1953-07-06 — Page 9

THE CHINA MAIL, MONDAY, JULY 6, 1953.

|

LONDON STOCK EXCHANGE Warning To HONGKONG MESSAGERIES

Firm In Spite Of Small Volume Of Business

SLOWEST MONTH OF THE YEAR

New York, July 5, The cotton gomis trade idled through the slowest month of the year in June, especially in

the final week when the finishing

general

plants and weaving mills were

their v vacation period. Agreement appeared that the current hill would con- tinue through the first half of July. Others became resigned to the possibility that August would arrive before the situation under-

worthwhile change. Roes n

05

Yarn spinners also set August! the likely date for a turn

in the situation. Quite a few felt that customers inventories be on the by that time would stender

would needfi side and quick replenishment. Some re- ; called the sudden turn last scar around the end of vention time.

Gilt-Edged

Prices Recover From Recent Recession

(FROM OUR OWN CORRESPONDENT)

London, July 5.

The London Stock Exchange closed the week quietly firm in most sections despite the small volume of business.

Favourable conditions were set by the renewed hopes of a Korean peace, the increased Tory gains in the Abingdon and Edgbaston by-elections and the rise in the gold and dollar reserves.

The gill-edged market seemed to have recovered fom the recent recession and to be resuming its upward swing. Buying, though on a limited scale, was in progress both by the big institutions and the small Investor.

To Report On

Hybrid Rice

Nearly

It

Feature DI oils was the strength of Anglo-Iranian, up 35. Dd. to a new higii of 123s. 9. Others were qulet.

For many with funds in hand Spasms of buying lifted Ford who were previously planning to Motors

skilling, Invest In denatlungfised steel Dunlops 18. dd, Vickers 9 shares now don't wish to remain pence, and Courtaulds 74.

quid until September or later when the realisation agency will Invite the public to buy.

Dominion and Colonial stocks showed only null changes.

In the foreign bond section Dr K. Ramials, rice breeding German issues were erratic. Al expert of the Food Administra-first they cased on the news that on Organization, is leaving for West Germany had rejected the cent urma this week to Inspect the law regulating debts to France down apart from the unscrled

but rallied on the announcement results of hybrid rice seeds Inter that the bill bod been which were sent from FAQ's co- operative rice hybridisation pro- passed. jer at Cuttack, India.

eight

The fibres trade was sluggish with Manila hemp quotations casing in face of a slow con- sumer demantel.

Burlap prices dropped back around 4

a yard, when buyers found a welling supply of lower priced shipment offerings from

the Continent Inclin.

weli

goods ruled

sellers showed any

from

here,

Morila, July 5.

tish

real in results of the arst batch of points from the lowest-ced by some of the trade

42

Gold shares were rather heavy on the June operating reports.

Retch loans closed unchanged. Japanese were fractionally up or 1930 which went ex-dividend at £11:12:0

Chinese bonds rose one and Polash bonds slumped up to

poln, when it became two shillings, but they are still that the Germant debt some £3 below the peaks touch- Staple rayon and accetate Dr Ramlah, who recently in- known

Churchill's peace speech. quiet with spected the hybrid rice pro- offer in this section was uncccepted right after Prime Minister, #rey

three recovered reported the able. They prices steatly as unly a few | gramme

One of the oddities of the Bri- scene the current demand 5% and goods. hybrid seeds which were also losses of

the week-on sent from Cuttack to the Philip-respectively, on

consideration that the offer did mitted to the United Nations. unions that Red Ching be ad- pines as ericouraging.

not conform, in the opinion of six trade unions out of 20 meel-

ztg Dr Ramlah will visit esth of the trustees

to the mininum Ing recently over a period of the countries taking part in the agents, even FAO -operative rice hybridisa standard laid down by the Ger-some eight weeks adopted re-

solutions to that effect though. this

tion scheme. Including Malaya. won external debts agreement. soft

they had no encouragement lo This indicates that the trustees, from 802814 Pakistan,

Cambodia,

cither the Trades Vietnam and Indonesia as well the Royal Exchange Assurance.

or the Labour Burma and Thatland and the paying agents. J. Henry Union Congress France-Presse,

Schroder and Co., are prepared to 1 Party-United Press. take a firm stand on behalf of the bund-holders in fair payment.

terest In pushing United Press.

