MESSAGERIES M
"FELIX ROUSSEL”
"BI BAKEINT
Living
THE CHINA MAIL, MONDAY, NOVEMBER 26, 1951.
Y MARITIMES ATTEMPTING IMPOSSIBLE
Leaving
Dec 7 Dec Н
Dec. 12 Dec. IN
***MONKAY"
Hec.
Dec *
*FELIX ROUSSEL'
Hec.
"BASTIA"
„Dec.
26
Dec.
21
•
passengers & Treight
M Economists' Analysis
Gutward Po
ASPARITIES
Jagan
Homeward For
N. Africa & Europe
Manila, Bairon A
Marseilles
N. Africa Europe
t freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.
Sobject To change Wibom Notre
CIE DES MESSAGERIES MARITIMES P.O. Box 63, flongkong
Queen's Building (gr. floor) Tel. 26651 (3 lines).
America Expects Prosperity In Election Year
Washington, Nov. 25.
Economic experts predict that 1952 will bring election year prosperity to the United States with a resulting golden flow of dollars overseas to pay for bigger than normal imports.
The prosperity is foreseen because it exists now and because the Government is expected to encourage it, so voters will be happy when they east their ballots for the President of the United States and a new Congress next November.
credit this scal year
There was only Happy voters usually
whon the political parly in power $33,790,000,000 in 1948 with their welfare. There is an Mr Truman was elected Pres.- axiom to United States pofities dent
ly
that the incumbent party TATE-
loses an election In times meaning when bushiess
good
A "good tune in this coun
always stiraulates try almost
is bouming and jobs are plenti-imports, creating new business
ful with good pay
There is u
B of
prospect $90,000,000,000 national income!
Bolivian Tin
Prospects In Europe
Washington, Nov. 25.
Tip experts believe that it in nossle for Bolivia to market most of its low-grade tin pro-
fr many producers and porters in other countries.
ex-
Imports in the first eight months this year amounted to about $7,680,000,000, compared with only $5,370,000,000 in the period of 1950 and Skme $4.940,000,000
the
eigh! months of 1948, the last eler- tion year.
With prospects
17.org
of an even 1957. active economy in
expectation there is a normal that imports will at least hold their own and are more likely to increase
Of Sterling Crisis
Imperative Need To Avert
Further Devaluation
(FROM OUR OWN CORRESPONDENT)
London, Nov. 25. Several eminent economists have this week contributed to the public debate on the future of Sterling in the modern world. Cause of the crisis no longer seems in doubt.
In Professor Lionel Robbins' words: "We had been driving our car through the difficult post-war country with the stearing gear out of action, the wheels lashed rigidly in one direction, our only means of equilibration an occasional stop every Jew months for the wheels to be unlashed and turned at another angle-while Minis- ters stood on the roof and delivered salutary exhortations."
Freight Dumping Menace
Washington, Nov. 25.
In other words, we have been going too far,; too fast and without economic safeguards. We have been attempting the impossible.
been
ex-
may call for more speely betion. One method of bridging the difficult gap between fixed pori-
and for es
full convertibility would be to institute a system
rates for of flexible exchange current transactions. as
By abandoning the link be- Tween the domestic and ternal economic policies we have
plunging headlong disaster Post-war policy
has tended to treat internal stability
external solvency and separate objectives whereas
tn
A United States ship- tact they are closely jomed.
Control over the internal ping authority predicted today that Japanese meronomy has in the past been exercised mainly through the chant shippers will engage Budget and direct control of dumping" to investment, with the result that in "freight increase their international economic policy has been based on predictions which later facts competitive position.
luve seldom borne out.
Concern ove, future Com- petition by Japonese shipping Alvin was expressed by Mr Shapiro, director of research of National Federation of organi- American Shipping, an
alion representing most of the United States ocean-going ship operators.
Mr Shapiro commented to the Waited Pross 011 ил article
in published
in recently
The course is favoured by Sir Frederick Leith-Ross, who has ggested various ways in which
might be achieved.
it
"It may
Free Rice Price Drops In Malaya
Singapore. Nov. 25. The price of free rice dropped from $$45 a picul two to $$41.50 withku
of months after the price Government-rationed rlee was boosted and free rice Imports
Thailand from banned.
