1953-02-17 — Page 9

Page

MESSAGERIES M

THE CHINA MAIL, TUESDAY, FEBRUARY 17, 1953.

Page

MARITIMES FUTURE OF THE POUND ROYAL INTEROCEAN LINES

Gradual Progress Being Made Towards Convertibility

Arriving Røyvinė

"LA MARSEILLÀISE” Feb. 24 *"MEINAMI"

+'FRY HILL"

M

Ontward for

Takahamia & Habe

-Apr.

Feb. 25 3 Apr. 3

Monoward For

**LA MARSEILLAISE"

COURSEULLES"

"MEINAM"

„atar. 7 Mir 7

Mar. 1 PTAI, Apr. . Apr. .Aur, 129

A

Apr. 24

• For passenger and freight.

N, Africa & Europe haracted via Miabila H. Africa & Europe Europe N. Attien ti

**For freight to Salgun, Marseilles, Algiers, Tangier, Casablanca,

Havre. Dunkirk, Antwerp & Rotterdam.

• Accepting cargo:

Via Marsellies to all Mediterranean & West Africa Poris. -via Djibouti to Madagascar.

Bubject To Change Without Nutke..

CIE DES MESSAGERIES MARITIMES

P.O. Box 63, Hongkong

Queen's Building (gr. floor).

Tel. 26651 (3 lines).

EVERETT

LINES

EVERETT ORIENT LINE 'Fast_regular_freight-refrigerator-passenger service to Koreų, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.

"NOREVERETT"

Arrives

Sails

Feb, 21 from Singapore. Feb. 22 for Kobe &

"REBEVERETT"

Arrives Salls

Yokohama

Feb. 28 from Manila, Mar, 1 for Singapore. Penang.

itangoon & Calculto,

(Accepting carca fer transhipment) Kobe/Lusan

EVERETT

and

Kobe/Okinawa)

STAR LINE

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

"STAR ALCYONE"

Arrives Saide

Feb, 20 Feb. 21

from Japan. for Singapors, Pori Swetten- ham, Penang, Madras, Co- tombu, Bombay, Karachi, Kharramshahr, Basrah & Bahrein,

"NORDSTJERNAN”

Arrives Salts

Mar. 4 Mar 6

from Japan..

for Singapore, Port Swetten- ham,

Madras, Colembo, Bombay, Karachi, Kharraing · shahr, Basrah & Bahrein.

(Accepting cargo for transhipment) Kobe/Pusan and

Kobe/Okinawa)

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

TEXTILE

INDUSTRY

RESEARCH

New York, Feb. 16, The American textile industry apent a record $30,000,000 on research and development work last year, the trade publication Textile World estimated,

|

The Rubber

Markets

London, Feb. 10.

The rubber market was dull today. Prices closed as follows! Number 1 rubber, per 15.

in pence

2214-23 Murch,

222-23 April/June July/Septrinber October, December

22-3

-United Press.

NEW YORK MARKET Most of the money was spit

New York, Feb. 10, Prices of No. 1 rubber futures for the Introduction fibres and for development of closed today unchanged to 20 new properties and uses for old points higher with sales totalling fibres, the magazine added. The three contracts. Business

of now

was

Resuming Trade Relations

Maulla, Feb. 10. Efforts of the Philippine Foreign Affalts Office to reopen trade

with former eltemy countries, including Japan and Germany are making some headway.

A Foreign Office spokes- man said that drafts of propaved trade and finan- cial agreements between the Philipplues and West Ger- many are pending with the West German Government.

These are similar to the barter agreements between the Philippines and Japan, he added-Reater,

American Steel Industry Prospects

Primary Objective

Present Economic Policy

(FROM OUR OWN CORRESPONDENT)

London, Feb. 16.

The British Government has refused a French request for a relaxa- tion of import, controls.

**TJILUWAR"

"BOISSEVAIN"

BAILINGS

To

Singapore, Djakarta, Remarang,

„Sūtrabais A, Macaran Penang, Bingapore, Djakarta, Mamelu

tlox, 8. "Atzirk & 8. America Djakarta REMATADE. Buradais

Atacastar

Manila, Bingapore, E. & H. Afrien Yokohama, Yokkaichi * Kobe Singapore, Djakarta, Bemarks

"Buranala di minemisar k Singapore, Penang Belawan Deli Bingapore, Djakarta. Komarang,

Būrabala & Macassar

Japa

Mania, Miri, Aingapore, njakarta. Murjalta, 8. Afrira ♣ B. Ametien Djakarta, Nemarang, Aprabafa ··

Macassar

Of

Of U.K.'s

~TJHHANTJET

"TJUODAS" "STRAAT BOENDA" Ar. "THIWANGI" " MAT.

