1953-07-21 — Page 9

MESSAGERIES,

P.O. Box 62.

Queen's Bldg.

Outwards

M

THE CHINA MAIL, TUESDAY, JULY 21, 1953.

MARITIMES Australian Decision On Outlook

M

PASSENGER/FREIGHT SERVICE

Leave Marasites

"LA MARSEILLAISE" ↑ 10kr

**VIETNAM"

Homewards

*****17 July

"FELIX RÓUBSEL“ 25 Ju

Hongkong

For

Z-4 ADE. - Saigon 9-11 Aug.

Yokohama

Dus Marsellies Via

Lep tongkang

25 Avg.

27 ADE.

24 Sept.

LA MARSEILLAIBE" 4 August "VIETNAM" .......22 August

Dianila

Balcon

Gatgon

via Marcilles to all Mediterranean & West Africa poris. via Djibouti tó Madagascar.

FREIGHT SERVICE

Leaves

....Europe-Halled

Outwards

"MEKONG"

********、 Europe-Sailed

"COURSEULLES"

Ifumewardi

Leave

**SILVERSANDAL"

"MEKONG"

"COURSEULLES"

Wongkong

For

23.14 July

31 August

Hongkong

Japan Зарав For

..Keelung - August 4- August Keelung-19 August 20 August Keelung 4 October 8 October

Balgon, Marseilles, Algiers, Oran, Tangiers, Casablancs,

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

M.V. "FELIX ROUSSEL"

will anil for

MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ, PORT-SAID

on

Saturday, 25th July 1953 at NOON

EMBARKATION:

BAGGAGE:

Passengers are requested to board the vessel between 9 und 11 a.m. on Saturday, 25th July.

cabin

Baggage room, hold and luggage have to be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gate, Canton Road entrance) from 9 a.m. to noon, and from 2 to 5 p.m. on Friday, 24th July.

CABIN BAGGAGE: cannot be accepted on board before

to

embarkation time. Passengers will therefore have collect their baggage from the godown between 9 and 11 a.m. during which period cabin baggage may also be re- gistered.

Consumer Goods Import Meets Criticism

(BY SYDNEY S. GAMPELL, REUTER'S FINANCIAL EDITOR) Both official and commercial quarters in Britain welcomed the news that Australia's latest import relaxations are to become effective immediately. They were less happy about the extent of the relaxation on consumer goods.

Banking quarters said that Australia could obviously afford the relaxation now.. If wool prices stay up, she should easily be able to afford more later.

Financial officials remarked that as recently as June 9 the Commonwealth Prime Ministers, in their meeting after the Coronation, called for progressive removal of restrictions on trudo over as wide an area as possible and especially within the Commonwealth and the sterling aren.

HOPE FOR

PEKING

TRADE

The nouncement

The

Australia, acting on July 3, only by being Australia's biggest has been spoedy to respond. After supplier and by having been the her very severe import culs in worst sufferer from last year's March 1932, which were only cuts. partially removed last December At, even now, less than half of and last March, she had scope the cuts on consumer goods have for a quick responstriction

been rescinded, Britain wil not import

an- regain nearly as much as the will release about lost. To the extent that Ger- £49 million

sterling of Aus-many and other countries have tralian business

to the shared become more competitive since among all supplying countries March, 1952, even Britain's other than the dollar area and relative share of the regain may Tokyo, July 20.

selective relaxations be smaller Japan.

thon her share of Local manufacturers of on imports from Japan, to be last year's loss, spinillea and weaving machines

shortly, announced

will be expect that an armistice

NEARER TO GOAL in additional Evidently one Koren will open the way for the Australia's objective is to

buy

For Japan, the Australian' re- resumption of trade with Com- more from those who buy from laxations

further the munist China, trade reporter Bild today.

