CORRECT on all occasions
VULCAIN
SWISS
MADE
COMMENT OFE
THE DAY
Socialist "Rebels"
UITE the most significant feature of the Common debate and voting on tho Government's defence plan was the open revolt stagod by Mr Aneurin Bevan und his followers against the official Labour Party directive which called for solid backing of the Socialist Oppostilon non- confidence amendment.
אתר
the most emphatic- challenge to
Mr Attlee'H
leadership since last year's
CHINA
No. 35144
Established-1845
FRIDAY, MARCH 7, 1952.
Today's weather: Moderate Easterly winds, fresh ly exposed places. Cloudy with drizzle patches. Constal ·fos,
Price 20 Cents
SKANDEX
· SWEDISH, MADE. RECORD" SYSTEMS"
AMATERUBANONAHUEZ
PUCES
HONGZÓNG TYPEWRITER EXCRAKCE * D'Agullar Sérons
TUL. $1488
HK'S POLICY OF PROGRESS ENDORSED Comprehensive Review Of The Only The Stern Left
Far East Situation Given
By Sir Arthur Morse
HONGKONG BANK ANNUAL MEETING
General Election. Moreover The Revanites persuaded
SIR ARTHUR MORSE THIS MORNING EXPRESSED FULL ENDORSEMENT OF nearly A fifth of the THE POLICY OF ADVANCEMENT WHICH GOVERNMENT, UNDER THE GUID- Sucinilst MPS to follow their lead and to abstain ANCE OF THE GOVERNOR, SIR ALEXANDER GRANTHAM, IS FOLLOWING IN from voting? What www| HONGKONG. HE TOLD SHAREHOLDERS AT THE ANNUAL MEETING OF originally a rift in the THE HONGKONG AND SHANGHAI BANKING CORPORATION THAT IN. VIEW Parliamentary Labour
OF THE LONG LIST OF IMPORTANT PUBLIC WORKS ON THE FINANCIAL and widening breach. The PROGRAMME THERE WAS NO ROOM FOR COMPLACENCY ABOUT THE British Labour Party may very well be split in two FINANCIAL POSITION OF THE COLONY.
Party has become nu open
in consequence of Wednes- day's developments. Mr
Attlee and his lieutenants
cannot ignore this threat to
their authority; they will undoubtedly demand dis. ciplinary uction against the 62 "rebels". But even if they Hecure majority support from the Parlia mentary Labour Party. they will continuo-to-be confronted with the menuce of the Bevanite splinter group who, particularly in parliamentary debates, can cause the official Socialist Opposition considerable em. barrassment,
MR Attlee can possibly be held responsible in part Cur the deflunce whicle Ofth of his politleni colleagues displayed this week. III amendment the Government's
a
to defunce
motion
WOR
In a comprehensive review of economic, social and financial conditions in the Far East, Southeast Asia, and India, Sir Arthur. Morse made the following points:
FAR EAST: Even if political developments in the East get no worse, it is difficult to see how stability can be expected while there is inflationary spending and incompetence on the part of Governments, and a sad lack of law and order in
many areas,
HONGKONG: The UN embargo and United States restrictions have created difficultles which "are just another instance of the pernicious injustices brought about by controls, restrictions and embargoes, however justifiable they may seem to be."
that the more we get rid of the barriers the more rapidly will trade get moving to meet the shortages of raw materials and consumer goods which still exist in so many parts of the world.
THE FAR EAST But far
50 as the Far East
and while in Korca, even after peace comes (for I fear that in the foreseeable is unlikely future the tension
la concerned
war continues CHINA: I do not propose to attempt to penetrate the curtain which hangs over China-whether it is bamboo or iron. I will however say this. What is at stake in all this turmoil and confusion is something that goes for deeper than party dogma or political theories; It depends upon the honour, good faith and funda- mental character of the Chinese people,
ANGLO-US RELATIONS: In political matters there are divergencies, as was honestly recognised by President Truman and Mr Churchill in their joint statement issued at Washington last January, and as we in Hongkong know so well. But divergencies can be straightened out if realistic attempts to do so are made by both parties on all levels. I sincerely hope that this will be done in the near future.
the and
cur-
to case much in the East any more than in the West) rency difficulties will remain and we are unlikely to get back to those happy days of almost of trade. unrestricted freedom Even if political developments in the East' get no worse, it is difficult to sce how stability there can be expected while
Crossman, principal spokes. of our beloved King George VI. last year's total and an all-time | short-dacome extent to the improvement should come
out a defence programme." 110 place in
ta Jay
we we portam
Да
counts and £21⁄21⁄2 millions in Ac-ding months of the year. In otherwise the countries blessed
our
years.
