1953-10-01 — Page 9

MESSAGERIES:

P.D. Box 63. Queen's Bldg.

M

THE CHINA MAIL, THURSDAY, OCTOBER 1, 1953.

MARITIMES Marine

Tel: 28851.

M

FAST PASSENGER/FREIGHT SERVICE

From Marielles

"LA MARSEILLAISE" ta ezt.

“VIET-NAM"

For YakokamiN

„Leaves Marsellles

Bua 1.kk. * Oct.

1 Nov

"CAMBODGE"

Vel. *

Nov.

To Marseilles

Lraves Honghong

Due Marcples

"LA MARSEILLAISE'

21 Oct.

15 Nov.

Nalgon

"VIET.NAM

24 Nav.

"CAMBODGE"

13 Der.

Tokubarna

VIA

#afgen Nalgon

3 Nov. 19 Nov. Via. Márseilles to all Mediterranean & West Afties Porta Via Djibouti to Madagascar.

FREIGHT SERVICE

From, Europe

Left

"ILAQUADDY"

....Antwerp- Sept.

The 1.K. 23 Oct.

Fur

"MONKAI"

dunkirk early ort,

To Europe

"COURSEULLES”

Manila & Sapan 2: Nov. Mani & Japan Braves I.K. for

A Cele

甲

"AURAY"

"IRAQUADDY"

t=

Nov. Nov.

Leaves Reclung

Orl.

20 Oct, ID Nov,

t Salgon, Singapore, Djibouti, Marketilen, Algiers, Chan, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Subject to change 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.

"LENEVERETT"

Arrives Salls

Oct. 8 frona Singapore. Oct. D

Kebe for

"BRADEVERETT”

Arrives Sails

&

Yokohama,

{}|. ' Ort, 20

from Mam

Rangoon

Singaport,

&

(Accepting cargo for transhipment Kabe/Pusan and Kobe/Okinawa)

Penang, Calcutta,

EVERETT STAR LINE

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

Bombay,

Karachi and Persian Gulf Ports,

"THAI"

Arrives

Sails

Oel, 5 from Sandakan, Oct, for

Yokohama.

Pusan, Kobe &

"STAR BETELGEUSE”

Arrives Sails

Oct, 19 Ort, 20

from Jappan, for Singapore, Port Swetteli

Penang, Amor,

Madras, Colombo, Cochin, Bombay, Kornchal, jusrah, Kliar- ramshohr

Bahrein,

LAO

Arrives Salls

Yokohama,

Oct. 21 from Singapore. Oct, 22 for Kobe, & (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A

(Incorporated in the epubile of Panama

With Limited Liability

Insurance By Rising Costs:

Affected

A Difficult Problem

At the full meeting of the International Marine Insurance Union, in San Schastian, Mr A. B. Stèwärt, of Lloyd's, chairman of the Joint Hall Committee, dealt if sothe detail with hull business in general, and. gave a resuthe of the manner in which he had presented current facts and problems to the members of Edunetf

tern.

Tu Cominitee, evolved intacl

which had

I might be sald; "If the

costs of bullðleg slies,

In the

I words of Mr G.D.N. Nabarro, M.T., speaking in the House of Common There has been no comparable Increase in the cost of production in any manufac

article

post-war years."

some

So scrlour a. view wore ship. this continuous owners taking rec in the cost of ships that In cases they fiad cancelled for new ships. Tho es dealt with the coal of but Mr Stewart hüllding ships, thought it was obvious that there must have been somewhat similar increases in the cost of

repairs. Further Illustrations of rining easta were provided in respect of materials and labour at home and abread.

His pronouncements were of considerable importance to ship thes and underwriters.

He said that once again he foutta it difficult to speak or hull in-

NO PERFECT, FORMULA surance matters to largely the side people who had heard him in pre-

Mr Stewart did Continuing. vious years, béenuse events year by year really followed the same pat- not claim that the formula was It would perfect for all cases, However, he found appropriate

a fleel be quite impossible for anyone Secondly. 03 regards the crs. The renewal of even his little "text" of 1957, British North American usually took place three months to draw up such a formula

enough paper viz. "The best in the enemy of Warranty (generally speaking | before

the first commencing there was not

provided am- the good!" He added another for the Gulf of St Lawrence), date. Frequently, the succeed-That, of course,

who "Don't swap bosses in mid- the committee had concentrated Ing commencing dales

were unition for the crities, stream?

