1952-02-14 — Page 9

THE CHINA MAIL, THURSDAY, FEBRUARY 14, 1952.

NWAY OUT OF THE CRISIS MESSAGERIES MARITIMES

Royal InterocEAN LINES

"TJILUWAN"

BAILINGS

To

Bingapore. Djakarta. SOMATANE,

Surabala & Macasser

Japan

Surabala & Macaskar

Bemarang,

Africa

ingapore, Prang Belawan Deit Jakarta,

Tiirebon, Bear.

Surabaia & Macassar Blogapore, Mauritius, E. & S. Aftlen

5. Amerira

Kingapore, Djakarta,

Hurabata & Macassar

SOMATARK,

Mantia, Blugapore, Mauritius, E. & D.

་

Africa B. America.

Feb. 15th

*TJIBABANI?".

Feb, 18th

"STRAAT BUENDA" Vab.

Jojan

"VAN HEUTOZ“

Pop

Japan

"DOMSEVAIN"

*TJIWANGI"

*TJIPANAS

Mar. Atat. MAT,

Lat 2nd

Japan

Singapore, JiJakarta,

Manila, Singanors

"TASMAN"

"TJIPONDOK"

*THISADANE"

*TJILUWAR"

"BOISSEVAIN"

Mar 7th Mar. 214

6th Mar.

Mar. IGth

Apr. 2111

"STRAAT

MAKASSAR”

Mar. 21th

*THIKAMPEK"

Mar. 25th

"VAN HEUTSZ"

“THLUWAD"

Apt. 2nd

Apr. Apr. 160)

7th

#TJIBOBAS”

Apr. 17th

*TASMAN"

#TJ1WANO"

Apr. 24th May and

*STRAAT

May. 4th

MAKASSAIŲ"

"TJIPONDAK"

May 7th

May 16th

*TJIWANGI

*TJILUWAII“

Japan

13Jakarta, Tjirebon,

Semarang.

Burabala & Macairar Bingapore, Djakarta, Bemarang.

Surabata & Macassar Singapore, Penang & Dalswan Doll Kingapore, Djakarta, Zemkrang,

Surabria & Macassar

Djakarta, Tilrebon.. Semarang.

Borabala & Macassar Singapore, Penang & Delawan Doll Singapore,

Djakarta, Semarang,

Surabola & díacasing

Manila, Singapore, Mauriilua, E. & S.

After B. America

Theebon.

Djakarta.

Surabala & Macasser Singapore, Jakurca,

Rurahaia & Macassar

ARRIVALS

Frb 15th

"STRAAT BOENDA" Feb. 28th

TJISADANE"

VAN HEUTSZ" TJIWANGI"

UTHLUWAIL"

Poli, 27th

Feb. 29th

Mar. 131h

نا

From

Semarang,

Semarang,

9. America, E. & S. Africa Bingapore &

Manila

5. America, A. Africa,

Macassar.

Singapore

Surabala & Manila Tenang. Relawan Doll & Siegsporn Burabala, Semarang, Jakaria & Singapore

Surabata, MACHIKAT.

Semarang, Djakarta & Singapore

General Agents,

HOLLAND EAST ASIA LINE

SAILINGS TO EUROPE

"HOOGKERK"

Mar.

7th

"ARENDSKELK"

Apr

7th

"KIELDRECHT"

Blay

7th

"AAGTEKERK"

Juno

4th

"OVERUJBEL"

-July

14

-Balls

SAILINGS FROM EUROPE

Itotterdam

Arrives Hongkong

"AREND KERK"

Bailed Jan. 31st

Sxar.

KIELDRACUT"

tar.

Apr.

10th

"AAGTENERK"

Apr.

Sth

May

10th

Any

2nd

Jun

*7th

"HOOGKERK”

May

28th

July

"OVERIJNEL"

*KING"

INDUSTRIALIST DEMANDS:

"Ban

Imports Of Japanese Cloth"

London, Feb. 13.

Increasing Output And Spending Less

War Seizures Higher Savings Implied In

Chancellor's Restrictions

By Japan

.

Tokyo, Feb, 13, Japanese Transportation Ministry sources sala lo- day that the Ministry submit to would sharily

the Diel a Bill under which

nationals Allied could seek the return or ships or cargoes seized by the Japanese during the - claims Pacific War or damnares.

The

Bill providea the creation of aboard which would review war- time Japanese Prize Court decisions.

for

The Ministry wald that the

captured Japanese 1,007 Allied ships during the Pacific war-Reuter,

Indonesian Purchases From Japan

Tokyo, Feb. 13.

