SECTION
GROWING FEARS OF RECESSION
IN JAPAN Austerity Seen As Only Solution To Country's Troubles
Tokyo, Apr. 13.
Press, officials, private individuals and the man-in-the-street who is already hard hit, are unanimous in agreeing that Japan is well on the way to a serious economic recession.
Imports are to be cut. Internal inflation is a serious possibility. The value of the currency is in doubt. Many bankruptcies are expected. The cost of living is climbing.
The press and public are denouncing graft in business, scandal in politics and luxury-spending among the planners of an austerity system for this country, this
year.
There are many who believe, 507,845 million you on February that the conservatively-inclined | 17. Government, turning from the In March, the Bank of Japan free and easy laissez falre further tightened the screw. The policies of the last three years, period for settlement of import determined that reni settlement bills was cut by one austerity is the only solution of
month to from two to three Japan's economic troubles, and nonths. that hardship is an unpleasant necessity.
Their hope
Is that dimeult stays ahead will ultimately bring Japan back to reason in the national economy. Their fear is that unemployment and unrest the Govern- may bring down Incut.
the
Other
Other measures to reduce or abolish previously used methods of import financing hit hard all which are making profits out of but a few favoured businesses,
shortages.
London Tin UK Association With
Price Falls
London. Apr. 13.
The price of tin on the London ** market
this
morning dropped to about £780 per ton after soaring to £820 at one time yts.
Friday terday. On
price stood at £775,
tho
Dealers were not alto- gether surprised at to- day's fall in the market aa many considered that the advance had been over- done.
Other reasons for the decline were reports of progress in the discussions on Indo-China in London And reduction in demand from Unlled States buyers.
Trade circles say thing the tin market la likely jo remain sensitive to Indo- China events Ад nearly two-thirds of world output le concentrated in the Far EaglReuter.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business on, the Stock Ex- change this morning amounted to 5003,818.80. Noon quota- tions and the morning's deal-
ings-
SHADES BUYERS SELLERS SALES DANKS
IK Book ... 1890
INSUJLANCES
The Government ordered A reduction in imports. Specula- East Asia tors. anticipating shortages, got
Union to work and before they could
Underwriters be stopped, had bought in DOOKS, ETC.
K. Whart... quantities of those commodities from which
Dock might be profit
Provident anticipated.
10)
!
Wheelocit
PRICES ROSE Speculative import buying so Japan's foreign exchange account outpaced control that in January. LAND, ETC.
showed bayments exceeding receipts by the equivalent $87,504.000.
Japanese economists, dustrialists and
common people are unhappy about the the new financial prospects of year, which began on April 1, or the third year of the New Japan, beginning on April 20.
Yet finely distilled Fice-wine, hot in delicato served piping
to soften the porcelain, seems imminency In bankruptcy for businessmen, und lessen the blow of dishonoured bills.
Indignang
editors newspaper readers, studying a "austerity" budget, note the presence of its architects in herself forced to pay 84 yen per rich enfortainment houses day and night, marked by
Tows of luxury motorcars outside, bear
uweli log Government 19 private number plates.
The national newspaper. "Asahi," said: “k seems as it a whole is one dirty society as
and
angry
new
meas
SPECULATION
BOY-
The result quickly showed in household
budgets, One Japanese Momme of
sugar is 0.132 of БП ounce or 8.750 The housewife found Frammes.
805
70
18.30
10 1850
69 1050
10
1850
20 A 1050
12 80 12 bo 500 a 12.20
000 42.80
100 on 13.00
1000 7.80
8.15
100 up Gt
100 6 01
73%
HK Hotel...
9.30 0.90 1000
100
8.05
1000
1.83
of
HK Land ... 90%
31 100 B
400 or 60%
Shai Land 1,00 Humphreys 10,40 16.00
500 or 1st Realty ... 2.0214 2.00 2000 2.0215 UTILITIES
250 GA 10.6
Trom
27.90 20.10 100 u 28
200 27.90
Peak Tram
(0)
Peak Tram
(N)
Star Ferry
100 Momme Instead of 50 yes.
The soybean, an essential item to the Japanese, Increased in price from 4,280 yen (about £4, 39.) per bale to 4,700 yen (about 24.14.)
when
businces
Soap prices increased as beef tallow exports were curtalled.
The austerity measures follow- a three-year boom period ed Speculation
when Japanese industry pros- wool, arl beans, sugar, and other essentials pered with Korean war orders followed the announcement of and
en Japanese import restrictions, The cost profited enormously from Ameri- of living rese ull through 1063 can spending in Japan.
