1953-12-09 — Page 9

THE CHINA MAIL, WEDNESDAY, DECEMBER 9, 1953.

Eleanor Parker Arrives In Cairo

Eleanor Parker, the popular' screen star, arrives in Cairo to start work om a new film, “The Valley of the Kings" and chats with a Sudanese valet at the International Airport.-Express Photo.

JEAN SIBELIUS'

BIRTHDAY

Helsinki

London.. Dec. 8.

reports that

Jean Sibelius, the

com"

poser, is celebating his

88th birthday today wlih Ils family at

near Helsinki.

viila

Over 38 towns have

named streels

after him

and hundreds of concerts of his works will be given today, The Tujio said,

Chlon Mall Spretat.

Optimistic S. African

Inventors

Pretoria, Dec. B, South Africans are among the world's

toost

in- optimistic ventors, Judging by the number of "perpetual motion machines registered at the Patents Offer, Pretoria. Scientists may assert is im- that perpetual motion

Union's In- posible, but the ventors are not convinced..

Au

onet. 1

who

group of ingenious invention were listed under the bending "Perpetual Motors Self-driving Machine...""

el and air, and

immersion in water.

a

WHEELOCK MARDEN

ANNUAL MEETING

Chairman Replies To Accusations

A firm reply to accusations made overseas about the activities of Wheelock Marden and Co., Ltd., was made by their Chairman, Mr G. E. Marden when he addressed shareholders at the company's annual meeting this morning.

Mr Marden said the company had adhered loyally to the regulations laid down by the local Authorities.

Mr Marden also referred to the expansion of con- fidence in the security of the Colony during the past twelve months, adding that there was no likelihood of this developing into dangerous complacency.

come

more even

€0.

hundreds

we

there

of missiles

and

TRADE and COMMERCE SECTION

American Govt. Should Not Spend Itself.

Out Of The Recession

By Sydney S. Campbell, Reutor's Financial Editor

London, Dec. 8.

One raust hope that the US. Government will not have to try to spend its way out of a recession.

In the absence of higher taxes or of further cuts in Government spending beyond those already scheduled (either or both of which, accord- ing to Colin Clark, would make matters worse) Treasury Secretary Hum- phrey foresees a budget deficit of $13 to $14 billion in the year starting. next July.

Mr Clark thinks that unless Congress cuts-taxes by a further $20 billion without any further cut in Government sp ending, there will be a disaster.

But could the U.S. Govern-has developed a serious external ment do anything of the sort trade deficit, a very serious budgeting for a deficit of $30 problem

stocks of amsulable billion or more without tearing and a few other adverilties. Yet

the president Lusiness confidence to threde? new comes

Some British economists and

(Canada) ex- Bank Barclays oficials seem to

to think that I pressing concern about, "extra

TIN PRICES

FIXED

London, Dec. 8.

The delegates of 30 court-, telos, inceting at the futer- national thi conference in Geneva, today agreed on prices to be fixed for tln.

The

which agreement. provides for the founding of a world in reserve slock as the basis of such a price fixing

operation, puts the minimun tin price at £640 sterling for one metric ton, and the celling price al £880.

The reserve stock may metric not exceed 25.000 ton-France-Presse.

Questions On British Trade

of

Queen To Launch Shaw, Savill Ship

London, Dec.

The Queen will launch the Shaw, Bayill and Albion Line's new passenger ship at-Brifast on Tuesday, August 17 noxt year, was announced today.

.....

The new ship, on whileht work began last year, is to bo □ 20,000-ton passenger fner with speed of 20 knots. Ter trips are-plan- ned to be round the world calling at South vayaços, Afrlen on the way to Aus- tralia and Now Zealand-ou outward journey and returning via Panamá,

She will carry 1,200 pas- sengers of one class only. Chlua Mall Special.

tho

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock over Exchange this morning amount that has cl to $172,005,

Bushes done mortgaged"

U.S. business. did loze confidence, vega

vegant" cash expenditure and it would be a loss of confidence, lock of saving, and excesive in

the dollar, and money would expansion consumer lebt

other which he describes as fly into commodities and currencies, thus improving com- expanded" in a way

rices and non-dollar "extravagantly modity prices exchange rates. But that is not future income. what happened when U.S. busl- ness lost confidence the Roosevelt anti-slump experi- nient,

on

ת!

com~

It did not spend mcdiitics:

every extra dollar of Government spending tended to drive cut more than a dollar of could private spending. That happen again.

