1953-04-17 — Page 9

Agitation

In

THE CHINA MAIL, FRIDAY, APRIL 17, 1953.

America Tourist Franc

For Government Aid To Tramp Shipping

P.I.-Japan Trade Prospects

inaceda,

Manila, pr. 16, The Secretary of Commerce 1341- Industry, Cornello THI

mid today that the volume of traile between Philippines and Japan can be further increased, perhaps doubled or even more.

Mr Balmaceda.

said:

the

"De-

spite the fact that the Japanese pence treaty still remains to be Japan ratified by the Senate,

today is the No 2 buyer of Philippine products iti The world and the No 2 supplier of Bur

neerla

the United State, only by

He

added

"Japin gets easily the biggest share of Philippine overseas trade in Asla."

Mr Balinceda

pointed

out

that Philippine-Japanese post- war trade begon

indications point to the

DUS-

ability of increasing trade be tween the two countries.

Last year, he said, Philippine exports to Japan totalled more than 75,000,000 pesos und im- ports from Japan totalled jess fizi 30,000,000

which prvos shows

favourable trade bajunce of more than 37,000,000 pesos,

Philippine-Japanese trude

Is

the barter

going on under agreement originally concluded In 1960 and which has been renewed periodically.

The Commerce Secretary said, however, that the Philippines Government is doing all it can to promote trade with Japan.

"Japan greatly desires to have steady flow of

raw

Whatever else may be said about the newly- formed American Tramp Shipowners' Association, it is certainly an articulate and ambitious organisa- tion, says the Liverpool Journal of Commerce.

Its latest move is to ask for a written guarantee that U.S. Government-owned vessels now in service will be returned to the "mothball fleet" as soon as they have served their présent purpose with the Military Sea Transport Service.

Big Sales Of Wheat To Britain

London. Apr. 17. While the future of the International wheat agree. ment is in the meting pot. abnormally ble sales of Canadian wheat to Britain were disclosed today.

During the week ended April 10, Canada sold al

1,000,000 exactly inost

the metrie tons under agreement, an unprecedent- ed figure for a single week. two IL equals almost monil of Canada's export queta.

Britain, who has refused to renew the agreement al the price demanded by the expuriing nations, gol the lion's share, 873,080 lonx Reuler.

ANALYSIS

OF ASIAN

ECONOMY

Manila, Apr, 10.

This request is unlikely to be met. Nar, it would seem, ore the three main objectives of the association, which are:-

(1) the sponsoring and sup- porting of legislation for a sub- sidy for US, tramp shipping:

(2) the right to form con- ferences similar to those .now employed

by the majority of Liner companies; and

(3) the retention of protective clauses, such as the 50-50 rule, with demands that at least 50 per cent, of all US. foreign-ald tonnage is carried in U.S. ships.

BLACK OUTLOOK

Mr F. Riker Clark, one of the leaders of the tramb seetion of the US. shipping industry, has stated that whilst present con- ditions for tramps are better than they have been; the outlook for the future is "very black," and that

many foreign tramp ships with far lower operailng costs than their U.S. counter. parts, are idle, which is, he re- fur- marked the other day,

ther indication of the hopeless position of the. U.S. tramp in- dustry."

In this case it may be con- sidered

that the surprising Tramp Shipowners Association are so keen to obtain Govern- ment Snancial assistance, not only to keep the present small fleet of trumps in commission, but presumably to employ more since, it is safe to assume, I! keep connot owners foreign their tramp ships employed, the Americans will not be able to do so even with an operating

pre few Actually, there

The Philippine Central Bank subsidy. of the

Governor,

Cuaderno, Migue!

materials from this country and on the other hand the Pppines is desirous

of cushioning the impact forthcoming termination of her free trade, with the United States by seeking other markets or widening those already es- ublished like those of Japan

United Press,

analysing the ills of the South-tramps laid-up just now because East Asian economy, said that they cannot obtain employment, the development of this part of so in this regard Mr Clark: has the world was being stultifed been misinformed.

by the following factors:

(1) The paralysing effects of the centuries old colonial economy.

New York Sugar (2)

Futures

New York, Apr. 10.

