1953-05-11 — Page 9

THE CHINA MAIL, MONDAY, MAY 11, 1953.”

New Course Of Action Cargo Handling Stock Exchange MESSAGERIES

To Deal With Empire Economic Situation?

POSSIBLE SEQUEL TO U.S. ATTITUDE

(FROM OUR OWN CORRESPONDENT)

London, May 10,

The gold and dollar reserves continued, to grow in April when- rather unexpectedly in view of the recent fall in the prices of some of its most important commodities-the sterling area had a surplus of $107 million.

A This included $20 million of defence aid from America and $11

million of gold received from the European Payments Union in part

settlement of the area's surplus with Western Europe in March. the sterling area's trading surplus with other countries but principally North

The residue of $76 million is the important figure in this sum for it reflects

América.

Barter Pact's Fate

This surplus shows a substón= | "Wherever you go in Europe," tial Increase over the figure for he said, "you find the same pro- March when na exceptionally blem of the gap between the large British payment was made dollar and the non-dollar worlds, "We've done our best to sug-

for American tobacco and there was a sight increase over the February figure,

great means to bridge the gap. Hitherto the response we've had has not been sufficient to enable us to foresee a successful con- clusion to our efforts."

DOING OUR BEST Britain had shown herself ready to make sacrifices but the statesmen of the free world had not yet achieved the task of bringing their policies closer together.

But, if this raised any hopes that the dollar problem is a thing of the past, they were quickly dlspelled by Mr Butler's state- ment that British Government ore disappointed with the Manila, May 10.

"symptoms of progress" In the The Philippine Foreign recent moves to Increase trade Office disclosed today that between the sterling area and the the Japanese Government United States.

The United States Government had proposed negotiations

"This is thwarted by politics "to adjust the Philippines- has been informed of this, Mr

Butler told the Commons last on the other side of the Atlantie Japan barter trade agree

week.

and a certain lack of will and ment terms to present-day "We have

decision on this," said Mr Butler. frankly discussed needs and requirements."

Acting

every aspect of the matter," he Minister

"We are doing our best to make Felino Neri said the Foreignent on, including the Chief up our side of the bargain. It's

Joseph Dam contract, and every up Office was "marking Ume"

to the other side of the an extension of the agreement, her matter which has caused a Aliantle to make up theirs."""

disappoint- which expires at the end of May. certain degree of

Fald the Neri Philippine Japan trade relations was inextricably tied up, with the netion of the Senate on the Japanese Peace Treaty.

(The Senate,

MFA

Foreign

On

future of

exclusive right which

upan on

has Philip-

pines treaties with foreign governments, has shelved action on the

treaty pending an agree- mont and even the Philippines

reparations,) Mr Neri said the Philippines reparations issue was now up to

Government follow the Tokyo ing the recent Philippine request for a clarification of the last

Japanese for settling i

the question." The Acting disclosed

barte pereement and adjust-

cling Foreign Minister that the Japanese for a renewal of the

in some

ment and, disillusionment."

Cases,

The Chancellor was winding up the debate on the second reading of the Finance Bill incorporating his Budget proposals.

UNHAPPY TREND

1

Earlier Mr Hugh Galtskell, former Chancellor of the Exche- quer, had spoken of the Ameri- can decision to cut down Britain's economic ald which, he said, would necesaltate Britain making her plans accordingly for dealing with the dollar altuation.

If Britain was to adjust herself) to this situation, he continued, she must expand her dollar er- .ports.

But, unhappily, everything that ment of its terms kvas made | had been happening in the United

ten the Japanese mission States lately through

seemed to suggesi that it was going to be more and ∙Hp

Foreign Office more difficult-for-her-to-do-so, was deferring a reply.

