Long Queue In Moscow's Red Square
THE CHINA MAIL, WEDNESDAY, DECEMBER 2, 1953.
A long line of people queue on Moscow's Red Square as they wait to pass through the Red Granite Mausoleum (obloug tiered 'building to right of building in centre) in which the bodies of Lenin and Stalin De embalmed. The Mausoleum was opened to the public an November 17 for the first time sluce Stalin's death. To the right of the Mausoleum are the walls of the Kremlin. The clock tower beltfud the Mausoleum is the Spansky gate tower. Chimes from the clock, Installed by English clockmaker Christopher Galloway in 1625, aro heard over the Mosenw radio at midnight. In the centre of the picture is the cathedral of Si. Basil The Blessed, lopped by onlan-shaped dames (there are ajue of these domes). This was built in the reign of Ivan The Terrible to celebrate his victory over the Tartars. At left is the building erreted in 1894 lo serve as a closed market and commercial contre. For many years used as offices. It is now bring converted into a huge department store.-- A.P. Photo.
'Peasants Revolt' Sweeping
Designer To Settle
In Australia
London. Dec. 1.
Peter Russell the dress designer who, until recently was one of Landoit's DK ten, l going to settlɑ 11 Australia.
Ile returned to England recently after having staged a fashion show in Australia and has decided to accept an offer to work as adviser
big mill
to
Melbourne.
car
The mili produces lingerie, silk stockings, silk und woollen fahrles and
tweeds,
It also has a saĵon for mannequin parades,-China
Mall Special.
Coaxing
Tankers
To Call
Through French Countryside
Paris, Dec. 1.
The rich French countryside has produced a strangely mixed crop of abundance and despair this year.
One of the richest harvests in years brought. in its wake a "peasants-reyolt” sweeping through farms, villages and rural centres.
Its immediate cause was toppling market prices. Its origin goes back to the last century and the antiquated stute of French agriculture which stagnated for years behind high tariff walls.
the
-The
20th only 30 per cent compared to 90 weapons of the century "rebels" were not the¦ per cent in the United States in Maming torch, the bayfork or the the ten years from 1938 to 1947. seythe but the barricade, the bnyroll,
Famphlet and Paillament The enemies were not the feudal landowners. and corrupt tox collectors of the past but the government and the
riddleman.
More and more land was left fallow-0,000,000 hectares (about 14,820,000 acres) in 1953 com-
3,500,500 pared la
hectares (about 8,640,235 acres) in 1912
young men deserted the farms for the towns; the methods of the 10th century became the habit of the 20th; instead of ex- pansion
into large units, uneconomical strip farming be-
Increasingly came modern .Rechniques machinery made few iproads.
With 13,300 square
commun
and
metres
At first sight there was some thing of the comic opera about French farmers playing bowls alongside___Their roadblocks and London, Des.. The bustling tanker trafßs of motorists using plied with free the Mediterranean has meant aig wine or milk-cccording to the business to porte-of-call in that jares on strike. part of the world-especially in Palermo, Sleily, where over 250 though eften only symbolic, were But the demonstrations, al- tankers called last year for re- pairs. Now, this go-ahead port planned in deadly seriouseness, (about 15,827 square yards) per has just installed a new floating had the battie of the barricades inhabitant, France is obliged to from the Nether- dry-dock, able to reccemmodate has been carried into Parliament, import food
The station was ships of up to 30,000 tons deads
lcd oft by lands which. has 3,300 square
(about weight, in the hope of encourag-
the vinthers in the summer, ‹ The metres
3,027 square Here there is ing you more tankers to put in cattle breeders followed early in yards) per head. thore for overhaul and reft.
instructor the autumn and then the dairy, one agricultural
to fruit and vegetable producers every 6,000 farmers compared to But this dock 15 already joined in.
one for every 000 in the Nether- behind the times, as it were,
lands,
BUMPER SUPPLIES
One-third of the 2,300,000 With bumper supplies on their French farms are run by one hands, the farmers found prices man; only eight per cent employ at the markets dropping daily more than five people, with no equivalent fall in the
Three
TRADE and COMMERCE SECTION
COMMODITY SLUMP
COST COLONIES £230 MILLION
NEW YORK
pated
some
STOCK MARKET
with
FROM AN ECONOMIC CORRESPONDENT
London, Dec. 1.
