1953-04-23 — Page 9

No

So Signs Recession

THE CHINA MAIL, THURSDAY, APRIL 23, 1953.

Far Of Dutch Workless Australia Wooing MESSAGERIES.

In The American Economy

At the beginning of each of the last few years a somewhat nervous stó taking has been observable in Washington among Government off- cints; economists, and foreign observers in an effort to answer one of the world's most important questions: “Will there be an economic recession in the United States this year?”

The health of the American economy is everybody's business.

HONGKONG Á recession of any size now would not only cause

SHARE MARKET

(From Our Correspondent)

Iusiness done on the Stock Exchange this morning amount- ed to $148,049. Neon quotations

morning'.

hardship in America, hut, if the experience of the minor setback in 1949 is anything to go by, would have a worse. effect upon Europe and the sterling area.

It would knock sideways plans for increasing international Pronpinie co-operation end, not impossibly, disrupt the North Atlantic alliance at a most crucial stage of its development.

enormous defence panding generated by

reorament end the Korean war has kept it going.

But the fact is that the size of the American military budget has not only kept prosperity up Having made these assertions, but has also given the American it is ecinforting to be able to Government great deal of report that the consensus of in-power to influence the economy transformed and expert opinion is that

and prevent any sharp recession. there are

512 signs of пт SHARKY DOTEUR sellers sales fieression or decline in America.. PEAK NEXT YEAR

genomic activity during the next

ine months.

autorst

BANKS

the

OK, Bank .. 1913

INSURANCES

Canton

Unton

Underwrliers

2105

700

3.30

SUPPING

Ana Nov

1.23

K. Whart

DOCKS, ETC.

N. Pt. What? 6.30 6.23 1000

Dork

Providerst

S'hat Dock...

2,03

100 73

6:00 100

11 11.30

1.55

713

Wheelock... 7.45 7.00 200...

LAND, ETC.

UK Hotel. 7.40 71% 1000

11. K. Lan

(Old)

53al Land

Humphreys

UTILITIES

'TZPAT

00% 61% 830 61

1.40 10 14.40

o

Stir Zerry-2150 22.10 2400 22

C. Light (01

XD

Light #N XD

Electric

Telephone

10.10 10 20 6708

300

10.20

nine

Next year is the year when The present period of Ameri-defence expenditure is planned ran prosperity has now been teach its peak with an annual sixty running for over six years, and rate of expenditure of about R is arguable that only the thousand million dollars (com- pared with nity thousand million

Financing Budget Deficit

16.30 The Chancellor's drelsion to 199 10.20 make 1953-54 another year of defcit Onancing has important 013 600 1000 1660 implications for the new Capital

1000 L 23.20 23 30 2400 or 20.30 | market, .. 18.30

100 10,

2200 10.00

Times.

last year), which will continue probably until the end of 1954 and then drop to a steady, rate of about forty-ove thousand million dollars.

Presiden! Eisenhower, by quietly ignoring is his "State of the Union" message his rash campaign promise to cut twenty millions off the defence budget, and concentraling en balancing the budget instead, has given a reasonably firm hidication that his Administration will not take any rash action for political enda which

dislocate might

suys the Financial ecmomy,

the

Une

Decrease

Amsterdam, Apr. 22, Duteli unemployment in March showed the speela. cular decrease of 120,000 to $6,000.

This is due to new publlo works, to reconstruction work in the flooded areas, and to normal sexsonal in- fluences,

The present rate of un- employment is substantially below the 100,000 mark, which, bejug about 3 per cent of the occupational population, is regarded as more or less normal.

British

Docks' Trading Surplus

American Private

Investments

QuIwards

M

Lidmatwards

MARITIMES

M

FASSENGERS/FREIGHT SERVICE

Loaves Atarellies Hongkong

"LA MARSEILLAISE" 17 Apr.

Rongkong "LA MARSEILLAISE" 27-73 May

via Marseilles to all Meditor onean &. via Djibouśl to Madagascar.

