1953-09-28 — Page 9

MESSAGERIES

P.B. Box 53. Queen's Bldg.

M

THE CHINA MAIL, MONDAY, SEPTEMBER 28, 1953,

MARITIMES ADMISSION

Tel: 20051.

M

FAST PASSENGER/FREIGHT SERVICE

From Marseilles

"LA MARSEILLAISE' 13 Sept.

VIET-NA

"CAMBODGE”

To Marseilles

Yar

Yokphirets

Bærvos Marseilles

Bus JCK.

8 Oct.

@net.

1 Nov.

34 1.

* Nor,

Leavea Hongkong

Dun MaznaliĒes

13 Nov.

24 Nav.

Vokolistna

Via Balkon KAJEON

· 22

Der.

"LA MARSEILLAISE” 21 Oct.

“VIET-NAM

1 Nov. 19 Nov.

"CAMBODGE"

Via Matreilles to all Mediterrancan & West Africa Porta Via Djibouli to Madagaschr.

From Europe

"IRAQUADDY"

"AURAY"

"MONKAY"

To Europe

"COURSEULLES"

"AURAY"

"IRAQUADDY"

FREIGHT SERVICE

Lell

Antwerp-27 July Antwerp 1 Sept.

Dunkirk—early Oct.

Leaves Keelung

5 Oct.

30 Oct.

10 Nav.

་

Due 11.K.

For

29 Sept.

Manlia & Japan

22 Oct.

Afantia & Japan

28 Nov.

Manila & Japan

Leaves II.K.

• Oct.

1 NOT.

For + 1

17 Nov. # Salgen, Singapore, Djibouti, Morailles, Algiers. Oran, Tanglers. Crazblanca, Le Havre, Antwerp. Rotterdarn & Dunkirk.

Babject to change without notice,

EVERETT

LINES

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

"LENEVERETT”

Arrives

Sails

"BRADEVERETT"

Arrives Sally

A

OF JAPAN

CERTAIN

Temporary Associate Membership Of Tariff Organisation.

United Kingdom's Arguments Buying Spate

On Limited Waiver

(FROM OUR OWN CORRESPONDENT)

Geneva, Sept. 27. Although the current meeting of the 33 contracting parties to the General Agreement on Tariffs and Trade (GATT) is expected to go on for another three or four weeks none here has any serious doubts about its outcome.

Three things now appear certain: 1. Japan will be admitted as a temporary as 2. The life of existing tariff concessions will be extended for a further period of 12 or 18 months; and 3. The United Kingdom will be granted a limited waiver of the GATT rule which forbids any extension of imperial proferences.

HONGKONG sociate member;

SHARE MARKET

"the

In July, 1952, Japan, which is The United Kingdom, Aus- the nation with the largest ex-traila, New Zealand and France ternal trade remaining outside objected. (From Our Correspondent)

GATT, requested the opportunity The working party that has

into tariff negotiations Business done on the Stock to enter Exchange this morning amount with a view to accesalon:

was dis- Japon's application ed to $280,400.50, Noon quafa- tions and the morning's transcussed at inst year's sussion when the question of timing and the actions:-

conditions of her accession was referred to an Inter-scalonal committee.

SHARES BUYERS BELLERS SALES

Xxnton Littl

SIPPING

The subsequent study resulted Japan's the proposal that In admission should be subject to against any corlain safeguards country which caused a disrup trading con- tion of normal 1.43ditions.

Gilt - Edged

Of

Abates In London

(FROM OUR OWN CORRESPONDENT)

London, Sept. 27. The Stock Exchange closed the week steadily though the buying spate of gilt-edged following the bank rate's reduction has now abated.

Undated Government stocks and "shorts," however, remained firm though irredeemable, and medium-dated stocks were slightly under their best.

This is considered satisfactory because the big Institutions have not been buying gilt-edged on the scope expected, and the Brst of the steel issues will shortly be announced,

been zel up to study Japanese question" is expected to recommend her admission In though on terms that will seek to allay the foors of countries like the United Kingdom and ensure their participation.

