.Paka A
JAVA-CHINA-PAKETVAART LIJNEN N.V.
(JAVA-CHINA-PACKET LINES Ltd.)
King's Building, Connaught Rond,
Tel: Shipping Dept. 28016. Passage Dept. 28017, Chinese Agents, Connaught Road, C. No. 82, Tel. 26188.
"TJIBADAK”
Due from Manka & Amoy, on or about 5th November
"TJITJALENGKA” Dun from
Macassar &
Sailing for
Batavia, Semarang. Sourabaya &
Macassar 7th Nov.
Salling for
Mantin,
Java parts. 28th Oct. 11th Noveniber Salling for Amoy & Shanghai, 31st Oct.
ORIENT-JAVA-AFRICA LINE
SOUTH-ATLANTIC LINE
'BOISSEVAIN"
Due from
'Shaughal.
14th November
Loading for
Manila, Singaporė. Mauritius.
Beira, Lourenco Marques,
Durban. East London, Port Elizabeth,
Mosselbay, Capetown, Buenos Aires, Moute- video, Santos, Rio de Janeiro. 14th November
Transhipment eargo on through bill of lading accepted for Dar-Es-Salaam, Mombasa & Zanzibar,
"STRAAT
MALAKKA”
Bouth Africa
December
Manila, Singapore, Mauritius. Beria, Lauronco. Marques, Durban, East London, Port Elizabeth. Mosselbay. Capetown. Buenos Alces, Monte- video, Santos, Eto do Janeiro. December.
DELI-STRAITS-CHINA LINE
Due from
"VAN HEUTSZ" Belawan Dell, Penang,
"BOISSEVAIN"
Agents.
"SILVEROAK"
& Singapore, 4th Nov. Sailing for Swatow & Amoy 6th Nav.
Singapore.
5th November
Salling for
Singapore. Ponang &
Belawan Dell, 14th Nov.
THE CHINA MAIL, MON DAY, OCTOBER 27, 1947.
THE BUDGET AND INFLATION
Too Much
Money
In Circulation
(By Norman Crump)
It is common ground that the approaching short- age of goods at home ought to be balanced by a proportionate reduction in the volume of money now in the hands of the public. Otherwise, it is rightly argued, inflation will be
come so pronounced as to undermine many of the controls over spending, upon which" the Government rely.
thi
TOBACCO ON N.Y. Stock
TICK
Washington, Der, 26.
The United States Government is considering a plan by which tobacco
Market
New York, Oct. 26.
supplies could continue to flaw po The mock market finished its firs Britain on a credit basis, Mr. Harold losing week since mid-September Cooley, Democrat Congressman Train
with liquidation drying up and North Carolina, reported today, arted favourites edging timidly to
Mr. Cooley said that funds of the ward recovery. In Saturday's brief Commadly Credit Corporation would calon some short covering 'anı! se used for this purpose and might actious bidding was based on the len enable inhacco to be purchased idea that the list may have been
|qverenid. Car processing there.-Bauter.
BOMBAY SILVER
& GOLD
Transfers totplied 400,000 shares. Galner
Included Continental Union, Nerts
Motory, Western American, Dodge, Home Appliances, Baltimore and Ohio
Among laggards were Crucible Steel, Allied Stores, Eversharp, Texat Company, Chesapeake and Oldo.
Dow Jones Averages: Stocks 65.17, 20 Industrials 112.75, 15 Rails 49.66.
Bombay, Oct., 25. Silver, Ready, per 100 talus Rupers 154, Annas 82; Forward, per 160 Colas 153, 10: New Delivery tunto_tallicles 35,32, ¿fficial) 152, 09; Gold, delivered par ola 101, 04; Forward, 100, 12; Gold,| jovereign, inquoted-Reuter.
We have st1 to learn, how- has, succeeded in mitigating In- ever, whether or not Mr. Dalton (flation, intends to introduce on putuma The returns show, however, Budget.
that during this half-year Same Indication of cur finan- Treasury bill issue was reduced rint position is given by the half-by £138 milliena, while ther year's revenue returns, krauod last was a net redemption of £104) week. The returns telt only part millions of Treasury Deposit Re- of the attry, and it is very dif- eelpt loans.. Both these opera- cult to declite whether a partitions represent a reduction of
Closing quotationst etlar item should be regarded as Government indebtedness, to the
Adams Express 17%, American part of the normal Budget, 48 banks. To ace their effect it la
Can 87%, American Emelting 64%, |"non-recurrent," or as a payment necessary to look at the banks'
American Telephone 158, American. or receipt on capital account. accounts,
Tobacco
70%, American Waterworks Large blocks of fiovernment re-
the Taking
clearing banks
17, Anaconda Copper 15 Avi- venue and expenditure are also alone, during roughly the same
tian Corporation 6, Baldwin Locom excluded from the accounts, and period they experienced, seen.
