MESSAGERIES
P.O. Box 61. Queen's Bldg.
Outwards
M
Tel:
THE CHINA MAIL, MONDAY, JULY 27, 1959.
MARITIMES SECOND ECONOMIC CONFERENCE Empire Leaders To Meet In Canberra Toward End Of This Year
M
PASSENGER/FREICHT SERVICE
Loayri Marzelişen
"LA MARSEILLAISE" saheg
*VIETNAME
Muttédi
...at July
Hongkong
14 Kij
1 Aug.
To
Nalgon Yokoham
20 AGE.
Leaves (langkong
Bdë sasitum
vi
ง
at Aug.
14 Hupt.
20 Sept.
.អ៊aron Saled
"CAMBODGE"
Iinmewards
"VIETNAM
........ Augart
"CAMBODGE"
21 Aug.
"LA MARSEILLAISE" 4 Augait
Balgon
via Marseilles to all Mediterranean & West Afriód póřlä, via Djibouti tó Madagavodi.
Outwards
"COURSEULLES"
HomeWards
"MEKONG"
"COURSEULLES”
FREIGHT. SERVICE
Notghong
Europe-Sailed
31 August Bengkong.
LORYCI
*SILVERSANDAL" .... Keelung— 3 August, 4 August
•Kenlung-19 Auguit To August
Keelong 4 October 5 October
For JADAZI Jar
·
*
1.
Sáizon. Marseilles, Algiers, Oran, Tanglers, Casablanca,
Le Havre, Antwerp, Rotterdam & Dunkirk.
Subject to change without notice.
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong,
“REBEVERETT"
Arrives Salls
July 31
from Singapore.
Aug, 1 for Кове 8 Yokohama.
"LENEVERETT”
Arrives Soils
AUR 3 from Manila.
Aug. 4 for Slagapore,
Rangoon
(Accepting cargo for transhipment Kobe/Pusan and Robe/Okinawa)
Peepng, Culcutta,
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porta
LAO
Arrives Sails
July 20 from Japan.
'July 30 for Singapore, Port Swetten- - ham, Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Basrah & Bahrein.
"STAR ALCYONE”
Arrives Sails
Aug. 21 from Singapore.
Aug. 22 for Naha & Japan, (Accepting cargo for transhipthent Kobe/Pusku andKohe/Okinawa)
EVERETT STEAMSHIP CORPORATION · S/A Queen's Building, Telephono 31206. Chinese Department: Tolephone 28293,
Production HONGKONG
Of Silk
In Japan
Tukyo, July 20. The production of machine reeled silk. during June iotalled 12,654 bales ngminst 14,171 bales
SHARE MARKET
(Fram Out Cortcipondéfit)
WORKERS
Convertibility Of Sterling
CALL FOR The Main Talking-Point?
ASIA TALKS
Kuala Lumpur, July 20. A resolution urging ari Aslan conference of rubber workern Will be, tibled för discussion at 'the, 10h annual, delegates' con- ference of the Federnilen of All Malayan Estates Staff Union here on Sunday.
The resolution calls for the Malayan Trade Union Couneli to Invite Asian regional organisa- tions. It says that international action by plantation workers in needed to and ways of stabilising The price of 'rubber and to
Bre vent deterioration in the employ- ment standard of plantation workers in Asia,
(FROM OUR OWN CORRESPONDENT
Arrangements are being
The details economie conference. understood that the meeting will be the youf.
