MESSAGERIES
P.O. Box 63. Queen's Bldg.
M
Outward
"VIETNAM" "CAMBODGE"
HomeWaidi
"VIETNAM
"CAMBODGE
MARITIMES
Tel: 26651.
M
PASSENGER/FREIGHT SERVICE
Leaver Matselles
Bailed
... A.
Leaves Hangkang
..24 August
..... 29. Aug.
Vakatunit
Hongkong · For 12-14 Abg. 27- Aug. we are
14 Sept.
20 Sept.
Vi
Xalgon
Hafton
via Marcollies to all Mediterronéan & West Africa ports. via Djibouti to Madagascar.
FREIGHT SERVICE
Leaves
"COURSEULLES"....wupe-Bifted
Chutwards
"AURAY"
PIRAOUADDY"
Stomewards
"MEKONG"
"COURSEULLES”
"AURAY"
"IRAQUADDY"
Nangkong
Japan
-----Europe-såle4,5 ..
21/24 - Sopi.
Japan
32/14 Oct.
Japan
Hongkong
For
+
1944. Antwerp—'1 Sept;"
Leaves
-Neolung-20 Aug.
22 Alta.
28 Oct.
••• Kwelung Oct. ..Kertung-20 Oct. *.**kerlung— ↑ . Nov. 8. Nov........ .. .. † Saigon, Marseilles, Algiers, Oran, Tangiers, Casablanca,.
Le Havre, Antwerp, Rollerdom & Dunkirk.
Bubject to changý without notice.
s.s. "VIETNAM”
will sail for
YOKOHAMA AND KOBE
on
Friday, August 14, 1953, at 7 p.m.
EMBARKATION:
BAGGAGE:
Passengers are requested to board the vessel between 4 and 6 p.m. on Friday, August 14th.
hold and cabin Baggage room, luggage have to be registered at the Kowloon Godowns, Godown No. 50 (No. 2 Gate, Canton Road entrance) from 9 n.m. to noon, and from 2 to 5 p.m. on Thursday, August 13th, 1963.
CABIN BAGGAGE: cannot be accepted on board before embarkation time. Passengers will therefore have to collect their baggage from the godown between 4 and 6 p.m. on the 13th August, during which period cabin baggage only may be registered.
Passengers
uro
requested to note that ALL BAGGAGE must be registered as prescribed above.
Compagnie Dos Messageries Maritimes Queen's Building.
EVERETT
Tel: 26651
LINES
EVERETT ORIENT LINE Fast 'regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo Cliina, Slami, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Arrives Sails
Aug. 23 from Singapore. 7 Aug. 24 for Robe
“REBEVERETT""
Árrives Salls
Aug. 28 Aug. 20
Yokohama,
from Manila, for Singapore, Perang, Itangoon & Calcutta,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Uitinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slain, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.
"STAR ARCTURUS"
Arrives Salls
Aug. 18 from Japan. Aug. 19 for Manila,
"STAR ARCTURUS”
Arrives Salts
Aug. 24 from Manila. Aug. 23
for Singapore, Port Swellen- Jum, Penang. Madras, Colombo, Bombay, Karachi, Kharramshahr, Basral Bahrein,
"STAR ALCYONE"
Arrives Sails
Aug. 25 from Singapore. Aug. 20 for Naha & Japon,
(Accepting cargo for transhipment Kobe/Puran and Kobe/Oklugwa)
&
EVERETT STEAMSHIP CORPORATION SIÀ Queen's. Building, Telephone 31206,
· Chinaso Department: Telephono 28293.
BUSINESS REGULATION
ORDINANCE 1952 ·
Copies of the prescribed Forms (a) 1(b) and 1(2),
Now On Sale at S. C. M. Post, Ltd. HONGRONG AND ROWLOON
TEN CENTS EACH
THE CHINA MAIL, FRIDAY, AUGUST 14, 1953.
Economists Urge New
Further Easing Of
Objective Approach To Import Ban? Development Problems
From RONALD BOXALL
London, Aug. 13.
Those starry-eyed optfinists who cling to the view that limitless injections of foreign capital are all that is needed to raise the under- developed countries to the economic status of the industrial West will find little support for their ideas in two new boots by eminent authorities on the subject.
In the first of these, "The Froblems. of Capital Formation lu Under, developed Countries," (Basil Blackwell; 15â) Professor Ragnar Nurske, of Columbia University, stresses the importance of self-help as á factor in economic development.
He traces the problem of capital formation to "the vicious circle of poverty" - feature which is présent in varying degrees in all under-developed economics.
Being under-fed and poorly investment opportunities come.
but on. expenditure. housed, with few If any medical whether for doméstle of foreign The zámo effect might bo
to educational services, the capital, are limited by the slab obialned
extent people of these countries have a' of the market, Where the market by exempting from the forme low capacity for work.
is small because spending power tax that part a man's income Everything they earn Is spent is low, the problem is one of [which he saves, on the essentials of life; saving creating, rather than meeting,
Lacking the demand for capital,
or
is out of the questione un
tho means to save,
and Ignorant
some
་,་
FORCED, LOANST But taxation can also do him able to Invest in the capitol
BALANCED GROWTH by reducing the incentive to equipment needed to raise their
work. The way round this sroductivity. And because their Prof. Nurako relates this inculty, Prof. Nurske suggests, the question of is to replace taxation by forced productivity is low, they remain problem to under-fed, poorly, housed, un-balanced growth in the economy loans, which "would be a mathed
a backward country.
of saving in form as well as sulistanoc." But the fact that the countries affected by the vicious circle of must largely thich the form of as one might expect, for com- Economile growth,, he argues, But this is nal an argument, poverty have been unable, in the Increased production for domes-picte government control over pant
to set asido
sumcicat uc markets.
all forms of investment. form the basis of a resources
Production of prime collective thrift
There, is
to prevent nathing formation does not necessarily main outlet for private foreign combined with individual en- continuing process of
capital
ducts for exporthitherto te
from being mean that they must rely on investment in under-developed terprise, says Prof. Nurske. foreign aid or remain forever in territories-in the face of their prezent backward state.
Most under-developed couri- inclastic and
tries will need a combination of plains why, ife points out that stationary demand would not be private and government action
A 4 promising line of long-run in the field of saying and in- development.
vestment,
ench country "Under these conditions, it must work out its own mixture
accordance with there is to be any development particular needs and opportuni- fut all, it eilst concentrate st
Sites. least initially on production for and so long requirements as this development increases the level of priductivity and hence of real purchasing power. it will tend in the long run, to help rather than hinder the growth of international trade,"
Prof. Nurake's analysis ex-
MALAYA TRADE
DEFICIT
The continued decline. in the price of rubber, and tó
was
local
more
150 less .or
and
Canberra, Aug. 13. The.. Amirullan Cabinet S consideriar turilor eping or Fettrlollóns ou Imports Croir pou-dollar and Japan froni October 1.
UNCAN
Importa of "B" category goods at present restricted to 40 per cent of 1850/61 values would probably be ralied to 50 per cent of these values.
The main goods listed under category, "B" are:
foodstuffs, confectionery, cooking
household and utensils, llegor, tobacco, cigarettes, perfumes, motor car bodles, textiles, cloth- Ing. fancy goods, Loya, jewellery,”", clocks, watelies. tellet preparations and viis.
Australia introduced. Im- port restrictions in March 1952 to stop the drifn on the country's monetary reserves-Renter.
HONGKONG SHARE MARKET
Page
THE RACE IS ON FOR SUPREMACY ON AIR ROUTES
(By SIR MILES TAOMAŠI
These are days of difficult decision' in aviation; Orders for new-type aircraft placed töllay candbl fructify at best for six years.
The speed of technical development as we have been in the case of the Brabazon, can easily outstrip the paté of commercial production: The resultant losses run into millions.
