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THE CHINA MAIL, TUESDAY, JULY 15, 1947. 1
Sterling
Convertibility
By John Kingsley
As Britain crossen the start. not entirely in her handa. M All in nit therefore it Is Ing line of Sterling convertibility | good deal will depend on the reasonably sure that July 15, it is clear that on a inst minute responsibility with which other 1947, will not cause a setback
fulfil weighing up of the various parties concerned
their to Britain's position in Inter- factors involved there will not parts of the bargain.
national finance. On the con- be any heavy additional calls Life good will accrue for trary now that Sterling is freely for conversion into dellars or instance from calls for gouver-convertible It will be made more gold, at leant in the early stages sion in respect of shortierm attractive than it has been re of the arrangement. In fact it movements où current accouis, eently as a medkom of Kettle- may be several months before such as a country converting in- í ment
international iran- transactions reach any sizcable to doilars or gold a temporarily sections. amount.
favourable balance and then shortly after having to reverse the process to meet an unfavour-
This favourable start to full convertility is due to the far-
nf
apread and thorough prepara-i able balance. Smooth working Cosmo Club
tions made by the authorities in will be much more easily achiey- Britain before zero date Julyed by every one taking long anID |
15 to cushion off" the impact understanding viewą, Celebrates
As
ter
The price of thirty dollars a square foot paid yesterday at a of the arrangement: With few| It must be remembered Chath Government auction for Crown exceptions payments agreements, Drital can always adjust” land in Happy Valley, in a purely have been completed to cover such eliorterm movements by Tamarrow evening, the Cosmo residential area, would seem
the bulk of future Sterling reducing her Imporis from the Club celebrates another succeRN- lend point to Mr. Kenniff's transactions coming within the countries concerned. That, how ful step in Its enreer by becom- repudiationi of Government scope of evertibility.
ever, is a step who would be ing a full "Members' Club" af-| Morcover, transactions
reluctant to take. responsibility for the gross infla from the appointed day will not
operating for one And a Finally on thla question of half years as tion of Hong Kong land values.be something new and untried exports it has been kald
a proprietary that Club, The upset price for the property to the British authorities. Pay- Sterling convertibility will maran
Conceived in the Autumn of was ärgers-on an assessmentments agreements of the trans- diversion of substantial orders 1945, the Cosmo Club was the of $5 a square foot, which most ferable account type made with from Britain to the dollar area. brainchild of Charles Fean, a people would insist was more than a number of countries, all im Well. such a diversion is now. Captain in the United
States enough--and the auction closed at portant hollers or ACTR of Rible but hardly in the next few Marines. Head of the first Allied a price of over $80,000, more than Sterling, have been working for months or in any great volume. rescue team to come into Can-
times six
much. If, the varying periods from February A number of other factors will ton and Hong Kong after Janan- D.P.W. argues, the Government this year. Sterling has been determine this question not least ese expitulation. Captain Fenn the relative value of and his team were Aulzed submit parcels of land to the convertible for current transae-; being
the Japanene in Can- free bedding of interested parties, on over a large part of the British goods, availability of the by
world including the dollar area right types and quantities of ton OTI the initial and the final result is an out-
for some useful tinie before goods from other sources and, templ (Aug. 10), hit successful- rageous price parallel to that
July 15.
the difficulty of suddenly sawit ly landed at Kai Tak quoted, there is nothing that
Some of the agreements made ching from one supplier to an- days later, Government can, or should, do in the past few weeks have by other at short notlee, about it beyond, of course. the shortness of the Ume avail. profiting thereby. Such is the able for discussion had to be formal official contention:
nature. to of a temporary
The gether with the submission thai Egyptian agreement, fur in- the taxpayer benefits and the only glance, runs only to the end of months potential sufferer is the specula this year but the six to prepared to gamble in the breather given should be ample ime for working out longer Lasis of present inflated prices. term arrangements. This, however, blandly ignores
Brit Again, 10
particular
propose
Jo?
Chistere Dept. 25738.
AIR
CORP.
TRANSPORT
SERVICE FOR PASSENGER & FREIGHT
AMOY
NEW TARIFF FROM DATE
HONGKONG
TO
(FARE)
CHUNGKING
KUNMING
LIUCHOW
Tues., Thurs., &- Bat.:
San... Tues., & Thura, ........ Tues., & Thurs.
HK$180.-
'SHANGHAI ....Tues., Thurs., & Sat.
