1953-04-24 — Page 9

"

THE CHINA MAIL, FRIDAY, APRIL 24, 1953.

U.S. Economic Stability

Egypt's Foreign Trade Warning On

Income Drops: Need For Reorganisation

Rubber Study Group

To Meet In May

There are grave opinions circulating among economists in Egypt that the country's income from foreign trade in 1953 will be about half the figure for 1951 or somewhere below £120,000,000.

From this income, Egypt will have to import about £30,000,000 worth of wheat, about £25,000,000 worth of oil products, and almost her entire re- quirements in electrical and mechanical equipment.

Anllelping these difficulties, and anxious to assist the regime of General Mohammed Nogulb, the United States has offered to rend Egypt £3,300,000 worth of wheat if Elypt promises to put the money into a development

programme

Egypt were down by £35,000,-- 000, und her exports to Egypt down by £8,000,000 as compared must be with 1951. And it borne in mind that the rectric- licns on sterling imports only began to take effect at the end

of July.

some

Can.

บ

to o

Bocaraton, Florida,

Apr. 22.

Swe-Ten's Ivar Itooth, Managing Director of the Internationa). Monetary Fund, wakh here that the nen-dollar world is closer to standing on its own feet now than at any time since the second world war,

He told the anbuat meet. ing of the Bankers Associa tion for foreign' trade that dollar shortage in casing, but whyred:

of maintenance "The economis stability In the United States is not merely a matter of cancern to your own people. It is a mat- ter of vitat-concern to the seliole fide world.”—A$41]~ ciated Press,

HONGKONG SHARE MARKET

(From Our Correspondent)

Stock Business done on the Exchange this morning amount- ed in $332,738. Noon quota- tions and the morning's trans- actions:--

SHARES BUYERS HELLERS BALEN

JFK Bank ..1430

20 1440 20 159

INSURANCES.

Anton

Underwriter

HR Firs

M

GERMAN SALES MESSAGERIES

IN INDIA ENDANGERED?

New Delhi, Apr. 23.

West German trade circles here fear a serious recession in the booming Indian market in German capital goods unless Rühr steel prices return to pre-decontrol levels.

Steady spurts in German sales of railroad rolling stock, electrical products, machine tools and other items since Germany first entered the Indian industrial scene on a large scale three years ago have been mainly credited to competitive prices. Quick deliveries have also been cited as an im- portant factor.

Germany's share of all Indian capital goods imports jumped from five per cent In 1951 to Over seven per cent in 1892, and might go still higher in the current year if ceonomic fac ters in both nations

Delhi Ger- !· favourable," Now man Embassy Commercial Secretary

are

Wolfgang Knupisch

sold in an interview.

Locomotive exports from Ger- many to India increased

מוסי11

5,308,000 Marks

In the to

1951 5,600,000

calendar year Barks in the first eight months

machine tools, the 1931 |

Economic Plain For Japan

Tokyo, Apr. 23.

The Economic Delibera-

of 1952 alone, Embassy figures tion Board Japanese Government organisation in figure of 0,600,000 Marks in working out its long-range creased to 1,200,000 Marks [in | economic plan, will adhere to the first cight months of 1952 the principle that Japan's Electrical products went from programme for the attain. 7,000,000 Marks

Throughou 1951 to 14.400,000 Morks.

economic self. Indian Hallway Board statis-sufficiency should not tics disclosed that German rail hampered by the policy of rolling stock.

Washington, Apr. 23. An international rubber export said today that the British Government may United States."

approved by the Britain has 50

LITTLE BRITISH TRADE urge the United States to for released her full undertak British trade with Egypt is, limit

of syn-in in sterling from Egypt's in fact, rapidly coming production thetic rubber and price it skiing balances, namely, 15,- standstill in all but a few very

000,000.

essential corame lies, competitively with natural

But these are only minor patterns ns Scotu whaka, rubber when the Interna- | liatives. The simple fact is balls,

British footwear, and con- clothes me already tional Rubber Study Group that Egypt is racing the

in short meets in Copenhagen on

vetse of Britain's post-war dlf-supply and lings have fuit.s

Britain had to face disappeared. Britain's aportant May 11.

high raw material costs without chemical and

showed. plamaceutical corresponding increases in the trade with Egypt has been

For The British Gavernment, beatue of the manufactured goods more than halved. saus aware that there is not

