1953-10-21 — Page 9

*

THE CHINA MAIL, WEDNESDAY, OCTOBER 21, 1953.

"MORE BUTTER" FORECAST

London, Oct. 20. World trade in butter de- clined last year, and co Humption per person ju Britain fell to 11 lb-legs than half the pre-war Agure,

That the Commonwealth Econo- me Committer has good news forlay. This gur, 1 rays, there wil be a tomarked mereuse? la world but production. There is, however, still a long way to ga before pre-year cutput is equalled

Brbon will get a large slire of this year's extra Joduction. Already her maprats are up on Jast VPDT redvete! mercad prochieton D Australia, Den- mark sapi Hollonet.

Higher punduction in Belghan And when Energ.com untrie has de demand dea zupy m coming on to Bi world market. On the other Justad Bassan inervased its puebores, amel 15 Jitely 14 tae ihan pecnaud largest Importer this yarı

World halter proche tig. Jaaf

year

+$

17 900,000

100 000 ever down on the 1961 figure wom 300,000 ewu

the peak pro, Iswar level of 1960

Cowen 1924

73136

Ev

Prepped at

hoe of Mur reduced.

ין אן

Total to patay 24 compared with 20g per zeht ih 1981.

THREE REASONS

30+

To equal their pre-war duction, dairy farmers will have to churn out nearly 10,000,000 ewt more butler. But there is little likelihood of thelp

this is the avar future.

doing

The CEC gists three penpotis why world bullet prudur fjets

Jower than pre-war:

1) People all over the world

tre drinking more milk

the

Tuw Kyoteriai of bustler. And

more milk B

ROTENE Justo The and pros

troduction of chivese

ressed milks.

2). Butter-making especially Australia

with

Its

countries, expanding population, are eating

more of their own pre buce,

3) Supplies, fastes the Bale at European countries tehind

the

continue

Iron Curtain "negligt". Their exports feil to a very tw level" last year. with The result that Imports were little more una half of what they were in, 1938.

Poetry In Pictures

Mrs Lydia Chao-Bug Fang, who recently arrived in Lon- don from Hongkong, seen as she Horta sut some of her 130 paintings, which she will use to Introduce modera Chinese art to England. Mrs Fang, who was born neur Shanghal, is a Manchester University B.A. and mother of eight children. She is considered an authority on poetical painting. - Reuter-

photo.

Yugoslavia's Army

Has All Makings Of Modern Force

Zagreb, Oct. 20.

TRADE and

CONVALE

COMMERCE SECTION

Savings Habits Trading

Of

People In The Colonies

London, Oct. 20.

In Raw

Cotton

Liverpool Market To Resume?

Manchester, Oct. 20. The belief is growing in cotion circles Thai free

The savings habits of Colonial people come under the microscope in Dr Ida Greaves "Colonial trading it raw cotton will Monetary Systems," a new H. M. Stationery Offfect restored by next June, publication.

when the Liverpool Futures Market will be allowed to resume trading after

Bank deposits have risen in all territories over the past ten years, but the method of saving differs sharply from one group of colonies to another.

In the West Indies, for example, most savings are held in deposit accounts, hut.in West Africa this form of saving has "no real importance,"

10

Dr Greaves ling a simple ex- of needing any bccommodation planation for this: "People to the | for Surplus Income. A large Wed In now writer, "have number of depositors in the been familiar with banka und West Indies, Therefore, bre binking for several generation,3,rendy using avings account and banks are easily accessible as a convenient ensh

box, and เ most of them. Since 1933. the activity of such deposits is 'the commercial banks have puid very high. There is queue at only one per cent On savings the savings counter of every deposits, but previously interest bank during business hours, and rates were as high as there per on some small accounts there tent and five per cent at various may be two or three entrits on times, and everybody with spare the same day." cash became aware of the manna which fell periodically on bank | books.

SIGNIFICANT PRICE CUTS IN

771

U.S. ADJUSTMENT

By Sydney S. Campell, Rautfi'i Financial Ener London.

The first significant price cuts in the present U.S. "adjustment" were not in steel, oil or cement but in plywood. They did revive the demand for plywood, though at the expense of price reductions of about 11 per cent, which must have cut heavily into profit margins,

However, those plywood makers who were thereupon able to resume normal production instead of the previous curtailment had gains in volume and overheads to get against the lower unitary price, but now they are having to cut prices again.

