THE CHINA MAIL, THURSDAY, FEBRUARY 14, 1952.
NWAY OUT OF THE CRISIS MESSAGERIES MARITIMES
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BAILINGS
To
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Japan
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Bemarang,
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ingapore, Prang Belawan Deit Jakarta,
Tiirebon, Bear.
Surabaia & Macassar Blogapore, Mauritius, E. & S. Aftlen
5. Amerira
Kingapore, Djakarta,
Hurabata & Macassar
SOMATARK,
Mantia, Blugapore, Mauritius, E. & D.
་
Africa B. America.
Feb. 15th
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Feb, 18th
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Pop
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Mar. Atat. MAT,
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May. 4th
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May 7th
May 16th
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Japan
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Surabata & Macassar Singapore, Penang & Dalswan Doll Kingapore, Djakarta, Zemkrang,
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After B. America
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Djakarta.
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ARRIVALS
Frb 15th
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TJISADANE"
VAN HEUTSZ" TJIWANGI"
UTHLUWAIL"
Poli, 27th
Feb. 29th
Mar. 131h
نا
From
Semarang,
Semarang,
9. America, E. & S. Africa Bingapore &
Manila
5. America, A. Africa,
Macassar.
Singapore
Surabala & Manila Tenang. Relawan Doll & Siegsporn Burabala, Semarang, Jakaria & Singapore
Surabata, MACHIKAT.
Semarang, Djakarta & Singapore
General Agents,
HOLLAND EAST ASIA LINE
SAILINGS TO EUROPE
"HOOGKERK"
Mar.
7th
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Apr
7th
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Blay
7th
"AAGTEKERK"
Juno
4th
"OVERUJBEL"
-July
14
-Balls
SAILINGS FROM EUROPE
Itotterdam
Arrives Hongkong
"AREND KERK"
Bailed Jan. 31st
Sxar.
KIELDRACUT"
tar.
Apr.
10th
"AAGTENERK"
Apr.
Sth
May
10th
Any
2nd
Jun
*7th
"HOOGKERK”
May
28th
July
"OVERIJNEL"
*KING"
INDUSTRIALIST DEMANDS:
"Ban
Imports Of Japanese Cloth"
London, Feb. 13.
Increasing Output And Spending Less
War Seizures Higher Savings Implied In
Chancellor's Restrictions
By Japan
.
Tokyo, Feb, 13, Japanese Transportation Ministry sources sala lo- day that the Ministry submit to would sharily
the Diel a Bill under which
nationals Allied could seek the return or ships or cargoes seized by the Japanese during the - claims Pacific War or damnares.
The
Bill providea the creation of aboard which would review war- time Japanese Prize Court decisions.
for
The Ministry wald that the
captured Japanese 1,007 Allied ships during the Pacific war-Reuter,
Indonesian Purchases From Japan
Tokyo, Feb. 13.
(By J. R. CUTHBERTSON)
London.
The way out of the sterling crisis is fundamentally that of increas ing production on the one hand while exercising moderation in personal consumption on the other.
The solution to these two problems lies ultimately in the twin fields of saying and investment.
If the denial of certain goods to the home market were to mean that the money which would have bought them was merely spent on something else for con- sumption, instead of being saved, 'resources would not he released either for invest ment at home or for reduction in the overseas deficit,
wo
For
must Mr Butler's restrictions, im-
the solutiort posed as an emergency measure, look elsewhere; first, to the fact would be unnecessary if savings that a large sector of industry and, has been nationalised, were adequate.
His long-run aim must be to secondly, to the enormous current increase output more rapidly surplus-forced savings with a
home then
consumption-in vengeancel-remaining each year hands of Central and other words, it implies increased in the
and Government investment (including replenish- Local ment of gold reserves, and in-trustees vestment overseas) and therefore Insurance Fund. higher saving.