Exchange Rates

Business was done unell

exchange

Inarket

morning at the following rates:

U.S. dullor (per $1),

Sterling note (pes Lij

Steals per ions

Indonesian gulders (per 100)

Singapore (Stini

PIC a tres per 1001

13 12

20 00

37 60

£15

1.02

Satisfaction

Laos,

But

Not Complacency

Order

Of Day

(FROM OUR OWN CORRESPONDENT!

London, July 5.

There is room for satisfaction, though none for complacency, in the news that the sterling area's gold and dollar reserves rose last month by $46 million..

The repatriation of American-held shares in Associated Electrical Industries Ltd. is sail to have cost $22 million; and but for this transfer the June surplus would have been much higher.

Again, the dollar demand for) But the greater supply of sterling arou products slackens British enplial goods now flowing In mid-summer. Its revival into the home market also points awaits the opening of the Aus- to faster progress with industrial tralian wool sales in September, re-equipment.

When seasonal and special In-

The

output

of

the

paying

demanding

JAPANESE SAG

Greek bonds continued in demand, reflecting the increased peace prospects.

Japanese and Chinese issues sngred as a result of small sales

PREVENTING

A

without accompanying buying OF

interest.

GLUT

SUGAR

Industriais, hesitant through- out the week, Birmed up at the

London, July 5, close un investment buying. The

One of the suggestions fo by the movement was helped

preventing a world glut of sugar, announcement that the National will be put forward to the world Provincial Bank was raising its sugar conferonce when it ances dividend from 71% to 8% percent under the auspices of the United It was also aided by recent re- Nations in Gohdon on July 13. ports

trade. will be a world campaign to in- Improved in the chemical, textile crease consumption. paper-making Indu

Industries

Australie is reported to One of the best sections, though, was in oils. This was especially interested in this plan news of to end the world sugar surplus encouraged by Labilo's big profits, the Increased situation. Mr Robert Muir, of the dividend from Attock and the Australiah Care Growers Coun

that Ultramar, the bigc, who will lead the Australian Venezuelan producer, is raising delegation to the world con its crude price by 25

e

and

report

the

be

ference, suld in Sydney last weeke cents.

that at present prices, half of the HAVANA DEAL

Australian export total of 620,000 Speculators in Havana railstons would be sold at less than have done well. Following the the cost of production.

The first step in getting returns announcement from Cuba last Monday that negotiations for the for sugar, he said, would be to sale of the rallways may soon make, efforts to increase world be completed, "A" stock have consumption. risen eight points to 70 and "B" stock five to 07.

the

indication

During the past four or five fluences of this sort are taken Certainly the industrial picture

Steel produc Holders of store shares also years, the world sugar produz- into recount, the size of the June is encouraging. surplus gives no cause for alarm. tion has been running at record saw all-round rises on the news tion has been rapidly outs.ripping trades of good profits in the business consumption. The recurring prob- fails short of the May figure levels, the engineering

thai thelom over-production has for of their and by $2 million and is in fact the have overcome most

shop remains]mahy years Ted to attempts to smallest monthly gain this year textile activities generally have unabated,

for some tine public's will to shortages, and

regulate production and market- But it continues the slow climb

Breweries, distilleries and tong by international agreement. which has now brought the

increasing. been the gold

subdued. woollens barcos have remained and dollar reserves up to £145

In 1931, the Chadbourne Agree- worsteds, their low point of fabrics

and mixture High taxation and heavy living ment among nine countries, in- million from

Tayon particularly is £393 million in April 1952.

higher costs are allowing no spending cluding Cubs and Java, reduced spece on drink and elgarettes-accumulated stocks in producing Nevertheless the rate of climb this year than last,

Moverover, industry has not Coronation or no Coronation. countries but the world supply is not reassuring. The thin

Tea, food and sweet issues continued to exceed the demand margin of solvency is widening yot felt the full impact of Mr but the

the sterling

investment pro- Buller's budget incentive. It is were firm, 23 was the engineering because of expanded production. This agreement has continued by mme throughout the Common reasonable to suppose that, when section. grumme

a series of protocols but as в - wealth depends on the strength 11, docs, the expansion will be

even faster than now.

sulb of the war they have since of these reserves. And, at the

In the mining section tins were beca Largely hoperative. present pace almost three years

marked down as a result of the

The vital importance

of would be needed to restore them

drop in the metal's price which tiringing equilibrium to the world to their mki-1051 peak.

