1953-06-01 — Page 9

THE CHINA MAIL, MONDAY, JUNE 1, 1953. ̈

Coronation Having A Surprise Action Quiet But More MESSAGERIES

Tremendous Effect On Note Circulation

(FROM OUR OWN CORRESPONDENT)

London, May 31.

The amount of extra spending generated by the Coronation will probably never be calculated. All that can be said with any certainty, is that it will be tremendous.

Singapore Trade Not Affected

Singapore, May 31. Tie Indonesian ban on imports froni Singapore, Pruning and Hongkong will not affect with Singapore's barler trade Inmesin, according to Mr T. I. Hart, the Colony's Director of Commerce and Industry.

By Pakistan

Karachi, May 31.

The Ministry of Com- merce today suddenly banned. effeoliva LOBAY and until further. notice, alt forward trading in Bew estion crop due on Séptám- bcr 1.

The Ministry also dir- reted exporters to file with the Cotics, Board within seven days-fall details re- zarding unfilled, contracts covering both the current crep and the new trup. No explanation was offered.

United yks.

Cheerful Tone

On Exchange

(From Our Own Correspondent)

. London, Máy 31. With the Coronation only a few days off it could hardly be expected that business on the Stock Exchange would be anything but quiet. And so it has turned out.

Perhaps the red and white decorations that

Queen's Bldg.

M

outwards

MARITIMES

Tel: 20001.

M

- PASSENGERS/FREIGHT SERVICE

"FELIX NOUSSEL”

Homewards

Leaves Marseilles

מתג 1

Hongkong

*FELIX ROUSSEL" ..24-25 July

Hongkong

10-11 July

Due Marsellep 13 Abr

For

+

VIA Tokohama

via Marseilles to all Mediterranean & West Africa ports, -via Djiboull to Madagascar.

Outwards *"MONKAY"

MARY

BILVER SANDAL" "MEKONG”

Homewards

"PEL-HO "MONKAY" "MEKONG"

*FREIGHT SERVICE

Lenver

Europe Salled Europe-falled ..Namborg-23 May

Leaves

«Keeling→ June

Another £9 million of notes went into circula- HONGKONG blossomed overnight in all the principal streets of "STAVER SANDAL Restang-28 3

tion during the week ending last Wednesday. But this is only a fraction of the extra money that people are drawing out of the banks to pay for their Coronation celebrations.

SHARE MARKET

Since February an additional £81 million of currency has gone into circulation. This partly reflects the customary seasonal rise in demand for (From Our Correspondent) extra money but this year the increase has 'been greater than ever.

+

In the comparable period of possible to say how much of it inst year the rise in note circula-] has been stimulated by the tion was £54 million, so at least purchase tax reductions in the £27 million of this year's in- last budget and how much by crtase can be attribulég directly the Coronation.

indirectly

Coronation

or

spending.

donc as

MAJOR INFLUENCE

But quite definitely Coronation has exerted a major

on spending shops, for retail cairs began to recover even before the purchase tax concessions were bnnounced.

influence

in the

Business done on the Stock Exchange als morning amount- ed to $240,108,40. Noon quota- lions and the morning's trans- actions:-

SHARES DUVERS BELLERS SALES

DANKS

HK Bank East Aria

1470

148

INSURANCES

the

Canton

Union XD

HK XD

1:30

SHIPPING

Acta Nav... 1.30

DOCKS, ETC.

Mr Hart said the Singapore burter trade had a favourable

Even this, however, is only a bulabce

about equivalent to US$3,300,000. In. various very rough and ready estimate of Penang's the extra spending that is being Indonesian ports.

Coronation Day ap- balatice le about US$4,500,000.

proaches. For, almost as fast as Mr.Hart hoped the Indonesian the pubile is drawing money Government would

the from the banks, the traders with restriction soon. He has had whom they deal are putting i

with talke Consulate here.

so the banks are The ban, enforced from May having to draw upon their de- 9. 13 reported to be causing posits with the Bank of England considerable inconvenience to to replenish their "till" money, traders

in Singapore and and it is this which accounts for Indonesia. The reason advanced the increase in the note circula- The increase for department for the ban is that Indonesia is tion. short of foreign exchange and overstocked with entrepot goods.

the

Indonesian back.

ut even

The latest Agures relate to March, and these show a marked improvement compared with the previous year. Weekly sales of "non-food goods by the multiple shops were 11 per cent higher than in the some month of 1952.

stores was three

N. Pt. Whorf

XD

the City helped to disperse the pessimism that has lately been depressing industrial shares.

French To Negotiate Barter Pact

In any case zellers stayed awny and buyers took over,

The result was a modest but definite rally i the better- known market leaders, ·

But this was not entirely due 10 Coronation high spirits. There were technieni factors in- volved, too.

