1950-06-20 — Page 9

Page

THE CHINA MAIL, TUESDAY, JUNE 20, 1980.

1

REPORT ON CHINA'S ECONOMY Pessimism still

Canada wants

to remain independent

Stanford, California,

June 18.

The closeness of Canadians. American relations should

not be construed as meaning that Canada was moving in- evitably and happily into union with the United States, the Canadian Minister for External Affairs. Mr. Lestor B. Pearson, said today!

"That not Canadian Minister cald.

"We are quite content with our present position of Inde pendence inelde cur Comman. wealth of Nations."

the

Mr. PLATLON rald that Canada wished to strengthen

broaden and

Friendly her with contact

the United States, which wre important to Canada economically.

closest "Here again, the possible, the freest possible. trade arrangements cannot, and

vlew need not mean for us the loss of economic Independence

sur

ร

our

by a customs union or in any other way."-Reuter.

EINSTEIN PLAN FOR PEACE

Princeton. N. J. June 15.

Dr.

Rehabilitation efforts

advanced,

says Peking

BUT NO COMPLACENCY

San Francisco, June 18.

China had advanced in its financial and economic rehabilitation afforts but there should be no complacency because the complete job was a big one and there were still many important tasks to be done.

This was what Mr. Chen Yun, Chairman of the Committee of Financial and Economic Affairs of the Peking Cabinet told delegates attending the current meetings of National Committee of the People's Poli- tical Consultative conference now in session in the Chinese copital.

on "questions of According to Peking Radio tonight, Mr. Chen reported

the economic situation and the roadjustment of industry, commerce and taxation,"

salve

"Second, certain industrial The report said that in the eight | from the rule of Imperialists and

estab-Kuomintang reactionaries are re-commodities and a certain kind of the reonths

which developed 10 unfavourable con- commerce. Ishment of the Central People's trogressive,

conform with Colonial and semi- Government, the Government Additions.

and 1:

"Without changing these ad. Colonial economy, have entirely ministration Council

rare Economi Committer of

cannot lost their markets beenuse of the and elimination of Imperialism, teud- stabilise Financial Affairs bad undertaken work in the eemole and th market and lead productive en allam and bureaucratic capitalism

terprises and the commerce of

in China. society

channels. Into normal This

Important

verse

We conditiona.

economy our

Л

very

17 success

predominant in S'hai business

|Possimism remains predominant in Shanghai al-

though the port is once again open to shipping. after a year-long blockado, according to for- eign arrivals from the North. This sentiment is particularly widespread among foreign trade circles as the authorities set o deadline for the payment of the land tax and speeded up the arrangements for the collec- tion of the business tax on the so-called "de- mocratic appraisal system," according to

Reuter's informants.

-Under this appraisal scheme, of appointed banks (banks ou- deal in foreign ex- the authorities allocate certain thorised to suins. D tax to the various change). trade guilds which, in turn, must try to split up the burden in as equitable a manner possible among their members.

as

This is the fourth foreign bank to close since General Chen Yi's armies occupied Shanghal in May Jast year. Two American banks have been waiting for over three Hitherto countless Arms are months for the necessary permit known to have refused to re-to liquidate. gister with the appropriate gulds

The foreign banks already on the ground that they havo done no business at all in the closed are the American Express. the Nederlandsche Indische past few months.

Handelsbank олет the Banque Many at the same time Inti-Franco-Chinese Pour Commerce mated that they were perfcetly et Industries, while those awalt- reasy to close down If so ordered. ing permission are the National City Bank and the Chase Bank. Another tax payable this month is the rental levy,, accord- lug to these informants.

Meanwhile, Chinese banks are stili liquidating at an average of two dally (most Chinese banka With regard to this tax, are large money exchange shops). Shanghai's Chinese Press has-Reuter. been playing up the oficial an- nouncement of

20 per cent because lot stabilized reduction conditions but most residents will actually pay a sum 50 to 80 per cent higher than last quarter's.

The

Beich affecting the entire country and the broad muses,

Private enterprise Aspects of this work weret (1) Centralisation of managy-

starting point for the establish. "Thurd, swollen organisation of their ment and leadership of the finan ment of a new democratic econo.many private enterprises, etal and economic task of the mic order and for the trans-irrational methods of operation, profits State.

formation of national economy their high costs and low (2) Collection

of the pubilie "We can now say that we are or even losses, have also given

begiming to achieve grain and taxes.

rise to the phenomena that many (3) The issue of public bonus this, though, of course, we should industrial and commercial enter to balance revenue and expendit be In the least complacent prises are reducing their scale of

about it.

our big job is bashiess or even closing because tare in public Ananec.

down, Numerius

#net (D) The Issue of public bands yet to be done.

