1952-10-14 — Page 19

Foreign Capital Needed In ROYAL INTEROCEAN LINES

Norwegian Aid To India

Paris, Oct. 13.

A Norwegian economic delegadon Bett Oslo for New Delhi yesterday, the Norwegian Telegraphic Agency slated today.

The delegation will nego tiate with the Indian Goy- eriment on Norwegian atḍ to certain areas of India. -France-Presse,

Growing Concern In Japan

Argentina To Avert Period Of Austerity

London.

The need for capital investment from abroad is beginning to be recognised in Argentina as the only alternative to a long period of aus- terity in the years, immediately ahead.

One of the country's recognised economists recently pointed out that mistaken economic policy and planning in the past had produced de- formities in national'economic growth.

The result of this, he said, would be seen in future in a progressively increasing need of imported supplies of fuel and essential raw materials.

Downward Tendency which aiready existed.

Of Exports

Tokyo, Oct. 13. Growing concern is ex- pressed by Japanese trade circles here at the recent of downward Lendency Japan's exports, especially cotton and rayon, textiles.

Exports of cotton cloth in September totalled only 30,400,-

yards---the 000 square

lowest Jevel since Japan, resumed the full-scale export of cotton goods after the war.

to

תו!

This trend, however, would The inducements offered to develop parallel with progres- the farmer to increase the cul- nively, diminishing export sur-tivation of the export grains pluses, he claimed, thereby ag-particularly, range from tha gravating the

of bank eredit on maladjustment offer

liberal generous scale and on His solution was that Argen- terms, seed grain at below cost, tina must put herself in the guaranteed minimum prices why of

altracting the foreign which, on the basis of the cur- capital investment and techno- rent export rates of exchange,

the are somewhat required for logical skil rapid development of her own

above interna- tional prices, and the promise resources of fuel and essential of still higher prices to cover

as for the any

increase materials as well

in undue

Jus rehabilitation by large-scale costs in which the farmer may mechanisation

and

improved be Involved between the sow- techniques of, her farming ing and harvesting of is crop.

economy

This

The trade decline is ascribed primarily

restrictions trade with Sterling Area markets | exaggeration - and to difficulties in maintaining a balanced trade with "opon account" payment most of which have large trade defelts with Japan.

Several trade bodies are col»,

pro-

His estimate of the scale on which such investment is re- quired, more or less urgently, between $4,000m. was

and is somewhal $5,000ma, higher than the probable level of Argentina's entire

national income in the current year,

While thin

seem かれ - although a do- tailed reckoning of the capital needs of a broadly based and

development countries, balanced

gramme would probably con- firm its relative accuracy it serves to illustrate the urgency of Argentina's need to restore ready urging the Government primary production, and there to work out a long-term pro- by increase exports, as the only gramme for promoting exports. means whereby some degree of

Bank certifications of declarations (officially approved exchange may be achieved.

export self-help in obtaining foreign foreign orders) In September fell to our for last!

only slightly

FIVE-YEAR PLAN above the

The 1040-51 five-year plan, June

which why

with its emphasis on Indus- figure recorded in nine mals,

trialisation and the need fox Exports of non-ferrous

of which flourished in the post-achieving "independence

foreign

capitalism" Korean boom, have declined

toll of the heavy sharply in recent months, owing primary production economy. to high Japanese prices.

This plan, which was to have projected Argentina far along the road of national economic independence, Integration and has resulted instead in an in- tractably lop-sided

growth

the

lowest

TRADE MISSION

Cement exports fell to 58,000 tons in September from 117,000 tons last January.

CRUX OF PROBLEM

Jics

in

The crux of Argentina's production problem, primary however,

the de- capitalised state of the coun-

farming

due try's

economy, portly to the incidence of re- rent drought losses, but mainly the to the fact that, during

the capital period 1940-1950,

Economic

Brief Prepared

Result Of Empire Talks In London

"TÉILUWAR*

"ТИПОВАЯ"

"TJISADANE" "BTRAAT

MALAKRA" "VAN HEUTAZ”

"TABMAN"

SAILING'S!