Receivable
at
10
to
10
sum
one
has been
An
With ten of the original crew aboard, the stern of the Fort Mercer, broken in half by raging gales-last week, is towed by tugs down the East River towards Brooklyn Bridge, New York-London Express.
Truman Attacks His Critics In Broadcast
Washington, Mar. 6.
Pinay Saved By 27 Gaullists
REBEL AGAINST DIRECTIVE
Paris, Mar. 6. Twenty-seven Gaullists pushed M. Antoine Pinay into power as the French "Save the Franc" Prime Minister tonight and gave France her biggest swing
to the Right since the liberation in 1944.
The 60-year-old tannery owner had gone to the Assembly to seck
Investiture 123 Prime Minister with the Socialists and Gaullists planning to vote against him and with the Gaullists in- tending to abstain.
These are the strongest parties but in a surprise development 27 Gaullists turned rebel and against Party directives voted for M. Pinay. 1
He thus won 324 votes, 11 more than the absolute 313 ru quired for investiture In u House of 625 members.
Against him were 200.
SURPRISED
It was the Brst time that a Premier had been elected since the war without Socialist boek- Ing.
Even M. Pinay was surprised. He said afterwards, "I thought I would have 208 votes which would have been honourable and I expected to have a rest and then go fishing tomorrow."
м. Pinay proposed to the Assembly two proposals, to-
to save
the franc:
1-
1-An amnesty to tox dodgers Provided they owned up.
2-Stringent tax control mea sures involving the withdrawst of business' licences for future tax offender
On Indo-China and 'foreign policy generally M. Pinay sald that he would carry on along the same lines as the out-going government-Reuter,
Money-Lending Probe
President Truman took his fight for a $7,900 million foreign aid programme to the American people tonight in a nation-wide broadcast strongly attacking crities who want to cut foreign aid colony following complaints that funds.
Singapore, Mar. 6. The Singapore government is probing money-lending in the
borrowers are being fleeced for as much as. 200 per cent interest.
it plans amendments
to the Moneylenders Ordinance, which 4 per
that
The appeals to the nation have to cut our civilian require- followed by 10 hours his messagements to the bane, we would
fuli expenditure of $7,000 to try to protect our shores cent.
against all comers, and we have
their
Borrowers
them
complein
|of HK$8,075,332 to be carried 1 ilabilities. 10 our customers is SIN ARTHUR'S SPEECH
represented by Cash, Money is Inflationary spending and in- Addressing shareholders, Sir forward to next year.
ALL-TIME RECORD
at Call and Bills Receivable. competence or the part of not brilliantly conceived. Arthur Morse said:
You will see from the Balance
INTERNAL RESERVES Governments and a sad lack of To suggest seriously that
Investments at £20 We meet here today, still Sheet that there has again been
220 millions raw and order in
many areas. Mr Churchill was incapable under the shadow of the toss a substantial increase in the show decrease of just over Yet so long as there is a demand of carrying out a defence suffered by the Commonwealth figures and that the total now
milllens. This decrease and while they continue to fetch 201
for the products of these areas scheme
£254 millions, an in- Wax somewhat and Empire just four weeks yes- exceeds
arises mainly as a result of the redemption fatuous. Even Mr Richardterday, when the death occurred crease of £385 millions over
of of certain of our good prices, a fair volume securities but is trade should continue and an also due to some man for the "rebels", and In his life His Majesty sym- record in the history of the
bolised some -therefore the most eritical | 201
of those char-Bank,
fall in the market prices of our and when political conditions investments. In common with take a turn for the better. opponent of the Govern cleristics which
The increase of £304 millions considered
other financial institutions our
Опе of the most striking have long ment's proposals, declared, a sense
Government features of the post-war years duty, is made up of a rise of £36 mil-holding of British of "Of all the things I would others and the family life.
lions in Current and other Ac- Our
securities suffered
in which Revere has been the way most hesitate to challenge sympathy goes out to the mem-
in value during the through international agencies or Churchill, it would be on bers of the Royal Family and
ceptances on behalf of customers, Current
Accounts and other his competence to carry especially to the three genera-
order to provide for this de- with a relatively high standard to almost preclation which now amount who hold a very of Queens
of living have made efforts to It was, in fact, the term greet the cecession
our hearts. We
£100 millions continue to re-allocated from our reserves for Dories throughout the world asking Congress to approve' the have to raise huge armed forces/ollows an interest of only '48
ald to the less developed flect the steady expansion in contingencies,
which is of Queen of the Opposition amend Elizabeth II with pride,
business which has been illustration of the necessity to The United Nations, the United million without cut. hope ment which provided the and trust,
during evidenco
the past which I referred in my remarks States and the No successor to the in
British Common- Bevanites with their oppor- throne could
last year of continuing to build wealth have been prominent lu During the year ending June, to clamp on controls that would lenders, usually Sikhs, mako be so welcome. tity for a test of strength She is the ideal Queen, Long
up our internal reserves. The such activities.
