1952-03-03 — Page 9

"TJIPANAS" "TASMANG "TSPONDOK"

Star.

MAKARSAN” Mar.

EROCEAN

To

Manila. Singapore

Africa

Birgapore, Penang & Relawan Doll Djakarta, Tarshon, Makrang.

Surabala & ptsenisar Singapore, Maurithia, • Tanga, Zeni

albar, Dar-es-Salaam, H. Africa & B. America

Bingapore. Djakarta,

Burbata & Macassar

Japan

Stanija, hugapore,

Bemarang.

Mauritius,

B. Africa & 8. Amurles

Pjakarta, Tjirebon, Bamarea,

Surabala & Macajour

Bingapore, Djakarta, BOMATADE.

Hurabata & Macaria

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Mer. Te

Mar. oth

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Mar. 16th

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Apr.

d

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Apr.

70

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Apr. 10t

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Apr. 17th

Njakarta,

"TANMAN

***TJIWANGI"

Apr. ᎡᏓᏍᏛ

47th 2nd

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May

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2nd

Mny 7th

16th May May 2011 May 25111 June 2nd

*TEDELBERG"

"TJWANGI

TJPANAS”

"TASMAN

"TJILUWA{"

Kingapore, Penang & Balawan Dell Manila, Singapore, & 8. Africa

blugapure, Djukaria,

Norabala & Macassar

Tjirebon, Remar, Burkbala & Macassar Singapore, Penang & Belawan Deli Bingapore, Jakarta, MamaTANE,

Hurabela & NECKERE

Manlia, Singapore, Mauritius, K, à 5.

Airten M. America

Djakarta,

Trebas, Hamarang, Surabala & Macassar Bingapore. Djakarta, Semarang.

Buradala & Maciniar

Manila, Singapore, Aluri,

E. & Africa & 3. America Singapore, Penang Belawan Dell Singapore, Muntak, Djakarta.

Semarang, Bumabala & Macassar

ARRIVALS

Atur.

3SUF Ch

From

Surabala, Semarang,

Jupán Jukah

Mar. 13th

Macassar.

#.

Djakarta & SingaporD_

America, E. & S.

Africa,

Mauritius, singapore & Manila.

h

jakarta & Slagspore

Mar. 18

STRAAT

MAKAISAR"

"TASMAN

Ap

Penang, Belawan Dolt, Palembang,

General Agents,

HOLLAND EAST ASIA LINE

SAILINGS TO EUROPE

*HOOGKERK"

Маг.

Sch

"ARENDEKERK"

Apr.

*KIELDRECHT"

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7th

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June

7th

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July

7th

SAILING FROM EUROPE

Hallo Rotterdam

Arrives Hongkong

"ARENDSKENK“

Salled Jan. Jist

"KIELDRECHT"

Mar.

5th

Mar. 5th Apr. 10th

"AAGTEKERK"

Apr.

May

10th

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May

Ind

June

28th

July

7th 4th

"HOOGKENK"

May

5th

SETO 28017

BEN LINE

• DAN CAST

FAST SERVICE TO UNITED KINGDOM AND CONTINENT

BY

S.S. "BENVENUE"

Loading At Buoy A-2 4th March

DIRECT FOR SINGAPORE

THENCE

LIVERPOOL, GLASGOW, DUBLIN,

AND HULL.

ALSO ACCEPTS CARGO FOR PORT SUDAN.

W.R. LOXLEY & CO., (CHINA) LTD.

York Building.

Tel. 94165 & 98710,

NY COTTON Big Merger

MARKET REVIEW

C

Now York, Mar. 2. Alternate rallies and declines

in cotton futures last week car- ried the market over a range of $5 a bale.

In Japan

.

THE CHINA MAIL, MONDAY, MARCH 3, 1952.

DILEMMA OVER BUDGET Difficult Choice For The Chancellor,

An Economist's

Opinion

New York, Mar. 2.

