MESSAGERIES
PO, BỞI A. Queen's Bldg.
M
THE CHINA MAIL, TUESDAY, SEPTEMBER 8, 1958.
MARITIMES AMERICAN
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M
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"CAMBODGE
4
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⚫ Nov. Yokohama
Itomewards (to pujope) Leaves Hongkong Duo fpingiles Vin
MARSEILLAISE”
"LA
"VIET NAM
"CAMBODGE"
༤ ་ ་ ་
11 Oct.
21 Oct.
> Nov.
18 Nov,
Nov.
24 NOT. 11 Dec,
Saigon
Ялікод
Baigon
Vip Marseilles to all Mediterranean & West Africa Porte yi babout to Madagascar,
FREIGHT SERVICE
Left
Due
1.Antwerp -27 July * Rept. +Antwerp - 1 Яept. 15 Oct.
Outwards (from Europe) "AURAY"
For
"IRAQUADDY"
Mablla & Japan Manila & Jap
"MONKAY
Dunkirk --urly Oct. și
Homewards (to Europe) Lanves
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Nov, Faves 11.8.
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Oct.
det.
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Nov.
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Cambiunca, Le Havre, Antwerp. Rotterdam & Dunkirk, Eubject to change without notice.
EVERETT LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta und Chittagong.
"BRADEVERETT”
Arrives Sally
Sept, 10 from Singapore. Sept. 20
"NOREVERETT"
Arrives Sail&
for Kobe & Yokohama.
Sept. 20 from Manila, Sept. 21
Singapore, for Rangoon & (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
Penant. Calcutta,
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo,
Bombay,
Karachi and Persian Gulf Ports,
"STAR BETELGEUSE”
Arrives Sept. 19 from Singapore.
Pusan, Salls
Sept. 20 for
Yokohuma.
"STAR ALCYONE”
Arrives Solls
Kobe
*
Sept. 20 from Japan, Sept. 21 for Singapore, Port Sweiten- ham, Penang, Madras, Colombo, Cochin, Bombay, Karachi, Khorramshahr, Basrah & Bahrein,
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama
With Limited Jability
AID TO
PERSIA
The announcement_from. Washington that the US. prepared to give Fersla Rome $23m. of economic and technical aid during the fiscal year 1953-54 repre- senli ng new departure in American policy.
This sum of money was car- morked for Perslo in the foreign voted by ald gppropriation
Congress, carle the cone The Wading
puhouncement
14
no
Wall Street Fears A Slack Period
(BY SYDNEY 5. GAMPELL, REUTER'S FINANCIAL
EDITOR)
Wall Street seems clearly to fear some let- down in business. At the moment of writing it has fallen to within testing distance of the year's lows.
The fall is ominos in the face of continued good cjrrent business, reports, and is ominously led by the ralls which are regarded as inost barometric. reminder
The bad technical action of volume expanding on de- clines and contracting on recoveries still prevails not only from one day to another but within each trading session: on August 26, for example, of the day's total volume of 1,470,000 shares, 980,000 was done in the first three hours when the market was softening and only 490,000 in the Inst 2 hours when it was trying to rally.
is no more than a
cash that this amount' of already available, and is in sense the U.S. answer to Shah's latest cry for help save the Persian Treasury from bankruptcy.
10
10
the 10
WAS
In fact, U.S. economle ald to Perula, was never completely cul uff throughout the whole period when Dr Mossadegh was int office. All that happened was that when Dr Mossadegh asked a large increase in
the ลงกอน! last June, President Eisenhower turned down the request in a letter which published on the grounds that the unfoir would be American
Κίνα taxpayer Persia "any considerable amount ald" while the of economic Persian Government obstinately refused to settle the oil dispute and turn on hon:st penny of its Elsenhower President own. added, however, that he posed to continue to help Persia with ordinary Point Four Lesist- ance of the same kind that she had been receiving up then.
