No
So Signs Recession
THE CHINA MAIL, THURSDAY, APRIL 23, 1953.
Far Of Dutch Workless Australia Wooing MESSAGERIES.
In The American Economy
At the beginning of each of the last few years a somewhat nervous stó taking has been observable in Washington among Government off- cints; economists, and foreign observers in an effort to answer one of the world's most important questions: “Will there be an economic recession in the United States this year?”
The health of the American economy is everybody's business.
HONGKONG Á recession of any size now would not only cause
SHARE MARKET
(From Our Correspondent)
Iusiness done on the Stock Exchange this morning amount- ed to $148,049. Neon quotations
morning'.
hardship in America, hut, if the experience of the minor setback in 1949 is anything to go by, would have a worse. effect upon Europe and the sterling area.
It would knock sideways plans for increasing international Pronpinie co-operation end, not impossibly, disrupt the North Atlantic alliance at a most crucial stage of its development.
enormous defence panding generated by
reorament end the Korean war has kept it going.
But the fact is that the size of the American military budget has not only kept prosperity up Having made these assertions, but has also given the American it is ecinforting to be able to Government great deal of report that the consensus of in-power to influence the economy transformed and expert opinion is that
and prevent any sharp recession. there are
512 signs of пт SHARKY DOTEUR sellers sales fieression or decline in America.. PEAK NEXT YEAR
genomic activity during the next
ine months.
autorst
BANKS
the
OK, Bank .. 1913
INSURANCES
Canton
Unton
Underwrliers
2105
700
3.30
SUPPING
Ana Nov
1.23
K. Whart
DOCKS, ETC.
N. Pt. What? 6.30 6.23 1000
Dork
Providerst
S'hat Dock...
2,03
100 73
6:00 100
11 11.30
1.55
713
Wheelock... 7.45 7.00 200...
LAND, ETC.
UK Hotel. 7.40 71% 1000
11. K. Lan
(Old)
53al Land
Humphreys
UTILITIES
'TZPAT
00% 61% 830 61
1.40 10 14.40
o
Stir Zerry-2150 22.10 2400 22
C. Light (01
XD
Light #N XD
Electric
Telephone
10.10 10 20 6708
300
10.20
nine
Next year is the year when The present period of Ameri-defence expenditure is planned ran prosperity has now been teach its peak with an annual sixty running for over six years, and rate of expenditure of about R is arguable that only the thousand million dollars (com- pared with nity thousand million
Financing Budget Deficit
16.30 The Chancellor's drelsion to 199 10.20 make 1953-54 another year of defcit Onancing has important 013 600 1000 1660 implications for the new Capital
1000 L 23.20 23 30 2400 or 20.30 | market, .. 18.30
100 10,
2200 10.00
Times.
last year), which will continue probably until the end of 1954 and then drop to a steady, rate of about forty-ove thousand million dollars.
Presiden! Eisenhower, by quietly ignoring is his "State of the Union" message his rash campaign promise to cut twenty millions off the defence budget, and concentraling en balancing the budget instead, has given a reasonably firm hidication that his Administration will not take any rash action for political enda which
dislocate might
suys the Financial ecmomy,
the
Une
Decrease
Amsterdam, Apr. 22, Duteli unemployment in March showed the speela. cular decrease of 120,000 to $6,000.
This is due to new publlo works, to reconstruction work in the flooded areas, and to normal sexsonal in- fluences,
The present rate of un- employment is substantially below the 100,000 mark, which, bejug about 3 per cent of the occupational population, is regarded as more or less normal.
British
Docks' Trading Surplus
American Private
Investments
QuIwards
M
Lidmatwards
MARITIMES
M
FASSENGERS/FREIGHT SERVICE
Loaves Atarellies Hongkong
"LA MARSEILLAISE" 17 Apr.
Rongkong "LA MARSEILLAISE" 27-73 May
via Marseilles to all Meditor onean &. via Djibouśl to Madagascar.
