1953-08-24 — Page 9

MESSAGERIES

Queen's Bldg.

M

THE CHINA MAIL, MONDAY, AUGUST 24, 1953.

MARITIMES Revival Of Demand

For British Exports

M

PASSENGER/FREIGHT SERVICE

Outwards From Europe "CAMBODGE"

Homewards For Europe

“VIET NAM"

"CAMBODGE"

1 Aug.

Leaves Marveliler

Leaves Hongkong

-20 August

29 August

Due Hongkong Via

Baigon

. Dus Margites Yia

73 Aug.

16. Sept

21 Sept.

Aulon

Balcon

vis Marseilles to all Mediterraneun & West Airjes poris. vie Dhuquil to Madogoscar,

Outwards From Europe- "COURBEULLES" "AURAY"

"IRAQUADDY"

Hopiewards For Europe "NIERỐNG”

"COURSEULLES"

"AUBAY"

"IRAQUADDY"

FREIGHT SERVICE

L.caves

***Europe--Salled"

••• Europe-Salled

....... Antwerp-↓ BEDS,

L.caver

--Keelung-2e Abs. ...Keelun - Oct,

»Keelung-34 Ori. ..Keelung— 7. Nov.

12/14 Oct. Hongkong

Bud zlapskons For

2 Ведь

Japan Japan 29/30 'Bupt.

Japan

For

25 Aug.

5 Oct.

1 Nov.

Saigon, Marseilles, Algiers, Oran, Tangiers, Casablanes,

Le Havre, Antwerp, Rotterdam & Dunkirk,

Subject to change without notice.

s.s. "VIET-NAM”

will sail for MARSEILLES

via

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

on

Wednesday, 26th Aug., 1953, at 4 p.m.

EMBARKATION:

BAGGAGE:

Passengers are requested to board the vessel before 3 p.m. on Wednes. day, August 26th.

Baggage room, hold and cabin luggage have to be registered at the Kowloon Godowns, Godown No. 60 (No. 2 Gate, Canton Road entrance) from 9 alm. to noon, and 2 to 5 p.m. on Tuesday, from August 25th, 1953.

CABIN BAGGAGE: cannot be accepted on board before

Passengers are

embarkation time. Passengers will therefore have to collect their baggage from the godown between 1 and 8 p.m. on the 25th August, during which period cabin baggage only may be registered.

requested to note that ALL BAGGAGE must be registered 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"

Arrives Suila

Aug. 28 froin Manila,

Singapore, Aug. 29 for

Rangoon &

"BRADEVERETT”

Arrives Soils

Likely In Near Future

(FROM OUR OWN CORRESPONDENT)

London, Aug, 23.

The favourable movement in Britain's terms of trade which helped transform the country's balance payments position 1952 appears to have ended. Between May and July there was no change on balance in either import or export prices.

This, however, is not necessarily a bad thing for Britain. For the decline in raw material prices which accounted for most of the improve ment in her terms of trade has meant a corresponding fall in the pur- chasing power of the primary producing countries and therefore in their demand for British exports.

LOSSES OF GOLD BY U.S.

In almost every week of this year (excenting oply three weeks) there has been

substantial outflow of reserves from the U.S. In most recent weeks (seven of the past nine) it has include substantial U.S. losses of gold. To date the US thus continue to over- finance te diminished ex- port surplus.

Fresh Gains In Industrials On London Exchange

(EROM OUR OWN CORRESPONDENT)

Lendon, Aug. 23.

The recent recovery of industrial share prices continued on the London Stack Exchange last week, and fresh gains were recorded in a number of groups.

The Financial Times industrial share price index is now within a few decimal points of the 1958 high, reached at the beginning of last March.

Stores and textiles - shares | The political pows also pucet- The total supply of dollars to were in particular demand. In ed the foreign bond market the world has never been higher, the former group, Great Univer- where German bonds come into For 1993, excluding military sal 'Stores and

Marks

and demand following Russia's pro- ald, it is estimated at $20 billion. Spenser's both rose to fresh posals Co the unistention of That is only slightly higher than penics.