Hongkong Again Excluded

lapse of 12 years.

it is emphasized that it free trade is to runic back the dustry must have some time to get into its swing. And us the calton season starts in August. most quarters feel that June It remains to be seen whether, will be about the time to start, the steel, cement and oil prople Okt ring tratiers brokers will be even that lucky. They who deall in raw cotton before are much more important than

Why ---

met in the The

f the the plywood makers, recently Liverpool to study the position. ¦ tentative price cuts by freight As a start, it was evidently de-absorption and so forth lead to elded that it would be possible | an

expectation of more basic to operate only one contract price cuts, let alone general the American one.

break in prices, the steel makers Presumably other contracts and the others will, for the time would

as before the war, ko belag, not get more business but started when tracklog lat Icss. When you are cu

cutting settled down.

prices to stimulate volume, the

(From Our Correspondent) Some union leaders are al-best way is to do it in one bite ready asking: Why start

with rather Than by a series of

London, Oct. 20. dollar cotton? What is going nibble-because otherwise your The Board of Trade hon an- to happen to cotton

grown in

for all customers.

thetrnounced more relaxations of except the colonies which has done

restrictions. Licences much since

"to save most necessitous hand-lo-mouth export the wor

finished nibbling. The Canadian commodities, und olber

fruit including cotton pald for In Wheat Board may find this out, puree, poultry, and rabbit skins, dollars?

if indeed there is any tolerable will no longer be required. It is evidently felt that the eolonles might

price, ever, a much lower tha But restrictions stay on the get the iden that their

the present one, at 'which wheat export of interests are being would

these products, to attract î e-neglected

substantial Hongkong.

Margo and China. after they striven to grow as much cotton

have demand at present.

Tibet.

as possible to meet

At the same time, the Board of Britain's But at ппу rale, #1 Bome Trade announced that dyestuffs needs,

stage, and whatever may happen and organic products for dyestuff THE QUESTION

first, price ruts: do eventually Before a decision is mado attruet demand about Liverpool, however, the volume.

robulld The most ominous may be such Unes be decided. Britain zormally imports about s

makers costs have forced two million tales of raw cotton ale

raise priceR each

even though the season.

products are slow to move This is valued at around £130 current prices, The "atte milion without taking into a confusion"

carpets cout freight,

instance and already been reported." handling charges.

The question arises: How wili

truders

AMUSING RESULTS

The West African's distrust of

horded their

keeping | hanks often has amusing results, in exchange on American / Pirchases, wait until you live for the export of a number of

who

and savings

West

More ver, while money in a bank in West Africa Farmers often has the disadvantage of mortoy at home discovered that known to termites had a voracious appelit: making its existence the repositor's family, and hence for bank notes, vulnerable to their demands, in depreciated. although they the West Indica experienes has muined unspeat. So now shown a bank to be the safest | Africans store their surplus cash sealed with place for keeping personal funds in-glass bottles.

WILK And the whether the owner is likely to insect-proof retain them for a long or only money stays out of the bank. a short time.

It is no .uncommon sight, in "Further, there is R

African certain the West

mission colonies to in one of his element of prestige attached to see a merchant.

arrive having a blok necount, espezial-rare visits to the bank.

iron-bound pected by their acquahiances chest. But

even the most miserly of hoarders seklum go

the so for as

Gambia cattle donker who carried' £3,000 notes in a cloth bag, which be used as a pillow when travel ling.

By throwing open his army to Western inspection at the big autumn manoeuvres near here, Marshal Tito showed that his wartime partisan forces of courageous but ill-equippedly by people who might not be with his money in an guerillas have now been welded into a well- organised, highly disciplined army.

Though the Western allies have for several

.. years been supplying equipment to the Yugoslav HONGKONG

forces

the United States alone is giving $217 million this year-Western military attaches were rarely given a glimpse of the army, while requests Meanwhile, to offset the short for information frequently met with procrastina-

MORE MARGARINE

age of butter, Brilons are eating | mores margarine, reached

Consumption tion.

the new record figure

of 39 lb. per head in 1952.

Apart from butler, dairy pro- duction was maintained or in- creased Just

your. The Coin- monwealth kept its "very -important" share of world trade in dairy produce, due largely to New Zealand's position as the world largest exporter of butter. chee and anik powder. Anil, In the face of a contraction in world supplies, Britan's relance on Commonwealth produce was "emphasised “

This year should see a fth ther market improvement supplies of dairy products, says The CEC Mk producMon may squal the 1990 level, the peak post-war year, with most of the surplus being used myrking-London Express

vice.

