1953-05-12 — Page 9

Reds Retreat From Policy On Agriculture

By Sydney G. Campoll, Router's Financial Editor)

What the Economic Commission for Europe desfibes as the decision of the East European Governments to "speed up industrialisation to the neglect of agriculture" was a deliberate decision.

If a retreat has been needed, it is not because the plans have gone wrong but because in those half-baked countries they set up intolerable strain.

According to the ECE (which is sometimes accused of being too prone to take Soviet statistics at their face value) the targets for industry have generally been hit, and the desired pattern of allocation of resources has been achieved.

towns.

Though agriculture is stagnant i (1) "Currency reforms" with at or below its pre-war levels, the effect of capital levies to It does not, except in Bulgaria, [force the peasants to produce teem to be lugging very far bo- and sell more. In Poland in hind the plans.

1950 and in Rumenia and Bul- The

Governments could etaria in 1052, peasant holdings any time have relieved the of enth were reduced to a third, rtrain by diverting Investment ¦a 17th and a quarter respective- to the live neglected sectors-ly of their former value. enpitalisation of agriculture, and (2) Tightening of compul urban housing for the migrantssory delivery quotas. In 1952 from the countryside into the Poland. Czechoslovakia and

Eastern Germany resorled for Writing Just before Stalin's the first time to "individual demise, the ECE thought that "it assessment of each holding by should be perfselly possible for references to rules defining the Governments, if they so

wish,

productivity of land of different Government, if they to wish, to types." Increase Investment in housing

(3) Collectivisation. Again according to the ECE, and in agriculture without redue- ing investiment elsewhere. There "Collectivisation serves the is to far ile evidence that they double

of siphoning clo 242

That fast con-menpower into industry wish."

now require clusion inay

recreating the conditions in which violon.

productivity per hectare and per ean can be increased. But, to be effective, it is likely to demand a substantial increase

The "big weakness" of Eas-

05 seen by the to tern Europe,. ECE, is thus "the inability

control Iar of governments to the

payments ben 'balance of

Industry and agricul tween ture." To get round this situn- itan the invernments have used S three main weapons against the personls.

American

Petroleum

Industry's Request

Washington, May 11. Spokesmen for the indepen- dent oil producers today asked Congress to slow down petroleum imports, contending that the flood of foreign off is damaging

Industry domestic

and weakening national security.

Mr Russel B. Brown, General Counsel of Petroleum

The

bo

unsound

and

purpose

is

THE CHINA MAIL, TUESDAY, MAY 12, 1953.

Japan Textile Exports Show Increase

Tokyo, May 11. Exports of lexilier In- April totalled US$32,397,- 000, an increase of more Un US$2,000,000 From March, according to

110

· Mattíry of. International Trade and Industry.

The figure for April is the highest this year but below the moníbly average. Colloti texilfen. were virtually unchanged but others showed an increase In general. The figure for was the highest this year

well chemical fibres and textiles, the latter due to increased demand from Indonesia

Of the total, cotton tex- Ulen accounted for roughly US$14,500,000, IRW

silk US$4,000,000, chemical-tex- Alles US$10,000,000 and alk fabrics US$1,300,000. France-Presse.

HONGKONG SHARE MARKET

HANKS

HK Bank... East Asia..

Of

Prospects Shipping Shares In London.

(By Norman Crump, Sunday Times City Editor) During the past fortnight four important shipping reports have been published.

:

£4

RUBBER

STUDY GROUP

Meeting Begins In Copenhagen

MESSAGERIES

F.O. Box 63. Queen's Bldg.

M

Outwards

MARITIMES

Tel: 20051.

M

PASSENGERS/FREIGHT SERVICE

Leavés Margrillej “LA MARSEILLAISË” 17 App. "FELIX ROUSSEL” ... 13 July

Hongkong

Homewarde

"LA MARSEILLAISE" 21-23 May "FELIX ROUSSEL"..

June

flongkong

1

13 May

.. 25 ADEGUS

Due Marteilom

13 June

11 July

་

For Уокодата

Manjia

Vix

Baigon Yokohama via Marseilles to all Mediterrincon & West Africa ports. via Djibouti to Madagascat.

Copenhagen, May 11. The tenth meeting of the International Rubber Study Group opened here today and it was understood that the discussions would con- centrate on a draft interna- | “MONKAY" tional rubber

agreement Homewarda worked out by the Group's "PEI-HO" Working Party.

omcials.

