1952-11-17 — Page 9

MESSAGERIES M

"LA MARSEILLAISE"

"ST-MARCOUP"

Arriving

Dec. 4

THE CHINA MAIL, MONDAY, NOVEMBER 17, 1952.

MARITIMES MAINTAINING A BALANCE ROYAL INTEROCEAN LINES

Leaving

Dec. 5

{}

**LA MARSEILLAISE" . Deo.

Cretung Nov, 18 Nov, 18 Hongkong Nov. 21 Nov. 21

Dec.

Dec. ་ Dee. to

("PEI.HO?

For passenger and freight.

פ1

M

Ontward For

Yokolinera A Kobe

Tomaward For

Africa & Europe

N. Africa Europe Marseilles via Maulla

For freight to Salgon, Marseilles, Algiers, Tangler, Casablanco, Havre; Dunkirk, Antwerp & Rotterdam,

• Accepting cargo:

--vla Marseilles to all Mediterranean & West Africa Parta. -via Djibouli to ́Modagascar.

Subject To Change Without Nolice.

CIE DES MESSAGERIES MARITIMES

P.O. Box 63, Hongkong

Tel. 26061 (3 lines).

Queen's Building (gr. floor)

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.

"NOREVERETT”

Arrives

Sally

Nov. 24 from Singapore.

Kobe Nov. 25 for

&

Yokohama,

"REBEVERETT"

Arrives Suits

Dec. 8 from Manilà, Dec.

ย for Singapore,

Rangoon

&

Pulang, Calcutta.

(Accepting cargo for transhipment Kabe/Pusan' and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Koren, Japan; Philippines, Indo- China, Sham, Malnya, Colombo, Bombay, Karachi and Persian Gulf Ports.

M.S. "NORDSTJERNAN"

Arrives Suila

Nov. 21 froni Japan, Nov. 22 for Singapore. Pori Swetten- ham, Madras, Colombo, Bumbay, Karachi, Kharram shoir. Busrah & Bahrein,

M. S. "THAI”

Arrives Salts

from Singapore. Nov. 24 Nuv. 25 for Kobe J Yokohama,

(Accepting cargo for transhipment Kole/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telophone 28293,--

Warning On Seeks World

Deflation

Policies

The

London, Nov. 16. Commonwealth Ministers at their meeting

Princ London this month; night per-

Bank Loan

Tokyo, Nov. 10. Mr Tatsunosuke Takasaki, President of the Electric Power Development Company and well- known Japanese businessman, he plans to confer with officials left today for Washington, where of the World Bank and the visit-

nected with

Chancellor's Exposition Of Economic Policies

Egyptian Cotton For Japan?

Cairo, Nov. 16,

The Japanese Ministry of Foreign Affairs has ex- pressed Japan's desire to import Egyptian cotton.

The Japanese Foreign Affairs Ministry I also requested the Egyptian Government ta make

known the date of depart- ure of the Exypilan dele- xation for Japan where the Exypilan delegates are to study the Japanese cot- ton market. — France- Presse.

Changing Trade

•Pattern

Taxation

And

Production

Provide A Dilemma

(FROM OUR OWN CORRESPONDENT)

2

London, Nov. 16. · The House of Commons debate on the economic situation—which arose out of the Opposition motion of censure on the Government-did not produce any startling new information.

Mr R. A. Butter, Chancellor of the Exchequer, treated the House to another of his calm and lucid economic expositions and called attention to the very real improvement that has taken place in our external pay- ments position since the Government took office last October

The Government's financial and economic policy, he said, was framed to keep a balance between the dangers of strict deflation and

runaway inflation.

Air Butler denial tint histion on companies to enable monotary polley was having such theen to set aslite larger reserves a severe deflationary affect as for re-equipment and modern133- some Opposition members main-tion while maintaining personal tain. The positive benefits of this income tax and indirect taxation he belloved, far outweigh on, consumer goods at their polley,

present level, it would soon find the negative burden.

itself out of office,

The strongla ofi

that the

Sterling-the

was convinced

fect that we

cre

But to reduce all forms of taxation at this juncture world

Melbourne, Nov. 16.

no longer in imminent danger tail the risk of a revival of Australia, faced with fall of falling to balanos nur over-inflation such as the Govern- ing demand from the long- seas accounts" was largely due ment is now trying to avoid. established markets, is to the Government's new and nett meggures in the field with the of monetary

determined pushing trade

If the necessary expansion of Pacific islands and countries

nevertheless, production is not to be achieved

ΟΙ

HOW ELSE?

