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Indo-China
Coal For Japan
Tokyo, Jan, 18. Five Japanese firms have de- elded to import 40,000 tons of coal from Indo-China is the first
six months of the current year a trade ceport cald today.
The Tokyo, Osaka, Toho and
Hiroshima gus
companies and
the Mitsubishi Chemicala Com- pany are expected shortly to start negotiations for the pur chase of Hongay anthracite less than US$21' per ton.
at
Meanwhile, Japan will import 700,000 tons of coal from India during this year as an official communication from New Delhi: informed the Foreign Office that the Indian Government had decided to increase coal alloca- tion to Japan by 200,000 tons over the former quota of 500,000 tons.
The International Trade and Industry Ministry is now work- ing out a coal-Import plan for the 1953-54 fiscal year during which roughly 3,440,000 tons of coking coal will be imported for the steel industry.
The Ministry estimates that the the country's steel fadustry will produce 4,200,000 forms of pig iron dusting the coming year and a total of 6,740,000 toris of cdking coal as expected to be required.
The Ministry thinks it Can obtam 350,000 hogy from Homerlic minés but has to import the remainder from foreign countries, thetrado report explained. —
France-Presse.
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Talks On U.S. Trade With Japan
Washington, Jan. 18. Business executives and, Government officials have surled
24 two-day con- ference оп America's policies toward Japan.
The sessions were secret And the participants re- fused to discuss detalls of their
deliberations. How- over, 11
it was Indicated that the emphasis was on trade between the two nailons. including questions as to Japan's desire for private American capital invest- ment. American turliïs on день Japanese goods, opportuni- iles for greater American business in Japan, and the need for commercial agreements between the two nationa.
The participants felt the discussions had been help- Jut toward achieving these and other related objec- lives.-Associated Press,
Function Of Free Enterprise
London.
The all industry's achieve- ments are a function of free on- terprise, said Mr F. A. C. Guepin, a Shell managing director, in a speech in London:
that to
Sequel To Commonwealth Conference's Decisions
(FROM OUR OWN CORRESPONDENT)
London, Jan. 18.
The doctrine of economic development propounded by the Common- wealth Prime Ministers at their London economic conference has given rise to a lively debate on the means by which Britain can increase her overseas investment.
The stage was set for this debate by a leading article in "The Economist" entitled "Commonwealth by Thrift.".
Briefly, the argument put forward in this article was that Britain would have to set aside resources not only to enable her to play her part in financing Commonwealth development but also to incrcase investment
at home.
The output of the British people would thus have to exceed their consumption by double margin.
There can be no argument on
that score. 11 Britain is to full the task. lold down for her
the by
Commonwealth
Con- ference she must carn a larger surplus on overseas trade.
to in But Britain's ability crease exports depends primarily upon the "competitiveness" of her Industries.
If British exports ore to compete in the present world
for markets her in-
must be modernised and re-equipped and this can only be financed by internal savings.
Britain must, therefore, save more at home as the first sic Lowards increasing her invest- ment in Commonwealth develop
"
Other municipal authorities are owating their turn to enter the market.
wartime representative of the British Treasury in Washington and a United Kingdom delegate at the Bretton Woods Confer-
Among Industrials activity continued in "take-over" shares He pointed out that the critical though this business was on A issue WOK
when it became how reduced scale nat merely "savings" could be increased but known that bids for Eastern's. how sufficient savings were to be the, furnishing concern, and the
to lend to but to Stag Line had been called off. found, not invest in industries both large risen from 30/-to 70/-in a
The State Line, which zad and small.
a month, fell on Tuesday to about 40/- before recovering to 577-.
THE QUESTION The question was: from where However, shloping shares were was this "rlik capital" to come? it in keen demand and gains Mr. Jay replied that it was to were recorded in F and O, Union come "partly from undistributed | Castle and British Steamships.
but partly- through pronts
Other sections of the Industrial 'outside Dorton-from the share market remained form. Budget surplus
Features of the commodity The Government would use an share markets. were the lower the overall surplus to extinguish debt dividends announced by and buy Government securities, Central Line Sisal and Kuala thus making funds available] Lumpur Rubber; reflecting last through the Stock Exchange for year's fall of commodity prices. So far there is general agree-companies to borrow by making
But arguments arise when new issues. the discussion moves on to the question of how the neccessary Increase in saving Is to be achieved.
ment.
ment.
