1954-07-07 — Page 9

THE CHINA MAIL, WEDNESDAY, JULY 1954.

State Visit To The City

TRADE

COMMERCE SECTION

The King

and Queen of Hwedon altend a reception and address of welcome at Guildhall, London, during their Malo visil, Afterwards the Royal visitor were entertained at luncheon by the Lord Mayor and Corporation of London at the Mansion House, Thin picture shows the King and Queen a table with the Mayor and Mayoresɑ and the Duchess uf loucester.-Exprons Photo,

INTERNATIONAL WOOL TEXTILE ORGANISATION MEETING

RESOLUTION TO ABOLISH

SUBSIDIES AND

'EXPORT INCENTIVES'

Brussels, July 6.

American Firm To Sterling Convertibility

Raise Loan In Europe

75M. SWISS FRANCS

WANTED BY TELEPHONE CO.

London, July 6.

For the first time in very many years a big United States concern is to raise a loạn in Europe. Later this week, the International Telephone and Telegraph Corporation of New York will issue a loan of seventy-five million Swiss francs in the Swiss market in the name of its subsidiary, the International Standard Electric Corporation.

ས

To add to the international flavour of this unusual transaction, London has played Part in the proceedings. The loan was negotiated by S.G. Warburg and Co. of London in association with Kuhn Loeb and Co. of New York.

that

fore the first World War, when Britain and Europe were And- ing the money to build United States rathonds.

When these two banking | loan since the days, long be- houses made their working ar-

of rangement a couple

years ago, the expectation was the London

would And projects in Europe and Canada to attract New York money.

Instead, the first big deal turns out to be a New York Europrac attracting

today

concerni

money.

Old hands in London could not recull a comparable

at

SURPLUS CAFTPAL

Having a surplus of capital and a lack of outlets for It

has home, the Swiss market been providing u good deal of money to other countries. the

I Low past

year it ha forms raised

tor the South African Government, the

JAPAN MAY GET||

SECOND LOAN

Tokyo, July

ย

A Japanese Finance Ministry official hag, stated on his return from Wash- inston's thatų), Shop Inter- na Hopak tank for coon- struction and Development appears Lo bo Kivipa favourable considersilon to Japan's request for second loans from the Bank. The oficial, who went Washington early last month, said he handed o letter from the Japanese Finance Minister to the President of the Hank, Mr Eugene Black. concerning the request.

to

Ho added that the Bank would tend survey teame to study various develop- mens, programines in Japan, beginning with an agricul- tural mirver team-China Mail Special.

HONGKONG STOCK EXCHANGE

Presents

Intricate Problem

By Norman Crump .......

Recent statements from the "Continent have enopuraged the thought that the convertibility of sterling and other “strong” Europeap currencies is near at hand.

One can discount the optimistic forecasts of Professor Erhard, the West German Minister of Economics, for in reality they reflect the rapid recovery of Germany herself.

She imports comparatively little, and indeed in 1953 her imports equalled only 12 per cent of her gross national product, compared with 24 per cent for ourselves.

Her

foreign exchange re- to be solved in anticipation of sources have, therefore, become a general return to converţi- considorable, and probably, she bility. It need not report to the could safely restore convertibl-OEEC Council until the end of

October.

We, however, have to look in at least three different direc- tiona. First, we must look to the sterling area, with all Ito manifold problems.

Next, We must look to Western Europe. Here, we have to remember that the restora- lion of convertibility through- oul part of Western Európe would mean the break-up of the European Payments Union.

Unicas some alternative means were quickly found of helping the debtor countries of WestEKTI Europe, the result would be a severo set-back to the liber- elisation of international trade, ond even a return to bilatar- Business done on the Hong-alism and rigid quotas. kong Stock Exchange this morning amounted to $628,100. Noon quovadons and the morn Jag's dealings; —

(From Que Correspondant)

SHARES BUYERS SELLERS SALES

... 1000 1700 10

BANKS

The plenary session of the International Wool Textile Organisation adopted a resolution calling for the abolition of subsidies and other "export incentives" at its last meeting høre Singapore Rubber Anglo-American Corporation of SHIPPING

on June 18.