Och 18. SingSDOIS. bjakarta,

“Burabala" & fincarske Det. 10

Bjakarta, Nemarang. Surabala

Oct. 17

Macsear

Japan

Oct.

Japan

Oct 22

Japan

Oct, 23

jakart

Markisar

"MAETSUYCKEN" Oct #

*BUY!" "TJIWANGI"

Nov. 1

Nov. 2

"TJIVANAS" *TJJADANE”

"TJIPONDOK".

"STRAAT

Nov.

譬

Nov. ·

Now. $

MALAKKA

*TJILUWAF"

Nov. 10

Nov. 12

"TEGELBERG" *VAN HEUTSZ"

"TJITJALENGKA” "TJIWANGI"

Nov, 20 Nov. 22

Semarang,

Surabala

Blogapore, Djakarta & Wremantle JADRA

Blaguport; -Jakarta Bemslank.

Burebala &. Macarsar

Ispan

Bingapori, Mauritius, B. Atrica,

8. Atherica

Djakatia, Bemarang

BACKART

Rutabain

Manila, Helawan Doll, Stagspor

1. & 4. Africa

Binreport Djakarta, Bemarang,

"Hirakata *" XLERÍAr

Japan

Djakarta, Semarang, Surabela A

Alacassar

Japan

*** Djakarta."

Barabala & Macassar

Djakarta

Bemarang, Burabata

MACKSTAR

Mil

Bingapore, Mauritius,

8. Affies à 8. Anderles Mail, Hingapore & 9. Africa Singapors, Djakarta. Bemarang,

Burnbula & Macassar

Djakarta, Semarang,

Dec. I Dec.

"TJIKAMPER"

Del. 1

"TEGELNERGY

DRC.

*

"STRAAT BOENDA" Dec. 10 “TJILUWAII"

"TSIBODAB"

"BOISSEVAJN" *TJIWANGI"

Dec. 19

Dec. 22

Dec. 30 Jan.

JAI. T

Јарац

2

Japan

Jan. P

Jan. 30

Feb. 1

| #THBANTJET"

"RUYS"

"TIILUWAI

"STRAAT

MAKASSAR”

London, Oct. 13. Commonwealth officials at the current private meet- inga heru have prepared a brief for a new general eco- nomic policy for the Sterling "TJIBADANE" Area.

This brief will be submitted, to the Commonwealth Prime Minis- ters' economic conference to be held in London in November- December,

The officials, senior economic that was formed In agriculture and finance experts, who have was invested elsewhere.

been in conference sinco Probably the virtue of the September 22, will hold a finol Government's present policy of plenary session here on Wednes- all-out old to agriculture lies, day, not in the possibility that by such merus alone the former The officials, except the Bri- level of productivity can be fish delegates, will then y hack restored,

but

that the new

policy may help to create the conditions which will again make agriculture in Argentina an attractive capital investment prospect. -The Financial Times,

a took country's

ге

A synthetic textile industry which now requires vast trade mission is going to south-sources of now capital invest- east Asia to explore the possibi- ment to correct, lities of expanding markets there

capacity today

Bre

and aluminium producers are investment own savings and i sending a market research mis- quite inadequate for the pur- sion to South American coun- pose, however, and, at best, trics,

could only be narrowly in- creased at the cost of a drastic lowering of the standard living and more inflation,

Japanese Government officials are said to be anxiously awaiting the return of the delegates to the

recent International Cotion Con- ference in Britain because they want to hear reports of what happened at the conference before making Important deci-

sions,

A section of the textile indus try hopes that the recent decline in cotton cloth exports is seasonal but other sources think that major policy decisions will be required to save the country's foreign trade from the present recession. Reuter.