NOW TO DO IT
"The Economist" pointed out there were three possible means of securing a larger volume of "Internal savings.
Since 1938, world oil produc- tlon has Increased at a rate that is four times as great as the tn crease in European, and 15% greater thon
U.S., Industrial activity. Oll explora- tion, particularly, is highly com- petitive. Despite every cure, in the United States alone, over
to
This not unnaturally falled to satisfy Lord Brand. He pointed out that Mr Joy had not dis- tinguished at all between lending company and investing in its ordinary shares.
He
agreed that if a Budget surplus was used in the way M Jay suggested some part of the] proceeds might find, their way ultimately into the purchase of
Aut he But means certain that the necessary increase in saving would follow. would be quite small.
Extra production would be Lord Brand's other main matched by higher real income objection to the use of a Budget tolal | Industrial investment is that only
The Brat was by higher pro- ductivity. But, even assuming that productivity could be raised
17.000 dry holes were drilled in at all rapidly. It was by no į ording the proportion |
dry
and a U.S. partner
By the end of 1053 refining | taxes, capacity in Western Europe is planned to be over 10 mililon
croase.
Oll industry
profits are low
at
this
by
Д
Indian Tea Industry
6
agreement
of,
say,
פי
once
To
SAILINGS "TJITJALENGKA" Jan. 2. smjapore,”; Djakarta, Maurlitos,
"THPONDOK"
"TJIBANTİRT'"* ETHWAND!"
«N018 EVAIN" **TABMAN" "STRAAT
MAKABBAR” "TJIKAMPEK"
"TJIMENTENO"
Jan. 19
Jan.
Feb.
Fab.
Feb.
Feb. Feb.
I
Fab.
Feb. 18
**TJILUWAZ"
“DOISSEVAIN**
Feb. 22
Feb. 23
Feb.
Mar.
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*TJWANO?" "TARMAN"
"STRAAT HORNDA" Mar. "TJIBODAS"
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Mar. 18 Mar.
NO
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Mar.
22
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"TJIWANGI"
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Mar. 23
Apr.
apr. Apr.
16
*THWANĠI" -
"TITJALENGKA”
"THPONDOK"
MAKASRAN”
"STRAAT
4. Africa & 1, Amories -
·Diakarta Semarang, kurabila
MRCRTIKE
Oak, Kobe, Natoya de Yokohama „Kingapore. Bijakarta. SEMMIKKE,
·Sürahila a Macanar Jabal
Yokohama, Nagoya, saka » Robe
Japan
Bjakarta Sematang. Birabela
Macaishr
Manila, Bingapore, E. & 8. Aftien à
G. America
Singapore,
Djakarta,
Aurebala Macarine
Bingapore.
REMBAUE,
Djakarta. Mauritius,
8. Antica 4.5. America Djakarta Bernaräng. Barabain A
MALAISET
Ristaport, Penang & Belawan Den Singapore, Djakarta, - Semarang,
Hurabala A Macassar Japan
Djakarta. Remarang, Aurabala
Macar
Bingapore, DJakarta, *Aemotany,
Arabila Mathanar
Japan
Japan
Singapore Djakaria, Mauritius
Djakarta, Remarank,
8. Africa & 8. Ametira
Machisar
RIYAMALA
Kingapore, Djakarta, Kemara
Buradala Klacassar
Mandia, Bingapore, R. & S. Afrien
ainespom.
DJakarta,
Surabain & Mackar
ARRIVALS
From
F
„Semarang,
DJakarta, Semarang. Aurubula
Jati.
'Jan.
21
Jan.
22
Japan Japan
Feb. 7
4
8. Americs, B. Africa, Mauritius,
Singapore & Manila
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Reluctant To Handle Cargo
For Far East
Washington, Jan. 18. The Military Sea Transporta- fion Service today said that lack of offers from tramp freighter operators will make it difficult to meet all necessary dry cargo shipments to the Far East this month.
