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FRANCIS WU'S STUDIO
1, Gloucester Aronde
CHINA
No. 34104.
ESTABLISHED FOR MORE THAN 100 YEARS
HONG KONG, MONDAY, OCTOBER 18, 1948.
Price: 20 Cents.
All Kinds of Portable TYPEWRITERS
AT REASONABLE PRICE. HONG KONG TYPEWRITER EXCHANGE
P. D'Agullar DÈ
Tel. 2148E ‚'
NEW BANKING RULES Israeli Troops Start BRITISH REDS TOLD TO
ANNOUNCED IN CHINA
To Tighten Control Over` Credit Loans, Securities APPROVAL - PENDING
Nanking, October 17.
New regulations have been devised to tighten control over business practices of Chinose banking institutions as a supplementary
Attack On Key Bases
Tel-Aviv, October 16.
The Army of Israel, Ignoring the United Nationa ceass: fire order, today hurled lanks and planes against key Egyp. tian basce in Egypt and 8suthyen Palestine,
An lerasli spokesman said the combination of air raide and fierce ground attacks disrupted lines of communications tinking Kgypt'e forward bases an Southern Palestine with home territory and the Egyptian casualties have been heavy.
Cairo reperta sald that Egyptian anti-tank guns set fire to all enemy tanks which attacked Egyptian positions.
The reports said that 500 lermali troops'ware killed in the attacks and large quantities of weapone and ammunition were captured.
Fierce fighting brake out in Jerusalem, Dospatches from the Holy City said that heavy mortar and machinegun fire was heard throughout today. Thire was no
raport on the casualtios.
furaci started air and land attacks aftor Jewish truck convoy in the Negev ares (vi southern Palestine had been at. tacked by the Egyptian Army-Uniled Press.
(MORE NEWS' ON' PALESTINE 'ON PAGE 7)
measure to the emergency economic regulations promulgated. Govt Troops Rush
in August, it was learned today.
Under the new rules, which are pending the approval of the Executive Yuan, no banking institution will be allowed to issue credit loans to Individuals in any form, while security loans in each case will be limited to GY2,000,
All banking institutions will be required to domand the real names of their clionts when deposits are made, and in the case of those using choque books, further details concerning addross and occupation will be re- quired along with a dofinite guarantee.
No banking institutions, ex- cept in cases where they are
60 entrusted by the Govern- ment, will be allowed to deal in the purchase or sale. of commodities or establish separ- ate agencies to engage in extra-curricular activities.
The scope of investment for all banking institutions will be limit- ed to communications, productive and public utility enterprises and any such investment must have the prior approval of the Minis try of Finance.
the
An Investment previously unde in any such enterprises must be reported in full detail to Ministry of Finance within oze month after the promulgation of these regulaticas.
To End Contracts
GY Recovers In Canton
Gold' Yuan recovered con- alderably yesterday at Canton, according to reports from the Kwanglung capital.
The reports say that a 30. point Increase was registered yesterday, when buyers offered 90 Hong Kong cents for one Gold Yuan.
added was
the buying spree in Canton has fost momentum- and - that the business situation is almost back to normai.
that
against loans or undertake the custodianship of same on be half of clients.
No banking Institutions, except the Central Bank of China, wil be allowed to issue cush orders of
Banks which have inade in- vestments in projects other than those specified must also report 10 the Ministry of Finance within the same peris and will be reused amounts or in the absence auired to terminale ог
transfer of authorisation other money or
· Their contracts before the end oders fixer amounts. the year
No banking Institutions will be allowed to accept ornamenta
and silver
security
Doin
IMPORTS DRAG JAPAN DOWN
To
Chinchow Area
Nanking, October 17.
Powerful Government reinforcements, breaking through a Communist blockade, by-passed Tashan and Kaokiao in their northward march to the relief of Chinchow, the be- leaguered Nationalist stronghold in the Mon- churian corridor, whore the situation is ex- pected to improve, an official communique said tonight.
SPIKE RECRUITING
London, October 17, London chiefs of the Communist Party have instructed their branches throughout Britain to do all in their power to slow down the Government's intense recruiting drive for the Torri- torial Army, a Communist spokosman said this week.
