+
"
Australian Search For Oil
Melbourne, Nov. 11. Latest announcements of progress in the Australian search for oil have brought new hope-and new defence worrica.
Little oll has so far {ces found on the Australian Co- enter-
and only three tinent priscs, one in Victoria, another in Queensland and a third
New South Wales.
have
ated commercially for
Jength of me.
in
optr.
any
near
*Into Lunker
The Victo:an venture, rhale formations Entrance,
a pleturesque Ach- ang village on the southern sea- board, has now ceased opera-
as Chn Davis in New South Wates was elected by the pres Fent Federal Governintat After an aggregate loss
of millions
of Government money.
But a new company has been Steperd Then type 1 Maltor concerns round Roma, in Central Queensland, al latex! that petroliferous `reports shite
Drilling
Ex has been faund, continues.
Now,
nfier years of private Governorst-leked fa-
**
vestigation, drilling has started
the-t kit f Learmonth, on Exinoathy Gulf in West Australia, only a few score
Gif milies youth
Onslow the
supply port for the Brillch alomic xplosion on Monte Bello Island txt year.
Prospects, the experts say. are good.
An rologist.
petroleum Any rienn
Mr Frank Morgan. has described the Exmouth Gulf basin as "one of the most at- tractive untested areas In the -worlt."
RICH PRIZE
Company Me are cqually opilmlatte. Although The first well may have to be sunk to a depth of 13,000 feel, the maxi- mum with the plant now work- Is Ing, before It finds of or
abandoned. Either way, I will probably cost £11,000,000,
The start of drilling In the northwest has given “new Im-
petus to criticisin by Press and public alike of the lack of de free piepteneant tralia's northern coastlines.
Aus-
A Queensland Labour mem- ber in the Federal House of Re- presentatives and former Navy Minister, Mr WJ.F. Riordun. said during the recent Budget ciebate that though any attack would come from the north, the north remained open.
την
The uranium felds of the Northern Territory, he added, wou'd be rich prize for would-be aggressor and if oil were found at Exmouth Gulf, the problem would be intensified. Owing to the Iack of all-
weather roads, an inch of rain, he declared, could reparate the Darwin-Alice Springs-Mount Isa triangle from the rest of Aus- _tralia. Defence would depend on aircraft 90x 1,000 miles away,
NOT EXPENDABLE
On the other hand, according
to the Sydney Sunday Herald, discovery of oil in the
wrest would probably
Australia's defences
nilack.
north-
increase
against
civilisation,
modern ta which moves on oil, no oil-rich country Is expendable," แ wrote.
"There would be no question of whether the British fleet came to defend Australia in time
the of war-unless
fleet was here first
that unn
unnecessary, vitally
Kources."
Amerlean
oil
and made for America Interested in Discovery of all would bring Australla a new prosperity to which now impeels £A70,000,000 worth of petroleum (including Iubricating oil, paraffin and other products) a your.
Giant Eva Peron Statue
THE CHINA MAIL, THURSDAY, NOVEMBER 12, 1953.
The statue of Eva Peron 'receives a final polish before being holled to the top of the "Eva Peron Social Ald Fund” building in Buenos Aires, where it will stand with the receni- ly-placed statur of President Peron. The glant sialues were executed by the Italian sculptor Tommasi in Italy from
Italian marble.-Express Photo.
Suez
Agreement
Could Bring Three
Main
Benefits
London, Nov. 11.
The situation in the Middle East which would result from agreement between Britain and Egypt on the future of the Suez Canal Zone hase is now being weighed in diplomatic quarters.
The gaps between the British and Egyptian position concerning the evacuation of the Suez Canal Zone base by British troops have been narrowed in informal talks during the past five months to two main issues.
The test is the circumstances troops Arstiftered the country in which Allled troops will be 70 years go the foreigner able to return to the
must gel out." zane in any future "emergency,"
But more tangible results The other is the question
of than these would probably whether the several thousand follow. technicians whom Britain would
Britalu for
with Agreement leave to maintain essential in would make
caster stallations until Egyptions can Western nations lo give be trained to do
their work. economic aid to help General shall_o_shall not wear uni- Naguib-to-carry-out-the-reforms- forms.
|
be
Assuming that agreement ulumately
reached
TRADE and COMMERCE SECTION
Scheme For British Exports
Tin & Rubber: Credit Finance
Problems Facing Malaya
Singapore, Oct. 30.
