1953-09-21 — Page 9

MESSAGERIES

Queen's Bldg.

M

THE CHINA MAIL, MONDAY, SEPTEMBER 21, 1953.

MARITIMES British Government's

Tel: 26661.

M

FAST PASSENGER/FREIGHT SERVICE

Prom Marseilles

Leaves Marielites

"LA MARSEILLAISE" 13 Bept. "VIET-NAM

"CAMBODGE"

To Marsellies

Une N.K.

a Oct,

INUY.

For Yokoluma

Yokoliama

0 Ori.

11 Oct

6 Nov.

Lænver Hongkong

Dus Marseüles

VIA

23 Nov.

Kalpett

28 Nov.

Saigon

12 ber,

Saigon

"LA MARSEILLAISE" 21 Ost.

"VIET-NAMI

"CAMBODGE"

3 Nov.

in Nov.

Via Morsele 10 all Mediterranean & West Africa Ports Via Djibouti to Madagascar.,

Froni Europe

"AURAY"

"MONKAY"

FREIGHT SERVICE

Lett

But J.K.

«Antwerp-23 July

30 Sept.

19 (17.

21 Sav

Manila & Japan Manila & Japan Manila & Japan

For

"IRAQUADDY" ....Antwerji- 1 Sept.

........Dunkirk-early Del.

Traver Keelung

Chri.

30 Del,

To Exempr

"COURSEULLES"

"AURAY"

"IRAQUADDY"

13 Nuv

J.eaven 1.8.

1 Nov. 14 Nov.

ז

1 Salgon, Singapore, Djibouti, Mainekler, Algiërs, Oren. Tangiers, Casablanca, Le Bayer, Antwerp, Rotterdam & Dunkirk, Kubjret 10 thangs without notice.

EVERETT

LINES

EVERETT ORIENT LINE

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

"NOREVERETT"

19 Port

Nails

Loading Sept. 22

"LENEVERETT"

Acrives Mark

&

Penung, Culcutta,

tor Singapore, Rangoon

from Slupepore,

Robe

Vel. 5

Det. C for

*

Yokoham?

(Accepting cargo for transhipment Kobe/Pusan 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 l'orts.

"STAR BETELGEUSE"

in Port Loading Sails

Sept. 22 for Pusan,

Tolohumu,

Kobe 黏

"STAR ALCYONE”

Arrives

Sails

Sept. 22 om Japan, Sert, 23

fur Singapore, Port Swetten- trani, Penang, Madras, Colombo, Cochin, Bombay, Karachi, Kharramshahr, Basral & Bahrein,

(Accepting cargo fur transhipment Kobe/Pusan and Kobe/Okinawa)

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

With united Liability

Queen's Building, Telephone 31206. Chinese Department: Telephone 28293.

Refiners Sugar In Britain Ready For Sudden Rush

London, Sept. 20.

Although the Government has given no in- dication of the date when sugar rationing will be lifted, sugar traders in Mincing Lane say the date is likely to be announced this week-end or the next

one.

The Government warehouses, | way that

facturers

agreement

the new the refiners and Allied manu- can influence prices is by But exports tp limiting exports. are prepared

been severely cushion themselves against any have already Studer demand from house curtalled under the new agree- holders. But this demand is ment and it is unlikely that nat now expected to assume the producing countries would large proportions since the in- agree to further cuts. creased ration of the past two

months as satisfled most needs

for

over

Over

the

EVERY EFFORT

Flexible Monetary

Policy Emphasised

(FROM OUR OWN CORRESPONDENT)

London, Sept. 20.

A slogan in 'an office window, passed en route to the City, yields It reads: "As safe and secure as Britain itself." a daily tonic.

Foreign Trade Inquiry

Thursday's surprise headlines announcing the bank rate cut made that slogan seem worth a second look on the evening's homeward journey.

Britain "safe and secure!" That summed up somehow the man-in-the-street's reactions-first reactions at least-to what was certainly the biggest news of the year in the City.

