1953-10-07 — Page 9

MESSAGERIES

P.B. Box 83. Queen's Bldg.

M

MARITIMES NEW

Tel: 20651,-

M

FAST PASSENGER/FREIGHT SERVICE

From Marsellies

#VIET-NAM

Leaves Marsejjies

15 Sept.

6 Ori.

Yor

Yokohama

Tokohama Vir

THE CHINA 'MAIL, WEDNESDAY, OCTOBER 7, 1953.

CAPITALISM A NECESSITY

Swing To The Left Must Be Stopped, Says Financial Expert

ANOTHER SLUMP ON

Juo IL,

"LA MARSEILLAISE”

te,

} Nov.

"CAMBODGE"

21 - 02.

19 Nov.

To Marsiles

Lesyri Hongkong

Due Markeller

13. Nov.

Salzen

*VIỆT NAM

20 Nov.

Salern

23

Dec.

Nalgon

WALL ST

3 Nov.

2 rs.

*LÀ MARSEILLAISE"- - '#1 Del.

*CAMBODGE":

Vin Marseilles to all Mediterranean & West Africa Forts Via Djibouti to MadagaLONY.

From Europe

"IRAQUADDY"

"MONKAY"

FREIGHT SERVICE

***APIS SANT JS 1 Sept.

Dunkirk-enly cret.

Leaves Krelung

22 Ori

22 Nov.

To Europe

"COURREULLES”

"AURAY"

"IRAQUADDY"

Left

30 Oct,

10 Nov.

New York, Oct. 0.

LARGEST SINCE

Three Threats Confronting THE WAR

System

In Great Britain

A new

Mr Harold Wincott, editor of the Investors' Chronicle, spoke, of three threats to British capitalism when he addressed the Institute of Heavy selling on Wall Street Cost and Works Accountants' Summer School at Cambridge,

capitalism, ho urged, must be found to replace the old.

"In essence the only difference between Secretary of the Treasury. Mr modern political parties are differences of timing

and emphasis.

"What the Labour Party did was simply to get the idea of redistributing wealth before the Conservatives thought of it.

bug It..

For Manila & Japan Manila & Japan

Leaves H.K.

Vot

today

following A tax securities statement by the United States

lowered prices

# Girl,

1 Nov.

17 Nov.

↑ Salgon, Singapore, Djibouti, Mmseilles, Algiers. Oran, Tanglera. Casablanca, Le Hovie, Antwerp. Rotterdam & Dunkirk. Hubject to change without matico.

EVERETT

LINES

EVERETT ORIENT LINE

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

"LENEVERETT"

Arrives 'Salts

Ort. 9 from Singapore,

{DI Kobe Det. 10

"BRADEVERETT"

Arrives Solla

&

Yokohama,

Oct, 10 from Manila, Oct, 20

for Shgapore,

& Rungoon

Penang. Calcutta,

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

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.

"THAI"

Lunching

In Port Suits

Get. 8 for

Yokohama,

Kobe Pusan,

&

"STAR BETELGEUSE”

Arrives Sails

Oct, 19 Out, 20

Arrives Soils

from Jappan. for Shgapore, Port Swelten- ham, Penang, Maurus, Colombo, Cochin, Bombay, Korachi, Rusrat, Khor- & Bahrein.

ramshahr

&

Yokohamu.

Oct, 21 from Slugopore. Oct. 22 for Kobe, (Accepting cargo for transhipment Kebe/Pusan and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION 'S/A

(Incorporated in the Republic of Panama

With Limited Labulky

Queen's Buliding, Tolaphono 31206. Chinese Department: Telephone 28293.

Japanese Merchant Marine Now Half Its Pre-War Size

Colombo, Oct. 6. Japan's merchant shipping, which had suffered great losses during the war, has now been restored to 50 per cent of its pre-war tonnage," Mr Gengo Tsuboi, Asian Japanese Government delegate, told the Maritime Conference of the International Labour Or- ganisation today.

