1953-04-14 — Page 9

་་

THE CHINA MAIL, TUESDAY, APRIL 14, 1958.

DANGER SPOTS IN U.S. ECONOMY

Penny Off Recession In The Sales Of Motor-Cars Noted

Price Of Petrol?

A reduction in the price of

petrol seems probable as a re-

suit of a drop in the rate at

Possible Production Cuts

Could Affect Millions

·President Eisenhower's economic experts are having to do some which much of the world's oil is hard thinking about the business outlook for the second half of this year,

carried across the seas, says the Manchester Guardian.

The London Tanker Brokers'

Panel, which twice a year fixes rate for oil tankers on time nnounc £1 sinstantial redue

charter to the

companies,

tion in the standard Eme char- 1er rate. From now on the rate for

molcr of 12,000 tons, ພາ

2

says the New York correspondent of "The Scotsman."

severe

None of them fears a "recession," but they can see various danger spots, and if trouble blazes up at any of them it might cause political troubles, even if the economy as a whole rolls on quite com- fortably.

Take the motor-car industry, for instance.

tanker Directly or indirectly, it employs millions of

charier workers. It is perhaps the biggest single pillar HONGKONG

for two yours, is 22s 3d per fon

per month, compared with 42s Ed previously. A year ago the ante was 52' per tun.

The significance of this rate is that it is one element in the form in which the oil companies qan m2 fix the prices of their troleum products. A fall in Ahls standard freight rate should mean, therefore, some reduction in prices of fuel oil, gas oil, motor Epirit, and kerosene. The whole structure . uk throughout the oil industry may be changed. One Buggestion

as that there Was almost enough scope for the companies

prices

Lake nearly one penny

gallon off the petrol price.

U.S. PRICE FALLING

ay

No immediate hanouncement is likely from the oil panies, however.

com-

The matter must frat be discussed with the Ministry of Fuel and

who

Power are interested In any charges in the price of. "pool" petrol. The oil companies may point out that some of the other cons which they have to bear have risen; the other main

element in their pricing formula is, however, the United States Gulf price for oil and this has been falling recently.

Normally the now price should be made publie within 20 days of the new award by the London Tanker Brokers'

supporting the present unprecedented level of American prosperity.

the

impact. unemployment, the trouble would soon become more than political: it could Dreame T grave economic problem.

recession ied io

SHARE MARKET

{From Our Correspondent) Business dano on the Stock Exchange this morning amount- ed to $350,800.40. Noon prices out the morning's quotations: SHARES DUYERA, AKLLEUS SALES BANKS

750,000 trucks and motor-cars to

The Industry has arranged for millions of voters will feel the roll off the assembly the end of June, but there is Jines by grave doubt whether anything like this number is going to be aborted

in the corresponding sales period. Last week, fur exa example, Chrysler announced a

BUYING ON CREDIT 100-dollar

tho 1053 As usual, the American people standard model, a reduction of are, on the whole, buying their about six per cent. Other big motor-ears, television sets and

us are expected to follow suit.

houses on credit. What worries the Administra Credit, In fact, is financing a ton-leaders is that if the motor-reat out of the nation's de- cor industry cannot sell what mand for goods and services and it has produced in the first half of the

industrial production INSURANCES of the year, its chiefs will Inge000,000 is owed for mortgages on meeting it£20,000,- | which is sharply for the second half. no time in cutting production

£10,000,000,000 homes. will be felt nil motor-arg and television szts. the

reonomy

Firms and industrial organisa- Lons are £25,000,000,000 " debt."

The cuts through

Will Take

אנט

and

Less From

From sustained.

Britain

London, Apr. 15. Finnish imports of a wide range of British manufactured toods will probably foll' this year, Board of Trade announced tonight.

ILX Bank..

East Asia

1400

21400

10 1300

140

Cartra

250

Union

700

10

780

10

778

for

20

775

Underwriters

5.40

HK Fire

103

SHUTING

Waterbunt

A member of the Federal Bestve Board of Governors recently said: The rapid in- creage In credit ruises the question as to whether such a volume of new borrowing can be "If it connot, the stubility of our economy is threatened, unless substitutes can be found for that portion of the present demand for goods and services which based credit,"

Aols Nav. DOCKS, ETC.

N. PL Whart 020 Dock ....... Provident S'hal Dock Wheelock

Japan Buying More Cotton

New York, Apr. 13. Japan's cotton imports Increased about 40 per cent from August. 1932, through January, 1955, over tho samo period in 1851-52, cotton sources say.