MOSTLY AGREED

The question of extending the existing tariff concessions is Most the for los controversial,

on agreed members are

extension need for such an

Cily, morcover, is taking on optimistic view of Britain's Industrial development and the export drive.

Sentiment was also upheld by

cains

S'pore Textile Position

Financial Strain On Stockers

Singapore, Sépt. 27. Tho financial strain on téxtile stockers here hus

more and become

more

acute because of the slow moving stocks und pro- gressively diminishing local

interest,

consumer

the Singapore Chamber of Com- in its half- merce says yearly report.

rc-

Whilst every possible export opportunity has been to alleviate the over- taken stocked position, the report

adds, in many cases huge losses

have been incurred resulting in a number of failures throughout Malaya.

Statistics for the Hirst Ave

this year

khow the following imports;

mon

culion worch bleached and

unbleached

Cotton woven dyed

rq. yards

30.000.000 13,500,000

20,000,000

coloured

7,600,000

1,500,000

Cullen woven printed

Coltng Woven

fabrics

Synthetic fires printed..

-

Whilst it is known that the runging Furthermore, a Treasury fund-These showed

re-export trade has tradition- be aptrum 101⁄2d to 3/9d. issue must also

declined Tobaccos

In following ally been

ihe cheapest proaching,

Meanwhile the rise in Brat- the halving of the interim divid qualities, they are also in good demand locally and the differ- grade Industrials is expected to end by Godfrey Phillips.

African South

ence in value between imported gold shares continue as their yield structure

the average price is has not yet come into line with were also subdued as a result price and not now of the ever-increasing costs of

by that of Government stock,

any means the difference in The

mining. This section has been plained by

a reflection of constantly disappointing to in- quality but is

now even hardened tho enormous losses which: tho vestors and

trade has sustained this year to speculators are wary of touching

Kaffer market,

date, the report saya. the

Following the Korean

rocommeded But this proposal has now been unt!! the United States is again a trickle of good company news

interim as "right" by many brokers and of Allo to take part in tariff nego by an increase in gold shares were 60%

ket superceded

the public sent prices, especially outside tiations, entirely

dividend. 21.88 eircumstances

the

also those of developers, sharply up- Countries

Favourable contro-Bamely,

from such different wards. standstill in U.S. foreign com-

anxious to modify certain im-received

But, values have receded again which will -policy

special arms as National Conning, Wail meet mercial

port duties to

Manufacturers and the to the former levels owing to it entering into new domestic prevent

probems and means Paper

Company, which second thoughts in Johannesburg to Prosted Stpol turu nezolations for at least a

no doubt be found Wi

to do In epali tended to harden the prices and no follow-through in Loydon enable theni year.

and on the Continent. of the industrial group.

1.431 1.471 1000 ₪ 1.45

1000

from Singapore, Ocl, B

Kobe Gel. 0 for

BANKS

&

Yokohama.

East Asia INSURANCES

107

.....

250

Oct. 16 from Manila.

[ur Singapore, Oct. 17

Rangoon

20 800 10

&

Penang. Calculto,

Underwriter

5.20

Asti Nov.

DOCKS. ETC.

K Whart

Dock

むひ

67 100

23 100 2.00

200

Provident

1000 i 1234

Provident

200 11.00

▸ 140

500 da 8.5

2006 2.13

500 M 6.10

1200 in 83O

300 B.S

2008.93

Bombay,

(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,

Karachi and Persian Gulf Ports,

"THAI"

Arrives

Sails

"LAO”

Arrives Sulls

"STAR BETELGEUSE”

(New) Wixclock

Japan's .. 12:40

by

Д

Japon has therefore applied 2000 for provisional associate mein- $200.00 bership

But Боте

Under this proposal Japan is tariff

are

proved cases.

LAND,

from Sandakan, Oct. 5 Oct.

Pusan, fur 0

Yokohama.

IK Led XD

Kube

&

S'hai Land

Humphrey

UTILITIES

Tr

P. Tram (0)

Oct. 18

from Singapore.

Kobe, the Oct, 20 for

7.03

1.40 .10.20

2%.29 P. Tram (N) 2.10 Star Ferry.

0312

1000 1.40

Meanwhile. of GATT until such tline as lari negotiations ngain possible and she can come a full member.

are

be

question that answered is the of extension.

real the only

bo remains to

exact period

200 29,10

SOLEMN PROMISE

120

100

Yokohamu.

100

C. Light (0) 1315 13.60 1000 135 600 1313 2913

members

Arrives Sails

Karachi, ramshahr

Oct, 10 from Jappan. Oct, 20 for Singapore, Port Swetten- Modras, ham, Penang. Colombo, Cochin, Bombay, Khar- Bastah,

Bahrein, &

Electric

C. Light (N) D

.... 27.00

10 1000 10 500 1,00

1000 131%

of GATT automatically granit to each other. 1500 33 Japan-has also given a solemn

400270undertaking

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

EVERETT STEAMSHIP CORPORATION S/A.

(Incorporated in the Republic of Panama

With Limited Liability

Queon's Building, Telephono 31206. Chinese Department: Telephone 28293.

Ceylon's

Rubber

Surplus

tons

Colombo, Sept. 27.

With only

12,812

more

U.S. TIN

BROKERS

PUZZLED

New York, Sept. 27. US tin brokers are perplexed

of sheet rubber to be delivered by the firmness of prices here

to Chinn, against this year's over

the

last six wooks, an

in the World Telegram

contract of 50,000 tons, produc-article tion is expected to exceed the and Sun observed. contract figure by almost 8,000

after

Prices during this period have tons, it was revealed by the been holding three cents above Rubber Commissioner's offee. the early Summer low

The spokesman for the Office plummeting downward steadfly, said this situation has arrived except for a short period from

three- April to May, ever s the result of nearly quarters of last year's produc-March, it noted. tion being delivered against this year's contract, and the swlich-

since last

The decision of the Interna- over to sheet rubber production Bonal Tin Study Group to call a by

producers meeting on November 15 to dis rubber crepe

cuss the advisability of curtalling owing

Airline 22.26

18.00 10.00 Cement STORES, ETC.

Dairy XD 23.44 33.00

Wetwa ... 24.10

1. Crawford 23.40 COTTONS

Textie

101

Corp

...... 5.00

Textile Corp,

(N)

MISCELLANEOUS

Yangtze ... G.70 4 DO

Chemicals'

news was

wer,

WALL ST INFLUENCE STORES IN DEMAND

Over the other markets, how Stores have been prominent

Well ever,

Street's favourable realisation of on more general

week has also had a helping la- assets coupled with the duence though it is too early their

to discerni whether America is

its nine yet from month wear trend.

Brokers, nevertheless, point out that if Wall Street has not

power of from

that increased purchasing Geneva is Opinion in

negotiated the public. This results concessions GATT will remain in the present high level of em- and the Increasing 130 prepared to bind 91.3 per cent under 130 of her tariff in return for parti-force at least until the end of ployment

trend of wages. cipation in the most-favoured 1954.

Among foreign bonds the star nation treatment that

is

of the

AN INDICATION

of

tho textiles

Comparison made monthly

ol average Imported showed there has been a marked fall in the volume of piecegoods whilst artificial sikk Imports of cotton woven print- average for ed is more than the 1952. This would appear to in- dicate, the report says, that in the dimcult times, Malaya consummer turns more to hard-wearing cotton print and - in rayon les Interested

shore

|

is

pleeegoods.

In January. the Singapore Government

At

re-features were two polash bond yet reached the low point of the During the period

total

Axel the

textile value of the Japanese import

Quota

34,908,000 Malayan dollars for six months.

netuni im- port against the quota was $14,300,000 only.

Despite the Chamber's recom- mendation

that

further 110 should quains

be issued this the Singapore. Govern- year

further that meni decided

prosent dealine, the time when it does so may not be far off.

