1953-02-09 — Page 9

Page

MESSAGERIES

M

Arrlying

"LA' MARSEILLAISE": Feb, 24 +"MEINAM"

"DREST"

**FRY ILL"

MARITIMES

Leaving

Fri, 74 Alar. 18 Mar. 19

M

Gutward Por

Yehulama & Kobe Japan

Homeward Por

Feb. 7 Feb, N. Africa & Europa Hong Kong Feb. 18 Feb. 10/

7 Mar. 1 N. Africa & Europe

Marseilles via Manila N. Airlea & Europe

"LA MARSEILLAISE” '

+"COURSEULLES” **MEINAM"

THE CHINA MAIL, MONDAY, FEBRUARY 9, 1953.

Progress To Convertibility

Trade Minions Of Sterling Expected

To Be Gradual

To Ceylon

Colombo, Feb. 7. Three

countries Indonesia, Austria and EYDI Ate endiag missions to Cerion within the next few

days to

develop trade relations,

. Mar. * Mar. B ......Apr. 3 Apr. 1

Aur. 13

N. Africa & Europe

Llob

· For passenger and freight.

•

For freight to Saigon, Marsellies. Algiers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

Accepting cargo:

-vià Marseilles to all Mediterranean & West Africa Ports. -via Djiboul to Madagascar,

Subject To Change Without Noice,

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong

Queen's Building (gr. floor)

Tel. 26651 (3 lines).

EVERETT

E

LINES

EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malayn, Rangoon, Calculta and Chittagong,

"NOREVERETT"

Aurives

Salts

Feb. 18 from Singapore. Feb, 19 for Kobe

"REBEVERETT"

Arrives Salls

Mar. 2 from Manila,

Yokohama

Mar. 3 for Singapore, Penang.

Rangoon

ic

Coleutta.

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

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karuchi and Persian Gulf Ports.

"STAR ALCYONE”

Arrives Sails

Feb, 10 from Japan. Feb. 20

for Singapore, Port Swetten- bam, Madras, Colombo, Bombay, Karachi, Kharram- shahr, Basrah & Bahrein,

"NORDSTJERNAN”

Arrives Sails

Mar. 2 from Japan. Mar. 3

for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Khorram- shahr, Basrah & Bahrein, (Accepting cargo for transhipment) Kobe/Pusan

Kobe/Okinawa)

And

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

GOLD MINE

INTERESTS

PETITION

Manila, Feb. 8.

Cold mine Interests have petHloned the Government for exemption of inxes to enoble them to continue operations.

The miners, who claim tinuation

of heavy taxation would force them to close, have asked for:

the

con-

1-Complete elimination of graduated scale royalty and ad valorem tax on production;

from 2. Exemption

the

seven per cent compensating Or sales tax on direct importation of mining

ning equipment;"

3. Exemption from the

per

cont special excice tax

sales of foreign exchange.

A spokesman for

17

Future Course Of Sterling

New York. Feb. 8. The New York Times, in an editorial on the forthcoming visits to Washington of the British. and French Ministers,

indicated that one of the main questions to be discussed would be Sterling convertibility.

The French Government ap- peared la te anxious on this Lasue, the newspaper sald.

The Indonesian, delega-

arrives on Feb. Nexi to arrive will envoys from Austria,

11. be

The Esypilan delegation comes on the invitation of Ceylon's Premior Senana yake, ziven when he met Egyptian Premier Mohammed Nagulb on bis

back

The from Commonwealth conference. Egypt will discuss how to Import tes without paying Bterling-Asociated Press.

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning ambunt- ed to $247,064.30. Nept quota tlons and the morning's trans- Betions:-

SHARES BUyers sellERS SALES

BANKS

IK Bank

Canton

„Undery» SHIPPING

Waterboat

Asa Nav DOCKS, ETC.

Provident

1415

20 4 1420

INSURANCES

260

5,30

15

1 1.00

IN)

S'hat Dock

Wheelock

7.00

1.25

100

B015

Hongkew

LAND, ETC.

UK

utei 1K Land

1101 0314

Shai Land UTILITIES

# 734

50

1.00 3000 1.05

NO "SUDDEN DASH TO. FREEDOM"

(FROM OUR OWN CORRESPONDENT)

London, Feb. 8. The House of Commons debate on the Commonwealth Economic- Conference was a time affair.

