1952-02-04 — Page 9

THE CHINA MAIL, MONDAY, FEBRUARY 4, 1952.

Pare

MESSAGERIES MARITIMES MR

MR BUTLER'S PROGRAMME ROYAL INTEROCEAN Lamis

M

"ZELIDJAH

"THECOENITOR"

FELIX ROUSSEL”

*'*"MORTAIN“

"ZELIDJA"

Arridor Leaving

Feb. 23- Mar.

Apr. 2 Apr

... Mar. 0

MAT. ↑

"Mar, A

MAX. 30

passengers & freight.

M

Outward For

Kobe, Yokohama Haiphong

Homeward Nor

Marsellies via Manila

Mär. 2-N, Afileä" & Europe Mar. 31

N... Africa Europe

19

freight for Saigon, Port Said, Tunis, Marseilles Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk Antwerp & Rotterdam.

Subject To Change Without Nolico

CIE DES MESSAGERIES MARITIMES P.O. Box 58, Hongkong

Queen's Building (gr. floor) Tel, 26651 (3 lines).

Profitable

Year Cott

Of World Cotton

Output Forecast

New Orleans, Feb. 3.

Mr Read P. Dunn. Foreign Trade Director of the National Cotton Council, today predicted a year of profitable cotton production on a world- wide basis.

"The continuing heavy demand and the tight supply will make this. possible." Mr Dunn told the delegates to the Council's 14th annual meeting.

Drastic Economies

Demanded

comp Prohibitive.

He

as

Demand for domestic.colton wus expected to continue at n high level because the cam- modity was not plentiful abroad and foreign cotton prices were

"All we can Bay definitely about the next year is that our customers may need as much American cotton this year, and if

and if the foreign Bid appropriations are in line with this year's funds and if Washington, Feb. 3. Sonator Tom Connally, Texas Europeans further expand their Democrat, chairman of the output of food and fuet to re- Senate Foreign Rektions Com-duce the requirements from us, mitice, called yesterday for their ability to finance United drastic cuts in President Tri-States cotton will be as good as

Govern- this

your man's $05,400,000,000

On ment spending programme.

Approval of the President's that production, Mr Dunn sald

programme, he said, could lead only to naway Inflation and economic chinos.

#tend vote for sub- stantial cuts to the President's budget,"

M

Conrally an- nounced in a prepared state-. mor, and added:

"I am convinced that, drostle cuts can bo made,...without impairing our rearmament pro- gramme and the other essential functions of the Government."

A budget

of the proportions

the

foreign growers are not expected to increase the ylela over last year, just as the 1051 yield showed no gain over 1950. As a resuit, he said, domestic cition prios night show marked rise as the year goes on. -United Press.

Inflationary And Deflationary Forces

New Delh; And Further Action Within The Sterling Area Framework Of The Budget

Bombay, Feb. 3.

Sir Chintaman D. Desti – mukh, the Indian Finance Minister,

told reporter

here today that it was not possible for India to leave the Sterling bloo at present. "India ins numorous probleme and it is act in her interest to get out of the Sterling Area," he uld before leaving by air for London, where he will Chan- British meet the cellor of the Exchequer, Mr B. A. Butler, this KVECK

for talks on the Sterling Area's balance of payments position.

He expects to return to Delhi on February 10, he sald-Reuter.

Japanese Control Of Trade

TO BE CARRIED OUT IN STAGES

(FROM OUR OWN CORRESPONDENT)

London, Feb. 3.

The economic measures outlined last week by Mr R. A. Butler, Chancellor of the Exchequer, eännot be judged in isolation.

Given the further deterioration that took place in the general ceonomic situation during the closing months of last year, they followed naturally upon the proposals announced at the beginning of last Novem-

ber.

The drastic cuts in imports announced at that time considérably narrowed the scope for further action in this field but other measures have now been adopted which, it is hoped, will enable this country to balance its account with the outside world by the second half of the year.

It

+

HONGKONG

SHARE MARKET

1585

Underwriters 4.00

191

HK Fire SHIPPING DOCKS, ETC.

Anda Nav

K. Whort

130 130

H. P. Wharf Bock Provident. 14,78–15

remains now for these

Nevertheless it is clear that measures to be brought to their the task for the Budget is a logical conclusion through formidable one. budgetary action.