Demand For

Tungsten Will Exceed Supply

The

of

This prospect can Ecarcely commend itself to the authori iles, having regard to the de cline in the standard of living that has taken place in Past two years, during which, moreover, the cost of living has risen by over 100 per cent.

BIG LEEWAY

the

Tokyo And Trade With

Red China

To Approach U.S.

The

to

their respective capitals to report on their findings to their Commonwealth Governments.

They will discuss their work with British Cabinet Ministers tomorrow afternoon,

The brief will include reports of several working parties that the officials set up to examine the Sterling Arca's francial,

trading problems.

the

FOUR POINTS

economic,

fiscal

In the main there were four working parties which dealt with these important questions; 1. The financial situation of Sterling Area, of which Bri- tain is the banker; the gold and dollar reserves position; and the general balance of payments situation.

"TJIBODAS"

MACLASAT

Burahala, A

Singapore, Djakarta, Bemarang,

Surabala & MacaSIAF

Manila,

Bingapore. Ataurlists,

B. Africa a B. America

Bingapore,

Buradala

Japan

ARRIVALE

Japan

DJakarta, Remarang,

Macassar

From

Djakarta, Palembang, Belawan Dell &

"VAN HEUTIZ“

"TASMAN"

Oct. Ось 10

Oct. 21

Oct.

14

21

Singapore

• Djakarta.

Japan

*NOW-LAIDE

Mecassar & Singapore

KING'S BUILDING, Ground Floor.

.

Burabala,

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT ED. C. TELS. 31100, 25183

MAERSK LINE

FAST FORTNIGHTLY SERVIOB TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via

SAN FRANCISCO, LOS ANGELES AND PANAMA..

NEXT SAILINGS

M.S. "ANNA MAERSK“

M.S.

"LEXA MAERSK”

M.S.

LAURA MAERSK”

M.S.

ARRIVALS FROM U.S.A.

"LAURA MAERSK" M.S. "LEISE MAERSK" M.S. "GRETE MAERSK"

Oct. 16

Nov.

2

Nov. 15

Oct. 17

Nov. 2

Nov. 20

For Freight and Further Particulars please apply to:--

AGENTS:

3. Commonwealth develop- ment, both industrial -- and agricultural, projects, including Pedder Building. questions relating to capital in- vestments.

JEBSEN

Tokyo, Oct. 13.

2. The balance of payments Japan plans to request a prospects of individual Com- new series of conferences monwealth Sterling Area con with the United States for tries for 1953. the relaxation of the bars to Red Japanese trade with China, the Kyodo News Agency reported today.

Kyodo said the request would 4. Commodities policies, espe probably be made lato next week dally those concerning the through the United States Commonwealth's vital raw ma- Embassy here..

terials and dollar carners like Japanese

Government wool, cotton, jule, rubber and will make it cleur during the

tin, be conference that it intends The leeway that has to

The brief is also expected to include the views of the officials made up towards restoring the abide by the principle of con- export trade to a level comsultation with the United States

on the pattern of Imperial Pre mensurate with import needs is

ferences, and to cover relation on trade with Iron Curtain coun- Impreisivu. Argentine exports tries, Kyodo said, but It wishes during the five pre-war

years to obtain the U.S. understanding 1935-20, for example, averaged on the following points: some 14.3m,

1. That if the political situa- annum.

tion

free to switch to the be This dropped to an average chaires in the future, Japan more lenient Paris list which governs the trade of Western European countries with Russia and its satellites.

metric tong

to

par

morc

to

be

2. That the embargo utted Immediately on shipments of fertilisers, caustic soda and certain types of secondary steel products.

of some 7.0m, tons per annum during the first Ave post-war years (1946-1950). The export Lotal in 1951 of 5.8m. tons de- noted a further serious reces- sion and it may be doubted whether the current year's Anal Agure will amount Washington, Oct. 13. than half that of 1851, that is, International Materials more than 40 por cent below Conference predicted that tree the 1040-50 annual average.