Sugar Output In Formosa
Talpel, Jan, 18, Formosa's sugar' produc, tion this year is expected to be about 8,000,000 métric tons, according to ugually reliable economie estimates published today.
Producilon wis expected to
exored last year's" by 100,000 tona.
Sugar exporta Isab year were 454,011 metria, fons worth US$69,680,000. cording
the
20- Taiwan
Barter Pact With 1951 representing 39% of the
Russia Possible total new holes drilled in search of production. In Canada, onc drilled 130
Lucknow, Jan. 18. major oil company
holes over a span of 28 years largely in the hands of wage surplus as a means of financing "and when the
The recent recession in before discovering their first carers,
is low it would be a certain part of it could be tea prices may compel India Ecuador, saving oilfield. In major which held great promise, Sheli miraculous if the marginal saving used for extinguishing debt after to enter into a barter agree.. were other calls on it have been ment with Russia, whom from the extra income spent £9id"
mel. millon before abandoning the
she regards us BELF-DEFEATING
a potential on a national search for oll and writing" off
could also be ensured by Taxation, he said, had already buyer of her ten.
obliterated "risk the expenditure as a loss. All scale or saving
A two-man official team on this, he said, shows the heavy Increasing the Budget surplus more or less
more taxation
the Lea Industry has reported capital investment and consider-either by taxing more without savings." Was still
going to be increasing expenditure or able element of risk involved.
so that that during the discussions with be imposed spending less without cutting through the agency of a still trade representatives, Inquiries'
larger Budget surplus they migh were made it they could trade STRONG OBJECTIONS be again increased by a small with Russia and export tea to
cmount But there were strong objec-fraction of the
thus that
country, Russia tons per annum, nearly a five-tions to this course, une killing. This seemed "not merely a tea of the type which is now.
made available?
bought Indian medium quality fold increase since-pre-war. Of crippling incentives and this, over 30 million tons will
will any chance of
self-surplus. raising pro roundabout way but a be in the United Kingdom, re-
re-ductivity, higher
taxation would defeating one."
The team made it plain that There have been other objec there presenting nearly a 15-fold in-
the expense of capital or
nothing to prevent Keen and continuous new saving if it fell on the rich tions to Mr Jay's "panacea," the India negotiating sales and ex-
cause untold
chior
of which is that indirect porting tea to Russin competition has also stimulated and would
untold political
Budgel The to the Government in investment through a
Boid tearn the rapid development of refining harm
that in
to surplus would increase the flow addition techniques.
power if it fell on the workers.
exports of tea en The alternative means-and the of so-called "State funds" into private account,
question The cost of supplying oil one
which obtains the most sup- certain industries and thus leave raised was whether Russia could the world is very port
future be persuaded to products to
enter into a great. By the end of 1952, the Port from economists-was by the way open for
Socialist Government to declare
for the culting Government expenditure
them "ripe for nationalization." oil industry in the U.S.A. will
12,000,000 without cutting taxes. since the war, have Invested,
"The
If this debate has served any pounds of tea Баш Economist But
from India for the Government useful purpose at all, however, it some of her own products. about $17,000 million; outside the
during the same period, adopting
lille hope, of U.S.A...
course. Its is by underlining the problem
The team asked the Indián it will have invested well in
would be to that Mr Butler will have to solve Commerce ⚫ and Industries excess of £2,000 million. The political instinct
maich any saving in Government next April.
Ministry to consider if this were Industry is spending £50 million spending with an almost equal Clearly, if Britain is to play possible. The report warned
research alone.
cut in taxes..
her full part in Commonwealth that India would have to face (From Our Correspondent) per annum, on
Since the world's capital markets
Therefore,
"The Economist" development she cannot afford to competition from Indonesia and Business done on the Stock do not produce money on this argued, "it is the British people neglect her own earning capacity. East Africa in the United King
part has to be
markets as share- At the present levels of taxation dom as individuals and
despite ber industry's Exchange this morning amount scale, a large ed to $209,715.60. Noon quota-financed out of the
holders in enterprises who must this is being gravely jeopardised advantage in being exempt from tons and the morning's
Tramp operators have recently trans profits.
