1953-09-01 — Page 9

MESSAGERIES

P.O. Box $1,

Queen's Ridg.

M

Tel: 26651.

THE CHINA MAIL, TUESDAY, SEPTEMBER 1, 1953.

MARITIMES U.S. FOREIGN ECONOMIC POLICY Important

Importance Of The Douglas Report To The Commonwealth

M&

PASSENGER/FREIGHT SERVICE

Homewards For Europe

"YET-NA

***k

Leavra Kongkops Ralled

True Storreliqi Vĩn 16 Sept.

saigon

via Marseilles to all Mediterranean & West Africs ports. via, Djibouti to Madagascar.

Outwards Prom Rurope

"COURSEULLEN” “AURAY"

"IRAQUADDY"

Homewards For Europe "COURSEULLES" "AURAT"

"IRAQUADDY”

FREIGHT SERVICE

t.rares

*+ A+ Europe---BaBed

· Europe—Balled

· Antwerp- 1 Sept.

E.CATA

•-• • Keelung... 4 Oct. ==› Koulung—30 Del. ..............Meelang... 7 Nov,

pue Hongkong For

2 Sept.

Jagin 29/10 Kupt, · JADIA 12/14 Oct.

Тараа

For

Hongkong

Oct,

I Now,

Ο Νου,

↑ Saigon, Marselfies, Algiers, Oran, Tangiers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk.

Bubject to change without notice.

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight-rofrigerator-passenger service to Koren, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and

⚫ Chittagong.

"BRADEVERETT"

Arrives Soils

Sept. 15 from Singapore.

Sepi, 16 for Kobe & Yokohama,

"NOREVERETT”

Arrives Sails

Sept, 20 From Manila,

Move By U.S. Ex- -Envoy's Eloquent Plea

Analysed

London, Aug, 21. Favourable. London reaction to the United Stetos syntheile rubber plant closure is noted by the Dally Telegraph.

4

The paper's City Editer doubted, however, ic mora mature reaction will continue to

be favourable. He noted that the West Virginian plant has presumably been closed because synthetic stocks are too high.

The

~~ || |

For “Trade Not Aid Taper Target

(FROM OUR OWN CORRESPONDENT)

London, Aug. 31.

Just how far the Douglas Report will influence the deliberations of the 17-man commission set up in Washington to examine United States foreign economic policy is a matter for speculation not to say scepticism. But, from the Commonwealth's point of view, it is encouraging that the Report, with its eloquent plea for “trade not aid," will be among the first documents studied by the commission.

Mr Douglas (formerly Ambassador to Britain) punchos.

lange pants of the world.”

·

has not pulled any

afford the vehicle for invest- ment of American dollars in association with sterling within

cannot the sterling areas turns híài

NOT. INDIFFERENT And Mr Doughts mate it oleas that the United Blades pretend locifference to the date of the pound whether the world can recover

is doubtful"

he says,

Finally, Mr

He also recalled that a meet- Ing of the Rubber Study Group' "For 30 years," he tells his storation of economie frondom in meat Corporation "may wall is due to start in London on fellow Americans, "the barriers October 12, and inferred that the that we have erected against plant closure may be forest Imports into the United States Ing an American move to resist have been incompatible with, an international and have operated aguiast, the pressure for commoitity conference on rubber. re-establishment of inter

Telegraph City Editor national economic and financial added that the Amerlenn stock-health and equilibrium.

|a high degree of economic dree- pile authorities are reported to "Long ago we became the dem or whether Americant co- be willing to sell rubber three | world's greatest croditor. We porta so important to large months forward and that such can to longer pursue the pro-segments of oum contryan facilities enable American con-tectionist policies of a debtor enton foreign markets without the beneat of continued Ameri- sumers to hold of current pur-mation End hope 10 свопро

can subventions strdi suoridies un- intervention, chases, thereby further weaken- from

government ing the spot market position restrictionism, State planning i less sterlog cakes further pro- China Mail Special.

discrimination

towards its own, emancipai ogalnak | ST American products in inter national markets”

London Foreign Exchange

New York

Sep, 21 for

*Singapore,

ftangoon

&

Perong, Calcutta,

Eu

Co

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

EVERETT STAR- LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay,

Karachi and Persian Gulf Ports..