Beocipts for the period totalled 1,004,000 500 pounds.

bales of

United States exports to Japan in the period drop- ped to 182,000 bales, com. pared with 542,000 bales in the period a year earlier.

Japanese Imports Mexican cotton rose at the same time from 98,000 to 338,000 bales--Associated Preas.

Quiet Trading In Cotton

Wheat

MESSAGERIES.

Pact Signed

Washington, Apr. 13. Representatives

17 of countries aigned a new In- ternational Wheat Agree- ment at a ceremony at the Stato Department today.

Other nations have until April 27 to sign.

Afterwards, the pact will be ready for ratification or rejection by Jegislative bodies of the various governments.

M

MARITIMES

M

PASSENGERS/FREIGHT 'SERVICE

Outwards "FELIX LOUSSEL" "LA MARSEILLAISE"

Homewarde

Legyen Marrolller ***

It

17 Apr. Hongkong "FELIK ROUSSEL” . 19 Apr. “LA MARSEILLAISE" 22-21 May

via Morpoilies to all Moditerranean & via Djibouti to Madagascar.

Outwards "MIONKAT" Homewarde "MEINAM" "PET-DO"

The agreement would extend | present pact for three years with "MONKAY” a"maximum"price" of $205° « bushol

The accord would guarantee

totalling quote

305,542,032 bushels annually to the 42 mom" |ber countries.

}

Fat

Hongkong

10- Apr. 10-19 May

Manila Yokohama

Dne Atarsellies Via

20 May

15 June

Balgon Balgon

West, Africa ports.

LERYS veKeelung--23 Apr,

FREIGHT SERVICE

Leaves

Hongkong ..Dunkirk-15 Apr. 4-5 June

nongkong

For Japan

For

.

10 Apr.

20 May

1 July

• „Keelong-15 MU

Keelung-29 June

•

↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk

CIE DES MESSAageries maritIMES

P.O. Box 53, Hongkong

Only Britain among the major Queen's Building (Gr. Floor)

import and

and export nations her declined dign. She is hosting out for A $aximum.

Before the signing ceremony, Italy's P. Rogers offered a re- solution approving the part the Wheat Council

the pro-

Signor Rogers said gramme had stabilised the wheat market and helped continue the progress of International co-

New York, Apr. 13. Cotton trading today, apart

were Belgium, Canada, Sig from evening up on May de Ceylan, Denmark, the Dominican livery, remained a quiet and Republic, Franée, West Germany. uninspiring affair.

Guatemala, Haiti, Italy, Japan, Trading moved along at a Liberia, The Netherlands, stow pace

with fluctuations Switzerland, United States and narrowing to 10 points, the the Philippines. --- Associated smailcet

Presa.

some in vange time. After opening

CANADA'S REFUSAL

Oltowe, Apr. 13. Trade Minister C. D. Howe told the House of Commons today Canada will not drop her wheat price to $2 a bushel, the by Britain now as the basis national Wheat Agreement,

Mr Howe said the British are "shrewd hard bargainers" but

Tel. 26651 (3 lines).

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via"

SAN FRANCISCO, LOS ANGELES AND PANAMA.

w

NEXT SAILINGS

M.T. "LEXA MAKESEN m.v. "PETER MAERSK"

ADT.

May

m.v. "HEPPEBEN MAKASK" ***

May

Calling Vancouver

ARRIVALS FROM U.S.A..

m.v.

m.v.

"LEISE MAKESK” "JEPPESEN MAERSK"

Apr.

APT.

IV,

**GILETE" HAKRŠK”

2000 6.20 May situation to remain as the maximum requested by Inter- For Freight and Further Particulars please apply to:-

300 @ 10.00

11.40 1.00 7.50 2.00 400 @ 1.60

changed to 3 points lower, the list closed off 1 to up. 4 points. A leading spoi firm succeedixi in buying several thousand bales of May against sales for July at 10

difference. points Market

experts. expected the chief factor over the next ten days.

Open May contracts at the start of trading today totalled 92,900 bales. The certificated stock

rose to 60,30 year at 206,850 bales with some 1.40 1.8315 500 1.40 traders venturing to guess that deliverable stock may rise to 250,000 bales before the spot month goes off the board several weeks hence.