Meanwhile the flow of opis now back to the 1950 levels. trade has been recognised by the plications for industrial develop- Coppers were quiet, with, buyers producing and consuming coun- ADVERSE EFFECT

certificates indicates Meanwhile Britain's

a hesitant due to uncertainty about fries. At its meeting last Novem- ment healthy and general optimism. the trend of the metal's future ber in London, the International balance of payments is being

The vital question, however, is

Sugar Council sent a request to value. adversely affected by the failure

how

this industrial soon

upswing Kalliry of exports to increase along with

were neglected and the United Nations to call the will be reflected in the country's imports.

Production and ive export trade.

Irregular, with prices of specula-world conference which will meet

This section:

is

own

VITAL QUESTION

KAFFILS DISAPPOINT

Although Industrial production imparts are both increasing and,ive Issues sagging as weak bulls in a fortnight.-United Press, running slightly higher than although imports are the raw their losses.

a year ago the country's foreign material of exports, the exports trade deficit not only persists

but has lately tended

this

Last year it averaged £83 million a month; in year it reached

und this after.

£41 millionth over

last quarter of

the

themselves have still

to

Japan Hopes For Market

to be seen how working profits higher than the said today.

trade. research origánisation,

America

Washington, July 6.

The. National Federation of American Shipping sald today that the United ftingdom threatens to aut strip the U.S. In the size of lis tanker fleet.

In

a press release, the Federation said, although the UK has the world's largest tanker fleet with About 450

ell-carrying deep sea vessels, few are now being bulli for Ameri- flar operations "despite the world-wide building boom in this type of sea-going vessel."

It sald the

world's tanker feet is now 31,000,- 000 tons or 85 per cent

SHARE MARKET

ì

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- ed to $387,612.40. Noon quota- tious and the morning's tran sactions:

SHARES DUYERS BELLENS BALER

DANKS

IFK Bank

1600

Best Ara

150

INSURANCES

Centen Union HK Fire SHIPPING

Waterboat Aula Nas.

DOCKS, ETC.

greater than *apon

1939 and

of

K. Whart Dock

tonnage under

and

In completion order on construction

the

world fleet of tank-ships will be more than two and a half times a size at the outbreak of World War II."---United Press.

Another Round In Struggle

Protectionists in U.S. Rally

Washington, July 5. President Elsenhower Is eer- tain to obtain enactment of his principal requests to Congress Trade legislation. for forelin Protectionist Republicans mobilising their forces for a second act struggle for restriction of imports.

are

the

of lead, zine and wool Imports are at the heart of the still un- solved controversy, but many

Provident

.. 15.10

+

Shal Dock ..

Wheelock

LAND.

BK C

tutr{ HX 1.and

Iphiejs UTILITIES

ram

P.O. Box 63. Queen's Bldg.

Outwards

M

MARITIMES

Tol: 20801.

M

PASSENGER/FREIGHT SERVICE

Leaves Marteliton

"FELIX ROUSSEL" Sailed "LA MARSEILLAISE" ↑ July

| VIETNAMT"

Hongkong

10-11 July

2-4 ATK.

AMA

Yokohama

Balkon

9-10 Aug.

Yokohams

Timmiewards

Leaves Hongkong

Due Maraelites Via

"FELIX ROUSSEL"

23 July!

25 Aug.

Manila

"+

27 Aug.

Saigon

"VIETNAM"

.22 August

14 Sept.

SRIKOD

"LA MARSEILLAISE" August

vin Marseilles to all Mediterranean & West Africa' poria. via Djibouti to Madagascar.

Outwards

"SILVERSANDAL"

"MEKONG"

24:

-1300

1.35

Homewarde "MONKAY"

"SILVERSANDAL"

01

100 84%

MEKONG"

10.00

"COURSEULLES"

11.

300 + 11.90

10

7.50

* 2300

7.95

2000 w a

1

7.09

01 62 20001},' 15.20 *100 10

235 23.70 1000 63 23.60

1000+231

Star Ferry 113

C. Light (0) 11,70 14.90 2000 or 11.70 C. Light (N) 1.70

Electels.....13.0

4000 ( 7.63

500 7.30

2000 (1.7.70

182 68 23,50

1000 và 20 Từ

20 20.30 1032 47 20.10

17

Mocan Elec. Telephone INDUSTRIALS

Cement Repe STORES, ETC.

Dairy

...... 21.10

Watson

1400 @ 1710

300 uF 21.

2000 t 21.

