RIA
HUNGARY
*RUSSIAN [MM] OTHERS
OLLED
THE CHINA MAIL, WEDNESDAY, MARCH 10, 1954.
TRADE
COMMERCE SECTION
LJUBLJANA ‘GAP. INVASION ROUTE
TO ITALY
YUGOSLAVIA
ITALY
ADRIATIC
РОМАНА
SEA
BALKAN ALLIANCE
YUGO.
BULGARIA
GREECE
ALBANIA
TURKEY
ROMANIA
'VARDAR RIVER PLAIN' INVASION ROUTE TO GREECE
GREECE
Greeks Want Tito To
Them Close
BULG
Help
"The Boulevard To Athens"
By Paul Hurmuses, Associated Press Correspondent in Athens Yugoslavia's Marshal Tito. an independent Communist leader at odds with Moscow, definitely holds key cards in the North Atlantic Treaty Organisation's European defence plans. Tito is playing those cards close to his chest. So close, in fact, that high ranking Western diplomats are worried.
SHARP RISE IN WEST GERMAN
EXPORTS Treasury Issues Warning
To UK Industry
FROM AN ECONOMIC CORRESPONDENT IN LONDON
A warning that German competition may seriously upset Britain's export hopes for 1954 is given by the Treasury in its privately-circulated "Bulletin for Industry,' recently released in London.
+
Kite-Flying Record Attempt Falls
Richmond, Virginia, Mar 9.
The world kito-flyldg record of 3,000 feet sill standa.
Police officer T. A. Con- way, Jr.. failed to break It yesterday when aircraft ran into his kite it soared upward to 2,250 fest-United Press.
HONGKONG
STOCK
The Bulletin points out that though British EXCHANGE
exports continued to climb throughout last year, they had to meet keener competition, especially from the Germans. And in some markets and some industries the UK. "was not altogether getting the best of it."
If this trend were to develop serlously during 1954 as it might-there could be nu certainty, the Treasury says, that last year's Improvement would be held, "tet alone bettered as the circumstances require that it should be."
More
British expuris Increased sterling area's position with the value be £71 million between European Payments Union de- the first and second lves of teriorated sharply. In the first 1953.
With this total, exports half of 1953 it had a surplus of to the dollar ared rose by £2 £5 million with E.P.U., in the million, this improvement being so million.
socond half it had n ́déficit of
The accounted for by an 431.
bres how Increase in sales to Liberia, owes the
Union nearly £ 200 which joined the dollar inition.
area | October 1962.
to other non- and the United States actually sterling countries accounted for fell between the two six-month one-fifth of the increase, mainly
share of due to higher sales periods, but Britain's
in Russia, their total imports (except from Yugoslavia, Uruguay and each other) improved from ten Argentina.
But three-quarters of the im- per cent tu eleven per cent.
theprovement-£52 million out of exports Q.E.E.C. (Western European)
£71 million-was in sterling countries rose by 23 million be- exports, mostly to Australia and As their largest tween the two half-years, but New Zealand.
the U.K. this was in re than offset by a supplier,
stand to reduction
to there benefit most from in exports
any relax- countries by
restrictions the rest of the tion of unport
in As a result, the these countries, sterling area.
U.K. exports Sales to Canada
Military strategists admit privately that Yugoslavia controls the
Britain's routes one into Italy. ultimate defence of two classic Balkan invasion the other into Greece. And so far, Tito has shown no disposition to do these massive gates anything about strengthening the defences of through which Red Army tanks might roll.
The bond northwest
provide
Ljubljana Cop m, ferrera, battered for sax months Yupedak ka want the theels on the Albankton
martharpne
(11
titel When Greves and Turkey en-
NATO fored
11 1952. 1:11
beenin Ljubljana and Vandar ilie No problem of the NATO Soudly Europe Command Naples, then under US. Adın. Robert Curney
Itaty from Hungary event of war.
The Vardar River plain, pan-
Grewe
anal Yugotavin, hats Ing been known in the post is the
I w Boulevard to Athens " used to advantage by German panzers !3) UA1 when Baler came to the aid of Mussolan's
Top sources admk that today.
this two years later.
prunary
...And All Because
Of Nve Bevan
Nicosia, Cyprus, March 9.
