1955-02-23 — Page 9

THE EMPIRE TROOPER

TO BE

THE CHINA MAIL, WEDNESDAY, FEBRUARY 28, 1955.

COMMERCE SECTION

TRADE

and

BROKEN UP India's First WEAKNESS OF STERLING Tokyo Stock

London, Feb. 22. One of Britain's

most

Newsprint

famous troopships la to end Mill Open Outer Area Members

her days in a shipbreaker's

yard after 15 years of voyage, during which she has taken thousands of Forvicamen to all the trouble spots of the world

༣" ༥༣ Gerusa

$ 14 pints for.. Troopers,

Ex-2214 4 Plover

Si he wok Theat

باره

e pure l

**** ben

Next Month

New York, Feb. 22. Corem nies marking the formal dedication of India's first newsprint mill are ten- tatively set for March 6, it was announced here today.

The $12000,000

project. yjde bet as the Best such enter- prse on the mainland of Asia, Is the only modern

In the world designed and constructed le process newsprint for the Best time commervlidly from bamboo at Salat Chandal in Central 1 About 325 miles northeast

.* !!

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of Bombay.

one

the

According to Ebaseo Services, Ine. New York designers plent. the anticipated output estimated at about 35.000 tons annually and is expected to go a

word tong

relieving WHY Inche's lack of print.

Preciously, Indian newspapers forced {} Jat their Pw print frotte Canachu Seanclinavia.

C

olicinis

Mhuster Netau Afte Prune other tap Government are expected to br

he de Beation United Pr

prisent ceremonies

11. Madagascar, Stedy and Italy Steel Industry

After an ex en

th:

1941 the Empiri yoper began

Lking to pis

Evr

**

it wa

The

F.. Inda perior, at the end of the zeer in 1948, That she en→ biel the Guards to aid their ling history of military

horaure.

She took Tanato

of Guardsmen

Malay

echting s

a:l: t energan yatire!

had almost bransamme #tradition

of the Brigade of Guards

They never served E

Suez in peace time.

that

Expansion

To

Cost £300m

London, Feb. 22. Britain's current five-year plan to modernise and ex-

Living Beyond Means And Losing Reserves

London, Feb. 22.

Three reasons are given for the present weakness of sterling in the foreign exchange market.

The first is that members of the outer sterling area are living beyond their means and running down their

reserves.

The second is that British grain traders are buying unusually large amounts of American grain.

Increase In

Customs Classifications

On Watches

Washington, Feb. 22. United States oficia's said today the Customs Bureau,

which is part of the Trea sury, is expected to all

nouture in about two weeks a

The third is that

ma erials

being

American, Ušted States, but it is buyers of storting area TAW philand to in so this year on an

are making use of tmusually large scale. transferable sterling, which con now be purchased for dollars at an appreciable discount.

Of these reasons the first excessive importing by sterling countries is thought by respon- sible foreign exchange dealers to be the most important.

CORRECTIVE MEASURES

Fo

It is understood that the prob- lem was discussed at the recent meeting of the Commonwealth Prime Ministers and some

the assurance is derived from official statement after this meeting that corrective measures had been made in Australia and New Zealand and the situation in these countries Wop under control.

decision to put in higher in the

on

are

customs classifications

The groin purchases imported watches that are result of the exceptionally bad up-jewelled in the U.S. harvest in 1954, which has led They understood the Bureau to a world shortage of the types so far has not received anything of wheat required by make it consider millors.

decision but 13

of the pand her steel industry will which would cost £800 million, an officialking this

-London Express Service).

Early Train

'Plebiscite' Rejected

10

Bonn, Feb. 22. West German rullway officials curried out a "plebiscite" decide whether the time of an carly morning workers'

should be changed.

The officials (fistributed volim papers to all pangengers on the Greding-Roth train in Boveria asking for their opinions on n request by some passengera that the train should start 30 minutes earlier.