English An

economie writer, Paul Bareau, pre- djote that Britain may continue to lose gold for at least six more months.

the

He told a meeting of the British Commonwealth Chamber of Commerce In New York that the short- term measures adopted by Sterling Area to cor- reet the balance of pay- may not ments problem make their full impact felt until about the fourth quarter of the year.--Asso- olated Pr238,

Economic Necessity And

Political

Expedience

(FROM OUR OWN CORRESPONDENT)

London, March 2. The unexplained postponement of the Budget until March 11 has given rise to widespread speculation and uneasiness. Nobody seems will. ing to accept the most reasonable explanation-that the original plan to bring the Budget forward to March 4 (almost a month before the end of the financial year) proved in practice to be too ambitious.

It was naturally assumed, when the Chancellor advanced the Bud- get date, that the Treasury would be able to cope with the extra work. If that seemed possiblo a month ago, why, it is being asked, should it be considered impossible now?

What has happened in the interval to change

Gaitskell the Government's carefully planned time table?

On The Crisis

SUGGESTION TO CHANCELLOR

Preston, Mar. 2. Mr Hugh Gaitskell, former Labour Chancellor of the Exchequer, urged the Conservative Government today to disclose fully how the Sterling Area' planned to balance its account with the rest of the world.

These questions remained unanswered.

In the present atmosphere of crisis this delay could cause con- siderable harm, This veare Usual Budget has more than significance, Its purpose, in Mt

Unless he relies on a con- tinued rise of prices to squeeze out ps surplus 'demand, the Chancellor must therefore frame his Budget proposals in such a way as to reduce con- sumption at home.

He must do this, moreover, will he despite the fact that unemploy Butler's own words, round off the economie policies ment is rising in certain indus- which we have adopted aml tries as a result of the lack of and that next year re- orders under conditions

venue on the existing basis et which the people can be given taxation is likely to be even the will to pay their way

more buoyant

than it is де present

ensure the

Without it, the measures which have already been taken to check inflation at home and achieve a

balance in our payments abroad are practically meaningless.

in these Not surprisingly, circumstances, the rumour has been spread that the Cabinet is divided against self over the broad lines of Anangial policy.

The bellef has become wide-

that a diference Prence spread opinion has arisen between thei criticism of the Gevern- Chancellor of the Exchequer and ment is, first. that they have his

proposals.

He told a meeting here that the Labour Opposition had never questions the gravity of the crisis facing the Sterling Area

les.

of

economie

that

Giant Oil Tankers To Be Built

New York, Mar. 2. The world-wide race to huild the biggest tankers has switched, temporarily at least, to the U.S. An Cana-American shipbuilding com- the pany has received orders situation

for two 45,000 deadweight 'ton carriers — 1,400 tons larger than the two recently ordered, in England.

of

cuts

Bu although tha cellor's understanding present must inevitably leud him the conclusion home consumption are clearly the Government necessary,

fact that cannot ignore the the public is by no means con- vinced of this neersity.

TRICKY PROBLÈM

never made plain to the country of oues iver the drafting that demand must be forcibly for wo

the

Budget

If such a difference of opinion crisis and, nature of the secondly, that the measures they does, in fact, exist it must be

on political have taken are not sufficiently explained

rather directed towards the immediate than economie grounds, problem of stepping the fall in the gold and dallar reserve of the Sterling Area," Mr Grätskeli scid.

by whom and when, has un-ture during the

has

of

own that the

BR agents

Bethlehem Steel Company's shipbuilding division received the orders from North American Shipping and Trading Co., Inc., Those who hold the view of New York, noting

World

Ine. Both reduced and are less sensitive compoules are controlled by to public criticism have not Starvos Niarchos who ordered the food the other two tenkers through hesitated to name

company for con- subsidies as the most suitable his London target for Mr Butler's axe. struction in the. Vickers-Arm-

Government, The

however, strong yards. is answerable to the electorate and must therefore approach in the U.S. will cost about $20,- the problem cumspection.

to

with more

The tankers to be constructed

cir.

000,000 compared with about

GREAT TEMPTATION

As "The Economist"

"the pointed out,

threat "The absence of any clear disaster is drearily famillar and

| $12.0 million, for the two English picture as to how the Sterling for many people familiarity has

It must take into considera- Area was to get into balance already bred contempt."