Every one of the 43,000 members of the Commun-
ist Party has been asked to do his bit în mak- ing the drive as big a failure as possible, Despite the arrests already modo when Commun- ista demonstrated at recruiting meetings in London, the party says that if is determined to carry on tho domonstrations whorever por.. Bible,
A vast number of leaflets for month under way, but War Office distribution to the audiences spokesmen ara hopeful or, that
the target will be reached.
of recruiting speakers has been printed.
So far, according to London Territorial Association, the Com-
Fall In Objective
en-
An official of one Territorial Association has expressed the munist counter-campaign hav had little effect, if any, on the view that far from sabotaging the recruiting drive which aims at ralling campaign, the Com- hringing the Territorial strength munist demanatrations had up to 150,000 by the end of next couraged it.
The
most demonstrations at March.
meetings had angered the crowds and lind shown clearly that the
Men and women have been entlating during the past wook
In larger numbers than at any Communists had few sympath!- time since 1930. In one arom. as
sera, he said,
Communist leaflet many signed on in four days
Es normally join in a month. No overall figures will be issued until the drive has been at least a
Destroyers
For China
Washington, October 17. China will get two US Navy
among destroyer escorts
most
widely distributed at the recruit. thx. meetings bears tho pleture of an atom bomb explo fon with the words: "Fall In-to this? No!
likely."
b
Another Ingan is: "No War for American Dollars,
The most spectacular explolt; yat took place at the top of the Monument, a 200-foot high stone column rising in the heart of While Landan's business centre.
Western Union Finance Meet
· Parla, October 17. The Finance Ministers of the Eve Brumala pact nations mat In a suoret session at the Finance Ministry today.
The French Prime Minister, M. Hear) Queuille, provided.
to
The Ministers sra expected
meet again this afternoon. Although the meeting was cloaked in georepy, Informed sources said the top itam under discumalon Was the financing of the defence pro» gramme of the Western bloo. Bir Stafford Grippe ropre- sented the United Kingdom,
Mr. Gaston Eyskens, repre- sented Belgium. Mr. Peter Llaftinck, The Netherlanda, and Mr. Pierre de Pong, Luxembourg,
Numerous economista and advisors aftended, — United Preze
Lighter On Fire Near New Godown
recruiting meeting was going on A number of drums of nearby, Communista ran up the
loaded onto
Ovorgeas Chinesa may 1m- port 23 kinde af vapential materials such as rico, cotton, 1Y001,
petrol. рараг, drugs: coconut oil, comi, tyras, timber and hemp for sale to domestic producere to get the gold yuan
The communique said the Kiangsu, the spotlight in the necessary for the satabilahment | Nationalist garrison in Chin-Chinese civil war remains focuss- of enterprises.
chow is clinging stubbornly toed on the Government's ablilty to
the 31 steps and appeared on the sodium peroxido, rest · Chinchow back from the 271 vessels covered by thehim balcony with a huge ban-lighter 108 tied up alongside Its defence positions within the
naval aid
State her reading: "No War for the the new Kowloon Godowns at old walled city,
despite re- Communista, Reuter.
programme,
Yankee Dollars."*
Wai Ching Street, miraculous- peated Communist elforts to
********. | Department officials said yester-
Apart from having sufficiently escaped damage when the day.
numbers of altendanta present at lighter. caught fire about 740 dislodge the defenders.
They are being outfited at War Ruled Out
the morting to ensure that they Norfolk, The two largest escorts
wat be broken up in complote P.m. yesterday were built for anti-submarine disorder, netther military mor By Forecaster
Gervice during the war.
Procedure
The total amount of equipment and raw materials imported by any individual overseas Chinese should not be less than US$10,- 000. These materiālā should", be China withing 18 shipped to months after the granting of the import licence and the establish- ment of enterprises for which equipment and materials were completed Imported should be within two years.
The following concessions were provided to encourage overseas Chinese capital investment;
1. Government subsidies;
2. Priority in renting publie and and, in buying State-owned enterprises;
3. Government
technical and
The Govenument, meanwhile management assistange:' today announced a set of new 4. Free transportation on Gov- mensures to encourage and faclti-ernment rallways; late overseas Chinese capital in- 5. Government relief in speclai vestment In China's productive hardships; enterprises.
