1955-04-18 — Page 9

PIPE-LINES

FOR BASES

THE CHINA MAIL, MONDAY, APRIL 18, 1955.

TRADE

and COMMERCE

SECTION

Page

IN SPAIN BRITAIN'S BALANCE OF PAYMENTS

Madrid, Apr. 17.

Spain is taking great in-

terest in the · preliminary preparations for laying Ал 800-kilometre (ahout 490

miles) long oil pipe-line NEW YORK

from Cadiz up, the centre of

Spain to Saragossa.

Spaniards hope that although the line is being built for US military use, Spanish users too may eventually be able to use the installations. One report spoke of a parellet line being installed for Spanish use,

It is thought that the in- stallation of this line to supply

STOCK

MARKET

REVIEW

United States air bases to be By WILLIAM T. PLUNKETT constructed in Spain will cost around 600 million pesclas (£6,000,000) but until the final contracts are simed the exact sum will not be known

review

E

Tho Spanish Espanol wrote: "It is possible that near the pipeline important new Industrial contres | may be established and that new roads and railways too may follow its path across Spain."

New York. Apr. 17. Industrial shares on the stock exchange this week climbed to record highs and railroad issues pushed to new 25-year peaks.

Industrial shares advanced in cach session this week. This demand helped other depart-

ed the week at their best levels since Oct. 31, 1929.

The Madrid newspaper Elments. Railroad equities Chish- Alcazar, referring to the pipe Line, wrote: "The Agreements with

the United States come

to re- medy our lack of equipment and to place us in a position to in- crease our production. If it "were no so, it would merely constitute an injection of 'dollars which would only mean a pass- ing and fictitious prosperity."

FILL TANKS

BLEAT

A number of highly favour- able corporate developments this week helped the market penetrate last month's highs.

Favourable production figures, coupled with optimistic business forecasts for the nation, boosted The market considerably.

Total

Surplus Slightly

Smaller

Than Previous Year

From Our Own Correspondent,

London, Apr. 17.

MALAYAN TIN Holidays, Budget

EXPORTS

Singapore, Apr. 17.. Exports of in and in concentrates from Singa- pore and Malaya to Torrian countries during March 7.389

Last

amounted

nhcording to official statistics.

Of the quantity 116 tons went to the United King dom. 5,178 tons to the United States, 629 tons to the Continent and $21 tans 10. the British possessions.

About 1,145 tons went to other parts of the world. --France-Presse.

& Strike Keep Market Quiet

From Our Own Correspondent

London, Apr. 17.

The marked deterioration in the United Kingdom's balance of payments in the second half of last year has tended to obscure the fact that the year as a whole produced a surplus only slightly smaller than in 1953. This is of especial importance to overseas sterling countries. For it meant that HONGKONG would in any case, been kept to a minimum in

leading private businessmen in Britain were again able to play a leading role in the financing of their development schemes.

According to the Economic Survey, "Over the past few years gross (mainly private) long-term investment abroad has. averaged a little over £200 million a year, of which much the greater part has been in the sterling area."

In the

went

million.

10

is the

The past week has been a, very quiet one for the London Stock Exchange. The national newspaper strike was partly to blame-brokers report that since the stoppage began business with private clients has declined by half. But business

the week that separated Easter week from Budget day.

STOCK EXCHANGE close at hand.

BANKS

1K Bank

.. Jaco

45 150

TIRG 53 195 50%

4

16c

Union

Lombard, SHIPPING

Asia Nav

DOCKS. ETC. K. Whart Dock Provident (0)

Business was restricted, moreover, by the universal belief that the general election is now

小

כו ! of

Cunard

unsettled

MOSTLY. REGAINED

But losses were mostly regatri- ed before the close.

