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THE CHINA MAIL, MONDAY, APRIL 28, 1952,
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May 5 MAY Jul 16
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May 10 May 3
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M
Outward For
5. Japan
Japan
Itomeward FAI
N. Africa & Eurons Mariches, via Manila June 5 N. Africa & Europe
Genoa,
+ freight for Saigon, Alexandria, Tunis,
Marseilles, Algiers, Oran, Tangier, Ensabinnica, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean porta vin Marseilles,
Madagasene by Transhipment in Saigon or Djibouti
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"'REBEVERÈTT"
Arrives May 8 from Singapore.
May 9
→→Suits
for Japan..
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ނ
from Manila.
Arrives May 12
May 13, for Singapore, Penang, Saila
Rungoon & Calcutta.
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FIRST CLASS PASSENGER ACCOMMODATION M.S.. "THAI”.
Loading May 19 Sailing May 20
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& Ports.
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OFFICES AT
TOKYO-YOKOHAMA—KOBE—OSAKA SEOUL PUSAN
Improvement HONGKONG
On London
Exchange
For
the
London, Apr. 27. fourth
successive markets have
SHARE MARKET
British Economic Survey On Task Ahead
American
Policy Attacked
Kuala Lumpur, Apr. 26. America was accused by a Malayan trade official to- day of stul .fying all efforts by Britain, and the British Commonwealth to bridge the
dollar gap.
.
Country Can Save Itself
Only
By Its Own
Efforts
(FROM OUR OWN CORRESPONDENT)
!
London, Apr. 27. Publication of the Government's economic survey for 1032 adds little to what was already known about the problems facing this country and the course we must now pursue to overcome them.
thy
some
Full effect of the recent cuts announced in the Stealing Area import programmes has yet to be felt and when it is we must expect to see a very reduction in our earplugs from consumer gootsexports, particul- arly in the texille group.
marked
This means that any further in our terms of improvement trade must be sought through a continued rise in the price of ur Exports of engineering, prɔ- ducts.
"NOT INSUPÉRABLE
ROYAL INTEROcean. Lines
SAILING 8:
To
KAPATA, jakašta Brinkling, Surabala Manciar
Ringapore, Penang & Relawan Del
akaria Tebal,
Surabala & Macauar
Remarang,
Adam. Nilgaporr, Atëhelitus,
8. Atrira & M. Americh
Japan
KINKADOKU. Djakarta, KUMATARE,
Hurubala a Macalar
“THIWANDI"..
"TASMAN",
TJU'ONDOK"
"STRAAT.
*"RUYS"
“THIKAMPETE" "TASMAN" "TUWANGI "TEGELBERG“
"TJIDOVAS
May
Semarang,
Slayend
May 76h
Stay
May
MAKASSAR" "TEDELBARU "TJELUWAH”. ..
MAY
10th hay..oth
Japan
May
My
2713
Jakarta,
·T]lrækah,
Semarang,
Autabel & Manitar
Jiban
Semarang,
June 216
•
Itine
Jute 13m
June im
Jube 2311
Japan
July
2nd
Kingapore,
"EJIPANAŠ" HJIPUNDOK"
Juty Stu
July
July
Dih
"STRAAT BOENDAŤ July "TJILUWAH" "BOISEVAIN"
th
July 16th
July 2913 Aux.
2nd
01
AUE.
5th
Aug. 14
*T1.ÚÅVÁR“
"TJTJALENGKA“ "TJIWANGI"
"RUYE"
""TJIWANGI""
In the Bist place, most cotton "TEGELBERG” operatives lack the training for
"THLUWAŃ" in skilled Jobs engineering
"NUYS" trades.
Secondly, they show no desire to exchange the present. hiszcurity in the col en industry for the Insecurity of the muni- tions industries.