Washington, Oct. 25, tive 17, Barnsdal! $2%, so It is quite impossible to tell traction of £123 millions in their The Treasury confirmed today Aviation 14, Bethlehem Steel, 12% how for the half-year's national T.D.R. loans, but an increase of that effective from Oct. 24, only Daging Aircraft 224, Borden Co.. finances as a whole have been in- £32 millions in their bill holdings semi-processed gold in export-
45%, Canadian
an Pacific 11%, tationary or deflationary in char- and loans to the money market. sbic for use abroad, but other Case 43, Chrysler
64, Commer Their investments expanded by gold is exportable if returned to ci
Satrenia 23%, Corn Products £38 millions, and they lent an the United States for refining or 67, Dupont 1893, Bakman Kadak. Electric Light & Power 184. General Electric 37, General Motors $936; Goodrich $5,
Goodyear 45% Greyhound
Mining
"From my own analysis of the
Amoy & Shanghai 7th Nov.
Ordinary Budget Heyns Extra-ordin-
ary Bud-
1.333 1,428
-95
Ket Itoma 331 265 Internal
Lane
302
External
Loans, etc.
€39
200
41
+ 70
+12
+598
dan loans.
Final Balance
+501
SILVER LINE LTD.
Due from Sailing for
U.S. Atlantio
U.S. Atlantic ports, December Coast via Suez,
HOLLAND-EAST ASIA LINE"
Agents
"RIDDERKERK" Due from
Shanghai
28th Oct.
"BREDERO"
Europe
5th November.
"ALPHERAT”
Europa 4th Nov. Sailing for Shanghai & Japan
Loading for
Manila/Singapore
Colombo/Suez/Port Sald/
Genoa/Marseilles/ Antwerp/Rotterdam /
Amsterdam /lamburg/ Copenhagen/Gotherburg/
ÚBlo
28th October,
Loading for
Mania/Singapore/
Colombo/Suez/Port Said / Genoa/Marseilles/
Antwerp/Rotterdam/
Amsterdam/Hamburg/
Copenhagen/Gothen-
burg/Oslo,
2nd half November.
Leading for
Mania/Singapore'
Colombo/Suez/P. Said Genoa /Marseliles/
Antwerp/Rotterdami / Amsterdam/Kiamburg/ Copenhagen/Gothenburg. tate December.
DE LA RAMA LINES
EXPRESS CARGO LINER SERVICES
TO AND FROM PACIFIC & ATLANTIC COASTS
USA, LOADING DATES
Londa
Allantic Coast
DRIC
Vensel
Mid Nov.
$.4. "PONA AURORA" MY. "ANDAMAN”
Los Angeles
Frnt
Pacific Coast
Atlantic Canat }
Los Angeles
ปล
Lale Nov.
ARRIVALS
Vessel
Dain
8th Nov.
m.v. "BATAAN"
In Port
m.v. "DONA ANICETA”
>
Mid Nov.
mv. "MINDORO"
SAILINGS
Vessel
For
Date
Aflantic Const
30th Oct.
Mid Nov.
mr. "MINDORO"
U.S. GOLD RULING
J
hound 10% Hop rester 'BEN,
New York Central
accounts, however, I have reach-additional £126 millions, to their jed the fallowing results:-
customers. The result of these processing-Reuter. Re- PRy Surplus and
other changes
was an in- ceipts ments (+) or [crease of £60 millions in their ARGENTINE GOLD
(millions) Deficit doncs,
41%, International (-) Meanwhile the note circulation
Buenos Aires, Oct. 25, International Pap 37%, Interna from £1,400 millions on Sovereign, buyers 66.00, sellers long) Tel & Tel 19%, Johni Man- April 2 to £1,376 millions on Oc-68.30; 11.9. $20 Eagle, 120.00, 124.00: ville 4+% Kennecott Copper 47. tobor 1.
