1953-04-09 — Page 9

THE CHINA MAIL, THURSDAY, APRIL 9, 1958.

Spurt On London

Incentive Scheme For Shipowners Advocated: Stock Market Encouraging Building

Suggestion that the Government should give "serious and immediate consideration" to the establishment of a ship- building incentive scheme for shipowners was made by Mr A. J. Jenkins, newly-elected chairman of the Cardiff and Bristol Channel Incorporated Shipowners' Association, speaking association, held in Cardiff. at the annual meeting of the

In putting forward the suggestion, he said that under such a scheme a proportion of the direct taxation paid by shipowners would be credited each year in a special account and made available, with accrued interest, against the building of new tonnage, the credits not to be salable or transferable.

GRAIN OUTPUT LAGGING

London, Apr. 8.

which lies ahead.

A scheme along those lines for the Intensifted competition should have a simulating effect upon the tramp section of the "Unquestionably the greatest industry and provide a practical difficulty which confronts the recognition by the Government shipping industry at present is of the important part played by the deadweight of excessive 1 shipping in securing taxation, which makes it funda- those invisible exports so vital

mentally Impossible to maintain to the country's balance of the financial

resources 30 trade.

essential to make proper provi-

the replacement

the

sion for

At the outsel of his address ships. Time and again the heads Mr Jenkins referred to changes In the pattern and of our great shipping companies

hove volume of world trade which have stressed the wasting effect World production of grain had taken place last year mark-unen the

ot the crippling level of taxation size of tho British has not kept pace with the the cart of the "golden era

merciant nect in relation increase in population since of freights" with the result that world tonnage.

shimwners

experienced arranging employment

had difficulty In

London, Apr. 8. Persistent speculative bitying of Chinese bonda brought a further upward spurt in prices on the Lon don Stock Exchange today, Japanese bonis also were in demand and European Issues generally found good support.

Elsewhere,

British gov.

erment bonds were firm while loading industrials recorded numerous small gvina. Mining tasues were quiel with Kamrs firm, Commodity shares чего stendier reflecting an over- night rally on Wall Street; -Associated Press.

HONGKONG

SHARE MARKET

American Exporters Given Warning

New York, Apr. 8.

MESSAGERIES

Outwards

M

MARITIMES

M

PASSENGERS/FREIGHT SERVICE

Leaven Marseilles

American exporters have been told they must "FLEX ROUSSEL *• #piled

join the fight for increased imports if they want to sell more goods abroad.

The Assistant Secretary of Commerce for International Affairs, Mr Samuel Anderson, warn- ed the annual convention of the Export Managers Club of New York that the financial fortune of exporters hang on allowing nations abroad to earn more dollars by selling more goods in the United States.

Anderson estimated that with- out the $38,000,000,000, in ald given by the United States since World War II exports would have: been about 30 per cent lower than they were.

He chided exporters-several hundred of them from all over the nation--for not fighting for increased imports

04- greasively.

mare

"In studying this matter," he

U.S. Charter

Rates On The Upgrade

New York, April a. (From Our Correspondent)

sald, "It has puzzled me that in A better balance between the continuing round of debate demand for tramp shipping and Business done on the Stock which have been going on for the supply of available vessels Exchange this morning amount the last decade or so, the voice of has developed, and charter rates ed to $401,482,00. Noon quotathe exporters has not been heard continue to show moderate im- tions and the morning's iran in the commer occupied by the improvement. saction:-

parters. Can an exporter escape Coal for shipment

SHARES BUTERS, SELLERS AALES ВАНКА

HR Bank.. 1380

INSURANCES

Conton

Where

610 620

to

250

DOCKS, ETC.

"Does the nation realise the

notv under

K.

по

11.30 1000

1.00

100

before the war while the ex-greatment for their vessels toave significance of the fact that

or at the tonnage

portable surpluses of grains | other than rice

are

coming concentrated fower countries, mainly dollar countries, says "Grain Crops" published by the Commonwealth Economic Committee,

|

G

he show even a modest margin of construction or on order for Bri- in profit. In many trades friss tish owners, only one-tenth con-

had fallen to the late 1950 level, but were less

tive sists of tramp remunerative

vessels? Add to this through lack of

ding the gloomy forecast that during a corresponding

British decline in operating costs. The the next 10 years one

had ship in every three is due to notable exceptions only

welcome reduction in been

reach the end of its normal and, nd we are faced with. the price of coal bunkers

a situa- after the Increases In the early tion which I venture to suggest The figures cover the post part of 1952, in the cost of oll cannot be ignored. It is obvious war yours up to 1953 or 1931-52, Dunkers.