AN EXAGGERATION

As to the future, It would seem to be an exaggeration to The predominantly consider that the outlook is agrarian economy,

other than uncertain, but it has (3) The lack of a domestle hardly ever been otherwise in currency.

of the the peace-time years (4) Inadequate foreign ex- present century, change coupled

blocs.

irade with

What is certain, however, is

subaidise ไป WOTC

American

(5) The "blight of invasions". tramp Shipping it would Addressing the "Town Meel- ing of South-East Asia," Mr Cuaderno said

that the type of economy...in

of a number

World Number 4 sugur futures | barriers set up by the currency that if the US. Government fuday closed 2 points lower to 1 paint higher with sales totalling 613 contracts. No. 6 closed un- changed to 5 points higher with sules totalling 801 contracts.

Realising pressure and hedge selling following Wednesday's unually sharp rise dominated dealings in the world contract with the raw market maintain ing a firm tune in the mean the. Reiner buying and short covering, rallied domestic autures at the close.

Juntry

3.70

4.60 bld

to trade

affect the dollar- of European countrie

capantries-not the vuin-East Asial const being Britain, which sti

rade operates the largest tramp Beet developments

outside in the world of the

the decline despite world. The lack of foreign ex-in recent years and undo much change and inadequate income of the good which has been done he said, limited the desire of as

as far as redressing adverse

was

3.00 nominal currencies.-France-Presse.

com-

traffic

As Bait?

*

Paris, Apr. 16. The French Government is.considering the creation of a "tourisi İrghë” to make holidays in France cheaper for foreign tourists, a Ministry of Finance spokes. man wald tonight. He said A preferential exchange rale for fouțists was being considered

se part of tho Government's now financial measures but details had not yet been worked out.

The Pound sterling rose to 1,090 francs on the un amelal market-its highest rate since March last year. The Found, whose offielął rato in 980 - francs, stood #l 1.005 yesterday. The delier also went up to 120 franch for the Brst time since April last. 'Ile official rate in 369 francs-Reuter.

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- ed to 5183,101.50. Noon quota- tions and the mornings trans- nctions:-

BILARES BUYERS SELLERS BALES

BANKS

1K Bank

INSURANCES

Canten Valess Underwriters

K Firo ***

DOCKS, ETC.

KWARTE N. PL. Whart Dock.... Protidemi S'hat Dock Wheelock

LAND, ETC. IK futet lik Land (O

She Land Humphreys UTILITIES

1303

KEEPING - CLOSE

WATCH ON METAL PRICES

Indicators Of U.S. Economic Trend

New York, Apr. 16. Metal prices often are the last to take the down road.” But when they do they often go sur- prisingly fast and for.

MESSAGERIES

Dotwards

M

Paro ̊0)

MARITIMES

M

PASSENGERS/FREIGHT SERVICE

"FELIX ROUSSEL"

"LA MARSEILLAISE"

Homewards

Leaver Misc}}}TN

valled

11 Apr

Nongket

19 A

"FELIX BOURNEL" “LA`MARSEILLAISE" 12-13 May

tongkang

1

ABT.

10-12 May

For

une Marxalilea

28 Atay

Yokohama

"Via

Belgra

daigon

vin Marseilles, to oil Mediterranean & West Africa ports. via Djibouti to Madagascar.

Ontwarda "MONKAY"

Nomewards m "MEINAM"

So today U.S. businessmen are watching the shifts in metal prices closely to see if they will put the official confirmation on the end of inflation "PET-HO" and the start of deflation so long expected.

And consumers watch metal as other lands push their "trade, prices because they affect a long not ald" plana," list of things from cars, hottse hold appliances, tin cans fences to safely pins,

Strange as it may seen, En and j'eopper produters won't be ́ ́ tou sorry. That's because they feur The picture to date is dar uluminium competition. from clearout. Today we find

Copper prices jumped when lead and zine prices weak, Tin controls ended. But alumipium prices are skidding spectacular- didn't. Instead, aluminium pro- ly. Copper prices have slipped duction is being

stepped t the from post-docontrol peak and that

the copper and further drops are freely people. more than the prospect predicted in the trade for later of lower prices.

