1953-08-12 — Page 9

MESSAGERIES

P.O. Box 3. Queen's Bldg.

M

Uniwarda

"VIETNAM

"CAMBODGE"

Homewards».

"VIETNAM"

"CAMBODGE"

THE CHINA MAIL, WEDNESDAY, AUGUST 12, 1953,

MARITIMES Unilateral

Tel: 20051.

M

PASSENGER/FREIGHT SERVICE

Leaves Marsellies

.Balled

i Aug.

Hongkong

12-14 Aug.

Yor Vokaliami

+

27-28 Au

Leaves Hongkong

Le Marellien Vla

14 Repl.

Haigon

20 Hept,

Kalpon

24 August

28 Au.

vin Marseliles to all Mediterranean de West Africa poris.

via Djibouti to Madagascar.

Outwards

"COURSEULLES"

"AURAY"

"IRAQUADDY"

Liggewarde

"MEKONG”

"COURSEULLES'

"AURAY"

"IRAQUADDY“

FREIGHT SERVICE

Lenver

Kurupp--Salled

Europe-Sard

Antwerp 1 Sept,

Leaves

Heeling-20 AUK. Keetang-4 Oci. Keelung-20 Oct. .Kechung- 7 Nov.

Stungkung

For

2 Sept.

JAPAN

25/20 Sept. 12/14 Ort.

Japan

Japan

Hongkong

For

T

23 Aug.

3 . 28 Oct.

Nov.

↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Botterdam & Dunkirk. Subject to change without notice.

s.s. "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 und 6 p.m. on Friday, August 14th.

Road

Baggage room, hold and cabin huggage have to be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gate, Canton entrance) from 9 a.m. to noon, and from 2 to 5 p.m. on Thursday, August 13th, 1953.

CABIN BAGGAGE: cannot be accepted on board before

Passengers

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.

requested to are

note that

BAGGAGE must be registered as prescribed above.

ALL

Compagnie Des Messageries Maritimes Queen's Building

Tel: 26651

EVERETT LINES

EVERETT ORIENT LINE

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

"NOREVERETT"

Arlves Sails

Aug.. 23. from Singapore.

Aug. 24 for Kobc & Yokohama,

"REBEVERETT"

Arrives Salls

Aug. 28 from Manlia. Aug. 20 for Singapore,

Rangoon

&

Pentag Calcutta.

(Accepting cargo for transhipment Kobe/Pusan and

Kobe/Okinawa)

EVERETT STAR LINE

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

"STAR ARCTURUS“

Arrives Sails

Aug, 18' from Japan, Aug, 19 for Manila.

"STAR ARCTURUS”

Arrives Salis

Aug. 24 from Manila.

Aug. 25 for Singapore, Pórt Swetten- ham, Penang, Madras, Colombo, Bombay, Karachi, Khorramshahr, Bairah Bahrein.

"STAR ALCYONE”

Arrives Aug. 25 from Singapore,

Aug, 20 for Noha & Japan.

Salla

{Accepting cargo for transhipment Kobe/Puzan and Kobe/Okinawa)

&

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

Chinese Department: Telephone 28293.

BUSINESS REGULATION

L

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

Economic

Storm Signal?

Decline In U.S. Shipbuilding

London, Aug. 11. Today's Financial Times drew attention to what I described

the serious

decline in United States shipbuilding,

The newspaper also pointed out that Japanese shipyards are short of ordery as well.

The decline of United States shipbuilding might be taken as an economic storm signal, the Financial Times argued,

"If shipping has to be regard- on industry in which

ed as

most of the disadvantages but few of the advantages of the American economy operate, there are of course signs that the shipbuilding industry of the world is in some danger of re- cession,,

In a

Of

Convertibility Sterling Under Fire By Belgian Minister

Unilateral convertibility by any member country of the European Payments Union would be a retrograde step, according to the Belgian Economics Minister, M. Jean Duvicusart. The Minister was against any liquidation of the EPU as reported to be advocated in the British con- vertibility plan.