The Malayan tin and rubber industries, Federation Government, together with the planters, miners and workers, are going through a period of anxiety as a result of the fall in tin and rubber prices below their immediate pre-Korean war levels.
The present rubber price of around 55 cents a pound (Is 4d), and that for tin of about £600 á ton, compare with average monthly prices in January this year, respectively, of 85 cents (2s) and £940 a ton,
Rubber companies are faced with the question of how long production can be continued without in curring losses, and whether the lack of financial re- sources dictates a revision, or more probably cessation, of replanting programmes.
10-
luc
In 1 tin-mining industry the He sold: "Malaya's 'tin current problem is whether to dustry
readily could go on wing up a wasting asset stabilised with the enforcement the tin ore in the ground-of a restriction scheme and the while prizes return little more operation of a buffer stock." than werking costs, Bud
Mr Mackay added that the rome cases do not permit nde-ructess of any such plan would quate charges for depreciation depend on the attitude of of the equipnient and depletion America, and it America did
not approve there would be lile cbject in producers CH-
such
restriction
reserves.
For the Government the lering problem is to And alternative scheme on their own responsi sources of revenue to replace billty. the heavy decline in the col- kellens from export duties on rubber and fin and
Income- tax, and In addition to
And schemes on which Inbour dis- missed from the mines und rub- ber estates can uɛcfully be em- ployed.
pro-
Rubber producers are Aiting by experience, and have now only the smallest faith in U.S. promises, such as
made earlier this year,
At
that buy all the natural rubber available
prices
with competitive synthetic.
to
AL
natural
HONGKONG SHARE MARKET
London, Nov. 11. British engineering firms and a merchant bank pre How 'discussing proposals to set up » company to nauce exports an oredit terms. The
company would be eslied Manufacturers Ex port Finance Company would have an Issued ital of
2230.000 "According to the Finan-
cial
Times one of the Joint stock banks has already *agreed to Krant Годл faclifties up loan inilal anicunt of £2,000,000. It is understood that the pro- Ject is alreally supported by number of important Arms in the engineering Industry.
Discussions on the pro-
Place
ров
have taken
the Ainor members of British Engineering Asão- clation and Electrical
the Brithh and
Allled
Manufketurers Association.
The
The move to form the made company has been because the credit
сал British manufacturer Iran at present is ilmited to the amount of finance
which can be raised by
borrowing or by increased capital. When the limit is reached the business Is consequently lost.-Reuter.
Weather Ships Proposal
です
Page
Improved Tone
On London
Stock Exchange
(By Norman Crump, Sunday Times City Editor)
London, Nov.
Last Friday the "Financial Times" "index number of Ordinary-share prices touched 180.5 which is the highest figure since Novemther, 1951.
Of even greater significance is the fact that, unlike the speculative buying of stures shares three weeks ago, the current strength is due to both private and institutional buying of first-class industrial equities.
Turner and Newall and Tube earned. It will now rest with 'us Investments were among the to get as a share of the shares in demand, even although world's trade as we legitimately with their current dividends con. One question is the fimiliar
they offer relatively low yields, one of how to keep our export All this suggests that people are prices down to the world's level. ready to look ahead with greater This calls attention to our own confidence.
financul polley. Ought We T Some disappointment war make.conditions eary at home. caused by the decision of Anglo- so that, if we do fall to st any franian to pay the same interim thing abroad, it will be readily dividend as it did last year. As taken up by the home market Sir William Froger. The chair or ought we to be stern at here, man, made clear last May, 25 Is to keep our production "mote substantial distribution costs down to competitive levels? would bo warranted.