1000 21.10

24.1024

1. Crawford 2210 CUTTONS

END.... 2.15 Textile Corp. 614 5.40 MISCELLANEOUS

Yanmore 10) 635 Yingt ze (New)

...... $.53

200230

Argentine Trade Pact

other industrialists are asking With Soviet

protection.

The House has granted the President's request for a one- year extension of the reciprocal trade agreements act, and for the bipartisan study commission to examine foreign economic relations.

Bul Sunate Finance Com- mittee chairman Eugene Millikin told the Senate that there is a good change thit the House of Representatives may later send to the Senate the second

Bill. This Simpson

controversia! includes the restrictions, eh petroleum, crude oil, lead and zinc, and would strengthen legal authority to control imporia --- of --farm-pm--| ducts. Air

Buenos Aires, July 5. Argentina mi Rustia Will barter goods worth $180,000.00 under a trade agreemera

expected te be signed here next week.

Sources vlo, to the negotiator: szid today the Russia will supply Angerstin 500,000 tons of cul and 300,000 tons of real. Other Ru stan shipments Include lon and steel plates, tubing, drilway cars, drugs, dyes, precisión, In- straments, cricultural machinery and clestifesi generators,

The bulk of Argentina ship- ments to Russia will consist of 75.000 dons of linseed oil, 20.000 tons of wool,;17,000 tons of calle and sheep hides and skins, 15,000 tons of quibrácha terning extract and 10,000 sons of mution nazd Pork.

Mink himself led the for the Eisenhower pro- Bgist gramme und gulned muck credit for his leadership in the Argentina will also supply Senate netlon. His statement quantities of cheese. tanned

consideration laterokins, lard, vegetable oils

of presible

of a Fecond Trade Bill disarmed senators who were seeking Im- medinte drastic

scilon agricultural Imporis, especially wool.

งา

Air Millikin appeased the Western wool bloc by on- that nouncing to the Senate President Eisenhower will soon -request the Tariff Commission to investigate the wool situa tion in the current wool year, arid that the bipartisan study commission

will include wool

in its

agenda.

conference A Senate-House committee must reconcile the bills differences between already passed by the House

tl Scnate.-United Press.

Cotton Prices

In Karachi

Karachi, July 4. Prices of raw colton closed at week-end as follows:- 4-F. Punjab, Roller Gin,

Rupees per Maund of 2.20 115, 03 1. S. S., folier Gin

Al

70

Rupees per Mound of 2.28 115. 2007. N. T., Sind, Roller Gin Hupees per Maund of 224 lbs. 9-. N. T., Sind. Eaw Gl Rupees per Maund of 25 lbs. 72 289-. N. 1, Punjab, Roller Gm

Rupees per Maund of 2 lbs. 72-8 289- N. T. Punjab, Saw Gin

Rupees per Maund of 220 lbs. 70-8 and The market was flrm moving up owing to persistent buying support for LSS and 4- F via Far East Shippers. Hong- kong and Japan were bidding for good qualities, and some speculative buyers were laying their hands on 480-F on ex- pectations of favourable results from the forthcoming trade tal.s.

The week's exports were: Japan 11.05 bales, Hongkong 285 bales. United Press.

Single Rate Welcomed

has, over the past six months, given the public perhaps more disappointment than any other. Increase materialise.

They have waited patiently for stimulate Measured against the nation's stabilisation of costs May of

the markets,. £77 million balance of payments their level the market-but

is still far too low.

both in London reduction to

and Johannes- This is all the more disappoint-burg, remain as unstimulated as

Toronto, July 5. Japan hoped to be able to ing since the terms of trade have ever, although the May returns The obvious explanation of or so in Britain's favour, reficeted some downturn in custs, enter the South Korean market

London, July 5. years Import June monthly reports were de- when the war ended "to nid in accompanied A almost two

The announcement that the falling much has been by rising industrial prices have been

42 major mining the reconstruction", Mr Kiyoshi pressing. Of

chiet of the Japanese Chilean Government is to revert British faster than export prices. that more activity, is

showed Kimura, companies only eight It remains

the Peso 10 a single rate for products are finding their way

long British

was welcomed today in London Into the home market.

manufacturers, previous munth. Investors, in

banking circles, financial and his development has, of waiting with these imported raw the meantime, are waiting on the

Mr Kimura, who was attend- materials, will be able

quarters to sidelines for the tide to turn.

Inter- trading Ing the sixth Canadian course, been Influenced both

big connections present export

national Trade Fair, sald that

America said that the by the sturching competition in maintain their

SITUATIONAL; BUYING

the chaing of the Korean war the prices.