"STAR BETELGEUSE”

Arrives Sally

Sep, 17 from Singapore. Sept, 18 for Pusan,

Yokohumo.

"STAR ALCYONE”!`

Arrives Sails

Sept, 20 from Japan. Sept. 21

Kobe &

for Singapore, Port Sweltes-- ham, Penang. Madras, Colombo, Cocliin, Bombay, Karachi, Kharramshahr, Basrah & Bahrein.

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

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

With Limited Liability Queen's Building, Telophone" 31206. Chinese Department: Telephone 28293.

The Rubber HONGKONG

on

Markets

Singapore, Aug. 31.

The rubber marke: improved

news from Trieste, Sellers

were reserved. Futures prices flosed ne follows:

No. 1 rubber per lb.

Sept.

Oot.

Nov.....

No.

0434-44

! SHARE

MARKET

(From Our Correspondent)

Business done on the Stock 60-64% Exchange this morning arvounted 0345-14 to $188,137,05. Noon quotations

2 rubber per 1b. Bepi. unquoted and the morning's transactions:- No. 3 rubber per 1b, Sept. ({})-1, No. 4 rubber par 11. Sept. 18%-2014

Snot rubber unbaled ...........

No. 1 pale crepe

Blanket crepe

.0336-14

71-10

LONDON MARKET

London, Aug. 31.

INSURANCES

Canton Umoa..

Ilk Bank

SHARES DUYERS SELLERS BALES 641-854 BANKS United Prem.

East Asia

1510 .143

240

5,08

1000 8.10

Ink Fire

160

10-1916 1911

DOCKS ETC.

K. Wharf

40

Dock

23 200 0 22

videt

S'hal Dock

12 2.30

The rubber market was duil throughout the day. Prices closed as follow

No. 1 39 spot

Nuatroos Seitioment... General market cit bazin

No. 1 59.*********** 30%

Extate oreve Sept, thick..

ungkoted 203-2132

thirited Prew.

NEW YORK MARKET

New York, Aug. 31. Rubber futures today closed Пva to 10 points higher with Bales of 29 contracts. Higher London cables and a lack of seiling pressure kept prices on a fairly oven Tovel during moal

the day.

of

Dealers

report a slow situation

in the outside market with spot.

No. 1

Ribbed Smoked Sheets

Underwriters

Wit clock

LAND, ETC. HK Hotel HK Land Humphreys UTILITIES

Tram XD P. Tram

Montreal Amsterdam

Zurich

Copenhagos

Parin...

Stockholm

Listen

Deutsche Mark

Blocked Mark

Others Prode

London. Aug. 11.

201 1/16-2.81 3/4 2,7755-27736 10.50 -10.00% 140,13-14025

19.00-10.9914 12.17-12.175 19.34-1934 073-9731

14.4832-24,481% 73.83-60.10 11.7135-11.7176 1715-1744 unchanged.—United

and

attention, to the "violent fluctua the major tions, in prices and volume of raw materials that enter into international trade," This single phenomenon of the post-war period has produced strikingly adverse effecta" upon the trade of the United King- dom, the sterling area

anti Western Europe.

L

ONE APPROACH

stocks,

than

Taipeh Aug. 31.

