1953-06-30 — Page 9

Economic

THE CHINA MAIL, TUESDAY, JUNE 30, 1958.

Conditions Taipei Aiming

More Settled, Says International

Bank

The Bank for International Settlements' Report for the year ended rch 1953 describes this period as characterised by a return to a more

position, as illustrated by:

(i) The cost of living showed a very remarkable degree of Jability in a large number of countries.

(i) Wage rates continued to increase In most countries but only at a oderate pace now that it was no longer a question of entching up with a rise in rices.

(ii) Raw material prices, on the other hand, continued as a rule to decline, Though not so spectacularly as they had done the previous year in reaction to the

Loren boom.

HONGKONG SHARE MARKET

From Our Correspondent) Bushes done on the Stock Exchoute this morning ammain- el to $606.084. Nuon quotations -and-the morning's transbctions:- SHARES BUYERS SELLERS SALES

BANKS

UK Bank

East Asia

INSURANCES

***

Upl

1-400 1510

1-10

700

T

1000 41

SILPING

Ala May

143

HOURS, ETC.

作

5.RO

UnderwrKert

UK Fier... 141

K. Whorf

NP Wharf

Dork

Provident

Shal Dock..

Wavelock

Shai 'Land

Humphreys

Realty

UTILITIES

T:

250g

1000 20.10

.. 13.40 12.20 2500 11110

150

It is largely owing, the Re- towards a levelling out; it has port states, to the continued de- now returned to its pre-Korea staple level. cline In the prices of

The index gures for eight that it has been coinmodities

com- possible to achieve this greater out of nine groups of

cost nodities at the end of April degree of stability In the

by

of living. The sharpest setbacks 1953 ranged between the narrow textile mils of 10 percent below and were experienced fires, the prices of which, after 25 percent above the baseline only having risen by March 1951 to (June 1950100). The

above the exception is the group iron and #point 78

percent

percent subsequently steel which is still 40 fell to a point about 15 percent above the baseline. below that level.

June 1050 level,

By the beginning of 1932 the world mnis readjustments involved in The general index of

as the return to more normal con- market commodlity, prices, shown by the Bank iteport, in-ditions after the oren boom tendency had been made,dept In The distinct it

since ense of meta"/" and dicates

then there have been few dramatic price changes; instead. however, there has been a persistent re- cession in the prices for staple eomineditles.

New York

Foreign Exchange

ለዛ

INDEX CHANGES

result the different in- dexes have moved, much closer spring.

to ane another. By the

ns

At Economic Independence

Talpel, June 20.

An enlarged "Economia Stabilisation Board," which is aimed AL simsillylos and co-ordinating economie and financial matters, will

bo

officially litaugurated

tomorrow.

bo

The powerfu! Board, after its establishment, wili responsible for also

of the the carrying out

pro- four-year economie gramme aiming at making of Formos Independent American economio aid at the end of its fourth year. It was learned this four- economie programme was receiving sympathetic

Washing-- consideration la

year

ton, although the Ameri- can administration could not commit its material support to the project be- yond a year-to-year basis. --Neuter.

Indecisive Trading

In Cotton

Futures

South African Gold Mine Dividends

(By Norman Crump, Sunday Times City Editor)

·

The South African gold-mining companies have announced their June dividends. Compared with those of last December, there are two increases and sixteen decreases, while a further sixteen are unchanged.

MESSAGERIES

PO. Bok $3,

Outwards

M

Pago

FARITIMES

Tal: 20001.

M

PASSENGER/FREIGHT SERVICE

"FELIX ROUSSEL"

Leaves Bfarseilles -Balled

“LA MARSEILLAISE”” 7 July VIETNAM media27 July Jamawar

Mongkong 10611 July

2-4 Aug..

-10 APE.