Tata was because the on the part of the formula for spread out over the year. Thus, Eave examples of those anama- ayatem ndupteil by the Join the total lesa hazarıl.

from the time of writing, the low cases.

They either did not know, or last commencing date would be been praise chance of accident is lose, why In 15 months' time. If an ace Joint Hull Sub-Committee,

they ignored, that there was a

were to occur

to the

those coses were sub- whom vessel in the 12th month of the mitted. It sat for whole after- insurance, that would mean two

week, noons, more than once a nitex | coa years and three months

considering the

put up. CASES Mr. Stewart paid a worm tribute to the members of the com- mittect their brother Under- writers should know of the tremendous

ous work they

they put in. The speaker wondered would happen, were all the sug gestiona put forward by those who did not know all the facts to be adopted. He feared that the luss un the time account would be very groat.

The

Harold H. Mummery and he had

during the 15

ben. respectively.

cilat man

do rings deputy for re- were to WEAR

that

even

the

reihtee you

the totalcident

that premium and not damage?" The naswer tha though lol losses

WAR

and chairman, qurrell continuity. If it De fue to individual shipowners, numbers of

The fopimitler was not always and partial tosses were similar the risk was written.

helped, but rather embarrasser reduced, this factor was offset by friends who continually by the increased cost of the losses, of offeret their ruggestions of basle repairs. With total alterations LA

well-tried course, cost of repairs did not the my work.

Come

There rules were But some years past, the com- mittee hadh

known that there other bapes, possibly equally goul, but obviously it hard to back only one of them and discard the others. How

י :

was, therefore, for on- is okem t plump for the one divided, putting up the very pid rate. go well known to the Committee and ignoring that possible equal ranty one of

netherls could be choser,

OBVIOUS

The fernally.

تارا

adoption

CWICHSbly more

20

Mr

thus

ESTIMATING AHEAD According to the adjuster's statement. that it would be 20 months from the me of ac- cident before the repairs were cffceted, it would be practical ty four years befbre bie

was finished with the burning ques 10. of repair costs. In other words, in Aixing their terms to

underwriters had to esfe

hate

costs of labour and

materials four years hence. Mr Stewart asked who would like to hazard what these would be in these days of almost con tinuous Inflation and increased labour demands!

To consider the other state ment made by the adjuster that one must wall 434 years from

were 'extreme,

to

what

Big New Bridge In India

Dod

Page

Sales Of W. African

Diamonds

Was

sterling 1301

London, Sept, 30. Halton Garden The world's bridge

(London's builders diamend entre) repeats that will have the opportunity with merchants are arranging to re- in the next few weeks of study-gularise the sale of West African ing the tender detalls of a pro-naive diamonds. This develop- posed new bridge in India,

ment has greatly Improved This will becne of the largest

market sentiment which hnel projects in

in post-war India, cost- been undermined by the ing around £12m, in nil. Thes announcement

previous indiscriminate fate of of the tender the West African alones for terms is expecte to be made whatever they In London,

would fetch The bridge will

Even at knockout prices (down cross the Gange at Mokameh to 32 shillings per cavat for the Ghat, about 100 miles down the

type most concerned, conibdeva Ganger from Patna, the capital with the previous regular price of Bihar State.

of over 80 shillings) these in- Preparations

will

start this discriminate West Afrionis nutes month on some of the initial have been ruining at a rate of work such as land acqulation, three to four million

of materials

antially. ไรโฟ collection setting up the construction or negligible even ganisation.