The slump in raw material prices cost the Colonial territories over £230 million last year. This was the extent of the deterioration in their balance of trade compared with 1951.
Figures just published by the Commonwealth Economic Committee show that the Colonies had an adverse balance of trade last year amounting to £28 million, compared with a trade surplus of
£206 million in 1951.
tho
in
HONGKONG SHARE MARKET
ed to $985,303,
artfone:
H.K. Dank .. 1420 1025
Pogo
U.S. Business
look Viewed
With
Alarm
By Sydney 5. Campoll, Router's Financial Editor
London, Dec. 1.
At least one economist thinks that the US, business outlook justifies not merely caution but alarm. In two articles in the Manchester Guardian American slump is all but inevitable unless Con- Mr Colin Clark has argued that a disastrous
gress either cuts taxes by a further $20 billion by diture, or else lends $20 billion to any other next July, without cutting Government expen- countries willing to spend the money on U.S. exports.
to
A
some
Since Congress is highly un-, spending will hold at its present likely to do anything of this sort, level (or actually rise it wages the prospect,
on Mr Clark's rise), whereas the official in- diagnosis, is black.
tention is to cut it by He says his articles are meant bililons a year during the next
Inculcate Some sense of four months. alarm.
Above all, the remedy which Is that inventory he propounds as the only way to Bquidation will start a chainavert a major alump would al-
a cut in some slump.
lino
inventories is
Per
(From Our Correspondent) reaction, since a cut in one man's most certainly aggravate an Exchange this morning amount-mand sectors, so far from being unless the U.S.
Business done on the Stock other man's sales; and other de-In
In a nutshell, his line is that Government Noon quota-likely to enlarge to take up this massively spends itself out of a lions and the morning's trails-Black, are themselves adverse, slump in advance, it will
His equations, which, he says, inevitably have a slump, bigh SHARES BUYERS SELLERS SALES would have predicted the 1040 2350 BANKS
Jacobssen, ihe porlend that the economist of the Bank for in-. 5 1820 slump, how 10 6 10 decline, once storted, will ac-ternational Settlements, is among 20 e 1825 gelernte.
who think that the U.S. By the
middle of 1054 he Government would try to reckons that U.S. business will
spend out
# of be back to the 1949 recession though not pessimistic, he seems slump-but, level and thereafter, instead of far from taking it for granted pleking up as it did in 1950,
that the tempt
would bo may go on plunging and more wholly
automatically steeply
successful.
He recalls visiting the U.S. in
New York, Dec. 1 Strength in ralls turned the market to the upside late today after corly profit-taking had pared prices,
The greater part of the 1952 doncit was incurred
the Activity slackened on the decline, picked up sharply on the the Colonies.
second half of the year when had an adverso Bring the total for the
trade balonce of .223 million, to 1,580.000 shares, com-
And this trend appears to have 1,860,000 shares been maintained in the first yesterday.
half of 1953. An unoMelai esti- The realising, come after re-mate of the Colonies adverso cent wide advances had added balance in that period is £27
$2,000,000,000 to market million valuations, pared prices substan- Exports from the Colonies in tially in early trading, with recent 1952, amounting to £1,370 leaders such as Chrysler, Du million, were appreciably be Pont, General Electric and Santa low the 1951 figure of. £1,003 Fo hit hardest.
but well above the level. of Demand appeared for rails late 1950 Imports, on the other In the session which strengthened hand were, at £1,404 million the entire market. Many obser- only slightly below vora have expressed the opinion. 1951 #gure, and nearly that considerable improvement in million above the 1950 level. the carriers is essential to a
RAW MATERIALS advance of any considerable pro- But though some
nce, the behaviour of portions, Hence,
Colonies suffered heavily from the this group yesterday and today material price
chimp, othera was deamed encouraging.
fortunate. were more
Thus, Industrials alone of the major while rubber, th and elsat groups finished lower-losing 27 prices fell well below the 1881 cents on average largely the level, those for copper
and result of ex-dividend adjust cocos wero well maintained
These divergent price trendo were
reflected in the export trade of the various Colonies, Malaya's exports were £200. million down on the 1951 gure. On the other hand, West Airi- 10 new low.
can exports showed
little The
New York Stock Exchange, while those from East change bond volume was ut Africa rose appreciably de- $3,190,000.
spilo the fall in the price of The American Stock Ex-sleal. The
The West Indies also in- change volume was 400,000 creased their expert trade..