The coal

Higher Cotton Crop

Not Necessarily A Surplus

London, Aug 11

Page

NEW YORK

FOREIGN EXCHANGE

Canada

New York.

loginstdinofficial vi

Austenila

¿New

- 30-day-futurḥ-

DO-day future

Portugal

pa Sweden Switzerland

The Financial Times" (o- day expressed the belief mono that the possibility of, a higher cotton crop yłekď li the United States will not necessarily mean a surplus of cotton.---

Official United States policy Eart has named this year a higher production of colton, the news- Turkey paper pointed out editorially.

"The reasons world

for this have been twofold.

"There are two things which really exist in Europe: and steel pool and the EPU," he said. They are the two pillars of the new Europe we are building.”

The Belgian Government believed the pool's common market and the EPU were both essential.

HONGKONG SHARE MARKET

AN ADVANTAGE

The British authorities seo

bo

arising

Iran

Ineq

MIDDLE EAST

LATIN AMERICA

(Argentina 2Break

14

Bolivia (Chile !

Columbia

"In the first place the world- .wide texile recession, “led,

the senson kust ended, to D sharp. reduction in United States cotton exports.

"These

have amounted to roughly only half the quantity exported in the previous sci- "In the second place, domestic consumption of cotton in the United States has remained Very restrained, whilo the movement away from recession has got under way in other parts of the world.

бол.

The EPU was necessary for inclusive of all main the pool to work properly. It trader countries, and from provided the monetary counter custodianship, through the IMF, part of

physical of a fair part of their gold re- the freer trade channels which the pool serves. ! was creating. Convertibility should come through the EPU not suddenly, but proxiual

by a of raising

proportion of the gold in whi

which

EPU surpluses advantage in convertibility

sterling in that it would elimin and deficits were sottled. Any.

oate dealings in different varieties sudden raising of this propor of sterling. At present they have tion would dislocate (From Our Correspondent)

the disadvantages of converti- EPU countries, economies of he added. Belgium was strongly without the advantages,

All how sterling would Business done "The United States is

Stuck ly in favour of convertibility, convertible, whether on the senge a warning but it is the Exchange this morning amount but not at the expense of the frem capitol or current account.

ed to

$214,070.20.

Noon EPU. warning of

It is not clear what quotations and the morning's

would Sydney S. Gampell, Reuter's happen to convertibility

pre transactions:-)

"The arst acreage report at sterling balances, but the Bri- Financial Editor, writes: and some aro

the beginning of July in The British convertiblity fish authorities, it is said, na

timated that the atça under, plan,

as first formulated by the longer regard these ana a prob cultivation for the season had Commonwealth Prime Minis

them being in lein, most of..

been reduced to 25.6 million tors last November, then dis-"safe", Commonwealth, bands,

neres, a fall of 80.6 per cent cussed In Washington by the The British oro averEC cusse

from that of a year earlier, Chancellor of the Exchequer in moving to convertibility by In- March, has now been disclosed

gold elements in EPU creasing

LITTLE LOWER to representatives of all the settlements. This would not at- mula West European countries, tract the extra dollar subse but by no means certain that

"Though it .conceivable According to reliable reports, tion from the United States the British proposals are in which is essential to ruries lower than this, it now appears the acreages? "tright th ̈ fact bú level of resérvés.

cuse.

A very

share yards

of order's

reported idle.

.extreme

are

also

SHARES BUYERS SELLERS BALES

BANKS

HK. Bank .. 1:29 XD 1840 XD East Asia

101

"In the United Kingdom there

Centon.....

is still more than enough work INSURANCES on hand but new orders are very much smaller while there have been some cancellations.

"The fact is thut most coun- tries have completed or are near | to completing their post-war shipbuilding programines while war-damaged yards have been Jebuilt.

"On the other hand, provided | shipbuilding costs are brought and kept down, there are still a

Viry

large number of old ships to be scrapped for new ones.

"It is the level of the replace- ment and the level of costs which will determine the rate of ship- building in coming year

the Financial

predicted.-- Reuter.

*Times

Irregular Session On NY Stock

Exchange

New York, Aug. 11.

Railroad shures-paced -an.ir- regular decline of stocks today in the slowest session in mora than a fortnight,

The lack of interest

which

has dragged on the market for prices persisted and Go long

sheer gave ground under the weight of neglect.

-

the close

240

013

H.K. Fire

150

SHIPPING

Waterloot .. 18.30 Ania N NOCKS, ETC.

