1938-01-28 — Page 17

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FRIDAY, JANUARY

28,

1089.

AIMS TO OVERCOME OBSTACLES IN WAY OF NATIONS' TRADE

Economic Collaboration Best Means of Approach

London, Jan. 27. Weighty suggestions are made by M. Paul Van Zeeland, famous Belgian economist, in his report presented to the British and French governments as a result of his "inquiry into the possibility of obtaining general reduction on quotas, and other obstacles to inter- national trade."

In the course of his investigations, which have lasted since April last, M. Van Zeeland has visited Central European and Western European countries.

After this report had been read in responsible circles, it was understood that the British Government would be prepared to play a part in proc- tical action" on the lines suggested in the report if the other countries were ready to join in.-Reuter.

At the outset of his report, M. Van parties took up a favourable attitude, Zeeland unlesitatingly favours in the bureau would draw up a pact. ternational economic collaboration as a better objective than autarchy, and declares that no country can Avoid being influenced by the general movements of International economy whether for good or evil. Theore- tically, autorchy was not unattain able, but it was evidently out of the question except in a large national market dominated by an exceptional- ly powerful and central authority.

The report holds that autarchy Involved an increnso In the real cost

of living and a lowering of the standard of life.

Although M. Van Zeeland found that all the countries displayed great interest in his visit and his mission, in principle, this attitude almost everywhere became qualified by a marked reserve with regard to em- barking on practical action.

THE TARIFFS PROBLEM Dealing with tariffs, the report stated that in view of the fact that a general movement for reduction was outside the range of possibility, M. Van Zeeland thinks

that the

government might undertake not to raise or widen the present range, and gradually to reduce duties of an ex- ceptional character,

He proposes suppression of all duties and restrictions affecting the export of raw materials, and that one of the most emcacious methods of reducing lariff barriers is the negotin- tion of bilateral commercial agree ments based on the "most-favoured nation clause." But the application of this clause should be exercised In the spirit originally inspiring It. A formidable hindrance to interna- tional trade includes indirect protce- tion by a series of restrictive regula tions, the best-known example of which is the abuse of sanitary regulations in order completely to close home markets against various the agricultural products, and also framing of regulations which really aim at some individual producer, and the abuse of dumping measures.

M. Van Zeeland here re-advocated bilateral agreements and reference to arbitral bodies in the case of complaints.

OBJECTS TO QUOTAS

Quotas are described as one of the most formidable obstacles to inter- national trade. The gradual suppres- sion of industrial quotas. Is recom- mended, but there might be a higher tariff for quantities after the first quota is exliausted. The suppression of quotas does not imply the sup- pression of International cortels.

No obstacles to International trade are more harmful and more formid- ble, says the report, than those from nonitary disturbances, or restrictions arising from the transfer of capital of commercial payments.

URGES MONETARY

AGREEMENT

Ruling out for the present the practicability of re-establishment of the gold standard (though on a con- iderably altered basis) us a colu- ton to the problem of an interna- tional monetary standard, M. Van Aveland suggests interim solutions in he revision and extension of an Anglo-French-American tripartite leclaration. The parties would define parities of their the reciprocal

themselves to currencles, and pledge keep the eventual variations within erlain limits, for at least six months. M. Van Zeeland favours the aboli- tion of exchange controls and their clearing by stages. The first very urgent step is the suppression of of restriction

the оп

Payment merchandise. With reference to the

quidation of

it is past arrears, desirable that bonds be Issued by debtor states to be expressed in the arrears creditor's currency. Current should be treated in the same way as Countries freed from new debla.

estrictions would require trade and credit facilities which might be nrranged through a Dank of Interna- tional Settlements.

In the concluding part of this re- pori, M. Van Zeeland finds it im- possible to ignore the fact that he is working in the shadow of unsolved political problems, including arma- ments.

RECOMMENDATIONS

He finally recommends a pre-limin- hry

conference of the principal economic powers, who will be naked. it they agree to participate, to attempt International economic colla- the boration, and if they accepted main lines of this report as a

basis for discussion. The next stage would: be the appointment of a bureau which would receive information and representations from all states, atid would draw up programme of con- éructive action. If tho -interested

AUSTRALIA AND U.S. REMOVE BARRIERS

Washington, Jun. 27. Paying the way for the ultimate conclusion of the Australian-Ameri- can trade pact, Australia to-day was of removed from the "black list"

the "most nations incligible for

110 favoured nation" treatment by United States.

The American Consul-General at Sydney notified the Australian Gov- ernment that "following Australia's decision to ballsh import restrictions on American goods, Australian products henceforth would enter the United States under the "most favoured nation" treatment.--Reuter.

SHARE PRICES

The following is the list of local share quotations issued this morning:

Banks

H.K. Banks, $1,485 b.