HOW MUCHT
Firo-
of
Thus this latest allocation US. ald does not place General Zahedi in any better position before than Dr Mossadegh, was him. Whether President Eisen- hower will now be prepared to reverse his carlier decision and help the new Government in Persia with
substantial
amount of dollars is not yet elcar.
is known that the It
actively Americans arc now
and considering this mutter,
is olcially stated in London:
that the British Government is.
in consultation with them about
it.
none
in
4
Washington Sept. 7. Me Eugene lack is to serys President of the
Bank International
for and
Reconstruction
Development for another until July 1955. It was aupounced today.
year.
Japan's Sterling Problem
Japan's sterling shortage is not yielding to treatment In the way the Japanese had hoped.
Pogo 0
MARKET TRENDS NOT RELIABLE POINTERS
(B) Norman Crump. Sunday Times City Editori
An absence of several Weeks from the country gives ppe a useful sense of perspective, Oh my return, my thupression is that; despite the usual holiday inactivity, most markets have been justifiably strong,
When Britain agreed in May to relax the Colonial Govern- ments Import restrictions on Japanese goods the official view the deflelt in Japan was that with the Sterling Area would be converted into a surplus by and gold and dollar reserves have been better than
year might have been expected at this time of year; the late summer of this with Arrangements were made
for
Home production, too, is well Two years ago, taguble profite temporary
by the riso in maint:ined. Against this there were swellen purchases of sterling against
Lgxes deposit of dollars in the belief has been the weakness in Wall commodity prices and
had to be paid beyond "tho sufficiently Street, would
bounds of reason. that Japan
Today, the
The latest returns of both our overseas trade
Brit
well-placed. oh sterling account The question is, how much do boot is ст the other abt, On
may seem
Pro
to reverse these deals onwards, holiday market trends, whether paper, prahts beginning of August
here or in New York, really but tax when But
August arrived
paymicity proye. My own feeling is, not were Japan's sterling balances
very mugh.
pare im- accordingly, and so we have. mill not far from exhaustion
pressed by the firmness of the apparent paradox of lower pro- its and higher dividends. Ac- with no little prospect of carly turn for the better.
sistent, once the incidence of losing views that the undated As the alternallve to
ment slocks are
taxation is taken into account. the dolles deposited under the valued. And by the rightful Heldentally this phenomenon original swap deals, the Jap popularity of the new Corpora- helps the gut-edget market, for
the Britisnon issues. Industrials, anese had to ask
too. the simple reason authorities for n renewal of have several points in their business world is no longer these transactions for a further favour.
with period of three montha -
for on provision, moreover, increasc
million sterling in the total involved to cover their expected additional
-edged murket, by anually the two are perfectly con-
several of
sterling deftelt, cut
On the next day, August 26, the volume of 1,200,000 shares comprised 740,000 exchanged in the first four hours of relative Term Extended stability, and 550,000 in the last 90 minutes when prices softened again and the mils average broke to its lowest in ten months.
That is bad technical action and, even on the technical side, there may be worse to come This looks like being a bad autumn for "tax selling." As personal tax rates are to be cut by about 10 percent on January 1. there a great ingentive to establish tax losses before the end of 1053: by selling his losing of the holdings before the
end year, the tax-payer more reller than if he deferred males until January
On later. and in those secondary Issues Kroube which were speculative beginning of this year, people have some,
losses to take. heavy Wall Street wAT
Appointed President in May, 1849, Mr Black had breti the United Slater Director of und Executive
sinct Bank
1047. He succeeded Mr McCloy, who became United States High Commissioner in Germany. -Reuter,
SAGGING
PRICES
OF SUGAR
sugar
London, Sept. 7.
Interna new
or
UNWANTED EFFECT
do
Now It seems that they
that even these not think
БСС then arrangements will through. The International Monetary Fund is to be asked a substantial to make Japan
in sterling Inter this her invidate the sterling
sterling cover Prospective
a deficit in the six months from
HONGKONG SHARE MARKET
that
tho
having to sell gilt-edged in önder
to pay taxes or finance Indated raw material Inventories.
AMERICAN
PROSPECTS
Then, what of Wall Street and the Ambricon trade outlook? Since my return, I have SECTI several reasons why. American trade should decline, but they of them entirely
ore nons
convincing.
