1953-06-11 — Page 9

THE CHINA MAIL, THURSDAY, JUNE 11, ́ ́ 1953.

US Business Activity Expected To Remain At A High Level

vato

Typical

Red Device

United States Government economists expect business activity in the United States to be sustained at a high level throughout 1953, says the Washington Correspondent of the "Financial Times."

They believe any. movements in national economy during the balance of the year will be

Rice Export By P.I.

Alanila, June 19. Gabriel Delmonte, gen- eral manager, of.. +Mc National Rico and Corn Corporation. annenroad that the Philippines would koon export ries to Kotes and Japan.

The rice stocks to be ex- ported form part of the fargo Importation medo by NARIO last year to mees a shortage of the staple, The decision to at« part was mide in view of « surplus in the country's rica supply due to the larg harvest this SEASIDE, United Prem.

relatively small and will more likely be in an up- Cotton Price

ward than downward direction. The most pessimis- tie forecast advanced by any of the Government Czechoslovakia's currency reform is the typical East-experis is for a mild business dip early next year. ern satellite device for wip- The preponderant view of analysts is that neither ing out the accumulated strong expansionary nor recessionary trends are likely spending power in the pri- to appear in 1953. They belleve any downward pressures sector, which mainly that develop will be localised by the overall strength of MANA the Agricultural the economy. sector. Significantly, in this

It is thought there will be backlog has been wiped out and respect it goes further than small gains in national output, that the rate of family formation carlier similar reforma by and that price changes, except is declining, and that a housing other satellites, even though negligible. Farm prices are con- ly. It is not a soft spot, but it for farin products, will be adjustment must come eventual- the general debasement ofsidered unpredictable because of in a sector that could become so the old Czech currency is the prospect that bumper crops very quickly. less severe than in the other will be piled on top of huge

international situation Czech peasant and other held- of The intend mast Variable in ings of cash are cut to one at efforts to appraise future

forner value: excluding the holdings of up toconomy trends. It is believed, however, that a truce in Korea Crowns which trifling, the exchange basis for has already been discounted by enth is 2 new crowns per 100 industry and markets, and that

on old crowns, while the Reneralenuinely dampening effect basis of the currency reform: Lusiness activity could result (for wages and prices) is 20 new duly from a global lessening of

Bulgarin existing tensions.

cases.

tenth of their

300 ald

crowds per 100 old.

in 1952, and in Poland

peasant and other cash were cut

are

surpluses.

STRENGTH OF ECONOMY

They believe that even if this

does happen the resulting adjust- ment will have limiled impact because of the general strength of the economy.

the

Among counter-balancing and off-setting forces will be Federa! spending, which is scheduled in be as high or higher than tila year, rising State and local Government

outlays, and Federal deficit. 1950, American businessmen had one

The holdings of “peace" scare in March and now

expectation that oite quarter and one third of tin is determined to go ahead limited to a majority of self- major adjustments at once stil! their former value. In Rumania with a substantial rearmament in 1052 they were cut to one programme, the achievement of quick to say that the extent of

styled

pessimists. They ure Bfth for smuli hoards and to

a truce is one twentieth for large heards. impact on business or consumer hopeful colleagues is merely the

expected to have little

disagreement with their niore The following table brings out both the smaller

debasement sychology.

In gauging the prospects for difference between mild optimism year and mild pessimism. There are that the no marked

larger cut

Showing Improvement

New York, June 10. The cotton market ruled dull

at-

but showed a gradually stiffene Ing undertone. Prices were on a tempted to cover at the close in rally when day traders competition for

limited supply

of contracts. The find prices were 4 to 7 points higher. The market opened up 3 to 7 points, then edged Traders estimated the turnover Irregularly higher. at about equal

to the 32,000 smallest bales yesterday-the for any this year.

The uncertainties

the in Korean truce. talks and the erratic action of the stock market kept traders on the anxious seat, and unwilling to vonture loo far in any direction.

le respectively that they know the Administra-cecnomy will be hit by several led to

the

Output Still Rising In

West Germany

Industrial production in Western. Germany | continues to rise,

MESSAGERIES

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

Outwards

M

MARITIMES

Tel: 20061.

