1953-07-03 — Page 9

THE CHINA MAIL, FRIDAY, JULY 3, 1953.

Ominous Note Struck Taiwan Expects Future Of The

By Chairmen Of U.K. Shipping Firms

The chairman's review în an annual report often contains à remark that, like a straw thrown in the air, serves to show which way the economic wind is blowing.

་

Just fately there have been quite a few of these straws in the wind, shipping company chairmen have been throwing them into the air by the handful and this straw vote is beginning to take on an ominous note for the shipbuilding industry.

Empire Finance Body In

Operation

ein.irman, has Lerndon,

ten C

Rice. Surplus

Talpei, July 2 Taiwan plans to AVO 150,000 tons of rice for ex- port after

feeding... Ita 9,000,000 people in 1955, Mr R. C. Li, the Provincial Food Director, revealed yesterday.

Mr Li assured the pubiis that there would be no recurrence of the recent food crisis. He said Government has not rice production target an all-time high of 1.700.- 000 tona this year and estimated that there would

the

be a 150,000 tons surplus for export.

This export, Mr Li sald, would net Uio nation US$30,000,000, the second largest to be earned by locat products, France-

Some of these chairmen have been saying in their

Presse. "Getting a ship built own way what boils down to: these days costs about as much as we can afford to pay, in some cases it costs more than we can afford. If costa go up much more we shall have to consider whether it would really be worth our while to get ships built at all."

'The

prices

Woold

Of

at Post

nute, Sir Frederick Godber, H Castle remarket that replacing

in ananced

the company's fleet at present This in the company

least envisaged in the communique! £82.000.000, compared with the kurd at the vid of the Com-actual historical cost monwealth Conference last De

£33,000,000. He was cember.

Brite about future policy:

situation,

he says,

The Chairman Ellerman hud decided not in place any Lines for instance, said that in further orders for the present.

of Now comes the chairman bis view, hipowners have al- ready gone beyond the limit" London and Overseas Freight- sald that cight could that

He they

ers Lid. prices

constructed reasonably pay for new ships; vessels have been

into service and put

which if there was any further rise in

cost in all £1,200,000 more

than he died, he would have The

£15 million Come to corsaler seriously, whether the original estimated prices. wealth Development Finance

are eight more tankers of his company's orders There Fome Company has new

still to be completed and it is will-cost estimated that these inblehed and as started busi-held be cancelled,

of Union-

in all £1,880,000 more than the contract prices. It is a very disturbing and one which is worsening.

The recent claim by the Con- federation of Shipbuilding andi 15 Engineering Unions for a percent wage increase for their members would mean an over- all increase of not less than 10 percent un

esti- the present mated east of the uncompleted building programine. So instead of costing

£1,880,000 more than the original contract price, those eight tankers still To be completed will cost something like an extra £2.- 800,000. This, says the chair- oul- man, is a very disturbing

The statement that It has slarled business is taken to mean tunt the

is now Company

examining applications for s ssistance, not that it has already project. The tot money for a

company will not provide all the finance needed for a particular

project.

Its resources

are fon

imited. It

It is instead to sup- j cssential portion that

ply the

no one else is able to provide.

The company will stipulate.

it is understood, that:

Match Firm's

Reply

An answer to the criticism of the British Match Corporation contained in the recent report of the Monopolles and Restrictive Practices Commission on the match-making industry has now submitted to the President heel of Trade.

of the

It suggests that the extent and dangers of monopoly power were commission's

ut

overstated in the more de- he

·

Quiet Day

In Cotton

Futures

New York, July 2

look.

About

WILL CANCEL

con-

report, and that such power as really existed had not in steneral in its been abused but had. in exercise, served the public in- terest. The report also under- rates, according to the corpora Lion, "the very real threat of com- petition and emits to compare the risks of any abuses with the benefits of the existing ditions In the public interest."

Brigadier II. K. M. Kindersley, chairman of the British Match Corporation, said in London that

had been the B.M.C.

charged with high production costs; but upon what evidence that criticism had been opinion on their wage claim.based. No international standard available Price

WOJU cor-But he is in a position to know of comparison

with the cor- respondingly morrow, ranging what the company will or will other than that

subsidiaries. the applicants

one point higher to six not do in any are from (2) That

given circum-poration's oversea

"and so far as comparable these lower. Quening prices stances. And he says that if to pointe ready in appropriate cases

unchanged up 10

with the ver- costs are higher than those of three they are faced put up a reasonable amount of were

points

tainty of further increased their own money.

