DEPOIN
New Lightweight Diesels For England
Middlesborough; and Edinburgh-Glasgow.
to be
THE CHINA MAIL, MONDAY, MAY 10, 1954.
Diesel and steam fraction compared at Marylebone Naslun, London, last week when the first of British Railwayn new lightweight Diesel traits was demonstrated on 4 return ru to Benconsheid, Buckinghamshire. Theme Hghtweight Diesels are
Introduced in six the Wesi Riding: West Cumberland: 1.incolnshire; Fari Angits: Newesstle- The Diesel here demonstrated was bullt at Bri- Chl Railway Derby works surt has power unita suppiled by Leyland Motors. Tutal seating in two cars is 130 passencers; crew by driver and guard. Light alley
extensively used in construction, and the Diesel la geared for s normal maximum servico speed of 62 Dp.h.
metal
The Military Junta Tightens Its Iron Grip On Egypt
Cairo, May 9.
Egypt's military regime is strengthening, step by step. its already firm hold on the country.
While the recent replacement of President Naguib by Lieutenant- Colonel Abdel Nasser as Prime Minister was not unexpected in Cairo, it dors mark another step in the triumph of those who favour a continua- tion of the military regime over those who support the President in desir- ing an early return to democratic processes.
Although General Naguib retains the post of President, he has lost all effective power and has become a figurehead while the Revolution Command Council has further strengthened its grip on the Government.
democracy" struggle was
TRADE and
Why Sterling's Position
Is So Strong
From Our Own Correspondent
London, May 9.
The British Treasury's point-blank denial
COMMERCE SECTION
Strike In Pittsburgh
Pittsburgh, Pennsylvania,
May D
Вин and street car drivers struck for histor wagen today at Pittsburgh, which has more than 2,000,000 inhabitants, and is the centre of the Ameri- can steel industry.
The strikers, who got $1.92 an hour, went 30 vents Thore per hour. Franco-Presse.
London Market Surges Ahead Steadily
From Our Correspondent
London, May 9.
The London stock markets did not lack reason to feel cheerful last week,
理
The rise in gold and dollar reserves an-
that it intends to ask the International Monetary HONGKONG nounced early in the week was the largest for
Fund to allow the Sterling-dollar exchange rate to fluctuate within wider limits has removed one of the causes of the recent strong demand for pounds in the foreign exchange markets.
But the fact that the Sterling-dollar quota- tion is still pressed tight against its upper limit and is prevented from bursting through it only because the British authorities stand ready to buy unlimited dollars at the top rate of $2.82-shows that Sterling does not owe its present strength to such speculative factors.
The recent steady flow of foreign funds into London may have been swollen by "hot money" seeking a quick profit but the movement into Sterling was well under way before rumours of an appreciation in the exchange rate became a factor in the market and it has gone on after rumours have been killed.
tient
This Was confirmed by rates are falling
anyway there Truy spokesman's tut ille to be gained by with-
that very
ttle of tast (holding official recognition of month's exceptionally large the fact. geld and dollar surplus could be attributed to speculative moves ments There was reason to believe he alsted, that the bulk of the surplus resulted from ordinary rehimercial and finan
Transactions.
They are in fart
יןיןן
Secondly if the inflow of "hot money appears to be assuming dangerous proportions they may take appropriate remove the cause of it.
measures
10
But the bank rate is not just a convenient means of regulut- at lasting interest rates in the
money
Instrument
for
thien
reasons why forelan rumarket. It is also the power- operators should wish Ter If
for controlling crease their host ling of Ster. demand credit throughout at the present time.
This is an im- With
arm- The
The economy. British Govern-portant consideration the derision
the
account
to extend the present situation for the British transferable
system onorny
ΠΟΥ SQ Analy uver virtually the whole of the balanced that any sudden Jol
Year 13 atrl to
such as a premature cut in the hank rute, might
have very dangerous consequences indeed.
open the Lopun rokd market, Sterling automatically became available for uses to which it would not previously be put.
which
For example countries whi were not included in the old
the
Bank of
Collar
the
As
This latest act in the "all- tiens to be laut for a clean and journali te pens and constieners tury
return-to- Versus
tromst 1:fe"
for tragude the people,
"Some
Journalists (E500 The "erser fry" who Funch Fh Esསྐྲུན་བ
to threaten. shared with the party
lenders the responsibility of Cavernmentcktail and extort money from
perrons and compamer. expluted this honourable
pre- ther
vh
strengthening
ended by a mer Of moves alined at the military regime's the country.