As was only to be expected the survey dwelle at some length on the most difficult problem of all the serious balance of payments situation which developed with such alarming speed in the second half of last year. But, in dealing with this most intricate problem, it adds little or nothing to previous statements on the subject by the Chancellor of the Exchequer. C. C. Thornton, President of
There are three reasons whyTWANGI" the Malayan States Chamber of
desired the
moveinen however. Commerce, told the Chamber's
In general,
11
unchployed into the meal good "STRAAT BANKA" annual meeting here that the
Industries hey not taken placeITIALENOKA" dceline in the price of rubber survey is a useful document. had not been matched by re-demonstrates more clearly than
on any appreciable scala in ductions in cret to the sterlingever what many people have still area of Americas-produce, some failed to grasp that this country Government can avoid bankruptcy only by
Lancashire,
of which wns
its own efforts, sub:idised.
A cod deal has already been Mr Thornton said the prospecti about this but there are still who believe the was that Malaya's many people this year contribution of dellars would be situation dues not call for any
than
Indeed, it is substantially 103
1951 special action.
аз to argue to US$320.- possible. when it smosited
observers have, that the Govern- 000,000.
Commenting on the relaxa-
mint is has under-estima.20 tion by the United States Gov- the imminsiy of the insle ahead.
by
The
has Government
AP- of controls crument sumption of natural rubber and parently found no cause to de- the return in that markel 10
par from the reasoning of Mr free trading, Mr Thornton sald Butler's Budget speech that our can be had been | oversens
payments the announcement
by a combination of semi- received in Malaya with guard- balanced
and specific controls ed_approval.
However, he
fortuitous influences.
Its belief, for instance, that we rubber producers
to the extent of shall hengit From their
£250 mil £250 million from a favourable open congetili
was persed
movement in terms of trade and latter The
Invisible Slats Govern
an increase in by the United
earnings, seems to many inde- artificially ment
wille potential production pendent economists to was sufficient in meet a very dangerously optimistic asgump→
of the folaj | tion. large proportion
"British export prices reached American consumption-United
a new low during March while, Press.
in fourth month for the succession, the price of our im-
change ports showed balance.
on con-
gr
said, natural were still far of free and with synthetle,
ге 1.
¡
et DR
łow
Slow Business In Textiles
be
no
our
he
-
NO REAL HOPE This resulted in a fall of one point in terms of the trade index, which now stands at the same October and level as for last November.
DOUBTFUL BELJEF
ever, that worki demand for guitarelly and host portant
It is by no means certain, how- capital gouds will remain at its present high level if prices continue to rise, especially as
have incst countries
nuirked upan their Own disinflationary programmes,
now
The Government's assumption on the terms of trade depends, moreover, an the belief that lin- prices will fall. Very little pcrt has yet
happened to justify this beitet. Import prices have re- mained unchanged because a rise the price of fredskulls-has uten offer by a fail in the pris of manufactured goods.
opr
rather
The
are often ho engineering works within easy travelling distance of their Robles, majority of the displaced cotton десерь workers would
jobs near relatively low-phid their own holis than move 10 other towns their families where higher-paid-jobs await them in the engineering In- dustry.
Semarang,
Blahore, Bjakarta,
Hurabala & Macassa Skrapore,
Manila,
· Atouzštine,
8. Africa & 8. America niskatta,
richan.
Mutabela & Macattar
Singapore,
Djakarta, Remarang,
Burabila & Macskar
Djakarta,
Burabala & taçaskar
Mantis, Singapore, Penang
E. &. Arica
nijakarta. Tjirebon, Semarang,
Surabala & Macassar
Manila, Singapore, Brauritius,
A. Africa & A. Amerlea
Japan
Kingapore,
Djakarta, Semarang,
-Atabala & Macassar
Japan
MIRZAPOTT Djakarta, Remarang. เ Burabila & Marossár
Singapore,
Manila,
8. Africa & 8. Amerles Singapore.
Jakarta, Sematang,
súrábala & Macassar
ARRIVAL.8
Apr. 28th
---Macassare
From
Surabaía. Djakarta de Singapore
Kematank,
S. Ambries, A. Arzien. Atauritius,
Singapore, jakarta & Manka Atacassar, Surabala. Semarang.
