1953-08-10 — Page 9

MESSAGERIES

P.O. Box 53.

Queen's Bldg.

Outwards

"VIETNAM":

"CAMBODGE"

Homewards

"VIETNAM"

"UAMBODGE

MARITIMES!

Tel: 28081.

M

PASSENGER/FREIGHT SERVICE.

Leaven Marseilles

...Batied

31 July

Leaves Hongkong

-24 August ,,Aut 1

Hongkong

12-14 Aug.

20. AUX.

Due Marseille

23 Aug.

20 Reply 1

For Yokotain

Via

Walgon gigon

viä Märscities to all Mediterranean & West Africa ports. via Djibouti to Madagascar.

Outwarde E

"COURBEULLÈS”

"AURAY”...

"IRAQUADDY"

Homewarda

"MEKONG"

"COURSEULLÉS”

"AURAY" :

"IRAQUADDY"

FREIGHT SERVICE

Leaves.

•*•· Epsope--Balled

Europe-Salled,

*****Antwerp-1 Hept.

$.eaves

+Keeluat 20. A.

• Kreiung← 4 Oct. .Keelung-20 Oct,

Keelung 7 Nov.

*

nongkong

2 Hept.

For.. Japan

25/28 Arpt.

Зарал

· 12/14 Oct.

For

Hongkong

22 ADE.

5 Ost.

28 Oct.

8. Nov.

Japen

Saigon, Marseilles, Algiers, Oran Tanglars, Casablance,

Le Havre, Antwerp, Rotterdam & Dunkirk.

Bubject to change without notice.

m.v. "VIETNAM”

will sail for

YOKOHAMA AND KOBE

on

Friday, August 14, 1953, at 7 p.m.

EMBARKATION:

BAGGAGE:

Passengers are requested to board the vessel between 4 and 6 p.m. on Friday, August 14th.

THE CHINA MAIL, MONDAY, AUGUST 10, 1953.

es Of Present Rationing System

Anomalies

In Great Britain GOVERNMENT ACTION A NECESSITY

A NECESSITY

FROM BUR OWN CORRESPONDENT)

London, Aug. 9.

It becomes more, obvious every day that the Government will have to do something to restore sanity to the British food rattoning and pricing system.

Of the commodities still subject to control at "counter level" only sugar, butter and cheese remain effectively rationed in the sense that most housewives would buy more of them if they. could..

But it is the other rationed foodstuffs that present a problem-not because there are insufficient supplies to go round but because people are not taking up their full ration,

HONGKONG SHARE MARKET

(From Our Correspondent)

Business tone on the Stock Exchange this morning amount- ed to $319,0008.15. Noon quota tions and the morning's trans- actions:-

room, hold and cabin Baggage luggage, have to be registered at the Kowloon Godowns, Godown. No. 50 (No.. 2 Gate, Canton Road entrance) from 9 ani. to noon, and from 2 to 5 p.m. on Thursday,- SHARES BUYERS GELLERS SALES August 13th, 1953.

CABIN BAGGAGE: cannot be accepted on board before.

embarkation time. Passengers will therefore have to collect their baggage from the godown between 4 and 6 p.m. on the 13th August, during which period, cabin baggage only may be registered.

Passengers are requested to note that, ALL BAGGAGE must be registered as prescribed above.

Compagnie Des Messageries Maritimes Queen's Building

GOVT. LOANS

BANKS

1048)

HK Bank XD 1525 1340

East Aria

INSURANCES

Canton

Union

HK Fire

SHIPPING

151

243

2305

Bio

150

Waterboat .. 17.0

30.000

***

Stocks of,,hacon, in particular; million a year. But simultaneouly are piling-up in warehouses and the retail prices of sugar, butter, this surfeit has culminated in the margarine and cooking fats have British Government having to been increased and this in turn "borrow" storage красе from reduces the subsidies on them Denmark, Its chief overseas sup-by £20 million a year. plier.

Thus the equation is com-

štecently, housewives, 1p most pleted. parts of the country have been able to buy, all the meat, mar- garine and cooking fut they can use or afford. The few. com

which Bre still effectively. rationed do not warrant the maintenance of the vast apparatus, of control that has been bulit up.

modities

In fact a situation has been reached in which it is impossible to justify on purely economic grounds, the retention of the food rationing system.

These price alterations have subsidy on sugar- logical atop the effect of eliminating, tha. before its

derationing next

those month and also margarine and cooking fats.

That on butter is reduced from an annual rate of 1 million to about £14 million.