At last, it seemed, had come alarmed by the possibilty ap- the sign of a real halt to the|parently Chat. he deprecates years of austerity measures, Britain doing anything at this US Commission To Surely one might be permitted moment "unt might be inter- to conjure forth now the picture pretix as reintroducing the of a smiling, confident Chancellor danger of inflation." Begin Hearings

of the Exchequer; the picture of Comfort is being taken here a Butler declaring there isn't in the realisation that the Go- Washington, Sept. 20,

much wrong with Eisenhower's economy: a Batler

Britain's vernment la emphasising in the President

prepared to bank rate cul the flexibility of 17-nan Commission on risk a slackening of the reins Its monetary polley. Foreign Trade and Econo- even if by only one-half per The technical "unifying" of mic Policies meets on fcent.

the special or top bank rate with An ironic twist to the slogan the effective 3% per cent pate Tuesday for the first time,

was perceived in glancing at it means, as The Times city editor By next March 1, the group again next morning. For the puts it, "that the bank rate has must report to Congress its slogan belongs to the world of

now been put on basis from moved up or findings on such problems Britain's building societies. And which it can be

they had all too speedily an-

un-down in future with maximum as the American position on they

rate effect." nounced that, the bank tariffs.

cut notwithstanding,

wus The

rate, structure in other "extremely doubtful

the words has been. tempered for Prendent Eisenhower already

will whatever winds may blow upon present slight reduction ha

With so-have any courted trouble

effect un building Britain's shores-glod or bad, de-society rutes." called "protectionists" by

Despite all controversial inter- munding

international A cold douche free

for Britain's pretations of the full significance rate change, the trade. So diverse and complex would-be houseowners, made no of the bank

les palatable by the explanation news has brought a mood of ate the problems the Commis-that one of the country's most optimism to the untry 23011 faces that une Congres vital needs at the present time observed that is an inereure in savings, and sonal member "there probably will be minority any reduction in the rates paid

to investors

would obviously riports,"

weaken the appeal to the

the public steel to nerense their savings. Clarence B. Randall, a

Jay was and to be to confined, corporation executive, is chair-

however. The Stock Exchange ITURE of the Commission by

shared the mood of uplin Did Presidential appointment. Mr

not the Financial Times Govern- Eisenhower also selected six ment securities index rise to a other members. Five Senators height unknown since the bank on November rate was raised Vice- YCLO appointed

of 1951? Did it not stand on Friday ul .02 below the mere

depressing

بودا

Prezident Richard M. Nixon,

ine

and ve

that ont

Senate's presiding officer, 100.81.

House members by figure Speaker Joseph W. Martin, Jr. November day?

A REFLECTION

It is believed that a stimulus has been given to home invest- ment und The expectation is that British exporters will be better equipped for thelf increasing battles in the world markets.

HONGKONG SHARE MARKET

DANKS

K Bank... East Asia... ISBURANCES

Union

(From Our Correspondent) The futility of expreting any unanimity in the final report is

And, while the experts have Business done on the Stock illustrated most dramatically by

heen carofully pointing out that Exchange this morning amount- the presence on the Commission

the bunk rate reduction is really ed to $235,360.40. Noon quota- of Hepresentatives Richard M. Simpson, Republles, Pennsyl-ja technical matter, involving notions and the morning's trans-

in Chancellor Buller'snctions;— vania, and Jee Cooper, Democrat, change.

tighter monetary policy of the SHARES BUYERS SELLERS SALES Tennessee.

past 18 months, yet there is

that the complete agreement

of the is a reflection move Government's confidence.

As The Economist com- mentator puts it, "whatever else the reduction means-11-is-an

to under-statement

say the Government does not now seem Mr Cooper led the House fight to see any reason for on im- which defeated Mr Simpson's mediate tightening of monetary

The Law was extended polloy." for one year at the Administra- And he backs up this view created the Commission of 17 with the comforting

Mr Simpson led the attempt in the Ins Congress to place severe restrictions on the Reciprocal Trade Agreements Act, keystone of the current low tariff zales in the Reciprocat Trade Agreements progratreme.

plan.

tion's request and the same Bill

10

reflection

Business Outlook In U.S.