A reduction in the rearmament (From Our Correspondent)' In giving his

reasons for programme can only be made at advancing the Budget to March the expense of national security, Business done on, the Stocia 4, the Chancellor said: We and solvency without recurity | Exchange this morning. was recognise that all our efforts will would defeat its own purpose, valued at $425,048. Noon quoida be brought to naught unless we Therefore the reduction In tions and the morning's Aroun

dealing with are successful

will have to be actions:—— demand that the

problem of inflation."

achieved must be brought about SHARES BUYENS BELLERS BALES It can be assumed from this, either

BANKS in through economica

HK Blank

1500 therefore, that the Government

nent public spending or by increasing INSURANCES,

taxation.

nvalle

Canton propose to take action within the

Union Iramework of

The scope for action in the the Budget not the inflation that latter only to cure

feld is obviously limited, was already present In the so much of the necessary disin- nomy but also to mop up the flationary action will have to be additional inflation which would taken through further reductions inevitably result from some of in the Government's Own

measures announced 13st

demanida

on tho nation's resources. week.

Mr Butler's programme- In holding the Government's

as it has Insofar

now been civil expenditure to last year's revealed--contains a mixture of level despite a 10 percent rise in

rices both inflationary and deflationary

Chancellor ad-achieved a major economy forces. In-ditional cuts the total sum that face of stift political opposition. LAND, ETC.

has now to be saved by euftull-But more remains to be done. ing imports will amount to some spite of the strong"

£300 million in a full, year. against increasing the burden of This is clearly inflationary since taxation on industry, the Excess the reduction in the supply of Profits Tax-which

came into goods to the home market will force at the beginning of the not be accompanied by any year though detalls of how it is yet to be operate have automatie reduction in the de-to mand for them.

announced-will obviously yield The same is true of the cuts something, though how much it

WHICH WAY? Further than that, however, very few people have. ventured

Tokyo, Feb. 3. The projected transfer by SCAP of control on Japanese exports to the Japanese the Government will be com- pleted in several stages by the coming into force of the Mr Takio treaty, Koda, Commissioner of ternational Trade. and dustry, predicted today.

peace

controls. The

never

of

มา

of

With last week's ad-

even

the

is impossible to say,

a forecast.

bas in the

S'hal Dock Wheelook MENING Roub

400

Bé

c 21ote!.. 0.70 6.50 3600

Loub

1000

3100

6.00

600

1500 6.75

3000

1K Land

NO

Shal Land Ilumphreys UTILITIES

Tram

Fesk-drain

1,40

-1900 · 1.43

17.60 17.83 £100

37.50

300

1700

C Linh 10, tức ILa G, Light (N)

Commenting on the contem plated partial transfer made known on Saturday, Mr. Koda conceded that it would signify the relaxation of export Commissioner recalled that when SCAP control cotton cloth and yarn was handed to the Japanese Gov- which are to be made in the durable consumer emment last year, some trading supply

goods refrigerators, bicycles, circles misinterpreted the action, radio sets and the like to the and thought that controls

home market. these exports had been lifted.

Such ruggestions as have been Mr Koda suggested that even INFLATIONARY GAP

made are confined to further cuts when the

time should come

In Taken alone,

the social services-chlely by these measures U.S. EXPORTS

reducing the amount of public when Japan could exercise full control of

result

more Its exports, it would would

chusing still

fewer money spent, on food subsidies. have to handle exports in line money New York, Feb. 3.

This, however, would have on The New York Cotton Ex with the policy of co-operation goods-unless aetion is taken to change reported that exports of with the United States.

reduce the total supply of money immediate effect on the cost of living and would In all the hands this season's American coiton

of the public by a Sources close to the Governin

probability lead to another round propeced by the White House totalled about 3,263,000 bales ment pointed out that the trans-similar amount.

allow

on The im ter will

exports for the fiscal year beginning July through January 22. Thile com-

Import-export gap in the of wage claims.

hay Financial Times- last year was I would

pared with 2,078,000 bales on Japanese Government permits of second half of $14,400,000,000 despite $73,000, the same date last year.

such goods as are not listed as ruasing at an annual rate of summed up Mr Butler's dilemme

in these words:

1. Crawford 700 million. It we are 000,000 of revenue which, her

currently running requiring GHQ approval,

The Chancellor has a short CUTTONS balance in our trade After the

peace to restore Japanese

Bu'o sald, would be the highest level about 57 per echt larger than a

effect, the same by

by the second half of this year, four weeks in which to weigh In history,

regulated.

this is

by which the known disincentive of in- is the amount the Government may prepare a list of contra-import cuts and export expansion creasing any taxes at all against band

together

will remove goods from the apparent impossibility of any Communist articles 10 countries after the

further reductions in expand pattern of the home market. the United States,

An increase in the cost of the ture. Which way can he turn?" The final decision on such rearmament programme for 1952- contraband would be made in 63 and the effect of the recent must also be taken. into account, in estimating the probable siza of the in- flationary gap which must now be closed.

cruse

dencit of

"I am opposed to increasing ing rates, Mr Connally suid.