The first of these, Union Castle, caused some disappointment in the market. It had been hoped that there would be a dividend of 8 per cent plus a 2 per cent centenary bonus, but in the event only 7 per cent was paid albeit on an increased capital.

Complete secrecy as to the The relatively moderate divi-} for new ships already ordered details of the heavy agenda dand was useribed to an increase the average shipping company was maintained by conferenen in operating costs.

has £10 In hand. Meanwhile the outlook for

Mr Edouard Strandbert, one The margin of shipping shares has been Im-

is no of the directors of the proved by the Budget. Some Greater than it has often been in

Dilcahhno Astatic Company shareholders bad hoped for the past, when it has been and the leading Danish de-

met. Therefore Initial allowances at 40 per cent, successfully but the per cent granted in apart from a fresh increase in gate, indicated that the agenda was so heavy that the meeting. the Budget will be very helpful the cost of new tonnage and scheduled to conclude

on May by way of im

immediate relief demand

here the recent engineers' wage 15, might continue to May 10. Shipping companies have been

.in ominous--;

the cash

མམ་ It was announced that there

would criticised for their conservative position is well in hand.

be no releases to the dividend policy, and force their 1951 peak and are now back

Freights have fallen back from Press during the meeting. amount that they plough back at their 1949 level. This

A communique will be issued These critles do not realise how at

applies

piles at the conclusion of the con- much is needed for the replace- particularly to tramps, but ference. ment of obsolete

stilt though liners

Informed sources sold that the ships. life of a "dry benefit of the normal time-lag, draft international rubber agree- The average goods" ship

is 20 to 25 years, in due course their earnings willment provides for an Inter-

to the corroalve come back into no.

national rubber Council whose while, owing effect of oil, a tanker's life is no

tasks would be: more than 15 years. But since war days the cost of new pre-w

has

trebled,

the

enjoy the

As regards operating costs, one gleam of hope lies in the reduc- tlon in the price of fuc! oil. This and should take a substantial dif-

ference,

Z

Το

(From Our Correspondent) Business done, on the Stock

FREE PLAY 1-To counter the economic Exchange this morning amounted 10 $400,037.75. Noun quotations tonnaga

fact difficulties enused by the that adjustments between pro- and the morning's transaction-provision for replacement must be

duction scaled up accordingly.

and To pul

of consumption. SHARES BUYERS SELLERS SALES

THE TRAMP POSITION matter In a nutshell, last

natural rubber cannot depend week's Cunard report showed

upon the free play of market Looking at the leading com forces alone as free play adjust liquid resources of

about £30

Cunard has. 2 million.

fucments would not be fast enough. This is just enough to panics, replace the two "Queens" at balance sheet, and should benentments

allavinte notabic this year from ille Coronations

toit auctuations loday's costs.

in the price of trafic.

has had some Mall Royal I reductio

om natural rubber with the purpose in profits, but has of achieving

a just degree of switching some this by Therefore no shipping company of its to the Pacific coast. stability.

3. To stimulate the produc cats, be blated by its shareholders Elder Dempster's profits for this in stor

with advantage were fortuitously swollen by to producers as well 11.40 500 11.30 for adopting a conservative divi-ven dend policy. Actually the past the

for the inclusion,

Arst time. 7.40 70 200 HA

are not too of its receipts from British and Bumers. fortnight's results

"BUFFEN STOCK' bad reading. Taking the latest Burmese

ese Navigation. 71, 7.35 7000 r 7.30 dividends and prices, the follow-P, and O. accounts run only up to sources said, the draft agree- To accomplish objectives, the

1400 1405

147

INSURANCES

and

Union XD.. 700 770 Underwriters 4.00

Waterbost ..14.10 1415

DOCKS, ETC.

78

two forms of investment hitherto neglected"-agriculture and trinn housing. Lacking these pre-requisitos, it is t trouble, Bulgaria the anly fatellite country where it has so far gene smoothly, with About cent of arable land now per collectivised. For the other countries the percentages

53

SHIPPING

K. Wharf...

Provident

Shal Dock Wheelock

LAND, ETC. THE Hotel

HK Land (0)

1200 2.10

Fram 22.10 22.30 2500 or 22.20

PRICES AND YIELDS

201

220 7

27 58 100 $3 Shai Land 1.35 1.40

ing yields emerge!

