1947-05-23 — Page 6

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Page G

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9.

FRANS-ASIATIC AIRLINES, INC

THE CHINA MAIL, FRIDAY, MAY 23, 1947.

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BELATED

ECONOMIC CRISIS

Official catimates have been By E.L. SCHWARTZ, either a drastic curtailment of ex-

during

of

Prices

pro-

ports from the United States, or an equally drastic switching of world production from the task of supplying its own needs to that of making goods for the United States? Either alternative threat- ens both the world's standard of living and the economic balance of the United States.

the American trade balance.

Exports from U.S.A. Earnings of U.S. ships, tourist traf- tic, ele. Ineeme of U.S. in.

the able

1940 1947 Esti Fore inate, coat. ($ millions) 12,140 13.500

isaued in Washington of the United Stater external balance

Financial Editor of of payments for 1940, together of 'the 1947 with a furecant

the "Sunday Times" figures. The importance

fact

Here is the broad picture. It these figuren lies in the that they indicate how short of is presented from the American dollars the world is likely to be. angin, and is in ended to assure The estimates are; aummaris the home producer that the

The most obvious solution s ed in the table at the end of this world will be able to spend la

world productive article. Broadly speaking in 1946 the United States over $16,000 an Increase in the world paid $15.264 millions millions in 1947. perhaps $1.400 American capital. One such lane capacity, financed largely by Ber-million more than in 1946. More than a tinge of irony for American wouls and

to the private investor appearod and This may be of aume comfort in New York towards the end of attaches to the necessity for rush-vices, and also in interest ing through Legislative Council dividends on the foreign invest to the American farmer, manu April. It consists of $10,000,000 ments of the United States. In facturer or shipowner, who may of ten-year Kingdom of vesterday all stages of a Bill to

return, the world received thereby he led to reflect that Norway 3 per cent. bonds. legalise continued infringement $7.11 millions for goods and even if there is a trade recen- It in the first post-war issue to be apen one of the few existing con services supplied to the United ston at home, his foreign mer made for n European Govern- stitutional privileges of the peo-Slates and for dividends on for-kets will be maintained. The ment, and, if it succeeds, It should ple of Hong Kong. The effect | eign capital invested in the rest of the world, however, can- | pave the way for other issues. i 10 authorise Government to United States.

not regard these figures in the An even more crucial test will Countinue in breach of the

be the success This left a deflelt of $8,133 same way.

with which pro- visions of the Urban Council Or millions. Lend-lease, grants to The first point in that Amerlean new International Bank dinance, which otherwise would U.N.R.R.A.. supplies to exports in 1946 were not adequate to borrow in Wall Street.

the world's needs. Further. Finance provided in such } require elections to be held to fill cupled countries, and other Gov-to Two vacancies on that body. It is ernment grants provided for mere, the 1047 forecast envisages monner as to restore the borrow. deflelt, an increase over the 1940 exports 1ng countries' powers to produce not a matter-calculated to arouse $2,531 millions of this any great excitement. All things while lonnn by the United States of only about 11 per cent, in value, and export is the simplest long.. being equal, there is expectation Government and official agencies Now between June, 1940, and way of bridging the gap in that much more important elec provided $3,319 millions (draw-January, 1947, wholesale prices la

ings on the British credit line the United States rise on the U.S. BALANCE OF PAYMENTS tions, those which will provide

nt average by 21 per cent. 1946 are returned members of the proposed Muni $600 millions, equal to not quite months of the current. year, al many werde during the remaining |cipal Council, and which will be

