1953-02-23 — Page 9

Page

MESSAGERIES

M

Ostwards

MARITIMES

M

PASSENGERS/FREIGHT SERVICE

"LA MARSEILLAISE" 30 Jan.

Ilomewarde

Lexyn Marseille

Une Hongkong 24-25 Feb.

J'ot

Japa

Leaves Hongkong 7-8 Mar.

Duo Atarseilles

3 Apr.

Vla Balgon

LA MARSEILLAISE"

via biarsellies to all Medeterranean & West Africa ports, via Djibouti to Madagascar.

Outwards

"MEINAM"

Homewards

"RY BR.“

COURSEULLEN

"MEINAM"

FREIGHT SERVICE

Leaves Derkick-alled “.

weke Hongkong 10-19 Star.

for Заран

I'ur

Due Hangkung

7.8

Mur

Leaver Keeling 3 Mar. Αμε. Keeing-28 Apr.

10 Apr.

A Apr.

Saigon, Marseilles, Algiers, Tanglers, Casablanco,

Le Havre, Antwerp, Rotterdam & Dunkirk.

CIE DES MESSAGERIES MARITIMES

P. O. Box 53, Hongkong..

Queen's Building (Gr. Floor)

EVERETT

EVERETT

E

Tel: 26651 (3 lines)

LINES

THE CHINA MAIL, MONDAY, FEBRUARY 28,*• 1953.

Empire Development Plans

American

Trade

Policy

Washington. Feb, 22, Diplomats of Western na- tlonx were inspired this past week by new indien-

tions of the Eisenhower Administration's emerging policy on critical issues of world frade.

To Be

Co-ordinated

By Finance Company

(FROM OUR OWN CORRESPONDENT)

London, Feb. 22.

An announcement is expected shortly concerning the establishment of the new Commonwealth Inance company which is being set up by important British financial and industrial organisations to provide capital for, and promote interest in, economic development in the Commonwealth. One half of the company's capital-which may be between $15 million and £25 million-will be subscribed by the Bank of England. The Mr Elsenhower has placed rest will come from the various institutions which have already associated

themselves with the new venture.

himself boldly

record ng

favouring expanded Internation-

n commerce and reduction of barriers to unrestricted flow of Kooda nerose national frontiers,

This polley has yet to be given conerete expression, however,

failed to notice that the now:

absolute. ORIENT LINE

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

"NOREVERETT”

In Port Loading Sails

Feb. 22 for Kobe & Yokohama

"REBEVERETT"

Arrives Sails

Mor. 1 from Manila. Mnr. 2 for

Singapore, Penang. Kangoon & Calculto,

(Accepting cargo for transhipment) Kobe/Pusa And Kobe/Okinawa)

EVERETT STAR LINE

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

"NORDSTJERNAN”

Arrives Salls

"THAI"

Arrives Salls

Mar. 4 from Japan, Mar.

5

for Singapore, Port Swetten- ham,

Colombo, Madras, Bombay, Karachi, Kharram shahr, Basrah & Bahrein,

Mar. 7 frogi -Singapore.. Mar. 8 for Kobe & Yokohama.

(Accepting cargo for transhipment) Kobe/Pusan

and

Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building. Tolephone 81206, ChinosoTM Department: Telophona~28293.-

U.S. Loss

HONGKONG

Of Tanker

The

Tonnage

SHARE MARKET

(From Our Correspondent)"

New York, Feb. 22. Americon privately-

Business done on the Stock owned occan-guing tanker fleet

| Exchang~ this morning amount- declined by 04,000 deadweighted to $215,600.70. Noon quota- tons during 1952 to

6,743,000 tions and the morning's trans- dendweight tons, ie

National actions:-- Federation of American Ship-BHARES DUYERS BELLERS BALES ping reported.

Four large tankers were built, but nine were sold, four were lasso and one was trans- ferred to the Great Lakes,

However, the fleet remains the world's largest, constituting 23 per cent of the total. Anti It là 60 per cent larger than at the outbreak of World War 11. But 80 per cent of the ships wore built during 1041-45,

Federation which,

aald, the "ercates for private owners a prcsbing problem ol block Only 300,000 deadweight tons have been add- et to the feet since 1947, com~ pared with 10,000,000 tons torelan tonkers.

obsolescence."

BANKS

1K Bark XD 1500

INSURANCES

Valon.... 703 000 20 @ 793

DOCKS, ETC.