H.K. Banks, (Lon. Reg.), £01 n. Chartered Bank, 12 n. Mercantile Bunk, A. and B. £29 n. Mercantlie Danit, C., £14 n. East Asia Bank, $02 b.

Insurances

Canton Ins... $260 Union In., $502 n.

5.

China Underwriters, $1.40 b. H.K. Fire In.. $235 m. Shipping

Douglas, $57 b. H.K. Steamboats, $11 m Indo-Chinas (Prof.), $51 n. Indo-Chinns (Def.), $43 n. Shell Bearer 94/4 n. Union Waterboats, $9.30 n.

Docks etc.

ה־78117

H.K. & Wharves, H.K, & W. Docks, $28% b. Providenta

$2.35 b.

Providents

40 cis, sa.

New Engineerings, Sh.-- Shanghal

Adm., 14/9 n. Raubs, $7% n. Venz: Goldfield, $5 n. Ilongkong Mines 10 cls. n.

Philippine Mining Autamok, P. 30 sa. Atuks, F. 23

.23 $4. Baguio Gold, P. .21 sa. Benguet Consol, P.- Benguet Explor., P..- Big Wedge, P.-

Kailan Mini Sh

Coco Grove, P. 57 sa.

Consolidated Mines, P. 011 sa. Demonstrations, P. 41 s.

Mindanao, P.

E.

Gumaus G'felds, P.---

Ipa Gold, P.-

1.X.L., P. .63 sa.

Itogons, P.-

Masbate Consols., P. ---

Min. Resources, P.- Northern Min., P.--

Paracale Gumaus, P. 21 sa. Saincot Mining

San Mauricio,

Suyoc Consol,,

United

P. 57 sa.

18 54. Parocales, P. 480_sh. Lands, Hotels, etc.

II. and S. Hotels, $5.40 b.

H.K. Lands, $31.75 b.

H.K. Lands, 4% Deben, $100 n. S'hn Lands, Sh. $7 n. Dietropolitan Lands, Sh. -- Humphries, $034 n. H.K. Realles, $4.40 b. Chinese Estates, $80 n. Chính Reales, Shi - China Debent,

Publio Utstien H.K. Tramways, $14.00 b. Peak Trama (old), $01⁄2 b. Peak Trams (new), $3% 8. Star Ferries $80 n. Yaumati Ferries (old), $24 b. China Light (old), $10.50 b. Chins Light (new), $7.50 n. H.K. Electric, $35 b. Macao Electric, $10% n. Sandakan Lights, $141⁄2 n. Telephone (old), $25.00 n. Telephone (new), $8.8

$8.85 b. China Buses, Sh. Singapore Tractions, 22/6 n. Singapore Pret., 24/- n.

Industrials

Cald: Macy. (old), Sh. $14% n. Cald: Mocy. (Pref.), Sh. $10 n. Canton Ices, $1.70 m. Cement, $13.30 b.

H.K. Ropes, $4.50 b.

Bieres. Bro

Dairy Farm, 25 b. Watsons, $5.40 n.

Lane Crawfords, $7-n.. Blaceres, $1.78m. Wing On (HK), $40 n. Wm. Powells, 75 ela, n.

Colton MI -- Ewo Cottone, Bh. $11 n.

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UNITED STATES' NEW LEGAL CHIEF

Washington, Jan. 27. President Frankiin Roosevelt has appointed Mr. Robert H. Jackson as

DRANK, SLEPT AWOKE AT SEA

Tebimko Aritake, 29, Japonese,

Solicitor-General of the United States, was charged before Mr. R. Edwards

in succession to Mr. Stanley Reed.

де

the Central Magistracy this Mr. Jackson is a Democrat, 40 morning with entering the Colony years of age, and has been an assist without a valid passport and being

vagrant on January 27, ant

Attorney-General-Reuter.

Shal Cotton (old), Sh. $58 b. Zoong Sings, Sh

Wing On Textiles, Sh.

Milsociiancons

H.K Entertainments, $0.25 b.

Constructions, #14 b.

Vibro Piling, 30 n.

Ch. Govt, 5% 1915 G3Dds.04%

13+

H. K. Govt. 4% Loan 4%*pr. n.

IK. Govt. 85% Loen par n.

Wallace Harpers, $3 b.

n.

It was aloted that defendant had had a few drinks and had boarded a ship in Japan. He went to alcop and when he woke up the vessel was at sea. The steamship company did not wish to have the defendant treat-. ed as a stowaway, and the Japanese Conmil han arranged for his departure on February. 6.

On the first charge a conviction

was registered and an expulsion order made and on the second charge

Matemans Ins. (Lam.); #/- 10/6 was sent to the House of Deten- Marsmans Inv. (ILK.), s/- 3/0 b. llon.