Eosing of money (in any that does not differ greatly from creation of money) is already U.S. omelal policy. But there is little point in turning on more water If the horse refuses to drink.

MONEY IN BANKS At the moment the money simply accumulates in the banks, as business simply is not using it.

U.S. Treasury bill rate hrs London, Dec. 8.

in a way, not seen A Labour Member of Parlia since

1931. the evil year, ment. Mr George Cradlock, yet business is sliding. and Asked in the House of Commons

Lis

continuo expected to teday what the Government was sliding for some weeks doing to increase British exports,

►

If that is a fair picture for Canada, there might be some concern for the United States.- Reuter.

The

Rubber

Markets

BINGAPORE MARKET

and the morning's transselions:

SHARES BUYERS (BELLERS BĀLES BANKS

HIC Dank... 1590 INSURANCES

Union

Underwriters SIPPING

Weerbeat

DOCKS, ETC.

£0

KC, Wharf. 31.53

C

10.00

neck ... 1.20 2115 Provident (0) 12,70 12.30

Wheelock XD 0.10 LAND, ETC.

HK Hotel

THC Land

Tumphreys Realty XD

(X Rtm) UTILITIES

Tru

Star Ferry

C. Light (0)

XD

C. Light (N)

Singapore. Dec. 8. Prices per b. in Stralty cents:

Closing Prices No. 1 rubber per 1b. Dec. 014-90

Jan. ....... BON-001% Feb.

B02-01 No, 2 rubber per 1h. Dec. 30%-50%

Telephone No. 3 rubber per lb. Dec. 573 50

rubber per 15, Dec. 8412-543-INDUSTRIALS Spot rubber unboled ... 00-0035 Cement

Kate 68.70 No. 1 pale crepe rubbor 50-51

STORES, ETC.

Daley Market: Stendy but quiet through- out Ri day. Good undertone.

United Press,

Watton

1. Crawfeed COTTONS

4535

American Cotton Crop Final Report

Now York, Dec. 8. Cotton traders today received the Government's “final crop report of the season. with a minimum of excitement.

5

The

After see-sawing within 1 range of $1-a balo, the market closed 2 to 9 points higher. Opening prices were up 3 to off

points .

New Orleans closed off i to up 7 points.

The Indicated Dec. 1 yield of 13,437,000 bales come 344.000 bales over a month

ago and about 420,000 bales over aver, age of the members guess. It compared with last year's Anal of 18,139.000 bales,

Loent professionals, looking for an opportunity, bore down on the sell-side immediately after the report, but with the market showed resistance, they reversed themselves.

Nearby Murch dipped to 33.01. eents a pound, getting back 10 within three

the points of seasonal Jow mado in luta October. May hit a new Tow at 33.11 cents, but other posi- tions managed to keep slightly above,

lower Tite

levels brought mill support and ship- per demand.

Statisticians analysing the crop report said the increase made little difference, since the trade has been set for big crop figure. One stures pointed out that the icss $44,000 bales increase was than the recent weekly rate of

the loan

pro-

cntry under 100' 03

gramme.

The December delivery pro- 6.10 vided another feature, 25 de- 8livery notices were gradually taken up by the trade. The De- cember open position at thic stant of trading today was down to 52,300 bales.-United Press.

#14 0.43 2033

173 70 1400 ve 75

11.20

1.0215 -1,05 3000 47.

2010 20.70 1030

134

131⁄2 13.70.

1.75

281

10% 10.70 1000 10.60

LONDON MARKET

Ewo London, Dec; B.

Textile Corn. 0.30 rubber

futuresMi-CELLANEOUS

(In as follows

Prices of closed today

01

He said vital markets outside/mooths: the Administration, pence per 3b);-

the dollar. arts were being lost

another by his Indced heen piled upen Ossait is actual shanted; rathering, if he would state his pro- vastly stronger than they

of ú

only the shoulders n very

•

and

can

which has

GRAINS IN CHICAGO

Chicago, Dec. 8,

Prices per bushel in cents:

Closing Prices Des.

Wheat, No. 2, red Spot

Dec. 1

**** 207an 20734

Dec. 2073/6(H)

2003

20714. 206-) 901-2117

2101-210- 2004 2003 2014-2021

Electric Масло

Kitc .0020

11.20

200 a 20.00

18.60 10.70 17.10

23.49

300. 21

02.03

1030 @ 0.30

208(L)

Vibro.....

March 1954

Mos

.... 0.20 0.40

July

1712-18

Sept.

