1953-02-02 — Page 9

Page

THE

CHINA MAIL, MONDAY, FEBRUARY 2, 1959.

MESSAGERIES MARITIMES Economic

M

M

"FRY-HILL"

Arriving

"LA MARSEILLAISE" ..Fete.

"VIETNAM".

"BREST"

Krelung

K

Mar, 21

Leaving

Feb.

Feu 25

. Trong Jbl Fek, 1 gel, tới

PLATAAMAT.

"LA MARSEILLAISE", Mar.

FAY HILL

VIETNAM"

·

For passenger and freight,

Outward For

Japan

Yukeliama & Kobs

Homeward For

Feb. Feb. 1. Arlen & Kusope

N. Africa & Europe

Tareille via Manita Marmilles via Mahila

2 Mari

Mat 7

J

'Mar. 15

For freight to Salgon, Marseilles, Alglers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

* Accepting curgo:

-vla Marseilles to all Mediterrancan & West Africa Ports.

-vla Djibouti to Madagasons.

Subject To Change Without, Notice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong Queen's Building (gr. floor)

Tel. 20651 (3 lines).

EVERETT LINES

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

"BRADEVERETT"

Arrives Salls

Feb. 2 from Manila. Feb. 1 for Singapore,

Rangoon & Calcutta.

"REBEVERETT"

Penang,

Arrives Salls

Feb. 2 from Singapore.

Kobe Feb. 3 for

&

(Accepting cargo for transhipment

Yokohama,

Kobe/Fusan 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

"NORDSTJERNAN“

Arrives Balls

Feb. 4 from Singapore,

· Feb. & for Kobe and Yokohama.

"STAR ALCYONE“

Arrives Sails

Feb, 19 Feb, 20

from Japan. for Singapore, Port Swetten- Colombe, ham,

Madras. Bonbay, Karnchi, Khurram shahr, Basrah & Bahrein,

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

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

Employment

In America

Washington, Feb. 1.

More people were at work in the Unlied States in 1952 than ever before in the nation's his- tu Census necording tory,

Bureau estimates.

However, the. percentage of employed was not so high as it World War Il soared in three- years,

Employment only slightly

was jast year above 1951, bul over the 1950

was considerably figures.

The Bureau estimated the monthly average of civilian em- ployment in 1952 at 01,201,000, watch was 07.3 per cent of the egilmated labour force.

The 1952 employment average compared with average month- Jy employment of 61,005,000 in 1951, or 97 per cent of the labour force, and with 50,957,000 in 1050, 95 per cent of the labour force.

ur

Employment reached its peak the United States in 1944, in

a labour when 03.8 per cent of force of 54.030,000 wero work Associated Press.

Going Ahead With Plans

nt

HONGKONG

SHARE MARKET

(From Our Correspondent)

Call For Free

Exchanges

Brussels, Feb. 1.

The European League for Econoinfe Cooperation (ELEC) today called for free

exchange currency

and a common, market as wide as possibile,

decided

In a resolution on at the end of a three- day meeting here of fle organisation's European financial experts. parlia Jurntarians, Industrialista and trade unionists, the League urged international division

labour of

And various currency measures, It said it was important that the United Slates Government should main- Lain an economic policy tending to avoid excessive fluctuations of prices and eronomio activity, because of the effect of the Amerl- can altuation on the econo- mic activity of other coun. tries.-Reuter,

British Stand On Japan

Geneva, Feb. 1.

differences Considerable of opinion between Britain and the Commonwealth, on the one hand, and the United States on the other

are

expected when dis- cussions on the timing and conditions of Japan's ac cession to the general agree. ments on tariffs and trade (GATT) are

resumed here tomorrow by the organisa- tion's Inter-sessional Com- mittee.

* 1!」 Br ྃ་

BAILINGS

To

Puge 9

Policy Of British ROYAL INTEROCEAN LINES Government Proving Outstanding Success

(FROM OUR OWN CORRESPONDENT)

London, Feb. 1.

The Government's decision to restore the price mechanism to something like its former role as an instrument of policy is already beginning to have an important effect on the British economy.

At home the cost of living is at last showing signs of stability--- retail prices as measured by the official index remained unchanged be- tween June and December last year.

Britain's

This welcome change from rising prices dates back to the last Budget when Mr Butler made his important decision to cut the food subsidles by £160 million. Although it was partially helping to offset by a reduction in Income position in the European Pay- tax and an increase in certainments' Union.

the soc security payments, Initial effect of this decision was

to raise the cost of living.

correct

This experiment was entirely successful within the limits Im posed by our position in the Union but

But once the reduction in food | European Payments subsidies had worked its way to have carried it beyond the through the price system the cost stage where our monthly deficit of living levelled off and re-with the Union had to be settled

nained stable.

entirely in gold would have been highly dangerous.