PENINSULAR

in

butter

Ser-

Maize Shortage In Bucharest

Vienna, Oel. 20, Mallga (maize mcal). the staple diet of the poor. in Rumania. IN

ruuning short in Bucharest, travellers from

there re- ported today.

Crawas of the city's poor bad beea. Sven boarding trains dally for the country with bags, rucksacks and cacks in search of maliga, sald.-China Moll they Special.

military corres- were

Finally. however,

Western attaches -ondi- pondents

Belgrade invited to see 05,000-men Oght- ing for Zagreb in manoeuvreS leting a week, end in which Sherman tanks, American tank

destroyers, M-36 self-propelled Kung and Yugosiny-designed

bazockas took part.

Both attaches and CCTTE.i pontients were given freedom to go anywhere, to ask any ques- tion of any solder and to look at any equipment.

The cpinion of many foreign observers was umed up by the Chief

The

British Imperial Staff, Fick Marshal Sir John Harding, who headed the British official guests, when he said that the Yugoslav army had "ali

the makings modern army."

The

of

of

SHARE MARKET

(From Our Correspondent)

on the Stock Business done Exchange this morning emounted to $830.700. Neon quotations and the morning's transactionis SHARES BUYERS SELLERS SALES

BANKS

arc

has

future of the Raw Cotton ComTY CAN tyres whero rising

my now..be. manufacture ported without licence to

Cpm- ramonwealth. countries. ,,But,

again, Hongkong is excluded.

Board of Trade oficjak to plained that exports at all goods to Hongkong, China and Macao and Tibot required

aileenge,,

of whether they were of strategie hns value or not..

Tyre prices have just been

But although the system of not general lecnçes

private

be able to raised in the Inve of both extend to Hongkong, exporters inance such a big bill? This is seasonal and, cyclical sinckness, fruit purce and rabbit skins to wishing to ship such products as partly answeret by the Liver-which has caused pool Collon Association's move ducers

10

pro-

to cause further curtailments. When sentiment is inflationary,

a price advance may stimulate. The

ralonists and economists alike. coulized that because of 121demand by leading to expecta- į

-out

F

| Dr.Greaves. rightly points

that "in general, writers

about the colonies have omitted the subject of money, and writers about money have ignored the colonies."

of that.

advances; buti

Leende.

Rubber Markets

20

These, however,

merely

curtall output. The the Colony would find no dif- allow limited liability com- effect can hardly be other than ficulty in obtaining r sidelights or an extremely com- plex subject which, until now, panies to join the Association.

Previously has been largely

only individuals ignored by

act as ring traders, but it

of offelal control some of these might not be in a postilention of further at the start to shoulder such Present sentiment is the reverse heavy commitments.

Several problems will have to

THE SQUEEZE

{ be solved

before free trading

Singopapeyi Oct; (20. can be resumed, but these

This is just the moment that

The market opened lowest on should be overcome, as most of a rubber chemist(a reputable disappointingoverseas...advices, the trade now feels that free one) would pick to assert that and with trade.support dealings are necessary owing to with the new syntheile rubbers prices.. sogge:l the competitive stale of the and the now fabrics and re Closing prices:

the Dil cotton Industry with changing Inforcement fibres "the lifetime No. rubber per lb. Nov, 075 world, conditions.

is not far away."

Having to what has recently No. 2 rubber per lb. Nov.

4 Noy. the spot rubber unbaled -particularly

wools people will Blanket crepe syntholic

believe the perhaps

No. pale crepe ilfetime tyre when they see it. But the U.S. tyre business in its present i state could have wished to be spared the prediction.

INTEGRAL PARTS

The omission has now been

good in Dr Greaves made highly instructive little book development of She traces the Colonial monetary systems and of the describes the work

At present about 00 per cent of the industry has broken away sion.China Mall Special.

Dee Jan.

Various Institutions cancerned front the Raw Cotton Commis happened to some other synthetic No. a rubber pet. 15. Nov.

11K Bank East Asia

1500 EGA

INSURANCES

Canton (Sub-

divided

5212

with them.

Unir

Underwriters Fire

SHIPPING

5 30

100

In her emphasises:

U. Waterboat

20

++

130

Aria Năv

DOCKS. ETC.

K. Wharf ...

Dock

Provident

conclusions, she

Tho colonics ore integral parts of the world's largest currency area, the sterling area, 1107- their own currencies are

12.40 12.70 1000 12.69 mally stable in relation to ster-

21.00

sturdy,

Wheelock

.. 01.03 8.85

had

in

LAND, ETC.