Lears, Hongkong

Due faranižšos

25 Aug.

21. Aug.

14 Supt.

"FELIX HOUSSEL" 25 July “LA MARSEILLAISE” 4 August „"VIETNAM”

August

22

The Yokohama Saigon Yokohama VL

Manila Halgos

Halzon

"1

via Marseilles to all Mediterranean & West Afrien ports. via Djibouti to Madagascar.

ontwards "BILVERSANDAL” "MEKONG"

The two increases, West Rand Consolidated made and Vogels, both relate to mines with uraniumILVERBANDAL" interests. In addition West Driefontein has just "MEKONG" declared a maiden dividend of sixpence,

Up to a point, the gold-mines The other big crux in the base each half-year's dividends | future price of gold. The table on the results for that half-Indientes a slow inercose in the your. It would be Incorrect lagevenue per ton milled. This describe the June dividends as bas occurred in the face of a "interim"

December drop in the premium pold by the and dividends as "Ana" although covers,

who by new have soliafted there may be a tendency to de-

their needs, cinte slightly more conservative and so the must likely explana- dividends

in June than in tion is that this year less low- December. That is one reason grade ore is being mined. This the alder why the June decreases, which again tells neutral

more severe than mines, and le uleopgainst the were a little

African had been expected, have caused policy of the South some disappointment.

Government, which is to extract the last ounce possible out of

ach mine.

Be that as it muy, the recent dividend reductions are amply explained by the rising trend of costs. This is illustrated in the following table:

Revenue Corts Profi

(per ton milled) v. d. 4. ds. d.

1949, Aug.

34 7

24 4

·

1949, Oct.

47 ม

28 4

10

$131, Dec.

45 0 1937. Dec. 1959. Apr. 4B 5

472

21 3

93 13

0

13 9

35 10 13 ?

the

FUTURE GOLD PRICE

So it comes back to

what chance famillar question, is there of an incretise in the New York, June 20.

dollar price of gold? Mr Hovengu today again Cotton trading

clalmy that he has won n wide proved an indecisive affair.

measure of support for an in- sterling In slow dealings, prices soc

from "all crease then downward and sawed

countries" and elsewhere, and finished on a note of firmness,

Thus over half the benefits of when the met twenty years fall movement got a covering

the purchasing

power of have already been under way in July colneldent devaluation with week-long liquidation.

lost, and the first problem is how money is token into account, it of 1953 the index of of sensitive

At the close the 1st ruled six suon the rising trend of costs seems anomalous that gold should

fetch no

mare in dollars than Apart from prices, which records, in parti-

points higher to five points will be arrested.

On the other- it did in 1933. culm, movements of the prices of staple

hand, there seems little likelihood commodities, had de- lower after opening two higher general price movements, the in- it did

crease in costs can be traced of I the United States relenting clined to

little level very

to two points lower. The main

on ad-back to the current shortages of was centred interest the than higher

of Urat

Nower. labour and

In 1052 the as yet. in the July delivery. justments

Coming to Immediate factors 2.71 anked wholesale-price index, the re-

mines were operating

at only 15 The Issuance and circulation Iationship between the two sets

affecting gold shares, the South per cent of

and while African Budget han boeti delnyol of

notices for 1,000 of prices having returned

delivery

been so by the Elections and the Corona- brought a slow dribble there has recently In the spring of bales what it

it was 1858, before the

outbreak of the

appear by the of liquidation into the market improvement, this will not be

nai tion, but should hit maintained during

the seasonal the

month

IL not ex- until

spot conflict in Korea.

make

any changes in Compared with the situation 33.05 cents, the resistance point exodus of native labour, which end of August,

so far as the mines 1938-which was a year

ou Friday. of established'

This curtailment depression, especially

are concerned, but its In the

New York, June 29.

US$1 00

2000 11.00 Canada

England-melal

7.5 7.96 5800 M 7.00

૩

2040 20 500 vs 23.00

12

Australia

BI

unofficial

Ge

1000 a 7.03

$200

7:00

LANU, ETC.

30-day futures D-day futkres

ilk Hotel

7. On... 7th

281

10-31/50 2.25

GOOD 1.85

New Zealand

1K ten

12

30 or 0145 1253

South Afr:on

1-13/20

Belgium

020014

1.33

Denmark

1453

10

Franco

002044

West Germany

23/15

Holland

201303

in

italy

1403

IRGU

02001

1035

233114

Middle East

Egynt

2.602

Iran

Turkey

63125

2.42%

45

Lain America

.0728

It will be

8500

Star Ferry

C. Light (0) 11.70

C. Light (N) 15

Electric

... 23%

100

Mecan Eire. $.60 Telephone INDUSTRIALS

Celent

STONES, ETC.

