1953-04-30 — Page 9

THE CHINA MAIL, THURSDAY, APRIL 30, 1953.

Colonial Sterling Balances

HONGKONG SHARE MARKET

(From Our Correspondent)

1/

Business done on the Stock Exchange this morning amounted to-8388,149.10. Noon quotations" and the morning's transactions:-.

SIDES BUYERS BELLERS KALEN HANKS

IBC Borik INSURANCES

Uninu

SHIPPING

Waterbent Ana Nav DUCKA, ETC.

15. What

-1405 10 6 1488

79 010

.. 14.10 24.GU ..144

P. What 013

134

1ovident 11.10 11.49

Sifa Duck..

3.15

Whyrclock 2 2 2.70 LAND, ETC.

HK Hotel

HK Lund (0) Shini Land..

Buy

321.10)

500 11.20

Still Rising-But

At A Slower Rate

DECLINE IN DOLLAR EARNINGS

Japanese Pact With Argentina

Buenos Aires, Apr. 30.

Agreement on a new trade part

between Japan and Argentina. calling for the equivalent of

7:30 7.33 4000 7.35 $80,000,000 trade each way, was Billy reached here last night and is expected to be signed to- day (Thursday).

1,40 1.50

phreys 1440

UTILITIES

Triat

Jak Tram

Toky

Peak Tram

(New)

2.10 22.40 3600 23.20

100

3€

JA

Star Ferry.. GUJJEM (0)

14.20 10.40 500 10-40

G. 1ght Go

Electile ... 23.0

Meno Electric 8.89 Sandakan Ligil

01991 ... 0.75

Sandakan Lith

(New)

Telt ghalle

... 1.70

INDUSTRIALS

Cement

Bepe

STORES. ETC.

Dalry XO

Waitin

......

Leawford

COTTONS

Ewa

@ 20 1000 0.35

Informed quarters stated the final draft completed after more The six weeks of negotiations ha rendy

!

(From Ronald Boxall)

London, Apr. 20.

Colonint sterling balances continued to rise last year, but at a much slower rate than in the previous two years. This reflects the decline in Colonies' dollar earnings from raw materials.

Details of the Colonies' trading position with the dollar area are given in the United Kingdom Balance of Payments White Paper.

Their export surplus with the dollar area de- clined in 1952 to 325 million dollars, compared with 420 million dollars in 1951,

The figure for 1953, however, production, ore gold to the marks a sharp decline in supu bitween

this central gold and dollar 'reserves the first and in London, their sterling balances scond halves of the year.

-which include the proceeds Between Jomary and June, from these sales-grew Jesa

been approved by the Colonies were carning dollars rapidly in 1852. the Japoneze and Argentine cabinets.

The treaty provides for the 24 45000 following Argentine exports (i

dollars):

190423.00

C

1918.30 1877

Cu

16 22 11.20

16.20 3.40 1400

15.30

15%

13 1000

18.00

1000

1.0

000

19

MISCELLANEOUS

China Ent. . 10.70 Yangoy

...11

2.40

at a rule of 380 million dollars next six year. But in the months th

this rate tell sharply to 200 million dollars. dollar earnings was the decline

The reaso

reason for this drop in market prices for many Colonlal raw materials, following the end of the post-Korean com- modity boom. Tins And

Wheat $27,000,000, wool $20 000,000, cotton $9,000,000, ecw-de hides.$8,500,000, barley 3.600- 008, Quebracho extract $2.300,- 000 and others including maize, casein, linseed and linseed oil, bone powder, bristles, skins,

mica ele, totalling $8,200.000. stering area's biggest dollar-

Among the

the Japanese exports | Saners-were ainong the hardest

hit. (dollars) are:

And since dollars earned by Unprocessed iron and steel: 100+ 27.20 $27,000,000, iron and steel

for the Culonies, together with Industry $15,000,000, processed high propertion ut their gold

200 ... 21.70

S. Africa

Increases Exports

Capetown, Apr. 25. During the first two months of this year, compared with the corresponding period of last yebu the Unton of South Africa's Imports decreased and exports increased, according to figures issued by the Cominis- slouer for Customs and Exelse,

Imports during the first two months' Totalled £05,534,833, compared with £77,771,513 for the same period in 1962, and exports

£57,383,570,

totailed

against £54,807,300.