Outwards

Homewardi PEI-HO" "MEINĀM" MONKAY"

10-12 ny De Materiles

13 June

>

For Yokobadin

Vla Balgon

West Africa ports.

FREIGHT SERVICE ·

Leates Dunkirk15 Apr.

Leaves Keelung 19 Apr. »FPlED_-21 NAV ........Keelung-29 Jurie

1

Inngkong

4-5 June

For Jxpan

Iongkong

30 Apr.

10 May

1 July

↑ Salgon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong Queen's Building (Gr. Floor)

Australia is wooing oversed investors, es- pecially American přivate investors, in the hope of sustaining the high rate of capital development which was

a featute of Australia's post-war "MONHAY economy.

Renewed feelers by an American company interested in the Blair Athol coalfield In Queens- land, with a proposed outlay of some $80,000,000, met with an immediate response from Canberra.

The Minister for Commerce, can be changed depends greatly, Mr McEwen, has unhounced that of course on investment trends Australia is intent on doing under a Republican Administra- everything posible to

enable tion. With American private oversea investors to take their finanelers and corporations ex- capital and dividends from Aus-porting less investment

capitul tralip, if they wish. Foreign today in real money values than Investors, particularly American, Gient Britain was exporting Mr McEwen has pointed out, before the First World War, and directing two-thirds of their external Investments to Canada and Latin America, it ReM premature for Australla to hope for an early major injection of dollar stimulus.

have always wanted to be free

if their capital. to

All the Governments at the London Economic Conference thought that oversea investors should have this assurance.

AGAINST COMMUNISM

Docks owned by the British Transport Commission are be lieved to have made in 1932 the biggest trading surplus since they were taken over la 1047. In 1951 the docks showed their

An agreement to eliminate i Arst surplus £817,241 -- but

double taxation already exists | figures for 1952 to be published

between Australia and the United

If the investment reserves of later this year are expected

Kingdom, and a similar agreca Republican United States are to show greater one.

ment with the United States is

to seek outlets overseas; they are Dockst controlled by.

being negotiated. the

be directed at more likely in CONFLICTING Docks and Inland Waterways

FACTORS

áreas where first, it seems, to Exccutive form the major part

Pictures of the Australian in-dollars can be made

le "talk" of those owned by the Commis- vulment feld are various, to say against Communism,

and sion and comprise about a third the least. It is portrayed at one undeveloped areas where risks docks of Britann extreme as a lush replica of the are offset by the promise of big They showed a decline in in- North American ports during 1952 but an in- crease in exports.

dubious ground Imports

totalled

24,250,000 deskcented not only by nature but mislea

bu misleading. In the overpopulated tons. The slight decrease was by the perpetuni scuttling of countries

uniona caused by the stopping of the work-hy labour

and there coal imports from pint-sized politicians.

To help Other decreases were in timber, chemicals, and gen-

to confuse the layman who Irics

to arrive at a point between Australia amenable to intensive cral cargo. There were increases these extremes are a host of con- diveispment in oil, iron and steel manufacflicting factors.

of

Amy

tures, and iron ore.

or

scene, half cheerfces to Aus-

ego; and at the other

05

won a

MAERSK

Tel, 20051 (3 lines),

LINE

FAST FORTNIGHTLY SERVICE TO:

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

י . ו

NEXT SAILINGS

to

*.v. "PETER MAERSK"

M.v. "JEPPESEŊ MARISK’

BLAURA MAERSK®

May

May

June

Calling Vancouver

ARRIVALS FROM U.S.A.

are

m.v. Tu, V.

