in the Lention market now fegal in the exchange the plunge and get the Found marked the first change, since valuation of Sterling next at Sterling free, it woult adjust 1756 nominal- December, 20, 1952, when the Canada and the United States Reelf to other currencies without 17.30 nominal price was raised cent to 14% shall increase their quota con too great a strain on the British

tributions to the Monetary Fund, Treasury-Associated Press. lovel-United Press.

SLI (0) 135 2.40 795 12 9.40

1000 s2 9.40

1000 se 0.40

100 9:43

200 g 9.10

2000 g 1.40

000 * 2.40

Futures

New York, Jan. 8.

futures Prices of rubber,

20 to 50 point

C. Light (N) 6.20 6.30 231 6.20 closed today

Elerle... 23.79

Telephone INDUSTRIALS

Gemellt

STORES, ETC.

..19.00

10.00 10.20. GRO CA 19

MAY

7000

2,10 September

Watson

CYMPTONB

Ewa-...

2.10

MISCELLANEOUS

Yangiato

500 6 3.10 December

* March

1000

8.50

2:0.00

27.10 nominAS

“United. Pres

10 KOTT

1,09%

2014-12 March,

7148-15 May

New York Mour-per 290 th, Back, $12.40-United Press.

Canada returned a year ago to free convertibility of its delin- with the. U.S. dollar with marked

Business was done, in the Toent uneetsl exchange market · ikis

morning at the following rates

with

sales totalling 615 can tracts.

Prices closed today as follow Contract No. 4 (world)

March May July,

3.00 bid

50 bid 3.60

Futures

September October January

New York, Jan. 6. Kay Prices, of cotton futures closed Boot today, as follows-

March

3.50

Contract No. 6

32.25 nomial March

Indonesian guidese (per 100) 25,00 Siam Ucala (per 100)'

*54.10 Singapore (strata)

Mr.res

July October December

33.00 2207

May

Juty

5.43 bid

September

November Spor

10.35 11.20

March May

5.94 nominal

2.00 -Unlied Press.

changed

SEEDS AND OILS.

New York, Jan. 8. ¿Prices -In, the seeds and Tolls market here closed; today un-

with the following. exception:

Flax Seed, per bushel, Fon Minneapolis. $4.03. Press

--- United

Snot March May Juy! October Dreember March May

May (without | US. disitar (per (31) plan 0,0178

15.30 and Sterling nete (par £1)

200 |

FIC plastres ([per (100)

Closing Tale

JAT, 8,

33.50-2351

33.03-34.01 31.03+33.07

33,02

33.94 nominal

NEW ORLEANS MARKET NY Stock Exchange

3297-33.00

40~ 2397-33.06

23.30-33.95

33.96 bia

imtinited Press.

New York, Jan. 8..

Dow Jones, averages at the

| end of ɑ the session - stood - as

follow

30 industrials

20 Talla

10 tuition

40 bonds