The resolution, presented by Mr D. C. Price, British Secretary-General of the International Wool Federation, said:

UI)-

"It contled w.li regrei certificates of combing lo

was stated that a hopeful prac. sure that Uruguayan tops were that in certain countries cases

leal solution lay in the deve- exist whore subsidies are given not imported. Germany was unlopment of scourable branding in excess of the special charges able to liberalise the import of fluids in which great progress borne by the industries

hand-knitting yarn becais, she had been made in the last five

Another years. feared unfair competition from

report stated con- dumaging question, thus

of wool that the contamination for fair yarn made from cheap tops. ditions

necessary

by jute fibres used in packing trude." The resolution insisted

fleeces might be solved by the that measures be taken to end

de-use of rubber-impregnated

poper-lined packa and suggested further investigations on questions.

vesteri

M. Pierre Brunninghausen de Harven of the Uruguayan this state of affairs and suglegation sadd Uruguay was not that appointment of P1 the only country to protect its small committee consisting of won industry. Export premiums the bonerary founder-president existed at the moment to help and the president, assisted by towards amortisation

گوئی

the cecretary to Loko the heavy custs involved in the grea-

ปรต necessary steps to bring

tion of Uruguay's new wool in about

dustry. They would diminish

-01

F'rior the adoption of the

Lo resolution, a warning of prisals by member nations the international Wool Texti:

Organisation

agains!

Uruguayan dumping had

alleged

Market

Singapore, July 6.

or

Spot rubber unbaled Bhoket grepe

No. 1 pale crepe

these

M. Pierre Fallot, the

Prosiden! of the French Federation Wool Spinners said the WTO

notify should

wool growing countries of products for mark- Ing sheep which offered scour- ablity

obtain agreement from growers to discontinue the use of tor in sheep marking. ------ China Mall Special.

in future as they ceased to be n, cosmany du Anance the industry.

Advertising

becn Member countries. attending given by the President, M. tha Conference are Britain, Andre Peltzer.

France, Italy, the Netherlands, to i Belgium, In an appeal to Uruguay

Denmark, Norway, ex-, Sweden, Finland, Austria, Ar- abandon her preferential change rates and export sub-gentina, Japan, Portugh), West

wool tous,

Spain aidles for

he said Germany, Switzerlund, and Uruguay. governments of other member

would be forced mations

ad- protect their industries if the mitted to full manbership of the WTO and it has been un-

decided that officially year's annual conference be held in June in Munich.

ta

A

present situation continued. resolution was being prepared inviting national delegations to approach their governments the question.

British Attack

The President's speech follow- ed in attack by Mr D. G. Price, British Scerstary-General of the International Wool Federation, who said the effect of Uruguay's preferential ex- "quite changn rates phenomenal."* Export of

South Africa

has been

next will

and

Drowned His Troubles In

Drink

In his presidential address M.

Singapore, July 6. A Northern Indian has learned Peltzer said the past 12 months

it the hard way that drinka do bad

wool seen increasing

create but

moro But not drown and consumption.

to

activity

troubice, efforts were

In still needed certain countries

Increase Bhag Singh was fined $8 last consumption and he called for Saturday after he was found a study of the possibilities guilty on a charge of being | advertising in addition to that drunk. He had no money and underlaken by the International the court allowed him a few days Wool Secretariat.

to raise It,

of

Uruguayan tops had jumped

Mr L. Francis Hartley, Chair-

Oyer the week-end Singh was man and South African member arrested again from 1.3 million Ibs weight in

and brought of bofore 1940 to 27.4 milion during the of IWS said that the use

another

today court fibres had made artificial 1052/63 season. The exchange

na chorged with "being found drunk rates were tantamount to giving progress in the woot textile in- and incapable of taking care of

the past during

two himself. a 20.4 per cent premium to ex-dustry

Eo years, and there had portero and

actually tolerated.

been a falling oft in the in-. Singh told the Magistrato that dustry's consumption of these while on his way to look for "Those who are familiar with abres. He thought "exaggerated the money to pay for the fine he the processes of manufacture in cinims"

for man-made fibres our industry know very well

should

not

WH | had done wool a service.

that production Costa Bccount

met some friends who treated him to a ropy of drinks to drown my troubles It then ensued into 1 drinking bout and ko did not know what hap- Research had provided wool poned after that,

for only a very small proportion Comparison

of the value of the top and that

the cost of the raw wool-which

the combers in Uruguay con fabrics with proof against moth buy at least as cheaply as com-

The Magistrate, Mr. D. H

was

The market opened higher on OVCRITOS pcceptances and ad- vanced further during the after- посп when there

some buying.