At a conference in Washington world production of tungsten

this summer, Japan obtained the! Short-term prospects for im- will increase 37 percent in the provement depend almost' en-

US consent to ship spindles, last six months of this year but rely

Increased dyes and other products to Com grain. will still fall short of demand,

cattle-raising and beef produc- munist Citinn. The conferenco also forecast tion is not possible under three

sald the Japanese 15 percent in or four years, while the high Government is preparing data an increase of molybdenum

but like rate of domestic meat consumpto back up its arguments. output, wise emphasised that this would on renders any

It would like to hold the con- appreciable fall short of demand,

exportable ference in Tokyo late this month The Agency announced alla-balance highly problematical. If Washington agites United

Press,

for the

011

increase in the

CROP PROSPECTS So

the for. as concerns winter-sown crops (wheat, lla- seed, barley, oats and ye), have certainly been these

Ideal the favoured by

weather conditions, and *sowingu be generally are estimated to rooderately above last year's. exiguous levels.

the metals cations of last quarter of this year,

As usual, the United States got the largest share of both metals nearly 65 percent of the 4,709 ton of tungsten available about 70 percent of 12.50 and

1,382 tone of molybdenum,

Britain, France, Wost Ger- Imany and Sweden were award

ed the next largest allocations,

-Associated Press.

1002030.

C. Light (0) 935 055 DAS

3000 Light (N) 440 61% 3500 Electro...03.40

1000

Масю

Telephone INDUSTRIALS

Cement STORES, ETC140. · Dadry, 19.30 Watson .....

Doc. 10.00

17 XII

27.50

0.45 0,0

27,70 500 10.70

90 @ 19.30

100 € 19.40

Exchange Rates

Businers was done, in the local

exobang 'market' New York, said the bank is morning at the following rates:-

1.8. dollar (per 91) sed

Tokup Morita, the agent in unofficia

especially Interested in promat-sterling note (per 1) ing foreign trade between the Indonesian gulidars (per 1001. United States, and Japan-As-Sam tesis (per 109) Bociated Press.

Ringapore (trita)

VIC" plastres {nr:200)

Kyodo

Minister

Ceylon Visits Germany

ships with the General Agree- ment on Trade and Tariffs, the European Payments Union, the International Monetary Fund, the International Bank for Re- construction and Development and other world finance agen- cies-Reuter.

European TV

Output

re-

New York, Oct. 13.

·European television produc- tion la far behind American output, an industry spokesman said on his return from Europe. Hugo Gernsback, writing in Radio - Electronica Magazine, sald Britain has about million sets and France 18,000, thon compared

• mora with 18,000,000 In the United States. Chief reason, he said, is that it. takes an American worker only about three weeks to

make enough money to buy a set, while the British worlçer quires 10 to 13 weeks and the Bonn, Oct. 13. French worker up to 30 weeks. Mr a. G. Ponnambalan, Ceylon Minister

of Industry frequently superior to American In the case of wheat particu- errived here today on the larly, however, this year's sowvitation of West

productions. "In England, Almed Weal Gerinan ingo may not have been 09 Government.

TV shows not only are much high pa the Government

better than ours, but they are the

way ahead of live shows in hoped for. Hence the

all-out spokesman for

Economics Ministry sald he quality."-Associated Press, effort that lo now being made to induce the farmer to extend Visited factories near Cologne.

Tomorrow M Ponnambalan hin sowings to malzo,

which hus

as the will meet the been described

Econornier Minister, -Herr "backbone of tho London, Oct. 13,

Argentine

***** | Ludwig Erhard, for informal The ta market was steady grain trado,"

Ediscussions.—"Reuter, F- with turnover of 40 tons, none

The need for such an effort is apparent in the

LONDON TIN

MARKET

4.

fer cash, Prices closed at the

end

of the official moming whereas muize sowings • session as follows:

Spol tin, buyers spot tin, rollers

,000

azt | -Buzínes dona at sila nik 15.00 | Three-momnir um buyers a 20.20 Three-months tin, wollars..