The impressive success of the Edmonton in Canada, and direct Comet has raised the competitive thence to Tokyo. This would be spirit among alrerit ini..lu- dono at speed approaching 450 facturers on both sides of the miles an hour, Atlantic to fever hent. Britain There
will be appreciable
has the lead. The race is on, problems of nirecaft catering, for the Boeing Company global time will be cheated on Journeys of this
in
matimulating civil cast-to-west
15
flying with a six-jet 680 m.ph, nature. and passengers' meal bomber. Non-stop trips of 3.120 mes relative to the daylight Hours will become still more of
milos(roughly the distance
tween New York and have been made under.
trafile control, condition, ""){"
a specialised study,
OTHER PROBLEMS Thele 13 another chicol, bf this helloves that a contrast, with the rather grudging thought commente first made in America pure, jet airliner, travelling at about jet-propelled civil aircraft, pods approaching the sonic Booing's Chief of Flight Test barler, is the better solution to now publicly, states: "The jet the problem of air travel ten has definite advantages of speed, years herice. Speed, it is argued, ability to climb, and quiet con- the work of transportation dona ein be made economical because fort."
Exchange this morning amount- | to having no difficulty in whethern Ictitudes.
ex
is so much The
time big American aircraft given.
greater. manufacturers, Lockheed and
But allled to these near-sonic (From Our Correspondent)
Dougins, who 'In the past have supplied the majority of world peeds come problems of how to Business done on the Stock airlines with their craft, admit bring an aircraft to rest on an making ice-covered runway such as has In to be faced seasonally airframes suitable for jels. ed to $130,040. Noon quotatious
And also and tha morning's
trans-apparent indecision is concerned How to avoid the penalties of actions:-
with suitable engines, Which, an they critically ask, is the proper tensions to existing
building
expensive SHARES BUYERS SELLERS MALES commitment-
"kstrips to pure jot, BANKS
propeller-turbine, or shall they accommodate the longer run.re
by heavy all-jet aircraft. quired HK Bank XD 1635 1541
combination of the two present evidence is that the so- walt for East Aala
to be developed?
called pro
propeller, is likely to be a BACRED BOTH WAYS good friend to airmen for years Meantime we in Britain have still to come, it only because it backed jet propulsion each way.gives hister actoleration and can In ang comel we are relying on be used as a brakepensionintels.
Viewed quite
154
200
54633
INSURANCES
Clanton
Union ....
DOO
67 600
HK Fire
150
SHIPPING
its own
Waterboat
400 18.70
Asta Nav... 1.65 146 DOCKS, ETC.
Dosk
21.00
Provident ..ELDO
of
the
the propulsive effect of the streams of hot gas impinging on there is good the atmosphere. In the Viscount that
present hich grip jet their diameters. utmost
reason to believe. Britain can retain her
car load Ave-year
in concentration
But it will nter-
on pro-
SELF-HELF NEEDED
S'hal Dock Nor should exclusive rellante
Wheelock.. 8.00 8.00 13008.03rd the Britannia we gear the e be placed on fiscal methods as a
1000 8.00 turbines to airscrews which solution to the problem
the air over saving.
Evidence is forthcoming on test-duction and ruthless freezing of beds that a gallon of fuel can design at definite stages.
Fust must
"After all, i an tinder- developed country
the fiscal machinery is likely to be under- developed also,”
but
does not the Importance
BASIC SERVICES
Prof. Nurske stresses the heed Development of industries to for self-help in a lesser extent of tin, was
cophomic supply
the domestic market; development, mainly responsible for however, requires not only simul-under-estimate Malaya's foreign trade de- |taneous investment in compleof international co-opitation In Beit during the first alxmentary Industries, but also the this, sphere.
rirqvision of basle services, like
On the contrary, he points months of this year.
port and transport facilities, gas out that "foreign funds can eer- At £10,000,000, this
fond twice as great as the Colony's water works, electric power tainly speed up the process of
plants etc.
économie development and deficit in the Arst half of 1952.
And since these do not full make 11 1
arduous, less The average price of rubber | the condition of profitability, violently disruptive socially, and between January and June was which is at the root of all less likely to produce despolle 1/d, compared with 2/8d per private investment, they must forms of gviinment.”
b in the same period last year,
Total
were 408,634 exports tons, valued 01 £76 million.