Outwards
Homewardi PEI-HO" "MEINĀM" MONKAY"
10-12 ny De Materiles
13 June
>
For Yokobadin
Vla Balgon
West Africa ports.
FREIGHT SERVICE ·
Leates Dunkirk15 Apr.
Leaves Keelung 19 Apr. »FPlED_-21 NAV ........Keelung-29 Jurie
1
Inngkong
4-5 June
For Jxpan
Iongkong
30 Apr.
10 May
1 July
↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong Queen's Building (Gr. Floor)
Australia is wooing oversed investors, es- pecially American přivate investors, in the hope of sustaining the high rate of capital development which was
a featute of Australia's post-war "MONHAY economy.
Renewed feelers by an American company interested in the Blair Athol coalfield In Queens- land, with a proposed outlay of some $80,000,000, met with an immediate response from Canberra.
The Minister for Commerce, can be changed depends greatly, Mr McEwen, has unhounced that of course on investment trends Australia is intent on doing under a Republican Administra- everything posible to
enable tion. With American private oversea investors to take their finanelers and corporations ex- capital and dividends from Aus-porting less investment
capitul tralip, if they wish. Foreign today in real money values than Investors, particularly American, Gient Britain was exporting Mr McEwen has pointed out, before the First World War, and directing two-thirds of their external Investments to Canada and Latin America, it ReM premature for Australla to hope for an early major injection of dollar stimulus.
have always wanted to be free
if their capital. to
All the Governments at the London Economic Conference thought that oversea investors should have this assurance.
AGAINST COMMUNISM
Docks owned by the British Transport Commission are be lieved to have made in 1932 the biggest trading surplus since they were taken over la 1047. In 1951 the docks showed their
An agreement to eliminate i Arst surplus £817,241 -- but
double taxation already exists | figures for 1952 to be published
between Australia and the United
If the investment reserves of later this year are expected
Kingdom, and a similar agreca Republican United States are to show greater one.
ment with the United States is
to seek outlets overseas; they are Dockst controlled by.
being negotiated. the
be directed at more likely in CONFLICTING Docks and Inland Waterways
FACTORS
áreas where first, it seems, to Exccutive form the major part
Pictures of the Australian in-dollars can be made
le "talk" of those owned by the Commis- vulment feld are various, to say against Communism,
and sion and comprise about a third the least. It is portrayed at one undeveloped areas where risks docks of Britann extreme as a lush replica of the are offset by the promise of big They showed a decline in in- North American ports during 1952 but an in- crease in exports.
dubious ground Imports
totalled
24,250,000 deskcented not only by nature but mislea
bu misleading. In the overpopulated tons. The slight decrease was by the perpetuni scuttling of countries
uniona caused by the stopping of the work-hy labour
and there coal imports from pint-sized politicians.
To help Other decreases were in timber, chemicals, and gen-
to confuse the layman who Irics
to arrive at a point between Australia amenable to intensive cral cargo. There were increases these extremes are a host of con- diveispment in oil, iron and steel manufacflicting factors.
of
Amy
tures, and iron ore.
or
scene, half cheerfces to Aus-
ego; and at the other
05
won a
MAERSK
Tel, 20051 (3 lines),
LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.
י . ו
NEXT SAILINGS
to
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M.v. "JEPPESEŊ MARISK’
BLAURA MAERSK®
May
May
June
Calling Vancouver
ARRIVALS FROM U.S.A.
are
m.v. Tu, V.
