MESSAGERIES
P.B. Box 53. Queen's Bldg.
M
THE CHINA MAIL. WEDNESDAY, OCTOBER 14, 1953.
MARITIMES Britain And Indonesia
Tel: 20851.
M
FAST PASSENGEr/freight servICE
From Bireles
"PHET-NAM "CAMBODGE"
Leaves Marselloa
Oct.
27 Oct.
Que ..
1 Nov.
11 Nov.
To Matielės
Leaya Tongkank
Due Marselites
"LA MARSEILLAISE”
If Oct.
13 Nov.
. YET NAM"
1 Nov.
21 NOV.
2 Dec.
z3 Dec.
"CAMBODGE"
Yor
Yokohama 1 VIA
1Saigon Saigon Haigon
Via Marasilien to all Mediterraness & West African Port
Via Djibouti to Madagascar.
From Europe
"IRAQUADDY"
"MONKAY""
To Europe
"AURAY"
"IRAGUADDY"
FREIGHT SERVICE
Left
....Antwerp- 1 Bept.
Dunkirkearly Oct.
Leaves Koclung
9 Det.
18 Nov.
Due #..
23 Oct.
For
Mana & Japan at Nov. Manlis & Japán
Рот Leater ..
1 Νον. 19 Nov.
Saigon, Singapore, Djibouti, Marseilles, Algiers, Oran, Tanghra,
Casablancs, Le Havre, Antwerp, Botterdam & Dunkirk. Babject to change without notice,
EVERETT LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger Bervice to Korca, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives
Soils
Oct. 19 from Manila. Oct, 20 for Singapore,
Rangoon
"REBEVERETT"
Arrives Saili
Make Approach On Rubber Price Issue
SUGGEST INCREASE IN SYNTHETIC
HONGKONG SHARE
Washington, Oct. 18. The Indonesian Government has formally protested against the U.S. Government's rubber buying policy, contending it was doing irreparable damage to the economies of Asian nations whose chief export is natural rubber.
Dr Zerian, Charge d'Affaires of the Indo-
U.S. Oil Industry
Worried
Re-Entry Of Iran Product
Page
VARYING VIEWS
ON
THE
U.S. SITUATION
London, Oct. 13, A notable feature of the present U.S. situa- tion is not so much the pessimism of the pessimists, such as Dr Nourse, but the muted optimism of the optimists, such as Commerce Secretary Weeks and Mr Leon Keyserling who, like Dr Nourse, is a former chairman of the Council of Economic Advisers."
Mr Weeks and Mr Keyserling are the bulls of the right and left wings, while Dr Nourse is the middle-of-the-road bear; but there is not all that difference between their appraisals.
the US, legal
MARKETnesian Embassy, delivered the protest in a note to during the full year 1853 Wiy, ing to talk busineis up, thinks ayole escourages such methods
the Chief of the State Department's Division of Southeast Asian Affairs.
(From Our Correspondent)
Business done on the Stock
The Indonesian note said that, expressed concern that the plants Exchange this morning ambunt-
a would be bought by the "Big be in Noon quota-the country would ed to $153,695. tions and the morning's trans-grave position unless it were able Four" rubber consumers in the to sell more natural rubber to United States which would also actions:-
the United States.
hold down the price of synthetle The note contended that the in order to control natural rub- United States, under its Govern- bor.
synthetic rub-
SHARES DUYERS SELLERS BALES
BANKS
KK Bank
INSURANCES
Canton
Union
1625
260 140
Underwritera 331
HK Fire
SHIPPING
Waterboat
DOCKS, ETC
Dock
Provident
Wheelock
30.70 20
memuric, was keeping
33 or 1820 br
the price
0.05
21,00
&
Penang. Calcutta,
12.70 13
B.PD
i 1000 or
LAND, ETC.