Germany. the $19.8 and $10.7 billion of The interest in this class of

and JUSI. but. first; It la shares undoubtedly owes much Hungarian Issues TOSC оп

higher then

More Important still, it has meant the loss of dollar earnings to the sterling (from 1848 previous to the recovery of retail sales in hopes of a resumption of trade

area from such commodities as rubber and tin,

HONGKONG SHARE MARKET

years

948 to

the recent months, The point may have beeni This redistribution of trade, igures progressively rose from Most active market, however, reached where the balance nt however, was not accompanied $15 to $17.6 billion); secondly, was in off shares, the stimulus advantage would be in Britain's by any significant increase in

the dollars buy more than they davour it raw material prices re- United Kingdom exporte to the did in 1952 or 1951; thirdly, for being of course the newa

Persia. mained stable, or

rike non-atting area. EVEN

including military old the total It la 100 optimistic to expect alightly.

supply of dollar or dollars worth that the overthrow of Mossadegh Shipments to these markets

this year is much higher than in will result in ed immediate Effect of the falling raw were, in fact, only £1,000,000 a material prices on Britain's term month more than in the second military ald has risen from $0.8 Oll Company to

any previous year, since the invitation to the Anglo-Iranian relum to of trade is shown in the detailed half of last year and alightly billion in 1950 to $1.4 bilion in Abadan but the political climate Ögures of the United Kingdom's | lower than a year cárler.

1951, $20 billion in 1952 and an in Persia ana pavlously taken a trade for the t half of this

But it is encouraging to note estimated $4.7 billion in 1953. year, just (From Our Correspondent)

just released by the Board that exports to dollar countries

turn for the belier so far as the of Trade.

have recently

That makes the 1063 grand 60mpany is concerned. reached recórd Business done

total 24.7 compared with 22:4′′ In on the Stock

Compared with the nest half of levels. How much is has been 1052, 21.1 1951, 18.2 in 1050 Exchange this morning amount-last year Britain's monthly im- due to a conscious effort on the ed to $280,427,20. Noon quola-port bill

down by

and progressively lower guy £36 part of exporters and how much in carlier years. Was tions and the morning's trans-million. But the actual volume to the effect of the Common-

Of course, actions:-

of goods Imported yes. irst wealth impert restrictions it sug, since military aid in the pous reserves.

these grand totals are mislead certainly" higher.

impossible to say. prices Brilain

SHARES BUYERS SELLERS SALES

GOVT. LOANA

D

(1048)

2300 FT DO 900 00

BANKS

East As13.

1020 133

INSURANCES

105 Dank

Content ... 200

Union Underwritera HK Tire

SHIPPING

Walerboal Aata Nav

DOCICS, ETC. IC Whart

Dock

Wheelock

LAND, ETC.

TIK Hotel

DOD 4.50

4

150

500 19.00

11/2

13

21.00 22.10

1.60 0.70 1300 77 6.00

7.90-1000 a 1.55 91 52 823 Fr 01 Humphreys *10.10 10.40 1000 m 100

TIKK Lond S'hai Land

UTILITIES

Tra

Tram (0)

1.10

23

. Train (N) 21.10

Stor Ferry 122 XD

C. Llets (0) 13,00 13,70 100 ↑ 12.20 GIN) 05 Miccttle

The fall porta accounted

by

NO RELAXING

pays for her for the largest part of the favourable swing

But the increase in dollar ex- in the terms of trade but the movement was ports probably owes a good deol to the fall of purchasing power assisted

In the sterling markets. BryComparative Armness of

export prices.

Looking wheat, JU le generally Monthly export carnings were expected that with the end of down by £18 million between the

the long decline of raw materig! two periods but this fail approximately four per cent in prices the Commonwealth impczt value comparea with a five per

restrictions wil gradually be cent drop

for British demand in

Volume of relaxed the

gevive. (This hos, in exports,

happened to som extent in the case of Australia). But this does not mean that British

then experters could afford to relax their efforts in other markets.