(By J. R. CUTHBERTSON)

London.

The way out of the sterling crisis is fundamentally that of increas ing production on the one hand while exercising moderation in personal consumption on the other.

The solution to these two problems lies ultimately in the twin fields of saying and investment.

If the denial of certain goods to the home market were to mean that the money which would have bought them was merely spent on something else for con- sumption, instead of being saved, 'resources would not he released either for invest ment at home or for reduction in the overseas deficit,

wo

For

must Mr Butler's restrictions, im-

the solutiort posed as an emergency measure, look elsewhere; first, to the fact would be unnecessary if savings that a large sector of industry and, has been nationalised, were adequate.

His long-run aim must be to secondly, to the enormous current increase output more rapidly surplus-forced savings with a

home then

consumption-in vengeancel-remaining each year hands of Central and other words, it implies increased in the

and Government investment (including replenish- Local ment of gold reserves, and in-trustees vestment overseas) and therefore Insurance Fund. higher saving.

Including death

caring savings seeking |

of

the

the National

duties and

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business

Wis Noon

In particular, continued in-special contributions, this surpluz roughly £800 million creases in output by private en-averaged terprise imply the investment of per annum in the period 1048-50,

PROPORTION LESS

done on the Stock capital; and if the

As a result of nationalisation, Exchange this morning

$985,409.05, not forth the basic industries and public- valued at

and tho morning's The economic naviser to the risk investment are

to Japan coming, how is expanding pro- utility services are now financed quotations Indonesian Mission

either directly by the Govern- transactions:- in his duction to be financed? reduction foresces no

endment or indirectly by the issue SHARES BUYERS SELLERS SALES of saving pattern for Japanese country's need

1530 1595 30 1500 textiles despite the construction

50 1500 of a new spinning factory.

141 --

a

St.

in this country has of glit-edged securitles

ago.

revolutionised. Two generations prudent member of the middle classes expected to put by as a a substantial matter of course fraction of his income year by year.

between the two even

of moderate means wars people of provided a great part of the there nation's savings, while wero.. still many rich men con- in big tributing new capital Bums out of their Incomes.

Mr P. Mijunrends said the new factory will accommodate capacity of about 20,000 spindles. "Bemember, however," he said, "that Indonesia has a populations of 72,000,000 and needs 800,000,- 000 yards of textiles annually.

"Indonesia will perhaps be able to supply herself with 25 per cent of her own needs, but the other 75 per cent must come

and

BANKS

HIK Bank

East Asia

Unson *** Underwriter

1

M&M

· “ZELIDIA**

. "THEOGENITOR"

Arfiving Leaving

Fab. ra Apr, 2

May,

Apr.

A

**FELIX ROUSSEL”. +"MORTAIN" †“ZELIDJA"

*

Mar. 1 Mar. 1

Mar 17 Apr.

passengers & freight.

Mar, 18 Apr. 7

1

Outward Tor

Koke, Yokohama. ethiphung

Homeward for

Aurselles vla Manila

N. Africa à Karapa

2. Africa, a Europa.

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

Nubject To Change Withomi Notice

CIE DES MESSĄgeries maritIMES P.O. Box 88, Hongkong Queen's Building (gr. floor) Tẹl, 26661 (8 lines).

MAERSK LINE

FAST-FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.S. "JEPPESEN MAERSK"

M.S. "HULDA MAERSK"

TREIN MAERSK”

ARRIVALS FROM U.S.A.

M.S. TREIN MAERSK”.

M.S.

24 700

512

•

SHIPPING

Asa Nav.

.. 1.85 1.00 5000 41

2000 44

5000

1,70

+ 120

1,75

M.S. "PETER MAERSK”

K. Whart

100

300

7.15 730 1433-34

2.5

150 000 4 10.70

2500

2400 OF

to the public.

as nationalisa- Fur

Furthermore, Ang

tions occurred the proportion of risk-bearing securities in the INSURANCES hands of the public was reduced, and that of gilt-edged securities increased.

The Government

used its the current surplus to reduce floating debt held by the banks; the banks in turn were enabled in their then state of liquidity) not only to increase their direct advances to Industry and com- also merce, but

to purchase LAND, ETC. langer-dated gilt-edged securities from the public.