M

PASSENGER/FREIGHT SERVICE

Leaves Marseilles

"FELIX ROUSSEL”..19 June

Homewards

"FELIX RJ BJEL"

1ngkong $425 July

Hongkong 10-11 July

For Manlia

Que Marvelőira Viz

12 August Yokohama

via Melles to all Meditarronenri & West Africa poris. via Djibouti to MadağanCAT.

ÓNUWATAK

“SILVERSANDAL”

The index in April rose by 4 per cent to ONKAY" 156 (1936=100) and is now 11 per cent above the level of one year ago.

In the consumption goods in- dustries, output rose by 6.3 per cent, largely due to the continu ing revival of texillo production (+3 per cent). Among the goods Industries,

as a group registered an increase of 4 per cent, the ex- pansion was most marked in steel

construction (+ per cent), vehicles + per cent), railway cent) and

and precision Instrumenta

:

HONGKONG

SHARE MARKET

(+ 8 per cent), In contrast, sil (From Our Cormspondent) refining declined by 10 per cent, and iron and steel production by 6 per cent compared with the previous month.

STEEL PROJECT**

Germany hopes to play a lead- ing part in the construction of India's steel Industry. Negotin- tions bolween German firma and the Indian Government have recording, 40 German Press le

an advanced stage, ports, and may be

comploted

A shortly in Germany. Mr A. K. Chanda, of the Indian Ministry of Production, Is expected in Bonn to reach the first agree,

ment with the works concerned.

Business done on the Stook Exchange this morning amount- ed to 8418284.60. Noda quota- tions and the morning's trans-

actions

SHARES DUYĖNS SELLERS SALES BANKA

H.K. Bank... East Asia

1040

748

INSURANCES

Carton Union XD *H.K, Fire XD 140

SHIPPING

700

"MEKONG"

If of WATES {"GLALONG"

"PEL-HO"

"MONKAY"

"SILVERFANDAL

"MEKONG"

FREIGHT SERVICE

1zavrs

„Kurópa „šailed ..Europe Halted

.lamberg-3 May

Leavin

Keelung-13 June Titrelung=13" July

..Keeturig— July

·Anཥu་t

Hobukong

-17. tie 28-20 June

18-10 2014

Hongkong

For Japan Japan Japan

For

12 June Aalgon direct 15 June

15 July

28 July

10 August

† Saigon, Marseilles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Ratterctam & Dunkirk. Subject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

m... “LAURA MAERSK"

1.30

M.Y. "OLGA MAENSK"

M.V. "HULDA MAERSK”

150

+79

M.V. "CHASTINE MAERSK"

m.v. "ELAE MAENBR"

m.. TRRÍN MAERSH"

Waterboat Asta Nav,

BOCKS. ETC. K. Whart N. 21, Whart Dock

20.20 Provident ..... 1175 dildo zaso

Wheelock... 1724 7.00 9700

The first project will be n steel

the forenoon was the sale of around 500,000 tons requiring a caplial | LAND, FIC.

The principal feature in the plant of an annual capacity of The outlay of 130. dollars. German firms are to supply the Installation as well as Banciul

the new company of up to one- and technical assistance. In re- turn they will receive shares of third of the total capital.

trends in the U.S.

of the Czech currency, and the the remainder of

in the purchasing economists point out

boards. It will power of cash

seen that ravings depoils in. is continuing to enjoy full economy today. Czechoslovakia are treated employment and complete utilisa-

be

and

tion of resources without price inercases or inflation.

-

MODEST DIP IN 1954

'l'hu question analysis ask themselves as they look ahead is whether the U.S. con mekei

The Rubber Markets

better than In Rumania Bulgaria last year, but not so well (for the large ones) as in Poland in 1950. This is rela- tively immaterial. In all the satellite countries, are peasants and other people in the private sector hold their profits in cash further selective adjustments or rather than in savings deposita. whether there is a likelihood that

Prices of rubber futures closed will pile up and Number of

will hit the economy today as follows:-

Units of New adjustments

Singapore, June 10.-

Currency received in Exchange | Severi for 100 Units of Old Currency simultaneously. It is the latter Number 1 rubber, per ib.

in Monotary Reform.

that is unvisaged by prospect those more pessimistic economists Czecha who anticipate a modest dip early Ruma- Rul- k- in 1951.

Karla vakla -(1980) (1952) (1957), (1953)

Poland

Cash-highest

traného...

Price WESTE

and State

funds 3

D

•

20

Carly--lowfent.

tranche

1

T

1

1

2

Savings

lowest

tranche... 3

2

ง

20

Saving

15

1

10

gem tranche 3

Czechoslovakia has had to go further than any of the others in quibing peasant each holdings, because the general problem of

July

August September Number 2 rubber, July Number 3 rubber, July Number 4 rubber July

The chief potential trouble spot rubber, unboled pols that economists are.watch-lanket crepe ing closely are motor-car produc-No. 1 pale crepe

tion, housing, farm prices and income and business investment, The farm sector is the only one. of these that is soft now. Others are prospective, but as yet un- manifestid, weaknenses.

Farm Income declined from $15,000mm. in 1951 to $14,000m, in 1952 and may go

to down ta $13,000m, or less this year.

01-00

03-031

67%-03

50-60 33-0 United Press.

LONDON MARKET.

London, June 10.

The rubber market was steady today. Prices closed as follows

No. 1 rubber, in pence per lb. 20%-14-United Press.

NEW YORK MARKET

New York, June 10, No. 1 rubber futures closed 35 points higher

The farm decline thus far has been one of the selective adjust- ments the economy has taken in today 15 to the peasants has grown worse its stride. Personal incomes have with sales of 74 contracts. since lost year end the two other continued to rise, as has national

No. 3 closed 5 points higher

by one

bales in December de- California accounts. crop picture was private survey noted that "with mostly favourable, although

one

may be that the original Intend- so much replanting necessary, ed acreage will not be realised, Many areas require an optimism condition for the continuation of the plant growth.”

30

Prices closed as follows:

Spot July

October December

March

May

July

October.

31.20

30.03

33.02-33.05

33.97

3397-34.08

31.72 nominal

30.17 nomini --United Presa,

NEW ORLEANS MANKET

Spot Jay October December March May July October

1.18

33.01

23,80-33.90 23.94 bid

33,54 53.70 bid 33.18 bid -United Press:

BAO PAULO MARKET

Sao Paulo, June 10. Prices of cotton futures closed today as follows:- July

October

December March

10.05

18.30

36.40

10.55

33.23

EXPORT OUTLOOK

Export deliveries of Germany's steel construction Industry In 1832 amounted to Dm.86m.

1.70 14% 2000 <

01

14.70 13 500

01 14.80

1.K. Hotel H., Land

Humphreys UTILITIES

Tram ....... 23.00 23.10 200 a 2

$30 @ 23.00 111 Star Terry C. Light (0) 11.10 11.80 188

600

C. Light (8) 7 Electric

2000

3300 34:23:20 106 in 29.10.

Часто

Electra...t Telephone

Cement

·Hope.... 13:20.

This corresponds to 12 per cent of total turnover compared with an export rate of 8 per cent ingroRES, ETC. 1951- and of 3-0 per cent before the war.

However, according to the chairman of the German Steal Constructors' Association, Dr Hecht, the outlook for 1953 is much less favourable.

Export orders received in 1952 amounted to only Dm.76m., against Dm.117m. In the preceding year.

He ascribed this development chiefly to the German steel price which, he said, were 25-30 per cent higher than, for instance, the British ones, and to the more favourable credit terms offered by foreign competitors.

Total turnover of the industry rose from Dm.500m. in 1951 to (Average price 15/10 10 de- Dm.717m. in 1952. signated spob market) cente a lb.

Sales 7,212 bales. United Press,

Grain Prices

In Chicago

satellite methods for trying to output, and if the farm adjust-1 with no sales control the peasants-compulsory ment proceeds at a sufficiently Concentrated delivery quotas and collectivist gradual pace it is hoped that dealer Interest strengthened tion are in rerious, diMsullles, Currency reform has to carry a lower prices will encourage con- prices in early trading but sub- sumption to rise to absorb pro-

sequen! bids

marked were larger share of an enlarged

down as much as 25 points, al- duction. problemn.

Business investment in plant though the market still closed on the upside. The spot market

Chicago, June 10. This Czechoslovalc severity, and equipment remains at peak

"remained quiet with spot No. 1 Prices of grain futures closed and reports that cheer hunger in rate. Prellenary results of o East Germany is

of business

smoked ribbed sheets quoted at today as follows:- investment among the entions made after the March)

244 cents a pound.