POLITICAL REASONS Dow Jones
Exports from Hongkong, were down, but this was mainly the ware:
imposed
ment
Steel shares improved frac- Honally
Of 1,104 sues traded today. 457 advanced, 305 declined. There were 23 new highs set,
shares
closing averagea
Nov. 30 Dec. 1 result of restrictions
20110 for political reas
08.91 Despite
42.83
reasons.
raw
INSURANCES
Lombard
32
Under XD .. Bon EOS Underwriters 7.00
DOCKS, ETC.
20 1823
TV + NOV
S'hat. Dock ·
Dook 2115 21.70 3100. 21 Provident (0) 12,80 17.90 9925 or 12.90
Provident (N)
12.30 1.30
K. Wharf... 83
He hazards that the sterling
and
years
LAND, ETC.
Wheelock XD is 825 1000 8.20 and other soft currency the prewar
8.34 8.45 500 GP 8.40 countries may have to insulate Roosevelt Administration had an HK. Hetel H.K. Land..
70% 300 4 77% themselves further from a US, anti-slump
when the
701%
I depression, and by develuations bilion a programme of $5
year. in
much the samo money, that is size as Mr Clark's suggested 120 billion of postwar money.
prewar
1312 | raiber than by more restrictions.
700
S'hai Lond..
1.40
Humphreys 18.10
10.40 1000 G 18.10
1000 * 18.20
Healty, XD
(and a 1.921
Ria 92c
2000 @ 1.05
UTILITIES
Tram Grades 27 30 500 27** Star Ferry –
~144 147 200 @ 145 C. Light (0)
13.00 24 4477 – 14. C. Light (N)
XD
L23
-BOME COMMENTS
Yet One hazards some preliminary Mr Jacobssen was surprised to comments.
see that so much money could First, though nobody is pre-be spont with so little to show dicting another 1920 collapse, .for it. there is a rather widespread
one might con- Tentatively, vlow that the US is in a quite clude that while
no case has serious
readjustment. 11 500 * 10.70 Week, for 10.80
Business been made out for alarm, there. suggests example,
B00 10.00
Flectric ............. 24.00 29,10 1700 69 29.10
fall 107.2 million to £410 million in theincod
Colonies! exports to the United
30 industrials
201.37
20 ralis
13 tilities
00.80 02.37
85 Blocks
107.47
40 bonds
16.77
00.75
Comm. future price
Index
160.40 United Prem.
101.02
The Rubber
Markets
Electric
1015 Sandakan
Light ... 8.40 Telephone
+
Kingdom, this remained by for Exports their largest market. within the Colonial territories INDUSTRIALS.
£139 million, amounted
10 Coment Canada £32 million, to India and Pakistan £34 million, and to Australia £23 million.
Outside tho Commonwealth, the Colonies' largest markets were the dollar area, which look £192 million of their ex- ports, and
and Western
Europe, which took £150 million..
report The CEC.
reveals that, despite the steep fall
for caution
exception of money, stocks and
few others.--Reuter.
300 10.00 that, by next summer, Industrial cell grounds
production may quite possibly towards innst markets, with the be as much as 20 per cent below the peak of last spring. Treasury Secretary
himself predicts some surplus capacity
Humphrey
400 * Bl
500 44 27.20 18.00 18.90 5000 7 18.90
500 1880 Hope
1015 STORES, ETC.“
Dairy ....... 23.00 24.10 500 a 24
500 23.00 100*724 2002 2.08 Watson21.00 21,00 700 31.80 Lane.