The request was rejected by 208 to 54, with six abstentions. --Reuter

Menzies To

Visit Athens

Athena Feb. 2. The Australian Prime Minis- ter, Mr R. G. Menzies, la to visit Athens, where he will stay five days as the guest of hy are Government.

report sald today.

Lo

The report. presented Parlament by the Iron and Steel

The trd reason, the Ameri- en use of transferable sterling. is the one that had caused the most discussion in London. although quantitively it may be the least important.

In March last year, the Bank of Ramand let it be known that It would no

longe frown on unofficial dealing in foreign centres of transferable sterling against the dolla

Shortly the leading bankers

afterwards some of in New York circularised their clients advising them that transferable

could sterling

purchased gainst dollar at a discount on the official rade.

bo

NARROW MARKET Previously,jauch

hust

Rise In U.S. Unemployment Predicted

Keyseriing,

Washington, Feb. 22. Mr Leon economic adviser to former President Truman, predici- ed tonight that unemploy ment will rise to nearly 5.000.000 this year.

There now are slightly more than 3,000,000 A- eraployed in the United States, according to Gay- ment figures.

Mr Keyserling, now private cconomie сол sultant, mid there is in the United

States a "rosy oom

A that all is

well

all is not well. Mr heyserling said: some time this year, unemploy mens

close will be 5,000,000 ir polletes

not change."

to do

He said the number of Jobless will riso "becaunO the roonomy is not ox- panding enough to pick up The increase in population, the growth in the number wanting Joba and able to work."-United Press.

Adverse Trade

Balance Cut Down

Singapore, Feb, 22. Malaya's adverse trade ba- transactions

lance was cut down sharply to been confined lo amall dealers, the market was a nar-

5$28,700,000 In 1954 from an row one and the

overnil adverse balance of margin be- tween buying and selling prices vlous year,

S$200,000,000 during the pre- was wide.

according to pro- liminary When the bigger banks enter-leased here.

official statistics 10- theed the matke becams much

The sharp decline in the over- bet'er organised and the facili-

British

In

The British grain trado does #111 studying briefs submitted not usually buy wheat by interests for and against re- classification of such watches.

They sald

it appears the

Bureau does not think it a po Britons Buy

Boari, estimates that by 1958-idea to suspend acilon until a when the five-year period of conference is held on all espec's development ends-the supply of watch imports.

stocl

and demand for cru-le will both total 22,500,000 tons

This will represent an increase of 3,840,000 ingot was in the use of steel in Britain in the five усата.

should

reech

SWISS SUGGESTION The Swiss Government has Dent

note to the State Departinent making this SILK- gestion.

The 30-day statulary period for sending in briefs to the Customs Bureau ended Batur-

Bureau might all be willing

Production is already growing day but officials understood the rapidly 00:1 10,000,000 ingot tons this year. By 1058, the need for imports of steel will be "negligible," the report said.

An Atom

Mine

London, Feb. 22. A British

including

on

OBVIOUS WAT

official

ties offered have on some recent all adverse balance last year was occasions qüämpared favourshly due to the better commodity and

metal prices with thos

the

the second hair market.

of the year and to general The Americana, therefore, are

improvement of trade conditions. The statistics showed that the doing more of their sterling

total preliminary

of buying through the unofficial trade done by Malaya in 1964 foreign transferable market and The

was 898,201,084,016. During the sterling area is not getting the first 11 months of last year, dollars.

there was a total adverse trading balance of S$18,300,000. Pro- liminary estimates for the month The obvious way of stopping of December last gave an adverse this trend would be to make balance of 5$10.400,000. mining com.

transferable sterling more sČATCO 1 la expected that when the to consider in the next two

two pany and A group of and this can be done by defla- final figures are tabulated, 1984 weeks

the tin-In

thewill go down as the record year Britain and in any suggestions which bankers,

for Malayan trade since the war. might make

them revoke

other sterling area countries. the House of Rothschild, are decision for reclassification,

putting up the cash for the in the British bank rate a fort-

The rise of one-half per cent-France-Presse. They said the Bureau issues

Empire's biggest

uranium night axo wte a preliminary mine-in Canada.

dollers 67,500,000

is tho needed (£20,630,000) mesi ever spent by Britain on

Canadian mining project, The cash

to Algom Lots Urarium Mines in Ontario. It will boost Its output to 6,000 one of uranium ore a day-to proljuce the vital metal for

bombe ntem

and nuclear power.

