1953-03-03 — Page 9

'L

Page

JAPANESE TEXTILE

CLAIM

Not Afraid Of UK

Sales Plan

Tokyo, Mar. 2. The Japanese Collon Spinners Association rall today that cot- ton circles here are not afrald of the British cotton Industry's joint sales plan in Africa.

They suld the main probicen facing the Japanese cotton iradé at present is trade with Pakistan and indonesia.

The Gosho Company, one of Japan's leading cotton exporteri, said that exports to Attica art in u very bad condition as the result of high Japanese prices but that at present Jupan does not fear the British plan.

The

out that cotton goods in demand ini Airkes are mostly print goods. which Britain can supply only I

company pointerl

at prices higher than Japan,

A company official sild Dat

counter-measures | the mution's

tury will be worked cut after

ce further developments in the African Tanrket.

The company said the British plan to counter Japanese: inposes;

In the culten maritet destined to fall-Reuter,

was

Cotton Prices

In New York

New York. Mar. 2. Prises of cotton futures closed today as follow

Spot

March

May

Jaty

October

December

March

May

July

34.10

33.79

33 VA

3.07

39500-31 05 3077 k -Unlled Press

NEW ORLEANS MARKET

Spe

May July Clotnber December

March

May

July

33.00

X1.20

#33 T

31.03 d

33.78 d

-Unted Pre

LONDON RUBBER

London, Mar. 2.

Prices of rubber futures closed. today as follows:--

Number 1 rubber, In penRT

parg 1b.

April

Mus

Jaspa

An

July/September

October December

United P

THE CHINA MAIL, TUESDAY, MARCH 3, 1953.

British Reply Peace' Without Plenty

To Japan Awaited

The

Tokyo, Mar. 2.

Japanese Foreign Olice sakl Japan is ex- pecting Britain to re- ply next week to the re- cent propokal for cased restrictions on Importation of Japanese goods.

The Government expect to begin separate talks with many Commonwealth

tralla

and

mraniimr,

Hurting of

The

would

-nations, including A113-

India, In Talks be aimed at a Possible restric- Import hose countries. In those

ent officials ex- Government preted Japan's exports to Commonwealth nations to Increase on the basis of the from amount of exports

The Sterling Area to Japan, -Reuter.

O.S.K. LINE

TO UK.

New York. Mar. 2. Take: Plon, President of th Japanese alipping line, Osaka Shosen Kaisha, said today his

resume company will steamship service between Jopna, Great Britan and Europe by the end of May.

cario

Mr Itoh, who arrived in New York by plane from London to- day, attended a meeting of the Far Eastern freight conference there which readmitted the line to membership and fixed the number of sailings at six year- 15.

Osaka Shusen Kaisha will thus resume service interrupted by the war and Mr Itoh expect- ed the number of sailings would Le increased in the near future. Nippon Yusen Kuisha, another Japanese shipping line, which was also recently readmitted as a member of the Far Eastern freight, conference, has been allowed monthly sailings Great Britain and Europe. Astuciated Press;

Industrial Fair In

Hanover

to

In The Lancashire

Textiles Industry

(By Ronald Boxall)

Britain's 270,000 cotton operatives have set an example of good industrial manners to their fellow workers by the way they have accept ed the Industrial Disputes Tribunal's rejection of their claim for a 10 per cent wage increase,

little hurt. Naturally, they are disappointed--and not a

The least they expected was to receive something less than they had asked for. After all, it is not unheard of for the Tribunal to settle wage disputes between the two sides of an industry by splitting the difference.

The cotton workers were prepared for this-but not for a flat rejection of their claim.

down.

However, they have not react-} but mill profits came tumbling er to this rebuff—as workers in some other industries have done when faced with

similar tween * situation-by threatening all sortį of "Industrial action,"

It could be argued, of course, that they are in no position to do 50.

Although there has been an encouraging improvement in the cotton trade since Inst year's recession, conditions of full ern-

playment have not yet returned.

of

Colion companies reporting be- October and December 1952 showed profts (before tax) on their last financial year of £17,000,000, compared with £34,200,000 in the previous year. Their ordinary dividend pay- ments were maintained at £1,500,000, but

these were covered by earnings of only £3,000,000, compared with the *year's. figure of previous

£6,300,000.

This Si per cent fall in profits | was only partly the result of a drop in production.

In these circumstances, 2 "ban" on overtime or Saturday the work would be, out question.

