Mr Yehudi Menuhin, the famous vloflnlat and his wife photographed an
Central Prens Photo. Mary" out train at Waterloo when they lett for U.S.A.
THE CHINA MAIL, FRIDAY, JUNE 4, 1954,
the "hucen
No Rest For The Troops
In Korea:
Battle Exercises
Continue
Korea, June 3.
Over mountains which made the men sweat and curse and across valleys with 100 tactical obstacles, the British Commonwealth Division advanced for 50 miles against an imaginary enemy during exercises in South Korea.
Canadian Brigade established a When, finally, elements of the
a halt and the bridgehead across the Imjin River the referees called exercise, the climax to six months of tough training, was over.
The ability with which the Division handled the tactical problems was not disclosed, but it was no secret that the men came through the natural obstacles with flying colours.
chamb
push
w
The Fruits soldiers now
thes
122
ទេវ
TRADE
Utilities Find A Lovel
amel
RECOVERY ON HONGKONG
SHARE MARKET
By A Special Correspondent
Utilities found
સ level this week on the Hongkong Stock Exchange and share prices generally were steadier.
There appeared to be some hesitancy on the market at various stages during the week but the reappearance of buyers and the bigger turnovers improved sentiment and the market closed last night on a note of confidence.
The proof of this could be seen in the market's reaction to the rumour current in Hongkong yesterday afternoon that there had been an air-raid on Taipei. Prices wavered slightly on the news and in the case of some shares eased fractionally but quickly recovered when the news came through that the air-raid alarm had only been an exercise.
Brokers believe that the to tell you more about this com- main reason for the re-pany next week. covery of the market this
Lands and Banks were
in
very
COMMERCE SECTION
Forecasters Won't Be Failed
Miami, Florida, June 3.
During final exams in a course on meteorology At the University of Miami last night. four students Jeft the windows open In their parked cars and A cloudburst drenched the cara' upholstery,
But the Miami Weather forecaster, Mr Leonard Par- due, who was the instruc- Lor. wald today that he
would not fail the four aludents for not predictiog the weather correctly.
"I couldn't very well," Bald Mr Pardue, **I left my ΓΑΙ windows open, too."United Press.
NEW YORK
STOCK
MARKET
Pugo 9
Convertibility In Sight
This short article on convertibility of the pound was written by Mr Norman Crump, the City Editor of the London Sunday Times and is reproduced by permission in the China Mail.
In it Mr Crump records the progress Britain has made towards convertibility. He says that Britain should achieve this goal by the end of this year or by early 1955.
cur-
The forecast made last, sterling without limit, and then week by Professor Erhard, spending it on dollar goods.
On the other hand, once the West German Minister
poople
convinced that of Economies, to the effect sterling is both a strong that convertibility will be rency and also one that can be restored within the next and freely, they will be will- year has brought this ques- ing and indeed anxious to hold sterling. We are very near that tion to the front.
point today. 1 must be remembered thai
The next move is the and Great Britulo Germany
sembly here of a working party approach this matter from very of Ministers from Western different angles. The mark Europe, as suggested by Mr mainly au Internal currency, Butler cut tho recent O.E.E.C. and to German convertibility
of
is
ILA-
12135
incans the power to obtain and meeting. This may take place in
July July. spend dolines and other foreign Thu Interruntional Monetary currencies more easily.