B.M.C. So are the costs of the Aggressiveness was lacking on costs of this magnitude, they corporation's competitors in this

will seek and secure the can either side of the market.

country." With the July positions now cellation of outstanding build- considered to be

"pretty well ing straightened

that shipping twice tonnage

The proje: 45

sound [

He goes un to say that he is it was not known Colton trading today indicated

express an and have reasonable prospects one of the quietest ressions of no! qualified of being remimentive and sue- the year. ver sful.

(3) Thai they have taken leps la rate as much capital as can reasonably be expected in their own markets.

out,"

traders be», ene inbued with the holiday

contracts. Now the fact

(4) That they will provide spirit or decided to mark time befores are thinking

expert management,

new

new

was

what

"EVERLASTING" MATCH

the

were con-

15

Suez Canal Discussed

MESSAGERIES

Box 63. Queen's Bldg.

M

Page 9 MARITIMES

Tol: 28651.

M

PASSENGER/FREIGHT SERVICE

Outwards *FELIX ROUSSEL”.

Leave Marteilles .Balled

"LA "MARSEILLAISE” 7 Tay "VIETNAMI" Homewards

t7 July

"FELIX. ROUSSKE” ..25 July

"LA MARSEILLAISE"

Leaves longkong

4 August

Hongkong 10-11 July

2-4 AVE.

9-10 AUK.

For Yokohama Enigon Yokohama

100 Marselites Vis

23 Aug.

27 Aug.

14 Hept.

Manila

Salgon Baigon

"VIETNAM

vin Marsellies to all Mediterronean & West Afrles poris.

22 Angus

via Djibouti to Madagascar.

Higher gross receipts and lower net earnings compared with 1951 were experienced by many commercial and industrial enterprises last year as a result of all-round price increases and heavier working costs which more than offset the extra "SILVERSANDAL" receipts.

Outwarda

"MEKONG" "COURSEULLES" HotheWXYD'S "MONKAY"

The Suez Canal Company's receipts-for last year rose by roughly 720 mn. franes, whilst the "BILVERSANDAL" increase in expense was not more than 6 mn. "MEKONG" francs in excess of that figure, so in this respect "COUNSEULLES" the company was more fortunate than most, since. the available profit was much the same as in the previous year.

As M. Francois Charles-Roux ! observed at the recent annual meeting In Paris, the results certainly provided no, grounds for dissatisfaction." and the company has been able to main- tain the progressive policy it has steadily pursued in good times and bad over the years,

Thus the increased and in- creasing traffe through the canal and the increasing size and draft of ships have not caught the const nathorities

unprepared, and the greater volume of work which they have been called upon | W"

to perform has been carried out with the efficiency, which has come to be expected by the owners of ships of all nations making use of this vitally im- portunt waterway.

HONGKONG SHARE MARKET

(From Our Correspondent)

Basiness done on the Stock Exchange this morning amounted to $954.504.40. Noon quotations and the morning's transactions- SHARES BUYERS SELLERS SALES

BANKS

TIK Bank East Asia

Camion Uncon

That accidents in the canal INSTANCES are few and far between, despite the fact that when it was con- structed the large sizes and the deep drafts of the ships now ons passing through it daily could nat have been foreseen, speaks volumes for the manner in which those responsible for laying down policy and seeing it carried ou!

have

executed their onerous task, which M. Charles-Roux summarised as being to provide transit "as safe and speedy and also us cheap as possible."

NO EXAGGERATION He did not exaggerate when he claimed that the Suez Canal Company has been rewarded by the confidence placed in by shipowners confidence which has been well earned.

Government.

A gulding principle of the policy traditionally pursued by the company is to be useful and of sorvice to Egypt, and as M. Charles-Roux remarked, this is accomplished first of all by the fact that the company exista and functions, and relieves Egypt "of a technically dellente task,

IL is fair to Bay thut the shipowner members of the com- pary's bourd of directors have On the subject of the ever-

industry's interests Lasting" match for years the in-uarded the international ship-

ping has been herused dundry

of zealously, and merited their suppressing --he said that go far as the B.M.C. and the Swedish trust, also that of the Egyptian Match Corporation was cerned there

nothing to prevent anybody making ever-

is unfor mintches: " lasting tunate that the report does not make this clear."

price to Referring matches, Brigadier Kindersley said that the cost hnd only doubled since 1939 milhough the duty on box of matches, had been trebled. Now the Exchequer took more than 1d. in duty, out: of every 20.; the cost of produc tion was ed. a box and the dis- tributors received one-third of penny. The extet figures we duty, 54 percent.; manufacturers costs,

witolesalers 24 per and retallers, share, 17 per cent; of the remaining 3 per cent nearly two-thirds went in income tax and profits tax.

