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THENCE
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AND HULL.
ALSO ACCEPTS CARGO FOR PORT SUDAN.
W.R. LOXLEY & CO., (CHINA) LTD.
York Building.
Tel. 94165 & 98710,
NY COTTON Big Merger
MARKET REVIEW
C
Now York, Mar. 2. Alternate rallies and declines
in cotton futures last week car- ried the market over a range of $5 a bale.
In Japan
.
THE CHINA MAIL, MONDAY, MARCH 3, 1952.
DILEMMA OVER BUDGET Difficult Choice For The Chancellor,
An Economist's
Opinion
New York, Mar. 2.
English An
economie writer, Paul Bareau, pre- djote that Britain may continue to lose gold for at least six more months.
the
He told a meeting of the British Commonwealth Chamber of Commerce In New York that the short- term measures adopted by Sterling Area to cor- reet the balance of pay- may not ments problem make their full impact felt until about the fourth quarter of the year.--Asso- olated Pr238,
Economic Necessity And
Political
Expedience
(FROM OUR OWN CORRESPONDENT)
London, March 2. The unexplained postponement of the Budget until March 11 has given rise to widespread speculation and uneasiness. Nobody seems will. ing to accept the most reasonable explanation-that the original plan to bring the Budget forward to March 4 (almost a month before the end of the financial year) proved in practice to be too ambitious.
It was naturally assumed, when the Chancellor advanced the Bud- get date, that the Treasury would be able to cope with the extra work. If that seemed possiblo a month ago, why, it is being asked, should it be considered impossible now?
What has happened in the interval to change
Gaitskell the Government's carefully planned time table?
On The Crisis
SUGGESTION TO CHANCELLOR
Preston, Mar. 2. Mr Hugh Gaitskell, former Labour Chancellor of the Exchequer, urged the Conservative Government today to disclose fully how the Sterling Area' planned to balance its account with the rest of the world.
These questions remained unanswered.
In the present atmosphere of crisis this delay could cause con- siderable harm, This veare Usual Budget has more than significance, Its purpose, in Mt
Unless he relies on a con- tinued rise of prices to squeeze out ps surplus 'demand, the Chancellor must therefore frame his Budget proposals in such a way as to reduce con- sumption at home.
He must do this, moreover, will he despite the fact that unemploy Butler's own words, round off the economie policies ment is rising in certain indus- which we have adopted aml tries as a result of the lack of and that next year re- orders under conditions
venue on the existing basis et which the people can be given taxation is likely to be even the will to pay their way
more buoyant
than it is де present
ensure the
Without it, the measures which have already been taken to check inflation at home and achieve a
balance in our payments abroad are practically meaningless.
in these Not surprisingly, circumstances, the rumour has been spread that the Cabinet is divided against self over the broad lines of Anangial policy.
The bellef has become wide-
that a diference Prence spread opinion has arisen between thei criticism of the Gevern- Chancellor of the Exchequer and ment is, first. that they have his
proposals.
He told a meeting here that the Labour Opposition had never questions the gravity of the crisis facing the Sterling Area
les.
of
economie
that
Giant Oil Tankers To Be Built
New York, Mar. 2. The world-wide race to huild the biggest tankers has switched, temporarily at least, to the U.S. An Cana-American shipbuilding com- the pany has received orders situation
for two 45,000 deadweight 'ton carriers — 1,400 tons larger than the two recently ordered, in England.
of
cuts
Bu although tha cellor's understanding present must inevitably leud him the conclusion home consumption are clearly the Government necessary,
fact that cannot ignore the the public is by no means con- vinced of this neersity.
