1953-05-08 — Page 9

I

1

i

Agrarian

THE CHINA MAIL, FRIDAY, MAY 8, 1953.

Reform Measures

Sequel To In Communist China Devaluation Proving A

Of Drachma

4

Red Tape To Go Far East MESSAGERIES.

Taipal, May 7.

The Government is gen- sidering streamlining irade and exchange regulations=" in order to faciifiato Im- port and export trade in Formosa, the Chinese press reported today, - United

Ете

Boomerang HONGKONG

In Greece REMARKABLE RETREAT BY PEKING

Athens, May 7.

Speckl polico squedé ore form- Jug the major allies of Greece to keep a tight watch on retail and whilezde prizer, following the government's recent 50 por cent develization of the drachena.

With the government openly pirming sueter or fallure of its drank economic campaign on the baffle to hold dewa priegi, a Ave-man ministerial eme was granted brand powers to

By SYDNEY S§. GAMPELL Routers Financial Editor

Landan, May 6.

Even more remarkable than Yugoslavia's retreat from collectivisa- tion is China's. In January the Chinese Communist Government decided to reduce by 30 per cent the expansion of industry planned for this year, on grounds of shortages of materials and skilled labour.

In March, just after Stalin's demise, it rebuked "impatient and approve or disapprove applica adventurist" tendencies among party officials in the countryside, empha- sising that work by peasants on their private holdings was "perfectly legal" and that they must not be forced into collective organisations against their will.

Hams for pelse Increases.

Some booms already have been permitted, but the clomst

presible watch, has been eslab-

ished to present metliion of kyrocketing prices which have

As

an article in The Econo- tries, in a cold war, can bite off plagued the nailon Mince the Nazi | měst points out, nil Communist more than Russla herself was Invasion. Informed, government Governments find that ogrurionable to chow in the 1930s when quarters believe that controlled i reform is a boomerang.

there was no cold war. rises of 35 per cent can be per- mitte! without Jeopordiring the

Rises of 10 to 25 per cent atrendy have been approved for gasoline, olt, bus fores and

foreign cables! Freights, while and telephone tees have been doubled.

ANOTHER

DULL DAY

IN

STOCKS

"Giving the landlord's land to I may be significant that the peasant in private ownership China, the one Iron Curtain ts a wonderfully effective tactic country that has retreated on its in the period of revolution, but internal front, is also the only the price has to be paid when it one that still seems to be show comes to forced industrialisationing any external truentence. The

Now York, May 7. in The Communist manner."

Central Committee of the The stock market was a dull

Party has The peasant who has become Chinese Communist the owner of his land expects to openly stated that colleuiisa-fair again today.

Prices declined --"enough to To prevent development of be better off then when he was tion is not yet practical podies

erasa

the $300,000,000 from hortages, the government tomt oppressed tenant, it

he in China. porarily banned exports of olive

total market valuation but extremely slow trading.

oit, rice and cotton.

Three principal objectives) of the devaluation nrc;

1. Increase of agricultural exports with the resulting Im- provement In the bataner of payments.

hins nothing if his Government MOSCOW DECISION

in taxes or By easing up in its internal that he struggle, in both agriculture and

In fact, heavy industry, and pald In rent.

eveveries

takes foretel formerly

also by

in Eastern Europe, Use Gover-caslug up in Korea, China tha

ments have to try to get him to where. Laes for example.

afford more truculence else.

become

much

Volume for tho session WALA the smallest in a session since October 20

The big strides Ar the Korean peace negotiations had little cffect

be- on market

deliver a larger proportion of his before because ex-

looks very

us if haviour, According to tho Increase of collections on Top than

perience everywhere is that total | Moscow has decided that they taxes and duties and the post-output is reduced when estates East European satellites simply the market has long since dis- The consensus is that The analysts. Billy of a balanced budget next

are parcelled out among their cannot stand the combination of counted a final armistice in yenr

3. Increase in capital Invest-pensant proprietors,

fonner workers who

internal and external struggle, Korea and the current dullness and so has called off the external is seen as targely a matter of ment from abroad which is re-

A solution by inducing the one since same sort of victury waiting for new Washington ported to be the major topic of

in the other discussion

co-ordination Prasints to deliver inore, by way

be essential when

may

developments. of offering them larger supplice to their continuing progress As measured by averages, in- Minister Spiro Markezinis visits of eengamer goils, is ruled out towards Communism. In brief, dustrials were down 71 cents, Washington this month.

The government believes that while the cold war forces oll they were fighting a two-front rails trade restrictions will not be the plans to concentrate on heavy war, an economic one internally cents.