Encouraged by this success the Government has now decided to carry the experiment a tle further.

Last weck it announced the returti of the grain trode

action which private hands, an involves not only a reduction in subsidies affecting grains, feed- ing stuffs, flour and bread but also an Important departure from the post-war agricultural policy, The reactivation of the price mechanism has therefore had and will probably continue to have a marked effect on the British domestic price level.

.

Germany Out For Supremacy

Bonn, Feb. 1.

But this is not an argument against the reopening of free markets in "dollar" commodities such na cotton and copper. It West Germany expects to simply stresses the dangers that capture Industria! supre- will have to be guarded against macy in Europe during when these markets are reopened. 1953.

Under proper supervision by traders associations and subject to post facto control by the authorities, these markets could. again become valuable source

of foreign exchange income for Britain and the Sterling Area.

With this in mind the Govern-

ment is now bually engaged in plans for reopening more free | markets--beginning with those for copper and cotton. And each is reopened wit market that

mark a milestone along the road to convertibility.

THE STOCK EXCHANGE

The market for gold mining shares provided the highlight ní the past week's business on the Stock Exchange.

Government and industry that steel and leaders predict coal will sat new production records.

The car, shipbuilding, ehem)- cal and machine-tool Industries also expect their biggest year

since the war.

Already fur ahead of France in steel output, West Gormany expects to overtake Britain this The British now lead Europe in steel production.

German steelmakers have mapped un ambitious

pro- gramme to expand the capacity of their planta to 2,000,000 tons

STERLING'S STRENGTH Further proof of the success of the present Government's economic policy is provided this by the

year, continued week-end strength of Sterling abroad.

The Pound now stands within a fraction of a cent of $2.82-the fixed under the upper limit existing exchange regulations.

Like the stability of the British is not known whe-domestic prices the recovery of While it ther Britain and the Common-Sterling can be traced back in wealth countries will actively oppose

is announced the last instalment of Japan's entry, It learned here that the British series of Import cuts designed shares of Rand gold mining

to reduce verseas expenditure companies delegation, led by Mr C. W.

uranlum with by 350 million from the previous terests.

Commonwealth governments will Reports still persist that the ask President

adiniiited to GATT.

which

pre

Encouraged by unexpectedly quarterly reports brisk

during the next 18 months.

the last Budged, when Mr Butler good developed and spread to 000 tons a year. This is close 10

year's level.

balance

Sanders. Under-Secretary for the Board of Trade, will bring Last week Mr Butler was able defialte Droposals for. the placing of special trade restricto announce that these cuts had tions on Japan it che ls to be helped in its current accounts Britain to achieve a during the second half of 1932.

But a balance of payments. Is not an end in itself; it is merely a step in the general direction of the prime economic objective, which

restoration of multilateral world trade,

THE NEXT STAGE

These proposals, understood to have the backing of the Cabinet, will meet strung opposition from the Unitexi States delcgation, which is understood to favour admitting Japan to GATT under the most favourable conditions

possible and us scon as practicable.

The only other Important.

is

the

Now that the Immediate item on the Inter-pessional Com danger has passed the Govern- mitice's agenda is India's com-

Eisenhower

in-

agree to an increase in the price of gold and this, too, was a factor in the general advance of gold share prices.

the "Financial

As a result

The Ruhr mills are now turn- ing out steel at a rate of 16,000,-

present capacity.

In 1852, the Ruhr hit ils stride with the scrupping Allied production controls produced 15,804,000 tons,

Britain produced 10,400,000 tons and Frânce 10,900,000 tons in the same year.

"TIIWAN UI”

"DOIKBEVAIN "STRAAT

·Bingapers,

.Džataria.

· Surabala d'Atacamar

Remarang,

Tokuhama, Nagoya, “Genka & Kaba

Kobe, Naroya & Yokohama

Binkaria Semarang. Kurabals

· ELROSESAT-

J

Singapore," Djakarta, Kematang,

Hurabala & Mrenotaz

MAKASBAN” *TJIKAMPIK".

"TJLUWAN" "BOISSEVAINM

**TJIKANTJET

Fab,

Feb,

K

Feb. 11

Yeb, 21

Feb. 22

Bingapore, Djakaria,

"TIRANGI"

Mar.

"TASMAN"

Маг

"TIIDUDAS"

»TJILUWAIK

"STRANT SOENDA" Mfap.

