1954-06-25 — Page 9

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1

Page

THE CHINA MAIL, FRIDAY, JUNE 25, 1951.

The Royal Ladies in the unsaddling enclosure aller the Queen's Boise “Landau” had won the first race at Ascot, With the Queen are Princess Margaret. Princess Alcxandra, the Queen Mother, the Duchess of Keut and the Duchess of Glou center,.~Central Press Photo,

OIL QUARRELS SHAKE

THE PERSIAN

GULF SHEIKHDOMS

Kuwait, Persian Culf, June 24.

Five oil-sodden trouble spots alongside the Persian Gulf are attracting much attention to an area whose combined oil revenue is estimated to exceed £350,000,000 a year.

All five disputes are variations of an identical theme: oil cash. There is no shortage of oil in this region. In fact, in vast uninhabited wastelands and pathless, limitless deserts throughout the area, there is nothing but oil.

Even with Abudab t u Chl operations at Qatar are al S much w standstill.

prosent on than benar od 4. 50-50 fuse, à, grant 24,000,000

over

tons of crude oil came from offlelds in Saudi Arabia and the Persian Gulf Sheikh- doms during the first quar- ter of this year. Another 7,000,000 tons was produced in Iraq.

EL 12

TRADE and

BUYERS RETURN TO HONGKONG SHARE MARKET

By A Special Correspondent

There was an air of activity, almost excite- ment on the Hongkong Stock Exchange this week as the political developments of last week-end injected new confidence into the market, sending utilities to their highest levels for about six weeks.

Not only was there considerable interest in the day to day price movements on the share list but there was more confident talk in the market of bonus issues.

Trams, of course,

announced their one for two issue last week. Electrics, Star Ferries and Yaumatis were all mentioned at one time or another this work as having issues in the offing, Yaumatis, in the words of one broker, is a "dead certainty-it's just got to happen."

China Providents, hopeful about the outcome Wharves and Wheelocks [f the talks. made small gains on hopes

Hongkong Mines have had more inquiry this of a satisfactory outcome of there was

week and sale at 41⁄2 cenis, the Indo-China talks and 且 This was obviously the result of consequent increase in trade reports that the Japanese are with Communist China, sending a survey team to long- There was some bullish talk kong to examine the possibilities

Hotels. Banks

of developing Ma On Sho Unloss wore firm.

Here, ELL 4 glance, Is how prices fured during the week:

June 17

24

1040 1050

1401 843.bo

KAZ

Banks are up $25 on the week, probably in sympathy with the better rates ruling in London.

And perhaps the post sight- acant uidication of the towed endance in the market was

the reopprarsace of speculators after a period of several weeks Prov when h

appeared to be Hotel golling

Banks

Unions Wheelocks

1000

646

t

1

7 10

7 13

11.201

12 10t

12.30

40

4.AD

DA

that Persia, I entry to anyone

concessivia

ol

But let's go back to Friday. Chou En-lad had started making Tronu

Geneva-small

MK Land

55

17.50

23 70

27 80

50,

21.80

but useful

Ch Leht

New

1E70

12.20

12

Old

14.70

15.30

15.00

29

29.00

30

26 20.10

23.00

m-middle b-buyer

24.40

24.TV

revenue sharing agreergest bre¦ whore puttpoel corries a Buhrein tween the p

und thej visa given on behalf of the Pull-

Sheikh of Qatar, the Saudi claim.

Dispute No. 3

sudden

Persin is est b a state 50 her clo to the oil island while

her own domestic oil problems Dispute No 3

remain Es gingi in

unsolved, Ju! #

revival of the Hiyad, vaputal of Suudi Arabia,

elaun would not surprise political where King Sound's negotiators are locked in a ps- viser vors in the Persian Gulf.

