1953-06-08 — Page 91

MARITIMES

Tel: 20051.

M

PASSENGERS/FREIGHT SERVICE

"FELIX" BUUSSEL”

י

Leaves Marsilles

+4

Joa

Flongkons 19:11 Ja

For

}

Manila

Hongkong.

Vis

23 August

Yokohama

Homewards FELIX HOUSSEL” ...25 July

Pur Marselliou

via Marsellies to all Mediterranean & West Africa ports. Via Djibouti to Madagascar.

Coronation week on the Stock Exchange was marked, appropriately enough, by a further rise "MONKAY of gilt-edged prices.

This may be traced partly to psychological influences and partly to the general feeling of optimism regarding the country's economic prospects which was bolstered last week by the announcement of a further rise in the gold re

serves.

As a result, the Financial Times Government securities index rose to a new high, point; for the year.

HONGKONG

SHARE MARKET

Small Investment support kept prices up at the beginning of the week but later dealers reperied some switching by big institu- tions from shorter longer dated stocks as well as direct buying

Announcement Phot Tanganyika is lo come to the London

market for a capital £2,750.000 loan next Tuesday did not disturb the market.

Business done on the Stock On these terms the loan in Exchange this morning amount--| expected to go down well.

ed to $811,208, Noon quotations Industrial shares have also and sho morning's transac- held fim though business in this tions:- section has been extremely quiet. suARES DUYERS SELLERS BĀLES

In principle, this represents no departure from the policy that was actually pursued in the last two years of the Democratic Administration. It follows logic-orders. aily from the decision to remove the Treasury peg from the American Money market, allow- ing interest roles some freedom to move in response to supply and demand. The only differ ence between the Republicans and the latter-day Democrats is about how much freedom the markel should be allowed to have at any particular time. It Is the question of liming which is all Important,

This

RE-FINANCING

may

THE WEEK'S BEST

(From Our Correspondant)

BANKS

HX Bank East Asia

INSURANCES

Canton

Union XD

1000

142

2:33

700 770

HK Fire XD 150

DOCKS, ETC.

K. Wharf. 76

100 Q77 N.. What 5.70 XD 1000 500 Duck

2020 2016 800 020 Provident 11.00 11.00 3350 + 11,0

7000 £11.70 S'hai Dock Wheelock

The Financial Times ordinary share index rose during the week What the recent actions of

from 110.8 to 18. the US, monetary authorities

Shares in do seem to indicate is not a de-

the building and textile industries were the week's liberate change of palley, but a

best performers. that the recognition

present

The upward movement of gilt- time is a particularly difficult

edged prices one for the vigorous execution vecka and the relative weakness. over the past few of the policy.

explain

uf their

ordinary shares has caused a latest decision to re-finance wide gap to appear between the

yields on Consols and equities.

This gap is now at the order but for some of £2 per cent first-class industrial shares it is even wider.

The coming issue of shares in LAND, ETC. the denationalised steel industry is still having a considerable in- fluence on Stock Exchange bustness.

the

con-

EFFECT OF KOREA Commenting on these forth- coming issues,

Austin Friars writes in the Investor's Chronicle this week:

ота

Industrials

#

Outwardz

**SILVERSANDAL "MEKONG"

"FEI-HO

MEKONG "BILVERSANDAL”

Homewarde

"MONKAY"

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Leaver

--Europe --Sc

Europe Railed Hamburg-21 May

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Hongkong

11-1b Jana

28-29 June 18:12 201

Hongkong

15 June 15 July

Kéelung-20 FRIE 28 July Keelung 8 Augun 10 August

For

Japan

Japan

Japan

For

↑ Saigon, Marseliles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk,

BUDJECT, TO CHANGE WITHOUT NOTICE

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FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

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June

June 12 July

ARRIVALS FROM U.S.A.