The selback in raw material It would be doing less than justice in

prices, and the consequent loss workers.) to the cotton however, tu asenbe their accep:-on companies Inventories, made free of the Tribunal's decision sharp Inroads into profits, too. to considerations of this kind.

Their attitude ly not one of sullen compliance or resentful is rather that of obedience. law-abiding citizens, respectful

and understanding.

A PROMISE?

But that is not to say they have abandoned their claim.

In announcing its "award", the Tribunal made what the leaders of the cotton workers regard as a signiflcant remark. found

their claim had not, at present, been established.

The inclusion of the words "at present" in this otherwise ui- compromising statement seemed

to soften the blow.

They

For it

seemed, moreover, to hold out a promise that the Tribunal would consider a fresh 1.800 application for a wage increase more favourably at some future

Hanover, Mar. 2. Firms from 30 European and including ovecreas countries. Japan.

are armong the | exhibiting at the Industrial Falc

here.

Italy heads the list of foreign exhibitors with 62 Aams, The Umted States has 41, Japan 28 and Britain 12-Reuter.

Foreign Trade Prospects For United States

Washington, Mar. 2.

United States trade with the rest of the world should hold steady in 1953 at present high levels, the Department of Commerce predicts. The U.S. now accounts for one-sixth to one-fifth of all world trade.

The value of U.S. foreign trade in 1952 was set slightly below the $26,000,000,000 total of 1951. Exports matched the previous year's $15,000,000,- 000, but imports fell off some $300,000,000 from the 1951 peak of $11,000,000,000.

Significant declines in

Area, Brazil, Argentina,

trade high U.S. imports will

сол- coun-

were noted with the Sterling nie, enabling foreign

Bel- tries to keep up their purchases

here..

glum, France and the Philip pines.

The latter part of the year showed a decline in U.S. ex ports, but this did not seem to the Commerce Department mean that the world

in

dute.

At least, that is the way the cotton workers have interpreted the words "at present."

Trade, they admit, is not good, though it is certainly better than it was six months ago.

HOPE AND DESPAIR

NOT SURPRISING

Against this background, it is not surprising that the cotton workers' lalest claim for a pay Increase which would have nded £7,000,000 to the In- dustry's wage bill--was rejected, first by the employers and then by the Industrial Disputes Tribunal But it was not put forward

any spirit of greediness,

It is difficult-und, perhaps, even misleading to talk of on "average" wage for British cot- |ton workers.

The industry's wage structure complex, ns it is exceedingly must inevitably be with so many workers--both men and women engaged in such a variety of Jobs.

Nevertheless, a trade union re- presentative has hazarded a guess that, under present trade condi- wage for a tions, the average male cotten operative is no more than £6 a week. For women, he said, it is about £5 3s.

These figures, however, mast

wide variations in wages be- tween one type of job and on- other.

For example Д male mule spinner, working a full 45-hour week, can still earn £10 a week.

Living costs have risen, but only by about eight per cent since their last wage increase-which,

OFF BETTER occording to the employers, was in advance of the rise in the

the scale, But, lower down cost of

of living. Therefore,

the workers argue, there are many unskilled workers If..trade continues to improve receiving much less.

cotton tradu And, as the and the cost of living goes on rising-say, by another two per-unionists point out, the higher- cent-a fresh application for a paid skilled workers form only a very small proportion of a mill's increase might wage

get an aftogether different reception total labour force.

But nobody in the industry at- from the Tribunal.

There is in this theory antempts to deny that the average clement of both hope and des- cotton worker is better off today thethan he was even a few years pair-hope for the future

have been His wages of ever- pair at the prospect British cotton industry, and des-ago.

gressively raised, and he now increasing living costs.

contains something gets 16 days pald holiday every else something for which the year. His working hours, more- men and women of Lancashireover, have been reduced from

justly renowned sound 48 hours to 15 hours a week.

As a result of all these factors commonsense in the face of a

-higher wages, shorter hours than and holidays with pay-the_cot-

greatly improved since 1939.

Bre

pro-

situation they cannot alter. Nobody realises better they that the cotton Industry is tun workers' position has been

in an unhappy position.

It is recovering, slowly bui surely, from the depression which came upon it with such devastat- ing effect early last year.

