Choir Boys of the Chapel Royal of St. Peter ad Vincula Tower of London, rehearse carpis outside the Bloody Tower during a carol service in which the choristers go to different parts of the Tower of London as 1. feature of the Christmas celebrations; Express Photo.
THE CHINA MAIL, TUESDAY, DECEMBER 29, 1953.
Not Enough Space For The Ships In The Port Of Antwerp
Antwerp, Dec. 28.
The port of Antwerp, bustling with more trade than ever before, has become too small to accommodate a post-war boom in shipping.
Along the port's 32 miles of quays, not one wharf is open to take new ships. All the berths, if not permanently occupied, are permanently reserved by the shipping companies which have regular services to and from Antwerp.
More than 230 lines use the port, with its strategic position in the Scheldt, to trade with every part of the world.
C. African
Vote-
A Success For Union
To verifice the permanent modern Installations and its berths which these lines reserve: 10,000 dockers, who werd given would meah a loss of valuable the highest "working" grade of time for ich Company in turn-ony in the world, by 1 recent ing round its ships, causing International commission of port many, possibly, to take their experts. trade
to another port, Antwerp had to undertake
But despite its modern in- nstallations, the 500 miles of vall- targe reconstruction programme way lines ensuring direct links after
the heavy
flying bomb between ships and the European ralds at the end of
war, railway notwork, its huge freez the Now, snowed under with orders ing installations and its Boating from new lines wanting to use grain elevators, the port has to the port, The city is in the struggle continuously puradoxient
lo turn away the trade on which It depends.
to keep
COMMERCE SECTION
INCREASE IN COLONIAL RESERVES FORECAST Rise Of £62 Million In First Half Of 1953
(From Our Correspondent)
London, Dec. 27.
A sort-term reduction in the rate of growth of the Colonics' ster- ling balances in London and even, perhaps, some fall in their total level is forecast in a Colonial White Paper presented to Parliament recently.
In the long run, however, increasing development and rising economic standards are likely to mean bigger Colonial reserves, whether these are held in London or invested locally.
Colonial sterling assets in London rose from £670 million at the end of 1949 to £1,222 million at the end of 1952. A further increase of £62 million occurred in the first half of 1953.
HONGKONG
SHARE MARKET
(From Our Correspondent)
Bualness done on the Stock Exchange this morning amount ed to $270,670.30. Noon quota- tions and the morning's trans- actions:-
SHARES BUYABS. BELLERS SALES BANKS
HK Bank
.. 1590 1005 5 1000
Union
SHIPPING
Asla Nov.
INSURANCES
Lombard ... 50 Fa
635 840
300 or 50's 2009 56
1.16
841
12.00
12.00 1216
1.04
DOCKS, ETC.
K. Whart Providerst (Old) Provident
Newli
S'hat Duck Wheelock
LAND, ETC.
I Hotel
HK Land S'hai Land Humphreys
P
UTILITIES
position of having "
To date".
docks are under the London, Dec. 28.
charge of the city of Antwerp The British Government's
For over two years, the short- which is huvlig difficulty meet- reaction to the result of the age
Macdo of docking space has been ing the cost of the large exten- first federal election in Cen- becoming more and more acute,sion and modernisation plans tral Africa was
merchant lief.
The
Gorman
floet, under way.
tankers
The White Paper shows how those assets were made up at the end of last year. Over 0 third (30 per cent) represented Colonial Goverment funds: another 30 per cent were funds held In London Colonial
by currency authorities. The re mainder consisted of funds with United Kingdom banks, etc. (22) per cent). Uganda Price Assist ance funds and the invested
West reserves of the Marketing Boards,
In
Looking ahead, the White Paper says, the general down- word trend of raw material prices is unlikely to be radical- ly reversed in the near future. Failing an unexpected increase
Three Weddings Marred
Durban. Bough Africa,
Dec. 28. Incidents. mamond three Durban weddinge on the same day.
At the first a Publie Works. Depazdzmenk skjelli wan, hit on the hout, with a bottle and had to be ad- mitted to hospital,
At another the bride fainted,
rushed to
hospital where covered, and then taken back to continue with the Ceremony.