ALL VIA CANTON
thereafter acerning from current transactions. Here, incidentally, it is well to recapl tulate the underlying basis of Sterling convertibility. First, it applies only
to current
TAKING
A CHANCE
By EDDIE CRIGHTON
The Inflationary
Britain is up in smoke.
de
several
By Dick Turner
CARNIVAL
ZIPPY FIT TAILORS INC.
3-14 DON 1947 BY KIA BERVICE, ING, T. M. RIQ, U. 6. PAT, DPT,
"Okay, okay! Don't take all day-make up my mind!"
A Visit To Russian Controlled Korea
Before returning to the Unit- ed States, Captain Fenn per- made several of his Chinese
Seoul, July 13. pretty well but were not ton to cu- and. British coʻlengtes
Russians In Pyongyang do clean. Uniformity of dress is operate in forming an Interna- not live any better than the not at all like the American. tional Club to be devoted to im- Koreans. In fact, sometimes] Some dressed in white, some proved relations between all think the Koreana live even wore blue, some were in khaki races in the Colony. Forward- better since it is their country and some in field greens. looking residents were quick to and they knew how to support so worthy project. along.
opened in
ternational relations.
ter of ceremonies,
1
BARCLAY ON BRIDGE
get
1
From their feet I could find ont that Russian soldiers spend Dur- two years in the army. ing that time they are given one uniform each and the choice of either hoots or eliges. Al- most u take shoes because they look snappier,
The Cosmo Club
It is strange to see little Rus- e of the few points of common needs, most of the later agree
January. 1946. One of tho sian children running around ground in the housing controversy,ments vary widely in character
carllest functions, was a party barefooted in the streets and ine relation between the excessive although each whatever its other
given by (then) Brigadier D.M. cost of land and the dearth of | variations provides for free con-
MacDonigall for the visiting new housing. Of the intimate vertibility or transferability of
military Government from
By JAMES association there is no question. Sterling
Singapore. Visitors from
R. MCDONALD
You could not help nothing parts of the world have written
the difference between a Rus Of the fact that official policy is
Shangbal, July 14, their praises regarding the hos
Blan guard and our boys all ap- more interested in profit-taking
inch pace of cur-pitality of the Club, which now playing with Korean kids. But proximately six feet tall shan in curbing the tendency.
seney issued by the Bank of Ming has 280 members.
ramrods. there is equally question.
Tung hasn't caught up with that
with that exception you never stood straight s The permanent
attention Chairman, see a Korean come within two When they came to not of the Central Bank of China yet, Merely to point to the con capital transactions entered into but it is running it a close second way ou leave, the Chair is now
popular Gerald Carey. being miles of a Rusalan.
for a Russian oflicer, they would quences of speculative activity, on and after July 15. Divi. No living person
This sort of bothered me. Of swing their rifles to port. click would take and wave arms in the air in an dends and Interest payments due Ming Tung currency
ceempled by Dr. Kenneth course, there are some GIs who them and you could hear the attitude of helpless deprecation is to foreign residents are includ-To trust a bundle of Ming Tanc Gring efforts in promoting In-, bady, but in Japan and Korea
however Clan, well-known for his un- just cannot get along with any shap a mile away. neither a useful nor a responsible q second, Sterling balances totes before
We had a straight and really u Chinesq shop. attitude.
The person or persons accumulated up to July 15 are keeper is asking for trouble as it
you can always ace kids running enappy outfit. I think the who purchased the Happy Valley or will be subject to special purported have been issuad
In addition to the restaurant, aftor jeeps, saluting us and Russians noticed that too. arrangements as to withdrawal by the Bank of liell.
library, und, games room, the yelling "Hi Jor," or "Hello, lat yesterday probably have a
Pyongyang itself is a lot vere clear idea of what they them will be convertible.
cleaner than Seoul. There were releases from ! or use by any
Ming ng money is literally Club has a fine Ballroom, where hello."
The Russians to do with it and are these arrangements
Korean children in Pyong- not carts at all. By money to burn--it is meant to go Major Cecil Way is usually mas
yang did not as much as smile have the city pretty well under satisfied to assume the risk in fulfilling completely hey ahliga So far, Ming Tung notes of only
The present tram for at a Russian GI, let alone tog control. Everywhere you look volved. It remais obvious, tons under the Anglo-American MT$1,000 And MT$5,000 de. Cut from the
(non-profit) along after him in the streets, there were pictures of Stalin however, that re-housing in Hong loan agreement which stipulat, nomination have been issued. The ownership of the origute, apo They seemed to go out of their and Kim Il-sung, Korean big Kong cannot make headway while ed she should not "coerce" Central Bank of China has issued Ors to the collective ownership way. In fact, not having any-shot who is supposed to be bend Government looks upon
of the government. These pic- such other countries into dealing in notes
of all the members was the re- thing to do with them. to CN$10,000 of up standards us the normal und rubs the Sterling area by denying nomination.
sult of several months hard Most of the Russian Gla tures were plastered all over its hands in a sort of gloating them other currencies.