Crawford 24.30 COTTONS
27 2715 8300 27-30
Zwo
in
Singapore, Dec. 1. Sagging tendency during the day but closed alightly above the lowest with steadier note, Prices: No. 1 rubber per lb. Dec. 391- its price, rubber remained the
Jan. 595-503%
*
Spot. rubber unbialed Blanket crepe No. 1, pale crepe
.
40-60 63-67
or
at
most Feb, 0-9 elerling Commonwealth's
dollar carner. No. 2 rubber per lb. Dec. 801-53 important
But No. 3
561-885 receipts from rubber sales, No. 4
dals-53 $200 million, were $107 million 5814-30% down
the 1051 figuro. Other important Colonial dol- lar carners were Malbyan tin ($129 million), Gold Coast and Nigerian cocon ($80 million). Northern Rhodesian copper ($20 mizon), West Indian sugar ($18 million), and East African coffee. (217 millon).—London Express Service.
United Press. LONDON MARKET
London, Dec. 1. The rubber market was quiet with No. 1 Ras spot quoted at 17-11/18 pence per ib. Prices: Spat No. Bas
17%-1744 Settlement House term:
1746-1744 174-177
Jan. million farm dwellers Feb.
without electricity; March have
running no
For, one record which scerne to change hands as often as the world air speed record is that concerning the biggest tanker afloat. Only two months ago, this went
a German-built housewife's cost of living. 10 vessel constructed in Hamburg
are stili for
Cattlem:n received around 30 12,000,000 registration Under Monrovian
flag. It
per cent less for their beasts than water. was 45,720 tons deadweight.
at the beginning of the year while the Government's "uperu- From this follows the most tion beefsteak" brought down the alarraing statistic, of them af costs of certain cheaper cuts of 7,000,000 French farmers New comes news ihat a mont in the shops by a bare 10 provide only 85 per cent of the Japanese shipyard has begun per cent building a 45,000 tonner—to be
JAPANESE YARD
ان
registered. under the Liberian A cauliflower bought for four flag. Nor are these two boats franes (about 18.) from a farmer the two largest so far actually fetched 110 francs (about 2s. 3d.) bullt or begun tie only tankers in a Paris reen-grocer's shop. planned to exceed the 40,000-ton Normandy apples realised 15 to murk. One such ship, which 20 francs a kilo (24. to 24d. per will be a 45,400-tonner, is build-b.) for the producer but cost the
and U.S. shipyard
housewife 80 to 120 francs a kilo herself is building (about 10d-1s. 3d, per lb.).
the nase
The milk price almost doubled between the cow and the con- The truly tremendous size of sumer, these giants of the all-carrying trade can best bo vizualised
ing in a Britain tankers that will 44,000-ton mark..
17-2-1712 1776-18 10-1811
CIB basis,
New York Sugar Market
New York. Dec. 1.
2 Textile Corp, 6.75 4.80 2100 # 6.80 MISCELLANEOUS
045 2500
Yangleze....
0.40
The Cotton
Markets
New York, Dec. 1. Prices of cotton futures today closed as follows:
Spot Dec.
March 1954
May
July
Oct.
March 1955 ntay
next year.
be
GRAINS IN
CHICAGO
Though Mr Humphrey does not say so explicitly, he may well
expecting some unemployment. or under- employment of men as well as of machines.
Second, in taking his far more serious view, MF Colin Clark does not stand entirely alone.
Wheal No, Dr Edwin Nourse, a former Spot
the President's Dep. 2011 (11) chairman of Council of Economic thinks
Chiengo, Dee, 1.
“Prices“per“bushel ̄in ̄cents:
Advisers,8(L)
1554
Closing Prices Nov. 30 Dec. 1 2 red
199
2013 nom,
10835-1
704-20352
20312-14
1004-12
19014
that the U.S. is in May major correction after several July years of over-building, Over Sept.
