1949-09-22 — Page 6

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THE› CHINA- MAIL, THURSDAY, SEPTEMBER -1949.

BRITAIN'S BIG TRADE DEFICIT FOR AUGUST: DOCK STRIKE BLAMED

London, September 20.

Britain's imports exceeded her exports by £58,799,-

000 in August an increase of £18,000,000 on July's figures.

Britain's August trade deficit was disclosed by the.

Board of Trade today.

Exports to the United States were about £3,300,000, opproximately one-seventh, below the July figure.

The

provisional figure for Canada-£5.700,000-was £1,- 000,000 and £800,000 lower than the July and April-June average | respectively.

The total value of exports in August, was £137,100,000 £100, 000 less than forecast by Mfr. Harold Wilson, President of the Board of Trade).

worse than was justifiable, the announcement inferred.

In: Washington, Marshal Plan officials - told " Reuter today that they did not expect devaluation of the Canadian dollar to affect the decision to permit Britain to spend 175,000,000 of her Marshall Plan dollars on Canadian' wheat.

The officials said that as a re-

Indonesian Red Leader Arrested

Batavia, September 20 Mohammed Djoni, Com- munist Party leader in in- donesia, has been arrested on the order of the Republican authorities, according to re- Hable sources today.

Djoni sponsored the querilla Congress which was to take place last week-end at Fram- bana, East of the Republican capital. The congress' was broken up by the Govern- ment United Press, Nem

The demand heralding the first round of the new wage-price battle was issued by the non- Communist Labour Union work- ers force following an extra- ordinary meeting of its Executive Committee.

South Africa is spending £50,000 on a huge imphitheatre, teating 50,000, overlooking Pre- toria, is memory of the Voortrekkers. They were the Dutch pioneers who settled at the Cape in 1852. Photo shows Pict Re ief, Voortrekker here, gazing over the Preteria landscape. This is one of the four huge statues of Voortrekker leaders at the corners of the monument-At- sociated Press Photo:

O

Imports amounted to £200,-sult of the. Canadian devaluation to protect workers against the 000,000. Re-export of imported this amount of United States threat of higher prices brought goods was valued at £4.200.000 dollars would buy approximately about by the devaluation of the (also £100,000 less than M. 10 per cent more wheat

franc." Wilson's figures),

In Colombo, Mr. J. R. Jayawar- Exports to

to Argentina continued dene. Finance Minister of Ceylon, the recovery begun in June, the today told Parliament that the provisional August total-£- Ceylon Government might en- 100,000 compared with £3,500,- tirely prohibit private imports 000 in July-including an ex-from dollar areas. ceptionally high figure for ships. Though the prices of imports Baming Britain's July strike from dollar areas would be in- of dock workers for the big gap. creased, Mr. Jayawardene said, the Board of Trade announcement the Government was not unduly stated that it was probable that worried since dollar expenditure the high August import figure could be controlled by existing was to some extent inflated by legislation. the inclusion of supplies which

"But" be added, “we "But,”

may Government's devaluation decree. World-wide currency devaluations have caused au- would have been entered in the have to prohibit all private im- The Government devalued the July #gures but for the hold-up | perts altogether from dollar franc 7 per cent in relation to the dollar and raised its value As far as essential capital 10 per cent in relation to the goods and goods such as medical pound. supplies were concerned, the Government would buy all that was necessary, he said.

POSITION OF THE YEN CAUSING UNCERTAINTY

in the decks.

British Buying

Of Wheat

Inflated exports to South Africa in previous manths also made the August figures' look

Finnish Hopes For Trade

Washington, September 20. The Finnish Minister, Dr. K.T. Jutila, told the Women's National Press Club today that he hoped Í devaluation of the Finnish mark would increase the export trade to the United States.

"We need every dollar we can get to help our economy," he said. "Finland is ready to co-operate with all nations promoting peace end is anxious to trade as ex- tensively as possible. We are old-fashioned people who like to kerp to international agreements and to have faith in the future."

United Press.

