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CHINA MAIL
WINDSOR
HOUSE
12, Des Voeux Road, Central,
Mezzanine Floor, HONG KONG,
Telephone
Editor in Chief....... Reporters & General Office
(four times)
24384 32312
THE CHINA MAIL, FRIDAY, APRIL 14, 1950..
The Dollar crisis--No. I
BRITAIN AND HER
DEFICIT
controls which Great Britain The modern
Emperor
Great Britain had no one knows
the increase of UIC Imports to Dominating all the man-, India, Pakistan, Ceylon, South
the rigid oeuvre in the new Parliament Africa, Northern and Southern North America and
Rhodesia, the Crown Colonics, Is the question: When will the Burma, Iceland, Iran and the exercised over imports from the
The In pro- dollar area. chronic economic crisis enter Mandated Territorios.
achievement small its next acute phase? The war times, the United Kingdom in keeping the deficit so
was the greater, because in the had a current surplus account general view at the moment with the other countries. of the yearn between 1938 and 1948 the
These is that this may be in the| sterling area.
may be terms or trade between Amerl- the overseas sterling can and summer but is more likely to called
The United countries.
King- entered in be in September. For the last dom exported more to them and
Amerien's Invours. Great Britain had to pay pro- three years the crisis has been earned more from HK$18.00
them that portionately much • higher for intensified cach September. they earned
the United things which St Imported from Amerien than America had to The related question is: How Kingdom."
pay for things which it imported All news contributions to be accute will the new phase be?
Irop Great Britain. In other addressed to Editor-in-Chief.
Each of the parties is trying to
words, import prices Increased Advertisements and Buletind the answers to these ques-
much more than export Brices: tions. communicatione should be ad. dressed to the Company CHINA MAIL LTD.
Bubscription Ristor
3 months
6 months
One Year
HK$36.00 HK$72.00
MARRIAGE LO-WU-The marriage between Mr. Horace Lo, son of Mr. & Mrs. M. P. Lo and Miss Mema
from
By "WINDRUSH”
Their tacties in Parlia Special Correspondent
ment will depend on what they decide.
there is of its
countries
The United Kindom was in de felt with North America Le, the U.S. and Canada (to the tune in 1938 of about $430 million). But the oversens sterling had in prosperous years a surplus they with North America, and
These also produced new gold.
the dollars and gold flower to United Kingdom to settle the de ficit, of the
sterling countries with the United King
United a dom, and the
Kingdom used them for settling its deflelt with North America,
With British politics so much overshadowed by the crisis, it i strange how' little understanding general nature, People talk of the "dollar mp. They, suppose, rather vaguely, that Britain's trouble have come about simply because the United Wu, daughter of Mr. & Mrs. Kingdom ucils too little to the S. H. Wu, will take place on
U. S. and huys too much from April 15, 1950, at
S. the U.
this Actually
ja a Sextatry. Supreme
Court.
The crisis is false picture. A reception will be given mu
much more complex thing. It after the marringe, at the
Is crisis of the deterioration of the balance of payments of the Hong Kong Hotel, Jacobenn Room at 3 pin. No invitation countries of the sterling area va a whole with the countries of the enris being issued, but all
friends arc dollar area as a whole. relalives and cordially invited.
the
OUT OF THE PAST
Lucid study
The most lucld, and at the same time authoritative, study of the crisis is to be found in last
overseas
own
It will be seen that there was chus a compact system of inter- national trade from which all the participants benefitted.
1ow have conditions since 19307
changed
By WILLIAM MATTINSON
Good Morning
One can only hope that the minor Incident in the United Provinces will Bareilly affect the India-Pakistan negotiations.
•
"Man charged with being drunk, neapable, freed."
The magistrate was nclined to think the whole neldent hal ndubitably better be forgotten.
I see they're still batrecking-up.
In an office in. Broad street, New York, sits a modern emperor whose tentacles stretch round in Peking. the world from Rio de Janeiro through Europe to Shanghai.
+
"For sale: young, girl's bicycle. half used."
Which ball?
Local experts.again.
Less favourable It is true that the UK position His subjects number thousands, vis a vis the US. In 1940 was his "dependents" millions; yet he
is unknown to all save
a few rather less favourable than these Agures would suggest. Its in people who study big men and
the the early years of the war
This twentieth-century emperor "There was a further drop in visible exports had dwindled. In big business, UK had liquidated much of its is Col. Sosthenes Behn, d8-year- the American dollar...yesterday, investment in the U.S. Thus netold president and chairman of the closing rate. .being $0.125
invest-
International Telephone and Tele-
$0.04 against
at closing ment fell by rather receipts on income from than ***
Kraph Corporation-the IT. and Tuesday." $100 million. There was also u loss on the earnings from ship- ping. Nevertheless this also was not enough to explain the acute dollar shortage
prea.
more
in the
sterling
His odd Christian name!! means
American
on
admirers
of the should name
not be will be conscious of a feeling of contradiction.