"

Humphreys .. 14.40

UTILITIES

Cunard

Teak Train

Arc

(0)

Peak Trun

(N)

www

Star Ferry

Czechoslovakia 43, Hungary 27. Rumania 18, Poland 15, Albania

D and Eastern Germany 7.

KEY STRATEGY

Here is the ECE's punch

paragraph:

links

"The decisions to stake every- thing on rapid development of heavy industry

hove seem to

the been taken in 1950 after general deterioration of East- West relations and the tighten- ing of

between the Eastern European Governments Implied by the formation In Mutual 1019 of the Council of Economic Assistance with head- quarters in Moscow. It was in this year, too, that the Eastern European Governments-first-de- voted any considerable sums to expenditure on defence.

dangerous to continue a policy all trying to wear to

In other words, the battle with the peasants was design- the Independented as key

strategy in the cold Association

weller of the cited America, told the House Ways war. The

articles in the Banker puts it 2nd Means Committee that

that the Eastern countries are Would

to extend collective support inn farming "in reliance upon

their industrial revolutions of petroleuin foreign supply Oil from Canada, from which in turn are very largely Central and South America and motivated by the need to satisfy and economic plans to a far lesser extent from the Russia's econ

of increasing

sources

war machine,"

38.

10

100 112 300 C. Light to 10.40 101 008

110 10.40 4300 10.40 C. Light (N) 0.00 170 24 6.50 421 8.05 Electric ... 23.00 £3.70 1237 46 23:00

- M. Electric

10.10 Telephone.. INDUSTRIALS

Cement ...15.20 Hope STORES, ETC.

Dairy

15.00

10.00 10 500 18.00

400

10

year were

8.00teriorate.

latest

The

as con-

last autumn, and the Report then contained the warning that the ment calls for the accumulation, Company. Frice. Dividend Yields General position might de-if necessary, of a buffer stock of natural rubber administered by This warning, has

the proposed International Rubber Council. Action Is tramp shipping position

One firm of hopeful

Union Castle 27/8 Royal Mail ... 27/3 Elder Dempster 47/6 *Plus 5 ver cent)

excluded bohus; calculation.

s.

714 praved justified.

15

7,34

tax-free capital

0.30 The from yield less easy to assess

stockbrokers lakes

#

bes

The Council would buy rub- when the price fell to a

rubber when it rose to another

These are not bad yields, but I view, and I do not dissent in certain agreed level and sell

these dimcult days management level. should say at once that I regard

also It all-importaal. 400023.10 shipping shares as a long-term casier for companies with up-to-price levels would be axed in It was understood that these. 1000 10 investment, with no immediate L

In the short-run | ale ships, for these are more accordance with the price re-

cily economical to run. Here many arc taking a strictly

have been deterred lations between general purpose trump-owners

rubber and The years

synthetic

natural conservative view.

from

buying new ships by the 1951 were helped by the shortage of steel, by high taxa-

United States rubber on the 11.GU 1950

world-wide "Korean boom, button, by high replacement costs, market. Watford 24.10 275 300 vt 27.19 1952 was a very different story and by the uncertain world trade that funds for the proposed Conference sources Indicated 100 Trade to Australia Zealand was by

Rubber Council would be con- the Import restrictions imposed by those

Taking shipping shares as a tributed by the governments of 8.15 5.10 Dominions, but

should whole, it is doubtful if they offer importing and exporting coun- sequent any chance of an early profit, for tries in accordance with their emphasise that the

tered the the industry depends so much imports or exports during the hove 100 16.70 relaxations with Argentina upon a revival In-world-trade. - 1940-53-period-

picture. Trade

30

2.20 7.35

Kwang Sang

COTTONB

Ewo Textile Corp 5.10 5.15 1500 10.000 MISCELLANEOUS

Entertain-

---Inent

Yangtze (0) €20. Yangtze (N) B

The Rubber

Markets

Singapore, May 11. Prices of rubber

futures closed today as follows- Number 1 rubber, per ib.

June July August Number 2 rubber. June

A

Number rubber, June Number 4 rubber, Jung

pol rubber, anbaled

one

and New

outlook.