TRICKY PROBLÈM
never made plain to the country of oues iver the drafting that demand must be forcibly for wo
the
Budget
If such a difference of opinion crisis and, nature of the secondly, that the measures they does, in fact, exist it must be
on political have taken are not sufficiently explained
rather directed towards the immediate than economie grounds, problem of stepping the fall in the gold and dallar reserve of the Sterling Area," Mr Grätskeli scid.
by whom and when, has un-ture during the
has
of
own that the
BR agents
Bethlehem Steel Company's shipbuilding division received the orders from North American Shipping and Trading Co., Inc., Those who hold the view of New York, noting
World
Ine. Both reduced and are less sensitive compoules are controlled by to public criticism have not Starvos Niarchos who ordered the food the other two tenkers through hesitated to name
company for con- subsidies as the most suitable his London target for Mr Butler's axe. struction in the. Vickers-Arm-
Government, The
however, strong yards. is answerable to the electorate and must therefore approach in the U.S. will cost about $20,- the problem cumspection.
to
with more
The tankers to be constructed
cir.
000,000 compared with about
GREAT TEMPTATION
As "The Economist"
"the pointed out,
threat "The absence of any clear disaster is drearily famillar and
| $12.0 million, for the two English picture as to how the Sterling for many people familiarity has
It must take into considera- Area was to get into balance already bred contempt."
More- tion the fact that it was re-ships, how much in the way of non-over. It is now known
power largely on the Total tonnage of the four new
larger than the Queen Mary and
tion against
the Pound.
would require will be about 50 per cent larger "I urge the Chancellor even for last year by Mr Galtskell.
than the £80 million budgeted, spite of this
great political couragees-
* than any tanker previously now to sprrect this by a full dis-
pecially as the Trades Union closure, with all the figures, of tolerable case could therefore be
In purely arithmetical terms
Congress has gone to the other constructed in the U.S. how the Sterling Area as a whole made in favour
add demanded that The first American tanker is uf going to balance its account Budget.
a "popular" #xiteme
they should be increased,
due for delivery in December with the rest of the world and
next year, a remarkably short time for such a large ship.
Starling imports was to be cut, surplus of revenue over expendi lower the cost of living.
of its promise to tankers will be considerably doubtedly encourages specula- year will be substantially more To remove the subsidies in Queen Elizabeth combined. They
culs," Mr. Gaitskell said.
FACING FACTS
current
Anancial
what each country is going to The political temptation to contribute in the way of import leave things as they are must be
very great: The resin.ance pu up by several untone to the pro- But other steps should be posal to make a small charge on taken, too.
The fact must be National Health prescriptions is faced
worning of what that once again, as in
may happen 1947 and 1940, those who have it further changes are made in 10 buy Sterling with dollars--the framework of social security. banks, business and so on-are It does not matter that certain holding back in the hope that changes may be necessary on there may be another devalue- strictly economic grounds: politi-
would be tion: so that they could get the cally they
dynamite. Sterling more cheaply.
Those who argue in favour of At the same time, those who a "tough" Budget are aware of have to buy dollars are for the the political dangers involved.
they belleve that
.the zame repton buying as much as But they can in advance, in case the economic consequences of giving dollar becomes more expen-way would be even graver,
sive."
Ar Gentakel suggested rhat the time allowed exporters to
collect and exchange their
deller
darunga
should be
reduced from six to four months and importers should not be allowed the advance purchase of
Tokyo, Mar. 2. dollars. Four 'subsidiary firms bolong- ing to the former Mitsubishi combine will be merged into a new single company, on March 18, according to the Kyodo News Agency.
According to the agency the four trading companies - Kyokuto, Miyake, Marunouchi
When trading ended for the and Meiko-signed a contract of week on Friday, the. 1st ruled 9 merger lost November,
to
Д decline of $1.50 4 bale.
and
points higher to 30 points lower obtained the Informal approval
The •points changes were equal to a rise of 45 cents a bale of the Finance Ministry on Feb. 20. The new company will be Fuji Trading designated the
with n capital of Company, the week was centred in nearby ya30,000,000, and will be head- March delivery. Delivery ed by Kataujiro Takagaki, head notices
Issued against spot month were smuller than ex-of the Kyokuto Trading Com-
Ncst of the activity throughou;
pected and were promptly taken The Mitsubishi combine was
the
widened to 75 points.
EXTRA BURDEN
This ja. the background against which the delay in presenting the Budget is being judged. The Government's dilemma is seen as a struggle between economic necessity and political expedience. This is by no means a new. situa-
final tion but it may be our chance to make the decision.