Again There are not easy questions the company's nominci capital anewer, for they have a psy- is very small in proportion to chological as well as an crithme-
its immense as cts, and this i tical backgrund. A d'rentented an argument for capitalsing part|nation is rarely an efficient of the reserves.
nation, and excessive taxation of
The first need, however, is for dear money can themselves add n settlement in Persiu, because to production costs. until this is reached the com- One thing, however, is clear. pany cannot tell exactly where Exporters should have first call It stands. Therefore, no one ought on the nation's resources, includ- to have felt disappointed at the g the nation's money. Bankery absence of a higher interim are already willing to dance dividend last week. I am con- experters within the canons of Adent that in dus course part of
of prudent banking przetice, and A plan to provide complete the reserves will be capitalised the Export Credits
dits Guarantee Trans the form of a bonus Issue to Department is there to help. In weather
coverage for
shareholders, and this would be one Atlantic commercial planes ins
respect the
he Department bzen
devised by the
Occasion for might be able to do more, Unger Inter-the bppropriate rational
Navigators raising the dividend. Whether it the 1940 Airlines
Act it has power to becomes Bext year
son tuke or af (From Our Correspondent),
Council to All the gap to
over crcdits loter date, it is impossible to granted by bunkers to exporters, States
originally United left when the Business done
ut their present So far these powers have been on the Stock withdraws Coast Guard cutters say, but even
that informa-price of 7-15/10 Exchange this morning amount now dispensing
Ordlazry
In abeyance. If they become shares
should prove ed to $480,002.50. Noon quota- tien from mid-ocean..
a pront effective bankers could lçild tions and the morning's trans-
much more freely, because they The plan will be proposed by uble long-term investment. actlorst-
the Association of Airplane COPPER DIVIDENDS ARE BUYERS SELLERS BALES Navigators to the International
Sente dicappointment Amer. med. Th's may
would know that they could was also obtain reimbursement in case of BANKS
Civil
Aviation
Organisation, felt at Rhodesian 1K Bank
seem a small cen and Rhokana for not in-point, but everything counts to In a Rast Asia
special session to sider what should be done. ercasing their dividends. Here, day when our export trade is of
The United States has In-galu, a higher dividend was such vital importance.
LITTLE HOPE present levels rubber is appreciably cheaper than synthefle, yet there has been no sign of any great
U.S. buying In the Singapore INSURANCES
market.
Little, hope is placed on the outcome of the present in- ternational dlrcussions of the Rubber Study Group In Lon don, Even if the proposals ibere under review to ensure stability of price and supplies secured universal assent, they could not affect the position for at least nine months or a year.
and tin Rubber planters _minery_And___their bonuses and disappearing, and this raises the problem of mak-
ends ing
meel, providing education expenses for children
saving for overseas, and tirement.
commissions by which he wants to improve
is the living standard
-stricken
these poverly on points, diplomatic quarters be-masses. lleve that three main benefits
pre:
The General, who
of the Egyptian
removed
also expected to turn to lie West for the military ajd which he needs to build up his country's strength.
will result from the evacuation King Farouk from power, is of some 80,000 British soldiers from this strategic area. These “ድ
A perlod of Anglo-Egyptian friendship:
A firm Middle Eart base the Western world; and
Economic and military sistance from the West General Mohammed Naguib's Government.
CLEAR RESULT
for
as
war.
in the
men.
COST OF LIVING
Lombard Union XD
www
Underwriters SHIPPING
Waterboat Asia_Nav DOCKS, ETU,
K. Winer. Dock
con-.
the
I.C.A.O. that the most unlikely, thokann, it s ships In this true. earned more than in 1951-
30 * 1830
300 501
60030 30045
formed
13 847
cost of
20
in
1.33
old weather chain.
8T 106 er 135 21.00
Mr Henrt
Almin, c. man of the council, said
chair- that
service of the benefits 152, but it is quite rightly keeping :
derived from the seven-year-
hand the money which
its quota of needs to pay for shares in the new Bancroft mine. Rhodesian Anglo-American's net 12.00 12.90 200 12.00 his group would try to have its
prosts of £3,013,449-which are tho project adopted whether
the significant figures, rather hips were withdrawn or not.
than the £25.3 million profits: The council's programme con-
(before. tax) for the whole navigators sirts of having the Exchange weather information group, which includes a variety of Interests are fractionally by radio among themselves and
those of
the pre- with meteorological
officials lower than vious year. stationed at airport terminals.