Among these was at reshuffle of the Cabinet to include two mare members of the military junta, following the resignation of several evilian Ministers.
Eutier came the elvi hand- euffing"
former Pertam political Cabinet Ministers atut The abolition
te Press Syndleate Council.
The Hevolution Command uf the decided that meinbers. Walist, Constitutionni-Liberal, and Sangist parties who held between Ministerial
(the day 0. February
1342 Mustapha Nahus, Ward loader, became war-tim Prernier
tat
the Insistence of the British Government), and July 23, 1952 military (the day of Rop coup), are to be deprived of the right to
to l publie office their political
orc
or to exercise rights for a period of ten years. They are also batined for a similar period from membership of executive councils of trade unions and other organisations.
Some forty politicians
ponuc affected by this bom, including the leades of the three parties ---Mustapha Nuhas, Ibrahim Abdel Hady (Saadists) and Dr Mohammed Hussein Heikal (Constitutional-Liberals).
Serious Acts
Other well-known names
Abdel
Egypt's highest judicial body.
ON
Major Salah Salem, Minister
an-
V
Others
pro-
il
Who Gets
The 2 Tons
Of Gold?
STOCK EXCHANGE
(From Our Correspondent)
Business
on the Stock
to $171,990.53.
three years and this news coupled with the fact that the market is once again looking for a cut în the bank rate led to a strong demand for gilt- edged securities.
change this morning emounted Thursday's and merning's dealings
Priers rose spectacularly. On Monday alone old Consols and Datltons put on 21 cuch and rises of up to 12/0
were Ex-corded in dated stocks.
Even announcement of no change" in the bank rate could not halt the rising trend and prices continued to advance though somewhat more slowly 10 175
until just before the end of the week 5 830
when some profit-taking caused fractional losses.
Noon quotations
SILARES BUYERS NELLERS BALES BANKS
1K Bank
East Asia INSURANCES Union XD Lombard Underwriters VOCKS, ETC.
K Whart Provistent (ON S'hai Dyck
1638 170
$45 060
03
1 20
1.70
2 8 88
Wheeluch .. 7.40 7,00 LAND, ETC. HK Hole! HK Land
S'hai Land Lumphreys Realty UTILITIES
Star Ferry C. laght (0)
XD
230 12.20
By Thursday's close the Financial
Times Government
with
NEW YORK
STOCK
MARKET
New York. May
Railroad shares
regis-
Securities Index had reached tered their best gains since 103.14-its highest This year the week ended March 8, compared
102 Д week 1952 on
the New York carlier.
Stock Exchange last week. One effect of the rise in gilt-
This rise stimulated another edged prices WOO to bring rise in all sections of the
market. Bi- the postponed
But the gains were forward Ingham Corporation Loan. This smaller than
those issue of £0 million of 3 percently in fending issues,
issues which 13.40 cent stock 1970-72 at a price of 15.40 £98% was well received Andipated in the advance No for
amali premium Is expected
in 1904 were bid up.
had
made re-
Other
not
parti-
8.00
.. 584%
300 68%
100 5835
Rt
1.70
17.80
2003 3414
200 10 10 2.10 2000 2.0s
130
....10.2013.00
500 300 300
18.40
Light (2) XD Electric
13.30 (2.190
30 30 600
301
at the commencement of deal- Ings on Monday.
500 m 3012
INDUSTRIALS
in
17
The market closed the week at its best level with the in- dustrial average ai 821.30 up on the 1.07 points
week, the
24.10
STORES, ETC."
Dairy MISCELLANEOUS
Yaumati
140 140
later,
Gilt-edged made the pace the early part of the week but highest point since October 22,
the Industrial market 1929. found good reasons of its own the to go ahead. On Thursday Times 11000 m 3.90 Financial
index Wis within a few decimal points of its all-time high-reached April 23.
Ailled Invest 305 3.0235 2000 3.00
Unemployment
Falls In US
HELPED INDUSTRIALS
દુસ
The Immediate cause of this renewed activity
the in- Sustrial market was a crop of highly satisfactory statements by some of the biggest name is the company world.
|
Rallroad Issues finished the week at 108.52 In their average. That was rise of 4.21 points on the week. The best previous guin mude on March 8, 1932 amounted to 4.77 points. The rail averago finished the week at its best level since May 25, 1953.