Mr Aneurin Bevan's recent Middle East tour was responsible for the introduction to the people of Cyprus of a political party which might other wise have remained unknown. Until the invitation to visit Cyprus was sent to Britain's left-wing socialist leader, just before Christmas, few people in this Colony had even heard of the "Hellenic Socialist Party of Cyprus.
and
problem
RUIEVERSE?", Fechteler.
Carney's face Adiniral William
NATO generals and admirals would like to see Yugoslavia do something about preparing some sort of defence screen in these two strategically relticat points. Never Will Be
of of
all
the
General Motors'
Record Output
history to
the
£84M. HIGHER The Treasury calculates that Cerman
were £84 Exports million higher in the second hair than in the Brst half of 1953. But since Gennan ex- ports are only about two-thirds as large
the U.K.. as those of This represents much bigger percentage increase than UK.'s.
(From Our Correspondent)
US Congress Seeks
To Cut
Taxes On Luxuries
Washington, Mar. 9.
The United States Congress is planning a price cut in "luxury" goods and services to come into force next month.
The House of Representatives will discuss to- morrow a new bill reducing to ten per cent war- time excise taxes on such things as jewellery, furs, cosmetics, leather goods, long distance telephone calls and theatre and travel tickets.
the
These have been taxed his efforts lust your to force euts variously ni 25, 20 and 15 per¦ in excess pronis tuxes through cent.
Congress
The present bil is expected Once the bill becomes law to reach Prezident Eisenhower Business on the Stock Ex-nearly all the reductions OPG for signature a few days before change this morning amounted percentage of them would be April 1 when all excise tax in- to $237.522.40. Noon quotations passed onto the public.
creases
during mposed and the morning's dealings: →
Korean wat are due to expire President Eisenhower objects automatically. to the bill on the ground that it Wore President Eisenhower to I will deprive the Treasury of exercise his power of veto these about $1,000 mailkan. But the Increases woudel expire and the House is prepared override Treasury would lose nu esitmat- his opposition and approve the | ed_$2,000 militon. bill after a one dny debate.
would ap
23 1040
SHARES BUYERS SELLERS HALES
BANKS
НК Пали DRS 1645 10 1644
East Asia
INSURANCES Lombard.
Union Underwriters
SHIPTING
Asia Nav",
DOCKS, ETC. K. Wharf. Dok's Provident,
101 Provident,
LAND, ETC.
106
03 501
R34 Bdi
1 15
*** 0091
The time chosen parently leave President Eiren- hower with little alternative but
to sign the bill-Reuter.
The Senate
La is expected follow the House lend.
15
15 P.C. LEVEL.
20.00 21 20 500
13.00 11.00 300
100 13 72% 7.83 4000 300
7000 7
1847 77 21
1370
H.K. Hotel
KD
A po
1000
1,95
1100
1300 8.I
1.K, Land
70
77
150 104
200705
100 78
S'ha Land Humphreys
XD Realty
100 + 10%
20070G
1,220
18.40
2.10 2.17%
20.10 29.40 100 20 10
Peak Tram
Star Ferry
XD
UTILITIES
Tram
fold)....
133 134 00:3 C. Light (0) 15.00 15.70 200 15 70 Light (N 12.00 12.70 200 or 12 56 Electric. Xb Triephone.
"UK Shipyards
The Treasury has been TO 661 pored willing to settle for n
of about compromise
half the loss estiminted from the hill as it stands.
The White House and the Treasury were said to be pre- pared to agree on a 15 per cent level of excise taxes instead of
the 10 per cent provided for in the bill
The Administration planned
Have
One Advantage"
London, Mar. 9.
to fight for this in the Senate The Civil Lord of the rather than in the House of Re-Admiralty, Mr presentatives where the feeling Digby, sald today he be
for tax relief is stronger.
But
Wingfield
British ship- industry
would
lieved the Congress, conscious of public complaints or high living building costs and looking to Con- be able to respond to the gressional clections next "undoubted challenge" of November, ittle favour
has
shown towards
Administration's
vary Germany,
the
the Netherlands wish to keep and Japan in getting orders
for another for ships.
tax levels steady
He said these countries htt The tux cutting bill has been acquired great advantages from introduced by Mr Daniel Reed, the reconstruction of their war Chairman of the powerfid Ways damaged shipyards.
311⁄2
year.
the
XD INDUSTRIALS
Cement XD. 18 10
STORES, ETC.