Thus industrial expansion Is no longer expanding, although it correct to say that it cannot expand further, most American in- ed to $75,288. Noon quotations capacity. There Thay be and the moming's transactions:——
(From Our Correspondent) might be more Business done on the Stock because
Ponitor last year and at the heat, 40" dollar swaps and to Exchange this morning amount-Mustries are already working to
up
SEASONAL TREND?
9 October to March next year.
Wall Streeters hope that the tax selling will bring them a lot of switching business, as people from their re-invest the money
As size: tax may be much more of a one- way business, with people doing the necessary selling bst their time to re-invest.
things sind, it
an
autumn decline in the produc-
It is thus beginning to look as stineš. BUYERS BEIZENS SALESįtions to be seen if it persists
But up shown
to
now
over are in
BANKS
K Enk 3:25 East Aris
139
Canton
mderwriter
250
810
150
+3
Asia Nav. DOCKS, ETC.
K. Whort.. Dock
1.4715
21.00
Provalent
11.70
this
will
SHIPPING
Wheelock
.. 9.55 9.50 $00.00
LAND,, ETC. "Ik" istél JK Land Shal Land..
UTILITIES
..
7.80 7.30 -
1.40 1.60
LI
TraXD Star Ferry..
C. Light (N) Electric Macao EIN. Telephone 21.00 INDUSTRIALS
Coment
Dairy
SHIPS' EARNINGS STORES, ETC.,
DECLINING
33 ཤྩ88 3
of motor vehicles, but it remains
I far into the New Year.
The glut of agricultural pro- duce and the consequent fall in prices seem a little more dis- tebing, although farmers ke others must have.
substantial savings.
Defence expendijura taper off, but this will be a gradual process with long-term rather than short-term At the
Budget
mom:nt
the
Feder
door
to
is not quite balanced, this opens the Dossible further inflation, which
stimulato spending.
Against this, it makes it more difficult for the Administration
- 200 24.50 to lighten the present heavy burden of taxation.
да
2
181 1870 1600
20.20 27.30 200
22.40 22.00 5
VIGILANCE NEEDED
The question is whether, all these factors add up enough to 18.60 suggest that an American re- cession is imminent. On the whole, I doubt it, although the certainly calls for some
of
so good the out; the blue chips, which If the changes in policy of
familiar the
countries Sterling Area the the past two years throughout acted better secondary Issues (perhaps be-
Japan's care causing a persistent INSURANCES cause the New York like the shortage of sterling. This London market in Increasingly would be all guin from the dominated by per funda and
pension
HK Fire Sterling Area point of view if it safety-first investors meant that the Japanese made similar
sub- who, if they go into equities at drawi
drawings on their fairly
respurces Lo Sugar prices in the past weekull, go into the most familiar stantial doline continued to sag and are now nues which are regarded as the cover their sterling deficit.
Since, by definition,
they have i at their lowest level since the soundest). Certainly, there is nothing
,, r com
determined themselves of the tax selling concentrates on purchase Britain would enc-nilllop-ton to suggest that
Cuban sugar by the United those issues which are already to resort to every possible ex- try to dissuade the Americans
most depressed (since they are
pedient to avold taking this year. Kingdom carly this
in which there cro step. They have cut imports from giving emergency financial
де The price is considered in the ones support to the new Persian
sinthe..
Lake) it may trade
ag from the Sterling Area Even to be due to Josses 10 the contrary, On Government.
such essential Imports as Aus- the British view seems ip be, some extent to disappointment gravate this divergence between
the the big apples which are seem at train wool. There is thus a the final draft 9 General Zahedi's that since
barrel and the danger that the Sterling Arco's International Sugur market smaller unseen ones underneath. rcha of
Agreement, the top of the a hope of advent offers at least
The New York
rehabilitation programune an alternate settlement of the
a result that eventually have quotations are now hovering whereas dispute,
was not expected or desired-n just a few points above the 3.25 Dr. Mossadegh while existed
tents a pound level which is the
permanent contraction in trade office, there is remained in
lower end of the range pre
uctween sterling countries and nothing to be gained by subject-
the scribed by to Persia in ing the new regime
Japan-The Financial Times. tional agreement. economic pressures which might
In consequence when the new
Sugar
Counell bring about its carly collapse.