Heading the British group is the flo Tinto mining company, Also in on the deal is the multi-million free enterprise Commonwealth Development famed Finance Company and

The Iron and Steel Doard was · set up in 1953 by the present what is called

led a change in prac- Conservative Government as an ice when it announced inten ion

for to reclussity such watches official co-ordinating body

and

The

the industry when I removed, when this is done the decision sized frem sale ownership and becomes irrevocable. handed it back to private enter- prise-Reuter.

Boom Year

For Danish Shipyards

Copenhagen, Feb. 22. Danish shipyards had a boom year in 1954, building no less than 203 000 tons deadweight of new ships.

There

then ensues a 90-day period before the reclassifen ton comes into force to permit im- riers to get rid of watches in porters warehouses and on route

from Swizerland that have been or- dered under the present classi- Beadon --United Press,

LONDON TIN MARKET

London, Feb. 22.

bankers Robert Benson,

Lonsdale.

move in this direction.

may yet

adequate, et provo but the continued weakness of sterling scoms 17

that Crow further measures will be needed and it is widely exported in the city of London that the Bank of England will soon raise Its rate again by another half per cent.

China Mall Spacial.

World Rubber

Markets

Singapore, Fob, 22,

United Kingdom Wooltop Markets

Bradford, Feb. 22. Without any business to test

woollops

the

naarket unchanged, calls the opening but the strong.demand for New Zealand raw wool

lifted some prices ne rauch as 3d

auction

Der lb.

LONDON

be

It will almost certainly CIJ

reflected In prices demanded The rubber market was com- for crossbred wooltops; whether The tin market was steady in

Rio Tinto takes over managparatively quiet today the morning with spot marked

after business can be done at such £700 and three-

ment of the mine and the Bri recent Irregular sessions with | levels is another question. down 2 to

tish group gets control for a trading back to normal. There month £1 to £703:

guaranteed 10-year minimum, Turnover was 150 tons, of which 20 tons were for cash,

was moderats trade support but Arrangemente have already factories did not show much

Woollops futures

market In the afterDGON unomicist been made to sell the uranium interent. The markot closer!

produced in the first five years. steady, Futures

closed steady with a few months Sixteen thousand workmen Bession, the market was again

No. 1 rubber per ib. Mar. 021-9214 fractionally better and others in Athens on Februay 28 from are now employed in the yards steady but quiet with spot up

fractionally Casier. Turnover Apr. 92-1214 London where he has been at- end if more labour were avall-2 points at £708 and three-

May unquoted was 75 fots. Prices: the Comumonwealth eble the output could be largely month 134 to £8114. Turnover

No. 2 rubber per 1b. Mür. 9131-0112 No. 3

00-301 Mar. No.

19 May Spot rubber unbalod 21-23 JUL Blanket crepe

- Supt. #431-95/L

The Australian Prime Minis- ter on his way home wili arriva

increased.

tending conference.

During his

Burmeister stay hero Mr

md Wains, Menzies will hold conversations biggest shipyard in Denmark, long ton were: with the Prime Minister and has recently been reorganised

the

o her members of the Govern- and uld produce 160,000 tons ment on matters of mutual con- of shipping yearly if the skilled cern.

It bour were valle bio. Danish yards have enough work for two or three years-Reuter.

