MESSAGERIES MARITIMES MR.
MM
"LA MARSEILLAISE"
Keriving Leaving
•Mar. 3
"MAPLE KILE": Para Apr. *
Outward "For
Apr. 1
IMORTAIN"
in
Star.
+"ZELIDJA”
Anr.
Apr
*LA MARSEILLAISE"
Mar. 11
1"BEAUVAIS
May 1
Apr. May
Yokohama & Kubo
Homeward Tur
17. H. Africa &, Europe N. Africa & Europe Marseilles via Manila
2 N. Africa & Europe
Genoa,
† freight for Saigon, Alexandria, Tunis,
Marseilles, 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. 26651 (3 lines).
LONDON
STOCK
Tax On
Foreign EXCHANGE Exchange
A Remarkable Week HEARINGS ON BILL
London, Mar. 15.
the The past, week on
re-i Stock Exchange was markable for two things - the severity of the slump in prices and the rising hapes and secret exultation which accompanied the fall. The clue Friday was the meat serene one that had been
Men for month.
IN MANILA
Manila, Mar. 16. Public hearings will be held on Monday and Tues. ¦ day by the House Ways and Means Committee on a bill to reduce the foreign ex- change tax from 17 per cent to 12 per cent.
Member anct American
the Philippine DI Chambers
The whole market was taken back by the jump in the bank Commerce have been invited rate fair”dent antch-ueant.
attenet "The hearings as have cronam'e effeip's an cheration of borrowing ratea)
rance an everywhere. but instead of re- garding this es a cafael of
tiriven
of the Government.
American and other foreign
despair it was instantly accepted businessmen have been advocu- as a good sidid prop
iting a reduction if not an "out- under the country's reiadmy.
right repeal of the tax for some spur to greater in- But prices of Government time as a
of foreign capital in bonds and of high-grade indus-vestment trials lid to be lowered to make the Philippines. the yields errespond Cl
rales.
with e 'W
Incre
Opposition to reduction interest; the tax is strong inside Govern- ment circles which have come
to depend on the tax as one of The market values of Wighthe main revenue sources.
While some committee mem- Erade industrials fell about f per cent. Those of government hers are known to favour the bonds fell per cent.
bill reducing the tax, Cermillce chairman Cipriano A. Allus said he would try to change
a their minds, thus keeping a full, 17 per cent tax in force,
The 3's per cent War Loan, highly popular with the ordinary invisto, fell, 46/- to £77% and Olt Cosols fill 35/- to £68%.
Mr Allas aid his malive in а very taping the lax was not to dis- Japanese bonds after slow start rave sharply following up the 1952-53 budget which the report that the US. Senate's already been drown up. If the exchange low reducing foreign peace was likely to ratify the treaty very quickly, Buying cane tnx to 1234 per cent was passed,
1930 the Government would Lom New York, ing
7% to £12914 and 1907's come about $20,000,000 revenue next £4 to £1134. The improve-year ment in other issues was around
one Pri.
The tax bill as it now stands
or two pounds.--United is due to expire next year. It was originally approved for ü two-year period.
NY Cotton
Bullish
New York, Mar, 10. Collon prices bogged down in mid-woek after starting higher bui stuged another demonstration ts the week ended.
THE CHINA MAIL, MONDAY, MARCH 17, 1952.
BUTLER TOOK RISKS ROYAL I INTEROCEAN
Finance Expert
In Madrid
Madrid, Mar. 16, Iter's former Financ
Minister, Dr. Hjalmar Schacht, is on a visit to Madripl.
Dr Schacht refused to statements to imake
Any
the Piras zad yala that he came here to see a few friends,
He is understood to have
to been asked
deliver
several lectures on mone- tary problems during his Visit
Presse.
Spain.-France-
HONGKONG
SHARE
·MARKET
(From Our Correspondent)
Business done on the Stock: Exchange this mayning amount- ed to $358,723. Noon quotations and the morning's transactions- SHARES BUYERS, SELLERS SALES
DANKS
HK Bank XD 3440 East Asia ... THE
INSURANCES
Cantor
Vaton
&PING
An Nav.
DOCKS, ETC
N. P. Wharf G
Dock
Wheelock LAND, BICc.
An
Analysis Of The Budget
Chancellor
Brings
"QUISSEVAIN"
"STRAAT
MAKASSAR →TIKASIVUK"
"TJWANGI"
About
"TASMAN"
**TJIBODAK"
"TILUWAJI"
Positive Improvements
IFROM OUR OWN CORRESPONDENT)
London, Mar. 16, Any Chancellor who sets out to plot the course of the national economy for more than a year ahead must make certain more or less arhi trary assumptions.