Feb

Feb. 20

Feb, 22

Feb. ]

**TASMAN"

•

*EJILUWAR"

TISADANK". ATULAT

MAKASSAR"

MRT. 10

atar. 17

31. 17

MAT, 23

Mar. 29 ART,

Japan

Singapore.

Djakaria,

Apr. 2 Apr.. Apr.

Apr. 10

•

Apr, 20 Apie 211

"HUYS" "TIIWANGI"

"STRAAT BANKA" "TJILIWAR"

Apr. 21 Stay

Miny

J

May 10

This will cause disappointment in France, where the British restrictions are regarded as having played an important part in the deterioration of the French economic situation, but it should occasion no surprise among those who have watched the development of British ceonomic policy over the past year.

Immediate purpose of this policy has been, in the words of Mr Butler, 10 make and keep Sterling strong.”

is

the

The first objective, in fact, has, alone. Much will depend upon already been achieved-as the action taken in America. shown by the fuct that the A reduction of United States British authorities, have recently tariffs, had to intervene in the foreign exchange markets to prevent the price of Sterling exceeding its upper limit of $2.82.

dividend polleleg

nglopted by some companies for this develop- ment. They argue that if the

paying due

American purchases of Sterling use of nasets and

regulation of directors were making the best

for

Jut if Sterling has been made strung it is fur from certain that ita present

strength would be maintained if the restrictions which helped make possible were removed at this stage.

Nur should the fact be lost 'sight or that the Sterling Area has biedred itself To work New York, Feb. 16.

towards convertibility. The and Spokesmer

America's

not merely a strong Pound, is steel industry

the primary objective of the result in any large or rapid in-ortholders for a are divided in their opinions

to as when present policy. supply will catch up with de- mund.

.for

de

to

Two essential conditions must be fulfilled before there can be any major advance in this direc- Lion.

The first, as already punted out, is a strong Pound: the second is a much larger gold reserve than we have at present.

Sume say supply-demand already is in balance for a few items ner that there are signs. of casing in other areas. Others predict a continuing high mand that will force mills make expansions beyond those on the present programme.

American plants are now pro- ducing at the record annual rate of about 117,000,000 fons. Only a year ago the pace was about 108,000,000, And in 1931 the production rate 53,000,000 tons a year. By next was year the anal rate is

ex pected to reach 123,000,000 ton

types of sicel admittedly are still hard to get the British But one spokesman said ware-

ure currently

pany

house stocks are

}}}}}

EX-

NOT FULFILLED

It

would be dangerous to asstime, however, that thehe conditions

have already fuithed.

been

The prosent strength of to the fact that foreign countries Sterling undoubtedly owes mucis have been deprived of many opportunities to earn it.

This has been

been one effect of The other-perhaps less obvious import restrictions, up-has been that people in this country have not been able to ported goods as they would like spend so much money on im- to have done.

The result has been an accumulation of demand that, once released, would quickly make itself felt on the balance of payments.

to 00 per cent of capacity. One- Afth of that nation's steel is cold from warehouses. After the steel

strike The warehouses were only 30 per

rent lied, mal a year ago stood at 50 per cent.

One steel maker sald the market for galvanised sheet Is definitely easier. And another warehouse spokesman said, "De- mand for hot-rolled

Uf

"TIIPONDOK "TEGELDERO" "TJIWANG

**TJIPANAA”

VAN REUT9?" "TJKAMPER"

**THLUWAI

"TEGELBERG"

"THBANTJET

Aurabala & "Mucasier.

AOMEILUS

Manila, Bingapore, E. & A. Afelen Japan

Djakuria, Kemark. Arabala

MACAESAR

Bingapore Djakarta, BomarADES

Hurabula & Macautar

Singapore, Djakarta. Mauritius,

8. Africa 8. America

Djakeria, Semarang. Kurabita

MacRese

Japan

Singapore, Djakarta.

Aurubala & Macassar

+

REMATANE.

Manila, Slėgapore, K. H. Atrica Singapore, Djakarta, Remarans

Aurahia & MATAKONE

ARRIVALS

Macassar,

From

Surabala.