Juditistry. and it

and a cold me externally; and already is urceLanry

they have had to

μείνο drafting

priority a deever to liberalise trade within the intra-European

The main theme of the ECE's the internl one by casing up on the olher. It is in their payments union. It was under-

economics that they stood, however, that the Amerl-alysis of Eastern Europe was

can mission here requested liberalisallon United Press,

extension of the

10 the U.S.-

ONLY WAY

Internal that the Governments could resemble Hitler's bicyclist: he is

10:38

70 cents and utilities 16

In oils,

un-

Of 1,000 issues traded, 575 fatshed lower. 203 wero changed and 232 higher.

Texas Pacide Land Trust fell 4 to 128, Houston Oil a point to 75. already has elieve their agricultural weak- ali right so long as he keeps

Pacifc. Texas and

Railway only by going back on going but if he stops he falls fell 4 points to 127 on a single their plans for heavy industry.of.

opening sale. Santa Fe dropped The ideal Communist solution

As foot-nole, unc Would i to

924 J: collectivisation, not merely as

least the 129 # mention that for at

Steels moved narrowly. matter of Socialist theory but past 10 years there has been no Chrysler dropped a point to for the vital practical purpose means of knowing whether 79 in motors. General Motors of (1) transforming the indepen not Russla has any large output eused a to 63%, dent peasant-producer

and reserves of gold,

Dow Jonen averages at the wage worker is longer able to

of the session stood

The Rubber

Markets

Singapore, May 7. Prices of rubber futures closed today as follows:- Number i rubber, per 10.

June July Aut

7324-74

37%-74% 731-74

Number 2 rubber. Juna Number 3 rubber, June Number 4 rubber. June

-7042-3%

Spot rubber, unbaded Bankel crepe No. 1 pale crepe

739,25 03-05 TD-25 United Piss LONDON MARKET

London, May 7 Prices

futures rubber of closed today as follows:- Number rubber, in pence

per lb.

June

July/Suplensber

Delaber/December JamarsMarch (154) ....

214-Th 2134-22 213-29 2112-3 2172349 -United Predi NEW YORK MARKET

New York, May 7. No. 1 standard rubber futures closed 45 to 70 points lower with sales of Suontracts.

ly

into

decide the quality of his output

or to

The fact that almost every-end body takes it for granted that follows:

has is no evidence. She may

the she withhold it from market; (2) cicating conditions have or

she may not: nobody

in which surplus manpower can outside Russla, and few people be attracted away from the inside it, caut possibly know, countryside Into industry: (3)

be alluvial It is supposed to reducing

the agricultural OYCT-

raising gold: one has long felt that if and productivity--and old were lying around in the beds of "Ritelan rivers waiting food consumption to be picked up, somebody

reducing

in

the countryskie, releasing more would have picked it up before

food for the towns,

It

highly significant now. seem:

KNOWN FACT that this solution has proved

When Washington argues that for both Yugoylelding to the demand for a impracticable slavia and China, respectively

of gold would the independent and the least lgher price

iargely benent Russla, because dependent Communist countries.

of Russia's alleged large output That the attempt at the col and reserves, it comes within lectivist solution causes intense the dictum that any stigma, is strain in the dependent East good enough to beat a dogma, European

beyond satelites is

What is known is that much doubt.

When the Economic Commis-less gold comes out of the Iron countries In a year said that the Curtain sion for Europe

East than comes out of South Africa "bik

of the

in 4 month. Whether those Governments Wis European their inability so far to control countries produce more the balance of payments" boat is anybody's guess.

weakness"

than

If

30 Industrials 20 rall

277.43 103.66

15 utilities

40 bands

50.90 04.95

United Press.

Monthly Index For Shipping

$3

SHARE MARKET

(From Our Correggandent)

Business done on the Stock Exchange this morning.cmdunt to $420,080. Naon quata- tians and the morning's want

743 TTA

Union XD. DOCKS, VTC.

N. P. Whart 0% Dock

.... 19.00 Provident... II

S'ial Back

Whoolocks.**

LAND, ETC.

Ilic Hotel

His Land (0) 17 2015

Shal and ine

Humphreys

1000 @ 2015

Trade Outlook

|

M

Gutwards

Pago 0

MARITIMES

M

PASSENGERS/FREIGHT SERVICE

"LA MARSEILLAISE”

Prospects Reviewed |"FELIX ROUSSEL"

By U.S. Banker

New York, May 7. A leading

American banker

today took a generally pessimistic view of the prospects for in- creased U.S. exports to the Far East, although, he said, there were some bright spots — tha Philippines, Formosu, Thailand and Japan-in an otherwise de. pressed trading market.