To say, therefore, that Mr Butler's Budget is a Budget of risks is simply to confirm the well-known fact that no man can look into the future.
The test by which his Budget should be judged
is not by the number of risks he has taken but by whether, given certain facts and figures, those risks are good or bad. Mr Butler's Budget con- tains a mixture of both,
Great task confronting the banks' interest rates for loans and also the the Chancellor was how to and advances
rate of Interest charged by i set aside enough of the ma-building, scaletics for loans on tion's resources to enable mortgage. this country to pay its way
Effect on industry nt this in the world and at the same
general rise in interest rates time carry out its heavy will be to increase the cost of defence commitments, borrowing for such purposes as a de investment in new plant and Last year Britain had 50 1400
Belt in its balance of payments machinery and the carrying of £510 million. large stocks of raw materfils, 200 of no less than
Tag deelt in the second half of
If this further resort to orthu the year was running at an on-dox monetary policy has the de- 1.75 nual rate of nearly £800 million.
sired effect it should therefore dollars continued at an
on alarming
required amount te during the first two months substantial reductions in stocks
30 w
100
143
33.903
0745
TX H XD 730 7.00
IX and XD UTILITIES
15.20
C. Light (N) 5.60 5.73 245
Electric XD, 2015
1600
40
Tram XD
Par Fenty XD
C. Ligal (0) B
103 100 BS 1970 1000
101
4* ་ ་ ་ྟ B12
300 23.87
-116 pe 2015
Telephone
1030 18
INDUSTRIALS
Cement
309 1514 1000 2 14
10%
STORES, ETC.
Dal-y
16.00
COTTONS
Ewe ...
10 2000 m 11.80
2.35
Hope XD
World Textile Slump
NO SIGN OF A RECOVERY
New York, Mar. 16. The long depression in the world textile markets con- tinues with no signs of the Spring recovery
for which
Moreover the loss of gold and reduce, home investment by the the trade is hoping.
and lead to
One outstanding US, textils commentator, M: Dougies Pid-
BALLINGA Star. 21af"
Mar. Zith
Mar, th
"STHAATSÕENDA" Apr.
"TĽDELBÉRO“ "TASMAN **FHWANOP
"STRAAT
MAKASSAR" “TJIPONDOK"
"THLUWAH"
"TJIKAMPER"
«RUYS" "TJIWANGI"
"TROELBERG“
"TJIBODAS" *TJIGWAH"
"TJWANGI" "RUYS"
"STRAAT
MAKASSATU "TJWANGI" "TASMANI
#TJILUWÄH"
Branda," Minigapura,
:
Pagé
B. Africa-di-ke Amurled -
Japan Baukaste,
Tiirebon,
Rurabala & Sarkkine
Blogapors,
Jejakueta,
Hurabula & Sarasvar
Semarang,
KAMATARK.
Manila, Kingapore, & *. Afrien
Djakarta, Tiirebon, haturang,
Apr.
2nd
Aps. Al
Japan
.Ն. I
Apr. 1
Apr. 29th Apr. zuch
May 2nd
May
ዜአ'
зду
May 16th
May 2013
June 200 June zed
815 June
June 131
June 14th
July 2nd.
July
8th
Barabala Marokane
Hingapore:
17Jakarta,
Babala Machtiar
Japan
femarang,
Seniam,
Klusapers, Pahang & Belawan Doll
Slug bure. isjakarta,
"Süratila & Macmalar
Santia, Singapore, Maurillus, 8. Africa
8. America,
Jakarta,
Jirebon,
Kurabala A Alucanize
Яemarang,
Ringapore, Djakarta, Hemerang,
Kurabala 2 Macarit
Djakarta, Tilrebon. Nemarang,
Murakala - Starassar,
Jupan
Singapore,
Jakarta. Semarang,
Nurabala & Marantar Manitu, Singapore, Mauritius, E. B. Atrica & 8. Americe
Tjirabun, Bemarang.
Djakart
Surabala & Machine
Singapore,
jakarta, Nemarang,
Surabala & Macassar Singapore, Djakarta,
Burabila & camar Manila, Singapore,
Africa, H. America
ARRIVALS
From
Semarang.
Mauritius,
Americs, 1, 23, Africa, Mauritius, Slagapore & Maulis. Macarons, Surabala, Semarang,
Mar. 23rd
Mar, 29th
Apr. Th
Apr. 13th
.M.
Djakarta & Singapore
Penang, Belawan. Usil, Palembang..
jakarta & Singapor
Remarang,
Staraisat
Kurabala,
Jaktu & Singapore
General Agents,
HOLLAND EAST ASIA LINE
SAILINGS TO EUROFE "ARÈNDSKERK" "KIELDRECHT AAGTEKERK" ULITAN"
Apr.