TREND STOPPED

As a result, Britain's terms of trade the ratio between the prices she pays for imports and those she received for her ex- parts-were nine per cent better

and

The need

with

is still to expand at the end of the first half of trade

the non-sterling this year than in June, 1952, and world, and so far no more than a four per cent better than in start has been made on this task. January this year.

Recently, however, this trend has been halted. Between March and May this year

|

arms

to

The Peralan news broke at a

between the United Kingdom and Hungary following the release from prison of Edgar Sanders, the British business-

man.

A DISAPPOINTMENT The "take-over" market Was again active but pries ments have been less spectacular then of late.

The

move

market

Announcement by Deben- hom's, the big drapery concern, that they are to increase the nominal value of their ordinary shares from 4/- to 10/- and re- when Anglo-Iranian shares sidiaries, came as a

value their investments in sub- disappoint- were already rising on hopes of ment to shareholders who had capitalisation of the company's expected something more excit-

Ing. form

'As a result the shares have

Allt-edged of

from Bhuipments the U.S. does not add

the risen

Lo remained Arin and recently further a

7/6d tho

ipsued corporation stocks haye world's supply of dollars: by £7-11/16.

In demand. Burmahs

been padding the national prices put

rose in sympathy

Interest has also been taken in llar with Anglo-Triplans," but "ginpr on such shipments, the dollar

Dominion and Colonial stocks amount of military aid can be,oll shares were hesitant. and sometimes is, meeninglessly

was Ultramgand the expectation is that a An exception

will shortly be inflated But the past, if any, of which a puce Hunched the military aid that spent 28/the highest level spurlaunched on this market. abroad does ndd to the world's touched this year.

CANADIANS BENEFIT supply of dalfòrs."

British Now that

Investors have the freedom to switch' la Canadian securities, the London premium On there

over the equivalent

in press quoted Canady has been adjusted to a common busis.

SHAPING HIGHER- Despite the U.S. tariff and all the rest of it and despite lower prices than in 1932 and 1951. the U.S. private imports of goods this year are shaping to be higher than 1 those two yeprs, and much higher than in any previous year. Private in- visible payments are holding well up to the 1952 peak. Even

Account

MOVE TO

RESTRICT

IMPORTS

Washington, Aug. 23.

be

This benellte Canadian recurities of which there were plready adequate supplies in London.

Massey-Harris

were

shares

by the

A move to restrict imports of among those which rose but this with capital outflow falling, the tuna from Japan will be made movement was assisted total US. supply of dollars to when the United

States Congress news that this huge tractor con- was to uninigomate with the

world on

It' whit reconvenes.

Ied private

by cer

the Harry Ferguson group. this year

Is estimated at $144 Mr Robert Wilson (Republicari, the

This merger, incidentally. billion, almost identical with the California) who belleves thint

caused figures 1952

1931

Japan is menacing America tung

shares much an nyret fishing fleets by her plan to exwhich builds Ferguson tractors

102 million lbs of frozen

LENDING 27.30 271 500 m 27.30

Macan Eleo. Telephone.. 31.00

INDUSTRIALS

Cement... Rope STORES, ETC.

Dairy

COTTONS

M

19 10.10 1200 43 10 1716 17,00

32.00

23 1500 1000

EWO........ 2.00 2.00 Textile Corp. 511

Penang, Calcutta.

MISCELLANEOUS

___Yangleze ........

Sept. 15 from Singapore. Sept. 18 (Accepting cargo for transhipment Kobe/lusan and Kobe/Oklinawa)

for Robe & Yokohama,

EVERETT STAR LINE

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

"STAR ARCTURUS“

Arrives Sails

Aug. 25 from Manila,

Aug. 20 for Singapore, Port Switten- hum, Penang. Madras, Colombo, Bombay, Karachi, Kharramshahr, Basrab Belyrein.