Vice-

President of the Irving Trust

Mr August Malfry,

Company, declared that the

|BGAGES BUYERS HELLERS BAzra

BANKS

general trade recession now MAK Bapk ...... 1434 -20 189 finds that part of the world INSURANCE

23 700 selling in a depressed market.

Contributing factors, he 1400 @ 430) noted, were an over extended inventory position, general un- 2000 11.20 |

200 @ 11.50 certainty arising from the Kopean 300 1 13.20 ; Ondi Indo-Chinese wars and, in 130 và 11.20 | the sterling countries--Pakistan. India and Coylon--import restric- tione against dalkir purchases.

Mr Mairy described Far Eas trade prospects as follows:

Thailand-Generally a "bcem country" which, while not a bie 100 a 13:00 | market, was in active one dow | enjoying a selibes marlent in rice. As a result incomes and cashange receipts are at a veạy high level in almost all lines. Prospects for continued activity were good so 1828 14.40 1009 @ 1810 long as Burma and Indo-Chine 1000 1031 continue to be withdrawn fran

2004 w 1920 | the world rize market.

HIGHLY FAVOURABLE

-out- Japan-The short-te:m look for American exports to Jugan is favourable while the 15.30-18.43 1000 @ 13.40 | Porig-torn view was contingent on

15.80

rar.. 2170

UTILITIES

Ponk Tram

29

Peak Tram

(N)

Star Forre

Light (0)

C. Light (N) Electrio

Talon hort... $2.99 INDUSTRIALS

Cement Rope

Textlin

5.15

$1,5000 # 3.15 Continued U.S. expenditure and

8.15 by Japan's ability to marcase he 9.13 exports to the United State, 8.15 which was considered hopeful.

Formos::-The outlook in- 2000 1.15 creasingly fafourable, depending 5.15 on increased American aid to the 9.15 Nationalist forces.

4500

5000

2000

2000 ** 8.15

1000

8.15

5000

1000

5000 w

5.15

1000

5.15

4000

STE

Pakistan: Generally depresseri 5.35 prices, especially in Jule 1,000. 6 5.15 | cotton, aggravated by an “acule” 1000 o 5.15

need for import of 11⁄2 million

2000

5.13

2000 3.15ms of wheat to feed her popula- tion. Mr Maffry said it Pakistan is able to obtain wheat loans, the

500 e 21.00

STORES. ETC.

Duty XD... iuen Wation 21.00 21.80 100 21.60 suration there might be relieve1 somewhat, olhozwise trade pror- pacts will continue to be very restnicked.

Crawford 26.42 27 COTTONS

2.35 2,45 MISCELLANEOUS

Yangtze 10

Korea News

Inttiat-Prospects for an early- revival of imports by India an private recount are not too grod since India has been fostering

home production of many Items now being imported, for example, cars. Better prospects are seen for such products as machinery an:1 other heavy industrial products.

Sends Grain according to Mr Maffry, both in

Prices Down

private and Goverwment accounts. Ceylon:-Low prices and slow export demand, chiefly in rub- ber and copra. Further agy gravating Ceylan's economy Is

which her need to import rico Chicago, May 7.

und

is behind Ceylon's sales of rub other Chicago grains

her to Red China in exchange leading commodities closed lower as the

news from Korea sent for rice.

time Hongkong For-the- wheat and rye to the lowest

heing trade prospects are mixed levels since 1050,

Dwing attribuled Traders also

the

to the curtailment of How- decline to other factors such as traffic with Red China. the

favourable weather and the ever. Mr Maffry and American buddiessmen should maintain of foreign crop news, the lack

the demand and the continued full contacts with Hongkong in

hope that trading might Im- in domestic four demand.

in the near futuro.— Wheat closed 1% to 1% tower prove

United Press. and soybeans 24 to 4% lower,

Prices closed as follows:- Wheat price per bushel

2.14 nominal MAY

2.1414-92 July

2.10-1.10% September December March

Corn

Spot

2.20

2.238-1

2.287-2.20

1.5033-2% 3.501-15 1.55-1.5536

by

Section and now go before the

Spot May July September December March

Bye

1.0116

Hay July

Qata

1.59$- 1.59-1,6034

May July

New York hour per 200 lb. Spek $12,90 nominal-United Press.