Corn, No. 2.yellow extension · of cappelty over- spot
100 Dec. borrowing, and over-stocking.
15012-12- Where Mr Clark parts
1801% com- March 1984 May pany from
prophets July
15835-15
other most
the
Ryo.
is in his suggestion that, unless Sept. Congress takes actions which Manchester Guardian describes Des as politically impossible, a slump March 1954""
Dala will accelerate after the middle of next year; most others think March 1954 that the correction will be over Roybeans, and a new uptrend will be Spot 123 starting by about then,
33.00
13.53 nom,
33.20
3340-41
33,22
32.56 nom.
32.56 nom.
-United :PNY,
NEW ORLEANS MARKET New Orleans, Dec. 1.
Dec.
1524-
11814-118 121-13114
12314
70-7814
2702-
12535-4
TAIG
703-1
No. 2 yellow
20811⁄2 nom. 321 nom. 3101-310 31254
3033-210 BIZN 3001
#1014-12
300-103
Jan. 1034
March
Jan/Mech April/June July/Sept.
General Market:
ports:
STERLING EFFECT ·
May
July
300
Sept.
23912
203-4
Third, the effect on sterling Darley
сал
Dec. Jan, Fap.
Prices of colton futures today closed as follows:
173-174
Estate crepa thick
thin
of
Domestic No, sugar futuros closed unchanged. to 2 points New York, Dec. 1. higher with sales of 108 con- Rubber futures today closed tracts. Prices:
World No. 4. sugar futures tơ- unquated day closed unchanged to 4 103ellers
points higher with sales of 12 United ProAS.
contracts. NEW YORK MARKET
Spot
Dec.
3194 bid
to be seen. The tide of U.S. reserves, which is the main de- [terminant of the soft currencies,
and other currencies also remains New York, flour,
Spot
130-160 130-100
200 lb. sack 13.00 nom. $13.50 nom.
---United Preis,
March 1034
May
13.43
July
$3.21
Oot.
3245
Dec.
March 1955
2243 Did
May
$200 bid
United Press.
3.30 nom. 5.15
3.19
needs of this nation of 42,000,000 people, while 10,000,000 American farmers feed a population 150,000,000 and millions outside their frontiers.
SHORT-TERM
18 contracts.
10 points higher with sales of Contract No. 4 (world)
Jan. present crisis with short-termoth futures, and spot markets aly
The government has met the
Dealings remain featureless in March
May measures designed to assure the farmers against any further drop with all of the trading in futures Bept.
dong In the late in prices.
hour and Spot-fcents per Ib. fab
Cuba) reported mainly between dealers.
.../Contract No. But a drastic overhaul of the Spot No. 1 ss werò quoted at Jan. 1984 whole structure of agriculture is4134 conte per Ib. Prices of March 1954 distribution needed to redeem the country-futures closed as follows. when it is realised that many system supporting a vast army side from its poverty, to bring Dec.
of middlemen - is largely
res down the soaring cost of living new luxury passenger' liners are themselves below the 40,000-ponsible for these discrepancies in the towns and citles and to
where and the Government
has pro-allow France. to join in the In fact, ton level.
ofmised to try and elroamline luxury is concerned,
some
An unwieldy
out particularly well as regards tortuous :
the post-war, oli-tankera standariketing and straighten out the economie integration o Government experts channels between they have found the answer in a farmer and housewife,
four-year plan to educate the
Marepe,
the quarters for their crews,
"
Quite a number, even
offer
MORE NEEDED
nourish the soli, But much more than this is cumbunt blighteent, pests in luxury not enjoyed by every needed if the French country-prové: rural housing, rulvigo wa
ench; member of the 'ship'a com- panyia cabin to himself-a
March 1034
May July Skept Dre.
Doc.
18.00
March 1964
1830
May
July
30.00
18.00
num.
******* 18.00
nom.price of middling cotton
May
20.80 bid
21.17... 21.30
July Bapt.
NOY!
#pat-cents - per Ib.
NY ex-dock)
NY COTTON. VOLUME
1,05 United Press.
Month
March 1004
B) 200
Grain-Futures.
May
Dec.