HOPES ENCOURAGED

Budget hopes have also en- couraged a more confident out- look and tax concessions are ex- pected to be the order of the day | lost ground on the fall in the next Tuesday! Two of the best | metal-price following the British rections in the first half of the Government's armourcement that

In other sections copper shares

Despite the fall in volume of pfts by (From Our Correspondent) business the market remained industrials. favourable The

balance million, bringing their total, to higher production of the com-

steady after the holidays and Business done on the Bergprices moved up slightly under

remained achieved last year on

Newspaper shares current

modities £1.226 million.

concerned at a time

Stock kong

Exchange this in The annual rise

the when it is most needed. made available £160

steady until Friday-though then the lead of gill-edged. The market made "its best #ccount

morning amounted to -5635.980, DEVELOPMENT PURPOSES sterling balances has

Daily Mirror and the Sunday and the quotations The aim of the pipe-line is showing on Friday with the in-million for improving the gold colonies

il-

of the Noon

The inducemen: here has been Pictorial both shed a few pennies subject

part reserves, reducing debl

much debts to other been

Another large

dze recent to keep the storage tanks filled dustrials leading the way countries and international or

strengthening represents the funds morning's quotations: informed comment.. It has been balances

the disappointment with at the air bases which the US day marked the eigh consecutive-ganisations or lending

colonial territories

announcements--when abroad said-and not always by people available to colos

SHARES BUYERS SELLERS SALES Sterling which is taken as an dividind The

inditution that Mr is building, or will butid, at sesion that they have advanced,

purposes.

Butler's the fure of Thursday's "peace" event Britain did all whose aim is to bedevil rela- for development Moron and E1

Copero,

at which

balances

monetary medicino is beginning talks caused prices to be marked Guld reserves tions between the United King-rate Seville; Torrejon, near Madrid; as moved up in four out these things.

accumulated depes sessions, five trading

to have desired effect.

down. depends on several

· ៦៖

dom and its eversas dependent airfields and two

near Sara of the

They declined on. Thursday; but liabilities to the International territories that Britain is things, including the level INSURANCES gara. The main depusils will be this all-of mounted to very Monetary Fund, the European "living off her colonies." This colonial commodity prices. But at East Ruta, Cross the

one of the main factors affect from Cadiz. Ten-inch pipe will little, When investors noted that Payments Union etc. were re-is far from the truth.

Survey ing the level of bal implement- the Thursday sell-out was small, duced by £116 million and Ay the .Economic

press in so laid from Rota to El Arahal. they accided to buy rails on investments abroad amounted to points out, the colonies påssess rate of progress where a branch line will run Friday. Good business forecas's

Sow independent financial insti- ting development schemes some £150 million. to the Seville :lds. Then there helped the carriers generally.

The balances continued to To do all this Britain had of tutions of their own and there- will be an eight-inch line to

in 1954, but much more course 10 incur some Dew fore rely to a great extent on Alcala de Henares, near Madrid,

liabilitics and those show up in London to meet demands newly in the second half of the and six inches the rest of the *way to Saragossa.

. Stocks connected with the the balance of payments figures for long-term capital and for the year than in the first. And this suggests, among other things. manufacturer of the Salk polious additions

more freely, on gends needed to ANY TIME

promote their economic develop- "These processes, it says, "mayment. Steel shares failed to do as represent new United Kingdom occur at one and the same time Chrysler. debts to the colonies. Of the and the flow of long-term in- well as other stocks. sparked the motors on optimistic total increase of £195 million vestment represents a substan

the

In-tial offset against the rise in non-sterling countries forecasts for the company. The

in balance

London the colonial sterling balances." creased their issues closed the week with a 544 points gain of

to $30. by £80 million, the indepen- This appears to be what hap- General Motors added 2 points dent sterling countries reduced pened last year.

theirs by £9 million; and the colonies went up by £124

PROFIT-TAKING

་

the fuel from sea level at. Cadiz | vacsine met some buying carlier held by othering balances investment of surplus funds they that the colonies are spending.

Six pumping stations will lift

to the 600-metre (1,951 Teet) high Castilian plateau,

The piping material is to be supplied by the British firm of Stewart and Lloyd-China Mail Special.

US Alarmed

Over

in the week, but they receded

slightly later on profit-taking.

to $97%.

International Business Machines was a sensational per- former in the specialties. It

Waternice 29 points to 9433.

Shortages

Washington, Apr. 17. President Eisenhower's recent warning that water

to

countries.

NEW DEBTS

may accumulate.

bulk The

the-sterling accumulated in 1954 balances

Chemical stocks displayed a N.Y. COTTON

الله

considerable amount of strength

at mid-week. They lost part of their gains later, but st managed to post good gains. Monsanto chemies was up 82 points to $1244. Du Pont added 34 points to $175.