London, May 7. The Freight Index Committeg set up by the Deep Sea Trang Section of the UK Chamber of Shipping has completed its re- view of the method of com- plling the monthly Index for tramp shipping

Among its recommendations, which have been accepted This is mentioned as a the Standing Committee of the alo, d cuntal stored nominal-tween industry and agriculture reminder of the intense dun-

nsit pointed out that it was using 80 points lower with

of knowing culty

anything | Deep Sea Tramp Section, the market the phrase almost literally, since cicfinite about conditions on the Committee accopt the criticlem The #ales reported.

resemble foreign re the peasants

other side of the Curtain. developed an easier tone

that time charter rates should which the flecting the lack of buyer in-capitalist countries

Ideas on Soviet gold output are

be taken into account. Governments cannot control and

Inflated, Ideas about her The main criticism of the in- a le with which, instead, they have the spot market,

prowcas in more strategic dex has been that the list of was detected to trade.

basic trades minerais may be inflated too.

and weights given CLOSE ANALOGY

The Germans, who ought to to each has not changed since "The analogy with the balance

that the 1930, whereas there have been of payments between a whole know, are convinced

deposits

arduously substantial changes in the pat- economy and the outside world uranium is quite close: the peasants worked by the Russians in East tern of trade.

In addition 10 Germany are of far lower grade

the

recomTM represent a sector in some ways then would be worth working mendation for the inclusion of almost as much outside control

time charter rates, other points Finally, to the extent that gold made by the committee include: us foreigners are outside national where in the free world.

(1) Forward Axtures should controls, Farm incomes have tended to outrun the plan when can still be regarded as one of

into ne- harvests were bad. Paradoxical the sinews of war, the point may continue to be taken

relevance.—lecunt in have some diret

the month in which the fixture is made.

factory Interest

by some traders. Spot No. 1 ribbed smoked sheets werd quoted at 2534 cents pound,

Prices closed as follows:-

No. 1 Standard

25.48 33.40 25.30 bid 24.00 bid 24.05 bid

May

July

September

December.

haron

May

20.50 bid

No. 3 Standard

May

23.65

July

13,33

23.43

+

Saplomber

December

March

Kiny

nominally, the same would be true in Ileuter. years when harvests were ex- ceptionally good. This is because

Pricca

-United Press.

Cotton Futures

In New York

for

compulsory New York Sugar

form doll deliveries are fixed before the

harvest

this dilemma, the East Governinenta have

driven to something even more extreme than

collectivisa-

Futures

(2) Following a full analysis

LONDON TIN

MARKET

London, May 8.

The tin market wes irregular but firm. Turnover was 140 tons. inctuding 40 19 for carh, Prices closed at the end of the oMclaż morning session as fol- Lorus:

Spot tle, buyers

Spot tin, sellers

Business done

770-763

at Three-monthe fin, buyer 78715 Three-monthe tin. sellers 7235.

770-703 Business done at Settlement

770

-United Press.

M.V. "LA MARSEILLAISE"

will sail for

YOKOHAMA and KOBE.

on

Tuesday, May 12th, 1953 at 8 p.m.

k tramp owners for 1951 re-

of information collected from¦ EMBARKATION:

commendation will be far- mulated as to the changes to be made for 1959 in the bazu trades

"weighting" and their and for the periodical revision of the index in the future.

New York, May 7. World sugar No. 4 closed to- day 2 to 5 points higher with tion, namely outright nation. sales of $31 contracts, alisation of land in state farms. Domestle: No. 8 closed. un-dollar fixtures should not be On the latest figures, in all changed to 2 points higher with introduced into the calculations.

saics of 205 contracts,

five of the major Fast w/ World sugar.

satellllos (Poland,

New York, May 7, Cotton futures today failed to rally from Д lower start,

slovakia, East Germany, Hung-Arm and active while domestic finishing the session around their lown. Following an enslerry and Rumanin), state fummis futures were opening, prices were held under ble for larger than they ever trade

farms

July

355

*150

3.00 d

(3) In present clrcumstance

Router.

Exchange

Rates

in the local

هلال

·Business was done unofficial

exchange market TORNÁNg at the following inten/==/ U.3. dollar (per) #1) com............... 6.2829 Bierling note per £11

19.75 Indonesian, gulders (per 100) 20,50 Bjarn Alcala (per 100) ... Bingapore (Straits)

40 mominal FIC plastres (per 100)

futures were

about steady on buying. Domokle raws did in Russia in the 1930s, in were quiet. Prices closed na pressaire by scattered liquidation three

of the five (Poland, follows: and hedging Never more than 10 cents à balo below the pr there is more land in stato

Eastern Germany and Rumania) Contract No. 4 (world) ceding days oloring, prices of

September than in collectives- colton futures were always In a

October.. position for a rally but one was situation which never existed in

January Russla. (In Poland, the ex-

March not forthcoming.

treme case, the sinte forma in

May Pricns closed as follows:-

July *** 1052 had four times as much .01.26 BOL...