Like

sterling area's objective of trying last year's cuts, the

to relieve Japan's present The manufacturers, however, relaxations do not discriminate

shortage of entertain uttle hope for any between sterling and other non- they further Australia's objective sterling. Specifically substantial business with post dollar countries. Germany or any of helping her good customers, WAS

Korea as no large spinning

non-dollar country other

can since Australia counts on Japun industry ha

has been developed in compete for the extra business being a good customer for her that country as yel

level terms with Britain.

prime export, wool. Communist China is the leading would be the biggest beneficiary Meanwhile, they consider that Irade official said that Britain potential market with the

currently estimated

spindleage

of 4,451 units consuming some

2,922 bules of raw colton an-

Passengers are requested to note that ALL BAGGAGE must be re-nually China's cotion con- gistered as prescribed above,

Compagnie Des Messageries Maritimes Queen's Building

Tel: 26661

EVERETT LINES

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

"REBEVERETT"

Aniver

Salls

July 20 from Singapore,

July 29 for Kobu & Yokohama.

"LENEVERETT"

Arrives Satta

Aug. 3 from Manila,

Aug. 4 for Singapore, Penang, Rangoon & Calcutta,

(Accepling cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, lado- Chinu, Stam, Malaya, Colombo,

Bombay,

Karachi and Persian Gulf Ports.

"STAR ARCTURUS“

In Port Loading

Sails

Arrives Sails

sumption is greater than that of Japon which consumes an esti mated 1,700 bales.

about

British

A

Trade Talks

With Iraq

+!

For

+

essential imports, the rise from 70 many of Austraila's.

to 80 per cent of the base year

will amount to substantial liberalisation. It las much less than 80 per cent of the rate at which Australia was importing In 1952, but that was an abnormal

rate. In present con- ditions the 80 per cent baals will probably mimit as much as Aus- tralian Importers would want to buy in most lines.

For consumer goods, the rise from 30 to 40 per cent of the base year adds 33 per cent to the size of the market. It is double cent basis prevailing the 20 pe.cont

The manufacturers point out that while China's spindizage is smaller than Japan's, her con- sumption is fur greater. They also point out that

six per cent of China's represents hand-spinning.

China's spindleage

London, July 20. They, therefore, co

contend that

Anglo-Iragul trade and finan- Chino Chould hayt; a spindlegge cial folkewill open here komperos of "between 8,000,000 to 10,000,- when the economic committee of at the beginning of this year. 000 to meet its domestic require the two countries set up fast July But 40 per cent of the basic ments and being dill unable to loks its Arst in Minister than 40 per cent of the orgy rate year-which means much less produce spindles, China would, Dr Dhir Jaffar, Iraq's jake a substantial amount offor Economic Affairs, who at which Australia machines from Japan as

the arrived here by air from Bagdad porting curly in 1952-is, at best, Japanese price is estimated to on Friday, will lead his country's only relatively generous.

In lines where the Australian be cheaper than those of Bridsh delegation.

The Committee will examine market is starved and the Aus- origin. Red China is currently

costs

the morc, getting spindles mainly from questions concerning Ing's mem-tralian article

bership of the stering area, an extra import licences for con- East Germany -France-Press.

suthoritative source said.

goods sumor

Grain

Prices

In Chicago.

Chicago. July 20. Prices of grain futures closed today as follows:-

Wheat-(No, ‚2, red, per bushet ini

cents).

1942

Sput July

201-2001

20074-75 21116-4

2111ushel in

1591% 159-130

Corn-1No. 2, yellow, per

cental.

Beplanber

December

March 1954

May

Spot

July

September

December

March 1954

amount

was im-

to an

It will review Iraq's balance endowment and will be fully of pasments with the sterling used. But in some lines, In- area and examine trade prospects (cluding perhaps watches, where between the two nations.

stocks are still large, Australian Iran, rich in oil revenues. Importers may not want to take begun

long-term economic even 40 per cent to their base- development projects and import

year imports. programmes- and these schernes will be discussed by the Com- mittee-Router.