And London Bentliment is favoured by the belief that as for as equities are concerned Britain is entering a bull market

Commodity prices also appear 535 300,000 quota should be made

if required. stabilising-temporarily available

The United Kingdom's quest for a limited walver of issues which each gained around ther dollar the famous "no new preference' Blx points on the announcement rule has met with some opposis of the freeing of another the observe

lion. But there general bolarice and on settlement hopes. rules of GATT and to prevent

recent problems The

recovery in rubber of 100 @ 20.70 repetition

trade recognition unfair.

the United King- shores, however, has petered out her confronting brought 500231 Prices in disquite before dom a tre result of its special and this section is back in the

relauonship to the Common doldrums awaiting a load.

On the other hand, ten shares in keeping with the increase of

As a result commodity shares, the average price of tea at the

from about 3/Bd including copper, tin and lead- London sales

But in and sales go to around 4-zine Issues, all showed small in-

creases on the week.

investors are

all

600 23% the war.

1000

6.10

to bo

tu anyhow and even

Thirteen nations Includine/wealth countries in the matter howed good rises over the week | déveloping an upward trend.

the United States--spoke out in Invour of Japan's admission when the matter was discussed GATT plenary session last

weck.

Silk Experts Of World To Plan A Counter-Attack

Milan, Sept. 27.

More than 300 silk experts from 21 countries, including Japan, will meet here on Tuesday to launch a world-wide counter-attack by the silk in- dustry on the artificial products which have cut deeply into its market in the last 15 years.

the

buyer

In

of trade.

BRITISH TRADITION

Ar Mr Peter Thorneycroft, President of the Board of Trade, reminded the delegates, the United Kingdom has tradition- blly given duty-free entry to a wide range of Commonwealth goods and could not under the existing legislation change this situation.

In view of that, and of the rule against preferences, the greater part of the Unitch Kingdom's tariit is frozen at its present, level.

Won

could

now.

be

Good features were Scottish this section

and watching Wall Street for Angio Ceylon Ceylon,... General, and Standard Tea pointer....

UNANSWERED QUERY

Farm Bureau

Federation

Up In Arms though. Theks a general dis-

then

by

issue a formal charge that the day need) to 83% at the end

can

1

OR

the question of restrictions on Japanese trade, the report says that although the Chamber the decided the restrictions on import of a

great number of Japanese goods should be re- felt the danger moved, it is exists of Malayan markets be- ing thrown into chaos and con- fusion at "unspecified-times-in- future if all protection against dumping is withdrawn.

NOT SENSE

The Chamber has at one timo the removal or another urged of controls and restrictive prnc- lices'

In trade to the greatest possible extent, the report says,,

"But it is not sense

to push that policy to a point where it Yo of

our markets are subject dumping and other forms attack we have not the machin- cry to protect them."

A further important considera-

and is that some contruis tion protective measures must be re- fained as an offset against the most pernicious of all controls,

The report says the Chamber's Committee is actively pressing

time the matter of protection of local markets In case of uccess!ty-United Press.

Weekly Bank

Statements

London, Sept. 27.

London, Sept. 37. Why did the Bank of England lower the bank rate on Septem- ber 17 from 4% to 34%?

Nobody knows after 10 days Continuous debate and nobody even pretends to know

explain it sug If the United Kingdom raises

postion 10 an import duty on a foreign

gesting that Mr Butler wanted the market in Washington, Sept, 27.

in Government product it must, under GATT,

The powerful American Farm stocks to be good and strong allo raise It on similar

Bureau Federation is beginning before he attempted to convert to simmer about the Eisenhower

Home £900,000,000 of Govern- Commonwealth products s0 89 to prevent an increase in the Administration's delay in carry-ment debt miling due for re- existing margin of preference.

ing our mull-million-dollar payment.