Djakarta & Singapore

in Pari

"BOISBRVAIN" "TJIDANTJET“

Feb. 10 Feb. 20

Japan Japan

KING'S BUILDING, Ground Floor

Semarang.

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELA, 31190, 251.

commadkies to ensure reasonable regard to shareholders' interests, stability of prices, and increased

101 shares

the companies con- American investment overseascorned would

not be under- to any nothing of a higher price valued and therefore subject to “TJLUWAR*

gold-would

turnover bids all help the

or rumours, Sterling Area to curn or obtain

ON THE MARCH more dollars.

The demand

for higher Fortunately we can count on dividends, however, is not ean- the United States to do alt infined to muy particular section of its power to help. But, with the the market. Even the banks are exception of a higher gold price immune,

to which many Republicans

Ist week's meeting of Bar- are firmly opposed-one of the clay's Bank was notable for the mede by prominent measures just mentioned would demand

more liberal flow of dollars.

dividend policy. Shareholders If other

un the found to augment the reserves supported by the financial Press. march. And their cause is being and this presturably is one of those kings Mr Butler will dis-

The Investor's Chronicle," cuss on his arrival in the United

of the leading Stock States-the process of accumulat-

Exchange weekly reviews, com- ing sufficient dollars to back ments this week-end: "Years of convertibility must necessarily tion and restraint for ordinary Government-sponsored · 'modera- be a show and arduous vne.

shareholders-but not for other TWICE AS LARGE

sections of the community-have The British Government has suited many boards of directors never stated what it would con holders'

only too well. It is time equity sider to be an adequate

rights should gold

be reserve but unofficial

opinion is recognised."" that it should be at least twice as

and

menus cannot be

pro-

of hur

tapered off, it just di Sterling is therefore dependent | surplus with Western Europe is

steci

saying:

The

war may

The

present strength

upon the continuation of the im- port restrictions.

o growth economie

tong-ter

by then may for.

135,000,000

Much of the

current

direction of

in

are

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- ed to $125,795, Noop quotations morning's trans-

and

thu

actions:-

BANKS

IIK Bank XD Fast Asla INSURANCES

Canton Union L Underwriters HK Tire

_Asia_Nav,

DOCKS. ETC.

1410

145

250 260 70719

0,30

130

1.00

K. Wharf N. PL. Wharf 6.10 Provident .. 12,00 S'hal Dock .. Wheelock

Ifengkew 15215

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "TREIN MAERSK" *M.S. "NICOLINE MAERSK”

M.S. "ANNA MAERSK"

•

Calling Vancouver,

ARRIVALS FROM U.S.A.

M.S. "NICOLINE MAERSK

M.S. "PETER MAERSK"

M.S.

"ANNA MAERSK"

Mar.

Mar. 18 Apr.

Feb. 19 Mar. 1

Mar.

G

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

· Pedder Building.

Tel. Nos. 86066-9, }

Dates and rolation subject to change without notice.

At herty to proceed via other parts to toad/discharge cargo,

19

PENINSULAR

large as at present before convertibility is attempted.

Without Sumte help from America, however, it would be a long time belure the Sterling Area

double its present could of growth would be difficult to reserves. Even the recent rate

maintain for this has resulted from the European Payments chiefly from receipts of gold

Union and Amerlean defence old.

The

latter will grow ressively smaljer as Brilaitt's position in the Union improves

a lower proportion

received gold, Armico

American defence ald wit RARES BUYERS HELLERS KALES Steel

Corp, said, how- the

continue and. It is hoped, will ever, that

nation's huge

NOT PERMANENT

increase during the next few expansion since the wa

months. prove ruficient for only a few

But, even with the this is not to say that recent improvement in our trade But years. It predicted another these restrictions have become a position with other non-Sterling

before 1960, permanent feature of British countries, the Sterling

policy.