*TJISADANE"

"TABMAN". "STRAAT

MAKASSAIU”

"TJIPONDOK"

"TEGELBENG” *THIWWANGF'

Mauritius

B. Africa A. B.. Amerien Djakarta Remarang, Autabala

Macassar

Bingapore,

A

Pjakarta, --Remarang, Butabala & Mincusons Hingapore & Hr. East Africa Japa

Djakarta, Bemarang, Kgradala

MACASELT

+

Singapore. Djakarta, Bemarsos,

Hurabala & Mackayar

Јарап

Зарад

Mania,

ADEMY,

Miri, Singapore,

Djakarta, Mauritiu, S. Africa &

8. America

Ria Cassar

Djakarta,

Japan

Blurapere.

KemaraDE+

Djukarta,

Burabala & Macaliar

Surabala

Semarang

Manlin, Kingspore, T. & 3. Africa Japan

Mar.

Mar. Is

Mar. 17 Star, 11

.Mar. 13

Mar, 13

Mart 201

Apt.

*

"TJPANAS“ "VAN KEUTRZ”

Apt.

1.

4

TJIKAMPERTM

App.

3

Apr. 15

Apr. 22

Singapore,

ARRIVALS

From

En

Part

Djakarta, Semarang,

Macassar

Aurabels

Feb,

I

Feb. 7

H.

Japan

Amerien, R. Alzira, Singapore & Manila

Stauritius,

"TJILUWAI "TEGELDERO"

"TJIWANGI"

"STRAAT

MAKASSAR"

"TSIKAMPEK"

12 Jakarta, Remarang, Sorabala

Macatsar

Ringapore. Jakarta,

Rumabala & Machetar

Djakarta,

Hrinarang.

Maurikus,

8. Africa & 8. America

KING'S BUILDING, Ground Floor TEL. 28016/18. CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS, 31196, 25133.

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”

E

Calling Vancouver.

ARRIVALS FROM U.S.A.

of

and

M.S. "TREIN MAERSK" M.S. "NICOLINE MAERSK"

M.S. "PETER MAERSK”

THIRD LARGEST? -

Germany's steel hopes

Industry

against Pakistan over the ment can turn its attention to this centrated mainly on medium- | ralat output

plaint export.

This complaint was brought

duty on raw jute exports

to India.

GATT's seventh up at the session in Geneva last October, and it was decfied then that if

next stage in the process of achieving this objective, which to make Sterling 1 fully convertible currency.

The speed of advance will de- pend

large

extent on the help received from the United ne solution had been found, the States but the first steps in the Government of India could ask that the matter be discussed direction of convertibility must

be taken by Britain alone before the Committee.

The matter will probably be

the

to the Committee or to the next full meeting of the GATT probably in March or April..

nk

It now seems certain that--

ס!

Times" gold mines Index rose

to turn out close from 95.10 to 08.40 while the

tors this year even 18,000,000 developers index showed even

though the present expansion Ereater improvement, climbing

programme will not be com- from 78.80 to 05.31, its highest pleted until the middle of 1954. point since November 1951,

The ultimate target is 20,000,- Interest in the market for 000 tons a year, probably by Government securities was con- 1955. Britain, too, is alming to to 20,000,000 tons dated, stocks.

but not until 1937.

The phenomenal comeback of Germany' war-battered steel industry gives steelmakers here confidence that Ruhr steel qutput soon will be second in to the United the world only Slates and Russla.

Less than eight years agɔ, SŲ per cent of Germany's steri capacity was out of action from

́ ́A ́GOOD MONTH

The week's biggest goins were in Funding 2% per cent 1956/61. up 10/- to 94-13/16, and in Funding 3 per cent 1988/00, also up 10/- to 88-11/10.

Savings three per cent 1055/65

7/0d to 93-1/8 There was a broadening of

By 1040,

were

during the next fow months interest in the ind

Industrial equity War damage and the breakdown turned over 10 working party, which may report back progress towards con-market but speculative buying of supplies. After the war, some

tons capacity 0,700,000 vertibility will be measured by was still

was still prominent especially in ripped out by the Allies under the speed with which those com- stores and shipping shares. modlites still purchased and

January has been a good month the reparations and dismantling marketed in Britain through

In 1946, West Germany turned Government agencles are handed for the new issues market. Over programmes,

£23 million of new money has back to private trade.

output fumped to Already there have been im- been raised in the proportion of out only 2,551,000 tons of steel. approximately two-thirds for the 0,180,000 tons, then to 13,500,000 portant developments in this

and

public Government fteld, most recently with the authorities and one-third for in- tons in 1051.