India has two railway gauges. „One is a broad gauge" and the

About 00 per cent of the West other is smaller metre gauge. African stones are good indust The bridge will connect these rials. Their indiscriminate sate Iwo systems by carrying the caused a slum in world price of **** brond gauge over the river to Industrials and some uncertainty a transhipment yard On tłu even in

It may take gem stones. north

bank.

somt time for prices of in- It is estimated that it will take dustrinis to recover because there about six years to build the are still some stocks In the bridge and

and the ancillary work

West African selling previous associated with it. The cost of pipetlue and because Russla ap- the bridge proper Ik Dut at

pears to have stopped buying in- around £5m., while the guide dustrial diamonds in Continental and protection works needed to black markets; Russia has turned stabilise the mighty Goniges at seller rather than buyer of the site of crossing

will ens strategic raw materials such as another £24m.

chrome, But the final cost is likely to and

entrpared with the Syndicate's sales of over £60 million annually.

manganese, tungsten, not platinum (though

be very much higher than this. dinm

diamonds). But market senti- When account is taken of the ment was stated to be already high

approach banks, especially Improv

Improved. on the north side, the new

The market in gem stones was transhipment yard, the various described as strong, diversions and flying cross-over Street's easiness having re-

with Woll

had to to the Syndicate's boxer can get

Jasses, today they five or six per cent

was in the eating!" The agree

"proof of the pudding

lines, and other wurks of an ment had stood for

the total enstarkably little effect, Contrasting 15 years, ancillary nature,

with three months ago, when During those years there had will be more liko £12m.

resellers of MOST DIFFICULT been a modest profit for most

The most difficult parts of the underwriters. The understanding

be the mile-long had therefore

been successful project will

guide bun, requiring about in providing a fair basis

30m. cubic feet of boulders to be shipowners and underwriters,

brought from distant quarries, themselves had the 70-feet high two-mile by the Syndicate. Shipowners

pryl

for

hull petillon/have to be

happy

site..

and

d

premium. Angly applica

tions at the

reported to be

sights were

several

times larger than the amount offered Even after allowing for some padding of the applications, the genuine demand for the sights

Wes estimated to be fully three times thari the Syndicate'n larger olfers. China Meil Special

NEW YORK

STOCK

EXCHANGE

previously reduced in 1950. Stewart felt that the committee was entitled to stress that this reduction was not made follow- ing requests by shipowners: thus bearing out his frequent claim that the Joint Hull Committee tried to operate fairly between all parties, and not merely as a mcons of extracting more prot for underwriters.

Before leaving this subject, Mr Stewart

to the referred DISADVANTAGE

Scandinavian

additional ice ion of changes ex-

For lx premiums.

years the would uggedied

not Joint

Hull Committee had co- only Incan merely swapping operated with its Swedish and the date of the casualty before frequently sald that the last from one good and well-tried

well-pitched north. -ap- long Danish friends by adopting for the adjustment was completed, thing they method to other, but it would

would want was preach bank both of which will meant nearly seven years freedom in their system their vessels have the bvious disadvantage

of this

Then With

completed simul- additional premiums for trading from the time of writing.

the terriffe of creating anomalies between

taneously from start its which the adjustment had to find

to finis "Ice" waters,

would Fallow. In the various shipowners, accord-¦.

within about six months at the the Swedish way from the broker to the un-"fece for with

all" Brst, the Dealing

rates ing to whether they had recent-

ones, in July last

Mr Stewart, derwriter, so that the gure did) would go

low that there must, to "kill" the north channel Ty been penati ed he had bene- ated by

the previous scheme. once again had the pleasure of not get into his books for from would be large underwriting of the river at this crossing.

lake It may

18 months ur seven to eight years. meeting Mr Rogberg and hear.

losses. Then there would be AL those who had scored ot AL Thu

at the site the Mr Stewart commented

that n ing how the scheme had work-

more to collect revision the change would

drastic escaped by

upwards, By nothing, but those who were ed. The winter of 1952-43 was

in case those estimates of time probably swinging too far. Ship- quantities of materials necessary for the purpose, and special penalet would press for at very satisfactory for unde

a year or two owners would never know where earth-moving machinery, includ- amelioriation. He was not re-

because the claims were could be taken off, it could fibt they were, and would be ham-

Ing sand pumps, dredgers, con- the ferring, of

be denied that this exposition pered by extreme variations in veyors, etc., will be imported to thnu to changes in course,

in the the #gures of the formula, but to additional premiums,

of the position showed that hull insurance costs,

SCRUPULOUS FAIRNESS

ensure that the work is finished I anderiying basis.

part, however, the final claims business was a highly danger-

in time. turneet ut Mr Stewart proceeded to give had

lighter an

In his anous one, and that underwriters

ол long experience

Like the Assam Rall Link and a brief recount of the work of

anticel

the gap might could ilve in a fool's paradise many committees, Mr Stewart

the Chittaranjan Locomotive be

Even 53, the for the commitice

said he had during the past

never known one a number of years.