Gold, Bar, Gramme, 6.00, 6.15. Montgomery Ward 57%. National The general conclusion is that Remér.
Distillers 20% Nati
National Lend 134. there is little more money in the
14%, Packard hands of the British public to- (Continued from Col. 4) | Motora_3%, Pen American Airways doy than there was six months workers would pay less in Income-10%,
17%, Radio would be drawn 10 Pennsylvania RR SRO. For this we must largely tax and more
Corp. Kral Silk 13%,
9.
Republic thank the American and Cana-out In unemployment benefit. Steel 2R, Reynolds Tobacco 19%,
of Both In conjunction would upset We have not,
Roebuck 18. course, retained the full benefit the balance of the national An-Schenley 15, Seara of this 2000 million. Part of inces How, in these cire il 31%, Socony Vacuum 16%,
Pacific Bombern was diverted to other countries, stances, the balance cught to be Brande 214, Standard Oil of Calif. Ordinary Budget items. am which simultaneously realized redressed la, a question raising 60%-Standard Oil-of~N~~e]:~~1616) limited to tax revenue and to sterling, and part of the drop of far wider problems.
Studebaker 21, Union Bag The vital need to-day is not so Union Carbkie 107, U.S. Rubber "erdinary expenditure" as defin- £138 millions
in the Treasury rd in the returns. Extra-ordin- bill {RS D may represent this much to prevent a further ex-41%, U.S. Steel 74%, U.S. Line nry Hadget itens Include sales of realisation of sterling by over-pansion in the volume of money, 21%, Westinghousa 21, Young*- surplus war stores, miscellaneous scas banks. Nevertheless, had its to bring about a reduction.town Sheet & Tube 79%, Gen. Pub. receipts. Mr. Dalton's famous not been for the American and In other words, serious Inflation Utilities 14%.--Associated. Pron. "elawings-back," nad on the other Canadian loans, the floating debt will be avoided only if the Chan-
would be much bigger, and there cellor ends the year with a sur would be more money about to-trade and employment are suc
conclusion is that If plan. The day than there actually is.
cessfully switched on to
exports, Budget is essential. an autumn 11. however, the attempt to make
Shell
45441 Standar
ZURICH EXCHANGES
Zurich, Oct. 25.
side of the account, payments In respect of EP.T. and Income-tax credits, grants for housing, leans to loent authorities, war damage payments, and a matter of 10 millions under the Ceat Industry Nationalisation Act.
Assume first that there is no auernment will be faced with such York. 4.30, Faris 3.62, Brussels On Landon 17.35, New Interval loans include all home tumn Budget. Tho Chancellor
Need For A Surplus What of the immediate fature? the switcft breaks down. the Gov-
Zurich
debt operations ether than those will get nothing from the Amerl-new and terrible problems that 9.87 Amsterdam 162.10. Lisbon (comprised in the Boating debt. can loan, but the Exchequer will an autumn Budget may be of £5,92%, Buenos Aires 105.50. Stock:
External lann, include the gen benefit if he has to sell gold or minor importance.
holm 119.70, Madrid 19.71-Reuters
and New thr
{tary Fund. Austerity at homel
come
ARRIVALS
PRESIDENT LINER
Sailings
REFRIGERATION—SPECIAL CARGO OIL TANKS.
CARGOGAIRE-SPROJE
SAN FRANCISCO. (Vla. Manila) ·
68 "Marine Swallow” (Calls at Honolulu)
·88 "General Gordon" 85 "Marine Adder"
(Via Shanghal & Honolulu) 88 "General Meiga"
Dot. 20
Nov. 20
Dec. 13
Nov
Note: Third Class Passage Fare from Hongkong to Pacific Coast la V5$200.00 plus US$8.00 for persona who are not US, Citizena.
SAN FRANCISCO AND LOS ANGELES 88 "President Pierce" (Via' Shanghai & Yokohama) 38 “President MoKinley" (Via Shanghai & Kobe)
Nov. 4 Nov. 10
68 "President Jefferson" (Via_Shanghal & Kobe) ........ Nov. 23 88 "Prealdent Madison" (via Shauglist & Honolulu) ... Dec.
88 "General Gordon”
SHANGHAI
Nov. 23
NEW YORK AND HAVANA VIA MANILA. SINGAPORE, COLOMBO, COCHIN, BOMBAY, SUEZ AND MEDITERRANEAN PORTS
88 "Rulland Victory""
SS "Trag Victory"
68.Willis Vickery"
89. Loula Mellonry. Howe”
+
Nov.