Dairy
20.00
42 2000
2000 20
2714 27,00
200 27.70
200 27.70
Watson X.
All
.. Ria
18!
7.60
200 * 1015
40 m 7.00
-
Over half the German increase to O.E.E.C. in exports
increase
in
So far, say these sources, there have been a number
New York, Mar. 9. fnetors preventing any sort
General Motors, close military co-operation be-
already the we.rief's NATO.
biggest manufacturer, ween Yugoslavia und
set a new record in 1953 by Was
Their Most important is the fact that Communist Yugoslavia is not a
becoming the Arst company in countries.
than exports to the dollar area und ember of NATO.
more seli and in
the rest of the world was $10,000,000,000 worth Hikelihood never will be.
of its ta
rger than the UK's. but to nnnual larger products,
firm's Secondly, they declare,
the sterling area it was smaller. COTTONS row between
Yugoslavia and report disclosed today.
the Improve- A good deal of italy
Trieste over
decidedly
By registering a grand total rrowed the possibility of The the Italians gelling to- gether and trying to muji some sort of joint defence.
So far us is known here, the tromy has TAL yet Yugoslav tendertaken to reinforce the Var. dir defentis,
પુન
Last year, the Greeks, Yugo- slavs and Turks ::||11|el
agreement pledging tutual ass
of
The Corporation's report signed by Chairman Alfred P. Slon, Jr. and President Harlow 1. Curtice, had good news for the stockholders. Despite excess prolit taxes, the net income was the third highest in the Com- pany's history. It totalled $598,- 110,478, quai to $0.71 a com- mon share, or six per cent of net sales.
Was
10
31 M 7.00 240 w
Textile Corp. 1.00
77 1000 p 1.10
MISCELLANEOUS
Yangi.... YOU Allied
0,40 01 18 6.55
Invest 4.07 4.10 3000 ve AOTAL
1000 44 073 2300 071
New York Sugar Market
competition,
he
Foreign tuld the was keen
in
and Means Committee.
Mr Reed was defeated by the Elsenhower Administration
Little Fear Of
Spiralling
Decline In USA”
New York, Mar. 0, The National City Bank of New York notes In Its March Letter that, despite the reces- Bicn, most observers agree that business sentiment in the is showing Bile change and
US
House of Commons, but the British yards stil had
an advantage in price.
The mere fact that the order book at British getting shorter
shipyards was would help deliveries and plentiful supplies of steel now available would bring down cusis,
Mr Digby was replying to rẹ- by Labour and Conserva- quests tive members during a debate on the Navy to do what it could to promote stability in the ship- ping industry.
Recalling that the Govern- had issued licences for ment building Soviet trawlers toll value of nearly £6,000,000, Mi-
little
fear of a spiralling de Digby said: "We are willing to
orders take is ap
for not only cline into a depression
frawlers, dredgers and tugs but parent.
also for merchant ships subject says the necessity for to security and quantitative inventory adjustment, the re-controls.” duction of costs through Im- Some firms, he said, were nt proved productivity and the moment in contact with a Domestic No. 6 sugar futures | elimination of waste, and an trade delegation of the Soviet
now Government.---Reuter. been
contracts.
of $10,027,965,482 during the 12 ment in British exports was in
textiles
other consumer and mouths, the company sold the
of cotton The value equivaknt of $82 worth of gooi goods sold abroad was eight per
goods. fu: every man, wonan and child cent higher in the second half- in the United States,
year than in the first. Exports of woollen
were cloven Boods cent better. per cent
Refined petroleum, arms and ammunition,
and and aircraft
the Treasury which, parts-in
the
has hardly U.K. sistance in event of invasioni
observes,
German competition any against any of the three, This
meet-accounted for another
New York, Mar. 0. more or less loose poiltical ar-
World No. 4 sugni futures to- rangement, known as the Tri-
lifth of the increase. Exports of engineering
it unchanged to one products, apart from day closed But from the moineni the general secretary replied: "No, parlite Balkan Alliance, was to
aircraft, were much the same in point higher with sales of 185 the what.on to we want Enosis Party Issure
nothing be followed by
some sort
The huge sales figure
the two half-years. Mr Bevan until the moment it but Enosis,"
concrete military pact.