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June

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July

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July 10

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UTILITIES

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C. Light (0) 11,20 11.46

C. Light (N) 215 Electrid 23.30 25.00 200

4000

300 4 25.30

150 @ GOO I 220.00 100 25.70 Telepilone .19.30 19.80 500 @ 10.40

... 10.70

some $5,000, of certificates and bonds maturing this month with one-year redeemable securities. There is to be no repetition for the moment of the Funding operation ducted in April with the issue of $1,000m. of thirty-year year bonds. That may be connected with special seasonal influences. money to meet the public

But there is no doubt that

U.S. authorities proceeded demand for cash,

are also concerned satisfactorily

The estimate of £30 million and in a cordial

at the samo únio worth atmosphere, undisturbed by any

of extra

about the unsettlement caused demand 15.

by their boycott threats because of the therefore, based on the assump-

carlier $1,000m. funding operation and reparation agreement with Israel,tion that there was no change in

New York, June 7.

about the fallure of the money the amount of banks' till moncy

Collon futures climaxed

to There are still some differences over pre-Coronation period,

the

perform its functions

"Currently the likely yield thus far basis for steel Issues is construed week of indecisive fluctuations of opinion, however, about the

The secunt fact that

as smoothly and efficiently as it as being such as to cast doubts may with a smart rally at the close costs of the project. The Ge:- affect the estimate is that the on Friday when chorts decided important question, however is comparable

had been hoped It would. The mans estimate them at Egyptian Bank of

yields of England return £100m, but the Egyptians hope made up on Wednesday.

pending week-end whether this new mood of cau-

but on the Last retire

theory that in the active developments us the Korean don is for practical purposes all a to manage with not much more week's increase

just

Etcal as than half this sum

nationalisation Alter see-sawing that different from the tempor

was bad for if cheaper note circulation may, therefore, within a range of $1.30 a bale, ary adoption of a less restrictive hold good as being favourable INDUSTRIALS methods, suggested by Italian mi

glits so should the reverse now technicians but opposed by the of additional demand for cash the list closed the period 1 to

policy. Germans, are applied.

to the rising gili-edged market.” over the immediate Coronation points higher than the preceding

answer depends on how veelt.

icmporary period.

It proves to be. A The Korean news caused 4 For the Coronation spending

bold policy

executed with caution over a long period be Egypt hopes to obtain the reached its peak on Tuesday stery price movement in mid-

week but subsequently traders comes indistinguishable from capital for the scheme partly that the Bure of £11 milion felt that the achievement cautious polley. But from the US. and partly from of additional notes in circula pellee had been over-discounted period on which "chy Judgment

so for

Ter the Germany and France. According tion was struck after Wednesday's

And should have no unusual

can be based is extremely short; marked effect if it materialiens and it is important to recognise ever the week-end.

that the intention of those ro- operations in July sponsible is to be bold onco more, as soon as conditions are the main it is impossible to put any firm source of activity. The first more favourable-The Financial that the project represents Coronation spending simply by will be June 24.

Agure 10 the amount of notice

day

the spot month Times, sound investment since, in their reference to the note circulation. opinion, the water dues alone would be sufficient to pay for

Outstanding contracts In July This is that money may change as the week closed were below interest and amortisation, How hands several times before being the 750,000 bale mark. The cer- ever, the enthusinan of the returned to the banks. More tilented

stock technicians belonging 1ts flimsy

IN COTTON

understule the actual amount

to Egyptian proposals, Germany's rebus. share should be DM.1,00ữn, (£85m.), to be repaid partly in long-term cotton deliveries.

The German

experts believe

CHANGES HANDS

There is n

third reason why evening provided

tos

items-particular 220,957 bales. The

D

of

amounted to crop news

BARTER

Dulry

In the other markets the better STORES, ETC. news from Korea led to a revival of interest in gold shares:

But the hopes of a truce in that theatre caused losses in the

markets.

copper-and-lead-zine -- share reflecting the weakness

Rubber shares also turned dull,

commodity price.

The

of the

turn of events in Korca also led to a rise of three to 88 In Hongkong and Bank stock.

Shanghai

BULL MARĶĒT?

London, June 7. The stock markets last week talked mostly about the Coronation. Everybody was

hoping for lage export.contracts best quid for not in was mostly Invourable, although DEAL NEAR pleased with every feature of is not mared fully by those pall-notes but by cheque, Leal circles who have to take au One further consideration is crop students emphasised the that cush withdrawn from banks bad effect of dry weather over

overall view of the German economy and who must take into account both Germany's captial shortage and the high price of Egyptian cotton.

The German

technielans are

the

and this

this includes the post office

large producing and trustee savings bunks which West Texas. last week showed a net decline

areas of

crease the capacity of the reset withdrawing money merely to planted for 1952. The uce

-FRUITION

Talpel, June 7.

private acreage survey in deposits of £4%,

farmers of £44 millions indicated that cotton

intend to plant 20,785,000 neres not necessarily spent.

