1953-05-26 — Page 9

THE CHINA MAIL, TUESDAY, MAY 26, 1953.

Whitehall Amazed By DECLINE

Economic Policies

IN TRAMP FLEET

OF US Administration Likely To Continuo

(BY SYDNEY 5. CAMPELL, REUTER'S FINANCIAL EDITOR)

for world markets, America's tight money policy could become the worst of her bad-creditor policies-and the hardest to correct.

While the great creditor country is disinflating, and feels that it must continue to do so at almost any cost, the debtor" countries cannot relate.

Britain, for one, may well have to go back on her recent policies which have been making sterling easier and more plentiful both at home and abroad.

Japanese Not Happy Over Truce Prospects

Tokyo. May 25. Japanese businessmen are not happy about the prospect of the Korean war coming to an end.

If the war dues end. they fear that United States

eurement orders for steel, ships bud andbags will also Such

spending

end. amounts to

about $1,000,000 per day and is The main thing that enables Japan's

cconomy

kerp it: head above water.

There are 'compensating fac- The Journal of tors, however Finance anal Commerce recently business

polier Japanese

mainland

$

that their

Whitehall is almost speechless have shown

henets Brutt America's coinmercial are not in even that much. policies. They are typified by

have

Sr

the half-hearted way in which Commerve Secretary Weeks reverál U.S. Cabine! members | still describes himself

П textiled

the protectionist. for

Secretary of the President's own bill which 'Itself Interior Mackay-whose Assis.

been from making U.S. tariffs worse, have

(when he was This is a bill merely to ex-president of the Lead Industries topel the

Iteciprocal Trade Association), the actual author Agreements Act for one year, or one clause in the profec- with no intent of using it totanist Simpson Bill, the clause make any further ConCeRRions.which would Increase import members duties on lead and zine-calmly Yet several Cabinet

invites U.S. Industrialists to try for more protection from The Tariff Commission.

merely refrains for one year tant Secretary js believed 10

Burma To

Abolish

Preference

Tariffs

In exchunge for the rource added.

Anished producte.

2. The cold war

and the hot war in

wold

be expected to continue for at

least two years. regardless what happens in Korea.

of same

con-

the

"The composition of Tariff Commission has changed under the Ropublican Adminis- tration and the definition of serious injury or threat of in-

clarified, iury has been Mackay said.

LIKELY CHANGE

Mr

*An industry application In effect now goes before a new, and diffcrat ecmmirsion.... There is no reason why these in- dustries cannot now seek relief under ennditions which are

Tore

how

non-

to

the Things have come to a pretty pass when the Chancellor of the Exchequer can refer to the disappointment--and disillusion about the progress to date trade and payments policy.

London, May 25.

The progressive decline in Britain's deep sea tramp fleet is likely to continue for some years yet.

This is the view of the re- tiring chairman of the tramp section of the UK Chamber of Shipping, Mr It. D. Ropner."

He raid that framp tonnage totalled 34 million tons Cross In 1939; in 1950 it had fallen to 3.0 million tons;

in 1931 to 2.0. million tons; and in 1952 to 24 pillon tons. The decline of 400,000 tons gross from 1951 to

1962 won as large as that be- tween 1930 and 1950. It was the greatest reduction in any single year since the war and, as for as he knew, the present was the lowest on record.

total

Of

On Market

Recovery Industrials London

(From Our Own Correspondenti

London, May 25.

MESSAGERIES

P.O. Box 53, Queen's Bldg.

M

Outwards

Poge

MARITIMES

Tel: 20851.

M

PASSENGERS/FREIGHT SERVICE

"Levra Marsestien Hongkang

"FELIX ROUSSEL" .. June

Homewarde

Blangkong "FELIX ROUSSEL" .26-23 July

10-11 July

Dive Marselles

Mapila.

Vis

25 Angort Yokaksins

via Marsellies to all Mediterranean & West Africa porÍK. via Djibouti to Madagascar,

Outwards

Optimism about the outcome-of the Big Three meeting in Bermuda next month was partly | "MONKAY".- responsible for the recovery of industrial share prices last week.

"MEKONG"

thomewarde **PEL-HO"

FREIGHT SERVICE

Leaves

Hongkong ............. Europe --Pulled ———— *•16¬June ̈

Kamburg-23 May Dr10 July

Jobekphe

11 June

Leaven „Keeling~16 June Keelung... | Du

SILVER SANDAL" ..tretung-20 July

Prices tended to decline further until mid-MONKAY week, when Sir Winston Churchill announced the forthcoming meeting, but by the end of the week a small net gain had been registered.

The Pinancial Times indus- trial share price Index fell

from 115 on Monday to 113.9

three days later but revived Interest Later in the wock brought about recovery Lo

10

ге Elsen-

HONGKONG SHARE MARKET

115.4.

Other factors in this covery were President were hower's budget

plans, which led

higher Wall Streat quotations, and the encouraging United Kingdom export figures for April, which showed the highest gains for a year.

(From Our Correspondent) The terms of trade moved in

Buriness done Britain's favour

on the Stock *again last Exchange this morning amount- themonth, and this too had a helped to $53,000.

ful effect.

Noon quotations and the morning's transactions:- SHARES BUYEĖS SELLERS BALES BANKS

Mr Ropner sold there zeveral reasons behind this de- cline the sale and breaking up of old tonnage,

the standard type ships, and

sale of the inck of new buliding due to high costs and retarded de- liveries. He found it difficult to belleve that the drop In total of tramp tonnage would total not continue at any rate for some years,

on

оп

IK. Dank

INSURANCES

1450

234

The present

account, how- ever, is not expected to be a Even should tramp owners

very busy one. Beginning wish to build on a large scale Wednesday last, it includes

if bank they would find it dimeult,

holiday

and unds not impossible, to obtain the Coronation day, necessary

berths for some years Demand for industrial shares to come, quite apart from the

last week was mostly concen- steel situation, They heard on trated on motor, aircraft anti all sides that there would soon

piper Issues. Textiles be sufficient steel for all pur-

rayons also improved and there certainly pores, but they had

was Samo Interest taken in not yet found t 50 in shipshares with take-over

pos- buildingg

siblities.

of

Russian

Interest In Wool

and

GILTS IMPROVE Gali-edged securities benefited from amal investment support nd tevelling-up operations just before the week-end.

come

Kers remained quiet but base metal shares improved.

ODDLY ILLOGICAL

London, May 25.

Since the peace "broke out"

on March 31,

shipbuilding

Canton JIK, Fire XD 14

DOCKS, ETC.

Dock Provident S'hat Dock Wheelock

LAND, ETC.

HX. Hede!..

10.00 11,10

1.83 2.10

7.43 7.00

716 755 Land... as say

S'hat Land.. 1.33 1.40

UTILITIES

Tram

100 83% 150 p

.... 22.10 22.30 500 y 22.30 Peak Tram

Peak Trom

(OK) XD 3312

(New) XD

17% C. Light (0) 10:40 101% 300 tp 1013 600 20.40 C. Jght (N) 4.55 4,65 Electric.... 23.70 Telephone

.. 10.10

24

'INDUSTRIALS

Cenient... 13.20 13

STORES, INC.

Dairy Watson Lane,

Crawford

COTTONE

Ero....

18.00 21.00

27.20 27.00

.2.3215

DECLINE

shares have fallen 19 per cent, IN WEAVING

Ab

Rangoon. May 25. Burma has decided tợ end

favourable to their

The freight market also was opinion on ilk score and came preferential thritt rates on petitions than has hitherto been

not very encouraging. Mr Rop- up with the following:

foods imported from the United | the case,"

ner said. In April last year the 1. If the War int Korca Kingdom. Indio and Pakistan,

index was 109.4, by August it should end, the moral stigma according to a highly reliable When questioned about

had dropped to 79.0 and it was attached

to trading with Com-rource. The Burmese Govern- this

squared with the muniri Ching would also endment has served nuilee on the partisan character of the Tariff only now slowly climbing back. The figure for last month was and Japan once again

.sald would Covernments concerned to fer-Commission, Mr Mackay

100.0, But the greatest

Earlier in the week, however, single be getting much-needed

rawminate the system at midnight (that he did not know, as he had

reason for the decline in tramp there had been som: signs that materials from the Asiatic on September 30 this year, not written that part of his

tonnage was the impossibility

gilt-edged were beginning to statement himself!

of setting aside

fall out cf cut of earnings

favour after their In any case the composition suflet

for repincem

long

post-Budget climb. suflicient funds generally The system of "imperial pre-

to thre

The oil market wa quiet and that was Malayu ference' was agreed to between and attitude of the Tariff Com-

from taken by

apart Carnings

scattered and Indo-China

con-Britain and India. at the Otta-mission are only too likely

proportion the In

protectionist Con- change

Shipowners were taxation, tinue for some time, rustuning|wa Imperial Economic

which brought prices tionally lower on the last world tentious and maintaining ference in 1932. Burma, which direction. President Eisenhower grateful for the reliefs given in

has already appointed ane high the Budget. None the less taxa- day of the old or-formed part of India when the protectionist.

account. the low of procurement

Even 50, only

There was some support, how- agreement

tion remained too high, making ders.

signed, was

two of the present five mem-

It impossible for owners to re-. ever, for..Anglo-Iranian cathe The U.S. Embarny cronomie finned the system after her

alone place ageing tonnage. let

chairman's statement. counrello Frank A. Waring, separation from India in 1937 bers can be regarded as arrant protectionists, but there is one told a roup of Nagoya bust-and Independence in 1948.

expand the total.-Reuter, vacancy and Congress wants to nemen that such orders could)

Burma has also served the create an additonal member.

notice

the on

Indo-

other Among

U.S. polleles, agreement And Burmese trade

of Whitehall is purticularly burnt 1941 under which

things Burma up not only about such Japanese businessmen continue

as the Chief Joseph Dam tender. warning apparently without agreed to additional preferences

but also the discrimination be- effect--that industry must pre- for Indian goods. This agree-

three-decked tween U.6. export and U.S. Im- such meat created pare for the day when

commodities, arl system under which the port

typified orders end by seeking alterna-lowest rates were to apply to most recently by wheat ond tive markets and flexibility in

goods of Indian origin, middle rubber. the type of goods produced.

Carl raids to goods from But somehow The phantom of trade with Red Chinu keeps British Empire and the highest haunting whatever plans are the standard rates were pp-

Melbourne, May 25 being made by Japanese buscable to imports from non

There has been increasing nessmen. In their eyes it has Empire countries. This agree

evidence at recent wool sales in become sort of magic formument was extended to Pakistan

Australian Wat the time of partition.

centres of Russian Ja that will

all solve

the

A BAD DREAM

participation primarily ་ nation's economic troubles.

Commercial circles, here sald

Deligr quality marinas, come- Very little is heard nowadays that Burmo had

He actually added: "What is under con-

backs and fine crossbred wools. about expanding into

defence fresh

The market,

hos however, revised turit rates the use of building up alderation markets in Southeast Asing which would be more

forces and going to meetings protec-

reaction. shown no appreciable tople that xlx months ago was

in other and

wnys 151 character

than the at NATO

with

prices following the usual. produce a combined being, direusted enthusiastical-ve

end-season pattern of firmness. qui existing revenue fariffs. It was trying to

that thought here that the termina foreign pelley, unless we enn

Omelal statistics

show Anan- bring our economic and "special tion of preferences would uns cint policies closer together and

last appreciable imports of feet United Kingdom Imports

Into Australian wool

Russia orders"

being feet

seriously.

1950-51 Indian co bridge the dollar gap?"

the States and, more

occurred during placed by the United

who hoped for To people Imports and would lead to the liberal U.S.

season when she took 12,800,090 tires not

criticism.dumping on Burmese markets μοντ

policles, the les Japanese businessmen objeel to

lbs. There were no direct ship- REM Limony by President Eisen- of Japanese Hoods. It

ments during the 1951-52 sea- the US system of placing constated here that Japanese busi-hower's Cabinet members on the

this son and no record of any. act by competitive bidding, ness interests in the past few Simpson Bill must have seemed

the recent pur- season until bad joke. months had made repeated re-like a bad dream or

quantities chases. The Wall Street Journal puts will not be exces-on

The netual presentations to th: Burmese

known for many that the Cabinet members De

that

weeks until shipments and re- Dfferential tariff rates which the were promising, in effect, turns have been made,

Japanese termed "discrimina-f Congress would refrain from

Russian buying has been in Simpson Bill they passing the

ovidence at Sydney, Melbourne would do by administrative and Ferth and should it become Meanwhile, feverish attempts action a good part of what the

increase it may

The heavy, would exchange oil and petrol are being

certain Simpson Bill would do by new matc by for Japanese Bulastrial

competition for the remaining pro- foretan arms

as legislation. 10 Import

supplies of wool to be sold up Agriculture Secretary Benson Iorge a quantity as possible be-

to the end of the season next fore the deadline ending the told the Congress committee preferences, according to

month. The sudden appearoner administra- In that he hoped the formed circles here.. British tion of the

of these buyers is thought to be escapu clause

by the realisation prompted burineas eireles did not think provision of the present law

that insumclent stocks of wool that the removal of the pre- would be "much more effective ference would materially wifeet and effelent.” United Kingdom textiles which were offerent quality and

No one seems

know why.

Even the to-called procurement

that the U.S.

and claim forcing thein lu quele

sively low hids which often Government to end-

are below the netual cost production.

The review thid Iranian off-tory." cial broached the subject of n trade agreement in which Jenn

ducts.--United Press.

Rubber In

New York

uf.

was

pro-

SIGNIFICANT

сл

the

for

LOOMS-

world

hos

The

1930

heavy engineering nearly 10 per cent and aircraft.

dhar:s nearly nine per cent. Last weck the decline fulted. oddly illogical thing happened -pence suddenly became sold war babies because "war "bull" point and those who had

Manchester. May 25. Over period of 16-years profits were menaced, bought the number of weaving looma of in the cotion manufacturing them back on the prospects the three-power Bermuda con- countries of the ference and fewer distractions. fallen by nearly 340,000. Dunlops were 4/ cheaper decline from 3,009,900 in than they were on March 31 to 2,730,360 at the middle of with Ford Molors 8/6d. lower, 1952 is revealed in a loom cen

down ous just completed by the In- Imperial Chemicals 3/-

Courtaulds about 2/-ternational Federation of Mas- and

and lower. They looked aftractive, ter Cotton Spinners" On the week the gains

Associations were Manufacturers of the order of 6d. or 74d. here. The census took nine

Oll shares had bursts of months to complete, activity. Shell lost 1/3d. bui On the other

other hand, working most Royal Dutch improved 1-1/16 hours have increased In and Anglo-Iranian 68,

countries during this period, Gilts were quiet and virtual- and double and treble shifts ly unchanged. There was some are now quite normal in many buying Koffirs but much countries, the report points out. more buying of coppers with That less equipment is Rhokana

10/-

Rio Tinto up producing sufficient textiles to Chartered 6/- and

Batisfy the requirements of the up 1/0d. Among Japanese bonds, there world is supported by the fact was a general improvement of that in the cotton season end- £1 or less except in the case ed July 1952, the world's co!- fell ton mill consumption amount- of Tokyo Electrics which

£1. Chinese

few ed to 32,602,000 bales against, were " chillings higher. German potash

bales in the 1938 25,389,000 loans both foll £2. Dollar senson, the report states.

of the total reduction stocks were mostly a point er

are held in the USSR to entry New York Sugar

the

the industry through to senson, and Austraila hos . milkely to meet with Japanese

only available stocks apart from competitionOn-the-contrary the President,

He added significantly that South America.--Reuter. New York, May 25.

it was thought timat

with Whon" "BE" British

had discussed the No. 1 rubber futures closed 10 text!ics might ceize part of the shared this hope.

matter, points tower to 10 points higher market enjoyed by indian tex-

Secretary.

State Dulica tiles. It was generally acknow- with sales of caly one contrast,

promised that action Number 3 closed nominally 10 ledged hero that India would points lower with no sales re- be the worst sufferer from the Industries "can

Applications for rellef by U.S. and will be Burma Government's action.

expedited." Interest la both spot and Reuter.

Several of

ported.

futures markets today was at a minimum because of the Whit sttn holidays in the foreign market

and the annual cuting of ZINC FOR U.S.

the 'lezal Rubber Trade Drále:s Associations.

Spot No. 1 smoked ribbed shedty were indicated nominully at 25 cents a pound.

Prices, .closed followerhea

July

today. Ci

No. 1 Standard

Segailint..

•December March

Mey July

20.00 17

20.70

14

24.73)

24.00 2340 raminat

** Platt

No. Standard.

23.10 nomlant

23.03 IM

22.13

Untied Pless

Just

September VII

December

March

Mar July 2

of

Grain Prices

on

In Chicago

the Administra. tion witnesses, including Mr Duljes,

indicated that they

required, and will be charged some agricultural... producta against tho defence support simliar to regulations authorised nilotment of each country by marketing -ngreements and supplied-Reuter.

quotas."Reuter.

Chicago, May 25. would have по objection to

Prices of grain futures closed enlarging and modifying the today as follows membership of the Tariff Com- Wheat-price per bushel

Spol mission in the Wirection

90916 nemical Washington, May 25,

that y The U.S.

the protectionists want. Mutual Security

September Agency is arranging the pur-

2.1312 Treasury

Secretary

Hum- December

March chase of approximately

promised that 2,000 phrey

the Сред short tons of high

Treasury grado słab

would be rendier to Spot zing from U.S. or Canadian Impose countervailing duties on Julv

September subsidised by foreign December sources on a low bid basis. The goods MSA sald it was arranging for governments, and promptly ful- March Jiya Alled his promise in regard to the purchase at this time

July take advantage of the

Uruguayan wool tops. present

September Mr Dension thought that the low price of zinc in anticipation

machinery september of requirements of participating trade agreements

JUTY countries for defence production could be used to lake

account

Boybeans abrond.

foreign of

devices other than Spot July tariffs, such as quoins and ex- August The zinc will be shipped, later change rates, and "to Begollate Beptember to participating countries,

November na a regulation of foreign trade In

January

·March

Starley Spot

1.30-1.03 New York Bourper 200 16. Sack. $12.00 nominal.-United Press.