"STAR ALCYONE”

Arrives Suiles

Aug. 27 from Singapore, Aug. 27

fur Naha, Kobe, k Yokohama, Nagoya,

Shimizu

"STAR BETELGEUSE”

Arrives Sails

Sept. 16 from Singapore. Sept, 17 for Pusan, Kobo

Yokohama, (Accepting carzo for 'transhipment Kobe/Pusan and Kobe/Okowa)

&

EVERETT STEAMSHIP CORPORATION S/A Incorporated in the Republic of Panama.

With Limited Liability

Queen's Building. Teloghong 31206. Chinese Department: Telophone 28293,

BUSINESS REGULATION ORDİNANCE 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

2000 23.

5000615

Brazilian Aid For Exports

Ther

Britain's imppri prices fell by three per cent while her export prices remained unchanged.

But in June import and export prices both fell by one per cent and the terms of trade ceased to move in her favour.

Later figures show that the position was agaia held in July.

Real significance of the recent trend of world

rid prices can be seen If one ignores the "overall prices of Britain's imports and exports and looks instead at the movement in prices of her main Imports and exports.

of

Britain's terms of trade, are

after which the percentage therefore particularly vulnemble negotiable on the free market to movements in the prices of will be reduced to 40, for the these goods. period January 1 to July 9, 1964.

Items coming within the scope

A POSSIBILITY

and

and

previous

riie al 9d to 7/- in the of Standard. Motors,

OFing is up highest moce 1949, and tinned tuna within the next in Britain,

POLICY OF

U.S. BANKS

CRITICISED

that

when Marshall Aid was at its year

BULL MARKET? Mr Wilson Introduced a Bul to peak; including military aid, it is

London, Aug. 23. much higher than in 194 or gay cut the imports just before Con-

Newspapers will be full of other year. The item which is gress adjourned. The Bill will references to the buli market" miscollca "U.S. Govermentive Congressional considera- next Wick. The Financial Times Import of goods" has

tion when the new design begin index of eating pro-"

Industriala gressively risen from 30.4 in January

The Bill would billion in 1950 to an estimated

cut annual closed his

under the week at 124.3, peak reached on imports of tuna from Japan and 9 $1.1 billion this "Sear: item Includes U.S.-stockpile

klia South America to 120 million as March of this year of 125.0. index passelly It would permit the purchases but most

It will be pretty of these

Importation of greater amounts imits" when Government con- never reach the Son a percentage basisiit United

as cvidence deanlle "bull markel', with BEC purchases of food and States consumption of domestic prices bound to go substantially other goods for US. troops abroad, and payments for Off- and foreign ting exceeded 480 higher before they stop. shore procurements for U.S, and unit the percentage to 6 m

million ibs year, but would

in London, the past week saw max

domand NATO forces.

for textiles with Lan- economy-minded of 49. # would also permit mashire Cotton and' Courtauld's Peru and ather American both την ga with only six* Congress may be, these U.S.repiblies to eend quantities of

Washington, Aug. 23. Some banks had relaxed their lending policies "beyond prudent

In

However

a year.

mum of

Her Parded

Government spendings cannot duty-free frozen tuna: Duty-free highs. Dunlops rose che new be turned off like a tap. When Imports would be limited to five and needs only sooth: 1's penco

the

a

market, to reach the year's peak. Wool-

reducing their than foreign exchange reserves. intial quota of 320 lbs. the South

Iron Ore Project In French Guinea

Lever

Japanese bonds, were irregular, with Tokyo 6% alone definitely

“Bash`assented and

nted climbing up £11/

Metal shares were rather idio but coppers firmed up. Golá shpres were easier, closing at new lows for the month-United Bros.

trols on consumer credits were KAW MATERIALS

lifted last year, the Comptroller Diggest fall in the grives of of Currency, Mr Bay M. Ghney, Britain's imports

occurred in sald in his first annual report. raw materials.