1Jakarta & Singapore
8. America, 8. Africa, Mauritius,
singspate Manila
Ceneral Agents.
nlay dth
May 12h
Alay Zth
Mauritius,
HOLLAND EAST ASIA LINE
SAILING TO EUROPE
J
KIELDRECHT"
May
PLA
"AAGTEKENK" "BLITAR"
June
Bth
July
Aug.
2010
Ballk
SAILING FROM EUROPE
Rotterdam
Antive's Hongkqes
Apr. Satled
May
14th
Apr.
*Othe
Jane
May
28th
July
July
2nd
JA
7011
ASE. 2nd
Rept.
7th
"ALMKERK"
"AAOTRKERK"
BLITAR These, however,
ore by no means insuperable
"ATENDOREAK" problems, HALSKERK" An Appreciable movement i "KIELDRECHT manpower has in fact--already taken place in the country as a whate,
0s an
has in
But transfer will not be ac- But the Government
the necessary any case decided to cut down
complished on our on drastically on
Imports of scale until the Government does
from non- manufactured gands Sterling countries and, while this mere le convince employers and will have the effect of reducing employees of the need to accopt
this unpleasant change bill, it will Import our total
of integral part our effort to dimcult
Cu achieve solvency with security. inevitably make it more for us to find alternative markets for our own manufactured goods which have suffered froth the contraction of Sterling markets. Indeed, it this assumption that the world will continue to us, even though we buy from refuse to buy from it, that con- stitutes the bhale
wealiners in our efforts to achieve solvency to the
New York, Apr. 27. All the basic textile market
reported a week of albay again business. Continuing hopes for
While it is true therefore that Korean truce, plus the re-
the terms of trade have moved de-slightly in our faveur since the actionary swing in the stock and
markels and commodity
onary sentiment, appeared beginning of the year the move- been sufficiently chief influences marked to hold out
ment has not
any real the
Government's that thr shaping the policy of buyers.
hope fow In cotton gray goods a
forecast will be confirmed. mills, anxious to book business fourth
Such Improvement as did take ond
trade in third for the quarters
accepted orders on the place in our terms of tra
quarter was due almost basic 80-square 4-yard print the first
goods number at concessions of to entirely the rise. in price of
exports of metal 4 cen's a yard from the current our basis of around 94 cents a offsetting the much sharper fall
in the price of textile exports. yard.-United Press.
(From Our Correspondent)
week the Block
Volume of business done on Improved Headaches caused by the Stock Exchange this morning the new monetary policy are showed
slight improvement over last week, with Evos and obviously passing.
most
domani. in Most British Government loans Wherlocks can be purchased in any Irrega-Business totalled $143,118. Naon and the morning's amount-you can buy shill-quotations
ings worth of Old Consols, for transactions:- example, if you don't mind pay-
Ing heavy charges for commis-BHARES UUYERS SELLERS SALES asions etc. on the transaction.
Investment demand for British Government stocks is now per- sistent.
The "Financial Times" index of Government securities, which on March 12, when the declined four per cent bank rate was fell to 92.73, announced, and closed this week at 04.71.
The index of leading Indus- new at 114.1, A this month and for the month, There was some speculative Dunietis, pressed selling, with and down 2/-, Vickers
trials
high
laat
closed
for this
BANKS
Thank East Asia INSURANCES
Cantan Union Underwriters SHIPPING
Asla Nav... DOCKA, ETC.
K. Whart XD NP Wharf 0.60 10 Dock XD Provident ... 2115 Wheelock
1378 1355
6
180
1.53 1.70 2500 e 1.do
€255
down LAND, ETC.
1/- and Imperial Tobacco down 1/3d.
at
Oils were active but well miked. Shelt and Canadian Eagle werd strong on dividend but Both Royal expectations
273k ond Anglo- Dutch
were down Japanese bonds were easily the most active scetten every day and in every way, but the rei result at the close of the impremive.. not Week South Manchutian lost £ to £94 and 1930's loat £142-Uniked Preas.