The recent decline of 'Indus- trku share prices had brought first-class stocks, to n six per

smail

Paris, May 31. A delegation of 10 Frenchent yield burls and this was a

clear encouragement to businessmen.had_left_Paris_for

Investment buying. Peking to conclude a new bar- ter trode' agreement between The high yield on industrial France and China. This visit stocks, however, has not tempted fellowB last year'z Moscow institutional buyers back into

conference cronomic

where the market. 'Buying from this Chinese and French business-source has been on a negligible men agreed to exchange eight scale and will probably remain million sterling worth of goods so until Uhe new steel de- After considerable initial nationalisation issues COSTIC on difficulties the trade exchanges effer.

Dock ... 18.70 10.00 500 14.30 got under way only in De- then Franco- cember. Since 7,45 | Chintre barter' trade has tench-

Provident S'hal Dock Wheelock LAND. ITC. HK Hotel HK Land 'Slial Land

UTILITIES

5.00

11.40

12.10

7.40 75 1000 4

7.00 7.63 3000

50 194

...... 22.20 22.09

Peak Tram

10I XD.. 351

(N) XD. 17.30

Peak Tran

C. Light (01 10.40 1015 10300

Trum per cent and The notes actually in clrculo-for, independent retailers four tion at the middle of last week per cent. Retall sales in this The Director urged Singapore reached- £1,532 million-the category by the "large" stores merchants to work harder as "we, highest ever for the time of year were up by seven per cent. are returning to normal, the boom and only £ 18 million below the days are over and trade has be-all-time come competitive."

"Trader

up

record set

joat Christmas,

All this extra now have to work

spending has really hard to sell their pro-brought A sharp recovery in ducts, he added.-United Press, retall sales. It would be im-

O.S. K.

LINE

Have Pleasure in Announcing the Opening of JAPAN-HONGKONG-EUROPE Fast Regular Freight Service M.S. "ANDES MARU"

Loading At Buoy A-5 Sailing p.m. To-day

for

SINGAPORE, PENANG, ADEN, SUEZ, PORT SAID, ALEXANDRIA, GENOA, MARSEILLES, TANGIER, CASABLANCA, LONDON, ANTWERP, ROTTERDAM & HAMBURG.

Tanks Available for Bulk Oil Space for Refrigerated Cargo

For Freight and Particulars please apply, to the

AGENTS:

were

Bates Higher

fairly general throughout the list of non-food goods which figure in the returns.

Biggest Increases, however, were in sales of furniture - and furnishings by the multiple shopa

1 (35 per cent up) and in sules of Jewellery, leather and fancy goods by department stores (14 per cent up).

[C-

IN OTHER DIRECTIONS Sales of clothing by all tallers were also well above the | level of a year eariler.

It would be hasty to attribute the whole of this increase to spending directly connected with the Coronation but there can be little doubt that it has at least played an important part in it.

Many people, it would, scem, have chosen this time of national celebration brighten their homes and buy themselves new clothes.

The Coronation has stimulated business in other directions, too.

C. Light (N) 6.70 8.80

Electric ... 24 M. Mectric 10.20 Telephone .. 18.30

INDUSTRIALS

Cement

15.00 STORES, ETC.

Dalry

...... 13.90

Crawford

Watson ....22.20

26.80 COTTONS

Ewu

3.39 2.40 Corp. 1.10 5.18 Texille MISCELLANEOUS

Vibro Yankisze

6.10 B3

CONSOLS TO FORE

ed a level of two to three mil- For the time being institutions

be appear to

their directing 7.50 on sterling.

undated

The delegation, headed by funds towards the gilt-edged M. Bernard De Plas, chief of market, favouring the "Cofrack" organisation stocks, which has made Its aim to

As a result the advance of sponsor trade with Communist countries,

offer the gill-edged prices continued last will

week with four per cent Chinese steel sheets, chemicals 10% and antibiotics in exchange for sols well to the fore.

bristles and silk.

ten, br

500

1030

100 4 7

of Bank and

Cairo Decision On Cotton

Con-

The rally in the Industrial The delegation is visiting share market mainly a Tocted Peking at the invitation of Nanthe so-called "blue chips." Han-chen, Chalemon

the Breweries, shops and stores Chinese. Central.

were favoured at first but later

recovery 19 500 19.00 President of the Chinese Com- this

became more 193 18.00 mittee for the development of

Reneral and Interest spread to 2000 18.90 International trade.--Reuter.

engineering, moter and aircraft 1000 1 2230

and electrical equipment shares. More lively Bellvily in al- {brewery shares has been

tributed to hopes of bigger beer sales over the Coronation period but a more sophisticated theory is that investors are resporiding de- to the smaller breweries' Cairo, May 31.

action 10 today fensive

discourage Government decided to continue to handle outside bids. cotton purchaacs and sales

SLIGHT SETBACK A operations. Joint Cabinet Junta Council jasued a commu- Singapore, May 30.