The question of Grock ömi- grants to Autralia will clso corne under consideration—Reuter,

U.S. Business Activity Increased

Washington, Feb. 22. The Comineros Department announced today_n further advance in United

Calcutta Tea

Auction

Calcutta, Feb. 22, There were 2,819 tota totalling 6,191,050 lbs, on offer today at the tra auction sale here.

The sale opened quietly with business activity in early weeks prices at considerably lower level Later of 1958, continuing. the substaticxcept black leaf spots.

tial rise occurred in the fourth demand improved and there was quarter of 1055/

The Commaron Departmen announcement,wie, besi

condition;)wisich; also, he

an annual review of mephoenic

thaf, United State

some recovery, Quotations in ruptes pir 1b, ware:

Dust secum Deonta Rebeckan - Ankan. Gruny ..

was tons, and there was none for cash.

Closing prices in sterling per

Apot buyerHE

erlora D-month buy ora sellers

business

Valted Press.

LONDON PEPPER MARKET

/

707

London Foreign Exchange

11 | New York

London, Feb. 22. The pepper market was dull. White Sarawak was quoted at 4s. 2d, #elle; Black Barnwak, 2s 94d, ellers, Black Malabar

quoted WHE

8359 at hundredweight, allors-United Prdes,

London Zine And Lead Market:

Montreal

Amsterdamn Copenhagen

Stockholm Weet Mark

Dibers Prima.

London, Feb. 27,

2,7814-8.78 6/10 1.234-2735/is 20.00-10.5504%. 29.31-237 07432-017472

14.8135-1.01% 11.7016-11.27 unchanged,Vn.Cod

Zurich Foreign Exchange

Han, York London

Zurich, Feb. 12,

London, Feb 22 Liverpool, Cotton

Zino and land marketa ware quiet.wmis, coppie Wal" winddy. Prices, closed, in, the idafternoon uriofficial rion in sterling

Quotatio for leaves

Ztrie

,000,000 cpmourad witin tine me. Forthamed Fastanut, quol

Liverpool, #eb; 22. Offelal' valusa for mot cottons

#

No. 1 pale crepe

LONDON

I

Dec.

were Mar.

May

The market was again erratic. § Jan. No. 1 rubber spot Res

quoted at 271⁄4 penco per lb. j July Prices:

No. 1 apot es... 2712-20 Settlement house lerm

Marott

April

May June

Apri/June

July/Sept.

Oct./Dec. ..

General markete, cif basda, porta!

Maren

May

Estate crepa

thick ai

thin

12313-12316 124-125

United

Singapore

Stock Market|

to

271-271%

REJA MAIL

Bingapore, Feb, 23. Brokers today quoted following stock prices:

Feb. Så Opening

31/64

Petro

AMSTERDAM

The market was dim. Prices ratiornan

clowed today in guliders pernicio

Catalated G

kilogram, CIF March as fol- Ordinary

20. 1 rubber rubber

FAKT

Neavo

#87,buyer 186 buyer

Ordinary Emize)

Lid

$6.00

to buyer

Corporation - (Coloniai

Hames Hotpl

hange Rates per

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Market

Review

Tokyo, Feb, 22. Except for steel and ship- ping shares which showed gains stocks generally de- clined last week on the Tokyo Stock Exchange.

Stock market observaiz term ed the deline is an "overing Business done on the Hong-up" process from the spectacular kong

Exchange this going of the previous two weeks

Stock

morning amounted to $001,455, when record prices and twm- NOOR

quotations and the morning's transactions:

SHARES BUYERS SELLERS SALES BANKS

11K Bak

East Asia XD 201

INSURANCES

Urina

Lombard

Undures a

STEPPING

Ad Net

DOCKS, ETC. K What! Providen (O Wheelock

LAND, ETC.

NIC Hotel

HK Land Really

TRITES Trem

033 193

13

2140

50 31 125 50

10.30

30

over were registered.

was

The evening-up process Initiated by alarm arising over the record loan made by die Nip- pon Securities Cmpany of 3.5 billion yen. This was the highest loan made since 1953.