WHO CAN SAVE? Now the re-distribution of from other countries, and Japan wealth through high taxation has will of course be a main, supall but eliminated the very rich plier."

in terms of income, .and has

The latter could then restore: In addition, he said, with the squeezed the middle classes to the previous proportions between building up of Indonesian indus- the point where few can save at its security holdings of various be a all, certainly not those with types, and in so doing provide trial capacity, there will

Industry with new risk capital. to import greater need

raw family responsiblliiles.

By On all hands the question is

purchase of gilt-edged cotton and yarn for its factories.

from the market heard "Who can save nowadays?" securities "In the overall picture, there If the case is made that the through the Government broker National on the will not be any decrease in

wage-earning classes, never bet- the surplus

even ter off, should be able to All the Insurance Fund is used Japan's market in Indonesia, Mr Mijnarends said. "Indonesia

reinvestment In funds for did $110,000,000 worth of busi-BP, one may retort not only that more directly to put the public

industry, ness in Japan in 1831," he said, they have not done so, but also

NEW PATTERN "Of this about 70 per cent was that in the nature of the case

their

savings are unlikely to go While we do not into then textiles.

Finally, large sums, in the form risk-bearing investment,

alone expect any appreciable increase which

the of War Damage payments and advances In 1952, neither do we foresco a frontier of

ado. E.P.T. refunds were paid from industry and trade. decrease."

It was essentially the function the Government's surplus direct

Protests by Britain's leading textile indus- trialists against Japanese competition rose to a new pitch when Mr Cyril Lord, Lancashire manu- facturer, called on the Government to ban import of unfinished Japanese' grey cloth.

This would be a start, he stated, in preventing Japanese infiltration into Empire markets, He was telling his milt work- ers at their annual dance, why he is soon pulting one of his three mills on short time.

A total of 600 million yards of Japanese cloth was sold in Empire markels last year-cloth that could have been made in Lancashire.

This year, he Japanese hope

to

cloth exports to 1,400 million yards, with the Empire as the chiot target for selling,

He urged the Government and Empire Finance Ministers, now considering import cuts after the

dumping of cheap, Japanese tex- tiles,

they

2

"Indonesia,"

he added,

to

one

in

N. Pt. Whart Dock Plovident

S'hal Dock

HK Hotel

HK Land

S'hai Land

Humphreys Realty

UTILITIES

Tram

0.20 0.50 1000 8.35

14 141

417901820

P. Tram (0)

P. TTAM (N)

Star Ferry

11032

C. Light (0) 8.50 2.05

500 GF BAD

1000 g 6,13 1100

M.S. "NICOLINE MAERSK"

Feb. 16 Mar. 2

Mar. 16

- Feb. 17

Feb, 20

Mar. 16

For Freight and Further Farticulars please apply to:-

我

AGENTS:

JEBSEN &

Pedder Building.

CO.

Tel: Nos. 86066-9.

PATTISON ORIENT LINE

S.S.

Due From:

LIMITED

"LAURE PATTISON”

Sails For:

DIRECT Pusan & Japan Feb. 17th - 1052.

Tel. 26346.

8,03

1000

.C. Light (N) 6.05 6.20 2000

Electrio

1500

Elec. (Bonus) Telephone

21.00

... 17

by INDUSTRIALS

Cement .... 18.00 10.00 1000

*** Поре

1500

1000 * 1000

2015 21 1300

3500

..... 24% 43% 100w

Crawford MA 34

3 320

... 8.00

1000 23

12-14 Queen's Road, Central.

g of the well-to-do private saver to the capital accounts of firms Japan's second best customer, to supply "risk capital," and he and individuels, and a great deal of this money went to industry. next to the United States, and in has been virtually squeezed out

The new pattern of enving of exlatence, some Instances Indonesia ranks

Atter allowing for the extent and investment is completed by number one. In this ranking.

allocations from the (recent London talks, to end this however, I am not including the to which many of the wealthier |ment's current surplus to finance

now drawing on Sterling bloc nations as a group." classes are

capital in order to maintain even house-building. Wheresa before

it the war more than three-quarters STORES. ETC. Besides textiles, Japan is also reduced living, standards,

Dairy * of new house construction was In-seems exporting mashinery

per year, perhaps financed from private savings, donesia for construction of rell-ems unlikely that as much as

Watson the post-war housing programine ing stock, ships, bicycles, glass substantially less, is available

de- pencils, produals,

matches, from current personal saving for has been almost entirely ement, porcelain ware, carthen-investment

in risk-bearing pendent on flounce from Central

and Local Government sources. COTTONS

Ewe ware and enamelware, United securities.