More- tion the fact that it was re-ships, how much in the way of non-over. It is now known

power largely on the Total tonnage of the four new

larger than the Queen Mary and

tion against

the Pound.

would require will be about 50 per cent larger "I urge the Chancellor even for last year by Mr Galtskell.

than the £80 million budgeted, spite of this

great political couragees-

* than any tanker previously now to sprrect this by a full dis-

pecially as the Trades Union closure, with all the figures, of tolerable case could therefore be

In purely arithmetical terms

Congress has gone to the other constructed in the U.S. how the Sterling Area as a whole made in favour

add demanded that The first American tanker is uf going to balance its account Budget.

a "popular" #xiteme

they should be increased,

due for delivery in December with the rest of the world and

next year, a remarkably short time for such a large ship.

Starling imports was to be cut, surplus of revenue over expendi lower the cost of living.

of its promise to tankers will be considerably doubtedly encourages specula- year will be substantially more To remove the subsidies in Queen Elizabeth combined. They

culs," Mr. Gaitskell said.

FACING FACTS

current

Anancial

what each country is going to The political temptation to contribute in the way of import leave things as they are must be

very great: The resin.ance pu up by several untone to the pro- But other steps should be posal to make a small charge on taken, too.

The fact must be National Health prescriptions is faced

worning of what that once again, as in

may happen 1947 and 1940, those who have it further changes are made in 10 buy Sterling with dollars--the framework of social security. banks, business and so on-are It does not matter that certain holding back in the hope that changes may be necessary on there may be another devalue- strictly economic grounds: politi-

would be tion: so that they could get the cally they

dynamite. Sterling more cheaply.

Those who argue in favour of At the same time, those who a "tough" Budget are aware of have to buy dollars are for the the political dangers involved.

they belleve that

.the zame repton buying as much as But they can in advance, in case the economic consequences of giving dollar becomes more expen-way would be even graver,

sive."

Ar Gentakel suggested rhat the time allowed exporters to

collect and exchange their

deller

darunga

should be

reduced from six to four months and importers should not be allowed the advance purchase of

Tokyo, Mar. 2. dollars. Four 'subsidiary firms bolong- ing to the former Mitsubishi combine will be merged into a new single company, on March 18, according to the Kyodo News Agency.

According to the agency the four trading companies - Kyokuto, Miyake, Marunouchi

When trading ended for the and Meiko-signed a contract of week on Friday, the. 1st ruled 9 merger lost November,

to

Д decline of $1.50 4 bale.

and

points higher to 30 points lower obtained the Informal approval

The •points changes were equal to a rise of 45 cents a bale of the Finance Ministry on Feb. 20. The new company will be Fuji Trading designated the

with n capital of Company, the week was centred in nearby ya30,000,000, and will be head- March delivery. Delivery ed by Kataujiro Takagaki, head notices

Issued against spot month were smuller than ex-of the Kyokuto Trading Com-

Ncst of the activity throughou;

pected and were promptly taken The Mitsubishi combine was

the

widened to 75 points.

EXTRA BURDEN

This ja. the background against which the delay in presenting the Budget is being judged. The Government's dilemma is seen as a struggle between economic necessity and political expedience. This is by no means a new. situa-

final tion but it may be our chance to make the decision.

HONGKONG SHARE MARKET

Before Mr Niarchos ordered the four tankers, the world's largest wore two 40,000-tonsre under construction at Howaldt- Ger- werke, A. G., Hamburg, many

for Libertys, S. A., of Panama. Four other tankers of 38,000 tons are being built National at Kure, Japan, for Bulk Carriers.

Japan may yet have the hon- our of building the largest tankers. however. National Bulk Carriers, an American firm, is considering two 60,000 tonners and 10 50,000-tonners, all to be built at tho

former Japanese naval

arsenal Kure.--Artscicted Prare.-

on the Check Chicago Grains

They point out that this year (From Our Correspondent) defence demands will place

Business done large additional burden on our existing

resourcer. At the same Exchange this morning amounted time we must correct the detail to $994,080.00. Noon quotations !n our balance of payments-and the morning's transactions:- now running at an an

engual rate of about £750 mln.