Markets have reflected the But Mr Thomeycraft pointed bargain cale of surplus food

Congress last confusion of Government stockF out that it would be politically authorlod by Impossible to introduce a bill to Spring.

tumbling

maty impose duties on Common-

A spokesman for the Fodern-jumping many shillings higher with The delegates represent more than 110 big wealth goods; no United King tion, which sponsored the plan shillings down Chief beneficiary

pars for selling American surplus was War Loans, favourite with Government at the present to achieve overseas, indicated that the big foreign holders of

ཡ་ law merely professional or technical organisations belongingdom government

may soon which rose from £33% (on the technical form organisation with compliance to the International Silk Association.

before the bark rate was rules. Bilk

Administration is "dragging its Their four-day meeting is the different branches of the

the detriment of the of the last week, theronfier breeding of The cold logic of the United feet" to

to £85% at the close Falling £1 to Kingdom argument has clearly farmer. the silk worm to high fashion. fourth International Silk Con- industry, from the gress held since the war,

Impressed the delegates. Mr The economie fate of Ameri-of this week. Thus B retains a They

on substantial gain, are expected to seek

these sections fexperts Thorneycroft's assurance that a agriculture depends to the uneconomic prices production hos tended, of course,

on ก universally

he said. A The week ended with prices agreement offered for crepe

two to give a Orm tone to markets recognised trade mark which from the 21 countries will cx- waiver, it granted, would cause moving surpluses, Producers, he said, have

the change the latest information on no diversion of trade and would law on the books is not any reflecting the general view that will give

were substantially alternatives to sell the surplus everywhere, It added.

guarantee that the silk which the problems which contront be applied only after consulid solution until it is aggressively speculators

correct in assuming that Govern "Unless the study group can In the world market at a price

bears comes up to iricr them and will seek agreement on and, if necessary, arbitra- administered.

should satisfy those on necessary standardisation.

The law passed by Congressment stocks will naturally stand well below the price at which come to an agreement, however,

nationally accepted standards.

European countries that are allows President Eisenhower to higher but that they vastly China is buying or to hold on it is felt that tin prices may face

since in- The adoption of the world

MAJOR PROBLEM uneasy about the British motive all from $100,000,000 to $260, overdid things in the urgent September 23 reads as follows to their stocks for delivery another casy period

World trade mark will be accompanied ventories are piling up.

One of the biggest problems and ensure a decision in the 000,000 worth of surplus form buying. against next year's contract.

are that production at 170,200 tons now by a planned advertising" Present Indications

exceeds consumption by about paign aimed at winning back the to be studied by the technicians United Kingdom's favour. stocks are doomed to the excess

sales that silk has loat slike the is that of mechanisation of the

of World War II. cutbreak

till witch silk industry, be sold in the open market but 30,000 tons a year.

. "European buying le belleved

The other big probient facing depends largely on manual skill, the position is expected to be finally determined by the price to have been heavy recently in the experts is that of

#tabilled- offer in order to take advantage of the

tion of raw silk prices on Delegates from many coun- Chinu is prepared to 1954 which is

is expected to be prevailing low prices.

The British Government is world scale. Mr 1. Haratbal of uics who had already arrived shortly.

the Japanese deleration, will in Milan today were agreed that Lnnounced

One trade source said that it suspected of having made sub- deliver one of the three main there is still a big future for

purchases for stock-

Industry if succeeds ir much stantial China decided to pay

Rio de Janeiro, Sept. 27.. Over the

word piling. It better price

Thousands of Rio residents culting the prices of nomi- He will describe the purpos market price, the producers are unrly last year, Britain sold a

Unilever 18 3d, but Dunlops and by are flocking dally to seek cures their large amount to the United

and the effects of the raw silk Anished or finished products)

Vickers were unchanged/ States. Britain could thus re-

Lancashire lost 2 shillingsgid/ place this metal with cheaper stabilisation mearunos no means of large-scale mechanissat a "weeping" pine tree in the IN INDUSTRY

Wool others like Courtalds, un and support the market at by Japan in February 1002

Tomorrow on the eve of the suburb of Santa Cruz learned the same time. Meanwhile

The pilgrimages started after ITALIAN BELIEF, Congress, the Executive-Com-

Every third worker in West worths and numerous others lost Curront that the number of rubber

"The recent drop in the re-

Members of o Italian milleo and the Directing Cous-a rural worker who had rested

じ dealers Ceylon may be re-discount rate of the Bank of

a market which had delegation beloved that Japan cil of The Intefiatlonel 80k in the shade of the tree report: Germany is woman, although sixpence duced. The Rubber Commis England has had the effect of

is now ready to accept various Association will meet to make ed that a gentle rain had fallen she would prefer to go back to in criticisma Mahadeva, las miffening the price of tin

of the law which anal arrangementu.

from the branches salthough the her kitchen, according to 30 Sri-no

·Inter

German Buying of aloner, Mr B.