Utilities at 50.71 (up 0.22 on the week), were only a few cents under their highest levels since September 30, 1931.
transferable account area could
Washington, May 9. not use Sterling to pay for Im-
Unemployment. in the US ports from
"third countr
for dropped in April
the first without special permission
Sales for the week averaged time since last October, the
1,987,118 shares daily, against a Englant Now
Government reported today. Sterling my
Though their immediate tmdally average of 2,240,000 shares be transferred
and The Commerce
Labour
was on the oll market, pact
In the previous week. between practically
nnnounced there every
Departments
Copper Issues had a period of announcements of higher profits country in the world
Jobless during were 8,185,000
So did the and increased dividends by the strength.
tyres resusit
inter-
week ended April 10, co- the week many
where national transactions-on capital
Firestone ross nearly 8 pared with 3,725,000 one month Anglo-Iranian Oll company and The Hague, May 10.
Burmah Oil hut "had
ps well
helped sentiment points. not subjected then-
as current Deco11-
earlier drop of
260,000.
in the Industrial market.
Cite selves to
Olis had wide gains, Ownership of politan fession as a guise for comigercial any speBe
are being settled in pounds to:
more than cum
The joint report said
said caploy-
Service ran up 0% on reports orientation, would not be sub-deals and relied on the Govern
the first time since the end of two tons of gold worth ment during Be April survey These companies Have In the stock will be split. Amerada leet to the ban, except by spesial ment to double their own
the war and this means foreign £800,000 sterling will be week was about 500,000 higher Iur.
creased their dividends from Oil lost 3 points, Superior Oil of businessmcu order of the Revelation
must hold the
listed the March. It tures at the expense of Band Council.
1a disputed before the internu then in
36 to 424 per cent and from California soared 15 points to larger rese ves of Sterling than tx rple,
totul munbor of persons with tional Court here tomorrow jobs at 60,588,000. They have needed hitherto,
This was 15 per cent to 17% per cent $785. "When press versorslup WAS
But Investors Consolidated Natural abolished (for a few days recent-
Gas in a case expected to last a
in respectively, the third straight month ly) these hired pens
week.
which which at
the employment total were not equally pleased with gained 5 points in the utilities.
both. Anglo-Iranian stares rose Boeing "Aircraft lost 2 points one time pretended to support
6/3 to £11-7-0 before slipping in the aircrafts. Scott Paper the Revolution, started to défend
The application Instituting Employment increased the past corupt political
ion back to £11-0-3. Burmahs on ran up nearly 6 points in its proceedings was Med the farming. trade. construction pack dollars may now be used to buy Italian Government against the work and other activities which gimes, and to cast doubt on every
to section. The leading stecla reform accomplished by the Te
gold in London.
Governments of France, Britain usually rise in the spring, but it to disappointment among in- Gains in specials ranging to volution
into Sterling and the United States over 3.238 continued to decline in manu vestors who had hoped for a 20 nine The movement They went to extrems
were set by points that in spreading false rumours and
has resulted
this kilogrammes (about 5,154 lbs. facturing Industries. from
per cent dividend.
Ingersoll-Rand, National Cash hes against Revolution leaders.
greater freedom that foreigners weight) of monetary gold.
April's unemployment
Register, Monsanto Chemical, "The measures now taken by now enjoy in the use of their
follows the pattern of Another company to report Continental Can issues and The gold, then the property declines in each April of the higher profits and Revolution to the
The
is not likely pourkis purge
to be
a dividend Columbia Broadcasting Com of the National Bank of Albania, press and reorganise it on u de-
reversed at a later date although
to match is was seized in Rome by the Ger last 14 mocratic and sound trade union
Dunlop Rubber paxt to Chrysler in turnover course once adequate reserves
Employment has increased in Group trade profits roses from basis are an echo of what honest
mans in 1943 and taken to Ger-April in 12 of the last 14 years-- built up the movement many.
£13 million to almost
which met journalists want." Chinn Mail
proceed
and last year.
million 1951
and the dividend Special.
which
These bitUTER ARRnst furnier potlibus are in line with the Revolution Command Council's declared poly of cleaning-up Government and political
fire. The annouterment
the decision to clear up the press, Identified with the old political life, was accompanied by a number disclosures
alm.ut
to payments newspapers and Jumunalista forge sums from secret funds.
Major Salah Salem
inado a list of 23 journalists public
he said, had "cashed suns from secret funds against signed documents.
Chief among these
who,
of
of
were Hussein Abul Fath, Presi- dent of the Pres Syndicate and eu-owner of Al Misry, formerly the Wald mouthpiece: Mustafa el Kadhashy, Secretary-General of the Press Syndicate: Edgar Gulled. French-language news- Karin paper proprietor: and Tabet, former Press Councillor to ex-King Farouk, who is now serving a life sentence.
