1951-06-25 — Page 10

THE CHINA MAIL, MONDAY, JUNE 25, 1951.

AUSTERITY FOR

BRITAIN MESSAGERIES

M

R. J. L AND FORECAST OF Steps To

ROYAL INTEROCEAN

Date

En Port

4th July

Uth July

J4th

July

17th July

26th July

ARRIVALS

Ship

"RUYS"

TJITJALENGKA"

"VAN HEUTAZ”

"RUYS"

"TASMAN"

"TJIWANGI

LINES

From

8. America, 8. Africa, Ringapore

Ratzon

Macassar, Jaya Porta & Singapore Belawan Doll, Penang a Singapore

Japan

Jayan

Macariar, Java Porta & Singapore

BAILINGS

To

Stsgapore, Java Ports & Stachiine Japan

Manila, Singapore, я, Africa A

zith June

"BUY"

Japan

wh July

8th July

"VAN HEUTAZ

13 July

21st July

ird Aut

Dato

11th July

ENTJITIALENGKA”.

"NUYS"

"TASMAN"

"TJWANGP

B. America Singapore, Java Ports & Macassar Kisapora, Java Ports 44 Маставки

Agents: HOLLAND EAST ASIA LINE

From

Europe & Singapore Japan

ARRIVALS

Ship

End July Mid August

"KIELDRECHT" "AAGTEKERK" "AAGTEKERK”

Japan.

SAILINGS

"KIELDRECHT" "AAGTEKERK" "AAGTEKERK”

13th

July

End July Mid August

To

Manila, Singapore & Europa. Japan via Mahlia Mansia, Singapore & Europe

DBE KINGSZBUILDINETAPHONISE210|3710 22801 I

Two New Records Set

By U.S.

Industry

New York, June 24.

Business and industry set up a couple of new production highs this week.

As Middle East oil supplies were cut by develop. ments in Iran, crude oil output in the United States reached a 1951 high of 6,107,950 barrels.

Carloadings hit 820,239, tops | survey indicated record-setting for the year to date and an expansion by American industry indication that raw materials for the final quarter. were moving into the mills and finished

goods out of tho factories in quick time.

Bigger tax bites were ahead. The House approved a $7,200,- 000,000 tax increase, the largest The American history.

The output of other basic in

industries remained at a high | Senate looks it over next week. level. Labour troubles were Associated Press. problem, however, in several

instances,

Defence orderg were the stimulus behind the high level

of industriel production.

Some consumer goods, how- ever, wore a drag on the mar ket. Consumers' resistance to prices

pulled down the dallar volume of retail sales,

But as civilian operations lagged, defence demands grew and many felt that the inven tories that were a burden 10- be a blessing by day woul Autumn,

Japanese Announce

Import Plan

Tokyo, June 24.

The Ministry of Interna- tional Trade

and Industry to-

foodstuffs,

WORSE TO FOLLOW

Impact Of Rearmament On

Country's Industry

The

(FROM OUR OWN CORRESPONDENT)

London, June 24.

The Chancellor of the Exchequer's statement on capital invest- ment in 1951 is in effect the second part of the economic survey which was published shortly before the Budget and, like that document, it tells a story of austerity with worse to follow.

If anybody is not yet convinced that the full impact of rearma- ment on industry will not be felt until next year and the year after, Mr Gaitskell's statement should dispel any remaining doubts.

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning Was

GOVT. LOANS

34% (1948), 0015 DANKS

IK Dank

-

East Asia... INSURANCES

Canton TIN Union

1430

104

716

IIK Firo DOCKS, ETC.

133 140

K,Whard Dock

74

1215

Wheelock

LAND. EDC,

UK Hol

HK Land

3132

Shai Land

110

11,70

ཀྵུ རྩ ༔ རྨ ོ་

4 1410 25 +0 1420

50 0 140

50 1425

He said there will be no increase in supplies of plant and machinery to home industry this year. But in 1952 and 1953 "there must be a substantial reduction since more and more of the engineering industry will be producing arma- ments instead."

He pointed out, more and a few of his followers in over, that of the plant and the Labour Party in urging Mr Gaitskell to publish more detalls machinery available for the of the programme. The Chant home market Д much ecor. however, remained larger share must from adamant and repeated that such a statement would he of little now on go to firma engaged use because of the uncertainties

involved.

Control Metals

New York, June 24. Government officials took further steps this week to BaAure full copper produc- tion and enforce more equal distribution of key metals to the makers of civilian products.

The National Production Authority ordered now limits on the amount of copper, aluminium and steel which may

be used for consumer goods after July 1.

the

steel

such

In general, the limits for one list of products considered less essential will be 60 per cent of the copper the manufacturers used in the first half of last year, 50 per сель aluminium and 70 per cent of of the

This list includes Items

DIA refrigerators, ndio and television sets and bicycles.