In spite of disputes and claims conferenc with toja

along the ví

Arabia Sheikhboard/ Hie

eastern chure of the Arabian Amenean Oll Company (Asames.)

pentin, on the subject of oil royalties

however, ના ploration on a large scale can- Another prominent subject on nues at a feverish pace, the conference table

wells the 13

New test

being Bre recent tanker agreement which | Funk" at Kuwall, Qatar, Sharjah, Saudi Arabia concluded with the| Abu Dhabi, Marcal and. Bobrčinj Greek millionaire, Mr Aristotle and in each case the glitbaring Uf_gontroversial) prize is-black Onassis,

gold.

But behind a flourishing facade of de, ricks, “tunk | tencted farms" and swiftly plying | executives tankers, there lies ominous trouble-packet of rivalry, endless manoeuvre, and greed

While

"spots" 132W being traced and tapped almost every other month along the shores of the Gulf. sun-senred prospectors are worried. trouble-spita faster

The increasing

Betish comunitments and obl!- gation in this area are likely to Herse or more ui trouble lies I feel

For not only his Britain get

The Americans are understood

-XJ

Conoculuis-- which put now life and hope into the protracted, Dimost stalemuted discussions. Then Bir Winston Churchill announced that Com- Electrics munit

would send u

u Telephones 24.20

D Fartive

Chinn

d'Affaires to London And finally, M. Mendes-France received in overwhelming vete of conildence

the French Assembly and became the new Premier. His policy was: "A ccarefire in 30 days or 1 quit."

ALIVE, WIDE AWAKE

Chare mission headed by a

Last

1

TODAY'S SHARE PRICES

COMMERCE SECTION

Convertibility: Disappointment Over

A Distinct Possibility

Paras Parle, June 24.

Tha - Sersary-General of · "the" "Organisation for

European Economie operation Robert

Co-

#aid to- of ear-

renclex had now become a "distinct possibility,”

In a luncheon speech ta the American Club, he said Europe's economie mitum - tton had improved so much that convertibility was to- day no longer in the realm of fantasy and OEEC talks on the subject had sudden.

assumed reality. In a brief survey of the European economic altua Bon, M. Marjolin sald the extent and rapidity of the Continent's recovery had been unexpected. **The objective of the Marshall plan has been practically reached," he said.

"The United States ro- cession of which we were NO frightened has Indi practically no effect oa the European coonomy.”—Ieu- ter,

NEW YORK

STOCK MARKET

Exports Of Prefabricated Houses

London, June 24. Exports of prefabricated houses have proved something of a disappointment in the last 18 months.

In June, 1962, Mr Eccles, the Minister of Works, estimated that by the 1960's these exports would be running at an annual rate of £50m, to £100m., and that they would eventually surpass motor-cars as a source of overseas earnings.

In 1952 the value of these exports was nearly £7m., but since then they have been running at an annual rate of less than £4m.

These figures tend to give an bull up. Manufacturers will unfairly pessimistic Impression | then be in u much stronger of the industry's prospects,

SU

For position to face arbitrary losses the decline in sales last year was in the export market such almost entirely confined to a that brought about by the Aus- single market,

tralian import cuts.

poris

your.

❤

Austraila spent £4.7m. eu im- Home rules of prefabricated of U.K. prefabricated houses have in fact expanded houses in 1932; but Jast year substantially during the past these purchases fell to £1.7m., year. They would undoubtedly and they

are belleved

to be increase further if the national running at an even lower rate building societies could be this

This decline is duc dueed to grant mortgages to the import restrictions im-them-but as yet there is lit posed in 1952.

evidence that this will happen, While there is some hope of the building medletics' view n relaxation of these restrictions being that it is still for too early during the course of this year, to estimate the effective life of sales are unlikely to reach the a prefabricated house. Neverthe- levels of 1951 or 1952 in the less, progress is belag made, near future.

The housing shortage In Aus- tralia is considerably less acute than it was then, and the inflow of immigrants to the Common- wealth 19 also substantially tower.