The indication that the Bank of Japan would take necessary inancial

measures: againt

continued

the

of wholesale prices and speculative dealings

stool niso helped to chock 10 16.20 750 15.16 the announced price raise in steel

1 10 4500 7,10

1000705

prices Tho Announcement

spurted rine

in Nippon Steal Pipe, Kobe Steel and

stocks.

40 39 13 109 @ 10.40 summolama

4500 10.40

001 17 LR

2

040 ve 17

21.20 21 200 21.00

Star Fros XO Yaumati

Ferry

1137 Tresa

1002135

In

Melal Industry

SHIPPING SHARES

the shipping field Nito B001130 Shopen shares

rose to 80 yen 100 21.50

100+ Lod 100 d 100

148 200 145 for the third timo in three months and the par value of Report of a same la 50 ya 30 per cent increase in its Caplund was given as the cause for the rise in these shares.

Ligtit 10) 17% 17 40 250 17.70 2000 17.00 19hat 174) 14.20 13 40 2300 or 14.40

1000 30 Tekphane .. J£1 32 2300 9 3194

1000

INDUSTRIALS

C'ement

415

Mitsubishi, Mitsui and Sumi- Home Warehouses dropped. Ru- mours of Mitsuí chall companies mergir resulted in Heavy Buying of these shares but with no no decable effect on prices. Fishery slocks which were on the để jeline Inst wenic brightened by 400 22.80 prospects of a formal Japanese 250 së 21 26 | Bakery res eration 1500 @ 13

312

500

4315 1500 13:44

500

1800

$15 43.

18

... 22.00 22,00 (N) Watron AD

Itape

STORES, ETC.

Dairy

1340 L. Crawford 25.10

COTTONS

Textle Corp 0.20 01 MISCELLANEOUS

Yongtsze

Alliter

6.90 ......2214 4.30

EVERETT

Speculative-Tokyo

Marine and Fire Insurance, Heiwa Real Extate, Nishimin Spinning and Milsukoshi Department -- con. inurd

quiet-United Prcas

La

be

LINES

EVERETT ORIENT LINE

ما

يحمي

Fast regular freight refrigerator passenger service Philippines, Indo-China,

Koren. Japan, Slam, Malaya,

Rangoon Calcutta and Chittagong.

"REBEVERETT"

Arrives Sally

Feb. 26 from Manila.

Feb. 27 for

Singapore,

Pronag

Calcutta

&

Rangoon, Chittagong

"BRADEVERETT”

Arrives Sails

Mar. 3

from Singapore,

Mar. 3 for Kobe & Yokohama.

(Accepting cargo for transbipment Kobe/Pusan and

EVERETT

Kobe/Okinawa)

STAR LINE

Fant regular freight — refrigerator servico 10 Japan, Malaya, Colombo, Bonthay, Karachi and

Persian Gulf.

(Gubject to inducement for direct call Korea).

“LAO”

Arrives Salle

►

Feb, 27 from Japan,

Feb. 28 for Singapore, Port Swet- tenham, Madras, Colombo, Bombay, Karachi, Bastan, Kuwalt & Bobrein,

"STAR ARCTURUS” Arrives Mar. 16 from Singapore.

Sule

(LIMITED

Mar. 15 for Kobo

PASSENGER

&

Yokohama.

ACCOMMODATION)

(Aopepting, ostgo for trenshiptness Robe/Pusan

and Kube/Okinaws)

EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama

with "simited. Elability)

Chinese Department: Telephone 28293, Queen's Building, · Telephone:"31206.

CAMBODGE”.

MESSAGERIES

MARITIMES

P.O: Bor: 53 * Queen 'a' juilding ERTER

FAST PASSENGER/FREIGHT. SERVICE A

**Pownalling Feb. 26th

"VIETNAM"

"DONAT ["ANADYR”

sailing Apr.› Bh

HT SERVICE, C

sailing Fob29th sailing Mar 2011