The Socialists' difficulty was in trying to discover anything con- crete in the conference communique on which to base a concerted attack on the Government.

If they had hoped to gain any ammunition from Mr Butler's speech they were disappointed. For the Chancellor was as unrevealing as the communique itself.

11

According to Mr Harold that controls

over the foreign | Monday by the reports of Wilson,

former Socialist transactions of British citizens enormous flood damage, and President of the Board of Trade, have in any way been weakened this caused- the Southern the Opposition was forced to or undermined, it will be our im- Rhodeslan lean to flap. balieve one of two things: perative duty and necessity to More than three-quarters of

that the conference had re-establish them Either

In every the lock was left with decided nothing

the all ΟΥ that possible way."

underwriters and dealings there were "some elnister goings- The difference between Mr commencet on the buals of one on" which the Chancellor was Gaitskell and Mr Strachey seems and a half to one discount.

from the House.

to be that whereas the cx- There was no doubt which of Chancellor favours

graduat these two theories the Socialists abolition of exchange preferred. The tenor of their trols as circumstances permit, argument was: “We don't know the ex-War Minister wishes to what-the Government is up to retain them as but whatever it is we are feature of British-and presum

ably, therefore, the Sterling Area

apelnst it."

Sociallat speakers attached-economic policy.

much importance to the reference In the communique to a "plan" for convertibility. They con- fessed they had no idea what it was but nevertheless condemned

it.

But this side of the debate was not without interest for It revealed a wide difference of opinion in the Labour Farty on the question of exchange con- trols.

OPPOSING VIEWS

Mr Gaitskell, the former Chancellor of the Exchequer, took the view that convertibility was not in itself a bad thing but It should await a permanent balance with the dollar area and an adequate gold reserve.

"It is, he said, "something into move almost C. Light (0) 9.18, 0.20 2000 9.20 which we shall

when 6.10 10:04+0.03 automatically

those 23.00 23.70 1000 23.00 circumstances develop but we not use it as a weapon of ourselves into equill-

TYAM

Stor Ferry.

C. Ligh; (N) Exctric

Macoo Elec. 10.10

22.30 300 #22

110

Telephone 19.30.10.00 INDUSTRIALS

200 22.10

0001 2330"

Cenont ....17.70 18 1000 10 Rope STORES, ETC.

20

Dalry ...... 18.00 10.10 1000 12.50 Watson

231 COTTONS

Ewo

2.00

is difficult, however, to reconcile this view with the statement made by Mr Strachey, the former Secretary of State for War, that "If, when the Labour Party returns to omge, we find

High Wheat Yield Helps Australia Meet Obligations

Sydney, Feb. 8.

A bumper harvest considerably bolstered Australia's ability to fulfil her export obligations under the International Wheat Agreement,

Mr

13

OILS UNAFFECTED The floods caused thousands of pounds' worth of damago to oil refineries in the Thames Estuary but this di permanent

nel cause

"PLANNING.WAY"

before

any setback in oil share prices.| Indeed, Shells have remained unchanged on the week despite the fact that

the company's Thames-side refinery is in the Strachey argued that food area and its Installations equilibrium between the Sterling at Rotterdam, in Holland, must Area and the dollar world could have suffered severely. be achieved ether by restricting It will be some time our transactions with the dollar the flood damage bill to Industry countries with

all the accom- generally is fully WIL

assessed but panying paraphernalia of ex fortunately it is not expected to change control or by such drustic be very heavy. defation that, "our citizens will

Tho inrush of salt water. not overspend on dollar goods however, has contaminated because they have been deprived thousands of acres of forming of the means of doing so."

land in Britain and Holland and The "planning Way"

of this will take months, if not equilibrium is, years, to out right. maintaining In Mr Strachey's view, far preferable to

"Onancial way" of enforcing it.

the

was

19

IT'S AN ILL WIND.. Salt water contammated can

now

ROYAL INTEROCEAN LINES

"TASMAN" **THLUWAI

"DOI:EVAIN"

"TJIBANTJET":

SAILING &

Hobe

Singapore, Djakarta, Bemarang.

Burable & MacaMar

Penang, Ringapore, Djakuria, Mauri-

klas. 8. "Africa" di S. Anlertes 19Jakarta Semarang. Stirgbala

Macazar

Manija, Binandose, K. & §. Afrien Blogapore, Djakaria,. Remarang,

"Burabila & Mikeassar

Japan

Singapore, 13Jakarin, Semarang.

