Crisis Sterling Futures Rise REMINGTON
Meeting
London, September 14. The Prime Minister, Mr. Cle- ment Attlee, and a group of Ca- binet and other Ministers consid- ered new despatches from the Washington Arianefal talks at No. 10 Downing Street tonight.
The Ministers summoned to the meeting included those directing key departments affected by the forthcoming £100,000,000 ($400,- 000,000) cuts in dellar imports.
The Government awaited the outcome of the Washington talks before drawing up
revised Imports programme for 1940-50, which will cut dollar Imports by 25 per cent af last year's total.
The President of the Board of Trade, Mr. Harold Wilson, has to complete his revised schedule of understood
It is exports soon. that he was given a full report on the Washington conterence's at- titude toward Clause of the 1048 Anglo-American toan agreement, forbida discrimination which against American products.
This has an important bearing
on Mr. Wilson's task of preparing a list of European commodliles on which the Government will relax Customs restrictions to stimulate competition here and assist Euro- pean trade.
The Government has made no official reply to the sugges
Black, Eugene A. tion of Mr. the President of the Internatio na Bank, that many countries could not afford ambitious - cial service programmes. Political quarters assume that Britain was included in the scope of the observation. made at the Bank's annual shington yesterday,
the say Government quarters answer is that social services cost ($84,000,000) abou £21,000,000
In New York
New York, September 14. Quotations of the pound starling for future delivery in New York hava advanced sharply in the past two days.
Bankore attelbuta this to the ballar that devaluation of the pound has been pushed farther into the background.
Sterling for delivery in 60 days road nearly two canta on Wednesday after a ring of over three cents on Tuesday and le now quoted around $3.94.–Associated Press.
U.S. HINTS ON REVALUATION
-
Washington, September 14. Delegates of 48 nations attending the annual meet- ing of the International Monetary Fund here watched intently today for signs that the Fund's executive directors might be called into a 205- sion.
Conference circles believe that such a development, if it occurs, would probably herald action in the direction of the revaluation of the Pound and possibly other European currencies. Officials have pointed out that | the executives would not ordin- arily convene formally during the preient meeting, which is a con- ference of the Board of Governors of both the Fund and the Inter- Reconstruc- national Bank for tlon and Development.
and
OA
not the
However, directors governors would rule revaluation request but they must meeting in Wa-first be approached by the gov
ernment or governments which wish to take such action.
The
administration, but that apart from his small budgetary expen- diture the £840,000,000 yearly cost of the services represents simply "Internal" money trans- ferred from one purpose to an- other.
They hold that It has nothing to do with Britain's balance of payments position.--Reuter.
Attack On Reciprocal Trade Plan
Washington, September 14.
The Senate Republican leader, Kenneth Wherry, charged today that the Ad- turned the ministration has reciprocal trade into a "one way foreign producers to take over American markets.
governments concerned must give the directors 48 hours notice of any revaluation plan under the Fund articles of agree. meul
that a
Reports from London revaluation announcement might come over the week-ond
were
discounted by Fund officials. They
contend that the British Govern- ment would probably not an nounce a cut in world the Pound so soon.
price in
Marger Proposed
Fund officials said that If meeting of directors le held during the next few daya t will probably
carefully masked to insure secrecy. They said that premature on revaluation could result in
publicity
cut-
disastrous speculation on the new prices of European Fenclos Meanwhile, Republican Repre-
EUROPE'S FOOD POSITION
Paris, September 14. Marshall Plan officials told more than 130 visiting American farmers here today of a dramatic improvement in Western Europe'a food position during the last 10 months.
At the same time they warned that by 1952, when dollar ald ends, Western Europe's population would be 14 per cent higher than before the war.
"That means that if Europe Is going to be well fed, as before the war, either she will have to in- crease her agricultural production by 14 per cent or find the means to import 14 per cent more food,"
The farmers paid their way from the United States to appraise European agricultural production and methods.
OWI
They will visit French, Swiss German, Belgian. Dutch and British farms on ■ friendship
tour.
