1953-01-12 — Page 9

MESSAGERIES MARITIMES Gold

M

"FIT-HILL"

"BREST"

Arriving Lesting!

23

Jan. 23

.....Feb. D

Feb. 10

Frb 13

*"LA MARSEILLAISE", Feb. 12

• For passenger and freight.

M

Outward For

Japan

For

N. Africk & Europe Alargelles via Maxilla

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

Accepting eprgo; +

1

vla Marseilles to all Mediterranean & West Africa Ports. via D}[bout) to Madagascar.

Subject Tu Change Without Notice.

CIE DES MESSAGERIES MARITIMES

Queen's Building (gr. iloor)

P.O. Box 63, Hongkong

Tel. 26661. (3 lines).

EVERETT

E

LINES

EVERETT ORIENT LINE

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

"LENEVERETT"

Arrives Salls

Jan. 18 from Manila,

Jan, 10 for Singapore, Penang,..

Rangoon & Calcutta.

"BRADEVERETT”

Arrives Sally

Jan. 30 from Maulia for Jun. 31

Singapore, Penang, Rangoon & Calcutta,

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

EVERETT STAR LINE

Fast regular freight-refrigerater-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Kuruchi and Persian Gulf Ports. M. S. "STAR ARCTURUS”

In Salls

Port

Loading

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

M.S. "STAR BETELGEUSE”.

Arrives Sails

Jan. 22 from Japan. Jou, 23 for Singapore, Port Swellen- ham, Madras, Colombo, Bombay, Karachi. Kharram- shahr, Esralı & Bahrein,

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

EVERETT STEAMSHIP CORPORATION S/A

Queen's -Building, Telephone-31206.- Chinese Department: Talophono 28293.

America And Wheat Agreement

Washington, Jan. 11.

What is the United States go- Ing to do about the International Wheat Agreement?

HONGKONG SHARE MARKET

(From Our. Correspondent)

Business done on the Stock Exchange this morning amount- ed to $387,400, Noon quotations and the morning's transac-

The pact expires next July 31 tions:- unless extended.,

SHARES PUYERS SELLERS BALES

HK Bank East Asla

Two representatives of the next | BANKS Secretary of Agriculture, Ezra Telt Benson, are conferring with Agriculture Department officials INSURANCES on 'Die question of extending the agreement.

Untier. it,

maximum and minimum prices for wheat in world markets are set and export and import quotas are establish- ed, The declared purpose of the agreement is to stabilise world prices and supplies of the grain.

summer,

At a meeting Inst participating countries wore un-|

Union

1400 1415 100 & 1410

131

Underwinter

000

5.20

Di

THE CHINA MAIL, MONDAY, JANUARY 12, 1953.

Gold Price Controversy Is

Trade Expansion Predicted

Sydney, Jan. 11.

The new Flipino Consul here predicled today a big expansion of trade between Australia and the Philip. pinės,

The Consul, Air Provido, said that Filipino business. meh were looking In- creasingly to Australia for particularly

machinery and

He added that the pre- trade between the two ountries

Was

one.. sided.

Philippines buying large quantities of Australian wool, meat and

products and exporting only a little heup.-France- Presse.

Austrian Economy Damaged

Again Major Issue

In Financial World

(FROM OUR OWN CORRESPONDENT)

London, Jan. 11,

The gold price controversy again occupies the centre of the world's financial stage. It has made its latest entrance, curiously enough, after the recent Commonwealth Economic Conference-curiously, because the communique Issued after the conference made no mention whatsoever of the subject.

Nevertheless it is generally assumed that the Prime Ministers devoted a good deal of their time and thought to the question of the price of gold.

And the fact that they chose to remain silent on this topic in their finst statement can be explained by the natural desire to say nothing that might pre- judice their forthcoming talks on economic policy with Mr Eisenhower's new Administration.

The assumption that Mr Churchill

Is therefore an increase in the official price

and

his of gold one could not blame the colleagues will ask for an in U. S. Government for opposing crease in the

official price of jit gold-at present $35 an ounce

there. The question that has to

be decided is whether the advantages of a higher gold price

outweigh disadvantages.

would

the

when they meet the new US. But the arguments don't end Administration next Spring.

The main argument in favour of such move is that a higher gold price would automatically increase the value of the gold Vienna, Jan. 11.

reserves held in non-dollar Austrian Socialist countries and thus, by enlarging party claims that during enable trade to flow more freely. the stock of international money, This argument holds obvious

The

the whole seven years

of

TAIWAN

GOODS FOR AMERICA

03

a result

NO SIMPLE magic

American bank's statement that Few would disagree with the

Tolpel, Jan. 11. A new trade arrangement to the real solution of the world allow Taiwan native products four-power Occupation, attractions for the Sterling Aren currency disequilibrium, of which to be imported to the United Soviet Russin has been which has substantial gold the dollor problem is a manifesta- States is expected to come into

being soon tion, Iles

not in some simple systematically looting Aus-reserves and also produces most

of of the

the free world's newly-mined magle like un-valuing gold but negotiations between the United fold.

in tackling

Stales realistically

and the Chinese Na- publishes

But most Americans

the tionalist puthorities. The party. which

see the harder task of putting the facts and figures to support situation quite differently. And underlying conditions to right." its thesis, declares that this

It is hardly surprising since on merely loofing, is not

car increase in the official price of ried Dul 10 steal Austria's

trin.