HK Hotel
500 7,03
HK Land
64
UTILITIES
& Yokohama,
Star Ferry
135
C. Light (0)
13.00 100 200
13,70 13.70
Oct. 31 from Singapore,
for Kobe Nov. 1
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Oklanwa)
EVERETT STAR LINE
Fast regular freight--refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porta
"STAR BETELGEUSE"
Arrives Sails
LAO
Oct, 19 from Jappan.
Oct. 20 for Singapore, Port Swellen- ham. Penang, Madres, Colombo, Cochin, Bombay, Bastali, Khor-
Karachi,
rumshahr
Bahrein,
Arrives Soils
Oct. 22
trom Singapore.
Oct, 23
Pusan, for Yokohama,
Kobe &
(Accepting cargo for transhipment Kobe/Pasan, and Rebe/Okinawa)
EVERETT STEAMSHIP_CORPORATION S/A
(Incorporated in the Republic of Panama,
With Limited" Liability
Queen's Building, Telephone 31206.
Chinose Department: Telephono 28293.
Unusual Situation
In Market
Oil Tankers
For Oil
Manchester, Oct. 13.
C. Light (N) 0.10 0.00
Electric
22 23 10 1000 4
Mhean Bee
Telephone
INDUSTRIALS
Coment
Rope
STORES, ETC.
Dalry
Watson
D
300 500w 23
16 10.00 500 18.70 500 or 10 60 17,00
23.10 23,40
23.00 23.00 1000 23,70 100 23,70
I. Crawford 23.70
COTTONS
Ewu
2
100 or
New York
Foreign Exchange
unrealistically low and thus forcing the price paid for synthetic rubber,
Indonesia took account of the fact that the U.S. Congress last July decided to sell American synthetic plants to private com- panies by the end of 1955, but
Protection Of Trade Marks
Japan Affected By "Pirating"
Manchester, Oct. 13.
Indonesian position is The that the United States has been dishonest with them because it promised at the most recent International of the moeting Rubber Study Group, last May in Geneva, that American manu- facturers would buy every single sund of natural rubber pro- duced.
WHAT IS WANTED
Since
hag that time Ceylon found it necessary to sell rubber to Communist China because it could find no-market in the United States.
What the Indonesians want, according to informants, is a
synthetic stabilised price for rubber in the United States and a slight increase in the price of natural rubber.
The huge American synthetle during industry was developed
natural rubber the war when besame scarce,
Last year, the natural pro- was more than 600.000 duction
This production 19 the tons.
A trade correspondent of 2 the Manchester Guardian said today that Japan was likely to be very interested threat which has been hanging
injured
in discussions of trade mark over the heads of natural rubber Home Producers who have seen their protection because
priecs steadily decline! were
Dr Zerain, his presentation Japanese industries now being
Department, said by to the State
that grove social and economio "pirating."
difficulties
in would arise "Between the first and
war it was fre Indonesia it his country were second world
that one of the unable to sell more rubber in quently stated
this country-United Press. chief dangers of Japanese com- petition
not because arose Japan
Initiator but because
an
WAS
12
an imitator," was 2.00-2.63 the correspondent declas.
Canada
England-Metal
New York, Oct. 13.
1.0119 2,80
unstscial
30-day future
2.00
90-ciny future
2,00
Australia
2.241
New Zooland
2.2016
2,80
Belgium
Code
.0020
South Africa
Denmark
France
Garmony Holland
Italy Norway Portugal Apain
Sweden
fran
.1450
nces
British
NO PROGRESST
Washington, Oct. 13.
