1955-02-21 — Page 9

Page

Revaluation

Of China

1

Currency

London, Feb. 20. Communist China la to increase the face value of its currency 10,000-time, the Communist Now China Nows Agency announced today.

Under the new Currency, which will be Introduced on Motel 1, 0.893 yuan will be equivalent to one pound sterlin, kavad of he present rate of 88 930 yuan to the one pound sterling.

The sitev currency will be

The rate

of one for

10 090 old yuan, verording to an

T

tak

The

Suic

boned today.

Council

The Agorey said Wie Peking Government spproved the revalation on February 17.

ALL TRANSACTIONS

The Agency said that all cash Paymen 3, contracts, busk-keep- ing and international [*coufitn will be calculated in the new currency as of March 1.

Fxising credit and debit ne- counts. Including Government bonds, will

calculated alsu be

nd redcemed to the now cur- 1: ray.

The purpose of the new cur- rency is, ecording to the State Counci order, to "Improve China's currency aystem" so as to fuckiilate transactions and re- counting."

There will be no change in prices, Kal ng officials tod the Now China News Agency.

All prices will be adjusted ne-

the offerial cording to

10,000 yuan ut

rate of

the present cur rency to n yuan of the new.

This applies for the smallest cent notona. The nurka w.li

apply to all enterprises,

Co-operative and private

All present lank notes will be the People's <xchanged by

Bank of China between March 1 and April 30 with the exception of denomantione of 3,000 yuan and less, the Agency aisid.

FINAL DATE

The final date of exchange for the smaller denominations

will be fixed later After April 1. denominations of 10,000 yu and less, will cease to circulnie un the market.

rate The Foreign exchange will be recalculated in terms of the

new Ctency in the rate, the agency said,

same

Remittances > China by over-

will be fald

loreign

ណ

cas Chines

Curing

10

the

AC- ex- change rate in the new currency as of March 1. Investments i China by ovencas Chinese and

Governmen

they bonds the have purchased, are also cover- ed,

the

aneluded. agenky Reuter

U.K. Complaint Against U.S. Shipping

London, Feb. 20.

The British Chamber of Ship- pingocay complained against of a number shipping policies

of nations, including the United States

in

said The Chamber annual report that hese nations for a cer. made it compulsory tain proportion of their trade to be care by ships nying heir Dog. The report mentioned us Chile, Soudi Arabia examples, and the United States.

accused The

also report Japan

of "aggressive"

polity.

In

THE CHINA MAIL, MONDAY, FEBRUARY 21, 1955.

TRADE and COMMERCE SECTION

Page

ECONOMICS OF A CUP OF TEA WEEKLY

Britons Aroused To

Rare Moment

Of Mass Indignation

From Ronald Boxall

London, Feb. 19.

Two words sp ken over a quiet cup of tea last week roused Britons to vne of their rare moments of mass indignation.

The speaker was Sir John Kotelawala, Prime Minister of Ceylon. The sub) et under discussion was the price of tea. And words: "damne ridiculous.'

Speaking with the authority of his pos ́tion Sir John added that tea was bought by dealers in Ceylon for 38 or 48 a lb. and sold in Britain for 78.

NEW YORK informed.

STOCK MARKET

REVIEW

By Elmer Walzer

New York, Feb. 20. Last week's stock market reflected further speculativo demand and the

desire to take profits where they were big.

DIM

IL

J

Tao resulting market waa

Many scasiona zigzag registered grukne

up to closint time and then last minute sell-off roducod them sharply. Overall the market was in Industrials regalar-lower by 2.36 potists on average and higher by 1.00 points in rails. Uülitics were a standoff with a loss of a single cen

Salos were slightly under Inst week's daily average of 3,421,- 685 shares at 3,303,572 shares cach session.