HONGKONG SHARE MARKET
Before Mr Niarchos ordered the four tankers, the world's largest wore two 40,000-tonsre under construction at Howaldt- Ger- werke, A. G., Hamburg, many
for Libertys, S. A., of Panama. Four other tankers of 38,000 tons are being built National at Kure, Japan, for Bulk Carriers.
Japan may yet have the hon- our of building the largest tankers. however. National Bulk Carriers, an American firm, is considering two 60,000 tonners and 10 50,000-tonners, all to be built at tho
former Japanese naval
arsenal Kure.--Artscicted Prare.-
on the Check Chicago Grains
They point out that this year (From Our Correspondent) defence demands will place
Business done large additional burden on our existing
resourcer. At the same Exchange this morning amounted time we must correct the detail to $994,080.00. Noon quotations !n our balance of payments-and the morning's transactions:- now running at an an
engual rate of about £750 mln.
SHARES NUYERS JELLENE SALES BANKS
Confidence, I am sure, can bo speedily recovered provided a full nad clear explanation of the Sterling Area's plans 13 coat of given and speculation la degit impose an additional strain on with Armly on the lines I have indicated the farmer Chan- cellor declared-Router.
Together with the Increased Bank... 1470 1510
INSURANCES rearmament this wil
London Stock
Exchange
them.
fell
the
economy of more €1,000 million.
than
Part of this, however, will be offset by cuts in domestic capital projects and private Investment and the running dawn of stocks The Chancellor's, decision 10 maintain Government expendi are at last year's level despite a 10 per cent rise ut prices will also reduce demand on the gross Exrnational product.
gument
Other factors adding to the New Trade Pactos history Old Contols without further large reductions
steblilty of old crop: months in- eluded roparts of the Ughtening altuation on good grade spot otton in somo Southern
mar-
In Europe
0: Gov
Cantos *****
Volon SHIPPING
Asta Nav. DOCKS, ETC.
K. Wharf .. N. P. Whart Wheelock... LAND, ETC.
200
250
1.05
110 300
7.15
Futures
ut
Chicago, Mar. 2. Chicago grains developed a 23760 steady to frm trend in late irregularly on dealings alter and after the opening. All de
ralled, under ida liveries
mission house buying and short 44 €84 100 44
covering which absorbed prost. 300 0 43
Loking.
10
com....
The buying in roybeans and Jard
refcoled the Brength in the coarseed, cyfaren ondol markets. As activity increased, buying come into wheat, credited 12910 flour
milla
And
1.10
બ
17.2)
6000 17.00
1700
10180
8.70 dealers.
BK Hole! Land
S'hal Lend Camphreys UTILITIES
TYRM Star Ferry C. Light (0) 8.34
Light (N)
214
14000 470 †.
were expectations of 110006 970 additional sales of U.S. wheat
47008.10
MESSAGERIES
Pago....9%
MARITIMES
M&M
"LA MARSEILLAISE" "MAPIE HILI,"
Arriving Leaving
-Outward Por
·Mar. ** Mar. 30 Kobe, Yokohama Apr..>
****PELIX ROUSSEL”
Mar.
↑"MONTAIN"
†ZELIDJA“.
·MAF. 2
Mar. 14
«Mar, 15 MARADT. AL., Apr.
Ppanongers&freight.
Homeward For
Storseilles via Manila'
& Europe
N. Afric N. Africa's Europy
freight for Saigon, Alexandria, Tunis, Marselles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.
Subject To Change Without Notice,
CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (gr. floor) Tel. 20051 (3 nes),
.
MAERSK LINE
FAST FORTNIGHTLY SERVICE TOFU,“
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA VIA SAN FRANCISCO, LOS ANGELES, AND PANAMA..
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- Apr. 2
Mur. 16
Mar. 25
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ARRIVALS FROM U.S.A.
M.S. "NICOLINE MAERSK"
M.S. "SALLY MAERSK” M.S. "OLUF MAERSK”
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel: Nos. 36066-0.
M.V. "FELIX ROUSSEL"
will gail for
MARSEILLES
vin
MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI & PORT SAID..
on
Friday the 7th of March at 9. P.M.