During February porta Lotalled

(£30.001,000).

£29,215,021

and

These

gold bullion.

Agures de

Iron and sterl

$5,700,000, 721- minerals

processed non-ferrous

and metals $2,50

2,500,000,

They include $10,000,000

worth of explial goods such as

vil exploitation

und power

generation equipment, Toco-

BOOM PERIOD

- In 1930 and 1951-a period

had risen by £302 which covered the post-Korean commodity boom-these balances £964 million.

million to

But in 1952 they rose by only another £100 million.

Nearly rubber-two of the two-thirds of this rise, moreover, took place in the first half of the year.

At £1,005 million, the Colonies' sterling balances are now nearly twice as high as they

the end of 1948. were ut

The following table shows how Buctuations in the Colonies' ex- port surplus with the dollar ares have been reflected in the rate ot

Of growth

Their sterling balances,

Spain Makes

motives and mining machinery. Trade

The balance (in dollars) con- Aists

eleelte wires $3,200,000. radio and telephone equipment $3,000,000, inchiatrial machinery accessories $3,800,000, and sun- dries including silk $2,745,000, chemicals $1.095,000 and others. -Heuter.

Canadian

Iron Development

with three fabricating iron

Drive

In The

Middle East

Modrid, Apr. 30.

The Nuffield Foundation's

Big Grants

London, Apr. 20. The Numeld Foonda- tlon, in its first 10 years, made KADI totalling more than £4,000,000 maluty for design дий scientiflo research.

1

This is revealed today. In a review of the work accomplished since Lord Nufeld established the Foundation lo April 1943 with a capital fund of £10,000,000.

Tho Foundation spent £3,101,500 of its £4,308," 5BU expenditure within the United Kingdom. But since 1949 it has begun to give direct support to research in Commonwealth countries. It has made 245,000 available for

Australia, including tho endowment of a Numeld research chair of mechani- cal engineering at the new University of Technology 12 New South Wales. Nealer.

The Rubber

Markets

Singapore, Apr. 20. Prices of rubber futures closed today as follows:- Number 1 rubber, per lb.

May

June July

Number 2 rubber, May Number 3 rubber, May Number 4 rubber, May Spot rubber. unlinled Blanket crepe... Nu,

pale repe

TIN SLUMP MESSAGERIES.

CREATES

SERIOUS

SITUATION

La Paz, Apr. 20. The sharp break in the world price of tin and the lack of a long-term tin buying contract with the United States have created a most serious situation for Bolivia, a Government spokesman said today.

War

M

MARITIMES

M

PASSENGERS/freight servICE

"LA MARSEILLAISE”

Forewarda

fichgkong 10.18 MAY

Leaves Marseillea

17

Due Marcalex

13 June

Арт Haba kong LA MARSEILLAISE" 27-21 May

For Yokohama

Via

Balcon

via Marseilles to all Mediterraneni & West Africa ports, via Djibouti to Madagascar,

Outwards "MONKAY"

itomewards The Finance Minister, Senor "MEINAM" Federico Gullerrez, warned: "PEI-HO"

With the Bolivian economy "MONKAY" based on tin exports the col- lapse of tin prices could have direct consequences beenuse the dollars we get for our tk pay for impuris of essential modifles."

comm-

FREIGHT SERVICE

Leaves -Dunkirk−10 Apr.

Leaves

....Keelung-25 Apr. ..Her|unt=}} lay

Hongkong

Hongkong

May

For Japan

For

z Jane

1 July

******* •Reelune-20 Juşə

+

† Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwers, Rotterdam & Dunkirk.

CIE DES MESSAGERIES MARITIMES |

P.O. Box 53, Hongkong

the Queen's Building (Gr. Floor)

Unless reasonable prices for tin Bre forthcoming. [Government may not be able to prevent chaos and disorders, he said.

In Washington, the State De- partment was described as fully aware of the economic situation In Bolivia, and the U.S. Amban- sador in La Paz was sald to be in substantial agreement with the view

Senor expressed by Gutierrez.

Slate Department officials

would neither confirm nor dény reports that the general outlines of In agrnement had been worked out with Bolivia but thei negotiations On preciso figures were still under way.

The reports said that the US. is willing to sign a contract of 224-4 73-134 about two years' duration to pay 723-75% for Bolivian th at a price above the current world market levels 4015-07

the but below 115-1574

old $1.211⁄2 o 7224-7314 pound level.—United Press.