Leadersup

wasn't all thal

could be desired if uelivity is to be cone Tuod us denoting lender- zip. The top isues included such lowly stocks iLs Hupp, Electric and Musical Industries. Graam-Pulge, and

Radio

A lot of trouble might have been saved it S. John has id- mitted sooner that he was mis- But delay served a The useful purpose for during ensuing argument Britons learn- ad much that they hadn't known before about the economics ol neup of leve,

to

Americans too have laken drinking more tea, in this case chicgy to offset the rise in ton price of coffee.

token Countries rising living brought

But the biggest increase ha.

in place

producing

wner. CHEMSEVES,

standards have within the resen o.

it

for

people who couldn't afford rea

Indiana the wor.

increased their

When Sir John Tractari, the

already over.

at last excitement

The Jucts so

concerned

Wits far

are

before

exampla

as Erlin La these. When tea was derationes m. October 1952 it couлi 35 du Now it costa per . in shops. around 7 Od.

STEEPER ELSEWHERE

An even

sleeper

risa

has

taken place in other countries

Basically

becaus this is people all over the world a drinking more tea than OVLI before.

mare

tat

Despite the bigh price Bel- lons are consuming than they did before the war-

leses 10 lbs. per head against

thirties. than 94 lbs. In the

Japanese Negotiations For GATT Membership

Geneva Feb: 21.

con- from 80 milion lbs. sumption prewar to 180 million 1s. last your.

World production has man- to keep pace with this increas in demand bui the balance is so ine that any a je normal market factor has

L

China's Gold Pointed Remarks

Reserve Up

London Feb. 20, China's gold reserve last year

was mere than

11 imes that of 1950, the New China News Agency reverted today.

The Agency quoted 4.03 official

"People's Bank of China as saying:

The

of

tho

a not

stability , of the Chinese currency only

مارة

guaranteed by huge and aver increasing gold reserve, but also by ample material resources.” *THO Chinese currency is one of the most stable In the world."--Router.

HONGKONG

STOCK EXCHANGE

2120 ..

SHARES DUYERS SELLERS SALES

BANKS

1K Bank

12133 22135

INSURANCES

Union Lumbard

D15 4

Stop Markets

In Their Stride

From Our Own Correspondent

London, Feb. 19.

N.Y. COTTON

MARKET

By William Plunkett

New York, Feb. 20. Cotton futures, under gradual pressure for the past month, settled back last week to the lowest levol since early last summer on the old crop deliveries. ·

At Friday's close the list ruled 7 to 27 points-35 cents to $1.35 a bale-lower than the precal- ing week,

Liquidation of He nearby monopolised

March contract

05 immediate

and the Tuchen Islands w.cum-

A few pointed remarks by the Chancellor of market interest the Exchequer did what the recent rise in the tension abated in the Far East bank rate failed to do-they stopped the London tion was accomplished without stock markets dead in their tracks.

incident.

Lower-than-expected lean en-

tries, plus failure of export buty-

ing to materialise on the scale

discouragingly slow development the textile of now buying in market, were handicaps acting to put a brake on rallying ten-

Mr Butler warned the nation that Britain's trade boom is raising the import bill for raw recently expected, along with the materials twice as fast as exports are expanding. And this revived all the old fears of inflation,

Glit-edged led the decline as tanICES, In this category dencies. investors retired to thoɔ s delines speelt læd engineering shares to see whether Thursday would i went aheod on the announce- bring another rise in the bank ment of the Government's In- rate. The market strud ́ed onT dustrial atomic pirn. 2 110

change" announcement- only momen arily. On Friday prices were falling more

but

most

in market

Electric minufactured

in

MARCH LIQUIDATION Concentrated March liquida- tion reflected the anticipation or heavy contruct lenders.

notice day-Monday Feb. 21. That idea was encouraged by the steady rise in certificated strek, which

OTHER SETBACKS Certain other groups, on the (From Our Correspondent) sharply than they have done for other hand, suiterci scibacks for the first

ther Dwn

reasons, speelal months.

theres, Icr example, the Textile Among the week's Business done on the Hong-

ht by Lancashire's Fond Stock

this serious Exchange

casualties in the glit were market ware Wer Loan owns fears of competition from reached the year high at 73,750 morning amounted to $612,018.-edged

bales on Friday. imported goods, and diamond 60. Noon quotations and the 3 per cent (down £2 10 to thartes fell heavily on news that

Spo. Interests absorbed a good C82 178 Od), 21⁄2

Műrch liquida don cent General per morning's transactions:

America part of the Consuls

of the now crop (dawn £3 18s Dd to have

synthetic against sales £01 103) 4 per cent Consuldirmands.

to ransfer maths, presumably (down £25 to £42 18).

hedge positions forward Brokers generelly weak oll BET THE PATTERN

with Liverpcel and continental Shell dropped &3 41⁄2d This set the pattern for other to 118s 6d, Burmahy 10s to 1165 Connections were sporadie sabers markets and price trils of up 101⁄2 and British

of the new crop months, Petrolou several shillings ccurred emon 6s Bd to 77s.