Surplus stocks, anxiety of rice dealers to sell and reduced purchases by Federation of Maluya dealers were given 38 rice, Rationed reasons which is not considered as desirable as free rice, sells for about 8$32 a picul.-- Associated Press.
HONGKONG
SHARE MARKET
(From Our Correspondent) be done," he said.
Business done on the Stock "by allowing transfers freely at
this morning was the offelal rate. But, after the Exchange experience of 1947, it is probably valued at $309,805, Noon quota-
le system. If. in order to pre-actions:- esirable
tions and the morning's trans- to adopt a more flexi-
vent the flight of British SHARES BUYERS SELLERS SALES As Professor Robbins said this capital, the machinery of ex- week, direct control has tended change control has to be main- tained, the first step might be to be "behind the gun."
"The Times supported Pro- to follow the Canadian example lessor Robbins we must adopt
allow the rate of ex- contention that and to
permitted transac- a more flexible change for
affairs. tions to be fixed by commercial
INTERIM PERIOD
policy in our economic . The budgetary policy alone demand.
any
worked slowly and at are in- work tervals.
"Or the system adopted by "When all stages of the tram-France and Italy might be tried. of the under which certain transactions consideration Japanese publication, "The g and
A Estimates and the lag between are carried through at the off- Oriental Economist,' by Ichiru
for tax legislation and tax receipts cial rates and others are settled Matsumoto, managing-directe
*rcely in
in the parallel market." the St Nippon Steam are taken into account, two years
Sir Frederick recognised the one probably re- I rather than Liunted. hip CompLuy.
difficulties involved in evele of $ erticle MI Matsumotu presents the real
these systems but maintained aid "As
Japanese operation. lung u
that if convertibility was fair adberr Lo upowners
10 be attained an interim perios pulley by doing their business
of flexibility in
in some form would with equitabık in accordance
almost certainly be necessar
If the International Monetary Fund were
to insist
on rigid parities the date on which cur- remcles could be made freely convertible would be indefinite- jy postponed.
CORT considerations based on national cultural standards, there is no fewn of any criticism against freight dumping."
point, Mr Shapire On this
"Doing business in Commented accordance with equitable siderations based
ational
Jung
Не
Japa
vices because of
The increased year and the
this budget prospect of an is
DEFENCE SPENDING
it
On
her
con-
su:-h
DANGEROUS SPIRAL
Internal inflation, barely con- tained by direct controls, bas now broken loose and we have begun lu witness an upward spiral of wages and prices that threatens our position as a great monetary power.
BANICS
HK Bank
East Asia INSURANCES
Canton Unter
HK Fire
DOCKS, ETC S'hai Dook Wheelock XD
LAND, ETC HK Hotel HIC Land S'hai Land Humphrey's UTILITIES
Star Ferry
E. Light (B
Electric
1575
123
72 1500
75 A 230
713
20 t 145
34
4
2007 51
13
16ły 16.75 1000 @ 10.00
120
Tram
of
C. Light (0)
99.40
C. Light (N) 0.35
9.10 1000 @ 8.10
ever
3000 @
23 1000
214
500
214
100 211
1000 6
Zł
18
241
in
almost
Exec. (Bonus) 215 Macno Elec
Telephone 142
INDUSTRIALS
Cement Rope
STORES, ETC.
Watson
Daity
Bale
1x ficc.
4th Deg.
1th Dec
7ih Der.
9th Dec.
9th Dec.
12th Dec.
16th Dec.
28th Dec
RIL
INTEROG
Ship
ARRIVALS
**THFJALENGKA" "TEGELBERG”
"YAN HEUTBZ.“
TASMAN
"'RUY!"
--TJIKAMPEK" --TJIBADÄR" **TJIWANGI TASMANU
1 Jan. 2 RUY
4th Dec. Brh Dec.
6th Ber. ath Dec
Lich Rec
Exh Dec.
19th Dey.
Pŝth Dec.