DES

900

fusings done at

-1834 | Bettdecent

11.30

906-905

-United Press.

34.50

had

Dr Gernsback sa10,

sets and shows.

& CO.

Tel. Nos. 46066-9.

Dates and rotation subject to change without notice.

At liberty to proceed via other parts to load/discharge vargo.

The Rubber

Markets

Bingapore, Oct. 13.

Prices of rubber futures close

today as follows Number 1 rubber, per lb.

November

December

January

Number 1 rubber,

November

Number 3 rubber,

November

| Number 4 rubber,

November

747% -2 7694-34

*3-07

0431⁄2-60

03-0714

Spot rubber. unbaled ... 7416-75 Blanke! crepe

02-614

No. 1 pale crepe....... 97-102

United Press.

LONDON MARKET

London, Oct. 13. Prices of rubber futures closed today as follows:- Number 1 rubber, in poscs

per 16. November

December

January/March April/June

Petroleum

Production

In America

New York, Oct. 11. The daily average gross erudo oll and lease condensate produc- tion. In the US. Increased by 7,880 barrels in the week ended October 4, totalling · 6,514,800, compared with 6,387,000 barrels * year

the Amerkont Petroleum Institute reported.

ngo,

Refining companies ran to stills 6.928.000 barrels of cruda

off daily. The dally average for the previous week wos 0,987,000 barrels. A year ago runs were 215-20,530,000 barrels.

215-27 2135-272 2112- -United Press.

Italo-Japanese

Trade Pact

Finished and unduished petrol stocks totalled 110,793,000 barrels |compared with 120,270,000 barrels as of the previous week, and 122,010,000 barrels a year ago,

Total estimated petrol: pro- duction in the United States amounted to 23,451,000 barrels, against 23,501,000 barrels last Week-Associated Press.

Barter Deals

Arranged

Karachi, Oct. 13. The Italian Foreign Secretary, Signor Guiseppe Bruscasca, 15 expected to sign a Japanese- Italian trade agreement in Tokyo are, during his visit to Japan later

this month.

leader of a

New York, Oct: 19. Signor Bruncatca, three-man Italian goodwill mis- The United States has begun sion making a friendship tour of bartering some of her surplus Adan countries, has been here wheat for Western European since Thursday, He and his

sent to the Far East in

ald Government's

West German Business Picks Up

In America

Kroup are expected to fly to New products, which in turn are Delhi on Monday-Unlied Press,

the***

being

***gramme, trade sources reported. The Arst exchange included

JAPANESE BONDS 37,000 metric tons of wheat for

London, Oct. 13.

Japanese bonds

VA! (4s. of 1890) "B" (1. of..1910). "C" (55, of 1907): "D" (1. of 1934)

(548. of 1930)

before Chinese Trado. Fair

New York, Oct. 13. Retail trade picked up por- ceptibly as cooler weather came the war averaged 0,400,000 ha In Tokyo

to many parts of the U.S. taros per annum, the average tot for the first.flve' post-war Yours M

Taipol, Oct. 19.)

Total dollar volume was Preparation are being made extimated to be from unchanged was only 3,100,000 ́ ́héclates, while in the case of the past here for an exhibition of Chinese to four per cent higher than the two crops a further decline to goods due to open in Tokyo on corresponding 1051 level-A-Consols 2,000,000 hectares was recorded | November 20Amokies Press, sociated Press.

71%

42,000 tons of ammonium sul- phate fertilisers which will bo shipped to Formos,

Such swaps are expected to (1841⁄4% {Jutronso, these sources, said, ba- 100% cause of the large wheat crop 180 expected this season; "The crop B016 has been estimated' at

1,300,000 bushols.--Associated Press/<

Urilled. Prem.

: