1953-06-15 — Page 91

MARITIMES

Tel: 26631.

M

PASSENGER/FREIGHT SERVICE

Leave Mareli

June

"FELIX ROUSSEL" "LA MARSEILLAISE" 7 July "VIETNAMI" ................... 17 July

Homewards'

Ingkong "PELIX ROUSSEL” .25 July "LA MARSEILLAISE" Auxital "VIETNAM"

22 August

Hongkong 10.31 July

2-4 AME

9-10 Aug.

For Yokohama Halgon Yokohama

Due Marseliler Via 24 Au

14 Sept..

Manila

Balgon

Nalgon

Vla' Kiarseilles 10 all Mediterranean & West Africa poris. via Djibouti to Madagascar.

"MONKAY**

(FROM OUR OWN CORRESPONDENT)

London, June 14. Two questions which have been in the back-utwards ground for the past few months came into pro- "SILVERBANDAL" minence on the London Stock Exchange last week. "MERONG" The first concerns possible repercussions on “PEI

"PEI-110" industrial activity both here and in America of a "SILVERSANDAL truce in Korea.

FC-

To a large extent the indus Irin} and commodity rhure markets had already discounted the possibility of cession on the outbreak of peace. But this past week's soibnel; of industrial and commodity share priecy, though slight, was suffi cient to show that some voumess still exists,

ner-

Industrin shares had been ristry steadily for three weeks until Wednesday's news of the overnight fall on Wall Street caused them to be marked down. But the selling was nowhere pronounced and losses were very cmall,

Familiar Pattern Forecast

The hope that the Korean truce talks will shortly be concluded is well established in the reports that have come in, says the "Financial Times."

One of the weaker spots waa

The repeated disappointment in shipbuilding shares following of almost equally strong hopes warnings from, shipping com- parics that replacement were sill too high.

in the past must. however, costs ereale

It a truce

Homewards

"MONKAY"

"MEKONG"

FREIGHT SERVICE

Leaver

Itongkang

For

16-18 June

2820 Tube

Зарап Japan Japan

For

.Europe -Satled .Europe Salted „Hamburg-9alled Leaves -Keelung-17 June

keelung-2 duly

***Kertung-- August

16-10 July

Hongkong

15 JURO

ti Juhr

ZA July

10 August

† Saigon, Morscilles, Alglern. Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHILA vis SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

pone Important anarket factor not only in itself lt In the influence it will have on the relations bo-

‚D.V. m.v. 17. V.

"OLKA MAENSK"

"HULDA MAERSK"

"CHASTINE MAERSK"

June July

13

July

17

ARRIVALS FROM U.S.A.

m.v.

"CHASTINE MAERSK"

June 16

m.v.

m..

PELSC MAERSK“

July

3

"THEIN MAERSK”

July

10

a fear that some final Textiles also developed weak- difficulty may once again post-

the number of disappoint- should be reached it will be an

signing. ng company statements.

GOVERNMENT POLICY

nest on

The second question worrying tween East and West,

invertors concerns the Govern- inent's intentions in the

AGENTS:

JEBSEN & CO.

Londen, June 14.

In the past approaches to For Freight and Further Particulars please apply to:- The Board of Trade announces

gilt-agreement in Korea have always same result in world quotas for the Import of apparet edged market. The authorities had the and various edible oils Crom have been expected for tome market. Prices have fallen, member countries of the Organ- time to undertake the funding

of a sation for European Economic the floating debt arising from partly because of the introduc-

tion

uncertain new and Co-opremation and thele, depen- last year's budget deftelt,

economic factor, partly because dencies and certain other coun- the continued strength of the of the possibility that arms ex-

given rise to C.. tries, for the last half of the market has

rumours that the time for this penditures might be reduced. current year.

In particular, the shares of the operation may now be near.

of producers

some strategic commodities have been marked

and

But this did not restrlet busi-

ness in the gilt-edged market until towards the close of the

The new quota for appure! is £700,000, a substantially higher rate of licensing for the goods remaining subject to restric-week. tion. The

for quota

oil £400,000-is about the same 95 previously,

ცეე

of

anmal

basis

six months

clown.