Works,

with which it is com-

New York, Sept. 30. dealing rst year.

the balance would be on the wrong with

There was an English saying: more scrupulous in avoiding un-parable in size, the project will alterations which had been side. It was true that over 10 news travels fast!" It ought fairness to the other side if he

Prices on the Stock Exchange be directly under the Railway made in the Institute Time years the

declined fractions to around n. additional premiums

to be added: "This does not might so designate the ship Board. The Board will form a Clures. In that connection, he were approximately equal to apply to hull underwriting Th owners! He wished he could be separate and independent tem-point today on profit-taking. fell that the Technical and the clalrus, hist once again Mr sults. You don't know for years equally

Dealings were quiet. All de- that addate porary railway odministration, Clauses Committee had done Stewart felt that Swedish what had hit you!"

It has to premiums were being provided with headquarters at the bridgepartments faced realising with

oll shares hit the hardest. be wise to be the friends would very fine Job. None of

be remembered also that besides for underwriters.

The retreat in prices, however, changes was drasil. consisting somewhat less optimistic when having to fix rates for possible

With the business of hull un- The Railway Board claims that

was orderly. There was enough medly of clarifications and re-fixing there rates of additional r

repair costs three or four years derwriting, it was most unfor-nothing on this scale, within the

news for investors to movals of anomalies. He con- premiums.

shead, the claims experience lunate that even though the time permitted, has so far been market sidered the

in today: some might available to

basis the Joint Hull

attempted in the way of river feature

and some favourable. Putrauates; the results which controt in India Committee

or elsewhere Corperation news helped a few Whe

on which to base the Swedish system

them was on

on underwriting were now being published were The project administration will

all-Indian was first explained to him, he

previous years, and be an

team. accounts written three or four those of had suggested that the method of fixing

years, previously. the additional pre-

The therefore showed a profit. All

nature of the subsoil and JOINT HULL FORMULA those who were in touch with the lessons

of the 1934 Bihar miums so as to equal the risk at

meant Clause 10 (unrepaired

current Agures for Having cleared out of the way

open years earthquake have not the parikular time was damage).--Redrafted to make necessarily the ideal one. The

knew that 1951 was already, for special attention is being paid to clear that underwriters were not Joint Hull Committee system of

minor points, important as they many underwriters, many points

the foundations, and the Rall- liable for unrepaired damage in Lying down a definite figure in

Bre to

to the world marino

per cent worse than 1950 at the wa

way Board favour spans of about same time. It was early days 800 feet to keep the number of adriton 11) ubsequent total

Stewart Mr surance market,. advance, whatever, the season

to discuss 1052, but the in-plers to a minimum. Expert even though the total jos turned out to be ilke, was more proceeded to deal with tho

alterationy

builders will, which had taken dications were that the trend firms of bridge might ceeur during a perind of

truly insurance. In one way. extension of the polley,

howover, be given a chance, to for ship place in the Joint Hull Formula continued. Clause 17 (Volitation Clause), 0, it was belter

during

suitable alternative year.

Mr Stewart asked if the costs suggest they knew

Dealing with. The following paragraph had exactly where they stood and

owners, because

the most recent one first, he

མ་ of labour and materials were designs and spacings. bren added: "No claim for

two ago the committee freed creases had got to be sufficient constructive total loss based on could fix their terms according-/ annouriced that only a week or still going up. If so, the in-

ly.

from the understanding vessels the cost of recovery and/or

not

to keep pace with them; other New York Sugar Admittedly, I might

of fleets where the top value was wise, hall underwriting accounts vessel shall

secm ro.tair in a Eco season repair of the

not more than £15,000, the must finish up in the red. Was hereunder

unless recoverable

the writing already on the wall: 10,000 himselt previous figure being in the shipowner found such cost would exceed the in- when there was no ice, so that