The trade

market closed steady. Future closings; No. 1 rubber ner tb. July 723-7336 AUR 721-7234 Sept. 7241-127 No. rubber per 16. July 718-2116 No.

701-7012 No. 4

60-70 7175-739 GD-70 BT-00 -United Preau. NEW YORK MARKET New York July Rubber futures tagas closed 40 points higher to B Points jqu'er with sales of 192 côntracts.

Dealer sald most of the busi ness on the tenuine market | was

spectativa chin. un- counted by the higher cables, but factory Interes! was neg. ligible there as well as in the actunt spot market.

of

Spot No. 1 As were quoted 234 cents, nominal. Prices:

July

Sept.

Déc.

Mar

May

July

23.00

23.07 25.37

25.75

25.00

South Africa, the World Bank. the Belgian Congo and several European countries.

sha

Swise and other European investors have frequently taken share in loans floated by Unliol States corporations in New York, but this week's In- ternational Telephone and Tele- graph loan will be the first to be floated in

any European market.

It will be wholly in Swiss francs, 29 million at 31⁄2 pir cent for

about five years and 80 million at 4 per cent for about fifteen years. It will be issued by a consortium of Swiss hoaded by Credit Suisse and Swiss Bank Corporation.-China Mail | Special.

Liverpool Cotton Market

Liverpool, July 6.

The newly organised "Cotton

170

033

150

52

REST OF WORLD Thirdly, we must look to the rest of the world, and in par- ticular to the dollar

countries.

For ono thing, America, through the International Monetary 1090 Fund, might well have to pro- 100vide the necessary buttress

HK Bank

East Asia INSURANCES

Union Lombard Underwriters

Waterbost .. 10.00 Amin Nav

1 1.03 2000 13 DOCKS, ETC.

K. Wharf ... 05 Dock ....... 144 Provision (O) 18.30 1215

0.05 0.24 600 @ 0%

Wheelock.. 7.30 LAND, ETC. HK Hotel HK Land

8.45 0.93 200 m 120 30 0814200 BG

200 F 10.10 101 Realty 2.02 2.10 UTILITIES

Humphreys

Tran

....... 27.00

Youunati Ferry 240

ta

the weaker countries of Western Europe.

Again we would need some assurance that every country which acquired sterling would

not hasten to turn it into dollare.

will with

DOLLAR COUNTRIES Even when these problema have been solved, there have to be consultations the dollar countries and the In- ternational Monetary Fund- and next September's annual meeting of the IMF will not be the right occasion for this.

It follows that M. Marjolin, the Secretary-General of OSEC was probably right when ho contented himself mith saying that convertibility

Y had become "distinot

and that It would

day-t£m sure "mor day co-operation than the oks gold standard." There la lot to be done first, and I still feel that early 1985 is about the ilmo that convertibility

bo пищу achieved.

NOTICE

B

YANGTEZE FINANCE COMPANY, LIMITED.

NOTICE is hereby given that the Annual General Mont- ing of Shareholders will ha To u large extent, that as held at the Registered Office of surance exists today, thanks to the Company, 701/7 Edinburgh our own recovery: but Wo might wont that

a bit more than House, Hongkong, on Thurar Eday, 29th July, 1854, at 10.00 am, for the following

These overriding factors point to a possible limo-table. This month's Conference of European

20 000 2700 Finance Ministers will consider solely the problems which have

100 100 ve 10

009 @ 149

E. Light (N) 12.00 12.00 2000 of 12.53

1000 12.00 Electric 3034 31 1300 31 Macao Elec. 11 Telephone 20.70 27 100 20.70 INDUSTRUALS

19.30 19.70 Cement STORES, ETC.