Washington, Sept. 20. High Government econo mista consulted by the United Press today were cautiously optimistic garding the general busi- ness outlook in the United States despite the recent downtiend in the New Stock Market. A York severe economic depression is not at present seen, they

said.

The loformal low among

Stock Exchange

In An

Optimistic Mood

(FROM OUR OWN CORRESPONDENT)

London, Sept. 20. While the

experts, arguments of City politicians and others continue on the full implica- tions of the bank rate cut, which took everybody by surprise on Thursday, there is no gainsaying the optimistic and immediate reaction of the markets.

it

The gilt-edged section moved upwards 'with such sharpness that War Loan now stands at one wesponsible analysts of the 864, an increase of no less than 34 over Thurs-

is that trend

the Cenomic Flock market has

day and Friday. been an ac- curate barometer of major World trends since business War II. The stocks trend won

Lex 1910

and 1047

Endises moved upward,

Experts hint that national in- drees of income and production for the third quarter will show Home Migakienst

Bains likely to inspire more optimism greurities speculators.

downwardi

when other major business

ataong

Such opinions are individual ut:cl personal s Government officials are always reluctant to cominent on the situation in speculative belleve, however, that the "im- petus" in the general business aluation will БООЛ inspire greater confidence,

markets. They

The usual view among ex- perts

Is that the stock market reflected a desire to sualise the possibility of

smaller governmental defence expenditures as an aftermath of the Korean war truce and the diminished prospect of a third world war. Such a readjust- men! normally occurs

after termination of a long period of combat.

QUALIFIED

Expressions of optimism are qualified by ปร observation that a long continued slump in the stock market may have psychological effects adverse to maximum investments in new factories and equipment during 1954.

However, taxation

changes

year-end may brighten the Investment look.

1

It is worth recalling that fell 2-7/10 to 74 when the 1952 Budget 'rojsed the bank rate from 2% to 4 per cent.

And War Loan is just a sample of the general effect on Government stocks.

anti

There has been a sympathetic marking up, too, of bank insurance shares and a rise in Industrial debentures and pre- ferences.

The drop in the bill rate has particularly encouraged demand for "shorts."

Though there was not much businesk

Dominion and Colonial stocks they mainly firm with some advances.

hands

at

were

*

American

Business Highlights

New York, Sept. 20. Automotive: Ward's Automotive Repoutput of cars, buses and trucks in the US and Canada this Week calmazed at 140.317 units, compared Wita 142,827 (revised). units the weak bofore,

While East Africa 4 per cent week ended WGA changing premium it returned before the close of the market on Friday to 7/10 premium.

serves,

тем

Banking Federal Reserve-

Sept. 0; member bank, commercial, Industrial and gricultural loans in 94 leading

Gold cfiles-$22,057,000,000.

week ended Sept. 10, $22,178,000,000. Excess reserves, estimated at $918,000,000. Money circulation— $33,635,000,000, continued Holding of US government stores securities $25,084,000,000,000. Now York Ratio 44.0 per cent. City brokers' loans $1,419,000,000.

STORES POPULAR

Strong Interest during shares.

the week in

utten- before

(Debenhams attracted tlon with a rise to 37/- the final Agure of 37/6 at De close-1/41⁄2 up.

Waring and Glow were also at new peak of 04/- biit closed at 63-2/0 up.

11

recorded, how-

Drops were out-

The most recently published effieint survey

in

Bank clearings: Dun & Brad- street, c. week endled Sept. 16, clearings in 25 lend- ing elties $17,078,502,000, com- pared with $12.803.278.000 (re- Vised) the week before.

of

Carloads: Association American Railroads week end- ever, by M. Burton, down Du at Sept. 12, 710,554; loading for 24/- and by "Gussies" at. 47/6.e year to date upproximated

27,424,454 cars. the overall of

The bank rate news brought economic situation national

with it on Thursday an advance "Economic Indicators, September 1953" prepared by In tobaccos, and Friday's prices

Council

maintained Economir

Improvement, with "Bots" advancing to 37/9.

the

of

the

314,300,000 net

Coal-National Coal Associa- on: week chued Sept. 12, soft coal output estimated at 0,125,- 000 tons, compared with 9,305,- Advisers.