Experts here supposed the ndustriels. leading

Dunlops The British Govermnent's plan with fears abroad that the United foreign selling could be linked Fords and for develop.ng atomic energy States may

with an 2s 3d, to spoj uronium

operate shrres in

cotton the export subaldy on raw South Africa market in the first cur days of the

Assuming a subsidy next year. Teas were advenely affected were adopted,

one week the

exporter Financial Times by the recent tak of a buyers reasoned the effect would be ndu trial Index dropped from strike and the fall in auction bullish on cotton 196.5 to 190.4-end this takes-lora while rubbers were in- since it would accelerate the dis-

prices of Fr.days' 1:11uenced by the general senti-posal of the surplus, bit weld whic wis the sharpest of the ment.

Copper, 100 turned

have the opposite effect on the no.k.

ester deep te continued armness ovoracas markets. Lindved The work's price falls, how-of the metal price.

exaggerated effect on price. And SHIPPING uniortuna.cly there have been several abnormal factors in re- cent years.

LARGE STOCKS

The

accumulation of large stocks of common leas

whitch form the basis of lower price blends In

for preparation derationing in Britain stared a which T:00 01 alling prices forced many plantations suspend production.

00

10 033

toll 23 d

Importal Tob:cco mention but a few.

1000 74

account

ever, were nct accompanied by ray large selling. Rather th 1

At Nav

DOCKS, ETC.

K Whart

Provident (0) 15.90

.

B

10

533 16.1000

3000 @ 10

250

000 id

to

Wheelock

AND, ETC. HK Hotel

17 20

+

They

HK Land 01302 300 Humphreys .. Jik Realty UTILITIES

..10.30 10 500 7 15.0 14.10 10 20 130 67

5300

1000

2000

2.05

with

market BRCA

down to discourage

1000 or 225 elling.

Then in 1953 consumption began to riso-not only in Bri- tain but throughout the world. Meanwhile other actors were at work. The porta Inalan crop -largest

Tram in the world tell short of expectations and floous delayed deliveries to docks.

The supply stuation was fur- ther aggravated by dock strikes then In Cal- Japan today begins tariff Brst in London

culita. And as always when which Enerson negoliutions

may prices are rising consumers be- eventually allow her to be- gan to lay In stocks--thus between the gap e me a full member of the accentuating session, for

supply and demand and forcing Agreement priced General

up the price still more.

HIGHEST PRICED In the Friday

example, the highest

on

share among the ten most active Tariffs and Trade (GATT). insues WAS the international Telephone.

الية

Only about 13 of the 14 mem-

At times when prices were ber countries are go for known

(nien- in a decline the market turned to have signalled their

and this also Whs a tan

tariff en cring into favourable sign. Most of the negotiations with Japap. experts had looked for a de- eline on the theory some of the The United States is Japan'a'

buying had been short most importan: fellow negotia recent

or. The remainder are mainly covering.

A short interest

GATT of 3,096,964o her Astalle

members shares at present is see as a such Indio, Ceylon, Burma,

event of a Indonesia and Pakistan. good backstop new selling drive. It represents po.ential buying.

trade

in

10

02

NOT BORNE out

Inevitably people began to look for scapegoats. Sir Joha blame Kotelawoła placed the Aquarely

the dealers but facts didnt bear him out.