The exports, Egypt, with 80

Egypt is attempting to over- the the slightest chance of

cent of her export trade cojný mome shortages in more United States nancing a world consisting of cotton and about

items by

BANKS payment out necessary buffer stockpile of rubber as this 10 per cent of onions, is now agreements with other countries, is against the policy of the facing a decrease in raw mate thus cking out her foreign trade Eisenhower Administration and rial prices without a correspond-

Soviet wherever. the Congress, would refuse to ing decrease in the prices of the Russia and her satellites are

she vote funtis fof such a scheme.

manufactured goods she

imparts. Britain struggled against her from the situation. but Eastern

seeking to

derive advantage. He admiteri that Indonesia,

adverse terms of trade by an Ceylon and the Asiatic growers

Europe and China are not in austerity campaign in which of rubber In Malaya as well ne

supply Egypt with socially well-organised

poputa Posation to Government aetion co-operated. the Mainyon

needs. The country what she Egypt looks experted to urge

which is possibly deriving most strongly the like being compelled into a benefit is creation of such a stockpile at austerity campaign with a popu-

Western Germany. which has a £57,400,000 the Copenhagen meeting.

lation whose wealthy sections do

the meals agreement with Edypt. not know the meaning of

Western Germany is threaten- Word.

ed with a

boycott economie by Egypt and the Arab States because of the Foderni Republic's agreement to pay Israel £350,

in the during 000.000 reparations for Jewish sufferings losses and

Western But regime, Germany, who in struggling to regain her diplomatic and

in the LONG-TERM SOLUTION

Middle nomic Influence Finance Minister, The

East. is trying to turn the Abdel Galil el Emary, is stendity quarre) to her bene by offer

compensating economic and quietly imposing restrie- ing tions which will in time force benefits to Egypt and the Arab

the well-to-do. States. austerity but the long-term solution must be a reorganisation inevitably

He understol that the British Govornment has been informe that, there is a goud chance of the United States limiting the of synthetic rubber Dajourit produced and of modifying the price to make it more ecce natural rubber it the With rubber-producing countries sup- ported by Britain take this up; at the highest levels with the Administration here.

•

This would go a long way towards helping natural rubber production.

He thought that they would ask the British Government to urge The U. S. to go in for a fairer synthelle rubber polley rather -than-support a buffer stockpile..

-United, Press.

#

The rich people of Egypt and a large part of the resident foreign community consider it a hardship to be unable to buy a new car every year and to spend thousands of pounds of the coun- try's foreign currency on holl- days abroad.

21

Dr

price:

CLO-

Grain Prices

In Chicago

Chicago, Apr., 23. Prices of grain futures closed today as follows:-

Wheat-price per bushel

2.10 nomina) 2,19

He understood that representa- tives of the biz British-financed rubber estoles in Malava would of Egypt's economy and Budget. mert

London before

All the signs point to a con- the when tinuation of low cotton conference Copenhagen they would be given the latest in- Egypt's cotton is now bringing the price it did in the formation on the U. S. rubber half

year

1051-52, so that if she policy.

to relia normal manages

of amount

colton which scens unlikely she will still have a much smaller inceur from that cotton,

This has

Spust double effect.

MİLY Eighty per cent of Egypt's in- | Hy come is from cotton, therefore September

December her power to import is diminisa-

Maruh ed to the extent that her in-

Corn come from cotton exports falla. Sp

her Budget els 45 May thecondly,

cent of income om July

from

September revenue, so that the December

March export fax loss in

Rye May July

Osta May

LONDON VIEW

London, Apr. 23. The Financial Times emphasised that when

Rubber Study Group meets in Customs Copenhagen next month, the last on the entton report of the group's working and the corresponding party, advocating a buffer stork duties scheme for natural rubber, will serious decline in budgetary be the major item for discussion. income.

imports on

means 2

Egypt can, in the long run, reduce her delicit by growing more wheat and less cotton and already has the Government Embarked on this programme,

this programine

cannot bring is beuclits immediately nud,

it does, even when must mean a shrinking of gea- proceed frum cotton.

it

It is hoped in Londen dhat the United States representatives will be able to indicate a positive approach to the buffer stock pro- posal, this paper stated.

