L
Japanese Disappoint Washington
London, Nov. 1.
Japan's army plans, have disappointed the United States, according to a report published in the Sunday Ob server today.
The newspaper's correspondent In Washington ninted:
"It is apparent that the con- versutions between Mr Walter Robertan the Arsistint Szerel- Enstern of State for Far ary Affeta, and Mr Hayato Ikeda, the
representative of the Japarteze Prime Minister, are The personal regarded as somewhat inconclus sh: und unindefactory from the United States point of view.
Ad-
-201
"The (United States) ministration has become ereuringly anxious", the corres pondent cnid, "to reduce its nancial and defence cominit- ments to Japan and to with- draw over the next five years The American gremd forces.
and air
The United States is report- ed to have pressed in Japan an forces Serease in the ground
with
from the present kvel 110,000 to 350,000 men stall air end anval forem, for which the United States would supply the equipment'
The corre pendent added: "I Coptars that the Japanese hay: nude clear that they emot at present.entemplate an increase fo more than 180,000 men”,-- Franer-Presse.
Debasing Attitude
To Art
Louis Nov, 1.
American influence WBA "riebning" the French-Canadias attitude to art, the Prekeat of the Royal Canadian Academy, Robert ellut, of Montreal
Mr
arrival to open
Canadian art exhibition.
Becaure following
all
Canada WRS style, the modern there
Was little left to dis- tinguish between British and French art in Canada, he said This was particularly so with Prchitecture.
Mr Pilot would Welcome more
exhibitions
in
The
British Dominion.
Mr Plot criticised Canadian painters for concentrating 100 much on lundenpes and recom- mended that they study the works of Freach impressionists Rein for the pre-1000 style of unit present 80 per cent of
Renoir and Degas. They should
nude
Canadian painters preferred to deplet the wastelands #r wilder
of hinterland
the country-China Mall Special.
Reds Called Hidebound
Mr
THE CHINA MAIL, MONDAY, NOVEMBER 1958.
"Columbus Day” Parade
Nineteen-year-old Gloria Herrar, "Queen of the Spanish Community", rides in state during the ceremonies In Buenos Aires, Argentina, to celebrate the anniversary of the day In 1402 when Christopher Columbus. discovered America. -
Express Photo,
Simplifying Task
Of
Concluding Business Deals
Paris. Nov. 1.
Real progress in simplifying the task of drawing up international contracts and avoiding subsequent litigation has been achieved by the latest work of the International Chamber of Commerce in this field.
Some 30 international experts have been at work drafting new standard clauses and de- finitions of trade terms after detailed inquiries and consultation with associations of importers, exporters, forwarding agencies, shippers, in- surance brokers and bankers in twenty countries.
TRADE and COMMERCE SECTION
Page
The Stock Exchange Forgets Election
British Gesture International
Regarded As Significant Step
(FROM OUR OWN CORRESPONDENT)
London, Nov. 1.
To the Briton in the street the news this past week that the United Kingdom will increase her unrestricted trade with Europe meant little more than the prospect of more exotic shop windows.
But that was not when he was meant to think. If he had studied the reports of the O.E.E.C. (the Organisation for European Econo- mic Co-operation) he would have seen that the Chancellor of the Exchequer, Mr. R. A. Butler, indicated that the move was intended as no sop to the electorate.
That Britain was prepared to increase her unrestricted trade to 75 per cent, he said, was p gesture to prove Britain's will- ingness to be good European.
It also breught the country Into line with the target quota of "free" trade aimed at In principle by the O.E.E.C. members.
What Interested the City, however,
the extent, to was which Britain's "gesture" be interpreted as a sign increased confidence national economy.
couhit
C
in
the
HONGKONG
SHARE MARKET
Politics
MARKETS BUOYANT
TONE IN LONDON
Shock In U.S.
By SYDNEY S. GAMPELL RéÙ‡64'» Findfolal ́Edhoï
London, Nov. 1. Washington roports ure unanimous that the Wiscon- sin election has softened Ropublican farm support policy: that the Administra- tion will not dare to do any- thing other than maintain the rigid high farm sup- porta, unless indeed it goos electioneering by making
The Wisconsin district, which
(FROM OUR OWN. CORRESPONDENT).
London, Nov. 1. International politics forgotten, the Stock them still higher. Exchange closed the week buoyantly.
Confidence was inspired by the renewed spate had never before returned a of good company results, Britain's production Democrat, and which went fie- peak in September, Chancellor Butler's statement publican in November 1952 by a at the Paris meeting of the Organisation for Democrat by મ comfortable European Economic Co-operation and Wall majorly. This occurred in a Street's rally.
now
of
two
to one majority, swung
farming (mainly dairying) con-
U.S.