During the war Japan lost 2,568 merchant vessels, Mr Tsuboi said. After the war only 796 vessels most of them old and inefficient

Japanese shipping mado and

Aa

were left.

circles farers Welfare Committee with every effort to restore Mr Harai and Mr A. K. Moram increase their merchant med Serang, Indian Seafarers' fleet, Mr Tsuboi added.

adelegate, as Vice-Chairman. result Japan now had chant fleet amounting to 2,830,- 000 gross tons, of which 2,230.

1.' incr-

000 gross tons were represent

ed by ocean-going vessels.

the

The leader of the Singapore Government delegation Mr K.M. Byrne, was cloted Chairman of

George Humphrey.

Ad-

Mr Humphrey said the mindstration wanted the pornte

con- Income tax rate

co Unued of 52 per ceni beyond

next March 31, when it is due to drop to 47 per cent.

The Blo declared that excise inxes 011 motor cars, lorries, elgarettes and certain other pro- duels, due for reduction on the same date should be continued at present levels,

moves on Wall Street Today's wiped out all the Improvement registered since September 24,

M

Humphrey's remarks cooled investor sentiment, and securities over n wide front recorded 10sses of up to und dolia or more per share-China Mail Special,

Copra Quotation

FO

3:

"Or, to bo strielly accurate, the Labour Party didn't get the kton; they pinched it from the Liberals.

"Because the Liberats weren't at redistributing wealth good

Purty, the the Labour Liberals disappeared.

"If some new party should appear which is belter at the game than the Labour Party, then on all historicul precedent, the Labour Party, at least as at present constituted, will dis- appear too.

BRITISH COMMONSENSE

There it, I think, only one way of stopping this process, this inevitable and continuous to the Left, this gradual destruction of capitalism, virtu- atlly regardless of which party is in power, and that is to on- vince the British pubile that in the long rur, if the process is pushed too far, we shall no longer be able to sustain our

New York, Oct. 0, Copra was quoted today $200 per short ton, nominal, elf Pacifle Const, Coconut oil was quoted at 15%

fb.. cents per sked, eit West Coast. United Press,

Industrial Unrest

In Calcutta

Drives

Firms Out

there

present population on lelands on anything approachlar reasonable standard of lying. "I de roi despair of the British people in this respect. We have an enormous furd of cummonsense in this country. particularly

Bre when we brought face to face with reality in terms which we can under- stand."

It was only capitalism which put 50 million people on an island but by nature to ac- commodate perhaps half that rumber. It was only capitalism which enabled Britain to survive two world wars.

NO QUESTION

man

Nagoya, Oct, 0. What was described as the largest post-war cotton shipment received at Nagoya from a single vessel was unloaded from . Finnish, freighter which carrie the cargo from South America.

A total of 7.313 bales of row cotton. Including 2,860 balca From Argentina, ügel: 4,505 ba en from Brazil, wero purchased by companies in Japan.-Propec-

Presse.

U.S. Government's

Attitude To Economic Policy

By Sydney S. Campell, Reuter's Financial Editor "You cannot moye from an inflationary financing policy to a sound one without some re- adjustment. Sound, honest money cannot be achieved without paying some price, and it is worth the price."

British Policy Queried

Wisdom Challonged By Peer

The wisdom of Britain's post-war economic polley

was challenged by Lord Bal- four of Inchrye, in an address to the Conservative Club, Edinburgh.

Britain. he said, hod de- liberately handicapped develop- ment of Empire trade since the

Our economic pelley hud war. concentrated on tryluk to revive

something of in nineteenth

century world of international rollilateral trade, We had £2000 million of dollar loan and gifts, but we had not seen the bankers' dream world of multilateral free trade, not kny- thing approaching W.

The United

States was now reviewing her economie pulley, but he saw little prospect of her rarity motion. becoming a tow She might do something in the way of easing import restric- was not going to tions, but she

do a right-about turn,

Lord Balfour regretted very much that we had not yel made change in our economle

any

and were already making great

palley because both German and That remark to the annual convention of the Japanese industry were reviving American Bankers' Association by Mr Randolph.netrations into our home and Burgess, Deputy Secretary and key money man of colonial markets. to

th U.S. Treasury, sums up the present U.S. Government's attitude to economic policy.