"It is held that ample time has Bul now cinpred

since the formation of the

States new United Administration for its views to

agreements. "There is no doubt that with- out American agreement any hope of establishing a rubber buffer stock is remote." the Financial try's overweighted Civli Service

have

Commstellised on international cral foreign trade based on ite

Times report added.-Reuter.

NO CHANGE

The budgetary position is even

more diincult to correct under there circumstances. The coun-

| which has provided a kind of unemployment Insurance for Egypt's educated classes-costs in salaries and allowances no less than

£96,000,000 of the estimated income current year. This

203,0

for

the

Service

burden

of yours. of

EXPECTED d with

Colombo, Apr. 23.

Trade observers expect no change In Ceylon's present restrictions

on

of

imports Japanese goods despite Japan's

is

the nepotism an unbalanced

ty

3.31-1

2.3314

HINI

1.6314

1.0774

7416-12 73%- New York Rair-per 200 Th, nack $13.10 nominal-United Pres.

Cotton Prices

In

New York

New York, Apr. 23. Prizes of cotton futures closed today as follows-

Spot Kay July October December March May July Oclober

won ́ond

manufacturers

ment of

Outwards

Page

MARITIMES

M

PASSENGERS/FREIGHT SERVICE

Leaver Marseliles "LA MARSEILLAJBE" 17 Apr.

Hongkong

Homewards

"LA MARSEILLAISE” 27-23, May..

via Martellles to all Mediterranean & via Djibouti to Madagascar.

"MONKAY"

Homewardi

I

Hongkong

19-12 May

Blue Marselijes

15 June

FREIGHT SERVICE

For Yokohama

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Saizon West Africa porta.

Outwards S

Leave

Diu:kant

Tot

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Leaves Keelung-28 Apr,

June

Hangkong

30 Арг.

30 May

July

Japan

For

"MEINAM" MONKAY

“PEI-HO"

Keelung-20 June

↑ Saigon. Marseliles, Algiers, Oran, Tangiers, Casablanca, Lo Havre, Antwerp. Rotterdam: & Dunkirk

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For Freight and Further Particulars please apply to:--

NEXT SAILINGS

700

be

•AL.T. Dr.V.

5.20

03... 140

3. V.

"FETER MAERSK” PJFPPESEN MAEUSK"

LAURA MAERSK"

DOCKS, ETC.

K. Whatk

N. P. Whert sjó 614 19.00 1.10 Dork

100 11

500 19

B001

Provident

11

200 or 11.35

have been increasingly threaten gradual increase of defence ing Great Britain's long supre-power. macy in this market during in- din's post-war arive to replace wornout units.

Calling Vanentiver

ARRIVALS FROM U.S.A.

R.V. m.v. J. V.

"GRETE MAERSK"

May

LAURA MAERSK"

Mag

"OLGA MATESK”

Mas

Shal Doetz

3.03

500 2.10

Wheelock

1,45

11 7:2

Hongkew

IET

LANE, ETC.

116 Hotel..

37.4 1000

7,4

500

CO G1 2001

2,48 BO

140 195 2009 g

1421)

14.30

214

22 500

**

500 21.90

300 44 22

Peak Tram

30

Peak Tram few..

报

Star Ferry

105

1 Land (0) Shat Land Humphreys UTILITIES

Tran

C. Light (0)

XD

Electric

פפון:

10 10 10.30 500 10.30

ON The basis of cluta to be gathered by the end or this A United Kingdom inanu-¦ month, or early next month, the facturer

£2.291,500 Board will stare mapping out locomotive contract in the year an gconomic plan as early as ending Murch, 1952. While possible. German Arms obtained various contracts

The points to be taken into for rolling stock

out of a consideration will br totalling £3,001,715 grand total of Indian rolling stock contracts with firms in all countries of £9,019,602,

MOSTLY INDUSTRIAL

(1) The special procurement demands from the American forces will eventually decrease, Tend the country should not rely un them to rebuild its economy. (2) Imports should be cut as are much as possible, by increasing producis, Leading the rate of self-sufficiency,

should (3) Exports been A. E. G. (Allgemeine Elec-, promoted. trizitat Gesellschaft) of Berlin. (4)

plan should

Eighty-six

man

exports

of Ger per cent

to India

Industrial German lems active in India have

No doci

be

economic

the

of Berlin, delay the natal Demag of Duisburg. Krupp of development of Japan, although Esseo, and G. H. H. (Good Hope the policy of reinforcing Mines) of Oberhausen, sellers of defence power by stages will coal mining and heavy construe-have to be cdmitted to a certain tion machinery.

extent.