Corn, No. 2 yellow.

18-10

15-1811

US Commodities

Spot

Dec.

March 1934

18-181

May

3816-1811

July

181-10

Bept.

yo

re

1233;

March 1934

Orts

March 1954

Boybeant, No. 2, ycliaw Jn. 193 March

7016

7814 11074-Ta

30dn 2012-10-320-30314 12-Lai A 3001

A-1

inquoted

thin ................................... unqualed

United Presi NEW YORK MARKET

-New-York,- Dec.--8, Rubber futures today closed as follows ( US cents per lb.)

Dec.

March 1954

May

July

Hopt.

Dec.

сосод,

Coffee, the upside lender, rose Dec. more than 3

cents a pound, with smaller gain registered for Spot

rubber, hides, Sugar, wool, burlup and copper. Sup-May the primary markets, in-pl ply considerations and firmness July

market timent Buchced

that group of markets,

Farley, ot in New York flour?"

200 iba.

21.40 21.63

21.70

21.70b

31.706

11⁄2 to off % cents; soybeans; off 1% to 3% cenis.

At Chicago, wheat closed up

was

Addressing the meeting, Mr of the

which fortunately caused no in- Murden said:

During the period since we jury to any of our devóted crew

met, confidence In the are on the table before you. last

I mentioned last year ta recurity of the Colony has ex-

and the fears of the precipitous for improve- panded Ias

have been there has been little few yeurs

the backgroundment since. Lack of adequate relegated to equally by the Iccal business earnings thus contributed to the

to Germany, the United States some distinguished Americans No. 1. pot RSS ......... Settlement house term: share Mr Clark's view that the dificulty community and on its behalf by | din

have experienced

Jan. Anancial squeeze of last spring, Feb. our friends abroad. This feeling in obtaining regular remittances und Japan.

in hastily though it was reverse, March Els unlikely to develop into a from our Japanese debtors. I Mr Cruddock also asked

some Jan./March view of the fact that world ex-may have set in mul dangerous complacency for the may say that, generally speak-

April/June arc not

New York, Dec. 8. easily July/Sept under

we ing difliculties

which

are no Japanese porta had been rising during the forces which

General markets, clf basis, porta Strength of import articles! trade here. burden:cme though Government barriers in the way past two years and the volume reversed.

Doc. of Many sectors are course

spotlight d the commodity price Some worked by wind, others

tan.

1732-177 by weight, one by a mixture of they were a year ago, have be of remittance and exchange has of British exparts had been fall-

wure. Feb, Pelion beer officially

unquoted pleture today. of Yel

posals to redress is unfavour. In 1929. The bonking system 15 Extate crepe thick debtors able balance. of a earnings

among them. If it were tested by our Ajax amongst traders and £1 Other ingenious Ideas patented could support

Ye shortage generally

by a real blizzard, the Federal Market: Very Mondy. the lead. That wil

caused delay. A Mir Peter Thornegoro, Presi- Deposit Insurance Corporation In Pretoria include: gelashes or cou

dent of the Board of Trade bosts for animals, neclebands to this is possible is evidence of number-uf-your Board, Mr F

shock-proof as depositors sup- resilience than J. Hormar-Fisher, has been to replied: "It is not cossible we might not prove_to_be_quile so nrevent stammering, bing rosy spirit

be found Japan for some months for the the compars of an answer to pose: but the banks are fund whichi ring a bell when a Ush which no better

dual reasons of his health and parliamentary question to detail mentally round whereas in 1029 communities mercantile. biles, soft hat which can be

for discussions with the author- the steps which Her Majesty's they were ramshackle. turned into an umbrella when it throughout the world.

debtors and his Government have taken and ure A similor favourable compari- rains, and a box of special There would still appear to ties and our

to facilitate exports, the taking to

sen can be made for Wall Street to hang over a door and be much passive if less active efforts have much, clurthed the powder

BALANCED ECONOMY

and for farm debt. It is by no guaranteed to make a burglar crimination against us in cer- Issue. There have been reports

"The most essential condition, means so certain that it can be sneeze as he enters. China Mallain quarters. It is difficult even Japanese and local verna- to imagine Justification for this cular newspapers about these

a healthy export made for debt 'as a however, for

whole cr, Spécint.

and as has been stated by His discussions, referring in pori- trade is a stable and balanced fundamentally, for ferming ns Excellency the Governor-cular to offers alleged to have cconemy at home, and that whole. The 1920s had nothing markcls Japs Want World the United Nations' embargo on listic made or courses of action the Government have achieved, like either the murhro:ming of futures.

the first quarter of total private debt that hos trade with China than any other your Interests that I should this year, the value of our

since 1945.or the occurred place in the world except Macao. deny or confirm any part of exports has been rising."

present utler artificiality of U.S. We have loyally carried out the thcin, but whilst we shall bear Mr Craddock: "Is it not a farm prices.