Inst

Mr Burgess's boss, Treasury he favours a sales tax or

| udjustment" in U.S. business. According to Mr Humphrey. operation in "lower levels of some lines will develop ore

or

DEPENDENCE ON US.

"There is." he sald, tremendous

In danger

de- pendence on the United States economy. Whether America does concede something in low tariffs For His dangerous HDL, Britain to be tied to American economy too closely. If we are jet

ไป

the Amerien, even smallest recession there is going to have the most exaggerated effect on our economy.

"The

lics remedy

In the- strength, netual and potential of the British Commonwealth. It only we had refused the Ameri can loan in 1940, how different our position would be today. Had we bomb

"It is only capitalism which today enables the British working

fulminate against the capitalist across a kitchen table bearing such excile products as bananas, ten, oranges, and pepper. It is only capitalism which provides him Secretary Humphrey, speli imanufacturers' excise tax. with false teeth with which he out at greater length. For ane One of those two is believed mastlentes

Zealand thing, he went out of his way to be the only way to balance the his New amb or his Argentine beet." io pay tribute to Mr Burgess, budget, and both are believed far to be politically impossible. The There was no question of put- who had been under fire ting the clock back, of returning eving allegedly pursued a hard excise tax is slightly the less

policy

politically, to great extremes of wealth and money or light money

is but Capitalism in Britain HA APng. rausing the present nous

the sales tax. In a only Novarty laced three threats: the first corne

different place oud, if the voters from capital itself. It was the

do not know it, the Democrats Canger of a return to the restric-

can be relied upon to tell them. llohim of the inter-war years.

Either version is damned as everoaking the poor."

cor." That being for an prospect may 50, the needs unbalanced budget, to be blamed

Russia's hydrogen On rather than on U.S. polities.

Even if this is the outcome, it might not be much help to business elther in the U.S. that would mean more com-

More money spent on The accord

petition, and the "lower level abroad.

operation" are political one that of a continued of

and unpopular atomic wenpons those who experience might cut

doubly into vendetta against capkalim vr with tually regardless of whether it them. Including would-be ex- spent on conventional weapons,

The porters to U.

J.S.

scrios which would mean some was good or bad.

is

Mr

the U.S. continued: adjustments" "What I have in mind here

Humphrey

in Industries. typified by the recent remark of Scund money is an essential defence

Advocates leading Trade Unionist that to keep people saving money of conv

conventional weapons argue wage claims would be made, not with sound money, Americans differently, but they know they

keep saving. because preffs were higher-in will

Sound are fighting a rearguard action. fact, they were lower last year-

the utmos Im-

the

than we have

had, and it may well be in some cases this output be all that the country for a while."

"If capitalist system develops material

2. a defensive, restrictive, mono- polistic tendency, not only does ezonomy of the country suffer, but the unponents it capitalism are presented with a Flausible case for converting private monopoly Into State- be-owned industry."

Calcutta, Oct. 5. Business and industrial firms in Calcutta are taking steps to move to, other parts of India cause of continued labour unrest.

For the past seven months Calcutta has been virtually in a state of siege and recently workers have begun coercive tactics such a imprisoning managers of industrial firms in their offices to demand wage increases and bonuses.

be

West Bengal.

groed

or

the

of

Throat was

that

Quite rightly Mr Humphrey denied that this would catastrophe. But he pointed out

and

WDIY

mean

the

orate investor.

"It this trend continues, the Suund money is essential for

Is

we accepted a commercial loan on commercial terms and devoted our resources to the expansion of our material assets and consumer or

markets in the British Commonwealth, I bellove that today we would be riding figh."

defence money

So, probably, are the Interna- 4 The situation has become so populace and the police which but because profits exist. Frankly, money is c 10 our nationaltionalists and mutual security

portance serious that the Chief Minister paralysed Calcutta for a month. It is difficult to know what can be security. Without sound money peop

to If Congress has people, of West Bengal, Dr B. C. Roy.

the done about such an attitude. agitation

of without the sound econviny During

appropriate more on account Ba Fortunately, I don't think is as that sound money produces, the the hydrogen Party told the press that he would not Communist

proved

bomb, it might editor of a set typles of the attitude of great that the of strong