London, July 20. made for the next Commonwealth have yet to be worked out but it t
Held in Canberra around the turn of
There are strong reasons why it has been decided to hold the next conference away from London,
In the first place, several members of the Commonwealth feel the United Kingdom Government is in a möts favourable position to press its own point of View when these conferences äré, đỡ to speak, kold on its own front doorstep.
is to survive as the basic factor bales
adds that
Sho
Raw Cotton For Japan
The annual report of the Federation of
Main- An
Tokyo, July 28. yan Estates Staff Union, says
The Ministry of International П "full-blooded" Inquiry
is Trade and Industry announced necessary if the rubber Industry today that the import of 170,000 of raw colton is being i Malaya's economic progrčas. | planned for July-September
FAMESUperiod. Council is fully cofivinced that A total of 190,000 bales valued the problem of the industry is rationalism and not nationalism, the dollar area
at US$27,775,000 win come from while the to 20,000 bales worth The
rubber industry in maining, Malay has not taken full US$1,850,000 from sterling area The Ministry explained that advantage of modern methods in administration, equipment and the greater allocation for dolar efficiency," said the report.
cotton was made considering the declining sterling holdings dollar, cotton will come from the and sterling cotton from Egypt,
India Burma, Pakistan,
and the Uganda,
announcement said.---France-Presse.
In fatinées 1f 14 felt the talks. And once the later began to saculd take place in th: variotis tage hold that the more power- Commimweatift cspitals in tuen, fuí méretén, at the area word trying to impone their will on the The Australian Government is weaker ones the pond of mutual reported to share this feeling, interest in tutes the sterling But, in pfter ng fonet as host countries to a single morietary to the Coumonwealth Fignée bine would Ministers in few months time, break. it has stressed another Im- portant consideration:
abor forsett and
To turn 18 the agenda for the next Commonwealth conférénée, there can be little doubt dit, the Finance Ministers will contintie the discussions gierted met year on the means of achieving con- Australia in vertibility.
The Austreitum Ministers could hardly be expected to travel to Londoff in December of January and return me time for the Queen's visit to February
They have, in any case, dong their fair share of globe-trotting. Me Menzies the Prime Minister, has been to Britain three times in the past 12 months, and recently returned from another trip-this
"The industry Is sull run on a The Holted States, Mexico: Bm to South Africa.
laissez-faire policy and the number of middlemen enjoying the fruits of shareholders and workers is numerous," concluded the report United Press
Exchange Still Dull But
Undertone Better
There has, however, been a marked change in policy since the "plan for sterling was announced last December. A more limited form of convertibilky than that envisaged by the Prime Ministers is now under consideration.
This does not mean that the Prime Ministers' "plan" has been dropped but simply that the
The Australian Ministers quite rightly feet therefore that
is time their Commonwealth Commonwealth colleagues Came to them.
WHOLE FIELD
Unlike previous Commonwealth economic conferences the next moeting will not concentrate on any, specifie problem but will the whole Beld of range over sterling area policy.
This does not mean, however, that the Canberra talles will be any Itas Important than those held in Lendon since the war.
that Despite iticism
|
has recognised the danger of going ahead, with its original intention until the American foreign economic policies are ckrided.
British Grants To Colonies
The United Kligdom has tindo grants to the Colonien since 1990 totalling nearly 2911 milion.
That thelgaesm estarafé ornate milton for the present
nhancial year and over. E01 million promien for the filine, Details of thede jämnd mid grants Were given by the Colonial Secrétäfy,,, Mƒ Oilvet Lotto; If Farlimentary wrillen reply.
Page
Burma
Rice Problem
Rice is not one of those commodities that domimite world trade or disturb In- térnational relations, like wheat or rubber; but in South-East Asia it is often crucially Importanta...
The
exporting countrie Burma, Indo-China, Slam-have ameully in dispesing of their not, since the war, had' any.
export surpluses et remuneratlys
prices. On the contrary, the im porting countries-india, Ceylan,
Indonesia and Malaya-have been hard put to it to buy what they nerd.
The pressure has been on the exporters to increase their t put which, in many countries, 11 inge behind prewar He said that in addition to New utes of ex-
have direct grants and gifts, other
tapped: farge sunt had beda (tonsferred
Chind (ezily a marginal exporter from Briffh, public funds to the
before the war), Egypt and the Blafes are now net rico United Colonies. Theid, insjudet loans
exporters. A técord world pro- to the Colonial Development
duction of 367,000 million pounds, Corporation and advances to the
-six per cent more than last year, Overseas Food Corporation.
has been forecast.
