MESSAGERIES MARITIMES
ITHA
M&M
*FRY-HILL."
"LA MARBEILLAISE” "VIETNAM"
"DREST
+FRY HILL"
•LA MARSEILLAISE”
*"VIETNAM”
Arriving Leaving
Jan, 21 J. 11 -Feb. 24 Fep, 25
Star, 14
.Peh.
0 Peb. 10
Mar.
Mar.
Mar. 7
Mar.
Mar. 15
• For passenger and freight.
On TEK For
Japan
Yokohama & Robe
Homeward Por
N. Africa & Europe' N. Africa & Europe Marsdifica vin' Stanila » Marielles via Banja
For freight to Saigon, Marseilles, Alglers, Tongler, Casablanca, Havre, Dunkirk, antwerp & Rotterdam.
• Accepting cargo:"
-via Marseliles to all Mediterranean & West Africa Ports.
yla Djibouti to Madagascar.
Subject To Change Without Notice.
·CIE DES MESSAGERIES MARITIMES
P.O: Box 53, Hongkong
Queen's Building (gr. floor)
EVERETT KE
Tel, 26651 (8 lines).
LINES
EVERETT ORIENT LINE
Fast regular freight—refrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives Sajla
Feb. 2 from Manila. Feb. 3
"REBEVERETT"
Arrives Soils
for Singapore, Penang, Rangoon & Calcutta.
Feb. 2 from Singapore, Feb. 3 for Kobe
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 BETELGEUSE”
In Port Louding Salls
Jan. 20
for Singapore, Part Swetten- ham, Madras, Cofonibo, Bombay, Karachi, Khurram- shahr, Basrah & Bahrein,
"STAR ALCYONE”
Arrives Sally
Jan. 28 from Singapore.
Jun. 26 for Kobe & Yokohama.
(Accepting cargo for transhipment Kobe/Puran and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Departmant: Telephona 28293.
BRAZILIAN
STEEL
PRODUCTION
Rio de Janeiro, Jan. 25. Brazil's booming Volta Re- donda steel plant, biggest South America, is alming at the production of 1,000,000 tons of Ingots annually.
Under
a new, development plan, soon to go into effect, it hopes to achieve that mark by
the end of 1954.
At present, the expanding plant is turning out ingots at the rate of 700,000 tons nually. From this, it makes approximately 380,000 tons of finished products,
an-
plso
This compures with a produc- tion of 226,000 tons of Ingots annually when the plant start-. ed up in 1946. Brazilian con- sumption then was 000,000 tons annually.
While plant production
has been increased "over those last six years, use also has gone up, Brazil -now is consuming: steel. at the rate of 1,000,000 tons a year.
HONGKONG
SHARE MARKET
(From Our Correspondant)
THE CHINA MAIL, MONDAY, JANUARY 26, 1953,
Page
Bankers Almost Unanimous ROYAL INTEROCEAN LINES
Rubber Talks Verdicts On Britain's
Progressing
London, Jan. 24. a Attempts to reakli pgfee- ment on ways of bringing reasonable slubility to world rubber supplies and prices are maklik 'good progress-køre.”
The Working Party, of the International Rubber Study Group, consisting of experts from 20 leading natural and
countries, which started jis jalka on January 6, catinus its talks next week.
consuming Producing
more
The talks have so far been fruitful but work is needed on the bik problems involved -Beuter,
LIBERAL
TRADE
POLICY
ADVOCATED
+ Mr
Economic Situation
(FROM OUR OWN CORRESPONDENT)
London, Jan. 25. This is the time of the year when the nation is regaled with liberat quantities of economie.wisdom from the chairman of the joint-stock banks. Their annual statements, though ostensibly for the ears of bank shareholders, are of intense interest to the business community at large.
This year's offering is chiefly remarkable for the degree of unanimity reached by the bankers on several of the most pressing economic issues of the day.
Their verdict on the trend of the national economy during the past year is on the whole favourable; but they stress the fact that progress in the International sphere has not been matched by equal success in controlling internal inflation.