that urgent remedial measures und show that the production of

are called for and wheat and maize, the

and taxation HOPES OF BETTER DAYS largest grain crops, has -

Hol in some form is essential a leading our position 4 A creased, but that of rice,

"The autumn of Inst the

year" mercantile sea power is dan- "saw rates begerously weakened. next largest, has shown itle he continued,

The change. While the level of trade come so depressed and curgoes any special consideration should form in grains in 1951 exceeded the so difficult to

to secure that a

take, having regard to the claims pre-war average, the increase number of

r

rame largely from the expan-lay up. s were forced 10 of industry as a whole, is not

mented

countries

also

an

INCENTIVE SCHEME

N. PL Wharf I've S'hal Dock Wheelock

LAND, ETC.

HK Hotel BK Land S'hat Lond

Humphreys

UTILITIES

מופTr

7.46 7.60 100

745

54 554

from the

from a conviction that he must East coast of the United States be a pro-import man if he wants to Europe has been carried for to continue to sell at

a high about $4.00 a ton, compared level?"

with about $4.50 a ton several weeks ago. There is also some Dr Paul V. Horn, Professor of improvement In charter prices International Trade, New York for groin to the Adriatic.

11.50 University.

One declared: "I wish charter broker reports forward 1 emphatically to point out that chartering is the best in some 100 freer trade now is probably the time, with demand especially

116

most important step that could firm for shipments in April and be taken toward reversing the May 13.20 4de of shrinking world markets 13.30 which already

115 1.60 5500 13:16 10.40 2000

1000

21.70

500 H 22. 1000 G 22.

100 or 22.

seems

The

"LA MARSEILLAISE"

Homewards

Hongkong

ID 'AM. 10-12 May

17. APP.. Jongkong

19 Apr.

Dus, Marseilies.

20 May

Fur Alanija Yokohama

Vin Salgan Natgon

"FELEK NOUSSEL" "LA MARSEILLAISE" 12-15 May

vin Marsellies to all Mediterranean & -vis Djibouti to Madagascar.

Ontwards "MONKAT"

Homewards "MEINAM" "PEI-HO"

"MONKAY"

FREIGHT SERVICE

„Leaven Dunkirk-19 Apr.

Leuven

,

15 Rue

West Africa poris,

Hongkong

21. May Hongkong

For

• Japat

· Keelung-28 Apr. feelun-2 May

30 Apr.

30 May

July

• • • • •Keelung-29 June`

ker

•

+ Salgon, Marsellies, Algiers, Oran, Tanglers, Camblance,

Le Havre, Antwerp, Rotterdam & Dunkirk

CIE DES MESSAGERIES MARITIMES

P.O. Box 53, Hongkong Queen's Building (Gr. Floor)

Tel. 26051 (3 lines).

MAERSK LINE

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

NEXT SAILINGS

hi.v.

IV.

"LEXA MAERUK" m.v. "PETER MAERSK"

"JEPPESEN MAERSK”

Apr.

May

Mary

paying up

ARRIVALS FROM U.S.A.

m.v. 2.1.

"LEISE MAERSK”

Apr.

"JEPPESEN MAEUSK

Apr.

m.v.

"GRETE' MAERSK"

May

Military Sea Transport to be Servio is currently 1.10 | assuming alarming proportions." to $1,800 a day for Liberty vezel charters. This comparco David Rockefeller, Senior Vice with a low of $1,275 lost autumn. President of the Chase National At the Arst meeting of the

Star Ferry

102

C. Light (0)

C. Light (N1 Electric

9.06 10 1000

3500 10 615 6.00 500

10.10

INDUSTRIALS

13

m

in

the

Tree

repre-

1000 21.00 Bank, told exporters that Ameri- newly formed Tramp Ship Own-

cau tariffs and custom restrictioners Association, Witchl are one of the biggest "barriers sents 30 companies ow

owning 22320 000 #7 2120 to the expansion of world trade," tramp vessels, or about 80 per

800 21xt "Controls

of and restriction on cent the industry

In the Telephone 17.70 17.00 200 10

10020trade are among the basic reason United States, the group asited for the lack of economie expon- to be protected from excessive Ano 15. sion 500 G 14.80

world use government-owned ships, 500 @ 14.80 Rockefeller declared. "We

Wit It asked the government to re- must reduce them as rapidly as possible turn these vessels to the reserve needs to help restore the Incentive that Deot as soon as military 200 20.60 makes possible rising production were fulfilled,

and living standards."

