THE CHINA MAIL, MONDAY, APRIL 1953.
BUDGET'S SHADOW Three-Nation
Cast Over London Stock Exchange General Impression That Taxes Will Be Lightened
1
(By Norman Crump)
London, Apr. 5.
The Budget, due on April 14, is beginning to cast its shadow over the Stock Exchange.
Indian
There is a general impression that, if there are any changes in taxation, they will be in the direction of lightening the burden. Indeed, the arguments in favour of some alleviation for
Plan For industry are overwhelming.
Industry
Should Be On A Larger Scale
Against this, the current financial year seems likely to close with an overall deficit of at least £300 million. This leaves the Chancellor little leeway.
ים
Motor Car
New York, Apr. 5. Engineering and design. ing abilities of Britain, Italy and America are combined in the latest motor-car o the United States market,
Italian designer
Pinab Farina of Turin makes the bodies, and the charts is produced by the Donald Hester Co. of Warwick, England. Naah - Kelvinator Corporation makes the ex- gine and major mechanicsă parts for the new hard-top convertible which is called "La Mans.” 11 has » 140– harskpower engine, and the price is about US$6,500, --
Associated Pres.
BRITISH EXHIBITS
AT TURIN
CAR SHOW
ber of makes-10,
There will be 11 from Italy, 10 from Germany and six from France. Spain has entered Its
There is, however, one thing line" of this generation would that he might do. During the not have been drowned while current financial year new loans watering her ducks. She would
Turin, Apr. n. to Local Authorities will prob- have been fossicking around with from seven countries will show Sixty - Ave manufacturers London, Apr. 5. In his address to the East in-ably total around £400 million.
her
Geiger counter. A few months dia Association Bir
ago Mr Butler George
Again, whereas
off their lateri models in Turin's the South 85th International announced 1hot Schuster mado come novel
the farge African authorities buy uranium
Automobilo marks about the Indian Fivo-municipalities would be free to from the producers on a cost-how from April 28 to May 0. Year Plan, ways the "Manchester then Birmingham has done so.
borrow on the markel; and since plus Dagis, the Canadian Britain will show 17 ears, and Guardian,"
authorities
have
determined the United States, the only non- The Chancellor may decide that prices. At the moment there is European country to participate, Ho thinks that Industrialisa- all large municipalities should
sikding tion must be on a scale much float their own loans, Instead of favour the lower grades of ore.
scale, designed to will display the largest num borrowing from the Exchequer. It larger than is planned today.
works out at 80 a 1b. of The annual increase in in- This might reduce extra uranium oxide, plus another dia's population is four and Budgelary expenditure and the $1.25 a 1. for the Brot three half millions, and very few of consequent overall defelt by at years of these extra persons can proat-least £200 million.
len cent con- ably be employed in agriculture.
tent. These On the other hand, that money guaranteed minimum, until 1960.
prices Under
Plan about 400,000 new places will would have to be found by the
Rix Athabasen estimates the ach investor, whether institutional or gross value of its ore at $48 a be created in industry your. Sir George thinks that private. Therefore, the likely
costs are estimated there should eventually be at consequence would be a stiffen-on. Working
at $15 least 800,000.
ing of medium-term and long-
The margin of a ton. $25
have to bear a ton will To achieve this will mean term interest rates.
taxes, depreciation, amortization, promoting a much larger low
In other words, there would etc. Earnings of foreign capital into India
are free edged and other fixed-interest and a half years. bearing securities. This would be a
cheap price to pay for lower be remembered. taxation, but it is a point to
the
Five-Year
of
not more inextion. for or Pegaso, and Sweden the Saab,
a per
atc -
of
BRITAIN MAY OVERTAKE U.S.
TANKER
LEAD
Forecast Made In America
New York, Apr. 5.
MESSAGERIES.
M
MARITIMES
M
PASSENGERS/FREIGHT SERVICE
Outwardı. "FEL ROUSSELS
"LA MARSEILLAISË”
Homewardi
VELIK HOUBRELA
Leaves Marseilles
Hongkong
19 Apr.
For Blagin Yokohama
17 ADE- onkong
10 May
Due Matkulilas
Via
is Apr.
Salgun
15 June
Saizon
"LA MARSEILLAISE" 21 May
1
vla Marseilles to all Mediterranean & West Africa ports. via Djibouti to Madagascar:
FREIGHT SERVICE
Outwards
* Britain, already the world's top leader in passenger and active freight vessels, will wrest | MEINAM first place in the tanker field from the United | "MONKAY" States by 1957, the Sun Oil Co, predicts.
-tamawards "MEINAM”
While Britain is currently building 36 per cent FEL-HO
Leares
„Dunklik-19 Mege.
Hongkong
For
ta Part
Japan
27 biay
LAYER
• «Keslong-ta API, Medlung-28 MAY
Itongkong
30 Apt.
Japan For
30 May tt Juna
of the world's new tanker carrying capacity, a SunMONKAY" ***** Mesiang KI" June survey says, the United States has dropped below
11 per cent.
Right after World War II,
the U.B. had 60 per cent of
the World's tanker carrying
capacity. Today, it has Worsening
than 80 per cent, Sun says.
and in
four years # may
dwindle to about 22 per cent.
The Sun analysis shows that Economic
the world tanker fleet numbers 2,202 units, an increase of 381
since September 1, 1945, They Situation
aro
Average 13,660 deadweight tons knots. American, tankers with average speed of 73.4
larger and faster, averaging 16,300 deadweight tons and 14.0 knots,
In
and Is 50.3 per cent of
In Israel
ono
Jerusalem, Apr. 5. The construction programuno As Israel's economic situation now under way throughout the worsena, an atinouncement has world exceeds in capacity the been made that working entire tanker fleet that existed Ifraells are to be asked to give
1944
day's pay towards the the existing carrying capacity, urgent relief of the country's the sludy notes. While Britain hungry unemployed, mostly leads in this building with 20 unskilled now immigrants. per cent of the total, Sweden la in second place with 14.5 per cent.
18
15.1
And each family will have to pay "room tax" based on tho size of the home. The money will be used to finance public. works. all
num- nearer
Many of the manufacturers
The Norwegian Beet has hall have also informed the committee they
of show the most rapid growth trucks, busca and trailers.
will display Fince the war, the study says, Unemployed in Israel (pop. now officially rising from 8.4 per cent of the 1,578,000) are world's total fleet to 14.8 per slated to number over 25,000. cent. British
which Unofficially, though, the tankers, represented
of ber is admitted to be per cent the world total in September, 10,000. 1945, have increased 70.5
Many have not had a day's cent for 19.7 per cent of the work for three months. They world total.
receive no dole and are living on black bread and a daily handful of olives. Beggars are the now a common sight in streets of Jerusalem.
In addition firms from pit seven countries, plus others from Austria. Belgium and Switzerland, will show
ober accessories and automotive supplies.
than is at present provided for be a fall in the prices of gill-Dominion taxes for the first three parts.
ON TRIAL
|
On
the other hand, If Mr Butler is able to give Industrial companies some real relief, there should be a further improvement. For example, he might abolish or alleviate the Excess Profits Levy, or allow businesses to make proper provision for depreciation and replacements,
Uranium mines are obviously speculative, as regards both the size and grade of their deposits and the future uses of uranium. But Rix Athabasca shares should have short-term possibilities, bearing in mind the news that may be given during the coming summer. What kind of long term investment they would
Brussels
Machine
The show is expected to at- tract the largest crowds in its 35-year history, and in antici- pation the exhibition palace has been enlarged to provide a total of 25,000 square metres of ex- hibition area.
Aus-
per
Block obsolescence also faces the American Beet, because most of it was built during the war and will requiro replace- ment around 1965."
SAME PROBLEM
of
It will be especially needed in the early years of development, while India Is
still able vest only five per cent of its to in national income annually.
PARTLY DISCOUNTED - The chief source Lor addi-
Already the hopes of an easier
The more enterprising of the tional Supply mus! be
the Budget have United
been partly dis- States,
unemployed have gone into tho Unhappily counted, for since the New Year,
black market. They are hawk- American progress aga lender the "Financial Times" index of
Cars entered in the show are:
Ing eggs and fats-which are to South Asta is still slow.
industrial Ordinary shares has
The same problem faces the strictly rationed in Israel-from France: Citroen, Ford, lord, Peugeot, Renault, Simca.
Pan- It is some time since compen risen by 7.7 per cent.
rest of America's fleet. A study door to door in
well-to-do dious figures were published oft | the capital
Germany: Borgward, Daim- made by the Maritime Adminis residental qua which will be hopes are disappointed,
Therefore, it today's Budget make depends upon the possibililer-Benz, DKW, Ford, Goliath, tration shows that while tho
quarters. Tha there ties which I have mentioned.
The bigh unemployment brought in by MSA, TCA, and will very likely be a noticeable,
Lloyd, Opel, Porsche, Tempo,
U.S. merchant fleet is larger figures are
duo to Israel's private lending. But it is clear
Volkswagenwerk.
in proportion to its pre-war crilicaj financial position. Fac- temporary, set-back in equitics. That America has still oddly
fleet than any in the world. it furies are closing for luck Great Britain: Austin, disproportionate ideas Di the
Un-Healey Armstrong Siddeley,
one is the only
which has raw materials all the country's importance of Farmiosa and In-
Hul-diminished in size Bedford, Bentley, Ford,
since the
three textile plants closed for dla.
man, Humber, Jaguar, M., G., war.
months and the hard-up Morris
"More than 10 per cent of Government is unable to finance Rolls-Royce, Alley, Rever
Sunbeam, Vauxhall,
the US. privately-owned fleet assistance schemes. Municipali- Wolacicy.
and 34 per cent of the foreign ties have no funds to help the Italy: Alfa Romeo, Cisitalla, merchant flag merchant marines workless
either. consist of war-built Ferrari, Fiat, Iso, 1ssi,
tonnage," Lancia, the survey says. "Unless
£10,000,000 in the red. new
Said a
Tel-Aviv councillor: Moretti, Nardi,
ships are constructed so as to Pegaso.
"We fear riots," minimise the threat of 'block Sweden: Sanb. Brussels, Apr. 6.
absolescence, a na
flect a nation's Some 2,200- machine
United States: Buick, tools worth Francs will be exhibited at the
000,000,000 Belgian ac Chevrolet, Chrysler, Dodge, may well find itself operating at third European Machine
Desolo, Ford, Frazer,
a mute of diminishing returns Hudson, Tool Kaiser, Lincola, Mercury, Nash, some-future-date in one-of all Show here
Pontiac, the most competitive of September Oldsmobile. Packart, 4-13.
Plymouth, Studebaker, Willys markets. No real start has
yet been made to thin out the Six hundred machine tools Overland. the need for an expansion of manufacturers from 18 dlf- Commercial vehicles: Alfa preponderance of war-bulit ton- Industry in the United Kingdom, ferent countries will
nage, In deciding whether to
present Romeo, Bianchi, Bussing, Cleita- He must know that
Looking this ex- their products in full activity la, Flat, Hanomag.
shipbuilding themselves wholeheartedly into pansion cannot come without an the Five-Year Plan the Indian vint
In the Heysel "Patais, du Cen- Maserati, Om, Willys-Overland. abroad, the report says: tax burden, fenaire," near Brussels.
-Associated Press, industrialists are on trial.
All this
I gives the investor ground Some of the machine tools weigh a few hundred tons. To allow their installation
and functioning, supplementary elec- tric installations have been set
Sir George did not criticise the Five-Year Plan for devoting most of its effort to improving agriculture. He regards the in-
The Budget, naturally, is stil would not blarne
crease of its output as the csa secret, and sential preliminary io trialisation.
indus an investor who today decided to exercise caution. Yet Mr Butler He commends India for plan- has thought fit, some three weeks ning to leave most of the new before the Budget to give an industry to private enterprise,
of the encouraging account but fie thinks that this enter recovery in our gold and dollar prise, if it is to survive, will reserves. He has also emphasised have to improve very much Itserves, methods of
ods of management,
fit
alleviation of the
Sir George would like to see for hupe. the Indian Government help
them by setting up institutions like the Anglo-American Coun-
CANADIAN URANIUM
Last week I met Mr F. Joubin,
cil on Productivity, the British of Teclinical Mining Consultants,
Institute of Management, and the Administrative Staff Col- lego.
American Trade With Asia
Washington, Apr. 8.
The United States trade with Aslan countries was generally
Tool Show
from
who is advising Rix Athabasca up with a total of 10,000 kilo-
their uraniuin properties near
Lake Athabasca in the Beaver
watts avaliable.
Sjata,
Cadil
Lancia,
Discovery In Goa
:
at
HIGHER RATE
ta
аго
Pakistan Cotton Crop
Increase
Washington, Ape. §. The Agriculture Departmead reported toxlay that estimates of the 1953 cotton crop in Pakistan place pro- construction duolions at 1,008,000 bales,
"Now construction for foreign registry continues at bigher rate than
Is apparent for the American merchant marine. The rate of now
for foreign registry
serious problem for
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Apr. May
17
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May
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ARRIVALS FROM U.S.A.
m.v.
m.v.
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"GRETE MAEESK"
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Apr.
May
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AGENTS:
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Pedder Building,
Tel. Nos, 30066-9
Chinese Freight Booking Office 27, Connaught Road, C.
Tel. 20401
Dates and tutalion subject to change without notice.
At liberty to proceed via other porta to load/dischargo eargo,
EVERETT
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EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"LENEVERETT""
Arrives Salls
Apr.- from Manila..
Singapore, Apr. 8 for
& Rangoon
"BRADEVERETT"
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Apr. 22 from Manila, Apr, 23 for Singapore,
Rangoon
"REBEVERETT”. .
Penang, Calcutta.
Petong Calcutta,
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Apr. 23 from Singapore. Apr. 24 for Kobo (Accepting cargo for transhipment} Kobo/Pusan and Kobe/OkinaWS)
new
Arrives Solls
271
poses
體
20** | Increase of about 10 per cent, American
flag operators in foreign trades over the last crop.
Tha Upward trend
would
the simplest form it means also suggest a further increase that now, modern, fast, efficient in r foreign Bag ships will offer stil greater competitions in a
ย
'disat-
tho
The organisera reported that Lodge area. He
He gave me a most they are still receiving requests encouraging account of the com- for exhibition space, although it had been earlier announced pany'a prospects.
cotton exporta which Important exploration work is
Goa, Apr. 5, that
the greater part of the
to 887,000 bales in Discovery of strategic thorium available space had being undertaken this summer, already. The machine tool pro- been let
deposits near already-thriving ket in which American opera-latter part of 1952, the Depart- and it
it is hoped that the reduction duction of Germany, the United iron and manganese mines has tors with few exceptions have kets Review said.
ment's Foreign Crops and Mar- mill will be in operation by the States, Great Britain. Austria, put Portugal's tiny Indian out- generally been Di autumn of 1954. Meanwhile the Belgium, Spain, France,
Exports during the corres- Canadian Government will sool Monaco,
Italy, post on the world mineral mup. vantago.”
poning period of 1951 Chemical studies at the site Netherlands,
The Maritime Administration | 214,000 bales, it added, of the discoveries In
the listed the active United States Fointing out that the Govern Sangium area have proved the flag merchant marine 118 of ment of Pakistan has been alloy of
quality, Goan March 1 at 1,460 ships of which stimulating cotton exports, It high officials announced.
"Substantial amounts 1,260 were privately-owned and added: While
were bought during the latter ex- 200 were government owned.
Under construction, it says, part of 1952 under a Goverti
the
be opening their mill, at an, Sweden and Switzerland will be Initial rate of 500 tons of ore a represented.Associated Press. day, rising ultimately to 2,000 tons day. This will make Canada second only
to
the
Belgian Congo among the world's Foreign Capital
producers.
One vital factor is the future lower in January than Decem-world demand for uranium, Th ber, but contrary to the trend, main demand is now for weapons commerce with the Philippines of war, but a hopeful
partment announces.
of
In India
of possiblities the thorium deposits aro under investigation, a
ploiting
Prox.
4
were
Israel Orders
Steel In U.S.
28- are 27 Mariner type vessels ment zupport programme and man Japanese team of mining and 20 tankers, while 31 other later sold for export at large. engineers and technicians is tankers Bro
being bullt in discounts. During the current putting finishing touches on the American yards for foreign ac-season, export taxe have boon view is and Hongkong
has increased intaken of more peaceful
mechanisation of Goan Iron and count.
either removed or sharply re- uses, both directions.
New Delhi, Apr, 0. Thus aircraft-carriers, driven by
manganese mines,
America's privately owned duced on the various types of U.S. exports to all-Asia in atomic power, are expected to capital
Indian and foreigripald-up
Japancas experts have | merchant floot declined by cotton."-United Press. January were valued at $102,-undergo trials between 1834 and was reported to Parliament by modernising programme
in five key industries boen directing $2,000,000 19,000 deadweight tons In 000,000 compared with
$183,
057, and
If aircraft-cartlors, Industry and Commerce Minds started oarly last year.
which February, the National Federa 000,000 in December and
of American Shipping ro not merchant ships? Canada ter T. T. Krishnamachari why 1952 monthly
of expools averago
Official Goan to see by 1960
only figures place parted. During February both These are, with the Indians $170,100,000, the Commerce De-electric power .derived from investment fist:
Japan's portion of iron ore ex- ono vessel, a super-tanker, was from now uranium and
alko n. urahlum-
ports from Goa at over 85 per added to the feet Jute manufacture, 221,000,000 cent, with U.S. Imports from Asia in driven locomotive. Then there Rupees and 74,700,000 Rupes.
Western Germany and a dry cargo vessel.
construction, while two tankers 8148,200,000 are the derivatives, with many January wero
were ,second. Associated ranking Cotton manufacture, compared with $157,200,000 in industrial
transferred to and medicinal uses.
foreign registry the previous month and a 195%
617,800,000 Rupees and this lies in the future, 38,100,000 Rugees.
and one dry cargo ship became Much monthly average of $141,200,-
marino casualty. As of. and In
In assessing demand it must
Shipping, 35,100,000 Rupees remembered that a little and 440,300,000 Rupees,
March 1, the private fleet had be Exports to the Philippines in
a total of 10,343,848 deadweight goes'a long way." uranium roes
It is Toa January
$30,000,000 WATO
tons.—Associated Press, plantations 120,000,000 uranium will also doubtful
be against $28,000,000 in December bla
Rupees, and 305,400,000 Rupees. and the 1952 monthly averago electric power. Wherever water, Rupees url 20,300,000 Rupees.
to compete with hydro-
mining 184,000,000
coal or oil nre . Imports from the Philippines future use of uranium may lie a foreign countries, holding in- plentiful, the The Minister did not name the In January were $19,400,000
vestments in diese concerns but against $16,500,000 in the pre- long way ahead.
PRIVATE PROSPECTING official sources said they were *Africa, the mostly British. Associated tu private. Permits Press.
to prospect For unhon, provided that they against report monthly their results. The Maloya mitted ... of claims is also: per-
1
000,
of $29.800.000.
vious month and a 1952 month-
ly average of $19,700,000.
ablo
Unlike
South
The U.S.' exports to the other Canadian
Far Eastern...! countries · January
Cop
Japan Exports
Of Silk
FARM PRICES
Washington, Apr. 8.
Prices farmers reveived for
New York, Apr. “B. Israel has ordered - 100,000 tons of steel products from the United States Steel Company. for delivery over the next three includo years, The products
pipe for irrigation.
The purchase was
described
Yokohuma, Apr. 5.
by Israeli trado representativesí Exports, "of raw slik, from
as the largest single order of Yokohama during the Arst 20
Intraci history. steel
The company declined to ele day of Mards totalled 1978 their crop rose one-third of one timate bales, including 215 bales of per cent during the month ended would depend on steel prices the price, saying it Duplons, according to the Yoko Match Dem Blik Conditioning House, Department reported for six time cd the cost to Israel at 15, the Agriculture at the time of shipment. In- Price Supports
dustry sources, however, The Agures represent an in- crcass of 324, lales, over-thi Tho stain came after Washington, Apr. §. corragending period in Febru consecutive months of declines well over $10,000,000. against J. $10,600,000;
900,000; in- are subject to licence. The Demitice has recommended that the United States, “; followes
An industry Advisory Com o bigger buyer was the It put, the March 16 Indo of $2.800.000 again,
The order will. Ati only · Ka prices
farmers antall part of Israci's needs, received by donesia $10,000,000 against partment of Mines has published | U, S. Agriculture Department Franse.
eight per cent below that of a which have been estimated at $11,800,0001 Korea" $7,000,000 a special handboois, for prospec- maintala present price support India tool 02 bales, Hongkong Jear ago but six per cent above about 250,000 tons of finished agalist: $16,900,000) United tors, which says that amateurs levels for soybeans and flaxseed 40 bales and Indonesia 20 bates, that of June 1901, Just before steel products annually as Pram
Az olhavo as good chance""Clemen- this year.-Associated Press, --Franco-Promoc
the Korean war, United Frers. | #ociated Prom.
$19,400,000
India $10,200,000; Pakistan $4,500,000
but largo-t
-scale operations
by
EVERETT STAR LINE
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"STAR ARCTURUS“
In Part Loading Saila
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Apr. 6 for Kobe & Yokohama.
Arriven Sails
Apr. 9
Apr. 10
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BUSINESS REGULATION
ORDINANCE 1952
Copies of the prescribed Forms 1.(a) 1(b) and 1 (c);
Now On Sale at S. C. M. Post; Ltd. HONGKONG AND KOWLOON'
TEN CENTS EACH