7th
May
June
7th
July 7th
of this year, The reserves fell built up by industrial users last geon, textile editar of the Journal | SAILING FROM EUROPE
by $250 million in January and $260 million in February.
year.
1
of Commerce, fill the only long- "KIELDRECHT” range solution of the problem would be a return of true peace wherein huge a:ms production will be unnecessary.
Mr Pidgeon said: "Since 1045 however, overlooks the important in Japan, India, Western Europe point that the bank rate is 4
pointed
in
ct
In order to close, the gap The rise in the bank rate has our balance of payments, at been attacked by the Opposition measure likely to lead to 15.15 least a further £600 million as
must therefore be found from deflation and widespread unam United Kingdom resources and ployment. Criticism of this kind. applied to the external position. the Here Mr Butler made first of his major assumptions, flexible weapon that can band elsewhere, emphasis has been on building up the textile indur- either direction. He assumed that between £200 million and £250 million would (Indeed, the City's belief that the try elther for the purpose be forthcoming as the result of next movement in the bank rate supporting some market fonnerly an increase Art our invisible will almost certainly be down-dependent on cloth imports or to to develop the export trade to earnings and an improvement word, led to some recovery in
a favourable get
currency in our terms of trade,
pilt-edged prices on Thursday).
But the most obvious factor in balance. favour of use of the bank rate disinflationary weapon is £350 as a
unlike other Budgetary the that, deducted about measures it can be used at any
"It took about four years after £150 million for a reduction in time during the year. As Mr
half Ralph Assheton said during the the end of World War II to m Imports assuming that the total amount of "real" cuts debate, "the Budget only comes the textile needs of Europe and year and therefore the Asia as far as their ability to the fiscal once as compared year 1951-52 would be made plans and, arrangements which absorb goods is concerned.
re food by withdrawals from stock we make in the Budget cannot. £50 million very easily be altered as the year and a further for expected expansion in the Koes on, but the bank rate can volume of United Kingdom ex- quite easily be altered.""
Rail Unions
Stalling
Cleveland, Mar, 15.
Etatement
THE MOST RISKY From the remaining millon to £400 million Chancellor
with
AN INCENTIVE
Another of Mr
www
Butler's
"Everything went well as long as the world outside of the Iron Curtain was hungry for cloth.
"Currency difficulties cut into their cloth demand very sharply and, by American standards of consumption, they are still poorly clothed, but the honeymoon is over."
AAGTEKERK" "BLITAR" "ONGKERK"
"ANENDSKERK“
Balle
Bolterdam
ATTIVOR Попаковк
Balled Mar.
ม
Apr. 10th
Apr.
May 10th
afay 2nd
June 7th
May
21ta
July
Juno
2nd
AVE
7th
Ath
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO: NEW YORK, 'BOSTON, BALTIMOXE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND FANAMA.
NEXT SAILINGS
NICOLINE MAERSK”
M.S..
TREIN MAERSK"
is
"MS.
"PETER MAERSIC"
M.S.
Calling Vancouver,
up
M.S.
M.S.
"NICOLINE MAERSK" "SALLY MAERSK"
M.S."OLUF MAERSK"
The heads of three rail unions, announced here today that the Drees of complying with a couri aer ending a three-day strike on the New York Central this past week has made it impossi-ports. ble to fix a definite dote for a The remainder about £200 conference with the National milion--represents the amount Mediation Board лnd the by which resources will have assumptions that production Mr Pidgeon continued: "West- carriers in Washington,
to be set aside and devoted to will increase this year by £250 ern Europe has become self- The
was issued external purposes. To that the million would be less easy sufficient in textiles in so far as
buy here by Mr J. P. Shields of the Chancellor added the increased to understand if he had not her current ability to lose Brotherhood of Locomotive cost of the 1952-53 defence given workers the incentive to concerard.
and arrived at the make the greater effort needed Engineers. Mr D. B. Robertson programme
ONLY SOLUTION of the Brotherhood of Locomo-inal Agure of £400 million to achieve this aim,
The Opposition naturally had tive Firemen and Engineermen, "the total so far of additional
"How Japan, Britain, America and R. O. Hughes of the Order claims on our resources."
a lost to say about the effect of and the countries of Western higher arising out of the Europe araq going to divide
prices of Railway Conductors,
By far the most risky, of Mr
cut in food subsidies on poorer the world textile pie in the next of the mediation board asked Butler's major assumptions was the unions which shu: down the that increased invisible earn- familles who will get no benefit few years will be interesting to
sce improvement in from the income tax reliefs. ings and an NYC from Buffalo, New York
has been pointed out am close
by to St. Louis, Michigan, from our terms of trade would help
income the that
tax reliefs payments gup
which admittedly benefit the Sunday through Wednesday In a surprise walk-out, to meet in some £250 million.