"QUETE MAKESK"

May

"LAUBA MAERSK”

May

of South-casi Asia

ໄກ່.. "OLGA SAKOSK *

Max

Is

much larger orca then in The

one-fifth

al

as "undeveloped"

production.

already. The marginal areny There is a case to be argued do not invite speculation-not in Exports rose by nearly six

that Australia's million tons to 32,250,000 tons.

recent rate of the light of the British Govern development has been so remark-ments sorghum-growing failure The main increases were fourable as to offer golden promise in millica more tons of coal art for the future. Since 1940 Aus-1 of Vestey's disastrous venture in in Queensland, nor in the light Equally, by putting

1,250,000 more tons of

of all.

tralia has fought and In an effort to reduce cost costly war, nearly doubled her Austral

the beef cattle Industry in the Even if his best expectations reduction of taxation as a low

Australian Northern Territory and speed the are fullled, some

113 priority

turn round of factory capacity, raised the grock £440m. of

amung

economic

onships

several improvement

The

feld investment aims, he has avoided (I Con- the Government's net capital

** | nationa!

product

about from schemes have been undertaken, | SON

Austraila likely to be most nt- expenditures will have to be ress will permit him) using an

£1,000 reconstruction

millions and

£4,000 tractive to overseas financiers is Bnanced from

sources outside anti-depression weapon im Much 130 18.20 200

the Budget.

mediately when it is not really 100

needed, and has left himself with And if supplementary 2300 18.70 31.10 21.7093 21.90timates absorb any part of the an instrument which can be used

350215

308 1812

1000 to 10 00

INDUSTRIALS

Cement 15.30 15.60 It pe

13

STORES, ETC

Lary XD

00 15.10 900 153.20

1.79 15.00

Watson

Crawford

Lase

Sun Co. L'OTTONS

Zvo

27.40

2

2.33

CX-

above-the-line surplus the in future years If it becomes figure may be farger still. More- necessary to increase

masing power to

The

in

modernisation has to be clone millions, and real wages by one the exploiting of mineral deposits

and the development of new secondary industries.

Japanese

as well as sorme

In the same period Aus- war damage repairs, but there are s

tralia has reduced the interest rc-tra strictions on capital expenditure. payable on its public debts over- sca from 28.1 per cent of exports private RECONSTRUCTION SCHEMES 10 on almost negligible.1.3 per another

avert a £ 100m, 1000 # 2.05 over,

cent or only TA12,000,000 a have to be found to cover the

Among the schemes in pro

усаг outflow of money

from

With reasonable luck and gress la the reconstruction of Inflation has been severe but National Savings movement. Intelligence, the new Administra- passenger and cargo acuma-not financially calamitous." It

In the Budget year just ended tion hay

hay Ume to elfect a plan

I

time of the Government covered en by which the economy can be

£900,000, providing a supple-massive immigration. It is also overall Budget defekt of £436m. readjusted over the next elgh-men

ment to the ocean terminal to inevitable, according to the Aus- and net repayments of more teen months lo a permanent

bandla South African treffe. A Aralian economist, Colin Clark, than £200m. on account of reduction of some dileen thou- | Hartlepools reconstruction, and

as long as taxation exceeds 25 National Savings and Tax Re-sond million dollars in defente

re-equipment ensting £330,000 per cent of the national income serve Certifiente transactions expenditure.

is taking place to enable larger

(the current rate in Australia is without causing more than a

Umber and iron ore ships. to

30.8 per cent). few ripples to cross the surface

use the docks. Bigger cranes will be installed later.

dation at Southampton, costing was inevitable at a To Reduce

The Rubber

Markets

London, Apr. 22. The rubber market was fully steady. Prices closed as follows

Number I rabber, in pence

A

Alay

July/September

#elber/December

Zama y/March

30

2011-11

United Preu. NEW YORK MARKET

New York, Apr. 22. Prices of No. 1 rubber futures closed 30 to

points higher with

sales totalling 52 contracts.

No. 3 standard' contract closed nom.ually 35 points' higher with De sales reported.