Wall Street speculators were

LAND, ETC. JK Hotel

7.40 BK Land (0) 3339 57 70 56

S'il Land Humphrey. 13.10 1345

On

UTILITIES

Tram ......

1. Tram (N)

Star Ferry

of course,

Panel. This delay will take us

ELECTION. YEAR past the Budgot, so that if the Chancellor makes any changes

Unemployment, in the tax on hydro-carbun oils

would hit the credit. structure that will also have to be taken

badly. People out of work will into account,

place no mora orders and may It ahould

noted be

In a communique on the con-default on what they owe. Üst the

clusion of Anglo-Finnish trade oil companies have, In fact,

There is no reason, given the been able to carry part

of their

Laiks here, the Board sald

which experience politicians and doro cheaply for some time Finnish Import licences pil

for economists have gathered on the freight rates for tankers traditional British exports are subject in the last 30 years, why not on time charter has been likely to be on a somewhat lower proper avoiding action should falling since the end of 1951. Eeals than in 1952.

not be taken us soon as the first Changes in the price of other

signs of a

a recession appear on products,

the horizon.

But next year there will be a national Congressional election Finland's exports to Britain in which the Republicans will sist largely of timber, wood pulp. Senate and the House of Re- this year will continue to con-have to fight hard to hold their Viny margins of control in the paper and similar forest pro-SI

and, in addition, some I presentatives. Elsenhower was ducts manufactured goods, the Board And said,

This was due to the decline in however, are usually Finland's earnings of Sterling left until this particular rate from exports to Britain. for lankers on time charter is announced.

There is

Gome time lag before motorist gets the benefit of cheaper cost of carrying oli

thus

the

the

Copra Quotation

New York, Apr. 13. Copra was quoted today at $125 per short ton, asked. Cocoa- nut all was quoted at 10 conts a pound, asked.United Press,

Britain would be making available to Finland cupplies of coal, coke and sted and other

essential

Reuter.

materials raw

elected last year on what most people understood to be promises

the

1000 200

50

42 300 @ 21.00

18 10% Le (0) 10 10 20 1300 @ 10.10

the

AGENTS:

JEBSEN & CO. a new high for the

it should be clear now that after 15 weeks' negotiation. an International Wheat Agreement is possible on the basis of prices recommended by the (Inter- national Wheat) Council and on no other basts."

The Council proposed $2.05 a The current bushel maximum.

$1.00.-Assoclated

C. Light (N) 840 6.50 200 si out of the market. Apparently ceiling

INDUSTRIALS

Cement STORES, ETC.

Watson

14.50

IDOⱭ 4+

Is

Exchange Rates

21.10 2300 23 the speculative element found Press, 1719 17.70 500 17.50 things more interesting in securities, grains, sugar and some other commodity markets. 21.70 494 21.60 But one private market advisory service recommended that cotton ellenia "take short proûto-buy 2.45 July--and stay long."

060* ******* __ KLJUCI

20.30 21 #700 42L Crawford 21

COTTONS MCLANEOUS

Ewo

1000

7000 @ 0.35 Prices closed

The Rubber

Markets

Singapore, Apr. 13. Prices of rubber Kutures

rubber,

to end the war in Korea (which closed today as follows: would certainly cut the present demand [or

for goods of all kinds), and an

to slash the national budget (of semi-manufactured goods. →→→

which national defence is greatest part), and to increase rather than decrease all credit facilities.

Political expediency and economic wisdom. may, In the short term at least, compete for the favour of the President and his advisers.

Australia To

To Send

Expedition To Southern Continent

Sydney, Apr. 13.

PRICES SPIRAL ENDS

0714-08

0412-16

414-4

604-14

67-3

60-6215

Number 1 rubber,

per lb. May June July Number May Number 3 rubber, Number 4 rubber,

May

Muy Blanket crepe

rubber, unbaled No. 1 pale crepe

United Press. NEW YORK MARKET

New York, Apr. 13.

follows:-

Spot

July (1054)

today

23

33.70

33.81 bid

--United Press.

Business was done in the local unofficial exchange market this morning at the following rates:- US dollar (per 31)

5.034

Blerting note (por £1) Indonesian gulders (per 100) 18.35 Siam 1icals (per 100)

15.03

Bingapore (Straits)

1,00

FIC plastres (per 100)

12.23

Report On New 'Mariner' Class Vessels In U.S.