The problem therefore comes Rubber worth £20,000,000 was down
to one of creating the exported the United King-conditions in which domestle
United dom, Exports to the ted resources can be set aside for Stutes
Wore valued
investment in basic services, on milllon and to other "American which further balanced economic account countries" at £1 million growth depends.
The volume of rubber exports was the lowest for the Brst half
.of
ot
be provided by local,
..
Much can be done in this
LAND, ETC.
HK Hotel 7.83 A FIK Land .. 0015 5that Larki 1.95 Humphreys UTILITIES
TTAM... 24.00
P. Train (0) 42
P. Tra (N) 31.10
ai 200 or 01 1015
25 200 @ 25
C. Light (0) 12.40 121 3000 9 12.40 C. LInh N 10 G 500 g 1.40 Electric
2727.10 1000 27.10 2004 27.10 Elec. 4 Масло Telephone, ZUTO ALDO .300 ₪ 21.00 INDUSTRIALS
Cement ". 10.70 10.00 STORES,
Crawford
22.10 0.40 1000 m 22.40
Dairy Watson COTTONS
Ewe
3's 2.80 MISCELLANEOUS
Yanglaze Go" 6.95
We
more produce
useful thrist
not be subject
to the through the medium of in dir- criticism that we bulid too many acroplane prototypes and neglect volume
production.
screw at hormal
screw
operating heights than con à
the latter pure, Jet, although presents greater advantages of simplicity.
The burning problem of sero- plano manufacturers and opera- tors alike is forpcast which, will be the ultimately more economical
type of propulsion. This question focuses not on any complex part of the
the machinoy!
It lies in the ends of the
blader. If these ends can be
shaped so that they will, satis
factorily operate consistently at
+
The Rubber
seems as
on
11
Markets
Singapore, Aug. 13.
IN AGREEMENT On this point, his views coincide exactly with those of Prof. S. Herbert Frankel, the well-known authority Colonial
affairs economic nature, of all enduring economie Both stress the long-term
development and the importance of shielding it from political
"The
alion.
Advances On Wall St.
A
Trimmed
New York, Aug. 13. Proit-taking. trimmed gains
u
speeds higher than sound. it on the stock market today but though the British the list nevertheless managed turbo-prop engine will command to close a few cents higher or world domination. world
tcreased volume.
market The
moyed vista of world travel opened by this development is briskly under the leadership of fascinating.
"In the forenoon.” In Test-bed evalud chemicals of fuel.
consumptions in extension of yesterday's late
short time-say Elvely
seven years or so we shall
100-scater see 100-9
In week. Sales for the day
A
compared acroplanes flying non-stop from 1.040,000 shares
with 000,000, shares.. yesterday. London to Johannesburg. Aus-
1111 04-04 tralia be
45 two stops,
The rubber market fluctuated indicate that with a compara- | calling, was the most active
excess influencing of the ove head narrowly throughout the whole
I any year since 1948. The de-respect by utilishig the crease in the total value exported manpower which exists in most compared with the first half of under-developed countries. last year was £62 million. Present, productive labourers are other Shipments to the U.S. and other performing dollar countries were down by £19 million.
DOLLAR EARNINGS The average tin price in the same period was
£843,
com pared with E070 for the first half of 1042.
"virtual"
Atchpital structure, more than any form of investiment, font views and steady writes Prof. Nurske.
than more food produce
they they consume.
saving:lle
or co-operative
But, as Prof. Nurske points to
It is peculiarly suited
vulnerable
out, this saving is offset by the action in under-developed coun unproductive consumption of the tries, it is people who contribute nothing to 'political to output.
.
mlilien
millon list year.
Total exports amounted to al £27 31,353 tons velded
If the productive peasants £20 were to send their useless de- compared with
pendents-their cousins, brothera
NEXT PROBLEM
But exports to the US. vere
up on the 1052 #gure, from £7
This is na argument for placing it under some independent and tinuous body,.
by
session, and prices closed follows:
No. 1 rubber per lb. Aug. 05-0414
Sept.
Oct.