SLOW PROCESS

DEFINITE GAIN

textile industry. A drop in U.S. vent a further accumulation of by comparison with those in other lost only

"depressed" industries.

was

Then, his wages were low even

and indebtedness and to begin re- Today, with the industry half with over 500,000

and

Ceylon Control Of Imports?

over д

Colombo, Mar. 2. The Ceylonose Govern- ment

the is considering imposition of import con- trols on luxury and non- essential goods in an effori to check the island's ad- verse trade balance.

Price cellings may also be spread

wider range of Imported goods and the ́exlning ecllingt lowered, thus making im- poris less profitable, Goods İlkely to be affected ins clude confectionery, tinned fish, fresh frulis, perfumes, watches. umbreilan and ham possibly cheese, and bacon-Unlled Press.

HONGKONG

SHARE MARKET

Back To MESSAGERIES

Normal Trading

are

New York, Mar. 2 There

signs

that business and industry are returning to normal trading. Feara of inflation have dwindled and after years of a sellers' market. It oppenry that" the traditional laws of supply and demand are getting ready to tako over,

The National Association of Purchasing Agents called it a new era of the give and take of free competition,"

Controls have been taken off another long list of Items. The decontrolled products included cigarettes and copper, and price marked up umest tags were within minutes of the Washing- ton order.

Tobacco men said elgarette prices have not kept abreast of increasing costs; that cigaretle grades of leaf tobacco have in- ereased in price at a rate about four times that of the price of cigarettes.

Cupper man said the decontrol of copper was long overdue but nonetheless welcome as they moved their prices upward,

PETROL PRICES UP Decontrol, they said, will do much toward Improving the supply of copper available to this country, particularly by bringing back to market Im- portant supplies of scrap copper.

In New York State and New England wholesale petrol prices rose. Sacony-Vacuum Oil Com- pany was the first major supplier to increase petrol prices east of the Rockies since the decontrol order of February 13.

the

It was Socony's first price in- crease since July, 1950, in New York-New England area. Most Sucony retailers passed the wholesale increase along to the consumer..

In the motor-car feld, L. L. of Chrysler Colbert, President Corporation, suld car companies will have a problem maintaining prices at current levels.

(From Our Correspondent)

Business done on the Stock

He would not commit himself Exchange this morning mounted

to the possibility of price in- to $134.784.40. Noon quotations creases in the near future, but he and the morning's transactions: indicated there did not appear likelihood of lower price stARES DUYERS SELLERS SALES

BANKS

HK Bank XD 1340 1300 INSURANCES

Union Underwriters

SHIPPING

151550

BY

togs.

they'

Concerning car production--the es 1550 output Inst week was 164,903 units, the highest since March, 1951, and in Detroit trade circles were saying sales have beel only slightly behind assemblies.

But the trade

generally belleves the day has only been put off for a while.

700 8.30

145

J

77

50 TI

6.40

112

Asia Nav.

DOCKS, ETC.

K. Wharf. N. PL. Whort Provident

Provident

(New)******

What Dock 730 740 400

600 730

150

7.63 7.75 3000 → 1.50

Wheelock..

LAND, ETC.

HK Hotel

HK Land (NI

52

S'haf Land

Humphrey

134 13.00

UTLITIES

Tam... 21.00

Star Ferry

500 (4 14

0.35

u

100 X C. Light (0) 930 0.35 506

1058 * 0-0.10

23.00 500 531

17

30.00

1515 XD

C. Light (N) Electric Tel. XD INDUSTRAIALS Cement ..... Hope STORES, ETC.

Dairy

Watson *** L. Crawford COTTONS

Ewo MISCELLANEOUS

Hongkew

10 10.30 300 10.20

in

BUDGET PROBLEMS

There were some headaches Washington. President Dwight D. Eisenhower sald balancing the budget was going to be a tough task. And Con- gressmen were having an equally Lough time slashing Federal spending.

One Congressman quoted De- fence Secretary Charles Wilson as looking askance at suggestions of big defence culs.

The Government's new cost of living index was published for the first time during the week.

showed consumer prices 500 a 19.10 dropped two-tenths of one per cent in the month to mid- January with food and clothing leading the drop.

700 G 2+

24.20

2.40

134

2ts

Grains In

►

Chicago

2.20 22514-16

2.2015 2.3114

2334

23

1.3836

1392-4

3.01% 1564-1.89

Some of this improvement, it is truc, has been offset by the higher cost of giving, but the net result of the struggle be

forces of

Chicago, Mar. 2. The predictions were part of But the process is necessarily tween the opposing

Prices of grain futures closed the ground wage increases and rising prices slow, and some of the Commerce Department's an- nual review of U.S. business, that has been lost will never be has been a definite gain for the today as follows:

cotton worker, of regained.