Wheat-price per bushel causes of the spectacular eninage-

Prices closed as follows:- ment of the refugee flight peace moves Indicate that still intend to spend West Berlin, are further Indica-businessmen tions that agrarien sirain in the about as

much the

In second six Elston satellites is among the months of this year as in the July

the Intentions matives for Russia's changed | first.

September are December tone. Within Russia self the realised, investment will continue March change from Stalinian Is most to furnish strong support for the May nolable in the new emphasis on economy throughout the year. consumer goods and on protect- Motor-car and inusing de-

mands tre

to

ng individuals against bureau-

I the

cratie.tyranny. Both of there are evaluate.

No. 1 standard

September December March

2.0014 nominat

2.0259-

1

CAR INDUSTRY

Germany's motor-car industry exported 38.5 per cent of its output in the first three months of 1953.

This was stated by Dr H. J. vin Brunn, the manager of the Association of Motor Car Manu- facturers.

In 1952 137,000 cars were ex- ported, against 120,000 in 1951.

POLISH THADE

Dairy

Watson ..... Lare

Crowford Sinceres.****

17.20 1000

20.00 26.40 220

F

3000002

500 @

21.30 XT

1500 A

COTTONS

Ewo XD .. 2.08 Textile Corp. 5.15 3,30 MISCELLANEOUS

Yangtze Yangiare (N) 5.45

4.18

1000 @ 0.15

BETTER

THAN NOTHING

New York, June 10, The New York Times sald today in a leading article that the foreign trade bill on which the Hous; Ways and Means Committee reported yesterday was not a satisfactory one, but it was "better than nothing".

The bill

the would extend present reciprocal Trade Agree- inent Act, which expires on

Friday

"It can hardly be argued that

120

continuation of the law will have very

drastic effects A Poilsh trade delegation has | American foreign trade. arrived in Boum to discum the "But if the law is not extend- implementation and possibly pro-ed,

effect on psychological longation of the prosent trade the rest of the free world will agreement which expires on June be tremendous anch, in our view,

diemstrong, the Times, sold.

The paper said It has been Germany is interested

of the in suggested that come speeding up Polish deliveries, smaller American Industries which have tellen behind have been hurt "by even so schedule, and In "unfreezing" the cricumscribed 1

redtproda! Polish defolt, which has almost unde policy as we have today. reached the swing of $7.5m. "But Industries that cannot

stand

com- up against foreign petition under

dr. present cumstances are possibly dooned and Westem Germany's production and it will be for wiper of brown coal in 1053 reached the cheaper for our govermanent to all-time record of 83.4m tons tako special economic measures 27m, tons more than in 1996.

24.35 Eld 2.30

Spot July September December March

May

3.18%

30.

24.00

Corn

23.05 nominal 23.70

Spot

July

July

200

No. 3 standard

Moy

22.09 nominal 22.55

Bye

-Vaited Pro

July September

Qale

1.40

July Beptember

#

714-

Boybeans

2.00% nominal 8.9012-31 2.87 21011-

1.4

#

more difcult to Motor-car production July nore riking than the change is at a regard

rate and the December September But as they are such sensational housing industry appears headed Maren departures from Stalinin they for a year at least as high as May

in Moscow's internationet tone.

raise

that scane: presumption Moscow's International change may also go more than skin-deep. -Router.

In 1952.

NEW CAR SALES

But the used car market has become

July

very sticky nd New York Sugar

economists think it possible that the remarkably high motor-car

Pepper Market output of recent months, niong

New York, Juno 10. The pepper market today de

undertone in veloped a firmer face of imited shipment offer Ings but activity was on the quiet side since consumers shled nway

from: the higher price

the

than more

Futures

Spot Juty Aurut Beptember

November January March

Now York four-per 200 tb, Back

demand softness indicated by the used car situation, may

New York, June 10, indicate that new car sales will

World No. 4 closed unchanged $13.30 nominalUnited Prwashin decline

they to 2 points higher with sales of customarily do in the last half of 117 contracts. Domestic No, the year.

closed 2 points higher to 1 point None None of the economists lower with sales totalling 212 actually predicts that this will

contracts. coma about. In fact, many be- levels.