200 0.40 12.75 12.90 700 No 12.30 ..4.20

7.03

NPU

Provident Shei Dock Wheelock LAND, ETC.

HK Hutel 7,53 HR Land (N)

Shal Land 1.05 1.78 Realty ... 230 UTILITTER

For a beginning, the company will probably concern itself mainly with the provision of capital for comparatively amali development projects. Its future activities in this direction must in any case be related to the level of internal savings and the balance of payments surplus.

loons made

Hole country

and

£33,000 under the Excesi Profits Levy.

The company's stock was s demand after this announcement on Friday and finished 2/0d up ot 23/0d.

ROYAL INTEROCEAN LINES

"STRAAT SOENDA” Mar. *THWANGI"

TJIPONDOK" "TASMÁN

"THLUWAI

*TJIKADANE" "STRAAT

MAKASSAR"

"THKAMPER"

"IROKLDERO" "EJIWANGI"

Mar,

BAILINGS

ཋ ཋ ཋ ཧྨ ཤཱཀ "ཆབ

Yokoliama,

Itabe

Bemarang,

To

Yokkaichl

Singapore, Djakarta, Sepintant.

Burabale & Macassar

MACARRI

Ringapore, Penang. Betawan Dell &

Ataurithis

Kingsport, Djakhtin, ROMATIDE

Ispan

Butabala & MACHOIAT

Manila. Miel, Singapore, Djakarta, Mauritius, 8, atèlès a 8. America Djakaria, Semarang, Surabaja A

Macassar

Japan.

Singapore, Djakarta,

Butabain & Macassar

Mania, Singapore, E. & S. Africa Japan

Djakarta Semarang, Bur bala

Macastag

Kingapore,

Djakarta, Semarang.

Kursbala & Maraisar

Hingapore, Djakarta. Mauritius,

B. Africa & H. America

Djakaria, Semarang. Surabala

Marassar

Japan

Singapore,

Búrabala 4 alacaviar

Manila, Blaganore, E.

R. Attica Jejakaria. Hemstang. Surabala 2

Blac

Singapore, Djakarta,

Burabala & Machisar

Japan

Kingapore, Djakarta, MANT,

South Africa & S. America Djakarta Semarang. Burabala

Marksme

Mar. D

Mar, D

Djakarta, Namorant, Muzahala

Star.

10

Mat.

Mat.

Mar. 21

Mar, -29

Apr.

#TJPANAR" "VAN BEUTAZ" «THBANTJET"

“TJILUWAH”

*TEGELBEND"

"TJIPUNHOR"

"RUYS"

Apr.

Apr.

Ape,

10

Apr. 27

Apr. 21

Apr, 21

May

May

癯

May D

May 14

MAY 16

**FJIBANTJET"

51ay 22

MAY 21

**TIEWANGI

"ETRAAT BANKA“ “TUKAMPER"

*THLUWAH"

"HUYS"

TJIWANU!I”

Feb. 26

#STRAAT HORNDA“ Feb. "TJIPONDOK“ "TABMAN”

27

Mar 7 Mar.

jakarta,

From

Semarang,

Remarang,

Semarang,

ARRIVALS

p

Macaune, Korabain,

Djakarta & Singapore S. & E. Alden, Mauritius de Alagapore

Зврап

Jaran

I

KING'S BUILDING, Ground Floor

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD, C, TELS. 31106, 25133

*TITJALENORA” The important point, however, amount of money available for have risen 3/0d as a result of and foreign observers have not is that with its establishment an lending to the Commonwealth the announcement that the Board

to co- through other channels.

was considering further capital Republican managers of Ameri-organisation will exist

It is impossible at this stage to distribullon to shareholdern. ran policy have kept their com-ordinate the overscas develop-

Decca Record was another star mitment of free trade less than ment plans of British companies estimate the precise effect the and channel capital into the most

World Bank loans will have on performer. The Board of this the

which speed or scale of Common-company,

manufactures In the most comprehensive uesful projects.