In the steel group, Bethlehemn

-MARKET

REVIEW

Part of the colonial "sterling balances represents backing for colonial note issues, and this forms an essential reserve which increases automatically as the amount of the currency circula- in colonial territories grows

ניי

W, German

Private Capital

in line with internal spending Investments

is rapidly becoming the Steel eased a to $136. US Steel country's most critical added 12 points to $834. By William Plunkett local producers.

blood of industry. The produc- Press. tion, of ton of finished steel.

for instance, requires 05.000

gallons of water.

Any country, as it develops. gulps down water in ever-in- creasing quantities. The cur-

for public rent demand

industhy and irrigation

United States totals

17

Lise.

the

mated 200,000,000 gallons a day.

The Herculean

plenishing water

task of

in arid zones.

or cities where demand is out- reaching supply

ap-

is being in several ways: con-

"ration measures such as anti-

and re-use of water; nature to increase sup- plies in areas of scarcity; and conversion of fresh water from the sea. Some methods are old, "others new and visionary.

quarters

MALAYAN

TRADE UP

a favourable bajance of S$7,200,- 000, according to statistics released here.

and

of buying

to

price Con-

carmarked

X A Wheelock

77 80

21.70

11 GU 12

7.05 1.20 3000 R 7.20 week were breweries and steels it is to sell 45,000 tons of copper

first on the hopes of a cut in from its stockpile. the the tax on beer and the second on the belief that the Tories will win the next election by a handsome

margin and save the steel from the socialist threat of ronationalisation ||

叶!

03 200 65

16.90

LAND, ETC. HK Holci HK Land Schal Lond Humphrey

X Ri

UTILITIES

Tran ..... 20.40 20.66 2454 6 20 Yamal Ferry

X All

100 100 245 107 Light (0) 18 18.20 100 1820 500 18.10

32

These facts helped to push the Financial Times industrial shares index to its highest level

since before the last bank rate

At 183.4 on Wednesday a had gained a point since the pre- vious week's clore and was nearly

100 18.20 Light N13.50

13.00 14 2000 Electric

rise. 201 2531 1000 251 Telephone

32 311%

300

33

2500

INDUSTRIALS

Cement XA11 28.00 23.70 2500 Kope

16.60

STORES, ETC.

28.70

21.40 500 24.20 3139

Dairy

Watson

CUTTONS

Textile Corp. Nanyang

MISCELLANEOUS

Aihed

South African guld shares rallied strongly after midweek. encoding Oils were firm on reports from Standard Oil but... turned weaker later. Conditions in the market for tea and rubber shares were quiet,

U.S.

+

RAW COTTON EXPORTS

New York, Apr. 17. Rai cotton exports .."by destination as.reported in bales

324 | nine points higher than when

the newspaperstrike began,

OTHER INFLUENCES

by the Now York Cotton Ex- On Thursday. however, other change for the 1954-56 season to influences came into play and April 10 were as follows: 135 1000 13.40 prices lost some ground. Higher Continent

interest rates in the United States Orent

G.to 8.70

4.01.

Singapore

Stock Market

Singapore, Apr. 18.- Brokers today quoted following stock priess: British Borneo Petroleum

Syndicale- Consolidated Tin Smelters

Ord

Bank

South British Insurance

The

Apr. 19

Opening

31

30,3d

Batain

391,903.

1,458,790

929,405

214,303

2.315,430

United Press,

kept gilt-edged quiet while a dis-Canada appointing

Tutal for season dividend. from

Same period last year Unilever and a sharp fallin -

EVERETT

LINES.

EVERETT ORIENT LINE

Fast regular freight refrigerator

service 10 passenger

Korea, Japan, Philippines, Indo-China, Siam, Malaya, Calcutta and Chittagong. Rangoon,

"LENEVERETT"

Fraser & Neave 711⁄2 p.c.

sum ord

Ei

Shangha

$ 6.50"

$ 223

3.AS

$2.70

Arrives Sails

$26.00

8.25*

$14.50

$11.