After that, will

ordering until the Government's acreage and are getting to the point of existing orders, leads way next cancelling or the company's nuthorised report is out of the

to the consideration of two capital of £15 milion, £6,750,- week.

number of traders made an other aspects of the problem. 100 is being provided by the

exit for the Indepen- On the one hand, there is a Bank of England, and £8.250,- early

mount of uncertainty 000 by leading industrial, corn-dence hollday on Saturday and certain

humid | due to the lonit

elapsing to escape the hot and

long periods merei, mining, shipping and

placing an order and Ruanetal interests in Eritain and weather predicted for the city between

taking delivery of the finished over the weekend, the Commonwealth.

Crop experis are having a ship. In

connection th this

tendency in downward The

operate hard time coming to any con company will

on the

acreage mutlook,

orders should be welcomed in- throughout the Commonwealth clusion.

Meanwhile, some reduction instead of deplored, say some ob- Dominions and Colonies. it will

in servers, for it would probably aim at encouraging these pro- expected from the original in-

the tention. Commentators think lead to a shortening of which jects

mere:se and that the reductions may be the very dates. But more than Commonwealth TESOVICES

producing this Is required to nt. it overall tract unters. strengthen the sterling area's heaviest in the low areas and that even

The shipyards balance of payments.

plantings are cut, there may need to get back to conditions

this Only

in which they can promise not 10 per cuni of its still be a big crop

for normal crop only firm Buthorise capital bas been allowing

delivery dates · but contracts in Open

alsu

firm prices, quote

say Called up for a start, But the hazards.

these observers. to July at the start of the trading burrow up company con

and totalled 105,000 bales, Trading

COULD HAPPEN twice the sued capital,

On the ollier hand, the ship- intend to france its operations in the spot will end in the noon hour on July 15.-United Press.

buikding Industry may feel that mainly by borrowing.

SAO PAULO MARKET

their fat order books It propose to co-operate with

Sao Paulo, July 2 Commonwealth organisa- elker

Prices of cotton futures closed cushion them against a lack of

new

erders. The Chairman tions and with Internatinoal

London and Overseas Freighters badies such as the World, Bank, today as follows;

July

covered this point when he As time goes on, it hopes to

warned the shipyards against interest America, Swiss and October

the danger of a complacent other investors in its projects, December

March

In the United States, the frame of mind. "Ortier books average price of 15/10s, mid-can be emptied overnight," he anid. "It happened in 1910 and diing cotton at 10 designated 1920-it could happen again in spot market was 33.10 cents per 1953." pound, Sales totalled 10,703 bales. United Press.

Router.

Wall St.

Advance Continues

New York. July 2.

stocks con. The advance in

today, inued at a good pace although enthusiasm was want- ing notably in late dealings the temperature climbed.

as

The volume, for the first time

In a week, exceeded the million mark, climbing to 1,030,- share 000 shares from D10,000 shares yesterday.

year,

15.85 15,70 15.05 15,00

concluded by saying that

the well being of all who look

and

cent

a

new plant set aside to serves must be and stocks of materials before dividends could be paid.

manufacturers' profit

average

The

10

was about one shilling a gross of boxes, sald Brigadier Kindersley: If they sold at cost, "which would mean they would soon cease, sell at all," the maximum reduc- tion to the public would be one penny a dozen boxes.

New York Suga pends on the continited moderni-manufacturer would just about

Futures

New York, July 2. Sugar futures closed today as follows-

Contract No. 4 (world)

35 5th bid

3.58 nom.

POTENTIAL DUMPING to the sea for their, Ivelihood

Equally, if three mare matches every cale remotely con-

a box the duty were put into cerned with the survival of the UK as a maritime power, de- payable to the Exchequer by the sation and expansion of the wipe out all his profit on the As it was, the duty pro- merchant fleet.

He believed that any rise induced £12m. a year-40 times as much as the taxed proits of ឋាន cost

match manu- of producing ships

the principal Wholesale would result in the

facturers and import:rs. enngellation of building con-

The commission's report, the tracts, to the detriment of all

chairman emphasised, stated that that fu concerned.

hoped Yie

there was no competition; but wiser counsels would prevail, fast year 1,054,807 grass boxes of

Reuter. 3.82 nom.