The now measures permitted veracas Chinese to import ma elinery and their accessories, raw
6. Guarantee of security of in- vestment, and.
7. Medal awanis.
at-
The communique, placing the Red strength around Chinchow.at 300,000 men, equipped with 200 artillery pieces and many armour- ed cars, claimed that more thad" 40,000 casualties, have born in-
on the Communist ficted tackers since the battle began.
The communique added that, as result of the incessant Govern- ment bombings, the Communist supply problem and lines of com- municationss situation are becam- ing difeult.
Violent fighting has Nared up in another part of Manchuria in the past 24 hours as Nationalist armies launched a two-pronged offensive against the strategic raltway junction town of Binit- -tum-from-the-North-Eart-and
South East,
pro-Government despatches reported today. Sinlitum, which fell into Red hands in the Communist push several months ago, is situated 70 Also, specified public land rent-taltes West of Mukden end 89 naterials and other essentiale by oversens Chinese investorsmiles North West of Chinchow. zoods into China with their own shall be tax free for Ave in eight oney for investment in the fol-years and subsidies granted shall based on the difference bo- lowing
enterprises: the productive Mines, factories, forestry, nericúl-tween the cost of production and ure, Irrigation, public utiliṭim, the market prices of the products Japan will probably have a
·US$500,000,000 unfavourabic jmmunications, export produce concerned. Router and United
Tokyo. October 10.
balance of trade this year ac- cording to SCAP review of Japanese economic statistics.
Increased imports aimed at re- habiliteting Nippon's economy and unsatisfactory results in the export field are accountable for the one halt billion US delial figure in the red.
Industrial production in Augus
Was 55 per cent of the 1030-3
level recommended by the Fa
and handleroita.
Press.
Inflation Tells A
Of Trouble
Tale
Shanghai, October 17.
Fastern, Commission The Augus The case of Susic Pei illustrates what happens to.
figure was the same as int fo
July.
Coal production in August wa
the little people during inflation.
"at the lowest level since Novemn Susie is 60 years old and a nurse amah. She hos
ber, 1947," SCAP'S review noted.
It added, however, "the 30,000,00
ton goat for the cual year endini
March 31 is still within reach "- Associated Press.
The Weather
A 600 hour GMT (UKET,
the typhoon was centred about 100 mile
8
Hong Kong moving W, or WNW nt
almost always worked for foreigners..
Her
pay over the years has averaged anywhere for the equivalent of US$5 to as high as US$25 a month. The US$25 came when she was working, for Americans.
Aimed At Chinchow
The new Government' opera- tion, which is believed to form part of the Nationalla! move to racapture Chinchow and con- trol
corridor, of Manchurian came close on the heels of Pro- eldent Chlang's hurried trip to Mukden for conference with General Wal Li-hoáng, the top Nationalist commander in Man- churia, and the installation of General Tu Yu-ming, the -De- puty Commander-in-Chief for East China, as assistant Gen- oral Wal.
General Lin Plad, the Com- munist Commander-in-Chief in Manchuria, la reported to have rushed his crack 6th Army and part of the 10th Army from the
corridor sector to reinforce the Liniitum garrison.
Wellesley, Mᚉ‚¿“
October 17. Statistician, Mr. Roger W. Babson, sald today that there will neither be war nor do- pression in 1948,
old
Boventy three-year Babaon, who forecast the 1929 crash, made his fatest form. met at the third annual con- and ferance of businessmen educatore at the Bahaan In stitute.
Mr. Babson said his con- fidence
*temmed in DONGO from talks with top Govi ernment official who recently conferred with General Lucius D. Clay, United States com- mandor in Germany.
ngainst guerrillas. Associate Press.
even
WIS
The Bighter itself was burned Government maluin intend take to the water teve! before the tim An agreement made public tog any stops to stomp out the was subdued by the fie flunt.
which arrived about 17 minutes last December provides. China: tu | Communist campaign.
and wisich, after the outbreak, 271 vessels without the receive
Red Protosta
due to the red flag (indicating for them. A limitation on paying
Following Communist protests dangerous goods on board; being delivery is the speed with which
to the Prime holated on the lighter, hud to fight Chinese crews are trained. The lacluding one
Clement Attuce, a crui ing battle with the dames. principal aim is to give Ching at ter, Mr.