This reaction bas been com- тол to both London and New Wednesday's setback in the industrial market left Govern-York. It is possible, but not ment securities undisturbed and cerlain, that this will be repeated night Indeed have helped them if the truce is now signed, For for on that day the Financial one thing the movement in tho Times index touched a new high markets offer the

death that, Stalin and the ostensible change point for the year. After however, prices began to recede in Russian policy did to a

considerable extent slighty.

discount The belief that the time is peace in Korea. As far as

the Government London market for a big

19 ripc

concerned, operation was reinforced by the this process may have been outstanding Success

lost almost complete, though Wall by street may prove more sensitive and could have its own effect 111 London.

has now

been

the

quota

for

be on

an

nt

of

week's Tanganyika.

loan

The Board of Trate an nounced on March 23 that the total value of the two quotas fer canned fish end canned Washington, June 14,

Ferring rots would be Gevernment and Con-

for the Jast But far larger cums than cangressional officials reported to-

has 1953. It [be provided by either the World, day that a Koresh truce should

that riccided not hurt business activity or will be SHARES DUYERS RELLERS SALES Bank or the CDF.C.

cannet roca shail mi affect the Administration's tax needed

economic enable

value development to go ahead at the

£200,000 Senator Ralph Flanders (Re-

for the year ending June 30, 1954, while the value increased rate called for by the, Commonwealth Prime Ministers, publican, Vermont) told a meet-

of the quota for canned fish ing of the Machinery and Allied It has been estimated that

will be

for June/ £400,000 Products Institute that de- 4.500 million will be needed

December 1953. fence production will not be annually to Buance all the cut if there is a truce and it desirable, schemes: in the Com

might be a

eawood-time to build monwealth.

up our

supplies," The Treasury Under-Steretary, Mr Folsom, said that President of Eisenhower's

12x programme, course do everything it can to including a six-month extension

Its position as chief of the excess

profis tax, will

ends. He said the Administra- It cannot by itself tion is "silil confident that the provide all the Bnance that is Congress, when it has studied required.

the facts, will adopt Sonic

£1,000 million has programme as being in the best been exported by Britain to interest of all." the overseas sierling area during

past six

Canton

Union -IIK-Fire

SHIPPING

'Asin Nav

DOCKS, ETC.

K. Wharf...

Provident

1.30

70

N. Pt. What 6.50 5.70

IMPOSSIBLE FEAT Where is it to come from?

The United Kingdom will

maintain

11.6 11.6 2008 11.0 mens sterling area.

supplier of capital to the over-not

not be altered if the fighting

Whectock ..7.75 7.3 2000...

LAND. ETC.

HK Hotel ..7.6% 1.78 500 HR Land Humphrey 14.00

UTILITIES

THE

7.80

7.70

63

1700n 15

.....23 10 23:0

Star Ferry... 130

C. Lent 011120130 500

C. (N) 2.05 1.13 Flectric Telephone..

25.00 23.34 1100

INDUSTRIALS

Cement Rope

10 10.33

14.5 17.10 gr

... 16.30 –

STORES, ETC.

Dalry

Watson 23.20 23

COTTONS

Textile Corp. 5.15, 0.25

But

the But

11.20 only

200 13.40

Senator William

this

Knowland

or seven years. (Republican, California) acting this was made possible Senate majority loader, saiet

because American

old that the proposal to continue

reach

vote,

was pouring in to all the dollar the profits tax is not necessary 25 201 gap, and the Colonies, with dead but doubled whether it

commendable forbearance, were would cver allowing

their surpluses

to President Eisenhower has pro- accumulate in London.

posid that the excess proffs; tax Now that American ald has

on corporations be continued to stopped for all purposes except December 31, and individual defence and the Colonies are income taxes be reduced 10 per 03

cent as already scheduled at- 500 kr 93.20; capital flowing Lo the Do that time, 200 23.30 minions while they themselves Mr Folsom said: "These re- have the urgent need for duellons are justified only on development funds, the United the assumption that further Kingdom will be hard put to it Government spending cuts will to maintain the recent rate of be made in the next fiscal capital export.

20.40 no longer content to watch

Moves Step Nearer

New York, June 14. Trading in Geman dollar bonds on United States markets moved a step commer Avhen he State Department released names of two of the three members of 4.50-called Validation Board whose job di will bo to repatate valid bonds from worthless ones. The Validation Board was set

survey

year,"

ho

Licences will be valid from

the date of issue until Decem ber 31, 1053. for apparel, cdible oils and canned fish and unil June 30, 1954, for canned herring rees.