Gossip of a further reduction in the bank rate also!stituency, despite the great len- helped to drive prices upwards.
Iderness that the Republicans have shown to farming in general Regarding Wall Street, the ed its peak in June, 1051. That and to dalrying la particular. The City is inclining to the belief prok was 140.4 with is some datry price supports were that any recession in the United 178 per cent above the present maintained at
level. Staten well not be serious.
10 percent of parity for the year ending next Price gains, though, did not so much reflect the amount
Much of the buying this week April, in gross violation of Re- has been from institutions. business dane as the shortage of
publican sound-money principles Sensation of the week was and of any ideas of international British sleek. For
Investors,
out to their atmost shock-proof to wintended
Standard Coal economic liberalism. For the shareholders by international crisis, are adopting
and Iron which caused the sake of the dairy formers lic a policy of sitting fight on shares to jump 10s 0.
Government seriously. (From Our Correspondent) scund boldings and ignoring day Rolls-Royce jumped 3/84 and burdens the taxpayers and makes
to day fluctuations,
Dunlops 270d. Butingss done on the Stock Far-seeing brokers, however.
itself à reproach at GATT and Exchange this morning amount-are suspicicus of the rise. They
In all other dairying countries, ed to $173,015. Noon quotations remain warried about Britain's
and yet cannot hold the dairy- the morning's
farmers! vote. transae-international trading position and the never-ending demands SHARES BUYERS SELLERS SALES for higher wages at home.
DANKS
Linking these factors. they appointment are strcing the competition of in- foreign markets becoming creasingly acute which in turn means Britain cannot afford increase production costs by granting such demands.
and
The more cynical saw it as a move by Britain to meet hertions:-
O.E.E.C. commitments and avolt
retallatory action by certa countries Belgium and Italy were suggested-who might be irked at her tardiness In relax- Ing her restrictions.
Certainly much evidence seemed to back this suggestion. Belgium and Italy, who both per cent of their mere en 10
had liberated
beginning to talk
1510
..
ICJ
1CD
K Bank East Asi INSURANCES
ITC Fire... SHIPPING
Asia Nav... 1.1 1.40 DOCKS, ETC.
K. Wharf.. Duck
0714 21.20
trade. were about with- Provident
/12.30 1315 1300 me 12.30 drawing unless they saw greater)
230 v 11.70 Wheelock. B 8.05 500 0.80
LAND, ETC.
reciprocity,
TIMELY STRATEGY
re
23.30
137
IK Hotel.. 7.80 1.00 5300 m 7.30 HK and 0235 10 200 3 6hal Land 1.40 135
Humphreys. 10% 18.50 UTILITIES
Train 23.10 23.30 306 # Star Ferry 130 100 C. Light (0) 13.89 13.50 1000 13.10
Light (D.GO Electric
27.00 609 61 27.50 27%
2315
Elec. 0.81
500
23.co 23.00 200
The Chancellor himself in- had attendant risks. True, her dicated that Britain's gesture
Nevertheless gold
increasing. reserves were
the rate of covery had fallen considerably and furthermore Britain stili owed large amounts to the
Mato European Payments Union.
Telephone Coupled with the fact for
that INDUSTRIALS some time Britain and
Cement .... 10.30 10.00 France, Europe's principal STORES. C debier countries, hav: also been
worsi backsliders, Walsen to in-wing on. 口 hint of
EWO... 2.4713
ая
Darry
17.40
23.50 23:30
23:23 20 Crawford 23%
The results are contained in its, the seller agree to carry out two recently published works of clearly defined undertakings reference entitled
"Incoterms whatever the country they belong 1953" and "Trade Terms."
"Trade Terms," on the other Litigation frequently arises be-hand, shows the meaning given O.EE.C.'s tween two parties to a contract 18 countries to the 10 delivery there facts all tended owing to divergent interpreta clauses-most-currently-used-Exdicate there was lions of the clauses laying down works, Free on rail (truck). each party and to be borne by Freight or carriage paid, FAS, necessity about Britain's "good COTTONS each party and how the various FOB, C & F, CIF, Ex ship, Ex European" gesture. costs connected with the tran- sport of the goods are to be an quay, Free delivered, Madras, Nov. 1..
.. split Nehru, Inillaá
Prime Minister, said he had never
hidebound come across more people than Communists,
WIS
D
the
up between them, nce to
of the numercus, administ Germany, Denmark, himself has pointed
A
or
means by the torms stipulated
to
WON'T LISTEN
the
WAYFOONGS UP
shares
few pence farmer-labour
Courtauld's refusal to do any thing spectacular with its in- terim divident caused dis-
It looks as if the soft-money the and week a
coalition which closed the
governed the U.S. for 20 years down.
last November has re- Olls tended to share in the up to
asserted itself, that it is polllic- buoyancy, Royal prevailing to Dutch rise to £33-5/16
ally suicidal for the Republicans only the peak touched so much as to try to make farm- 1/3 below
labour carlier this year. Shell Transport ing and
conditions n gained 2/0d and Anglo-Iranian trifle less soft, let alone to try to nearly two shillings.
toughen them into cul of market economy.
up
·
good
jo
the
a genuine
The
Inter-
Ming shares went But opcrators are refusing to harken, And the apswing favour, with declines in Kas pretation could be two-sided. If carried
Financial Times and base metals the rule rather it becante reasonably certain that price index to 130.5, its highest than the exception.
the Republicans are anyway point since cicction time in Bank shares were strong but going to lose control of Congress the strongest were, rather un-in November, 1954, some 1931.
expectedly, these of the Hong- members of Prominent over the week were kong and Shanghal Danking Administration, probably includ
Republican Stavely Coal, which rose 10/3d Cerpontlen, up £3, to £1-ing Mr Humphrey and Mr to 85/9d; Lothian Coul,
Burgess at the Treasury, would 7/30 to 65/-; Turner and Newall, the peak this year was £92.
Shares of the National Bank no doubt feel a duty to use the up 6/- to 65/- United Dairies, of Egypt gained £1 to £23.
last year up. 5/3d to 05/0d; Tube Inves
Republican Japanese bonds fluctuated
gressional power to up 4/0d to 89/-; British- ments,
deal
mainly due
inten their effor
efforts to restore the sound American Tobacco, up 3/03 to in sinterpretation regarding the money which they regard as the 41/6d.
significance of a relatively small foundation of the American way Gilt-edged, however, remained | financial failure. Tokyo Elec-
of life in the hope that thereafter state until Friday when all trie nsented lost 3/-. Others
it would at least take some time issues showed small gains were unchanged.-United Press.
before Democrat saft money Three and a half per cent War
could undermine it. Loan and 3% per cent Conver- sion Loan cach hardened eighth to 84 and 85-1/16,. pectively, and investors are now walting to see
whether gills will 8300 un 215 now join the general rise.
Foreign bonds were patchy. German potash issues strength- ened on an inerented production figure but other Cerman issues held merely firm.
300 37
1000
Pearl Fishing Suggestion
2.45
DATS GAIN.
cnc-
_rpis.
had
To Suspend
Export Of Aluminium
NOW
FLAIN
But for the typical Con- gressman who seat is at stake, and also probably for some members of the Administration, this is a counsel of perfection. It the is now plain that, instead, Republicans will try to save their scuts and their skins by outbidding the Epmocrats in sing the farmers. A one
the contemplated cuts in
Tokyo, Nov. 1. Thrze big aluminium reineries the supports on oats, barley and
Japanese bonds, which
that weakened on the news
in Ossion have dreidad to Melbourne, Nov. 1. Tokyo financial house Wos in So it can
be assumed that Japan should
surpend the export of aluminium rye and flaxseed (from 85 to 75 be allowed to trouble steadied, the close.
of parity for the three percent into's ne from next Apr in even if there was more then pearl fish in Australia's northern Banks all Joined in the magnanimity behind Britain's waters,
view of the increasing domestic coarse grains and from 80 to 75 Dr Ian Clunies Ross, ward move, with
special needs.
for Ruxseed) are now unlikely. pante measure; rather gesture it was certainly not a Chairman of the Commonwealth interest in Canadian issues,
The flea was to make it piece of strategy at a
timely Selentine and Industrial while insurance shares gained a moment Research Organisation, said last turn.
However, it is well to re- The 18 countries are: Austria, member that Chancellor Butler Belgium. Canada, is a cautious Minister. As he out there formalities to be carried out. delivery clause.
Egypt, France, United Kingdom, Fuch as FOB Italy, Morocco, Norway, Nether-O.E.E.C.
risks attached to are
Britain's They had no resilience. Marx CIF, FAS currently used In
decision. But. the great
man but he international trade has not then, Sweden, US, Yugoslavia and Chancellor is not the scrt of
South Africa. lvzd 100 years ago and
same meaning in Le Havre
man to commit the country By consulting it, the seller and risks if there are loo great. world had changed since then. Hamburg, In Cape Town or It was silly to accept all his Sydney. Consequently, the the buyer can tech learn down present times, Mr allotment of risks and ecsis be to the last detail what the other teachings in Nehru added.
tween seller and buyer varies in the contract and are thus The Prime Minister told a considerably in accordance with made aware of the full obligation political meeting that capitalism the customs of each country, and they have to allow for in fixing was anachronistic with no place this frequently icad to mu their prices.China Mall Special. unywhere in the world including | standings end Iz wsuits be- the United States.
twoch business men of different And
the Socialists repeated nationalities. slogans like nationalisation without
realising that slogans have to be varied ac- cording to circumstances. Na- fionalisation could not b echieved by one ever:11 dezres but gradually. China Special.
even
Mall
It is therefore desirable that
the contracting parties #gree beforehand on the precise signi- feance of each trade term used In the contract. They can do
this in two ways.. They can conclude their contract on the basis o(
international definition of the de-
standard
In
New P. and O. very clause chesen. These in-
Liner
+
London, Nov. 1. The new P. & O. 28,000-tcn linor, Arcadin, for the England- Australia run, is expected to sall
ternational staniard :finitions are provided in the ICC's new
Wincoterms publication
1833" (rivised English/French edition).
AN ALTERNATIVE'
Or they can conclude their
Red Critic
On The
Warpath
Moscow, Nov. 1. Konstantin Simonov, Icading Soviet playwright, criticised some theatres here for putting on plays without sufficient re- hearsal.
Simonov
on her maiden voyage to Aus-contract in the basis of the in-directors for ignoring the pre- trala on February 22, 1954)
terpretation given to the trade miere and
The Arcadia is similar in most respects to the s; s. Himalaya, It has a new type of fennel designed to
fumes and carry smuts well aft of the ship.
It is to arrive at Fremantle on March 18-China Mail Special.
Wagner MS Stolen
national
Japan's aluminium ingot ex-less juicy for the farmers to els, which are mainly directed plant these other crops on the when
the branching of the night, the Melbourne Sun re- Tobaccos, apart from British- to Scath and North America, and that they have to take out- European trade,
today.
of
ways seemed to loom ahead for Farted nishing means mdre American Tobacco, merely held | are catimated to total 8,000 tons grain and cotton. In the new
1 re-
the supports crops are be rabcd than
their ground.
In this flacol year, ending next political pleture, Breweries, building materials, March, or 60 per cent over the on these alternative
likelier ta coal and enginearing joined the preceding year. gintaal upward trend of other Industrials.
Demealle demand for Ingots
lowered.
the Japanese than to us, but let EUROPE SURPRISED
them come and nɛh 30 or even 100 miles from our theres and While it is obviously facile to belleve Mr Butler's announce our hackles rise," he said.
This is only an example of Oils, which had earlier fagged, has charply Increased recently, This makes it all the more ment was burd proof of
hundreds in which covered national economy, the
national,
at showed improvement the due to the progress of electric probable that the supposed pro- such racial, and personal selfichness week-end, when interest broad-power development projects, duction controls on wheat will fact that Britain is in
in the way of ened.
which require much aluminium | in fact enlarge the surplus. ecenomic health as to merit this was standing
world
sald Clunies progress,
With
averago weather, the type of step by
Trinidad for wire, and to the incressD-CT) E0 canny 1
Prominent was minister is in itself signideant. meeting
Roes, who was speaking at a Leaseholds, with a jump of 3/-general household needs.
farmers may grow nearly o DI the Australian to 327 on dividend and bonus
much wheat on their allowed 62 the Association of the United Nations scrip hopes, and also Ultramar, the estimated 10,000-ton Ingot did on 76 million acres, and they
This has caused the fear that million
acres they previously It obviously surprised
that
the eighth. O.E.E.C. members
the to celebrate
an- which rose 1/6d en speculative liberalisation target
output for this fecal year would will have more than 20 million niversary of the organization buying, anncunced
acres of extruded secret China Mall Special.
wheat and was so high. It was co
Teas showed fractional gains.be insufficient.--France-Presse,
cotton land on which the that they expected it to be enly
Tins sagged, with Intereat at
them Government gives
the 65 per cent.
maximum Incentive to grow
France, the other big debtor. New Market was in no position to make any similar bid to rebind the near- disintegrating organisation.
Japanese
For
blamed theatre
getting audiences terms used lu pile of the two to buy tickets for plays which countries of the two contracting thus went on the stage without
varicus perlles. The
a formal "Orst night" test for
In another important respect Interpretations will be found in the cast.