This "hot money" is used to work contributed by "Interna- looked to be about 10 or 17. the city in all big buildinga... glee. The question that arises.
Liquidation or reduction. uf bribe the guardians of Hades. tionalist" Marcus da Silva. They seamed to be disciplined, railway stations and practically naturally, is what, if anything,
Sterling balances
everywhere. which total When a Chinese dies, according some £3,500,000,000, although to Buddhist belief, he immediate. Government can be expected to problems technically apart from y descends to the lower regions
Curiously enough,
the convertibility negotiations, have to be tried by Seng Wang, the strongest suggestion of an answer inevitably been closely inter-city god, and other offelals. is to be found in the housing related with the bulk of the dis- Various tortures await hìm if debate speech of, the D.P.W. in cussions. In payments agree. he has led a sinful life. If he he course of which he gave ments both short and long term has been indiscreet us, for exam. glaring instances of increases in provision is being made for Pl, a newamen who publishes confidential off-the-record rc- and values, increases to which the limited releases from balances lesste has contributed nothing,
over at-pulated periods. "These marks, they may pull his tongue
That contract would have all jcops we have in been, made if the defense had Korea were made by the Rus. except to hold on long enough. etcuses have been kept down to out a couple of feet. Other tor-
*inall fractions of individual walking the treadmill.
lures include pan broiling In one case, the cost of the un-
done what many mediocre play- Bians. and given the Americans developed land was $456,000; the resumed balances.
ers would do. Wext led his on lend-lenac, Discussion will be In writing this feature, Tet it) "THAT WAS a nice hold-up diamond 5 to the K, and South The Industry in the north is value today is $4,000,000,
later to deal with be recorded, I am taking an awful play you unde," said one part- put his J One settlement of the remainder of chance in the world hereafter.
on the 10 return. a lot better, than in South parcel which cost $30,000 is worth Sterling balances, the bulk on
ner to the other by way of com- Now, West should score his Korea, That is because most $600,000; a for with an original which accumulated while Britain was the keeper of a store selling defeating a No Trump game to the . South could maks his there. It seems a lot of paper The man who told me all this plimenting him on his part in A and return another dinmond of the industrial parts are up value of $17,161 can now be sold was making her all-out for $855.950. These, naturally, effort at the sacrifice of exports relatives burn Ming Tung
Wir merchandise for the dead. Their contract "Thank you for the contract. He could play the mille and other factories in are extreme examples, but they which would have kept her im- rency and other objects such as the play was a duck, not a hold- spade 9 and let East win it. some of the Korean farmers eur compliment, he replied, "but heart A and lead dummy's. Pyongyang are operating. But are vividly illustrative of the deports billa to n more manage- redios and motor cars made from up." He went gree of inflation in land values in able size. As Mr. Hugh Dalton, papier, mache so that the dear de. that a hold-up consists of delay- East would have to give South of under the Japanese,
on to explain Having no more diamonds, told me they were a lot better the Colony, in which Government Chancellor of the Exchequer, ported might use them to win ing your play of a top card in the lead with any return. Then, They claimed that all their
has clearly indicated on recent felends and influence magistrates order to has acquiesced if it has not given occasions, Britain looks for a
block an opponent's by taking a fineasc.of the spade fcrtilizer was being shipped to active encouragement. It is, scaling down of these heavy
In the Higher Courte down below,, run of his suit, where-an "duck" J. South could total three tricks Russia and that they wore more therefore, insufficient for Mr. burdens to reasonable propor- why, since only the printing costs card for the purpose of
My informant could not tell me describes delay in use of a top in that suit, four in hearts, one or less starving. They com- Kenniff to display these glaring tions.
are involved, Ming Tung notes abling you
en-in diamonds and two.in clubs plained the seed they were get- examples and use them to plead The Dominions concerned are
to run your own to make his contract plus an ting from government was no were not printed in values higher side's suit later. Both offense axtra. iustification for riding on the continuing their polley of help then MT$1,000. One explanation and defense make use of either
good. As one farmer put it: hand-waggon. Far more approng Britain to the
we at But West did not use his AUnder the Japanese tmost by may be that in Hedes currency.play.
on the second ̈-diamond.