Details of the items cover- ed by these quelas are As follows:

Apparel (except gloves, foot- wear and headgear) made wholly or mainly from waven

fabrics, nol containing cash-

mere, lace or lace net; apparel (except folwear and gloves) of rubber. Bathing costumes, Corsets and brassieres contain- ing clasule fabric (including net) not lace trimmed.

Hats, caps and other head- gear, not including (a) hoods, capelines, bodies, forms and apes, (b) articles containing

lace or lace net.

Knitled outerwear (other than gloves), not including garments

lace containing cashmere, Jace net,'

or

Knitted underwear of any material other than garments NOT SUFFICIENT

containing cashmere, lace or Senator Flanders toki the ince The

net. Oliskin economie

garments, for Institute

that he has found Sequin trimmings. 1953 estimated that to fulfil its sonument among voters, Cort- obligations to the sterling aren gressmen and members of the the United Kingdom would Administration to cut defence need to earn an annual surplus spending in the event of a of £300 million to £350 million Korean truce. in is balance of payments,

But even if this is achieved, the amount of capitat available for export to the Commonwealth will not be sufficient to meet all the requirements.

When discussion

tho Of development finance problem. reaches this point most obser- vers turn automatically to the tinlled States.

Indeed, this is inevitable, for there is no other source of capital in the world capable of

"We must remember," said, "that this is a truce, not peace."-United Press.

New Nevada

Tho

Mine

New

Canned Fish and Canned Her- ring Roes; Fish, canned CX- cept anchovies preserved in salt or bring, crab, herrings, pilchards, surfincs, sild and salmon including salmon trout) other than smoked salmon in oblong eans not containing more than

rocs canned.

of

estimated that around £85

TWO POINTS

EXTENTS' GUESS

been It has investors offer:d

Since the death of Stalin two million for the. £24. nullicn of things have been made clear, 44 per cent stock piste. The first is that however.much.

to £1,000 Applications for up

the Russian leaders may be were rejected while app cants

anxious for a settlement of out- for larger amounts received only landing problems they have no require intention of making unreelpro- six per cent of their ments.

cated sacrifices for it. They will Not surprisingly, therefore, the stock was quoted at a pre-not consider the benefits of

worth the the Issue general pacification mium of 8/10's over price of 074 at the close of the price of an abandonment of their

gains since the war. first day's dealings.

The second point is that no Whether the buoyancy of the gilt-edged market, which carried major country outside the Com- the Tanganyika loan to such munist bloc is contemplating change In its palley. In time there.

Success,

wif

encourage the

Government to launch rear pressure for a

the

year

Pedder Building.

Chinese Freight Booking Office.

27, Connaught Road, C.

Tel. Nos, 36066-9

Tel. 20461

Dates and rotarian subject to change without notice.

At liberly to proceed via other parts to load/discharge CRYEO,

EVERETT LINES

EVERETT ORIENT LINE

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

"NOREVERETT"

Arrives

Salls

June 16. from Manila. June 17 for

Singapore, Rangoon &

“BRADEVERETT”

Arrives Salts

a

British its own much bigger operation may be

ไม่ defenco remains to be seen; but the mar drastic reduction

budgets.

It does not exist yet ket experts have now started to th examine

possibility of and has been calculated that conversion of the £510 million truce to the fighting in Korea of 24 per cent National War would in Reclf reduce defence Bonds which fall due for repay- spending by the United States

next

by about $2,000m. iment on March 1 next.

a strong They belleve this conversion There would remain might be combined with a cash dotermination that preparedness

should Issue.

hould go on.

Under these circunstanceS the outlook for the market is likely to depend on more familiar Influences, At the moment tho general tone and confidence at British

Industry is heavy order books

Exchange Allocations

Changes

Idendites of the

oro, a

a thing

June 24

Penang, Calcutta.

from Singapore. June 25 for Kobe, Osaka, Yokohama,

Tokyo Bay, Shimizu Nagoya,

(Accepting cargo for transhipment Kobe/Rusan ánd Hobó/Okinawa)

EVERETT STAR LINE

Be

Fast regular_freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, bialaya, Colombo, Bombay, Karachi and Persian Gulf Ports,

"STAR BETELGEUSE"

Arrives' June

Sails

long

The

Arrives Salls

inflationary the past, of

but almost without exception the Industries which suffered last year are now enjoying better rading conditions. The Budget concessions to

to Industry pro Wellington, July 14.