International On the other hand, it would
mects in London in December, abviously be foolish to pot
It appeared likely that it will
Stockpholm, Sept. 7. such a way as to remeve ul-
have to make a fairly drastic cut In- together Persia's economic
the
The earnings of Swedish ships Anally quota f
agreed 5,300,000 pil her centive to regain
tons free market revenues by coming to terms
effective agreement is to come one of the most successful in engaged in foreign trade were rusts, is dpparently in only 340 million crowns in the The U.S.
Brst quarter of this year com- into force next year.
millions with Anglo-Iranian,
an
F. Man great
pared with approximately in after all, as
E. D. & 1
their 10 invest $20 mil
the estimate
cash (amounting to about 40 latest interest ps Britain in making a
review
percent of its assets) which million crowns in the same demonstration lin the clear
sushir
1n the output world
the quarterly statistics
in Middle East that expropriation coming 1853-54 Saison as rising have resulted from recent sales period last year, according National Bank, Expenses without compensation is not a
to a new record level of 39,- of "special situations
U. S. business has has polley that Days in the end.
compared with
the first quarter were 155 mil- 000,000, Jon$
summer Yet the seould be a plly if any American 37,400,000
37,400,000 tons
ljon crowns this season.
the same WIS action resulted in the impres- Indonesian gatput next season sion that a State with a common
is expected to rise from 400,-Sire:t was not very pronounced,
The
Shipowners' the seasonal autumn selback period last year. Swedish 000 tons to 575,000 tons, and frontier with Russia and
Is just insula, So far, it strong
Formosa to drop from $40,000 possible (thougts not easy) so Association said that ning was in under pa ipo 2010
ward trend in earnings market whole its borders had a special right
dismiss the The review says the main in movement by
ascribing it tokely to continue. China Mail to defy the foreign investor.tons to 780,000 tons.
Special. crease is expected to come from The question of how much
seasonal trends wiihla the The Dow Jones averages on Anancial
Brilish the new asistance
arket itself. Commonwealth the Tokyo Stock Exchange Persian
ought to Government
with output rising from 1,000,- Their causes are obscure. They finished strong last week after
thon that o may be no more tons to 0,000,000 tons.mity be be given is thus a very nice on the strength a weak start
calculation. The British
expected to rise from 11.200,-lly up to about mid-August, up and a subsequer set-back European bert prediction is opo tops to 12,400,000 tons.10 about Mid-Octoller, have
εποξι occurred eflen United Press.
and
duly be expected
aliout by the
Queen's Building, Telephone 31206. Chinese Department: Talophone 28293.
The Rubber Strong Tone
Markets
Singapore, Sept. 7.
The rubber market was steady
throughout the day with sellers
reserved. Prices of
closed as follows:-
No. 1 rubber per in.
Bent.
de. Nov.
futures
ast-as
No. 2 rubber per Ib. Sept. 16-8
No. 4 ruliber her 16. Sept.
No, A rubber per
Spat rubber unbaled
Blankot crepe
No. 1 pale crepe
On Tokyo
Stock Market
shares.
052-00 GG-6012 621-0244 50-5915 ZA-8504 05:54
-United Proes. LONDON MARKET
London, Sept. 7., The rubber market was steady wth No. 1 RSS spot quoted attruding 10-3/10 pence per pound. Prices of futures were:-- Settlement House
Dot.
Nov.
Doc.
Jan./March April/June July/Sept.
mited
Tokyo, Sept. 7.
in
1
Communist party inside
view
of rises in the heavy Industry would probably be Sufficient to keep it going temporarily, The volume of trading reach- but not enough to make it ed a penk
Friday when
really comfortable.-The Finan- 15,080,000 shares changed hands. 71-24
cial Times. the highest since the death of Stalin. Values gained Lin average of 13,35 yen oyer the closing the previous week.
Exchange sources noted showed shift from
lo ins Les
ship- bullding machinery, Iron and steel, textiles and mining.