Despite this, German steel- reupening of the London free dustrial and other purposmakers face strious problems. markets in lead and zinc.

compared with only £ in the Thei: equipment is old. Much Elons may drag on for ten days

But now a new and crucial fortnight,

slege in the Battle of the Pound same month of last year.

The lists open on Tuesday for would have been replaced long ago by American standards. But One thing that the British has begun..

new loan by the Government Inverlenent

capital for both 91425 delegation is alinost sure

of Southern Rhodesia which is to expansion and modernisation bring up is the problem

£10 million by an issue raise labour conditions in Japan's

of 4 per cent stock 1987/92 of textile hustry.

£99. a price

MAY DRAG ON This session of the GATT's Inter-sess Committes was Busines done on the Stock originally scheduled from Exchange this morning amount February 2 to 7, but it is ex- ed to $171,620, Noon quotationspected hore now that and the morning's trans- actions:- BHAMES BUYERS SELLERS SALES BANKS

JIK Bank.. 1420 INSURANCES

Unlan

700 800 Underwriters 130 DOCKS, ETC. K. Whart Provident... 12.00

Dock

LAND, ETC.

IK Land (0) Land (N) S'hat Land UTILITIES

Tram....... Star Ferry

56 1425

100 @ 50

13

1000

2.10

ذا الت

200

or

to of

recent survey issued here International Labour the Organisation

olows that the great majority of employees in the Japanese textile industry

the rates of pay are extremely

571

1.60 1.83 5000 E

113

B000 1.00

faw.

е

MI

1000

10.000 9.10

2000

430

$3.00

C. Light (0) 9.13

C. Light (N) Electric Telephono INDUSTRIALS

Cement STORES, ETC.

Dairy COTTONS

19.30 10,70

18.40

...... 10.00

EWO |

sions negotiated between dividual countries

the GATT.

must

in

A RISK

ព

New Newsprint into the Western sold under the partment in commodity arbitrage

Retail Sales

Increase

the

scarce,

EXTERNAL LOANS

Is

In Port Feb. 11 Mnr. 4

Feb. Feb., 20 Feb. 28

6

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building,

Tel. Nos. 36066-9. ¡

Dales and rotation subject to change without notice.

At Hberty to proceed via other ports to food/dischargo cargo.

U.S. Attitude

On

Wheat Price

Revealed

Not Yet

Washington, Jan. 31. Reliable sources said today that the first 24 hours of the International Wheat Council's meet- ings have shown that Canada is likely to ask a wheat price of $2.35 per bushel, and Britain, with the support of most other importing countries, is sticking to the present price of $1.80 a bushel.

Meanwhile nothing has been, eventually agree on a price of heard from the United States $2.00 or $2.10.

The deligation on whether the Eisen-

Council favourably hower Administration by willing recommended the admittance of to renew the International Wheat the Vatican, should the wheat

be

but Agreement, and if so, what price | agreement renewed, Seine Industry leaders say be- tweers 3,900,000,000 and 1,000,- per bushel the United States pointed out that the Vatican would have to go through tho Considerable

disappointment usual procedure for obtaining 000,000 marks should be pumped would ask. into steel plants immediately.

was caused at the closed meeting | membership on Friday afternoon, when the The Kingdom of Hashemite They point that British

chie ÜS delegate,

Under- Jordar la also anxious to become pouring Secretary of Agriculture Morse a member. private enterprise is

of new $1,680,000,000

capital

was absent and his place why

Most of the delegations are into steel in

In a long-term " pro- laken by a Department of Agri-willing to spend up to six weeks

.... output. gramme to raise

culture official. F. J. Roster here if the United States delega In Germany, the steel Indus who apparently did not speak tion early next week signliies

itself will have to finance during the session, most of the present expansion Many foreign delegations be willingness to renew the and the toughest Secretary of agreement, programme. Later, the Schuten lleve that the

negotiating would centre be Plan high authority is expected Agriculture, Ezra Taft Benson, tween the United States and in underwrite toans from outside has not yet made up his mind British delegations,

to sources

whether the expand and improve

agreement should

If the United States deleg the steel Industries of the six

be renewed and still less what tion is willing to renew tho price a bushel should be

asked.

Sagreement. It would be for a Canada

showing the period less than the present one greatest 'gagerness to rtnow the of four years.—United Press. agreement which expires on July 31, because its delegation

try

out

member nations, including Ger

Up to the present private trading has been restricted to

The market considers · Chere those commodities of which the Stering Area itroll is the main

terins rather finely drawn. Not producer,

only will it be one of Those remaining subject to longest-dated Colonial stocks but are very young giris, and that oficial control have one thing in its yield to redemption is only much of it for modernisation.

contain about 3d more than that on the common-they all substantial element of dollar existing Southern Rhodesian 4 cost.

per cent stock issued last year, is redeemable 10 years This is precisely the kind of

which thing

To abandon all restrictions en that Britain fears 0.15 allowing Japan into the GATT, the import and resale abroad of sooner.

these commodities, therefore en- under which any tarit conces

in-talls the risk of dollar losses.

that would 'bo The pressure be granted to all other members of placed on the gold reserves once the decision was taken to reopen In all these The United States, which has the free markets

commodities would be very great comuni 2000 @ 240 less to fear from Japanese com-

Washington, Feb. 1.. peilion, wishes to gather Japon as was shown by the recent ex-

dollar

The Department of Commerce | aneu area and most favourable

Payments Union said today that the dollar value many, that European

In other fields, to Germana of retail sales in the U.S. during possible, and it is expected in balween the

countries. the the American delegation

This temporary restoration of 1952 was about four per fent expect to push cool output to Inter-sessional Committee meet-

was made greater than the year before, 129,000,000 tons in 1953

volume also

algo almost twice what France and Houston, Texas, Jan,'91..' A Houston construction Arm Ing will come with instructions commodity arbitrage

the Satna produce together. from Mr John Foster Dulles, possible only because Britain's and that physical

Total with the European was up. Government is leaving Japan out has contracted to build a plant Secretary of State, to see that overdraft

retail in Deamber, German coal production in 1952

sales IN

Lockport, Louisiana, the necessary machinery is put Payments Union had grown embracing the peak of Christmas hit 128,000,000 tons pland in the steel project, at

further deficit

The car industry was the a mission spokesman sald today, making newsprint from sugar

had to be settled entirely in buying, amounted to nearly

$17,000,000,000, the Departament third largest in Europe-behind Tinnosuke Hayashi, board cane bagasse, a fibrous residuo into action as soon as possible large that any

Reuter

gold. +

Bald, running approximately 10 Britain and France with pro- chairman of the Japan Steel Tube remaining once sugar has beta

MIGHT AGREE` Company and leader of the pro

of 420,000 passenger HIGHLY DANGEROUS per cent more than in Decem-duction

If the care and trucks last year,

ogreement is ber 1931. the Government has heard the said and Root Incorporated i

mission, sald today that

The report sald *1952 Output of the machine-tool renewed, Canada would and hers but they soon es permission by received Exchange Rates This meant that although from

Dellish dealera had to pay dollars prices, on the average, were Industry, which regulates, the self bargaining with her chief Bustiers was done in the local for the commodities which they about two per cent above 1051 rate of expansion and produce buyer, Britain, and the British finicial exchange match this subsequently resold on the Con prices,Therefore, retail sales tion in other industries, reached would not be prepared to offer might morning at the following rates

Bilinent, the Sterling with which of $104,000,000,000 during the post-war high of 10,000,000,000 terms as good as Canada U.S. dollar. (per $1)

foot rubber, untaled Ten they were paid was at this tune year four per cent above 1961 marks, in 1952. This was a 33 get through a stnewal of the

LOL hamrepresented wales of more por cent increase in value over agreement Sterling note pre

Canada and Australia, two big

No. I pale crepe 34,00 Meanwhile their Siam icals per 100)

Associated Press, Bingapore (Straits) '

exporting countrios, might FICA plastres". Lowr`300)

**** 1185 pronts and commissions were volume-Aisociated Press, gr="” | this

Tokyo, Feb. 1.

The Japanese Government is toing ahead with its plans for Bending a steet mission to Indfa despite reports that the Indian

of

Jected

reports have not been

Plant In U.S.

extracto.

will be built

for

the Indian team from the National Production

•had beca, no.

There Authority The plant will be in plans for built for Valite Corporation of the steel group to leave next New Orleans and will have n month for an on-the-spot survey capacity to process about 17,280

to

1.

or

of the altes for the stool-plant to tons of newsprint pad, diskolving Indonesian guilders (per - 905-21.30) was good as merchanting |- goodačná well as greater dollar Upajmotitank. "'la alitclimbing.

In the initial,

bo met up jointly with Indian and pulp annually Japanese capital-United Press, stages United Prost

20.30

1y

42

in reported to believe that Rubber Futures Canada gels a better price by Importing dealing with member nations. In the Council than by negotiating on her own with individual nations.

not

In S'pore

Prices

Singapore, Jan. 31..

of rubber futures closed today da. follows:- „Number 1 rulber,

** per15) March/aja

April Kay Number 7 rubber, Number rubber,

March 2284

Number.

archudder,

inket crepo...

2011-001%