Indonesian and
they op-
pro-
"Some traders, indeed, who officials said today had found Japanese competition peared to be making no especially harmful to their bus-gress in their efforts to get the
would go
far as to say United States to raise the price that the only new method which of is Government - produced tha rubber so that Japan introduced was the large-synthetic
names
natural product could find 3 scale copying of trade trade marks and registered slightly higher sales level.
designis:"
been raised in Itun
informal conversations bolween the + re-
Britain has made no formal- During the past few years approach on the subject but it spokesmen of Japanese Govern- and trakto ment departments associations had frequently sentatives of Britain and the intimated that every effort United States. would be made to avoid giving The Indonesians have made a cause for complaint
about formal protest, contending that
Iow
of 35251 practices of these kinds.
the continucci
price referred synthetic rubber is doing serious correspondent to the discussions to take place harm to the Economy of their this week between representa- country..
of the British and
The
*DOGL
**1403
ሲ
1404
1953
Switzerland
MIDDLE EAST
Egypt
Iraq Turkey
LATIN
Argentina Eradil Bojjula Chile Columbia
2.001
2.00
AMERICA
.6720
.0060
9220
lives
0091
Japancer
4020
with
1.00
.1184
tiruquay
Venezucia
3003
FAR EAST
Iraila
3101
3045
Hongkong
.1750
Indonesia
0085
Singapore Japan
3210
to UBSE Unlied Pros.
Cuba Mexico Pens
The Financial Editor of the Manchester Guardian in 'an article today said that an extra- ordinary situation had arisen in the market for oil Pakistan tankers.
Freight rates had dropped by 80 per cent in 18 months, 140 vessels (four and one half per cent of the world's tanker fleet) had been laid up and many more were certain to follow.
He added that since the be- companies had ordered about ginning of 1953, tankers had one-third"
boen sold for scrapping and the
pressure
He added that as almost all
to sell had brought the new tankers would be of of larger size and faster than the
down the break-up price
was Jast winter.
∙der
Including 1953 deliveries,
in
rates
Winnipeg Grain Market
Winnipeg, Oct. 13.
closing prices 29 follows (renta per,
Grain futuTES .were
bushel):
Onla
7231
Oct.
Dec.
May
in
Oct.
10436
Dec.
1041 100%
tankers to less than half what it smaller ships, a reduced tonnage would be sumcient in future to
same
oll volume ot carry the Though the slump was due to
Fierce comes
competition some extent to the end of the was bound to develop of the Korean war, it was bound to supply of tankers grew further, occur in any case, because a But relief would come no doubt great new tanker fleet was un-
More in several
orders construction.
would be cancelled and more aald tankers would be scrapped. total fleet of over 14,000,000 Another possibility was that low Bye tons was due to be completed freight rales might stimulate
purchases by the end of 1957-over 40 per greater American cent of the present world tanker the Middle East. Thia had
Biready begun flect.
The outlook is, however, dit- Barley After qualing the Petroleum
only for Press Service as saying: "Never conoerling not
of low tanker companies but for the before has a period freights like the present one shipyards who now dopend so coincided with the execution of heavily on their existing tanker a tanker building programme contracts," the Fannical Editor
the present immense scale",
on
the writer stated.
Some controots have already
been cancelled in the past six
сть а
schic.
the
concluded-China Mail SpeciaL
months, nearly 600,000 tons of JAPANESE BONDS
trikers ordered from German,
Norwegian, British and Amort
can shipyards have been cun-Japanese bonds ERS
celled or converted Into orders
for dry cargo vessels,
by
This has been done mainly Sindependent shipowners
Whoes orders amounted to about twochire lot the total float under contract, while the oll
to
This protest was delivered last pottery Industries Friday by Dr Zarain Zain, Charge Д view
the Indonesian arranging | d'Affaires of "closer co-operation,"
Embassay. It will be explored The Japanese proposals at more fully at a conference of and Americɔn the discussions appeared to be Indonesiani concerned mainly with various officials, means of making it easier for However, the State Depart
has told the Japan to obtain export business, ment already
But there will no doubt Indonesians that it wants to etuly some reference from the British the subject curely and con-
"tre said:
|sult with" "other ugencies | site to 'pirating"/
Japan would be interested in cerned.. this subjeét following, reports in Jopatiese newspapers of a South American tender making use of a The price of general pur- Japanese trade mark on cotton pose synthetle rubber produced Foods.
by Government-owned factories There had also been reports of in the United States now is 28
·GREATEST FEAR
Con
an
an 11 per 1952,
Washington, Oct, 13.