Trusted stock tomi Falsed by the Colonies in London rince 1920 added, & further 2220 million to UK. capital "exports" to the Colonies.
In Burma, where rice is growi on 00 -per cent of the cultivated land, production and the ex- portable Surplus have been climbing back to prewar levels, Thế Cólónial Secretary's stale- | The Burm rku not only on its economy is heavily dependent on
gind principal product, source of foreign, exchange, but alsa for public finance.
Colonial
or
ment shows that Development and Welfare promise actually made Promised, account for over given by the United Kingdom to half of all Ariancial, assistanck
the Colonies since 1920.
WAH COMPÉNBATION Including the estimate for the current year, and the further #hount promised, these grants have totalled £140 million since the end of World War II. This compares with less than £20 One of the objectives laid down million provided for Colonial December conference, dovelopment and welfare in the at the
plready been period from 1920 to 1945. however, has
Most-it not achieved.
Other giants fiave included sterling countries have succeeded nearly £38 million in ald of in correcting their adverse Cofonist administration, £20 balance of payments,
.
all-
million to Malta for wor
A decision must soon be taken damage, £25 million for in- on the next step.
fernal security in Malaya, West Africa and the West Indies, nearly £21 million for wor damage compensation in the Far East, and £19 million to meet the cost of maintaining Forces in Malaya,
Nearly a fifth of the revenûes of the government come from profits of the State Agriculture Marketing Board, which profite by selling Burmo's rico exports it abroad at a price higher than pays to the farmers. Any set- back in. foreign sales of rice is thus doubly unpleasant to the Union of Burma government. DIFFICULT PRÓBLEM
indicate that Recent reports Burme is feeling o dificult problem in disposing of en export surplus of rice estimated to be 1.5 milton fons lu 1953. So for inter- governmental contracta have been tranged, for the sale of 900,000 tons, but no obvious market for the balance is in sight.
The government does not want to accept lower prices which would probably súlva thei problem of the surplus primarily because it would be extremely embarrassing to the budget, The Minister of Agriculture, Takin
appealed to Kyaz Dun, farmers to store their rice until the government is able
to straighten out the price quios ton.
has
There is a growing belief that
HIGHT TIME should get the Commonwealth togethermore, ofier to discus
Much will depend on the course economic policy. The Prime of events between now and the (From Our Own Correspondent)
Ministers spent only one day dis-end of the year, but the con- tussing economic affairs when census ds that conditions will be London July 26.
they met in London after the right when the Finance Ministers Smaller sums went to aid Stock Exchange business was again on the Copma between, year win ve mbet for a further advance along reconstruction and rehabilitation
jolapsed
the lost full the road to convertibly In the Colonial terthorles after quiet side last week but the previous week's im-conference and the next.
The Australian Prime Minister the wat and to subsidise food,
Besides suppyling, direct 4- proved tone was maintained.
thé | Has ntreasty put his own thoughts
alatance to the Colonies, the thà subject
record.
Kingdom htt Finance Ministers set too - ohl
so frequently to really understand Sterling convertibility he said, United
20 Meairwhile, in the search for à to convenient whipping-boy for each other's problems; the United would oily be possibre with the waived claims amounting
thon more
23 million, in Burma's preveni misfortune, no encouragement to those who would be useless to have con respect of lens
support of Western Europe as it
under the ophion has hardened against the Development and Wel- United States. want it to tako the initiative in vertiblity if there were
Colonial Uni forming a permanent of ganisation portunities in tute for, a fare Act, 1940, the
cost of
The Burthese claim that thờ United moltary administration in the
to States is planning Far East, and other Colonial
cur
markg abfiles to the United. King presumably hs. Heelt exporting rice to South-East Asin with the object of bringing Burma tito the American sphere of In luened.
Features of the market were the opening of dealings in the new English Electric debenture stock and the result of the Government's conver sion offer to holders of 211⁄2 per cent National War Bonds 1952-54.