160 millions). The remaining though it this recession Were Erased upon a much ranne dente margh of $2,283 millions ts

general, cratic franchise, will soon require covered by various long-term diffulties

night well create new

for American to be organised, and the preserva capital movements, inwards and ducers. But these Bgures make tical in being of the existing outwards; by a net outflow of it clear that unless there is n price carmaker Urban Council until $673 milions in respect of recession of nearly 10 per cent. funds; the world will not have the means such time as the Municipal Coun- private remittances of cil is ready to take over its fune tions is hardly likely to disturb that apathy which is the distin. guiding characteristic of the aver- are amoroach. Approval of the course followed is, therefore, auto- matic. The event dues, however, emphasise that the powers-that- he are an unconscionably long time making up their mind on what is good for this community; When the original bill was passed extending to May 25, 1947, the period during which the Urban Council could function without calling for an election, it was con- fidently assumed that the Muni- cipal Council seleme would have been cut-and-dried, and the func-world's totul receipts from eur- tion of the Urban Council already rent trade with American from

millions in 1946. absorbed into the larger organi- $7,131 sation. The life of the amending $9.000 millions this year.. Bill was twelve months and that period has lapsed without very obvious evidence that the Colony is much further advanced towards its, shall we say, émancipation. In fact, of course, progress has been made, but the discovery of the need for legislation to keep the recurd clean would be doubly ironic if it should fail to serve as a reminder that it is about time that a concentration of official brains gave birth to a workable idea.

DOLLAR DEARTH

by gold imports of. $823 mil to buy as large a quantity a Hons; and by an onibus figure American goods this year as it of $1,176 millions, representing (dil in 1946,

It will be able to buy additions to American balances abroad, and reductions in for-quantity only by dirt of deepend. eign balances held in the Uniting upon the American Govern.

tient for a total ed States.

sum of $6,000

1947 Forecast

that

millions, by way of grant or lung: In spite of the

recent grants to Greece and Turkey, Washington Is not likely to be in the mood to la continue financing the rest of the world indefinitely. Nor 18 it that healthy for the work to continue

The forecast for 1947 necessarily ninde in vague terms, It is expected, however. higher import prices, a recovery Indefinitely piling up debt to the in the productive enpacity over-United States, at the rate sens and the maintenance of $1,000 or $4,000 millions a year. American expenditure abroad in respect of tourist and ship- ping services, will ralse

the

's

Norwegian Loan

3,200

2,513

vestments obrond 611

Total Exporta 15,204 10,700

Imports into U.S.A. 5,204 0,700 Payments to foreign

ships and by U.S. tourists, etc

foreign in

1,604

173

Income of

investments U.S.A.

CARNIVAL

་

By Dick Turner"

LETRA

ชอบอ 29ORUGMAH

A

1-24

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"One hamburger and the contents of the each register to go!!!

BARCLAY ON BRIDGE

By Shopard Barclay

"The Authority on Authorities"

IMAGINATION

VALUABLE

pointed out, "one in clubs, two in hearts and in spodes two or per- haps three, if you want to count "Imagination is absolutely no-them as three. If I had my part. cessary to reach some of the best ner's holding in either spades or No Trump game contracts." That hearts, we would have taken two 2,300 statement was repeated time and more tricks and you couldn't even again by Gratz M. Scott, first have made a game, much less a general manager of the famous

slum." Cavendish Club in New York,

East chimed in then. “What's 7.131 0,000 whose words are still remember the matter with the imagination

ed years after he passed on

of you fellows?" he asked. "South that Club where you eventually should have counted on North to 8,133 7.700

meet all your good friends again, have clubs probably stopped and 2,531 1,000 He constantly

helped younger should have called 2.Nc Trumps 3,319 4,000 players to recognize those altua. Instead of 3.Diamonds, and North

tions in which you should count 700 on your partner to have stappers Trumps. But after his

in some unbid quit.

Total Imports

Export Surplus ..

U.S. Govt, grants

of

U.S. Govt. loans Private

remittances (net) Gold imports Drawings on short- -term balances Long-terin cupital movements, etc.

Total

673 023

700

1,170

100

700

The position is that in 1947 the world, by its own labours, will tomy for only 54 per cent, of whet

it obtains from the United States. Relief contributions by the How in future is it to pay for the United States authorities are remaining 46 per cent., without likely to decline sharply from $2,531 millions to $1,600 mil- tons, Offcial loans and credita

expected to rise 33,319 millions to $1,000 mil lions. In other words, the Unit ed States authorities provide nearly the same amount of money in 1947 as in the previous year, but will be giving less and lending more.

are

from

another

S. 7 4 3

H. 3 4 2

D. AKQ 54

C. A. Q

L

9.8 5

N

8,183 7,700 H, 9703

The New Democracy In France

D. 10 3 2

C. K J 8 6.

should

have raised to

3-No

3.Dia. monds, North should have count-

ed on South to stop hearts and should have bid 3-No

Trunipu.

