Date
DIL
ENPEROG
in
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topan
120
Nov
DVAN HEUT«Z-
136 NOR
From
Penang. Belawan Doll
Ship
"TEGELBERG'
-TJIWANGI"
TASMAN"
TJPONDOK"
"TJIDODĄB"
MÁLAKKA”
ARRIVALS
Singapore
slacashar, Java Porte & Singapore Japan
Mäckssur, Balikpapan & Singapore Djakarta & Singapore
14Ch Nay
16th Nov
13th Nov. 294)
Nov.
"STRAAT
Japan
1
Der
VAN HEDT5Z"
I've
TJTJALENGKA
Sch
"TEGBL. DERO"
Japan
Japan
Java Ports & Singapote
SAILINGS
Japan Ports
יולן
TO
THE CHINA MAIL, FRIDAY, NOVEMBER 9, 1951.
STERLING AREA CRISIS
Empire's Aim To Keep
HONGKONG
SHARE MARKET
From Our Correspondent)
Busineri denė. on the Sork Exchange This morning was valued at $880,200. Noan quota- Toms and the morning's han actions--
The Pound Strong
Grave Problem Confronting
Finance
Ministers' Meeting
(FROM OUR OWN CORRESPONDENT)
London, Nov. 8.
The Sterling Area Finance Ministers, who are due to meet here next January, will be confronted with an even more serious crisis than that visualised when Mr Gaitskell first proposed the meeting a month ago.
Originally the intention was that the Ministers should discuss Sterling Area policy in relation to the balance of payments position reveal- SHARES BUYERS SELLERS SALES ad in the gold and dollar deficit for the third quarter this year. The posi-
ion since then has deteriorated rapidly.
Bela Wal
Deli
A Marnsgat
BANKS
UK Bank
1390
3 v 1526
AS. Africa Belassan eli
Bust Asia
123
INSURANCES
Uran
770
107
Macassar America
Enderwelters
4 10
ለ .
HIPPING
ASID NAK
What
hard Pay
15th
TREN Nav
14th
Nos
2001 Nov
21st Nov 2nd Nov
314 Вес 6th Dec
Der
VAN DEUTSZ"
·TÁSMART
TJPONDOK"
--TEGELBERGU
TJIWANGI" “FJIÚODÁK" "STRAAT
MALAKKA" VAN HEUTHZ STIITJALËNGRA
TEGEL BERE”
Ceneral Agents
Singapore. Penang &
Japan Ports
Japan PortE
Singapote, Jayn Port Java Porta & Mocanna I
Manila, Singapore, E Singapore. Pebang & Singaporr. Java Parts &
5. Singapore, Africa A
HOLLAND EAST ASIA LINE
N. P Whor1 6.90 8.00
Daic
ว
with
Nov. Der Sch Der 5th Jap.
ARRIVALS
Ship
From
"KIELDRECHT "KIELURÊCHT- "AAGTEKERK** "AAGTEKERK”
Kurape & Singapore Japan
Furope & Singapore *apsk
SAILINGS
Japan via Manila
22nd Nov.
12th Der.
KIELDRECHT-· "KIELDRACHT**
19Lb Tec
"AAGTEKERK"
70 Jan.
"AAGTEKERK"
ΤΟ
Дочиства
Provident
Wacekack
HK Hotel
HK Lund
LAND, ETC
$ha Latid Humphreys
UTILITIES
Tram
14%
I 4D
A
13.70
14
باشر لمباعد
The gold and dollar deficit in the month of * October alone amounted to the appalling figure of
$320 million. This means the dollar deficit is nov|| running at a quarterly rate of over $1,000 million compared with $688 million in the third quarter.
300 € 104
11:00 @ 3
2000 @ 129
10 37 40 500 EC 17.
500 2 10 2000 @ 17.
:18
C Light 10
Manila, Singapore & Earope Japan via Marile
{
Manila, Singapore & Europe
Bier Ban
KINGS BUILDING TELEPHONES 28015 TO 28017.
LA CHINESE AGENTS OF CONNAUGHT IN ROAD Cited: 305-2515
Reopening Of The Liverpool Cotton Market Advocated
London, Nov. 8.