Furthermore, both companies' 100 25.80 Navigators on the trans-Atlantic 600 at 35.70 route have been
doing this accounting your 'endel' on Julie 30 last, a few weeks before 14 3600 13.90 on an infermal basis for several
the restoration of.
Loudon f other 0.90 years, Mr Almin said, with tho 27.70 best results. Merchant
market in copper. 1300 et 27.60 he added, can also be of value words, these proffs were earned
with the
-7.00 ~11-GOOG
rc-
Provident
(0) Provident
IN), viigelock.. Bangkew.. LAND, ETC. 11 Hotel HK Land Humphreys Realty UTILITIES
Trans
12
100 12 0.33 0.45 3100 8.40 300 or 8.75
2.10 1500 13
7.00
0415 0512 530 g 35 16.70
21 8000 # 214
25.70
Star Ferry
137
C. Light (0) 13.00 C. Light.IND.85 Electric
300
27.70 24.00 300
In addition, there is the ques- tion of the cost of living, which shows only the tiniest signs of falling. while
and
Cemat
ин
10.
ships,
when
copper stood at over £250 three aton, whereas today
JAPANESE
TEXTILE MARKET
Tokyo, May,
Cotten Yarn Prices Cotton Yarn iÎn US cents per
20 single
40. minule
17. Gouble
Colton Texule (in US cents per
Swatch No. 2
2002
the in
network Macho Elec 0.00 Telephone.. 25,40 35.70 1000 m 25.00 | weather reports they now send
OUL DUSTIDALS wages
daily to o'her vessels. A months copper stands at £222 Chop Moth Export Quotations salaries have dirgady been cut. ETC. 12.30 11 800 18.40
similar system had been in use a ton, I am still confident about | Grey Sheetings: Dairy Overshadowing everything is
..... 23.30 23.40
successfully оп other trans- the long-term outlook for the Jeans: 221 22.00 700 v 32.80. Wation the possibility öf Increased
Deean routes not covered by Rhodesian copper-mines, but at L. Crawford 2312 taxation, direct and indirect.
COTTONS
Ewo Textile Corp. 0.00
Here again the West is likely to be sympathetic. A strong, friendly Egypt, which would later take over the maintenance for of the Canal Zone base, would be regarded as an asset by Western military
Any military supplies to Egypt The overall pleture, there- would only be sent; however. fore, for the Gavernment, the Anglo- Egyptian differences on condition that no attempt Industries, and for workers is
the 1936 Treaty, which was made to start over
"second anything but encouraging, and gave Britain the right to occupy round"
their Arab-Irstacl for those dependent for The Suez Zone until 1950 Rnd
Ilvelihood on income from in- bulld
up The £500,000,000
Malayan comTM To a strong Egypt, the West vestments in sterling bare, are long-standing. might also put a variation of panies the picture s СУСП Trouble, which had been sim- the plan for military links be blacker. mering for some years, come tween a Middle East group of
heud two years ago after countries and the North Atlan the Egyption Government under the Treaty nations-China Mail Australian oil would
the mean
Wardist leader,
Nahas Special. than saving just that Parts, tore up the 1930 Trosty yamount, oli men say.
Brilish They see and declared that the no reason why Australia could would have to leave "to satisfy
national aspirations." not follow in Canada's footsteps. with all wealth rippling down
attacked Egypilan "patriots"
Conal British troops in the and
Zone and elashes only ended when Naht's Pasha's Government was wept out of power by the "Mack Saturday! rlots
Aboard the Royal Research in. Coiro in January of last year.
Salp, John Biscoe", now on her Anglo-Egyptian agroc annual 35,000 miles relict voyngo
7. more
- every avenue of commerce
|
industry.
Most Imperiant of all, it could ense the Commonwealth's pre- sout dependcrice on wool as the major source of overseas in- dependence which come?