Both markets were relatively quoted at leve that events will show that quiet, pending the Korean and Spot pepper was $1.42, Jume stuipment $1.41 and the recent high production re- raw market developments. Prices July. $1.40 a pound, nominal, alt presents the catching up with de- closed as follows:

en an ex-dock

Press.

tall bury

NL

COAL PRODUCTION

to caso the hardship for capital and labour during the transition This was stated during the period,, while they are moving annual meeting of the Brown into other Coal Industry Association by k# dúštivity, than to wreck the pro- chairman, Director Dr Hellberg. grammo that for 20 years han been benoicial and vital Dr Hellberg proposed that dute elorment of our foreign economala

∙tho put should be stepped up even policy",

Times Bald.-m further to reach 107m. tons by Router. 1900.

This would requtro a

Seeds And Oils capital outlay of Elm.1,000m. A

New York, June 10. markat dosed unchanged with Prices in Use seeds and ofis

the following exceptions:

Peanut oil, in tank carÝ, KATO, New York, per lb. 21% ceista,

Flax seed, por bushel, f.o.. 3,70

Minneapolla,

$3.63. - United 200 nominut Prous.

Did is

Contract No: 4; (world)

baste. United manita left unsatisfied when

motor-car

was curtalled output following last summer's steel Juts strike. They declare that if this September

true and some price concessions January (1954)******

October are made after the summer, males Maren may well reach seasonal expecta-July

JAPANESE BONDS

Japanese bonds

83

.70

London, June 10,

of 1000) of 1910) of 1970) "D" (0% of 1924) "E Console 25,1030)

-United Pressure

tions.

Beptemt

nominal

Contract No.

Forebodings about home build-Spot ing activity are due to the fact that mild price weakness has 1224 developed. Builder's

are stilt July 994 putting now homes

undertenber

November 141 construction at a very fast pace. March 01-19/10

But economials know that most play Vandage of, the post-war housing demand

Spot

Copra Quotation

Cópra

New York June 10.

oll:

was quoted today: dt.1 $100 per short tom, aked elf The West Coast. Cocoarit was quoted at. -14%. oratalan pound.—United; Pres

Exchange Rates

large part of this could -bo financed from the Industry's carnings, he said, but Dm100cm. where else. Between 1940 and would have to be found sutna. Business" was done in the local

exchange www unaniciel 1952 almost Dm.400mL wero ine mormor, at the following raterbon

coal mines: 1/8. dollar (per 21) vested in brown more than half of the capital sterling note per 41).

Indonesien guiltern. (per 100). consisted of ploughed-back pro- Hamsterin person)

Bmgapore (sicasta) ma.....

||TIG plastran (per 100)

Dr Heiberg criticised the High Authority of the Exropean Coat

ARRIVALS FROM U.S.A.

June '12

June

17

July 2

Jumia 12 July

2

July 10

For Freight and Further Particulars please apply to:--

AGENTS:

JEBSEN & CO.

Fedder Building.

Tel. Nos, 86086-9

Chinese Freight Booking Office 27, Connaught Road, C.

Tel. 20461

Dales and rotation subject to change without notice,

At liberly to proceed via other posts la lond/discharge carto.

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta und Chittagong,

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--Arrlyes ------- June-14-from-Manila;-

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June 15 for Singapore, Penang,

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Calcutta.

"BRADEVERETT"

Arrives Balls

June 24. from Singapore,

June 25 for Kobe, Osaka; Yokohama, Tokyo Day, Shimizu & Nagoya,

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

· EVERETT STAR LINE Fast_regular_freight-refrigerator-passenger

service to Korea, Japan, Philippines, Indo- Chinn, Slam, Malaya, Colombo, Imbay, Karachi and Persian Gulf Ports,

"THAI".

Arrives Saila

June 13 from Singapore.

June 14 for Kobe & Yokohams,

"STAR BETELGEUSE”

Arrives Sails

June 27 from Takao

June 28 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Khor

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

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

BUSINESS REGULATION

ORDINANCE 1952

matkat. this

15.7

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

5.03

afid Steel Poot for its plans to use | -- Tin Price In N.Y.

part of the procoods of the lovy on, cost and stoel for credit

New York, June 10, Prices in the metal market How mugnested that purposos.

Chu Babalida closed- unchanged with kisose funds would employed if the Intntry were following exception: given the chance to reinvest Tin, Grade. A (99.80 per cent them shto its own mines. The or higher) New York, por Süt

01.70 cents --United. Fremt

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

TEN CENTS EACH