"Life Strength—is Fellow in Tokyo says he has me peculiarly apt. For he has grown become a Communist as an act of in strength for 40 years since the atonement. he and his brother A third part of the dollar de- day, when ficit of the UK account rose, not Hernand took over Puerto Rico's whose cut of transactions with North telephone system us payment for apoken}
a bad debt. America, but out of trade with
At its peak I.T. and T. had other countries. For 1948 this
Bagers in ples in Brazil, Argen- at $550 defcit was estimated
China, Rumania, Spain, About half of this de- tina, n:illion.
Germany, tran- ficit was the result of oll
Great Britain, Eire, suctions, chiefly of the purchase Switzerland, Belgium and
West United States. of petrol from the Dutch not
Judles and Venezuala.
Similar ly oll transactions in the Middle Enst paid for in gold and dollars. In 1948 the UK dollar deficit was reckoned as follows:-
With with Canada $550,000,000.
Not principal cause The first thing to notice is that the deficit in the balance of pay autumn's bulletin of the Researchments between the United King- and Planning Division of the dom and North America is Economic Commission for
the principal cause of the crisis. Europe, which is an organ of the
In fact between 1938 and
1948 merchandise the defelt on
ac- United Nations.
United Kingdom count of the given there deserves much wider.
with the
U.S.
actually diminished. publicity than it has so far e
It is true that the defeit with Canada increased. But the total deficit in trade with Canada and the U.S. combined was in 1948 only $77 million
ceived.
The Analysis
The basis of this analysis is
the comparison of the pattern of
trade of the sterling area coun- trics in 1938 with their pattern 10 years later, in 1946. This shows startling changes. would have
They
The Peking Government has been much less, pre- cipitate in carrying out the military order requisitioning the military barracks in the old Legation Quarter than it has been in many other things. Sooner or later, of course, action was inevitable. The Legation Quarter itself is almost a unique institution: a walled city of its own with- in walled cities, It never quite lost the defects, and some advantages, of its un- happy ancestry in the Boxer Siege. Even its walls still bore till quite recent times the legend "Lest we forget."Ireland, Australia, New Zealand, It had an atmosphere about it, nevertheless, singularly in harmony with the ancient capital itself-dignity, aloof- ness, and reminiscent of the past.
-
higher than in 1830. Clearly,
then, this is not the main cause
of Britain's present difficulties,
The reasons why the UK trade deficit with North Americu Was
been even more striking if the year chosen for comparison had been 1837, for in 1938 certain abnormal conditions kept to such a modest sum were rendy causing disadvantage
had developed which were al- to
the sterling area.
The sterling arca comprises the United Kingdom. today
$400,000,000., the U.S.
with
other dollar countries $550,000,- 000 total $1,500,000,000.
But there are other major causes of the dollar crisis - sides the deficit of the U.K. These will be examined
tomorrow,
(To be continued)
Slow start to year of great pardon
rosaries.
By Alexander Clifford
#
confusion between pilgrimage and tourism,
Bonefta given under Britain's health service are said to lead the to malingering.
There's gold in them thar ills.
these years the All through Emperor Behn has fought a bitter
against dictators struggle economic crisis.
and
When the economic blizzard hit the world in 1929 and the bottom fell out of the American Stock Market, I.T. and T., with worth 804,500,000 dollars, ran into of 149,000,000 debt to the tune dollars.
assets
He defied Franco
It seemed that Emperor Behn
Now It turns out that the Nationalists don't want the planes elther.
a
This leaves the field clear for belween the straight fight Communists and the Americans.
•
"Big Angus McLean, a true son of Wales...
Welsh who hac...
Birds and boos
•
British schoolmasters have come
was finished; yet the storm was to the conclusion that, when it comes to teaching it in the schools, weathered.
During the Spanish Civil War, it's sex of one and half a decent when Franco was besieging of the other.
was in- Madrid, Emperor Behn
stalled in the shell-pocked Tele-.
lonica building.
Republican
Largo Caballero, commander of Madrid, decided to warned city and eyecunto the Behu that Telefonica would be blown up at 4 p.m. to ayold Jeaving it in enemy hands.
Behn's reply was: "I and 15 other Americans will be holding board meeting at 4 p.m. It will
be too bad If you blow up 16 American citizens."
The Telefonica still stands but
million dollars
Myrtle was wearing a dress last that kept onlookers on night looking.
•
Cupiti nearly got a friend of mine this week.
.
He had an arrow escape.
*
"Do you have fits of giddiness?".. the dector asked the middle-aged, stern-looking woman.
Certainly not," she snapped.
"I'm
"
ກ respectable married
to
In country,
cyc
a vibrant voice confuta
stoop.
A brisk man without hobbies ("His business is his hobby said. one colleague, ruefully), he is also a man without notoriety.
He an odd reluctance to be
has an biographical.
d'Affaires. He pointed out to an official of the Chinese Foreign Ministry that the right to use the compound for official purposes was once secured by Article III. of the But when Peking
A young man with a wind- again became the capital-Sino-British Treaty of 1943. burnt face, a staff in his hand,
In previous centuries only the and the capital of "New This stated that the Govern and a rucksack on his back rich travelled for pleasure. A pil- China"
that harmoni ment of China would accord plads his way dazedly through grim never expected to enjoy vanished. The city became to the British Government the glittering hurly-burly of pilgrimage. He acquired merit Behn no longer owns it. He sold the centre and hive of busy the continued right to use for Rome towards St. Peter's. by taking a hard and dangerous to Franco-for between 60 and 70 woman."
the land
living uncomfortably on them! revolutionaries: the Legation official purposes
In the churches, amid the charity of the faithful, and visit- In Rumania Behn sold out to the Queen Mary and Queen Eliza-
swirlings Quarter the silent habitation which had been allocated to musty shadowed
of cha
the Rumanian Government four beth with radio, and laid the tale- "He usually
came home
the Germans took vision cable from: Londos of ghosts, if diplomats ever the British Government in baroque magnificence, precessions ing a shrine.
Cx- days before hausted. He never thought of over the
Birmingham. suffer such transformation. the Diplomatic Quarter. He of girls headed by large, black
crosses and shepherded by nuns himself us taking a holiday. Nor
his vice-president, At 18, Behn's hair is thin but Something
to added thrt before the Chinese was bound
sing Iturgies in thin piping
did innkeepers and merchants Stephen Vogeler, was recently still sandy. A sharp nose, bright happen about it; but the notification of April 4 had voices.
much earthly gain found guilty of spying.
and a they Against the walls of the Vatl- expect to make People's Government did not been received, the British
In the Argentine Peron threa the tired can a group of Austrians, looking out of pilgrims. Usually
made an earthly -make-its.first.move_till_Janu- Government had decided to
lass, for pilgrims tened to confiscate I.T. and T.'s Like-the-chorus-of "White Horse paid for the board and lodging assets. H He did not-he-pald-for ary 6. On that date the open negotiations with a view Inn," poses for its photograph. A
and prayers.
them instead. Military Control Commission to relinquishing these rights dingy tram marked "The Basili- with blessings
But today foreign travel is a Behn has recently signed д Brazil to install in Peking issued a proclama- by agreement. He question- cas" grinds by, full of womensnist
And 4 comfortably organised, telephones in 27 cities. tion concerning the foreign ed the right of the Chinese with vells and prayer books and recognised pleasure for everyone, contract with
A motorbus with military barracks in
A basically shy, depersonalised the Government to requisition
British conquests
as one of smacks more of a vacation than
man, he is as clusive Quarter. It stated that cer- the property by unilateral foreign numberplate is parked officially paid-for visit to Rome
outside the Lateran.
a pilgrimage.
his own cak
cable currents. Married, tain countries had in the past administrative action.
The big query
The Pope very clearly saw this
He is to Mr. Hutchison
build broadcasting with three children, his home is Was in- utilised the right of station-
But that's about all there is to danger. In his Bull proclaiming
Sweden, lay com- a New York hotel.
He belongs to
to 12 clubs and ing troops "in order to occupy formed, however, that the see of the Holy Year in Rome. the Holy Year he warned pil- stations in
munications in Eire. land in Peking and construct People's Government con- And the absence of anything grims sternly against regarding
The emperor has staged some rarely uses them; ja director of
works inde- companies and barracks," These barracks sidered the compound should more to see has begun to arouse themselves as trippers.
He hinted that they should of his greatest conquests in the 21
as the old-time United Kingdom. So lightly does fatigably on all of them.
He is a pleasant man who lives and other installations--pre-be handed over in compliance respective emotions of uneasiness,
glec,
and despair in the parties come sumably including the very with the terms of the Military
only for his business and will pilgrims used to do the Vatican he hold the reins that his most directly interested. conspicuous wireless station Control Commission's order,
"Is the Holy Year a flop?" has still gives three days' free board lieutenants do not know him,
It was they who built Daven- probably dislike every word of try's short-wave station, equipped this very much. and masts in the United but that the question of pro- become the standard subject of and lodging to a properly accre
dited pedestrian pilgrim). States Embassy--would, ac perty rights in respect of the Roman small talk. cordingly be requisitioned. buildings would be settled Notices to the same general separately at a later date. effect were posted on the That is the position as it walls of the former military stands, and the barracks were
taken over on Tuesday. compounds in the British,
Since 1939 there has been its by-products. American, French, and Netherlands Embassies. The no military guard in the Bri- The Pope, when he declared Consuls-General of the three tish compound, and the build- this Jublice Year, called it The last-named Powers were orings, which were built by the Year of the Great Fardon." He dered to evacuate the pro- British Government, perty concerned. The notices were removed, however, from the walls of the British com- pound a few hours after they had been posted, but the compounds of three other Powers were requisitioned several days later.. Delay in carrying out the order in re-
Τι
Roman
He
on foot
He took steps to see that they The parties directly concerned
get cheap sccommodation the Holy are the Vatican should
Year passionately eager for its sue- under Churchs susplees instead of cess; the
Communists-equally being exploited by the inity. He all vulgar eager for its failure; and the arranged to suppress
and hotel and inappropriate trafficking in. owners peepers
interested in medals and rosaries.
drow up a
a tight programme of religious cventa to occupy the
the pilgrims' time.
But he could not reverse have made no secret of the fact that trend of the age. He could not of a world-wide spiritual regen- pilgrims. And he could not dis- been used for civil purposes, he hoped it would be the start completely turn tourists back into suade the merchants of Rome At one time it was thought eration
He designed it as the Church's from regarding them as tourists. that the Peking Government
In the interests of holiness he the Orst major positive move in the intended to take over
fight against Communism. The could abolish some of the more main premises of the various communists laid their plans of gaudy manifestations of the Holy Embassies as well as the defence; sabotage, If the Holy Year; but in an age of advertise- barracks, so as to break up Year seemned to be going really went that merely resulted in an
impression that the Holy. Y Incessant negging and the unity of the Diplomatic wille
was doing badly. if it went moderately; a
could not induce pilgrims. Quarter and force the various polley of
And the shopkeepers stuffed they preferred to travel in the was presumably because the presentatives in various parts
The summer. On the other hand the with goods.- proclamation coincided with of the city. Quite probably their shelves redecorated their shops and hotels, taking the
hotelkeepers the Communist the British recognition of the
rooms and
their prices. Restaur- Pope's word for it Peking Government. Nothing leaders felt this way about it. ants
threw
out new wings. were primarily pilgrims, expected was sald at the time of the Its silent, unifled symbolism Pickpockets and confidence trick them to now in at all times of the barracks in the old Russian must have been irksome to sters moved in for a Roman year. Embassy, but about the many who recalled with re- season Every conceivable method middle of February it became sentment the era of foreign of extracting proats from pilgrims Poor pilgrims known that as a result of the domination.
But now the Holy Year has Sino-Soviet Treaty negotia But while military barracks started so modestly that you can tions in Moscow, the Soviet in Peking are no longer either scarcely see it has
The Vatican
begunex Government had agreed to ornamental or useful, and
Year
gard to the British barracks Powers to establish their re- went quietly ignoring it if it to come in January; for ns tourists
of their compound."
some of
was prepared for.
plaining through Its
byBut
that they
So the Holy Year's start has not been spectacular. In January amera 30,477 pilgrims arrived. The Vatican claims that. Is three surrender the military part other facilities are adequate | that success. Ja notwspaper times as many as it expected.
made little diference Rome especially since pil- for the limited diplomatic) the number of pilgrims who phyto PAPER
to the surprises of the It was not until April 4 activities now being pursued sically come to Reme but by the grim turn out to be mainly that the Military Control there, it is to be hoped that effect in the hearts of the faithful, merchants, 1
by Communista bave done very poor people
#hampered: az little currency restrictions Commission in Peking not the unity of the Diplomatic nothing, cal wall exce
the flow, has been small, if fled the British representa- Quarter will be preserved, routine, pin-pricking
nough to show Home tives in Peking of their in- for this had, and will yet
the hotel
The Church; Has tention to requisition the have, its advantages not only military compound on April for the Diplomatic Corpar
was taken
ad the merchghis have that tourists are also
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