The main alterations were That was a question for cacti sured value." This took care of paying for a non-existent risk.

made in March last. It was underwrlier to answer for him- the position arising under some

Admittedly too, the

Swedish

customary to call a a full joint foreign laws, eg, USA, where and Danish method did

hull meeling from time to time damage in excess of, say, 50 per have the very desired effect of

to consider if changes should be entitled an assured to causing hipowners to hesitate

made in the formula in the light before cla'm a constructive total joss,

cmbarking on a Finally, a new and simpler gerous

bey voyage, because reale of retentions for laying up knew that a high rate of ad- had been adopted. The in- ditional premium had

been understood ixed: Mr Stewart creased retention for lying up abroad had been dropped. The that. Swedish underwriters had 12.00 1000 1200 retention

tion for "with no cargo on Rogberg and he had had an

on been considering this point, for flea, board" now meant "no ́ cargo:

die best 12.40 1750 6 1410 whatsoever."

Interesting (Previously, 300 15

of combining the Vessel 8.95 $700 + 8.00 was considered as having no methods. Something might be

evolved on those lines; if so,

Qucon's Building, Telephone 31206. Chinese Department: Telophone 28293,

The Rubber HONGKONG

Markets

Singapore, Sept. 30.

The market opened dull and slightly easier. There was no particular velling pressure but buyers were apathet, Closing Prices:

No. 1 rubber per ib. Oct.

Nay, Dee.

No. 2 rubber per ib. Oct.

No. 3

No. 4

Spot rubber unbaled

Blanket crepe

No. 1 pale erepé

0214-6234

SHARE MARKET

this

(From Our Correspondent

021-623

done on the Stock Businewa #21-63 607-ci Exchange

morning 4916-6927 amounted to $191,341,75, No 6514-552

quotations 02.02

and the morning's 61-52

transactions: 63-71

-United Press.

LONDON MARKET

London, Sept. 30.

The rubber market Was steadier with No. 1 spa! RSS

184

pence per Ib.

quoted at

Closing prizes:

No. 1 pat RSS Ruin

101-10 50%-10 109% 1inquoted 201 eller United Press. NEW YORK MARKET

CIF basis No. 1 nss Extato crepe thick Estate crepe thin

New York, Sept. 30,

Dec..

March 1954

May

July

22.50 22.00 21.30 d .. 22.50 bld

22.50 bil Untled Pra AMSTERDAMI MARKET

Amsterdam, Sept. 30.

Sept.

No. 1 rubber per lb. Oct. 1. nom. No. abber per lb. Oet, 1.00 nom. No. 3 rubber per lb. Oct. 1.74 min, No. 1 crepe rubber per 15. 1 nom.

United Press.

JAPANESE BONDS

London, Sept. 30.

Japanese bands

"A" (41 of 1895)

"B" (4s of 1910)

“C” (8% of 1007)

"D" (a of 1024)

*E (51⁄2 ct 1030)

SHARES BUYERS SELLERS SALES BANKS

East Anin.. INSURANCES

Union Underwritern SHIPPING

Waterboat Asia Nav. DOOKS, ETC. K. Whutt Dork Provident

Providert (New?

S'hal Dock Wheelock

LAND, ETC.

HK Hotel HK Land XD

Stal Land

Humphreya UTILIZES

130

(20 130

DE

200 # 19 1000

1.40

23

2.10

1700 0.03

ba

23

mest important to follows Clause

1.) (R,D.C.: Underwriters were zu not able for damage to geed or property on plers, Wharves, &e, or on tand.

Tex

11

a

or discharging of loading

cargo on board.").

0.10 500 @ 3.10

1.40 116 2000 1.4

101⁄2 10.00 300 30.70

01

Trim. 2016 25.00 800 ⇓ 25.03 1. Tram (N) 21.10

SWEDISH SYSTEM

not

dan-

of a way of both

DEFERRED REPAIR.

what he regarded as somewhat

the

selt.