The only solution, therefore is to make every possible saving in expenditures... Every de- parthient simply must reduce its standard of living and learn to get along on loss."

The Senator dll not Cetail

where #to

ports

Are

yeat ago, when shipments were {trealy old.

that

Industry Sources esilmate exports this year will total at least 6,000,000 bales, Foreign buyers have already contracted for 4,780,000 bales, and funds are available in some countries for con

sources

Japan ibly more coll. Japanese-United States negotia- wage increasea

is expected to go into from 1,000,000 10

1,250,000

tions in Washington-France-

Presse. the cuts bales, and India will need should be imposed.--Associated nearly 1,000,000 bales, Canada may purchase 300,000 bales,

Presa.

New Quotas

Announced

The

Not

trade sources sald, and South Not

American demand is expected.

to

reach 200,000 boles.

In-

creasing demand is also report-

na

in a number of European For

countries, and in Australia and

South Africa,

The Government's December

1

Washington, Feb. 3. 1 estimate of the current crop Office of International was 16,290,000 bales, Ginnings Trade of the U.S. Commerce from December 13 to January Department today issue several 10 totalled 954,000 bales. corrections in quotes for sulphur order for the crop this season

the December exports from the United States ta

equal

ginnings

trom months of estate, during the 1952.

January 16 onward must ap- Quotos totalling 485,000 long proximate 704,000 bales. ten of brimstone sulphur

Some trade source's doubt mined, recovered or otherwise that they will reach that figure produced of purity of 07 per and belleve the crop will fall

December of the cent or greater were originally short

first six

As

announced on Jan. 25. There is estimate.Associated Press.

no

change in the total but cor-,

restea allocations for the various count:les are as follows in long *tons:

Indonesia 3,530 Instead of 33,- .000; Germany 12,000 instead of 11,000: French Narth, Africa 5,300 instend of 0,000;. Ima 590 instead of 580; British Colonies 150. Instead of 250; Netherlands West Indics 12,000 Insiend- of 11,040 and Trinidad 80 instead of 311,- United Fress.

COTTON TEXTILE

MARKET

A New Ydrk, Feb. 3. The Army Quartermaster's. Inë

1

Nervous Week

In Cotton

New York, Feb. 3, Cotton futures Bee-sawod hervously over moderate limits Last week as traders awaited Washington Korean developments."

Prepared Civilian

Economy

Los Angeles, Feb. 2.

Président The National

At a rough calculation it has been estimated that the pressury of additional inflation from all factors this year will be in the cider of £1,000 million.

The

Decline In

Grain Prices

In Chicago

44.20 1000

"RJITJALENFIMAH

"TASMANI "THIBODAS”

"THLUWAIT! "TJISADÁNE"

TARMAN" BOTABEVAIN" "TJIWANON

*JIONDOK"

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#EŽILUWAI“

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JILUWAU →IIDODAR "TABMAN" HTSWANGr

*STRAAT

MAKASSAR" WTSÍLUWAR*

*THTJALENGKA“ MKARMANN "IJELUWANN

JAILINGS TO

Feb. 13th reb. 15th

Feb. 10th Feb. 29th Star, int AIRE. Zad

Mat. BIB

MAT 24h klar. Bih Mar. "itth

Afar, tird

Mar. 13th

End Apr. Apr. 7th

Apr. 14th

Api Wh

Apt. With

May 2nd

May 200

May 15th

DANGKALAN RUANG WEB AMETIER

"Djakarta," Becskrang,

Monaster

Burabala

Singapore.. Djakarta, Semarang,

Burabila a Hachija

Japan

Alagapore, Penang, & Staloway -Dall Jagan

'Singapore, -jakarta, Hemarang. akurabala zỹkacamET

Djakeita, Tiirebon,... Somajabke

Barabala (a); Mixesisir. faniin, Bingapore

$. Africa alagapore, Aizuritius, 8. "Africa is

B. America Blarapore. Djakarta, Bemarangs

Burabala & Mincassar Mantia, Bingapore, Mauritius, 1.'ài 8.