Iranian at £5%
was
£1 to
HK Totel
FIK Land
S'hal Land
Ik and
Humphreys ..
UTILITIES
4304
1.00
Train.... 18.40 1. from. (D) 24.50 c. Light (Di Electte...26.20
INDUSTRIALA COTTONS
Ewa
estis v
11.75
4316
Modification Of Trade Pact With
U.S. Advocated
Manila, Apr. 27.
Since early in 1946 the Philippines have been bitterly torn into two camps.
A raging debate arose on whether to approve the Philippine-US trade agreement which took effect in July, 1946. The trade pact was passed but not before the opposition flooded the country with warnings that the pact would forever subject the Filipinos to be. "hewers of wood and carriers of water".
Especially criticised was the in sucit magnitude as to pect's parity provision affording dustrial se the country overnight Americans equal rights with. and that the free trade provision Filipinos In exploiting Philip of the pact would enable the resources without Philippines to exploit the huge plne natural
Instead what happened, these extending the same rights American market. Filipines in America,
observers udd, was this:
Economic
Only
following
(1) American capital failed to come here to the extent ex-
Weak
Trend
In Chicago
This leuds directly Grain Prices
problem to he
whole laced this second major
Out "year"
been based economic policy hus
tan 3e pors et explat goods
added de the on the assumption that our ex+
defence pro- mands of the increased, despite pramme, sufficiently to offset the fall in textile and other consumer goods exports and bring in additional £50 million.
077
Chicago, Apr: 26.
• Prices of grain futures were mostly easy to weak after open- ing mostly fractionally higher.
Westert Germany purchase an estimated 35,000 tons of North American rye, and Egypt is due on Tuesday to buy approximately 159,000 sachs of U.S. four.
CRUCIAL PROBLEM
Wheat closed 1% to 1% cents This
be is to
done
a buglel lower, corn was 1% to by production of 1% lower, oats 4 to 14% lower, encouraging the
rye lower to 1, higher and engineering products-at the ex- pense of consumer goods pro-cyling 13% lower to higher. Prices closed today as follows:- duction
curtailing home and
Wheat-price per bushel m: vestinent,
2414 2.4215-44 2.351
pors, even though total resources
2.311-1
24148
MAERSK LINE
}
FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELÈS AND PANAMA, NEXT SAILINGS
M.S. "SALLY MAERSK" M.S. "LEXA MAERSK" M.S. "LAURA MAERSK"
7
ARRIVALS FROM U.S.A.
M.S.
"LAURA MAERSK" M.S. "LEISE MAERSK"
M.S. "GRETE MAERSK”
Moy 2 May 17 2 June
*
Apr. 29 May 13
June
7
For Freight and Further Farticulars please apply to:
Клос
May July September December
Corn Spot May July September December Rye Moy
1.9315 1.70%
1.8135-1.02
/
1.7031
2.00
Pedder Building.
4
July
12 100
Qala
Moy
ol
July
123-78 773
The economic survey describes this problem as one of bringing about "p change in the pattern of the use of resources so that more are devoted to detence and ex-
will be less."
The crucial problem here, is to achieve the necessary transfer of manpower however, to the defence and export in- dustriez. The
prospects are not couraging. The transfer
the required scola- labour on without the use of unpopular be achieve:l controls cannot
certain - merely by forcing du tries to curtall their produc- tis
-35
There is still no assurance alternative seek means wil that workers displaced by these employment in the defence and export industrice.
USEFUL LESSONS
New York or goo 1, Sack $12.03.-United Press.
Rubber Futures In S'pore
Singapore, Apr. 28. Prices of rubber futurés closed today as follows: Number 1 rubber, per l..
Moy
AGENTS:
JERSEN & CO.
Tel: Nos. 36066-9.
PRESS
WATER PHOTOGRAPHS
IS
PRECIOUS
et
The present unemployment in the textile Industries is not Number a rubber, May the result of Governinital in-Number 3 rubber, stay.. Number 5 ruber. May.. tervention but it has the sumo
Spot rubber, unbaled mangower
Blanket grePK. effect of relenting
No, pale crépe
. June July
100 10012
1041-1
USE IT
1001-10115
1001101
60470
United Press.
