1953-06-26 — Page 9

THE CHINA MAIL, FRIDAY, JUNE 26, 1953,

Business Conditions Shipbuilders In

In United States: Prospects Analysed

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

Even if some of the present financial trouble in New York is only a temporary phase, caused by borrowing money ahead to forestall a worse squeeze later, some of the present business boom may have been temporari- ly procured by a similar type of anticipation.

There is only too much reason to fear that some of the recent boom in consumer durables has been borrowed from the future by inflation of consumer credit.

The real situation is difficult to discern, because almost everybody is tak

a bargaining point in ing his book, either to talk business up or forthcoming wage negotiations.

Africa's Bright Future

to establish

used cars are

in relation

Reports on

For example, unless the tall: typical: their prices are ab coming from the oil industry is normally high

to wholly tendentious, thero is prices of US cars, yet their danger of surpluses in some safer are abnormally low in re- all products. Output of mujer Intion to sale of new cars, and household appliances (seasonally a-adjusted has been nearly 20 stock of gel curs are

the end-1832 cumulating in a way that cer- per cent above tainly causes concern to some level, and an exceptional dealers. In new cars there in amount of double-talk about ximilar double-talk: while the this does not conceal that in statistics

dealers refrigerators and a few other show, that have record stocks, the biggest hou

household Items there is manufacturers complain that overstocking and curtailment, they are losing business be

Whether or not the market the present for cars is being over-supplied, cause, even with huge output, they cannot keep the enough cara on dealers' floors to emble dealers to give prompt delivery of all popular models in all cases, a

London. June 25, When Queen Elizabeth, the Queen Mother, visits Salisbury next month 10 open the Rhodes Centenary Exhibition, she will see

part of Africa that many believe will one day rival Europe is a centre of in- dustry and commerce,

Torce recent items of news

The President, of General Motors

gome

market for trucks and tractors is being fully supplied, Stocks of rublier are augment- ed by full inventories of tyres,

NOT PRESSING

con-

Britain Warned

London, June 24.

A warning. to Erila abpbuilders thas increased production and a faster turn round in repair yards were mpetition.

to

meet

WSE

forelan given by hir P. L. Hunt- ing,

of chairman

the Northern Petroleum Tank Steamship Company, in statement to shareholders today.

"The rate of production now being achieved in foreign countries, notably Germany and Japan, is something which must be aimed at by our own ship- buliding and repairing In- dustry if British shipping Is to remain competitive," he said-Reuter..

Persistent Liquidation In Cotton

British

Jute

Trade Exhibition

In London

(By ALLAN MURRAY)

London, June 25,

"More things are made of jute than this world dreams of". It was Mr T. D. Bruce speaking. And

MESSAGERIES

P.O. Box 63. Queen's Hide, "

Outwards

M

Page 9 MARITIMES

Tait 28681.

M

PASSENGER/FREIGHT SERVICE

* Teaves díerya))(en "FELIX ROUSSEL”

-Ballad "LA MARSEILLAISE" 7 July

"VIETNAM”

Tiberkong 10-11 July 2-4 Aug.

9-10 Aug.

Fng Yokohama

Balgon

17 July

· Yokohama

Homewards

"FELIX BOUSSEL"

Lesvos tiongkang 25 Jols

Du Marseilles Via

Is Aug.

Manila

27 AUR

Saigon

14 Sept.

Saigon

"LA MARSEILLAISE" + Augut

*VIETNAM” *** 22 August

via Marselles to all Mediterranean & ̈ West Africa porta. via Djibouti to Madagançar.

"SILVERSANDAL"

he should know. He is Managing Director of a Outwarde Dundee fute mill and has spent a lifetime in the "MEKONG" business.

Mr Bruce was showing me round a British Jute Trade Exhibition which has opened in London. One small room holds the whole display, but there are some intriguing examples of the hundred and one uses that science has found for the ubiquitous fibre.

"Take a look at this", urged Mr Bruce. I did. It was a short plece of sunorine etble, trased out to show the jute packing which blankets the telegraph lead

mire Inside Ms

as good 24 DAN.

heavy

Mr Bruce's eyes gleaned with profesional pride. Then he shot a question at me.

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- cd to $126,000. Noon quotations and the morning's , trans- actions:-

sheath,

in 1884 the cable was laid New York, June 25.

from St Vincent, B.W.... 10 Cotton traders today for the Pernambuco, Brazil.

For second day in a row give their years it was buried in sand and entire attention to the adjust-line 14,400 feet under the sea. ments in the nearby July When it was hauled up last year delivery. The crop news, export the jute was found to be almost developments, Korean reports and the usunt run of price- shaping interces

were

Iort tight of in the light of the spot month developments.