HK Hotel

lik Land UTILITIES

Trac

725 7.90 3000 2011 63 1004

7.60

62

were troops aleri, enthusiastic, and mude

start an excellent learning to handle new foreiga equipment, he told

core pori-

Cherals

belleve Then havo How

Yugoslav

& ORIENTAL (bat

STEAM NAVIGATION CO.

R.M.S. "CORFU"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

Thursday the 22nd October at 12.00 noon for the UNITED KINGDOM vis Straits, Colombo, Bombay, Aden and Port Said.

their

mastered the technical and

Ides tacticnt

of tonioured warfare and, in the words of Colonel-General Kosta

Nad],

one of Tito's most brilliant

partisan Generals during the war, now need from the West heavy arms, heavy tanks and mesóm direrek,

FOUGHT IN SPAIN Although only 42, Colonel- General

Kosta

Nad) bus wealth of military experience behind him. dating from the

in International Brigade

the

In

new

of

23.10 23,40 1700

Star Ferry. 133 137

C. Light (0) 13.40 13.70

INDUSTRIALS

Cerment Rope STORES, ETC.

Dairy

..... 23.10

and they have no bulutice

of payments problems in the

Kra

usual

to

sense of the term. If o colony is

meet its unable external obligations it is because

NEW YORK

STOCK MARKET

New York, Oct, 20, because The stock market scored its

23.30 of lack of money-of income 200 138 internal currency-not

1,190,000

poor day.

1

G+00

49177-4032 64-00 United Press. L LONDON MARKET

London, Oct. 20.,

The rubber market was, easy

For the moment, in such lines with No. 1 Ras, spot quoted at es earpets and tyres, the squeeze 16 7/18 pence per lb. Prices:

is on the U.S. manufacturers No. 1 Respot

and their workers. surprising if they do not manage Dec,

U.S.

1015-1013

Settlement House terms: It will be Nov.

161-1877

1872-13 474919

United Press.

business

Last turo casonal tonirs.

to pass some of it back to their Jun./March

moumns | April/June raw material suppliers: carpet July/Sept. wool holds up well, but rubber docs Hot. That is how any NEW YORK MARKET 200 of 13,40 of lack of foreign exchange. As fifth gain in a row today but it adjustment" in 550 * 1315

margin as profit becomes generalised in C. Light (N) 9.40 9.60 1000 9ong as the money is available was a small

New York, Oct.20 World 1000 # 27.40 It can be transferred to London taking cut most rall prices and trade, An average and not in- Electric ...27.20

Rubber fulares today, closed Telephone..22.09 1800 22.00 without any difficulty, and con- pared gains in industrials.

Activity in eased. Sales for trinsically unreasonable expecta-70-89 lower, with sales of 4keup- verted into foreign currencies

tion is that the Mion 15

national tracta, Liquidation and, hedge- the gross forma prevailing the day totalled 1,280,000 share product of the U.S. moy fall by calling in line with dower London 300 @ 16.40 cn whatever

against yesterday's regulations permit.

"Colonies also have internat i wa, heaviest turnover on the 4 per cent in the course of the cables sont alt deliveries to new

present adjustment. upelde, 23.10 interest rates distinctly

Dealers quoted No.:1 Rss epot lower General Electric, which that happened (in 1938) U.8. 500 2330 than those of independent coun-sparked Thursday's shorp risu imports from the sterling area at 19% dohls per pound Closing

fell by about 50 per cent (noti

to prices tries with comparable types of with a three-point gain in res mention Dr. Nourso a prediction

Company's new and they can borrow ponse to the

per cent in London on terms as favour-plan for atomle energy, ran up fin drop

to a new high of $80 today. U.S. gross national product). or 8.20 able as those of HM, GovernIt Anished at $80, up 1%, the One would doprecate, any, hasly

050 ment which are better than

sions for sterling. In the day's most active issue.

conclusions 033 those mujoyed by foreign coun-

Northern Pacifle, the "oll later stages, of whatever it...s 0.20 trics when they use the London railroad", climbed to $50. that is happening In the US.. 9500 or 60 capital market.

might be said that the colonies Spre

1040

374

1400 2005.

23

Watson

.... 23.20 23.00 L., Crawford 23.00

COTTONS

Ewo

Textile Corp. 0.16 0 15000

economy,

5000 61%

4000

3500 0.20

...