He also
Have the names of newspapers and weeklies-mang of them have since censed publication which received sung from secret funds,
OwnCTS.
owned by
re-
German Car Company's
Growth
Big
Stuttgart, May 10. The Dalmler Benz Com-
GREATER FREEDOM
Another reason why Sterling ls in such strong demand is the fact that pounds bought with
of
afe nay tacular rate.
at a less
spee..
توره
rose.
This decrease
but
80/0 on the announcement due gained fractions, the other hand fell 101⁄2d
sauce.
215 came Pepsi-Cola
in day finishing preparations of the There wasng to today's report. shares closed 1/6 higher on the New York Cotton
a drop of 100,000 in work at 24/-. the number of workers in non- A less satisfactory result was durable
de- goods industris,
that
announced by Guest Keen scribed as a "primary seasonal" and Nettlafolds, the engineer- decline-United Press,
Market
on support after its President made Two British representatives,
Employment In manufacturing caplial as raised by 50 per ! favourable report to stocic- But there is a speculativo Sir Gerald Fitzmaurice, legal industric dropped by about cent scrip issue carlier this holders-United Press.
between March motive behind that part of the adviser to the Foreign Office as 250,000
and year represents an effective in- inflow of foreign funds which agent, and Mr J. E. S. Fawcett, April, to a new total of 15,000,- crease of 3% per
cent. The reflects the
difference between barrister as counsel, were to- short-term interest ratos
British case, London and those obtaining in other financial centres
par- leularly New York.
This movement, though, is self-correcting for the weight of the funds eteking short-term investment must sooner or later bring interest rates in London down to the point where it is while moving other centres.
no longer worth
from money Indeed to some extent this has already happened.
trend
Under the 1948 reparations agreement signed by 18 states to which Italy adhered monetary gold found in Germany was to be pooled among the countries
portion to their gold losses from German looting,
entitled to participate in pro-
The United States, France and
Britain were responsible for dis-
Canadian Farm
Output Lower
Canadian
Ottawa, May 9. agricultural pro- slx per
Wad
Ing
company. The group tradiding
was down profit million to £7.4 million and although the dividend maintained at 18 per cent the shares closed 1/3 lower on the week at 88/3.
was
Hope For Lower
Groups In UK
K
New York, May 9. Cotton futures staged a smart rally in late dealings on Friday to climax on otherwise slow and uneventful week.
The May contract. lagged be. cause of persistent ilquidation Ds traders prepared for expira- tion of the contract. The May contract ended the period 23 to 70 cents a bale higher than the preceding week.
Open contracts in the spot month had been whittled down to around 93,000 bales.
Now crop months had
dim- -tha
Al Assass, formerly organ of pany nt Untertuerkheim, the Sundist Party, had, he sald, near Stuttgart, where Got received In
£48,000, while the tieb Daimler invented the
tribution. In the case of the weekly Al Sawady had received
gold removed from Rome in the list are Fuad Serag-el-Din. £25,200 and another weekly first petrol engine 71 years
downward *Tho
of 1943, both Italy and Albania duetion in 1953 Wardist Minister who was sen-
Rose El Yussel.
has
produced ita ago,
interest rates would of cours lodged claims. Revolution tenced
An arbitrator in cent less in volume than in the Taxes For Some by the
woman of that name, had cashed 250,000th motor vehicle be
greatly accelerated it the February last year awarded the peale year of 1852, the Bureau of Tribuant to 15 years imprison-
£19,201.
authorities decided to since the war.
reduce
Statistics said today. ment; Aly Zaki el Orabi, a
The Egypilan Press is at pre- Starting again almost from this possibility that the City of
the bank rate and it la towards gold to Albania.
The Bureau said its index of former President of the Senate;
sent heavily censored, and
The three el Din,
Governments had physical volume was down from Mohammed Salah
which scratch in 1846, when only 214 London
culty holding rallies in even those newspapers
has ΠΟΥ turned its agreed that should Albania's 108.2 to 150.0. The level was Worts farmer
London. Foreign Minister: vere indicted for Saleh Mercedes Benz cars were made,
carly part of the week, partly claim be granted, el Hilaly,
they would sill the third highest on record. The Second Ahmed Nagiub
Report of the becaus0 of the increasingly deliver and Salem had to publish the charges the Company with its four sub-attention.