For from buying ten in Cey- on at ds to is a lb. as Sir John suggested dealers were al that moment paying around 55. Nor was that all For Ceylon has placed an export duty of 14 11 por tea

Were the result of thre senoral absence of demand. Investors evidently do think that tha is the time tu

ποί

Ch new commitmen a Su

the buyers

cut

of the marked any actual

21.40 Kaumati Ferry 107 190 100

Bright pots were not lecking ARA (OF 1770 1770 1500 17.70 but they were confined to races C. Light (N) 145% 24.70 Each fr

Mitera Elee Telepho

52 32% affected by special circums-

2000 ở đại

12.20

32 421 3000 2 32

INDUSTRIALS

Cemost

•

44 44 100 445

500

100 0 445

ITORES, ETC.

Dairy Wation XD 13.40

COTTONS

Textile Corp.

23 20 100 @ 13.10

615

MISCELLANEOUS

Vibro Alled

1740

4000 @ 4%

U.S. Textile

Markets

Weekly Review

New York, Feb. 20. The cotton

and grey

Study Of U.S. finished goods markets went

has to be paid by the buyerAsia Economic

Policy

through another quiet and uneventful week-the third

in a row.

Britain, Australia and France

already Some of the oil issues managed have

announced that It said that the way

to do record gains ranging to 3 they will have nothing

So big profits aren't going to

Buyers practised a depending which Japanese shipping had

points in Kern County Land. with the negotiations and that

the dealer but to the producer

degree of canton as they wa ch- reappeared

International

Traders

issues they are reserving their positions and the Ceylon Government

ed raw cotton

cbb prices sought out trado

thol the suggested

believed behind the market. At on any results that the Japanese

In fact the dealer was making

gradually to the lowest level Japanóse Government which umes .tresc moved

up while the negotiations might bring.

a loss. Including the cost of

since early last summer. had power to diclate the routes

New York. Feb. 20. Lasucs ured to compute the

freight, Insurance, warehousing lines

The tariff negotiations will

7s 31⁄2d to which the

Abatement should

of Mr John P. Rockefeller, III, get

Immediate averages did nothing, giving on last about two or three months.and so on, it costs operate was tending to use its

d committee of the polltient tension in the Far East, to will head Appearance of market weakness national shipping

After they have been concluded lb. of ten from Ceylon an in-

from United States Council of Inter- plus the continued slow trickle London in three weeka trade Which

was not true. strument of aggressive

here will have to be a vote in January 1 to January 28. But no lonal Chamber of Commret of lower-priced re-cale offerings The

specials made a much

a full GATT meeting at which during that porlod the London formed to study the problems on the basic print cloth fabrics, policy with complete disregard

Lot er

showing thon the FC-

Japan will have to obtain a auction price averaged only 7 of for normally accepted Inter-

cognizery Tenders throughout the two-thirds majority before she national practice"

2d. work-United Press.

can be admitted as a full mem- Presso,

bor-Router.

Ов

"da

France-

New Passenger Terminal At Idlewild

New York, Feb. 20. Construction* of $80,000 000 pessenger terminal

new

at Idlewild Airport hore is to start this autumn in anticipation of handling 8,300 000 passengers a your

by

1905, it was 021- noticed fedmy.

The Port of New York Authority sald the first units, an International arrivală bund-

ing, with two adjacent wings

housing the offices and front des of 14 koreign aidinca, we ex

The Bank Of France Statement

Paris, Feb. 20.

The Bank of Franco statement

for the week

rende as follows: Total gold balding

ended Fob. 10

ing an even bigger

Singapore

Marketshops

Stock

ONLY REASON

.":

policy in ieft U.S. expopmic

buyer's unwanted about Asia, It was announced today, ability to get 'most.constructions But if the dealer was making

"as needed," The committeq a loss, distributors were mak

expects to

Converters noted en sports anen complete le work by the end paper, For they were retailing of April, 1955. Its report and wear fabrics, where the season that it was ten at an averago of 7s Bd per recommendations then will be is about to close b--and it -casts, "they

easier to got goods for quick claim, published by the Connell. about is 81 to gel a fb, of tea In the announcement it was shipment on all-in needs, from the auction room. to the emphasised that path the United

BEST SHOWING. States Council and the Inter sational Chamber of Commerce The best showing was made in have concentrated their attention the wide and heavy weight in- The paly reason why British problems of economic dustrial cotton fabrics. Coaters Singapore, Feb. 21.