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Petrol Ration In South Africa

South

Petral is to be rationed in Africa Announcing this in Pretoria tonight, the Minister for Economic Affairs Mr. Eric Louw, said that a ra- tioning scheme would came into effect in about two months' time.

Meanwhile, he said, it would be an offence for any person to have more than two gallons in containers.

informed Paris quarters be- lieved a even stronger wag: demand would be made by the Communist-led General Labour Confederation when

Its execu

Lives meet tomorrow to study the

Mixed Reaction In America

Washington, September 20.

thorities in Washington and Tokyo to launch intense studies of their possible effect on Jap- panese economy and its rehabilitation. An atmosphere of uncertainty pervades Army circles here exploring this problem. Officials refuse to comment or indicate its likely outcome.

SA GOLD FIND WAS "SALTED"

The basic issue appears to be whether the Yen will be attached to the British Pound o the American dollar.

FORMULA FOUND FOR INDONESIA

The Hague, September 20.

reached Agreement has been

in substance on the form of a Netherlands - Indonesian Union, the Republican Premier, Maham- ed Hatta, announced today."

Editorial reaction in New York to the devaluation of the pound runs right to left from praise to. condemnation, but the people who do business with British in-

If it is pegged to the Pound, it ports and those who sell to and

is believed the Yen would be compete with Britain seem agreed

valued at about 500 to the dollar. clear that there are

limits ob

A: present it is 360 to one. Many how much benefit will result.

officials here say such action The Wall Street Journal re-

would be a tremendous shock to Dr. Hatta, as current chairman devaluatica bas

conference marked that

Pretoria. September 20.

Japan's industry and its efforts to of the round table The South African Government re-enter international trade. loosened the log-jam in interna-

Stepring Committee, told a başti- tional trade and removed rea

announced today that it was satis-

It was said such a rate wouldly called press conference that existence of the fed that the gold content of sama make American raw materials al-the principles agreed usa are sons for the maze of expert-import controls. ples on which the Erfdeel ED-5 most prohibitive in Japan. Or it now being drafted in formal terms

en June 3 He added that an increase in currency curbs and all other borehole result

spiral in Japan. ·

the delegations. the price of petrol following de- paraphernalia of controlled eco-based were fraudulently increased touch off a renewed inda- and are being discussed: among

ed or salted."..

Officials in Washington say it is valuation might tend to reduce nomy.

As outlined by the Nationalist The yield from the borehold-likely any decision on the future consumption, but the Goveri- interpreting devaluation as a ment could not place too much defeat for Sir Stafford Cripps and oz Erfdeel Farm, near Odendari-course of the Yen' will probably leader, the union would include a reliance on this possibility.

conference of Dutch and Indo- the Labour

Orange Free State had Government, the rust,

be slow in forthcoming. been officially conarmed from

Authorities both here and in nesian Ministers meeting segular- Petrol was one of South Africa's Journal sees the hope that it roay

a "Labulously apparently feel that the ly, whose decisions would

Japan largest imports last year.

be dificult for the Labour Gov. these samples at Meanwhile, the French

its other rich" figure, more than twice as complexity of the situation and subject to ratincation by the Government to continue

and Indonesian Parta- "Cer any previous find in South Africa: possible further international cur-Dutch Cominent tonight-oreused the Echt Betinna and concludes tish of adopting a devaluation tainly, in his defeat he has given given the yield et 55.105 inch tion mandatory,

1B15 omcial conarmation had rency changes make extreme cau- ments. ..

there would also be rate tantamount to "commercial the British people their best hope

He said there pennyweights, or in plain lan combat."

of ultimate victory," yet

Stimulation Of Trade contact, between members of both

Parliments. The conservative New York Kuage 529 ounces of gold to one

inches wide is

.

The charge was made by the son" remarked that the necessite ton of ore in a reef just over five

Finance Ministe", Mr. Maurice Petsche, as the powerial trade for a policy of wait and sea' unions demanded the abolfum ef, obvious. the Government's wage freeze to protect workers, agains; infiction threats created by devaluation of the frane.