* of many

productive power surprised if

well take more out of foreign Calcutta's Arms are thinking of Calcutta daily claimed: "The responsible Trade Unionists.". America will deteriorate, and aid. Mulural security is losing

Communist

take over Party can

15 America's productive shifting their factories to other relatively peaceful

LONG-TERM THREAT States Calcutta temorrow they want

security-Reuter The final threat was a long-power when mobilized that has to North American continental into. The police are nothing." their activities

two wars and now pro- restricting

At one time during the train team one, implied in the aggrega-

throughout aggression Dr Rey said that a European fare agitation the Communists tion of power in relatively new vides the greatest deterrent to firm, which had

sume hold for two days a four square hands. The private invertor vos entire world. Sound money Is dying and his place was being the basis for both our econo- arca in the centre time ago to set up a large factory mile

mic and our military security. in West Bengal, now has decided Calcutta and only those persons aken mere a more by the cor otherwise because of labour con-approved by them were allowed

to pass through the mea.

the uing the folure of Ainerlen." The Chief Minister, in his ap- At the moment, there seems to Stock Exchange,

GREATEST BOON stressed the be no remedy for the situation, houses, and other parts of the pal to the press,

Assuredly, sound money can function fact that if there was no In-Private industries refuse to risk City's machinery will lose their dustrial peace there could be no any capital of the moment and new capitalism has to be never be praised too highly: it development in the State, and government plans to combat found to replace the old. We is the greatest boon that any

problem in unemployment the unemployment

have, as a nation, a genius fur government can confer on Is West Bengal would not be United Press.

compromise, and it may be that people. Eut at a time when the solved.

we shall find a way of spreading approximate danger is not inila- the ownership of industry with- tion but, on the contrary, that i

Business done on the Stock the Americans out disfranchising the mulutude

will

get

Exchange this morning amount. of mall, indirect capitalisis To

Themselves into some sort cd to $369,285. Noon quola setback have created and are creating,

(or "predict" them-tlons and the morning's transac- "I must confets, however, that selves into one, as the chairman tlons:-~-

ditions in the State.

Though he named no names, Dr Roy sald that certain agencies

spreading disaffection

were

Kainat employers and that such action might force Industries outi of the State and thus create more unemployment.

HARD HIT.

entraleved.

are nebulous.

The Rubber

Markets

60-001

60-5012

100-1509

thousands

No. 3 rubber per lb. Oct. 561-871

60-80% Factories and business houses No. rubber per ib. Oct. 87-63

Epot unbalest

18.40 08-08 con- Na, i pale crepe United Freas. that continue to work are faced Blanket crepe the Recruitment Committee, with with rising costs

NEW YORK MARKET

and a

Mr N. Dandekar, Indian hi tinuous demand for higher wages | owners' delegate, and Mr P. de and bonuses from their 'em-

some

of

HONGKONG SHARE MARKET

(From Our Correspondent!

001

East As

INSURANCES

100

UTILITIES

Union

H.K, Fire SHIPPING

Waterboal ..10.20 Aska Nav... 1.35 1.4315

K. Whart

200 27 0714 .. 8715 BELL Dock Provident 1300 13 1000 Wheelook .. 0.039 1009

1.K. Hotel .. 7.03

Land

tampreys,

633 640 10 130

30 033

1176 @ MA

17

19 1000

21.00

I would feel happier if capitalism of the U.S. Sicel Corporation faced up to its problems in a more fears) Mr Humphrey may be UARES BUYERS SELLERS BALES energetic and far-sighted fathica,

Sound BANKS as praising regarded Singapore, Oct, 0.

enough. money The market opened weaker if so many capitalists would "noi

Even with round money, later on short- appear to take as thei: watch- Calculta, the contre of India's but steadied

emilious. word the phrase the system will does not do to get it on the scilers Jute and tea industries and the covering with

brain, ree me out,

Perhaps he does protest pro- largest port on the East coast of Closing prices:

been hard hit by No. 1 rubber per lb.