Tho

that the reported today Nationalist Government” hadi US$240

indiflor" "for" tm- porta in 1953-54:

·G.o

exchange through and the netmad ollaNDE remaining: US$110,000.926 bo carmarked for Foods shipped here under the Mutual Security Al Programinė –kozier,

forefoont. - supplied

WELL

Japanese Production Still Increasing

Washington, Aug. 31. Commerco Department

. One important approach to The Mr Douglas includes among this problem, he suggests, might reportan Japanese production Mr Douglas reached this con- the major causes of the present be to develop co-ordination be advance In June to woother clusion after studying on the unbalance between sterling and twen governments, 80 that U.S. Government's

behalf the the dollar "the mamtenance by purchases by public agencies post-war high by virtue of an problems

raised

of the the United States when

trade may be diminished when the increase in the output of textiles, Commonwealth Prime Ministers polic

policias

which were more ap business community is building on and steel, refined petroleum requested

to a debtor thats American help

aup an Inventory and Increased and other manufactures. In propriate their elms cheving

of freer creditor country; persistent and when it*is liquidswer has now the

The report was contained in subborn maintenance by the President trade and a convertible pound.

Department's regular Mr. Doug: orcas his Report the American market and sub-commission on foreign comomie US businessmen known

.S. of the policy of protecting forwarded this Report to the circular for the information of with an admirably concise sidising American services which poin its own examination

which is charged with Foreign Commerce Weekly.

as position of the

• the prerent interna-

enterprise lomat finanekal set-up. He points

of the cifectively cheaply render." lous that a larger part of worldh

problems discussed by Bis

*The key factor in the new There is an almost embarrase. Douglas and reporting its find post-war record in manufactur trade conducted in sterling

ing lack of criticism than any other currenzy.

ings by next March.

ing the report continued, "was aterling

One must hope that the com- countries

da 8.0 per cent intressa in though one defects a mild re-mission will take their cus from textile output, high-lighted by a buke for the United Kingdom, Mr Douglas and recommend 24.8 per cent increase in cotton Me legislation along the lines he has yarn and post-war records in whore competitive power, Douglas says, was weakened as laid down.

ex-

"For this reason is fuller con- vertibly is essential to the re-

London Exchange Influenced By Wall St.

Trend

(FROM OUR own corRESPONDENT)

London, Aug. 31.

Loreign

mond

of the themselves,

the result of sellers' market con- citions and opportunities for proteated trade fanuced by re- payment of the sterling debt."

MAJOR FACTOR

Ono cannot deny that the case with which British ex- porters were able until recently

Malaya's Best Customer

Singapore, Aug. 31.

to sell "tidir products in the The United States

Balts has been a ma- | Malaya's best customi

woollin yerns end, staple fibros Other

pest-war highs were established, în.

$100) pig iron ingots and refined petroleum Gains

were recorded also: in rallway rolling stock, passenger motor cara, paper and ammonium sulphate,

"Output" of "cool, however, was declined by 5.2 per cent largely durkio] due to voluntary restrictions on

jor

in perpetuating the July as Malaya's trade increased output owing to large stockpiles dollar shortage.

trade the smallest of the year. to make the month's adverse of con estimated at 4,253,000

Mr Douglas does not advocate immediato convertibility

in

starling Such a course appears doubtful against the background of the recent "modest"

ripe in the sterling area's gold and Threat of dollar reserves the German, and Japanese competi-

In July, imports exceeded ex- Blightly more than US$1,200,000 which

compared

ports by

very favourably

·with

tops.

"Although exports, increased In June, indications sull are

unfavourable balance. Couler at mounting industrial pro-

İto US$8,000,000.

'duction is - tied · to domestic purchasing power supplemented

Sentiment on the London Stock Exchange during the past week was affected by the Wall[tion and the standstill in Ameri- The United States led the bượt. | by special dollar earnings,

Street setback.

This, with its hint of the dreaded American recession, caused some hesitancy in the industrial share market around mid-week. But there was no rush to sell and most losses were recovered before the week-end.

.

ing of Malayu, goods which

000,000.

cant believe that I totalled slightly over US$14,- |-amounted to $115,300,000-

policy-making. Nor liberalisation of America's "re-

strive, protectionist policy" of itself rapidly produce

Question For Wool

Market

* London, AUZ

In an article of the opening of the new wool welling season at Sydney the “ Financial Editor of the Lon ̧ don Times said an important à question - Is whether it the United States can "get through another season without the help of other than limited purchases, of | Dominion wool.