ON CONCRETE RAFTS

Aluminium houses on con- crew rails have been found very Useful in mining areas where there is risk of subsidence. The Schindler trouse,

for example, developed 20 this by Richard country especially has always Costain and Hawksley Construc- been the largest single market, tians, is having

KUWAIT DEMAND

While Australia

3 UK. profabricated buildings are Some 1,000

New York, June 24. Stocks added more than $500,000,000 to market values today in the most active trading in two weeks. Electronic shares, with gnins ranging to more than a point on heavy volume, featured in

some success. dustrials. A late rise of

dwellings of this points in Union Pacific put new exported to some 80 overseat, sort will probably be constructed life into the rails.

countries, and sales in most of this year, in addition to the 780 Industrials finished at their these markets have boen well completed before iho end of best average levels since October maintained since 1952.

1953. The Arcon group also re 18, 1929. Rails wero at their

Iraq, Kuwait and the Persian entered the home mrket last highest levels since October Gulf shechdoms still constitute year.

fa substantial Inrket, though The profata of 1940 cost rather their highest since August 15, there are signs that the demand more than houses

built by from the oil companies for traditional methods on site. To- workers' housing is now past ita day's prefabricated houses, in pealt.

contrast, are designed to be per- the manent, and their prices and of pre-construction costs

compare the favourably with those of tradi- European Lional · houses,

30, 1030 and utilities мето

1931.

amounted

to

Turnover 2,200,000 shares, compared with 2,090,000 yesterday.

Of

1,185 issues

were higher, 311 lower, 261 angest concentration unchanged.

General Electric continued to

traded, 612

Kuwalt me

probably

fabricated

buildings

world, housing 1,000

active

executive workers.

staff Bnd

mixed.

New

Zealand,

most

feature, rising 1 points to $47 on the day's trading.

Motor stocks were

5,000

The prefabricated houses at this year's B.I.F. were estimated Sales to some countries in-to be about 20 per cent cheaper. greased dramatically fast par, than traditional houses of the example, sane size; and there is little pre-doubt that incrossed production further cost and

for

£440,000

with Chrysler off, General bucated houses, compered to will lead to

Studebaker, in 1953.

to Burma

rose from

price reductions.

encouts Singapore Rubber

There are Stocks of aluminium

com- of expansion in Latin American pantes wore strong The and dollar markels, Sales to 13 1000 Aluminium Company of America the Dominican Republic, for

SHARES BUYERS SELLERS SALES BANKS

1K Bank 1000 1070

INSURANCES

3 points. Reynolds Metals instance,

rose last year from £6,000 to

£108,000. Another

Thursday the Stock Exchange was ou its feet, alive, wide awnke, poised Lur ed vance to come.

On Friday tha | buyers appeared la force, and with Trams new bsue an added But although prospecting has

spur, trading jumped trom to be taking strong exceptkin to been succesul fn nimost every

$1,107,050

on Thursday to the tanker deal which gave Mirase,

(From Our Correspondent) a new anxiety is clouding

$1,386,446.

Molors up . Packard, which Onassis the exclusive right to the oilman's brow: the increasing

Monday saw a continuation of Business on transport all

with Saudi all, except number of oli

the Stock Ex- will merge disputes trailing

the demand and the turnover change amounted quantities at present transported In

active and sold un- to $858,210. continued the wake of the

reached race to

$1,616,458. On the Noon quotations and by Aramcu's parent companies'

Studebaker £17,000 to £183,000. the morn- changed at $34. produer.

morning call alone, Yumatis ing's dealings:-

slipped V to $19. tankers,

fumped $3. Trams another 20 The mam fear in the minds The American negotiators are of dispute-mongers may be that

cents (making their rise for two reported to be arguing that this oil reserves in their

trading territorica

days $2.40), Lights to protect fritish od interests in deal implies a certain margin of

will run out,

and then there this region, but she also has to joy les payable by the Greek will be no more money.

cents and Electries Wen up 20 30 rents. full her obligations towards the milionaire to Saudi Arabla on

According

By Tuesday, a slight levelling- vlimen with Person Guir Sheikhdoms in every

oul Carries, many years' experience, low-

procers had started und treaty relations with her.