Africa & 8. America

Djakaris, Tjirebon, Semarang,

Burabala & Mackizár

Singapore, -Djakarta, Semarang.

Búrabala & Macarar Blogapore, Penang, & Belawan Doll Bingapore, Djakarta, Semaranga

Bursbain & Macauiar DJakaria, Tjrebon," Somarang,

Barabala 2", Macaklar Singapore, Penang & Delawon: Dalk Singapore, . Djakarta, semarang,

* Būrabjla & MacaMIRT

Mania, Kingapore, dikuritton, Bide Bi

Afitos à 8. America Singapore.

Djakarta Remarang.

burabala de Mazamar

‘ARRIVALS

1th

*THISADANE"

Web.

Feb 12th

"STRAAT BOƐNDA" YOW, Ist

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Japa

From

Penny, Betawas Dell & Singapore MACRIERS,

Surabaja, Semarang,

Dakarta & Sigɛapore

8. America, E. & 8.Africa Gingapore &s.

Manila

Penang. Belawan Dell & Singapore? B. America, B. Attica,

Aingapore & Manila

General Agents,

HOLLAND EAST ASIA LINE

BAILINGS TO BUROPE

“ove

AREA

]]]]

Mike.

Apt.

May.

BAILINGS FROM EUROPE

Salis Rotterdam

Arrives Hongkong

Aalled Jan. dra

Pan

nited Jan. 30th

MAT.

Eth

Mat. 5th

Apr.

10th

Apr. 2nd

MAY

5th

June

May 2010

TOERHONEN 20015510280172

LUGHTERIY

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS CE

M.S. "OLGÁ MAERSK”

Feb.

'6 Feb, 14

Mar. 2

ARRIVALS FROM U.S.A..

M.S. "JEPPESEN MAERSK”

M.S. "HULDA MAERSK❞

10.40 18.75 500

2014 2014 200 @ 20.33

2020.83 100

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Telephone 17.40 17.85 2300 INDUSTRIALS

Cement Rope STORES, ETC.

Galty WALKON

3.20

IMPORT DUTY SUSPENDED

Washington, Feb. 3.

The Senate has passed legls- Ballon suspending the import duties on lead and zinc and ap proved separate bille on the two

metals strategic

designed to stimulate Imports to relleve do- mestic shortages, returned to the

Both bills were

House

for action on amendmenti. A good deal of this, however,

Chicago, Feb. 2, As passed in the Senate, the be reduced by factors

Wheat futures closed today duty on lead would be reimdos- working in the opposite direc-4cent lower to 1⁄2 higher. ed when the domestic price sinks tion. Some of the additional ex-Com was to higher, Oats below 18 cents a pound. ports that are planned for this to 14 luwor, Rye to calling price is 10 centr. The year will be made available tower. Prices

of

from goods set free by produc- | follows;--- tion in home Investment.

closed

Wheat price per bushel Врат

2.70 numinal Marca

2321-1

#.4835

the American Marketing. Asso- clation warns that were it not.

A CUBITON for the defence programme, the

Moreover part of the import May nation's economy would be in cuts are to be made

good by July mild slump.

September Corn Dr George H. Brown, who running down stocks, and to this

the home extent

market 15 Spot of Marketing also is Professor

of Chicago, cushioned against the effect of ar at the University.

sudden reduction in supplies. sold in an interview that it is

At the same tiine the restric- September time to begin retooling for

on hire-purchase will elvilion goods and added that,

good deal of the March

remain which as for a defence after cuts in the home consump-staros

ion of engineering products. May

To this side of the

Accouni

tion

น

It takes as long-from two to squeeze, out five years to tool for a civilian demand for goods economy

economy.

July

Mav

1.0015-

1.031

2,051

10011

The

Price

as zinc duty would be reimposed

when the price fell below, Sents

The celling 4 pound is 18-1/2 cent; a pound. The Senate approved an amendment limiting the zine duty suspension to unprocessed zinc-ords, blocks, piga and slabs-United Press.

t.

Exchange Rates

Businen "was done in the local 10{f}[3] exchange market this morning at the following rates:-- 1.8. dollar per 311 106)

New York nour-per 200 lb. Back. Bierting note (per 21)

Dr Brown hid the defendo programme.. should level off must also be added extra reventie $12.80 United Freed, within two years to a inala-that might be expected to result tenance basis and then we will from last year's increase in the

be faccu with elvlign Profits Tax and the withdrawal New Refinery

Jegislative and no shooting var Associated. It Evening up in March do- Press in preparation for the

first

notice day out February Rubber Futures

28, provided the main trading

•quiry for approximately 14,069 fate in the week. i.