Prima

Jr.,

The Commonwealth Ministers said much the same

Mr Charles H. de Zevallos, United Stoles Treasury Department ofcial, is to arrive

Nationalist Ministries of and Economic Foreign Affairs Affairs,

wealth, but is also scientifical-Hold would be, from an American thing though in different words. here today to begin talks with

point of vie

view, tantamount to a devaluation

ly designed to weaken the Aus- trian economy so that her re-terms sistance to forelim

domination

and Communist Infiltration can

be broken,"

Looting, the party states, is being done by:

1. Running

extended Trust of industrial and other taken enterprises

over former German assets, through Administration USIA (Sovlet

S

of the dollar in of goo

good. Moreover, the who are now returning to power Republicans,

In the United States, are the traditional champions of

"sound dollar."

ARGUMENTS AGAINST

Stift opposition to any move which they consider likely to make the dollar less "sound" of the mus therefore be expected.

The American the

arguments

The need for stricter measures to curb inflation mains that non-dollar countries is generally acknowledged but the fact re- including those which form the Sterling Area, need room. to manoeuvre if the policies now ią the making are to have any chance of success,

the

included in the general United Taiwan products have been States bon against Chinese pro ducts entering the United States.

According to the expected new arrangement, the Chinese Government will Nationalist

for all com- issue certificates

be exported to modities to America, youching that they were actually Taiwan products mainland and not of Chinese origin..

And one way of providing this would be to raise the price of | of German Assets in Austria),

gold and thus enhance the value 2. The exploitation

of the existing monetary reserves. Austrian ollfields through "Soviet Mineral Oil Adminis-gainst an increase in the price

It will be Mr Churchill's task of gold are set out in detail is iration (SMV),"

(Say

an article in the current issue

when he goes to Washington next of the National City Bank of Spring as head of the Common- It was learned that the New York's monthly review.

wealth mlaston to convince Mr | Chinese Nationalist Govern- It begins by assuming a 50 Elsonhower's economic advisers ment would be willing to accede

that

for 10 his purpose in asking

American terms.- per cent increase, bringing the

is to hasten price of gold 10

$62 an ounce, higher, gold price

be art proceeds to examine the the day when Sterling con

made convertible and not, as Americans suspect. 10 action at

3. Causing the disintegration of legal Austrian trade by a porting black marketeering and the legal activities of Rus- by sion retail stores (USIA).

The Russian claim to con- trol transport and insist upon traffle permlis even for domes- tle Austrian iraffe of

effect of this on the value of both the

world's some non-dollar between the Russian and other pun far os the Sterling Arca is

od monetary reserves and the out-postpone unpleasant

home.

zones of occupation.

LOSS OF TRADE

bo

of newly-mined gold.

.concerned a 50 per cent Increase This systemalle looting

would raise the value of its gold zan immediately after the end reserves fat their September. -of-the-war when the booty-1952 level) from $2,204-million

brigades of the Soviet Army to $3,441 million. carried off enormous quantilles of Austrian machinery, careful- ly selected for their purpose, and raw materials, textiles and vehicles, between April and

1015.

་

that

The overall increment In the value of monetary stocks held outside the United States would be $5,400 million,

NEWLY-MINED GOLD

THE STOCK EXCHANGE

Main events on the Stock Exchange during the past week have been the outstanding success of the Anglo-Iranian Oil Company's debenture issue and the raising of the Nations! Provincini Bank's dividend.

Both had an important in- fluence on other sections of the

market,

the France-Presse.

Textile Crisis In

E. Germany

Berlin, Jan. 11. East

drew attention to a new shortcoming Germany today

early in the paper

3 these various methods it

The Bank points out, however, the has been estimated

Money temporarily locked up Austrians have suffered at the that this "substantial" increase in applications for new Anglo- "is but a fraction of the amount Iranian stock made for fairly very least the following losses: Schilling

of dollars supplied to foreign quiet conditions

and some selling of gilt ment grants in aid since the end

Investers of the war."

for the Turning to newly-mined gold

subscription, caused the Banic argues that given a 50 slight setback in this section on 1,500 per cent higher price, output Monday.

1940

(million) countries through US. Govern-week recurities,

Diamantling during 1045 and

Confiscations Trailroads.

Danube

4,219

Illegal export of USIA pro-

ducts

shipping, various plants, roads etc.)

2.000

mineral oil

dulles

Total

Illegal export of Austrian

Einpald

Нохся and custom18

wai.

23

inite to raise money

might recover in a few years to In the event, the ́ Anglo- 1,700 ta 1840 peak ($1,204 million at Iraning issue was heavily over 3.300 $35 an ounce), thus raising the subscribed. When dealings on Monday the new stock at about

ROYAL INTEROCEAN

"VAN REDTAZ“

"TASMAN "TILUWAR*

"TUTJALENGKA“

"TABNAN" "BONNEVAIN” “STRAAT

SAILINGS

Jan. 18

JAN.

Jatt.