1953-01-20 — Page 9

Page

MESSAGERIES M

"FRY-TILL"

"LA MARSEILLAIBE”

"VIETNAM"

+"OREST""

"FRY HILL"

**LA MARSEILLAISE"

*"VIETNAM"

Arriving

THE CHINA MAIE, TUESDAY, JANUARY 20, 1963.

MARITIMES Trend Of Bank Earnings In

Leaving

Fad, 23

***Jan. ID Jan, 20

Feb. 24 "Mar. 14

-Mar, 2

Mar.

Feb. 10 Mar. 2 Mar, 2 Sfar. 13

For passenger and freight

M

Ontward For,

Japan

Yokohama & Kobe

Homeward For

N. Africa & Europe N. Áttica & Europe Marseller via Manila Alle via Manila

+. For freight to Saigon, Marseilles, Algiers, Tangler, Casablanca,

Havre, Dunkirk, Antwerp & Rotterdam.

Accepting cargo:

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

Subject To Change Without Notice.

CIE DES MESSageries márITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

EVERETT E

Tel. 26661 (3 lines).

LINES

EVERETT ORIENT LINE

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

"BRADEVERETT"

Arrives. Sails

dan, 30 from Manila.

Singapore, Jan. 31 fcr

Rangoon & Calcutta.

"REBEVERETT"

Arrives Sails

་

Feb. 2 from Singapore. Feb. 3 for Kobe &

Penang.

Yokohama,

(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.

"STAR ALCYONE"

Arrives Salts

Jun. 23 from Singapore.

for Kobe & Yokohama, Jan. 24

M.S. "STAR BETELGEUSE"

Arrives Salls

Jan. 24 from Japan, Jan. 25 for Singapore, Port Swetten- ham. Madros, Colombo Bumbay, Karachi, Kharram- bar, Basrah & Bahrein,

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

EVERETT STEAMSHIP CORPORATION S/A · Quoon's Building, Telephone 31206. Chinese Department: Telephono 28293.

US Contracts The Rubber

The

For Japan

Tokyo, Jan. 10. Japan Procurement

Artency of Army Forces,

Markets

Singapore, Jan. 19.

rubber futurea Far closed today as follows:-

Pricer

East, hos awarded Japanese Number 1 rubber, per lb.

Dans 109 contracts totalling $11,000,000

during the week

ending January 15..

The 10 91767 will be

February

March

Number

ement said pay-Number from US. appropriated funds Number

ment

of

and $675,531 will be paid from security forces Yen funds.

Stevedoring services matie up

the bulk of the contracts.

Fourteen

rubber.

3

4

$1316-72 [452-003 0311-2

601-15

773-772

7331-28 $411-22

73-78

-

United PrUES.

Apri

February

February

February Spat rubber, unbaled Dinnket crepe No. 1 pale crepe

NEW YORK MARKET

New York, Jan. 19. Prices

rubber' futures of closed 50 to 70 points higher Five firms were given fertili-with sales totalling 41 contracts. ser orders totalling $1,093,100.

Coal represented the largest May single commodity purchased July

September from security forces Yen funds December

March six Spot went to

Brms got contracts amounting to $5,000,000 in U.S. funds.

during the period,

The purchase

firms and amounted to $400,768.

-Associated Press.

Report On US

Industry

London, Jan. 19. Modernised plant and equip- ment are mainly responsible for the the high productivity in United States heavy chemical factories, a group of British ex- peris reported.

March

28.13 bld

20.00

28.50 bid

27.75 bid

77.23 bid

United Prom.

225 nominal

LONDON MARKET

London, Jan. 19. Frices of rubber futures closed today as follows:-

| Number 1 rubber, in pento

February

Marchi

Apri/June

July/September

October/December

+

2015-11

2415-3

United Press.

Tibetan Trade At Standstill

Competition For Japan

Tokyo, Ján, 19.

Japan facts wilfï ; Öözza- pelliion from Italy in ex- porting cheap rayon to Southeast Asian countries, a Japanese Uhrthical Tex- the Industry Mission Just. returned from those

re-

sions old today, risking

Italian rayon s remarkable

advances in Southeart Asian countries. This is because export Joint

various

Italy has

*

agency for rayon and the Italian Government polley Is to encourage export of sayon at very cheap prices.