Nov. 11
Nov. 20
Deo,
AMERICAN PRESIDENT LINES, LTD.
St. Georga's Bids,
Tel. Nos. 28172/28175
Pacific For East Line, Inc.
TRANS PACIFIC SAILINGS. To San Francisco & Los Angeles -SPECIAL CARGO OIL TANKS
B/s "Flying Scud"
s/s "Fleetwood"
*/s "Philppine Bear" s/a""Contest".
/s "Facifle Bear”
/ "Surprise"
Due
Salla
Oct. 28 Oct. 28 Nny. 6 Nov. 7
20
H
20
21
MJ
IT
*245
27
28
vin Okinawa
"
Yokohama Okinawa
Direct
via Okinawa
Americum Promoer Lime
Arrivals from New York, Boston, ́Other Atlantic Ports via Panama
5.8. "KOLOA VICTORY" 8.& “WHIRLWIND”
Sallings to Manila
8.8. "KOLOA VICTORY" 8.5. "WHIRLWIND"
Due Nov. 8
15
H
Sails Nov: B
10
+
כי
Sallings to New York, Boston, Other Atlantic Ports via Panama Canal
BPECIAL CARGO OIL TANKS ——:
For Full Particulare Call
..... Bails (Nov, 1
UNITED STATES LINES CO.
General Agents
geen's. Building.
Tel. 81251 (3 lines)
Peninsular & Oriental S.N. Co.
B.S. "KOLOA VICTORY"
DUR
Sint Get.
8th November
12th November
MHIP-
FROM
Colombo &
Singapore
Bombay
.U.K, vía Stralis 11th November
.....U.K. Genos,
Bombay & Straits®
erous gifts, amounting to £30 draw on the International Mons- millions, from Australia Zealand. They also include 2009 will deprive him of revenue." He millions, presumably representing will loro over Customs and Ex- drawings the
011 Canadian and eise, and will get only a
fraction American credits. There were, of his estimated millions of
wever, certain repayments.
Tevenue from mot Entirely
motor licences. because of the draw- On the other hand, if national ings from Canada and the Unit-capital expenditure is reduced by ed States, the Government ac- C200 millions, he will save on "SANDVIKEN" {eumwinted eush surplus of housing and on loans to Local
1501
millions during this half. Authorities. If he is willing to "RIVERCREST" year. This was used to reduce exercise economy, he could say "SOCOTRA” the floatine debt. Here again in other directions DA well. "TREVOSE" " further analysis_is_needed. Finally he has still-to-collect-the
No less than £201 millions of bulk of the year's Income-tax. "CANTON" this reduction consisted of re- On the whole, the figures aug payments of loans made to the gest that Mr. Dalton
could get Exchequer by various public de- through to March 31, 1948, with" "PURNEA” partment, What they did without either an autumn Budget
STRATUNAVER” for this
tacner is nol revealed. any increase in the floating debt, They may have spent it on their This suggestion, however, makes legitimate functions. They may one bold assumption and ignores have used port of it to buy Gov-one vital need. The assumption erament securities, thereby sup-is that Brish industry can be "DEVONSHIRE”
4 p.m. 25th October norting the glit-edged market. reorganised upon an export basis
(Civilian Passengers to UK,'only) They may have dono several without general breakdown, { "OZANDA"
Bombay vin cther things. We do not know, leading to sericus unemployment
30th October and that is why it la so dimerit Were such a disaster to happen, "TAFTI"
Straits & Colombo to say how far the Government (Continued in Col. 6)
EIS
12
vis
Los Angeles
m.v. "DONA ANICETA"
BOOKING AGENTS for P.A.L.
THE DE LA RAMA STEAMSHIP CO. INC.
Ühinese Shipping Office
Tel: 23738-20183
26-
Pedder Building
Tel: 23670-22675
Tel. No. 29718
MOW SANG SHIPPING CO.
3 Connaught Road Week'
HONG KONG & CANTON LINE
ES, ICWONG TỪNG”
Hong Kong Departúča: Oct. 28.
8.00 P.M/
3.00 F.DI,
8.00 F.M
Canion Departure: Oct. 29.
Nov. 2
12:00 M.N.
12,00 M.N.
12.09 M.N.
HONGKONG & MAÇAO LINE
Kody - Débart
Macao Departure:
(#10.00 AM” DANY.
alloration without" notice.