by the lack of private saving to import duly. Save."
could
It pin-pointed The State
help by back new investment.
the need for contended that there are more than enough privately-operated that make
The question, therefore, re-studying intensively the nature
ships to carry all military cargoes per gallon sold. Their size is a
to 'see how
but operators are reluctant to of the bigness saving worthwhile but this could mains how can saving be in- of foreign demand
Shell not after the basic argument that creased? Every ward uttered by Indian exports can be further
handle all types and quantities of the business.
now and increased.
of cargo offered for the Far East. Group earns less than one penny saving is thrift; it is consuming Mr Butler between
to be done by | Budget Day will be closely on is less; and it has
The team's report calls for im- A statement lasued by
the net Proct per gallon
Into the Inquiries studied for possible clues to his mediate the people." 1051
said that the M.S.T.S.
scarcity It paid more business; in
The correspondence following answer.
potentialities of other markets times its total net
of ships will affect shipments than four
and and publication of this article has, in.
lists us instances Egypt, everywhere but the primary profits in various taxes
THE STOCK EXCHANGE concentrated
Turkey, Iraq and Burmo. It needs for dry It has invested more the levics.
cargo to the este capital relationship between savings and
Big feature of the past week said attempts should be made to Far East. than £100 million
on the Stock Exchange was the export more tea to Egypt. Turkey projects every
year since the the Budget.
In keeping with the
Navy SOCIALIST'S VIEW
start of dealings. In the new and Freq, It added, were already policy to use commercial ship- Mr Douglas day, who was
Importing Indian tea. In regard ་་་ The ultimate of bigness is not
Mr Financial Secretary to the
The issue was a huge success to Burma, the report said, tea ping to the fullest extent, Vice- Admiral F. C. Denebrink, the enterprise, 400 7. State-owned 1000
have been MS.TS. Commander, will con- two Treasury in the Socialist Govern the largest allotment being only exports from India The declared: Guepin
ommon ment, believes not only that £40,000, so that institutions had negligible to that country since tinuo efforts, to get privately- havo nothing
bid heavily for their extra re- 1947-40. thus Investment to
operated ships rather than take! The international team work of saving and
through could be increased
13 quirements,
ships more Navy-owned cargo the all industry can only prop larger Budget surplus but that
CAUTION ́ADVOCATED
out of the mothball dect. The As a result there was a £10 under free enterprise. Although it should be.
million turnover in the now The report suggests that munk
MS.TS. eat that 118 privately-
Sydney, Jan. 18. free enterprise must conform
Filipino businessmen come to if Britain was to finance the stock
on Monday, and the Trade Commissioners abroad to STS. charter Valted Press, Australia to buy machinery and livestock, the New. Philippines domestle
Industry, he argued, premium, which opened at £2, popularise Indian
£2 to
official The
advisca team
| Consul, Mr G. B. Provido, sold.. corporate saving must be raised. subsequently rising
the weeks at: £25. caution on the question of India
Australian machinery was re- Company saving would play a
This activity tended to breaking away from the Inter- part but if we were to make any.
ported to be cheaper, he said. de overshadow gilt-edged securities national Tea Agreement. ess towards progress
more
adding that, the Philippines Is It went an record as saying but Arm conditions developed in
seeking mocratie ownership of Industry,
Industrial farming profit taxation must be used so this section of the market after that no benefit would, however,
New York, Jan. 10. machinery and livestock to re- that expansions (at least of large the opening of the new account seem to accrue to India by such
On Wednesday and several a step. If the object is" to Trading in German dollar habilitate and Industrialise her; of outside borrowing and not
were made. One
with other countries, with be delayed for
time, wholly by retained profits
Australla is at present at- inancial circles report. Resumpi – hence private capital apprecia-keep gill-edged prices tip is the a view to eliminating them, such
tion of buying and selling had tracting Philippines trade and a weight of cash piled up in life competition could be still" carried Hon
trade been expected in a few months, further increase in assurance funds. The volume of on within the framework of the Therefore, Mr Jay wont on,
relations but may be relarded by a legal countries is expected.
between the, two, for A far-reaching Investment Life sssinence business reached agreement.