Americans Hence, the

allege, ever, what has so far been ex- prices caved buck Flightly and technical brench

the plotted is only a minor fraction

held at steady levels awaiting Arameo-Smaidi il agreement is of what lies underground, as

fresh developments at Geneva. involved.

untapped and unexplored.

Yesterday eftcttion the Saudi Arabla on the other But this

on a Brm note reussurance is only Disputes No 1 is, of course, hand is understood to be claim- part of what of sheikhdoms after another heavy duy's trad- LAND, ETC. over Persian od Thousands of ing a revision of the Aramco

this region expect. The principal Persian workers. unemployed agreement, demanding more reassurance, they claim, is that

Yaumatis deserve

a closer since the closing of Abadun in royalties.

Saud of year

examination. effective protection of their

On June 11 when, begun to lose hope Arabia commed about £80,000,000 Interests against the expansionist

utilities fell by 14 per cent and that their country's o will out of Aramco royalties.

Wheelock by 18 attentions of any Big Brother ever Now ngain.

per cent, In the area.

Yaumatis tell by only

31% Per is why,

the oil

cont. This week, far from Angging disputes increase, British

in the advance, they have been mitments in this area are likely in the forefront of the market to increase-China Mail Special. pace-setters.

Dispute No. 1

1951, have

Persions

ton of

Last

he

O

That Dispute No. 4 Fired of gazing across the 80- mile stretch of the Gulf towards

Dispute No 4. prosperous Kuwait, hundreds of.

which has been are smuggling them-dragging on for some eighteen to look for months now, is between Snud) to Kuwait

Arabia and Britain. It is waged over the Burnimi oasis, on the The resumption of Abadan's | boundary Une between the refinery and the reflow of Sultanate of Muscut and Saudi Persian oil, now being discussed Arabia.

selves

Jobs,

consortium

and

the

between 0127 international oil Britain has been acting on Persian behalf of the Sultan, with whose Government, could effectively country she is on treaty terms. solve" the

problem of The Balton's claim to the onsis usły

Saudi Ambia's unemployment in south Persia. and

counter- claim on at least two out of the which comprise

tu

35

In Japan

com-

Deflationary Policies

Kuwait's it, have led to British blockade Show Results

But the resumption may, in soven villages due courae, affect boom-time

prosperity. For it action against Saudi positions at

Dispute No. 2

But

Tokyo, June 24.

2.

market closed

Ing.

ISSUE INEVITABLE

Lombard

SKIPPING

Waterboot .. 10.90 Aala Nov.

DOCKS, ETC.

K Wharf Dock Provident

The New York Stock Ex-Bignificant feature was the in-

was $3,- crease last year in

Unlun Underwriters

340

50

0.85

rose 194

1041 51

change bond volume

1.02

100,000.

0216

Dow Jones' closing

15.70

were:

30 industrials

1240 12 1000 7 121

20 talle

70 7.20 4000

7,35

10 utilities

5 stelen

HK Hotel

82 8.00 13,600

0.00

10 banhe

HK Land

S'ha Land

000

D

3334

Humphreys

17.00

Really

2 2,10

UTILITIES

(Old) Whanlock

Тук

501 DUNS

1.50

$30001

.............. 27.00 27,90 1,500. 0 27,70 Star Ferry

170

C. Light (0) 15.00 15.80 1000 a 1545 4200 69 28.60

C. Light (N) 12.50 19.80 3000 or 1215 4500 12.60 Electric * 30% 31уC 2000 D 209

3464 @ 30

Elec. 10% .. 20-10

Maceo Telephona I is not really that the bonus issue is imminent, but rather] INDUSTRIALS that it is inevitable, and so these)

Cement shares can be expected to figure STORES, ETC. prominently in any future Dalry

market sully.

Wheclocks came in for invest- ment and speculativo

100 @ 2010

Comun. future price index

Canada, averages £105,000,

333.20

113.60

from

£30,000

Market

Singapore, June 24.