000 het tons the week bolore: This showed that total

A less satisfactory note wp. production for the year to dute national output of goods and services in the second quarter truck in certain directions in approximated

cluding tea shores at A low tons. of 1953 was at an annual rate of

compared level. Imperial of Indla shares. $372,000,000,000 OL with

fell Gd to 20/-. in $382,000,000,000 the first quarter of 1953 and $345,- 000,000,000 in the second quar- ter of 1952.

Total industrial production in

20 002 August 1953 WDS 238% of the

1518

187

100 5.10

130

00 07

.. 11.00

8% 0.83 1000 @ 4.50

7.80 7.85.500 No 7013

10

Underwritera HK Fire töcks, ETC.-----

K. Wharf Dock Provident Wheelock

LAND, ETC.

HK Land XD 6019

UTILITIES

Humphreys

Tran XD

(0)

Perk Tran

Paak Trum

42

25.00 1000 25

.... 21.10 Star Fony

200 120 123 C. Jght (0) 13 13.10 4503.4 CHEM (N) 9.15 1212920 Electric

XD 20

27 1000 of 20.80 700 20.00

that thanks to an increase in men to advise on future policy. Industrial production (over seven

Commission The

has taken per cent up in the April-July

(N) compared with a year headquarters space in the Health period

ago).

and to the reopening of and Welfare Building but it has

hire staff members. Some Commonwealth markets, vet

British companies profits are Tuesday's meeting which will be closed, is expected to be de- probably "ds high as al uny

of start and period since the war." voted to selection

City analysts of the situations ETC 185 10.70 organisation for studying all aspeels of world trade problems. do, however, seem somewhat

..21.30 23.00 200 a 2315

23.40 whether they -United Press.

perplexed as are looking at a "green" "yellow" light, or maybe even

"red" light.

NORWAY'S FAITH IN

BELFAST

a

to

or

While it is clear enough that the Government thinks it can cope effectively -with any monetary

of problems

the foreseeable future, anxious eyes are being cost on the American

scene.

OPINIONS VARY

What, is asked, does the bank rate chango mean In relation to the feared. American recession?

Telephone 21.70 22 500 25.89

INDUSTRIALS

Cement

Dairy XD Watson

L. Crawford Sincores COTTONS

Ewo

23.20 EST 23

250 4 2.70

2.45 2.45 Textile Corp. 8.35 8.65 2000 5.50

Textile

Market

Review

1035-1930 average of 100. In January 1953, this index was 236% and in August 1952 it was 228

The total civilian workers

the employed in

week of August 28, 1053 was 63,408,000 with 82,354,000 in

Og week of 1952.

Construction:.

to

Engineering News Records-week ended SHIPPING PUZZLE Sept, 17.-Civil engineering

awards $100,821,000. 1033 Rubber was dull, and coppers, date awards $11,121,233,000. too, generally were quiet, with

Rhodesian- Electricity: Edison Electric exceptions such as Kolongs which were the best of Institute-week ended Sept. 12, the year at 187 before closing-7,902,823,000 kilowatt-hours.-

& Bradstreet, Failures: Dun 30d up at 14/~

ended Inc.-week

Sept. 10,

Zambes Exploring rose 9d 10 27/-; "Tanks" at 58/0 wpre od

up.

Despite the P. and O. Chair- man's scotching of the rumours that his company were prepared to bid for shares of the Union

Intler shares Castle Liné, the was uh-

held a gain over the week of 2/0.

Nation-wide unemployment in August was 1,210,000, a post- war low, and only 1.0% of the civilian labour force enployed.

(the source National Income of purchasing power) in the second quarter of 1953 was at an annual rate of $309,400,000,-

with $300,000 000 compared

quarter of 000,000 in the first 1953. United Press.