"Combat Rate"

M Petsche indicated the franc would not have been devalued if the British devaluation had not

been so severe

The Journal of Commerce said devaluation could prove to be a temporary palliative. It cited Sir Stafford's warning that increased production costs in Britain would nutify the gains of devaluation

Economic observers in foreign | Legations in Moscow agreed to- day that the Rouble almost cer- tainly will remain the same in relation to the dollar

Following the official notice on holding the option at Erfdeel and June 3 shares in the Company other affected by the find boomed on the Johannesburg market.

A Government statement said

100

The credominant Washington view is that? dévaluation in Sterling area currencies' will stimulate Japanese trade with these nations instead of dollar -areas. ↑ This is viewed with ap-

proval hers.

The union would also inclúce a court of arbitration to decide disputes

It would bé made up of an

tic,

It is pointed out that the prin- equal number of Dutch and In- today, "No particulars can be cipal markets for Japanese manu- doneslans. It would act by ma- divulged at this stage of the factures Le in those areas instead jority vote and, in cese of facts ascertained during the in-of in the US. or piher countries would Le emporeaed to call in commercially linked with the US a neutral person to break the Novemment,

Greater Japanese exports to the tic however, wishes to give the public its as creased Japanese purchase of raw Court of Justice bas been discuss Sterling ares would permit in- Dr. Hatta said the International surance-that-no-store will be left materials from those areas instead el in this connection but it had In an interview with the after- Foreign economists, however, unturned in its efforts to bring of from the US noon newspaper "Le Monde? Malso believe that Russia will ad- the guilty party or parties to book,

to the

not yet been decided whether the Petsche declared: "The pound just the exchange rate of the and that it will not hesitate to sharp lessening of Japanese de-out the statiste

Another effect might be

would be specifically men- had to be devalued, but the rate Rouble to the Found and the take the strongest possible mea-mand on the US. for subsidies to

other devaluing sures, irre

irrespective of the standing

inding make American raw materials The status of the Netherlands of the persons involved.

available in Japan. This would be crown sull Is under discussion, for the defence of the economy Of this group. Russia has tradeIn the meantime, the Governin and international markets

of agreements with Norway, Den- ment will take steps to minimise is with American policy which Dr. Hatta said."

to reduce the number other countries.”

mark, Sweden and Finland. She the possibility of the publication dollars

the US. by appropriated The powerful, hon-Communis also does business with India, of false or exaggerated reports of

Congress

for Japan. French Labour. Union today de- Australia, New Zealand and the value of gold ore recovered Washington theorists say that it manded that the Government Egypt-Reuter, United Press and from prospecting boreholes."

the value of the Yen in terms of wipe out the waze freeze at once Associated Press.

colars shrinks, Japan's demand

adopted is a rate of commercial | currencies combat which necessitates moves countries.

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This was the first announce- "ment of an agreement op any Important subject in the four weeks old round table, confer- ence almed migrarranging the terms for in dependence for the dollars to finance imports is 70,000,000 people of Indonesia. likely to increase sharply.

Dr. Hatta aid that the Steer This would reverse the US ing Committee had decided policy

of reducing these ex measures to speed up. the work in

penditures.

other fields.

Army officials. concerned with

This week, he said, the heads Japan are chgaged in almost con- of the financial and ectcric tinuous conferences on issues committees will be asked to re- growing out of these currencies port to the Steering Committee uncertainities.

progress made on remaining differences

They are known to be in closest communication with SCAP but no détails are allowed to reach-out- side circles Associated. Fress.

KING GUSTAV

Obviously in

an optimistic cod, he declared that more

gress made every day,

When asked whether the Con- ference could still be expected to conclude in two months, he said> Stockholm, September 2011 hope it will be finished even

King Gustav of Sweden, who earlier."

earlier Associated Press

suffering from- bronchifs, was

"very tired" today, although he

Toronto, September 20.

was able to get up for break- The known death toll in the fast, his physician announced Noronic disaster rose to 129\to- “His cough is troublesome, but, day when 7 the remains of five his heart activity is quite good mort persons were recovered, the under the circumstances," the coroner

United physician added Reuter."

Press;

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