almost $2,600,000,000 greater
But in Germany engineering was declined, this organisation Simultaneously with the The NATO planners, parti- than that for 1952, the Company
products accounted for nearly a achieved a volume of publicity Bevan invitation, the Party also cularly the US inembers, hoped melais reported.--United Press. Third (£26 million) of the in-closed unchanged to two points aggressive effort to meet rarely known on this Island, achieved n considerable volume that this alliance would help in
sales in exports. The Treasury lower with
of 510 con- market conditions, The period of limelight was of local publicity by an
an important way to bring the
points out, however, that tracts.
accepted as inevitable. short-lived. It lasted just two change of cables with President Yugoslavs into military agree-
the German gains weeks. For Mr Bevan'a "Serry: Nagulb Egypt,
of
World futures were quiet and A tightening up of this 'kind' in machinery and electrical ap its support for Nagulte's already members of NATO, can't make it" reply. brought
last two years about unchanged. Malaya will will eventunily strengthen the paratus in the the brien era of notoriety to an "national inlasion to reorganise Who, What Or Why?
market to business organisation and lay a have been at the expense, not be in the world full Egypt and nchleve
indle-
New York, Mar. 0. morrow for 10,000 tons of re-base for a the UK, but of
resumption of the other It's been over a year since the
Collon trading today, was slow countries, Buch
as fined sugar for May shipment, upward trend. Businessmen are Balkan alliance was signed in
and to these and indecisive 19 buyers an tradera reported, Belgium,
addressing themselven Italy three To date the Ankara.
general consellers awaited new incentives. But in some
problems with arent,
Domestic futures were active Adence in the long-term out. countries have not agreed on
Prices showed minor changes Middle East, the of military
Some light raw look. any joint course
and steady.
on either side of the previous action to be followed in event
have been offerings were made in the New
close. Business WAR routing of a Soviet attack on NATO's
with the new crop months atli vital southeast flank.
feeling a little profit-taking by recent buyers.
abrupt end.
CX-
The Partyment with Greece and Turkey,
It did, how.ver, survive long pendence by gaining control of enough for the public to learn the Suez Canal base," and, in something of
Party's turn, the
voiced its
hope for origin, policy and plans.
the Egyptian support in While in
for present form "Cyprus people's demand the Party was inaugurated Union with Greece." only on June 24, 1953, it is not really as new as that. It mere- na organisation ly succeeded known as the "Patriotic Union Party" which ten years
Dampened Spirits
The result of the 1950 un- was born some offeint church-sponsored "Pic earlier. The Infter hiscito" in which 90 per cent at its height during the of the island's adult Greek po-
thenipulation voted for Enosis, seem last years of the war,
and was soon forgotten ed to damp the spirits
wis
fuded
untli
its revival
"Hollonic Socialist
Cyprus," inst year.
admittedly
ns
ot
its the leaders. Party of The possibility of a renewed part of Britain to effort
on the la introduce Constitution £1 Cyprus has been much specu- mem-lated upon since the announce-
Membership of the party
200 email. Some
to
at
This despite the fact that all three have gone on record various times an urging inilitary implementation of the alliance.
The Greeks are particularly uneasy over the admitted slow progress. They have had bitter Vardar experience with
They in- plain's vulnerability, sist that in order to avoid re- petition of Hitler's 1941 strategy when the German tanks rolled across the frontier, the Greeks
the
persons aro registered bery, but the organising comment of the new Governor De- and Yugoslavs must quickly de- milles seem content in their signate, Mr Robert Armitage, eldu assurance that they have "very | But the speculation many supportera,"
ita
Not Left-Wing
support for the sole Cypriot divisions in the field, number-
crease
Singapore Rubber good deal of
Market
of
hus
European Singapore, Mar. 9. The rubber market steadied France, on better trade interest. In the Sweden,
up notably the afternoon, the market further on
appears news from Indo-U.K. China which caused some cover losing ground to the Germans. York market at 6.30 cents a A basic reason for this con-
was
ing and mode sellers reserved. Future closings:-
34-6439
No. 1 rubber per lb. March 137;+63% April 531-54" May No. 2 rubber per lb. March 53-439 No. 3 rubber per 1. March 02-01 No. 4 rubber per ib. March 524-52-1 Spot rubber baled 5519-8522 NEW YORK MARKET
New York, Mar. 9. Rubber futures today clord 35 to 50 points higher with s of 34 contracts.