300 or 10.30

+

GO 15,20

1070 10.20

Light (2)

0.55 8.05 1000

M.A. N., Siemens

2000

$7.20 29.40 800

15 23.30

3.0D

333 23.30

..18.20 13.00 500 1.40-

132 6 13:30

10.30 1575 1000 6 15:47

Triephone

INDUSTRIALS

Cepient Rope STORES, STC..

Dairy

·

400 € 24,40

18 18.00 1000 2 10.70 500 18.60 200 18.70 200101,70 200 10.52 500 18.00

21 21.50

Cray 2727.50-

CUTTONS

MISCELLANEOUS

Yungtrie

100 233

1000 430 1000 0.30

The Rubber

role in

Siemens has played an Im-

The Board is also expected to portant

supplying turbines for India's giant, TVA study the following: like River Valley development (1) How the country's inter- project in the Damodar Valley. national accounts will be affect Another firm, Bulzer of Bremen,ed by the expected drop in the has received a llon's share of special procurement orders. contracts in the new Kandla (2) Trade with Red China. Port which the Indian' govern- (3) How the programme of ment is constructing on the self-suffielercy, esfar as food West coast at Kutch as a rival is concerned, should be im- to Pakistan's Karacht.

plemented.

the industrial How (4)

on

"If our share is to increase

Im facilities should be "nodified in really substantially, porlunt part will have to come | conjunction with the propceed in the shape of contracts with shift

of energy sources from the government," German Em-coal to electric power and heavy

Attache oil. Commercial bassy

Rubber plech ventured,

Markets

Singapore, Apr. 23. Prices of rubber futures closed today as follows:- Number 1 rubber,

per 1. May

Jure

July

Number 2 rubber,

Number 3 rubber,

May

May

Number rubber,

May

Spot tier, unvaled

Blanket ereje

No. 1 pale crepe

6415-5

6211-16 cos-01

6015-0215

75-80

United Press,

LONDON MARKET

London, Apr. 23. The rubber market was steady

Pricca closed

Nuniver 1 rubber, in perce

per IL.

July

33.65

33,10-33.15 33.36-33.34

37.42

23.40

33.64

33,01 nominal

13.00

today.

United Press,

NEW ORLEANS MĀRKET

lows:-

Spol

33,60

May July

May

Ortsber December March

May July

October

of

NY Sugar

Futures

education system which provides

higher education for more people than the economy of the coun- try can, as yot, support.

TIMEEFOLD PLAN The ultimate lution, us Dr request for relaxation of all in Abdel Gelli el Emary realles, port regulations in feeling area, lies in a threefold programme: countries

Japanese

The affecting

encouragement goods.

foreign capital to develop in- dustries and the country's na- was Ceylon's case, it In believed the present monetary lionul resources; cellings are considered sufficient

needed by

93.00 37.20-37.31 33.4-37.43 33.48 bld 30.01

33.57 tris

13,31 bid

United Press.

July/September

October/Deceinber

January/March

fol-

United Press.

(5). The future national in- "We are of course interested come and the problem of

ac-

in Investment in private enter- cumulating capital. France- prise here but I am afraid our Presse. capital resources are limited in comparison with other nations. That Is simply because invest-

invest ment here

generally means Investment in kind, the delivery of capital goods against long- term

Germin credit.

firms cannot restrict their own work- ing capitals sufficiently at this time to enter into such partner- ships with Indian businessmen on a large scale."

BANK LOAN?

Indonesia New Signe Trade Pact

Djakarta, Apr. 23. Trede talks between Indonesia

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 3GOG0-9

Chinese Freight Booking Oflice 27, Connaught Road, C.

F

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Dates and rotation subject to change without notice.

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

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May 4 May 5

rejection of India's recent Japanese terms for a joint and West Germany ended with Indo-Japanese steel mill project | initialing of a new $170,000,000 near Calcutta has kept alive agreement at subṛtantially in-

that Germancreasing the currant volume the possibility

interests will ultimately trade between the two countries. participate as suppliers, It not The agreement, which cair

formel ratification actual financial partners. World needs

are currently Cabinet and сл exchange of - Bank officials

surveying possible locations for notes by both governments, sup- and pleats one signed in Born in an Indian steel venture

1951 which expired on March 13. may lend funds.