Wheat-price per bushel It gave these accounts

explains why #pos This, perhaps, developments to noteworthy

Even so,

the average cotton

May deinand U.S. trade with South America: worker is now better-fed and the cotton industry has one of March for U.S. goods is declining. Brazil, which had been pur-better-clothed than lie was before the best records, so far as ro- July

and September The biggest item in the decline chasing goods beyond its ability the war.

Tam between management

December are concerned, in Britain. Corn was raw cotton, a reflection of to pay, imposed tighter import

Last year, the texitlo workers world's restrictions early in 1052 to pro- lower activity in the

9,000

work through arch day's

compared Bay shipments of grain, coal

Industrial disputes,

days in the July petroleum products

at-payment. At their peak in De-

between recession tributed to the increasing evall-cember, 1951, exports to Brazil, way

he earns enough to engineering industries, 230,000 September extra-recovery,

In the

Rya mining industry, and ability of supplies from other which included some

reasonable standard mainioin 1. Bources,

ordinary grain shipments but

mainly ot Trade with the Sterling Area consisted

cars, of living-nough, that is, but no 1,692,000 in industry as a whole. Harch

The cotton Industry is justiny im- machinery, chemicals, and other was depressed by British

At the height of the postwar fiably proud of this record and amounted savo manufactured goods

not lightly tolerate any port quotas, imposed to

boom, cotton operatives were w annual dwindling dollar reserves. U.S. to $970,000,000 at tobacco exports were heavily rate; in October and November among the best pald of all in-nction that threatens to spoil it. That is why, when a colon trade what the 1082, such shipments had te-dustrial workers.

of When it is considered that it unionist was asked On the whole, experts found clined to an annual rate

workers Intended to do now that U.S. trade better balanced with about $300,000,000.

is by no means unusual for a wor the whole family to be engaged in their wage claim has been re- most countries. In the last half of the year Western

Argentina the cotton industry, it is little Jected, he replied: "Do? Why. trado defcit was running at which, faced 'with an adverso wonder that the humble folk of we shall honour the Tribunal's poaltion, the mill towns were able to award to the last letter. What the rate of only $1,000,000,000 balance-of-paymenta a year, while a number of West had tightened its exchange re-afford television sets and other else would you expect us to do?"

But their ern Hemisphore countries were strictions earlier than Brazil; expensive luxuries.

dollar the resulting decline In US. prosperity was always precarious- oblo to increase their

exports

hit.

earnings.

OMCO

"Also noteworthy Europe's drop in sales ta

an

wag

more.

LONDON TIN MARKET

hall begun in thely based. The future, says the Depart-autumn of 1831......

THE DEPRESSION mont's

More than halt of the (U.S.) Business of Economics, looks this way: machinery exported during 1932

During the depression which went to Western Hemisphere

London Mar. 2.

·· PRICES - STAKLE

countries, in

which followed, most of the mills in most of

down for The tin market was barely Major swings, like those of American companies had under-Lancashire closed

Investment several days each week. If they closed at the end of the official steady this morning. Prices large-scale the Just three years, seem un-taken

lucky, the operatives likely in 1953. World Bearcl-programmes and local govern-were tica have largely

private industries worked three days and drow two morning session as follows:

siz days unemployment

bonent. Spot 1in. buyers Inventory expansion has aldea. Meanwhile, high produce able industrialization and

Canada, them left the mills altogether. keepingvelopment projects, tion, and incomes are most prices in world trade fair Venezuela, Mexico and Cuba But it was not only the Three months tin, sellers ly stable. High US. business stand out as particularly large workers who suffered. nelivity makes it likely that | markets,!- ssociated Press.

disappeared,ment and

sub-were implementing other ile Rather than do this. many of Boot in, sellers

Qata Starch May

1,70

1.00

10-75

New York flour-per 200 lb. Back. $13.00 nominal-United Preus

Exchange Rates

the

Dun and

Bradstreet, business reporting, service, sald the total dollar volume of retall trade renched a new high for this time of the year, despite lagging sales in some Eastern cities.

GOOD

PICTURE

The service also reported re- tall merchants were trying to cllminate excessive late shopping hours.