Ord Jag. 75%
From
Macassar, Java Ports & Sagapor Зардп
Japan
Penang. Bolawan Deli & Singapore
S
America, Africa & Singapore Macassar, Balikpapaa & Ringapore Calcutta & Singapore
Macassar. Java Parks & Stegepers
Fapan
Japan
SAILINGS
--TSINJALENGKA"
TASMAN" "TEGELBERG"
"VAN HEUT57 --THKAMPRE **UYS**
"TJWANGI "TASMAN" "RUPE"
TO
Singapore, Java Ports * Macassar Japan Porta,
Singapore, Atries &
America singapore, Penang & Belawan Deli
A
Japan Ports
Japan Ports
Macassar, Java Ports & Singapore Singapore, Penang & Melawan Deli Manila, Angapore, Africa &
America
General Agents HOLLAND EAST ASIA LINE
Date
11th Dec
15th Dez 1st half Jan
5th Jan.
ARRIVALS
Ship
"KIRLORECET"
"AAGTEKBAK"
"OVERIJSEI." "AAGTEKEAN"
20h
191
Dec. Dec.
7th Jan.
*KIELDRECHT" "AAGTEKERE" "AAGTEKERK"
From
Зарал
Europe & Bingapore
Europe & Ningamer Japan
SAILINGS
TO
Manila, Singapore & Europe Japan Vin Manila Manila, Singapore Europe
The
BUILDING TELEPHONES 28015 TO 28017 AGENTS. 82. CONNAUGH EN BORD-CATUS-$1196,25133
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. LEXA MAERSK” M.S. "ANNA MAERSK” M.S. "LEISE MAERSK”
ARRIVALS FROM U.S.A.
400 @ 3.40
M.S. "LEISE MAERSK”
M.S. "GRETE -MAERSK”
M.S. "OLGA MAERSK"
Exchange Rates
Dee. 4
Dec.
16
Der.
31
Dec.
5
Dec. 20
Jan.
6
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
0.85
15.0
3.30
38.00
1.000
13.53
Pedder Building
In these circumstances it is
But, though the need to work s Japanese hardly surprising that the out- towards full convertibility
L Crawford 30 cultural slondards
Sinceres fear another generally recognised, not every- side world should leaves little doubt that in the devaluation of the Pound, Con- body is agreed that it should
JUIL such practices
be preceded fidence in the Pound reached its
by Rexibility eight dumping are imminent. Lowest
the exchange rates. ebb just before added: "Transitionally get
Times. general election and resulted in
The "Financial
for Japan is one of, if not the lowest, an alarming drain on our ex- instance, has pointed out that cost provider of shipping ser ternal reserves.
There are now flexible exchange rates are in- national
the local Business was confidence is appropriate to an economy like
done in
market unofficial exchange
this ultural standard. At the presont indications that
beginning to return but there is that of the United Kingdom.
morning at the following rates: time the free market 15
The centre of an such still a lingering feeling that des- ruction in Europe. but that even bigger one next year that cargo offerings are Anancial and technical obstacles chiefly for the defence pre-
would be pite the interim measures pro- worldwide financial system has US Dollars (per $t) tremely heavy.
De posed by Mr Butler nothing short vested interest in the stability Sterling mole per
Indonesia guilders (per 100) pear to be unsurmountable at Le
unwise gramme of this country and its
both uneconomical an
uf further devaluation will solve of its exchange rates which Stara ficats (per 100) de present time.
allies in President Truman's
to practise rate cutting, etc. the payments crisis.
outweighs any theoretical ad- Singapore (Strafts) However,
seems extremely Meanwhile Bolivian and US. "crusade for peace" but it has
The first aim
which might result FIC plustres (per louj of policy must vantages that: over-optimistic to assume officials said no such sales have the indirect result of stimula-
and to restore
even from limited freedom." It with its low cost
tion therefore be of operation. deals are ing reduction in variety of in- been made and ne
confidence in maintain
the said. dustries.
verbal assurances will prevent under way
Despite these at its present exchange Informed officials here were
Japan from exploiting her low Pound
to approach the Jobs in the United States are
is of prime im- methods of inclined
doubt that the
cost position when lesser cargo value.
is full French Government is interest all-time peak.
currently running close lo
volumes are available and com- portance not only to the United external problem there In September,
whole agreement on the need to begin petition buying
becomes Kingdoin appreciable ed
effective disinflationary 01,580,000 persons
with were Em-
infinitely greater than at Sterling Area. mounts of Bolivian ores that
of achieving policies at home. The alternative Various means
further de- were formerly marketed in the played out of a total population of 155,000,000. This meant that
this aim have been suggested. might well be a United States.