Later, it is hoped, the company wealth development.

television sets radar equip- trade palicy deciniration to

will establish Hriks with overscas

besides It is hoped, of course, that the ment

gramophone dale, President Elsenhower

markets and, by Bank will continue to make records, announced a dividend of sald In his Best menge

to capital

of dollars avaliable for this purpose, 180 the security

per cent compared with Congress, "Our foreign policy Ruaranteeing

to Commonwealth as it has done in the past. But 112 per cent last year, recognise the importance cour

This was made possible by a attract foreign capital the extent to which Britain can of profitable and

American capital reloase Sterling for lending by more than twofold increase in world trade...I recommend

mend that might not otherwise be the Bank must depend, in Mr profits-to £800,000-of whlen that Congress take the Reforthcoming for development Butler's words, on how much taxation took £423,000, includ- ciprocal Trade Agreement Act

the United Kingdom can affording purposes. under immediate study and Meanwhile the British Govern- the number of suitable projects extend it by appropriate legisin-

ment has been in consultation coming forward and how many tion. This object must not with the International Bank on are franced in other wayn." ignore the legitimate sale the subject of development loans guarding of domestic industries, to the Commonwealth.

THE agriculture und Jabour As announced recently by Me

It seems

very unlikely that standards,"

Butler,

the Chancellor of the World Bank

operations in the The precise meaning of the phrase "legitimate safeguarding" agreed to make £60 million of or limited

Exchequer, the Government has Commonwealth will be held up is regarded by foreign govern- Sterling available to the World "suitable projects."

by a deficiency of E. AFRICAN BALE ments and business interests as Bank over the next six years for the fundamental question mark

The limitations of the plan will Compensation talks are being

rather be Imposed

by in the future US trade policy. If lending to other Commonwealth

theheld between the Greek Govern of resources. availability the President Intends to carry countries in the Sterling Ares.

ment and Lake Coplas-which The question how

of

cotton and The question is: How much can owned

wheat money is to be used was one of Britain afford?

growing-estates in Greece until Certainly the United Kingdom they were

expropriated under Chancellor and Mr Eugene Black, Government carut affords the Greek Government's agrarian the things discussed by the President of the World Banks, much as it would like to; indeed, reform plan-and hopes that London last week.

selle- unless internal savings can be there will soon result in stimulatett ELIGIBLE

and surplus earned mett sent shares in the compory on the balance of payments, it up 10/34 to 23/3d. will be able to afford only as Another share in this category much us can be set aside from is that of Incoma Estates

on the struggle

eliminate

COLONIES

1

this

farlit and quota restrictions from White House leiten, diplomats where his predecessor in the here see the prospect of a new era of burgeoning world trade.

If it bows in the end to the demand of "protectionist" groups for mandatory "peril point" re- Nothing is known of what gulations and other restrictive passed between them but the devices. the Elsenhower ad-principles of World Bank lending ministration may be regarded have now been firmly established abroad as one that led the US and certain assumptions can he↑ back to un em of trade Lola-drawn. tionism.

It is clear, for example, that all Starling Commonwealth countries with the exception of New Zealand, which is not yet a member of the Bank, will bu eligible for Sterling loans,

that

WILL FIGHT The Government indicated the Administration Is determined to make at least a good night to accept the former alternative. These events were particularly noted:

The Colonial territories, though not members of the Bank in their own right, quality

through the The President declined to membership of the United King- guarantees loans accept the Tariff Commission dom, which rocommendation that the little made to them.

1.

be

Bad- Ad-

self-governing Dominions.

QUESTION

Other large rikes have been among shares of companies with overseas land Interesis.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA,

who

NEXT SAILINGS

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

M.S. "ANNA MAERSK❞

Calling Vancouver,

revenue for existing Colonial recently sold their sugar planta- Welfare and Development tion interest in Portuguese East their and transferred schemes.

Africa But there

are a number of headquarters to South Africa. ways of financing

has an- overseas Now the company

that only one-quarter development that do not depend nounced

of Govern of the

million received for on the availability

is to be used in u ment or private funds in London. the assets

A good deal of useful develop-business it is setting up ment work is already being done Southern Rhodesia.

The rest will be available for through the agency of Common- wealth and Colonial govern-distribution.

as well as by private ments, enterprise.

ESSENTIAL STEP

A start has been made on plans

to attract more private American Investment in

Common-

example the Colombo-Plan

foundation for increased foreign Investment in the territorica concerned.

In

Incomati. shares rose 5/-to 40/6d on this news before reacting to 45/3d.

GILT-EDGED MARKET The gill-edged market has

on medium-dated concentrated #ocks.

Small gains early in the week were not fully held but the tone has remained firm.

Up to the present, World Bank domestic briar pipe insign operations in the Commonwealth given protection against foreign have been confined mainly to the competition.