The poble repercussions in tangle.. programme a Budget surplus was a new high level last year.
sources Buy There' country like the
"In return for Australian goods. MUNICIPAL ISSUE
Us da cons
consumer likely to be necessary. And this
The week also brought news of United Kingdom of such restric- Goverment officials want the the Philippines could provide must mean for a time continued
"and other the sugar-hemp, cocon high taxation
-validation law-passod-by
products. These have 2514-7914 Incomes and fortance though fe authority, since the Government report doubted it countries Bonn Government last August, to Uhipald
The conceded that the might perhaps reopened the market for this type
and Trade betweení ·Australia. Uko Indonesia and Ceylon would but other officials contend the be adjusted so as to encourage of loan, eta
The Birmingham Corporation agree to proposals made by the US. Senate must handle the law the Philippines would be greatly Tho sigument was taken up at is to raise £0 mililon by an Indian trade, to, restrict produce as a treaty and calify or relect mabbed if the pinna to make This could mean a long, Sterling convertible eventualexk. this point by Lord Brand, who laissuto. or. 434 por: cent stock tion of tea to avert a further fall
dstay-Associated Press.
United Prom In prices-United Press. perhaps best remembered is 1907-70 at a price of £90.
SHARES BUYERS SELLERS SALES
BANKS
HK Bank .. 1405 1430
163
East Asia. ...
INSURANCES
Union ... 700 800 Underwriter DOCKS, ETC. K. WILET! N. PL. Whart S'hat Dock Wheelock
Dock
20.20 1.60
14:00 1.00 2.55 7.65 6000
7.00 Wheelock (REK)....... 1.56 2.05 4400 255 2000 @ 2.50 1200 & BAT
LAND, ETC.
HK Hotel. 7.70 7.80 2500 @ · 79% HK Land (0) 6611⁄2 5745 300 68 8735 HK Land (N) BI 07
direct function
war
In
The
to
the discipline, general welfare
creating conditions
Anglo-Iranian debentures.
Shia Lond 1.5 1.99 2000 @ 1.45 and moral codo of the community, | necessary amount of investment dealing the commencement off can and must be done by Indian owned ships are now
UTILATIES
Tram...... 22.20 22.30 1000 1,22.30 100210
Star Terry C. Light (0) D.10 0.30 G. Light (N) 5.10 8.20 1300 @ 0,15 Teleprom
10.00 200 43 20.473 INDUSTRIÁLS,
Coment
18.co
- 201
Пере
STORES, ETCI
Daley
18.55 19.10 2500 (9 18.03
28330 Wetson 1. Crawford 2315 1000 @.22 COTTONS
Exo
Mooltam Fog-Bound Exchange Rates
it is the economic expression of that: values, a social system respects, and requires ludividual freedoth.
Rubber Futures In S'pore
Prices
futures
Bingapore, Jan. 17.
of rubber closed today as follows; Number 1 rubber,
par ib. February March
April Number 2 rubber, “
February
24-841%
Number & rubber,
February
77034-7614
6.013 18.00 2470
Number. rubber,
Tabtuary
pot milber, utabaled
blanket ‘crupė iki
10.30
No. 1 pale cTEDD
London, Jan. 18. Business was done in the local axchimigo market this Australian and New Zealand unomcizi
morning, she following as LeBS pamentera: danced: sandi · played US, dollar (per_31). cards while the liner Bisolton was sterling note (par. £11. fog-bound in the Thames for 72ndoneman guiderk (per; *hours. The liner berthed "atiam lol per 100)
Blogapore (fruit) "Tilbury onrly today--Aleuter. ric" plastran >{per/150)
in
ten.
under
GERMAN BONDS IN AMERICA
Bugar Corporation,"
year, Formoes would also export. 170,000
вополь metrio
of -coal. according to usually reliabjo estimates—Reuter.
Australian Machinery, For P.I.
companies) comb partly by way tableclors tending tot on unrestricted competi-bonds in the United States, may, economy,
and
of
the
somo
af profits, Inega | the first new insus" by a locil tions should also be reckoned, il / United States to accept the primazed for in dollara sat
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