Each signatory government shares in well- under this plan would contribute

has been adversely coloured by Still current yields are not unst-

tractive,

and Pact- politics, and trade with the fic Coast of South America has managed companies, with umple a certain sum for each ton of and resources for replacement, should natural rubber imported or ex- been affected

ted by Testrictions

to combine with ported during this period, it Counter-restrictions Imports prove useful

on from both sides. Add to that other holdings.

was said.-United Press. Add to s the deplorable tendency of too many countries to discriminate in favour of their own flags, and also ndd the virtual disap- of our outward coal pearance trade, and the dimeulties of our shipping become apparent.

7016-

WELL IN HAND Middle East may be important

20%- There is ample evidence that, 10 the

United security of the

the in thus biting of what Russia

Nevertheless is possible to States

0714-63 and the rest of

herself was hardly able to chew

84-05 take too gloomy a view. I have. Western hemisphere. Oit from

In

alluded to cash reserves and the 70-70 within our own borders, how much more propitious con- ever, is our first line of defence.ditions, they blt off much more

61-03 high cost of replacement. than they

The could chew.

Danke! crepa

70-01 must be adequate at all

purges, physical

breakdowns No. 1 pale črepo

United Press. times."

and disappearances of Eastern Mr Brown and other spokes- European leaders this year sug

NEW YORK MARKET man for relatively shall all progested something out of the or- ducers urged the Committee 10 dinary, even by Eastern' Emmit oll imports to 10 per cent.dards of ruthlessness "of the domesti=_demand."

It

stan-

New York, May 11. No. 1 standard rubber futures

Yugoslavia, also a Communist today closes 10 10 10 points

This is one of the provisions in country, is in rapid retreat from a controversial bill by Repre- collectivisation of

agriculture.

lower with sales of 8 contracts. Standard No. 3 contract closed

to

As a broad generalisation, for every £14 committed to paying

Grain Prices-

In Chicago

sentative Richard M. Simpson, The flight of a couple of thou-nominally 10 to 20 points lower Kopubilean, Pennsylvania, to

sand refugees a day to Western with no sales reported. continue the reciprocal trade

Berlin ablo-bodied Deople Activity was not enough agreement's programme, another! Be

develop n feature In futures

Chicago, May 11. year but with drastic changes, leaving their pettled abodes for

Prices of grain futures closed The present trade law expires on farms and jobs knowing that contracts. In the spot market,

stalemate today as follows;- they are at least temporarily in dealoes reported a June 12,

Kup price is with a fair-sized suspicibh-15 Apart from security considera for squalor and

Wheat-price per bushel fignis, Mr Brown Bald, the IPAA one of the most remarkable separating buyers and sellers. now to be, ocem, The Dealers indicated No. 1 smoked "the wisdom of a eights questioned policy under which a larger and strain in the East that has. Im- rubber sheets at 26% cents i Jatgor part of the oil supply for pelled this migration may have pound.

remaksule mant-

Prices closed as follows:- the American public would be even more

NO. 1 STANDARD under the control of a low world festations in the large Eas

tern area that cannot be wide oil companjer."

through Berlin's chink in the ANGREATY ALARMED

Iron Curtain-Reuter.

Jedw

He added, "No one should be misied Into believing that

reliance on a few companies Talber .than

competluve

domestle, Industry will Incar lower prices to the consumer,"

he cald,

Met

1

dent

NOTICE TO PASSENGERS

Passengers are requested to note that the "La Marseillaise" will sail for Yokohama and Kobe on Tuesday, May 12th 1953 at 10 p.m. instead of nt 8 p.m. as previously announced.

Passengers are requested to embark between 5 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'sall for

YOKOHAMA and KOBE.

on

Tuesday, May 12th, 1953

Spot

2.10%.nominal

Miny

July

expired

September December rh

Corb

2,10%-Th

2.2016-34

Бесп

May July Beptember December March

5.00

Spot

May

July

NO. 3 STANDARD

expired

Beptember December

March

July

23.30 nomins)

· Bre

May

1.834-15

September December.

23.30

BAGGAGE:

23.10

July

2,5716-34

March

Onts

htay July

23.00

May

23.00

July

United Prozt.

New York hour per 200 1b. Sack $13.00 nominal-United Presi.

LONDON TIN MARKET

London, May 11. The th market was quiet and Charlton II. Lyons, Presi

...the Independent steady at the lower levels Tutn- Futroleum Association, said that over was 30 tons. Prices closed Ja group had long recognised at the end of the official morning.

a place for oil imports and the session is followe

10 per cent limitation was a fair

arki flexible relationship between

importe, and

tien

of

and domestic produc-

Mr JP Coleman, President

the National Stripper Well

Association, said that small oil

Spot tin, buyers

Epot in, moller.

