Princess Anne & Prince Charles (wearing has deerstalker hat) seen as they returned to Clarence House after a drive in the near-summer weather of a recent February morning.
World's Businessmen Flock To
A Moscow Skyscraper
Moscow, Mar. 8.
THE CHINA MAIL, TUESDAY, MARCH 9, 1954.
at
The night plane from Helsinki, touching down Moscow's Vnukovo airport three times a week, is becoming known as the "busisessman's special."
traders
Coming here at the invitation of the Russians, Western report that Russia seems willing and anxious to talk business. It is all part of the "New Look" from the Kremlin.
A year ago, the arrival of a Western businessman in Moscow was an event. Now, the silvery-blue Illpua hin airliners rarely fly in from Hel- sinki without a quota of businessme n.
coun-
Trade talks, the signing of a series of new commercial pacts and the promises of big business
capitalist prospects for tries, Into the pattern of 1934 Soviet policy against the back- world of unresolvert ground tension. The Russians claim that business links
case relations between nationa.
will
Bul-
the
be-
New trade consultations tween the countries of East and West are due to start in Geneva on April 20, and Russia is ex- pected to send a top-level dele- gation.
ducts to Russia in exchange for, Trade ngigement, Russia became heavy equipment, and offered Denmark's second biggest Moscow the chance to take part customer for butter, and In Egyptian reconstruction plans,garia increased trade with
West by 60 per cent. have Scores of businessinen arrived in the Soviet capital for private
the discussions and Soviet Foreign Trade Ministry, an ultra-modern white granite skyscraper in Smolensk Square, has been buzzing with a score of European languages.
The businessmen usually it to Moscow uctivity
'planc from Helsinki, the Moscow simul-
unly Westi European city directly linked to Russia by a regular air service. Nearly every Morulay, Wednes day and Friday, there welcoming
party from Foreign Trade Ministry to meet the pinne as it taxies over the trade
frosted runway. Mos- with cow Western Industrialists with the
Mr Coorg Mulenkov's Gay- ernment
takern several significant steps in the forelga trade field since the New Year,
business A burst of was noted in
taneously with the Big Four
Foreign Ministers' conference,
While the Soviet Foreign Minister Mr V. M. Molotov, was assalling Western policy in Ber-
Mr Malenkov's negotiators were busy in
signing
contracts
110,
following resuits:
British industry was continets for machinery,
offered
BW
the
the
United Nations experts expec gradual rise in East-West trade during the coming years, provided political developments do not interfere.
Stable Markets
Businessmen who have visited Moscow believe Russia is gin- cere in wanting to do business. A number of reasons are cited for this. Russia needs Western equipment for her expanding heavy Industry, products for her much-advertised
consumer The two Moscow hotels enter-goods drive, and appliances to ing for foreigners, the National ald the current Soviet campaign and the Metropole, both built to raise agricultural outpul.
Two Hotels
materials and consumer goods in Tsarist times and heavy with worth £400,000.000 stering, golden cimundellers and with the prospects of orders
furnishings, have faced a serious spaced out until 1967.
accommodation problem. Visi bushiessmen have ing
up** "dotible
and invited to share rooms,
France, which doubled trade with Russin between 1952 and 1953, was promised a "further expauslun of business.
Loan in Gold
Norway, Sweden and Belgium signed new trade pacts
the Soviet Union.
Government
M
TRADE and COMMERCE SECTION
RAISING STANDARDS OF LIVING
IN RUSSIA
Need To Reduce
Targets
For Capital Goods
Geneva, Mar. 8.
In its annual survey of Europe the Secretariat of the United Nations Economic Commission for Europe discusses the Soviet Government's policy of raising the standard of living. It says success will depend not only on the progress achieved in agriculture but also on the extent to which the Soviet Government is prepared to sacrifice part of the increase previously intended in capital goods and armaments. Imports are unlikely to make much difference.
According to the Survey, the main
Jap Porcelain Popular
Frankfurt, Mar. 8. Japanese porcelain is In popular demand
the Frankfuri buternationa spring fair, exhibliert kald tonight. Some complained they could vist get enough import licences to meel customers wants.
test
Twenty -Japanosa firma. martly topresented- by West German mgenia, are showing a wide variety of hand-painted china, de. Heately carved ornaments, textiles, silks and novel
Most maid
they were pleased with business done so far but said it was too early yet to estimate the valume of orders they x- pected to take at the fair, which opened yesterday and continues until Thurs- day...----China Mail Special,
on a faster increase in standards of emphasis is HONGKONG
most valuable sign for the Soviet consumer is not so much a change of plans as the firmer attitude taken towards fulfilment of existing plans in the consumption sector.