Including death
caring savings seeking |
of
the
the National
duties and
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business
Wis Noon
In particular, continued in-special contributions, this surpluz roughly £800 million creases in output by private en-averaged terprise imply the investment of per annum in the period 1048-50,
PROPORTION LESS
done on the Stock capital; and if the
As a result of nationalisation, Exchange this morning
$985,409.05, not forth the basic industries and public- valued at
and tho morning's The economic naviser to the risk investment are
to Japan coming, how is expanding pro- utility services are now financed quotations Indonesian Mission
either directly by the Govern- transactions:- in his duction to be financed? reduction foresces no
endment or indirectly by the issue SHARES BUYERS SELLERS SALES of saving pattern for Japanese country's need
1530 1595 30 1500 textiles despite the construction
50 1500 of a new spinning factory.
141 --
a
St.
in this country has of glit-edged securitles
ago.
revolutionised. Two generations prudent member of the middle classes expected to put by as a a substantial matter of course fraction of his income year by year.
between the two even
of moderate means wars people of provided a great part of the there nation's savings, while wero.. still many rich men con- in big tributing new capital Bums out of their Incomes.
Mr P. Mijunrends said the new factory will accommodate capacity of about 20,000 spindles. "Bemember, however," he said, "that Indonesia has a populations of 72,000,000 and needs 800,000,- 000 yards of textiles annually.
"Indonesia will perhaps be able to supply herself with 25 per cent of her own needs, but the other 75 per cent must come
and
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Mar, 18 Apr. 7
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MAERSK LINE
FAST-FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
M.S. "JEPPESEN MAERSK"
M.S. "HULDA MAERSK"
TREIN MAERSK”
ARRIVALS FROM U.S.A.
M.S. TREIN MAERSK”.
M.S.
24 700
512
•
SHIPPING
Asa Nav.
.. 1.85 1.00 5000 41
2000 44
5000
1,70
+ 120
1,75
M.S. "PETER MAERSK”
K. Whart
100
300
7.15 730 1433-34
2.5
150 000 4 10.70
2500
2400 OF
to the public.
as nationalisa- Fur
Furthermore, Ang
tions occurred the proportion of risk-bearing securities in the INSURANCES hands of the public was reduced, and that of gilt-edged securities increased.
The Government
used its the current surplus to reduce floating debt held by the banks; the banks in turn were enabled in their then state of liquidity) not only to increase their direct advances to Industry and com- also merce, but
to purchase LAND, ETC. langer-dated gilt-edged securities from the public.
WHO CAN SAVE? Now the re-distribution of from other countries, and Japan wealth through high taxation has will of course be a main, supall but eliminated the very rich plier."
in terms of income, .and has
The latter could then restore: In addition, he said, with the squeezed the middle classes to the previous proportions between building up of Indonesian indus- the point where few can save at its security holdings of various be a all, certainly not those with types, and in so doing provide trial capacity, there will
Industry with new risk capital. to import greater need
raw family responsiblliiles.
By On all hands the question is
purchase of gilt-edged cotton and yarn for its factories.
from the market heard "Who can save nowadays?" securities "In the overall picture, there If the case is made that the through the Government broker National on the will not be any decrease in
wage-earning classes, never bet- the surplus
even ter off, should be able to All the Insurance Fund is used Japan's market in Indonesia, Mr Mijnarends said. "Indonesia
reinvestment In funds for did $110,000,000 worth of busi-BP, one may retort not only that more directly to put the public
industry, ness in Japan in 1831," he said, they have not done so, but also
NEW PATTERN "Of this about 70 per cent was that in the nature of the case
their
savings are unlikely to go While we do not into then textiles.
Finally, large sums, in the form risk-bearing investment,
alone expect any appreciable increase which
the of War Damage payments and advances In 1952, neither do we foresco a frontier of
ado. E.P.T. refunds were paid from industry and trade. decrease."
It was essentially the function the Government's surplus direct
Protests by Britain's leading textile indus- trialists against Japanese competition rose to a new pitch when Mr Cyril Lord, Lancashire manu- facturer, called on the Government to ban import of unfinished Japanese' grey cloth.