Mr Gaitskell referred to "the ferred Joseph episode of the Chief Dam" and the difficulty the

Administration But he added that sentiment American

the

Recipro- among Philippine businessmen having in renewing was favourable to an extension col Trade Agreements Act, of the agreement,

FAVOURABLE

that

"It isn't much good moaning

Mr Neri sald an extension was about this," he went on, "but I also recommended by Philipsuggest that these events rein- pine Clovernment agencies, which force the Opposition's appeal to their had expressed concern over the the Government to base possible effects of expiration of policy not on any fancy idea of

but rather the agreement

existing convertibility

re-building up as swiftly as possible trade generally in the non-dollar

pines-Japanese trade

Mr Ndri admitted that so far world." trade between the two countries under the agreement-which is

FRANK SPEAKING "

on

Other Commonwealth Ministers are equally disappointed at the lack of response to their appeal for American help in achieving the objectives laid down at their December conference.

This may lead them to explore other possible courses of action when they meet again in London next month.

Menzies of

They rejected it last time but Mr Menzies is in a fighting mood. "This time," he is reported to have said, "I won't take no for an answer,"

/

Speed-Up

up

the has the

San Francisco, May 10. A chems lo speed handling of cargo in San Francisco docks been authorised "|by State Board of Harbour Commisioners

Tib Port Administration

wur #pend $341.000 (122,000) to relay rall way lines serving the Mis- sion Rock' terminus. The docks will be connected wifh' tryne-continental' ruit lines by the change, Fort biánager Robert H. Wylle

alq.Renter.

Britain

Meeting Competition

In Textiles

Given

Food

For Thought

(From Our Own Correspondant)

London, May 10, Company statements from several of the industrial glants gave the stock markets plenty to think about last week.

Queen's Bldg.

M

Ontwarda

Page: 0

Tol: 20001.

MARITIMES M

PASSENGERS/FREIGHT SERVICE

"LA MARSEILLAISE” "FELIX ROUSSEL"

Borgowards

Leaves MarkOLIUS

17 Apr.

25 July Hongkong "LA MARSEILLAISE” 11-21 May "FELIX ROUSSEL”" 9 June

For Yokohama Stanija

ffongkong 10-12 MAY

25 Augn

Due Marsellics 15 Joe 11 July

Balgon Yokohama

ما

via Morseilles to all Mediterranean & West Africa porte. via Djibojiti to. Madagascar.

Outwards "MONKAY"

Toruwwarde

The Anglo-Iranjan Oil Company announced group profits before charging United Kingdom "PET-10" tax of just over $47 million, a fall of more than "MONKAY" £5 million on the previous year's figure.

Net profils, though, were £iland a rights issue of 4.385.459 million up, and the Board has ordinary shares at terms to be recommended a ruse in dividend announced later. from 30 to 35 per cent.

This nowe lod to a sharp fall Despite this, the company's in the company's shares but some shares, which had risen to of the loss was recovered before

Another reason for the lack of

20 In advance of the the end of the week and at the dividend announcement on hopes close they stood at #ret of an even larger distribution, fall of tydood 2pred, a nee fell Back to 45-13/10"

The implications of these Copenhagen, May 10. Unllever Ltd. and Unilever NV various reports will take some Britain is meeting very keen also announced their results last time to digcat do it is hot competition on the Danish tex week. Both companies con- surprising that the Industrial Ule market from Holland, Bel-eulidated net profit showed a rise share

ha market glum and West Germany, ac on the year af over £1 million

Temained cording to the annual reports of

bul dividends remained

unatoni changed. at 131⁄2 and 12 per cent. interest being shown in equities respectively

is that investors are said to be More in line with the recent holding back funds to try steel trend of falling profits was this andres when that industry is The competition among Den-Dunlop Rubber Company's state-denationalised. mark's textile suppliers is ex-ment whileli showed a fall in the tremely sharp, the reports say, trading balance of nearly a fact which is being felt million and a décline of more especially by Great Britian than £1 million th group not Imports of ploce-goods from profits. this traditional source fell from The dividend is being main-million through an issue of 219 million crowns' worth intained at 17% per cent..

the Danish Stood Wholesale of Manufacturers of Ladies' Clothing.

1051 to 101 millions in 1932.