The raising of Interest rates had the desired effect of reduc- ing the level of bank advances which, together with the sharp reduction in the clearing banks' hoklings of commercial bills, resulted in some £300 million of credit being withdrawn.
But this was more than offset by the growth of Government borrowing.
"It is in fact the case," sald Lord Balfour of Burleigh, "that during the Summer for every Kansas City, Jan. 24.
Found of credit that the banka Warren
Lee
Pierson,ra Chairman of the Whited States were in process of withdrawing Council
the from
the private sector of International of the
economy they were required to Chamber of Commerce,
Pounds of here today that America must extend nearly two
additional credit to the Govern- relax its traditional abhorrenez ment. of Imports.
In a speech prepared for de- livery here he said this was necessary beenuse "our Allies no
longer want to be dependent on our hand-outs,"
Mr Pierson proposed a pro- gramme "us a positive solution United States to a permanent foreign policy."
it sald among other things: 1. The United States must realise that each action taken in the economic field impinges on some other part of the problem. Decisions
such matters as mw.materials, investments, mill- tary and technical assistance, export-Import trade and curren eles must be treated as parts of
on
common programme.
2. America's Allies could only defend themselves it they were economically strong. They could only achieve this if the United States insisted they did not trade with Iron Curtain coun- tries and yet prevented them trading with America,
3. Ways should be found to stimulate and facilitate private foreign investment. ald the economies of other countries and assure adequate supplies of raw materials for America-Reuter,
New Type Synthetic Developed
"TJIWANGI
"TASMAN" #DOWSKVAIN" "ETRAAT
MAKASSAR" "THKAMPER"
SAILINGB
Feb. 2
Feb. 4
To
Яingapore, jakarta. SEMATADE,
Surabala & Macaviar
Japan
Yakobania, Nagoya, Banka & Koba
Japan
Djakarta Bemarang, Kurabata
Macassar
Stalia, Singapore, R. & 8. Atries'
B. America
Singapore, Djakaria,
Surabaja ☆ MacanuRT.
Singapore.
BIRAKANIE,
Djakarta. Marliine, ten; Atties & America Dinkerta Remarang.
Aurabala
Midgapore, Penang &. Helawan, Deit HINEXPOTE, jakarta, KAMATADE.
Butabala & Mac
Djakarta,
Fra A
Feb,
* Fets, 1
STJIMENTINGT
Feb. 10
OTIILOWARTS "BOTASEVAIN
"ȚJIBANTJETS
"TABIAN" HTLIWANGI
Feb. 10
Feb. 11
Feb. 22
Feb. AINE. 1
"STRAAT NOENDA" Mar... "TJIBODAS
Japan
#
star. 10
· Mar. 16
Mar 11
of
"TINONDOK"
"TJIWANGR
"TJIPANAR” "TJIKAMPEK"
"TJILUWAH"
"TRGELBERG"
Mar.
Mar. 21
Apr.
*
Apr. Apr.
Apr. 10
Apr. 22
it shouldn't produce a feeling of
Ashanti goldfelds, largest pessimism or gloom.
West Africa, and partly to the
statement New industries were springing encouraging up and now inventions suposed Major-General Richards, Chair- ing the older ones. British man of the Gold Coast Selec- genius and efforts should be tion Trust, that I am of the directed into this sphere rather opinion that the political future than in trying to compete in of the Colonjal Empire will be fields where her customers
old-time restored in the not too distant could produce for future and this should result In themselves at a cost well below a general all-round improve- the British figure.
of ment in the market value shares."
Lord
GREATEST NEED
The sentiment behind those words is evident in the state- ments of several other bankers. Burleigh expressed It differently but with equal force. Britain's greatest need, he said, was to speed up the production of those capital goods-mainly y required both for export and engineering products so urgent- bill portfolios for the modernisation. of her was thus far more than out-own factories. weighed by fresh acquisllions of And that could not be done Treasury bills, and deposits rose without a major change in the instead of talling.”