American **- and is still rising.
During 1053
hero totalled the When Public Prosecutors de-penditure tained officials and businessmen equivalent of $776,020,500. The for alleged
American soldiers in Japan spent misuse of longe amounts of public money, news- $241,002,750 of this total.
But the
end of the Korean papers photographed the con- voys of
imported cars carrying visibly and quickly reduced the war, buyers' markets elsewhere, special foodstuffs to the prison, where their owners were under- former evidence of a remarkable
oing interrogation,
post-war prosperity and recovery, One
official, sald
to haveChina Mall Special bribes, passed
accused of planning graft during expensive.
released. the time belug
He
An incident during the Nor- winter weglan Army's recent
brought manoeuvres again
the guerilla taelles employed by the Home Guard Into the news.
A Home Guard
dis fading rapidly, and amicable left prison in a large officles ear Kroup
n relations restored between and, observed by eager reporters covered the whereabouts of Divisional Headquarters of the this country and its former from the
vigorous Japanese "enemy" side
War memories may be entertainment sessions, was for. London
ព
most exclusive
by the simple enemies, but the transfer press, went straight to one of ruse of ringing through on
and that has recently come to Tokyo's tapped military telephone
taurants. pretending to be on the same
hia
hls
| side.
the
Fooled Sentries
The book noted that if
tries to get away or re- leases his hold, he will fall back and break his spine.
Rubber
Market
London, Apr. 13.
The rubber market was easier res- with No. 1 Rss spot quoted azt 11⁄2 pence per 1b. Prices: light of Royal Naval funds A famous and extremely No. 1 in spot ...... 17a1-1752 in Japan from the Hong-beautiful geisha kong and Shanghai Banking
no
excuse
that this arranges
made
to plead as the Treasury
by
the
It in The next day, the Divisional irrelevantly, Commander, neling as he co- have done,
Was
The paper also quoted, with pictures from the book, another method of tying up a prisoner, by which the man is made to lle on his stomach and his hands, are tied behind his back. His legs are bent up ht the knee. One end of the rope, is tied round his ankles and the other round his neck. If the in the circumstances, announced Australian Commonwealth
in Japan direct prisoner les still, he is all right, that civilian. hostages would be | prostatative. But if he tries to move or taken in the neighbouring vill with the Japanese authorial escape, he will strangia himself age (only theoretically for the
The purpose of the
of Bankongkong and exerciso,
has long servo Britain he said. the faithfully in the Far East, and Home Guard
An
Chivalry Unknown
the
this
Pour the use of rotten food-
and the animals is advocated.
entralis
of
eldered a
ia real enemy would do, ment
(hostess Settlement house term:
May was widely une
May
Į
C. Light (0) 10.39 10.40 1903
16.30 10.40 500 10.40
་
European
Coal,
Steel Pool Discussed
London, Apr. 12.
In a leading article in its monthly bulletin, the British Iron and Steel Federation says the invitation now made to the British Government by the European Coal and Steel Pool High Authority to negotiate a form of "association' between Britain and the Community, poses essentially the same question as that posed in 1950 by the invitation to take part in the Community's establishment: "What would be the implications for Britain if she were to accept the principles of fusion and supranationalism?”
che
The article recalls that
the some 45 per cent of the Com- British Chancellor of the Ex-unity's own production must chequer in June 1950 said: "We mean that markets of the could not bind ourselves to are affected by policles of the these two principles in this other. This alone would seem vital matter without first clis to render an agreement cussing and ascertaining their able. Such implications and their effect on pur olber International and Inter-Commonwealth relations and upon our own economy and commerce."
The British Government
accordingly took no part in the negotiations, which eventually
minated in a treaty
Festing an
the premises it and hesitated to accept.
The article discuss the ques- tion of whether-if the implicu- tions of fusion and
supra- nationalism are still deemed un- acceptabic "association" would without ultimate be possible
Implications acceptance of the
of the basic principles of the trenty.
made
The article concludes that what would be neither clear nor Balisfactory would be the - stitution of a link between Britain and the
Community which
that appear Britain paid part-respect to the principles of the Community, while
her maintained over the implications.
Such a "half in selution of Buftain's
desti might
CX-
agreement cover three topics,
tarlis, ports and investment,
Clarity of the precise form of association would appear a Jirst essential in this complex
matter
Nothing could be more injurious to good relations be tween Britain and the Com- munity than a formula giving rise to misunderstanding as to cuch other's position, — Chilna Mail Special
NEW YORK
STOCK
MARKET
New York, Apr. 13. Ralls improved by more
at the same time she than 2 points today, taking reservations over the market leadership from industrials which
half
out" paused
relations
for consolidation
with the Community could only after their advance inst lead to constant feletion as the week which took them to implications
Community the highest levels for 26 ately un- membership were
of
years.