$ 2.80

$3.95

Sails

Steamship

United Engineers Ord Wend, Eng Hongkong Tin Lid Petaling

Hatu Minang Rubber Kempas Lusas Rubber. Estates

-China Mall Special. New Serandah Rubber

produce marketing board's funds are also kept in

Frankfurt, Apr. 17. London until such time as they For the first time since the are needed in the event of awar, West German private in- sharp fall in colonial commodity vestment capital in 1954 almost public prices to stabilise the incomes equalled capital from

sources.

to the Kredi- according REMAINDER

Lansialt Fuer Wiederaufbau (Re- The remainder of the balances construction. Loan

Corporation natural resource

Directors of both of these giant stresses

of in its annual report. steel "producers

New York, Apr. 17. meet a week

consist of general reserves the habitual shortages of

The Corporation remarks on after next to take dividend action Cotton futures concluded colonial governments that are fresh water in many parts and at the sathe ume will ren generally quiet week with not immediately required for the fact that investment out of

funds of the United States.

veal first quarter earnings remoderate gains and losses.

local use, pension and provident ERP counterpart

source 01. of vill sults. Wall Street Water, the lifeblood

funds, savings bank finds and hitherto the main At Friday's close the list

finance declined in 1954 to on. living things. is also the life-expect record results. United!

ruled off 25 to up 13 points, or But the fact about all these 135.3 million marks, while the of $1.25 to up 65 cents a bale funds which is overlooked is bulk of investment was drawn compared with the preceding that try can be withdrawn at and would continue to be drawn week.

short notice. In the meantime from ERP special funds which Trader wariness about ven- they are invested in

London were swollen by credit repay- turing too far out either way and, of course, eam interest for ments and accumulated interest reflected multiple uncertainties their owners.

payments to about 6,400 million that dealing with the export subsidy

The charges

somehow marks.

The Corporation says that it rance & Nezve Ord 5 134 xd plus Brinin is question for the new crop,

"living

off her

about 100 beclouded new crop picture colonies"

cannot be supported has the butcome guesswork on

and Hongkong credit repayments of congressional debate on farm by the facts. But the constant million marks from ERP special

growth

of these balances causes fund

in 1958-59 Malayar. Brewerie payments legislation relating Singapore, Apr. 16.

for

different interest concern

quite

for mancing German exports Baffes Hotch

Singapore Cold Storage Malaya's foreign trade during supports and production.

reasons.

of particularly of investment goods the first month of 1955 showed trols.

their degrees Whatever

Straits Trading Other cited handicaps la-

ANOTHER CONT LIBUTION cluded discussion on proposals Permanence from the colonies on long-term payment terms

point of view, to the United

Another contribution to West to allow consumers to swap, OT Kingdom

મા they represent Imports of merchandise, in exchange, cotton with the Com-short-term debt. New colonial German export inancing re- cluding parcel post, during modity Credit Corporation January, amounted

to S$288, the discouragingly slow de balances, accumulated last year ported by the Corporation is

in tex-were the main item on the debit the promise by a number

to provide public institutions side of the United Kingdom's 700,000 and exports of mer-velopment chandise, including parcel post,

Evening-up in the nearby balance of payments on capital about 100 million marks for ship's store" and bunkers

May delivery occupied most account. And there can be no this purpose.

The Corporation stresses that S$295,900,000. The total value

in which Britain is able to add

bear the and increase her long- On the export subsidy ques-

Statement without endangering tion, the Agriculture Secretary, term investment abroad only by foreign long-term development

"borrowing short" from her projects MF

Benson, announced be

urgently needed domestic invest-

London, Apr. 17. colonies. would make an announcement

meht projects. It is therefore

The Bank of England state- the Another criticism sometimes important, report says, for raw cotton have been holding heard in London arises out of the

volume that 15. reads us follows: export Paris, Apr. 17. off for some time in the hope of

are held by Germany's customers make full Note in circulation

classical financing lew territories.use of the comparatively The Bank of France statement obtaining new supplies at the colonial balances

Public deponi 19 for the week ended April 7, subsidy price,

It has been estimated that at methods" through the use of Pevate deposits While nothing official was in the end of last June 90 per cent international capital markets Government securities read as follows:

dicated on the question, traders of the balances were held tranc

by sonce

the free flow of inter- Other securities

Receipts Total gold holdings 201 281501.425) read an inference that the pre West Africa, East and Central national capital is restored. Ratlo Total other currencies 10.218,100,401 seat "no subsidy" policy would

Africa, Malaya and Hongkong. China Mall Special Sight balance abroad

99.606,790,739 be continued.