There is reason to expect a significant rise in Soviet consumption over the next few years. Alrendy the con- sumer has enjoyed the first fruits. Purchasing power in State and co-operative shops rose by about a sixth in 1953 as a result of larger than usual price cuts, a halving of the State loan, and tax and price concessions to farmers.
More Buoyancy Seen
In US Economy
New York, Mar. 8.
some increase
STOCK EXCHANGE
!
Further Increase In
Unemployment Expected In
America
Washington, Mar. 8.
United States Labour Secretary, Mr James Mitchell, said today there will be "some increase" in unemployment during the fiscal year starting July 1.
Mr Mitchell made the prediction in asking a Senate Appropriations Sub-Committee to approve his Department's request for $340,635,000 in the fiscal year 1955.
He sald his Department's budget estimates had been asked "on the assumption there will conflhuc 10 be A high level econmy."
"However, there will be some | increase in unemployment," he added.
The latest Government (gures show that
3,068,000
persons Wore unemployed.
Preliminary figures also showed that industrial production falled
pick up last month
10
usually did in February.
Indications were
that
it
NEW YORK
tho
DA
STOCK MARKET
New York, Mar. 8. Profit-taking, developing (From Our Correspondent)
the industrial average ; Federal Reserve's unadjusted Business on the Stock Ex-production index for last month neared the magical 300- change this morning amounted would be about 124, the same mark, gave the stock mar- to $830,714.
January's. Noon quotations as
The index ket a mild setback today. and the morning's dealingn:--- Usually increased by about two Prices for recent lenders BHARES BUYERS SELLERS SALES
per cent In February, GOVT, LOANS
EN such as Westinghouse Electric 3157 (1048) mil, fzla kang uit Ra
cgainst January,
and Douglas Aircraft In the 45000 G 92 TANKS
Industrials, Southern Paciile in НК Валак 1520
10 rails-felt East Akin . 10
15 1.15
Lombard
During the latter months of 1953 extra supplies of impertes goods and goods taken from stock were put on to the market, while a good harvest permitted; INSURANCES In consumption.
Shopping is to be made more pleasant, Hitherto, retailing has been conducted in much the samic way as in wartime In Western European countries,
un
but reforms are now promised.
The US economy showed There, even to be a small more buoyancy and 'bullishness | stars- with deliveries tn the1 this week.
home, hitherto virtually Retail sales appear to be im-known in the U.S.S.R. Some proving Stocks, bonds
and attention is being paid to im- commodity prices showed firm- ports of fruit. which nces generally. Inventories recently was not considered Im- continued to be worked lower portant enough to merit foreign, gradually. Car sales have exchange. been stepped up. Steelmakers
untli
anticipate A elronger market Prospects for durable consumer
tone. And there has been no relaxation in the overall busi- ness confidence as spring ap- proaches,
K Whart
24
1030
Aviu Nav DOCKS, ETC.
TEAS
Dock
20.00 21.20 Provident (0) 13,40 Provident (NI 13.10
Wheelock
300 13,70
..
20307,70
1000 a 7.65
CONFLICTED
seasonal trends were into
account, Govern-
the
After taken
mant economisis.
justed February index probably would be a point or so below January's 1925,
point or
more. For the market
met Kenerally, however, losses were small and trading siseltoned on the decline Wall Street sees il. Volume for highly favourable sign as
Mr Mitchell did not elabenie the day amounted to 1,050,000 how much
uf an Incrcase was shares, compared with 2,030,000 S'hal Dock 7.30 2000 7.70 expected in unemployment. He shares last Friday.
said, however: in the fiscal year 1000 2.69 will be a higher 2000 at 2.83 employment than
500 G 7,65 1300 740 year 1954." 3000 of 7.70
IIK Land
1000, 2.05
LAND, ETC.