WELCOMED IN UK.

Sugar Prices almost all

World

In N.Y.

A Board of Trade official said he felt confident that these re- laxations, would be welcomed by British exporters, since Australia has long been Britain's biggest market.

of last Like the relaxations February (which, were the same size as the new relaxations, the New York, July 20.

extra £40 million sterling a year Number Four close of business is useful rather than today unchanged to three points higher with sales of 144 con- far-reaching. During her import tracks, Domestic Number six orgy before her cuts of March. May

140

two points 1932, Australia was taking £35 were unchanged to Bye-Price per bushel in cents). July

1301% bid

higher with sales of 288 con- million sterling of goods from

Britain alone every month! September

33315-134 Qat-(Price per bushel in cents).

In February It was said in 7436-76

Firmer spot basis was reflect- September

74-7412 ed in both contracts with domes-London, that if those were all the

relaxations

Australia's Turley-Price per bushel in cents), 1 tic deliveries 'drawing addition-

năm. Spol

New York flour, 200 tu. sack, 913.20. al support from a 10-point rise réserves enabled her to offord, then they were all that Britain -United Prem,

in the wholesale price for re-

Under- could reasonably ask. fined sugar. Prices were:-

mining the balance of payments Contract No. 4 (world)

of a sterling country undermines that of the storling area as a 3.54 nem. whole,

July

July 21 for Naha & Japan

July 29 from Japan.

July 30 for Singapore, Port Swetten-

Penang, ham,

Madras, Colombo, Bombay, Karachi, Khorramshahr, Basrah

Dalrein.

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

tracts.

3.01 bid 3.65

3.50 bid 3.49 bid

&

Wall Street

Declines

Sept. Oct,

March

Jan. 1951

BAY

July

351 bid

Bept.

3.31 notn.

Spot-fcents por 1b. fo.b."

Cuba)

1.00

Contruct No. 0 Spot-(cents per b. cf.

NY ex-dock)

5.03

.

5.94

3.05

EVERETT STEAMSHIP CORPORATION S/A Quoen's Building, Telephono 31206,

· Chinese Department: Telephono 28293,

BUSINESS REGULATION

ORDINANCE 1952

Copies of the prescribed Forms (a); 1(b)) and 1 (c)':

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

· HONGKONG AND KOWLOON.

TEN CENTS EACH

Car

New York, July 20. and allied

shares led

July Bept Was Nov.

the stock market tower today..

Selling in these issues

a March 1954 ket off by publication of

July survey quoting car maru-

Bept, facturers and dealers as saying on Nov. adjustment was nearing for the Industry. Sales of the

day totalled 830,000 shares.

WES down

Du Pont

despite favourable earnings

report..

1

There were

267 gainers out of the 1,042 Issues traded,

A

total of 821 declined and 254 held unchanged.

30 Industrials

that

Though the new relaxations aro additional to the February oncs, Britain would certainly like

more.

LOOKS SMALL

When import cuts imposed In a balance of payments crisis are 3.30 nom. partially retained after the crisis is over, they come to have a 5.83 nom. 574 nom, protectionist and political bear- 5.00 nom. ing.

5,58 bid

United Press.

London Foreign tering a year are not large in

Exchange

New York MontreRİ Dow Jones closing averages:--

200.74 Amsterdam

Dārzamela 105.48 Palo...

49.01 Zurich.... 105.80 Copenhagmi

20 Rails

10 Utilities

US Stocks

40 Bonds

Comm. Prices Index

Paris... 04.77 Stockholm 189.03bcbse-Mack,

Blocked Mark

United Fress..

SUSPENSION OF IMPORT DUTIES

Washington, July 20

London, July 20.