The press today reported that But it is unlikely, to say the this year, or more than a million reported to have proposed to in- least, that the public have been less than the

20,022,000 acres

a new barter trade agreement between Japan and Nationalist reduc- voir to 150m. cubic metres, so

China was now nearing con- keep it in their pockets. Nobody tion reflected the unusually wet that it would hold 30 times more who saw the holiday making June with the

cusion, and that it would pro- survey noiing vido a tatal trade both ways, to water as at present. The new crowds

much low land in London last week that

Ini the power plant forming part of the could doubt their intention of central

the amount of US$149,000,000 to bolt will

never be be sait equally between the two scheme, in combination with the having a good time regardless planted-United Press. one at present under construction,

supposed to produce 4mm, kloof expense.

watt hours

your. The Ger-

As a result

the public de-

mans believe that after the command tur cash the fiduciary pletion of the whole project the issue

area of irrigated land in Egypt

has been increased to £1,600 million-an all-time

can be expanded from the pic-record,

sent sem, acres to 20Cm, attes.

ABILITY REDUCED

fiduciary issue

It is understood-that-the-Ger- Normally it is not necessary mans have also included in their to increase the plans precautions to make the until later in the summer when dam and power plant against bombing in case of war, holiday spending is at its peak. The possibility is, therefore, that it will have to be again in a month or two case

Indian Cotton

Statistics

Swedish Shipping Statistics

it and naturally Government stocks,

they

bought

The latter rose by amounts

Jew

ranging from 7/0d. to 11/3d, A closed the week at new highs for the year but most of them were just a shade under their previous highs.

Vickers roso Dunlops and

between

Od. and a

300 @ 10.80 1000 17

Tel. Nos. 8606-9

Chinese Freight Booking Office

27, Connaught Road, C.

Tel. 20461/

Dates and rotation subject to change without notice.

At liberty to procurd 'vik other paita tó lend/dlicharts cargo.

EVERETT LINES

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

"NOREVERETT" 20.40 2015 500 – 20.20

500 i 2015 500 G 2014 2000 201

Walson......23.20 231 200 23,

Crawford

COTTONS

Ewa Textile Corp. 55

MISCELLANEOUS

Yaniste.... 0.15

500.23.10 DOO OF 23.60 500 23.30 2002.40 1000 27.20

200. 3,33 4000 d 5.30

-B000 € 1.35

8000 @ 0.15

Wool Tops Market In Doldrums

London, June 7. The new, wool tops futures 1/64. but the gains were mostly market, launched on April 20 in furnish "hedging shilling. order to Vickers at their cloning price facilities for wool textile in- still yield six per cent which is dustrials at home and abroad, Cons about two per cent more than

pawing through a tedious period.

Over the past fortnight, the past four weeks, the The signing of the agreement Financial Times index of lead period broken by two holidays, would fake piace in Tokyo ng Industrials has fallen from the daily average of dealings between Chineso Nationalist 110. to 114 and recovered to 118. has beep 12 lots compared wit Embassy representatives and the

Some

60 lots on the opening day and people are

convinced Japanese Government.

that a bull market is being 67 lots, the peak thus far, on launched fight before our eyes. April 30.

countries.

Among the imports

from

worth of fertilisers, US$12,000,- | brought some buying of Chinese

that

Japan would be US$11,000,000 Talk of a Korean armistico. A "lot" is the unit of dealing, 000 worth of machinery four bond-up by 10/but 5.000 Jbs of wool tops of 84 amounting to US$8,000.000. Japanese were sold mainly on etter B and the prices quoted US$5,000,000 worth of sundry the argument

Japan's are in pence per 16, for delivery goods, and US$8,000,000 worth economy Lg runhing

Into in some specified month ranging of wool and textiles,

trouble.

Jup to December 1904. Sweden's foreign shipping in- Talwan's exports to Jupan

Tokyo Electrics assented fell | The recent sluggishness is eroased in April-both arrivals were given as US$30,000,000 The others were down fractien

£3 and the non-agented auctions have been drawing to a

seasonal because the wool!' and departures compared with worth of

of sugar, US$10,000,000

Stockholm, June 7.

Extent of the rise. 10's March, according to the latest/worth of rice, 'US$8,000,000 ally-or 'in a few cases by ao close, but it is also duờ to the

of

'newness of the miátket: The Germans wero airly firm. German wooltrado has only Dollar stocks were marked very recently been given per- down rather heavily to keep in mission to operate in the London gep with Wall Street's silde,

marketUnited "Press" But the London premium 'ro- mained unchanged at 035 per cent.