Petroleum The Independent
sald Association of America today that the domestic oil In- dustry in the United States is facing a situation of disturbing uncertainty because of pros- peets of the re-entrance of from oil into world markets and an over-expansion of European rennery capacity.
general Mr Russel Brown, counsel, in a report to the ex- ecutive committee of the As cation, said that US all imports
cent increase over The Association, representing amall-aculo domestic producera, led the night in the last Congress for quotas on oil imports.
Referring to press reports that moves 10- the first diplomatic ward discussion of Iranian problems may occur this month, Mr Brown said:-
the outcome Regiardices of of these particular negotiations. It is obvious that the industry ultimately face problems posed by the prospective return to world markets of about 700,- 000 barrels per day of Aranian oll.
It "If this all returns now,
markot would contribute to a already in over-supply. The immediate return of Iranian of
have extremely strious could
ng the Go for consequences
is industry domestic cerned." Mr European
oll
ปล
It
will Secretary Weeks, who is lay- the preontrary.
that it will continue at a good of competitive pricing. The level into 1954 provided the multiple basing point system, like world picture and the situation show
defence the "Pittsburg plus" which t no change; and replaced, was hold to be a viola- that if there are saft spots in tion of real competition.) The
In some oil products, price- "the economy
underlying
cutting in the hope of moving foundation is secUTE."
For the near term the predic-coessive inventories has gone on is conditional, even if the to the stage of local price wars. conditions are fulfilled a "goodtions have developed in the two Is significant that these situa- level" would not necessarily be industries, steel and all, which as high as the recent level, which raised their basic prices during was better than good, a boorn.
past [the
summer. In the Mr Keyserling is even more perspective of other commodity optimistic about the long term prices over the post-war period and the underlying foundation as a whole, these rises in steel He thinks that the period from and all were justinable and in now to 1960 will witness the deed overdue. Perhaps that was
the time greatest economic progress in the trouble. By
that Ü. S. history, and that the the steel and oll producers did forecasts of
business get around to raising their prices a serious decline are based on contradicto recoup the previous rises in were too tory and unrealistic bellefs; but their costs, the rises that "we could have a short run late and against the turn of the
of downturn moderate or even tide-China Mail Special. large proportions f Wo think
con-
said Brow
that the will refineries have in 1955 a capacity 47 per greater than in 1931 and cent feareri
this expansion would menace the US export market.
that
The build-up in European refineries was assisted with U.S. funds under the Marshall Plan.
The existence of this expand ed European refining capacity, coupled with the impending re- turn of Iraniơn all, contributes an additional element of im- possible current measurement, Mr Brown sald-United Press.
that it is inevitable and accord-
ingly reduce
outlays and
efforis,"
our investment distributive
Dur
The chairmen of two leading U, S. stevi producers, also
to concerned
boost business morale in the hope of reviving the dagging demand for steel, take the same line that the US. will not have a setback unless it talks itself into a quite Unnecessary one,
The Rubber ch
Markets
NOT THE SAME
4
New York Stock Market
Stocks
New York, Oct. 13. edged lower In dull ledny with only a as much as a
dealings handful moving
day totalled Ohio stood out
of the key features.
But what they are doing 1 point. not quite the same as what they Sales for the are saying. They are cutting|1,130,000 shares. prices, by absorbing the freight as one
$35 on news of charges and, contingently, by climbing 14 cutting the extra charges for good earnings. Alrerafla rea- special orders; and they are ponded to Defence Chief Charles
statement that conspicuously not buying their Wilson's own raw material, scrap, which aircraft industry still is due to is demoralised.
produce enough combat aircraft Price cutting in siect by for a 143-wing force, and that absorption of freight charges be- this goal won't be changed came general in the industry as until the Administration presents soon as the U. 6, Stool Corpora- the new military" budget requests tion announced it at the end of to Congress. September,
Douglas gained 14 to
Singapore, Oct 13, The market rigged today! on solling, with trade support poor. Prices:
No. 1 rubber per lb. Oct. 60-004%.