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THE HONG KONG JOCKEY CLUB
NOTICE TO MEMBERS Seventh Race Meeting Saturday 24th September, 1949
There are ton races, the First Dell will be rung at 1.80 p.m. and the first, race will bo run at 2.00 p.m.
Through Tickets (10 Race-$20) may be obtained at the Office of the Treasurers, 1st Floor, Telephone Houss, also tickets for the apostat Cash Gweep on the last race as well as those for the "Kwangtung Handicap" to be run at the Double Tenth Race Meeting on 8th October, 1949. Tickets in the Special Cash, Sweep on the last race and thole for the "Kwangtung Handicap" may be purchased miso at the Club's Branch Offico, No. 382 Nathan Road, Kowloon.
Mr. Barry Bingham, head of the Economic Co-Operation Ad- ministration Mission in France, told the farmers that by 1932 France hoped to increase agricul tural production by 25 per cent over the pre-war level, produce Meeting. programme sentative Jacob Javits proposed that the Bank and Fund merge for
A 1,500-ton exportable surplus of into a single organisation to pro-wheat, and export 120,000 tons of tect United States Interests in meat.-Reuter. future world economic activities.
street'
officials of the
to
Senator Wherry announced that
Mr. Jovita said in letters he will vote against the recipro
two organisations cal trade bill unless the Senate approves the Hepublican-spon-that a merger would permit the use of the Fund's $4,500,000,000 sored "peril point amendment.
for world recovery Senator Willis Robertson (De- resourceS
attacked the loans. inocrat, Virginia)
The Bank, which at present amendment as an "perit point" essentially high protectionist de- is handling such loans, has about $320,000,000 available for that vice.
purpose.
Mr. Wherry predicted that the tarif! agreement recently mode have to be re- in France will negotiated if the peril point pro- vision is retained-United Press.
Cherbourg, September 14, Three survivors of a crew, of about nine airmen were picked up on £840,000,000 on social services Tuesday night by Norwegian and food subsidies this year, lit-barge boat near Chausey Island ule more than one quarter of the of St. Malo. total national budget.
Govern
latest report reaching the ment spokesmen, including Str Maritime Base here suid that the
made Stafford Cripps, have
French plane, a Wellington, had plain that the country's economic engine trouble. crisis might compel the Cabinet to cut spending in this direction. To do so would almost certainly
out of the INDIAN CHAIRMAN be to court unpopularity at
Five men climbed time when a general election is cockpit and tried to use Calcutta. September 15.
FOR WORLD BANK The police used tear gas today not more than nine months off. tiny rubber lifeboat Two were others to disperse University students
that Mr. drowned and the three Officials complain demonstrating before the
were picked up later by a Nor- sidence of Dr. P. N. Banerjee, Black had made
vessel. wegian
They Vico-Chancellor of Calcutta analyse the relationship between brought to Granville
Hospital. University. The police made 40 & country's expenditure on soOne of them has a broken leg clal services and its balance ul
and a broken arm. The second has broken ribs only. The third payments position.
is safe and uninjured.
declined to Local authorities
arrosta.
10*
The students were demonstrat- Ing as a protest against the University's non-fulfilment of a damand for the resumption of night classes for Commerce students.
no
elfort to
Best Investment
their
were
Washington, September 14, India is the next member Chairman of the country to be International Monetary Fund and
International Bank.
The formal voting among the 48-member nations will be held on the last day at the present session of the two bodies, Sep-
They stressed the Labour Goy-give the names of the three men. tamber 16. During the last four All the others are considered as annual sessions the Chairman lost.
ernment's view that social The demonstration was part of vices represent the best invest- a city-wide students' strike, which ment which can ve made from rosulted in College puthorities every point of view, because they closing institutions temporarily.
Earlier this week Dr. Barner-efficiency, national health, vigour,
contribute
towards
industrial
joc announced a decision to close stability and productivity.
the Calcutta University sine die
In the interests of discipline and
as a mark of disepproval of the
conduct of student demonstrators. This decision was taken follow- ing a clash between police and student demonstrators, resulting in injuries to 10 persons--Reuter.
OPTIMISTIC VIEW OF THE CRISIS
the
Meanwhile, in New York
and
the Wall Street Journal and the Journal of Commerce to.
wonder day expressed puzzlament over the deep satis. faction expressed by the par. ticipants in the three-powar financial taiku in Washington especially that of Britain's re- presentatives, Mr. Ernest Bevin and Bir Stafford Cripps.
COM-
In their first editorial ments on the taiks, both paper,
Mr. W. John Kenney, head of which usually reflect accurately
London, September 14-
Marshall Ald
Mission to public opinion in New York's district, speculated
Britain, said on his arrival here Hnancial
by air from Washington tonight about undisclosed decisions at the that he is sure the three-Power conference. talks there would go a long way towards solving the dollar crisis problems.
The Journal of Commerce, de-
have
been
drawn from ship, United
States, Britain, all and France.
The China
However, the French Lansquenet, was patrolling night and came back to Cher- bourg to refuel and again
off-Associated Press,
took
1
It is India's chance this year ns the next most senior member. -United Press.
Bank's President
On Devaluation
Washington, September 14. The World Bank President, Eugene Black, cold the press today that he received generally favour able reaction to his address to the governors of the International Bank and the Monetary Fund on Tuesday.
In the speech he said that Euro-, the additional amount in terms pean nations must seek a realistic, of dollars lost through devalua- value for their currencies as part lion, he said.
parts to the dollar area.
of the programme to increase ex- claring that the official communi-
Mr. Javits sald cairn reserves will be needed for lending pur- the European Re- poses after covery Act expires in 1952. In addition, he said, the step dictated by the British dollar crisis and the need for planning under President Trumans "Point Four" programme
for the de- velopment of backward areas. United Press
Thailand Asking For Loan
Washington, September 14.
Viwat, Prince
Thailand's Minister of Finance, has asked the World Bank and Monetary Fund to speed up considera- tion of a loan to his country. He asked for quick action because of the continuing Com- munist advance in Asia.
“BIG FOUR" MEETING IN U.S.
Washington, September 15.-- A State Department spokesman sald today that all the "Big Four Foreign Ministers are ex- pected to be in New York for the opening of the United Na tions General Assembly on Sep-
tembar 20.
2011-
MEMBERS' BADGES AND ENCLOSURE
Members and quests are reminded that they and their ladies MUST wear their badges prominently displayed throughout the
NO ONE WITHOUT A BADGE WILL BE ADMITTED TO THE MEMBERS' ENGLOBURE.
Badges admitting non-members to the Membera Enclosure and. Club Rooms at $10 including tax, are obtainable through the Becretary on the written or personal Introduction of a member, such member to be responsible for all chita, etc.
Badges admitting to Members' Enatosura will NOT be on sale at the RACE COURSE.
The Treasurers' Compradore Office will close at 11 am, and Both Ogees, at 1st Floor, the Secretary's Office at 11.45 a.m. Telephons House.
A limited number of tiffins will be obtainable at the Club House provided they are ordered in advance from the No. 1 Boy (Tel. 27818). NO CHILDREN WILL BE ADMITTED TO THE CLUB'S PRE- MISES DURING THE MEETING.
PUBLIC ENCLOSURE.
The price of admission to the Public Enclosure is $3 including tax for all persons including ladies, and la payable at the Gate.
BOOKMAKERS, TIC TAC MEN ETC, WILL NOT BE PER- MITTED TO OPERATE WITHIN THE PRECINCTS OF THE HONG KONG JOCKEY CLUB DURING THE RACE MEETING. MEALS AND REFRESHMENTS WILL BE OBTAINABLE IN THE RESTAURANT IN THE PUBLIC ENCLOSURE.
SERVANTS' PASSES.
He added that it has not been decided whether they will sider German problems.
The spokesman, Mr. Michael McDermott, said that the United States Embassy in Moscow had
Bervants' passes will be issued to private box holders only, visa to the Soviet For- Issued a
who are requested to distribute them with discrimination and to an- eign Minister, M. Andrei Vyshin-Horse their names on the passes. Holders of such passes are not pure mitted in the members' Enclosure except for passing through on their duties and must remain in their employers' standa
sky.
Mr. Dean Acheson, United States Secretary of State, kopes be able to attend the opening to Assembly session,
The spokesman said that it hea not yet been decided whether the Foreign
idery
?**
Ministers wil
meet
at that time to con-
German
At the
c.
Problems.
meating
In
Paris last summer, the Foreign Ministers groed that repre. sentatives of their countries should meet in New York when the General Assembly conven
to discuss E ad
* pobelble future ting #f the Ministers con. cerning Germany and Austria.
McDermott said that the In an interview be said the
Mr.
American British, to send a
French and bank has promised technical team to Thailand soon Foreign Ministers will join the the other North to investigate the tapping of Ministers of possible gold and oil resources. Atlantic treaty nations for the
Treaty Council meeting due open here on Saturday morning.
Reuter.
"We have a small gold industry in my country now," the Prince said, "but we are hopeful that we will be able to develop it on a much larger scale with bank aid."
The Prince specifically said he would not ask the United States Government's Export Import Bank for money except on ad- vice of the World Bank.
PILGRIMAGE
TO ARNHEM
London, September 14.
to
Two hundred and fifty men
and re
Mr. Black said that Czecho
and women left London to Mr. Kenney was appointed in que had an air of unrealism, sald:
slovaks at the governors' meeting July, to succeed Mr. Thomas K.
night for Holland on the annual "Since the actual accomplishments
Mr. Black said he discussed inquired about the status of an
He also said he had reached, an rather ----Finletter-Reuter,
of the conference were
with
governors representing $8,000,000 timber machinery loan mesgro, this satisfaction can re- flect only one
of two things banks of the 48 members the pos- for which Czechoslove has an agreement with the World Bank Pilgrimage to Arnhem, com- con- sibility of Increasing technical piled. Mr. Black told the Czechs on the backing of a certain pro menorating 1944's epic battle
portion of Thailand currency with for the Rhine bridges. either the delegates, became con- CRIPPS SEES AN
under-developed that the Bank is still working gold in an efort to maintain his They were soldiers yinced that the British problem assistance to OLD FRIEND
on the project.but there are com-country's money on so even Enel, latives of the British. Ist Air Was areas of the world. is not nearly as difficult as Was
plications.
Later he said 11 was hoped that borne Division, which sent-8,000 the general impression before the
He asked them for suggestions pos Washington, September 14. conference or they must know
on how the technical assistanceHe also said that a resolution Tial money would be pegged on parachute and, glider troops into par value basis in relation to one of the most audacious feats While Mr. Acheson and Mr,more about rescue operations now
programme could be improved will be presented to the Board par valu the dollar.
of the war, k Bavinwere talking European being mapped out than we have
These projects are closely link of Governors callocating a the pregn
Only 2,000 returned" after eight policy at the State Department, been sold thus far."
with President Truman's Bank's earnings for the applica The Prince declined to slabor- days of gallant resistance against Bu Stafford Cripps, visited; his
"Point Four" programinotion of P PER C
*Instead of ate and declined to comment on overwhelming demans counter- friend, the Secretary of Defence,
dividenda
90,000 to $15,000,000 azn Leula per US$1 Louis Johnson, at the Pentagon. They met in India in 1947.
Inda for weed control Kotha maan fub
“discussing i economies douftumutual hope no
Only Way?
od
Devaluation by Europorn tries would not have any ficant effect on the Bank's
The Journal of Commerce salo the rat point had been quietly ton dispelled by the International Monetary Fund-in"just"one" Deli- currenny tanóa, when the Fund's "Annual a
When
nied withiri “ the: nast
·loans ta for the
-15,000
the guests of
1888
· Over 60
years reputation is behind
BY ORDER,
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1949
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