There

here must be readjustment in lant tasks still

remain on outer to and a way out for them, Albert Einstein today

to balance revenue and exponik-impomie front, we still have ture in public finance.

"Fourth, plantessness and blind rged that all stockpiled atom (4) Stabilisation of currency to eliminate, step by step, many competition among enterprises some weeks before the reduction tax rates was en- dishar-in rental bombs he handed over to and prices.

trade and by the in the home hermeatherl

the basic rental rules super world organisation. He (5) The taking over,

Apbr reaction. our wor warned that an arms race was ting up and the start of rehululule of Imperialist and Kuomin-mony of supply and demand be-nounced.

wounds tween various places also result of nearly all living premises in the in folling off in production, the city were re-assessed by the the warst method to prevent talion in State-owned industriai. have to be healed and

enter-neule still face numerous dim-urnius of production and the authorities, in some cases 100 per open conflict, contending that merein and Branciaf

culties. Moreover, we lack ex- closing down of enterprises. More- cent higher, said the arrivals." real peace could not be reached prises.

war and the transport, periance In such work and we can without systematic

over, protracted

the people's agriculture only accumulate experience gra- erent reduction in

dually in the course of work. buving power have brought about slackening in industry and is clear for all to see." commerce. This

that the

(65 Investment in disarma-

water Conservancy, nent on a super-national scale.

and certain industries. "I repeat, armament is no pro-

(7) The readjustinent of ve lection against war, but leads in-tations between, public and private evitably to war," he said.

enginy and labour-capital rela- Professor Einstein's statements'

$1 መ were made in an interview

(8) The reshuffling of food corded in his study here and in-

documentary radio supplies to big cities.

(0) The allocation nt ON atmunic Cheras.

cluded in

bromleast

TRY

gran

The

adversities

Asked what he thought should and money to relieve the popu- blic finance are approaching

lation in devastated areas and an be done with the present supply of stockpiled atom bombs, he employed workers.

said: "Give it into the hand of

supernational

organisation.

Some achievements

carried

a

The report added "sufferings and difficulties re-

the

reason for this is thaf

Soviet bank closuro

In the city.

EFFECT OF PEKING PLANNING

San Francisco, June 18. There will be a regulating|

The latest foreign enterprise to close down in Shanghal ix of disparities between wheat Moscow Narodny Bank prices in different parts of which is the only Sovlet bank] China and between prices of wheat and other grains when ferred to wore, only

Chinese the Chinese Government In mena of the newly liberated

newspapers just received here Peking enters the wheat area. In the old liberated aroas, suld that the institution has sus-

pheno.

Mr. Mao

re-

A cryptic notice in

OVERHAUL NEEDED IN EMPIRE

Sydney, June 19.

Reporting this tonight, a broad- cast from the Chinese capitul said that the China Food Com-

pany will be the buying agent for the State, under instructions of the Ministry of Trade.

Turn for better "Nonetheless, it should be cognised that we have alrendy

#serles or successes achieverel Centralised control of economic beeh and nonetal work hos

llected,

expenditure revenue and

equilibrium and our currency and

the sufferings and difficult pro-pended operations with the ap-market in a planned way this- blems had either already been proval of the financial authorities year. prices of commodities are.be

be-

or solved

were approaching and will be deleted from the list coming! stable. These Incasures

zolution. "Some of our work has shown have undoubtedly been

The report recalled Dutius: the Interval perlud one marked achievements while out correctly and they reflect the must have some protecting power.

some is just beginning to show turh for the better in our country's Tse-tung's three conditions for the One-sided disarmament is not

results,** the report stated. possible.

Prico fixing This is out of the

"These achievements have been nomic situation which is be-rexclving of the problems:

Hinning." question. Arms must be entrust-brought about by the support, as- The report continued. "AL

(1) Completion of land pre- ed only to an international au-sistance and strenuous efforts sent, industry and commerce are form.

Standard prices are to be estab- There is no other pos- the broad masses of the people, confronted with many difficulties. (2) Rational readjustment of The Sydney "Morning Herald" lished by the Ministry and u

Government personnel at ยา

said editorially today "A com-check will be kept on fluctuations The only way to prevent dis- levels na democratie persons of This is because: first as a result of existing industry and commerce.