March May
21.25**- 31.30 bid *Unlied PreK. ÁMÉTERDAM MARKET
Amsterdam, Dec. 1 Thé rúbbar inarkot was quiet. Pulte closed in follows : (If güilday. kllöiffam)-
Winnipeg, Decis Prices per bushel in
No. 1 rubber par kilo Jan. 1.74, Bayaki No. 5 rubber pencilo Jan. 166 buyers Oste No. 1 creps, rauber • Jan., 131, buyers
Dalled Press,
passenger even on modern liners, side is to food the prople of this } land, provide botter ;. GOD | No rubber per kijo Jan. 1,78. buyera country and if France is play facilities and launch huge irriga, her part as a good European and tion schemes. Cong w
Land lower her trade barriers to com- This "new dool" for the petition from her neighbours..
at protocted dutact by State The tragedy of French farming bed to statantes pies, "dr
4 1081 when the then not only economically
cally desirable
And the cost of building these "super" tankers is, of course, in keeping with their size.
scores
: 3
Evon -28,000-ionner may cost well over £1 million: No Government, faced with an in/out vital for social prog For the exporta sonder that Britain's shipyards Varion of products from abroad, have, so warmly welcomed the raised
sarifts and blocked In contrast between the rich
soll; which could feed 10,000,000 of post-war orders, from ports, oil competies and tanker Behind
protectionist souls, and the capoverty of the trees not chartering companies for ships barrier, agriculture limped farmers of certain regions, can- of the "super" Jonker class slowly along. Between 1880 and not be allowed to continue, London Express Service.
1950 Aproduction increased by Chian Mall Speciali
טה
Rates
Biem: tienda. (par. Singapore Indo-Ching DIREKEND (per.
not o
her ex-
B
3241 hid
SAO PAULO MARKET.
is lapping but has not decisively U.S. COMMODITY
turned.
In the week to November 18
there was an inflow of $8 million
of reserves to the U.S.
The
record of the ten weeks to
November 18-four outhows, five Sao Paulo, Dec. 1,
Prices of cotton futures today closed as follows (cruzeiros per kilo):
Inflows and one
MARKET
New York, Dec. 1. Pivoling on strength in aoý- landoft-con- boons and cocoa, loading com- traste strikingly with the huge modity markets today moved outflow that boosted the reserves higher along a wide front. of non-dollar countries from the Most soybeans; deliveries hit spring of last year until the now sezonal highs as broad calo third quarter of this year but it buying accompanied by one- Some of cent boost in the Government's decisive tum. (in the United States, the 10 and other forearm might turn buying was also a factor in
contingencies the
that Mr Clark price for cottonseed oil. Exporter
doslätrialed · spot market war 1974 bendej per145. Bajas at those, centres out much better for Britain's teams, as well as in cDEISS totalled 24.220 below.)--United) Pre dollar
Now York, Dec. 1.
reserves and for exchange rate than for
"At Chisago, wheat dosed: tip
to 3% centi, soybeans up 2 to 3 cents.
Volume: Open Interest ports and for her Bela 181 cents për bushel for No. 3:
17.500
150,500
-770,100
783,700
22,600
247,400
£14,000.
For some months.
ona
forcecen an ironie possibility that
At Winnipeg, wheat was priced
Britain may be able to stop Northern, and for No. 3, it was worrying about dollars only at 105 cents-United Press. becaijan
ate will be facing for
10,000 worse Worries,
Certainly the President of the Board of Trido:scome, to have..........
Lead And Zing nothing of mind. He he
LONDON TIN
MARKET
London, Deej
lately said that Britain, a moment of
Du The fa market WEN teady London, Deo. 1. export field!
ha spot gulned 14terling was, and Pagtang ha Prices of metals, closed today battle for fade Ju har more 4X-2627 and three-months feil
follows (in sterling per long healt and
desperate
A 70-tons, nif fór áásh Fourthly, Liya Me Clerk's up. Closing Pricor proach is rights shie conclusions and Wincy bu
My In this-country - real às 23hose to £01BY, Tumover waS):
more
favourable than, ore likely to, be
realiseded For kextrapless he bu
2/1bWC UB.* Glovernment untied
Borgront
to