SHARES NUYERS JELLENE SALES BANKS

Confidence, I am sure, can bo speedily recovered provided a full nad clear explanation of the Sterling Area's plans 13 coat of given and speculation la degit impose an additional strain on with Armly on the lines I have indicated the farmer Chan- cellor declared-Router.

Together with the Increased Bank... 1470 1510

INSURANCES rearmament this wil

London Stock

Exchange

them.

fell

the

economy of more €1,000 million.

than

Part of this, however, will be offset by cuts in domestic capital projects and private Investment and the running dawn of stocks The Chancellor's, decision 10 maintain Government expendi are at last year's level despite a 10 per cent rise ut prices will also reduce demand on the gross Exrnational product.

gument

Other factors adding to the New Trade Pactos history Old Contols without further large reductions

steblilty of old crop: months in- eluded roparts of the Ughtening altuation on good grade spot otton in somo Southern

mar-

In Europe

0: Gov

Cantos *****

Volon SHIPPING

Asta Nav. DOCKS, ETC.

K. Wharf .. N. P. Whart Wheelock... LAND, ETC.

200

250

1.05

110 300

7.15

Futures

ut

Chicago, Mar. 2. Chicago grains developed a 23760 steady to frm trend in late irregularly on dealings alter and after the opening. All de

ralled, under ida liveries

mission house buying and short 44 €84 100 44

covering which absorbed prost. 300 0 43

Loking.

10

com....

The buying in roybeans and Jard

refcoled the Brength in the coarseed, cyfaren ondol markets. As activity increased, buying come into wheat, credited 12910 flour

milla

And

1.10

બ

17.2)

6000 17.00

1700

10180

8.70 dealers.

BK Hole! Land

S'hal Lend Camphreys UTILITIES

TYRM Star Ferry C. Light (0) 8.34

Light (N)

214

14000 470 †.

were expectations of 110006 970 additional sales of U.S. wheat

47008.10

MESSAGERIES

Pago....9%

MARITIMES

M&M

"LA MARSEILLAISE" "MAPIE HILI,"

Arriving Leaving

-Outward Por

·Mar. ** Mar. 30 Kobe, Yokohama Apr..>

****PELIX ROUSSEL”

Mar.

↑"MONTAIN"

†ZELIDJA“.

·MAF. 2

Mar. 14

«Mar, 15 MARADT. AL., Apr.

Ppanongers&freight.

Homeward For

Storseilles via Manila'

& Europe

N. Afric N. Africa's Europy

freight for Saigon, Alexandria, Tunis, Marselles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam.

Subject To Change Without Notice,

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (gr. floor) Tel. 20051 (3 nes),

.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TOFU,“

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

NEXT. SAILINGS

M.S. "HULDA MAERSK” M.S. "TREIN MAERSK" M.S. PETER MAERSK”

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In Port

Mar. 16

- Apr. 2

Mur. 16

Mar. 25

-Mar. 27

ARRIVALS FROM U.S.A.

M.S. "NICOLINE MAERSK"

M.S. "SALLY MAERSK” M.S. "OLUF MAERSK”

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel: Nos. 36066-0.

M.V. "FELIX ROUSSEL"

will gail for

MARSEILLES

vin

MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI & PORT SAID..

on

Friday the 7th of March at 9. P.M.

Passengers, Aro requested to board the vessel, with their cabin baggage on Friday the 7th of March between 4 P.M. und & P.M. (Dinner for pussengers at 7 P.M.).

Baggage Room and Hold Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate Canton. Road Entrance) on Thursday the 6th of March from 9 AM. to NOON and 2 PM, to 4 P.M, and on Friday March 7th from 9 A.M. to NOON ONLY.

No baggage will be accepted for registration after this time.

CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong.

Tel: 20651(3 lines); Queen's Building.