Indo- Under terms of the

It tops the previous pact by German trade pact signed in $40,000,000 in value.

Under it, Indonesia will New Delhi, Germany will fur- nish technical advisers to assist receive capital goods, machinery and transport needed for in Indian Industrial progress.

In the general field of con- Industrial development... West sumer gooils exports to India, Germany will get raw materials the leader of the trade delegn-such as rubber, tin and copra, A joint communique issued tion which negellated the past after the talks said West Ge A. H. Van Scherpenburg of tho Economics

at many will not limit the quantity Bonn, expressed regret in an of Indonesian

tho interview at India's continued goods to be imported during

the import restrictions on such com-form of paat. modities as coal tar dyes.

The negotiations and. their We found ourselves faced results have

have been

passed upon with a tendency on their part the conception that the economic to cut consumer goods imports, structures of the two contracting whereas we somehow had to in-countries

NEW YORK MARKET

New York, Apr. 23. No. 1 stracard rubber futuret closed unchanged to 25 points higher with voler totalisZ 00 contracts.

May

July

34.40 bid

24.50 24.20 bld LED bla 23.05 bid 20.65 nominal

No. 3 stanciani contrast alred New York, Apr. 23..

neminally 25 points higher with World zugar No.

no sales reported. closed 2.The expansion of Egypilan today unchanged to

Prizes closed as follows: 4 points to permit import of all Japanese agriculture; and

higher with sales totalling 329 No. 1 standard. 3-The re-establishment of a contracts. currently gooda

better balance between the cash- Contract No. 0 cloacd 1 to 4 Gentember Ceylon

In addition; it, was held that crop, collon, and the food crops points higher with sales total- December

50 contracts. most items are at present bought of the country.

A steadier ruling of the raw (No. I standard. from Japan under open general In this programme, the capital

be rapid market brought in' sonte cover-May licenco and all registered Sing Investment halera importers can freely im- enough to ensure that in- ing and replacement buying in July port three goods until the dustrialisation and land develop- both contracts, tradera reported.tember monetary ceilings are reached.ment combined will keep more Prieos closed as follows: United PresS, ARIANA

NYPrice Of Tin

New York, Apr. 23. Prices in the metal market closed unchanged.. with the following exception:**

Tin, Grado A (09.00 per cent

United

thon

must

han pace with the extremely rapid rate of population growth. July May

Contract No.# (worldy-

... 231 blu

At the moment, the Finance September Minister would not profess to be October deing more than attempting 10 Marat

10 Jaralary 110342. hold

his own against a combine AEDY tion of adverse ecotiomle factors. Spot What those factors cmount to. May can be teen in reference to trade y with Britain, normally Egypt's September bost customer did greatest sub November

or higher), New York, per lb. pller. In the first 11 months of Barch (1054)

1982, British Imports from

Spot

March

May

March

May

242-3.44 -

32-3.44

3.46, bits

3.50 nominal

2.44....

Ministry

arc

materials and

complementary

most

the toward each other in . 2240 nominal crease par imports, since 22:30 nominal averall balance of trade re fortunate way, it 21.30 nominal mains, In our favour, he ex-Associated Press.

23.10 numit

22.10 nominal

10noring!

United Pre

Exchange Rates

plained.-Associated Press.

1

NY Stock Exchange | JAPANESE BONDS

New York, Apr. 23.

1 Dow Jones averages at the Business - was done, in the best end of the stock market session

market this, sibed as follows: p

bos 30 Industrial27013

20.ralls

unonolol exchange

morning at the follwing rates

US, dolar (pel #83 vz Sterling note (per £1)

16.74

1 uitles

1,035

40 bonds

11.15

romtant Indonesian guildery. (per

Siam-ticals (per 100)

Singapore (Siraits)

·FIC Pinaires (per 100)

London, Apr. 23.

Japanese bonds.

04 **A" (49, of 1890) [173],[4%, of 1010): +7124 "C" (ÁR OL.1907)-ANA 1272 101.63"D

(55,0.3824):102 15: B0:00 · "E" (8 of 1030)

140 95.00 Consols

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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