Dry

Watson

L. Crawford

COTTONH

Norway

12 600 11.70 Spain

2000 7.45 Sweden

500 ur 71% Switzerland

400 # 7.53

332 + 2016

912 G** 1900

1717.20 1500 101

·

2300 ir 10% frag 17.10

20.30 Argentina 1099 20.90 Brazil

300 20.70 Bolivia 2014.00 Chile 24.70 300 24.79 Conta

20% 20.70 1000

E2.20

Textile Corp. 520 330 1000 1

MISCELLANEOUS

Entertainment 17.70

Yangtze

Youmize ... 835

(New)

Cuba

Mexico Peru

51 Uruguay

Venezuela

5.00"

1000 F

2000

6.40

Wall St.

Again Stagnant

Incle

3.33 Pakistan

New York. June 20. Stacks yave up a little ground Inday in the virtual absence of demand as the turnover for the secund ression in row was at the slowest pace in nearly four to 000,000

uncer-

Hongkong. Indians

| Singapore

Llopan

0013

0031

1010

to

E

United States-the increases In the prices of raw materials has been somewhat greater than the rise in the prices of other com- modities, since industry is now working to well-nigh full

on both sides of ther] capacity Atlantic Ocmn.

over a

If price movements fairly long period are compared, sensitive seen that

iesa

prices have,

thun (except "hausse").

during

1.00

In general, risen prices consumer

the

Korea

.1158

.07.25

1254

2003

Far East

2133

3045

It is worth noting that in years of stability such as 1920, Rensitive and wholesale prices stood the same relation to each

1013 - state other As in

reached affairs

of in

1760

agala

period February 1950, in the preceding the autbreak of the

300 yen to US‡i Korean war.

Press,

Grain Prices

In Chicago

Chicago, June 29. Prices of grain futures closed today as follows:

Wheat-price per bushel

the

As a result of the opening-up ant of new sources of supply

technical

progress achieved, the cost of raw materials has become a less important element in the price of nished than was previously the case. Reuter.

goods

The Rubber

Markets

London, June 20,

rubber The

to

normally lasts from early

July to may

New speculative interest re- late October. mained dormant. Market experts of production hits the older low- with a record for shrewd judg-grade mines, for their profit de-

the current pends upon full output." ment coupled

speculative outside pause in interest with several overhang- ing factors.

First of all moving

cause temporary fluctuations on the Johannesburg Stock Exchange. Of greater im

be the fact that next port may be LABOUR DIFFICULTY

month Western Holdings should The results Native Jabour has become a begin production.

is the faster major dificulty. For years past are likely to be good, so much

plus natives have been recruited from grairi market Korean complexities,

EO to impart, at least for a

dullness as far afield as Nyasaland, and

and time, a new feeling of confidence the depends upon tax uneet | operation of soveral

copper-bolt,

to the industry. In the spot cotton and textile this

Govern-

My conclusion is that 'shure- trades. Washington tainties and a policy of waiting

The rapid development

ment purchases should be confined to Northern Rhodeslan those of the newer mines, coupled for the new-

crop picture to of the

with its different with minca on the "uranium assume a clearer perspective.

ilkely to The drought in West Texas and, in some ways, more attrac-list." Uranium is not

is one of the back-tive labour conditions, has ex-influence dividends for some time sections

It is a new and ground influences which would posed the South African mines to come, but begin to have an important to a new form of competition. encouraging factor. I do not see

on prices

Much nearer home, the growth of much in gold-mines as a short- after the bearing

mines Ans

I am much his term speculation. State the Orange Free July position is adjusted, some quarters feel. But in the other widered the demand for labour, more hopeful over the long view.

is ini- The obvious answer direction-the-

3-warning wounded.

creased mechanisation, and in the Is that you can't kill the crop This early"

and that ground new mines this is being carried luat may yet be recovered.

as possible. It is More privale erop surveys however, possible in the older

mines

which have only a limited expected to precedo the

term of Government's cotton

years ahead of them. For acreage term report to be published on Mon one thing it would not be an

economic day.

are

Prices closed today us follows;

34.15 Spot July October December

33.10

33.81-33.83

33.07

34.17

34.10 nominal

31.00

33.26

31.10 bid

-United Press.