Dit know that # fleet and The Issuance

free hawser lasted only so long as it was kept greased? I did not. My circulation of delivery nollers for 17,000 bales brought in a

mind by now was firmly fixed on persistent flow of liquidation in Jute. But so, it secmod, was Mr the face of a small trade and Bruce's. Jute, he enlightened | INSURANCES

Canton ... bout #:ense shipper demand until the spot me, is one of the

JIK Fir known, Which is SUUPING month went down to 33.00 cents obers

Aula Nay A pound. This duplicated why it is used not only for oil for steel Wednesday's lowest since mid-January.

y's bottom and was thegs but as u matrov

torysers.

Easter decipher were the pictures all round the walls. Every picture tokl its story at a glance. And the stories were all about jute bags.

The price moved irregularly with

day trader covering and n technical replacement demand alding the undertone at the close when

with the expansion of businessed to an easy 'new high record necessity, to buy more. If, bo- Point the list was off 5 to up 4

there.

ness to run into more debt ör

still need nothing to A figure of $77 billion for indiente a downturn in the total inventories tells its own second half of the year. But story that some of them must there may be more sighiflcunes be full, particularly when that In his remark that, even if huge amount is left on

hand much a downturn is coming, no- after abnormally underline the growing economie thing is to be gained by Gen- cales.

heavy retail importance of the two hodesins, eral Motors taking less than its This means that the full in- Last week, the Union-Castle share of the market now. The ventories aro augmented by Lane decides, in view of the creat question is how long can large rather than small stocks development of the Rhodestas and will the motor industry be in the hands of final and the excellent prospects allowed to use up $300 million sumers. before Federation." to open a month of cons

It also means that final con- consumer credit, branch office in Salisbury to deal

Inventories on April 30 jump-sumers are under no pressing of $77 billion, Part of this may cause of inability or unwilling- be seasonal, but, barring some drastic change in the economic outlook, there is belief that this may be the climax of the rise inventories, caused by yet Now comes news of portant deal which will help another series of anticignitions,

namely

the anticipation of boost production of copper-higher steel prices coupled with Northern

Thodesia's most JTD- the remote danger of a

a steel ́portant mineral-by 30 percent strike.

over the next seven years.

Sincy labour In the U.S. The American Export-Import is very conscious of the change Bark has agreed to advance up in the climate from inflation to to £8,000,000 in dollars to the disinflation, there is little real newly-fortned Rhodesia Congo expectation of a steel strike this Border Power Corporation, year.

IN COPPER

Lust week, too, the huge Roan Antelope copper group held their fast annual meeting in London before moving to new heal quarters in Northern Rhodesin.

The money will be used to increase electric power sup- plies the vital component in the copper industry's plan to step up production,

ú

some

WAGE INCREASES Even

the much-publicised wage increases in various in dustries are in fact. moderate: those

in the

in motor But the loan will not be re-dustry, which attracted great paid in dollars. The four copper attention and causéa

mining concerns, which between consternation to steel manage them control the new Power ments, were mainly designed to Corporation, have undertaken to protre-jabour-against-a-fail-in supply copper and cobalt to the wages if the cost of living index

Future- falls, U.S. Defence Materials Procure-

rather than 10: grant ment Agency to the value of the appreciable advance, plus five per cent increase

teres,

for any other reason, the final consumers decided to buy loss, the inventories could soon begin to look burdensome.

|

Memphis shippers and spot houses absorbed July again sales of October as the

inter- month difference widened to around 65 points. As expected, Wednesday's dealings practically cut the July open interest In

half.

· Stock-sales ratios are not ex- cessive while the sales are 60 high, but the ratios would look different if the sales became less high. Equally Inconclusive is the fact that lighter money has not so far limited either the pending or the plans for business investment, so that With

The new open position at the start of trading today was down to ́879,000 bates. Ring experts thought that another 60,000 bales might be pared off as 息 result

of today's operations,

the July position

the capital goods boom con- dwindling. traders' attention tinues unchecked It always

turning more toward the Gov- takes time for money changes

ernicent acreage report to be to affect capital goods (much

Issued on July 8. The first lonster than it takes in affect

on production will not estimate on commodiles), and the emphasis might be on

ther be available until August. Next week, some private estimates on the probable

Kay acreage

market appear and have some effect, dealers thought.

Prices closed today ដ follows:-

Reuter.

EXPANSION

OF further wago In-

Repayment will take If Britain or other countries

place between 1957 and 1902.

are

เก

re

the

Spot.. July

TRADE

think that these U.S. develop- PREDICTED

ments give them scope for wage indations of their own, without undermining their currency re- lative

to the dollar, they might be advised to examine the U.S. developments more closely.