TUC OFFICIALS "PUZZLED" too much: Such effusive

lestations might almost arouse Oct. India, has

and a

Mr Victor Feather, assistant suspicions that round moncy Nov. falling export marketa

business decline.

Dec. are No. 2 rubber per ib. Oct. 58-59 secretary of the T.U.C., said: "I be sporificed for the e:ke DOCKA, ETC. general

rfuli politics or of

think that most Trade Unionists that accept the principle

Samo at Investments should have

Administration's banking up LAND, BAC but reasonable. return,

what

porters have just such doubts of of US

the king's

The pre loyalty. shareholders who are get sident of the American Bankers' why

tears that Federal ting a reasonable return on their Association New York, Oct. 0.

original

Investment slituld be

and moncy

fiscal authorities Rubber futures closed today

dividends re-might act too quickly to try to Recently three directors and a

to 10 points given increased 15 points 'lower

tho

of in-offset "readjustments" members of number of senior

of 83 consulting from higher with sales. the staff of a British Arm were tracts.

creased capital in the business phases of the economy. "Imprisoned" in their office The spot market was report which they, as Shareholders,

a little afraid we have "I'm contribution at learned how to inflate too well," from 11 a.m. to 10.30 p.m. by

214% cents per pound. L'all.

he says. He was at pains to

that ho

was not who demanded employcos

"It seems absolutely fantastic point out Hanger holiday bonus than the Closing futures prices.

to Trade Unionisia that £350 Indicating any lack of confidence bad announced,

Administration, management

present invested in a business 20 years in Police eventually escorted them

of the from the building.

opinion, STORES, ETC.

Dairy Wotran or contribution on the part of which might force the Govern-

what he bellaves Lane, ment into the investor.

Crawf Kwong g

Honge 151 corTORS

Seafarers' ployees.

He appealed to Europe and Vrice, Netherlands

United States to extend colegate, es Vice-Chairmen.-- eympathy and understanding to Reuter.

Asli. The national economy of

the Asien countries, he said,

was the cornerstone

prace,

The

of world

conference today -con- sidered the report of the

Director-General,

Morse, surveying

forers.

Mr David

the law and

of the employment of

N.

Sugar Prices It building in the heart of Calcule o dail with No. 1 RSS quoted have made no

New York

New York, Oct. 0. World No. 4 sugar futures closed & to 10 points lower with Mr

M. Buch, Diretor-zales of 256 contracts, General of Shipping in the Indian Domestle No. 8 sugar futures Government, sold his country closed one point higher to four imprisoned was keenly

inpoints lower with sales of 30 assistant ensuring that Asian seamen were contracts,

interested

not exploited in any way.

THREE COMMITTEES

Contract No. 4 (world) Jan, 1954 Mnich May

3.14

3.14 nosa.

3.14

3.18 bld 3.10

The conference appointed salect commillee to arrange the July details of subsequent proceedings Sept with Mr S. A. Salim, leader of Spot the Pakistani delegation, the chairman and Mr Toshiya Hiral, Japanese shipowners'

ས་

fcents per lb. fob Cuba) 3.18 Contract No, G

Nov.

delegate, Jan. 1084 Mr M. Chandrasoma, Ceylon March Government delegate, and Mr May July Aftab All, Pakistani, Seafarers | Sept. representative, as Vice-Chatrinen, Nov

The conference elected Mr Sportcents per in. Buch as Chairman of the Sea-

5.31

3,10

0.54

5.50 bid B.50 bid

6.95

eif NY ex-duck) Unlied Press.

n

a crowd of The same day about 1,000 workers surrounded the office of a car works and manager and sho

for eight manager

holiday hours demanding bonus

Communist influence among the workers and the unemployed is considerable. Communists control most of Calcutta's labour unions. KED STRENGTH

Dec.

March 1954 May July Sept. Dec.

21,45 21.50

2150 bid

21.50 bid

21.40 bid

21.30 bid

United Press.