Матер May

July

October December

NEW ORLEANS MARKET

Spot

market today

July

October

Drember

closed with the following quota-

Spot July September December stareta

any

1.83 nominat 1.92-1.8015

1.4419-4

2.073-7

2.10-

1.004 1333-15

tions:

1.49-3.48

1.437,

Nu. 1 rubber.

1.47- 1.00%

In pence per lb.

August

1.312-15 1.30

yours.

Volume dwindled shared from 030,000 on Friday,

Traders continued to hesitate

Corn in the face of twin

Sput tainties--Korea and the excess

July September profits tax. These market men

December pointed out, have acted GS

March depressants on investment psy-

May

Ryo chology for weeks.

Many feel that a decision in July

could bring Septerntier

Oats July September

Soybeans

either

the direction

increased market activity, about

of the air simply by clearing uncertainty,

It a market of 1,023 Issues, Spat declines numbered 407, ad July

vances 341, unchanged 275,

August September

Although ralls generally were November down

a fraction there were January

2,83% noniinal

2.045-11 2.01 2.0714-15 2.01 2.049-14

New York four-per 500 16. sack several wide gainers outrido $12.10 nominal-United Treas. this group.

Colorado and Southern clímó-

ed 3% to 03, its preferred threo

Chemicals to 84. Allied

clined to 07% in chemicals. Bethlehem dipped to 50%. U.S. Steel to 38% in their group.

The Now York Stock Ex- change bond volume was $2-

New York Sugar Futures

New York, June 29. World No. 4 sugar futures

-584,000 and the American stocie closed unchanged to two points

exchango volume was 270,000

higher with sales of 438 con- shares. United Press.

Exchange Rates

tracts.

Domestic No. 6 was unchanged to two points higher with sales uf 14 contracts. Domestle futures Durines was done, in the Jocal were slow and without special unofficial exchango market

features.

Prices closed morning at the following rates:-- U.B. dollar per $11....

0.030 follows: Sterling note (per $13

Contract No. 4 (world)

Indonesian quliders (per 100)

Slam tlcais (per 100)

5. Bingapore. (Siralti)

FIC plastres (per 100)

this

16.04

20,00

July

32.40 September

1.83 October

0.30 January

March

JAPANESE BONDS MA

Japaticae bonds

London, June 20.

15

71

July Beptember Spol

July September

"A" (48 of 1890)

"B" (48 of: 1010).

(s of 1007)

*D" (B of 1924)

"E? (08 of 1030) Old Consola

November

1224 March

1004 May 1421 July

001 September

United Press.

Sput

September

October/December

January/March

April/June

March

October

.lay

109-19T

July

10-19

104-10

70-10

10%-10%

-United Press.

NEW YORK MARKET

New York, June 20.

Prices of rubber futures closed

December

33.05

33.00-13.09

33.00

33.04

34.15

34.10

33,90 bid

3120 bid

33.10 bid

Unkled Press.

SAO PAULO MARKET

avorage price at the 10 design- 33.21

Sao Paulo, June 20. The cotton futures market closed for a holiday today, hence no quotations were available. unchanged to 25 points lower In the United States, the

of 17 contracts, with les marked by the continueti lack ated spot markets was

with sales of factory interest in the spot cents per pound, market,

totalling 11,270 bales.---United Dealers quoted spot No. 1 ribbed smoked sheets at 2334 Press. cents a pound. Prices closed as follows: July

23.23 bld September December

Mareli May

July

23.60

23.50

23.30 bid

23.13

3.05 bld United Press, SINGAPORE MARKET

Singapore, June 20 Prices of rubber future closed today as follows: Number 1 rubber,

per . July August September Number 2 rubber,

July Number 3 rubber,

July Number 4 rubber,

350 nominalJuly

7.69 3.30 bid

3.82 bid

3.63

1.43

344 nominal

3.44.

3.43

Contract No. 9

0.03 hid

150 nomina) 5.02

United Press.

Spot rubber, unbated Blanket ecope

No, 1 pale crepa

6514-001:

50-60

0416-0421

03-01%

03-001

Pepper Market

New York, June 29. The

of Sarawak pressure offerings and India among domestic consumers brought a lower trend in black pepper

out as for

not,

LONDON TIN MARKET

Apart proposition.