This would be a start, he stated, in preventing Japanese infiltration into Empire markets, He was telling his milt work- ers at their annual dance, why he is soon pulting one of his three mills on short time.
A total of 600 million yards of Japanese cloth was sold in Empire markels last year-cloth that could have been made in Lancashire.
This year, he Japanese hope
to
cloth exports to 1,400 million yards, with the Empire as the chiot target for selling,
He urged the Government and Empire Finance Ministers, now considering import cuts after the
dumping of cheap, Japanese tex- tiles,
they
2
"Indonesia,"
he added,
to
one
in
N. Pt. Whart Dock Plovident
S'hal Dock
HK Hotel
HK Land
S'hai Land
Humphreys Realty
UTILITIES
Tram
0.20 0.50 1000 8.35
14 141
417901820
P. Tram (0)
P. TTAM (N)
Star Ferry
11032
C. Light (0) 8.50 2.05
500 GF BAD
1000 g 6,13 1100
M.S. "NICOLINE MAERSK"
Feb. 16 Mar. 2
Mar. 16
- Feb. 17
Feb, 20
Mar. 16
For Freight and Further Farticulars please apply to:-
我
AGENTS:
JEBSEN &
Pedder Building.
CO.
Tel: Nos. 86066-9.
PATTISON ORIENT LINE
S.S.
Due From:
LIMITED
"LAURE PATTISON”
Sails For:
DIRECT Pusan & Japan Feb. 17th - 1052.
Tel. 26346.
8,03
1000
.C. Light (N) 6.05 6.20 2000
Electrio
1500
Elec. (Bonus) Telephone
21.00
... 17
by INDUSTRIALS
Cement .... 18.00 10.00 1000
*** Поре
1500
1000 * 1000
2015 21 1300
3500
..... 24% 43% 100w
Crawford MA 34
3 320
... 8.00
1000 23
12-14 Queen's Road, Central.
g of the well-to-do private saver to the capital accounts of firms Japan's second best customer, to supply "risk capital," and he and individuels, and a great deal of this money went to industry. next to the United States, and in has been virtually squeezed out
The new pattern of enving of exlatence, some Instances Indonesia ranks
Atter allowing for the extent and investment is completed by number one. In this ranking.
allocations from the (recent London talks, to end this however, I am not including the to which many of the wealthier |ment's current surplus to finance
now drawing on Sterling bloc nations as a group." classes are
capital in order to maintain even house-building. Wheresa before
it the war more than three-quarters STORES. ETC. Besides textiles, Japan is also reduced living, standards,
Dairy * of new house construction was In-seems exporting mashinery
per year, perhaps financed from private savings, donesia for construction of rell-ems unlikely that as much as
Watson the post-war housing programine ing stock, ships, bicycles, glass substantially less, is available
de- pencils, produals,
matches, from current personal saving for has been almost entirely ement, porcelain ware, carthen-investment
in risk-bearing pendent on flounce from Central
and Local Government sources. COTTONS
Ewe ware and enamelware, United securities.
MOSTLY ABSORBED
Does the new mechanism of
DI MISCELLANEOUS Press.
Yangtaze Of this, however, by far the saving and investment supply a
ail is satisfactory means of greater part, if not
of Anancing of industry absorbed
the development by the purchase of existing risk securities sold from
modern under
conditions? It may deceased estates.
be argued that In the three years 1948-50, ndt established companies, public and
private,
UP TO GOVERNMENT Until now, all the Lord mills
represent
£1,000,000 added, the business-have been working boost their double eight-hour shifts, from
six in
the morning to ten at night,
and my colleagues have bren working 12 hours and more a day, Mr Lord continued.
RUSSIAN
OFFER
CEYLON
Russla
TO
Colombo, Feb. 13. has offered to barter capitol goods for raw materials with Ceylon
Mr G. Ponnambalam, Ceylon's Minister for Industry, disclosed this today on his retum from. Rangoon, where he attended 'session of the Economic
mission for Asia and the East.