For a second list of durables

03 more regarded

important the economy - including medical hospital items,

and farm food freezers and razors the limits will be 07 per cent for copper, about 55 per cent for aluminium, 85 per cent do steel. The order does not cover automobiles, already under separate metala directive.

Price stabilisers issued the long awaited order rolling back copper, copper alloy and brass Government, who have control normal relationship

There is little doubt that the scrap prices to restore their with the over the nationalised basic in-ceiling price of 244 cents a dustrica,

the authorisation of pound for refined building projects and the supply

copper. The NPA announced that the

ang

valued at $602.058. Noon prices and the morning'a transactions:-in defence production so BHAGES DUYFRY seliers sales that even this year there will be some fall in supplies for purely civil purposes.

The total fixed investment in 1951, including a substantial of certain raw materials, will copper raw materials needed by amount of defence investment, be able to divert capital resources brass and wire mills, foundries may amount to £2,230 million into defence industries and away and miscellaneous

users Ilke 2050 0735 compared with £2,102 million from the less essential Industries. chemical plants

will be 100 712 last year. But the actual volume But there are still

put under gicces several

under complete allocation 20 a 315 of capital investment may be to be atted into place before we orders in August.

slightly greater than last year can get an overall picture of Meantime, wage

strikes by ince this your's figure British Industry under the im- some 12,000 miners in the three 2331 estimated at prices ruling at the pact of rearnoment.

mines in Chile largest copper end of 1950.

threatened to trim this coun- One of the missing factors is

try's Although he said no detailed how raw materials

already extremely Light* are to be statement of capital investment apportioned between the de-supplies of copper even further.

producers reported will

because, fence be published

and export industries, terrific demand and said in vlew the

uncertain-Some

further indication of defence order priority system of mw material

sup- Government's intention in this was getting out of hand. plies and rearmament impacts respect should come next week The domestic price of lead such a stalement would be of whon Mr

Stokes the new held firm at 17 cents a poundi very little practical value, Mr Minister of Materials, is expected while the metal brought 21-22 Gaitskell indicated the broad to make an important statement cents in the foreign market. 2 outline of the investment pro- during the debate on the setting The pinch also continued in

gramme for this year."

up of the new Ministry. He may zinc, where priority: orders in then reveal how raw materials some instances are reported 10 tho amount are to be divided between de- be three times fence work and exports, both of which the NPA requires which already

to be ave definite et malde for such business, priority over Industries engaged Associated Press.

for In production market.

UTILITIES

Tram

Star Ferry

C. Light (0)

13 4000

0.10

C Light (B) 480 5.00

Eoolric

.... 23.83

INDUSTRIALS

Cement

10

101% 300

Hopo STORES, ETC.

Dairy

13 13

122 123 200

500

10*

10

Crawford 233å

Watson

L.

1000 € 10

Increase In Trade Gap.

London.

Within the total fixed invest ment, he said, it is intended that in coal, electricity, investment gos, coke ovens, railways, rouds and petroleum will be higher than in 1950-in the case of coal and

substantially electricity higher."

Building and constructional engineering takes up a large

the

home

It is now thought likely that i Government may have changed i their previous polley which gave the defence and export industries equal rank and decided instead to glyc rearmament needs absolute priority.

BTOCK EXCHANGE

part of the total fixed invest- ment, Output in these industries is expected to rise by five per cent, this year but a good deal of this increase will be taken us | by the basic industries

especially, as Mr Gaitskell said,

The Stock Exchange this week in coal and electricity, The

came under the influence of out- decision to increase the invest-

side news, and, since all this Provisional trade figures forment in these two Industries is news has been bad, prices have. day announced plats in import May show that United Kingdom not surprising, since they have teadeck to slip away. The Economic Stabilisation Diree-3 items, including

bottlenecks in the Financial Times' Index of exports during the month, valu- both been tor Erie Johnston said demands i machinery,

ordinary shures, which last week ed at £220.7 million, were only recent Winter periods. production would trial raw materials. of defence

came within a decimal point or Just below the high April figure.

CUTS INEVITABLE tear gaping holes in the sup-

two of its all-time peak, shed ply of civilian goods in

Additional foreign funds of With re-exports at £11.4 mil- next few months,

$90,000,000 have been allocated

Culs in other directions are, ja full four points. llon, the total of exports and re- under the April-June budget.

exports for the first five months therefore, inevitable and they of the year was £1,095.9 mil are to fall

on oflice from Persia, mainly The import items, supplier Ilon, equivalent to an annual buildings and places of entertain gloom over the whole market areas and import Umits are as follows (supplier areas given In parenthesis and import limits in ten thousand dollars:.........

HCL RISING

the

He added that the cost of living index is rising by the month and every percentage point increase costs the con- sumers $2,000,000,000 a year.

Inflation, he said, has cheat- ed the nation out of $7,000,- 090,000 worll of armaments "lost as surely as if they had been sunk by a hostile sub- marine."