and that hes stressed valuation
must be 52241 Reports from La Paz said the early every able-bodied
a job
Mr Shapiro also objected to Professor Robbins woman who wanted
need the standards of comparison of the
for "a mechanism averted at all costs, French Ambassador has opened | 2 discussions Ul a possible tin had one.
the size of the Japanese mer- sensitive to change from day to
and purchase deal.
therefore producing deal It was pointed
chant fleet used by Mr Mat- day Department
to adverse move- nu! thet France like Italy. reported that payrolls in the sumoto, who said that in 1939 adjustments
while these аге Brazil.
still ments Argentina and other Arst nine months of this year
Japan possessed 3,800,000 tons countries has several small in-
were at almost $140,000,000,000. of ocean going vessels heavier smail."
Such mechanism must have stallations capable of smelting The total personal income in than 4,000 gross tops.
the external of full regard to 1in ores. The French produc-
He said the delimitation the United States through Sep- tion of the refined product, how-
Was $258,350,000,000, size at 4,000 gross tons and over balance. "When in surplus, Ex- exceeded 100 tember eve has never
is a most unusual one. "We pand; when in deftoit, contract." tons per year, according to these compared to $331,500,000,000
year earlier. EQUITES.
in
The Commerce
an
તા
The tin experts said there are The Department reported that four smelters in the world aside personal savings were $22,200,- from the United States' Texas 000,000 in September, in con- City plant. Two of them-the trast to only $4,000,000,000 ♫ Capper Pass snelter in England year before. and one in Germany, specialise
of
The Arnhem
er
hits
be-
ever
for
traffic
present
"
MOST UNUSUAL
This
but to
the
differences in
Philippines? Exports Up
Washington, Nov. 25. The Commerce Department
generally recognise ocean-going MUST BE THE RULE reported today that Philippine
vessels as being those of 5,000 gross tons and over,"
There were many conceivable exports increased sharply for a In 1930-96 the Japanese mer variants, he said, but that must favourable trade balance during chant fleet totalled 3,800,000 be the chief rule of monetary the first half of 1951 but warned grOBS tons of which 1,700,000 systems which attempt to main-that this may be reversed by the gross tons were engaged in true tain the external balance at fixed end of the year if the control of imports and the reduced prices trans-occerle trade, the balance rates of exchange.
Asiatic trading
We must adopt that rule our- for exports continue. nearby
The analysis of the Philippine coastal areas, he said.
selves if the Pound was not to Mr Shapiro said: "Our organi drop still further, he added. trade position was published in
Week sation has never advocated
But, although the immediate the "Foreign Commerce barring Japan from ocean trad-
lication. We have objected to direct aim of policy must be to re-ly" an official Department pub- The report said, "during the American aid for rehabilitation establish confidence in Sterling, our long-term aim must be to of the Japanese merchant fleet restore the Pound to full con- Brat half of 1951 the increased beyond that which was required vertibility. This was the theme demand for, and the high prices
trading purposes. for her normal
of a lecture by Sir Cecil Kisch of, Philippine exports led to au danger lies, not so much to a Commonwealth gathering in excess of export trade over the in her present situation but London this last week,
voluc of imports amounting to rate of progress 32] Convertiblity
77,300,000 pesos, in contrast he said, development of the Japanese
pesos at the end of June, dependent on the
an import balance of 1,871,900,- be dis of restoration merchant marine will proportionate tö the
This represented Joreign England's "disciplina nk of
in export
carry."United Press.
value and 33 per cent by the Arst #tx
In low-grade concentrates.
With jobs avaliable in the Harvey smelter current season, economists The William in England now processes high-lieve that there will be at least grade production of Bolivia, al- a similar situation prevailing a ough it is technically capable year hence, particularly if the
handling lower
lower grade ores. Government carries out its
(Holland) stel
ing. smelt-plans for a larger budget and long continued its opera- thus stimulates business tion in medium-grade concent-more. rates, according to these experts.
With Congress controlled by The experts said the Capper
German
smelter might the same political party as Mr Together absorb half the Boll- Truman, there seems a reason- vian low-grade production. But, able likelihood that it will have they Balu, it is doubtful that the substantial funds for the market for recondary tin pro-fiscal year despite the rising ducts, which they specialise in, clamuur against higher could support such an expansion and Government spending of output-United Press.