Seven of these Victory chips 21.00

Will soon be removed from the 1000 € 2% needed

reserve floot to carry Military to promote the

Te-Spa Transport Service Healty ******* 2.40 215 3000 9 2.38 establishment of normal

free The MSTS had asked for 20- 1000 € 2.37 trade and 庭 growing world 4000 2.10

Asociated Press. economy:

Cement

STORES, ETC.

Dairy

20% 20.60

Watson COTIONS

Ewo

2.40

MISCELLANEOUS

20.70 20.70

120.00

LONDON TIN MARKET

the increase over the pre-war prove in incentive to other British shipping in foreign cur-

Overseas earnings of Prices closed at the end of the

He listed three chief conditions

precede the "must

أب

cargoes.

Steadiness On Cotton Markets

there has been slon of shipments of wheat and a slight improvement since to propound, but the 50- flour. The level of rice exports those days and the better de-vival of the 40 per cent initial continued Tow cind

tonnage in Eastern Allowance would be welcome." rice-mand for importing

supple-markets, coupled with the re- supplies by Jarger

cent revival and maintenance of imports of four and barley, time charter enquiry, gives rise Mr Jenkins then suggested with maize scurce, oals and to hopes of better days ahead. the establishment of a ship- barley constituted a larger pro-

The loosening of some, forms building incentive scheme for

Conservative Internal finan portion of supplies of feeding of Government control of com-

shipowners, to which reference tending stuffs to importing countries.

elal policies preventing inflation. modities.

to greater has already been made. He went

2--Tho establishment freedom for private charterers, on to recall that the Inquiry Although in the 1951-2 season should provide

adequate wider oppor-carried out at the request of the

Currency reserves. grain

3The drastic reduction of production outside the tunities, whilst the casing of Government Soviet Union und China was the Australian Government

by the Gener

London, Apr. 8.

tariff and other trade barriers. import Council of British Shipping highest recorded until then

in restrictions is

"Convertibility of currencies is The tin market was Irregular any post-war year except 1948, couraging

respect of the year 1947 reverled sign

should that the and

today. Turnover

product made was 100 tons. the

possible by the three conditions," Rockefeller average was only 3 per cent, as countries to adopt a like polley.renci

official morning session au sold, but

follow-not compared with an Increase I

for that year were £60 follows:- "Whether we shall in population over the same period time

our million, and

been Spot in, buyers

"The free world is now in a of the see a resumption of about 10 per cent., Wheat

better position than at any time pre-war steady combination of mated that the further inves- Spot tin, sellers malze both showed an

coal and grain

tigation which was to take place Business date at

New York, Apr. 8. in the postwar perlod to move crease American

cargoes, which wheat

toward freeing trade and making

futures were steady harvests in the past were the foundation in respect of 1952 would show. Three-montha

that those carnings had Im-

currencies convertible," Rockefel- today in dull trading. Switching

to late from nearby May ler said. to doubt, but the open

concluded

excess of und recently

a good Eugene P. Warner, Senior Vice months accounted for Anglo-Something in revent Argentine Trade Agreement, milton

815-700 President of McGraw-Hill Inter- deal of the activity as traders 835 national

continued to transfer holdings Corp, counded an -United Press. cptimistic note, saying

from May futures prior to Brat "In spite of cloud heated cotton sticks

notice day on April 24. Ceril- overall

export out- new high for the current move look for 1953 is good. Foreign Business was done in the local nations will acquire more dollars 200,280 bales, an increase of

1,420 bales over the unofficial exchange market this and will spend most of them moming at the following rates; US dollar (per $11.

here-perhaps $13,000,000,000 all; Sterling note (per £11

*16.07

told and put another $1,500,000,- Indonesian guilders (per 1991 18.35 000 into their climbing gold and Slam Licals (per 100)

dollar reserve." — "Associated 1.88 12.073 Press.

and

that it had

although remaining high, of the tramp shipping industry, proved about 150 per cent clined from the war-time penk. Canadu had good harvests European