Mr Benson, testifying before The total balances of all other territories were about 181,500,000,000

a Senate Appropriations Sub-clonial Total bills discounted 1221.018,790,699 Committee warned that if the £110 million out of a t

"£1,108 million. 2,000,377,377,310 Government surplus cotton were

sold abroad under an export It is not surprising that the 120,058.800.814 United PrESS. subsidy it would unques-balances should be concentrated.

plan, it

es largely

in the hands of the tionably bring a. demand for

"richer". territories. whose pro- higher dariffs on cotton goods at richer

markets a time when ottempts are being ducts command good

a larger made to lower

wer international overs. But as o

portion represents the surplus, Mr Benson also told the com- funds of produce marketing "LAOS"

time the ability of the United States may have come for the boarde ploughing and construction of erogar (Der $135.79. mills to compete successfully in to pay higher prices to the pro-

PROMISING FIELDS

Economical conversion of sen water and reclamation of con- taminated water offer two of

most

the

promising fields for

research. Several large distilla-

Liles.

of the country's foreign trade attention as the week drew to real satisfaction with a sitamothe West German.capital market ́

during January was S$584,000.- 000.-France-Presse.

1

tion units are actually operating The Bank Of France

at oil refineries in remote, sun-

baked spots. The largest of

these, on the Persian Gulf, sup plies 720,000 gallons a day the Kuwait Oil Company.

Unlimited sweet

to

water from

the salty sea is an age-old dream. But present distillation are still too costly for systems are general use, according to a re- cent survey. Known principles of "aundering sewage"

may

eventually provide industry and agriculture with usable water and science, is looking for economical way to breat dustrial wastes.

Hydrologists

are

an

studying other schemes, notably surface treatment of watershed lands to shimulate greater insoak of cain and snow. Denuded land sheds

Statement

JA EPUinger

Advanced to Cerr

Stabz. Fund .............

Bank note in ct-

culation Current, accounts and

deposits

close.

ANNOUNCEMENT LATER

Sooi

in order to clarify situation. Foreign buyers.

the

of

Exchange Rates world trade barriers.com

éum div.

to her reserves, repay: foreign cannot, in the next few years, The Bank Of England

burden of financing |

debts

THE BULK

the fact that the bulk of the Germantmance of the Weement for the week ended April

waler-like a tin 100 Business was done in the local (mittee of industry fears about I boards, it is zelf that the

floods und the loss of

topsoil. Re-afforestation, proper

vegetative

covery

contour

amali detention dams helps the earth to absorb raiz

Mail Special

China

unomicisi exchange market

morning at the following rates!=)) US dollar ·

13.28 world markets against

Indonesian rupiah (per 100)

13.52

Blain Alcals per 100"

textiles ducers. This would not orily countries help to reduce the vast amounts

Singapore (Straits). Indo-China plastres (per 100)

cotton

1.80

3.75 cost labour-United Press,

slerling 1.

Apr. 25 from Manila, Apr. 28 for

Penan Penang,

Singapore,

Rangoon, Calcutta.

Chittagong

"REBEVERETT""

Arrives

Apr. 30 from Singapore, May. 1 for Kobe & Yokohama, (Accepting carro for transbipment Kobe/Pusan wand. Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight refrigerator service to Japan, Malaya, Colombo, Bombay, Karachi and Persian Gul

- (Subject to fadacement for direct call Kozen).

"THAI"

Arrives -

Sails.

Apr. 19 from Singapore. Apr, 19 for Kobe & Yokohama,

“STAR ARCTURUS“

United Press

Arrives Sails

MESSAGERIES MARITIMES

P.O. Box 533 Queen's Building ⠀⠀ Tel: 26651.

- FAST PASSENGER/FREIGHT SERVICE- "CAMBODGE"

2738 produced in foron and low held in Britain against a big fall "“PEIHO””

MEINAM"

of prices, but also to encourage

sailing May 21st sailing Jan. 18th

FAST FREIGHT SERVICE.

sailing Apr. 18th salling May 15th

Apr. 18 from Japan.

Apr, 19 for Singapore, Port Swet- tenham, Colombo, Bombay, Karachi Khorramshahr, Basrah, Kuwait & Bahrein, (LIMITED PASSENGER ACCOMMODATION) (Accepting cargo for transhipment, Kobe/Fhsan ⠀⠀⠀ and... Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A

fceperated in the Republic of PanaZZA. Jyond with Limited Liability Chinese Department: Telephone 28293. Queen's Building, Telephone: 31206.