Government | London.

fol-wather

women workers 10 recommended

was perfectly clear dustrial have come from other countries

The silk, Industry in

viewed by a Protestant academy, Potash raised the 7% Isque EG Uat the dicences of all dealers "The trade, however, has been

as a result of two years ex-lowing countries besides Japan elsewhere.

ourney A receiving reports that US tin-

will be will

would rather look after to £131 and the. 0% by £7 be, represented: Austria, who have not transacted

Canatie, Belgian Congo, One pilgrim, Jose de Oliveira their familles than stand for 48 to £121 (peak was £121) voired at the Congress.

Belgium, Ca specifle volume of business be plate producers are planning to perience and which

Japanese were irregular. a week beside'l tithing, on hours a cut back operations in the

The assented bonds of Tokyo It was understood that some ypt, France, Germany, Bei Filho, claimed that a sure auncelled.

Orpoor, India, He had also recommended fourth quarter of this year.

Persin, his leg which had been open they said. countries bbject to the degren twin: прио

uncertainty over

"But My they needed the money Electric, the Tokyo 5% % of years closed that a registration fee be levied for the Issuance of licences, price situation domand for pig of direction and of state inter-Italy, the Lebanon, Norway, for some

Netherlands, Portugal, Spain, hours after it had been touched they would not object to work- 1930, gained £1 but others lost shiling, United a nearly one 2,800 metal in the United States has ference which, the law entails.

drops of ilquid from the ing half-days or three days. There are at present

The Congress will split into the United States, Switzerland by United dwindled to practically nothing,"

Branches,China Mall Speciali, wook China Mall Special, dealers in Ceylon.

sections to study all the and Turkey-Rouler, United Press, Pross

expected to hold over Burplus stocks for delivery Chin next year.

WEB

will be recalled that speeches of the Congress on this ng raw material prices |

the

subject.

10

tion.

the

'Weeping' Tree In Brazil

4

cope overucas in exchange for local currency Instead of hard- to get dollars.

LACKS GUIDANCE

They bought Consols at £615

So far the only action on the ond saw them soar to £04% and

hus been con-close the week at £64%. programme

the Agricul- Loading Industrials zig-zagged ferences between! tups and State Departments and all over the place. Imperial whose unexpected Organisation Ad- Chemipla the Farin

display

of liberal polley electri- ministration-United Press.

ded the market closed the week

WOMEN'S ROLE

Hanover, Sept. 27.

with a net gain of is, fd,

Ford Motors rose Is. 714d and

Proza.

The Bank of England state-

Kor the work ended

Note in circulation Puidic depoal tar '..........

Frivale deposita

Cavernment securities

Other securities: Receipts Bank ratio

1,631,034,

30,405,6

153,849

20,260,767

United Prest.

BANK OF FRANCE

Paris, Sept 27.

The Bank of France statement. for the week ended September 17 reads as follows:- Total gold holding my Total other eiurencies Right Balance strand.. Advance to Currency.

&tab. and mak un discounted

201,301,501,428 7.845,043,000 $.600,682,067

2,140,799,900.

Trance de broad. 974;150,656,318 Note in circulation

deportis

DoCourts

140,114 217.035

Exchange Rates.

Business was done les tho - koval

market Domela, exchange-

CORE

this

mag at the followin V.B. dolle (per_$1) Sterling note. (Per Rij Soen, sinala (pre 100) Indonorion guilders (per Bingapore (lltraktu):) Indo-China, plastros (per 100)

7