September. land as the collective.) It October 33.81-33,85 33. 72-13.70 hardly scame probable that the

stoot me! 99.41

intense difficulties, of, colles-

Contract No. G July or tivization can be colved by the

September still more extreme course of out- November right nationallmtion, or that the weak Eastern European coun-

May

July

Marsil

May July October

23.43 ppovina! 33:02 33.20 bid 31.05 bld United Press.

March

لاعلم

3,33 nominal

353 pornna] 3.50 nommal, Japanese and

354

4.90

United Prem.

34.00

15 11.07.

London, May 7.

"A" (4 of 1899) 02

“B” (41.') of 1910) ·* 70

*CH (0% of 1907). 124. "D" (83., 905 1024) 2012- "E" (58. of 1930) 148 · Console

00-7/10 -United Press.

BAGGAGE:

Passengers are requested to board the vessel between 4 and 7 p.m. on Tuesday, May 12th,

Baggage room, hold and cabin luggago will be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gato, Canton Road entranço) from 9 am to noon, and from 2 to 4 pm, on Tuesday the 12th May. No baggage room or hold luggage will be registered after that time. CABIN BAGGAGE: cannot be accepted on board bofore embarkation time. Passengera vill therefore have to collect their luggage from the godown between 4 and 7' p.m. during which period cabin baggage may also be register-

Passengers are requested to note that ALL BAGGAGE must, ho re- gistered as prescribed above.

Compagnie. Des Mossagories Maritimes

Queen's Building,'

Tel: 26651

Horgwarda

Leaves Marseilles Hongkong

For Tokohama Alanila

17 Apr.

10-12 May

.. 25 July Hongkong

2 August

Due Marseilles

1

15 June 31 July

Via

Brigen Yokohama

"LA MARSEILLAISE" 22.23 May. *FELIX ROUSSEL"

9 June

via Marsellies to all Mediterranean & West Africa poris. via Djibouti to Madagascar.

Outwarde "MONKAT"

Homeward, "PEI-IIO"

FREIGHT SERVICE

Leaves Dunkirk-19 Apr.

Leaves ..Keelung-10 Jung

· Koolung—30 June

MONKAY" "SILVER SANDAL Kretang-26 July

Hongkong

40 Juar

For Japan

Hongkong

For

11 June

T

2 July 21 July

† Saigon, Marseilles, Algfors, Oran, Tanglers. Casablanca,

"Le Havre, Antwerp, Rotterdam & Dunkirk.

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (Gr. Floor) Tel. 26651 (8 linas).

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS 'ANGELES AND PANAMA,

NEXT SAILINGS

M.Y. "JEPPESEN MAENSK" 1.4. "LAURA MAERIK" m.v. "OLGA MAERSK"

Miny June

17

June

17

ARRIVALS FROM U.S.A.

M.N. "LAUKĄ MAERSK" M.v.

"KIRSTEN MAENSK"

I. v. "OLGA MAERSK"

May 12

May

10

May 21

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos. 36006-9

Chinese Freight Booking Ofco

27, Connaught Road, C.

Tel. 20461

Dales and rotatlan subject to change without notice.

At liberty to proceed via other ports to told/dlachartu cairo,

EVERETT

LINES

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

"NOREVERETT"

Arrives Sails

May 18

from Singapore.

May 18 for Kobe & Yokohama,

"REBEVERETT"

Arrives Salle

May 22 from, Manila, May 23 for Singapore,

Rangoon,

Calcutta,

Penung

Chittagong

(Accepting cargo for transhipment Kobe/Pusan and Hobe/Okinawa)

EVERETT STAR LINE

Fast regular freight—refrigerator--passenger service to Korea, Japan, Philippines, Inda- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports. "STAR ARCTURUS”

Arrives Sails.

Moy

from Japan. May 10 for Singapore, Port Swet-

tenham,

Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Basrah Bahrein.

"STAR ALCYONE”

Arrives Solls

86

2: Kobe

Yokohama.

May 13 from Singapore. May 13 for

(Aoçepting cargo for transhipment Hobs/Pusan and Kobe/Okinawa)

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

BUSINESS REGULATION

ORDINANCE 1952

Now

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

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

TEN CENTS EACH"