Many economists say days are ahead after a brief full in some Industries. More

vessels and indus-

rate of £2,630 million, 17 per cent, above the total for last

year.

There was a further increase Simple foodstuffs (dollar area In the value of imports which, und non-agreement countries) at £338.2 million, were £48.3 500; sugar (dollar area) 300; million above the average for crude oil (dollar and sterling the first

four months of the area) 200; Ngh: oils (U.S.) 60; year, and bring the total for parafin (U.S. and West G2T- January to May to £1,497.8 many) 4; raw cotton (U.S.) 50; milion, equivalent to ati spinnable fly cotton

100 annual rate 38 per cent, above (U.S.) 100 Iron (Occupation forces) 29

2; man 1850,

busy 6tic cobalt (U.S.) 2; man

over

ment. All

work started or

Worst nows of the week-came and this cast it's

and not least in the bil section

authorised in the Arst category itself. But, by a strange turn of will be completed but after

it was the ell market no licences for the building

of events,

which eventually showed firm- offices will be granted unless they form an integral part of in-situation and helped to shake the ness in the face of this serlous dustrial establishments or are

depression from other sections. incorporated in rebuilding pro- grammes in “blitzed" arcas,

Other outside news which in- fluenced the house was Govern- Buildings for entertainment

ment's proposals on retall price purposes will be prohibited if

maintenance, with their threat i they cost more than £5,000 but to the "price rings and the Mr Gaitskell made it clear that banks decision to raise overdraft there will have to be very charges where these are con- By the end of last month the strong reasons ganese ores (dollar area), 2; lead industries and additional firms, ores (Hongkong) 10: graphite excess

for permitting of imports (valued work on projects which cost less Bidered to be too low. are planning large expansion flakes (starling areas) : free...)

total exports than this figure.

Government's war on prices programmnes,

bricks (U.S.) 15; salt (Thailand) (valued f.ob.).this, year (401.9 10: pulp

The civil housing programme has been generally welcomed by wood (U.S.) 10: million) Ang already more will be maintained at 200,000 the public but It has had an The Commerce Department o

ment machinery (dollar area, sterling than for the whole of last year houses a year though there may adverse influence on

the in- and the Securities and

area and West Germany) 60; Ty

(£347.0 million), change Commission reported a bulbs (Ryukyus) 5; dyes for

market, which be some local interference with dustrial

already showing

Algns of textiles (U.9.) 5 and railway iles Exports to the United States house building in the interests and lumber (yukyus) 30 in May declined to £10.8 mil- of defence work, and Govern hesitancy after its recent hectic

The lon-1.1 million less than ment building is to be checked.

with Capital investment in educa- the average for the first four

tion will be higher although months of the year,

and next but it will be b the January-May

Downward Trend

In Cotton

New York, June 24. Prices in the cotton futures market tilted toward the

week desplie

the market

United Press.

was

develop latter Implication had its sharpest

this year

a money, markat.

effect in

ago. Weakness in this section led to

a year ago. planned still 24 per cent, the level were

TRADE PACT word

SIGNED

downside last

Lisbon, June 24. recurring railies

in old crop A trade and payments agrce- July delivery. At Friday's ment between

and Austria

hera wod signed ruled 44 Portugal close, points higher to 40 points yesterday, Dr. Herman Ehrlich, Press delegato of the Austrian lower than the

preceding Government,

here announced

The Imminence of the first Austrian imports from Por- notice day on Monday and the tugal and hen colonies will in- periodle withdrawal of spot clude Wolfram, fin, manganese, house selling kept July shorts oilseeds, sisal, cork, maize and sardines. In return

week,

today.

on an anxious seat. The riseftianos Imports from Austria

of July delivery to 45 cents pound pushed the spot month will include chemical manures, to the highest level in over iron," atcol, bicycles, machinery, two weeks.

tools and other manufactured goods, Dr Ehrlich announced.

Nearby October dropped to 36.02

tho centà a pound,

The duration of the agree- lowest level since last Dec. 0.meat has not yet been fixed,

Valled Press.

Dr Ehrlich stated-Reuter.

above the rate of export for The health services, some local a breaching of the four per cent

last year na a whole. Exports government to Canada, on the other hand, university remained high at £14.4 mil- lion, and the total for Jan- uary-May บด D per cent. suffer. above the rate of export in the

Tho work of year 1050.

the

Rubber Futures In S'pore

Singapore, June 24. Prices of Tubber futures closed here today as follows:- _Number_1_rubber.

Der lb. Juo July

August

Number 2 rubber,

147-140

143-143 no quotations

Junc Number 3 rubber.

June Number Hibber.

June

142-143

130-137

150-1:1

150-100

108-170

Spot ruliber, ushaled

Pinck crepe No. I pate crepe

P

O

A

S

167-107

United Press.

"EPINAL" "AURAY

ARRIVALS from Europe

frout Japan

BAILINGS