Mr Gidney, These were 29

who supervises the per cent cheaper last June than 4,000 national banks in this In the 12 month previously.

country,

sold more than a few Corresponding in the price more realistic she and foodstuffs was only adopted more realistic and con-

servative

a country makes payments for per cont of policies. throo per cent. The Brazilian authorities have

On the export side the price of his report Mr Giangys troops abroad or paya sub-based on imports in the proced-worth's rose nearly to shillings

ventions Lo its allics, it is ing'Ave years.

to 58 #hillings, seme ninepence Laken steps to increase ex-manufactured goods fell by three thought the banks just

after

ncluated by considerations other

const

On the basis of the proposed under their peak. ports of goods that are difper cent and that of textiles and scared"

Anglo-Iraniany dominated the cult to sell on world markets clothing

Tending standards. eight per cent.

several centuries American repubiles would be all masket and advanced. Found bankers consider it Britain had All because of their relatively high

The price of metals and en-

to lower

that business: permitted to coxport 24 million shillings to a new peak to 152/04. policy prices.

credit experience o2 gineering goods exports fluctuat-poor

Parliament constantly

A tariff of But the Iden of the great Abadamı have authorised

combs free of duty. exed narrowly during the half year standards in order to build up

of a bank's loans plained, but constantly found it three cents a ih would be charged oil refinery once again pouring its porters of a number of com- but was on balonce unchanged, the number

Ex wiser and cheaper to go on on 42 million lbs, while the re- huge stream of of to world trade medities to convert 59 per cent Raw materials accounted for and 3 carnings, he said.

had perience of their foreign exchange can- nearly 40 per cent of Britain's

shown this is paying. The "Chevaliers de St maining 24 million lbs would caused general hesitancy in the Ings рт the domestic free ex-imparts and engineering products invariably costly, Mr Gidney said, George" were gold sovereigns. carry a duty of six cents a lb of market with Shell down

abnormal losses follow Reuter.

Chino Mail Special,

nineperice and Royal Dutch down because change marked at a higher rate for an even higher percentage of

5/10 the lower standard than the off

une.

her total exports in the first six as soon

icans go bad The arrangement remains in months of 1993.

The annual report covered the force until December 31, 1053,

year ended December 31, 1952 which was several months before Mr Gidney took office. It ex- pressed several of his opinions, however, such as:. It would be unwise to case the law which of the new arrangements are —

When raw material prices fall got a ceiling on

lending Cotton thread, cotton textiles, while the price

mortgage of engineering by national banks. cotton linters; vegetable fibres, products rises or remains stable The national banks bad plassava; sisal, carda; coqulrana. her terms of trodo improve. But $09,200,000,000 of deposits and Brazil nuts in the shell; ducum when these price movements are assets totalling $108,100,000,000 nude.

reversed, the terms of trade mové, on December 11-Ualled Press. Timber from the Amazon area,

against her. sawn pinewood; pinewood for boxes; pine plywood, masa- the possibility

This has not happened yet but Is that it may randuba wood; timbo wood.

are beginning to level oft after Boon do so. Raw material prices their': Kong decline, while growing from the United competition States and Germany

may noon forco

the mice of griginter- Menthol, Sassafras oil; babassu

ing produ oil; castor oil;

London, Aug. 23. cumaru brons; Meanwhile the effect of all this rosewood essence; groundnuts: has been to bring about a strik- Crude oil production for the Goya-beans; medicinal Tools ing change in the distribution of Arat six months of this year was except British Løveriegs tradel reconei a new high record at 332,000,000 Proportion of Britain's total im. metric tons compared with 312- ports coming from the sterling 600,000 in the first half of 1052, area rose from 38 per cent in the according to the calculations of the Patroleum Information at half of 1952 to 47 per cent Bu In the fligt half of this year.

The Middle East has now the sterling area tell Three per caught up with Latin America, bathi are now showing 59,000,- cent to 40 per cent of the total.