Futures

now

"MEKONG“

Kretung -31 July

Jiny

28 July

1 August

To Japan: Japan..

For

+ Saigon, Marseilles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk.

BUBJECT TO CHANGE WITHOUT NOTICE

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO?

NEW YORK, BOSTON, BALTIMORE &·PHILADELPHIA vin SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

m.v. "LAURA MAERSK mt.v. "OLGA MAERSK" m.v. "BULDA MAERSK"

June June July

17 A

ARRIVALS FROM U.S.A.

m... "ARNOLD MAELEK"

June 1

M. "BULDA MAERSK“

June

m.v. "CHASTINE MAERSK'

Jithe

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 88066-9

Chinese Freight Booking Office

27, Connaught ́ Rond, C.· ́

Tel. 20481

Dates and rotalion subject to clungs without notice. ›

At liberty to proceed via other parts ta·load/discharge sårzo,

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight--refrigerator-passenger · service to Korea, "Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and.

Chittagong.

"REBEVERETT”

Arrives Sa

May 28 from..Manila.. May 20 for Singapore,

Rangoon, Chittagong Calcutta,

"LENEVERETT"

Arrives Soila

June 1 from Singapore,

June 2 for Kobe & Yokohama,

(Accepilog cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight--refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports, "NORDSTJERNAN”

Arrives Salls

May 30 from Singapore. May 31 Moji, Kobe, Osako, Nagoya,

Shimizu & Yokohama, "STAR ALCYONE”

of

Arrives

Soits

Juno June

4

from Japan.

so higher. United Press. nearly 340,000 looms over the 10 years since the lost census, Lancashire lost 238,000; North America 167,000 and Japan

South | 42,000.

America In- created her loomages by 43,000 and Africa by over 17,000.

The census thows that the average number of hours work- ed-per-week In the cotton. New York, May 25.

weaving

wns Industry

the World futures No. 4 cloted 10-highest in the Belgian

Congo day unchanged to points lower and Paraguay with 129.41 and with sales 124 contracts. Domestle 125.2 hours respectively,

The No. B closed unchanged to 2Ug, was third with 100.8 hours points lower with sales 50 con and Lancashire Just of all with trests. World futures cases on 32.60 hours.-Reuter. profit-trking and hedge-gelling While traders awaited news on

cf Chile's pending, purchase 110,000 tons of rawr. Offerings were due today and depless ex- posted the results to be made Dementle known by tomorrow, cused in slow trading which featured catered liquidation. Prices closed as follows:-

Contract No. 4° (world)

Reptember

130-1.5611 11:334-7% 1.40

July

3.73

5.32

1.9116-1.3014 2.0414-1.54

October January Mari May July September Spot

3.74 nominal

5.87 nominal

3.83 bid

343 bld

3.03 bid

2.70

3.70

20415-2.50

Contract No. 0

2,01%

2.0743

July September November. March Stay July Beptember Spot

5,40

United Press,

Exchange Rates

Business was done in the local unsmetal

market this exchange horning at the following fates:-- US dollar (per $30mm... 0.050 15.09 Sterling note (por #1) Indobosian guilders (per 100) 23.40 Slam ticals (per 100) Bingapore (S{m}\)

FIC piastres (per 100)

239

COTTON IN N‚Y.

New York, May 25. Prices of cotton futures closed toktay as follows:-

Spoi

8.00 bid 0.04

July October '3,30 nominal December

34.10 33.-13.70

13,72 33.70-23,50

March

May.

October

United Fram.

536 nominal | July

5 for Singapore, Port Swetten- ham, Colombo, Bombay, Karachi, Khorramshahr & Bahrein.

{Accepting cirgo for tragshipment. Kobe/Fusan and Kobo/Okipawa),

EVERETT STEAMSHIP CORPORATION 5/A Queen's Building, Telephono 31206. Chinese Department: Telophone 28293.

BUSINESS REGULATION

ORDINANCE 1952

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

:

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

TEN CENTS EACHE