Sugar Talks Snags

Poššímism In London

Londoni, Aug. 9. Pessimism increased this

Position in, and the

week-end among delegates

to the International Sugar Conference on the chances that a successful agreement would be reached to effec- tively stabilise the world sugar trade.

Page

IN

INDUSTRIALS FAVOUR AGAIN

IN LONDON

FROM OUR OWN CORRESPONDENT)

London, Aug. 9. After a long period of dullness industrial shares caine back into their owil last week.

Price increases were general throughout the list but the most favoured groups were heavy engineering and textiles.

Reflecting this.recovery, the Financial Times Index of industrial share prices has risen more than two points to 122.6 and is (hus pearly nine points above the year's "low" at the end of May.

There was an atmosphere of tension at the conference, which adjourned last night for a two- tiny

Industrial shares have been appointed by the Government and delegates were recess, remaining in London near their

helped by a number of encourag- | to dispose of denationalised atcol telephones while the "three-ing reporta. Production is rising shares-annouseed its first deal. and unemployment, is down; alre men Quola Committee' worked

craft exports have set à New record; new. ear registrations have reached a post-war peak.

over its tremendous task of try- ing to revico its estimates of quotas for the free market.

The producing nations have requested a total of seven million tons as their annust quota for the free world, market, but this market can consume only 4,500,- 000 tons annually, with an ex- pocted extra 500,000 tons when Britain

ends

rationing

month.

next

tions of the Quota Committe When the quota recommenda-

early in the week, the cries of were reported to the conference

protest from a number of important producing countries at the ita in their requeste made It evident that an agreement was Impossible without a revision of the Committee's recommendu tions The Committee is now The remaining subsidised food-engaged ex this almost impossible stuffs bread, fleur, meat, milk, task and will report to the con- cheese and eggs are unaffected. ference on Tuesday.

די

PUBLIC FED UP?

Nor could a very convincing case be made out for it on social An increase in the price of grounds. It is useless to pretend jeggs to an average of nearly 7d any longer that the present each does not affect the subsidy coupon system ensures equitable naj eggs have been returned to distribution of essential food-private trading.

Ani Nay 145 1 2000 6 1.475 stuffs because what real rationing It may the wondered why the

DOCKS, ETC.

K. Whart... 8415 30

Provident

S'hal Dork

Wheelock

LAND, ETC.

IIK Hotel KK Land

..₤1.09 2.05

there is today is "by the purse,'

COSTLY APPENDAGE

MY NA

the

The list could be extended but these were the chief factors maklug for, opimism in the industrial share market.

Last week the Iron and Steel Holding and Renisation Agency

TAIWAN

PRICE

INCREASES

.

fotoate

This was,, a repurchase.. by British Ropes of its interest in the Templeborough. Rolling Mills. Tho

shares were resoldat 7:5:0, only 5/-more than the State's take-over prices.

·

MEDIA FOT HOPING FOR BEST

There is no guarantee that the other denationalised steel, shares will

be sold back on such advantageous terms but inventori Аз-д aro, hoping for, the best result there was keen, invest- ment demand for heavy engineer- ing Issues.

Best performers were Viskem. which rose 1/1% to 5070d, and Cammell, Laird, up 9 to 12/-.

.The gilt-edged, markét -:ro- mained them throughout most of the week but prices cased..., a little

Friday. This e-was Largely due to pre-week-end but may: nizo profit-taking have had something to do with Friday's announcement that the week's issue of £80 million of nationalised gos

UNI

alóck was a

Talpei, Aug. 9.. The Control Yuan, Nationalist China's watchdog committee, in a letter to the Executive Yuan, demanded to know why the -LITTLE CHIANCE

prices of many imported goods Meanwhile, after continued had increased in the past six study of

months, when the cost at the success. the potentialities of the world's free market, port of origin and the foreign

But success for an issue of 41. exchange delegates' had modo it

mto remained

nationalisation stock usualy changed, that there parent

is little

means that the Government des immediate future, chance of its expansion in the

In k strongly worded partments have been heavy sub- Britain has nation tolerates a system that made it clear that she will buy

memorandum, the Control Yuanscribers and this is believed to criticised the Government's hold true for the gas issue es- involves complicated price adjust

foreign exchange regulations or pecially as the subscription lists ments over a wide range of fodd less and less in the free market the The elaborate system of epi-stuffs simply because of the stocks of sugar, of

unrealistic, arbitrary and unfair.closed late. and 01 9119 100 4 811trol which is supposed to satisfy temporary glut

a particular countries

Commonwealth

Colonial

It sold that such unorthodox

This would leave. The depart- her Increase under the political whim for "fair

rules only tended to encourage commodity.