EASTERN & AUSTRALIAN STEAMSHIP CO., LTD.

S.S. "NELLORE"

Loading MARCH 3rd for

PORT MORESBY, SYDNEY & MELBOURNE.

For further particulara upplys

next week to Australia, Chile MACKINNON, MACKENZIE & CO.

3700 21:30 hd possibly Japan, Indla and i 2000 200 France United Press,

5000 17 1714 600 17.20. 100 @ 1735

2.65 3.05

New Product A Success

London, Mar. 2.. The feature of the Stock change this past week was p

Finally, some part of the sd- noiseless fall in British Govern-ditional burden should be carried ment stocks. They have been pany.

falling so long-ever since the by increased domestic produc- up by trede interesta.

dissolved as

a financial clique Conservatives won the General ion.

On these assumptions (iho or- Loading put Interests were by the Allies following Japan's Election in October-that people

ges on the projected talking about £720

Telephone accredited sellers of March surrender at the end of World have given up

million to £770 million against purchases of May when War I-France-Presse."

of import cuts and increased ex- | COTTONS duference Intra-month

Nevertheless the week made

Ewo could be accommodated ports 15/6d. to 704 in home eermumption Japanese bonds had a good week ernment expenditure. with gains of at least £1 while

ADDITIONAL NEED 1930's gained £2 at 121-United Press,

'But' the need is not only to balance the Budget. The Chan-

New York, Mar. 2, recognised thir

A relatively, new cation texlijė November

when he asserted product — a permanently, em- that it la upon the health and bassed fabriels reported to be preliminary ideas on crop pro-signed last night in Warsaw,

strength of the economy as making good progress despite spects-United Press.

the Polish news agency said to-

whole that the modem. Eudget | the · general "slump in textile day:

Singapore, Mar. 2.4.

asles Czechoslovakia ·

Bend Prices of rubber,

futures depends

The Budget must," therefore The product has received. machinery Industrial

closed. today as follows:- i

I reinforce

disinflationary high degree of consumer ac and equipment, tractors, buses, Number 2 rubber, per lb,

mesaures already adopted by the deptance and widened the mar cara tyres, ball-bearings, farm

Apri

Government in order to prevent ket for calon muerals I has "TRADE Businese was done in the local machinery, chemicals and foot

This wear. In

renewed Inflation later this year, became directly competitive with return Poland will

when the effects of the import rayons, and a number of mils #tes provide alsetric powers, coal,

WILLIAM LU 36,77 zinc, mallrand carriages, indus-

cuts and the reduction in supe have converted their loants to piles of home produced, gonda mako dolion constructions sult 129% trial machinery, wall, clays and

But through the increase exports bols, for embossiniz. Associated Acaher producte, the, estoney maid

begin to be felt. Ser

Press

its and anticipation of a pick- up in export demand. New crop positions lagged. Traders

ac-

London, Mar, 2. Poland will provide electric In power for Czechoslovakia that section of the list awalled cording to a trade agreement Rubber Futures cell

betwem the two countries

Exchange Rates Poland

one Malal

EXTRAES

morning at the following sales-

us, dollar, (per $1)

Wetting note (per

Tedoneria, guilders

„VIC, Binatraz (per 100)

いい

Reuter.

In S'pore

May

Number 2 rubber, Number 3 rubber, Number 4YÜM

pot rubber,

| Kal para crepu

Jast

F. &:0. Building.

Tel: 277214.

Pacific Far East Line, Inc.

Fast Regular Trans-Pacific Servica

DIRECT SAN FRANCISCO, 195 ANGELES

OVERLAND YORK.CHICADO.DETROIT-TORČ MONTURAU AND","ALL", AĢERICAN ŞİR. CANADIAN, CITIES

Guam, Marinaa Islands, Micronesian Islands - Bezular; Borvien direct or with transhipment;:

4

"WILLIAM LUCKKNDAÇU"

For full

Prom

'Salle

Wor

de Penang

ball Walled States: Linos Co., General Agai

Open's Building. Tel: 2019€