1,45

0411

109 15

11.00

3.00

the

400 0.70 1200 - 8.00

300 0.05

K. Whart Dock....... Frovklent Shal Dock

Wheeluck

LAND, ETC.

1.K. Hotel 7,03 II.K. Cond .. 80% 6111⁄2 Saul Land 1.421 Humphrey× UTILITIES

ןןתדיר

-

200 m 61

three stages:

to

con-

crop Hille last

The first stage is of negotia- adh

when spective yield will in fact bring leave the tions, which started when Mr would eve, the British plan that a substantially higher pes

would R. A. Butler visited Washing their currencies became LOTS

The early this year. vertible and the Union's dollar acgotiations

to assets would be left to finance are designed 1200 24.80 lead to stage two, who

the

between remaining clearing 500 (4 25

pound and other majat West members. Creditors leaving the European curreneles will be-Ulan would resign their claim come convertible.

on these dollars and accept in- stead claims against the debtora to be paid in equal monthly in-

over three years

1000 1.44

7014

...... 24.00

Fock Trom

42

Peak Tra

INS

31.30 Star Ferry 194

150 123

The British authorities intend C. Light (0) 19,40 1215 500 12.40 that the pound should fluctuate C. Light (N) 135 140 Electric

27.10 27.30 300 a 2720 in relation to the dollar with stalments

22 # 27.10 out middle parity or omcial Reuter. 1900 37.20 limits, but would be mannged

Macan Elec

INDUSTRIALS

+

British monetary RETURN TO

Telephone 21.70 22 200 @ 21.00 by on exchange equalisation account similar to that operated 110.70 100 15.70 by

the 23.20 22.40 TOUT 23.30 authorities before the wur, 22,40 1000 15

24

Cescrit STORES, ETC.

Chairy

Wation

L. Orawford

Ки Вал

Itm COTTONS

Ewo

236 Textile Corp. 1. 5.70 MISCELLANEOUS A

Yangtze 0.00 0.00

10 154

Sugar Prices

is

O lower than that at "Even on the lower acreage, a crop of 14.0 million bales now predicted against the fore cast of 14.7 million a year ago. and the final 1052-33 crop of 10,1 million bales,

"That a policy of crop re striction should have been encouraged by the United States authorities 1 understandable, for the price of cotton has only been sustained at Its present lovel by the operation of the price support polley

"Yet on other grounds it is perhaps not to be regretted that the output ไป likely to be higher

REFORM NECESSARY GOLD COINS that was expected.

At this stage the European Payments Union would have to be reformed to constituite a dearing mechanism for those | member countries `which would be unable to achieve conver Uibility, Austria and Turkey are 0.3 examples. In the British view the countries which malce

ADVOCATED

Senator's Proposal Washington, Aug, 11:"

-- thele ---- currencies – co¤~-~~Å ̈ ̈ return to the circula-

vertible will have need In New York to the EPU, Indock, it fadtion of gold coins has

Off Slightly

unworkable

points with sales, of 276 con- | trblility; (2), good creditor be fixed by Congress,

contracts.

Most of

ano

means

"It the United States should follow the rest of the world in the textile revival it is by no certain that the higher crop yield, IL -materfalises, will mean that much cotton". the Financial Times added, China Mall Special.

at

JAPANESE

OFFICIAL'S MISSION

To Increase Trade With Pakistan

Tokyo, Aug. 11.

Cuba

Mexico

Pears Uruguay Verzugl

Hadia Pakistan

oncon

Indobesda Skoore Japen

1 FAR EAST

2114

300 yen --United Frees.

The Rubber

Markets

Singapore, Aug. 11, After a quiet : opening, the noon, and though there were rubber market steadied, townda

somo sclling in the afternoon, the actors old with Bellers: Reserved.” Prices Greene' "No, à quober per ib.

No. 2 cubber Dez

No, a rubber per 3tq, 4 rubbe

Apot rubber

No. 1 pals crepe

Blanket crepo

LONDON MARKET

London, Aug 11. The rubber, ennaltah was steady, 184 pence per it. Prices were {NG."1 RSS «pot was citietokat

" ́es followi

NG I RES opor Settlement House

Aork/Juno-

Gengal Market eit basis

Beps.

United PreRL

NEW YORK MARKET

New York Aur. 11. Rubber market closed today 5 to 83 points higher with sales hof two contracts."..