Imports from Holland and Belgium, on the other hand, rose from 20 and 20 million to 42 and crowns respectively 44 million in 1952. Western Germany also gained ground on market and total the Danish texille imports from this sourco text amounted to 120 million crowns 1ri 1252

with 7 compared millions in 1951,

de

Shares in the company Im provedon this announcement which dispelled fears that last year's 24 per cent bonus would not be repeated.

RUBBER FIRM

A statement issued by United Sua Betong, the big Malayan rubber-producing concern, re- flected last year's severe fall in the price of natural rubber.

As regards imports of ladies' clothing, imports from Britain Net profit was down from in 1952 showed only a slight 2018.212 to £183,300 and the

while Increase,

those from dividend has been cut from 50 Holland increased fourfold and to 20 per cent. The shares thun exceeded

slipped British

back 1 to 30/6d on this liveries. Imports from Belgium announcement. and West Germany trebled ind those from Sweden rose be tween 100 and 200 per cent. Swiss deliveries, however, de- clined.

BRIGHT SPOT

In the gui-edged market the Liverpool Corporation succeeded in ruling a loan or

90 per £100 noming). 4 per cent stock 1809/73 ́ ́μ1 Cut-edged prices generally have remained steady, partly on satisfaction with the latest rise in gold rezerves.

In the

The

FREIGHT SERVICE

LEATER ...Dunkirk÷19 Apr.

Robgkong

4-5 June Itongkang

For

Japan

For

11 June

LEATON

¡Reclang-10 June

Keelung-30 June *** July

"SILVER SANDAL" ..Keelung-20 July 2 July

† Salgon, Marseilles, Alglers, Oran, Tangiera, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk,

“SUBJECT-TO-CHANGE WITHOUT NOTICE.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, DALTDIORE & FHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA, NEXT SAILINGS

M.. "JEPPESEN MAERSK" m.v. "LAURA MAERBE*** M.V. "OLGA MAERSK

m.y.

ARRIVALS FROM U.S.A.

“LAURA MAERSK" IV. KINSTEN MAERSK" M.V. “ULGA' MAERSK“

bay 12

June

June

17

May May 10

May 21

commodity share For Freight and Further Particulars please apply to:---

markets oils have been a bright

on hopes of announcements.

app

company Food Copper shares were marked down at first on the announce ment that free dealings in the metal would begin in August, They improved lüfer but closed slightly easier.

-

Another important company JAPAN MISSION

IN TAIWAN

statement was that published by and. Nettlefold's, Guest, Keen the engineering holding com- pany, whose net profit, after 'a bigger tax provision, was down £350,000 to £2,050,000,

The company maintained its dividend at: 18 per cent but the shares closed 1/74d down at 48/10.

Taipel: May. 10. Twelve Japanese representa- Lives of the fertiliser industry

to

Japan have arrived negotiate, a long-term agree ment with the Nationaliais for export of fertiliser to Formosa,

It may also induce them to

Commenting on this shift of | give a more sympathetic hearing importa from Britain to other to Prime Minister

suppliers, the reports said that Australia when he renews his one of the main reasons in the pics for higher Imperial Pre-case of West Germany was the ferences.

fact that West German porters were making all efforts to

Danieli mece

NEW CAPITAL ISSUE importers

Mr Ikuhara Ishige, President wishes while British suppliers

-and were somewhat less flexible,

Another talking point in the of the Koolsu Company Production of

markets last week was the an- head of the Japanese mission; of ladies' clothing in Denmark has increased sub-

nouncement by De Havilland upon his arrival yesterday sald stantially and a scarcity of skill- Aircraft, builders of the Comet that Japan's fertiliser. Industry

had

attained on annual pro- ed labour is

jet airliner, that is beginning to make

the company duction of over 2,000,000. Tons itself felt.

would raise about £12 million Nevertheless, the

of new capital

over the next three of fertiliser and Japen could industry has

cosily.

accommodate Formosa'a about future pressed concern

Imports or four years. of ladies'

In 1952 at the company,

The Chairman disclosed that demand.