The 1s is through a reduction in taxation,

Pro Mr Alfred Robens,

Khorler

over

lower than at any time since the 1049 devaluation.

Copper shares improved on the news that the strike of native workers in the Rhodesian copper belt has been brought to an end but this recovery was not main- tained and prices felt back again later in the wook, i

Oil, tea und rubber were all neglected.

shares

Japanese Steel Industry

Tokyo, Nov. 18: Trade and Industry, which is The Ministry of International Working on a five-year economic duction and export of iron and plan, is pessimistle over the pro- steel for the next five years ending in 1937.

of the Pacific and Indian blame The Ocean senboards.

inflationary policy for the recent how else can it be achieved?

Mr Butler in production and the in- dron The

oilleial

mentioned mone- latest

figures how that rather than com-crease in unemployment.

measures tary policy. But One senior Socialist member-designed to restrict the volume pete against She lower

costs duction

former of credit

spread their impact freight hauls of more

Minister of Labour has publicly equally favour-

of all sections stated that unemployment in industry. ably situated producers, Aus-

If the rate of interest is forced Britain would reach a million tralian industry is gearing 12.

up, ali businessmen, whether self to supplying manufactured before the end of the year. and processed goods to markets Minister of Labour.

Sir Walter Monckton, present they are producing machine tools pleaded for export or lace handkerchiefs near home.

mildly

with the Opposition not for the home market, have to Commerce authorities my to that Australia

exaggerate the extent of un- her is facing

pay. more for what they biggest challenge on overseu employment-which he describ

ed as "selective rather than borrow. markets. In the greatest era of

nov in general"--and said he would be Industrial expansion the South

both disappointed and surprised ปาล

Pacife, Australia's

by the end of the year the shortages of men and materials have been overcome.

Today, Australia can supply to this area textiles and steel, coal and types

of chemicals and machinery at strongly Mr Robens, however, remain competitive prices and quality, eri unconvinced. He WIS not Heavy American and British sure that his forecast of a million investment in recent years unemployed was not going to means that she can now supply be right but he failed to impress) dollar-type' goods for Sterling the House with his reason for and British-type

believing so. Cuocis strategic proxenity to southern markets.

NEAR RECORD

The Chancellor also mentioned investment policy. But, though selective control of investment has the effect of directing the number of unemployed reached flow capital into certain favoured Industries. ik is

300,000.

TWO PROBLEMS

dimcult to see what the Govern ment could do in this respect that is not utreddy being done by the Capital Issues Committee and the banks.

THE CHOICE.

The choice therefore

seems

The former Labour Minister, It seems, is under the impression that the increase in strength of Apart, from wool, still the the armed forces since last year British industry or reduce taxa-

of the

to enable Australian · is a Government ruse to distortion mainstay

fluance primary the unemployment figures. economy, income from

to lle between an all-out effort to push exports of capital goods and risk the stagnation fil

companies to un panston of in- produce has dropped to a near The debate, however, was dustrial

production and accept mainly concerned with thea slightly (and temporarily)

lower level of exports. problems of under-production and over-expenditure.

The Government would need

record law level. Total rural production in 1951/32 was about 22 per cent down on that for the previous 12 months, including falls of around 85 per cent in butter exports, 84 per cent in overseas multon and lamb sales beef and and 38 per cent in veat sales-all items under low price contracts-with-Britain.-

Official Agures show that Atte tralian production af manufac tured goods is at present rather more than A £50 inlilion a year -a 500 per cent increase on the 1930/30 figure, The Commerce Department tips that 1953 wili herald the Golden Age of ex- ports, as new marketing chan- nels are opened and local de- monet

cosing already

makes possible, greater cutside trade

Industial expansion i m

000

deve

а

in

10

But it would be asking too much to expect the ordinary taxpayer to accept it without protest.

See

It will be interesting to how the Government grapples with this problem when the time comes to frame the next Budget.

The pessimistic outlook 15 based on the following, accord- ing to Ministry circles.

(1) The Soviet Union, the United States, West European as well as South-East Asian coun- trics nvill step up the production of Iron and steel substantially.

(2) The world demand for iron and steel products, on the other hand, will not increase proportionately, reflecting а slow-down In rearmament efforts.

of

(3) Scrap iron is in such short supply the world over that she chances are that Japan will not be able to secure 5,313,000 tons

scrap required for 1953. (4) A marked increase in the production of pig irev ennnot be expected, because of difficulties in Importing iron ore and the shortage of funds for building blast furnaces.