JAR Hort
XD
9.10 35, 70%
2001/11 2015
or 10** 30 7014
S'hai Land Humphreys
хо Itenity
1.1745
goods are better than for food and clothing It should be
several years been possible, achieve big Best toale for business senti-
proportionate mrnt stemmed from reports creases In the output of
pats that new
car sales jumped 12 and pans, vefrigerators, ražios per cent during February, alongbord the like without Empinging. with the recall of over ten greatly
the thousand car workers.
resourecs originally pre-empted These
highly for the manufacture of copital favourable developments. even goods, though motora stocks failed to respondi with the same on- thusiasm. Sal:s exccutives re-durable consumer goods may portedly expect sales next take only 1%
possible, and Indeed has for UTILITIES
Mr Malenkov's Blush believes the United States
moving towards an economic slump. The Moscow Press has. been therefore,
seized the oppor- tunity to point this moral to Western Europe: trade with the dollar world is threatened Ly crisis and contracting markets, while the planned economy of the East offers stable markets.
Clearly, the Kremlin
happy to note fewer econo- mie ties between Europe and
States. Offers British the United
of dip
ol
In the first two months this year, Britain alone sent 00 businessmen to Moscow. In- *ustrializa also came from France, Belgium, Iloly and
with Greece.
Finland was given a 40,000,-
Thirty-three of the businessmen linked LFD
000 rouble Soviet loan in gold, private group. dollars and other foreign
were
in
be
a trade on prostable terms
would
arc
The treatment probably seen here among Cur- they received was unprecedent- | mensures which case the nor- rency, and talks began on aed: champagne and vadka malisation of relations between new trade agreement between
certain partics
given
European nations and in their the two countries.
honour, the Soviet Trade Minis- the Soviet Union. Argentina sent an economic
ter, Mr Anastas Mikoyan, and
This process
also extends far delegation to Moscow 10 buy one of the nation's "top nine." beyond Europe. Twelve Asian and to discuss export hurried over from the Kremlin countries including India, Indo- willies. The delegation res to make their acquaintance, nesta, Ceylon, Japan and ported highly favourable"
Maloya, have been Invited to When they prospects.
Jeft after two send missions to Moscow this Egypt studied the chances of heelie weeks, the British autumn, selling cotton and other pro-businessmen carried home many The Soviet Government ia orders and brief-cases bulging prepared to pay for them to with Russian specifications which requaint themselves with the may turn into orders later. By economic develoment of the Anglo-Soviet Soviet Union." mid-February trade concluded in Moscow this year ran into almost £18,000,000 sterling, with the prospect of contracts to be signed later for
£50,000,000 sterling,
Wants On 'Wolf Boy'
Report
Toss of A Coin
To buy
from the West Russia must sell. A series of For many British business-recently-negotiated trade pacts New Delhi, Mar. 6.
the shows the Soviet men, contracts signed for
Government Pandit G.B. Pant, the Chict delivery of heavy
to export grain, machinery is prepared Minister of Uttar Pradesh, the and machine tools were
and chrome ores, basert manganese which on the hope that the North Indian state in
British cars, timbers, cellulcse, anthre- Lucknow is altunted, has asked Board of Trade would relax cite, pig iron, asbestos, furs, the authorities of Balrampur restrictions barring the export tobacco, petroleum, cotton, wool Hospital to furnish the govern-of strategio. materials to the and proclous metals. ment with full particulars re- Communist countries. The garding, the "wolf boy" Ramit. businessmen
believed
would be some relaxations.
Talked Eight Days
aro scen
S
even
As between
Rails, which have logged be- "We figure that
1966 there bind the rest of the market, hnd level of unsome of the sharpest lorses.
nctive last Southern Pacific, In the fiscal
week,
foll 9% to $44 and the Mr Mitchell's statement up most active issue following the
Consolidated to conflict with previous which dipped 1-1/10 to a point. peared to
Benguet
Mining. Administration predictions ብዝን
the economie outlook. The Industrials at a new high 2000 general Administration position since October 29, 1929 early in
3.18 220 1000 2.17 1000 2.17
extro
Trans
100 / 20,30 ..... 20.23 2014
300 or 20.20 Star Ferry
XD
132 13 20 64 134 100 133 C. Light (0) 19.60 15.70 1000 15.70 100 150 100 or 13.70 C. Light (N) 12.00 13.80 500 12.70
Electric XD. 31
200 x 12.70 32 1000 31
1950 and 1959,
on
million tons of
used cars
menil to be about double those the planned increase of 17 of January 355,000 units. milion tons in stoel production,
March output, according to Ward's Auto Ieports,
Outside the engineering fold, is cx-
the
INDUSTRIALS problem of expansion pected to reach 541,000 in the
Cemon! XD For the main Rape U.S. The picture is brighter for more difficult,
items also, Ward's said,
consumption, STORES, ETC.