He did not provision at dollars needed for wealth, and schemes are in hant been quiet with interest mainly reject the commission's

depvelopment purposes-by-the- which, it is hoped, will lay the Anal Ing. however. The cison will come later after ditional information is

gathered 2. Mutual Security Director Harold Stassen announced one of his 10 aldes will assigned exclusively the

the problem of raw material procurement and supply. Mr Stassen stress-

that

be

Over $300 million have been made available in this way to Australia, India, Pakistan, South Africa and (through the United Kingdom) to Southern Rhodesto. BANK'S POLICY

But obviously a major part of the burden of financing develop ment plans must fall on the countries which expect to benefit from them.

shares were

shores showed some slight

Sterling Commonwealth went but rubbers were

countries.

Gold shares have gone ahead again with interest centred on "uranium" Issues,

Randfontein particularly favoured and ed that his agency is interested A good deal of the Sterling

This principle was clearly advanced 8/30 to 44/6d-a 10-

year the Bank's disposal, recognised by the Commonwealth

peak. In assisting the economic devo- now at

Copper shares were adversely lopment

friendly countries however, is expected to find its Prime Ministers. of

They pointed affected at the week-end by news 19 well as in guaranteeing way into Colonial development adequate supplies of material to projects and this should enable out that the amount of savings that the United Kingdom is to which will be available from ex-sell copper to the United States, the United States.

schemes which have been held

ternal sources will at best be indicating ลก casier supply by lack of Many foreign economists con- up by

capital to go

small in relation to the size of position. tend that a steady long-term ahead at an

an increased rate. The types of

project most the development programmes of for the free world's market

favoured by the World Bank are raw materials would go far to

a dull market though stabilise the economies of non-those considered likely to

to expand

were recorded on some gains dollar nations.

productive capacity. The bulk of

stated. that these countries Friday. clear Indien-the Bank's loans have, therefore, should themselves adopt_policies аге

Little interest was shown in tions that the United States is been made to countries in need

in need which increase the flow of

dils until the Inst day of the week eager to conclude a new in of additional

for savings." capital

when prices became ternational wheat agreeirent portant ancillary projects such

There is little hope, however, Idemer. electric negotiation, as cle power, transportation

any rapid increase in savings Informed sources reported facilities and communications.

countries where incomes and 11ving standards are low, and some autalde assistance these are not specifically whether from the World Bank

The World Bank's

lending or other sources will therefore

be needed. is in line, therefore, with

But assistance on the scale that

שכנז

There

under

that the United States Govern- Only a very small proportion of ment has indicated willingness its loans have been granted for to back down on its initial "soclai Investment" purposes figure for a new

price.

basle wheat hod.

policy

BENATOR'S HINT

"It is therefore essential,” they

investment in development

in projects

The President, meanwhile, in the principles laid down by the is likely to be available during his first Press conference, ros Commonwealth Prime Ministers the next few years will not be ferred pointedly

300 A 7.00

5:00 214

lo American long-term ments,

Tra ................ 21.59 21.00 1500 21.60 10021,00

C Light (0) 91% 9.30 8890

of

Flectric

G. light (N)

..... 23

Telephone ...

During the first eight months Jast year, petrolcum Imporis averaged

million tons

4.1

INDUSTRIALS

Comment...

STORES, ETC.

Dalty

monthly, American Bag parti- cipation in this, however, 1103 Watson dropped each year since 1938, COTTONS

to a 1052 low of 43 per cent.

Block obsolescenco also, façes America's dry-cargo fleet, with 80 per cent of the ships bullt during the war years.-A2$0; ciated Press.

**** GMA

3500

0

1000 9.30

farmers.

who

distinctly

America Imports NZ Beef

that economic to advantages WHO agreed

suficient to meet all-or even ahould bo cod- of such development

on projects which most of their capital require agree. centrated marketing

"directly or indirectly contribute

ments

Some self-help must be forth-

New York, Feb. 22. improvement of the coming-it only to prove to the And the Secretary of Agriculto the

Aren' balance

Large Imports of New Zea- outside world that the develop land beet,

bountiful ture, Ezra Tafi Benson, said in Sterling

'plus a ment plans are being

have taken domestic supply.

Bent a speech today that the pros- payments."

This should help to ensure that of American pect

seriously.

prices town as much as 30 per Government "depend upon the opportunity United Kingdom

farmers

of

to ship large surpluses of par approval for the disbursement of

sound upon relationships

200 15.19 ticular commodities and there-te Sterling now available to the

forc

economic Bank is readily granted. between the United States and many foreign countries.

17.70 1000 ₫ 17.00

10

500 19

21.30 24.10

..... 240

Good Demand

|

ARRIVALS FROM U.S.A.