Lead is now soling at 13

this year.

steel

nout a price

about

busle metal

But at the same time executives are talking | cents a pound, compared to 18 increase in that cents a year ago. Weakness in

the

London markels drove prices down for several months, al- though producers say the da mand hère is satisfactory and is expected

increase bifore summer.

to

Steel

lin's peace talk.

their

executives metal bas

700 20 # 785 6.40 133

(10.70 01% 300 m 0.26

2.05

1:40 30 11.20

7.40 7.45 4000 7.43 42 50 200 50

100 * 8045 1.40 130 1415 24.99 300 @ 14,00

Trat 2115

1. Tram (0)

30 Trem (N) Siar Ferry 102

C. Light

400 21.00

(New) XD Electric

Cerment ..... 14.00 Hope

$4.00

2120 20

Telephone .. 17.00 17.00

INDUSTRIALS

9.30 0.03

.. 8.3

23.10.

824

23

STONES, ETC.

Dury XD Wation

COTTONS

Ewo

18.30 18.50 1000 18.00

236 21

60 @ 2.10

MISCELLANEOUS

Yangleze. O1⁄4 0.35 2000 & 59

Slow Day

In N.Y. Cotton

*

to

"MONKAY).

FREIGHT SERVICE

Leaves ........................ Dunklek—19 Apr.

Leaves Kerlung-21 Apr Hrehung--28 May „Keelong~10 June

ilangkang

3-3 June

For JADER

Hongkong

30 Apr.

Fot

1

+

•

20 May

I July

↑ Saigon, Marseilles, Algiers; Oran, Tanglers, Casablanca, Le Havre, Autwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES. MARITIMES P.O. Box 53, Hongkong Queen's Building (Gr. Fluor) Tel, 26051 (8 lines),

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHĽA VIA SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

m.v. *m.v.

"LEXA BAKUSR"

Apr.

"PETER MAKESK“

In

m.v.

"JEPPESEN MAERSK ....

May 2 May 11

Calling Vancouver

ARRIVALS FROM U.S.A.

M.V. "LEISE MAERSIC**

ADT.

R.V. "JEPFESEN MAERSK”

ADE.

m.v. "GHETE MAERSK"

May

Demand for most of the metals has remained high, But supplies have been increasing, And foreign, producers

c no longer dictale as

they have since, the start of the Korean Zine prices slipped to 11 cent. war. Now foreign speculators n pound here in March-with are beginning,

unload the London market also getting partly as

result of the Krem- the blame. A year ago zine was

selling here at 19 cents feel that pound. Demand for special ligh the brightest grade zine is high. But large prospect just now of staying in) quantitles of zinc der sale high demand for months to Europe keep the domestle price come. Their output in the. first low.-Associated Press, three months of 1053 set a re- cord of 20,981,137 tons, up 7 per cent from the previous year. INDUSTRIALIST'S VIEW Benjamin F. Fairless, Chair- men of U.S. Steel, says shrink- ing profits in the last 12 years due to government controls and rising taxes has given the in- dustry 7 case of "Inancial malnutrition" which it must quickly move to correct.

Weir,

Chairman of National Steel, rays prices are too low and must be raised if the industry la to attract more. Investors

for and be ready further expansion.

While observers are debating how

ow long any possible steel price Increase could be made to stick If the general economy should go into the decline cone are pre- dicting they see a different im- mediate picture in some

other metals.

Tin prices have slipped just

Union Insurance Dividend

The ordinary general meeting of the Union In- zurance Society of Canton, Ltd will be held on May

21.

Subject to audit the Directors will recommend the payment of a dividend of £2 per share.

AMERICA

AT TOP

below $1 a pound, for prompt OF BOOM?

delivery. Tin for May delivery was quoted at 98 cents, a drop of ive cents. The price had been $1.211 until two weeks ago.

TRADE PREDICTION

Philadelphia. Apr. 18.

An American financial writer asserts that he believes the na- tion is at the top of the boom" Dealers blame Korean peace and that a decline could come talks and the prospects that this year. world in production this year

may-top demand.

A buyers' market

Addressing the Annual Con-

For Freight and Further Particulars please apply, to

AGENTS:

JEBSEN & CO.

Fedder Building.

Tel. Nós, 36006-0, /

Chinese Freight Booking Office

27, Connaught Road, C.

Tel. 204617

Dates and rotation subject to change without notice,

At liberty, to proceed via other porte to load/discharge cargo.

EVERETT

LINES

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

"BRADEVERETT”. is on the vention of the National Federa-

way in copper, trade sources tion of Financial Analysts So-

predict, although

is still high.

the demand cleties. J. A. Livingston, Finan- cial Editor of the Philadelphia Bulletin, said:

Since the Korean war storted the world price has been set by reign producers. The United

pound.