Prices of rubber closed today United Nations cinbargo to our always in mind the special little odd that our exports should MAJOR WEAKNESS ·

follows, (in guilders per Tokyo, Dec. 0. wn detriment, and at a time difficulties of our clients and be failing at the same #me cs

Nor was there anything-ke kilogram);

Jan. we have hundreds of meet them The Internat'enal Trade end when

wherever possible, world exports are continuing to the way in which construction. No. 2 rubber

2 Jan. Industry Minister. Mr Kiyohide thousands

within of refugees

our patience must not be sup rise.

by inordinate rizes in costs, has No rubber Jan. Okano, told reporters here yes-our borders."

posed to be inexhaustible. I Uces net

the President think done its best to price itself of No. 1 crepe rubber Jan. WIUT

deal regard 15

own shall terday that he is sounding out

Marke: Steady. more particularly that increased trade with the its market. the view of the visiting World

hays reen later with the activities you Will

financial aspect Eze would go for to rimpva Bank team on World Bank loans in the Press the many accush of the matter so far as it affects this unfavourable balance?" for the development of the tions fevelled against us, but our accounts.

Mr Thorncyer.ft: "Our exports hydro-electric power Industry you will I am sure require no

The new

are rising not falling. They capital and import of machine tools, assurance from me that we have

Was duly

are not rising as fast as all of according to Japanese press re-adhered loyally to the regulu-subscribed and that small por-

us would wish but they are still owntion not applied for by the ports today.

tions lad down by our

We are authorities.

still

ring."-Reuter. to some closing date largely owing to Ife fald Japan will need such extent, as we were entirely for disruption of records for we are ans for the purchase of coal,

a century or more, engaged in still unable to make contact with iron ore and other raw materinis what haz during that time, and holders was issued to Yang-

development of the termed for the

China Trade" Tha hydro-electric power industry. whilst circumstances have com-isze Finance Co., Ltd.,

If the World Bank authorities pelled us to reek other fields of under an agreement providing

loan too end avour, much of our think a $120,000,000

Bank Loans

our

from been

of some

our prewar

be hit

share-

at

par

for adjustment in cases of hard- large a sum, it may be reduced perience and some of our que position of some of our share ship which the geographical ment Ja specialised in that frude.

and the

exchange He was under the impression 11 luns been slated by our critics holders

been restrictions to which pronts have

they are

to some extent,

team was

that

lush

Unble.

that the visiting World Bank made by our

willing to considor trade with China, in the subject renders them peculiarly Japan's request for a loan to course, are otherwise, import machine tools, Mr Okano

infinitesimal sold.-Reuter.

Prospecting For Üranium

DB we are,

.' DEVELOPMENTS

"Since

N.Y. Foreign Exchange

Canada (dollar),

England

Molal

in

Mr Clark pinpoints this as a majer present weaknets.

It may also be one of the 1 his which, respects

diagnosis is right, his prognosis may be too optimistic:

First among the potentially favourable factors in comparison with 1929 9 puts a present shortage of

thinks he that if

corts could construelic

be flashed, somehow Immense additional demand for

נים

housing will become a housing i

Alter many years of

Closing rates Dec. 8. boom, in walch the building of

unoniciat 55-day future .. 90-day future ...

Australia (pound)

$1023:

2013/30

203.34

2.81 3/32 3.815

2.25

New Zealand (pound) South Afrios (pound) Beigluny (franc)

2.81

2.8142

D0205

Denmark tkrone)

1450

Franco (tranc) Germany (deutsche mark)

0033

Holland (quilder) ...

+3635

22335

0061

Italy-omelal....

(kronel

NONA (Crudo}

Spain (pasotal

facts, of Pronta even if they exist but

have Last year I reviewed in some stated, simply maintaining our detall the activities of cur position until such time, if at subsidiaries and associates and I Tall, on we

ourselves in accord-shalt now confine myself to the ance with our own laws should more, outstanding developments decido otherwise.

during the year. BASELESS ATTACKS Adelaide, Dec, 8.