--The--turnover-in-the-new-flouching... now peaks-for.... the English Electric stock on the year. first diny of dealings was Estimated at between £750,000 and £1,000,000.
Among commodify shares rubbers staged rally on
tho
Kingdom Government has given
to
co-ordinate Commonwealth
CONVINCING COUNTER
économie policies on a day-tock market to flourish. day basis.
This is in line with Professor Roy Harrod's view that for a dom start, sterling should be made Into dollars tot The call for such an berkhisa-convertible news that the United States Istion was taken up by the official third party" countries-that is, A premium of 214 was estabusing more natural rubber. Opposition during the recent de-those outside the United States ished ont this has since
bate in the House of Commons on and Western Europe. widened to u, 27% premium.
United Sus Betong, acknow-Coloniat development. ledged market leader, cathed Govern-1/9d to 35/0.
Was mdr-
The result of the
offer ment conversion
the closely in line with ket's expectations.
Holders of £307,000,000 of 1952-31 stock accepted the in vitation to convert at par into
a corresponding issue maturing in 1954-05.
This would entail, among other Their spoke man, Mr Shinwell, Ungs, continued 'discrimination! economic against dollar goods and exten- suggested that the But tins were again in the advancement of the Colonies was sich of the European Payments doldrums, reflecting the further as much a matter for the other Union machinery; which makes fall in the metal price.
Commonwealth countries do it Europian currencies mutually
convertible. Gold shares Improved when i was for the United Kingdom.
They ought, he said, to be con- It is not suggested that this was learned that the South
icenselves is the courso the Finance African budget proposed no new stantly concerning taxation on gold mines but this with this and other aspects of Ministers will adopt, But it is firinhess was lost on Friday economie policy through a Cornean Indication that the converti It is believed that the depart-when investors decided that monwealth economie coumelt bility debate is will very much
pre-sitting by London, menis participated heavily in some of Mr Haverga's of ed to $911,000.00. Noon quola-this Agriculture and Forestry Ustions and the morning's trans-holders are estimated to have effect on gold mining costs.
conversion but outside posals might have an adversá actions:-
converted about £175,000,000 The June figure mainly re
SHARES BUYERS BELLENS BALES of the stock. sulted from shorter working days, 22 in Jung against 24 In BANKS May, Drising out of old crop cocoon (new cocoons needed to be dried and therefore were not for immediate conaimp- tion).
in May and 12,748 boles in June
year, the
Jast
closed today.
Ministry
Of 12,054 bales, 13-15 denler constituted 1,450 bales, 20-22 denier 10,320 bales and other deniers 872 bales.
The number of flatures in operation during June, was 330 against 271 r May while rtel- ing machinės in operation numbered 39,191 or a decline of five per cont.
The consumption of eacoons totalled 10,205,108 pounds or 13 per cent less than in May while stocks of cocoons at the end of the month amounted to 41,842,- 850 pounds or an increase of six
Cent.
per
The Ministry also stated that the June export of raw silk totalled 3,812 bales including 3,141 bales of machine reels silk and 671 bales of dupion. Compared with May, machine reeled silke declined by threo per cent and dupion by one per cent.France-Presse.
Exchange Rates
Businem was done in the unomés exchange
market
› morning, at the following rates
V.S. dollar; (Det. 81).
Atring note toer 211
Indonesian gallates (per 100)
Sham tiesin (ner (100)
Bingapore (Birkits) (VIC) platts. (per 107)
local
Business done on the Stock Exchange this morning amount-
131
243
B10 B1T1
145
17
ANOTHER OFFER?
This idea is hot new and it not confined to Oppositioni circles. But hitherto the Govern- ment has always been able to counter it with convincing argo. moats..
In the first place, it is wreng the Common-
GRUMBLING MARKET
Loridori, July 20. The markets were hungry all With £413,0000,000 of un- the week for something that converted stock to be dealt with would bring buyers in with alto belleve that
by next March and £377,000,000 wide and handsome demand. wealth governments lose torch of 14 per cent scriol Funding But there was nothing. Stock, maturing in November, à further big Government funding Lob11a operation cannot be
Jayed.