This rise in rails, which began If, maintaing her reservations last fall, lifted, the group 92 cents on average, within a point of the year's high- 12. February
1000
folded,
the 6500 10.40 over the implications of 2451 360
Community treaty, Britain were and partial 1000
to reject both full
participation in the Common
she could
Act 21
Volume expanded to 2,020,000
from
sil trade shares
with the Community es one in- "Ther
dependent #tato with another,
-1,700,000 yesterday. There were numerous strong
In the industrinis
and a case could certainly be spots
600.0 13.40 made out for such an agreement. especially among the olls-but
111,30
10,40
10.40
C. Light (N) 13.30 13.40 500 500
13.40
à 13.40
0 13.40
Market,
1000 or 13.10
1000 G 13.40
700 13.40
1000 de 13.40
600 a 13,40
cetric
31 315
Telephone .. 2020 2014
200 or 21
403 33
100 on 20,30
600 L 29.30
STORES, ETC.
INDUSTRIALS
Cement Rope
Dairy
Watson
Sincerer
COTTONS
300 g 28.20
17.50 17.00 500 4o 17.70 14,30
27.20 275
17.00
27.30
100 @ 2.85
0.45 015 3050 0
5000 G G1⁄2 3000* 0%
Textile Corn 7.45 MISCELLANEOUS
Yonglaze
Yaumat 140 142 Allied
Invest.
1000 3,0714 750 18 339
3.05
The fact that Britain produces n quantity of steel equivalent to
fract leaders as a rule moved tion either side of the previous close. The
closed 21 group conts lower on average after settting a new High since Oct.
New York Cotton 22, 1929 in early fading.
Market
New York, Apr. 13. Narrow price changes necom- panied a quiet trade in colton futures today.
Contracts see-sawed within a ten-point range
Out of 1,171 issues traded, 493 were higher, 380 lower and 208 unchanged,
The decline in the industrials in a average was the second row.
Prices slipped off near the close en proft-taking, Market observers saw the strength in rails while industrinia rested as while traders a high favourite. Should the paused for a new look at the rails confirm the Industrial rise crop pleturo,
by breaking through the Febru- While a forecast for additional ary high, many feel, a new rain in the South-West caused group of buyers will be brought scattered selling,
erop into the market, experts
the Gains in the rails ranged to
aggregating around a bale, at $1014. The recent strong had discounted the more favour-metals were mixed. Steels were able aspect of the crop news for arm and active, the time being.
some
contended
that
New York Sugar del af Friday and Monday, 24 points in Atlantic Coast Line
Market
New York; Apr. 13. Work No. 4 sugar futures to-
NEW YORK PRICES day closed one point lower to 3
New York, Apr. 13. points higher with sales of 318
Prices of cotton futures closed contracts.
today as follows. Domestle No. 0 sugar futures | Spot closed unchanged to 2 points May July 315 con- Oct. higher, with sales of buyers tracts.
Doc
*1794-1714 EXIL-201 1724-1716 Corporation to a Japanese publicised to
businessmen said to general markets, cit uasie, ports:
ITEP-FTE During the night,
the Diva-bank really requires a lot of tion with for her known associa- July/sept.
17 3/16-17 7/18 sional Headquarters was entered justification, said "Obser- be involved in political schudials. April Her price for attending dinner June
United Press. would be high. by the Home Guard men who ver" in a recent issue of the
For
a party of
NEW YORK MARKET again fooled the sentries over Financial Times, London. six or eight, the table and ac-
New York, Apr. 13. the password, and the cump was
would ba night erssories for a
Rubber futures. today closed theoretically blown to pieces.
about £300 sterling.
In Tokyo, graft, corruption, 15 to 60 points lower with sales
high-living and
and many of 140 contracta,
Realising by recent inconsistent and contradictory
continued to find trade buyers World futures gave ground Mar things" are the surface
small- after manifestations of Japan's dif- reserved in the futures markets. under realising
Dealers reported a short-sized forenoon gains registered Biculties.
lived
of flurry
through interest in No.
trade and commission In business, in the homes, and sheets during the forenoon, house buying. fuis, there is a hard reality of
which after
interzet bogged Prices moved narrowly in the rising costs and shortages.