•Nov. 609-6684; Dec. 50-50 No. 2 rubber per lb. Oct. 06-5545
ly been cutting price of those groups with a loss No. 3 rubber per 18. Oct. 23-03 No. 4 rubber per Ib. Oct. 48-40
steel products which had already clight cents Spol rubber unbaled .... 561-50%
changed from a sellers market Industrials were '4815-40 Blankei crepe
cents losing No. 1 pale crope
to a buyers' marlent,
1 is expected to bear harshly Oils were of the day's sharpest on the smaller steel companies losses ranging to 3 points in which are regarded as marginal Texas Pallic Land Trust at producers.
United Fres
LONDON MARKET
London, Oct. 13. The rubber market was easy with No. 1 Rss quoted at 10% per lb, lowost since March 31, 1930.
Closing prices No. 1 Ras spot
10%-1636
Settlement House terms:
Nov.
101-101
10-12-103
Jan./Mar.
Apr June
161-17 17-715
July/Sept.
Dec.
műnited Press.
NEW YORK MARKET
New York, Oct. 13, Rubber futures closed lower of 49 with sales
contracts. Prices continued the downalide to new seasonal lows. Spot No. 1' Rs were nominally quod at 20% cents a pound. Closing
prices.
Dec.
March 1054
May
July
Bepi. Doc.
20.50
20.00 20.00 hid
19.99 bid 10.90.bid 19.00 bid
United Prem.
It transpired that, for weeks $70. Boeing to $45.
Rails fored best of the major past, some producers had quies-
of only in their average.
hardest hit.
NEW REMINDER
15
on averagt.
$101.
Of
the 1,134 issues traded, 444 declined, 992 advanced and
Coming so early, this is another [290 unchanged. Deminder of the relatively small The New York Stock Ex- margin between the optimum rate change. bond volume was and the break-even point in that $2,070,000.
The Price-or-pauper Industry,
American Ingot rates of 100 per cent or change volume more were uneconomically high; | shares,
the present rate of 95 per cent is much' nearer the optimum if at can be maintained. But consider- ing the present state of business sentiment, and the evidence that a good part of the steel business eller this year was borrowed from the future or went into in- ventories, It may not be main- tained.
As
the
At not so very much below the present rate, one would expect roports thes soms companies were being squeezed down towards their break-even points: occurred in automobiles. larger producers might continue to do well long after the ilde bod obbed from the smaller one Stoel companies, like most other US. companies, have built
up
AL
Stock 'Ex-
was 540,000
Dow Jones closing averages:-
200.00
20 rats
93,00
50.21
101.00
Comm. future price
index
154.39
--United Press.
30 industriala
15 Utilities 66 stocks 40 bonds
LONDON TIN
MARKET
London, Oct. 13. market was Arm.
Th10 tin Spot was marked up £10 to £6104, and tree-month the me to £5984. Turnover wita
taque by Unlet Staten manu, cents per pound. Highest grade New York Sugar Large financial reserves to side for cash, which 20 ions were
facturers to buy patent right! | natural rubber is selling for 22 and trade marks which had been cents per pound. fosed" 'when the "Pacific started-China. Mail Spesial,
War
Grain Prices
In Chicago
Chicago, Oct. 13. Prices of grein futures closed | tedno" as follows-
Wheat--(No. 2, red, per bushel, in
Epot Dec. 1931) 1929(L) 1933):35 March 1954
לקן
+190
While the current situation and distresses the Intionesions British their greatest fear can-
the Ocens the future when United States will sell its plants to priavte concerns in America. Foreign rubber producers fear that the synthetic planta
may
Market
them over any temporary adver- sily.
buyera
welfare
buyer's
Bollers
Closing Prices;~~~ But while it lastet; a squeeze Sportin on their profit margins might be enore serious for the economy. 3-month it, New York, Oct. 13. World No. 4 sugar futures than for the companies concerned.