+
"There is no need for Lan- cashire mills to go on short time If the Government acts quickly, As start the Government should ban the import of un- finished Japanese cloth."
In
The
of
Cotton Price
for the taking-over Rallies After
Shaky Start
in
Sinca
prices, market experts felt that and the life-insurance companies are ultimately restored, and the
at least
+
各3
3500 B 8.10 1000 .10 1000 # 5.10 .10,000 or 6.10
Foreign Exchanges In NY
Canada
New York, Feb. 13.
US$0.00 18/18
2.78-3/10 England wil
$30 bid- 333 nice 2.77-15/16 *0.7634 2,224
30-day futures
60-day futures
personal savings, after allowing nonce their resources in)
staffs research
and of existing technical "know how," are better When dyed and printed
from deceased assots
ostate
than the private British
transferred to, the Government equipped plants the cloth is
Investor for
function. such a shipped to Empire markets as
duties. payment of death British clath-rwith the benent
barely exceeded £100 million Furthermore, the present process yearly. of Imperial Preference thrown
whereby Government savings are translated on a large scale into in-London Express Service.
the amount saved ans
new
in New York, Feb, 13. SINGAPORE ACTION
private investments the National annually through
industry can continuo for some Singapore, Feb, 13,
Cotton futures today regained a foothold after a shaky start. Savings. Movement, the savings Indus
imte yet. Government
banks and provident soclaties, today
savings of egging an After four days
But, unloss private u banned direct imports from Com- Japan
the amount, cameras, camera
exceeded this is better-off a technical rally
private capital For accessories, gramophones, pens,
elasses of the com- eroding of munity must in fact have been the price which has to be paid Australia pencils and
flasks overdue. After dropping
much as 35 points, at the close
dis-saving on balance. At the to persuade the pablle to hold New Zealand is too
*** Belgiuery high,
no new risk savings" at all Axe
fixed-interest securities
must Denmark The official reason led trading lower to 30 points higher,
ar later become pro-Franço saw nothing in the circles to expect a similar ban on other goods from European the..
sentiment, Moet the market whose
One may well wonder how borrowers in industry and trade. Hier countries
Sterling opinion still favoured the bear
This is the danger-point to- Norway, cases of other coumirles sending | balances in some cases are even aide. largely due to the Buch u state of affairs can -bo
wards which present develop-spain bigher than Japan's.
Cereasingly gloomy nature of the consistent with the fact that ments unfortunately appear, "lo Sweden The Malayn
Government textile
to statistical surveys Soviet delegate, he said,
Annu carlier banned the Importation with Indifferent
physical investment in the for demand Mc supported
Ponnambalam's, suggestion that Caylon be of similar Japanese goods för a cotton from domestle mills Productive enterprises of the
opot
country continues to be na great headquarters of ECAFE's Eastern similar reason-United Press,
and exporters.
โก real terms' as before the war. March liquidation proceeded activities.
How is it that private enter-
vacuum
While welcoming the offer, he because Japan's sterling balance market closed only 4 points present, time, there may well be more risk-investments and fewer Bouth Africa
had made it clear that it could only, be accepted subject to the right of Inspection during
fabrication cage.
the
This was being done in
the
capital goods to Ceylon, he
tho
The Soviet delegate opposed a proposal that the Philippines be the hostkuarters.
would
LONDON TIN
MARKET
London, Feb. 13. Prices of tin were
Mr Ponnambelum said that one outcome of the ECAFE session would be that Ceylon. receive more technical assistance,
Mr David Owen, assistant this morning. Turnover was Secretary-General of the United 70 tons, including 10 tons for
|cash.""
Nations, is Erriving here soon fin discuss the assislarize-Reuter.. Prices closed at the end of the official morning session as follows:-
DEIL
· Moot 'tin, 'selfers.