The decline in bank advances and commercial
It is not unusual, however, for the Government to borrow heavily from the banks during the first three-quarters of the financial year when its expendi- ture is running at a much higher level than its receipts,
patiem of that these slows should not be shared by those who earn their living from the consumer goods Industries.
of production. It is not surprising, however,
turers, in particular. resent the Lancashire cotton manufac-
suggestion that other countries no longer want their goods.
The "Financial Times" points out that the recent improve- ment in industrial though to some extent due to shares, artificial stimulus, has been backed by a revival of sound investment buying.
This is mainly due to the
rently fact that though profits cur- being announced fre generally 'lower than those of the year before there is reason to believe they have Jevelled off,
The recent trend of dividends has been upward "and it is this which has provided the most natural and obvious stimulus to equity prices."
The rise of gilt-edged prices is rather more surprising and the Financial Times" attri- THE REAL TEST
butes this to three factors: the In bis statement from the Strength of Sterling, the recent The present and Anal quarter Manchester headquarters of the upward trend of small Savings should see some reversal of this District Bank, trend and this will be reflected Barlow tried to expose the weak-into the Exchequer, the psycho- Sir Thomas and the inflow of tax payments in a decline of the total bankness in the argument, that logical effect of which has been deposits.
Britain's greatest export op- "at least as powerful as It remains to be seen whether portunities lie with the capital actual effect of a withdrawal the Budget will in fact be
goods Industries.
of funds." balanced; but the real test lies farther ahead.
to
QNE THEORY ·
the
"TJILUWAB"
INTHIRADANE" "TASMAN” "BTRAAT
MAKASSAR"
"TJIWANGI"
"STRAAT
MAKARSAN”
"TASMAN” "TJIKAMPEK“
in Port
Feb. *
Feb. 1 reb.
Afacassar
Remarang, Aurahsia
Bingapore, (jakarta,
Burabala & Maenaine Japan.
Japab
Ringapore Djakarta,
Afauritius,
A Africa & 8. America
Djaksita, ArmFang, Arabala
Blacksme
Ringapore, Djakarta, Semarang,
at Bürubala de Machsine
danilo. Blgapore, 5. & 3. Afrien Djakarta, Nemarang. Sub
Marguar
"
Singapore, Djakarta, Semarang.
Brienhala & scazar Singapore.
Diaherta, Mauritian,
8. Africa 4 R. America
ABRIVALR
Bjakarta,
Mirastar
From
Semarang. Rutabalo
8. America, S. Afrler,. Atauritius,
Bingapore & Manila
Hingapore, - Peñaby & Relawan Dall Japan
KING'S BUILDING, Ground Floor
But the paper warns that { these developments. though As Lord Burleigh pointed out, To allow too great a concen-
are not very securely based. the important question is what istration of demand in this section lead to such
For gilt-edged and Indus- happen after the next Budget would, he said, "whether the new
triala "everything will inancial congestion that Britain would be
depend what
on the out-turn of the Budget will bring further massive whole to supply
and on the supply of sayings at demands for short-term finance needed quickly
enough. What was needed,
or about the present rate of in- Treasury
therefore, cr the part of the Whellier, on this occasion, the was "some compensatory stacken.
terest." basle volume of deposits can being of demand for capital goods." held stable or
This reduced.
might come about
Was
In any case this demand would
Of one thing the bankers are automatically through a lack of firmly convinced: if the last funds in countries which have Vestiges of Inflation are to Ive hitherto drawn on their Sterling eltrainated from the
Balances to finance heavy imports British economy, Government expendi- from Britain. ture must be drastically reduced. Lord Burleigh expresses the view of the majority of his colleagues when he says that major economics -depend upon Akron, Ohlo, Jap, 24. major changes of policy. The Goodyear Tyre and Rub- And it #88 evident that if Company yesterday an-economies are to be made on the ascule required, the social services new type of synthetic rubber cannot expect to remain un- | that has up to five times the scathed. *wearing qualities of the present
synthetics.
bir nounced the development of
riew
The
ed to $355,558.23. Noon quota- Mr Litchfield outlined the tions and the morning's drans following advantages of the new actions;-
product:
Greater durability for tyres,
1420 130
20 1420
TAS
XK Bank Fant Ania INSURANCES
Union
Underwriters 3.41 SHIPPING
Asis Nov.