Fund will also have to play its part, possibly by the creation
stundby
报 credit favour, This may be discussed at the Fund's annual meeting towards the end of September, but I am doubtful if this meet- Ing will be the occasion for the restoration of convertibility,
Mr Butler
be anxious
tra
kinds
many
the of transferable
will
flext to assure himself that the drcumstances are atiendari
right. vi
This suggests a date to. words the end of this year, or
In early 1953.
by
and
even
New York, June 3. week were hopes that the Arm this week, Lands were A late burst of activity We. however, regard Geneva conference would $584 yesterday
pound as an international eur- and buyers in rail shares, started by produce
Indo-China were offering $1,635 for Banks.
rency. To us convertibility Canadian Pacific, swing
the the next logical step after armistice on lines similar to News from the Tramway com- | the stock market to the successful reopening of the Korean armistice.
pany continues to be good and upside again today.
commodity markets. such ELK iheir shares are frin at $25,40, Perhaps the most important
Through most of the session cotton and gold itself, and the
unification of There seemed to be generaj ralls
while feature of the market, however,
laggert
Industrial bivestor's from
point of satinfuction with Lane Craw-stocks edged upward in routine former
terling. view is that prices
of dealings. 804771 to ford's unchanged dividend
simpler Janguage, we have found a level at last and $8 les tax. This company has
Sales tolled only 1,810,000
have three groups higher rental for whule brokers believe there is been paying a
aireacty the last 11 shares the smallest since May 11. sterling-(1) pounds held not likely to be any sensational its premises
Other
followed residents in Great Britain carriers prices in the months and there were fears in improvement tr
Texas the dividend Canadian Pacific.
and the sterling area; (2) pounds Bext few weeks-in fact, prices the market that
Pacific rose 34 points to $120, held by residents dollar will probably stay around these might be lower.
Northern Pacific 1% to $501%. countries
freely and levels until the August interims The market is speculating Union Facile a point to $1244, changeable into dollars; and (3)
increase the contributions Elsewhere in the group sanal pounits held by residents in the
rest of the world.
Today there are still restric- tiona
from upon transfera third to the second group, and convertibility means initially no more than the abolition of thest restrictions.
not necessarily meant It
the
the present tone market is conducive to stand investmeat buying.
some
this.
now
Fu which
Market nen said
Jumped 1% Jürge holder
Canadian of
Coun
the
me
Lo
One dual point may be made. When convertibility is restored, It would not surprise see it. accompanied by a slight In Bank Rate. This would be a precautionary mea- sure and, if all went well, Bank
soon be in
Rate would
reduced
no
This, of course, ia looking well ahead,
It does not follow
that there will be change in Bank Rate, say next autumn, due to reasons quite unconnected with convertibility.
Meanwhile the recent reduc tion has already been reflected
the
market, and
ubout tocal industries will make to the gains were the rule with the new Kaj Tak airport extension exception of Santa Brokers believe that dropped to $100. A glance nt
the scheme. of
supplying utilities condems
Take us Green Island is
eement for the Tai Lam Chung Electares now at $38.00; they are) (0)
half per project it may also make some Pacific, which yielding seven and La cont, while Lights at $14.60 are contribution to the new airport $26%, was
and schente. Yesterday's price how-mining shares and was helped vent yielding seven per
by a firmer market for lead and Dairy Farms at $231% are yield-ever was $17.50, unchanged,
zine. The Campany, and other the withdrawal of all the trade ing ten per cent.
Here, ut a glance, is how leaders
well, have con- and exchange restrictions which fared during the siderable oil Interests. The basel Speculators 1cf-
have apparently leading issues
Association of American Rail- Britain and the sterling area.. deserted the market and while week: the goki
continues
roads today reported a sharp exchange
CAN WE AFFORD IT? decline in net income of class 1 strong here is every likelihood:
Exchange will
roads for April and for the first that the Suck
Can we afford this limited ton four months of the year. not see much more of them until
convertibility
described and August.
above? Obviously we are not in | aigas,
The who learne mapped WIN ***They're really, lighting, fensive training
1: have tried to pass them senior officer Dut. Kali one
to the men who took ove. to weld the The plan was anach 20 role, *They could
repurate units intu a solid fght-after the fighting ented. 1,000-foot peak.
Loping force. Each man was to learn An enemy off the
his Jub as a member of his Koves, for the most part, have without any trouble **
knowledge In that eneity
platoon, his company, his regi- "And anywhere the
Bul Korean battle rolitions hent and finally his division. could go they could go," said a
they knew they must be prv Unit exercises culminating in Junion officer inter.