Clearance Granted
Spot tin, buyers
Rurines - dona at
bkyo, Fáb. 13.
| The-months. tin, buyers The Japanese. Transportation Three-months tin, seilers
Business, done at
that
Bettlement.
the
2.7636
0100
1455
Traders
comes.
news to warrant the change la/ being made out of, current in-ve to even the most worthy West Germany
0026-9/30
hibitive
4.20
2630
1403
found in either Investments 48,400
the issue of
Grain Prices In Chicago
Holland
Portugal
In Port
CHINESE AGENTS:
OVERSEAS CHINESE STEamship co.
48, Bonham Strand, West, 1st Floor. Tels. 20127, 31118 & 31119.
PENINSULAR
QUIS NOS
Exchange
-United. Prem,
EPARABIT
& ORIENTAL:
STEAM NAVIGATION COMPANY ·
R.M.S. CARTHAGE“
NOTICE TO PASSENGERS
BAGGAGE:
FRIDAY the 15th, February at 12.00 Noon for the UNITED KINGDOM via Straits, Colombo; Bombay, Aden and Port Said,
ALL passengers baggage must bo sent to the Hongkong & Kowloon "Wharf Co's Godown at No. 2 GATE, CANTON ROAD ENTRANCE BY NOON on THURSDAY, the 14th February, 1952.
yen to US$1 SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co'n Godown for loading on board by ship's slinga only
EMBARKATION
Will take pinco on Friday the 18th February between 9.30 amy and 11.00 .m.
Brati
SwitzerlanDLE
Egypt Iran Iraq Turkoy
2.801
0310
SAILS:
6373
LATIN AMERICA
Argentina
| Nolivia
Chile
Columbia
Cuba
Mexica
Uruguay Venesuela j India
FAR EAST
2009
допа
2.451-245 Indonesia
Paklitan Hongkong
Japan
Angapore
at a good pace, some of it on an prise raised over £125 million outright basis and some against purchases of
new crop de per year through liveries. Trade interests some shares to the public during those
three years 1048-50? times took advantage, af- the
THE SOLUTION
Chicago, Feb. 13. setback to iz prices, but most
The answer to this conundrum to
Prices of grain futures closed Peru of the demand was credited steady
shorts in not, as is often supposed; to be today as follows covering on specialities
"Institutional" Wheat price per bushel Open contracts in March at the
those of Spol 1.0.
-2.2871 slärt of trading totalled
2.544 bales with cortificated stocks at insurance companies, trusts, and Merch
•201 May Mod so forthines
undistributed 33,458. balcs,
ted pro- July
24034 September The market opened off-25 ats points to up 9 points. It dipped In real terms the undistributed December
Industry, ofter Corn to maximum losses of 10 to 35 pronts of
paints.
provisión had been made for Spot the holding of stocks at higher May prices, were on average rather Jy
this during period then September 41.10 nominal smaller
they were in 1938. 40.15-40.24
Brow 30.80-200 Analysis of the balance-sheets | march
of the major insurance companies | aday: suggests that no more than £20 Oale million par annum was "directty March Invested by them in risk-bearing "New York four-p Press, securities
DES-060
PamUnited "Pres.
Prices closed as follows
Spot March May Suly October December
Ministry announood today that -tt had received a notice · from
the Allled General Headquarters
had Turkey
granted anted blanket clearance fot
New York, Feb, 13. ail ships to enter Turkish Copru was quoted at 3140, Wporin, Turkey is the $1st hallon asked, per short, ton. Cocoanut to, give such clearance to post- oli was quoted at 10 ceritava wir JapsoRoutery
pound, eskort--United Press ·
Japanese
March
May July
March
December
May
$13,70-United. Prežij
1.
1.65-1 FAI 1.710
Noilneta vai dorso "In the Jooni market this nofficial exchange 1,0644-1.00 omning at the following rates
Rates
U.B. Ar (per 31); an
Sterling note (per £1) Indonesite guildors (per 100) * Bine tekla (per 106)/
35.48:
2.05
27.50
200 1b, Back. Eingapore (Stralis)
1.74
rid plastrus (per 100).
13.80