In the third
the bride was injured in A
CASC
motor Rooident and her wedding was held up for two hours while she 125 treated for shock-Chinn Mail Specia),
A1 Page 9
|OBIC ASKS EUROPE:
"Help Italy Solve Her Labour Problem"
Paris, Dec, 28.
for
Са
The Organisation. European Economic operation today called for more international
со
operation to help Italy solve her apparently Intractable problem of mass unemploy ment.
A survey of Italian economic conditions and
prospects, based on the replies to a de-
NEW YORK talle
STOCK MARKET
Now York, Dec. 20.
in productivity, this should lead Stocks more than erased fast to a decline in Government Thursday's small gatos today, revenues At the same
the time, dropping to lowest level expenditure is rising, costs have since November 24.
development, such as education market will be able to manage a and certain types of There was no sign that the
African and health,
This sleep rise sterling balances, especially be
1950, and 1992 was tween mainly the result of the boom In the sterling prices of raw supply materials following devaluation goods,
Government
the
OEEC questionnaire, said it was also the duty of tac Organisation member countries to help Italy with capital loans and more liberal trade policies.
The report dealt at length with the unemployment ques- tion. Higher economic activity, it said, had not led to any re duction in the number of registered workless which during the first five months of 1053 reached an average
of 2,000,000,
and the Korean war boom. Ament and generni reserves aro be reluctant to extend positions The survey said
considerable part of the rise therefore likley to fall in represents savings by Colonial near future. Governments, other Rublic
and public works, In
the
STRONGER POSITION
year
The unemployment of unskill-
workers will impose an worth-while rally before the ed
was Barticularly additional
strain on Colonial year-end, although the tradition- serious in The engineering and Budgets without any immediate at end-of-the-year femness is building industries. The Italian Colonial counter-balancing Increase
In stili a possibility, according to Government urges that inter- revenue. With the higher rate observus
governmental action should be of development that Can be
With only three sessions relaken to increase the mobility of expected to follow
easier maining before the long new labour among the participating position for capital ученг
car week-end, commentators (OEEC) countries. develop-
noted that traders probably will
It was the while Investors will hold off on naturally desirable for Italian
reinvestment of
-end production to expand but added bodies and the Colonial peoples On the other hand, though dividends pending some decisive that even if the present rate of expansion could be increased, it withdrawn funds may be
by news dévelopments.
Industrial stocks as ü group would not provido a sohilion of Another important part, marketing boards to offset fall- however, represents investment ing prices, this will delay fails last $1.01 today, Ralls were 02 Italy's basic economic problems,
lower and touched the. from overseas, both short-term in other components of Colonial cents
International co-operation trading capital brought in those held as savings bank and utilities were six cents lower.
October 14, should help to reduce unemploy- by sterling balances for example, lowest point since commercial Ans and long
Turnover of 1,570,000 shares
ment and undertake the neces term investment ira Colonial currency funds.
sary Investments--particularly compared with 1,270,000 On agriculture mining,
In the routh-for the develop- Thursday.
ment of the Italian economy. Profit-faking in the blue chips White Paper. only In the long run, the level of featured in the selling. during 1950 and the first half the Colonies sterling balances
But the survey said that Steel stotis lobt ground, Losace while. of 1952 was the rise, in sterling will depend largely upon the in the oils ranged to around a
tho "OEEC had often assets associated with a
jorge
affirmed iis need of reducing the prices they obtain for their
point in Continental Oil, Paciile obstacles to the free movement positive balance of payments on
main exports. If these settle Western, Texas current account. And such
Pacific
Land of labour, there had been no somewhat higher level typical of the' than in the. immediate, postwar Trust. Surplus is not
real progress to date; and Colonial payments positior,
Of 1,175 issues traded today, though "It'
of years, says the White Paper,
increased mobility probable that Colonial ster- 016 declined, 203 advanced and labour between countries would greater scope. for an ling balances will also be 267 held unchanged. There were provide
expansion of European produc- maintained at a rather higher 11 new highs.set, 84 new lows, The autount of general
The New York Stock Exchango tion, the progress In. sight · is development reserves held by level than in 1947-49.