Hurabala Macassar

Гаран

Manila. Bagay, Miri, Kingapore

jakarta. Mauestion 8. Afiles H. Amaries

Djakera. Bentarang,

Feb. Feb. 1 Feb.

20

Feb. zz

."TJIUODAS"

Feb, 21

"TJWANGI“

Mar, 2

"STRAAT BOENDA" AXE, #

**TJILUWAI'

Mar. 10

TUBADANET "STRAAT

Mar. 17

MAKABRAN**

Mar, 17

"THPONDOK"

"TEGELDEN(" “TJIANGI“

Mar, 23

Mar, 29 Apt.

Apr.

3

"TJIKAMPEK"

"TIKUWAK”

"TEGELBERG"

"TIDANTJET"

"RUYS" "TJIWANGI"

PSTRAAT NANKA" "TJILUWAII"

Apr. 4 Apr. บ

Apr. 10

Apr. 22

Apt.

Apr. 21 May

Djakarta. Kemarang,

Ringapore.

Japan

2

May 4 May 20

"TJIPANAR "VAN HEUTOZ

**TJIPANAS" ***TIILUWAR"

"TARMAN" "D0198EVAIN"

*

Feb. 1

Feb. 12

Feb. D Feb, 19

Macapat

Здрап

KIBERPOTE. Djakarta.

Rurabata'& Macar

Karabala

Semarang,

Manita, Xlugapore, F. & 8. Africk

Japan

Macassar

Djakarta.

Anrabala

Burabala & Macawar

Демаралие Singapore. Djakarta. Mauritius,

H. Africa & A. America Djakarta. Semarang, Surabaja

Адела

Blagapore,

Djakarta,

Semarang, Manija, Mingapore, F. & B. ASPICA Singapore, Djakarta, Semarang,

Burabala stacassar

Surabala & Atacar

ARRIVALS

Japan

From

Macaneer, Hurabala, Semarang,

Djakarta & Singapore

Belawan Dell, Pening & Singapore - Jap

TEL, 28015/18.

KING'S BUILDING, Ground Floor CHINESE AGENTS: B2 CONNAUGHT RD. C. TEL8. 31196, 25138..

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO;

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

NEXT SAILINGS

*M.S. "GERTRUDE MAERSK"

M.S. "TREIN MAERSK”

of

MS. "NICOLINE MAERSK"

The abolition of all restrice counteracted by the applica- tions on the export of capital ton of gypsum, a mineral pro- would, Mr Strachey

duct used chiefly in the build- feared,

ing industry. have disastrous consequences. It had

been

British Plaster Board, biggest suggested that America's distance from Soviet producer of gypsum in Britain, Russin lent powerful

investigating means suppor to its attraction as a safe re increasing production. Shares in the company gained 7d on the fuge for capital.

But this was not the whole week. story for this attraction

Later on the markets came enhanced by the "political dis under the influence of more lance

of the

United States picasam news und prices began from Social-Democratic Bri- to arm up. The continued tain." whose policies of

full strength of Sterling abroad-the employment and redistribution Pound is now at its upper limit of incomes through high taxa-againet the dollar, and the tion; particularly

authorities have had to Inter- on profits, had what Mr Strachey even to prevent it going higher scribed as a "repellent effect and the large gold and dollar on capital."

surplus in January made for a better outlook in the glit-edged market.

im

current or espita! account,

If all controls on the port of dollar goods into the Sterling Area and on the ex-

Medium-dated stocks were port of money, whether

on between one-quarter and three-

eighths up on the week. -were-swept away, "on" ungovern- able flood of money would go

Ormer to the United States, Mr Strachey asserted.

A PITY This, he admitted, was an extreme case and the Govern- rent had no intention of do-

Extremely high yields of wheat per acre were reported from Queensland, New South Wales, Victoria and South Australia. Favourable in that. weather during the growing and harvesting periods was a major factor.

for

the

Deliverica

current step up their-two-shift, 80-hour- 1952-53 season are expected to a-week to a three-shift, 120- reach 175,000,000 bushels--nearly hour-a-week basis. 30 million bushels more than was estimated last October.