No. 3 rubber per . Aug. 61-01
15
e renched with only The major groups closed with
gains-32 cents say at Aden and small
service dustrials, A return
two cents
No. 2 rubber per lb. Aug. 31-021DHANA York now will TRUS
No. 4 rubber per ib. Aug. 6816-10 Spot rubber unbaled Blanket crepe
No. 1 pale crepe
And The
631-63 50-50 71-77 United Press. LONDON MARKET:
London, Aug. 13., The tubber market. was steady. No. 1 RSS spot was Prices closed quoted at 18.
101-1011
*1815-19 1031015
of social overheat as follows:
Business Settlement General market cit basis
No. 1 RSS Estate Crepe Aur, thick
thin.
In the
and nephews who now live with capital la un expensive and long-No.1 RSS spot them-to work on captial pro- term Investment which should million to £11 millión.
Jects and if they continued to not be continually exposed to Despite the falling prices and feed them there, then, their short-term variations lower. exports of rubber Malaga virtual saving, would become political weather." sgain made a valuable contribu« effective saving. tion to
to the Sterling Arca's dollar. /
But having uncovered this cainings.
potential source of saving, the The Colony's favoutable trace next problem is to prevent the
£22 peasants with the US. was
A REQUISITE .. Prof, Frankel expresses the "The Economic view in Impact on Under-developed
United „Press. NEW YORK MARKET
New York,, Aug. 13.. Rubber futures closed today 10 points, higher to five points
be
be commonplace, ine
མ
each in
and utilities. Among Du Poht closed dt chemicals. same,efr craft doing Life adublb Journey 108 up, Allied Chemicals six days a week, leaving one up to $70, and Rohm & Haus clear day for maintenance and $130% up 1%. with ample time daily for re- Rails had a mixture of small fuelling and restocking the can-gains and losses with a rise of- teen.
14 points to Union Pacific, the MORE ECONOMIC
only wide move. Oils has & few The big propeller-turbine air-good gains including 1% in Deby craft will not bo as fast as the Rock at $42, and 1% to $188, in
TEXAS pure jet type by almost 100 m.p.b.
Pacife Land
Land Trust Steels
It will not be so smooth. It will moved a bit lower,
not fly so high; but it
whil
There were 1,000 Issues faded.
Of these 432
370 lower and 284
deal more economical to
to operate. its miicago As seen at present; its
great deal quieter, and admit The New York
Lala chiefly due to the in-from the land, Societies" (Basil Blackwell: 153), lower with sales of five con- the pure jet,
Lin. own output.
last
crcased shipments of During the same period year, Maluya had a favourable trade balance of, £31 million.
L
more of their
fort
Comm. future price index;
per gallon per ton carried con Exchange bond volume was at be at Inst 50 per cent better thon $2,640,000, and the American
It remains to be Stock Exchange volume, was seen whether the passenger -
-290,000... extra 100 m.pl. An inescapable retjulalte for tracts. fell back into a mi traction of an
Dors Jones closing averages the. beohondeal 1290 Baita
4 ut plus the added smoothnes This may seem ព heartless
capital, he says, is think "a new after having perked up sharply the straight jet will overshadow 56 Industrials thing to do it, countries where objective attitude
Po stalls.... Korolen
the longer ronge and better Uainties consumption, landords are ulemples should be fostered in yesterday. Cable offerings were
kmill again and did not con
of
propeller-to monde the
Stock economics ready abysmally low, but
in my opinion is the real signi
Price bids. turbine typ to Buyers' Prof. Nurske's words, greater care of the establishment pd, Letnand generally has been emclericy in food production is and
Amerien tho the
already spotty bilt experience
traders look for
for Chicago-Los Angeles is taken as the basic way of releasing gathered by, the International some increase in offerings as MARKET human cergy for capital con-Bank for Reconstruction and
factories begin to step up their the yardstick, and, The domestic saving Development.
purchases of rubber, Traders consists here fä in * is that once again there Spot jumped up 25 to 2003 the task of mobilising It consists ternational Investment which can per long ton, and three-months
the highest be independently applied and futures closed as follows: tin was up £5% at £8014. Turnover was 60 tons of which possible proportion of this incre-independently put tuto, operation
LONDON TIN
London, Aug. 13.