3.46 bld

5,48 bld

3.47 num 3.47 noin,

unquoted

July

Jan. 103

March

May

July

Prices opened firm and rese around the mid-session,

Sep1.

and

det,

Spot

2.50

from

Contract No. 6

Sept. Nov.

5.00

6.54 blu

March 1651

May

July Sept. Nov.

- Spot

then retreated more neglect than from any pressure. Industrial shares took leader ship away from the rails today. a gain of 84 centy finishing with a

in their

Rat averagedded frac

5.07 11027. 5.52 nom

London Pepper

Market

London, July 2.

The neopet market Whs

is

NO GUARANTEE

to the

But the company also endeav- ours to serve Egypt by its oficeasing contribution development of the new province which the opening of the Suez Chral has, th fact, kiven her out of the desert.

Yet Governments fall and policies are table to change almost overnight.

Whilst the Egyptians are ap- pagently satished at the moment of the Sucz with the control Canal being largely in the hands of foreigners, there is guarantee that they will always

remain so.

1300

150

FREIGHT SERVICE

LeRYCH

..Europe Balled -Europe-Salled

....

Europe-Balled

Leave

...Kvelɛag-17 July

irongkong

3- A July 21.21 July

fut

Japail

Japan

Japan

- For

20 August Hongkong

20 July

..Keelung Aust 4 August Keelung-1 August 20 August

October ....Reeling- 1' October

↑

↑ Saigon, Marseilles, Algiers, Oran, Truglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE, TO;

NEW YORK. BOSTON. BALTIMORE & PHILADELPHIA v

BAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

m.v.

m.v.

m. v. "HULDA, MAERŠK".

"CHASTINE MAERSK"

TREIN MAERSK“

July

3

July

17

AUR.

1

ARRIVALS FROM U.S.A.

m.y.

LSR MATRSK

July 4

ni.v.

rh.v. "TN MAERSK"

"MAREN MAERSK"

July

July

.14

16 T 700

141

ilk Fire....

DOCKS, ETC.

K. Wharf ..ot Deck Faldrm

..71.00 Shal Dock 250 Wheekick

LAND, ETC. HK Hotel UK Land S'hal Land Humphrey Really

UTILITIES

Team

་

J 7.00

.. 0115

1.43

15.00 ...... 2.40

Size Fer C. Light

20 1000

1900

12.3375 & 11.30

500 790

2300 7.09

400

3200 6 12

10

11.00 200 1000 Light (N) 7.00 7.00 4227 500 Kiratric 2015 Telephone INDUSTRIALS

19.00 20

11.70

7.30

1?

Cement .... 14. 17,10 1000 17

10,00 Rope STORES. ETC.

Dairy

Watson

20,00

21 2500

241

2500

1000 104

L Crawford 22.70

COTTONS

FWD... 2.16 2.30 Textile Corp. 5% 5.30 MISCELLANEOUS

Entertainment 17.30 Yanguze 033 0.43 2000 Yangtst.c (iv)

...... 0.43

6.40

The Rubber

Markets

London, July 2 The

'market rubbe

Was steadier raith No. 1 smoked theat quoted at 19%-10% pence per Ib. Prices closed today os follows:-- No. 4 fiss, in sente per ID.

1015-19% Settlenient Blouse

1945-195 August

opt

TD15-50% Oct/Dec.

193 Jan./March

101-10% Apell/June

United Press. NEW YORK RUBBER

New York, July 2 Rubber futures closed today 15 rio to 13 points higher with sales of 31 contracts. Scattered covering operations developed in the with: the higher primary markels

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

27.

Tel. Nos. 36006-0

Chinese Freight Booking Office

Connaught Road, C.

Dates and rotation subject to change without notice,

At berty to proceed via other porta to load/dlichargo cargo,

Tel. 20461

EVERETT LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Phillippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.

"BRADEVERETT"

Arrives Sails

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

Rangoon Calcutta.

"REBEVERETT”

Arrives Salls

July 23 from Singapore, July 24 for

Kobe

& Yokohama.

(Nedép¤ng cardo for 'transhipment Kobe/Pusan and

Kobe/Okinawa)

EVERETT STAR LINE

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

Arrives

Sally

Spot

Arrives Saila

The upsurge of nationalism in

Intra-dealers switching opera- the Middle East may before long be directed towards the control tions before the work-end holi

day dominated the pot market of the Suez Canal and the cum where new

consume interest pany which operates it, if the remained it a minieman. Egyptian Government's attitude No. 1. moked sheet wrs at 23

troops in the cents per 1b. Future prices were Canal Zone may be taken as a as follows:- guldie. Liverpool Journal of July

towards British

Commerce.