· Area | SHIPPING On the cannot expect more than a fairly the nced contrary they are simply the modest rise in the gold reserves

necessary-step-in-the-in-the-foreseeable future.

convertibility and. Whatever success is achieved for steel derives from expand-through it, of multilateral world in the airst

part of the pro- ing car production. The car in- trade.

convertibility, LAND, ETC. dustry is

is normally the steel The paradox of this situation therefore, progress towards a Industry's best customer, taking has naturally led to some con-

free Pound must in the end 'Tu about one-fifth of total produe fustun see it in its proper depend upon what The Com- tion. Einst month about 405,000 perspective, however, should not monwealth Princ

Ministers lices, be difficult if cars rolled off assembly

one remembers the termed the ⚫vailability of 63 per cent more than a year disastrous outcome of the last 21-adequate Inancial support.", carlier. This quarter's produe-tempt to make

Storting a can- tion is expected to reach 1.4 vertible currency.. million

That ears, against only

unfortunate episode 902,000 in the first three months served one useful purpose: It proved beyond all doubt that a por-convertible Pound must also be a

The

process of withdrawing surplus Sterling held on foreign accuumty has therefore begun and its success is already being reflected in the shortuge of Pounds that logs started to ap-

in a number pear in a

of countries

Conditions were somewhat that were formerly large holders quieter in the gilt-edged market of Sterling.

but, after a certain amount of This Induced

Scarcity

ot hesitancy in the early part of the Pounds would be worse

thun week, prices moved quielty uscless, howEVET, uniese at the| ahead. same time a similar process was The continued strength of being followed within individual Sterling abroad and Mr Butler's Sterling countries.

hopeful statements on tie economic outlook were factors contributing to the steadiness In this section.

sent

missions 10

901852. of

Some car makers are ed to have

On Europe to buy sheet steel.

are the other hand, steel bars snld to be easing. In fact, one company reported that Belgian- made bars have been offered lately at the same price as the American product.-Associated

Press

figure was double that of 1910. very quiet, reduced partly by Grain

Slampore hollday. Prices

Mill productivity, population closed as feltaws:-

and

the use of synthetics ail March

May

are Increasing.at a rate of two July per cent a year, and produc- September tivity could be increased far December

March

more with added research, ac- Spot

cording to the magazine.

Within the next 10 years, the magazine predleted: Fibre con-

sumption will rise Than

from

و بیم 1

to

wili

7,000,000,000 8,000,000,000; synthetica

about 40 per cent Decount for (3,200,000,000 pounds) of that, and the United States

market potential will increase with a population Tive of some 20,000,000 customers.

more

23 bid 20.03 20.30 nominal

20.10 bid

23.90 bid

25.00 nominal 2140 -United Press.

LONDON TIN

F

MARKET

London, Feb, 10.

Prices

In Chicago

1

Chicago, Feb. 16. Chicago grains and the lead- commodities were mixed ing in

quiet futures murket Wheat closed today to 14 higher and toybeans lower to 15% higher. Prices closed. as follows:-

yheat-price per bushel

2.24 nominal 2.2416-2.74. 2.77- 2.2334-44

Spot

March

MAY July September December Com

Spot

1,5374

March

032

*N

May July September December

Ryo March May

15. 1.0014-3 1,591

1.56

1.30 Kaminal

1.742-

Date

Mareli

-United Press.

The tin market was easier today, Turnover was 30 tons. Prices closed at the end of the <fficial

session morning Increased production of

follows:- become syntholes whil

Spot tin, buyers and more important to the In- Spat tin. sellers dustry in 1953, Textile World Business done at

that Three-months, un, buyers ha Three-monti tin, sellers juse of wool, like colton, also business done at will increase in the next 10 Settlement

zald, but the chances

years. Fabrics made

aro

entirely

from wool sull have their own

distinctive properties: with

13-45 May'

73- New York

Flour-per 200 ft. Sack./ #1239 nominat.-United Fress

scarce Pound.

gramme

for

THE STOCK EXCHANGE "Plus" signs predominated in the Stock Exchange price lists last week. Industrial shares performed particularly well and several notable gains were re- corded, especially in the en- gineering, electrical and stores sections.

The Financial Times' index of| ordinary share prices climbed 2.1 points on the week.

H.K. Hotel.. 7.70 7.50 II.K. Land

roid.....

1.K. Land

(New) S'hal Land UTILITIES

Train

G4 A

1.70 1.75 100

21 21.70 300 21.00.

1.30

500 21.00

500 21.00

21.00

1000

700

100

..30

1000

*100

5.10 23.70

1950

17,00

10,70

C. Light (0) 0% C. Light (N) 6,10 Electric, 23.60 Telephone INDUSTRIALS' Cement ..** - Поре STORES, ETC.

Dairy Watson Lane

Crawford COTTONS

Ewo

t

10.00 19.20 1010 @ 19

24.30

21.00 500

-300 19,10 200 x 24.10

28.50

216

Cotton Prices

In New York

23.00-33.01

A NECESSITY For, unless intensive efforts

New York, Feb. 10. are made to mop up the EXCENI

Prices of cotton futures closed In the industrial market the today as follows- purchasing power at home, any

news that British engineering spot reluxation of import controls Arms have been awarded a con-

33.33 nominat March would simply re-open the flood-tract worth

May for £0,000,000 gates

which Sterling construction of a now iron and october through

July flow into foreign steel works at Aviles, in Spain, December ould again accounts.

March shares of the companies

a burst of interest in

Kay con- July cerned.

We should then have suffered the hardships of restriction with out gaining any of the benefits expected from it.

we

caused

34,38-33.40

23.55

33.00 bid

33.87 nominal

33.92

23.72 BIL -United Press,

Later this interest spread to other engineering companies.

March

the

NEW ORLEANS, COTTON Spot

May July October

33.00

$2,00

30,00

In short, therefore, pusition

are striving to achieve is one in which countries earning Sterling will be able if they wish to convert it into dollars.

a

10

population and NY Stock Exchange JAPANESE BONDS Ecafeity, convertibility will cease

increasing

greater consumer

will be increasing needs for

mora woolicz and

worstedi

-United Press,

London, Feb. 16. Japanese bonds

"A" (4s, of 1829). 825 "B" (48 of 1010) 73 202.18 "C" (Es of 1907) 108.11

"D" (5s, of 1934) 53.70 "E" (0% of 1930) 110.03.Consols.

United Press.

.130

104

-167

0916

New York, Feb. 16." fabrics, Synthetics blended with end of the stock market session Dow Jones averages at the wool may satisfy some of these stood as follows needs, but there is plenty of 30 Industrials room in the field for all-wool 20 rails fabrics, blended fabrics and all-15 utilities syntholle types. --- Associated 40 bonds Press:

BID FOR SILARES Success of the Investment Be-- December gistry's bid for shares of J.Sears March Tric-form Boot Company) was May the main talking point in the July markets early in the week,

A "substantial" the shareholders

majority of 'accepted the Investment Registry's offer in buy their shares at an effective price of 40/- each,

33-36-39.38

33.07 bla

33.87 bid 213.00 bld

33.80 bid

-United Press.

Pepper Market

- But, If we are to ensure that convertible Pound is also a strong Pound, it is frat nccessary to make ft scarce, for Sterling which is diMcult obtain is

New York, Feb. 16. less likely to be converted into

Spice dealers today reported dollars.

Later the shares rose to a steady to firm situation. In Once we have ensured this 4371034d..

pepper. Business was on the This

episode has caused some quiet, aide following · several to be a textbook term and will concern outside the market, and splurges of buying Inst week,

Mr C. Osborne, Conservative with become a practical proposition.

demand tapering off into is to ask Mr Butler to

on Friday night: DEPENDS ON US 8. appoint a committee to inquire Spot pepper, Was quoted at But the second condition into recent share bids. But this between $1.23-$1.24 a pound. mentioned above, strong gold suggestion has not found support Stocks awaiting release were reserve will 'sill have to be elsewhere..

quoted today at $1.22, Fobruerý fulfilled.

Most people connected with shipment. $1.12, March: $1.20 In this respect, however,

ever, the the Stock Excliengo uro inclined and April 1.11 pound, all on Sterling Area cannot act entirely to blame the ultra-conservative an ex-dock blah-Unked From.

MP

EPARABIT

& ORIENTAL

STEAM, NAVIGATION COMPANY

SAILS:

R.M.S. "CHUSAN"

NOTICE TO PASSENGERS

BAGGAGE:

SPECIAL NOTE:

SATURDAY the 21st February at 12.00 noon for thhe UNITED, KİNG- DOM via Straits, Colombo, Bombay, Aden and 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 20th February, 1953.

With the exception of hand packages carried by passengers, themselves." ALL BAGGAGE must pass through the Whorf. Co. Godown for loading on board by ship's sling only. BAGGAGE COOLIES WILL BE REFUSED ADMITTANCE TO THE WHARF

EMBARKATION: Will take place SATURDAY, the 21st February, 1958 between 9.30 a.m. and 11,00 u.m.

BUSINESS REGULATION.

ORDINANCE 1952

Copies of the prescribed Forms 1 (a) (b) and 1(c)'

Now On 5

e at S. CM Post, Ltd..

HONGKONG AND KOWLOON

TEN- CENTS EACH

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