1947-08-08 — Page 3

f

A

THE CHINA MAIL, -FRIDAY, AUGUST 8, 1947,

"PILLS FOR EARTHQUAKE"

Austerity Cuts

Cuts Less

Less Than Expected

The Fundamental

Cure

London, Aug. 6.

Financial experts here tonight described as "even graver than had been generally expected" several of the implications of the Prime Minis- ter, Mr. Clement Attlee's crisis speech to the House of Commons today.

That some of the austerity cuts are less severe than was expected is clearly because of his recogni- tion that cuts by themselves are merely "pills for an earthquake," liable to do more harm than good, they pointed out..

Mr.

}

1

Coal Target

LEGISLATIVE TUSSLE

London, Ang, đ.

The House of Lords today...., ended another lòng tussle withi the Ilolar of Commans, by 2. accepting the rejection by the House of Commons of their

mendment to the Govern

agriculture and trans- port nationalisation billa,

Both Dilla were given Royal Asient and are now law-a Reuter.

tighter control over public and plics, retrenchment of all post- ponable capital developments,

Leading economists, have re- cently argued that this was the Although he confirmed that only way in which Britain could the abnormal drawing of 176, make ends meet. They coupled onu bun from the loan in July this with the polley, which Mr. sho'd not be taken as an in- Attlee also announced, of longer dieation of the trend, this cicar-hours in the basic industries, ly implies that the recent dollar wherever longer hours can con-

RUSSIA PREPARES FOR WAR

ROME: AUG. 7. ETTORE VANNI, DESCRIBED AS AN ITALIAN COMMUNIST WHO RETURNED TO ITALY AFTER EIGHT YEARS IN THE SOVIET UNION, WRITES IN THE CONSERVATIVE ROME NEWSPAPER. IL TEMPO THAT RUSSIA IS NO LONGER COM MUNIST AND IS PREPARING

FOR WAR,

Pledge By Workers, Employers

OF

LONDON, AUG. 6, REPRESENTATIVES - BRITAIN'S INDUSTRIAL WORKERS AND EMPLOYERS TONIGHT PLEDGED FULL COOPERATION IN ASSIST.

ING

ΤΟ 'RESTORE THE ECONOMIC SECURITY OF BRITAIN" WHEN THEY MET THE CHAIRMAN. UNDER SHIP OF THE MINISTER OF LABOUR, MR. ISAACS, TO- TO- NIGHT.

The industrial leaders, 16 re

the presentatives each from the Trade Union Congress form Employers Confederation urd.

"Lenin's country has been re

ing the "National Advisory duced to a pitfall anachronism," Council", met at the Ministry of Tempo, has himself remained a problems arising from the Gov- convinced Communist..

crament's plans for the redo "The dictatorship of the pro.ployment of British industry. letarint," he said, placed by the dictatorship of cor. rupt bureaucracy which is liqul dating every vestige of socialism."

Associated Press.

וי

"has been re-

For a fundamental cure the whole situation has been the ac-private capital investments, im-wrote Vanni, who according to 11 Labour to discuss manpower Government evidently relies on celeration of this dollar, drain getfing rid of the foam ob'iguin recent months." tions of convertibility and non- discrimination, which Attlee described as "dinastruuk“ to Britain and ne advantage to the United States, or anyone else, and on measures for yn farging and redirecting prodie- tion.

Cuts are only a stop-gap undrain has been at an even high-tributo to increased production.

Both halves of the policy of

Food Cuts

econo-

these fundamental remedies er rate than £810,600,000 an.

nelly. ran Lake effect.

| trying to maintain basic rations Meanwhile, the previously an The 4.000.000 tons of weekly white taking no risks with nounced coal and steel targets coal outpat almed at from Sep-stocks were also advocated by for 1947 and the export target tember onwards would barely responsible unofficial for June, 1948 have not ap meet the original and admitted-mists. parently been raised, and Mr.ly inadequate 1947 target of Attlee merely nanounced higher | 200,000,000 Lons. The steel steel and export targets for target of 12,600,000 tons for later dates. The achievement 1947 x n whofe appears to be of the new export target for an arter than was contemplat- December, 1948 (160 per cent ed lust February, so that the pre-war) would still fall extra effort would only make short of redressing Britain's good the effects of the February balance of payments.

fuel crisis and other handicaps. Mr. Atlee announced a slee target of 14.000.000 tons for 1948.