Exchange Rates Barrell

in the local

·Business was done

market thin exchange unoficiai thorning at the following rates:

who

US. dollar (per 13

4.02

Sterling notes (per £1)

13.03

Indonesian guliders (per 100) 13.80 Biar leate (per 100)

31.70

Singapore (Straits)

1.70

Indo-China piastres (per 100)

8.53

a

N.Y. Cotton Prices

Spanish Civil War.

Field Marshal Harding con- merted that the Yugoslav army

lucke sull

experience logistics.

The army

almost com- pletely

with equipped Passengers are requested to send ALL Blue-grey uniforms, and silver baggage to the Hongkong & Kowloon star badges of the ranic Wharf Co.'s Godown at No. 2 Gate, officers. The only reminder of

old

the 1941 days is CANTON ROAD ENTRANCE, by the

"Star", au

cmblem worn on NOON on Wednesday, 21st. October the breast by pertrans 1958.

Joined Tilo at the beginning.

There is well-developed organisation, SPECIAL NOTE: With the exception of hand packages Quartermaster

Inngely dependent он -horse carried by passengers themselves, transport. TICO ALL BAGGAGE must pass through |dally ration of 800 grammes brend per the Wharf Co.'s Godown for loading (over 11⁄2 lba.). of

(half mių 230 grammes on board by ship's slinga only.

beans, pourid) of macaroni or

"

Now York, Oct. 20. BAGGAGE COOLIES WILL NOT BE ounce) of meat (beef or pork),

25 grammes (just under one Prices of cotton futures closet

today as follows:- PERMITTED ΤΟ ENTER THE 40

(just over ong ETROUD WHARF.

ounce) of fats, 25. grammes of Bpot sugar, 25 grammes of jam, five

March 100% MAY granumes (over half a pound) July

kalad

EMBARKATION: Passengers should embark between grammes of coffee, plus. 300

Dec.

In short, it

other

rails

of

Anished the Bank of England

March 1954

cent in the

May July

Sept.

Dec.

1033

49.00. 20.00 20.00 bid 20.03 bid 20.08,bid

—United Preki,

higher. Realising to work hard (and not at New York Sugar

Market

als

may have

to keep out the necessity of maintaining sales after recent good gains cut sarily successfully)

solvency." Londen mest carries prices a few cents, sterling from rising. But incan

Despite the widespread declines white some queer things may [Express Service.

In rails, 585 of the 1,210 issues happen, and recollections of 1038 iraded

may, for the short ded closed higher. There were and 1049

New York, 'Ost. 20. 1 run, be powerful cautionary

World No..zā saujana Čutures 335 lower and 270 unchanged.

Steels declined fractionally. Influences in both commodity closed today one do threepoints The Now York Stock Exchange markets and the forel ex-flower with sales of 122, ecofracts. . Domesde No, A. sugur, futures plused 2 points higher to 12 points lower with sales of 220 contracts.

Contract No. 4 (world) us? JAN. 1054

14% nom. Marchli May 301

LONDON TIN MARKET

London, Oct. 20.

tin market was quiet

bond voluma was at $2,800,000. The American Stock Exchange wag 320,000 shares,United Pres.

Copra Quotation

changes.

Furthermore, raising prices in the face of falling demand f not the American way out of a | readjustment or recession. Thờ great hope for 1954 is that a New York, Oct. 20. readjustment in capital goods Copra

prices strengthened can be offset by salesmanship of of which 15 tons were for European Inquiry for supplies sive competition hos laim better with news of broader consumer goods through intent consumer attracting the

and.

easy. Spot fell£64 lo £022 and three-month

The

EA

today

to 2003%. Turnover was 20 tons

cash

33.80 nom. 32,00

Closing prices:

when. In peokdis—but 150 wing: or alcohol-China Mail Special.

March 1960

33746

33.13 nom,

nom

9.80 and 11:00 am. on Thursday, at fresh vegetables and

22nd October

Spol fin, buyers

beller Bistnearizi 3-month On, buyers

sellers Duelnore

02 $25

-United PreRE,

in the Philippings. Sellers consumer

indicated 3212.50 per short lon, value. The opposite system -

Pacific Coast. Desters rising costs and rising prices at figured, the cir Europorn basis the Expersa of output and sales may be good enough for France, and Italy (but illa, pot good enough for the US. Some thing is going to give Reuter,

et $320 bid, and $230, used, coconut oil was grated 10% cents per pound, elf West Coast.United Press.

Spot, cents per ki, Zab

Contraet No.

Now.

Jart. 1054

Nov?

Bpat