An alarm turned in resulted in in rom Mr. Willion, Galingher, one beginning of a small navy
four appliances from the Kawinen with US policy that China shoul of Beluin's two Communist Mem
that Army Firo Brigade, under Divisional were Officer V. C. Seymour, being sent be a stabilising force in the Farbera of Parliament, East. A more immédiate purpose non-commissioned officers In to proviile patrol vessels inc to eject hecklers from one to the Jordan Road ferry whart. The fine ighters and police on meeting, the organiser, have been coastal and river policing works careful to use only civillan at the whart area wore force to
.endants.
stand helplessly by and seo the is because, in a land ighter being burned, "It This Jealous of the right of civilians, realised that no water from a fire thebitterest anti-Con hose could possibly reach the muni ts would disapprove strong burning craft which was, at the
or military
of the feat Ume, about 800 personnel bein used against civilians of whatever
Dividona! Superlatenden E. C. Deconice, "Duventspoons, d. 1 Valdron and J.-R. M. B. Will. DO Aremen then Seymour and four boarded a publie motor boal and espite the dangerous cargo on beard the blazing lighter, éruise ! round until the arrival of P 100 Launch No. 9, under SI Davitt,
the
pouse craft. when they boarded
Large crowds of spectators athered at the water front in Kowloon and Hong Kong, on two r three occasions as the burning lighter was soen drifting diosn to
approuvAJIN CERIT.
HK, CHINA TO EXCHANGE NOTES
political creed, was starting a
"If Stalin war he would give us maple sugar-ho would not be irrita - Ling us," explained Mr. Bab
ton,
He predicted business con- ditions next year would be
■milar to those in 1948 with
prospect for the better United Frogs.
to
01
Kowloon Naval Yard. Nanking, October 17. The Chinese and Hong Kong
Interruptions Governments will exchange notes
at meetings covering here tomorrow
a nov Britain have not been one elde
It is recently. In the past three or customs treaty, by which
Communit speak four months, control hoped
tighten smuggling to and from the Britishere have bad a rough time.
At one provincial Communis colony:
Al the ceremony Britain wil meeting, two speakers were pull
ed down and their platform: tho British be represented by Charge Affaires, Mr. L. Hamashed. At another the loca Communist tecretary was: peste. Lamb, and China by the Vice with tomatoes and be and hi Minister of Foreign Affairs
by
Mr
colleagues were chased Liu Shih-shun-Associated Prese crowd armed with horsewhip
Warns China On Red Vietnam
Shanghai, October 17.
The leader of a Vietnam patriotic organisation now in Shanghai today pointed out the danger to China, "sandwiched by the Reds to the North and a Communist-controlled state to the South should the Communista plans in Vietnam succeed."
Meanwhile, newly-American- trained Nationalist units are lock- ed in grim battle with two other Red armies near Kaochlao, half- way. between Chlachow and the Government held port of Hulutað, where Nationalist warships-in-
Leu sald the independence Luu Duc Trung, leader of the cluding the British gift cruiser,
Movenient France had given Vietnam wat Aurora, and the destroyer Mendip Vietnam Popular
only independence on paper." Although the work of a nurse Susie said she was willing but are anid to be covering the and one-time spokesman of Ex-
until the landing of several transport loads Emoeror Bao-Dal of Annam the right to have our own army, "When the French give us back amah consumes up to 14 and 18 she intended to wait
day, Susic, in hours a
the gold yuan. had a chance to prove of reinforcements,
before his separation from the
our own diplomatic согра and Although the Communists ara value. She hung onto her mysterious manner of Chinese its
and reported to be massing some monarch on account of politi-
and ervents, managed to salvage out greenbacks and found new
200,000 men for an attack on the cal differences, charged that ntrol over our own financial call ourselves Independent. Unill But last month ·
will continue to
to. fight, ployers gave her? "two days' offers city of Hruchow, in north that troubled country is turn-then wo,
Ing the people towards the Luu amrmed. and sho went to the country
Reda
Luu deplored the "wastage of village up the Yangtze to visit
The real desire of my people is manpower and the draining of her home. She felt her`fund. In the care of her son.