POBS
and
United PresD.
next
taxes
the
The
in
WDS
over the
to
trade that it is called upon to volume of credit, - Onpe:Thijs wel trade increase of 70 per cent by '
to
achieved the road vertibility would be clear.
The problem of convertibility, volume from
Constellations HIDE EXPORTS German Tanker's however, in aggravated by the months of 1956.--United Press.
For India
Bombay, Nov. 25.
is
Air India International, the largest Indiangirlines, gotiating with Lockhood Aircraft Corporation, of California, for
exported, the
Maiden Voyage
existence of huge Sterling balances. With each fresh de
cline in the spending power of the Pound those
balances de teriorate in value.
WOULD BE DISASTER
some members of the Starling
RECORD IMPORTS
The
way
SAFE
Europel
ATHENS ROME GENEVA HAMBURG
STAVANGER OSLO
Via
THE MIDDLE EAST
INDIA & BANGKOK
Tel: Nos, 36066-9.
RAATHENS
DEPARTURE HONGKONG EVERY FRIDAY
Bookings Accepted for all Europe
Every second flight in conjunction with C.P.A. BRAATHENS S.A.F.E. AIRTRANSPORT A/S
Agents
WALLEM & COMPANY LTD.
Hongkong & Shanghai Bank Building
Tel: 38041-5
Pacific Far East Line, Juc.
DIRECT
Fast Regular Trans-Pacific Service
BY ARGENTINA SAN FRANCISCO, LOS ANGELES
Buenos Aires, Nov. 24. Argentina's July
imports
OVERLAND
NEW YORK-CHICAGO-DETROIT-TORONTO MONTREAL AND ALL AMERICAN, a CANADIAN CITIES
Regular Service direct or with transhipment.
totallet à record 1,000,000,000 ! Guam, Marinas Islands, Micronesiau Islands --- Peses, the Government reported, That was 21 per cent more than in-June:
July Imports from the United
Vérabl
Karachi, Nov. 25. Pakistan hido, and skins ex-
Bremen Nov. 26. ports totalled" 04,900,000 rupeet
The 11,400-ton tanker Rolandi, during the year ending June,
West
Germany' biggest 1951, officinal sources seduced.
merchant ship, left here today for the Porlan Gulf on her There are already signs that The purchase of two super- United States, Comments Japan meiden voyage, it in Hamburg Aron mantined with this
The veel, bullt Constellations estimated to cost and other hard currency areas in 1910, was badly damaged in state of affairs, and oven von $3,000,000
ccounted for 30,100,000 rupees, the Mediterranean during the It may prove dificult to prevent States totalled 281,000,000. Pons,ADE WINE"
enme breakaways For this rear 22 per cent of the total. Other ALASKA BEAR“ The airlines propose to use:U.B. purchases reached 10,600,- | WRRD made 11 metrog i non, if for no other, further def main suppliers included: France, the plonos for trans-Asian 000 rupees.
Brazil, 70,000,000: United In understood
The Ualled Kingdom lea soft longer than she was originally valuation would prove dinar 8 millon Pesor Japan, 70,000,"FLYING SOUL"
and now has a length of 170 TOLLS, planen, are expected to reach.
the Khachos 40,000,000 Sweden, Indie, in 1958 if the terms of currency aren bug with more and a breadth of 1 While it is clear that the
of 0,440,000 ruppes metres,
only, long form belly for Bier: $4000000; Cerimany, 100,000,000, pluchess and dollyy are tour Bure
The ship has & speed of 19 lng a full convertibility, the and Haly 40,000,000 Asso to be, Kallaratory, or United | followed by Taly, Turkey, thấ
Sweden-iscoelated Prem,
cohesion of the Stowing Ares elated Pr
the
She www.
vlete
CHINA BEAR"
From
Arvivte
Onits
For
Ban Francisco Otraits
Dec. 14
IMC.
10
San Francisco & Lán Angelo» -
Dec. 23
Dec. 1
Ben Frankinco San Franello
Jan, 20
dars, 30
Jan, 21
| Ben: Frandlero, Be Los Angeles.
vin Kobe
San Francisco & Los Angeles
San Francisco a Los Angeles
via Yokolima
Wee fall particulars cult United Sinion Lines Co., Gomeral Aavnin, Queen's Buliding, Tel: 20100,