Some of those present

conditions. hull

of current it was decided that there

value to the market. Mr Stewart during the tuned out, that Thus, the formula

the

other

SIGNS PRESENT

bo

had

Market

that

three lo Enies of 52

New York, Sept. 30. World sugar futures closed today unchanged points lower with contracts.

Domestic No. 6 sugar futures

with sales of 18 point lower closed two points higher to 1 contracts.

Contract No. Oct. Jan. 2054 March May July Sept.

Spot-teenis per ib.

Ich Cubai

Cont Nov, Jan. 1954

March

May.

July

Bent,

(world) 3.M

Nov. Spoi-(cents per lb. tit

NY ex-dock)

3.50 nom. 931 his

3,31. bid

3.33 bid

3.33 bid

5.70

315 bid

15.00

3.58

10.

5.78 bld

experienced the great hull un- derwriting debacle of 1920. All underwriters, syndicates a surcharge of 10 per cent. and companies then lost a lot At the same time, however, it of money. Thirty-odd of the less was agreed to grant some con- strong companies actually fall- ccasions in the scale of penal-ed; admittedly, most of them not "original" writers, but those Dealing with the concessions who obtained their business by first: the sale now applied only treaties. to those cases where the crèdit balance on the last three years In view of the long time, lag was undary 35

before underwriters knew per cent, Pro The Technical fund Clauses would be watched with interest,viously, this figure was 40

whether they were making a Sunifarly, Committee (formerly wider the Mr. Stewart hext turned to figures of credit balancea were some years before they resilsed prost or loss, It was not for chairmanship of Mr G. Hoult

down but now with Mr Greenere at the subject of deferred repali scaled

by 5 per cont. that they were in for a claims. was of inestimable Its head)

He

was now a astrous time. Looking back, one discussions at the

little less severe on those fleets could see that the signs could not think of world more union previously in respect of unfortunate enough to have ac-

had been cidents. delayed claims, it

there, Having scanned the exacting or more ancfour than suggested that there should be

monthly settlements of those OVERALL İNCREASE theirs.

t meeting with average ad-

Mr Stewart found that. There had been alterations, 0300 0.0

The overall increase over the year, Such meeting had Justers. Electric ........23 40 23.10 100 2

carly on these begait to London Foreign previous scale wha somewhat quite in favour of ship: been arranged early in 1053, at Telephone 2.70 1000 g 52.00

Quce again

deteriorate with an upward INDUSTRIALS

owners, in the Hudson Bay nud

which meeting there had been less than the 10 per cent, The

similor to cent surcharge, North American Ad-

discussion as to 0 very full do 18.00 ultional Premiums, respectively.

which many underwriters saw whether to expedite the presentation of rib in the cost of repairs.

with the continued

They hut not the same infta- risa of tho gyrd-compass that part of

New York latter, the

tion and increased costs similar of

now the additional premium which

Montreal Whilst in the opinion of Mf was based on the insured value, Stewart very little hnd

accidents was always

being experienced. On the other on the

Ansterdam Increase. So it, by and large,

was still the hull | Brussels halk,there and, therefore, intended, largely

Oslo wheress underwrit-

Zurich Copenhagen Paris · Stockholm Lisbon Deutsche Blocked

Star Ferry 132 135

C. Light 10) 11.60 13.70 2300 40 15.00 2000 13.7D 500 4 33.60

C. Light (N), 0.70 -9,05 1813 to 194

18.70 10.00 1000-69 39,70 | British Cement

1

10 per

of

surve

very

Dairy XD 23.40 23.00 500 or 23.50 First, te Hudson Bay vessels | Mier anything could be dono course, was to take care of the in their figures today.

8524

78

STORES, ETC.