... economists Have described 13
lo
a
Scientist's Mission
Meantime, the
continues
Government
10 spend- money.
mostly on works which ure
2.40
The Rubber
Markets
After
-inter-irregular.
Singapore. Nov. 11. opening steady the programmes dificult to postpone market ented and became rather without considerable
There was some trade off-take. with the long-term
all Frices: development programmes, designed to raise the standard No. 1 rubber per ib. Nov..
anti- of living as part of the Communist war.
ference
NOT MARKED
The present popilion is dué to the fact that the production of rubber nnd tin exceeds de-
to do so for some time unless
An ment in the near future would to the basis of the Falkland mand, and is likely to continue clearly bring to the relations Islande Dependencies survey in dangerous-China Mail Special, batween the two countries a the Antarctic, is Robert Julien
cordially which has been ab-Tbylor, 24. rent for years.
BRONZE AGE
RELICS
Mannheim, Nov. 11. United States Army engineers Tidus un Bronze Age relice dating back 3,000 years while levelling off a new sports field near here. An official of the Mannheim prehistorie rescate
snic offico
pottery, te tho
remains of clay houres, anlını 7. bones, fireplaces
and
A
bronze
Dec.
Jan.
No. 1 rubber per lb. Nov. No. 3 rubber per in. Nov. No. 4 rubber per ib. Now... Spot rubber unbaitd Blanket crepe.
60-5012 58-5012 50-5012 841-5014
weather ships.
SEVERAL FUNCTIONS
In LB ceni yer yard FOB)
Nine Dragons (Kaneboj
KAD
17,3
10.3
Cherest (Dainllion) Cambrics:
15.0
Flying Dragons (Toyo) Three Pouches (Nikitin)
30.0
the moment a cautious dividend white muito policy is justified.
NEW FEELING
The ships, he commented.. Reverting to the new feeling have several functions:
of confidence in markets, it resti They are an aid to naviga- on the growing evidence of our lien, which is useful but not economie recovery, and also on necessary in routine work.
the fact that a serious American They give weather Informa-recession now seems less likely tien, which has been extremely then it did last summa. But !! valuable but can in all but one must never be forgotten that respect be duplicated.
They can save human lives in the event that a plane
has to "ditch" at sen, but this duty can also be taken over by giv- Ang planes the position of near- by merchant ships as is done on other oversea routes,
The main information needed
the
our economic stability depends largely upon active international trade, and more precisely upon our Lbility to export.
grey shirings:
Fukulino royo) Compass Kurcha) Foldier (Toyo) .... Crane Dter (Dainihon) EMĄ (Kanebe)
United' Presa.
Hamburg Is Worried
Hamburg, Nov. 11 ⠀
Mr Butler has shown himself of that fact, in ́ble aware courageous statement in Paris last Thursday. In addition to a Deliveries by West GermDAN welcome increase in our foreign shipyards on dem sile. and are Expected to reach a post-war pank proportion of British imports about 600,000 gross toile from
the other O.EE.C. countries
7 by the airlines consists of travel allowance, the quota-free foreign account 475%-40%
perature, the height of weather $5$-30 43.40
wind force, and levels, 63-65 No. 1 pale crepe sang
United Press. AMSTERDAM MARKET
Amsterdam, Nov. 11. The rubber market was quiet.
the low prices result in large- Prices: closing-dony formines scalo
from Cambridge, it just down
of Appithy and rubber estates.
Although
some
80
Buye guidets No. 1 rubber per kilegram Dee, 1.54 Sinet the base would be main-Westmorland, who is to spend
1,52 small No. 2 rubber per kilogram Dee. taled by British and later by two years in the frozen wsatzu
No. 3 rubber per kilogram Dec. 158 Egyptian, technicians, it would studying the dict and pulling ravel-pump mines have been
three No. 1 crepe per kilogram Dec. 155 United Press. aleo ensure that the Western power of husky dogs and closed down in the last
shows world has a quickly sorviconbla
months,tin production a new plastic ca glede no marked decline as testing
output supply centre in the event of a sunNIOTS, third World War embrolling the A research offioh! stater: "At has been maintained by mines Middle East.
print we use dog pemmicor. Which have restarted, including which "four" dredges but we have vezzork to suppose three
might operale economically at
IN AN EMERGENOX
LONDON
TIN
MARKET
un
cent. In effect this reverses 4ged to 14 kross'10-' tho
sources
direction and the position ot low-pressure centres, which
to be raised from 88 to 75 per year, industry sources said.