Italian rayon is not

as Japanese rayón krí Quailty, the mission claim. ed, but Boutheast Asian peoples suit favour cheaper Foods. Japan should make adjustments on her rayon with exports to compele Italy, 1 concluded. United Press.

Cautious Optimism In America

New York, Jan. 19. Industrial production is within striking distance of the post-war peaks and has business generally taken up the slack created by

holiday interruptions and inventory "taking.

There is little change in the optimism for the months ahead but businessmen are not letting their enthusiasm run away with them.

it

Britain: National Provincial's Dividend

(By Norman Crump)

London.

The increase in the National Provincial Bank's dividend from 15. to 16 per cent naturally created a mild sensation, if only because it is the first change made by any of the "big five" banks since their dividend reductions at the time of the 1930-32 crisis.

Its main interest, however, lies in the light it throws upon the trend of bank earnings.

Between November, 1951, and the summer of 1952 there were two main changes.

The first was the Increase in Bank rate from two to four per cent, with corresponding in- creases in the banks' deposit and advance rates, in the discount rates on bills and in the yield on Government securities,

already signs that new sources of finance are becoming available.

The Industrial and Commercial Finance Corporation is ready lu assist in approved cases. Many Companies Investment casty, in their portfellos a The second and consequential portion of "tiquated securities," change was the sharp fall in the which represent investments in market price of Government sinal businesses, Only last securities, which began in week the Charterhouse Group November, 1951, and was arrested announced an impending re

coupled with the organisation.

all clearly designed to enable it to do more of this kind of business.

last summer.

balanca

raising of capital, of fresh

DANGER OF DELAY All this means that institutions of the

JAPANESE

SHIPPING REVIVAL

Tokyo, Jan. 10. Japan has fully resumed all her pre-war shipping services with the world, except Soviet Russia and Red China, now that she has decided to place NYK and the OSK freighters The first change on

on the Japan-Formosa route.

Jam's

shipping cirela dro helped the banks current carn ings. They now have to pay two

expected to seek an ex- tired

shipping

ten.cra per cent on their deposits, instead

pansion of of half per cent, and there has!

with freighter-passenger vessels. been some shill of, customers'

are now Highest standing

A survey conducted by the money from current to deposit ready to assist small firms, either Ministry of Transportation

to redeemable vented that ships on regular account as the result of today's by subscribing

Japan Against notes or by taking a share in the services between

ant und nare attractive rate.

and this, the banks

No set New York, Europe, India are now able to equity of those firms.

rules of the game can or should Pakistan h

have reached 94 with a in their bills and rul more

be laid down, simply because of

tons advances.

of 644,000 and that ships on regular ser- Notwithstanding any recent in- the diversa charncler of the mass tonnage creases in staff and pension costs. Arms

Wtion's

form the backbone vices with foreign countries disclosed bank profits for 1932 of the trade. Yet two numbered 02 with 500,000 gross were higher than those of the general suggestions may provide tonsa post-war new high.

It is also true to a basis for discussiba. previous year. say that they were higher than at one time seemed likely.

INVESTMENT VALUES

The first is that no firm should seek finance be frightened to from a reputable institution. The lender will know too much for

business.

re-

According to the survey, the and ratio between regular Irregular services was 5,3 to 4.7 against 2.4 to 7.6 in July. last year, Indicating a. marked in- crtase in regular ilnés-France- Presse.

take time by To Remove

1

Import Controls

The crux, of course, is the de-him to interfere with the running precintion in the banks' invest-of the borrower's business, for ments. Here it may be said at any interference is sure to impair once that this depreciation hasNext the borrower must be pres

the efficiency of that Many are playing cautious little meaning.

the and marking time before com-. The banks' holdings consistpared to

fatal to wait until ing forward with any long-term nimest

entirely of "dated" forelock. It forecasts. Some want to see the Government stocks. These mature the new development plans are to actual start of the Administraat various dates, most of which process of execution, and still to delay until the tion before doing any predict are less than ten

years ahead, more fatal ing.

On maturity they will be repaid death of the proprietor.

One point, however, must be The feeling is pretty general at par, and there is no reason at

made clear. These developments moment the good all why the banks should have lo that at the

new business is there waiting. But sell any of them in the mean- do no more than provide

channel whereby savings сап businessmen most

time. agree

flow through to small businesses. real old-

Osaka, Jan. 19. would take some

That is ample justification for They do not increase the tot According to Information fashioned selling to bring it in the decision taken six months ago

Therefore reaching trade sources here, the the front door.