Though they believed part of the reason for the rise was the issue
1 Government decision to
10,000-y banknotes for the first Smerogarde generally as a
stop
inflatiore they toyart believed the chief factor was that Japan will step up its defence programme.
London Foreign Exchange
New York
Montreal Amsterdam
Bruskota Que
Zurich Copenhagen
Parf Stockholm
Eliban Deutsche Mark
Blocked Mark
London. Sept. 7,
$2.17-9/10 2.77 10.30-10.39 10.05-140.10 10.00-10.09 1932-19.34KG
19.33-60.10
11.70-11704 1732-1735
United Press.
Merchant Fleet Out
Essert
Of Date
in
the
000
East
מם
African
Loan Offer
པ།
floantly the Atlas Sh
to
440
the
summer rally on Well I million crampared with 105
come
ex-
tatton but not so often as
for granted and to be taken therefore discounted in advance. (When that happens, they will sease to becur.) But something and thon more
spontaneous
the Within market itselt seem to be operat
trends
ing-Reuter.
Prices Of
Metals In London
Watson
Lo Crawford
Eva COTTONS
22.00
23.403223.30
Textile Corp. 5.40 50 MISCELLANEOUS
Yangtze (0) Yangtze (N) 0.10
0.05
es on the part,
goint out that Wall
the with
Investor.
That, together the holidays, may explain the recent weakness of Wall Street, but it is equally pertinent to
Street Auctuations are now shorter in Time
and Icas
In spvere magnitude than they were befere the war. On this score no one un autumn rally.
Exchange Rates can say that there may not be
Busincas una dopo in un unoniciat Exchange it morning at the following rates US. dejjar (per 1) pattern
(Straits) *Singapore Indo-China plastres (per 100) Smint teals per 1001
Industrialist Asks Clarification
Bombay, Sept. 7..
local
Reverting to cur own market, This one disappointing development has been the during August 1588 weakness of gold shares. There In Johannesburg, which may have been one or two difficulties 138 have led to a tortain amount of
forced
India's leading industrialist has asked the Indian Government to clarify its position and to state whether its goal is mixed economy In Which both private and Government sectors are permit- ted to function of whether there will be State monopoly of all Industrial enterprise.
selling. Fundamentally there seems no reason to believe that conditions in the Industry have changed
for the radically
fast
On the contrary,
to South Africa loan to
the International Brek hould have a useful reaction. To begin with
they
suggest that the Bank does not share in the
100
seed over the
situation. Again the purpose of to finance new the loan is
electricity and railway capital gold-mining equally with other expenditure, and this will benefit South African activities.
BALTS (SALTAIRE) The scheme for reorganising his company's Ordinary capitat in to be commended. -It will
Mr J. R. D. Tata, Chairman, to deny free enterprise a volen give the company's total nominal of Tata Iron & Steel Company, or even consultation in matters capital, which
the largest steel producing firm vitally
In India, told the annual meet Ing of shareholders that the Government) had adopted concept of mixed economy for India.
includes PTC-
Mr Tata pointed out that the will also pring it more the
with the
A new loan is being raised seasonal in London by the East Afri- can High Commission.
The High Commission, which is composed of the Governors of Kenya, Uganda and Tan- ganyika, is borrowing £8,700,- 000. The loan will carry in. New York, Sept. 7. terest at four per pent, and be
of the proference shares a better spring Fifteen leading shipping lines redeemable in March, 1903/71.
my as a white. phered
Hind
value of thing
American Only 2 million is the dieavy Industry led the gire merchont"
is headed for for
public
subscription
manner in which the Indian air underlying assets. Future divi obsolescence Milsutush! Shipbuilding | "creeping with
the and London: of
remainder
transport industry was recently guides will be more realistic, gaining 19 yen to 111 yen, Mitsu- that, 83 per cent of the fleet
nationalised seemed to indicate and last but not trust the Appr £280,000 has been guaranteed
futurs Lasue bishi Nippon heavy Industrips up must be replaced
that the Government saw no will be opened for within the by residente in Kenya, Uganda eight pen and gains of 10 to 20
London, Sept. 7. and Tanyanike, and £950,000 next 13 years.
Ho added, however, that reason to carry on with its me of Ordinary shares for cash, in of The tin market was quiet with
Implied co dustrial sector or even love case of need. yen in Nippon Optical Canon
The Committee. of American has been mibscribed out Camera. Lesser gains were
spot down to £10 per ton, mixed 'bconomy
State enterprise privats enterprise a hearing
distributed Shipping Lines, serving essen- Colonias Government funds. resorded by Nippon explosives, al foreign trade routes, which
profita for and three months tin down to existence of The loan will be used
and free enterprise and could fore Government makes up its Recently
Have been such as to pay ba
Der NHO
Chemical ant Nippon
Sthu mind. financing the general develop 2007 represents these lines, advocates
mean a wholly Turnover was 15 tons, none not
Mr Tats further pointed out bent on the Ordinary shares and Carbide.
dominated, redhoms for cash. Closing prices were: a Kurega Spinning which Promedinto ship replacement ment of harbours and railways
In contrast with India à 185 per cers on the Preferred steps in East Africa. It follows Suggested programme.
dustrial clas market sources' say will increare
of low loan of more than £7 millon Spot tip, buyers..... include the scrapping
and tolerated
exchanged Fato ships, coh- raised for this purpose In Sep-bot un, sellers
Business, gu
further ing place. In most other free survivhponding and Shidisima Spinning, Tokyo Inued tax
tember 1952. On that occasion Three months tin, buyers
countries of the world after long as this distribution is main- developments.
salud, bold
both classes of shore- the niso in textiles.
Jocal Businesä frate the of dating ships, and lon, was respryed The Government decision to
warkable subscription, ----
-United, Press.
truth is begin: new scheme the same Income METALS MARKET lease the former naval oil depot the development of
A before. But a drop in dk- 'encourage private formulp to
London, Sept. 7. of Yokyaichi to eight oil con
Intributed profits will favour - That State soolallam owners to build new ships with
Prices of metals closed in the
theoryisting Ordinary shareholders, or without Government aid.
Uruguay had a lavourable shares-United Press,
and while a rise will favour existing The committee estimated, the formina, irada balagco pr more afternoon as follows
tap 1 Zion Sept. 2101.
Per long for
Ordinary challped by Uk | Proferrect advocates and that it does not holders. Some give-and-tako is Holiday In Americans of the merchant than 500gr.ob
lead to Waclawibre society but inevitable under any reorganise to a dangerous" concentration flon scheme; but on, this occasion of all honomic power into a úily possible disadvantego 15 far handa" outweighed by the schame's few! bureaucratie United. Press
|general merits,
Its capital soon-Tokyɑ Spinning 1 ferment, for p Rayon and Nippon Keeri, lot the ping, the encouragement of a large proportion, £1mil- Three months in, rebere
JAPANESE BONDS panics touched off a spurt in oil
Japanese bands
13
1924)
Lendoh, Bapt. 7.
ffffer of 1030)
"C" (Tokyo ba of
Consola
Pros
New York, Sept. 7.
Reuter.o
ppasonger or som p blation verso Azalpat Government repor
Financo All financial and commodity present in existence, 480 ocean- markets the United States going dry cargo ships, about the showed
number now operaung, and 40 through? remained closed today, the de
imporis Mall 461,470 against tankers. casion being Labour
$72,094,087,--United Press. United Press,
Day-new
Special,
China
$123.
Bettlement
Dec. 270 ...... Tumover 75 ton
| Lead: Benja ́&NBLA
opper Boot &
2-month £21511 Tatlover:" "150 tomm.
013
617
--Ungled Press.
where n
· permitted
to
temporarily Wear MOVErsal of trend” is tak~ |Ordinary shares-now
to be
Ordinaries, Bo
Mr Tata mid tint mixed many years of Btato_bwner, welders, will receive under.
economy can only function If and rigid control.
of
・There Is Within the community, as distinct
frees with Lepp
balanceerdion as one of
entrprise
The congle
the the west, forces pulling gloogide Stale eatern
ICT Encial panac prisc. trade unions and other elements in woolly."
Mr Tato said he was lod to mako ; thống", obervallons cause he had noted on the part of the Government a tendency