694-70

03-65 77-02

United Press.

LONDON MARKET

London, Apr, 29. The rubber market was very stendy today. Prices closed us follows:--

Number 1 rubber, in pence

per Ib.

June

July/September

October/December

January/March

half)

A

1930. 10 1932 1952

(1st End Bal

Export surplus With Dollar Area fin mil lions of i Colonlar' sterhog bances i millions of £)

132

150

01

02

(+170) (+212) (-480) (+4)

751

104 1024

GREAT HELP

211-

ጋዜ

507-211

United PreST.

NEW YORK MARKET

Production Of New Fibre

New York, Apr. 29.

The E. I. Du Pont de Nemours & Co. has started large-scale commercial production of do- eron polyester fibre at its new plant in Kingston, North Cure- of six units is New York, Apr. 20.ina. The first

producing the fibre In staple No. I standard rubber futures and tow forms. The five addi- 00 to 85 points tional units are expected to be

today closed higher with sales of 145

Jos

tracts,

ly

Spain, proud of its good re- lations with the Arab States,

The importance of the Colonica' hopes to forge new economic doller carnings to the sterling links with the Middle East area's financial position is shown antiens OS # result of an in the movement of the central Hispano-Arabian conference due gold reserves.

be held next month Іл Valencia.

ไป

Representatives from of commerce in the Lebanon

And

will run

operation by the end of this

con-

In

year,

No. 3 contract closed nominal- The production goal is an an- 70 points higher with nomial capacity of 15,000,000 sales reported. Futures strength-pounds of staple and continuous |ened with London and Singa lament fibre.

pore, plus covering by nervous Dacron, one of the newest of shorts because of the Korean the man-made fibres, is being truco uncertainties and' the used in a wide variety of men's situation in Indo-China, The and women's wearing apparel, outside market ruled quiet with In addition to numerous indus- buyers backing away from the trial uses.-Associated Press. higher levels,,

Dealers indicated No. 1 smoked ribbed sheets up to 25% cents pound. Prices closed A3 follows:-

a

May July

No. 1 Standard

Except for one year (1980) the dollars brought in by the Colonies have helped to offset houses deficits incurred in trade with Egyt, Syria, the dollar area

by the United Jordan Montreal, Apr. 29, alone. im-

are Kingdom and the Dominions, Negotiations are proceeding expected to attend the meeting £33,200,431

In the

sterling aren's worst German experis

firms which

concurrently year-1051-nearly one-third ct and steel pro-with an international fair to be the U. K. and Dominions' dollar (£29,005,386).

2005 ducts similar to those produced held in the Mediterranean port "gap" of £600 million was filled. September

at Joiletie, Quebec, by Canadian city in the second half of May by the Colonies Javelin Foundries and Machine The meeting is expected to

surplus. Works, to augment the financing be a "down to business affair the

In the first half of last year, In February totalled £1,432,811, of the development of Javelin's with the Spaniards anxious

Colonies' doller

carnings to Northern Rhodesia £1,080,9307187 mining rights and claims show the Arab businessmen that the UK about one-third of

to again offset Southern

in the area of the iron and Spain can export a

and Dominions "gap." a lot £1,800,153,

deposits

But in the second half of the Diamond

the than oranges and lemons. exports decreased titanium

year, when a small U.K. deficit Saguenay River. from £2,331,282

High on the lists of items with the dollar area was offsat Mr John C. Doyle, president that

Spain is

known to be by a small Dominions surplus, the of Javelin, snid that the negotii anxious to

are fabrics whole of the dollar earnings of To export tions aim at the purchase of and chemical goods. furniture from £6,102,002 to £5,715,936. Treasury stock by the three as and all classes of heavy and the Colonies went to swell tho

socinted

Exports to South-West Africa

end

10

Rhodesia

In February, 1962, to £1,794,480, tls Febru- ary. Semi-processed and pro- cussed gold exports decreased

Wot exports totalled £7,013,- 031 during February-an in- crease of £553,911.

1701 this February.

Fruit (all kinds) to the value of £1,698,317 was exported during February compared with £742,047.