MOSTLY ABSORBED

Does the new mechanism of

DI MISCELLANEOUS Press.

Yangtaze Of this, however, by far the saving and investment supply a

ail is satisfactory means of greater part, if not

of Anancing of industry absorbed

the development by the purchase of existing risk securities sold from

modern under

conditions? It may deceased estates.

be argued that In the three years 1948-50, ndt established companies, public and

private,

UP TO GOVERNMENT Until now, all the Lord mills

represent

£1,000,000 added, the business-have been working boost their double eight-hour shifts, from

six in

the morning to ten at night,

and my colleagues have bren working 12 hours and more a day, Mr Lord continued.

RUSSIAN

OFFER

CEYLON

Russla

TO

Colombo, Feb. 13. has offered to barter capitol goods for raw materials with Ceylon

Mr G. Ponnambalam, Ceylon's Minister for Industry, disclosed this today on his retum from. Rangoon, where he attended 'session of the Economic

mission for Asia and the East.

+

"There is no need for Lan- cashire mills to go on short time If the Government acts quickly, As start the Government should ban the import of un- finished Japanese cloth."

In

The

of

Cotton Price

for the taking-over Rallies After

Shaky Start

in

Sinca

prices, market experts felt that and the life-insurance companies are ultimately restored, and the

at least

+

各3

3500 B 8.10 1000 .10 1000 # 5.10 .10,000 or 6.10

Foreign Exchanges In NY

Canada

New York, Feb. 13.

US$0.00 18/18

2.78-3/10 England wil

$30 bid- 333 nice 2.77-15/16 *0.7634 2,224

30-day futures

60-day futures

personal savings, after allowing nonce their resources in)

staffs research

and of existing technical "know how," are better When dyed and printed

from deceased assots

ostate

than the private British

transferred to, the Government equipped plants the cloth is

Investor for

function. such a shipped to Empire markets as

duties. payment of death British clath-rwith the benent

barely exceeded £100 million Furthermore, the present process yearly. of Imperial Preference thrown

whereby Government savings are translated on a large scale into in-London Express Service.

the amount saved ans

new

in New York, Feb, 13. SINGAPORE ACTION

private investments the National annually through

industry can continuo for some Singapore, Feb, 13,

Cotton futures today regained a foothold after a shaky start. Savings. Movement, the savings Indus

imte yet. Government

banks and provident soclaties, today

savings of egging an After four days

But, unloss private u banned direct imports from Com- Japan

the amount, cameras, camera

exceeded this is better-off a technical rally

private capital For accessories, gramophones, pens,

elasses of the com- eroding of munity must in fact have been the price which has to be paid Australia pencils and

flasks overdue. After dropping

much as 35 points, at the close

dis-saving on balance. At the to persuade the pablle to hold New Zealand is too

*** Belgiuery high,

no new risk savings" at all Axe

fixed-interest securities

must Denmark The official reason led trading lower to 30 points higher,

ar later become pro-Franço saw nothing in the circles to expect a similar ban on other goods from European the..

sentiment, Moet the market whose

One may well wonder how borrowers in industry and trade. Hier countries

Sterling opinion still favoured the bear

This is the danger-point to- Norway, cases of other coumirles sending | balances in some cases are even aide. largely due to the Buch u state of affairs can -bo

wards which present develop-spain bigher than Japan's.

Cereasingly gloomy nature of the consistent with the fact that ments unfortunately appear, "lo Sweden The Malayn

Government textile

to statistical surveys Soviet delegate, he said,

Annu carlier banned the Importation with Indifferent

physical investment in the for demand Mc supported

Ponnambalam's, suggestion that Caylon be of similar Japanese goods för a cotton from domestle mills Productive enterprises of the

opot

country continues to be na great headquarters of ECAFE's Eastern similar reason-United Press,

and exporters.

โก real terms' as before the war. March liquidation proceeded activities.

How is it that private enter-

vacuum

While welcoming the offer, he because Japan's sterling balance market closed only 4 points present, time, there may well be more risk-investments and fewer Bouth Africa

had made it clear that it could only, be accepted subject to the right of Inspection during

fabrication cage.

the

This was being done in

the

capital goods to Ceylon, he

tho

The Soviet delegate opposed a proposal that the Philippines be the hostkuarters.

would

LONDON TIN

MARKET

London, Feb. 13. Prices of tin were

Mr Ponnambelum said that one outcome of the ECAFE session would be that Ceylon. receive more technical assistance,

Mr David Owen, assistant this morning. Turnover was Secretary-General of the United 70 tons, including 10 tons for

|cash.""