פיין

(5) Due to the planned in- Iron mixture in crease in making steel, Japanese iron and steel products will advance in price.-France-Presse.

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount- ed to $430,044.50. Noon prices and the morning's trans- actions:---

The Conservative buck a good deal of courage to take. benchers, who have opened

the course advocated by "The Economist," which is to reduce campaign for ઢો reduction Government spending which Government spending and they belive would enable

lighten the

company taxation with Chancellor tu reduce taxation

out putting more money into -and-thus-restore the incentive the hands of consumers. to greater production were This policy would have the ad- **** || vantage—at any rate in theory appeased by Mr Butler's

re- Į peated assurance that it

of encouraging cupital invest- was the Government's prime

ob-ment in the engineering industry jective to reduce taxation.

while leaving consumers with But, he warned, the lasknough money after taxation to in con- prevent a depression would not be an easy one.

The problems of taxation and sumer goods Industries. production do indeed place the Government in a dilemma,

THE TROUBLE The Chancellor sald of the pressing ahead. Of more than need to increase production! reporting "major"We must continue with a selec- recently, 58 were five policy of damping

down British and 20 American. They home danand for capital goods THE STOCK EXCHANGE, handle Industrial metals and

for which overscas demand is metal manufactures, machinery. high while not depressing home

It has been a week of mode- clothing, timber and chemicals.

SHARES BUYERS BELLERS RALES demand for consumer goods for ritely good news for investore. A LONG LIST

overseas demand

Mr Butler's heartening ex- has

BANKS In recent approaches through which

HK Bank and

ficcal position of the general economic our official trade channels

East Asia wanted motorcar spare parts will be directed, as they have

nouetury and investment policies situation, the narrowing of the

United Kingdom's trade gop INSURANCES Japan wanted electronic, equip-

during October and the im- Canton ment

Indonesia been to date, to achieving these coal.

Unton and

provement in exports to North wantel builders

Underwriters America, and the news just be-. supplies, photo-

HK Fire The trouble with this policy fore the week-end that Austro- woollen equipment, graphic

SHIPPING piecegoods, Industrial yarns and is that it does nothing to create la is to relax her import re- glassware and clocks,

conditions in which British in-

Asta Nav... 140 strictions, all contributed to re-equip them wards a revival of confidence. DOCKS. ETC. selves in order to strengthen

In the gilt-edged market Mr K. Whort-9034

N. Pt. Whort Butler's statement caused some their competitive position in

Dock

21.40 300 m 212 world trade.

renewal of interest and glits

Provider 1415 14.90 333 şi 12.50 case could be matte out in opened the new

S'hal Doc account on favour of reducing capital in Wednesday by recovering Canada asked for suitings and

Wheelock XD 47% the

43 1700 # 473} canned stuffs.

vestment in the consumer goods lassen they had suffered earlier LAND, ETC.

to the week. Hongkong sought cattle and industries; but it would be folly

IK Hote and bottled

continue "damp

The

transport for Full Singapore asked

canned

ing

capital investment in opened at one-righth discount foods, breakfast cereals, those industries which are (a but recovered to the issue, price stationery, milk products and yet) holding their own in the on Wednesday. plastics.

struggle for export markets. British The

West

Indica

To do so would be, as "The Economist said this week, to foodstuffs. New Zealand wanted textile assume that "the existing struc- plecegoods, carpets, timber and ture of British industry must be heavy engineering equipment. defended against any change."

But the need for a change is tear.

Ceylon

India wanted pharmaceutical drugs and chemicals, machinery and electrical and refrigeration equipment, diesel locomotives and foodstuffs.

ends."

can

suade coch other into dangerousing mission of senior officials of policies of deflation, Mr Patrick Gordon Walker, former Labour the Indian Government,

Mr Takasaki's secretary said Commonwealth Relations Secre-

his visit to Washington is con- sald tary,

Tamworth, ut Staffordshire, today.

plan for appising "There is altogether too much for a loan from the World Bank talk about solving our balance for the development of Japanese of trade problem by what is electric power resources and with

realistle

economie the

dustries for setting up a joint 10 project Japanese- Indian foundry in. policy.