Recovery

bul rye

is

and

tin, buyers

to

Three-months

£150

Que

years had been rupic. Barley embracing as it does the pro- No one could gainsay and oats showed Increase, jected export of about 800,000 significance of those figures in was still below the tons of coal from this country, the country's balance of pay- average. Rice Increased little should do something to help in ments or belittle the leading role above the pre-war love!.

this direction once the ship- of British shipping in maintain- ment programme gets undering the country's Island life and way.

livelihood. Moreover, in a coun-

which sccepted the prin-

EMPRE INCREASE

Production In the

Commun-

serious

the

a

Mr Jenkins went on to say try wealth of ch of the grains that, as was only to be expect- ciple of rearmament as a prime covered by the survey was high- ed. in sympathy with the necessity, it was strange and er in the 1951-2 season

recession in carnings, alarming that so litle attention before the war, Wheat increased heavy falls had taken place in appeared to have been paid to by 21 per cent and represented hand tonnage,

the prices realised for second-the state of tramp shipping,

and some ships upon which over one-quarter of total world

success or during 1051, when bought production (outside the Soviet

failure of rearmament would at their prices were Union and China).

highest, decisively depend. had been sold at about half Changes in the levels of pro- the amounts then obtained for

considering duction and consumption in in-them. In

prices dividual countries affected

for

tonnage

very different picture was apparent. year or two ogo It was

the

pattern of work trade in grains. A

new

Grain Prices

In Chicago

in spite of increase la produc- thought shipowners were within tion the volume of maize enter measurable distance of a halt ing world trade in 1951

Was to the rising tendency of only one-third

of the pre-war building costs, but, unfortunate-

Chicago, Apr. 8. Agure und, with declining Xly, that hope had been com- Chicago grains and leading ports from Argentina, conslated pletely disproved by events. commodities edged Into higher very largely of shipments from

ground with soybeans, sugar and America,

BUILDING COSTS wool among the upside leaders. % to 1% Although For importing countries

Wheat closed today shipbuilders were

soybeans were 1% concentration of exportable sur-

now well booked, with orders, higher and

many years to 2% higher. Prices closed as pluses of grains other than rice some of them for

of delivery of follows:- in a few countries, mainly dollar ahead, the rato

Wheat-price per bushel areas, became of increasing im had fallen for short

im the classes of steel required

of the Spot portance when assistance avail-

22433-12 industry, and July

3.26-327 under the European Re needs of the

builders were complaining September

-50% #zifa-2.35 bitterly that the acute shortage December

Corn endeavours to

2.01 Spot reasonable delivery

of May

150 duced imports of maize into tonnage under construction. July some European countles were Inevitably that delay in September accompanied by Increased delivery, combined with the December

Пус domestic production of feeding increase in the price of steel

MAY stuffs, especially in the United which took place lost year and

July Kingdom.

other inflationary factors, such Data as the higher rates of pay May

nblo

ablo

∙COVERY Programme and rustrated their

after the Mutual Security gramme was reduced. The re-ust

New York Sugar

Futures

give

May

1.02-10116 3.024% 1.05-1.05

1.88

764-36

Copra Quotation

བས

tin, sellers Business done at Settlement

830

840 nii

602

805

Exchange Rates there

Singapore (Stralts).

FIC piastres (per 100)

5.90

Cotton

last re

port.

One private survey estimated cotton acreage this year at 23.- 625,000 acres. 35.10

This was a

Wall St. Makes Good Recovery

New York, Apr. 8.

come down of 1,335,000 ACTOS from a survey from the same source a month ago. Most of recent surveys

forecas: a slightly higher acreago, com- pared with 26,460,000 acres last year.

have

Futures closed 40

balo

cente a higher to 20 cents lower than the previous close.

May

33.25-27

July

October

December

33.44-45

March

May

July

The stock market advanced on a broad front | Middung" "spot" today for the second straight session. Some of the best gains were shaved down near the close.

of

33.80

unchanged. Associated trean.

NEW ORLEANS MARKET

The market had been under, $1,850,000 us against $1,000,000 »

Now Orleans, Apr. 8. Cotton futures closed five GOVCTO selling pressure for year ago.

cents to 10 canta a bale lower, more than, a week as a result General Electric estimate May

33.20-21 Communist. peace moves pret quarter sales of heavy ap-July

33.34 around the world.