Gord Imagination would tell you? that either sursise would have

S. AQ 10 zl been logicat in view of what else

H K J 8

W ED. 0.8

S C. 10 5 4 2

S. KJ 9 8

H. A Q 10

D. J 7 8

C. 9 7 3

the bidder

either hearts

well, the No

held. Note that

It

er spades broke Trump game was suro, whereas both suits had to break for a diamond game to be made."

Tomorrow's Problem

Dealer: Scuth. East-West vul- nerable.)

West North

Pass

1 D

Pass

2 D

East Pass Puss

4 D

S..

5. A 7 4 3 H. QJ 10 D 4 D..K.3 5.3

C. None

3. J 2

H. 87.05

Parla, May 21.

urn on a pillar in the corner South Nemocracy in on the rampage of his card. A widow of a gen-Past In France. Adding $700 milliong for

eral had a miniature, painting of 1 S Tivo months ago the private remlitances,

frat herself in mourning standing 3D Pank $700 millions for gold imports, was eliminated. Now the visiting.

class carriage in the Metro next to the tomb of her husband.

N This was tragedy In various H. A K

Since every finesse D. J 7W E 5. Q 10 After the revolution, all and yet another $700 millions

the respects, caril- Į for drafts upon foreign-owned

longtime sign in garlands of ruses, the bluebirds worked, North made an unbid) C. A ST S C. 0 3 2 dollar reserves, and it is

mated that during 1947 the world will have $16,700

to spend on

08-

mil-

American

were

and the little dealgns

small slam, following the club 2 Analysis of the American dollar

By SALLY SWING thrown over for a more severo

lead. North argued that he was position contained in another

not strong enough to leap to 5- "Republican" type of column is deserving of close study. Hong

card. Dinmonds after hearing South's France of a "lady" or "gentle. Later in the 19th century fade 3.Diamonds. South insisted that The official prediction of the goods and services. But from man" is common to all. Even for wards with black

lines he had done enough bidding on outlook for 1947 appears to be this must be deducted $3,200 the janitor has one.

around them, originally meant his modest, hand and could raise more than a little optimistic, and millions for interest payments which comes from being able became so

The mark of, respectability to signify a death in the family no further after North's 4.Dia more strenuous efforts to meet on American capital and the problem would

to fumble in your wallet and Spaniards

seem to be ments for American shipping

pay-

der more than 50,000,000 cards last month.

In -the collection of Louis Barthou are some less samples,

popular that some monds.

gone

TE

854

8. K Q-10 0 H. 3

D. AB # 4

C. K Q J 10

(Dealer: South. East-West vul. nerable.)

Against South's 6.Spades, West

French and Czech. It is

"Socialistoped to include later Polish. World'

in Paris carried Then West broke into it. "You led the heart A, then the spado required than are implied in the and other services. This leaves Pull out a sleek white card lett black diamond shaped cards got away with five finesses," he 0, How should South play for it? 1.8. Treasury statement. Sense $13,500 millions for American Frenmen and women to or- with only their name in white. confort may be derived from in- goods. dications in Washington and New York that American leadership fully realises the danger of wide- spread

breakdown. Leading, financial writers in the United States point to three re- lated facts, t. General Marshall's statement that "disintegrating forces are at work in Europe"

economic

100 Years Ago Today

(From the "China Mail”

May, 23, 1847) Notice no Smith will sell by bidders on Tuesday the 25th in Public Auction to the highest stant by Order of S. Drinker Esq, U.S. Nayal Store-keeper, 114 boxen of Condemned Pine Apple cheeses.

and Scandinavian lan- guage issues and it will ho pub- lähed by the international divi- sion of the British Labour Party."