The case for restoring raw cotton trading to private enterprise and for the re-opening of the Liverpool Futures Market was put forward in the Financial Times by Mr W. B. Hutchinson, Presi- dent of the Liverpool Cotton Association.
8.90 4500 0.00
800 i 1.7 6.65 Light N
45004 1000 m 51 Light (B; 9 10 1.55 020 8.41 Electric
23212500
1000 m 2234
Rupe
STORES ETC
200
Telephone INDUSTRIALS
Cement
15 1846
203
1011⁄2 500 # 15.40
3000 18.
18 80 10
251
500 @ 18.16
500 in 18
25 1000 26. BA
1700 or 31
120
་
Dairy
Watson
L. Crawford 301,
COTTONS
Ewo
MISCELLANEOUS
Yangiser
The Rubber
Markets
and artificial market factors are removed, the stenting area will lose a great deal of s current dollar income.
EARLY IN 19527
This problem is not contined or later, to the UK alone. A. Mr Butler pointed out yesterday, the whole all is in deficit Sterling Area
All currencies round the world ere now hard, he added.
The
which c import cuts announced ard which designed to effect a saving of C350 million a year in Gur im- port bill are, therefore, only the rst instalment of measures to being the Sterling Area's trade back into balance with the rest
the world.
617-
The present taotles of the United States stockpiling thorities indicate that this threat may not be far removed. In any case, the American rubber sleck- piling programme is expected to come to an end early next year, and no purchases of tin for the American stockpite have ben
Freeze' On New Car Models
Washington, Nov. 8. The Government today, imposed a virtual "Freeze. effective on February 1, on of new the introduction models by the automobile industry and manufacturers major consumer of other durable goods.
The action came in the form of orders reserving machine-tools almost com- pietety for military and defence - supporting pro- doction.
This would bar tooling by divilian manu- facturers of cars, washing machines, refrigerators and similar appliances --Asso-
clated Press,
FOREIGN
world price of rubber, but im- EXCHANGES
when
0.99-15/16 2,00
MESSAGERIES MARITIMES
MOM
“LES GLIERES" "FELIX ROUSSEL”
"DOCTEUR YERSIN” +"MONKAY" **FELIX ROUSSEL"
"""BASTIA"
→
Arriving
Leaving
-Nov B Nov. 13 .. Dee 4 Dee.
7
...Nov. 11 Nov. 28
Dec.
Nov. 13 Nov. 30 fer. 7
passengers & freight
24 Dec 24
Ontward Por
Marselles
Homeward For
Hatphong, Nalgon N. Africa Europe Manila, Balgon &
Marielles
N. Alca & Europe
† freight for Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablanca. Havre, Dunkirk, Antwerp & Rotterdam.
Subject To Change Without Netice
CIE DES MESSAGERIES MARITIMES P.O. Box 63. Hongkong Queen's Building (gr. floor) Tel. 26651 (3 lines),
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO: NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, via SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. "SALLY MAERSK” M.S. "LEXA MAERSK" M.S. "ANNA MAERSK”
M.S.
ARRIVALS FROM U.S.A.
"ANNA MAERSK" M.S. "LEISE MAERSK” M.S. "GRETE MAERSK”
Nov. 15 Nov. 30 Dec. 18
Nov. 16
Nov. 80
Dec. 20
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
are
IN N.Y.
New York, Nov. B
Pedder Building
England official
unofficial
IT
30-day futures - 10-day futures Austraba (pound)
2.70%
2.07
2.20
2.787%
2.80
The Sterling Arta Finance made for some time. Minates will, therefore, mein
But the dangers of a future The a most serious a'mosphere.
Due to the ending of senghof Sterling, which as the surplus underlying problem, is cf common strategic and commercial steck- Interest, and the pckey which walling is not the only danger fac- feherming ing the rubber and tin producing emerge from She
Industries. In the case of rubber, meeting will be designed to make the natural product fuces and keep Sterling s rong.
threal of stiff competition from First step will probably be to
|liaz American synthetic produc' make cuts in Sterling Area S
So far, this competition has not imports in ling with those ha had any material effect on the have already been made to reduce he UK's own external expendi
provements in the
technique: 4. Unik previous polièles of
rubber production impent restricton. however, the ringing the time nearer new policy will be aimed this threat will have to be met. reducing flest and toremer The dangers of a future "bu Sterling Area imports from non-densome" surplus is
greates dollar countries, particularly thos: preoccupation in the tin industry. Canada dollar p Western Europe.
but an equally grave threat is II is impossible to predic. The fact that the known deposits what kind of imports will be of tin are being exhausted fuster mos. affected but Sterling Arcahan new deposits are being dis- policy is likely follow closely covered. The basic problem here New Zealand (pound) that outlined yesterday by Mr is one of raising the necessary South Africa (pound; Butler for Britain.