First reports reaching the U.S. Maritime Administration on the voyage performances of the new "Mariner” class cargo ships indicate that they 8 to 00 points lower with us are not only the fastest vessels of their type of 16 contracia, Number 3 closed afloat, but are also economical to operate, inactive and

Prices of Number 1 standard rubber futures

closed today

The masters and engineer officers of each of the first four Mariner ships to enter service had been asked to submit operating reports at the end of each voyage giving details of speed and fuel consumption, and it is these reports the adminis- 23.10 nominal tration has been studying.

Meanwhile, the rising spiral of prices set in motion by the outbreak of the Kurean war in June 1050 has come to its peak points lower. Prices of Number nominally 50 and is slipping back rapidly. 1 standard rubber closed as

Best quality steak which was follows:- 83 4d a lb. four months ago No. I standard. now about 58. 6d. Pork chops May Australia will send an expedition to the An- have gone from about 63, 6d. e July tactic this year to reassert its sovereignty over ab to 48 d.

September December Frult, vegetables, and fish are March dection of the Antarctic continent, prospect for sometimes nearly 20 per cent May minerals, including uranium, and collect weather data.

gcological

The expedition is now being, and the organised by Mr Phillip Law, ity between parls

The

Antarctic

And,

similar. of the

cheaper, and eggs 'aro at least | No. 3 standard. 16 per cent cheaper than they May were inst November.

July

September Clothing down

ja

by about December seven por cent in

In price, furniture March: by obout ten per cent, and TV May

23.CL 23.71

23.33 bid

23.15

21.09 nominia

2145

21.45

21.24

21.23

21.25

Uelled. FromE.

LONDON. MARKET

per ib. Mary Juży

modern

One of the most satisfactory The Old Dominion Mariner. features is that the ships can operated by the American maintain a speed of 20 knots President Lines, la reported to on little less than a barrel of have made a trip from Norfolk, fuel oil a mile, In addition, Va., to the Panama Canal Zone the

cargo-handling at an average speed of 20,59 facilities are reducing the time knots, with a fuel consumption spent in poris,

of 00 barrels ver 100 miles. A Many auggestions for improv- better passage made by the Old ing the vessels have been re- Dominion Mariner was ceived by the administration Balboa to a Californian port, a from shipowners now operating distance of 3.250 miles, at 2011- the vessels, but it is stated average speed of 22.91 knota 20 that these changes are only with a fuel consumption of 1.08 201-2 minor ones, and could easily be barrels per mila, 201

to Buit 20-2012 matte by the

WHA

director of the Antarctic division Antarctic Continent and areas sets and refrigerators are down of the Department of External of Australia where uranium hos by about eight per cent.

London, Apr. 13. Affairs, and is expected to leave been found.

Rent and fuel remain at the Melbourne cally next December,

The most important Msoma high lovais.

rubber market which is mid-summer in the Casey was probably thinking

strady today. Fricca closed as There has been enough of a follows: that it was about time Australla break in the trends of the last Number 1 rubber, la pence Southern Hemisphere.

Continent, showed a keener interest in her two and three-quarter years, which at its nearest point is vast "frozen

Empire

which she however, to give real relief to 1,500 only

milcs

south

casually the average of accepted about equat

American worker Australia, is

in from Britain in 1933,

and housewife.. brea to Australia and the United

Australia's claim! At present Stat combined. The "Austra to practically half the Antarctic la sector of the continent continent is recognised by fers 2,472,000 square miles, Britain, France, and other Euro- almost the area of the Australian.pean countries, but not by the mainland itself.

United States which has never

When he announced the ex- acknowledged olalms bared sole- pedition recently, the Minister ly on exploration.. 'Indeed, in-

LONDON TIN MARKET

London, Apr. 13.. The in market was: steady for External Affairs, Mr R. G. ternational lawyers have long today. Turnover was 250 tons, "Today the An- agreed that the bare fact of including 100 ton for cash. Prices Casey, sald: tarctic is

challenge which discovery, besides being hard to closed at the end of the official cannot be ignored. No one can prove, is an inquifielens ground morning station as follows: predict what Importance it may for proprietary rights,

Spot in, buyers.

770 tin, sellers waged 775. Three-months Un, buyers, « 130 2 Three-months in, scilors... 730 Business done IL - 750-720 Settlement. 730

---United Press.

Apr. 13.

usumo in the next 50 years."

July/September Delober/December January/March

--Unxed Prtan.