Ultimate Reserves His disclosure that Britain's Cher own "ultimate reserves" stock of gold and d-Bars) are #600,000,000 disabused hopes

A further meeting to consider detailed application of the. Gov- ernment's proposals will be held

next week.-Reuter.

Opposition Criticism Of Government

London, Aug. 6. The Conservative Opposition, still not convinced that the measures the Prime Minister, Mr. Clement Attlee, proposed to the House of Commons today will extricate Britain from her economic plight, will probably vote against the Government at the end of the de- bate tomorrow.

The only risk which is to be taken with stocks--whose main- tenance Is regarded by econo- mista as vital is apparently by trying to postpone part of the purchases of raw cotton. This should be feasible, since stocks new of raw cotton are an exception

to the general threadbareness In the views of the Opposition, of Britain's economy. They the emergency measures outlined The export target of 140 per were recently reported at an all- do not represent the all-out co- ordination of national effort cent for the first half of 1948 time record, sufficient, for about

which they consider necessary to repeats the already disclosed 18 months consumption.

The projected cut in food im-tain's economic existence.

beat the present threat to Bri- postponement of the original that the gold stock had been aim to reach that figure by the ports by 412,000,000 a month

The plan, larged during this year.

they think, is 'two This

end of 1947. The new target or by 144,000,000 a year is diffuse to succeed. Lack of cour in actually below the last pub for the end of 1948 is 160 per substantial. Because of higher age and boldness are the Oppo- lished figure of 4643,000,000 nt

calculations overseas prices, Previous

the estimato sition's two chief criticisms of the und of 1946. Accumulation cent.

.មឆ

the Government's catalogue ot during this year must thus have were that the redressing of Rri- for total food imports

payments.raised in July from £725,000, think-and some Labour Member,

retrenchment measures. tain's balance' of been small, not even enough to offset the 60,000,000 of gold would require an export volume 000 to 840,000,000 a year.

Imports of general consumer ed forces cuts are disappointingly transferred to the International of 175 per cent, without allow Monetary Fund inst February.ing any repayments of aterling goods had already been cut

from £35,000,000 balances or other war debts,

£30,000,000 He significantly added that

.and ara now further cut to these ultimate reserves cannot

£25,000,000. be allowed to fall below a cer tain point.

Overstrain

Mr. Attlee confirmed that Perhaps his gravest disclo the fundamental trouble was ure was that although Bri-overstrain.

"We have tried to do too aln's own trade defleit with the United States in the rat hnf much in to short a time." of this year was £176,000,000 His policy announcement of basic indus- her, toil dollar deleit wns | concentrating on

105,000,000, (at the rate of tries, exports and other imme- 2810,000,000 a year) and "the diate asks, coupled with his most serious aspect of the statement that there will be a

LINCOLN

One of Britain's Best Bombers

and.

AUSTRALIA'S FINEST GIN Try Some and Test Its Unsurpassed Flavour and Purity

Imported by:

REISS, BRADLEY & CO., LTD.

"JANE

LOOK HERE, MANE IT. STRIKES, MEIN WE'RE BOTH (IN THE

=SAME: BOAT

DAREN'T LEAVE: TIE HOTEL FOR

| YEAR OF APACHES

SYOU GOFINUDAHY DREAD "ON/" GENDARMES

They

Join them in this that the arm-

small,

They aro dismayed at the curtailmont of the housing pro- gramme, indicated in the redue- The absence of any announce- tion of lumbar Imports. The Op; ment of further cuts in Imports position, all along, has contended of machinery and equipment that the programme is inadequate speaks for itself. Previously to answer the country's desperate

shortage estimated at

of accommodation. they were

only $66,000,000 in a total import not agree with

The hard core of Labour docs the Opposition programme of 1,700,000,000, criticism,

predicting that the Raw materials were placed at criticisms of tinkering, instead 640,000,000 and, excepting the of dealing boldly, with the fun- possible reduction of cotton dumentals, will be proved to be stocks, the only cut which Mr.without foundation..