000 yards of cotton cloth en-

Itvened and otherwise. dull dituutios-in the cotton market last weeks. The

Friday's close, the 1st

10 points higher. to 57 points lower than the proceding week, ST riso of 50 cents to a

Manny I decline of 450,

wm bloc

a

Lax

out

Near Perth

Indonesia guilders (per 100)

Siam ticals (per 100) Singapore (Stralka)

| FIC plastres (pm 100)

M.S.TREIN -MAERSK❞

PETER MAERSK”

M.S. "NICOLINE MAERSK”

Feb. 16

Feb. 29

Mar. 15

For Freight and Further Particulars please apply

AGENTS:

JERSEN

Pedder Building.

CO.

Tel: Nos, 30088-0.

PATTISON ORIENT LINE

LIMITED

“LAURE PATTISON"

$.5.

Due From:

Kobe Feb.

10th, 1952-

12-14 Queen's Road, Central.

Sails For:

DIRECT, Pugan &′′ Jansh Feb. 15th, 1952,

CHINESE AGENTS:

Tel. 26840.

OVERSEAS CHINESE STEAMSHIP CO.

48, Bonham Strand, West, 1st Floor, Tols: 26640, 20127 & 81119.

Pacific For East Line, Inc.

DIRECT

Fast Regular Trans-Pacific Servico :

OVERLAND

economy which we are not proof initial allowances and also

from the rise in Income paring for."

His Ideas were prodletel receipts through increases in the belief int there would be wage ratus and salaries,

Port Darwin, Feb. 8. should be pointed however

revenue deriving Mr Erle Drake, of the Anglo- from these sources must be set Iranian Off Company, arrived off against

reduction

in here today by ale to complete company savings through the details of a new £30 million bil withdrawal of initial allowances rellinery to be built near Perth AN FRANCISCO, LOS ANGELES A low TONK.CHICAQG-DETUDIT-TOMONTO and also through "a drop In in Western Australia.

The Exciso and

refinery, when completed receipts from the Customs as a result of lower im- 1955, will have a capocily of Gurumo, Macinas Isterids, Micronèsian Talauda

of lower in three million tons of cride Port is, of course, Impossib

Courte, Impossible to per year.

Mr Drake, formerly General calculate the exact extent of the remaining inflationary pets with the Blate Glovem-JACON LUCENACH"

Manogor that

at Abhilah, · will dis- Paketión, will have to

construction

In S'pore

*130-13015! 13436-36

Singapore, Feb, 2. Prices of rubber futures closed today as follows hay asked for bids an 7,000,000 The news that the farm

Number; 1 rubber. Der 1b...

February Vats of to new seven-ice leaders may not press a fight. ... March 25 water-peliant and wind-rols for higher cotton price supports Number a rubber.

April tant: sateen and 0,890,000, yar

yarda

with the hlong

couraginaly February for (extiles and Number rubber however slow

At YobriaRY (SES reactions in tha remained in the doldrums. Cor-

Mumber #rubber, lainpes of print elative were the groin and security mar

kej February hought in small volume by the koto, kept buyers off balance dress trade for quick delivery. In the foreport of the week.

of Exford clothes

Civilian Busirices,

United Press.

Unted Press,

of rubber ∙Black' repo No. 1-pio cregio

1

budgetary t

Can Sucht unknown factors as meat detalls of the the In

Incrcaso. In the cost ORALE,

Tournament, the amount by

which stockscuit safely, be re-Itsumfelcht

Vessel

MONTERAL AND ALL. AMERICAN, 4. CANADIAN, CITIZA

Regular Bervice direct or with tranabipmen

From

Arrives

Strbita.

-Feb.

ID start -13.2IAM LUCKENBACH,

notTRADE WINDH

Ba Francis

San FraneSayoh

Mar.. :13.

Many 210

For full var

-1271e duced and the extent to which available. In Australia the coma rising prices will offset realpany would probably bringin demand must all be taken into its own labour, he said. Pra Consideration

Reuter.

For

San Francisco, je Los Angeles

via: Kobe

| Ban (Fraficiado & Line" Ange

"anli - Unlied · Staton Lines Do“ General Agents, Queen's Building, Teli 28198,