2.8115-2014

Australia evidently recogniser this, and is acting "progressively. But relaxations of £40 million

the rate at comparison with which Australia's reserves have beon rising in the past year. If wool stays. up, they may only brake the

of increase rapid rate in Australia's sterling balance. 2-78 15/10-2.18 1/16 In particular,

£40 million 10.8735-10.581%

small in comparison looks

astonishing Australia's turn-round to a bumper export surplus of £200 million sterling in the financial year ended June 30, compared with her ruinous import surplus of £302 milion sterling in the previous

14000-140,10

1953-193434.

124 10.349 02052-07814

- 14.5139–14511 .11.09%-11.40015

19.00-19001

Uplied

NY Cotton Futuras

Prices of eation Datures closed Prices New York, July 20 The House today unnellmquely today as follows: approved leglainaion to continuo suspension of import duties on metal scrap, except zina, kad lead, until June 30, 1954,

The House also approved a bill to suspend import duties on bauxite.Unlied Press,

Dec.

2034

34 sinom. márpet

12

the whole, however, opinion în, the City of, Landon does not dissent from Bir Arthur Fadden's policy of progressive relaxation. Where, na in Australia, Internal costs are believed: to be above the

world level, the chilly blast

of Import competition con only.

34 som be admitted gradually. It takes worms political courage to admit It at all-ileuter

In Australia

There is concern about the capacity of Australion industry to compete with oversen goods in the home market, and, .In come cases, to compete with the products of other countries in export trade, states the "Guar terly Survey of Australia and New Zealand Bank Limited in an article on

look in the Present Oul

The

The Bank Stye:

trade has hesitancy in retail been accompanied by dull Stock Exchange markets, Prices and costs in Australia have been rising rapidly. They have now reached a vel at which is concern about the capacity of

Australian inslustry to

with overace goods in the market, and, in some

ine

D

export

ན་རྣ

Page f

SHIPBUILDING INDUSTRY

IN BRITAIN

}

Two Contradictory Views

Mr Wingfield Digby, Civil Lord of the Ad- miralty, said in the House of Commons that the is in a very British shipbuilding industry prosperous position.

The Industry has four years' work on the order books and anyone who takes a different view, like Mr F, T. "Willey, Labour member for Sunderland North, who brought the matter up, is taking a too pessimistic view of the situation, according to the Civil Lord.

But as the chairman of Lon- don and Overseas Freighter Ltd., pointed out recently, order books can be emptied over night. Even if they are not,

the

of A trend; they de- shipowners are

Compete with the products of

other countries in trude. Latest evidence of the Jatter 13 afforded by

by.. butter which is meeting strong com-important point is that present petition

from oversea butter cancellations while not perhaps producers In

important in themselves, are in- some markots" In regard to the balence of payments, the article sounds warning. "O whole. ng the during sult Just ended have been satiz- factory and have eased the pressure on Australia's balanco of payments after the heavy import bill of 1951-82. It must be remembered, however, these satisfactory

financial year

to back their words with deeds and mean what they Bay when they tell their share- holders that ships are costing too much to build.

Price

Levels Queried

London, July 20. Mr Philip Nocl-Baker, a former Labour Minister,

It must be remembered that said today that fluctuations shipowners are caught in

an in the price of rubber and economic squeeze between the have

that

been achieved during a period of high export prices accom- restrictions. panied by import Australia's balance of payments has been preserved

theso by favourable circumstances." IN NEW ZEALAND

"Buoyant oversca trading

conditions, accompanied

"develo high level of works activity, bave

by

F

to exert a degree of inflationary pressure in the New Zealand economy." states the "Survey,"

It points out that although the inflationary effect of oversea

trade "was offset to

by the fall in advances extent

there ·was a net

not inflationary tendency in internal monetary conditions, as evidenced by the rise in trading banit deposits from a low point of ENZ.244 million in August, 1952, to March, 1953.

NZ:200 million

succeso other British territories.".