New York, June 24. Mr Warren Lee Tierson, Chair- man of the United States Council

October December

March

Moy

July

Octuber

24.05 33.15-31.17

03.75

33JK

3410

34.12

33.93 nominai 33.16 bid

December

NEW ORLEANS BLARKET

Spot July October December Marchi

May of the International Chamber of

July

in

The four companies associated In the scheine

Mafullra, Nehanga Consolidated, Rhokana and Roan Antelope.

The American loan will not be sumelent, however, to finance the whole of the electric power But as there will be some Commerce, predicted today that The excers will be sort of steel wage increases, and trade between Japan and India kehone, provided

associated as these are likely to extend the would expand considerably by copper mining companies who upward adjustment of steel the next few years.

prices which is already in pro- put up £750,000 each.

"Japan needs that expansion, FROM CONGO

gress, people who have the and unless the United States is Under the scheme,

space and money the com-

to stock up prepared to entourage ft we must and steel products provido feities fo panies have agreed to extend with steel

our own their own electric power plants. have a free option on the price markets," he said. Subject to the availability

to of side-something

gain

Mr Pierson was speaking at a and coal supplics, It should be nothing to lose and a free in-

press

conference following his surance against a steel strike, posable by this means to meet

return from Europe where he This last may be a very small headed

States the United extra powers requirements

it would be serious delegation at the Congress of the of the Rhodesian copper belt risk, but for mineral production at the for the steel-using industries if International Chamber of Com level planned for that time, It did materialise, and a free merce in Vienna.

After 1957, however, copper After

hedge is always worth having.

We urged the United States to the completion production will agal be out wago negotiations

of the

reduce her protective tariffs. unt price stripping the available, power supply.

3 have

great To ensure against a adjustments, this borrowed bust-Such a reduction he said would "prychological ness may have to be repaid: power inines come into production, the people would in any caso tend effect" in Europe,

the

bottleneck when new| H

Mr Pierson did not think that

to live on the inventories re- Power Corporation has therefore cen made arrangements to "import" cently accumulated rather than a trade depression would follow

maintain

their purchases and a truce in Korea.-Reuter,

electricity from the neighbouring Maint Belgian Congo.

their intake at the higher money

prices, their need for

By the time it is needed, the might aggravate the process. In hydro-electric that event it might be fount

Congo

Belgian scheme should be able to provide all the additional power

by

the Rhodesian copper

belt.

But, as the, economic develop

that some other recent steel business has been not merely borrowed but spurious, eg. the

orders placed to relieve an

ment of the Rhodesias proceeds, ammunition shortage which more and more power will be uppeared at least in part, to be needed

And this will come not much more than a political closed unchanged with the fol- from the Keriba and Kafue stunt. Steel scrap, the most lowing exceptions:- schemes, envisaged under Cen-Sunfitive barometer, is sciting $6 tral

African Federation.below is old celling price. London Express Service.

RICE CONTROLS TO CONTINUE

Washington, June 24, The Agriculture Department

is to continue rice export con-

trols after June 30.

TOURDO riew .soon.

Thero

October December

23.12 nominal -United PreRE,

31.03 33.10-37.18 23.71-33.72

13.06

24.03

34.10

33.02

33.10 bid

33.13 bid

-United Press.

SAO PAULO MARKET

Sao Paulo, June 25, Prices of cotton futures closed today as follows:

July (cruzeiros per klia) 15.85 October

15.45 December

16.00 March

16.25

(The average price of 15/10 middling cotton

at the ten designated spot markets today) .. 33.10 cents. Salon

3.554 bales Unlied Press.

Grain Prices In Chicago

Chicago, June 28, Prices of grain futures closed today as follows:

Wheat-price per bushel

Marel (1034)

1.00

1.03-1/58-14 1.50-1977467

20436-1 2.10-1 3.12132

to

USE IN HOUSING There was a photograph o{ some of the 20,000,000 candbags

stom ured

this year's devastating North Sea floods. There were others of sabits filled wide grain and yeast and coffee and conls

But Mr Bruce has an eye for truth in advertising. "Not quie accurate", remarked, poking | a thumb at the caption under a coal-heaver's picture that read: Jute Makes the Best Coal Bags". Said Mr Bruce: "Hemp makes better ones, there's nothing to compare with jute at the pric

Then he plunged again into the more Intricate achievements of it's trade,

more

In houring, I gathered. and more jule is being used to make domp

and back course the industry's Re- Mes, And search Association, established four years ago, has discovered in its laboratories ways and means of making the ibre rot-roof and fre-pront

Research takes time, but now constantly

possibilities emerging.

are

SHARES BUYERS KELLERS SALES DANKS

1 Back East Asia

1514

140

140

DUCKS, ETC. 20

K. Wharr

Dock

*

Provident

S'hal Durk Wheelock...