About 95 million bushels will Last year's harvest yielded be left over after Australià fills 101,000,000 bushels. Owing to her IWA export quota for 1952- this low total the International 53. Of this quantity about 10 Wheat Council agreed to reduce million bushels will remain for Australia's IWA quota to 00,000-sale on the "free" world market 000 bushels.

after deducting domestic needs.

INCREASING STOCKS

tralian producers

Tho "free" price gives Aus- about five shillings more, per bushel than the maximum 16/18. IWA

wD3

Australia's IWA quota fixed at 60,000,000 bushels a yes. in 1949, but the figure was later raised to 88,700,000 bushels when the organisation. new importers were admitted to

on his statement that Wo

in

for

Industrials, too, finished on a

note. Profit-taking caused a sttback in the Kars market after the previous week's spurt of ac- tivity.

than

No

was

tions taken in other countries, d. and Dunlops Gd. It did Home consumption of wheat

on

not

Calling Vancouver.

Arrivals from U.S.A.

MLS. M.S.

"NICOLINE MAERSK"

"PETER MAERSK"

M.S. "ANNA MAERSK" ·

Feb. 11

Mar; 4

Mar, 18

Feb. 18

Feb. 28

Mar. 4

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos. 86066-E. :

Dates and rotation anbject to change without notice, At liberty to proceed via other ports to Isad/discharge cazzo,

& ORIENTAL··

STEAM NAVIGATION COMPANY

R.M.S. "CORFU"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

WEDNESDAY, the 11th February nt 12.00 noon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden und Port Said.

ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No.2 Gate, ̧ CANTON ROAD. ENTRANCE: by NOON on the 10th February, 1958.

SPECIAL NOTE: With

· PENINSULAR PLENTY OF BUYING

London, Feb. 8. |ing anything of the sort; but The stock markets took the

were they flirting with rela- week's

disastrous North tively small and cautious steps European floods with curioux

direction?

apathy

doubt it WAs The answer is of course that generally realised that foods the Goveniment

smmen bove nomen destruction of wealth and thought of restoring convertibl-reduction of earning power but lity

олд even a limited basis un- the realisation, was received Jess and until there are ade- rather listlessly. quate safeguards to prevent a For example, Shell Transports serious night of capital from must obviously have suffered the Sterling Area.

substantial damage but Shell It was a pity, however, that Transport shares never budged

all the week Mr Butler did not

from the 78700. elaborate level, giving a yield of 5%d. certainly don't intend to act Similarly, Unilever suffered the financial neid alone with damage estimated to be not less out being able to move

£400,000 Yor, which the word solidly also on the trat-company does its own insurance, but shares never budged from Ing sido because they are ob- 42/9d. viously so inter-connected."

there general, But, in But

his reticence is

excus plenty of unestentatious buying able.

Any advance towards

all the nearly of world trade Vickers nearly 2 shillings, Rolls- It lifted week. an expansion must depend partly upon price,

Royce 1/3d.. Imperial Chemicals The current season's excellent will absorb about 44 million and Mr Butler, naturally does crop was gathered despite lower acreage about

but bull market look like a not wish to prejudice the La- prices behaved nicely. There half a million bushels for flour and a further not

20 million bushels for stock feed. ternational discussions that

was the samo kind of stondy will soon be taking place The Australian Wheat Board, W acreage has declined steadily in

mition neres. Wheat Federal org

British moderate which

this subject,

which lifted prices. Australia since the 1947-48 peak

Governmeyi is trols tha

But If, in spite of Mr But- Oils were Irregular. The of 18.88 million acres.

marketing, plans to. strengthen ler's assurance, further proof is chief features were Anglo- However,

stocks on hand-which stood needed that the British Iranian, down 2/-, and Royal better

farming about 15 million bushels at the Government methods are

not risic Dutch, down to £30. yields to balance the acreage loss.

producing better beginning of the harvest-by everything on a sudden "dash Gold shares dropped all the These Include:

it was surely week. TRANSPORT SNAGE

cessantly

all the week

and EMBARKATIÓN: courhood of 114,000,000 for the then, that

ended up at exactly the prices current harvest.

bo nothing worse at which they closed a week This is the than to embark on a conver previously. Even total from subsidised domestle

Tokyo clac- sales, IWA

operation and exports and "free" tibility

then tries, atter moving contrary to. selling.

have to retreat,”-

the others almost every day, However, with the existing

THE STOCK EXCHANGE: closed like the others American exchanges and the

The stock markets have changed on the week. economic and financial aspects wheat varieties.