TO BAN "SWITCH" TRADING

The

new International Sugar continue. If the world market Jahre), one of 20,200 tone dead dosed away befofe it baş dull with pricas on the difen- | countries now trades in favour

Agreement has increased with

10

The Clly queries the justinca- tlon for this, since on Inst year's Union-Castle dividend of 74 per cent, the yield is lower than that the P. and O. offers- 6.4 per cent.

FRESH LIFE

business failures totalled 131.

United Press.

Big Textile Exhibition In Manchester

London, Sept. 20.

The Textile Recorder" Inter- ional Textile Machinery Ex- Bibion fo be held London, Sept. 20.

Manchester from October 14 to Thursday morning's decision 24 will group 204 exhibitors, of on the bank rule brought fresh whom more

than

life to the stock markets which tam overseas counc-nth are

carlfer in the week had the th fluence of Wall Street and stid- of account selling.

Notable cmong the

Yereign

exhibitors will be 19 German finis occupying about 4,000 Apart from Funds and Ger square feet of space on return- man bonds most sections opened ing to this exhibition for the first

time since the week cautiously and despite the recovery in New York they be strongly represented and there

to

Swiss by jjurers will also

Total door space available will

just. 4 under 90,000 square feet -60 per cent greater than at the

Tokyo, Sept. 20. Landon, Sept. 20,

Japanese Government

remained apprehensive. On will be important contingents New York, Sept. 28. has deelded to ban switch Norway's faith in the Belfast

the other hand Funds kopt from France and the United Japan and tendeneles trading between shipbuilding industry has been

Softening peleo

ot Quite contrary opinions are

Following the announcement proved by yet another order for youchsafed on this point.

developed along a wide front South Korea whereby the latter

the reduction in the bank rate States.

Other countries whoso, tex- In the view of the Financial in the basic textile and abre sold dollar area goods to this 3 per cent, the market was d there is little opportunity With such a threat banging Harland & Wolffthis time for

the through country n motor tanker of about 12.000 Times the new bank rate means markets.

open it first in a state of flux but It le machinery will be on view extra boliling and pre-ever them the producing coun-

British Government

quotations

down with are Sweden, Denmark, Bolghum were' Нетр

eventually settled account between the two couh- serving by housewives with the frier have been making every tons deadweight for Bech's Re-that the

has satisfied itself, or has been notable exception and showed

tries, it was reported today.

pices of doverment stocks and and Holland. soft frult scaror practically effort to got rid of their surplus deri-AS Oslo.

satisfied, either that no Amori independent strength while the

domestic shares on a higjie

be sugar before the end of the

Jiji Norway appear to have at

said the open press develop or burlap, rayon, cotton grey goods Meanwhile in trading circles year. Consequently the bearish

level. con recession will tankers of 18,600 that if it does develop will and wool goods macets were Recount trade between the two

exhion in 1849. New types pessimism over the efficiency of influence on prices is expected least three

tons deadweight (for Anders

Consols 24% gained 314 to machinery will be en view sve

of Japan. Japanese Ministry of

£B4% time to take fold."

and the 4% rose for every section of the industry. stands December

International und price next

Failure of retail buying to Industry

to 200. Moreover, the Financial Times

War Loon the organisers of the exhibition. the minimum of 3.23 weight for Sigval Bergesen and

now five smaller tankers and

Trade officials frown en Jap- points the

has piele up it

after Labour Day, vlow the general sliting up of the cents it will be

supports cargo ships, on order in Belfast. maintained over some time that along with increased offerings andse traders increasing pur-3% why marked up 6 to announce, China Mail Special.

2864, and Transport 3% was frze market.

of cotton print cloths, plus chase of dollar area goods from The spot price for suger basi Sugar Council when meets On the Clyde there should be the British Government is taking weakness in the stock market the Republle of Korga, with this 24 higher to £84.

risk if the dropped 25 points since the In-

present to adjust quotes to make five

launchings this month on a good ternational conference com-

had a sobering effect all round. further downward cdjustments including two cargo liners, while bank rate move means an ex- and the decline in raw cotton,

the pleted its work and the current to

They

Repubile Sisal Clyde yard pression of a faith in the Harland & Wolff's exports.