Grain Prices In Chicago

Chicago, Apr. 13. -- Prices of grain futures closed

Wheat-price per bushel-

If then, Australia is të havo are done at -745-725 Today as followE+

their own requi

Nevertheless, many of the suggestions have been accepted by the administration, and will be incorporated in vessels now under construction.

from

an

Comparing the performances between one of the ohi 17-knot C-3 type carro vessels and the new Mariner vessels, Maritime Administration oficials süld that the older yassel could average 400 miles daily with a The vessels in servico are be- fuel consumption of 325 bar- ing operated by shipping compi

rels, as, compared with - an panies for the Military Sea average of 109 miles

a day Transport Service and carry with a fuel consumption of 418 cargoes largely consisting of barrels by the Mariner, chips,. vehicles. Maritime Administra= | For the addition of 123 barrels on officials believe that when of fuel, therefore, the Marinor the vessels are placed là regu- vessels could accomplish an ed- lar commercial Bervice

ditional 100 alles a day..... they will be even more succcantul," Latest Mariner-type ship

enter torvice is tha CONSUMPTION RATE:

Garden Mariner, one of five, vessels or The On Colony Marlaer, dered from the Camden, Now which is being operated by the Jersey, yort of the New York United States Lines, is report- Shipbuilding Corporation. Al- od to have made a voyage of together 30 ships were ordered 1.07041 2008 miles at an average speed by the Festerni Maritime Ad-

of 10.01 knola, and another

ministration from seven ship-- Blaze Tin: Grado A. (09:00' per

cent

passage of 3,004 miles was re- yards on all threg the survey and research beambt down or higher) New York, per ib. May

of ported to have been completed the United States, azuishing, results of earlier expeditions to the Falkland Islands cach 105.00 contat

at an average speed of 20.50 each designated with a stábo which established the pro- Antarctic summer to keep a Copper (electrolytic, export, May

knold, with a fuel consumption nickname, are 628 ft; look, bot Bences AdiZwuxtensive coalfields watch on whalers and land New York, per 1b: 32.00-30;13 sind

New York ficut per 200 16. Back of 99.3 increls of fuel all per have a deadweight of 13,000 minerals

small parties at different places: |.conta.- ¿fnited Preja, tek 12.20 nominal Und

STRATEGICTM POSITION.

事

good.

anawer to any challenger

she must do

do something more

Mr. Caloy, was not thinking about her territory than

́of the`ice-locked, blizzard-swept|

proclaim her

her ownership,

continent as possible area for of permanent rettlement, settlement, lo was thinking of is out of the question, she must Its strategic importance: ca a prove

aprave continuous and effective futurar als soute for lanes administration by regular fying between South America poditions Just a

New York. Prices in the metal. market closed unchanged with the fal-

Spot May July Heptember December

Cora #pot May July Heptember December

Bye

1001

·Elo-wal> thinking, ido, cað frel ASTORES thọ lain doceflowing oxcuptions:- A

Or South Africa and Australia. || by

TB-741%

to

Pedder Building.

Tel. Nos. 36066-9 Chinese Freight Booking Office 27, Connaught Road, C.

Tel. 20481

Dates and rotation subject to change without notice. At liberly to proceed via other ports to load/discharge cargo.

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 Salla

Apr. 22 from Manila, Ápr. 23° för Singapore, Penang,

Rangoon

Calcutta,

"REBEVERETT”.

Arrives Salls

Apr. 25 from Singapore.

Apr. 20. for Yokohama,

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

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Peralan Gulf Ports, "STAR BETELGEUSE”

Arrives Sails

Arrives

Salls

Apr. 27 from Singapore. Apr. 27 for Kobe &

Yokohama.

"STAR ARCTURUS!!

May I from Japan. May 2 for Singapore, Port Swet

tenham, Madras, Colombo, Khor- Bombay, Karachi, ramshahr, Basrah & Bahrein.

(Accepting cargo for transhipment)

· Kobe/Puzan and Kobe/Okinawa)`

EVERETT STEAMSHIP CORPORATION S/A Queon's Building, Talophone 31206. Chinged Department: Telephone 28293.

BUSINESS REGULATION

ORDINANCE 1952

Copies of

of the prescribed

Forms 1(a) (b) and (c)

Now On Sale at S. C. M. Post, Ltd.

HONGKONG AND KOWLOON

TEN CENTS EACH