LAND, ETC.

tore

k and

20.10 201

11.70 11.CO 1000 / 11.0

7.03

500 7.0o

100

7.20 7.90 2000

82 425 200 us (255

1000 S

200 6234 Humphreys 155 Realty

13500 25

215 UTILITIES

Train

23,4023.00 Und » 231⁄2 Star Ferry. 112

1000 or 11,GO

C. Light ( 74 Electric ... 23.40 241

5000 7

000 255

150 25,40

370 @ 19:40

C. Light (0131) 11.60 4200 in 112,

Telephone 13.40 19 INDUSTRIALS

cement

Rope

.......... 10.50 17 20

10.30:

STORES. ETC.

Dairy

Walton COTTONS

Ewo Textile

50g de 17,20 500.3 17.10

201, 20.30 200 6 20.50

•

2000 6 20.70

100 20.00 2115 24.50 1000 61 24.00

2.13 1500 € 2.20 3.15 3.30

The Rubber

Markets

London, June 23.

Prices of rubber futures closed

today as follows:

No. 1 rubber.

in pence per ib. August

September

October/December

January/March April/June

Ilomewards "ORIGN"

"MONKAY"

“SILVERSANDAL" "MEKONG"

FREIGHT SERVICE

LEAYOU!!

Ettrape Balled

„Húbburg-Bled

Leaves

loa}ung=1; July.

trongkong

4-7. July 23-24 July Hongkong 26-27 Ju

14 July

· Kertung + August 4 August „Keelung-ID · August 20 August

For

JAPAN.

Japan

Far

Salam

† Salgon, Marseilles, Alglers, Oran, Tanglers, Casablanca,

Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

mt. v. “HULDA MAERSK“

m.v. "CHARTINE MAERSK" ADIVA "TREIN MAKIRK"

ARRIVALS FROM U.S.A.

M.V.

m.v.

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my. "MAREN MAERSK”

July J

July 17 Aug.

2

0

July 1

July

July .14

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AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36066-9

Chinese Freight Booking Office

27, Connaught Road, C

Tel. 20401

Datta and rotation subject to change without noilce,

At liberly to proceed vix other ports to load/dischargo cargo.

EVERETT

LINES

EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcuíta and Chittagong,

"BRADEVERETT”

Arrives Sails

July 16 from Manila, July 17 for.. Singapore,

Rangoon & Calcutta.

"REBEVERETT"

1012-2015

Arrives Sally

-United Press, NEW YORK MARKET

BIG CUSTOMER Already the carpet trada' has become a very important cus- komer of Dundee's mills. I was shown a carpet made entirely of

New York, June 25. Jute-cheap but effective in de-

Prices of rubber futures clored gm. And most carpets, like linoleum, have jute.backings. In today 10 to 20 points lower with some of them the proportion of stles of 30 contracts. Prices cased In a mixed infra-deale: trade, Jute ured is as high as 40 per taking a cue from the lower

cent

The mills are doing well", primary markets and the lack of Mir Bruce

the spot assured me. We consumer interest in employ more workers today than market.

Spot No. 1 sibbed moked

at any time since the war. After all, the world grows more Jule theets were quoted at 24% cents than any other natural fibre ex-4 pound. Prices closed as fol- cept cotton, and we know what lows:-

July

to do with

Prominent in the One-FOOR exhibition was a reminder of where Dundee's jute- ceres from. A large display panel, slowing photographs of Pakis tant growers at work, bore the Inscription "East Pakistan pro- vides 07 per cent of the world's | juto supplies".

Although Ballsh Gulena' has ambariced at a pilot scheme for jute

years

growing, several

September December at Manch May July

23.01 23.575 blas ២១.១៦ បវជ 13.70 bid 23.255 nominal 23,65 nomístně United Press,

New York Sugar

Futures

New York, Juno 25.

futures World No. 4 sugar must pass before the experimen! | closed 1 point lower to 3 points can show its worth. Meanwhile, | higher with sales totalling 3 | Pakistan's crop kar

SHUT- Contracts. challenged monopoly in Dundee, "Out *relations with the Pakistani industry could not be more cordial," Mr Bruce as- sured me. We always have Pakistan's studying our fochni- ques, and I hope to see some Pakistans at the exhibition",

NO QUALMS

On the question of how soon Pakistan's own mis-would-

Contract No. 0 closed un- changed to 3 points higher with sales totalling 70 contracts,

World futures responded to Cuban dealer covering opera- tions white domestic coutract ruled steady in qulet dealings.