This is supported by the fact

increases several futures nique saying that the Gover- that of rubber

ment win export around 13,-brewery dividends have closed today as follows:- Number 1 rubber,

announced Intely. per 1b. June

Rubber Prices In S'pore

Prices

July

August

6824-78 70-7011 70-70%

Nunger. 2. rubber,

Juzte

0634567

Number 3 rubber,

83%-54

6245-02

70-01

June

Number 4 rubber.

June

Spot rubber, univaled

Blankel Crepe

The

000,000 Kantars.

In been

over-

It added that the Government There was a slight setback in hus succeeded in regaining the the industrial market early. on confidence of the customers with Thursday following the

nigh

decline on Wall Street the result that colton exports from September 1952 to May but little selling developed and 1953 Increased by 1,000,000 prices recovered later in Kantars in comparison with ex-day.

On Friday prices advanced corresponding further and the market the Go-621sports in

closed previous year on a distinctly firm note. Elsewhere the markets

The sale of souvenirs, though No. 1 pale crepeiled Press,

slow to pick up, shows signs of a last-minute boom.

Flags and bunting are also in great demand as more and more proplo enter into the spirit of the occasion and decido after all to decorate their houses,

Many of them have left it too late and are now finding that stocks are sold out,

SIGN OF TIMES

A sign of the times is the widespread use that is being made of plastic material for street decorations that are ex- posed to the weather. The

The Hong Kong Eastern Shipping Co., Ltd. advantages are obvious-

No.1 Duddell St. 2nd fl

especially in view of the rain

Tels: 38661 & 32369 that has recently interrupted a

Chinese Freight Agents; Great Eastern Hotel, 1st floor.

O.S. K.

Tel: 20624.

LINE

Have Pleasure in Announcing

the Opening of

JAPAN-PHILIPPINE-H.K.-NEW YORK

bowa

Mang Fast Regular Freight Service

M.S. “KYUSHU MARU” (Borth: Buoy A-16)

A Sailing p.m. 2nd June

M.S. TOKAI MARU” Sailing on or about 15th June

• for KOBE, NAGOYA, SHIMIZU, YOKOHAMA, SAN FRANCISCO, LOS ANGELES, CRISTOBAL, NEW YORK, BOSTON, PHILADELPHIA & BALTIMORE.

For Freight and Particulars please apply to the AGENTS:

Ane spell in London.

Pastic has also largely taken the place of paper and cardboard for window decorations.

panies.

Exchange Rates

the period United Press.

U.S. Production

Dualners

done in the local umoficial exchange market

Washington, May 31. this morning at the following, roter

The Federal Reserve Board's U.S. dollar (ger (1),

8.6473 Sterling note" (her 411

15. Index of industrial production Indonesian guliders (per 100) 23.70 for April is 242. Its estimate Stain ticals (per 100)

3120 for May is the same-United Slavapore (Straits)

1,328 Press. FIC plastres (per 100)

British Exports

Increase April

London, May 31. British exports in April totalled £214.8 million

or

the

have

remained generally steady. In quiet conditions.

A BULL MARKET?

London, May 31. Will Queen Elizabeth's reign see a genuine "bull market" on the stock exchange? The mass of decorations in the city has inspired some commentators to touch on this question but they .do rather gingerly.

When King George died In February 1952 and Elizabeth #ucceeded to

tho the throne, Index of the average value of industrial shares stood. at 114.2, fell to 103.1 in June, recovered to 125.3 in March 1983 and 1 now (at 116.7) at the point it started from. Not

reaches 140the two peals which it reached under the two. post-war Labour governments-

three per cent higher than the monthly rute in the first will the chart followers call three months of 1953, and £1.7 million higher than in the, a "bull market." final quarter of last year.

economy.

a

Many businessmen who have large sums in the

One invested

reason the pundits cannot Coronation have naturally This result was achieved despite the loss of two make up their minds is the pre- valling uncertainty regarding wanted to Insure themselves working days at Easter, which left only 24 working days the future in America. The six against the risk of a postpone-

cent decline

markel ment

and this has brought in April, against an average of nearly 26 for each of the per several million pounds worth of two previous quarters. Allowing for this the April total values in London trom the March peak seamed mainly due to un- business to the Insurance com- was the highest for the year...

cosiness regarding poile Shipments of engineering Re-exports in April were £8.9 thorp correction in the American Happily the possibility of post-products increased by £6 million million. The excess of imports week saw a fale meunt of tiu"- However, the past ponement can now be ruled out over the average. for the first valued CIF over exports and re-ing, mainly in British Govern- but there are certain other risks quarter. Exports of textiles exporis valued FOB was there- ment stocks, with Old Console up. against which insurance is

being sought. One is the risk of were also higher, and those of fore £69.5 million. The averagoj 11/3d.

other. manufactures Increased monthly excess for the first Dollar stocks were down two, Jury to people on privately by over £1 million.