"The feeling

that the United States must import a good deal of wool this your and that American buyers may take a more active Interest in the carly months of Dominion sales," he said,

La

But he added: "United States wod polley may depend to some cocient on the reshaping of the Administration's forel economie polley In general which may take some tine,"

This held good of other countries, he said. For instance, the President bf the French Chamber of Commerce ·had warned that France might have

of Atti to cut her purchases

it Australiaald tralian wool not Import more Fretich manu

factures.

The article concluded: “In the and, of course, the attitude of alike in the final consumers, United States as its other coun- tries, holds the key to the new

senson.

*While there is no reason

at suppose that accumulations last season's weel in consumming countries TO oxcessivo -- and tho commitments of present

wool manufacturing trade-both here and as a

the whole on Continent

thought to be are aufhelent to maintain the existe rate of manufacturing activity to the end of the year, wool buyers have been showing concern lately whether goods. produced on the basis of cur rent values can be sold in the shops.

ing

"If wool buyers were tą give tangible expression, to this con- cern by refraining from early purchases, the opening enles new wool might be unreprese tative of the present strength the statistical position of the material."China Mali

New Freighter

For Japan

"Mendiandise"exports, in June-

Tokyo, Aug. 31, "Tho ̈Uraga¬DookTM Company - US Britain was second by compared with $111,000,000 in to Inuncù the 10,000-ton. (diegel-- a less than US$200,000 min.

During July, Importa totalled May. Most of the Increase was weight) freighter Shown. Maem St$208,704,783 against St$285,-$3,000,000. Lesser gains occurred

provided by this#2" fetalling | on, August 22... 089,973 worth of exports. Ships, in cotton

The freighter was ordered by but he adstadaily to me starts and bunkers were worth lumber, textile machtuary to be completed as the same hig

St$8,217,004-—United Pacpa.

iron, and stonk, 125 frontest at decreases were In. raw silk, chemicals and cement

A

dollar-sterling balanc

BUL tributo substantially the creation of an environment of world Made in which convert-

The slackening ot Interest timed to in novo mindgest to bility at the appropriated with

have

the recent de-

in turtle shares beneftel

marke, — und | offret rouch of the gu-cdged incidentally ensured the success cline in the commodity price by of the East African High Com cutting their costs, mission loan operation.

This issue, of £4,500,000 ot

EYES ON U.E.

London, Aug. 31.

bo safely the conbidence that it would endure."

The immediate danger that Ms Douglas forepes is that towards economie progrods tibenly will be arrested, or even

four per cent stock 1008-71, With eyes fastened ailo was issued at the price of 05 anxiously on Wall Street, traders reversed, while the U.S. Gov terms specially designed on the Block Exchange have beemment ponders its attituda bo and the larga ingiltutional" In-been no selling to speak of but wards foreign trade..

to appeal to the surtax payer come more cautious. There

dealings began on Friday at a shares just a shade

market touched in

the year..

is

has

го

Grain Prices In Chicago

Ry

103-4

1914 per bushel

107!

132 (Prions per buinch” in penis)

興業 Uni-Prices per bushel in cents)

Sept.

erin)

Chicago,' Aug. 31, Prices of grain futures closed today as follows....

Wheat (No. 3, red, per bushel in vestor.

lack of new buying has talke

WOULD HELP

cents) Spot

1801 nom: course an instant talisingly kept prices of industrial It was of

Nothing. he says, would do

Beph 183111)

189 alter But SUCCES

shortly

below the more to encourage, further ad- | Dec.