DOCKS, ETC.
Provident
of its utility resistance 10
And for the British people as a whole it means facing the fact that the world does not owe them a higher standard of living that they are in fact prepared tö
·
THE STOCK EXCHANGE The
CONFIDENT NOTE
London, Jan. 25. Industrial shores had another good week.
k bringing the Financial Times" index up to 110.0, which Is the highest since mid-January 'a year ago. This
steady buying is worth noticing for it reflects obvious domestic confidence in Britain's future, a confidence not always reflected in the comments of foreign politicians And the foreign Press.
of
The Financial
Times index
chemical shares suggests
not rauch
where
TEL. 28015/18.
CHINESE AGENTS: 82 CONNAUGHT RD. C. TEL8. 31196, 23138.
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA VID SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT. SAILINGS
·M.S. "HULDA MAERSK”. *M.S. "GERTRUDE MAERSK"
M.S. "TREIN MAERSK"
•
Calling Vancouver,
ARRIVALS FROM U.S.A.
M.S. "TREIN MAERSK"
M.S. "NICOLINE MAERSK’
M.S.
“PETER MAERSK”
Feb.
2 Feb. 11 Mar. 4
Feb. 5
Feb. 18
Feb. 28
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
1
Tel. Nos. 86066-9. ).
· Datex and rotation-subject to change"without" notice;
A liberty to proceed via other ports to Wad/discharge cargo,
Wall St.
Marking
Time
New York, Jan. 25. Stocks marked time in Inauguration week as' traders nwalted statements of polley by the new Government.
WHEAT AGREEMENT DOUBTS
Melbourne, Jan. 24. The change in the United States administration may leave the whole International Wheat Agreement in doubt, according to the Chairman of the Austra“ A ripple of strength swept the Wheat Board, Sin John market on Inauguration Day on | Teasdale,
Turowy i That came after
225
were
was
July 31,
The
"The Republican tradition has been towards free business and we don't know that the Elsen- hover administration won't drop the agreement," Sir John added."
become less persistent as in. dation" In" the Commonwealth was brought under control.
There is truth in much of what Sir Thomas says but it is dimcult to follow his subsequent reasoning that, with the slacken ing of demand for heavy equip- ment, "Commonwealth needs would have to be satisfied in
a lot quite a of persistent selling. another form othe
other words,
At the beginning of 1952, the THE PURPOSE
that
we should have to supply index stood at 145, at the end Basic patents for the
purpose of reducing mer goods instead of cape of the year at 135 and at the rubber have been filed, accord- Government expenditure is not,
goods,"
end of this week at 129. Over ing to Goodyear's Doard Chair- however; to put more purchasing
despite this slight the past week, Industrials were man, Mr Paul Litchfield, but he power in the hands of private agreement the bankers
are rather inactive sa that relative sald that production could not taxpayers though is recognised
their view that little buying or selling had İsed unanunous 'In start until
an exaggerated cffect. more experiments had that some Incentive of this sort Britain's ability to pay her way Business done on the Stock
Anglo-Iranian on is being Exchange this morning amount-production problems.
been completed for a solution of is needed if the workers are to in the world depends primarily
Bound internal policies.
rather persistently bought on be expected to pull their full or the Government this means talk of "final settlement" of the weight in the productive effort.