That

of India which would also require a polite way advocating deflation," said Mr financial assistance from the Gordon Walker,

World Bank; Mr Gordon

Walker sold it Mr Takasaki is accompanied was not difficult to solve the by 'party of experts on power balance of trade problems by and steel, including Mr Yuzuru and Mayeda, Director of the Tech- creating unemployment

nical Department of the poverty.

Iron and Stect Compuny, and Mr The collective adoption of a

Mayeda. Managing deflation policy would inevitably Tetsuzo

Dail Bussan of make

the decisions of the Com-Director monwealth Prime Ministers the Trading firm,-Reuter, subject of bitter political con- troversy in Britain and almost certainly in other Commonwealth countries as well, he said, Reuter.

Russia Buying Israeli Fruit

Moscow, Nov. 10.

RICE CROP IN CALIFORNIA

goods. ly to

Tyres, electrical accumulators and radios, cutlery and various other goods are finding ready outlets.

San Francisco, Nov. 18. California's rice crop is about

Other requests included 00 to 05 per cent harvested, the Federal State Market News mining and agriculture mehin-

ery for Rhodesia, Reuter.

Service reported today. Growers were marketing, supplies freely The Soviet Russian Import as milled rice prices remained Organisation has purchased firm at ceiling levels.

ANOTHER SNAG

A

new

stock

"

21425

"TIIANAS". "ETILAAT

MALAKKA

"TABMAN"

BAILING S

JAPAN

To

staclia, Singapore, 1. & 8. Atelrą &

8. America

Macassar

Kumarang, Aurahats

Sugapore. Dirt

MULATIS.

Hingapore, Fenals & Bolawan 'Dell

jakarta SeMITEDE. Surabass

•

Djuĥasta,

RAMFILIME, 15, Atrion & R. Atuarica,

Singapore, F. & 8. Attiek

Singapore,

Ojakarta,

Nov. 17

Nov, 17

“TEGELIKKIZ" “VAN HEUT82"

Nov. 21

Japan

Nay.

"TJIWANG1"

Dec.

Bürabala & Machanar

Bre.

•

“TJIANAS

Dar,

MERCKADAY

"TEGELBERG"

Dee.

В

Atena, ingapore,

"STRAAT BOENDA"

Ber.

10

“TJILUWAR*

Dec. 10

WESTFJALENGKA“

Der

Elec. 20

Japan

PEJIKAMPER"

Dec. *

Dec. 23 Dec. Dec. 31

JADAR

Japan

Japan

Jan.

Jan.

Singapore,

?

Зад 1

Jana 10 JAR. 14

"NUVA"

"BOISSEVAIN” *TARMAN“ VEJIMENTENG" *JIWANOT"

"TJINODAS”

"RUYE"

"VAN URUTSZ" "TJILUWAR*---- *TJMANTJET" "TASMAN" "TJIPON"OK"

“TJIWANGIN

"STRAAT

Burbála & Marnar

Japan

Remarang.

Ojakarta, Nemarang, Surabala

Staccar

Semara,

JAR, 14

Jakarta, surabála & Macawar Jakart Serang, Rurabals &

Macassar

- Manila, #ingapore, Djakarta, Mauritius, 8. Africa & B. Armerica Singapore, E. & R. Africa

Gingapore,

Djakarta,

Bútabain de MacariST

Зарад

Bemarang,

Bingapore,, Penang & Relawan Dell BJakarta Semarang, Surzbals &

Масявка

Singapore, Bjakarta.

surabala & MCSA

Singapore, Djakarta. Mauritius,

8. Afilca & B. America

Manila. Hingapore & 8. Africa Singapore, Djakarta,

Surabaja

ARRIVALS

Macattar

JRI. JP Jan. 23

Feb.

*

'MAKAIBAN "TJTJALENGKA"

"TJIMENTENG"

TJILUWAJI"

Feb, Feb.

Feb. 11 Feb. 16

י

Japan

"STRAAT

MALAKKA"

In Port

Таран

"THPANAS"

In Fort

"US"

Nov. 11

Japan

*VAN HEUTZ" Nov. 21

+

From

Bermarang

Hemarang,

F&B. Ateica, Mauritius, Singaporé

Djakarta Japan

KING'S BUILDING, Ground Floor.

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C, TELA, 31106, 25133

MAERSK

LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

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

, Nov. 18 Dec. 2 .Dec.

16

* Calling Vancouver

M.S.

"GRETE MAERSK”

M.S.

"JEPPESEN MAERSK"

M.S.

"OLGA. MAERSK”

ARRIVALS FROM U.S.A.