The administration is deeply concerned about the continuance

New York, Apr. 10. Cotton trading today went States has been importing of Inflation. It has put out a through another slow and un- around 35,000 tons a month long-term bond issue to top up

can excess currency. produce. So Chile was able to "The

of expanding prospect defence expenditures gets slight er with each conclitatory gesture, Now copper is being offered I'd not be surprised to see stocks from Africo, Yugoslavia, Turkey decline to 212, which was the und even West Germany, some resistance level on the high side of it as low as 32 cents u pound, in 1948. And I would not be delivered in New York.

surprised to see Industrial Domestic mines are selling at ducilon fall 20 per cent, which 30 cents and can sell all they would mean

to 200 In the produce for that at least through Federal Reserve Board Index. May.

Later on trada sourcen "The big question is, when?" say, the price may drop to 20

can only answer that," or 27 cents. Some say it may go Livingston continued, "by Бау still lower.

ing, when the automobile mar

the South-East Asian countries trade balances is concerned. to diversify their economy,

It is easy to lose sight of the fact that European tramp shies eventful session. Prices showed | above what its own mines "Dollars alone are not enough

an overtone of steadiness, neat our respective lo enable

Rov-jook to the American

expert ing just above the

cios- demand and get 361⁄2 cents previous clos crnments to implement their trade in grain and other

Ing levels through most of the 3.58 nominal cronomic mobilisation pro-modities for much of their em

day, then settled back at the 3.59 bid

Cuaderno sald,ployment, grammes." Mr

and If this

final gong on day trader Iquida By hid

tion. The list closed unchanged The market openect up 1 to off 2 points.

Evening up in May delivery continued to be a

a leading fea ture along with a routine de- mand for old crop months by domestic miks and exporters. Spot Interer's sought to buy May and sell

1 July at discounts out to 21 points.

President Eisenhower's speech was followed.

Contract No. 4 (world)

Slay

July

September

October

March

May

Sprot

3.58

Contract No. 6

May

July

September

NAVAAher

March

Spot

ca nominal and urged the South-East Aslan were to be further reduced it

to 2 points lower. own would have serious consequenUEZ, countries to boost their

"With respect to the formation in America of tramp con-

Journal the

of ferences,"

consider Commerce says, "We that they are out of the ques- flop, and connot in any case visualise what form they might toke."

5.08-5.00

5.94-5.95

6.07 bid

8.90 bid

3.62 nominał

5.00

United Press.

LONDON TIN

MARKET

The Rubber

Markets

Apr. 10.

Prices of rubber futures closed

today as follows:-

Number 1 rubber, per lb.

Kay

June

July

0212-6336

6722-GB

Number 3 rubber, May,, 6015-03

London, Apr. 10. Number o rubber, May.. 013-

The tin market was very | Number 4 rubber, Maj 5914-60

0731-11 61-63 78-00 -Unlied Prets,

steady. Turnover was 100 tons anket crepe

rubber, unbsled

Including 15 tons for cash.

No. 1 pale crepe

Pricos closed at the end of the

oficial morning session 19 follows:-

Spot tin. buyers

Rout tin, sellers

Business done at

Three-month

Three-month

735-730

buyers 15, sellers

723-715

United Press

Mariners done at

Settlement

ΟΣ

This expectation, some say, ket gets saturated. It's close to may be why the US govern that now. The decline could with consider-ment has stopped buying copper | come this year. It might not Increased comme until next."-Associated foreign offerings are expected Press.

Grain Prices able interest by the trade- ment has stoclopile.

In Chicago

radio and television but had no marked effec. Traders said that no matter how laudable And constructive tho Chief Execu tive's proposals are, "we will have to walt now and see what Chicago, Apr. 10.

reaction,

if any, will come from and other grains Chicago

Russia." leading commodities were quiet

During the course of the ad- in mixed dealings. Wheat felt dress, cotion trading came to a the effect of the continued slow practical hall. The failure of export demand plus the promise the official March consumption LONDON MARKET

rains over the southwest

estimates London, Apr. 18.

of disappoint- Inter- withdrawal from the The rubber market was slightly growing belt and Great Britain's figure to meet trade

ment. easier. today. Prices closed as national Wheat Agreement. Prices closed follows:-

Wheat closed today off to I follows:- Number 1 rubber,,

in pence per ib.

cent. Prices closed as follows: May JJune

JAPANESE BONDS October/December

London, Apr. 10.

Japanese bonda

"A" (45, of 18D9). "B" (45. of.1910) **C*2/(52 of 1907) D" (59, of 1924) E? (0%. of 1930) Consola

83 72

103

United

Of

Wheat-price per bushel

2011-20

2017- Spot

July/September

January/March

United Pred

NEW YORK MARKET

May

1911-20 July

September December Com

Spot

New York, Apr. 10. MAY. Pricts of No. 1 rubber futures July 127% closed today $5 to 61 points September

'December lower with sales of 65 contracts. 147

No. 3 standard contract closed | May 60-3/10 nominally 25 points, lower with July

"Dats Press.

no zale reported.

Liquidation and hedge sailing May

Seeds And Oils

July

צבעון

a source

Spot

.....18!

-1.15-2.106 7.1134-2.22 2.255 2.4116

ALBY July October December March May July October

1.8976

1.00-16:55

1.55

1.05.

7831-1%

with flower cables upset futures New York flour-per 200 lb. back prices Dealers reported a quiet $13.30 nominal-Unised Prons.

situation in the spot farket. Prices closed as follows

with New York, Apr. 10.

Prices in the seeds and oils, market clored unchanged with the following exceptions:-

Tang olle in tank cars, fo.b. July New York, per lb. 2012 cents: Lep

"Flaxseed per bushel, f.o.b..

Mar

Copra Quotation..

today Af

23.85 33.20-34,20 23.47

33.81

33,64 bld

NEW ORLEANS MARKT

Spot

May July October Theembe: March

33,42 33,50 bid

3.08 bid

July

Qefobar

-United Press.

M.V. "FELIX ROUSSEL"

will sail for Marseillos

via

Manila, Salgon, Singapore, Colombo, Djibouti, Suez and Port Sald

on

Sunday, April 19th, 1953, at NOON EMBARKATION:

Passengers are requested to board the vessel between 9 and 11 a.m. on Sunday, April 19th 1958.

BAGGAGE:

Luggage room, hold, and Cabin baggage will --bo registered at the Kowloon Godown, No. 50 (No. 2 Gate, Canton Road Entrance) on the 17th April from 2 to 5 pm, and on the 18th April from 9 a.m. to Noon and from 2 to 6. p.m. No baggage will be registered after that time. Passengers are requested to note that ALL' BAGGAGE must be registered as prescribed above;

Exchange Rates Our Passenger Department will remain open on

Saturday afternoon the 18th April during office hours, Duringus was done in the cal New York, Apr. 16. Hnomical exchange marks, brand on Sunday the 19th April from 0 to 11 a.rfi. Copra, 'was quoted today, "At morning at the followbig rates; $237.60 per short ton asked, gforling, naje (perk 51)

dollar (NCE #1)" je,i,f. the Pacific Coast." Cocon= | Tadinandan cumină ( hdit oll was quoted at 10 cents Slam iesisitpur (100)

Singapore (Strai) pound, asked.—United Press. - 210-platives (per 100)"

Compagnie Des Messageries Maritimes Tal; 20081 (8 Ines)

Queen's Building)g

Arrives Balis

Apr. 22 frem Manila, “Apr. 23 ̄ ̄ ̄ ̄for Singapore,

&

Rangoon

"REBEVERETT":

Arrives Sails

Apr. 25 from Singapore.

Apr. 25 for Yokohama.

(Accepting cargo for franshipment Kohe/Pusan and Kobe/Okinawa)

Penang, Calcutta,

EVERETT STAR LINE Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- Chion, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports, "STAR BETELGEUSE”.

Arrives Sails

Arrives Salls

Apr. 27 frem Singapore. Apr. 27 for Rebe &

Yokohama.

"STAR ARCTURUS"

from Japan. May 1 May 2 for Singapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Khor- ramshahr, Basrah & Bahrein.

~(Accepting cargo for transhipment Kobe/Puran and Kobe/Okinawa)

EVERETT STEAMSHIP' CORPORATION 5/A Qupan's Building, Telephono 31206. Chinese Department: Telephone 28293.

BUSINESS REGULATION

ORDINANCE 1952

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

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

TEN CENTS EACH