Hexbars. Pienso Apply To The Abore
A BRITISH CROSS WORD PUZZLE
ย
Clues Across
3. Complete, s. Quantity of
PRECI 98 Guided. 11. Advanced
in rank,
13. Expand. 15., Rustic, 11. Ensio off,
19. Discover, 21. Tuffed
asidip.
→ 25. Distance
*** atron d ...'circle,
26: Slender. 27. Determined.
Saturday's Crossword
Elegancy: 8: Martij. – 9. Raviti It Biderly:-11-Cortode; 15. Annuits
Deflywhe
Downiel Stror; · 2 · Argus;
Clues Down
Sopppet 2.. Emblem of
saintliness. Lure,
5. Was The
debted..
6. Extremis. 17. Małe @
Shancial. provision...
p
9. One
makes a
Donated
Carpet: 14 Tenly,
10, Royal,
12. Wandere
14. Weight,
16. Send
12. Subsequently.
19. Churb
dignitary
20. Schemes. 21, Transactiam, 21, Outle
•21.; Cultivates-
24. Mola
·
SHIP
TREVEAN"
"TREVOSE
“BOCOTRA” | |"FURNEA"
"CANTON" e
..
"SOCOTRA” • T
ammamumunuaiU.K.. Bombay,
Colombo ž
Straits
Japan ........UK. & Straits SAILINGS
TO
19th November
21st
And November The SWEDISH EAST ASIATIC Co.,Ltd.
READY
OUTWARDS TO SHANGHAI
Discharging LK. „Discharging H.K. HOMEWARDS TO EUROPE
M.V. "HEMLAND" M.Y. "BENGAL"
„Caleníts via Straits * 5th Nov.
M.V. "DATAAN”
7th November
„Genoa, Landon
Rotterdam
(Amsterdam)
via Straits
Shanghal
Shanghai & Kure 14th November
Mid November
Bombay vla
22nd November
Straits & Colombo
„Straits, Colombo, 24th November
Aden, Port Said
& London.
*
..........London via Straits end Nov.
(Passengers & freigh()
* Accepts" enego for Antwerp & Rotterdam (Amsterdam) also scoppie, cargo for Madras on through bills of indlog.
. J. Has space för Woodall in Bulk.
British India S. N. Co., Ltd.
ARRIVALS
FROM
Calcutta Madrag”
SHIP
"BANGOLA"
"SHIRALA"
& Streita
Caloutta via Stralis
& Straits
SAILINGS
BRIP
TAPTI
“SANGOLA”.
{{Passengers & freight)
TOW
Calcutta vis
in Strailtale
DUR
„Loading - U.K.
early Nov. middle Dec.
17th Nov.
*LOADING FOR ADEN. FORT BAID, GENOA, MARSEILLES, ANTWERP.
'ROTTERDAM, (AMSTERDAM) COPENHAGEN,
OSLO AND GOTHENBURG.
1
Tanks avaliable suitable for carriage of bulk ol
For further particulars apply to:-
GILMAN & CO., LTD. Apople, Telephone 81148,
KLAVENESS LINE
SAILINGS
Direct to LOS ANGELES, SAN FRANCISCO:-
PORTLAND, VANCOUVER, & SEATTLE,
·BAILING:0th. NOV.
ARRIVALS FROM PACIFIC COAST “SOMERVILLE":
DUE NOV. 9th *SAILING FOR SINGAPORE. PENANG & PORT SWETTENHAM NOV. 10th
26th Desqher
ma "GRANVILLDING
GM HẠI.
m.8.
READY
5th November
Calquila via Straštą. Tth Nov.
Carro, accepted on through bills of lading for West Indiek.
1149,spaço, for refrigerated cargo.
Eastern & Australian S. S. Co., Ltd.
MACKI
ARRIVALS
February, 1848
&CO.
PASSENGER ACCOMMODATION." · BULK OIL TANKS.
Chinese Freight Agents,
HOO FOOK PING
THE BANK LANE (China) Lid,
Apply:-
THE BANK LINE "(CHINA) LTD. King's Buliding, Tel-27191
SAILING DIRECT FOR BANGKOK-
"SAN ERNESTO
Loading 28th October 1947 Sailing 29th October 1947
For freight; and passage, partictilarsi apply: to: 61
JEBSHUN SHIPPING CO.
Sonham Strand. West