bond volume was at $2,280,000, limited. Colonial Governments in Lon-
On the other hand, a con- The American Stock Exchange from 500 27.20 den varies considerably
pmtinuous slump in raw material volume was 500,000 shares. one region to another. The prices would cause a running Dow Jones closing averages largest of these were held by down of the sterling balances.wert: West Africa (£61
nt In this million
however, the 30 industrials the end of 1952), the Malayan Colonies would be in a stronger20 rally area (£80. million)
15 utilitie and East
the situation $5 stocks position to face Africa
(£42 million), The because they have large asseis 40 bonds West Indies, on the other hand, to fall back upon. held only £8 million and Cen- tral Africa £10 million.
8.06 6.10 2.000
9
5.00 Say:
87% 8.80 3,800 12 8%
70 701
1.40
18.30
Tealty
R
... 1.825 11S 12,000 or LD21
1,000 916 0120
Brand 20,30 201 200 m 20.40 Star Foro 13.00
110 200 C. Light
14 TOM LIAU
147
1,000 or 13.0
11
30 10.00
32 1 20
10.70 21.20
.... 18.70
19
25 45.20 3,500 za 25.20
2,06 2,000 A
1,000 1,000
2 7.10
70
C. Light (N) 10.00
Extr
Eloc. Telephone..
INDUSTRIALS
Ceinent
•Rupe STORES, ETC.
Dairy Watson
one of re- which before the war held pride Modern ships. larger than
of place in Antwerp.
again ever. require bigger cranes to Their whole plan of Federa- being built up and seeking to load and unload, at the normal tion was based on a policy of regain its pre-war position in pace. The 20,000-ton partnership and the return of the port.
which will begin to use the port the race-conscious Confederate The Japanese merchant fleet shortly need two new dry docks, Party would have made a non-is also beginning to make its re-costing
Textile Corp 7.20. 200,000,000 Belgian sense of that.
appearance in Antwerp.
(nearly £1,500,000 (MISCELLANEOUS
Wongtze ... 0.15 G Old
a}{
to be continually
The government,
1. Crawford CUTTONS
15WD
recognising NEW
tennes each The results were welcome to In 1952, 11,750 sen-going ships sterling) for repair work.
those who want federation totalling 28,027,183 tons entered basins havo to succeed. But this did not the port the highest tonnage refitted.
Forever recorded in Antwerp. The mean everyone in Britain. those who bitterly opposed previous record was set up in federation this
and 1937 with 12,600 ships but only summer, continue to do so, would have 23,121,471 tons. liked the result to be different. Then they could have said "We
BIGGER SIOPS
the hope of making federations numerous but larger since quickly.
break down.
problem.
solve space.
more
Antwerp's position, has taken a bold step in constructing a new lock into
the port. Begun id 1961 and to be finished in two | years' time,
this lock, named lult you so. Federation means
The figures show that ships after King Baudouin, will permit Malanism"; and they would
become traffic to enter the port have renewed their agitation in entering the port have
But allowing moro before the war-which has not ships too shortage of
to enter the docks will not simplified Antwerp's
berthing Federation supporters, how-
Sintislics for the first eight ever, see in the sweeping victory
The port's trade has for a of the Federal Party a personal months of this year forecast that
1993 will break new records, long time concerned many more triumph for those who have
this countries than Belgium. North worked for unity in Central From January to August
8,493 sea-going shilps and
East France, Germany. Africa. For the prestige of Sir year,
and Antwerp compared (Switzerland, Luxembourg Godfrey Huggins and Sir Roy docked in
with 7,786 for the same period countries even more distant rely Welensky doubtless
raliled
in 1052.
AB greatly upon Antwerp as their side the votes of waverer
The end of the Korean war gullet to the sea, China Mail and those too
busy, or lazy, to
brought a slight downward trend Special. think for themselves.
With less forceful characters in Antwerp's trade, which at its bend the Federal Party now slowly beginning to rise would have enjoyed a much again. But the port's traffle foll by only three per cent, while her smaller majority.
TWO TO ONE MAJORITY great Dutch rival, Rotterdam,
unfortunate for Is
the suffered a 10 per cent roduction Federal Government that it will in trade,
Apart from sco-going ships, the services of Mr G. B. Beckett of the Northern Inland waterways truffle in the Rhode an legislature who wasport has Increased by destined for high office in it. 1,000,000 tons since before the Magnanimously, ho choso 10.war. Added to this large stand down In order to lead
canal trade, now oll ro publis opinion in Northern fineries and the ever-growing Rhodesia until such ilme as new car asembly plants in the city stars appear on the political are bringing stil, more trade to horizon. When they
not have
and
Is
ovor
MALAYA'S RESERVES
YORK d local
SUGAR
MARKET
New York, Dec. 28. World No. 4 sugar futures to day closed unchanged to 2 points lower with sales of five contracts.
nut
and
ភ
case,
Comm, future price index.
270,01
94.60
02.12
109.IN
07.13 165.00 United Press,
US Commodity Markets
Another important factor in- fluencing the future level of in balances These variations are due to a Colonial sterling number of factors. For example, London will be the extent to the small Central African pra- which opportunities arise for portion is partly due to the investing funds locally. As the
New York, Dec. 28. use, of reserve Colonial economies become more
Commodity markets moved funds. Again, the large amount broadly based, and thus able to
and of general
development support financial institutions of higher along a wide front in dealings with funds held in London by East their own, so will these oppor- post-holiday Africa la explained by the fact tunities increase, and many of oats, soybeans, rye and coco that these territori, raised over the resources now going into leading.
£34
bo million in loans in 1952, external reserves will then most of it on the London market, used locally. and this contributed, to the riso in their reserves during that your.
12
The limitation place on cata imporis
It therefore seemed to be the to duty of member countries help Italy in some other form. said no particular The report assistance had yet been given in the form of capital loans.
In addition, while Italy had almost completely liberalised her imports, the maintenance of quantitative restrictions by many European countries, par
and Britain, ticularly France had limited the expansion of Italian
exports-China Special.
Mall
Output Of Dairy
by the overnment Products Up
over the week-end, occupied
The White Paper points out major Interest in grains, In 3rd Quarter
that the possession,-, of large At Chicago, soybeans upped
Singapore Rubber Market
Washington, Dec. 28,
In-
funds in London has enabled, 13% to 6% cents. At Winnipeg. The variations in the amount some Colonial Government 10 wheat won priced at 180% of general and development plan long-term development cents per bushel for No. 3 The Agriculture Department funds held in London is also, in with coldenco. and placed Northern, and for No. 6, it reported today a general
position to was at fact, due to differences in the them in a stronger
1805 cents. United orcase in the world output of financial policies of the Gov-face any serious
recession in Press.
dairy products during the third ernment concerned and in the raw material prices.
quarter of 1953 with-the-ex- price level of the main experts
"The Colonies
ception of canned milk, have of the different regions. Thus,
reason for satisfaction in their whereas the West African and present sterling reserves,"
Butter production in factories in the July-September period South East Asian Governments
Increased seven per cent and. substantially increased the pro- concludes, "They have
the cheese rose slightly over portionate level of their re-able, during a few exceptional
Singapore. Dec, 28, serves, between 1949 and 1952, years of favourable terms, of
same period last year, it said. It millk those
The market fan trade, to increase their reserves. West Indian
cased slightly did not say why conned of the Governments remained low. A against a future recession, while toward the middle of the day had not ingreased, considerable part of the increase they increased their consump and thereafter remained quiet,
In a weekly review, the De-- physical Turnover was increase tion, expanded their
small. Asian
Future partment in South Eart 0.75
said that production tho southern conditions in refects the building up of funds assets and carried out general closings: in London to a normal level plans of economic and social No. 1 rubber per 1b, Jan. 67/6-64 hemisphere were varled, as, pas“.
Domestic No. 0 sugar futures closed 1 point lower to 1 point higher with sales of 105 con- tracto. Future closings:- Contract No. 4 (world)
Jan.
March
3.511 3.258
3.28b
May
July
1.28b
Sent
3,30b
Boot-(cenis per ib. fob Cuba) L Contract No. 6
What Is The Kremlin
Jan.
BARD
March May
July
5.500 5.74-23
Sept.
Nov.
Spol-feents per ib, of RY,
ex-duck) šnited. Frem.
3.55
Doing In The Chicago Grain
2
Middle East?
.*
Futures
Chicago, Dec. 28. Prieca of grain futures closed today as follows ( US cents fer bushell:
Whost, No. 1, Rod: March 200(11) 20014(E)
do Mr the port whose ability and In an attempt to remedy the
Tel-Aviv, Dec. 28. skill are respected in shortage of docking space, Ant- Israel's Minister to Moscow, may leel that he can warp is planning to build is Dr Samuel Ellashiv, will short leave Lusaka politics for the 28th basin which will take two ly hold conversations with So wider arena of the Federal years and 700,000,000 Belgian viet Government leaders on the Spot Parliament
ter-Soviet Union's policy in franca (over £4,000,000 stor-
the May The number of Federal Party lag) to.
complete,
East Already. Middle
well-informed candidates returned, however basin has been
practically ery borth in the circles here said today. must not obreure the fact that a
The Soviet Union preparing large number of votes were cast however, and the port's problem to despatch to the Arab in favour of the opposition will be little nearer solution countries a mission composed of group. Roughly, the Federalists when the new
docks are delegates selected from the
every
roserved,
I
July
20140
reserves
following the heavy expendi ture incurred before: 1049 on reconstruction at a time when the price of rubber was low,
PRICE CHANGES
Changes in the prices-of cor, tain basic exports have affected the level of Colonial sterling
It
·
been
improvement with the help of
were short tures In Australia while in New Zealand pastures were good and dairy cows in excellent health
Unitqa 479-4ky, | Press.
Fob. 874-571 Mar. 01-513 outside capital, most of which No. 2 rubber per tb. Jan. 281 came from the United Kingdom." No. 1 'No. 4
No. 1 spot unbated, Blanket trope No. pale repo
New York Cotton.
Market
balances in another: way. The securities of the West · Atričan
New York. Dev. 28. Marketing Boards, for example,
Cotton/traders », today · came mare than doubled between the end of 1940 and
the end of 1851. back from the Christmas holl- but fell slightly In 1982 be- days, adhering to but park
adopted cause of the transfer of funds time"
Over
►
5116-52.
67-6114
United Press,
New York Market
New York, Dec. 28. Rubber futures today closed 20-30 points higher, with sales of two contracts,
LONDON. METAL PRICES
Traders continued in a holiday | Tin" spot
mood. In both future and spot copper pot amarkets.
Spot No. 1 Ras held around Lead December cents a pound, nominali zina December
Boardi Prices crept ahond by sary:|20| The Uganda, funds increased stages, scoring gain up-$1 a Prices:- six-fold-diring
three balo ni thonourby May dálivery March
touched the highest level almoef May four-weeks,
Cibaing within/ya zai
Bapt Boot
arch MAY July
Cort, No, Fellow
201
187 1003 10798-36
to the Nigerian Regional Pro- week ago, duction Development.
n
a way, the
their victory was rapt, nd,
were in by two to one. So, in
in Anished
decirivo, na
the
ANOTHER BASIN
Federal
Mosam clergy In the Boylet | New York, Bour, 200 lbw. Union.
The interview recently grant Work, is exported to begin on ed by Mr Andreui quother basin, as soon as the firil |chief. Sovint, delägs In har boen built to ensure that the United Nations,
Sept.
sack
1521, 814.100**
Thomp
tho
Exchange Rates my bear
states, the
But the
d;. It has affirmed its Increasing flow of trado.
to develop a feeling of part can maintain. I ever newsp
Antwerp olaim
ChE-PAPER the bell
belief that the native policy for which it has voted and the of: being the "fastuut partit election turned on thlamka: the the worlds for loadings and di
twonende skolank charging: ships?: This reputation
built up to
TOD: LINK DORE'S
The
3montiia
5-months
March...
March. "All prices in ste (20560 | ---United Press,
United Press.
London, Dec.
London Market New York wonde
London, Dec 28,9
"The rubber market quietly elegy with No. | Hun tuloled at 17:3/10 pet
Prices
Doc, 28. „fullirer today,
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