For the moment there is no

would cut off a number of arms rate of 100 pesus to the United for anxiety but over the

London, July 5. next few months Britain's foreign

past week has been contracts from the United N States dollar is the free buying

quoted by the banks, idrade returns will be watched notable for the return of situations forces which Japan now would be dangerous lo ‘'assume CANDERRA, DISAPPOINTS

that this

step British expotletá

even more closely than usual to tont buying to then-edged had. pointed that the reltixation of the see whether the growth of in- market which lifted prices by Trade with Canada was dim-the rate for pesos against sterling from 7: Od cult, Mr Kimura, said, because will be the same as the banke Australian restrictions aridustrial activity la translated into amounts ranging Austed on Friday, is a limited; higher exports, as it must be to, 130, cut below the peaks Tarifs made it impossible

Japan has no trade derrement. buying rate quoted freely in the

for market, Banking circles Glits are allit more had heel hoped for in View If this country is to pay its way

to compete In zone waiting official clarification from trade and strengthen the sterling area's they reached in the middle of Japan rapid

Ilnes-Reuter." June.

Saulingo-United Press.

This

overseas marke's and by. Commonwealth Import restric

tions.

of

Australia's

recovery.

are disap-

reserves.

Tite

rate

incons that

fruits.

and

Each country will ship the other goods worth $70,000,000, while expital goeds such as hotvy machinery will be covered by a supplementary $30,000,000 agree- ment, the report sald-United Press,

U.S. Cotton Exports

New York, July 5. “Raw cotton txports by deiling- Hon as reported" in bales by the Now York Collon Exchange for the 1952-53 season 10 June,20 were as follows:-

Briles

Continent

Orient

Canada

tinters

Linters

Jinters

Total for season Including

Tutal for season

excluding

370,199 141,930 83,113 322.351

*****......................... 12,043,418 Same period, fast year in-

cluding, inters 15,000,045 Same perind."last year, ex-

cluding inters

5,467,045 United Press.

RICE EXPORT ALLOCATIONS

Washington, July 5. The Agriculture Departmen announced today that rice export allocations totalled 2,951,000 bags for the period of July 1 through December 31, 1953,

The allocations, are of 100-

bags

milled

rica allocations in The thousands

of bags are: The

of Department

for Defence: Korean military supply 1,000, For Korean civilian relier 1,000,

Others

Cuba 3,950.

valent.

were:

2,400. Belgium and Japan

Luxemberg 30. Other European countries 15. West Hemisphere count:jes (excluding Cuba) 160. Middle Ent arcus 70. Indonesti 800, Korva 200.-United, Press.

Rubber Futures

In S'pore

Singapore, July 4. Prices of rubber futures closed

lodny as follows:-

No. I rubber Der b.

July

August

September

No. 2 rubber per lb.

No. 4 rubber per

No. rubber per lb,

Ore

Hlankal erena

Apot rubber unbated

No. 1 pale crepe

Inited Press.

FREIGHT SERVICE

Leaves

Europe-Halled

itongkong

July

For

Јарки

,Europe-Nailed Purope Sisted

23-24 July

Заран

29 August

Japan

Hongkong

For

18 July

+

"COURSEULLES”

Leaver

Keelung-2 August

1 August

..Keelung-1 August 20 August

3 October

↑ Salgon, Marseilles,, Algiers, Oton, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Bubject to change without notice.

October

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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NEXT SAILINGS

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Aug. སྐ

JP Boy A-10

July 17

ARRIVALS FROM U.S.A.

tu.V IT. V.

"THEN MACHER"

July

"

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mi..

.34 July Aug.

A

"OĻUF MAERSK”

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Bullding.

Tel. Nos. 36066-9

Chinese Freight Booking Office, 27, Connaught Road, C.

Tel. 20461

Dales and rotation subject to change without notice. At berly to proceed via other porta to load/dlicharge cargo.

EVERETT

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"BRÅDEVERÉTT

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July 18 front Monilo.

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"REBEVERETT”

Arrives Sails

July 26 from Singa

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July 7 for Кове

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EVERETT STAR LINE

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

LAO

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July G

for Kobe, Osaka, Nagoya & Yokohama.

Salls

"THAI"

Arrives Sails

July 11 July 12

from Takao

for Singapore, Port Swetten- ham; Madras, Bombay, Karachi,

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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