Buderus

Wetzlar:

German

of

more

of at a special export pavilion in

the Valencia fair.

gold reserves.

balance

Arma of semi-heavy machinery. Many of Elsen werke,

of these goods will be on display! DECISIVE PART Breuer Werke, Export of malze dropped from

and Vereinigte

Trade with the Commonwealth £78.398 In February, 1952, toen of Mannheim.

Mr Doyle also announced that trade nilssion in South America provement of the United King- Spain, which currently has a played a decisive port in the im- Javelin had arranged with these

of payments German companies for producing the sales of lis second-dom's tion of some of their lines in products there, is making a position last year.

strong bid to break into mar- Javelin's Joliette plant, and for kets once solidly British, French earned a surplus with the Com- Over the whole year, the UK. tho Canadian marketing

and German, Spanish officials monwealth of £349 million, com- others.

are confident that the time ispared with £297 millon in the Javelin and these Germon companies will have a joint exment with the Arabs.

ripe for a commercial rapproche previous year.

Import restrictions Imposed by hibli at the 1933 Canodion In- ternational Fair al Toronto, in- With Britain deadlocked with other Commonwealth countries, aluding a complete line of pipes, Egypt over the Suez Canal | however, caused the U.K. curplus ranges and plumbing units issue, with Germany arguing to decline sharply between the Manila, Apr. 20. manufactured by Buderus with the Arab Lengue over res fitst and second halves of the Ture Ways and Means Eisenwerke.

parations payments Israel year-from £284 million to £63

to mittes voted today to ex-

with inflation at home mlilian. the 17 per cent tax on ign exchange. The measure

expected to be

Foreign Exchange Tax Bill

reported

It stands

out to the floor where it

a good chance of passing.

The foreign exchange tox

Prezident extensión

United Press.

—

LONDON TIN MARKET

was to be reduced to 12 per

Lendon, Apr. 28. cent this year unless extended.

barely The lin_markot was Quirino supports the

steady, Turnover was 85 tons, including 10 long for cash. Prices closed at the end of the official morning session as fol- lows:-

FOOD PRICES IN

Work

U.S. UP

Spel tin, buyers Spot in, sellers Businter done t

New York, Apr. 29, US, wholesale food prices as Three-months tin, buyers measured by the Dun and Three-thonths fin. ellers Bradstreet Index rose this past Business dere at week 16 the highest point in four weeks.***

Tho

index load at $0.38 com- pared with 40.35 a week ago and $8.31 in the same weok

успк

Fettlement

733-7324

United Press.

and

મામ

pricing France Dirt of many The U.K., on the other hand, markets, these officials saw a continued to rely heavily on the rood chance for, Spain to take Commonwealth for much of its advantage of its own good rela- import requirements. tions with the Middle Eastern nations to extend his trade in this area.-United Press.

CONTROL ORDER

RELAXED

more

23,80 bid 25.60 40 23.00

24.40 nominal 24.70

December March

May

May July September December Atarch

No. 3 Standard

23.50 bid

23.40 nominal

23,30

*

May

223.20

23.20

23.20

-United Press.

POSTAL TREATY

London, Apr. 29. Greece, Turkey and Yugo- slavia · agreed today to found a permanent co-ordinating OT- ganisation to Improve postal services and telecommunica-- tions between the three nations, Belgrade radio announced,

The decision was reached at a three-day postal conference between representatives of the three Slates which ended today | at Aldplja-Associated Press.

Iraq Running Race Against Time

Baghdad, Apr. 29.

Iraq is running a race against time. Victory means becoming the most prosperous State in the Middle East and a solid bulwark for a stable Arab world. Defeat means internal deterioration and capture by political extremists.

The race began when a non-political development board was set up in 1951 to invest Iraq's huge oil revenues on long-term projects aimed at restoring the country's ancient productivity.