In fight over ary the Division scheme tested the pore rees Armustier The Korean
the most rugged youth af success of the programme. July the signed
taus Fo the world. Throughout, the object Commonwealth Division had to f
Generally, there is an air of bull buck
not just fu condition the men from the hard-won
estidenes among the men from was for fighting, but for Bighting in
This The
upwards. which it Jositions
privates riri Korea,
felin was particularly strong dig new established and
after the Division exercises had be mph led
regi-
After WAR
fences.
11
fast
EM
ନ
was
Hard Lessons
Homelink
As soon as the new defence line was thrnly established Brograme afmed at giving the lessons,
well as de.' the Kiocan war. offensive its
Inen
hart i The Adjutant of o were learned during monal We're right on our toe new. We've been training know Karen We what we're up against and we can handle I
The
Dutch-German Wrangle Over Frontier Lines
Bonn, June 3.
Incidents on the Dutch-German frontier have brought a new element of strain and mutual sus- picion into the relations of these two countries which, apart from World War II, have lived in peace with each other since the 17th century.
The incidents have been trivial disputes over
Commander of another saki: “Our men are getting the heat training podbic under
the circumstances. Some mis- take
were made during the Komun
We Bghting.
know those mistakes. We will not make them again.
A senior Headquarters officer said: "We are better prepared now than we were in the dylog Then it was stage of the war,
talle battle and because we had a
a war to fight it was im- possible to do divisional training exercises.
"Now the Division is just as ready to fight a mobile war as
a few fields, but they were accompanied by critical is to sit light in a strong de- press comment on both sides of the frontier. Poli-fensive portion." tical agitation, especially in Germany, is on the increase.
of
SO
Not So Sure
But
National three young Service officers
not Were sure that all the lessons of the Korean war were receiving the attention they should.
be
In March some Gernan places to make what were de farmers crossed the border near scribed #5 **small frontier Geilenkirchen for a symbolica) | adjustments,”
of fields which spring sowing
At the same time the Dutch
Their boyish, Gun-tanned had belonged to them until the
the agreed to postpone until the faces serlous, aware of the res- end of the war. In April more
hore German pence conference their ponsibilty
their опе "pip" German farmers near Elten drove
claims for three big frontier placed on them, they discussed 70 cattic on to fields which are
the Bentheimor the problems they areas involving
might the NOW
property Dutch Bucht, which is a projection of called upon to face if the war farmers. After the Dutch had German territory into Holland resu protested, the German police near Bentheim; the
Fristan
chaps can run up the ordered
cattle to be islands of Borkum; and the side of a mountain all right, but removed.
gastern fringe of the Dollart there will be more than that to The origin of the trouble dates Bay at the mouth of
of the Ems.
fighting the Chinese if we have back far into the part. By the The 21 alterations which to," said the oldest.. beginning of the 19th century were actually carried out in- "Fellows
who
here the question of the ownership on volved 0,031 hectares (17,000 during the war told me that this frontier, which was drawn acres) of German soll with an most of the fighting was at In 1848 at the Peace of West-original population of 9,533
We do night patrols, right. Some of phalla had become very compli-
the rectifications but so seldom that it doesn't caled.
were individual fields of seven matter."
the
were
population owaach side of and eight hectares (18-20 One of the other two snid:
The the line had inter-married and, acres). through consequent inheritances, there was a great deal of Dutch ownership of fielda In Germany and vice vers
men don't spend enough The bulk of the population, time actually Aring weapons. which was given the choice of Nor do we. In a shooting war remaining and becoming Dutch isn't that what you are supposed or of withdrawing to Germany, to do? was contained in the two com-
The
ride-range munifles of Elien and Seifkant, shoot doesn't train a man to kill The West German Governan enemy under battle con- thement declared that the Dutch ditions. As for the other weapons action in both cases was illegal ho will be called upon to use, the
The Dutch-Prussian treaties of Cleve (1818) and Meppen (1824) gave these farmers full rights to cross the frontier to till floido,
occasional
"There's so much to do
SLACK PERIOD
gume
BAILS HIGHER
all residents
дя
in Great
the dollars
in
the
moment prices have tis
ed in response to the
of good company results other oquaily cheerful Not least of these is the
a position to provide the world | strength of the pound,
with all at large of which its Inhabitants think they needed.