LONDON TIN

MARKET

the

agu could grow to £13,000 to- but merely n day without the alightest effort strength

the Army

of

Team

...... 20.70 Peak Tram

(New)... Star Ferry

in some

120 134

C. Light (0) 11.00

C. Light (N) 1.50 950

alization of

"In "He thought it would be in the would be unwise moves. Interests of

thom-some cases," he said, "adjust- selves, as well as of good induments should be permitted to trial relations, if there was more take placo.". Information, available to work-

F

THE OUTCOMET

the

London, Oct. 0,

ers about the kind of statistics Others expect to happe The tin market was steady.accountants produced for tho

different reason, for a Turnover was 85 tons of which management,

poiltient impossibility of balanc-

103 133

Lord Balfour sald he was not

OT Isolation

CX- preaching

But we should not clusiveness, be ashamed of discriminating in our trade with those who wished an advantage from us and would give us an advantage in return. TIME APPROACHING "Restore the principle of Im-

ho perial preference,

Bald. "Create a sterling trading area based, first, on the British Com- monwealth, and, secondly, on

will be sufficient raw material Western Europe, where there

for all.

tried the Ottawn

When we ̈ Agreement, we bullt up 11 position between 1932 and 1939 which was the envy of the rest of the world and showed that increased Imperial trade does not mean less world trade, but more

Let us sell all we can for

but do not let

dollars, bu

our pulley

113

shape

on American de Let us re-establish

nation within the British. Commonwealth and Western Europe, and in that way achieve on Independence which we have not got at present.

"We have walled too long for this polley, but the time is up- proaching when even those who will have rejected it hitherto and themselves embracing Ras Britain's only hope of attaining Independence from foreign aid."

India Fears Increased Competition

Bombay, Oct. 0. Indian textile exporte:s expect frem competition Increased Japanese textiles, especially la Southeast Asian countrits, during 500 94 9.00 the coming year.

200 #34

14 2000 or 14)

1600 (3.90

28.30

700 68 23.20 Electria, 2, 29:20 20,40 2009 i 20.20 Macao Electria 930 Telepitona

23 23.10 500 23.10 INDUSTRIALS

Comenta 18.70, 29.

FWO

***** 23.43 £315 1800-231

A Japanese economic survOF. mission visited India, and at New Delhi, the mission had a neoting with the Indian Pon- ning Commission to find some to Teen competion way between the two countries.

But no short-term remedy

The only hope. Et could be found."

that emerged from the talks was the development programmes of Boutheast Asian countries. 3.70 84% 1000 0 6.76 The Japanese mission also

300 2 20.00

2.478 2.60 300 216

Textile MISCELLANEOUS

Yangtze ... 7.20

the

2000 Indicated that Jopan, as

most industrially advanced

tonging the budget. Mr. Humphrey Exchange Rates future by switching more and prices at the end of the official workmen to face the facts as galvanised his

his hearts and Wall

is likely to country in Asin, change the industrial pattern in industry leaving more to heavy

Industry to other Asian light countries. .......

greater This would niso

for Indiántexttles in

Ιρανό

35 tons were for cash. Closing "It managent want

as were The Communist influence in morning casion

they say, then they must be Street by announcing that the Business was done in the local

exchange. narkot.. th showed itself follows-

the facts excess profits tax and morning at the following fates

the unoficial West Bengal

prepared to put all; 814 during the

before the workmen, and not supplementary incomo recent agitation spot in, buypre

-0.01 hoope | 199, dollar (per $3) quieștiri against a rise in municipal tram gulném

$. merely selection of them would duly be allowed to lapse sterling notes [per #13kvinne 18 At Southeast Asin; GRENA

But this faros.

which are Just mufficient 10 at the end of 2003. Ho made it Indonesian guilders (per 100)1130

at 1.78 ond. 800-604prove the case which the man- less clear that, to affrol the giam Licata per 100)

Singapore (8(rta) agement is wanting to make," resultant serious loss of revenue, Indo-China plastres (per 100)..

Bellera

018

813.

What started out as u smontis jin, buyers peaceful agitation and Boycot over a rise of 1/3 of a cent 100 Busine turned into a battle between thei

003

stilėra Bettlement

Tall-long-rang

the moment mere speculation-United Press.