Istable currency and prices, false (3) Drustic economy in-expen- | plete

overhaul of the creaking so that remedies can be taken to aster was by patient negotia for all circles throughout the country, purchasing power in our society in dilure by State organs,

machinery of co-operation is long keep prices level. This will pro- and creation of a legal basis for "Defects exist in all our work

The industrial section of the overdue within the

Comracn- teet the consumer And give solution of international problems and some mistakes have been the past has been brought to light

and eliminated. That is to

to say,

report made those points!

wealth."

growers, and merchants, a fair "supported by a strong executive made in parts of our work. These during the inflationary period of It is provided in the common

agency.

arise mostly from lack of proper the

that

"State-owned The "Herald" was jcommenting return, the broadcast sold. "In short," he explained, "a understanding of the situation the past 10 years and more, rather | programme

To prevent haphazard_competl- their posses-trading organisations shall assume on the visit here next month of and the lack of experience, attthon keep competed with each the responsibility "kind of world Government.

Mr. Patrick Gordon-Walker, the tion and undue stimulation of Fion,

adjusting or people other in buying arid

hoarding supplies and demand, stabilising Secretary for Commonwealth Re- prices, cunsultative committees

and said it was important representing the State Jations, not for their own con- commodity prices and assisting

buying that British Ministers take pains concerns and private traders will to ncquire a personal knowledgo This requires the Government of their partners oversens; bo set losses arising from the fall in the

up in various cities. The broadcast added that cot- to fix sultable price policies from Meanwhile Representative Al-velop successes and attainments, value of paper money.

consolidate them, summarise ex-

"Now the situation has changed, time to time in accordance with ber: Gore said that the Atomicperiences and analyse the situa- People have

If such visits became routington, general goods, salt and coal not

only stopped economic conditions that is, to they would prove a healthy cor- companies have been told to keep Energy

of essential goods supplies haarding, but hoarded goods are maintain tion.

appropriate dif:reative of insularity in the British large his sub-commitice to approve a

The education of cadres. - (2)

arcas and Government, the paper said, add-nt hand in being unloaded on the market. ference between wholesale

where surpluses $300,000,000 appropriation to be-

(3) The conscientious

so that peasants Thus there is a temporary excess retail prices, and betwen prices in ing that it was high time Down-are expected gin the production of hydrogen

painstaking carrying out of work, of supply over demand in certain various areas.

ing Street and Whitehall should can buy what they want after bombs.

The range of this Goro said that the House "exerting all our efforts to carry commodities on the market. Bust-

difference recognise the increasing military they had themselves sold their out step by step financial and Appropriation Committee's sub-economic tasks set down in the nest is bad and many industri- must be such as to offer appro-responsibility put upon the Dom-wheat surpluses.

It is added that private mer- alists and merchants are x-priate profits to retail merchants Inions. committee on independent offices.

common programroc."

and merchants in distant. places, periencing difficulties.

This should be accompanied by chants are being encouraged to (3) To realise aspirations "Such situation will be very thus facilitating the flow of trade a readiness to take full account send their goods to these areas. been asked to approve a $300.-

300 of the people of the entire coun- short-lived. After hoarded goods and favouring the recovery and of the Dominions' views on over-

Co-operative societies will play 000,000 appropriation for further

thetry and to fight for a fundamental are sold out, supply and demand expansion of production." all Commonwealth strategy, the big role in this purchasing and

selling project-Reuter,

The best way to avoid war they are being corrected." was to have a firm will to reach

The report outlined future tasks agreement, a will to peace and

as follows: readiness to accept every step

(1) needed for this goal.

Mr.

Commission has

asked

of which he is a member, has

expation facilities.

OUS

group

few days.

Mr.

To carry further and de-ng but in order to avoid the people's co-operatives'.

the

of atomle or hydrogen- turn for the better in the finan-will return to normal.

The

set within the next cial and economic situation.

Turning point

Gore said the United State: Discussing the general situation over-emphasised Its military de-on China's economie front fence and development of new the report said:

secret weapons instead of stress-

ing,

now,

"At the present time, our coun-

the desire for pence. He try's economie and financial sittio- said, "Western Europe is shud-tion is at a great historie turning

dering at the prospect of becom- ing a battleground for a

down between the U.S. and Rus-

point-that of transformation show-from n semi-colonial, semi- feudal economy into on inde. democratic sin. And since the thought of pendent, free, new atomic bombs ralaing down is not economy, frpm retrogressive and

a pleasant prospect there is nadverse conditions to progressive wowing tendency towards -neu-land favourable conditions. trailly in Western Europe."— "Long years of Inflation

United Press.

and

'commercial speculation resulting

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