Outwards

M

MARITIMES

M

PASSENGERS/FREIGHT

FREIGHT SERVICE

"FELLY ROUSSEL"

Homewards

"LA MARSEILLAISE" "FELIX KOUSSEL"

Leaves Marselites

20 Mar.

Leaves Hongkong

7-H atar.

22 Apr.

via Marseilles to all Mediterranean & via Djibouti to Madagascar,

Outwards "MEINAM"

HomeWATE "FRY HILL" "COURSEULLES" "MEINAM"

Due tongkong

10-23 Apt.

Por MARIA

Due Marselles Vla

Apt.

Aailgun

}

21 May

Saigon

West Africa ports,

FREIGHT SERVICE

Larves

• «Dunkirk—ailed

Leavey

•Krelong— 7 ́ Mar.

Due HongkOBE. 3 Apr.

For

nue Hongkong-

1-10

Mar.

Japab

For

↑

8 Apr.

30 Apr.

• Keelung— 5 Apr. Keelung-21 Agır.

+

Saigen, Marseilles, Algiers, Oran, Tanglers, Casablanca,

Le Havre, Antwerp, Botterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong

Tel. 26651 (3 lines), Queen's Building (Gr. Floor)

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis 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.

"ANNA MAERSK"

M.S.

M.S. "LEXA MAERSK"

M.S. "LEISE MAERSK”

Mar.. 6 Mar. 20 2 Apr.

Mar. 6

Mar.

22

Apr. 14

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

"

Tel. Nos. 36066-9, ¦ Chinese Freight. Booking Office

27, Connaught Road, C.

Tel. 20461

Dales and rotation subject to change without notice.

At liberty to graceed via other ports to load/discharge cargo.

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, 'Irido China, Stam, Malaya, Rangoon, Calcutta and Chittagong.

"REBEVERETT”

In Port Sails

Loading -

Mar. 3 for Singapore, Penang.

Rangoon & Calculia,

"LENEVERETT"

Arrives: Salis

Mar. 8 from Singapore,

Mor. ១ for Kobe & Yokohama,

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

EVERETT

STAR LINE

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

"NORDSTJERNAN"

In Port Sails

in

"THAI"

Dun and Bradstreet's Vice- President Roy A. Foulke, author

The Scenes "Behind of Business", commented: "It looks 28 if we are entering petitive period when value and prices will again play their part acliers' after 12

years of a

n.com-

market."

Purchasing executives for in- orders stil dustry

reported Bowed in though at a somewhat slower rate with industrial raw material stocks in good balance. The overall Industrial pleture continued good and there were confidence It expressions of would remain generally good through June.

A number of business men

bo thought there would not: drastic change either up or down for the rest of the year although would be they conceded there normal rises and declines.

Industrial production clung 10.04 close to the near-record levels of recent weeks despite the holiday 35.40 shutdown of many industries.

Steel production was scheduled at 00.5 per cent of rated capacity with the previous compared week's 90.1.

Business was done in the local exchange market thir morning at the following ratexi

0.025 unofficial US. dollar (per-Si) you Sterling note" (per 41) Indonesian gulders (per 100) 11.20 Blam ticals (per 100) Singapore (frutti) FIG pinetres (per 100)

JAPANESE BONDS

Japanese borxla

It was expreted: this would result in output of about $2,244,000 tons of ingots and steel for lightly above the -8334 Castings,

714 previous week's revised figure of

2,235,000 tons.

London, Mar. 21,

"A” (41, of 1000) "B" 14%, of 1910) *", of 1007)

PS7

930

unately, bankruptcies were raro, |

Businew done al Three-months tin, buyers, 945 12 942-043 Business done et Fort Bellement

Press

958-957

127

"D" 45, of 1934)

103

"WE" ((5 as, of 1930) Consola

180

39-5/16

-United Press.

Freight carloadings tilt 600,553 against the previous week's 601,750 and a year ago's 083,851. -Associated Press,

Arrives Sails

Londing Mar. 5

for Singapore, Port Sweiten- ham, Madros, Culembo, Bombay, Karachi, Kharram shahr, Basrah & Bahrein,

Mar. 9 from Singapore.. Mar. 0 for Kobe & Yokohama. (Accepting cargo for transhipment) Kobe/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A

Queen's Building, Telephone 31206, Chinese Department: Tolophons 28293,

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