HK Bank XD.1513 East Asia.. INSURANCES
Canton Union
11K Fire
SHIPPING
Waterbost Asia Nav,
DOCKS, ETC.
K. Whartno Dock
...... 21.0
2600 21.00 Provident. 12.10 13.40 2000 14 10.40 2000 Ŵ 12:30 Bhal Dock Wheelook ... 8.00 3,98 1600 D
2000 8.05 8500 ( 8.95 LAND. ETC.
HK Hotel ...10 8.20 1000 m 850 IIK Land
Btal Lond. 1.55
Humphreys, 18.00
UTILITIES
Tram
with bach other beforeën cim- Néverihelde, there was no forno. Their respective high comendadors. meet biter In long designincant selling even if there London to discuss economic and
was no worthwhile buying. It
1.
a
Just
of common ins
SUBTLE ARGUMENT
alive in Britain,
Loan Request By Taipei
Tolpel, July 20, The provincial goverment of Formos has asked focal com- mercial banks to extend low interest Joans to private indus- trial and mining centerna lacic- the necessary running capital.
In
In response to the Goverite ment's call, four commercial banks here the First Cant- mercial Barth Chang Hita Co-operative
Ficd
This explanation Ralters the State
Department's Influence, with people such as Mr Nehru and fakes no account of the the United limited expelly of States to supply the rice needs of the area. The unpleiennt Liet is that with n bayers' market emerging, the inherent Inficxi bility of a governiḥent selling orde again being cartel is Bembistratba,--The Economist.
RICE SURPLUS
Washington, July 20. The US. Department of Agri- culture reported that Burma has a larger surplus of rice for expert than had been expected. The Department said "Indiea- Bank of Taiwan long tons, and probably 1,600 reported to have put aside a 200 long tons, of milled rice total of $85,000,000 (Talwan
from Burma's, 1952-53 crop will cartenty or approximately
the State be purchased, by US$2,200,000 nt the omelas rate, Agricultural Markeilng Board to finance private industries and
for sale abroad."--United Press. business;
HIGHLIGHTS Back Hua Nan Bank and tions are timt at least 1.500.000
IN U.S. BUSINESS
are
tudy applications submitted by have to be approved by thế Committee,
In order to carry out the pro-
satisfactorily gramme
the New York, July 20. provincial
has government sort of grumbling bullish her hatfors
terest.
Automotive: Ward's Automordered a screening committe to The market has concluded, i market,
turning: OVAT.
tive Report-output of cur therefore, that prices will re- Government issues were elister,
buboer and trucks in the US. main frm.
noatly down, but they could niil there is a more subtle ar: and Canada this week Esthitate private concerns. An loans wil
higher, The conversion result, how-go.
at 176,596 tank(), compared with B176,355 (revised) the week bes Industrials there was gument against ever, was not a factor in the
ec-ordinate gill-edgra
market, •Medium Just enough burying to advance permanent body.
policy; fore,
Hitherte, the Supply Bureau tinted Government securities prices by threepence. Asociated Commonwealth economic
Commonwealth policy. In this Banking: Fodchit Reserve of the provincial government was were still for demand andere zincir cats to live sütbook in respost means margely stenting week ended July 5, 18, member ennpowered to make A efter of thes has been some interest in cor-
despite
commercial, kind, but being a policy. But perallen storks.
then is tot un "degnalation in and apricultural it was later founda atming Prom Fhowt by jarra.......
•
1.
03 400 GT Gajs
27 1800 187
4500
1,66
·37
tocol
Tram (0) 41 P Them IN) 201 Star Ferry
General
WES
Press.