1952-53 able to

of the Capital market.

daring But Treasury was upon C300m, of

the additional

currency

50

of cranes,

to

of

Frog Meat

Exports

DISQUIETING SYMPTOMS

HEALTHY INCREASE

allowing for Nevertheless,

Even the

A modern system there are some

the

Tokyo. Apr. 22, of the Aus draw disquieting symptoms which ard costing £950.000 is to be lo diminished value

mest packers Japanese frog tralian pound, the market value have agreed to limit their trog sterling that not entirely within the Govern- stalled if the King George dock, the Exchange Account derived ment's power to cure or control. Hull, and

Australian reconstruction of a

securities has mest exports to the United from its sales of gold and The first is that the extraordi- quay in this dock has started shown a healthy advance. All States to 200 tons during the -22 dollars--and £ 150m-that-the narily rapid rate at which end-will-cost £210,000-Pro-analysis-made by the research coming frog year beginning Bank of England paid over for American industry las "been posals are being considered for bureau of the Australian and May 1, 1953 and ending March

work at New Zealand Bank, Ltd., shows It adding to its capitale diner reconstruction needed to satisfy the growing factories, plant, and

W31, 1954. costing

that

£20 15s invested in 1945 in The decision was taken at a nearly £2m. Work is well ahead on *

companies cannot be expected to last much

frog public demand.

of the edible mecting some of the australian stock division of the £525,000 for listed on the longer. The rapidity of replace scheme costing RUNNING RISK

Japan Frozen the electrification ment, which has contributed so

of pumping exchange would have grown to- Food Experters decided to limit

Association. Consequently

modernisa❘ dlhy

£100, by way Govern- largely to the

prosperity of the machinery and the the

Frog packers ment was able to limit its bor- last six years, was largely tion of the electries! distribu- dividends, sales of rights, and voluntarily the amount of ex- rewing elsewhere to £200m. As necessary to offset the stagnation tion system at Cardiff, Newport, accrued values of share-holdings por

port to 200 tons of mea: of the Swansen, bank lendings to private bee of the depression and the restrlend

At Fleetwood On the debit side, it is orguabic fatst builfrogs in this country, because some time ago some rowers were declining, evention of the Second World War, work is nearing completion of the Australia's economic ex

improvements costing £100,000 pansion has been unbalanced, packers shipped into the United this rum could be raised by the and must soon begin to tail to enable larger trawlers to use with non-essential manufactures States kitchen meat of what is easy method of adding to the The second is the demand

at Treasury

gaining

the For now houses which have been

expense of known as tonosama kaeru "King 24.20 nominat running the risk of seriously built at an average rate of one

edible their Jafoting bank money totals.

displacing food crops, and pro- the past six

ru are regarded But if hops of internal end million a year over

years; must soon inevitably begin 23.55 rominal | external

stability economic

and housing is an to decline,

the genuine bullfrogs. are realized, there will be no industry in which changes In

During the last decade Aus-

This, of course, greatly spelled forthcoming 1.15 nominal money

tralia from the netivity react throughout the Exchange Account or the Bank whole of the rest of the seonomy.

has experienced an almost the reputations of Japanese bult- miraculous series of good seasons, frogs amongst American glut of England In 1953-54.

rate of private

run of tons, officials of the Association and an unprecedented And the banks are now find-indebtedness, that is loans from!

complained. Ing it almost impossible, dear banks to industry and

agricul- money notwithstanding, to re-

ture,

the past six duse loans to private borrowers years and repayments could cause

Traders reported a steadier situation in futures and spot in

ne with higher cables.

close.i today as

Prices fellows:-

21,23

24.50

חון, נצי

No. 1 standard

Alpy

July

September

Marria

Nu standard

July

S.ptember Dicember March

21.83 nominal

21.05

May

21.85

-United Pres.

bill issue

without

the

has doubled in the

the dock,

primary industries, with sheep frog". Although in Japan these

Portable Townductivity per man-hour actually meat is not as good as that of

At B.I.F.

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Noя, 6066-9

Chinese Freight Booking Office

27, Connaught Road, C.