Mar. 4 Mar. 18 Apr. 2

M.S. "NICOLINE MAERSK” In Port Buoy All M.S. "PETER MAERSK"

M.S. "ANNA MAERSK"

Mar. 1

Mar.

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

- Pedder Building.--

--Tel. Nos. 36066-9.-

Dates and rotation imbject to change without notice, At liberty to proceed via other parts to load/discharge carga.

M.V. "LA MARSEILLAISE"

will sail for

Yokohama and Kobe

on

WEDNESDAY, 25th February 1953

at 10 p.m.

Passengers are requested to board the vessel with their cabin baggage on the 25th February, between 5 and 9 p.m. Baggage Room and Hold Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate, Canton Road Entrance) on 24th February between 2 and 5 p.m. and on the 25th February from 9 a.m. to noon only. No baggage will be registered after this time.

COMPAGNIE DES MESSAGERIES MARITIMES

sent-lo pre-Korean war levels. Queen's Building

be Sirloin steaks can now purchased for 75 cents a pound, Rompared with $1.05 dgo.

Ground (minced) bret been cut 20 cents to 45 cents

pound.

year

has

THE STOCK EXCHANGE The past week has been an active one for most sections of SPENT IN U.K.T

the Block Exchange.

Foreign World Bank loans are not

bonds, Industrial 4. Senator Edwin Johnson of "led" that is to say they need equities and fold shares all

country finished at higher levels. State is the not be spent in the Colorado, whose

Cattle prices have also drop Interest in the foreign loin home at some of the US most making the currency avaliable- Influential mining interests, an- but the hope of the Government market was chiefly in Carmen Ped about 30 per cent, leating Zome cattlemen to dump their nounced that any hopes that is that Sterling lent by the Bank bonds which went ahead on the beet cattle on the market.

announcement that the Gerthan might be entertained for higher will in fact be spent in Britain.

During the lost four

years, this quite debt settlement will be formally farmers had increased Mr Butler tariffs on metals and mine pro-

cattle ecent Commons | ratified ut ibo efd of this month Humbers : from duots are đảm and slim,

clear during the

77,000,000 to 03,000,000 about

head. One New York, Feb, 22. Observers believed if ikely debate on the Commonwealth

Investment support. forource said this could lead to The tale fibre and textile that Sen. Johnson's statement economic conference when he or in a fair amortit

out that thexo loans Jabantse lasues.

panle and swamp, the tnátket markets this past week featured was an authoritative reflection pointed

opportuni

Biggest risce in the share with catüb... a mustained demand for quick of the views of President Elsen- would "open further"

La United Kingdom ex-market were in engineering. However, decreased suppliès af pork and· Mereased demitha and a sharp rise in hemp quota with Congressional leaders on porters besides, increasing the and aircraft Lenues.

But demand has been selective for. beef are expected to lend tions. Skal prices weakconcel

trade policy earlier in the week. production of raw materials "on

His comment niso followed us which our industries absolutely and buying has been stimulated stabilising influences to beet Cotton print goods occupied

various company by

anhouneb prices. Large quantities of New wofficial exchange market Uute spotlight business in sheet- Congressional action to continue depend."

Zealand beet have appeared at VLF Kolar (per Ti) 00478 Inge. Oshaburgs, drills, twills the supetision of the two-cent. To the extent that these loans Sterne roto (per 1000 and other cotton fabrics remain dariff on foreign copper. Art are spent in Britain it will ofFor example, Central Wagon everal points where it has been Indonesiary quitters (per 100)

ed at a sub-routine pace.

concrete setion on trade policy course, assist the United Kingdom (Holding)whose large fleet of cold for as much as 14 cents Biam Desks (per 100)

Cotton yarn spinners reported by the new Congress.--United balance of payments and thus at rallway wagons was taken over bolow domestic prices,--Asso-

one-remove help to increase, the lat the time of nationalisation ciated Press numerous orders-United FrXES,

Exchange Rates shipments on cotton print cloths hower, who conferred at lugth ties

Dustress was done in the best

ymorálna di the mölədwing rateki

Fiscapore (Btalis).... FIC Disetzen_(per 100) saj kara

34.00

Tinte

ments.

Tel: 20051

BUSINESS REGULATION

ORDINANCE 1952

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

Now On Sale at 5.. C. M. Post, Ltd. HONGKONG AND KOWLOON

TEN CENTS EACH