Fut

the

The market eased EGLEY to

on publication ol to opening

Makym rubber statistics for May, but later li firmed on short

Factories covering.

bad only little interest.

Future closings:

"PACKAGED TOWN'

68.24 Among Important orders on

band is

124.57

10.80

178.55 group single

United Prese

construction

New York Cotton "packaged town"

Market

New York, June 24, Cotton futures today pulled trading

in two directions moved at faster pace.

Weakness in nearby July con- 0 à 2020 trasted with a steady undertone

for the new crop positions, ........ 45.220 19.40 900 22 10.

Trading volumes and open in teresta in the Exchange today Open intereat

272,800

Oct.

Volume

01,000

30,700

-5300 úr 19,20

24.00

25 000 44 4.00

2700 € 20

were:

buying

thia

rose 35 cents.

Watson .... BOO

(N) 16.30 Lane, Crawford

XD ... 23.09 COTTONS

100 1 1040

Month

July

278,100

Taxulx

7

$100 62-66

1000

Dec

40,200

420,200

Mar.

22,500

202,500

May

23,200

237,000

July

Yangtze Younesti

0.45

Oct.

12,000 600

100, 200 20,400

245 -148 300

148

Dee

AND

3.70 3.774%

Total

wook and

Undoubtedly this was because of

the company's large holdings of MISCELLANEOUS local issues which have all risen this work.

And talking of Wheelocks, hore is me worth thinking about:

away

York Sugar Market

11

une with the Arcon No. 1 rubber por Ib. July probably the

Aug. 0815-663) largest

Sept. 082-00) U.K. exporter for the No. 1 rubber per tb, July 5-

complete No.

No. 4 at Lobe, in spoe rubber unbaled the British Cameroons. Some Blanket crepe 7,000 acres of forest are being No. 1 pale crepe cleared thero as a banana pinn- tation for the

United Africa Company, and homes and ameni ties will be required for about 1,500 families.

United Prem. NEW YORK MARKET

New York, June 24, Rubber futures closed today

The UK. became the world's 10 points lower to 10 points ending exporter of prefabricated higher with sales of 65 con- buildings

in 1962, though it is tracts, doubtful whether it still holds Dealer buying orders

pre- this position.

dominated with liquidation and Other leading exporters are hedge selling filling the demand. Germany, and the Benelux and The spot market ruled duli. Scandinavian countries. But Spot No. 1 Ray were quoted ' direct competition between U.K. at 334 cents a pound; nominal, and Oversees exporters is Future closing wore: relatively rare, since" overness July competitors tend to concentrate bet mainly on Continental markets, Mar. where U.K. sales are fairly. Max ampil. In Commonwealth mid mast oller non-European Prices of cotton futures closed garded as highly competitive in

1,700 220,300 1,040 500 bales

Brilled_Prosa. NEW YORK PRICES.

today as follows:-

Spot July New York, June 24. Del. World No. 4 | sugur futures| Dec.

On

July

Det.

34.50m 33.80

33.79n

33.84

333.94

ԷՒ

$44.90

32,15b

31.100

United Press,

LIVERPOOL PRICES

markets U.K. houses are re-

price and quality,

MAIN GROUPS

Exports

jo.

Dec.

"ZÜnited LONDON MARKET

· London, Juray / 24. The rubber market was steady with No. 1 Rss spot quoted at 19-11/10 pence për ib. Prices: No. 1 Rpot ... 1995-1991

Settlement hours tering

1934-1933

10%/201

191+30

3015-201

porta:

511/18

prefabricated 24.02-03 buildings fall into two groups houses, which are mainly of

peptember timber, and industrial buildings, berbia. normally of steel and aluminium. vansker.

of exports

Apr/June This second group of

„Geierst marketa, eff. Başt Liverpool, June 24,

is not Included in the Cotton futures in pence per given above, and there is in fact sur lb.. based on American no middling colon, 18/13an be way of ascertaining their