sign promissory notes for 1953, the programme would pro-make anything we have scca 50 With regard to our assets, | K
for look
three times the sum borrowed to with the main Parliamen- my she reign over us.
COLOMBO PLAN -
pale. vide military equipment, raw Cash has decreased by some only other material alterations
"Instead of saving money we avoid being prosecuted for dem 1 made in the totols of the assets are tary Labour Party, and it
but you wil
reference in my last materials and economic assia- statement to the Colombo Plan tance to Turning to the Accounts before £4 millions,
America's allies would have to spend many times manding "illegal", interest,--As- was conceivably the logle
(Contd. on back page col., 0)· sociated Press. Advances and £2 millions in which £32
was initiated at of Mr Crossman's criticism you, the Net Profit for the year, nollee there has been a sub-increases of £2 millions In
the throughout the world. of over stantial increase TO.
which do not
meeting in Colombo of the Call Acceptances
In his radio speech the Prest Money of the amendment which after making transfers to
serves for contingencler amounts millions in
appear to call for special com- Foreign Ministers of the Com-dent emphasised that the pro- enabled him to obtain over to HK$17,383,671 which slightly resulting in a net increase
monwealth countries over two gramme was not designed to GO supporters. Mr Attlee exceeds the
our quid oksets gure mately corresponding
of approxi- ment.
In July Last The make the United States people £28 millions. Bulls appears
"Peace becomes Expensive" years ago. have pinced for the previous year. Includ- mately
"carry
the
world" on used main plan of development was now amount of prollt brought Receiv
was the opt himself
tille unhappying the balance ALT
launched but in January 1951 shoulder. Times for the main pusition. His party leader-forward from last year, the total nearly £51 millions, the In- by The
He said, “It is a programnic Council of Technical Co- Its Review of A for distribution crease of £124 millions being editorial In ship and the solidity of the avaliable
for the to a rise in our the Out due partly
It possible 1051, year
think operation had already been set to make Socialist Opposition are amounts to HK$23,982,895,
of United States that these three words sum up up 1
in Colombo' as an Integral world to stand on its own feet". Real President Truman said that both in jeopardy. It may of this lotal it is recommended holding
Government
of the part of the whole idea. Treasury Bills in os in previous years, D
very adequately this week's that, well be that
progress has been made with this the action taken by Congress on the main economic features of the particular scheme which pre-his request might make the be New York and partly to the mal HK$3,000,000 sum of events will lend to the
Rearmament turn- past year. written off Bank Premises and greater extent in
technical experis and "difference between life and virtual disappearance of after allowing for this amount, facilities of the Bank have been ed out
bigger burden vides
The technical training for Aslan per death" for many of cohesive Opposition in the the Interim Dividend of £2 per utilised in financing trade dur- than had been expected.
sonnel needed to carry Ilouse of Commons during share and the Final Dividend of ing the year under review. In dollar rap yawned
wider and
through steners. and the
the deeper than anyone
had
projecta fore-
adopted by
BEST INSURANCE the existence of the present. £3 per share which is now pro- this connection it is interesting
President, Truman said, "The note that over 04% of our seen and the crisis was clearly several countries whose develop- posed, there remains a balance Government.
its seriousness ment plans have been set forth best Insurance we can take out revealed in alt
In the Colombo Plan report. when Mr Churchill's new
against another world war is Government toolc
The original report which was stick together with our friends. November. Now Great Britain published in November 1950 no Together we cannot be con- The Soviet Union is preparing to face the grim longer accurately describes thequered, task of clbeing the gap..
scheme of things as now cannot achieve its dream of existent. The The
The Commonwealth world conquest unless it picks Commonwealth and Tokyo, Mar. 8. Casualties officially confirmed / Elchi Yoshllake, told the Upper
an International
Com
one. The Soviet palley is the Rescue workers were tonight of 311, including 22 killed and House that 3,353 houses had Coloniat Empire must of course Consultative Committee has be off the free notions ono
been damaged, wrecked or
hear their share of the burden come
mitteo in which the United old one: divide and conquer, digging for 12 to 15 people in a four missing, were reported to
and help to pay the high price m Jandallic of mud and rocks the Upper House of the Japanese washed away.
alth States are taking part, and in- Our polley is an old one too: in, The Commonwealth But the Railway traffic has been re- of peace. which burled four houses and Parliament today.