A group of Harvard Business by most of the banks to value volume of savings.

their Investments not at preval- they cannot be more School economists said flatly ing market prices, but or or palliative. The case for reducing there would not be a slump in under cost and below redemption taxation, and so increasing the Will shortly remove Import con the second half of the

year, price."

It also justined their volume of corporate and personal tro their then

decision though most of

no savings, remains as strong as and grant neke even brethren expect at least a mild

provision out of the half-year's ever.. recession.

or from contingency. Much of their comment was profits, or

reserves or published reserves, typical of some of the more re- | against this

31 bank cent predictions.

They thought unit retail sales balance-sheets have not yet ap- would be higher, for instance,peared. When they do I shall be but that prices might be lower. very surprised if they do not

thinking. this

contain footnotes showing that volume could equal or even fall the banks are maintaining their below 1952 despite ringing cash

attitude of six months ago. tgsiters.

Under

dollar

SLOW RISE Sumner H. Silchter, of the Harvard economists, suld the Elsenhower Administration will look more realistically at the

The

Depreciation.

BAD DEBTS

than Nationalist Chinese Government

HONGKONG SHARE MARKET

I

While some of the banks have (From Our Correspondent) mode allocations from disclosed

Business done of the stock profits to contingencies, there

from Exchange this morning amount have also been transfers

published ed to $330,085.00. Noon quota contingencies

tions and the morning's trans- actions:-

reserves.

need

countries for cf foreign

de- American military ald, so fence spending will not level off until some time In 1954.

He added outlays for

public to works by States and Municipa- lites will rise for several years more due to accumulated needs for reads, schools, hospitals and other projects.

He also thought there would be a slow rise in the proportion of perconal Income to be spent for consumer goods.

Retoli trade is generally doing pretty well with shopping in most sections slightly higher

than a year ago.

BANKS.

trols on cotton cloth and yarn for the permission Import of there cotton products

011 a

a private trade basis. Import de-control and transfer

to private bande would be put

into force this month for cotton cloth and by June for catton yarn,

according to these same

Bources.

In.........turn, the Nationalist Government would also import duty on cotton cloth from the current 30 to 65 per cent and that on cotton yarn from five to 60 per cent,

Formosa's

Improvement in international balance of pity- ments position, together with complaints against the present Government purchase scheme, were said to be the major reasons for the de-control and

The main purpose of the con-

SHARËS, BUYERS SELLERS BALES | change-over. of undisclosed reserve is Lide for bad and doubtful debts, which are far more real source of less than are fluctua- tions in the value of the bank's investments.

In view of the state of certain trades during the past year, the banks cannot have escaped some loss in respect of bad

debta.

The fact that have been able to

some of them make these transfers from contingencies to published reserves shows that ample provision was made even for a year

which must have been difficult than some of its predecessors.

Dun and Bradstreet, the busi- n.c reporting service, sald, however, there was a noticeable For full knowledge of the increase in the number of re- tallers reporting declines from banks' 1852 experience we must awalt. their chairmen's state- the year-ego level.

Relaxed credit terms, Dunments. It seems clear, however, that the banks have successfully and Bradstreet ndded, were

3

big help in keeping the shop-weathered a year which brought

pers buying.

CURBING CREDIT

Heservo The Federal

Board acted to curb credit expansion by raising its rediscount rate to two per cent from 1% per ott It was the first change since when the mate August, 1030, was raised from 14 per cent.

The rediscount rate is

the Federal Reserve charge the makes for loans to member banks.

with it financial conditions which were now even to many of the banics' senior officers.

This is all the more reason for looking forward with confidence to what one hopes will prove a less troubled year.

FK Bank 1410 East Asia. 133

Underwriters

INSURANCES SHIPPING

Avia Nay. DOCKS, ETC. K. Wharf Dock Provident S'hal Dxk Wheelock

1.40

14.00 1.00

7.00 7.70 1000 #

10007.11

DOON G7.03 40002.x)

1.00 2.63 800 A 2.60

400 44

200 2.00

400 2.53

Wheelcck (ROK)

LAND, ETC. HK Hotel

2000

1000

HK Land (0)

88

骓

HK LAM (N)

Shai Land

UTILITIES

77 7.85 200 67%

7.60

At present, the Formosan Government Agency is engaged Ja purchasing these cotton pro- ducts from overseas on an Inter- national bidding basis-France- Presse.