Golds were calser but it was an idle market.

The base metals were quiet, though the fall in tin affected un sharos-United Pre

will depend upon the ability to go on spending, and port of the Commerce Collegium, worth of bananas and pine- much as £1, this is reduced by the fact that Arrivals amounted to 2,128,000 apples, US$1,500,000 worth of many people have dipped well noft tuns, compared with 1,880,000 coul,

US$500,000 worth Into their holiday savings to nett tons in March, and de citronella oil, and US$2,000,000 Washington, June 7, celebrate the Coronation. partures to 2,183,000 nett tons worth of salt, bosides other

No doubt India Imported, 270,000 bales

the Coronation compared with 1,884,000 nett tons. commodities. ofcolton during the period spending has brought immense The respective figures in April. The period of the trade pact August 1952 to March 1953 com- benefit to retail shops, restaurants 1952 were 1,951,000 nett tons and was said to cover one year from pared with imports of 057,000 rensport companies but 1,833,000 nett tons.

Aprli 1943 to March 1054 those who bales during the same period a

do the nation's Cargo carrying tonnage In France-Presse, thinking aro

this not Abril year ago, the United States economie

quincunted to yenr

tural Survier said today,

and

1,042,000 nott tons in de- |· Orders APOTEKE

Bremen For the rise in the currency partures, compared with 1,080,000 Indian cotton exports in-circulation has coincided with net tona and 1,301,000 nott tons creased to 207,000 bales during rise in bank deposits and that respectively in March.

Bremen, Juna 75 Nienzaging Shipping Exchange Rates the som August-March period, could

undesirable, con Excluding the local ferry trafic

concern: Marina Mercanto with Denmark, foreign shipping Nicaraguense SA than placed -Who report said, the estimater As the Financial Timer points increased from 2,022,000 nett tons an order. for two.3,500-ton 0811832-13. Indian cotton, crop out the growing money supply in March 10 2,013,000 nets tons freighters with the Atlaswarke have increased in the past month can be the cause as well as the in April. Of the total tonnage, AC, here and has opened and, now..rahe, from 2,050,000 effect of Inflation." Unless the 40.0° per front represented a regular service to Europe on tov,172,800,000 balts-United recent moveinerts were due to Swedish shipping, compared with June 1, calling at Beeman, an Prass.

such temporary factors as the 49.2 per cent ini Murch-Reuter," Hi hburg-Reuter,"

Goverment's Foreign Agricultuation.

pilogether happy with the 1,028,000, nett tons In arrivals

have

sequences.

Tho

Malaya Rubber Shipments

Singapore, Juno 7. Shipments of rubber during May were only·03,375 tons; which was decrease... from those in Aprit' of 10,37O- tons, Business, was done in the foes This did not. unomessi exchange

necessarily this porming at the following tatas: mean, said the report of Mearts starting abta fper US dollar (per ·81),

0.036 Lówią, dhe Peat, Increase 10.00 total stocks"nd production 'plus Indonésian,glines the 1001 $79 Iniports Info Bialaya Muring May Siam, ticate (par), 100)" Singapore.'” (ftruita)

the PIC plastres (rec 100).

matkoi

were unlikely to exceed

- das export total:- United Press.

Arrives Salle

June 12 from Manila, June 13 for Singapore,

··Rangoon~~~~

"BRADEVERETT"

Arrives Saits

Penang, Calcutta.

June 23 from Singapore," June 24 for Kobe & Yokohama. {Accepiing ́cargo for transhipment Kobe/Puran and Kobe/Okinawa)

EVERETT STAR LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Stam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.

"STAR ALCYONE”

In Port Loading Soils

"THA!"

Arrives

Salls

June 8 for Singapore, Port Swotton- ham, Colombo, Bombay, Karachi, Khorramshahr & Bahrein,

June 11 from Singapore:

June 12 for Kobo & Yokohama, (Accepting cargo for transbipment Kobe/Pusan and 'Kobe/Okinawa)

EVERETT STEAMSHIP, CORPORATION S/A Queen's "Büllding, Telephone 31206. Chinese Department: Telephone 28293.

BUSINESS “REGULATION

ORDINANCE 1952

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

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

}

TEN CENTS EACH ·