the gold to Britain in former Prime Minister
TWO REASONS
Reduced production of grain Royal Commission on Income favourable tone of crop advices, who against themselves and their aldiaries has fought its way for- Razzak-Sanhourl
ward to become once more one
part payment of the 1949 judg Broadly apenking there are ment of The Hague Court, which res Livestock
castern Private mainly and Profits Tax nakes far
· reports · from wan has to relinquish his post up
of the world's leading car prD-
and central bolt sections noted responsible for the drop. two reasons why a reduction in ordered Albania to pay Britain
reaching proposals, which, President of the State Council, Consciences Bought
ducers.
the Bank rate at persent 31⁄2
There were also declines in adopted, will alleviate in some "axcollent progress with the about £43,000 In 1953, it manufactured per cost is considered possible for domago
Bs compmation the output of sugar beets, fruits, degree the burden of taxation crop considered to be two weeks бузи mines in the tobacco, vegetables
carilor then usual. cars and 16,033 lorries,
in the near future. Major Salah Salem announced 34,975
Corfu Channel in 1946 to two products, bus
and maple upon the middle-class family, but increased
There of National Guidance, in
were limits to tho Uncertainties Over the out- prom Firstly tho the dissolution of the Council buses and tractors."
authorities may British destroyers. this decision sald the
come of the Congressional de- Mercedes is now moving into
of the Royal Commis take the view that as interest:
uction of potatoes, dairy pro- cope
lon' recommendations. For bate, on Revolution Command Council of the Press Syndicate which
farm price support Both Italy and Albania had 90 ducta, poultry and eggs. had concluded that these three includes both newspaper owners the export market in a big way.
said that on one thing, the total yield from legislation, whether flexible or The Bureau The and
Company either owns or
days in which to contest working journalists, and its political
tax and wúrtax is provincial "had
boals, declines
rigid, supports would apply next oc-income parties
Anding and Italy filed highly instrumental in corrupt replacement by a special Com has arrangements with assembly
ancurred only in the prairie pro-matter for the Government and year, kopt traders in a cautious mittee "until the purge of the plants in Belgium, Holland, Bank Of England application on the ground that ing the political life of the coun-Press is complete."
trame of mind. Denmark, Brazil xl Argentina.
the Bank of Albania, had been vinces where wheat and barley Parliament and not for a Royal Again, the Com- try and had falled to take ap-
output was slow,United Press. Commission. established with Italian capital
mission Statement
felt bound to giva
HAW COTTON EXPORTS propriate action to resist op Press Law would be revised,
He also said that the present The last two have been erected
(under a convention, of 1925.
weight-perhaps too much pression."
weight to what was: ad-
New York, May 9a Making known these decisions,
toiton Salch
exports, by Salem added: "The
destination en reported is bales than inherenity just, N newspapera and their men with
Nevertheless the proposed In-by the New York Cotton Ex- creases in 'children's allowances change for the 1953-54 season; to theto extend to surtax as well as blay 4 were as follows:
Besatn en income tax, and the raising of Contine mio into the surian zone, would case
.འ་་་-བ་ར་་ཝཾ, --15fh| the earned-Income :" allowance |Orang
30.60 the burden for many hurd Toime period last year
•Tot for BORBOIS- dime prossed families.
been
since the war.
Mercedes exports about onɑ- third of
of its products to all parts Ia specialitics ten
Ministers who belonged to Major P**patiles flooded their of the world.
Salah
Major these parties, Salem said, "must therefore, bear responsibility.
diciol- for the money, making use of secret driven car with which it has serious acts committed against funds. All parties agreed on this, achieved widespread success, the country's Interests
The toh-year ban on them, he jald, would be long enough to allow all traces of corruption to be wiped out and the founda«
Every past regime, shut' its eyon
Last year, Argentina ordered
to the acts of previous rogimas 8,500 of these cars for taxim
for fear that they would all be and the order is sill being hown up and lose these huge carried out--China Mail Spe funda which were used to buy cial.
the
#
Exchange Rates ministratively practicable rather
י,
This was" "abrogated in 1945 | London, May 9.") The Bank of England istate” by Albania, who, according to
Italian-pplication, con- | ment for the week ended May the
fiscated the Bank's amets withe 16. rends as follows).
Burinum was done in the local Nate in oiruudation ...............$1,017, out commensation at the same unencial exchange "market
morning at the following PATERİ Aime / abrogaling na kan, Italy MUNNARARE (TED) anijen modo in bid wrongful act artisig, notam: (Duet) 100) Other: "ourities ARA TILTS, paromtrafod, a year- bafora, the | Odonesian rupiah) (per-100) Receipla
the application tam toalet per: 106).
Singapore: {d}cal{E} Indo-China piasiree iper, 100),
Publia, deposits) asilay
Private deposits “pati. Clovaminant moteriilow.
Zlank ratió -jik víkros