The Japanese visitors will in- was planning to worth were

with raise over £5 million of this, by spect fertiliser Industries comparison

a public offering of 1,200,000 new the island during their eight- domestle production which was

5 per cent preference shares day stay-Reuter. valued at 100 million crowns.

But the value of imports was more

than double the 1951 Agure

HONGKONG SHARE MARKET

(From Our Corrospendent)

Business done on the Stock Exchunge this morning amount ed to $440,271. Noon quotations and the morning's transactions:- SHANES DUYERS SELLERS SALEK BANKE

HK Bank 1455 East Aria

an extension of the old pact Mr Butler did not believe with the Supreme Commander, would become more and mort Allied Powers had

been difficult to expand deflar exports

be "a INSURANCES

147

Union XD..

755 770

20 @@ 700

1120

favourable to the Philippines. but agreed there may

Mr Neri said another problem period of difficulty and waiting" wen posed

by the existing tem- while the American Administra- DOCKS, ETC.

became porary air agreement governing tion

accustomed

N. P. Wharf 6.35 to traffic and landing rights of the taking part in discussions with

... 7.04 Philippines Airlines in Japan. Congress and with the difficullies which was due to expire late in of amuming office. Jung-Reuter.

HOLLAND'S

Ja

ECONOMIC

Provident Wheelock

HK Hotel

LAND, ETC.

Ik Land (0) afs

7K 7.45

The Chancellor spoke very frankly of the need to bring the and the finance of the economy free world closer together if UTILITIES our economy and that of the Americans is to make any sense

and

If we are to put forward the maximum effort.

"What's the use of building up defence

- forcas and going to meetings at the North Atlantic

RECOVERY Treaty Organisation and in other

ways trying to produce a com- Amsterdam, May 10. bined foreign policy," Me Buller The economy of Holland has went on, "unless we can bring emerged stronger from a period our

economic and

of adaptation and rehabilitation policles closer together

Onancial

and

80

Tram

Peak Tram

21,00

100

(0)+ Blur Ferry C. Light (0) 1930

C. Light (N) 0.0 Electric

Telephone INDUSTTUALS

In 1993 and the country may be bridge the doller ready in co-operation with other for convertibility, Mr Butler European countries, and the US, restated the conditions that must to prepare mopsures to regain a be fulfilled before there could be curtains general convertibility of any hope of abandoning exchange STORES, ETC. currency,

controls.

This statement is made by the Netherlands Bank President in.

his

report Zoni2 1032 developments:

RIGHT COURSE

1000 733

.in

crowns

of about two million crowns' worth, It is pointed out in a recent survey of the industry.— Reuter.

Technical Aid For Nationalists

Tokyo, May 10. The first post-war Japan- Taiwan technical aid contract, In which Japan will supply Nation- allt China with techrileal know- how land kata for the building and repair of ships and machinery, is expected to be signed soon.

· Renze Toguchi, director of the Ishilcowajima Heavy Industries Company, is expected to leave 500 10.30 for Dapol tomorrow to sign a 1000 of 10.40 formal contract with the Taiwan 10,000 1040 | Shipbuilding Company.

800 1000 € 10.40

25.00 23.50

200

10.40

The contract calls for technical asskitence to be given the Tai-

23.10 WAY Shipbuilding Company In 29.70 the construction of steel ships, 23.ए

23.70

23.70

NOTICE TO PASSENGERS

Passengers are requested to note that the "La Marseillaise" will sail for Yokohama and Kobe, on Tuesday, May 12th 1958 at 10 p.m. instead of at 8 pm. as previously announced.

Passengers are requested to embark between and 8 p.m. on that date.

There will be no change in the hours for registration of baggage.

Compagnie des

MESSAGERIES MARITIMES.

M.V. "LA MARSEILLAISE”

will sail for YOKOHAMA and KOBE.

on

Tuesday, May 12th, 1953

sluice gates, hydraulle piles ait| EMBARKATION:

compressora and other enachinery.