Government once stored on six out of eight Finance Ministers agreed included in the general scope of unity there is strength.
"There are still come people the "Plan" are the extensive. the London last January to atand smashed the entrance to a coal Hokkaido
after Tuesday's Japanese announced 24 killed and six main lines severed by
by the sterling area, measures undertaken by the in this country who are
United States Government in blind that they will not, res missing, while unofficial actrees earthquake and restricted tele-solidly
with drastic, realistic the "Were burled in the have given much
higher graph and telephone services to starting wi
the stricken areas are working and far-reaching measures to the same area, such as some of thla, They try to tell us that we
Four projects,
projects, ought to confine ourselves homes and miners in tunnel estimates:
op the drain upon gold row the
ECA ald
own defences ald (now building up our cortain parts of were sealad.
Welfare Minister, Mr again. Heuter. in near the ruined
terves, but ending with expans Mutual Security Administration) here at home so that we can city of Kushiro. Conflicting
sion and development of the and fats international Bank retreat behind them if trouble reports left it unclear exactly
great resources of that wide and Export-Import Bank Loans comes, That is the way to bo how many people were trapped.
spread area. The Chancellor of wherover
and save menty. any Of thes
these touch safe they say One story said that elx people
Moscow, Mar. 0.
the Exchequer said that there the planned programmes of the at the same time. escaped unhurt. Another said that
The Finance Minister, Arseni
was no..algn. of 'any of the
participating countries.
Well, they are wrong an four mine:s were dug out alive:
the countries of the Commonwealth. It is significant and important bolli counts. They are not pre- fan cavea under the hautes. but Zverev, tonight Introduced the
biggest budget in Russia's his world's most colourful Parlin wishing to leave the sterling that the present emphasis in senting a low-cost plan for no- this was later denied.
When the whole a
the whole area, should be on tional security. They are trying Seven, or eight, bodies were tory, including US$2,015,000,000 ment, met in the Grent fail of area.
Members repre- the Kremlin.
The first aim. appropriations.
development or to sell a high-cost plan for na reported to have been found.
The budget introduced in the rented about 50 nationalities in solution of the problem is one plans which will in die main tional Insecurity. And I do not Communizationa
were still
Supreme Soviet, or Paellament, the Soviet Union extending from which will make sterling free benefit the rural economy. of think that the people of this chuatle hut detalls of the qunicé end; tidal wave, disaster, weralentis com total expenditures the the Baltic Sea to the Packfle tv convertiblë' into all the main |, these" -areas, I heartily wel- }country are, going to bậy k
roubles | Oceah, slowly coming in today from years of 470,000.000.000
··isolated, parts of Hokkaido, the jar UBS1ofence appropríàtiana | output last year increased 16 per i for : which we Dlí 10 ¡Sreatly mistake. to lastón industrialisa-fend Italf it, we abandon our
to
which the
Landslide Traps 12-15 People
mine
1
The
"
Russia's Biggest-Ever Budget
Mor this
*
posca compared to 10 per cent in 1950 and 21.3 in 1951,
The Supreme Soviet,
to be
office
3
"Point
*
by
"I challenge anyone to tell me om convinced that idea how this country is going to de- lion and after all it is hardly allies and hole up on, this con surprising that the dominant tinent. It just cannot be done. (Contaron Page 9,. Cal. 3) And it we tried to do it we would
currencies, of the world and come this trend of ferrents, 3,000,000 ou
Zverev cald Russian Industrial will drive on to
tho position,
asorkheramoni Jepanese fatind.
roubles. cent over 1060 and was more hope, when restrictions and A hill 40 feet high said to total 113,290,000,000 dive spring up in meadow This represents expenditure of than double that of 1040 controls can be east; to the winds, I myself sem convinced In the villago, of Kiriknópu. 123,0 percent for military pur- United Press
Now Available Again! The New 13 cuft Full Length Combination
PHILCO
Huge 2 cu.ft zero zone freezer
● Adjustable divided shelves
• Butter storage compartment
on the door
GILMANS
GLOUCESTER ARCADE) TELEPHONE: 63461":
DE LUXE REFRIGERATOR
extra
officlancy
extra
space
extra
"PHILCO Bairigerator and
•Freezer Carries a