Dejry

24.00 GOTTONS

Textile Carp 714 739 1500 or MISCELLANEOUS

Yangleze ... 0.40 Allled

3.773.05

28 1600 6 24.00

7:1

Clearing Association of Liver- New York Sugar

pool" which is legally indepen- dent of the Liverpool Cottion Exchange but closely linked with it announced that It has "cleared"

the Exchange for futures contracts covering 093,- 400 bales between the opening

market

Market

NEW YORK

was

STOCK

MARKET

New York, July 6. Top grade industrial

ran up a point to shares more than 6 points to new 26-year highs today and swept rails along with them. The rise, which added more New York, July 0

than

$1,000,000,000 to the World No 4 suyar futures

listed shares, i valuation of all today closed

1 to 3 points

in- marked by sharply lower with sales of 181 congreased volume. of the cotton futures -United Press.

tracts. LONDON MARKET

on May 18 and June 30.

Turnover for the session Domestic No sugar futures London, July 6. This total represente 316,700

totalled 2,500,000 shares, com- closed

to 1 The rubber market was

unchanged bales sold and 310,700 bought, lower with no sales reported.

paint totall

pared with steady with No. 1 Rss quoted at

but the "clearing" is of con

Scattered liquidation and 21 5/16 pence per lb. Prices:

tracta and not liberally of No. I mot It...

Buying orders piled up over in the selling hedge ... 21-213

world bales. The clearing associations contract was taken up by

the long July Fourth weekend- Settlement house term

tho guarantee fund stands behind trado. Domestic

futures Idled made for large opening transac- tions-ranging to 26,000 shares ponding the development of

RKO In Opening prices, American come new incentives. Futures. 15/16 middling cotton in pence closings: per lb. were as follows:

Very

Aug.

212-2141

Sept

2114-215

Get./Dec.

2136-2111

each contract.

Jan Mar Apr./June

2146-214

21-2112

Delictal markets, cit, besia, porta:

July Aug, Sept Eilate crepe,

2114-2136

21 3/10-311

21 3/16-21 0/10 thick. unquoted

thin

United Prest. AMSTERDAM MARKET

Amsterdam, July 0. The rubber market was firm. Prices closed today in guilders per kilogram, CIF, August os follows:

No. 1 rubber No. 2 rubber

No. 3 rubber

No. 1 crepe

2.07 Auster.

2.00 buyers 2,04 Iniyara 2.82 buyera United Press.

London Foreigu Exchange

New York

Mentrest

Hamburg Brussels ***** Copenhagen Pařin

bers_elsowhere and particularly rot and shrinking and, already. Chapman, uid the defendant,

Europe accounts for the shortened processing methods

Blockholm total value," gave promise of more efficient "Instead of paying the ane i

main part of the

he said. "It therefore

that an

the money suppose you spent raw wool seems ways of converting

into finished fabric. which orangemont

Biological you get on some more drinks." was producing bolter very much ludy

Ho Aned Singh $10-United every in excess of the cost of produc wool and more of it to

Pross

gives a premium

tion ought not to be tolerated." | sheep.

Representations

M. Marcel Communeau (Franco), suggested the ganisation's

Technical Com

Despite representations lo muites should attempt a unidad them, the Uruguayan koyora- International prescription գրե ment had given no satisfaction method of prosenting InformES

LONDON STOCK MARKET

Zurich

London, July 6.

2.01 13/16-2.81 10/10

11.334-11.78U

180 40424040 10.424-10.4314 34.0136-1452

"Others were undanged.

United. Prezz NEW YORK FOREIGN EXCHANGE

Canada

Now York, July 0.

THELENA-Unsticial.

Others were unchanged.

0658

- Press.

Oct/Nov.

Dec/Jan. Mar/Apr. May/Juno

Closing prices were not ro- ceived. official prices for spot eeltens won all unchanged. | United Press.

day

purposes —

1. To receive and consider the Diraptorp Banget, and Statement of Accounts, for.. the year ended 31st March, 1984.

2. To declare a dividend; 3. To re-elect Directors,

5. To

4. To appoint Auditora.

transact any other ordinary business of the Company.