1 transpired also that most. Dusmess closed unchanged to two points higher with sales of 122 con- otment producers had already tracts. Domestic No. 6 sugar resorted to price-culting by pay- points ing part or all of the freight cort closed three
'futures
017
69716
09736-80234
-United Press.
go to the "Big Four" consumers lower to one point higher with though arty tiefire London Foreign
of rubber in the United Statesles of 408 contracts. Prices: who would keep the price of synthetic
"artificially rubber Tow" in order to hold down the price of the natural product,
The American Congress has agreed that the Government September synthotte plaats must be sold spot cents per, fot to private companies by the
Contract No. 4 (world) · January (1954)
3.46 nommal March MAY July
421
3.21 bid #21 bl
Cuba)
Jx bid
3.18
Contract No.
November
0.00
Com-No. 3, yellow, per Buchel as and of 1955. However, it has
reserved the right to reject any
or of malen contracts if it defects January (1954)
May
July
Oct. Dec. May Flanscod
Oct. Dec.
crnts)
pot Dec,
144)5-23316
March 1954
eny
tondonicy toward
270
May
of the sales.
May
2374-250
-United Prou.
disly
American officials
BRYWu{Prices per bushel
Cents).
March 1954 O(Prices per muis
Exchange Rates
·Duelżem, we dons, i tha - local Gnometal
London, Oct. 13.
“A” 14% of 1899) "A" (4 of 1610) of 1007) VOO, of 1924)
74
104
forming the following:
Visi, dollar. (per bij
Glam lesia: CHERVO)
Bingapore (Birma) Indo-China plastres ther
1994
monopoly March
May
started in August in the south-east, to móc compotsion there, and then spread to Now: England and to some cities in other parts of the U.S."-
Exchange
New York STARTED EARLIER
Montreal Absorption of costs'had in' fact - Amsterdam started earlier than that in the Brummels steel Industry' 'Mself, not by the Oslo steal producers but by their Copenhagen 8.00 Domina! Curtomers when the steel com-Part
Zurich
des skapardes raised their prices at the Stockholm 6.53 blend of Juno, in cover their higher bache Mark
5.66
costs, meat of the steel-using, flocked Mark
5.10 nominal industries, for the first time sinco
contend
July
Heptember
· November
8.34
and
the
Erot (cenda par ib. off
5.09
that this will guard against the
arm which the Bristi
Learn
Indonesians
futures, ph
However;
foresco in
British and Indonesian officials still contend that there should be močne "interim" adjustment to raise the price of synthetic which they claim blautan abnormally low price, because the United States; Cloveminent In producing, it--United Press,
Copra Quotation
the war, abrombed the "price-in-
· London, Oct. 13.
$2,8013-2.80%
2.78 5/16-2/8 8/16 10.0231-10.82% 140.10-140,18
10.0814-10.3815 12.132.16) 19.37-19,7715
Da131-9319% *58445-14:44}
1815-11.02 1836-18%
United 'Prem
New York, Oef, 13. ..Prices of cotton futures closed today as follows:-)
Crease at the expense of their N.Y. Cotton Prices own.profit margins; with the Increasing competitiveners in capital goods and is durable con- sumer goods, they could not pass ition to their own customers.
Price cutting "by @bsorption of freight could become gulfe/alpsz
• Copira, was quoted today at thingelisel alone before the $200, naked, per short toh, it musupio basing point system wa Facile Cool Coconut al: declared legal, ikiran to about
(Freight: quod at: 15 cents per lb. citi 205 million a year. West Coast. United Fress, Bosorption itself is not illegal, On
New York, Oct. 13.
-Spot Oct. Flee
13.40 nom. 32,40 14
March 1964,
33.06 nom.
Oct. Dec.
March 1900
23.18 bíð
Pres
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