Mr Butler's announcement was the ICC's other new publication
New Delhi, Nov. 2. "Trade Terms" (revised English/
In a letter to Pravda, co significant also. It ended the Japan's expending industry French edition).
signed with Boris Lavreney, speculation rife in European entered the Indian inicket for Simonov asked "If a play *
cireles
that economic . “Incoerms 1053"
Britain the first line today us a suppiler proposes standard international definitions issued and the
ready, then why ure posters hot might be disentangling herself of standard-size loscemotiver. Munich. Nov. 1.
premiere an- for each of the nine trade terms nounced? And if it is not ready, a
from Continental commitments, The Indian Railway Board Mr Carleton Smith, Director most frequently
the exchange loners wid Hitech thought kept alive by, the uted in Inter- of the National Arts Foundation national trado, namely: Ex works, then why should some audiences attacks made at the Censerva Ltd. to purchase at least 75 MG- of New York, shld today that Free on rail (truck), Fret the theatre has not yet decided General Agreement on Trade 3,000,000,-United Press,
unprepared play of which tive party conference en type lostmotives costing same
the the ten original Nithard
Wagner
carriage paid, FAS, FOB, C
Tariffs and nanuscripts, which Hiller CIF, Ex chip, Ex quay. These to announce the premiere?
the coincidente "The former situation should of Britain's request for relente colved as a 80th birthday pre- definitions lay down without any sent in 1938 had probably been pessible doubt which of the two be re-established where a play from some of her cbligations,
ho stolen
In conclusion, whatever from Hitler's former contracting parties will have to advertised as a premiere was a mountain
Chalet at Berchtes beat, for instance, the customs fully prepared play, offered with motives behind Mr Butler's an
duties or the cost of insurance. full responsibility
nouncement .Raden
mograninity Business was done in the loc Thay also dent with many other
audience,"
the
vital fact¦ unofficial..
market problems which have current prated as many times saved European trade from a sterime potest per a
Rehearsals - ghould be re-emerges. Britain's gesture has morning at the following rater:--
Us. doline (por.81) satisfactorily solved by
By adding, the words intetisary to ensure, but the setback which could have done ledenesian gulzlers (per 1009 practico.
throcklewer (per 100). Incoterms 1083" after a specific play la quite" rexdy."—China | extensive derange to the caulong delivery clause, the buyer and Mail Special.
of "ilberalisation,”
Endo-China" pissives (por -100)
He has appealed to the Ger- man people to help him to trace tho manuscripts which he wants to return to the Wagner family house at Beyreuth, China Mall Specio).
&
sco kn
+
Exchange Rates
a minimum.
д
featureless rubbers
scetion the interim dividend Siamese
cuf by United Sùa Betong from
| 71⁄2 to 5 per cent had little effect prices which already had discounted the reduction.
A GOOD WEEK
Rice
Exports
Washington, Nov. 1.
[
unealcable surpluses of other
crops, some of which repet on wheat. A drop in the coarse Brain
and flaxrced supports, to
175 percent of parity would not
have been much of a
· This week had all the Indica- the 1,000,000 metric tons (3,000-W of
deterrent,
to:
stimulate
quite
do
drop
the sup
encouragen
[ho]
longo
The Agriculture Department since that level is itself quile said that Thailand rice exports high enough London, Nov. 1.
in 1953 will probably not reach crops. Fallure bctively tions of a boom, at least In 000,000, pounds) cetimated & the
unsaleablo industrial shares.
reller There is minor ofsetting beginning of the year as avail to the dairy The Financial Times index cable fer export during 1853. of the extruded wheat and cof- position, since nome trading industrials closed at The largest estimate of sctual lad, which would otherwise
high for this year 130.8 exp
1953 is 1,857,000 ton exports for which was the highest singe tons, the Department's publica have gone to grass, and even November, 1951. T
This was partly bien "Ferrign Crop El May-
to milk, wil An expression of optimism kets" said.
Jurplus about, trans-Atlantic prospecia
new
go to
the Buxaéod, instead. Bot·
to coarse
position e a few mulion acres mcro. To 1051 Challand exported und and the belief that there will Eq.
tow millen aères not a reersson in the United 3,500,000,000 pounds of rice and the Statcs in the forts:cabby future. In 1952 3,150,000,000. The Do- nezely affects the degree of the 5.It was also in expresalen of con- pariment reported that Thailand badness,... and in the general. fidence in the Brish economy. cxported 2,108,000,000 pounds of surplus poetion an acro under under Conservative guidance. rico in January-August, slightly course: grain is more important
This index during the yours loss than the the corresponding than an acre under-
Router,
of the labour Government reach- 1952 pericd.--United Press,