Government Attlee announced was 410,000,-

supporters feci that in the. 000 on timber.

legislation which How is being introduced this work to mact the crisis, the Government has taken a stand broad enough The previous import pro-to deal with any eventuality in gramme provided for only 70 to the national economy.--Reuter..

80

Convertibility

per cent of the" pre-war

volume. With the further ents

now announced, it will clearly.

be a light'squeeze to maintain

British

a tolerable standard of living Protest In

and at the same time to find

the wherewithal for exports Vienna

Vienna, Aug. G.

Cabinet In Exile Resigns

Paris, Aug. 6. The Spanish Republican Gov- crament in exile, led by Socialist

Rudalfe Llopis, handed in Ita resignation today to President Martinez Barrio,

The Government' collapse, whien had been predicted in-In. formed Spanish circles. here for several days, was preceded to day by the withdrawal of the Communist Ministers from the Cabinet.

Early tonight there was no official explanation of the re algnation of the Llopis Govern ment; but informed observers sald the development followed logically, the acceptance: recently by the exiled Socialist Party's General Assembly of suggestions for "sweeping governmental re- forms."

The reforms were suggested by, Sociallat leader Ingalecio Prieto, who claimed the Prozl- dent, of the, exiled Governmont was "ineffective", and should be: 'dissolved. He advocated that he be replaced by a Junta grouping all anti-Franco forces except

Sir George Rendel, chief B- Pravda.

tish representative of the Aug- trian Treaty Commission, today

made a strong protest Sounds Alarm

nt a

acheduled to reach 140 or 160 per cent of the pre-war, volume..

Mr. Attlee's remark that "unless the multilateral system can be made to work, support ed by adequate finance." Bri- tain must seek a solution along meeting of the Commission other lines," the clue to Bri- against the Soviet action in seiz-

London, Aug. 6. tain's attitude in the forthcoming the Lobau oll refinery, the Soviet Communist Party, today Pravda, official organ of the ing, "high level conference" on largest in Austria, which, he sounded the alarm" at the "un easing the loan terms which the said, the British Government resausfactory conditions in Soviet Secretary of State, Mr. Margarded as an Anglo-American power, stations" where, it said, shall, announced today.

It means that Britain will any that unless the United States can give her the resources, to make convertibility or a stor ling loan, convertibility cannot bo maintained.

Authoritative quarters to

interest.

"The American and French” re-

British protest. presentatives supported the

the Russian action as "ynllater Sir George Rendel condemned ally taking the matter into their

own. hands.”—Reuter, -

NEW CUNARDER

work was endangered for, the autumn and winter by low, fuel stocks, hardly 50 per cent of the estimated quantities, accord- ing to Moscow: Radio

Izvestia, organ of the Soviet

Government, was quoted by the

Radfo as saying that harvest | work was still far from having been satisfactorily completed. In söveral... provinces, work had London, Aug. 6. | fallen short of anticipation and * The 14,000-ton cargo-passen- |the "fight for brend has reached its decisive stage"," the paper added-Reuter,

night confirmed this interpreta- tion and added that the only ap parent way to maintain con- vertibility would be for the United States to agree to hold' a mass of sterling, which would- be equivalent to a new loari, gor liner Media, Intest addition Without some such drastic case to the Cunard White Star fleet, ment, the suspension of ster now on its trials, will arrive in ling convertibility must be ex- the Mersey next Sunday after

pected, and this 1947 version of noon; to load for her maiden the gold standard will have voyage to New York on Aug. 20% Ilved only a few weeks Reuter, |--Rautor: 77-

·M-MM!· YOUR JOB'S: NO LONGER

SAFE =****

MINES: BEEN SIDLEN":

PROM (ME) BY!