March.vances towards economic liberty March 1964 frembum of 1/3d over the issue One that peak (1250 as mearur during the Interval

in which Mar

Corn (No. 2, yellow. price, "stags" began to appeared by the Financial Times In-American legislation

is awaited

iri centsy 1/3d dex) and the stock closed at

crossed, the United than a prompt announcement by

by Spot

Bept. Kingdom, It discount.

widely speculated, the U.S. Government that it is

Deg. first movement will enjoy a boom. The "afety

Washington's "determined pelley Maren 1864 inlo gill-edged carried several

That index closed the previous to work towards a simplilention May stocks to new high levels for week, at 124.3 and

closed this of our customs practices past week at 124.1.

progressive, vigorous and con-Dec Individual shares were a bit kistent realisation of our NEARLY AT HIGHEST The Financial Times Govern- erratic. On the downward alde sudctive foreign trade legisla Dec. ment securition index put on were Rolls-

olls-Royce, down 2/- Ford tion." 1/4 Dunlops Mr

echoes the Boot Douglas another fraction of a point and Motors, down is now within half i point of and Woolworths, down 1/-, Im-Commonwealth Prime Ministers Sept. the highest level recorded this perial Tobacco, down 10%

FEDOR. statement that more privato an. 1984

230144 Selling was not heavy. Neither | American Investment year, in

shares wero was the buying but it sufficed to Tako-over to than in re-lift Courtalds, Imperial Chemin foreign countries would, "heip to May

bushet in sanjay solve the basic problems. rather loss cent weeks but the market has cals and Lancashire Cotton by He acknowledges the exis

New York four, 200, ib, sack $15.20. not lacked Interest

and ninepence many lesser tence of economic and pollites1-United Pro Montague Burton, the tallers, knowin' shares `by'ong: or two barriors at present restricting

Inlo have

· prominence | shillings.

mich Investment but suggests rumours that a deal in→ volving the company's freehold risen 11

on per containly

the transl

transition from the period properties is about to be put rise in the price of the com- which American dollars, through through. The shares 200 1 212

went up modity but they are now slip public agencies, have bech In 5/to 22/- 22 22.20 1500 @ 25.10

shillings 100. P

In the stores section "Gussies" in bi Anglo-Iranian foll vested

to 147/6d, of a

(Great Universal Storqu) have Royal Butch' slid 8/94 to announced plans for expanding | shillings. O

the United into

Stries and Canadian markets,

$1.00 0.70

7.86 7.00 01 615

16

2412.00

1 TY IN) 21.10

Star Ferry 127 XD

C. Light (15) 14:00 12.70

C. Light (N) 0.35

Electric IN 3730 HEMERO Elec. Telephone

quoted at 237% cents per th❘ INDUSTRIALS

Futures prices

follows:-

Sept.

Dea.

March 1954

May

July

Sept.

closed

13.00 bid

23.00 $10

23.00

23.00

21.03 bid

22.03 nom,

İnitest Prem

LONDON TIN

MARKET

London, Aug. 31).

The in market: was, firmor 10%

day. Prices closed as follows:— Spot tin, buyers

nualness

refiora

Theo months tin buzuru va

· Busines”- Battlemant

1800 1010

4.25

Cement **** 10.70 10.00 2500 23.10.70 STORES, ETC. Dalty.... Wakika.....30 Crawford

L

21.30 23.30 1000. § 23.30.

COTTONS

Two Textile Corp. MISCELLANEOUS

2.00

3500 @ 0.10

Exchange

Rates

GOLD HOPES YADE

Nov.

in March

Tark ¿Prica par

Spot

fabrics, foodstuffs,

"Merchandise haports

for

Juno amounted to $197,300,000

and by mid-October. She is

built to the highest "clane ́ot Lloyd's Register.

The Bhiowe Marts is 12a

compared with $203,300,000 in metres tong, 178 melica endo las 10.4 metre deep. HAF STORY May.

Tho

og fa 0,550.

decline occurred

inly in wheat and sugar principat increases word in rico and petroleum."---United Prem

British Bid

Rejected

By Washington

to „Manufacturing

The freightoc's main engine will be n°6,000 korse power diesal:: -engine, which is expéctad tờ glyw

her 14.25 kodu ol' Quit --louch- China Mail Spacial..

Commodities In America

"New York, Aug. 31.

soybeans, and other bad quiet and wheat dealings today, faltered after an early rally.