In
*Journey
until this
has been settled, airline not prepared to
quoted No. 1 ribbett smidkedlém of airscrew verstis jct-:
The tin market, was very with WPS com
real, income,
and must be developed witeria of a slicets at 23% cents per pound,lors are
withholding
33 tons were for cash. Prices ment, for investment purposes.". by appropriate idustrial and Institutions, freed Nor does the difficulty bf commercial closed as follows:
haphazard interference stimulating voluntary saving in from the haph
of governmental or national poll- the poorer countries end there.
Michl influences" CONSTANT PRÉSSUKE
Spat tin buyots·
sellers Business
Three months tin buyers
Sellers
Business Bettioment
502
5071
ADS
600
---Unlied Press,
London Foreign
Exchange
New York Montreal Amsterdami bruneta
Okla Zurich
Copenhagen, Paris. Яtockholm Douteche
Jocked Mirk
Olliete, werdo Pries
September December March (1904) May July September
3.10 bld
295 bid
23.00 bla.
22.70 naked 22.70 non,
-United Premi.
Exchange Rates
ocial
This, however, is but a briet mot from Proc, Frankel's Far people in these countries credy-reasoned, hrgument for a are under constant psychological Hơw, dpproach to the problem of pressure, to increase their "dots" | Interní fotba Inverambat the aumptions in an atompt to narrow math butter of which tutoring at the following rates the gap between thein bin without the furiais apéricles standard of living and that enable to
contous joyet in advanced countries booridende
Prat. Nuke recognities that hampered by Rocal or other this breeds political difficulties excretious; foreign, to their pub- Inhibling" the use of? public pose, the growth.df capital in, 378-7/10 finants as a niceurs of simulating any form is impossible.
the recessary savingato
la collected any should be
London, Atir.: 13.
-140.13-140,20 19.34-19.3434 12311216
conduct
operatibias
budnets was done in the deal
exchange market a UB. dollar [ver all Morling notes: (per #1) 1.-18.29 indonesion guiders (per 100 m Klan, tiesia parado0)
3.50 Gingenore, (Sirajte). Indo-Chinia, plasiran, (per 108), 6.75
JAPANESE BONDS
pond
May Stop Raw Cotton Import
Bink the billions of dollars in- volved in new Beets. They must
Tokyo, Aug. 18. see substantial overall économies, The International Trade and either in terms of greater revenue Industry Ministry is considering added passenger action to stop the import of raw attraction. dr lower operating cotton from Pakistan ja ylow of
for prescht volumes of Pakistan's sluggish Import businedes infant cotton yarn, and cloth from
by
costa
reason of
Britain's chances of capturing
good export bistings, with these
Jel-driven
aro
Interior air
«lio “concluklón” öf
onk between: Mr Hideo
o chief of the Fourth
of the Ecdemic Affairs bright. operators bil over the world, heo
of the Foreight Ome cagerly, assessing the virtues of and the Pakistan Government in the liest piston-driven types of Karnell, the Ministry Intends American aircraft and the new
act on the fifiocátíðн D. foreign exchange for the Import British fat projects,
zoules such as that cons of 05,000 bales of Pakistan necting Austral and South cotton-Chinn Mall Special,
For
· London,
Aug
12 M
* E010]
But he argues that in rolled sedd along with Proc Nursky's Japanese five action through pukalle gaanée de jelly veliable book by all who thede: mag-be - sáníà, hópa af skin to an - Welike. Andor Braking the vklous cirun of dusting of the problems: In- poverty.
volved in that rother over- To intresse the inactive to worked, phirano,
ecomic continues, taxation developnenokiorefixpeters Untied save, he
should not be on personal in-Berviós..
Tokyo
(Tokyo Om
by way of the
đáp lại có thể tin
could curry n for Son any petrol. buming Sypo....in the northern hemisphere, Japan comes within
not
Copra Quotation
New York, A2” 15. Conrawan, quptor, today at 180 per short ton, "21f. "Pacitte" easy reach of Western Europe by Coast Coconut Pli was quoted flying on a course that feltypes tho at 14 venta per pound, e12; West Polar regions one hope, say, to Coast-United Press,