CHICAGO GRAIN
New York Cotton Market
Volumes and open interest in the Exchange today were: Mons Volume
pound, although some sugar | Bdence is the bellef that con hedged in futuros might be, sumer buying will hold up. As available a little lower. Refiner long as demand holds up
latively. interest was at 6.25 cents,
an increase in orders and output will eventually take place, if only to all the between
con- production and 3.326 sumption now being met Oct. 337b drawing on inventorles-China | Dec.
January
March
3.31b
Open Interest
49,100
NEW YORK PRICE
New York, Mar, 0,
Closing Pricek
July Bepl.
PRICES
Chicago, Mar.”~9, Prices per bushel in cents:
Closing Prices Wheat, No. 2: red Spot
2201 March 2016 (1) 22346 (L)" May
2201
Future closings:
gap March
6,300
70,000
Contract No. ♦ (World)
May
10,100
800,000
May
by
July
600,000
2320
July
5,900
107,100
Bozlember
2,900
248,400
October
3,32m
3300 Mall Special."
Mar.
.4,000
93.900
MAY
1,100
13/400
225-2231 May
July
100
41,400
1.700
Totni
2,103,300 baica
The market Armed on some consumer interest for off grades and higher London
cables, Traders quoted spot No. 1 R up cent to 10% cents a pound. Future closings:-
Des.
July
3.240
Com, No. 2, yellow.
Spot
Spot-(cents per lb. fob Cuba) 3.30 Contract No.
London
Metal
March
May
May July
July
5.70 3,826
September
0.07
Prices
Bpot
March
Верь
November
5.871
Dec.
March
19.00h
May
10.you
Boyabeans, No. 2, yellow
Spot (cents per lb. elf 'NY,''
ex-duty)
6.70
London, Mar. 9.
Buyers
xeliers
Oct.
United Preas.
Mers
7071
Doc
10.78
Boot
MAT
10.70h
March
230
17
MAY
Bept.
March
Maj
2204
2201
July
10.75b
July
8735
30.
LONDON MARKET
Sept. Nov.
ABIL
· The rubber market was quiet wit with No. 1 Riz spot quoted
Londort, Mar. 9, New York Hour, 300, Ibs, smok
48%
།
ALUnited .PREMA:
10 1/18 parte por b
Bettlement House Servisi
April
Kay
July
оп Rome sort of Joint has not strategy. been
by any The Greeks currently have 10 Recompanied visible signs of
ing some idea,
150,000 men. They Contrary to the impression,
claim they can hold the line One might have expected at
most of rebirth
the of the along
Dec. rugged suggested by its present titig, this stage a
Bulgarian-Greek frontier, the Hellenic Socialiab Party, is "Cyprus Socialist Party". But not a left-wing body. In fact, party similar only in name, la Tito agrees to hold the vital
southeast corner of Yugoslavia: foreman, the Patriotic all that has emerged.
and Union, was established in or
the people of where it joins Greece der to oppose the Communists Cyprus awalt with something Bulgaria. and Telewing so powerful is more than ordinary curiosity the German advance cold when The Grocks actually did stop the Limassol area,
the arrival of Mr Armitage, and Its main poulticat aim, Enosis also the result of the proposed It attempted to get into Greece (Union
Cyprus
with visit to Greece of Archbishop heroes the Bulgarian frontier, in Grebco), follows the line of all Makarios of Cyprus where he 1941 Yugoslavia however, col political
partice in Cyprus, has declared that he will strive lapsed and the Germans simply right-wing and left-wing. to persuade the Gredic: Govern-rolled into Green from
Party
yo
Meanwhile
would loopt. Cobiliuition ad on before the next United A Greek temeratura don te wa a step towards Bubels, should Nations · General:. Assembly Ruins to have theme Britain make the offer,
· HOGE › MPER1. ON
Lead March
“June
Zine March
June
London Foreign
Exchange
Exchange Rates New York
spot -months
Copper apot
months
0821
3460-45
33.70
33.810
United Prem,
All prices in sterling par long ton.
-United Press.
New York Stock
Market
New York, Mar: "9; Jones closing, averagés
Straét
wore
NEW YORK FUTURES
Now York, Mar, 0.
Lead
Tin
March
·April
1EDED DOW 12.8th Lon
A Rab follow
ABTI
Wall
dustrials
Copper
B-bidi