Dates and rotation subject to

Tel. 20401

change without notice,

At liberty to proceed via older ports to load/theharge cargo.

EVERETT

E

LINES

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

"BRADEVERETT”

Arrives Sails

Apr. 23 from Manila, Apr. 24 for Singapore,

Rangopa A

“REBEVERETT”

Arrives

Sails

Apr. 28 from Singapore.

Yokohama, Apr. 28 for

. Osaka & Kobe. (Accepting cargo for translitpment Kobe/Passn and Kobe/Okinawa)

Penang, Coleutta.

Nagoya,

EVERETT STAR LINE

Fast_regular_freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Stam, Malaya, Colombo, Bombay, Karachi and Persion Gulf Ports. "STAR BETELGEUSE”

Apr. 29 from Singapore.

Kobe, Apr. 20 for Moji,

Nagoya & Yokohama,

Arrives

Sol's

to

"STAR ARCTURUS“

Arrives

.Sall

London, Apr. 22.

prices for everything she Tweaty Brilish manufacturers

produce. Yet, instead of The packers also decided in prefabricated

her. reserves in arding specialising

in take flops to protect bullfrogs dwellings will exhibit a 40,000- London,

against

inst further whose population in Japan has square foot "port ble townaalp" Inflation, and buitressing herself been declining sharply because opening on April 27.

New York Sugar Government or consumer demand. These factors at the British Industries Fale against the future, ist hier in of excessive hunting of ther

Futures

New York. Apr. 22. Wall He.

4 suger futures clereosints lower to 3 point pher with sales totalling 157 contrails,

14

any further.

So if the at- quite a serious contraction in might create the conditions for Its capital spendings by Floating recession even before the rearma Debt increases. It runs the risks of causing an inflationary ex-ment expenditure begins to pansion in the total of bank

The credit.

decline.

township with of vital

dulged i

in an orgy of under-work ever since the end of the war.

For instance packers will be They aim to bent last year's and

to buy from frog- last year's control of imports and forbidden

catchers STIDil prefabricated building exports.

frogs whose record of £7,000,000 worth of and over-spending which led to national

less than two first legs.pre The portable American economy has

be in the Earl's Court section

It remains to be seen which ounces each. They also intend It would seem almost certain, therefore to be watched like of the big trade fair, which is side of the Australian ledger will to stop buying "King frogs" In other words, that the Trea-hawk by all those responsible aged simultaneously in Earl's

which are Indigenous bullfrogs. sury will be coming to the long-for the health and safety of the Court and Olympia, in London All that is certain is that Aus ib. in 1950-1 rose to US$1.40

most impress Vista, investors

Frog meat, US$.79cts fo... term Capital market for several free world.

and Castle Bromwich

in Bi-tralia needs There however, a comfortingmingham.

1 lb. in 1951-3 and declined money." paradox, The Republican Ad-

years proportion of The prefabricated buildings reecht

alkhtly to US$1.30 a 7. ân ministration now has an armoury will

expenditure in from aircraft Frost national

'it. has

Contact No. 0.c.sed 2 to 3 hundred millions of new money lower with sales totalling during the next 12 months,

sales and hedge after the recent sharp advance weighed on the world -contracts, Dealings in domestic contract were not broad enough to develop a particular feature, traders said.

Contract No.; 4 (world)

May

July

September

October January

March

3,41 nominal

341

3.41-3.42

3.42 asked

1.50

3.42 bid

↓

Grain Prices

In Chicago

"3

Chicago, Apr. 22. Prices of grain futures closed 3.41 nominal today bs follows:

Wheat price per bushel

2.11% nominal 2.13744

21

May

Sort

5,40

Contract No. 6

Spat

Kay

July

5.50 bid

May July

firstemter

september

November Maret

Besked

Stamb

Spoti

-5,00

United Press.