But there value. closed today as follows:-

evidence that th" type of pre- Oct/Novi

fabricated structure which was exported in

come quantity be- fore the war to Australia and Offcial prions for spot cottoris New Zealand--la maintaining are unchanged today United a salon better than the timber

is known that Persian oll is of Hamans village in Buraimi. better quality then that off For mony months, Britain Kuwait.

tried

10 obtain an acceptable The solution to the dispute through ment's deflationary policies Chins, it seems quite likely that

- New York, June 24. Japanese Govern- there is a ceasclire in Indo New diplomatic talks in Riyad

will turn each time when agreement was are showing results, accord- the spotlight thought to be near, a new angle ing to the Premier, Mr Issues like Whealocks, Wharves from local utilities and focus on Dispute No 2. is a compara-

raised by Saudi

Arabla Yoshida. Prices were going and Providents in anticipation of tively new one. It arose after prokmiped the issue. the discovery

down, he said, and the in an improvement in trade with closed today unchanged to. 3 Mar. of a new oilwell Talks on the subject have now ternational balance of trade Communist China,

points lower with salts of 267. under the shallow sea off the started in London, Sheikhdom of Qatar, which is

All these companies stand to contracts. The Sultan of Muscat insists Was turning in favour of In treaty relations with Britain.that Britain should take an even Japan.

gain considerably If, following Domestly, by magne" futúries) Dec. in return at Buraimi, to

of a more peaceful closed unchanged to I point He thought that unemploy atmosphere in the Far-East and lower with sales of 80 contracts, A British company, Petroleum stronger stand Development (Qatar) Ltd., issert his ownership over the ment was likely to increase as a

World a general casing of tension, the

futures: eased. which preos operating this oilwell, which i disputed

pre result of there deflationary

embargo on strategie goods is liquidation reflecting the soften- at a spot about one mile off-suspected of hiding rich reserves policies but the Government relaxed slightly to permia in trend, in the world saw shore. This

i a company

intend to increase unemployment greater flow of past-West trade, mürket. subsidiary of the Iraq Petroleum lood to have granted oil ex-priaiz counter

In return, the Bultan is under- funds and to take other

Future, closings wern;! appro Company.

INTEREST IN MINES

* Contract No. 4 (World) ter monstros. ploration rights in his country to

July Meanwhile, a survey made by Considerable secrecy is being British

Wharves $2 risa and the bolter Bapt prospectors something the Bank of Japan has shown offers made for China Providents ar maintained

over the exact des which he has consistently refused that the balance between export this week would adem to mug- Mar.. talls, of the dispute, but it is to do for many yours. -

letters of credit received and im- ost understood in usually well In- formed circles that

Dispute No. 5 _arden out

*/ continued to improve in May.

Receipta of Dispute No 5. arime from the credit during the month

export latters of oversta kno-pld Persian claim on the $119,649,900 compared will core, but a

1 It. le good Boudi Arabin is believed to be Band. of Bahrains anodiser: oil $100,849,000 in April, while in there is a inaleting that, as the new ollwell shaikhdom enjoying treaty, a powe Leptors frol trailt, opined credord on thes is under the Arabian. Bes, its lations with Britain. The claim amounted treasures should

bring some is now dormant, but has never sucklet $147,811,000.--China Maki muistion und unte

to 158.80 000 an Indo-China Jbeen forgotten.

solved 13 km2 Empor

of a claim by Saudi Arabia for oli royalties.

༈ *

that there

who are already?

port letters of ́érédik, opened | eng

optimistic, talk of

ve

i

Dec Jan.

2.318

Mar/Apr...

May/June

31.35

dwelling house.

Businessmen are tops, tikbly; tot

London Foreign Exchange

Exchange Rates be inhibited by the novelty of New

Burner Wal, dike, ki ttie' feat faboningzaal · buildings: than are

rigenta, and more. Willing reina plant which cani

hh written off in a glavnu extinsber

[itroniky Zadliituend if and when

|| My substantial home starketi

Juro