Nations, is Erriving here soon fin discuss the assislarize-Reuter.. Prices closed at the end of the official morning session as follows:-

DEIL

· Moot 'tin, 'selfers.

Clearance Granted

Spot tin, buyers

Rurines - dona at

bkyo, Fáb. 13.

| The-months. tin, buyers The Japanese. Transportation Three-months tin, seilers

Business, done at

that

Bettlement.

the

2.7636

0100

1455

Traders

comes.

news to warrant the change la/ being made out of, current in-ve to even the most worthy West Germany

0026-9/30

hibitive

4.20

2630

1403

found in either Investments 48,400

the issue of

Grain Prices In Chicago

Holland

Portugal

In Port

CHINESE AGENTS:

OVERSEAS CHINESE STEamship co.

48, Bonham Strand, West, 1st Floor. Tels. 20127, 31118 & 31119.

PENINSULAR

QUIS NOS

Exchange

-United. Prem,

EPARABIT

& ORIENTAL:

STEAM NAVIGATION COMPANY ·

R.M.S. CARTHAGE“

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the 15th, February at 12.00 Noon for the UNITED KINGDOM via Straits, Colombo; Bombay, Aden and Port Said,

ALL passengers baggage must bo sent to the Hongkong & Kowloon "Wharf Co's Godown at No. 2 GATE, CANTON ROAD ENTRANCE BY NOON on THURSDAY, the 14th February, 1952.

yen to US$1 SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co'n Godown for loading on board by ship's slinga only

EMBARKATION

Will take pinco on Friday the 18th February between 9.30 amy and 11.00 .m.

Brati

SwitzerlanDLE

Egypt Iran Iraq Turkoy

2.801

0310

SAILS:

6373

LATIN AMERICA

Argentina

| Nolivia

Chile

Columbia

Cuba

Mexica

Uruguay Venesuela j India

FAR EAST

2009

допа

2.451-245 Indonesia

Paklitan Hongkong

Japan

Angapore

at a good pace, some of it on an prise raised over £125 million outright basis and some against purchases of

new crop de per year through liveries. Trade interests some shares to the public during those

three years 1048-50? times took advantage, af- the

THE SOLUTION

Chicago, Feb. 13. setback to iz prices, but most

The answer to this conundrum to

Prices of grain futures closed Peru of the demand was credited steady

shorts in not, as is often supposed; to be today as follows covering on specialities

"Institutional" Wheat price per bushel Open contracts in March at the

those of Spol 1.0.

-2.2871 slärt of trading totalled

2.544 bales with cortificated stocks at insurance companies, trusts, and Merch

•201 May Mod so forthines

undistributed 33,458. balcs,

ted pro- July

24034 September The market opened off-25 ats points to up 9 points. It dipped In real terms the undistributed December

Industry, ofter Corn to maximum losses of 10 to 35 pronts of

paints.

provisión had been made for Spot the holding of stocks at higher May prices, were on average rather Jy

this during period then September 41.10 nominal smaller

they were in 1938. 40.15-40.24

Brow 30.80-200 Analysis of the balance-sheets | march

of the major insurance companies | aday: suggests that no more than £20 Oale million par annum was "directty March Invested by them in risk-bearing "New York four-p Press, securities

DES-060

PamUnited "Pres.

Prices closed as follows

Spot March May Suly October December

Ministry announood today that -tt had received a notice · from

the Allled General Headquarters

had Turkey

granted anted blanket clearance fot

New York, Feb, 13. ail ships to enter Turkish Copru was quoted at 3140, Wporin, Turkey is the $1st hallon asked, per short, ton. Cocoanut to, give such clearance to post- oli was quoted at 10 ceritava wir JapsoRoutery

pound, eskort--United Press ·

Japanese

March

May July

March

December

May

$13,70-United. Prežij

1.

1.65-1 FAI 1.710

Noilneta vai dorso "In the Jooni market this nofficial exchange 1,0644-1.00 omning at the following rates

Rates

U.B. Ar (per 31); an

Sterling note (per £1) Indonesite guildors (per 100) * Bine tekla (per 106)/

35.48:

2.05

27.50

200 1b, Back. Eingapore (Stralis)

1.74

rid plastrus (per 100).

13.80