Dory foodstuffs and clothing, there with dealer stocks continuing to below the November
no Buch possibilities 30, are 1953 record.
Increases achieving rapid shifts from one Many observers placed
sector con-
In the siderable stress on the role of other
Telephone
21
ភាពទ
OL
br]
to the allocation
of
can
bect, sugar other vegetables
the consumer in the general resources, and the rate of pro- orgress is closely tied to the rato economic
So picture.
far, Americans do not appear to be of improvement that suffering from any shortage of achieved in agriculture. cash According to the Com- 'The 1955 targets for clothing, merce Department personal in- footwear, ment, come during January was at an potatoes and annual rate of $262.5 billion are modest both Tha je $2 billion below the amount and by comparison with December level, but more the plans for 1942 drawn up heartening in the comparison before the last war. with January, 1953. This year the January pace was about $3 bliten higher than last ycor's United Press.
LONDON METAL PRICES
2
16 1016 16.20
500 316 176 on 311
300 a GOD or 3134 400 15
100 315
2000 1 28.00 300 20.00 200 * 20,60
.....27.70 27.90 500 7:00 300 31.0 500 £27.00 Watson X AN IN 30
500 do 103% Rts.. 7 7.00 100 or 714
2007 COTTONS
Textile Corp. 7,08 721 000 < 1.09 1000 1.05 MISCELLANEOUS
Taunall Allied Invest
has been that
employment the day, closed down 81 centr.
Of 1,193 should pick up this month," pull-¦
issues traded, 635
the past were 54 new highs set, six new
flows.
ing the economy out of the were lower, 304 higher. There
"readjustment” of
months.
Meanwhile, Dr Nell H. Jacoby,
The NY Stock Exchange bond
The American Stock Exchange
a member of President Elsen- volume was $3,450,000. bower's Council of Economic Advisers, said the nation could volume was $520,000 chores, not be "talked" into a full-scale
Dow
depression as some Republicans were have charged
RECORD LEVEL
A depression would hinge on "fundamental things" such an a collapse In costumer command rather then Rocny discussion, hz said in a television interview yesterday,
month.
Jones
20 industrials
20 rails
15 utilities
1 stocks
40 bonds
closing averages
Commu. Builure pries indtage
-United PreR
Singapore Rubber Market
Partly cffsetting the continued drop in factory outpuí, construc- tion work has been at a record high level so far this year, New construction set records fre both January and February with a
Singapore, Mar. 8. total of $4,742,000,000. Last The rubber market was very the annual rate after gulet, Prices terved to g seasonal adjustments climbed to Future closings were nore than $30,000,000,000, a3 No. 1 rubber per t, March 36-3934
Apell ainst last year's total of $34,-
Airy 0 800,000,000
No. 2 rubber per lb. March 434-332 Another favourable economie No. 3 Indicator was a 12 par cent rise pot rubber unhaled
car sales in February, us Blanket crepe againet January's. Bul Inst No. 1 pale crepa
NEW YORK MARKET month's car sales still were
New York, Mar. 0. eight per cent bolow those of
Rubber futures today closed fo Seven five points higher points lower with solea of 10 contracts,
130 140
4.371 1000 417 in
In absolute New York Cotton
Market
February, 1963-United Press.
New York Sugar
Market
47-470
There was fair dealer Interest In the nearby positions of the FAQ market. The spot murkat was very dull.
The Eastern market le sill above the New York markol in
Supplies of textiles and food-
New York, Mar. 8. Cotton trading today continued stuffs may be supplemented by Imports (the USSR made subut the recent slow pace set inst stantial soles
see-sawed prices of gold in the week and
New York Mor. 8. late months of 1053) and con-
narrowly on a routine business.
World
No. 4 sugar futuras offerings, sumer goods have figured pro- At the close prices ruled one
closed one point higher minently in various Soviet trade to three points higher, New Lodny
to two points lower with sales agreements in recent months. Orienne fatures finished un
of 71 contracts. Landon, Mar. 8.