Passengers, Aro requested to board the vessel, with their cabin baggage on Friday the 7th of March between 4 P.M. und & P.M. (Dinner for pussengers at 7 P.M.).
Baggage Room and Hold Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate Canton. Road Entrance) on Thursday the 6th of March from 9 AM. to NOON and 2 PM, to 4 P.M, and on Friday March 7th from 9 A.M. to NOON ONLY.
No baggage will be accepted for registration after this time.
CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong.
Tel: 20651(3 lines); Queen's Building.
EASTERN & AUSTRALIAN STEAMSHIP CO., LTD.
S.S. "NELLORE"
Loading MARCH 3rd for
PORT MORESBY, SYDNEY & MELBOURNE.
For further particulara upplys
next week to Australia, Chile MACKINNON, MACKENZIE & CO.
3700 21:30 hd possibly Japan, Indla and i 2000 200 France United Press,
5000 17 1714 600 17.20. 100 @ 1735
2.65 3.05
New Product A Success
London, Mar. 2.. The feature of the Stock change this past week was p
Finally, some part of the sd- noiseless fall in British Govern-ditional burden should be carried ment stocks. They have been pany.
falling so long-ever since the by increased domestic produc- up by trede interesta.
dissolved as
a financial clique Conservatives won the General ion.
On these assumptions (iho or- Loading put Interests were by the Allies following Japan's Election in October-that people
ges on the projected talking about £720
Telephone accredited sellers of March surrender at the end of World have given up
million to £770 million against purchases of May when War I-France-Presse."
of import cuts and increased ex- | COTTONS duference Intra-month
Nevertheless the week made
Ewo could be accommodated ports 15/6d. to 704 in home eermumption Japanese bonds had a good week ernment expenditure. with gains of at least £1 while
ADDITIONAL NEED 1930's gained £2 at 121-United Press,
'But' the need is not only to balance the Budget. The Chan-
New York, Mar. 2, recognised thir
A relatively, new cation texlijė November
when he asserted product — a permanently, em- that it la upon the health and bassed fabriels reported to be preliminary ideas on crop pro-signed last night in Warsaw,
strength of the economy as making good progress despite spects-United Press.
the Polish news agency said to-
whole that the modem. Eudget | the · general "slump in textile day:
Singapore, Mar. 2.4.
asles Czechoslovakia ·
Bend Prices of rubber,
futures depends
The Budget must," therefore The product has received. machinery Industrial
closed. today as follows:- i
I reinforce
disinflationary high degree of consumer ac and equipment, tractors, buses, Number 2 rubber, per lb,
mesaures already adopted by the deptance and widened the mar cara tyres, ball-bearings, farm
Apri
Government in order to prevent ket for calon muerals I has "TRADE Businese was done in the local machinery, chemicals and foot
This wear. In
renewed Inflation later this year, became directly competitive with return Poland will
when the effects of the import rayons, and a number of mils #tes provide alsetric powers, coal,
WILLIAM LU 36,77 zinc, mallrand carriages, indus-
cuts and the reduction in supe have converted their loants to piles of home produced, gonda mako dolion constructions sult 129% trial machinery, wall, clays and
But through the increase exports bols, for embossiniz. Associated Acaher producte, the, estoney maid
begin to be felt. Ser
Press
its and anticipation of a pick- up in export demand. New crop positions lagged. Traders
ac-
London, Mar, 2. Poland will provide electric In power for Czechoslovakia that section of the list awalled cording to a trade agreement Rubber Futures cell
betwem the two countries
Exchange Rates Poland
one Malal
EXTRAES
morning at the following sales-
us, dollar, (per $1)
Wetting note (per
Tedoneria, guilders
„VIC, Binatraz (per 100)
いい
Reuter.
In S'pore
May
Number 2 rubber, Number 3 rubber, Number 4YÜM
pot rubber,
| Kal para crepu
Jast
F. &:0. Building.
Tel: 277214.
Pacific Far East Line, Inc.
Fast Regular Trans-Pacific Servica
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