Whent Agreement

had a good deal to ending next of the European defence pro➡·

The average, yield per acre July,, Australian farmers and with, during the past week. gromme-France-Presse,

came close to a record. 18 bushele,

Last ara keenly

week-end's disastrous the result of the Inter-foods made for ungollled con- previous peak of 17.83 national Wheat Council, n

ditions

carller on But the only bushels

In Washington: * per acre in 1930.-

major casualty, so far as the meeting Because the last crop turned,

Stock Exchange was concern of prices Rhodesian loan. Indication wheat farmers were stuck with butinable for their next harvest 734-744 GA four-member delegation transport dimeuities, Shipping which starts around Dctober The terms of this £10 mil- 7034-7136

from West Germany's Econonle companies, and maliway authors and Anishes towards the end of ion loan were to finely drawn Ministry and Central Bank flow ties had their hands full trying | Jánuary -- art two. Important that any setback in the gift- 7-0 to Athens today for fade to find freight space to move the questiona on Attich the Ime edged market was bound to 70-71 negotiations with Greece. Looder grain from the silos 09.30

medinte futural of the hadion's upset it. No Apply the delegation · is- Honey Flour mills, stepped up pro-rambor two farm commodify As, it happened, the Schellpeler-Associated Press, duction and switched gears to depends-United Pros

10.38

The British Foreign Secretary, Mr Anthony Eden, the Chan cellor of the Exchequer, Mr R. A. Butler, the French Pranier, an M. Reno Mayer, and the French

Foreign Minister, M. Georges the gold Bidault, were invited to vinit mining firms cited reveral laws the United States shortly by in Australia and Canada which the United States Secretary of below the previous season's provido

to the State, Mr John Foster Dulles, tax incentive gold industry.

at present touring European "But in the Philippines," he countries. wald, "gold mining companies have be

been paying as much as 10

Any programune drawn up, per cent tax on gold output the New York Times said, would mining companies require United States support producing base metals were and in any case, the Ministers paying a fixed rate of 1.5 per concerned would need to know

the American cent—-Associated Press.

Government's viewpoint on the subject.

while other

It was thus reasonable, it con

1. Keeping wheat farming to more reliable and favourable

areas.

2.

cluded, that the, Ministers shoúld § áng” increased use of fertilisers |

Rubber Futures discuss this question while they

In S'pore

Prices

·Singaporo, Feb. 7. of rubber. futures closed today as follows:-

Number: 1 rubber,

per-1, March

May!!

April

Number, 3 rubber,

March

Number 4 rubber,

March

Number 3.rubber,

March

Boot rubber, unhaled

Blanket + zrebb :

No. 1 pale crepo

7714-33

United Fress.

modern machinery.

3. Adoption of wider rotation

-DIMENS

fur freedom”

wifi

about five million provided in the statement by

Australia's wheat

collect somewhere in the neigh Eden, that "in our view.....

the Foreign Secretary, Mr Japanese bonds moved in-

hold their debates on the Anglo- f pract of higher yielding | four - year..-.old International

German-Greek Talks

of

12

Frankfurt, Feb. B

compared to last year's 18.5 and awafts oficiais

the

naw

contend

German- potash loans wero pressed, for sale, 7 per cents. losing £4 to 083% and 6% per cents losing 221⁄2 to ›£047,

United Press,

out bigger than was expected the and World demand for wheat el, was the filestarred Southern Exchange Rates

an

2

was adversoly affected

Business was, đóne in the local unofficial exchange. market this spring at the following rates:- Sucing note (per 41) U.B. dolar (per.01).

0.01 yoo,Indonezian guilders - (per 100)

Bar Beals (per 100); Bingapore (Stralia) VIC plestros (per 10031

market

the exception of hand packages carried by passengers themselves; ALL BAGGAGE must' pass through the Wharf. Cols Godown for loading on board by ship'a slings only. BAGGAGÉ COOLIES WILL BE REFUSED ADMITTANCE TO THE WHARF.

י

Will take place WEDNESDAY, the 11th February, 1953 between 9.80. a.m. and 11.00 am..

BUSINESS REGULATION ORDINANCE 1952

Copies of

the prescribed Forms 1(a): 1(b) and 1 (c)!

Now On Sale at, S. C. M. Post., Ltd. HONGKONG AND KOWLOON TEN CENTS EACH