+

Members of the Board say re- the present population of Syrin, Fulls will begin to show Lebanon, Jordan, Saudi Arabia It bought £557 million worth

positively within three years. and Yemen could move into of foodstuffs in Commonwealth

But whether the Board con hold Iraq without overcrowding. off hostile forces for three years All this looks million

but it may KOKY countries £58 than in the previous year.

remains the big question mark. be too "long-term”” ta sult It also

demanding £45 million more spent

reduced Country The Board has 28,000,000 taxation and lower cost of on Commonwealth petroleum, Dinars (on Iraqi Dinar equals and E9 million more on tobacco,

living. Pound Sterling) allotted from pressure on the Government to Already there is heavy But its purchases of Common- all revenues this year. The divert wealth raw materials

Development

Boord fell by allotment will increase yearly funds to the Government bud- Washington, Apr. 20,

£123 million reflecting the through 1955, as Iraq Petroleum

got and reduce taxes. The Commerce Department's decknot pricta.-London Ex-

Company production moves

up. Inccine taxes and land, taxes Once of International Trade presi Service,

this money the

Bre Develop

particularly unpopular announced the relaxation- of

ment Board is rebuliding the

the powerful among

land- export control over the chipment.

irrigation system of vast

the owning classes, in Iraq.

With in of castor oil from the United

Valley,

so much oil money coming from ambitious the British-controlled Iraq programme of schools, Petroleum building

Company. land- Industries and communications. owning sheikle can't understand

Figures on potential produc- why their domains should tion in Iraq give some Idon of taxed.

They never miss

States. This means the removal JAPANESE BONDSs - Euphrates

of this item from the "positive Hat."

It now can be shipped under Japanese bonds general icence to all areas except fron Curtain countries, Hongkong

TOY SALES UP

ngo. It was the Arst time since

New York, Apr. 20. November 1981 that wholesale Sales of foreign toys in the and Macao without prior applica- food, pelees, included in the index United States this year should on to the Office of International were bliher than the same work: be substantially higher than Trade-United Press. Dyser carlier, —— Assoclated | ever before, Gottfried Neubur- Pres

revent In

Exchange Rates

ger, who organised the

International Toy Exhibit

New York, predicted.

Sales contracts negotiated at

The

Georgetown, Apr. 29.- Kennecott Copper Cor- the tale were about three timesporation of New York has been

the figure for last year, he said. granted permission by the British

Duijners was done in the local The show displayed toys from Gulana Government to explora unditate,/exchange// market,

morning, at the following rates:—

U.S. dollar siper 81).

Stering Pots (par: A) Indenralar quliders (per 100)

Siam tesla (per 100)

Hingapore (Biraits)

Did fisires (per 100)

This Austria, Belgium,

Denmark, for bauxite in the country's

"A" (43. of 1090) "B" (4 of 1010) "C" (45. of 1907). "D)" (53. of 1924) "E" (0348. of 1930)

London, Apr. 29.

+ 8235

70

124

Contols

00

United ProSE.

bring

NY Metal Prices

an to

Tel. 26661 (8 lines),

MAERSK LINE

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Dates and rotation subject to change without notica. A1 liberty to proceed via other parts to load/discharga cargo.

EVERETT LINES

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"NOREVERETT”

- Arrivos ------May-13-from Singapore,"

Salls

May 33 for Kobe & Yokohama,

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May 2 for

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May 4 from Japan. May B

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EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolophona 31206. Chinese Department: Telephone 28293.

BUSINESS REGULATION

be

*

the magnitude of this prochance to press the Government

Foreign

exports the that completion of to use all money and reduce

taxes. will Tigris-Euphrates system

When the Board was set up Iraq's agricultural pro-in

in 1881, all Government re- to a value of 200,000,000 vores from IPC were assigned duction Dinara a

a year. Compared with 50,000,000 maximum from all. to. Early in 1952, however, of General the Government this shows how important the Nuri Said changed the law programma can be.

divert 30 per over-ment bud- cent of all re- New York, Apr. 20,

Iraq.today Is aparsely.

tha VELICE to Prices in the

country metal market. popuisted

of an get. thereby adding almost unchanged with the exfimated 5,000,000 popula-percent to the budget. The tion Completion of De-excuse was that a rapidly-

re northwest section. The Gover-oced 8.058 England, France, Germany, Ire-

A

16. Lond, Italy, Japan, the Nether-mont announced there was no tollowin'r' exception:- 21.30 lands, Spain, Sweden, Switzer-opposition to, a company applies Scrap lead, f.6.b. per ton velopment Board projects will developing country, was

Finland. Associated tion to explore 200,000 acres. (heavy rofl) $12.30.-United make 3.82 land and 11.00 Press,

Associated Press.

Pros

320

to

more room for at least costly to govern, Associated 20,000,000. This means that ail Press.

ORDINANCE 1952

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

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

TEN CENTS EACH