Mr F. Willey (Labour) had asked in the House of Commons what action the Government had taken to secure Internationa agreement on the price of essen Ual raw materials.

rising costs of replacement tontin had been "little less than nago and slumping freight rates. disastrous to Malaya and No businessman,

however his intentions, con continue in business by paying more and more for something which earns him less and less They are not cancelling orders to frighten the shipbuilding in- dustry; they are cancelling them so that they can profitably stay in business as long as possible. The cancellations are brought about by purely economic con-

aiderations.

sent

the

them-

Sir Arthur Salter, Minister of Raw Materiala, replied that the United Kingdom took an active

andi

part in International discussions, such as those which had recently token place in regard to tin rubber, designed to reduce fluctuations In the prices of raw materials.

Now, as the Civic Lord of die Admiralty pointed out, the pro-

cancellations, in solvica, #re quite negligible Mr Willey asked the Minister when looked at in the light of to disregard irresponsible state- full crder: books. But ments made by certain Tory although the actual cancella- members on 'tlifs important tlons are small, there is also amatter and to pursue it with decline in the amount of new great vigour because of lis orders being placed and, in tremendous Importshee to addllloh, there 16 ample British industry.

evidence that shipowners, in their present unhappy position, are wary of placing further new

"All this is evidence of Д continuing high løvet of activity

states the article, "But it also points to the vul-orders. nerability of the New Zealand economy under existing condi- tlons. Export income is high, but

Imports are restricted.

There can be no lasting satis- faction with

New Zealand's progress while import control remala in fores. The retention of such controls in a period of heavy exports at high prices raises doubts about the degree of pressure upon New Zealand's balancz

which of payments could develop if export markets were to become considerably less favourable. The sooner the economy is placed on * basis enabling import controls to be removed the more satisfactory will be the long-term-outlook for the Dominion."

HONGKONG SHARE MARKET

(From Our Correspondant)

Business Bone on the Stock Exchange. this morning amount- ed to $803,100. Noon quota- tions and the morning's trans-

SHARES BUYERS SELLERS BALES

DANKS

HK Bank Eri AZA INSURANCES

Canion Union HK Fine SUPPING

.. 1320 14:0

Aata Nav.. DOCKS, ETC. K. Wharf

Dock Provident

150

4

703 200

143

1.43 1.03

10 1020

13 243

200031

400 85%

121 2900 13,30 500 1250 100 12.20 S'ha Dock Whonlook + 0.25 0.50 1000

LAND, ETC.

HK Hotel.. 7.35 0.05 2000 4 8.03

409

8.00

8.05

HK Lohd S'hai Land 1.511 13 1000 1.00

3000 1.0 Humphreys, 101% 10.30 500 i 16.00 UTKEELES..

Tram

25/10 23.30 1000 € 25.30 1303 20.20 -J. 2007 ©

(2000 1 225 280

Trem Teatr Light (0) 12.40 12.00 1000 # 121%. 3:00 12.00

C. Light (V) Electric... Teleprene INDUSTRIALS

Cement

Пора STORES

for

come.

Sir Arthur: "You will no doubt recall the recont . dia curatons in Copenhagen about rubber and the discussions pro- jceeding about tin which show, I LITTLE DOUBT

think, that we are actively pro- The point is that no one Is seeding to deal with these prob saying that the shipbuilding In-[iems".

Mr Burden (Conservative) dustry is going to go into a re- cession or a slump next week or asked the Minister to "give very the work after **

consideration to this eyen terlous many months to

matter before you commit this But if things continued to go as country too deep, as it may well

be that they are at the moment there

Inter- agreements according rationally arrived at might react can be little doubt.

some

observers, that the to the detriment of this country the whose labour costs are so much shipbuilding industry is on point of entering one of its higher in comparison with thele cyclical periods of depression. competitors."