London, June 29, from that, their layout does not The tin market was steady and readily lend itself to a high de- quiet. Spot was marked down gree of mechanils:1lon.

26504 and three £7% to

was down £0 to The lack of power is a more months tractable problem. New power £03232-

Closing prices per long, lon dtations are being bullt, and now

1s were: that the export of coal

057EL solers restricted, there need be no fears Spot as buyerE. of a fuel shortage. The govern- Business dons at ing factor is the availability of Three months in, buyers. steel. Even

the 80,

power Three months un, sellers

Belilement position should have greatly im-Businers done at proved by the end of next year.

630

--United Press.

FREIGHT SERVICE

4

LUATUR

frongkong

For

..Europa Bailed

6. 1 July

Japan

Hamburg-Salled

23-24 July

Japans

Leave

Hongkong

For

14 July

1

t

-Koulung-12 July

..Keslung 4 August $ Angust

„Keelung-19 August 28. Alignat

+ Saigon, Marscilles, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk Bubject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

m.v. "ULDA MAERAK” m.v. "CHASTINE MAKRIK" m.. "TREIN MAERAK”

July 3 July 11 Aug. *

.

ARRIVALS FROM U.S.A.

m.v.. "ELSE MAERSK" m; v. "THEIN MAERSK” at.v. "MA¡EN MAERSK“

July July 11

•

July

.14

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36086-9

Chinese Freight Booking Office

27, Connaught Road, C.

Tel. 20461

Dates and rotation subject to change without neilco.

At liberty to proceed via other ports to load/discharge` cargo,

EVERETT

LINES

EVERETT ORIENT LINE

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

"BRADEVERETT"

Arrives

Sail,

July 10 July 17

"REBEVERETT“.

Arrives Sails

from Manila.- for

Singapore, Penang, Rangoon & Calcutta.

July 23 from Singapore, July 24 for

Kobe & Yokohama,

(Accepting cargo for transhipment Kobe/Pusan and Kobo/Qkinawa)

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Portis,

"LAO

Arrives Sails

"THAI"

PENINSULAK

& ORIENTAL

Arrives Salls

QUIS HOS SEPP

SEPARA

STEAM NAVIGATION CO.

R.M.S. "CARTHAGE”

SAILS:

NOTICE TO PASSENGERS.

prices again today. Dealor BAGGAGE: Indicated spot at $1.31, of three eents from Friday, with afloats and June shipment at the same basis.

For July delivery, Malabar

was quoted at $1.30 and August

$1.28. Sellers range for Juno

FRIDAY the 3rd July at 12.00 noon for the UNITED KINGDOM via Straita, Colombo, Bombay, Aden and Port Said.

Passengers are requested to send ALL baggage to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2. Gate, CANTON ROAD ENTRANCE, by NOON on Thursday, 2nd July, 1953.

shipment in Sarawak from $1.21 SPECIAL NOTE: With the exception of hand packages

0715-653; to $1.23; July $1.18-$1.10; and

STAND 72-77 United Press.

Tin Price In N.Y.

New York, Juno: 20. Prices In the metal market closed unchanged with the fol- láwing exception;-

Tin, Gratie A (09.80 per cent or higher) New York, per ib, 01/25 cents-United Press,

August $1.17 per pound, all on

an' ex-dock basis-United Presa.

Copra Quotation

New York, June 29.

Copra was quoted today at

$100, asked. par short ton, CIF EMBARKATION: Paclite Coast. Coconut oll was quoted at 144 cents a pound, naked, West Coast, - United Press.

carried by passengers themselves, ALL BAGGAGE must pass through the Wharf. Co.'s Godown for loading on board by ship's slings only. BAGGAGE COOLIES WILL NOT BE PERMITTED

ENTER THE ΤΟ

WHARF.

Passengers should embark between 9.80 and 11:00a.m.: FRIDAY, the 3rd July, 1958.

July 5 from Singapore. July 5 for Kobe & Yokohama,

July from Takao July 10 for Singapore, Port Swatten-

hami,

Colombo, Madras,

Khor Bombay, Kárách!,

romshahr,

Bahrein,

Bigrah

(Accepting carep for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206, Chineso Department: Telophone 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