Fall In Big

Exports

Singapore, Jan. 19.

Rubber exports from Mainyn and Singapore during 1952 Lell by 250,000 tons compared with the previous year, statistics

1.40 1000 1.47 reveal. 3000 1.80

Tram T 0.20 1500 2

of

Only 910,408 Forty tons latex, concentrated latex and were shipped to 80 99.15 Importing countries. This com- 1,153,207 tons for

C. Light (N) 0,19 0.20 3000 1.15 paręs with Electric... 2315 23.70 19:00 LA 23.00 Telephone. 19.20 10.00 500 1.0

consumers were Biggest 500 19.43 INDUSTRIALS

Britain and the United States ton) and Cement..... 18.20 10.00 800 10, whch took 273,855

5901340 234,248 tons, respectively. Rope

20.40

importing Other

countries SHORES, ETC

Dalty

were: were: France 06,193, tons; Cler- 200 41 18.00 many 55,485; Japan 44,791; Italy 37,688; Canada 20,520; South Korea 618.

There were no shipments to Red China since. Imposition of

ban

shipments the

10:00

500

475 18.00

-THE SMALL FIRM The current issue of the magazine published, by Imperial Chemical Industries contains a

23,10 Watton ***** .Z. Crawford article timely

9. P. by Mr Chambers on our Industries need CUTTONS for new capital. As he so rightly points out, the present burden of

28.30

300 X

on

of

banks from borrowing money taxation has destroyed the former Exchange Rates stratégie materials-Associated.

The additional increase will commerélat tend to discourage

Reserve Barke from Federal and lending it to business firms and individuals. But British factory stalls work

The Hising of the rediscount No restrictions appear to have horder

American than their

rate was one of the items that colleagues, the experts said in been imposed on the export of a survey comparing the two in- commodules along the 200-mile traders blamed for a slip of dustries after, i tour of Uttar Pradesh border. Earlier prict on the New York Stock United States,

reports from Kalimpong, West exchange-Associated Press.

Seventeen workers and mana- Bengal from the British heavy centro chemical Industry, who visited

LOTH

Lucknow, Jan. 10.

mountain town and

of the Indo-Tibetan caraven trule, had maid the

35 American' factories last year, Indian Government had banned. suld modern plant holpet to the export of certain goods to false American production per worker to three: Umts that of

The flow of goods to Tibet

Tibet.

the Beisib They said inventment on Uttar Pradesh, however, in capital equipment, per mart han boon ut a standstill for pome employed in the United States time owing to certain rostrie was two to three Umes that of tons laid down by the Chinese the British Industry-Reuter authorities-United Fresa

LONDON TIN

sources of capital, namely

tairs was done in the local Press, exchange market the companies savings by industrial themselves and also by private morning at the following rates

18:0ollar. (per #1)),0) Individuals. Insurance companies Sterling note. (per £1). and pension funds cannot wholly Endondan rulider (per 300) 2490 Gll the

Blum Alcais (per 1009 because they must

cannot in pore taleastat

FIC plastres (per 100) *** "play safe, and so readily finance the sinaller, and newor businesses.

Yet if the country is to JAPANESE BONDS prosper, the small family busines

细

11.05

In The Doldrums

MARKET

London, Jan, 15 The tin market was flem but New York, Jati, 10. quiet this morning. Turnover Cotton goods merchants, was 25 toris. Prices closed, at baffled by a persistent "drop" in 146 end of the official morning

colton prices, reporter Ledion as follows:-

Bet tin, buyers !! second quarter business down

must be able to secure new London, Jan. 10.

Onance: Otherwise it cannot Japanété bonds

raw and. Indeed may find 63 develop "A" (4s. af: 1590)

itself crippled by the death of la 704 "B" (4x d 1910)

18334 chlof proprietor and by his 1075% estate's autocquent llability. Ios 109 donth duties.