000 tops for parick

was mainly responsible of a The US was mate

the hippled of a new town.

stops to provide

ch will be required to you one output rising 10,000,000, tons been opened and

the first

additional tonnage.

Sydney, 10 years a rubber Buddies was done in the local deficit with the storing us for the 20,000,000 tons increase, years the large new mino

from to 171,000,000.

| specially-designed" (ore: caterin this conquantly increased- exchange; market

ment of ore from: Conakry to rec

planer in Malaya, hopen to poe morning at the following rator>-- £2000,000 4 manth to the first Output of the UBSB and Britain was made last February have already been prdered. The the process sidely used, U.S." dollar, (bar 31].

Sa half lot at war 30 481-mallion Eastern Europe is extimatestat Production is at the rate of 25,000 first of these, the Ommary, is only in per cont of America's Bierling noter per £13 Indonesiart #islider (per 100) meg & month in the first half of 1853 30,000,000, the Far East bad tons a week and will rise seaddy, ready in commission and bring road programmeTM usşad - 11, ** it' "Vitin tienie" (per, 100)

or about half of its total 7,500,000 and Canada 4,500,000 'Output is planned to reach Ing ore from Conakry and other would call for another, 1,000,000 onthly trade deficit.

United-Press,

1,250,000 to 1,500,000 tons a year; sources to Britain,

tons of Malaya's rubber,

Tanned and raw-hides and sking; wattle bark.

Oranges; tea; male tep; hull- rice; manioc starch; tobacco; service-berry,

herbs,

Icaves and plants Ipecacuana; guarana, Balate,

menthol With the exception of

and sabafras, for which export ers received 18 per cent, all the foregoing items were previously

alboiled 30 per cent of earnings. -Reuter.

Exchange Rates

unofficial

Bingapore (Bfruits)

Indo-Chains · plastres (per 100)

D625

At the same time exports to

DEFICIT INCREASES

The United Kingdom's trade

Qil Output

High

At

Rubber Chief Visits U.S.

Development of the fron ore, which will make an estimated resources at Conakry, French | 000,000 to 800,000 tons of pig iron. Gulnco, by Joint French and The potential outpot of the mine British effort since the wat, is is at least double this. described in the current. Issyp The mining of the ore la.. of "Steel News" After the Wer simplicity itselt. Charges afe Iri co-operation with the French, fired in the crust to break up the British Iron and Steel Corpora- surface and a giant digger loads Hon (Ore) Ltd, experts examined the material into motor lorries the Conakry deposita estimated to of 24 tons capacity, which contain 250 mn. tons of roughly it to the crusher

Now in the United States on 50 per cent iron ore.

org reduces the to lumps no

then gin. in diameter. The month's visit is Sir Sylinoy The survey took place in 1948 Fined and loaded Pairney, BQ-year-old, director of, and a special

65-ton bottom-door raliway the Rubber Development ppinle Miniere de Conakry, was mits and hataled Oll locomo Board. He will spend p month formed. The capital was provided and by the French Government and Lives a mere Ave miles to the in the USA much of il lacking

where a loading

hagat and talking about roads but and British" "privatë: Pat. It roads with a difference. N French manty, the British portion being

Ticy are Loads coated "port" Installation the

and longed mixture of rubber and asphalt. from the bottom of found by, the slept industry.

of the pile of a There are several hundred miles... Development of the site started belt conveyor late ore-carrying in 1930 and preparations for alps. A 12,000-tonner can be

States," in 19 mining involved »:. clearing loaded in less than hajuis

their. Introot, the Parallel with the development American hundreds of acres of bush, the

helds to mort ad construction of a now deep water of new ore

the Com

BRDB

through

for the six months- wharf, and of now roads and daval are requirements, the over Aureau, of w

Why rubbery With it, the

or three

Lirness

realign British industry is taking SALVATACO CUI - maintenance

Brallways, and the thing

עס