agreement with them. Also, the shares" has become

the merely, a

monopoly of the importments with large holdings of Many politicians bellový, razjorily.

business costly appendage of the Welfare

3 of the, consuming

by a few privileged new stock to release on the 24.80 State which in the end must fever, that it would really countries, have shown, no signs groups, which set the market market as and when conditions seem right a.... prospect (which make the nation poorer.

price in Talwan at their resist any attempt to abolish the that they intend to halt their

does not please investors. doubt, however, system, There is no

They may well be programmes

designed

will. that

the Government fully wrong

reach self-sumelency in sugar

NOTABLE and eliminate exports. 121% 19.40 realises the futility of mountain- 8.35 ing the whole costly machinery of rationing, at a time when rationed supplies are being left in the shops....

8.0 8.70 1500

1.80 7.00

B.05

500 61

Tel: 26651

S'hai Land.. 1.40 1.47%

Humphreys

105

UTILITIES

Trein... 24.80

3300

Peak Tram

(0)

42

21.30

EVERETT LINes

EVERETT ORIENT LINE

Fast regular freight—refrigerator-passenger service to Karen, Japan, Philippines, Indo China, Slam, Malaya, Rangoon, Calculta and Chittagong,

"NOREVERETT"

Arrives Sails

Aug. 20 from Singapore,

Aug. 21 for Kobe & Yokohama,

"REBEVERETT”

Arrives

Salls

Aug. 28 from Manila,

Aug. 20 for

Singapore,

Kungoon

Peapod. Catentia,

(Actepling, carge for trauslijpment

Kobe/Puzan and Kobe/Okinawa)

J

UNLA PYA

EVERETT STAR LINE

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

"STAR ARCTURUS”.

Arrives Sails

Aug. 19 from Japan. Aug. 19 for Manila.

"STAR ALCYONE” -

Arrives Sally

Aug. 22 from Singapore. Aug, 23 for Naha & Japan,

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

EVERETT STEAMSHIP CORPORATION S/A Quaón's Building, Telephone 31206, Chinotë Department: Telophoné 28293.

BUSINESS REGULATION ORDINANCE 1952

Copies of the prescribed

Forms 7 and 1 (c)

Now On Sale at S. C..M. Post, Ltd. HONGKONG AND KOWLOON

TEN CENTS EACH

Peak Tram !

(N)

C. Light (0)1230 1234 200

1500

.0.40

27 27.20 1000 ot 27.10 ..21.00 21.00 1200 e 21.00 500 21.60

C. Light (N) 8.35 8.45 Electric Macao Elec Telephone INDUSTRIALS

Cement STORES, ETC.

Dairy

Watson

Crawford Kwang Sun

Hong

COTTONS

Ewo

10,40

2.08

Textile Corp. 5.00 3.70

If it were merely a question of 500 10,00 preserving the illusion of "fair harm shares" perhaps no great

afler

1000

គីឌ

Textile Markets Review

185

or 154

Low-

After all, subsidies are not a gift; They have to be paid for out of taxation by the very beople who are supposed to benent by them inost, d

Commonsense remedy would bo, to abolish subsidies altogether return the exirs cost of food the consumer by reducing

taxation; ***

Those who

03:

to

Both Indonesia and Formosa appeared determined to insist on the recognition of their posi- tion as two of the world's lead- ing sugar producers: before the waargely devastated their cane-Delds. Both are claiming the right to rebuild their indus- tries to their pre-war

alons.

dimen-

:

42240 would be dones pleasant.

all, are sometimes pleasant. But the huge waste involved. In re taining the rationing system long after the need for it has dis-

really could not On the other hand, those appeared in exerting a quite un-afford the extra cost couldbe Western countries which bullt up their sugar industries to feed warrantable strain on the limited compensated at for less expense national resources. 10

-out of increased welfare pay- the sugar-hungry world during The saving in Government-ex-}ments.

wartime.

and the immediate penditure would be even greater

face sorlous post-war years, subsidies

If this could be dinked with the economie dislocation Liher cut if the food

were abolished at the same time, abolition of food rationing it thoir now flourishing sugar το These have become part and would not only reduce Govern Industries which have come parcel of the Welfare State and ment expenditure but restore the play an increasingly vital part as such are considered practically consumer's freedom of choice. in their economics.. Inviolable.