In Port, Buoy A-3 Nov. 28

Dec. 18

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN &

Pedder Building.

+

CO.

Tel. Nos. 36066-9.

Dater and rotation subject to ebinge without notice. At-liberty to "proceed -via-other-warts to - londƒdlecharge~ cargo.”

PENINSULAR

& ORIENTAL

STEAM NAVIGATION COMPANY.

R.M.S. "CORFU"

SAILS:

NOTICE TO PASSENGERS

1410

150

225

135

103140

BAGGAGE:

3 Land (0) 140.00 703 a 57 SPECIAL NOTE:

HK. Land (N)

57

S'hat Land 1.2714 1.35 0000 o 130 Humphreys 13.30

UTILITIES

Tran30.20 1000

The foreign bond market has gain been nelive.

Star Ferry Japanese bonds Improved

on expecta tions of an early resumption of debt service.

KAFFINS AFFECTED

110 110 400 G. Laghi (0) 9.70 9.50 300

-2000 7 9.78 G. Light (N) 6.40 0.50

ective ........ 22.80 23.16 3260 er 2393

Telephone 17.40 Tel." (Rs.) INISTRIALS

Coment

ANGGIR

STORES, ETC

Datry ...

en-

t

2048.20

Watson .

Crawford 30.10

Egypt Looking For industry the means to finance intors and Rootes Motors be- COTTONS

Foreign Capital

resources.

19.70 200 10.00

300 # 26 1800 si 2030

Dwo add 24. 2.50 2000 ₫ 2.30

The tone of the industrial market also. Improved slightly, Here is a case where the right Eurly in the week motor issues were marked down on tho ne, economic.decision would be

of news of Standard bad political move. Company ceipt taxation is admittedly too high. Muters lower profits but prices It reduces Incentive and denies hardened when the more

of British couraging results out of its own re-equipment

came known in the market. Cairo, Nov. 10.

Market research especially Textile and motor manufac= rice The Cabinet announced today valuable to industries planning tures should be among the first was noted. In the report. that Egypt will 'scel interna-

an attack on the dollar markets to benefit by theleasing the Exchange Rates

restrictions It was the third and the big-Japanese deniers were inquiring tiong! help in building an iron is too expensive for most com Australian import Fest order of Israel oranges to quantities of No. 5 California rich iron

for quotations. on additional and steel plant to exploit the panies after 60 per cent of their next year and this too was

oro at Assuan, Inprofis have been taxed away. factor in Rusalans have place within a Year In the past two years, Pearl undermilled rice with 35 Southern Egyp

Companies are therefore forced sections, the femness The plant, to ̈ ba'

Annnced ellher sub-tropical fruit oranges, per cent broken, Uncertainty Iemons, bananas, and pine as to obtaining export and im-jointly by Egyptian and foreign appies from various countries port licences, however, tended capital, is expected to start pro- years.-United were frequently available here, to restrict trade. Associated duction in two

United Press.

The Russians will pay cash for

19,000 tons of Israel oranges, An urgent export demand for the fruit, deliverable beginning unpolished or undermilled next month.

Press.

Prass.

1

This

6.0323

of thes Business "Was'dona - In the Inent

Unomiolat sxchange market 'morning at the following ratoning The Kaffir market was again.) VS. dollar (2r 11) abandon all hope of further expansion or borrow at depressed by the political news Sterling, note (per £1)

Indonesiar gulders (oor 100) the present high rates of interest. from South Africa,

Blamtleair (re 1001-

The trouble it, however, that The "Finnnent Times" intox of

If the Government reduced turns | gold mining sharo priests de now

1-Singapore (Straits)

| FIC. plastres (per 100)

11.70

EMBARKATION:

FRIDAY the 21st November at 12.00) Noon for the UNITED KINGDOM vin Straits, Colombo, Bombay, Aden and Port Said.

ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 GATE, CANTON ROAD ENTRANCE by NOON on THURSDAY the 20th November, 1952.

With the exception of hand packagen carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board by ship's slings only. BAGGAGE COOLIES WILL BE. REFUSED ADMITTANCE TO THE WHARF.

Will take place FRIDAY, 'the 21st NOVEMBER, 1952 between 9.80- a.m, and 11.00`a.m.

BUSINESS REGULATION ORDINANCE 1952

*Copies of the prescribed Forms 1 (a) (b) and 1:(c),

Now On Sale at S. C. M. Post, Ltd.

HONGKONG AND KOWLOON

TEN CENTS EACH