"QUETE MAKESK"
May
"LAUBA MAERSK”
May
of South-casi Asia
ໄກ່.. "OLGA SAKOSK *
Max
Is
much larger orca then in The
one-fifth
al
as "undeveloped"
production.
already. The marginal areny There is a case to be argued do not invite speculation-not in Exports rose by nearly six
that Australia's million tons to 32,250,000 tons.
recent rate of the light of the British Govern development has been so remark-ments sorghum-growing failure The main increases were fourable as to offer golden promise in millica more tons of coal art for the future. Since 1940 Aus-1 of Vestey's disastrous venture in in Queensland, nor in the light Equally, by putting
1,250,000 more tons of
of all.
tralia has fought and In an effort to reduce cost costly war, nearly doubled her Austral
the beef cattle Industry in the Even if his best expectations reduction of taxation as a low
Australian Northern Territory and speed the are fullled, some
113 priority
turn round of factory capacity, raised the grock £440m. of
amung
economic
onships
several improvement
The
feld investment aims, he has avoided (I Con- the Government's net capital
** | nationa!
product
about from schemes have been undertaken, | SON
Austraila likely to be most nt- expenditures will have to be ress will permit him) using an
£1,000 reconstruction
millions and
£4,000 tractive to overseas financiers is Bnanced from
sources outside anti-depression weapon im Much 130 18.20 200
the Budget.
mediately when it is not really 100
needed, and has left himself with And if supplementary 2300 18.70 31.10 21.7093 21.90timates absorb any part of the an instrument which can be used
350215
308 1812
1000 to 10 00
INDUSTRIALS
Cement 15.30 15.60 It pe
13
STORES, ETC
Lary XD
00 15.10 900 153.20
1.79 15.00
Watson
Crawford
Lase
Sun Co. L'OTTONS
Zvo
27.40
2
2.33
CX-
above-the-line surplus the in future years If it becomes figure may be farger still. More- necessary to increase
masing power to
The
in
modernisation has to be clone millions, and real wages by one the exploiting of mineral deposits
and the development of new secondary industries.
Japanese
as well as sorme
In the same period Aus- war damage repairs, but there are s
tralia has reduced the interest rc-tra strictions on capital expenditure. payable on its public debts over- sca from 28.1 per cent of exports private RECONSTRUCTION SCHEMES 10 on almost negligible.1.3 per another
avert a £ 100m, 1000 # 2.05 over,
cent or only TA12,000,000 a have to be found to cover the
Among the schemes in pro
усаг outflow of money
from
With reasonable luck and gress la the reconstruction of Inflation has been severe but National Savings movement. Intelligence, the new Administra- passenger and cargo acuma-not financially calamitous." It
In the Budget year just ended tion hay
hay Ume to elfect a plan
I
time of the Government covered en by which the economy can be
£900,000, providing a supple-massive immigration. It is also overall Budget defekt of £436m. readjusted over the next elgh-men
ment to the ocean terminal to inevitable, according to the Aus- and net repayments of more teen months lo a permanent
bandla South African treffe. A Aralian economist, Colin Clark, than £200m. on account of reduction of some dileen thou- | Hartlepools reconstruction, and
as long as taxation exceeds 25 National Savings and Tax Re-sond million dollars in defente
re-equipment ensting £330,000 per cent of the national income serve Certifiente transactions expenditure.
is taking place to enable larger
(the current rate in Australia is without causing more than a
Umber and iron ore ships. to
30.8 per cent). few ripples to cross the surface
use the docks. Bigger cranes will be installed later.
dation at Southampton, costing was inevitable at a To Reduce
The Rubber
Markets
London, Apr. 22. The rubber market was fully steady. Prices closed as follows
Number I rabber, in pence
A
Alay
July/September
#elber/December
Zama y/March
30
2011-11
United Preu. NEW YORK MARKET
New York, Apr. 22. Prices of No. 1 rubber futures closed 30 to
points higher with
sales totalling 52 contracts.
No. 3 standard' contract closed nom.ually 35 points' higher with De sales reported.
1952-53 able to
of the Capital market.
daring But Treasury was upon C300m, of
the additional
currency
50
of cranes,
to
of
Frog Meat
Exports
DISQUIETING SYMPTOMS
HEALTHY INCREASE
allowing for Nevertheless,
Even the
A modern system there are some
the
Tokyo. Apr. 22, of the Aus draw disquieting symptoms which ard costing £950.000 is to be lo diminished value
mest packers Japanese frog tralian pound, the market value have agreed to limit their trog sterling that not entirely within the Govern- stalled if the King George dock, the Exchange Account derived ment's power to cure or control. Hull, and
Australian reconstruction of a
securities has mest exports to the United from its sales of gold and The first is that the extraordi- quay in this dock has started shown a healthy advance. All States to 200 tons during the -22 dollars--and £ 150m-that-the narily rapid rate at which end-will-cost £210,000-Pro-analysis-made by the research coming frog year beginning Bank of England paid over for American industry las "been posals are being considered for bureau of the Australian and May 1, 1953 and ending March
work at New Zealand Bank, Ltd., shows It adding to its capitale diner reconstruction needed to satisfy the growing factories, plant, and
W31, 1954. costing
that
£20 15s invested in 1945 in The decision was taken at a nearly £2m. Work is well ahead on *
companies cannot be expected to last much
frog public demand.
of the edible mecting some of the australian stock division of the £525,000 for listed on the longer. The rapidity of replace scheme costing RUNNING RISK
Japan Frozen the electrification ment, which has contributed so
of pumping exchange would have grown to- Food Experters decided to limit
Association. Consequently
modernisa❘ dlhy
£100, by way Govern- largely to the
prosperity of the machinery and the the
Frog packers ment was able to limit its bor- last six years, was largely tion of the electries! distribu- dividends, sales of rights, and voluntarily the amount of ex- rewing elsewhere to £200m. As necessary to offset the stagnation tion system at Cardiff, Newport, accrued values of share-holdings por
port to 200 tons of mea: of the Swansen, bank lendings to private bee of the depression and the restrlend
At Fleetwood On the debit side, it is orguabic fatst builfrogs in this country, because some time ago some rowers were declining, evention of the Second World War, work is nearing completion of the Australia's economic ex
improvements costing £100,000 pansion has been unbalanced, packers shipped into the United this rum could be raised by the and must soon begin to tail to enable larger trawlers to use with non-essential manufactures States kitchen meat of what is easy method of adding to the The second is the demand
at Treasury
gaining
the For now houses which have been
expense of known as tonosama kaeru "King 24.20 nominat running the risk of seriously built at an average rate of one
edible their Jafoting bank money totals.
displacing food crops, and pro- the past six
ru are regarded But if hops of internal end million a year over
years; must soon inevitably begin 23.55 rominal | external
stability economic
and housing is an to decline,
the genuine bullfrogs. are realized, there will be no industry in which changes In
During the last decade Aus-
This, of course, greatly spelled forthcoming 1.15 nominal money
tralia from the netivity react throughout the Exchange Account or the Bank whole of the rest of the seonomy.
has experienced an almost the reputations of Japanese bult- miraculous series of good seasons, frogs amongst American glut of England In 1953-54.
rate of private
run of tons, officials of the Association and an unprecedented And the banks are now find-indebtedness, that is loans from!
complained. Ing it almost impossible, dear banks to industry and
agricul- money notwithstanding, to re-
ture,
the past six duse loans to private borrowers years and repayments could cause
Traders reported a steadier situation in futures and spot in
ne with higher cables.
close.i today as
Prices fellows:-
21,23
24.50
חון, נצי
No. 1 standard
Alpy
July
September
Marria
Nu standard
July
S.ptember Dicember March
21.83 nominal
21.05
May
21.85
-United Pres.
bill issue
without
the
has doubled in the
the dock,
primary industries, with sheep frog". Although in Japan these
Portable Townductivity per man-hour actually meat is not as good as that of
At B.I.F.
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Noя, 6066-9
Chinese Freight Booking Office
27, Connaught Road, C.
Dates and rotation subject to
Tel. 20401
change without notice,
At liberty to proceed via older ports to load/theharge cargo.
EVERETT
E
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon; Calcutta and Chittagong.
"BRADEVERETT”
Arrives Sails
Apr. 23 from Manila, Apr. 24 for Singapore,
Rangopa A
“REBEVERETT”
Arrives
Sails
Apr. 28 from Singapore.
Yokohama, Apr. 28 for
. Osaka & Kobe. (Accepting cargo for translitpment Kobe/Passn and Kobe/Okinawa)
Penang, Coleutta.
Nagoya,
EVERETT STAR LINE
Fast_regular_freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Stam, Malaya, Colombo, Bombay, Karachi and Persion Gulf Ports. "STAR BETELGEUSE”
Apr. 29 from Singapore.
Kobe, Apr. 20 for Moji,
Nagoya & Yokohama,
Arrives
Sol's
to
"STAR ARCTURUS“
Arrives
.Sall
London, Apr. 22.
prices for everything she Tweaty Brilish manufacturers
produce. Yet, instead of The packers also decided in prefabricated
her. reserves in arding specialising
in take flops to protect bullfrogs dwellings will exhibit a 40,000- London,
against
inst further whose population in Japan has square foot "port ble townaalp" Inflation, and buitressing herself been declining sharply because opening on April 27.
New York Sugar Government or consumer demand. These factors at the British Industries Fale against the future, ist hier in of excessive hunting of ther
Futures
New York. Apr. 22. Wall He.
4 suger futures clereosints lower to 3 point pher with sales totalling 157 contrails,
14
any further.
So if the at- quite a serious contraction in might create the conditions for Its capital spendings by Floating recession even before the rearma Debt increases. It runs the risks of causing an inflationary ex-ment expenditure begins to pansion in the total of bank
The credit.
decline.
township with of vital
dulged i
in an orgy of under-work ever since the end of the war.
For instance packers will be They aim to bent last year's and
to buy from frog- last year's control of imports and forbidden
catchers STIDil prefabricated building exports.
frogs whose record of £7,000,000 worth of and over-spending which led to national
less than two first legs.pre The portable American economy has
be in the Earl's Court section
It remains to be seen which ounces each. They also intend It would seem almost certain, therefore to be watched like of the big trade fair, which is side of the Australian ledger will to stop buying "King frogs" In other words, that the Trea-hawk by all those responsible aged simultaneously in Earl's
which are Indigenous bullfrogs. sury will be coming to the long-for the health and safety of the Court and Olympia, in London All that is certain is that Aus ib. in 1950-1 rose to US$1.40
most impress Vista, investors
Frog meat, US$.79cts fo... term Capital market for several free world.
and Castle Bromwich
in Bi-tralia needs There however, a comfortingmingham.
1 lb. in 1951-3 and declined money." paradox, The Republican Ad-
years proportion of The prefabricated buildings reecht
alkhtly to US$1.30 a 7. ân ministration now has an armoury will
expenditure in from aircraft Frost national
'it. has
Contact No. 0.c.sed 2 to 3 hundred millions of new money lower with sales totalling during the next 12 months,
sales and hedge after the recent sharp advance weighed on the world -contracts, Dealings in domestic contract were not broad enough to develop a particular feature, traders said.
Contract No.; 4 (world)
May
July
September
October January
March
3,41 nominal
341
3.41-3.42
3.42 asked
1.50
3.42 bid
↓
Grain Prices
In Chicago
"3
Chicago, Apr. 22. Prices of grain futures closed 3.41 nominal today bs follows:
Wheat price per bushel
2.11% nominal 2.13744
21
May
Sort
5,40
Contract No. 6
Spat
Kay
July
5.50 bid
May July
firstemter
september
November Maret
Besked
Stamb
Spoti
-5,00
United Press.
Corn Spot Mny
December
March
2.306-14
by
range
their the
Australia represented by invest 1853. In April this year
been quoted at about US$1 a
of economic weapons to combat hangars and a combined hospi- meat has been about 30 per reat, ib.-Router. a recession which were fashioned tal and school to: huts former nat
the date
detested "New Dealers
African chiefs who want 20th compared, with less than 20 per w to use and which they will have to
Century comfort in their bush cent in Great Britain. But, to keep the American economy and Jurgic homes-Associated according to experts, Australia is properly adjusted. One condition Press, Kat they have most to fear is #
slump, since the last one, that
of the early.
30s, drove them JAPANESE BONDS
from offer for 20 years.
LONDON TIN
MARKET
London, Apr. 22, The in market was quiet la- day. Turnover
16-tens. Prices closed at 'the end of the
seston
London, Apr. 22, bonds "A" (45. of 1809) 84
Japántse
"B" (4%.
still short of new explial Invest- Cotton Prices In
ment by at least £150 millions a
year.
of
New York
Hitherto Britain has been Aus-
traditional source.
ments
of 1910) 7294 mally
*CH (49: of 1907) 128 D" (55. of 1924) 103 "E" (51.0f 1930) 147
601% -United Press,
the
$310
33.04-33.95
tralip's coplini. In 1937 British invest- In Australia were
New York, Apr. 22. calimated at
£700
Prices of cation futures closel or no less than 90 per today as follows: сеп
ΟΙ
foreign Spot total Investment
Since the war
this May July total has been augmented by a October. considerable but silli insufficient December flow, of British capital, some of it Murch
Blay in the form of "hot" money mo
1.29 hamtrai which edoled off to become October Hi perm
United, Deadé, Investment.
NEW ORLEANS MARKET United Slatzs --
$2.41 New York, Apr. 22. private investment (not including lay Copra was quoted today at Government loans) In Australia
estimated at the Decembe October $222.50-pen, short ton, bld, and at 1080 Wis 8227.50, asked, c.lt. the Priglfte f.cquivalent of to more than LAÍÍ. Crast, Coronnut o'd wis, quoted millions. Whether this picture May at 17 cents a pound United of comparative financial neglect July Preca
of Australia by the United Blates
Consult
Copra Quotation
official morning
as
follows:*
Spet tin, buvers
Spot, tin, stilen
700 710.1
Business, dont il valo Three-manijis tiny-Inivèrs li Three-manila tin. seller... Business done at
700
**Walled· Press.
Exchange Ratesember
Instasey Forde, done in the forni yo
exchange 2 parket, this
noficial
moming attha, following rates:-
Steding grots:[pr £132
Indonesiant qulider,(ver:200).
Siam, tople,(per 100);-
* filtraini
TIC plastida (Dur:100)
May July 15.70 Oate 21.00 Miv
35 20 July
1.0716!
«««
New York four-per 200 lbs Back Bettlement 12X17, 113.20 nominal.-United Preis.
U.S. dnlar (pgr 31).
פאזל
4.
May 4 from Japan. May
5
Osoka,
for Singapore, Port Swet- tenham," Madras, Colombo, Bombay, Karachi, Khor-
· ramshalır, Basrah & Bahrein, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION 5/A Queen's Building, Tolophono 31206. Chinese Department: Tolophone 20293,
YAMASHITA LINE
S/S YAMAHIKO MARU
D/W9.050 tota
IN PORT LOADING BUOY A-1. SAILING APRIL 24th
For SINGAPORE PENANG, MADRAS, ́ ́COLOMBO, BOMBAY and KARACHL For particulars please apply to Agents DOWN THE NORTH CHINA STEAMSHIP CO., (H.K.) LTD.
53.11.11
OVER
3 Bd20-Deg Vocitx Rond, C. Hongkong.
11.02 bin
October
-United PreEL
A Chileso Freight Agents; Leighton Shipping Co. 31 Gliman SL
Telá 22038,
Tel, 21142.