But Imports are scarcely likely changed to four points higher. buyers reliers
There was some local demand 710
to make an appreciable difference |
for old
deliveries 0035) in average consumption levels,
that the loan. expectations Soviet agriculture still faces programine would tighten up
dimeuitios. Numerous the market later Profit-May
оль
705
050
234
2018
22014
65
734
tho
crop
Dealers quoted LO, spot Rss up cent at 19% conten pound. Future closings weroj
Domestic No. a sugar futures March closed three to five points higher May ** with sales of 1,028 contrcefs. July
Futuro. closings were: Contract No. 4 (world)
Beptember
Tin spot
3-months Copper spot
months Lead March
June
1334erious Zing March
THL 31 measures have been announced taking continued to predominate June
114 which are aimed All prices in sterling per lang ton.
at improving now crop manths,
October products, NEW YORK FUTURES • supplies of ivestock
At the start of trading today, January
March fruit, all types New York, Mar, 8. vegetables and
open contracts in nearby March May 12h of food in which the Soviet diet had brought down to 77,000 any 12.50m is seriously
deficient and all belts. The certificated stock rost foods to the production of which 120 bales to 93;220 bales. 0.10b private enterprise
Volumes and open. Iblervsta 8 of the collective farmer, work in the Exchange fodty were: 20ing on his private plot stil | Month makes an appreciable contribu-March
Land Margh
Apell
Tün
March
Apri
Zinc
March
an
Apell
Copper March
also Russia
posseseca gold there resources, which it is apparently to use to pay for the prepared A report from Lucknow says
heavy equipment Soviet Indo it is likely that the state police
try needs. According to reports, may be asked to attempt to
has Rubain
transferred trace the person who reportedly
estimated £80,000,000. sterilng left the boor, In waiting root The Swedish economist and worth of gold to its account. In nt Lucknow railway station, Executive Secretary of
the London. United Nations "Economie : Com- Meanwhile, a man from In mission for Europe, Dr Gunnar
As the businessmen come and
with dbrẻ 460 milles southwest of Myrdal, talked for eight_dave / 80, they are unanimouLS Lucknow, has lodged application in Moscow and returned to skilled Business negotiators and one verdict: tha Ruslans are with the City Magistrate; claims Geneva to report that the pros tough at driving a bargain; They Ing clickedy of the boy who, peets for development of East are usually well-informed about, he bays, was stolen from his West trade seemed brighter hotrà about six year ago, than at any time since the "bold specifications and world prices. in, the, Wait, they will And, as compromise over ptice--it, they musku
There few initiative Allo,
The claimant, safe, the boy
should, be about, eight, yours of
war
United Nations, ccénamic ex-
age? båt doctors believe, team, porte, believe the thow (In, Kasta X-ray examinations that Rimu Wost trade began with consulta the businessmen report. in, noorer 10
dors among nation-members of Russian negotiate meently the Eleanomie Comunimion for agreed to toss a
April *** Bibid. All prices in US cents per 1 -United Frem.
CHICAGO GRAIN :PRICES:
Chiendo, Mar. Bi Pricem pie bushel in Cinje!
Closing Pek Wheat, No 2, end:
tion.
Theotential mont in
in the form
May
for
Improve October agriculture is great. December
Match. some reason today But there i think that hopes may have been 208. prematurely sot on faster results Total than it would be reasonable to expect within the next two or threo Key yours helpsclly in the
chaotor of animal. husband(?) The Pramit.concentration of attention onlyest
Sept. Dec. March
10,401
19.335
Wilted Prosk
LONDON MARKET
London, Mar. 8.
The rubber market was' 'In-
No. active with
1 RFS spol. jim quoted at 15-15/16 pence per Spot-(cents per 1 fob Cutal 3018. Prices; Contract No, a
May July
0.04. B.07
Volume Open thferest
(9,100.00 $1,600).
31.500 609,900
September November Spot-(cents.per 19. cif NY'
Jung 0.76 April/Jund
July/Bept: -United Press,
Oct/Bee.
General markets, elf barla, borts:
5.078 May
No. 1. Riss spot
Settlement house term: Apri
15-10
10.000
000200
5,800 198,000
8,100, 245,100):
0,100 $1,000 1,300
23.600
70,900-2:199100: balen-
United Press, NEW YORK PRICES:
London Foreign
Exchange
York
London, Mie,
13/18.-
716-337) 10/16
March April
May
10-18/10-28-13/10
28410/10-16-1/d
-Unite Prom,
Exchange Rates
charide, the hospital Europe a your, ago.
Mall
"our" - Bay 12-100 sterling more Following these talke Franse orfTe for a fritish order. and the, Soviet Union, it medal chins Mall Specul.