Cunning uperations have swelled the demand for refined, Pilces closed as follows:

Contact No, ✶ (world)

234

compete with Dundee's long- July established, know-how he was Geptember less sure of his ground, and said October

Metal Prices

In N.Y.

Sput July

Sepleinber

December

Mey

New York, June 25, Prices in the metal-market

Corn

pot September

1.60

December

Tin grade A (99.80 per cent or higher) Now York, per lb.. 13.00 cents.

March (1954)

May

Iron ore, Messabi Bessemer,

are very few other per long ton $10.05.

Rye July Beptember Data July Beptember

"Soybeans Spot July

7337-K સમ

1015

1.374-1/34 143

*312-31 73-7314

2.BILS

10.

August

2.05-2014 2015

2.0511-2.60

2.633-14

2.014-1

2.0011-3

EXAGUERATION

cases in which inventory actight) 18.00 nominal.

Scrap copper, fo.b. per ton, cumulation is likely to be kept foing by anticipations of higher heavy smelting) $35.00-30.00, Scrap steal, t.o.b. per ton, (No. prices, since most anticipations United Press. are for lower prices. With all the talk of a possible downturn later in the year, there is

or

2

+

tendency to exaggerate scattered Seeds And Oils The Department permitted cases of soft spots and of over- the export of 3,900,000 100-loaded inventories, pound

boge: of rice in the

The general watch-word has

New York, June 25. It will an- been great anillon in forward April-June

Prices in the seeds and oils export allocations

speculative commliments, market closed unchanged", with The Department, after and this may continue to be the following exceptions consulting other Government the saviour of the U.S. economy. Peanut oil per 10. fo.b. New agencies, said the main reason But undoubtedly there are York 18% conta....... for control was to assure omple | some soft spots and Ulvoro li Flax Seeds, per bushel," f.a.b. rico. for, the armed forces-- always a danger of softness Minneapolis $9.85%1⁄2. United Press.

developing in a major line. FACES.

United

September

November

January (1904)

Match

New York hour-pur 200 1b, Sact, $12.50 -nominals-United. Press.

Copra Quotation'

January Матсі

"But about the future of jute | May itsekt Mr Bruco had no qualms, July Not for nothing does the British September

Brot Government rate Dundee's major

occupation as a strategie in July dustry. And every year sees the september November development of new techniques."

(My lart

Mr March question to

Кілу Bruce was -only half facetious, | July "Had Jute a hand in the Corona- September Uon too?" I asked.

Je oyes gleaned again. "An awful lot of jute must have gone

Spot

3.00

3.37 bid

3.80 bid

3.2

243 bla 3:43 nominal

Contract No.

3.55

3,03 bla 6.93 bud

இதர

Da nominal 6.73 nominal 8,77 nomina! 0.77 nominat

United Press.

on lining all those processional Exchange Rates

stands along the, roule, he re- plled, and into the Abbey too, New York, June ‘25.- Copra was quoted today at hental carpet died at the Coronation, service couldn't $105 per short ton, nominal, have been made without le", CLL the Pacific coast. Coconut

Which Just woes to show that oil was quoted at 14-1/4 cents more things are, made of Juta a pound, nominal, sif, the West | thary - Glue - "world" dreams ct.- const-United Prem,

London Express Service,

Bustriena' was done in the local

inarket noticial-exchange morning. At the following rates:- U dollar (por $15

0.001 Berling nate (per 21)

13.70 Indonesian guilders (per 100) 22.00 Blom Ucals (per 100). Singapore (strata) File plastres (per" 100)

3240

1.84

8.20

Penang,

Yokohama,

July 23 from Singapore,

Kaby July 24 for

&

(Accepting cargo for transhipment Kobe/l'uman and Kobe/Okinawa)

EVERETT STAR LINE

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

Arrives Salis

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Arrives Sells

June 27 from Takao

June 28 for Singapore, Port Swetten-

Madras, ham,

Colombo,

Bombay, Karachi, Khor➡ ramshahr, Barnh

Bahrein,

July 4 from Singapore.

July 4 for Kobe & Yokohama,

(Acceping cargo for transhipment Kobe/Fusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION SIA Queen's Building, Telophona 31206. Chinose Department; Telophënë 28293.

1

BUSINESS REGULATION

ORDINANCE 1952

Copies of the prescribed

Forms 1(a) (b) and 1 (c);

Now On Sale at S. C.M. Post, Ltd.

HONGKONG AND KOWLOON

TEN CENTS EACH