States exports to the Philippines industries there were to nothing inte of the sort of thing the
7.40
18.15
tree
of
1100 10.40 right for American chizens and prestige has been bidly Im
substitution of a provision less paired, leading most
09-410
Coples of pfiatographs. taken by the South China Morning Post, South: China Sunday
and Post-Herald, China Mall Staff Photo-
graphen aro on view in
WISELY e Morning Post Building,
ORDERS BOOKED
Pacific Far East Line, Jurc.
After about six years the Government is now realising that unless the pact is modified, the Philippine economy may pected, presumably due to the unstable peded and order situn-
high cor's forever be affected.
the Nationalton and the
tought e joperation;
A FLOOD. of Evaduated 1. Abolition
(2) American goods began.
the present recession in the 13:111s on Philippine exports in
Infant and growing textlic industry is an extreme the United States and United to flood the country, reducing for other work.
whatever
La achieve goods (vernment hopes and the institution of selective due to tholt inability to com- example
certain
with American pete
by direct intervention in other covering trade
industries it which came in free of tax;
political consumer goods agreed articles/
Philippine (3) parity 2. Elimination
Aclan the way displaced workers react should hold, useful lessons in Believe that the to temperary unemploymatik
Government scom to Philippine countries to to
Philippines were elli a colonial
adsume that workers who find. will Puppet of America,
themselves unemployed pact are ratified by both coun-move of the own frze will uno
bo
And the defence
export in- tries, the Philippines will
It
werd this
to.. b 3. Elimination of the pro-
of hon Vision which gives the United better able to exploit the pos district.
power should have taken place States control of Philippine abilities of other markets, de significant movement
the vice various indus rias former- and giving currency
by now la Lancashire. But in Government kuch lý choked off by American goods, Philippine
fact it has hat. Da and increase the country's 20.
20,000 control;
through its ability to
Walle tone of thd 4. Giving the Philippine Cov- VER
workers to far lost to the celton "r. 2, LUCKENBACK" crament the right to impose impose taxes on Philippino ex- Taxes en produtis exported to ports.
chitineering jobsin the United Sit.ce denied it President Quirino is expooled Industry, have undoubtedly found
to begin talks with Washington how
factories, the majority have under the present agreement,
·0.105
of billosophy underlying representatives on for the
sought work-in public transport, the trade pact, observers assert, formal prezen'ation
cupitol Philippine proposals, France was that American would your into the Philippines Presso,
20.71
20.30
Cement...
14 14
2.20
3035
100
1000 2.30
Exchange Rates
PRICE INDEX Disines was done in the last
London, Apr. 30. "The Economist's" index of swholesale prices closed en April 22 at 224.9, compared with 220,0 the previous weak and 220.9 a year ago. United Press.
market
profficial esenhage
terning of the following rate UB dallar (par (1) Ra Stering note (por 1). Indonesia guilders (per 100) Slamicals (per 100) Bingapore (Birat)
30 pladeren. (por 100)
this
15.00
3.00 235-0 2.05
damaging
overeignty;
TAX ON EXPORTy
amendments Eought to the
the
The
Fast Regular Trans-Pacific Sorvito
DIRECT SAN FRANCISCO, LOS ANGELES
OVERLAND NEW YORK-CHICAGO-DETROFT-TÓRANTO MONTREAL AND ALL AMERICAN & CANADIAN CITIES
Gúsm, Staringá Islandia, Milorddetlan Elände → Regular Service direct or with–Irakahlpräkät,
CONTEST
Vessal
For
Froba
Artivas
Straite
Alay
Atay
5
San Francico, & Los Angeles,
via Kobu
Bak Frakietsto AAY
May.
San Francisco Las Angglo
building, the police force, and For full particular call Unlied-Blaten: Lincs-Co., General Axents, Queen'a Ballding, Tel: 28168, other non-export occupations,
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