fevelo

and the strengthon were particularly good buyers 11.813,543,370 Brokers today quoted to fal- housewives are able to buy tea

Institutions in Asis of braken tullis. Most of such at 7q ed a lb. is the time laging lowing stock prices;

the 15th. 64,131,591.180

goods are Teb. 19 Tab. 1 98.ween the ducton and the anticlpation of Closing Opening actual retailing. What is belha Biennial

industry; where Congress of the ICChe automohl processed for sold in the shops now is tea which will be held in Takyo ! week to a record peak. BARNE 170,500,000 006

this produplian been rising teach 1,301,784,458.001 British Bornes Petro-

leum Syndicate ... 91/8d 31/50

year from May:15-31. bophs by distributors af cheap The formation of the commit: Sateens and drills move

ed in Smelters Ordinary sored 20/23 * 2,900,000,009,820 Consolidated Tin

rates, When this 15" EXER 112.223,332,808 Fraser and Neave Lid..

11.93 houstod they said the pries too was described a serious moderate volume, but "business Ordinary le $1.00 istīnited : Press. Writer and Ne

would have to go up again effort to define development was described as slow on Army 712%. Cup, prak $4.00 $5.40 The Socialista pretended to goals in the region and to cons and numbered ducks and tyre Hookon Shamst

ar: fabrics. be scandalised by this and call sider the means of achieving chefer Corpor

1.10 ed on the Government to re-bumpf-United Prem,

Total other currencies Sunt balance abroad

In EPU

Advance to Curr.

Blabir. Fund Total bills discounted Bank note in circulation. Current secounts and

toposita

FAZON 201.281,541.420

The Bank Of England on

Statement

London, TW, The Bank of England:

for the

posted to be completed party in Mr Austin Tobin, Executive Director of the Authority, told mand all the major interna local alps parte had been consution in th which was intended to havin Nurul. Now of 20 years at Jonat

nded

Bintápota": C974

CL

store

pride control on ted, Dr Charlow at Hill, Parilamentarst

Secretary to the Ministry of Food réfuted. “

dow

Colton goods experts, whis discouraged by the absence of a definite trend for, sovoral weeks, hever halos werk: Imprassed by of a firm prica málnídnance bosis on most contracticat, Bo ling: W'print Goth. drvecptd 1074 cmat: below; the mil

Exchange Rates th

of production United

EVERET

EVERETT

Press.

LINES

ORIENT LINE

refrigerator!

Fast regular freight

Philippines

Rangoon,

-

service to Korca. Јарад.

Indo-China, Calcutta and

"REBEVERETT"

Arrives Sails

Siam, Malaya. Chittagong.

Feb. 25 from Manila, for Feb. 20

Singapore,

Rangoon, Calcutta Chittagong.

"BRADEVERETT"

Arrives Sails

Penang,

&

Mar. 3 from Singapore. Mar. 3 for Robe & Yokohama.

(Acerptina cargo for transhipment Kobe/Okinawa) Kabe/Pysap and

EVERETT

STAR

4

Fist regular freight — refrigerator Japan, Malaya, Colombo, Bombay,

Persian Gulf.

LINE

servico Karachi and

(Subject to inducement for direct call Korea).

"STAR BETELGEUSE"

In Port Balls

Arrives

Sails

י

Loading

Feb, 21 for Kobe & Yokohama,

Feb. 20

- Feb. 27

trom: Japan.

For Singapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Basran, Kuwait & Bahrein

(LIMITED PASSENGER ACCOMMODATION) (Accepting cargo for transhipment Bobe/Okipaws) Koby/Pusan and

$VERETT STEAMSHIP CORPORATION S/A Linckspurnlys in the Hepublic of Panama

With "carlled "Linbikky)

Chinese Department: Telephone 28299. Queen's Building, Telephone 31206.

MESSAGERIES MARITIMES

P.O. Box 19"

Hilding * Tel: 2665)

FAST PASSENGER/FREICHT, SERVICE: CAMBODGET VIETNA

here,

Bailing Feb, 26th: sailing Apr. 6th-

2nd

Ing Mar. 24th:

"And"; no' one) wants that