His other more or less risky better-aff more than they do the
worker- are in the Capitol on Monday to deter-
lower-pald assumptions were that the 2400 low mine there is any change in
million of additional claims on
terded not as a sort of bonus the situation.-United Press,
for work already done but as our resources would be met by an expansion of home produc- an incentive for still harder work tion by £250 million (the same in the future. Immediate effert as in 1951), a reduction of £50 of these changes will be to make million in the Government's
some families worse off even own civil expenditure in torms after account has been taken ot of resources and a £100 millon cut in home investment.
There has been A strong sentiment in some Congressional
for
and Government circles ipereasing the tax to 25 per cent, but nothing has of this. United Press.
Grain
come
Prices
bullish Show Better
Tendency
At Friday's close, the list rule: 50 to 80 points or $2.50 to $4.45 a bale higher than the preceding week. The final
Chicago, Mar. 15. sharp turnabout was associated
Grain futures moved strongly with optimistic expectations for higher today as the announce- the revival of exporter buying ment of the increased export and that the low point in grain authorisations for April
hopes the year-long depression in the and May brought additional buy- demèstic textile industry has ing. Wheat futures closed 10 been passed,
3-4/8 higher and soybeans were Evening-up in March 1952 34 to 44 higher. Prices closed delivery before its expiration at wheat-pries per bushel
today as follows:- noon on Thursday brought a spot mid-week period of heshancy, March traders said. However, March May July position expired in a routine
September and ortherly manner. May December contract on Friday rose to 41.50 com cents a pound, Fs highest level Spot since Feb. 9, 1952 when the March price was 40.06 cents a pound.→ | July United Press.
September December Rye March May Oate March May
New York Stock
MAY
3.56% noinstal 2.553 3.431k-2.54 2.4016 2.6845-14 2.81%
1.80 nominal 1.54% 1.0716- 10816-14
1.70
2.00-2.003% 2.0435
Del
031-20
Exchange New York flour-per 200 lb. Sack.
J
New York, Mar. 16. Oils and rails improved again today, giving the market its fifth
consecutive advance. However, uncertainty as to the outcome of the steel wage price dispute was reflected in an easier and quiet steel group. Motols were irregu- lar. The volume for the short
| $13.00.—United Press.
Rubber Futures
In S'pore
Singapore, Mar. 10.. Prices .of rubber futures session reached 040,000 shares; of closed today as follows:→→ 828 shares traded, 305 edvanced, | Humber 1 rubber; pers 201 dzelined and 242 were un- In April: changed.
Dow Jonca averagos at the
end of the sessióni
30 industripės
20 rails
13-utilities
40 bonds
11324-72430
May
Juina
Number 2 · rubber,
April
30814-74
Number 3 rubber,
April
00.20.2 Apr}}
100-102
40.31
United Pros
Bpot rubber,, unbala miankel grope 18100 No.1 Dale crepe
122-137
204.43 Number 4 rubber,
Chairman Levetett Edwards
AGREEMENT ON TIN
said.
concentrates
New Orleans, Mar. 18.
the
But
the incrences in social benefits
seems
to
howevo".
ARRIVALS FROM U.S.A.
In Port
Apr. Apr. 16
2*
In Port
Mar. 25
Mar. 30
"From a long-range standpoint, For Freight and Further Particulars please apply to:-
the only real solution to the worldwide textile depression is a return of good times everywhere, a Utopian hope that can nove: be fulfilled as long as the cold
war continues.
"Potentially, under favourable "Potentia conditions of peace and with of living Improved standards everywhere, the textile industries of the world could enjoy a long
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel: Nos. 38066-9.
dreamed of era of prosperity. ESSENTIAL SUPPLY CERTIFICATE
Africa and South America bol: 1 huge potential market for the future but not until the Insecuri
-United Press. ties of the world are dealt with."