The contract will enlife” the

Naliormlins Chinese firm to make

enil sell the items exclusively in | BAGGAGE: Tolwor

It also calls for the Formstan

Arm to pay 1.8 to four per cent of

Cement, 10.20 1516 Hope ****

10.70

Dairy

Watc

30.70

18.00

20.00

Crawford zezo

ZIONE ****

the pronte derived from the males 18.30, to the Japanese, firm-United 11.70 Press.

149 ✪ 149

243

3.10

8.10

1000 @@ -1.10 5.10

One of these was the adoption However, the report stôlés' that by the United States and other

́position ̈ial countries of "good creditor COTTONS belog definitely, policies which widen trade and Swo consolidated HRANA

give us a chance of earning our] Great equilon in financ

in financial) living instead of receiving “ald." palley Alad to maintain "In the meantime, said Mr monetary, equilibrium, 22

Buller, the British Government

The Bank considered it just was sticking to the right and

fled, because of the strong risa proper course of attempting to la convertiblé 'currépty holdings, do everything in their power to

of the traditiazio expand British exports, in to retulin ito)

an over way was most valuable.

centraliturii Bolley de

what

Quiotly Easy Trend

at 10 p.m.

ол

Passengers are requested to board the vessel between 6 and 8 p.m. on Tuesday, May 12th.

Baggage room, held and cabin luggage will be registered at the Kowloon Godowns, Godown No. 60: (No. 2 Gate, Canton Road entrance) from 9 am to noon, and' from 2 to 4 p.m. on Tuesday the 12th May. No baggage room or hold luggage will be registered after that time.

in Bombay Cotton CABIN BAGGAGE: cannot be accepted on board before

Bombay, May D:

`quietly easy tendency. chameterised trading-in-Bombay colton futures, Ama

After an initial steady appear-

Exchange Rates unge ens encouraging advices

diam the lextile and spot soctions. pišces fluctuated (both ̧säys and

The Chancellor spoke again of Business was done" in the local then sustored a recession due to

policies morning at the following mater

MABBEY LACTON, #011, the fend for the finited States:No | unametalskehangg... · Marico1" "this tricreased proff-setting?!Yaad

old sjocka #dopt good creditor

wow tharabara lapitoly due to the when he addressed the French dolar (per::$1)

sterilnig nota. (per-41): CONVE KOHTEIDEN (4812.5 million Chamber of Commerce in Britain guilders de murrency into gald în on the day following the Coms The second half of flouter, mona debato, esorbent

indohcllan gallien (por Alamicals per 100 „Kingsporen (Biralia) #POCKplantés ((per:100) Ja

VW3C0116, diminishing, trade Motoiquity,

Maderafelt upportkoward (iq and

brought about a recovery.

Bicady condition prevallei in the pot micket United Press.

embarkation timo. Passengers will therefore have to collect "thóir :luggage from the godown bọtweon 4 and 7 p.m. during which period cabin baggage may slad be register." ed. 20.

Passengers are requested to note that ALL BAGGAGE, must be re glstered na prescribed above... Compagnie Dos Messageries › Maritimes "Queen's Building,

Tel: 20661;

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos. 30066-9

Chinese Freight Booking Office 27, Connaught Road, C.

Tel. 20481

Dates and rotation subject to change without notice, 41.Uberty to proesed vir álber porti to load/discharge cargo.

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“NOREVERETT”

Arrives Sails

May 18 from Singapore. May. 18 for Kobe & Yokohama,

"REBEVERETT“

Arrives Balls

May 22 from Manila,

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May 23 for Singapore,

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May 11 for Singapore, Port Swet- tenham, Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Basah Bahrein.

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Arrives Sails

May 15 from Singapore. May 15 for Kobe

Yokohama.

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

· EVERETT STEAMSHIP CORPORATION® S/A Queen's Building, Telephong 31206. Chinese Department: Telophone 28293.

BUSINESS REGULATION ORDINANCE · 1952

?

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

1

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

TEN CENTS EACH