Business done at -Three-month# dia, buyers.

Three-months un, refiere 733 / Jusiness done at is..

** 200136-730 Bettlement

735 -United Frei,

prodicare greatly alarmed JAPANESE BONDS

at the tremendous and con-

sistent rise in imports into this Japanese

country that has occurred since

wark He added, "We do vocate excluding Imports

London, May 11.

bonds "A" (45% of 1809) 83

"" (45.

of 1910) 70% of 1957) 120% JË “D” (BLS of 1024),100%

"E" (51⁄21⁄2m. of 1930) 14711⁄2

but certainly if we give up our forelei murkets and 10 por cent of our domestic market we have Consols been reasonable,”-Unliga Press,

1000-9/19

United Press

May

LONDON MARKET -

London, May 11, The rubber market was dull. Prices closed as follows:

| Number 1 rubber,

In pence per b June

July/Beptember October/December

January/March

2016-21

2017111

21-11 2036-30 United Press

COTTON "IN.N.Y.

New York. May 11. Cotton prices closed around the day's lowest levels. The list 2016-% was off 5 to 13 points. Opening

prices were unchanged to up points but trading was relatively quiet. Most tradera concentrated

Exchange Rates their attention on the final

Business was done if the loot excitanga market" - this fibonicles inorning at the following rates; Ua, dollar (per liktief 0.011 Sterling, motá, (poroda REEL Indonesian guilders iper 100) Alarm ticals (per 100) Singapore (Straits)

VIC piastów (per 100).

adjustments in May delivery balore, its expiration. N

Certificated, stocks, moved up

to a now High, for the year at 227,370 bales. The open posi

at 10

p.m.

EMBARKATION: Passengers are requested to board the vessel between 5 and 8 p.m. on Tuesday, May 12th, -

Baggage room, hold and cabin luggage will be registered at the Kowloon. Godowns, Godown No. 50 (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, CABIN BAGGAGE: cannot be accepted on board before embarkation time. Passengers will therefore have to collect their luggage from the godown between 4 and 7 p.m. during which perfod cabin baggage may also be register. ed, var 21, mke, MWV Passengers are requested to note that ALL BAGGAGE must be re gistered as prescribed above.j

tion in July today alood of Uls Compagnie Des Messagories Maritimos

sizable. Agure of 984,000 balen- 1142 United Press.

Queen's Building,.

Tel: 26051

Ontwards

FREIGHT SERVICE

Leaves

·•Donkirk−19 Apr.

Leates .......Keelung–10 June "MONKAY"

«««Resting-30 June "BILVER SANDAL" ..Keelung-20 July z3 July

Hongkong

4-3 June

Jongkong

11 June * July

For Зарата

For

t

† Balgan, Marseilles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk, SUBJECT TO CHANGE WITHOUT NOTICE

MAERSK

LINE

FAST FORTNIGHTLY SERVICE TO:

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NEXT SAILINGS

Mar

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"JEPPESEN, MÄELSKL** m.v.LAURA MAERSK" m.7. "OLDA MAERSK"

ARRIVALS FROM U.S.A.

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..

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May

May 21

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m.v.

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For Fraight and Further Particulars, please apply, to:--

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos. 36066-9

Chinese Freight Booking Office 27, Connaught Road, C.

Tel. 20461

Dates and rotation subject to change „without notice.

At liberly lo proceed via other ports to load/distburgo CRIÇO,

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EVERETT ORIENT LINE

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

'NOREVERETT”

Arrives Sails

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

"REBEVERETT"

Arrives Salla

May 22 rbm Manila,

May 23 - for Singapore, Penang

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(Accepiing cargo for transhipment Kobe/Fazan `and Kobe/Okinawa) •

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Haruchi and Persian Gulf Ports.

“STAR ALCYONE”

Arrives Solis

May 15 from Singapore.

May 15 for Kobe & Yokohama,

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May 23 from Singapore..

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(Accepting carro for transhipment. Kobe/Fugan - and Kobė/Okinawa),

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

BUSINESS REGULATION

ORDINANCE 1952

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

Now On Sale at 5. C. M, Post, Ltd. HONGKONG AND KOWLOON

TEN CENTS EACH