least had our cropa. Now we maintaining their, external priate would be a Government serves in Sterling. As in the bal'.-Associated Press. order, imposing a tax of sixty or
played low. When East got have nothing."United Press. seventy per cent. on all profits on written or formal agreements- past eight years there were no land transfers. The shock that another example of the mutual would be administered would be trust which
severe :
and
re-inflation has no chance to snow-
eklata between
100 Years Ago Today
but we Call imagine Brliain and theso great coun- nothing calculated more speedily tries. and effectively to bring the cost While Britain has done all in of land down to reasonable levels.her power to fulfil her obliga- tions under the Anglo-American loan agreement successful works Mait"). Ing of paymento agreements is
PLAN
*
By Shepard Barclay
"The Authority on Authorities”
"DUCK" NOT A "HOLD-UP"
S 9 0 5
H Q 10 8 D 9 7 CAK 663 S843
SKQ7 N IIJ 62
#075 DA8661 W E DK104. CQ 10
S CJ082
SAJ 10 2 HAK 43 DQJ Z C 7 4
(From the files of the “China
...William Muggins, a seaman in the Home, Indulged in a chair while in quor and was unable to pay. His Worship ordered de fendant to pay 45 cents to the vulnerable.)
a coolics.
COLONIAL 250.- 350.-
Only the most doctrinaire critics 180.- of the Labour Government but it will have reserves of up to 300.- will try to find fault with the one hundred million pounds. This
plans for developing the economic is a constructive, as well as 35.-
resources of the colonies which boldly imaginative, scheme. Mr. Creech Jones has outlined. will allow a maximum of initia- There is to be a central public tive and flexibility to subsidiary 25 cents for calling
A hawker of ducks was fined out and a corporation of colorifal develop concerns, while preserving the hawker of blood 50 cents for do. ment generally. The corporation essentials of public control. Ing likewise and having will be Govemment financed, and, Already we have been told that licence. will be primarily responsible to the the development programme as KOWLOON
Special low rate for Baggage & Freight
HONGKONG
Shell ·HouseO
Tels:-21278-27811
27835
OFFICES:
Peninsula Hotel Lobby
Tel. 58548
We would
no
(Dealer: South,
Ho
the lead later in spades, he had
a diamond loft and led it. The A therefore 'took the third dia mond and was followed by two more to set the contract,West's clinging to his A. Instead of us.
A lot of Koreans owned vehl- cles and all big trucks you "ang -run on charcoal burners. It reminded me of the gas shori- age back home during the war. Talking about trucks, it in u funny thing but Koreans up there Insist all their jeeps are › Russian made. They even say South
SPITTING ON FERRY
ing it on the second diamond waiting room of the Star Ferry was a duck, not a hold-up..
Tomorrow's Problem
**S J.6-8
HQJ98
Both eldes
D 3
South West North
19 Pass 2 H 3 NT
2 C
East Pasa
SQ62
K.10432
PLAS
8 C
Pass
1 Q 1 ( ច
CD8
South's last bid was a bit bold
AK108 N WE HAKO,
DJ 10 S
OJ 100
S 0-4
-H.7.0 D.A.K 8 7 42 CK 7 8
In view of the weak sound of North's second bid, a practical British Government. It will it a whole will include not merely the fact that views of Hongkong decided that North's ability to draw attention to sign-off in cluba. But South self. organise subsidiary concerns, ground nuts, but bananas, tobacco, after the typhoon can be pro bid the suit at the two level on
(Dealer: South. Both sides whose operations will be managed timber, coal, cocon and many other cured at the Hongkong Photo- the first round showed enough vulnerable.) in consultation with the Colonial products. It should be the begin graphic Company and Afong's strength for a No Trump game
What is the soundest defense Government. The corporation ning of great benefits to both the photographic studio. Some good, try, since the diamonds appear against East's 3-Spades on this nɛ a whole will have to pay its way, | British and the Colonial peoples, | while others indifferent. .
ed to be stopped.
dealt
For spitting in the First Class
wharf at 11.30 nm. en Sunday," Ma Shing-tak, 40, master of the Tak Lee Grocery Shop, was faed 320 by Mr. Latimer. at Kowloon ( yesterday.AN
Leung Yu, 45, clerk of the Mee Lee Transportation Co., was find $20 by Mr. Latimer when he hpleaded guilty to the charge of spitting from the Northern Star" at 10.10-ih on July 13. It was stated that defendant épate over the rails of the launch against a strong winde
Both Ma and Leung were ar- rested at' the instance of Ferry Inspector. Nothwell.. Inspector'. J... Orem prosecuted in both cases,-!"
A one-man arf shot, Conslating of sculptures and watercolours by Mr. Lyon Chol, is now being- held at the St. Francis Hotel,