October pliances were up 10 per cent

13,35 bid December over a year ago. The stocks of March Prices were around 2 GE and other appliance makers Good middling points at the best with losses reacted well. going to the neighbourhood of

Steels

apparently ignored the a.point. The better gains were announcement that more generous than in several Steelworkers Executive Board the CIO

weeks.

un

33.44

13.30

-Associated Press

would meet at the end of the The Rubber

month to map a

wack pro~

gramme for the industry. vigorous trading.

more

Markets

Singapore, Apr. §. Prices of rubber futures closed today as follows- Number 1 rubber per b

May June tuly

The risc, however, didn't bring out

The Volumo

American Stock Ex- Was down to estimated 2,000,000 shares as moderate.

change was: higher with trading compared with 2,500,000 shares Brown Co., Electric Bond & Advancing were awarded to tho shipbuliding July

yesterday. New York flour per 200 lb. Sack traded

and and engineering trades, had 15.30 nominal-United Prest.

Share, Eureka Ltd. than 3,000,000 shares on Mon-

Molybdo day when the market was fall-Wichita River Oll,

num. Standard Packaging, and resulted in an increase in cost greatly to the disadvantage of

ing fast. owners, who

to were unable

The advance of the stock obtain fixed price contreets.

Most major groups get the market today represented a con New York, Apr. 8. "During the last nine months

Poday at benefit of buying and both the inuation of the buoyancy Number 2 rubber. Copra was quoted New York, Apr. 8.

the nation's economic position

when nomial, defence and non-defence stocks altered yesterday

the Number 3 rubber, May $250 pr short to, marked improve-

market had one of its best days | Number « rubber, May Domestic sugar futures No. & has disclosed a

and dollar

the Pacific Coast. parcipated in the upswing.

stocks included in the past month. Although the plankes crepe

Spot rubber, unbaled closed unchanged to 4 higher.. ment in our gold

Higher Coconut oll was quoted today. account and also in our sterling at 18%, cents a prund, asked. Southom Pacific, Fennsylvania gains were relatively good, they No. 1 Fals rep account within the European United Press.

Rallrond, Texas Co.,

Worner regained only a small part of

Untled Pr Payments Union, which are

LONDON MARKET Cololex,

International the lovers fall of the previous Phone Homestake maiters for congratulation," he

Mining day...

Landon, Apr, B... continued. "But internal con-

point out that thera The rubber market was irregu- Chemical, tions are not 50

Tobacco, Republie Steel, Studenatural tendongy for a re-lar Prices closed today as satisfactory, and the country anxiously awaits Prices the seeds and all baker, U. S. Rubber, Sears Ros-bound to develop in the market follows adranje curtailment of Govern market closed unchanged with blick, Lockheed, and Radio mer, sustained enli such as the amber rubber in sneruje

market has been going through ment expenditure to enable is to the following exceptions Com

- for more then a week. live;wlúila Its means and, by a Flax seed, per bushes, Lo.b. Western Union was well the entire fall was touched July/ep general rellet in taxation, to per- Minneapolis $3.80 Unitedt ahead as the comparty estimated at by Communist peace pro

October mit Industry" to "re-equip`fumit | Preis

first quarter Income at about.posals Associated Press..

May

*5.09 bld

July

September

4.04 5.07

November

3,07 bla

World: sugar

futures No. 4

J.24

bid

3.20

2.31.nominal

eleted 2-1 higher." May

September October JABUGFY.

March

RAW

ied Press.

Seeds And Oils

A New York, AB

...

June

nited Press.

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos. 80066-9 Chinose Freight Booking Office 27, Connaught Road, C.

Tel. 20461

Dates and rotation, subject to change without notice,

At liberty to proceed via other ports to load/discharge exrgo.

EVERETT

LINES

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

BRADEVERETT...

Arrives Saila

Apr. 22 from Manila, for. Apr. 23

Singapore, Bangoon.

"REBEVERETT”

Arrives Sally

Apr. 23 from Singapore,

Apr. 24 for Yokohama,

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

Penang.

Calculia,

EVERETT STAR LINE

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

LÀO

In Port Solls

Loading

Apr. 10 for Singapore, Port Swel- tenham, Madras, Colombo, Klior- Bombay, Karachi. ramshahr, Basrah & Bahreja,

"STAR BETELGEUSE”

Arrives Sails

Yokohama,

Apr. 13 from Singpaore.

Kobe & Apr. 18 for

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

EVERETT STEAMSHIP CORPORATION 5/A Quaon's Building, Telephone 31206. Chinoso Department: Telephone 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