BUTLER SYSTEM'

It they were to be abolished now, 140 milion would cuto New York, Aug. 9.

matically be added to the The textile markets continued nation's food bill. And no quiet for the most of the week government that valued it us traders marked time pending popularity in the country would the official Government cotton wish to be held responsible for forecast on Monday.

{ that.

Cotton goods generally were stendy with scattered sales of print cloths and sheetings for delivery to the end of the year Grey cloth continued well sold ahead. -but slowness business in Anished goods heid down activity.

Mr. A. Butler

In his 1952 Budget he reduced

TOKYO

STOCK

EXCHANGE

Tokyo, Aug

case in Cuba is a pariicular. point, with the Dominican Re pubilic and Peru in a similar position. They complain that the present

suggested quotas

spell widespread un

I would ment and even economie

over-

ruin immediately, merely lo bolster up the allegedly optimistic plans. of Indonesia and Formosa for the future of their industrics-United Press

own

Singling out the price of a one- pound tin of Klim milk powder.

Notable features of the other which had doubled in the last few months from T$19 to TS38, markets were the recovery of the Control Yuan pointed out Anglo-Iranian shares to their

lovel, and the that during this period, neither pre-Abadan, the price of milk powder in the decline, though slight, of copper outside, markets not the foreign shares following the sharp drop exchange rate at which it was in the metal price on the reopen- imported had changed. It asserted ing of the free market.. that such increase of prices had been allowed with nó Govern- ment efforts to stop it.

I asked the Nationalist Gov- ernment to take immediate action malpractices. -- against such France-Presse.

Indian Cotton

Expert To Visit Japan

Lonton, Aug 0

to

Mi T. Swaminathan; the Indian „Government's Textile Commissioner, is tu, buy a five- week visit to Japan soon study the cotton industry there.

He plans to look Into the dispersed production, of the

Japanese bonds made news again In Lho foreign bond market,

"Dollar

clause" bonds have made the biggest gains. Tokyo Electric were up 28, to 2113. Japan 1907 £45tó- £1294. and Japan 1930 £5 to £102..

This rise in the market a Bid to be due to Amerienh buying following the pdvico, that London ylolds on Japanese Sterling bonds were higher thanthodo outalnable on the Japanese dolar issues in New York:

Indian Goods Affected

In an address to the Sumat Chamber of Commerce,.: Mr

and

Trading on the Tokyo race French Trade industry in Japan, with problems Manekial Kapedia, a leading

However, Chancellor of the Exchequer, has already made a start on the task. of dismantling the subsidies,

al Exchange,,, was extremely brisk, ari annual in new the total subekites from an

rate of £400 million to an end at se i me his a, recent re annual rate of £220 million cord tumover of 1,000,000 share But he sugared the pill by during the past fortnight. Small fill-in orders for nearby lowering the income tax and delivery featured the cotton raising certain welfare bencûts yarn markets. Prices generally to offset the consequent increase livity was sold to be stimulated were firm but forward business in food prices remained limited both in carded and combed. Inquiry for mer- yams Improved but cerised scles were small.

.

The sudden extraordinary

by the Washington, news that more, than half of the $200 mil In the present financial year | H2 £130,000,000 as been devoted lion of US aid for Korean bobilitation would be spent to subsidhing the cost of food at

The announcement, sald level.

Jepan refall.

This sum.. cannot

thirt agreement has been reached be exceeded, which

Which means that Buriap continued

ying to begin work, on the bug buying

Tidami River project, with slight casing in values.

fixed, by prices Trode guesses, were that July duction in the retail price of one consumption, probably appro- subsidised foodstuff must inevit-

in

..

1

Inactive with the can..ny re-

ment.

Agreement With Brazil

The

to

N

somewhat similar to those of merchant from Rangoon India's own small-scale industry. former President of the Burma- Indian Chamber of CommNATCE, Mr Swaminathan, who has warned that cheaper Japanage been studying the organisation power-Inom textiles were oust of the British Industry for, three ing Indian goods. weeks, will fly back to India at the end of this week and will' He suggested that the Indian leave for Jobay some days later. Government should reduce the

high import duty Rio de Janeira, Aug: B. During his stay in Britain materials such as, silk yarn and Franco-Brazilian trade Mr. Swaminathan was specially the various taxes, including the duty,which were agreement has been extended for interested in the methods by export

which the industry had adjust responsible for the high prices one year his obue

During the year ending Julyed, itself to post-war conditions of Indian textiles, 14, 1954, Brazil will export to

zone" merchandise He also studied the organisa. The oversens markets bh The reports lured that portion the "frame

(£47,101,-on of the Cotton Board and said, were boing captured by ximated June's $9 million ably be accompanied by a rise of, the public, that had hitherto worth $132,050,000

the problem of concentration of Japanese and fritisho manti- stayed yards, and there was specula-

away from the Stock 000)..

facturers, brouwuse they A. WELD tion that, steady consumption in the retail prices of others.