NO HASTE These observers say that full order books may protect the He added: "In many casca industry, for several years, but private enterprise could buy raw

better if the orders are not replaced on materials at prices than the books at the same speed as is done at present"

prices

on-

"I hope the Minister will do. all he can to secure these kind of agreements," Mr. Noel Baker

has said:

Replying,

Sir Arthur Salter id: 1 don't think you need

said:

they are taken out and fulalled, Mr Noel Baker asked the then eventually the order books Minister of Supply to bear in

mind, in his discussions are going to be empty.

was reported, The City, it

this very important matter, that worried about the fluctuations in the of appeared rather the Latest cancellation. Be- rubber and tin had been little cause rits IN costs had put less than disastrous to Malaya another 20 per cent on the con- and other British territories. tract price of one of two 11,000-ton cargo-passenger ships ordered by the Pacific Steam Navigation Co., the firm cancelled the order for one of the

ships. As Mr Willey pointed out in be alarmed that there will be a the House of Commons, tonnage hasty rushing into agreements started in Britain in 1952 was wilbout adequate consideration. 292,000 tons less than in the t I entirely agree there is a com previous year, tonnage launched mon interest between the pro- 29,000 tons icts, and tonnage ducer and the consumer completed 20,000 tons less. At necessarily to make prices higher the end of the year tonnage unor lower on the average than der construction was 84,000 tons had been the case but to re-

the previous year. duce fluctuations." less than

asked the Minister he said, showed substantial in-servative). ercases in those categories. New to take note of the fact that orders amounted to only one Great Britain's refusal to sign third of the mumber placed in the International Wheat Agree- the provious year.

ment had led to a fall in wheat prices, Bir Arthur Salter: re- plied that it was, "at present a little premature to see what the consequences would be"-Bou-

not

Japan, Germany and Sweden, Sir Herbert Williams (Con-

MANY FACTORS

of

And in the first quarter this year new orders amount fo enly 170,000 tons comparrit with 482,000 tons in the correspond Ing quarter last year, Output

in Britain lett year, Mr WILEY complained, was the lowest for 30 years.

Viewed against this

ground the

back-

cancellations` tako a more ominous note: The

ter.

Rubber Market In N.Y.

New York, July 20. Rubber future allowed

Times, for instance, reported conged to nine points higher with antes of three contracts. that on tho Clyde

acted to WE While higher cables cellations have offset nearly restrict offerings, buyers con two-thirds of this new orders must to mark time.

coming in. Another factor is

Dealers reported a dorment the intensification of the lack situation in Bae ductory demand the shipyard for pot rubber Spot number one

100 13.00 12.50

77.10

UF 21.00

300 sq.18.00

of balance in

work.

2.10 21.00

20.00

1500

rk. While the bir

of tankers, liners and specialised RSS held at 34143 cents per 1. vetsels have their berths book-uros closed as follow 2.30ed-for-several years ahead, the Dec.

30 yards which build the general- purpose, dry-cargo chips, are not so well placed. And it nearly to is on them that the burden

265

Watson COTTONE Ma Evro

2,70, 6.60 2900 2 1054 MISCELL

Tangisor, t01 -6.75 2000 €.80) Yangtze (13) ; 0.00

-

Beot

TAG

May

Bapti

of

cancellations is only fen one can say how deep shallow the recession is to be but observers be

how

likely

Exchange Rates llave that it is. Incontestable

i

practically

United ProPE-

JAPANESE BONDS

ondon, July 20,

Japanese bonda

un 158. "D" (5%, of 197

ME"! (51⁄41⁄28. of 1930)

60%

-Unite

Business was done in the local that come decline in shipbuild- unaliciais, exchangoli märkqke this, 'ind activity in a few years in morning at the folOWNING, ENLENDALE

névitable. How WE delive: (per ellige Sterling hole por

great this decline will be don pends on many factors, not least on the competitive powers | Consola

#2180

?

Bingapore (Biruits).

10.00 Indonesiays guilders (per 1001 2000 Blam deals Ther 106) ***

112

FIC plastres (per, 100).

of British yards.--Beuter,