Corn Spot Mny

December

March

2.306-14

by

range

their the

Australia represented by invest 1853. In April this year

been quoted at about US$1 a

of economic weapons to combat hangars and a combined hospi- meat has been about 30 per reat, ib.-Router. a recession which were fashioned tal and school to: huts former nat

the date

detested "New Dealers

African chiefs who want 20th compared, with less than 20 per w to use and which they will have to

Century comfort in their bush cent in Great Britain. But, to keep the American economy and Jurgic homes-Associated according to experts, Australia is properly adjusted. One condition Press, Kat they have most to fear is #

slump, since the last one, that

of the early.

30s, drove them JAPANESE BONDS

from offer for 20 years.

LONDON TIN

MARKET

London, Apr. 22, The in market was quiet la- day. Turnover

16-tens. Prices closed at 'the end of the

seston

London, Apr. 22, bonds "A" (45. of 1809) 84

Japántse

"B" (4%.

still short of new explial Invest- Cotton Prices In

ment by at least £150 millions a

year.

of

New York

Hitherto Britain has been Aus-

traditional source.

ments

of 1910) 7294 mally

*CH (49: of 1907) 128 D" (55. of 1924) 103 "E" (51.0f 1930) 147

601% -United Press,

the

$310

33.04-33.95

tralip's coplini. In 1937 British invest- In Australia were

New York, Apr. 22. calimated at

£700

Prices of cation futures closel or no less than 90 per today as follows: сеп

ΟΙ

foreign Spot total Investment

Since the war

this May July total has been augmented by a October. considerable but silli insufficient December flow, of British capital, some of it Murch

Blay in the form of "hot" money mo

1.29 hamtrai which edoled off to become October Hi perm

United, Deadé, Investment.

NEW ORLEANS MARKET United Slatzs --

$2.41 New York, Apr. 22. private investment (not including lay Copra was quoted today at Government loans) In Australia

estimated at the Decembe October $222.50-pen, short ton, bld, and at 1080 Wis 8227.50, asked, c.lt. the Priglfte f.cquivalent of to more than LAÍÍ. Crast, Coronnut o'd wis, quoted millions. Whether this picture May at 17 cents a pound United of comparative financial neglect July Preca

of Australia by the United Blates

Consult

Copra Quotation

official morning

as

follows:*

Spet tin, buvers

Spot, tin, stilen

700 710.1

Business, dont il valo Three-manijis tiny-Inivèrs li Three-manila tin. seller... Business done at

700

**Walled· Press.

Exchange Ratesember

Instasey Forde, done in the forni yo

exchange 2 parket, this

noficial

moming attha, following rates:-

Steding grots:[pr £132

Indonesiant qulider,(ver:200).

Siam, tople,(per 100);-

* filtraini

TIC plastida (Dur:100)

May July 15.70 Oate 21.00 Miv

35 20 July

1.0716!

«««

New York four-per 200 lbs Back Bettlement 12X17, 113.20 nominal.-United Preis.

U.S. dnlar (pgr 31).

פאזל

4.

May 4 from Japan. May

5

Osoka,

for Singapore, Port Swet- tenham," Madras, Colombo, Bombay, Karachi, Khor-

· ramshalır, Basrah & Bahrein, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION 5/A Queen's Building, Tolophono 31206. Chinese Department: Tolophone 20293,

YAMASHITA LINE

S/S YAMAHIKO MARU

D/W9.050 tota

IN PORT LOADING BUOY A-1. SAILING APRIL 24th

For SINGAPORE PENANG, MADRAS, ́ ́COLOMBO, BOMBAY and KARACHL For particulars please apply to Agents DOWN THE NORTH CHINA STEAMSHIP CO., (H.K.) LTD.

53.11.11

OVER

3 Bd20-Deg Vocitx Rond, C. Hongkong.

11.02 bin

October

-United PreEL

A Chileso Freight Agents; Leighton Shipping Co. 31 Gliman SL

Telá 22038,

Tel, 21142.