1953-02-03 — Page 9

MESSAGERIES

M

"LA MARSEILLAISE"

"DREST"

Arriving

MARITIMES

Leaving

. Feb. 24 Feb. 25

} Keelunr

Feb. 7 Feb. Hong Kong Feb. 0 Feb, 10 +"FRY HILL"........... Mar. 2 Mar. 2

"LA MARSEILLAISE" Mar, * Mar.

For passenger and freight.

M

Outward Far

Yokohama & Kabe Homeward For

N. Africa & Europe N. Africa & Europe Marsellies via Manila

For freight to Saigon, Marseilles, Algiers, Tangier, Corablanca, Havre, Dunkirk, Antwerp & Rotterdam.

Accepting cargo:

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

Subject To Chanze Without Matice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

EVERETT

Tel 26651 (3 lines).

THE CHINA MAIL, TUESDAY, FEBRUARY 3, 1953.

Not To Sell

Silver

Mexico City, Feb. 2.

Roureen linked with the Bank of Mexico sald today this country has no inten- Hon at present of selling silver despite the recent price Increase to 881⁄44 cents U. 8, per ounce.

Mexico rered from the market more than a year BED when the price drop-, ped, Since then she has Bought silver and hold it as backing for ber paper

currency,

Many economials here think the price of aliver with ro up to 20 cents an ounce within a few months, There is mome Indication the Bank of Mexico docs not intend to sell below this figure, Associated Press,

Liverpool LINES Cotton

Trading

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

"BRADEVERETT"

In Saila

Puri

Loading

Feb. 3 for Singapore,

Rangoon & Calcutta,

"REBEVERETT"

In Salls

Port Loading

Feb. 3 for Kabe

*

Penang,

Yokohama,

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

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korca, Japan, Philippines, Indo- Chiao, Siam, Malaya. Colombo, Bombay, Karachi and Persian Gulf Ports,

"NORDSTJERNAN”

Arrives

Snils

Feb. 5

from Singapore. Feb. 0 for Kobe and

"STAR ALCYONE"

Arrives

Sails

Yokohama.

Feb, 19 from Japan. Feb. 20 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Kharrar shahr, Basrali & Bahrein,

(Accepting cargo for tramhipment Kobe/Puzan and Kobe/Okinawa)

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

Charter Rates

At

Lowest Point Since The War

New York, Feb. 2. World rates for time charter dry cargo vessels dropped to the lowest point In December since World War II, shipping sources reported today. Rates for tankers were also off sharply in December.

Time charter rates averaged only 60.4 in December (July-December 1947 equals 100). This was slightly more than one-quarter of the 224.2 level which prevailed at the. start of the year. The previous postwar low was regis- tered in March, 1960, when the rate was 63.8.

Decision On Private Limited Companies

London, Feb. 2. The Liverpool Cotton As- sociation has decided to ad- ml private limited com- panies to full membership, thus paving the way for reopening of the futures

market in raw cotton.

Buying and seiling of cotton in Britain

under have been the Government control for the past 13 years.

Early in the War, the Liver- pool cotton market was closed und in March 1942, buying and zelling of cotton were Laken over by the Collon Control

year there was a partial resumption of private trading

in raw cotton when the Govern- ment allowed individual spin- nera the option of making

own arrangements purchases In certain brands.

their

for

Decision

Wheat Trade Ceylon To Revert To Free Basis?

Sydney, Feb. 2.

Australian wheat-growers would prefer to see the International Wheat Agreement (IW.A.) renewed as a result of the International Wheat Council meeting now being held in Washington.

But many observers in the wheat industry here see a distinct likelihood that world trade in wheat will revert to a free basis after the four- year-old IWA expires next July 31.

Australia is represented by, quantity they guaranteed to Sir John Teasdale, Chairman of supply Importing nations were the Australiari Wheat Board, bound to buy at the minimum and the Deputy High Commis- fixed price the quantiles they sloner In London, Edwin guaranteed to buy. McCarthy. Acting as observer

for Australian growers is Tom C. Stott, general secretary of the Austrailfan Wheat-growCTS Faxtortion.

The main wheat-exporting countries, the

CRITICS' ARGUMENT Crities point out that in four years of opernillon the IWA has really favoured the buyers far more than United States,

sellers because Canada and Australls, are ex- the "free" market price rose to pected to present some sort of almost 30 per cent above the united front for higher prices fixed export maximum. Aus- any new agreement, How-tralian wheat farmers complain ever it is obvious the IWA's that the IWA cost them, some fate

£20

milion a will depend largely on of this price difference.

a result year

of the

what buying cations can pay

The IWA came into operation In August

ugust 1849 for a period of four years. I laid down maximum and minimum prices

Representatives

48

for wheat deals among member renewal of the ad but

nations. A quota was fixed for each exporting nation to sell within the agreed price rat Surplus could be exported the "free" world price.

Under IWA

the exporting nations were bound to sell at the maximum fixed price then,

HONGKONG SHARE MARKET

These dree imports began in (From Our Correspondent) September.

Mr James

Reynolds, Presi-

on the Stock Business done Liverpool Cotton Exchange this morning amount- dent of the Association, emphasised that ed to $254,051.70. Noon quota- one of the main functions of

tions and the morning's trans- the Association was to run the actions:- futures market and, to be able to perform this function, it wan necessary to attract capital to

the market,

011

In official statement issued after the meeting, the Associa→ alon sald that at present there is nothing to prevent spinners or any other cotton trading concern from forming a com-

Awhich can have all the privileges of Liverpool member- ship, including the right to trade futures any reopened

upon

market.

SHARES BUYERS SELLERS SALES

BANKS

1.K. Bank .. 1420 1425 INSURANCES

Caslon ** Thelon Underwriters SHIPPING

260

000 105 135

conference

A special

new

committee was set after the Up

conference to examine the possibility of

Attacked

ROYAL INTEROCEAN

"BOISBRVAIN" *TJIKAMPEX".

"STRAAT

*KARABIAR”*

Strong Criticism By TUWART

London Journal

London, Feb. 2.

#D0185EVAIN" -

"TIDANTJET"

"TJIWANGI"

SAILINGS.

Tab: Fab. 4

Feb. Feb. 19

Feb. 21

Fab. 22

MAP.

Mar. $

"STRAAT BOENDA” · Mar,

The latest development of the Ceylon Government's | "TABMAN" policy of reserving all new ODAS Alar. avenues of commerce ex- clusively to nationals of Ceylon is strongly criticised IBADANE by the Financial Times.

The paper polits cut that, under this policy, the Govern- ment of Ceylon hus decided to restrict the rubber, trade with China to Ceylonese nationals to the detriment of European in- terests. The only new

"THLUWADY

"STRAAT

MAKASSAR"

"TJIPONDOK"

STEGELERNG" "TJIWANG£"

*TJJFANAB”

aspect "VAN BEUTS

of this long-established trade, however, is that it is now being conducted under Government contract whereby rice is re- ceived by Ceylons and rubber by China.

The Financial Times

relates of the Commonwealth 'Prime this policy to the recent decision

Ministers to encourage invest- mert in under-developed mem- ber countries.

But clearly, it says, such policy can only be successful ir there is co-operation between those countries which

it.

TKAMPER"

"THLUWAR"

TEGELBRЯO"

"TJIHANTJET"

"RUYS" "TJWANGP"

"STRAAT

DIAKASSAR"

WTJIKAMPER" provide

"TJLUWAI"

member nations of the inter- the capital and those who ab- national Wheat Council motio

Zast

discuss

"It is regrettable that so soon May London

after the Conference there should have been an example Ini the con deadlock. It broke up chiefly of decidedly uncooperative con- because

Indicated duct on the part of one country they were not prepared to pay

Importers

-Ceylon.'

CAUSING CONCERN higher prices under any

There is rb quarrel, the Australia and the agreement. other exporters would not give paper continues, with a policy

elther

of "Ceylonisation" as such, but this the latest development of policy is one

which is under-

солест instandably causing troducing some flexibility into "In face of this situation," it European interests says, "the the world price limits.

affected intimated that they The committee submitted pre- would, if they lost this trade, liminary proposals last July and member nations will be giving became redunder und s

have to dismiss employçes who their decisions at the Washing result the Government of Cey ton conference.

lon has decided to delay the full

of its polley. implementation of

"For the time being the "For Government which is the sole buyer will

Ull purchase rub- ber from the European houses, But this will cease as soon បទ employees of the rubber depart

have secured cmploy- ments ment

elsewhere, and for provision is being mad

Some experts here think that Increased production in Canada and the U.S. will make the North American producers adopt an attitude of "higher prices or no, agreement." How- ever, they point out, several will developments important have to be considered.

ore!

These

AUSTRALIAN POSITION

Q

Page

LINES

To

Yokohama, Nagoya, Osaka, a. Koba Djakarta Bemarang. Surabals

Kobe, Nagoya & Yokohama

Bingapore,* Diskarta, “Semarang,"

[sursbala & ̈ Macassar

'Singapore, * [Djakarta,

Mauriūns,

8. Afrièn✯ #. America

Djakarta Semarang,

Na Cakung

Burabala

singapore. Djakarta; ·Semarang,

Burahala, d. Macassar. singapbru ̈æo BY, ́EAR 'Afriem·· Japan

Djakarta, Benkranz, Barabala

MacaMay

Djakarta, Seminang,

Surabaja & MaÇALARI

star. 16

Mar. 17

Mar.

Tigrapore.

Нарад

17

MMT, 23

Manila, Kagay, MirL

Kingapore,

Djakarin, Mauritius, 8. Africa &

America

Djakarta, Semarang.

Mucarer

Japst

Singapore. Djakarta,

Surabala di Mackfire

Surabain

Bemarang,

Manda, singapore, E. & 8. Atrier

MACSISA

Atar. 20

Apr.

Apr.

Apr.

4

Japan

Apr.

Djakarta, BERTADE,

Apr.

14

Apr. 22

Hingapore. Djakarta,

Apr. 23

Apr. * May *

sev.

Feb.

Feb. 12

Aurobala

Singapore. Djakarta, - BOMATADY,

Burahain at "MACRAVAT.

Mauritian,

J

9. Africa 8. Amerien ·

Djąkerta. Semidrang.' darabala

'MACKINNE

Japan

Kingapore. Dinkarta,

Burabola „faransar

ARRIVAL:

From

Semarang.

5. America. 9. Africa, Maurillas,

Eingapore Brantia

JAPAN

Масловае Burabala, Semarang,

Djakarta & Singapore

KING'S BUILDING, Ground Floor TEL. 28015/18. CHINESE AGENTS: 82 CONNAUGHT RD, C. TEL8, 31190, 25138.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO; NEW YORK, BOSTON, BALTIMORE, & PHILADELFIKIA VÍS SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

this

M.S. "HULDA MAERSK” *M.S. "GERTRUDE MAERSK”

M.S. "TREIN MAERSK”

There Is no sign that the Governmert has changed its

rubber trade..

1. Favourable seasons have intentions, and these are unfor given some of the larger im-tunate not only because they porting countries better crops are grounded on an inaccurate and lowered, their export re-definition of the nature of the quirements.

2. Argentina, with a стор "More important still is the three times as large as last sea- įfact that these Intentions, which brings the South run contrary to Ministers' de- American "country close to beclarations that Europeans need 230 17.50ming a major exporter.

fear no danger to their Inves!-

11

4000 135

Asia Navy... DOCKS, ETC.

K. Wharf... Dock Provident ... 13.60

1.95 7.70 1.80 400

S'hat Dock Wheelock

Hongerw*** LAND, ETC.

H.K. Hoiet 11.1. Land

The Association said that all preparatory steps musi be Lalten before..such... reopening...(Oldi could take place.

However, traders sald this emphasis by the

Association only means that it is not sure of the date since il is known that the Government's policy, is to reopen such markets DA soon as possible.United Press.

The Rubber

Markets

Singapore, Feb. 2. Prices of rubber futures closed today as follows:- Number 1 rubber, per ib,

March April May

81-014 0212-46 82-7 Number 2 rubber, March .. 7073-774 Number 3 rubber. March .. 7314-7414 Number 4 rubber, March.. 7072-7152 Spot rubber, unhaled ...... 3015-81 Blanket crepe

10-72 No. 1 Dale črepe

05-100

11.00

73%

3

Stockpiling by some Euro-ments, may act as discourage. pean countries which has been ment to future capital invest- 500 in progress for some years is ment in Ceylon which is 50

likely to be curtailed and pos

2.20 2000

1.70 7.00

I.K. Land (New! N'hal Land 1.00. UTILITIES

Tram

Stor Ferry of 0.15

C. Light

sibly discontinued.

altogether.

badly needed.

"For the present policy could Currency difficulties.

be an unfortunate precedent and Australia exports most of her one that might be applied-to wheat to Sterling countries and other commodities besides rub- 2000 1.83 therefore has less worries about ber."-London, Express

1000 22

1000 P.15 4300920

23.00

Its customers striking currency | vice. difficulties.

better

This would put Australia, at C." Light (N) 6.10 600000 least theoretically, in a Licctric... 23.00 23.50 300 23.10 position If the wheat trade sud- cut-throat 1000370 denly plunges into

Various experts 208 19.20 Competition.

warned 200 10.00 have repeatedly

such competition is inevitable if the IWA is scrapped.

Australian economists also see

Telephone

INDUSTRIALS

Cement... 17.00 18.20 STORES, ETC.

Dairy COTTONS

Ewo

20.10.

18.80

2.65 2.03 1650 @ 255

Grain Prices

In Chicago

sellers -United Pres.

NEW YORK MARKET

the

wheat

industry as

Immediate nhy

to

:

Ser-

COTTON PRICES IN

NEW YORK

in the balance of They constantly call

New York, Feb. 2. for inercased production, polat

Cotton prices today settled Ing out that exports of Aug back after a hold attempt to tralian wheat save dollara forward a rally in the forenoon.

the Sterling nations. — United Press.

Stock Market Firms Up

Stocks

"

Contracts gave up early gains to $1.50 a bale closing mostly

at small not declines.

Buyers lost heart when the President's message to Congreso fulled develop anything furm legislation,

to

410

re

In Port Buoy A11

* Calling Vancouver.

ARRIVALS FROM U.S.A.

M.S.

"TREIN MAERSK”

M.S.

"NICOLINE MAERSK”

MS.

"PETER MAERSK"

AGENTS;

Feb. 11

Mar 4

Feb. 4.

Feb. 20

Feb. 28

For Freight and Further Particulars please apply to:-

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36056-9. Į

Dates and rotation subject to change without notice."

At liberty to proceed via other ports to load/discharga exrgo,

Fair Price For Natural Rubber: Hint

To America

London, Feb. 2.

President Eisenhower is reminded that fair price for natural rubber is not only an im- portant part of domestic economic policy in Malaya but also an essential part of any sound United States foreign policy.

This reminder is given by the Financial Times In leading article dealing with the impact of United States synthetic rubber production on the plantation rubber. Ins dustry.

specino Other traders read deflationary implications into the message.

dented sentiment Bullish

a

surplus and hereby force down the price.

There would

have been no complaint, the poper goes on, it the synthetic rubber · Industry had competed on fir terms of real cost, nor will there be it the new Administration adopt this policy.

Chicago, Feb. 2. Chicago grains were lower as indleated disappoint- of ment over the failure Preskient Eisenhower to make

New York, Feb. 2.

The smaller surplus forecast market not to meet the shortage Rates rose sharply following new organisation-the Ameri-

New York, Feb. 2.

any specifle firm recommenda

moved Irregularly when a leading spop firm

for this your, it mys, should of natural rubber, which would outbreak of the Korean war, can Trainp Ship Owners Asso- Prices

In early tradloga and became a leading seller in the Improve position of natural rub have been reasonable enough, of rubber futures

Lions. Other sellers regarded easier and reached a record of 249.5 in) ciation, Inc.-in an effort to closed today, 20 to 35 points

de- armer

noon hour the President's racasage of

after President Elsen-

putting around ber producers by itself but it but to create November, 1051. Since then get higher charter rates.

lower with sales totalling 40 flationary. The commodity marhower's message to Congress. 15,000 bales of May contracts will have to be backed by the they have declined

Simultaneously, almost

contracts. The futures and spot ket About 40 companies

later trading Dealings totalled 1.600,000. Of Into the ringi receded in steadily.

owning markets ensed in the continued

Administration if after, the futures Index touched 1,200 issues traded, 481 ad- it sold around 5,500 bales of action of the new United States the rubber than 100 ships, mostly

Orleans more Trip charter ratos-hose paid Libertys, are represented.

absence of consumer buying

431 declined and 280 March against New

industry is to be restored to a purchases TUCIO

presumably on for a single voyage rather than

sound condition. two interest but Eastorn shipment the bighest level in over three vanced,

unchanged. Tramp operatora have

weeks. Wheat closed 1-1 the offerings for a specified period-did not objectives.

continued in light

straddle operation In market and soybeanAJ

action was The wwerg 4 to Oro la to obtain

supply. Prices closed today as

March, liquidation increased

It can reasonably be expected, lower. Prices of grain futures line with analysts' expectations,

with most seeing nothing in following the rise in ecrigated the paper continuas, that a Re closed as follows: ---

of publican Administration will the President's speech to depress stock to the season's high Wheat price per bushel

prices nor anything to provide 183,876 bales. Technicians also not continue the present sy Spot

took profits, The early firmnessthetic rubber policy, for it to It is indeed certain, it says, coupled + with covering pledged, to oppose Socialism in that at present costs new expon- before the President's message,

of: synthetic rusober higher any forming plus expectations of a loan rate on 15-16 inch cotton 111.18

The Flanncial Times, refutes would, it's normal tax next year and renewed textile the American contention that reasonable price for natural not be able to undercut a the price of synthetic rubber is rubber. But it must always be

the time

rise to the peak set by time higher charter rates from the follows:- charler vessels and have not Military Sea Transport Service.

March May September December March Bipat

declined as

trip Lar, The

The other is to persuade the chacter index for December was 80.3, which was well above the fovernment to make operating differentiat subsidies, now post-war low of 67.5 set in Oc-available only to 15 laes de tober, 1940.

signated by the Goverment, to for tankers in the all Rates

operators of...U.S. flog dollar areas (based on the oldes

Vessels U.S.. Maritime Commission

Charter

Libertys rates for were downs to have been advanced from $1,275. scale, as: 100) 107.8 in December. This com- daily to about $1,475 for recent pared with: 293.0 in January a charters, but tramon operators year ago. Tankers in the Sier maintain that it costs $1,000 to ling Areas (with the British Ministry of Transport scale as $1,700 a day to operate the vee-

sels.Associated Press.

100), recorded a rate of 150.8 in December, compared with 401.0 Ind. January 1952..

Price Of Copper

Santiago," Feb, 2;'

The Chilean Finance Minis

als

27.65 27.18-27-3/0 20.15 nominat

20.35

March

20,00

May

24.00

July

September

United Preat,

December

Corn

LONDON MARKET

London, Feb. 2.

The rubber market was quiet today. Prices closed as follows: Number 1 rubber, in pence

per lb. March April/June July/September

ober/Dectr

United Pres

Frankfurt Fair

[New] York, Fob. 3.

ter said that Chile had no plans. At leont, 29 nations will be

to raise the price of copper, now represented át", the "Frankhurt

#pot

2.2332

1,301%

Marcli May July September December

Пус March

May

1.77 fommat 1.8125-1.1.

2016-95

Qala March

MAY

New York Gaur per 300 lb," sack.

$15.70 nominal-United. Press, Fun

· much of a boost,

Dow Jones averages at the end of the session:--

30 Industrials

20 tuils

*15 utailies

40 bonds

...... 200.23

63.08 08.40

-United Press.

LONDON TIN

MARKET

London, Feb. 2.

• The Lin' -market was steady. and quiet. Turnoyer

Exchange Rates fons Including 10 tons for cash,

was

..

market 'activity, IN WA

The market opened up 8 to 19

points and closed off 10 to up 2 not subsidised by the Govert" | impossible to compete on level

points. Spot March May

7. July,

way: 36"

Prices closed, at the end of the oficial morning scaston Businem was done, in the local follow G inoming, at the following ratesinde 15% (1) sellers. (125 dollar (per (113)

Extreme weakness is reported to be contiiliing in the tank ship market. Rates for one Ex- turo

In the American coastwise recorded at 35 per market were cent below the ́old ́ ́US. Maritime Commlealon level. In cold of 3311⁄2 cents a pound. Ito Internalom! Spring Fan con unoffel, exetanogimarket als in, buzer

the Persian

however, made the statement in reply to Tobruary-22-20, 22 thơ / U.S.,

proving

financial publications that io reported, Thone will induit two Meanwhile, American tramp price of copper would be altered, newcomers Nicaragua, ship: operators have formed:@ |--United Press.

Haiti-Associated Press.

handestars mullandularpur: 100% BLA

more. (Sirat),

„Miami Beats (per 100):

FIG) Diartres- tper 100) ****

done at

October December March

May July

ment, and that the industry termist with an

an industry.

312-31.29 technically valid, but practically

in private hands. Both aretovou set by the Stem

34.06.

33.51-33,53 33.58-33.71

falsc

30,00 31.02 bid

United Prem,

w

The Financial pludes:

in

Thes

polits out, are owned by as These are, arguments 61.

Most of the plants, the paper

Government and

workód ..., by. private arms. The product i

the

for your orber, bus

uro also strong argainienta expedierny. If the

not directly subaldined but the producers in Malaya receive less removal of the overhead come nites are rornado for port of the capital value of the plant and of degrociation. The munist terrorists. For the

US. Ingvilable constarecce has benty and the not

now President the syntheile, rubber Esa been

reallco

fair

price for rub. sold beloy any true cost price, beis an important part of

domealle economie policy. It..

Lead Price In NY New York, Feb.2. Prices in the metal market cloned unchanged with the following exceptionem,fangui Gr. Lead, f Common, · Nowy -York, 1 Furthermorb, this prodution, nothing less than an esse

pre Ib.. 13.59:: centa. -- United under them" special celroame part of

stances, 'kas: teen, put on the policy

any sound foreign