Corn, commodity markets

Wostalragion, Aug. 31. The Interior Department has two annowiced award of a Boybeans(Prices per usher in taillion dollar contract for high At Chicago, wheat closed off

voltage franstoITECTS

10% to 34, soybeans closed.. Allis-Chalmers

4% to 0%. Wheat began to det the Сотраву for

cline around mid-morning, and Power Administration.

The Assistant. Becretary of continued lower during most Interiot, Mr Fred G. Andahl, the day. A portion of the galle

ing wald,

345,000-volt trans

come on reports that ad formers will be bang the best livery against the Septembe voltage equipment Installed and contract would be large. spirited in

In this

country and port trade and domestic perhaps the highest capacity word slow

wheat At Winnipeg, Inoriner in the world,

priced at 195% conty per bushels of three domestic bidders on the United Fress. contact although two foreign firms

Sinco July 1, oil shares have means of providing reasonable Sugar Prices

New York

and wal

In

130-165

the

Alle-Chalmers was the lowest

submitted lower estimates,

30 MP Andhal gild the American

The improvement in the com-19255 guined £4 to 225 arid acrvice in this closed one point higher to respect to experience”

inancial positioni hed the 1898s gained £1--V4. Japanese car pary's already, been discounted, how bonds were

Londdo, Amf !

Japanese Honda,

of

and the period

New York, Aug. 31.. dow of

World No sugar futures Electric Corporation of Murteta, JAPANESE BONDS adcounte He believes the International closed today 5 points lower to which bid $1,975,850, Farid ar CHINESE BONDS

Bank and the newly-established polits higher with mice of 178 ranil Electric Ltd. of Birthing (which bla ́·21,527,400, dia...” not Sterling apeculators are very Commonwealth

Development contracts

Domestic sugar No. 6 future most the specifications wits Chinese bonds. The keen on

could: perform a

At the saźne, kimo, Me Andabl points lower with pairs of 60

Prices clóneti.us | announeed... award... of .... another idio with, 'n faw

The

former, for example, contracts.

bythe Bonneville showed anal fractional changes both already provides a method by follows: and the shteres

Power Contracts No. 4 (World), little change on the work.

up and down

which an environment favours | Bebe.

100,000-undt highwolago suspen- Since the beginning of Aarnish, Dollar stocks wore

- macked | able to private investiment own | peli

Ron insulatory, 146, Nippo when preliminary figures were down severely, mostly by: foure created, tra

Caut ko kalba – Limited. published, "Gusslor have put points. Caradlaris were

THE VRÚKOLÉT -

July on 7/- to 37/13.

markets gold shares points.org International Nickel 3 The provialcas "of the indori, In other market have been deep in gloom. The points, #TheGarden Potash ture of the World Bank loan, Flincial Times' gold mines

fell G3 Rallied || Igit

Ties CRS-define Whok.

the bertus códa, which invest

pushed but Cahpscs fell two

· Me Douglas

Business was done. In thờ... lopal 1.Index Innowalite Lowook | $5, 10: phong inga bil their own i montes of mifirafa. Ainda raisth€ 140%

Unofficial

exchange market

morning at the following ratea:--

Us, dollar per #1) Werling Mojoz (për £B Indonesian unidera (per "100)

(600-806 | 11am-4icals (pwr, 190)

Singapore (Šitalis) . Pres. | Indo-China plasties - (per

1931, Invertors point, sineo.

the Calle Consola - led be made with reasonable Ima seem to have doepaired of ever seeing a higher price for gold with a rise of 13/06 while Worovially a sunst, most of the

But rubber, shapes -- Will Loons,, favourite of formen political fimumicino NEPAL

one of the most de owners of sterling, gained 4/6d. On the British side, he addi "groups" have con-United Press.

the Commonwealth Dávelops

1.11 recently

pressed

than the lowest, dencia

dors, Mir And Japanese firm

(vised slicin

NY Cotton Price