Last year, deflyeries unicant- Indicate bad weather, Mr Almin explained.
restrictions on imports applied Although other nations have by us in the days of crisia two
Shipyard owners, however, contributed ships to the years ago, weather
Were seriously worried about patrol, the
These are bold steps to take in the small amount of new orders, United States has supplied 14 of the | view at the fact that our gold
The total amount of orders on maintain and dollar reserves are still too hand, which was about two 25 vessels needed to the ten-position watch at all small far completo safety million gross tons at ŋthe Bên times of the year. It le con- Nevertheless, they are rigtit, as a ginning of this yard wärske aidered probable that the
tiro
programme will abandoned as a result of American. withdrawal:
the
London ¦ Metals
way of approach towards a preted to be reduced to 3,800,000 greater volume of world traite, sans jong, at the end
But they mean that we will year:
to export more in order to West Gorman, shipyards have have
Jost maintain our balancë,
maich of their competit ness owing to excessive
For Britain has insisted that we can improve on tile and M present prices if they were
A FAIR FIELD her techolelans remain to main-. Tégla well study the mfluence
Last week statements by the und feirs IndMilly London, Nov. 11.
Federation of British Industrie favourable payment terms, in the base efficiently in case of various vitamins and the working high-grade ground,
Restarting the Western Power need it in balance of the diet on this dog"
these dredges is The tin market W23 very
London, Nov. 11. show that manufacturers rally sources said. ** China Linked why this will be fists | part of the long-teim. -pro-steady, Boot remained
* Specsal. E an "emergency."
The metals markets were all realise this ample truth. In pati Britain, with troops in neighs of the dogs' pulling 'power." Me gramme which dietated their
changed at £62414, and three-steady. Turcovers wie 150, 500| L'cular the FBJ. is to be con- bouring Libya under a mutual faylor 5 baking-with
down alx to eight months role £2 to 5 000 and 000 tons for lefd, zips and gratulated as its success in Exchange Rates hlin closing. defence treaty signed this sum- specially-made electrical equip-
'months' upo for dismantling turnover was 25 toris of which copper, respectively)
ting gmilar bodies "in" other knives, indicated the site of A
mer, and in Cyprus, her Medi- ment for fixing to sledges to 'and 'remával to new xiles. -Ave 'tonk seno, for each. small village
llers Wostem Turopean farmers.
The fray Indication: dr. supapot. U buyers per long on Nov. terranean blond colony would gauge the strain and put of the
Business', was: dens Further investigation revealed be able swiftly: to re-occupy the dividual dogs and whole teams, part by the tin smelters for Kellers
#ZTRO 10 press thor Goyunoniciel "exchange- not to introduce any further on POLY (1 n that there had also been a rare if need arose.org, Finaly Me) Taylor-was. Study an international in regulation
Jardincial Incentives for exporter Sterung notes 5315 Frankish village about 1.400 For Egypt an agreement with cotain kinds of friction rasant evacuation would materials to use on sledges ond
This points to a falt "feld end indonesian guilders. (per ot year" dza in the same area, the Bella'n on
Mall calisty the ery of the crowde motor vehkle runners on various added. — China_
no favour, at any rate so far as 5am tieals per fol toficial
Bingepera (Sfresta) which has grown since British | kkrids of show surfacts.
the QEEC, countries are con-indo-China instrmi (pe?":166) Special,
and buffer-slock time came
Lead
12216
Teb
Businem
Zine
Nov.
buyers today from Mr D. A. Mackay, *metleri manager of the Eastern Smallu
*2] Bettlemeni ing Company of Penang
109
020
Apat
United Přem,
Copper
Emanui
buyers
#Välted Press,
market.