Exchange to come back and toShe will import from the production.-Reuter. place their money for Invest-femme 000 (£40,080,000)

fully backed by their govern- 1 reduction in

THE SNAGE plus an expected

zane" goods valued at

menta-France-Presse. N Calcutta, hessian, stocks, pull-

Brazi EXTENSION OF ing from shipment to the Argen

puniculty the This was the

Spares, in which trading wat In the previous year. Bine might improve the market Minister of Food came up against

WHEAT PACT: statistically.

when he sought a solution to the activo were in three categories: exported $117. million (about

with

£41,786,000) worth of goods. the "ftpne zone," imported from Abres, Jute was in- problem of the bacon surfell, 1. Shares connected

President o Eisenhower has it goods worth $105,780,000 sctive, hemp was steadier at a According to the basic,namic Korean feliabilitation procure-

signed logislation ratifying a the supply of a commodity ment; 2. shares of textile and

(about £37,779,000). furthest decline. Most offerings law, if th

throc-yar extension maloly Brazil will

brid the export were, in Davao, while offerings exceeds the demand for its chemicals: 3. trading wan also

International Wheat Agreement. Tho ing Confectionary.

agreement allows the United cocoa, pinewood and Although more interest

But the Was f

oranges, and will import i¤• States a tentative... pricon-ere, fixed, a reduction infections,

export quota!

Extensibl" of "the servic reported.

Sisal was inactive and in

The retail price means in effect Shares such as Ashihia Beer.dustrial machinery, petroleum of 270 million bushels a year. It

equipment, Corallway.

also established-al/prieši ranging.] the Japanese shipping company. changed to slightly lower, New that the subsidy on the foodstuff | Tokyя.......... Maring, and' Firo G surance, Helwa Estata and

lead, tin from a minimum of $1.95 to $2.05 | Wawasaki Kisen Kalsha Lid, of businers. In rayon goods was concerned must be increased.

per bushel compared with $1:80 Kobe, to the west coast of South small during the week, Demand And if the amount of money

in the previous agreement which || America by way of US. Paelde was better for blends. A favour- avaliable for subpuding, food is brisk, trading..

but the trade agreement Best

signed in 1951; was extended hai just expired. uh, st * coast ports, has been announced. able mariret continued for the Timflody an incrsure in one direc- Outside of these categories for one year in 1052-Reuter. new syntholics-United, Press

provides for the service will start with the tion must be offset by a decrease Sankyo; Pharmaceutical. Mitul In other directions; E Chemical and Lar Mitauibleht

four exporting countries the Kazukawa Maru Bulling from In order to bring about a fe- Chemical sharer went up

United States, Australia, Canada Japan about September16

to at. base – Sugat. IA Förmösh creased Japan-Red China trada

bushels a your, 10:41 Importing land, San Francisco hacen, the Minister Therefore

Talpak Aug

counties. Great Britain has re- Angeles, and then oller rubidised fo nounces when in the local to me hadde tide control of the present

träde food

NOMBRE No Taiwan, Sugar, Corporation fused to sign, the ingreement so way of west coast ports in Corte morning at the following rate FEURANAL

muck.

exumated that the next muitas far. It she continues to object, and South America. Other proce Fire V dollar;alperasi);

Bacon

aimutual security upredmen ald) production vould be pround the quotas must be scaled down following at regular intervr

million bushels will return to Japan by way of to offset 177 of 44d a pound, it to Japan, teachers hesitated in 742,000 tons, which is 100,000

Britain. tons lem than the previous pro- '.allated

United the outgoing course. *li China: 22.70 volving an increase in the bacon treding my high-price mumition

duction.-France-Presso, subaldy at the rate of £20 sharea-United Premi

Prens,

of Morcinaga far so good strong anar the Meill coffee, rnw cotton, tobacco, of non-Davao types were light prke must, fall omletry a. buying |

WPANYOLA ande

un-

Exchange Rates

únoticial

Bierling, noto (per" £1).

Indonesian, guilders (per 100) Biam ticale (per

Bingapore. (Blemića)

100

Indo-China pistires (per 100)

this

and Nippon our.

Mitsuf Rogilty: mic, ali enjoyed mate and resear

duction in the red price of largely in anticipation or ins

average

to

.

Ship Service Extended