Future domestic countracts. Japan's 1054 Budget is not in down. No. 1 sheets for June- itself regarded
August landed basis, was done closings, were: as particularly at 31% cents a pount. Spot No. deflationary, although provides
1 Rs were quoted at 211⁄2 cents defense expandi- for increased
a pound. ture and omits funds for sub- sidies to industry or for in- creazes in social welfare.
courke), beccled na civilians since the war it has done
This
10
11
the
of
TIGHT MONEY
The real austerity programme our is taking pince under the direc- tion of the Bank of Japan which, In agrooment with the Govern-
May July
The NY Stock Exchange bond volume was $3,480,000, and the American Stock Exchango volume was 476,000 shares.
Dow Jones closing averages
were: 30 industrials
38.00 34.03
34.17-10
15 utilities
3
33,01
stocks
40 bonds
23.00
33.96
-United PresL.
LONDON METAL PRICES
London, Apr. 13.
The tin market was quiet and caster while copper, Jead and 1374 zinc were steady. Prices closed 141 today in sterling per long tan as 2.320
follows:
Contract Na, '4-(world)
May
July
‹ 2,40 3.38
Gept,
Future closings were:
Oct.
May
11.581
2021,
July
21.006
Mar.
Hapt,
a1.07b
May
Des.
22.00
Mar
21.050
Spot-teenth DIT
May
22,001
United Press.
Open Interest), 5,000" 2ontracts, Contract No.
July. Iob Cuba), 327
Tin apot
3-months
Copper spot
700 buyers 76251⁄2 eilers
245
H
May
8.70
Iinonthe
0.73
Dead April
P
Sept
5.75"
Nov.
Zing April
not>(Cerbe, per
Tex-dutyl'
6.70
Open
"United'
London Foreign
that during the day and only oper- particularly fine job in helping The book further notes
chivalry andated in uniform at night.
recreate the ideals of
Britain's Eastern told Commander
21 trade. quite unknown humanity are
The newspaper that he thought that For docades it has had. commando warfare, commando muat kill in order the whole question of whether handling of Royal Naval funds killed himself. Ha or not the Home Guard should in Japan. What a strange re- not to bo
carry on this kind of warfare ward for its services that it trained not to should also bo
should be carefully reconsidered. should affected by blood or be
now bo deprived smell of death, and for
If the Home Guard man them!
all the operator in uniformu the time Especially
Binge, and is mobilised in the ordinary Tokyo correspondent the point- way, then all right, he said. But ed out, this has been done in One contributor wrote that even in exercises, we must re- dat contradiction of the advice ment is tightening is money 10 of the R.N. Paymister on the cow business; enterprises ⠀⠀-Li Just auch brutal methods were member that, the reaction an important part of Hitler's sneak-shooting could be sharp. spot. The First Lord of the system of creating his ideal Home Guard Staff Officers Admiralty
Mr J.PL. Thomas, Japan have much capital. Balsa
then money young soldier-physically well-maintain that their ineties are told the House of Commons
re borrowed to e trained, gruesome, and lacking In
with Inter- fost wock that present in all fee
"Just ilke predatory
on borrowings carried | Fysi "WO
blamed the often
great mass of decent and cultivated With regard to the suggestion nothing if apt t last go long per Germans because they did not. | that training in the murkiera the provisi react, while there was yet time, mides, of modern warfare; might First Lord,should, ave the All-bank loans were heav against the systematic brutalisa have a brutalising effect on the mirally decount handed backed the Bank Tion of German youth inverves mind of the young soldiers to the Hongkong and Shiral, Lauen
million In the Nazi programme the several array offloors haye Bank, Babd fordiw!
secordance
Art
Ak
Exchange
Thankarice: production;il aro, "provintomaatte Buyer la thimsATH NOW: YOSM-
a national rules and the regula mentall know this ballon, on 46 Interest” rátós, of up":"to:12]
tions of the Convention.
1040
Gerleva
someone takor
ענה
United:
NEW YORK FUTURES
New York, Apr. 13, Prices of metal futuros closed
Exchange Rates today in US cents per lbs. ht
Business was done in the incal
follows
3x3,96
102.94
115.90
101.00
United Pres
US COMMODITY INDICES
New York, Apr. 13.
Apr. 12 Apr. 13: Dow Jones Commodity
futures Index"...... 180.83 100.00 Daw-Jones Commodity
109.07 108.42 spot prices Index Moody's is commodities
Index
**** 430 434.3 -United. Prese
CHICAGO GRAIN
PRICES
Chicago, Apr. 13., Prices per bushel in center
** Closing Prices Whest, No. 2, red May 218(1), 293(1)'
July
September
"Coen, Ha. R. Yellow
Spot
November
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