Sir John left by air today far narrow irregularity on Monday. The chief beneficiaries of n
its, demands on the oil dispute. Actually there was resources in order to redistribution of money from the
enthusiasm for a The dip on Wednesday was Washington to take part in the public
to the private sector of
restore both the ability and
settlement, partly because nearly made up by a tiny, gain negotiations for a new agreement BUARES DUTERS HELLERS SALES more diversified use as conveyor economy should, according to the
by the 46 mcriber nations, begin- Thursday 011
and incentive to
in Britain's Anglo-Iranian and other pro-
inore Invest BANKS
belts, soles and heels, and other bankers, bo those who
ducers have stepped up pre- Irregularity followed on Friday.ing there on January 30, are industrial future,
duction to levels
agreement expires on The result was a loss of 28 cents present products as well as tyres and prepared to save a proportion of
the sudden addition at Iranian oil in Industriais, a gain of 47 centa tubes the ability to colour the their income and invest it in
to the world supplies
would 'in rolls and a loss of a cents to synthetle without the loss of any Industry.
threaten to spoll everything:utilities. including probably the this could best be ensured And
price. <xidation
tensila while the
by reducing taxation on company
Bitt
speculators have Ufted strength is described as 60- to
thus making profits; 100 times
greater earn.
Anglo-Iranian this week another greater than
any funds available for reinvestment,
3 shillings to 122/8d., close to other type of rubber material, It is but a short step from
Last year's peak of 127/0d. The product is made from
the
of capital investment problem
United Press. past week on the Stock ethylone glycol and propylene at home to that of maintaining Exchange has been one of the glycol which are mixed with artd British exports in the face of best for many months. derived from corn cobs-United growing international compet!~ Industrial shares forged ahead Press
under the stimulus of take-over rumours in respect of certain companies' shares, and gift-edged were
"Riso up on the week. These price movements were reflected
the "Financial in Times" Indices which showed a
Kobe, Jan. 24, rie of one point on the week in
The Pakistan-Japan Freight Mr. A. Harold Bibby, Chairman | the
the coso Industriels
DI
and 0.19
Conference has announced that of Martin's Danks, Is most out in the case of gut-edged."""
Industrial shares now aland freight charges will be re spoken on this point.
nduced by an average of 10 to 21 400 25,00 Japanese raw slik exporters
"In the cotton and shipbuilding 16.8 soints above the year's low
next -cent, beginning 1200 13.09.believe that exports to India for Industries," he said, “It is cons on June 24, 1952, and 43 points
1953 will total about 2,400 sidered as most. untair
and above the level of a year ago. Freight rates on steel goods boles.
Cuts, on the other hand, have bound from Japan for Karachi dishonest that the Japazioro and i A well-informed allic source
Gerinars, by working hurder for recovered 4.62 points since the
will be sipthed..from the pre- explained that raw slik shipped rewards that don't provide the level of June inst year bus
sent charge of 130 shillings to India is used entirely@for | A domestic
**lower than a year ago..
ment fold.
were rovisions
adopted For that reason, he said,
to meet 'rights cum of line
meet competition from non sumption will probably not ex-
self-imposed efforts, he argued. The work's largest sce were members and the cheap rat
rates ceed 200 bales à monit."
Japais, shipped 2,373 bales to we should inevitably price out in shores of companion intolert bolween Karachi and
nd Europe, per lb. February. Exchange Rates India last your and exports to solves out of the world markets. to "bid" rumours Fof-wear a spokesman said,
Many of the "Industries which stored end food brees Ware that country this year should used to provide the bulk of our empecially favoured.
The new
rates, between locate about the same.
Japanese ports and Bombay Exports to the US, this year exports now: Ind that I Boone and word deal of speculative fost sundries, collon and rayon
goods. · Gold shares were in demand under fie contract would; bo are estimated at between-135,- are
interest developed Sfinter West cloth and yam 94 shillings, for source anid. In 1032 Jabar them from Britain. shipped a total of 32,057 bules. This was inevllable in the be sttributed partly to news of for dicel, products 35 shillings, to the 1.97-United Press. generni évolution of things but | favourable developments in the 1-United Press,
1.00
1000
13
S'ha Dock
Wheelock
1.76
1000
1 ла
1.80 7.00 2000 200
7.05
Wheelock
(Rs.)
5.00 2.83 4000 64 2.0216
2000 18 20li 0030 6 2.325
1
5900 @ 703
LAND, ETC.