Trading in rubber futures continued light again today although some tradera ipak for increased; activity in lingwiths the ecosocial upturn in the "in- dustrial activities.

There were 130 price changes in the apok... market. Cable offerings were few and some what above the price trend."

Tinders' are hopeful the" mis of Government-owned" syntheta plants due for completion by 1055 will be increased. Private of these plants ownership

about bring would

aff

and

J

demand would preced

Number one. ribbed

the EPU in its present form will been advocated by Senator borome

when Pat McCarran (Democrat- sterling becomes convertible as Nevada) as part of a pro- members will profer to hold gramme which, he said, sterling rather than EPU credits would establish a sound and New York, Aug. 11. and will therefore declare to the Volume totalled only 940,000

today shares compared with 1,000,000 barely steady at the close with not their surpluses, Sugar futures

ruled Union their sierling deficits but honest money system.

The Senator introduced legis- yesterday.

interest

Exseritial colitions for the lation to guarantee the redemp centred in mainly Only utilities managed

establishment of stage two are tion of currency overall gain A

nearby months. rise of

in gold or World No. 4 sugar futures (1) 11 balanced monetary policy cents

On average

silver. danand

closed unchanged to off 3 by countries assuring conver- stemming

from yesterday's for favourable rate indication

The price of the metals would tracts. the natural gas companies.

Much of the

activity by the United States in respect Roll losses generally were centre

centred in the Sept. and Oet, to tariffs, customs formalities positions.

of tied avoidance

Gold would be coined Into 10, (a) an snall but widespread. Industrials

No. Domestic

G futures enlargement of the International

20 and 50 dollar pieces, and A high Japanese Foreign Office allied smartly near

and 2.50 dollar official leaves here by 'die finished the session unchanged Monetary Fund's dollar capital, silver into 1 finishing two cents lower от

to off 2 points with sales of to be put by the United places.

fdr Karochi tomorrow, to seek market where the law of supply, average.

why" 81" increasing Japan's the States the higher-100

The Fund would also Pecially

would be trade with Pakistan. *** The price of gold activity

here was in the Sept, have to assure members of their issues lost most in the

fixed by Congress so that it industriais. Steels were little position.

ability to draw from it when

Omes annonced #accurately reflects" the de- late report from London, needed to. This in

tock Forming and the Bellish changed.

indicated that an international view would made up for the precation that has taken place Agreement may be in the offing, loss of EPU credit facilities and in the United States dollar based

Inadequacy of Delegates to the International for the

gold Sugar Conference are working reserves. An increase in

the index. on a plan to bring supply and dollar price of gold, does

not The price of silver would demand into balance.

oppear to be an essential pre-reflect the "correct ratio"..be- Helpers again reported very condition.

tween gold and silver based upon Dow Jones closing averages:reated sugar, and the trade was little improvement in demand for

the relative world production SHORT STAGE

of the two metals since 1942. still aid to be making replace- Aug, Aug

10 11 Changes ment, not purchase, on a day-

During stage two, import dis

The US Government would 275.32 274.30 .02 of

orimination aguinst dollar 105.80 165.11 .73 ott today basis. Futures closings:

sources would continue to be maintain a monetary reserve of 30.40 50.73 22 up [ Contract No. 4 (world) 107.11 107.56 .15 off Rept.

allowed, but Britain does not gold and sliver not less than 40 Intend to do this in case of imper cent of the face value of all porta of raw material for home currency in circulation-China 3.50 asked and be used for and the selling

use. This stage would be chart, Mall Special.

Of the 1,033 issues traded to day, there ware 363 higher, 417 lower and 173 unchanged. The New York Stock Exchange bond volume was at $1,570,000; and the American Stock Exchange volume was 270,000 shares,

30 Industrini...

20 Ralls

15 Utilities

63 Stocks

40 Bonds

3.39 bid 1.00 3,79 nom.

3.40 wid

05.40 93.40 m

Okel

Comm. future

prices index

Jan. 1954

15334 180.16 41 up United Prem

March

May

5.40 bid

Juk

Sept.

3.40 bid

Bpoi(cents per tb. fol

Cuba)

3,000

Contract No. 4

Bepi.

Nov.

Jan. 1954

LONDON TIN

...