to kain a true and keputje indo-the resources of France at a time when she needs them most," in pendence, and not to turn com- munist. But, f Frunco continues continuing the futile conflict ih to display her present lack of Vietnam, claiming that the Vict sincerity in her negotiations with namero would never again
permit For Vietnam, the Communist afluen- themselves to fall under Frenchs
ces headed by Ho Chi-mill subjugationAssociated Press. undoubtedly gain ground over the Black Market whole of Indochino,” Lau warned.
w little time for a life of, her own, I better hiding Auslo's en-. | Nationalist East China hesdquor- | the 'present French policy in economie altairs, then wei cani
Somewhere along the line she whose
16 kuota. Ita associated troughs extend married and had a son
Brows the Philipplow to the Marianas moderato education she managed
"where another trouais extends northwarda | to finance.
to Jupit
An antheyelano peralata over China.
winde, alr
Limed. ** some lightrain during the night
arly morning.
mi
lo
On Other Pages
Throughout
the years Suile Roma- managed to lay a little Today's Forecast:Push No Nthing by for her old age. When Then come the arrests by eco-
Clearly with
inflation came she had to take anomic police of people caught protty bad exchange licking in dealing in foreign money. There
Economic, po-Į Page 2. were executions. order to convert her nest egg in-
Report something of sound value.lee were all over the place.
Susie's son got scared. He dug, Bchools. She chose US dollars. ·
out the green backs and took Page 3 them to the bank and exchanged Govlot Citime them for packels of brand naw Comes From West,
'Yesterday's Weather:---
Maximusest 70.5, deg.
Minimum: 72.2 deg, Fab.
Bunshine 6.3 hour,
Hainfall 0.1 mm.20.005 in. Total since
“Jam 22104.1 bom.:94.63 Į M
kzsinak” ná syvenes of 2021,0 {13.67 fas
Life Savings
Each month she took a small part of her pay and bought one for two more US dollars on the
US$1. gold Yuan, at four to the black-
Its value is set on the market today at 9-1, and like tha
Béronseg Nood
Philippines. Decide To Be Pre-
pared.
10147 1618.7 m.& black market to add-to-her-pri- old CN it appears to be losing Page 7
· Readings at
10 mm 24 p.in,
Equato
20.02
Foint
Богое
Timu
jebevate beneficent fund. When the more value ouch day So Buxleave Refuse Comio Fire Onli.-
gold yuan was introduced Susie's is up against the same decision Page, B. fund came to almost US$400 and agmin shall, she convert back in- ura: Talang Against devict Die represented the life savings of a to US dollars again, Joring more armament Plan. thrifty ginah,
than half, the value, or keep the Page H
,45 deg. 7.5.
2012-kot
Contradiction
CHINA MISSION
FOR INDONESIA
Luu declared: "At a time when the western powers are taking o
Shanghal, October 17. Arm stand again the Soviet Union in-the, UN General Assem. An official Chinese trade Imis. hly, the continuarice of the French ibn will Wave Shanghali, to
several aspocie of traile between Imperialistic hold over Vietnam Morrow in Indonesia to discuss against the will of its 20,000,000 China and Indonesia, it was people, thereby making them an learned today. A
Chinese high and low were sold yuan in the forlorn hope it :) Homer Urgen Aid for Frenet caster prey to red doctrines, is in The mission will be accom
direct contradition "to" the "con-panied by My, L. Stark, Commer Nother to, Warned that it was illegal to keep will recover. She will have 150 Minere.
tain communism" policy of the ciál : Counsellor, of The foreign money, that, they must decide quickly and ether away Page: 10.
Western Alle turk it in for the now gold gaan, she lowen Associated Prise.
* French,Frana Revaluation,
Janda Embassy —Neuter
and waler pistole.
They had to seek protection a the focal police etationReuter
TREAT YOURSELF
WATS
Beverages
Go
a
35
THE COOLING DRINK