The Transfor Books of the. Company will be closed from

the 20th July to the 29th July, 1954, both days inclusive,

By Order of the Board of Directora, WHEELOCK MARDEN & COMPANY, LIMITED. Soprotarios and General Managers.

1,080,000 last Fri- Hongkong. 7th July, 1854.

NOTIC D

theatres, 10,000 THE SHANGHAI LOAN & national theatres, 18,000 in INVESTMENT CO., LTD

Corp

Radio Dougins.

and

0,000 In

Un kanı

Radio Corp., which

NOTICE is hereby given.

11 points on the day, and that the Annual General Meeti

Douglas up 6%, both came for favourable mention the weekond by a radio mentater.

In

Contract No 4 (world)

Sept.

3.14

-unggted

Oct.

3.17

Jan.

341

31.33

Mar.

3,10

31.34

May

3.160

July

3.10

3pgl(cente par

Cuba Contract No.

ib. tab

9.17

Sept.

3.73b

Nov,

6.720

SAO PAULO PRIDES

MAY

0.010

Sao Paulo, July 6. Coiton futures closing prices

July

Sept.

0.07

in cruzeiro per kilo were

Nov,

5.671

follows:-

6.73

July

30.00

United Prest.

me

US Steel

Deo.

22.80

Stool 14.

MAF.

22.76

Olla were good

May

United Prost.

NEW YORK MARKET

Now York, July 6,

as Spot (Conta per lb. gİL,

4.621

CHICAGO GRAIN PRICES

Chicago, July 0. Prices per bushel in cents.

Prices of cotton futures closed, wheat, No, 2, red.

today as follows:—

Spot

Det

MAY

35280 31.70.75 23.04 24.10.

@pot

Hept.

$1.901.

33.0/

United From.

# Now Orleans, July 6.-

Price of cosion futures: cipand

* AW ORLEANS, PRICES,

London, Juls Exchange Rates today zajowyś

(apart from a minor. reduction on wool's property, of cons. The sock market openáct firm tion in the preferental rate in serving heat so that this quality with Payptian shares alowed; s January. As a result, certain could be weighed and compared flow.

ropergussle for example,

had already been with that of other fabrics,

notledd, France,

although liberalising the time. In a report on world-wide in- port of tops, had oft, obliged to quiries into the contamination Instituto a system demanding of wool with sheep brande,

(per 100), 7.85

2001)

993, No. 2, yellow

Closing Priber

24234-144

In

over ing of Shareholders will be. com-hold at the Registered Office of the Company, 701/7 Edinburgh House, Hongkong,

Douglas led other aircrafts up with it. United Aircraft gained 24 points, Boeing 1%.

Monsanto rose 2.

General Motors featured the auto stocks with a rise of 1

on Thursday, 20th July, 1954. at 10.15 am. for the following purposes

points. Stepls were strong and 1. To resolve, and consider

active, with Bethlehem up 1%,

I point, National

one

with notable exception Monterey Oll which alumped 54 points, Hono

the Directors' Report and Statement of Accounts for the 13 months ended Blat March, 1954,

lulu Oll, Standard Oil (NJ) 2. To declare o dividend, Taxas Gulf producing, Derby

on

ZONO

around a

a point or more. 3. To re-elect Directors. Out of 1,194 issues traded, 083 4. To appoint Auditors.

only 276 lower.

were

higher,

Company.

Market commentators attributed 5. To transand -any other the rise to strong investment

ordinary business of the demand for some of the lower="|":" priced issues Epioną trom some of the amusement shares, d

The New York Stock Exchange bond volume was $3,970,000,

The American Block Exchange

vplume was 60,000 shares. United Preas

JONES AVELAGEN

Street

The Transfer Hooks, of the Company will be closed from the 2011 July to the 29th kilo,

1964, both days inclusivo, By Order of the Board

WHEELOCK"]

COMPANY LIN

Managers Hongkong, Wh-Jul