MARKET

London, Aug. 11.

March

MAY

5.30 bid 6.87. bid 8.78

3.58 bid

the formulation

The trade rules would

agreed between the countries |

convertible curézicies,

i would be similar

of

redo

up of an

advisory board

ked

3,03 bom. and

thost

5.15 nom.

of the General Agreement on

3770 nomt.

5.DO

United Prem.

LA

tin market was quiet, Spol-leente per ib. cit NY

ex-dock)

July Sept.

The

Spot Ula was down £

to

£683 per ton. Three-months

tin was also down, an

Turnover, for the day was 20 tons, none for cash. The closing prices were as follows:-

Spot Uni, huyere

scilers

Husine

Three months tin,

buyers

sellers

Business

Settlement

Press

Trade Treaty TORRE

Kilahari, chief of the Sterling the upon

whalesale commodity

Hessian Stocks

In India

Calquilo, Aug. M,

·

Trade Scotion of the Foreign

sheets were quoted of 23 cents per lb. Prices of futures closed as followe

Sept.

Oleo Economic Bureau. Ho Doc. N will Investigate emises fór slug-March 1954 gliness in trade between the Mag Two (countries" sined the com2 -July merce pact was signed with Pakistan in May..

Commercial circles have be- come, Increasingly worried at the failure of Japan's cotton goods to sell in Pakistan.

A Japanese businessman, Mr T. Taguchi, who returned from Karachi recently, said Pakistan's own cotton goods production would "ring" in "à spectacular manner in the next nine months,

ME

„Taklauchi;...] who was realdent official of the Japan Cotton Goods Exportera Assocía- in Karachi, thought Pakistan might buy cotton goods

Tarifs and Trade (GATT) and Indian stacles to hesians cloth from India as friendship betwe

Sept.

$22.10.2

22185 Ba 茗 è

22.55 bid

22.50 614

$22.50 zim United Final

Grain Prices

In Chicago

panda Chleago, “Aug. 11: Prices of grain futures closed today as follows:- Wheat (No. 2, red, per bushel

In cents) but Sept Doc.

2599-190

biarch 1954

Corn

(No. 2, yellow, per

Spot

March 1954

Prices ** por,

of the IMF, When they cang bags: fell it 180.0 million yards the two countries Bad been lay into force and. the plan enters at the end of July from 1800 growing since the recent meet

3. dreamimination and mallon yards of the end of ing of the Indian Premier Mr

restriction

Imports

June, equivalent to 46,703 tons Nohru, with the Pakistani Prime be allowed and 15,000 tons, poctively, will be

Exchange Rates would no

Business, was done in the local unanicial

except minissé, di

The cults

Minister, Mr Mohammed All Reuter,

210.50

j». Backing cloth bags at michango market thised by the "advisory boord. This milion yards weLO. alkarily 4.970 will have BORTIO olght to ten med higher than at the end of June

morning at the following rates:- U.B. dollar (per $1) kes

Sterling, notes (per £1)

20.49 bers, three to fo

four of them being) figuro":3.6L 2# 200.7N 32.70 permaneat,

Industan qulidora (per 100) 30 -Diam ticals (per 100) Kingapore (btraits)))

minion

ment, and the remainde yards, equivalent to 80,000 to London Foreign

114 representing Govertiments of the und 780,700 Jobs respectively

Indo-Chins plastron (per 100) 0.70

(piintrips party to the trade China Mall Special. DRA

the

JAPANESE BONDS vertible une conica with con-

London Aug. 11.

1907

A Japanese bonds Tokyo, Aug. 11.

"A" 148 of 1800)

Lot 1910) -Nagotiations for a · now' Japanese-Siamese trade treaty Beven are to open tomorrow. Siamese officials compose the oficiál delegation,

Pronto

Commola

Tho-board-

-la-planned to have Bank's New Branch

coraldemble power, much mare

mul than the present International

Bombay, Aug.11.2

1366 | Monatory di Fund which can only The Bank of Tokyo wall open make Juridicial observations on accond branch in insilogin the policies

licies of

having

POWER

members without Bombay, with the much awo ergeorgponsiblilty month. The first branch opened The board woul audiarity from If membership, Pre

Exchange

per

;

Bapt.

Dea Boys)

Elpot