Incentivo welcome Zealand reserve vided New

the which share prices can scarcely bank has announced that

1be exchange allocations system

time tho balance-of-payments

The

four ounces not weight. Hornia will be maintained in 1054 wave said to reflect, At the same

York, June 14, Kennccult Copper teed, tea

cx;

for

COM

reasonably

traders basic allocations will position is satisfactory, even if a bo increased from 40 to 50 per further improvement would be

The one Specified Oils; Aimond natural, cent of 1060 remittances after vory welcome.

Items which siderable doubt in aroused by oleine (oleic acid). Apricot allowing for 15

om exchange thou

Mango the uncertainty of Wall Street, kernel, natural; peach kernel, have been freed from

that is partly the [natural; hazelnut, natural, poppy

allocation

ation requirements. This though even

U.9, Treasury's 60 million on result of the svou, horse, sperm, lettuce seed, will provide £60

zlcarine (stearic acid) melon

basic allocations which is £0 dearor money policy. In all, it 1953. world affairs remai, na they are, than for millions more seed, mustard seed, up under an agreement and by the US and the West German providing the sums needed for Corporation intends to develop a tobacco seed, neats foot, turile, Traders requiring more than the prospect looks Goverrunt test February. The the gigantle task of development new open-pit copper mine i

niger. seed.

the basle allowance, will, as at sound. Board will meet in Nowv York now confronting the Common Nevada, recording to

The principal foreim coun-

present, have to apply for addi- Milliken, City and is expected to start its wealth.

ilonal auma, vice-president F. R.

tries covered by ¡leencos In

are:

Zurich, June 14. tho from job with a few weeks...

Items freed But past experience shows charge of mining operations, (a) OEEC Countries and their

According to a report in the that private American overren The undertaking will be Dependencies: Austria, Belgium, change allocation system

Neue Zuercher Zeitung, it is The State Department - an- |Investment tends to concentrats development of an ore

1954 include: cement, news intended to float a third World body Denmark, France, Greece, Italy. noumood that Mr D. William in a few favoured countrico. located nuns. Kennacott's

Luxembourg Netherlands, Nor- prevent

print, patach,, rock phosphate, Bonic loan in Switzerland Hartmann Washington D.C.

Thus,

fruits, of

basle alag, ten, fresh almost $14,000 Nevada operations. The ora body way. Port Oweden, Switzer Janvyee, win to the American millint privately Invested aver is 1,400 feet long, 600 feet wide land,

Turkey, Western

raw sugar, culphur, books, com June. The poper states that the loan will amount to 50 member and Dr Walter Reach seas at the end of 1931, about and consists of low-grade copper

sacks, wool packs

cks and un-million Swiss francs, the same will represent

Geman $6,500 million was

tobatco Anglo-

for the middle 1051 and end. in Latin ore averaging less than ono per Governance. The third member, America and round $4,400

inte cent. This is the second major

cigarettes 1062 loans. The interest rate who will be on American and million in Canada.

undertaken recently | Chile, China

will be 31⁄2 por cent Amirman of the Board, is yet to

The remaining $6,000 million by

Thd Bank stressed that the to churia, Egypt, Ethiopia, Fin-

It is believed that the toon be no mod.

was distributed evenly between add to the country's production - latid,

Formosa,

Indoncala,

exemption of these goods from will be redeemable in: 10 years Once

West European countries and of copper. Development work

Lebanon, Paraguay,

excharige allocation in no way and have a price of legio of VD will start in the near futury and Peru, Saud! Arabia, Sidra, Spain, licensing requirements-Rou- negotiations for the loan are affected oxisting unport | per cent. The paper states that "others."

I the private American in- full production is expected in Syrin, Uruguay, . Temen. vertor is to be persuaded to 1954-)

nour conclusion-Router Reuter. Reuter,

+

the

sufficient number of bonda oro validated the SEC will give a green light for resumption of tracking ---Router.

lean this.

.༠༠༡༠༢

orea

д

(b) Quier Edurtles pufacture

Andorra,

Brazil, man

Mon

manufacture

'tor.

Fra

25 from Takoo

June 20 for Singapore, Fort Swetten- ham, Madras, Colombo, Bombay, Karachi,

ramshaly, Basrah

Bahrein,

from Singapore.

Khor-

&

June 30

1 for Kobe & Yokőháma, July (Accepting cargo for transhipment Kobe/Puma and Köbe/Okinawa).

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephane 31206. Chinese.Department: Tolophont 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