£57.0 million and three or four points in step with Quarter was crected stands- on in buildings Exports of metals were £1 £63 million for the year 1952. Wall Street but the demand was which will be used by large milton less than the average for The rate of export to the non- better, lifting the premium 1.2 numbers of visitors on Coronation the first quarter, and exports of sterling area, recovered further percent to 8 per cent, Japanese Day,

dropped by the

Aprit from the setback ex-were down by amounts ranging perienced in the first two months from C14 to £. Chinese.

totalling £203,3 million, the level of the last quarter of United Press. against an average of £272.4 1857, |- |-- million in the first quarter, and

BUBSTANTIAL 'BUMS

foox!

amount.

same! in

Policies protecting owners or mports were also higher in of the year. It is now back to were quiet, as were German

fesseca in respect of claims from the public for personal injury or damage thale properly pre re- ported to have ben isded for substantial sumi.

with

£209.3 million in the recond On the import side nearly four- half of 1952 The volume is fifths of the Increase. In Apri estimated to have been ton per as

compared

the fixt cent greater than! in the first quarter was in arrivals from

| Die sterling area,

Nearly

CAR PLANT IN

CINDIA

There has been a last-minute all the Import increase

New Delhi, May 31 rush for achats in brivato standa

The Indian Government to along the processional routs and in April was in food, drink and The terms of trades Improved day announced a new mont some of the exirs money in cir-

in cir tobacco.

Ah increase of 23 in April the index being 63 facturing and assembling plan culation in no doubt being op million

in Imports of raw against 94 for March. The im- for cars, designed to rash their materials was to this purpose

∙a few, days ago fts, was was argely offset by i provement is largely due to a prices, in 'Indio by. 281 per cent

further which were material Imports, for which the

Until

Hongkong.

For

14-10 June 28-28 JunIM

Марад

18-19 July

Mongkon

for

X Juhe

2

הגה

12, July *July Reeling #Arnstad 10 August↑ † Balgon, Mersellies, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk, SUBJECT TO CHANGE WITHOUT NOTICE

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.Y. "LAURA MAERSK” hi.v. "OLGA MAERAK" m.v. "DA MAERSK"

June A June

17

July

ARRIVALS FROM U.S.A.

m.v. "ARNOLD MAERSK” m.v. "HULDA MAKĦRIC" M... "CĦASTINE MAERSK"

June

June

#

June 18

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Tel. Nos. 36066-9

Pedder Building.

Chinese Freight Booking Office -- 27, Connaught Road, C.

Tel. 20461

Dates and rotation subject to change without motiva, At liberly to proceed via other ports to loud/discharge cargo,

EVERETT

EVERETT

LINES

ORIENT "LINE

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

"LENEVERETT”.

In Port Loading Sally

June 1 for Kobe,

"NOREVERETT"

Arrives Salts

Osaka, Moj!,

-Nagoya, Yokohama & Tokyo-

Bay.

June 12 from Maniin.

• June 13

Penang, for Singapore, Rangoon & Calcutta,

(Accepting cargo for transhipment Kobe/Pazan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Slim, Malaya, Colombo, Bombay, - Karachi and Persian Gulf Ports. "NORDSTJERNAN"

In Port Loading Salls

Juno 1 Moll, Kobe, Osaka, Nagoya,

Shimizu & Yokohama,

"STAR ALCYONE”

Arrives June 5 from Japan.

Salle

June 6 for Singapore, Port Swelton- ham, Colombo, Bombay, Karachi, Khorramshahr Bahrein.

(Accepting cargo for transhipment · Kobe/Fusan and Hobe/Okinawa)

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

MITSUI

LINE

S.S. “MEIKO MARU“

Loading At Buoy B-20 Sailing p.m. To-day

for

SINGAPORE, PORT SWETTENHAM & PENANG

AGENTS: The Hong Kong Eastern Shipping Co., Ltd.

The Hong Kong Eastern Shipping Co., Ltd. The plan is intended to en- Tels: 38661 & 32809 still

na little.as £ 6 but prices have running in April at only three index fell two points to 80: The courage motor transport In No. 1 Duddell St. 2nd 11. hardoned over the week-end and quarters of the tale in the first fall has been continuous over the India by a reduction of prices Tel: 20024 the minimum is now around 10 half of 1952, before the import last 12 months. A year ago this and pave the way for a wholly Great Eastern Hotel, 1st floor.

guineas.

restrictions had fully taken effect.Index stood at 106-Router, Indian-made car-Reuter!

No. Duddell St. End A.;

1

od of Sales Chinese Freight Agents:

Great Eastern Hotel, 1st floor.

Tels: 38061 & 82869 Chinese Freight Agents:

Tel: 20024,