Integral Part
New Record Output Of Cotton Cloth
banked July 28, Colton cloth, output in Japan with,
238,557,000
the next Ayr County Council, the
approach the buried the latter down several | the generally accepted meaning Jending cities; *— 822,631,720,600; | suited to do the job, - United | for Juke established a new post authority
$22,170,000; 9x markot for fong time, has taken shillings to a new low, Wool- of the term; it is simply a loose gold reserve: 223010002530 advantage of the recent rise of worth improved ninpence. But, association of countries who find card reserved estimated $751,- were it convenies to carry on their | 000,000,,, money in circulation: prices to raise the issue price of m
the midh,
430,051,000,000; kolding of US trade in stering. ⠀ Its
cent moderate of # £3,000,000
Government #curities: $24,- C. Light (0) 1215 14.00 5009 12.00 stock to £871% compared with
Among balika there
There are sentimental: 064,000,000; ratio: 45.0; New 6300 12.80 £90% which other corporation persistent bryd of Hongkong
York
biraketa Idar's: 13.50| CLight (N) 67% 1.0000 323 stocks have been issued in the and Shanghai Banking Cert gertainty, but it mutual be
Hatut, Cleather Dim & Brade months. 3500 4.80 past three
lesope the rferiff drew togethet In
Industrial market potato states, which word farest id hot scfillmet which 11,804,000,000, the
£1.10 £89.
Finwerk ended July 22, Decirical Issues wore hit by the Japhinese
Hold member of the car cleariners in 25 Leading Wellier bands hid, sparis- od
$18,177,262,000, – kerní disappointing results announced revity wirich derulled if Woudih bojini lỡ shay
With by General Electric whose rugged close with some puji ne the whaling, dred, L 12-1öeld
some down. South Matchurian would profits slumped £3,400,000,
bonds led Wind the of 25 tách country had to weigh its Craymery,
werd Tokio Hestries
Erectric
Telophone INDUSTRIAI
Coment
- 27.60 27.90 20000 21.80
813 69 11.00 700 $7,00
W
war record Faris,
A Japón Cotton Splendra Association check-up, revealed that this - figue represented an increase of 6,433,000 yards, over May... London, July 20. Mr Richard Stokes, Industhe first Kalf of the current Cotton cloth prodliction, duties flatist and fira Minister of Flaw
as follows (in Materials in the Labour Glover Your Was Tho tent unid in the House of 3,000 agisare suedá);;
Total output for frist falt ör colton industry was finished, by the Sir Walter Moncklón, Mirfiter of Labour, salds thả, Government did not regard the firth and there were further
Productiofreiche cotton industry as mething
enced - which was dead, 245 galus in textiles, particularly to 1: Reffingeren we up a permanente ordindons fedoleum imiter
Woollen gaubs, and its bolilary Folach Loans were done to watch over ibi affairs would Sul 10% ronde 117800,000 8611. kan vara med
storfing but Reich Loans were conflict with certain member at average crude runs to tulis It was still an integral part of shares. A SEN
Stores
were also active, Wool fractionally higher. United concepts of economic Indo 7,088,000 bbia Digilitate light fuel Britain's basic economie, life, he
| cil ̧ 2,183,000 bbls-United Press, gold,--Reuter. worths and Marks and Spencers Press.
19.20
10.10
17.00
10
STORES, ETC.
23 233
4000
L
Crawford
COTTONS
3.0711 2.70 Textile Corp: 51% 550 3000
NEW HIGHS
belter on out of the rock boloré e A59.00d Commone, tonight Lancashire the year was 1,270,043, the cor
of
membership Ada Hegy Raf vorldwerk endde
791,414 forma
To dác, tiêm và theo Bondyed were
But prices elsewhere lemang, with gains retik 1Rj dlape, to, thờ mátrid Men Brut CBVinod) in the previous weeke
pendence
responding perint, fast, your was 1,001,043 194
The breakdown is as follows: Output by spiring mulettor art hat of the year W 100,001 the corresponding Four was 161,762. "Olipi weaving mills was 800,102, the corresponding period in year was 682,783,branco-Presse,
No comments yet.
Private notes are available after approval.