1955-08-26 — Page 2

Page

THE CHINA MAIL, FRIDAY, AUGUST 26, 1955,

SN 3.15, TAD AN

KING'S PRINCESS US MAY BALANCE BUDGET QUEEN'S & ALHAMBRA Treasury Secretary High-Class Knitting

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**THE

MORNING

Unable To

Forecast Tax Cuts

Washington, Aug, 25.

Mr George Humphrey, Secretary of the Treasury, announced today that, ex- cluding some unforeseen development, the United States should be able to balance its budget this year.

Mr Budget

introducing the Humphrey,

Bureau's

revised mid-year estimates, said the anticipated deficit for fiscal 1956, originally estimated at $2,400 million had been reduced to $1,700 million, the lowest deficit estimate in the last five fiscal years.

and that we can,

"Barring some unforeseen and receipte started pouring in development, we think we should, as the war halted.

balance the Mr Humphrey iso sounded budget this year," Mr Humphreya cautionary note today on the pressures on the mid,

United States economy.

These

Mr Humphrey nuded at press conference/that he could

not at the moment forecast any

inflationary

a

ese are times when the

Government, business,

Income tax cuts next year individuals alke should exercise presidential election year-be-prudence in both public and cause the first objective was to private expenditures," he said. balance the budget as one check to inflation.

MR GEORGE HUMPHREY

"Today, Americans are enjoy- ing new peaks of prosperity of employment, production and income-setting new records in many line's,

"But this simply emphasises

for the nood

wisdom arch restraint, as well as courage, in both public and private affairs." The estimated budget deficit of $1,700 million for Ascal 1950 compared with actual budget deficits of $4,200 million in 1955; $8,100 million in 1034; and $9,400 million in 1953.

Prerequisites

The Budget Bureau estimated that 61 per cent of every bud- get dollar during 1956 would be spent on major national security projects, much as the military, mutual security, pro- grammes, atomic energy and stockpiling.

He sold: "It is entirely too The current estimate for total carly to make an estimate about budget expenditure of $83.800 income taxt and corporation sax million for fiscal 1958 compared cuts. I would not favour fur-with $64,500 million in 1955; ther talk of reduction until I see $67,800 million in 1954; $74.300

is coming niillion in 1953.

where the from."

money.

Current Estimate

A balanced budget for fiscal 1956 required only a three per cent cut in estimated expendi- tures,. Mr Humphrey sald. The current estimate is for an ex- penditure of $03,800 million, ugninst estimated receipts of $62,100 million.

"In times

like the present with the highest employment and the most jobs ever in the history of this country, the highest personal disposable in- records in profits, come, and

produe wages, earnings, and

time tion, if there is ever, a when

should be our budget

he added.

| balanced it is 1, jances, it

"Under these

does gram that enough more un- expenditures

Can

be

The Budget Bureau stressed In its review that maintenance jof booming prosperity in the United States headed the list of for n balanced prerequisites budget-Reuter.

NATO

A

The old women knitted as the French aristocracy fell in the. Revolution; here the financially fallen French aristocracy (Clive Brook as Count Hector Clerambard) knits to keep the tally fortunes from foundering-in a reliearsal in the Paris success of "Clerambard". Clive, returning to the stage in this play, stars as an impoverished Count who earns his Hying knitting woollens-Reaterphoto

Shipyard Strikers' Threat

Protest Marches Through Hamburg

Hamburg, Aug. 25.

Striking German shipyard workers tonight threatened protest marches through the heart of Hamburg after the management of the Howaldt Werke shipyards announced they were dismissing their total labour force of 9,000 workers who downed tools yesterday in a "wildcat strike.”

The strike committee said it would make every effort to spread the strike movement to all West German shipyards.

STRENGTHENED

BY WEST

GERMANY

Washington, Aug. 25.

The Mutual Security Administration (MSA) reported today that the NATO community was greatly strengthened in the first half of 1955 by ratification of the treaties bringing Germany into the Atlantic family of free nations.

In its final semi-annual report to the Congress, MSA said: "The addition of Germany to the Atlantic community on a basis of full and equal partnership was a most important event not only because it makes possible a more powerful NATO deterrent force; but

necessary found so that with care and close planning

ing by all departments in a reduction of only Government three per cent in expenditures con properly be made while con- Unuing to strengthen our milit

even more, ary security and without lessen-

appreciable degree unity ing in any

The shipyard management said that trudos uction leaders had approved the mass dismissal.

The Werke

state-operated Howaldt was the flashpoint for the strike which has spread to the Steelcken-Werft yards and brought out nearly 20,000 men,

The strike threatens to spread

to 40,000 more shipyardmen at Bremen and Wilhelmshaven.

Not Authorised

R

The labour unions have not authorised the strikes but agree with the workers in demanding wage negotiations before the collective contract expires in September. So far the manage

it establishes the framework for a new ment has rejected such negolia so that

nations long separated by ancient tions. the proper standards of service rivalries can work together for a durable peace." which should be rendered to the public.

"Every effort will be made by everyone in Government service to accomplish this result,"

Cautionary Note

The last time the United States budget was balanced was in 1951, when it was, girding for a prolonged war ini Koren,

ORIENTAL

AIR CONDPLONGE

Its maintained and, turned over The MSA

Ad- Big Problems duties on July & to the new Instances, surpassed in 1955,

Co-operation ternational ministration, but its last report was made public only today.

The

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Er

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In

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#triles wildent Other affecting the Henschel locomotiva Cassel in some In construction shops at

strike

TC- committee has charges jected

that It

it but Communist-run, "Industrial production for

the backing of not have Europe as a whole set a new official union. record in the arst half of the The union stated tonight that car" It said. "Certain financial the Henschel works would have 'were in evidence in to turn down an order from European particular countries but on the India for 151 focomotives if the

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"boom" the European econornic strike does not end soon.

was still flourishing."

A strike of building workers The

suid report

difficult in Hanover and Uelzen, Lower and Saxony, spread today to a third problems, both economic

locality, military, lay ahead in Europe.

Nordenhan.-France- "Problems of trade restrictions, Fresse convertibility, dependence on United States special dollar ex- the new penditures making Western European community into an effective operating organisation, to elle a few," continued.

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