Similiar baseless accusations Cornes & Co. Ltd., 'our

Bwrden (tona) Switzerland-free The South Australian Mizes

have been made against our subsidiary operating in Japan,

Middle EastTM Department today began a pro-

part of our has since the close of the year aerial prospecting conduct of that

earEypt (pound) Kramise of

which consisted of acquired from us the control of Irati (rin) .... between Cowell business for uranium

affording facilities to local ship-Comes Marden & Co. Ltd. is The survey, which will cover owners for registration under London representatives. It has acquired the about 8,000 square miles of the Panamanian flag. I do not incidentally now country, in being carried out by propose to deal with these dl-whole of the capital. Its pro A team of departmental geo-tacks in detail but particulars of gross has boon most satisfactorily

any

transaction would be made maintained. + phyricists.

navailable to genuine chquirers, Whites Shipyard, Southampton Adaparimental spokesman

to amongst you should you require continues its work for the Ad- sold today it was hoped extend the survey to other evidence of the

and Fort Lincoln

type#

Bide.

By

of minerals with magnotle [asseriluns made.atruth of the | miralty ghd f' am`happy to re-

- Iraq (dinər) 20

Turkey (ra)

· Latin America Argentina-omelal

dram (cruzeiro)

Bolivia (boliviano) Chile official . Columbia • (peso). Cuba omelal

·Mexico (DE90) (Peru-Kreg D Truquny (pom))...**** "Venezuela" (bolivar)

For Bes India: (rupes). PAKALNI!

*Indonesia + Cumi:

port to you in its behalf, an:

· Our Hydralock was sub- outstanding year and ink, pub- off bear-jected a few weeks ago to a stantial advance towards sho this means, any country might also be murderous, attack from the air position in which it to longer Hongkong Located, the spokesman added whilst on a voyage licensed by fits to rely upon the parent Bingapore Chaires Mail Special.

our national authoriiles. Some! (Continued on Pago 10 Col. 8):77pm,

now homes has for cutstripped

the rate of family formations, other observers have difficulty in

seeing this alleged shortage

housing USING COSTS

of

It is still dimcult to see how

any fall in housing costs could being any early rollet,

4100 that

00.30

2300

2228

0723

.0550

they

people

If the real- estate market started to

possible weaken, It is

would dath in to buy. But it seems likaller that would wait to see how further the much

weakness going. Evidently it would have to go decidedly far before it un- covered the huge potential-do- mand which, according to Mr

wis

Clark, is choked off by prarent

excessive construction costs.

On debts,,newa

news from the next- door neighbour disconcerting

Canada has handled her

post

war affairs more pedately and more prudently the the US.***

Market: Closed 5-15 points AL Winnipeg, wheat higher. Higher London cables priced at 180% cents for No, 3 and steadiness of other outside Northern, and for No. 5, it was

shaped the trend in at 185 cents—United Picas,

ds

-United Preal.

AMSTERDAM MARKET

Amsterdam, Dec. 8.

15012

--- 10112 1307-14 2057

16991-), 15941GDIS 1601-160 100-1591

1849-1

15415

2001-200312

130-102 130-162

sack $19,000 2 913.90n

United Press.

London Foreign

Exchange

New York

Exchange Rates Montreal

Amsterdam Bruzels

This'n' was done

In the local Oslo unat!!clpi exchange market the Zurich

Copanisogen nurning at the following rates:-

4.70 Parts 1.74 buyers 13.3. dollar per $11 1.74 buyers Sterling note (per E1) 1.07 1

Indonesian rupiahs (100) Sizin ticals (per 100) Singapore (Straits) Indo-Cluna plastres (per 105)

bald

-Unled Press.

Pan American offers

MOST FREQUENT

CARGO SERVICE to

NEW YORK, CHICAGO,

15.60 Stockholm 22.03 Lisber 20.30 Hemburg

17 | Dicked” Mark 3.87

SAN FRANCISCO and every

city in the U.S.A.

1199) CALL YOUR CARGO AGINT,

van kur: Pan, American.

Many Americans believe that, Alexandra House, Phone 37031, Hong Kong As witness the way: 1 they put money into Canada and buy. Canadian dollars ovens

during recent months in which Canada

Ag United Prem

London, Dec. dive

2.01-1/16-2.01-3/10

2.7325-22330

10.31-10.0332

240.10-150.10

10.00-19.00

19.239-12.234A

10.401-10.40%

00049-90014

34.4014-10.393% 70.80-00.10 21.70Ïá-11,715

107-16

United Press.