market offerings gen- the prico

American stands at 3.25US now

the 10,500 of

after of Korea Government to sello Traders do not expect prices hopes to completo

were withdrawn defont cents. Many tradera expect the to rice and this feeling is re-

dealweight off tenker Britta to

any possible recession. rally

the consummation of n fair the bur-If the Koreans can Fear of that recession is more price to fluctuate the minimum dected in the prices of futures for Mr A. H. Mathieson of Oslo.

either through the sole of serop hold

the business. by of 3.25 cents per pound once the which have recently been weak

steel or payment in prices weakened In Iron and Chronicle writer quola system of the new s for forwarti as September ment comes into operation, This

Anila of Candidus, who this week-end the wave of a sharp reduction cash dollars, the report sild,

in India's export tax on juto comment on the goods-United Press. an annual compares with

the steady decline in prices and around

almost possible for the Internationa

im-

On Seplomber P the single-ly

the statistical crow motor enter 1934. But it is

COMFORT TAKEN

Burlap

Exchange Rates

favourable balance.

want

If

ADVERSE TRADE BALANCE

Olle reflected the decline of

Street, Wall

Anglo-Iranian 145/7, and losing 4/44 to

Pretorio, Sopt. 20. Royal Dutch down 108 to 81-5/8. bonds anticipated German

South Africa had an adversa enforcement of the debt ogree-trade bajanee of £5735 million thent and showed some good (excluding gold bullion); in the ggins, Potash 7% being miked hrst seven moisths of this year,

·lp £7 to £125, and the 8% deeprding

preliminary rising 0% to 2114. Japanese trade bonds were firm.

.

Japanese officials, necarding to the Jeji, pointed out dogan tund age of $.01 cents in 1002 and position which is giving the about 18,100 long deadweight winds up his

most Cause for pessimism was launched for Messra Erling bank rate how with this worry.

in

H.

Oslo, Bullers Samuelson

to pay South Korea commission of 5.70 cents in 1951. This bearish

Commissionment issued by the Mincing Lane.

of Customs here. for all purchases of dollar arc the Furn Shipbuilding Co. reaction is chiefly the result of

Sugar are

The "International

statement revealed that "I canhot," he says, "put out

The Financial Times Indus. goods from that country. exporting

Billingham. Anguser countries attempting Council. Included

doubtful of

the ever-present

Japanese, traders continue this trial index closed the week at the Union's imports droppez to possible from 500.000 extra tons for additional launched for a Scandinavian of my ruind to sell as much

In

for by more than £10 million 123,8, breaking the peak Bisines was done th the ten practice of buying dollar ares their reserves before the agree- demands of Britain in deration country is the Arkana, a single possiblity of a recdesion

this year }unometai, exchange market this

goods

from Bouth Hores, that the present year on March 240,173,001 from £208,348,023 ment becomes effective,

in their estimate of the cur- nerow shelter-deck steamer of America ofther Ing

TOMIZE KE the folowing rates?

in the same period of 1953, Ex- when it Louched 125.0. Bes country would become increas- Although

lowront free market outlet of 1,600 dedendweight by or curler next your peasonally

1053 #Candidus”. ogrees that the 70. Holme per: 33)

There WAS

no ports pruelically

In Jeruniy, JOY, 2 inkly reluctant to settle the opin Bliing notes iden sales, the 000 tona when it recommented William Gray, and Co. tf West stocks restrict the

Japan America is - #he indonesian guitar (per fodj: 20.30 nccount with

buying interest among Kafirs wore valued at £191,010,831. for Redtribolaget recession in free market for sugar is so a figure of 6,000,000 tons to the Hartlepool

Sjam Ucale (per, 100)

dallors, the Jiji. report said And prices maved lower all against £191,001,442. --- China: conference. United Re-Bo of Abo, Flaland China economie wolf that has "nover

Bingspore (Btraila) is sufficiently cora" but bo.

Mail Special. United Press. Indo-China" "piseires (pse 200), 8.85

around.United Press. Mail Special.

narrow that even smali sales work! can depress prices. The only Press,

in cash