Grain Prices

In Chicago

were im competitive matches

Chicago, July 2 ported into this country, partly

Iron Curtain Chicago grain futures closed from behind the "where politics and the need for

today as follows: foreign exchange count for more

Wheat price per bushel than normal commercial profits.

Spol potentini dumping The

July enormous." There had also been september in this country and they had

complaints

Corn 27 nom. Sarawak nine shillings, sellers," make

to the coxn- Boot world No. Sarawak fa.q. quality, eight mission, they were and mic - Jufy.

timber without September

December Match

March to the British

May,

Kyo July September Qals

6.72 nom, steadier today with Muntok two-competitors manufacturing December

6.77 nom. quoted at shilings, nominal,

5.00

sellers.

to

The market showed tions to yesterday's wide gains. Profit-taking pured

of 34 con-

pront provement and the group finish- higher with sales

nominal, while July future, was 27 cents higher on the tracts.

July Corporation." Domestle No. 6 ranged from quoted at 11.70, sellers. Olt gains ranged to 14 points1 point lower to 1 point higher future was unquoted, and Lam- in Texas. Pacifle Land Trust at with sales of 10 contracta, pong also unquoted, - United 120 and a point in Seaboard Steadiness in Oil at 03.

carly in sugar unchanged to 1 point chilling, spot was quoted 11,6g Supplied withi

ed average.

The New York Stock

bond volume was 2,010,-

raws acted to Press, bolster both contracts in quiet Dealers understood

Copra Quotation

Bethlehem held unchanged at donline. 01%, and US Steel dipped one-that Chnoblanca overnight pur-

New York, July.2.. chased 7,000 tons of Cuban rawS cinthth to 3834.

Copra was quoted at $108 Ex-nt 3.58 cents per Ib., 1.0.b. Na-

per short ten, CIF tional Sugar Refinery was the (asked) accredited buyer of 3,000 tons of Pacific Coast.

Cocoanut oil was quoted at The American Stock Ex- Philippines due in July 13 at chango volume was 380,000 0.40 cents per lb., delivered. 184 cents per pound, nominal,

West CoastUnited Press. United Press.

chunge

000

United Press.

for no

May

London Foreign Exchange

July

September

Soybeans

New York Montreal Amsterdam

Calo

·Zurich

epatit Jubeni Autum July 2

Londer 2017-19/18-2X1-7/15 3.79-13/10-279-3/10 10,8016-10384 130.00-139.85

19,983⁄41⁄2=10.97. 12.186-12.185

United Press,,

September

Nüvider

Samuese (1954)

Barley

Spot.**

1.05 noin. 1.03-1.0314

1.3742-1.97 2.00-200312 20012.09 2014-12

182

3.2555 2,45-1.605%

1.3034

7370-b6

176% Hom. 277-2.7015

7 nom.

*DT-2014

2.81-204

1.30-1.00.

New York flour per 200 ib. suck $12.50 nom-United Press

Sept. Dec. March May July

13.23 nom.

23.35

13.30 Wild

23.15 bid

23.10 ild

23.03 bid

United Prem,

Penang Trade

her

Singapore, July 2, Penang's

with trade Asian neighbours, Southeast except in wice, Has dropped in this year the first quarter of compared with the same period! of last yehi.

This was revealed by Penang's Economic officer, A. H. Stone- ham, in an interview with the Straits Echo and the Times of Moloyo,

However, Mr Stoncham said: that "Indications in May show. an improvement and there is every hope that trade will im- prove in the second half of this year."United Press.

JAPANESE BONDS

Londoh, July 2.

05%

Japanese bonds

"A" (45. of Itbb) "B" (48.9% 1010) "C" (68. of 1007). "D" (5%. of,1020).

123

85

"E" (5% of 1030) Consols

·140.

60%

United Prem.

July 5 from Singapore. July

5 for Kobe & Yokohama.

:..

July 0 from Takuzo July 10

for Singapore, Port Swolten.

Madras, ham,

Colombo, Bombay, Karachi, Khor. δε Basrah ramshal

'Bahrein,

(Accepillig "cargo for transhipment

Kobe/Fusan and Kobe/Okinawa)

EVERETT STEAMSHIP · CORPORATION S/A Queen's Building, Telephono 31206.

Chinose Departmont: 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