2017 | Belgium (frupe) The nean capital to finance exploration and Denmark ikrone the first cuts will fall on un- development operations, but the France (franc) essential and luxury goods activities in Malaya which make
diffleulky is enhanced by
West German terroris specialised foodstuffs and certain manufactured goods.
It is now believed that January 15 has been suggested as he Area the Sterling Finance Ministers' meeting. This will be preceded by a meeing of officials who will make 14844-10 factual examination of the situa- tion 10 prepare the ground for the full conference.
*GAP
London, Nov. 8. Prices որ է rubber
closed today as follows:- Number rubber. In cents
per 1b December January/March; 1952)
It had long been recognised that the re-opening premise: of the Liverpool Futures Market is not an imme- diate possibility, Mr Hutchinson said.
1:
الية المنظمة
KARELIAN
44-44 44-45 4374-4- 42 41-41.as
-United Press. SINGAPORE MARKET
Singapore, Nov. 8. pr Prices
rubber Jutures problems, ang uyi a per- cxchange and scal
closed today as follows:--- Luer was eve! chance c#
Nuraber rubber, per lb.
November Gover», steuning a large measure of e- nat, the Sucaia: nen sammed the door on pre-operation and assistance from s res towards free trading no quarter which could contribute madter what favourable develop enormously to The solution of mest might take place in the
economic sıkıadiun.
This action created a barrier
of non-co-operation before which
a plem og by those working for freedom had of meesaty stopped
1
British 2w cotton problems.
Americs needed to get her ertion Inte consunip for and ate Blan spumer re:ded this cotton.
"Even's of the past few years have domonstra ed time again
لال الله
the benefits which an - short, and could only now pro- Bernamatel Fults Market ca
beyond the stage of oulime
ibing to world coton trading. The re-creation of this mans which the U.S.A. hos so gre
"is a funda- stake and which today went on, "is a he went
in al necessity for a return to jevident need of the stabilising complete free trading, but it can and oc-ordina ing influence which inly perform its proper dune che vonpoet Market exented in I there is a free flow of arbitrage pre-war cap. Mr Hutchinson business with other forsign mar- conclude®.
*
ก
majer
mer-
December
January (1032) Number 2 rubber.
November
Number 3 tubbel.
Nuvember Number 4 rubber,
November
Spet rubber, unbaled Buck crepe No piel crepe
160 1495-
144-149
139-34
13084-133
1504-4
14845-409> 155-400
--United Pig
TIN
LONDON
MARKET
London, Nov. 8. Prices of tin were steady this morning. Turnover was 75 tons.
date Jor
exploration sources of hazardous
an
2.35 bid
3.30 asked
01901 1453
Ra28-9/16
possible NEW extremely
Holland (guilder Deutelenirk Italy-official
*.20
2830
11051.
Norway (krone)
Portugai tescudo)
.1403
.0347
Spain (pesela)
0263
Sweden (krone
0935
1
2.88
Ivan (rial)
03125
Iraq (dinar)
201
of
Turkey (trs)
5375
LATIN AMERICA
Argentine-ofßelal
cl prospect
for 1922 undertaking. Although the decline in these two valuable in dustries is
a long-term probiera for the sterling area as a whol is an immediate sourer 10 the authorities anocery Malaya.
Looking to the future
When rubber and tin may not be such
a profitable source of income as is today, the Federation Gov- ernment are
TO CONTINUE
London, Nov. 8. Although the general tendency in lay circles is to regard the
constantly trying sterling area's dollar "gap"
LI encourage the production o something entirely due to the other commodities, such as paim temporarily unsettling effects of jul, in order to broaden the basis
Malayan he post-war economic conditions, it of
and
Switzerland--free
MIDDLE EAST
| Egypt (pound)
Brazil (cruzeiro) Bolivia (boliviating Chillerce Columbia spero) Cuba (pes) Mexico (pesol Peru--free
במלח
05:00
Sharp Rise
In Cotton
Futures
Tel: Nos, 86066-9.
RALLY OF SHARES IN
LONDON
London, Nov. 8.
with
The London Clock Exchange
New York, Nov. 7. Colton futures soared as much reacted
unexpected
as $10 a bale today as the Depest strength today to the increase ment of Agriculture astounded in the bank rate announced by traders by tapping off 1,160,000 the
bales from its October estimate of Chancellor of
the 1851 cotton cop.
B.3
B. A. Butler. Dealings in gilt-edged
started slowly buri. ties Traders had looked for only business got under
way prices small decline of 100,000 to 200,000 moved up substantially. British bales. Broad trade and commis. Government stocks
moved up sion house buying pushed as much as % of a point and deliveries up
thely leading there
was a small but wido- Umit of 910 a bale compared with spread Improvement 0600
trial shares.
0150
4029
2.00
1335
Uruguay (peso
4350
Vanezuela (bolivar)
the lows of the dam
day.
2005
FAR EAST
The Department of Agricul
India trupce
.2349
ure estimated the crow at 15.-
Pakistan (rupee)
„2134
.1735
LOSSES REDUCED
Indones Singapore Japan
3040
360 yen to US$1
-United Press.
London, Nov. 8. Britain's loss of gold
economy.--.
is becoming increasingly ap-Lendon Express Service. parent that the disparity ira trade between sterling dollar ecuntries will continue present a a problem for some years to corne.
10
апа
Hongkong
in indus-
The explanation was that the
771,000 bales which traders felt stock market had been antict- might bring the cotton carry-pating the Chancellor's policies. over
at the of the season
end down to 3,000,000 bales or less index was 131.8. which would be the smallest Japanese bonds carryover since 1928 when it 1,503,000 bales. Traders felt that the lower production
was.
dollars was apparently sharply Grain Prices prospect would strengthen the
reduced during the week endea
"Foreign spinners and chanke, too, need this
yesterday. marke:
kets. This is in itself 1:gn crohange problem.
Foreign exchange, particularly
is the proroller, and its re- Nars, also coms largely in the
creation could again madre Liver- of actual DIA p.ovis.on of supplies
cf world coton. Owing to the world shom peel the main centre age of dollars, cottons cb'ainable de in raw cotton to the benef
with sterling or other soft cur- Incles have tended to command premium in polce, thus adding
u
to the imbalaner by making Ame- rican cation, already desirable for
of the British textile indus cy and the national exch:quer"-Londen
Express Service.
1:5 good spinning qualities, at Gold
adive irr price against
mazy
other growths. This creates the necessity for a relicning system.
CRUCIAL PROBLEM
Production In Ontario
Toronto, Nov. 8. Ontario gold mines produced "In an age when licences have slightly less during the Arst nine become an everyday feature of months of this year than they commercial life, there should be did last year. the Provincial no insurmountable problems in Minister of Mines, Mr Welland control and regulation of imparts. S. Gammell, said today. Indeed, most Continental coton-
Mr Gemmell reported that 43 countudes have traded by using means of currency liccaces for mines milled 7,817,424 tons of 1,792,222 some years, and stroh a system ore and recovered
far to cun wo
ounces give individual ounces of gold and 310,127 choice of quality to the spinger. of silver valued at $88,210,872 The crucial problem is that of from January through Septem- ber of this year, against 7,665,- cover against price-risks.
"Should the operation of a 000 tons of ore and gold and
Manice! be thought to
(o silver valued at $60,680,166 Inst involve too great a risk of foreign year-United Press.
Futaires
exchange tales" (although it is generally operations of such
that conocied
the
矗 market
cver period can usually be
reckoned to produce a balance of
BDS
This is the impression qued from a study of the annual asport for 1850 of the Federation Malaya, which makes it clear the sterling area's that both main dollar-carping industries have entered a critical phase of these development.
Prices closed at the end of th. official morning session follows:- Spot in, buyers Spot tin, sepert gunes done at Three-months tin.
buyers This month..
.....
sellers Bugintor dune at Settlement
1,AND 1,000
107%
900-193 3,000
-United coins.
American weekly banking statistics published tonight show that foreign whole lost $38,000,000 United States.
countries
Go Higher
36 2. to the
In Chicago
This is still a serious figure,
weeks
May
July
The Financial Times'
daily
"A" (45. of 1899)
"B" (43. of 1910)
60% 50
"C" (69, of 1907)
110
"D" (58. of 1043)
78
"E" (529, of 1934)
126
645%
holding movement among pro- ducers for better prices and pre-Consols dicted that cotton may rise to the ceiling level later in season.
41.73 bidi
41.56
41.30 40.83 bit 30.04 bid 38.74 bid 30.72 bid
the
12.45 nominal
Associated Tress.
NEW ORLEANS MARKET
December
March
23416 2.3736-14 2.00-2.607%
Middling spot
3.5872
2.46%
7,0214
2.01
December
March
406-16 2016-A
May
July
New York four-per 200 16. sack, $13.03-United Frees.
October
New Orleans, Nov. 8. Cotton futures closed $9.35 to $0.80 bate highef.
Futures closed $9.20 to $10 a Mateyen exports of rubkeg und
bale higher than the previous close. ap were an important factor in but it compares with the figures
Chicago, Nov. 8.
December closing the dola "gap" as: year. of $180,000,000 in the pre-
Wheat futures closed today
March colcny's exports to the dollar valling week and $390,000,000 to 1% higher and rye closed
Mar for the three
ended nearly countries amounted 10
July 2 higher. Prices of grada futures
October while her im- October 31. US$400 million,
Britain's loss must have been closed as follows:- TEXTILE MARKET ports from the same source were
only US$35 million. Thus for Blashed correspondingly, as the WHEAT-price per bushel.
Spot dollar Malaya spent on greater part of any American December New York, Nov. 8. every The cotton textile marke: was goods for her own internal con- gain is nearly always a British March (1952) quiet today. Most mills with-sumption, she contributed nearly loss-Reuter. drew from the market, following twelve to the sterling arca dollar the unexpectedly low estima.e pool.
The fact that the deler "gap" of the 1981 cotton crop by the
opened hos
again more Department of Agriculture. 771,000 bales, which was abuu. to the fall in the price of rubber 1,000,000 bales under the aver-and tin then to the higher ecst of dollar imports. Nevertheless, In the age expectation
cottone fall in the price of rubber
New York, Nov. B trude.
wos and tin from the high levels The wool goods market
Price increases averaging 11 of last lained towards the end dull.
er per cent or 42 cens a yard year end p beginning Rayon goods developed a
this is, itself, an indication of the above the September scale have belfer tone-Associated Press. alficulties which these www been announced by the Amer-
up
EYE December Matoh (1992)
The crop was forecas; at 15.- Bihamimiy than "Ever 1.5 d Spring Suitings OATS
ISRAEL REQUEST | Exchange
FOR GRANT
payments in favour of the mar-
Jerusalem, Nov. 8. ket), then the only outlet for
The Israel Government is ex- private hedging would be the exiting markets in America and preted to ask the United States for a grant of $200,000,000 for Egypt.
"Such procedure would also 1852, official sources said yester involve fordign exchange control day, laruel requested 150,000,000 and weutxi provide a far less now in American aid in 1961. cunde cover Atra
Futures Market,
The U.S. Congress voted $85,- Liverpool000,000 for Israel last month it a blanket foreign aid bill.-A860- cinted Press.
how
"As an interim measure, ever, with Ď course might be ndoned in modified formi 'with Government an
It would be the decisions of
the Claveremony, which would
primary
Going Up
producing ndustries can Woollen Co. for its line of men's wear worsteds for next Will shortly have to face.
The greatest cause for anxiety Spring. Rates is the fact that both these com-
The company mala the in-
Mayoh (1032)
Weekly Bank Statements
London, Nov, A.
The Bank of England statement
Business was tono in the one? Are technically in sucpan | crents were made necessary by for the week ending November 7
unumiriat oxchange
market
supply. "this puisteios
morning at the following rates:-:
Sterling nato (ver EU U.9. Dollars (per 91) Indonesia guidern (per 100)
Stam tical (rar" 100}
Singapore (stralia),
FIC plasttra (per 100)
of bola rising wool prices.--Associated | rends as follows:- The production
normal
Commercial Prov consumption, but stockpiling 0.8 programmes particularly that of
10.02
He then pled slope overfluid To the surplus the result that
into on artificial The shorts, with
15
New York, Nov. 0. Closing bank quotatione Bank of Americ#
PEPPER DULL
Noter in elkoulution Publia deposite
Private Uppqniji, kje Gaportiment arouṛițias.. Other securities Haeopta
Blank ratio
£1,387,507,000
7:9,800,000
41.73 bld
41.55 d
41.30 td
40,05 bld
59.10 bid
Bpot eatton closed strong $9.30 bate higher. Middline
$1.40 -Asapelated Press.
New York Sugar
Futures
Associated Press and
United Press, NEW YORK MARKET
New York, Nov. 8. Peace and disarmament pro- posals plus domestic business developments today pushed
prices over
Buck market
wide range.
a
Gain and losses extended to
between
two and three points. At the same time there was a
diverting movement among major groups.
Activity of prices WES not matched by the volume business
Volume
transacted
of
came to an estimated 1,400,000 shares us compared with 1,490,- 000 shares today, both figures well below the daily average for the year.
Dow Jones ayverages: Industrials Rails
Utities
Curb
stocks
257.18.
76.78.
40.0à
were mixed. Higher were Molybdenum, New Mexico and Arizona Land and Electric. Bond and Share.
Lower word Brazilian Trag- tion, Consolidated Engineering, Creole Petroleum and Conso
New York, Nov. 8. lidated Mining. Associated World augur futures closed, Frogs,
today 10 to 11 lower, with sales
Contract No. 6 closed un- Drastic Fall In
16410.000
totalling 89 contracts.
98,943,000
43,333,000 $4.010.000
changed to 1 kwer with sulos'
totalling 20 contracts,
.106
Prices closed as follows:
Iran's
Reserves
-United Press. BANK OF FRANCE
bak Paris, Nov. 8.
The Bank of Transe statement for the week ending October 31
Contract No. 4 (world) January (1989)
March
May
Judy
*September
New York, Nov. 8. price of rubber and in siff
The pepper market today, re- dlową, a uplatively large mandin
melted dull and unchanged na ofer prochallen Bank | Quotations So long is overmen and
awaited dock strikö and tradera
·Jost, rub.
run- developments. Er-wereliquse commercial stockpiliny bos and Tn wish cominue to be pepper was indicated at between rede as follows
per pound with ex- Toja) old holdings Frs, 101,428,070,020 Ep01 valuable dollar currere (although, 27 bid of course, the high price 2014 asked (hyena, ka wall se
Lower The New York Thing Abroad: 1941,200.925
Advance to currenty 80% bld, is materials, refiso cavernely Produce & Expiange peported a piston 112.100,000,000 March (1963) 2011⁄2 mazání i de Lakin seams of ander and sharp drop in wirehoju moks
Bestces in le baisto pa giring October Blocks, pier Brance and abroad
Motes in clepitiation... 1,827,781,073,400 175orted manko). But, when mocupling September 30 ware 0,024 bags | Current acounts & diegionita
tomes to an who, am li minn Footer United FTON
Unked Pres
Now York, b Copra was quoted today at Ched National
reality wet sur, pace, Mr Hulkijar 017860 pur short ton C
son continued. If one decision Pacific Cant. Cocosbut dil War ||National City praechewed on a long-term, 4011 at 12% denis a "pound, rable than short, view of fortig
FOB. anilla--Uråled- Prais, p
Kolber
Mini Ledus around four to Notal of other currencies: 2,901,020,40
cents
01.05.18.130
September
Apol
400 bid
-4.80
*480
471 bid
4.00
Contract No. 9
Teheran, Nov. 8.
Persia's foreign exchange re-
serves in British / banks have fallon om E12
milion to
£8,500,000 in less than
three months, according to the oven- last pipen Elipthat, yesterday,
The ⠀ papëri sak that thje Anglo-lestidan, 051 Company
keed to change over £1,000,000 into Pershin currency monthly nominal curent expenses to additions" to royalty payments to the Forulan Government. Reuter,
Press