Fortunately, though it is only a part of the answer, there are

"D" (5%, of 1934)

** (840 of 1090) Consola

-604%

DON A to neur halling point. Dustness potiin, sellers

Three-montha in sheetings,twilis citur site using done at

Lin buyers. 93 947 fabrics rematried. “Int. thờ - Hil, zures-months in sile

Trunk done which has provalled for Seriement month or more,United Press,

CiUnited' Frekt,

RADORE

ROYAL INTEROCEAN LINES

*IJITŻALEN GEA“

"TJPONDOK"

Jan.

SAILINGS

Hingapore,

Singapore,

Nemarang,

Ringapore. Jakarta.

Mauritius,

•

Djakarta Semarang,

Surabala

&

Jan.

23

TJIDANTJET

Jan. 25

"THIWANON

Fch.

"DO]BBKVAIN".;

rob.

ATMAN"

Feb.

"ÉTRAAT

MAKAISAT "THKAMPEK" "TIMENTENG" "TILUWA

"DOISSEVAIN"

"TSIDANTIET"

Б

Feb,

Feb.

Feb. 19

Fab. $2

10

Feb.,

"TJIWAND

Tid:

"TASMAN

REAT.

2

"BTRAAT. BOENDA" Mar.

J

Japan

“TJINODAS**

帅

Djakarta, Bemarang,

*THLUWAH"

Mar. 16

Mar.

"TJISADANE"

Next,

17

Japan

"STRAAT

MAKABĦAR”

Mar.

Hingapore

"TILONDOR"

TEIWANGI"

JIPANAR" "TJLUWAR*

Mar.

23

DJakarta.

Klackamas

Apr.

2

Singapore,

Apr.

1

Apr. 16

ASMAN"

To

Mauckla Djakarta. B. Africa & 8, America Djakarta Semarang, Rorabala

MACKIERT

Osaka, Kobe, Hagoya di Xokohama shianpore, Djakarta, Beitung.

· Buraħala # Riscassar

Yokohama. Nagays, Otaka & Kodi

Japan

#Jakarta Hemarang, Korabala 箱

Macassar

Manila, Singapore, 1. & 8. Attes &

B. America

Djakarta.

Burabola Macassar

8. Afric. America

Singapore, Penang & Bolawan Dell

Singapore,

Djakarta, Semarang.

Surabala & Maensial

·ZER CREFLE

Djakarta, Beruatang,

Surabala & RiacASSAT

Japan

njakarta,

1. Africa & 8, America

Rembrant.

Djakarta,

Surabata Macassar

Hurabala

Bemarang,

Manila, Singapore, E. & Atten

Djakaria, Hemarang,

Klapapore,

Surabain & Marwar

From

Bemarang,

ARRIVALS

Djakarta,

Burabais

Maaride,

晶

Borabala

MAKABBAR"

“TJIWAKO!"

"THTJALENGKA” Jan.

· Jalt. 21 "TJIPANDOR" "STRAAT

Feb.

Jan. 20

E1

Macassar

Japan Japan

#.

America, S. Africa, Mauṛline, Singapore & Manila

KING'S BUILDING, Ground Floor

TEL. 28015/18,

CHINESE AGENTS: 82 CONNAUGHT RD, C. TELS. 31106, 25135.

WIN

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "HULDA MAERSK"

*M.S.

"GERTRUDE MAERSK"

M.S.

TREIN MAERSK❞

*

Calling Vancouver.

M.S.

TREIN MAERSK"

M.S.

"NICOLINE MAERSK”

M.S. "PETER MAERSK”

ARRIVALS FROM U.S.A.

Feb. 2 Feb. 11

Mar. 4

5 Feb. Feb. 18 Feb. 25

for Freight and Further Particulars please apply to:-

AGENTS:

JERSEN & CO.

Fedder Building.

Tel, Nos. 36066-9.

Dales and rotation subject to change without notice. At liberty to proceed via 'other porte to mad/discharge cargo.

SHORTEST

FASTEST TO.

SAN FRANCISCO

When you fly to Califomla fly the luxurious Northwest Airlines Stratocruiser "Orient Express" between Tokyo and Seattle-the shortest way across the Paciflemand fast.connecting akrilnes from: Seattle to San Francisco or Los Angeles. The shorteil, fastóst route,

12.

KHA HONG KONO AITATE TO TARO Ground Fl., St. George's Bldg., foe House Street, H.K. Phone, 32650, 21170, 28171 or Your Travel Agent

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