па-
DECLARATIONS
Forms 3, 4 & 5 as amended by the
but by working longer hours Washington, Mar. 16.
a man will be able to gain a United and the Indonesia
PRIVATE SPENDING States have reached agreement
Mr Butler then went on to larger net reward thon he could on the price the United States
system of taxation. will pay for Indonesian in, the take his final major assump have done under the previous Journal of Commeros reported. tion that private spending.on
In certain respects, would consumption Only such items as length of personal
lead to even further inflation. INCREASING USE the contract, quantly of the remain, at roughly last year's Mr Butler's Budget is likely to
-based this on the matal, and the proportion of tin level. He metal and
are bellet that rising prices, would The tax reliefs will place more
OF SYNTHETIC all excess spending spending power in the hands of consumers and there- standing in the way of a final top up
the agreement,
Washington, Mar. 16. publication power. Prices were already private
American good deal higher than last year, fore tend to increase personal
use of synthetic The reported price was not he said, and that would mean consumption, walle the additional
burden
taxation
crubber is increasing while that Press. about another £400 million on
make even tur- dustry will
of natural rubber is dicelining, i the bill for the same amount
ther. Inroads on company
avthe Government reported. of goods and services,
Mr Marcover, ings.
Bullar Now Orleans Fair
In January, the United States The Chancellor, therefore, re-
10 have made
consumed a record '09,144 long
rubber com- SOUTH Products from 14 countries iccted the argument that he allowance for the that that any tens of synthetic
should make further sub-Incresse in... production willpared with 59,615 tons in Der are on display in New Orleans stantial cut in home consump-automatically lend an in cember, January usage of in the Second International
therefore
tural rubber totalled 32,720 tonu, Sample Show. Displays include tion by increasing the Budget crease in wages and
surplus. He believed that if he
compared with the 1951 average numerous gift Items and other left the surplus broadly where limited amount of resources. in pressure. of demand for
of 33,910 tons monthlyÅ‚B$ö- from West Germany,
will
most obvious viated Press. Goods
was "the money
These are the people France, Belgium, the Nether-w:
to opend in the coming lands, Italy, Britain, Denmark,
sidered against the background Norway, South Africa, Portugal, year will only be just about sales but they should be
to pay for the goods that of positive improvements which and enough Japan, Scotland, cnawa
are Ukoly do
do be available ex-the Budget has brought about. Sweden. Associated Press.
ports expand as we hope
Chief of these is the return to
system The Chancellor, however, did
& more N.Y. Textile Market not take these risks without
monetary
on overseas His assump-powerful influence on certain safeguards. tion New York, Mar. 16.
Investment that home
opinion-and the substitution austerity with The refusal of buyers to show would be reduced this year by of incentive for
should inlilion
be tu salutary effect on public Interest even at further price £200
MI concessions continued to be the guaranteed by the effect of the morale. For these reasons main complaint in all the basic increase in the bank rate from autler's Budget has been des textile markets this week. Dis 211⁄2 per cont to four per cent servedly well received. tributors of wool fabrics, cetton cffect of this increase has. goods, rayon and burlap all tld already shown up in the move- the same story-United Press, mont of Stock Exchange prices.
tes
since the Budget. Lasses in
all-edged stocks have led Exchange Rates from 1-5/10/ing short-duled
Bex with
Con
+
Brazilian Budgot
Government of Hong Kong
NOW ON SALE
at
CHINA MORNING POST LTD,,
Hong Kong & Kowloon,
Thesą amended forms are now in force.
Pacific Far East Live, Dec.
Fast Regular Trans-Pacific Servico
OVERLAND NEW YORK-CHICAGO-QETRUIT-TORONTO MONTREAL AND ALL ABIERICAN A
CANADIAN CITIES
SAN FRANCISCO, LOS ANGELES
Guam, Marinas Islands, Micronésian Izlanda Regular Service direct ar with transhipment,,
“Yemsi
From
For
""TUTKIJAAS ·"LUCKENBACK“
WILLIAM LUCKENBACH”
Son Franckco
San Francisco'
sirajte.
Mar.. 20
· Mar. 21
Mar 23
Singapore & Fening
Ben Frangison, de Los Angelea i
Apr
Rio de Janeiro, Mar. 16, Tre Finance Minister, Senhor. bands to over two in the "long" Horgelo Laterannounced to--TRADE WIND" last 2nd 2-3/0 in four per cent Con- day that the Brazilian Govern
Barnesa was done in the
exchangearkat tils maring at the following clos
1.703 US dalier (per 1)
34.05 gigelingt pat (per. £}} indonėje"aujdere fopr 1907 Riam, deala per-108) (M Hingapore S(+8(14) ........ #24.plalies (per, 100)
ment has not only balanced the
000 cruzeiros" " ($140,000,000)....
favourable balance of 2,000,000,-
This adjustment in interest budget of 105), but lind a 209rator, in responce to the raising of the bank rate, has moreover 1 poen reflected in a sharp rise in t
*ESILY Partur
Ban Francisco, &e - Low- Angeiras
For all particolare call United States. Eineg, Co. General Agenia, Queen's Huilding, Tel: 28194.)