137

108

IGO

"F" (Tokyo Ss of 1920) 984

" (Tokyo 514s of 1012) 105 1⁄2 Cons

Watson

COTTONS

wo

500 g 23.40

with

30006 2334

04 24

***** 2.10 Textile Corp. 8.60 MISCELLANEOUS Entertatameni Yangtze (0) 7.85 Yangtzzo (N) (20

clulms.

ensued

were

that

spealing. deal with the total at that meeting to offer much the number of accidents re-greeme days had abandon- 100 19.20 loss hazard, had been reduced hope' of, reducing these delays, mained about the same, it was ers of

3000

7.10

uced some titeresting things were from 7a Od per cent to 6s 8d por Ičarned. For example, one dd-

that a fleet whose

Juster had said that he had it indicated

theirs, that of Sir Edward that the Mountain, with the effect that cent. Admittedly, this was not a very large reduction, but it vestigated a number of claims present rate was about right, there was a landsilde in intes

Must

Finally, there was the ques- threo, previous followed

when of £5,000 and over. I found:

renewed, have a 1940, 1980 and that the average, Ume frem tiso if it was to remain on tion: Were similar times in-

Prices of cation futures closed Exchange Rates Auctions given in 2010; 1voluce (1) dete hot the bitsently, to attequate terms for the under-evitable, or would the fact that

04

United Press.

¡Y. CottonTM Prices

New York, Sept. 30.

Jday as follows:---

1052. The

Spit

33.53 nom.

32.11

Dec.

34.79

March 1936 MILL

33.40

>May

Business was done in the local tion would unofticial exchange market this the U.3. dollar (per (1) Bierling notes (per £1)

13.30 bld.

nom

March 195

Hamilcala (per 100).

today $1,70 Singapore · Biralls) Indo-Chine plantros (per 100) 6.02 cent.

noin. Press

k

5.77 nom.

B..05 United Press.

Exchange

London, Sept. 30.

2005/10-220-3/18 2.74-1/10-2.34-3/16 10.0294-10.0346 130.93-140.05

30.0011-19.0014

1.1732-12.17

14.30-10.30

DUO-BOY,

14.43-194354 1703-00.10 Mark 11.05-11.69% \\/ Mark.. 15-1014

United Press,

New York, Sept. 30,

was

only with

traded

stocks.

Sales today totallid

shares compared 950,000 1,170,000 yesterday.

issues Of the 1,041 today

512 closed lower, 200

ot

cfcerd higher and 253 held un changed, The New York Stock Exchange bond volume was $2,620,000, and the, Amerikan Stock Exchange wea at 260,000 shares.

Dow Jones closing averages

were as follows:-

30 Indurtrinis

29 ralis

13 utiles

ta

stocks

40 bonds

Comin. future price Index

To

204.00

03.00

155.43

United Press.

Resume

Exports?

New York, Sept. 30. South Africa may be able to resume sugar exports in 1954 for in three years, the first time B. W. Dyer & Co., sugir econo» mists and brokers, reported to diny.

it normal weather conditions through the March- prevail October growing period follow- ing the recent timely production next year may be 800,000 tons, said.

the

sugar

rains,

Arm

been

Production estimates for the current sessions havo raised to 20,600 tons breauso of exceptionally high sucrose content in the cane.

The Dyer firm

added that

this tonnage and-next your's expected

production

should

permit exports which probably. will go largely to the United Kingdom United Press,

LONDON TIN

MARKET

London, Sept. 30. The lin market was dull and inactive. Spot toll 22 to 2014 per long ton Three-months tin was down'. £1 to £6054 por long ton. Closing prices in the afternoon were as follows:-17

Indonesian gulldere (per 100) 100$,000-ton" vastel dit à Value.of).tyto. the completiofi) of the ros |á reddetidney Seatg the 99 we difference; -; and stivo Kull ad- I JEP (bh, čif Fakific Coast.; Busineda

extent of would be appreciated from the completion of the adjust-wellers. To benow as before the hull agreement war being

Copra Quotation exathple: Ihment when years, and (2) therefore, or with only a smalt kept alive whereas they hüd morning at the following rater 1947, the additional premium for that the time from the dedust Increase, became tantamount to abardimed theles make hit the Copra was quoted

at $105 Spot tin, buyers sellers: was front consider leading was the aim of the Joint Hull cents per 10. elf West Coast

Mr Stewart qu

Atiolosi +

from counts from heavy loss? :: That Coconut oil was quoted në 15 1⁄44. 3-monul tin, Barên 105 it would be Va:60 per It was necessary to

Durinem | what that meant to underwrit- to indicate the increase in the Committee; to see that it did, United Press;

32.50

808

United Press.