UK Hotel.. 3.80 7.00 5000 @ 7.84
1K Land (0) DI UK Land (N) B'hal Land 1.475 UTILITIES
Tran
9379 1.47%
23.10 1000
23.10
314
Star Ferry Electr (N) BY
1500 23
C. Light (0) 0.30 0.35 2700 € 1.25
3000 0.2
C.
..... 23.00
4
By the time, the plant expan- slop programme known as "Plan Ca complete, con- sumption may have increased
INDUSTRUALS still further, But at least, the
Cement.19.20 1815 gap will have been narrowed: Hope
STO trs, Er de Dairy
200 → 19 *** 10.00. DI the COTTONË
Ewa Koh. 233
Yangtze 20:03% 5.00
General Sylvio · Raulino Oliveir President
Government-controlled Com-
pania Siderugica Nacional, MISCELLANEOUS
which operates Volta Redonda,
is particularly proud of
the
wag In which the mill has ex-
ceeded production quotas.
"Plan C, the plant
20.0
2300
nisp, looks forward to the ad-
Business was done in the dilsun of 21 coking ovens, one unaïflelat exchango market now blast futboce had two morning at the following rates
US. dolar (per #1) AV newaldel' fumacos, plus other Sterling note (per £1) Improvements aimed at in- Indonesian guilders (per creasing Anished steel, capact-micals per 100)
Hingapore (Gletta) camAssociated Press, 2
VIC plastres: £ver „100)
this
Japan's Silk Exports
Tokyo, Jan. 25,
tion.
This is a problem which calls not only for an expansion of pro- ductive capacity "but also for a change of heart of the part of everyone engaged in industry.
OUTSPOKEN COMMENT
Freight Charges
month.
Reduced
consumption in that amenities we demand, should are willi a fraction of a' point per ton tơ 40/-; the announg*] country and not our sett
undercut us.
con-we. Irled to presh OG EN DEMAND 44
being
000 and 20000 puler," "ské samő |¡countries wiASZ
(African" gid "khares. This can ceramic ward :857,chfilings, and
The overall result measured by the composite average a rise of 7 cents. Out of 1,410 lesuc's traded, 060 gone), 508
"The tendency would be for it W to do so but I think they might declaed, and
un- changed. Sales for the week continue the agreement if they teli to 0,860,
gel the right price. 121 shorts, the smailat for a full week co Canada and the United States, last October 31, when turnover the two principal wheat export- was a mere 5,070,224. shures. ert, began confidential talks in That was the day the... pre~| Ottawa yesterday an their election rally began. Trading | policies towards on extension of averaged only 1,353,224, shares, the agreement.--Reuter.
**
Car issues were active. Lead- ing steel issues US.
stee!!
and Bethlehem — which Will report their 1952 carnings next week, each, lost 25 cents. Ite public Steel, which. reported one of its best fourth quarters in history, rose sightly. Ball- roach had some good gainers in the list used in making the average. United Press.
1.
Singapore, Jan. 24. Prices" "of rubber. futures cocard today my follows
Number 1 rübber,
March
April
Number, a rubber,
February
Number, 5 rubber,
February 7
♫ February
Number: ɛruliberi
Blanket - CTØPE
Unut rubber, untaled'...
No, 1. palo crepa
8416=94
5431-03 #415-341
.70%-791%]
1914-1914
04.04
100-105-
Jnded Fres
CROP YIELDS
INCREASED
Manila, Jan.-25. Sall lining fian increased sugar cane and rice crop yields in the Philippines, pl
Experiments in the major
region of
South- showell an
Accidental Central increase of
of 30.23 picuís of migar per hectare after Jims treatment of soil, according to the Buredu of Soll Conservation.
Sunlar
experimenta wone conducted in the rice-growing rogions of Luzon, resulting in an Creo of 24, cavans of rico
for
every hectare treated with lime. A cavan is equal to 25 litres, or 2% bushels,)--Asso clated Press,
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