MY PARTNERI

AND

·AREM!-

COULD SEE

COMING

RAILWAY CHARGES

UP

London, Aug. 7

- The Minister of, Transport an. nounced today that passenger and freight rated on "Britain' four mainline railways will be raland jon: Oct. 1. The increases raise, all chargés 55: percent, above, pro-star,

Prom

NADA INCLUDED

Union Insurance Society of Canton, Ltd. British Traders' Insurance Co., Ltd. The China Fire Insurance Co., Ltd. North China Insurance Co., Ltd. The Yangtsze Insurance Association, Ltd.

The undermentioned joined the Boards of Directors of the above. Companies as from 17th July, 1947,

'C. BLAKER, Esq., (Chairman) N. O. C. MARSH; Esq.,

J. F. MACGREGOR, Esq., M. H. TURNER, Esq.,

The Directors announce the re-establishment of the lead and Registered Offices of the Companies at Union Building, Pédder Street, Hong Kong, from 17th July 1947,

A. W. HUGHES,

General Manager.

Union Insurance Society of Canton, Ltd.

Abridged Combined Revenue Account for the year ended..

31st December, 1946.

Fund at beginning of the year £1,024,070 Additional Reserve

Claims Pald

vision of Taxation

£1,345,208

*****ཝཾ*

Premium Income (after deducting

Returns, etc..

.524,500

£2,149,170

3,027,334

£5,178,504

Commissions, Expenses and Pro-

1,110,218

Transfer to Profit & Loss

284,034

Fund at end of year Additional Reservo

2,011,044

324,500

£5,170,504

Consolidated Balance Sheet on the 31st December, 1946.

·Shareholders' Capital:—

Authorised

Issued

Paldup bagi

General-Reserve"

LIABILITIES.

200,000 Shares

of £10 each £2,000,000

135,000 Bhares

of $10 each £1,350,000

Exchange and Investment, Fluctuation Account Leasehold Reservo Account ......

Accident and Ueneral Fund ...............

135,000 Shares

of £10 each, £0 pald

£. 810,000

810,000

Reinsurance Fund....

000,000

387,414

(2,222

Marino Fund

1,730,180

Fire Fund

NA

307,504

198,454

Profit and Loss Account

301,999

5,607,719

"Claims admitted or intimated but not paid:

. Fire

£178,048

87.459

265,507

503,147

74,902

874 280

506,843

185,026

£7,978,020

Accident and General

Staff Frovident Fund Unclaimed Dividerida

Provisions for Taxation and other Contingencies Bundry Creditors and Credit Balances Provision for Dividends payable 20th May, 1947.

Other Foreign Government Securities

ASSETS

Mortgages on Property out of the United Kingdom Investments:-

Deposit with the High Court, London, British, Government Securities British Government Securities Dominion, Colonial and Indian Government Securities

479,691

1,305,009

Provincial Municipal

87,635:

08,228

USA Government Securities.

909,961

72,733

USA. Railway Debentures

82,088

Other Railway Debentures ...

19.373

Railway Preference and Guaranteed Stocks

14,859-

USA. Public Utility Debentures

Other Debentures.

žaging

B1.077

90.252

47.789

*433,843

263,000

231,700

301,580

984,603

38,454

£205,044 .1,131,740

1,396,784 £7,078,029

Other Preference, and. Guaranteed Stocksdamaszí

Bhares in Marine, Fire & General Insurance Cos..

-Other, Ordinary Blocks and Bhares.

*** House Property-Freehold (as cost, less amounts written off)

Sundry Debtors 1

-Leasehold

-do-

including Branch & Agency Balances Interest and Dividends accrued but not payable

Cash:

On Deposit.

On Current Accountig isin

All figures in Sterling.

A. W. HUGHES, General Manager.

want to know

When

you want

The correct name and address of a Company The correct name and address of the Hong Kong agent for any product

The correct name of the staff of a Hong Kong Company.

The correct name and address of any Govern- ment Department

Consult H.K Dollar Directory.

HONG KONG DIRECTORY

Price $500