But fantasy has not from the trim business card of M. today. A man cah still have the price-Imagination to have his

card engraved with: "Chief of the They tell a story in them Scottish Frenchmen, and first to selves. Look at the proud Gov. proclaim the French Republic in ernment official, whose card Algeria."-United: Prem. bears the words "M. Vice-Dir.

London, May 20. *· ector of the Cabinet of

The Labour Party will launchActual ownerally rests in the the

Rangoon, May 21.

recently formed Federation of at the end of this month a new Socialist Parties. Editorship Vice-Director Adjutant of the The master of A Rangoon magazine designed to bring to for the time being is Britlab. Vice-Secretary of State of the schooner, "Mait Set Gyi", was gother all Socialist, Boctal De War Ministry"..

today fined 9,900 rupees for mocratie and Labour parties It is learned features of the Billard Academy". Prize of the believed to Penang-a cargo of

And another: "Officer of the smuggling out of Burma-it is throughout the world.

first issue will include a diacts. collection Is the "Special Pro-1400 baga

The magazine will be called atop of the prospects for a of rice and 60 the "Socialist World" and will third political party : In the fessor on the fashion of driving bags of beans-Reuter.

be published quarterly in Eng--United State-United - Press-> in Paris traffic without danger." Barthou. thinks this one comes from a head of a driving school, but is not sure,

that the "patient is dying while the doctors deliberate." 2. The fear that an international trade organisation may not materialise Eat Geneva out of failure to re- concile free enterprise with State trading monopolies. 3. Reports by American business men returning from Europe, which are said te Female Loquaelty-Jean Paul he "gloomier every week." The says that a lady officer, if she feeling that the US Government wanted to give the word "halt"

to her troops, would do it some ominous is considering definite action what in this wite: against the deteriorating world "You soldiers, all of you, now Angol of the Apocalypse and economic condition is heightened mind. I order you, as soon as I Archangel of the Resurrection.” by the realisation that in the have finished speaking, to stand And, a sophisticated foot expert next 18 months American political still, everyone of you, on the marks his: "Pedicures of all em

spot where you happen Fare: HK$380 parties will become involved in don't you hear me? Halt, I say,

to be basales in Paris."

MANILA

2:10 p.m. Every Tuesday & Thursday. Tel. 31166-9 & 58870

SUNDAY TEA DANCE

AT THE

STAR HOTEL

ATO

n Presidential election to the alf of you," exclusion of all else. Experts believe the Govemment may first

A religious gent has his card engraved with the following words: "Seventh

Pride in their profession has: given ride to Frenchmen of all [ types having special cards Mra, Iness han received by the printed up like the fireman Robertson" Treléo whose' card reads: "Admitted

of all attempt the economic re- "Anna vival of Germany followed by fanionable Velvet and other Bon-after, a difficult examination In wholesale underwriting of nots, from one of the first houses to the Brotherhood of Fire Western Europe with American London, they were expressly men.

a

dollars and goods. Writing about "dangers to America in the New YorkHerald. Tribune," |Joseph Alsop-points out that the near-chronic dollar shortage in

PETE VALDERRAMA & His ORCHESTRA, which he says, is being TEA DANCES EVERY SUNDAY FROM 4 PM TO 8,30 PM DINNER DANCES NIGHTTY FROM 7.00 PM TILL 12.00 AM ----- 23 4 85, NATHAN ROAD, KOWLOON, TEL. 08921

well worth taspection. Also Tw mado as pattern bonnets," and ary"

And this one which bears no Ladies Riding Habits, git of frills, just the name and then, which will be sold cheap.

underneath "Gas-metɛp ́?! reader."

From the "Pékin -Gasetto"

Vialling carda are coming in- the Imperial command was re-to their own again, but stiil M "Invited", futher than pre colved assenting through abun. Harthou longs for the old-fas vented,”” fa", "nów, on the eve of dant kindness to sau memorial for hioned degrated visiting” tarda engulfing Canada and Mexico, relating an officer from banish of the 170; centry,

ment..who had exerted, hiinwolf.pn This would make hits world-wide in corso on. A celebrated priest of those Lepappalling in its implication." | part

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