Up to a point there must be
might
Rails as a group had the sharp- 8.3 est gain on average rise
630 cent but failed to make a Indus- new top for the year. 25.40 trials, with a 27-cent, gain, fell some implicit rules of the game.
Bunke
Unions ad
Wheelock»
May 27 June 1
1930
1130
3
1635
14356
630
0305
6 75
15
0.80
Ch Prov isk
11.000
12
11.20
Hotels
IIK Land
Trans
8.00
54
0.23
56
50%
24,30
20 40
Ch Lights
ok
14
14.70
14.00
on
new
Electties
Toner
D. Farme
11
31.70
11.40
or
27.70
211.80
20.00
1,152 issues traded, were higher, 357 lower,
501
21
23.10
24 00
Market
.
221
23 70
2336
b-buyer, n-nominal.
Brokers poin!
this out customarily a slack period and unless there is
startling company news it would be un- reasonable to expect very much over-ali change in the market for the next couple of months, That is, as long as there is no delerioration
the In
political situation.
As you've probably read the front page, Hongkong and Kowloon Wharves have cut down their staff by 320 which ls simply a reflection of the bod times Hongkong Is going through at the moment.
The wharves now have been emply for months, with just the Ac- odd ship in occasionally. cording to the Chairman's state- ment in March it was not the lower number of ships berthing at the company's wharves which caused last year's drastle slump in profits so much as the smaller cargoes discharged,
TODAY'S SHARE PRICES
the retrenchments (From Our Correspondent}
1 suppose were inevitable, especially
Business on
short of their highest level since October 18. 1929, Utilities up 17 cents, were almost at their best prices since 1931.
བས
In
commentators said the ability of the market to absorb profit taking, such that which has occurred recent sessions, indirates continued upward trend,
to
prevent people
obtaining
New York Cotton Market
New York, June 3. Cotion prices today held on a
| Singapore Rubber fairly even level as the trading
After
Market
Singapore, June 3.
a qulet opening the a market steadied during the day Reliury reserved,
Senate Finance Committee approval of the technical tax bli which permit corporations |
No.
Tubber
Jb. per
tempo quickened slightly.
Volume
traders sald botter
was not large,
but
It was "somewhat than the previous three
or four sessions.
After swaying within
n 10
point range the list closed" in- 4 points, Me changed to off market opened unchanged to off Orleans closed 4 points. Now 03-03% up 3 points. 074-037 Trading volumes and open 03-631 interests in the Exchange today 024-0233
with svine Future closings:
t June Juis August and individuals to corry busi- No. 2 rubber per lb. Jung ness losses
No. 3 ber per ib. June back an extra year
Nu, 4 rubber per . June 2015-0} for tax purposes helped the rise. Spol rubber unbaled
023-031 The New York Stock Ex-Blanket grepe
B-59 Oct. 7315-7415 change bond volume was $2,- No. 1 sale crope .....
United Press. 980,000.
NEW YORK MARKET
were:
Month July
Volume Open Interest
19,400
620,100
11,100 202.700
239,400
10,900
-United Press.
New York, June 3.
Dre.
Маг
17,300 0.200
243,000
MAY
5,800
178,800
July
0,500
21,700
The change
American
volume
Stock Ex- 550,000
shares.
in
New York. Juno 3. Rubber futures closed 2 to 23 Toli points higher with males of 50 contracts.
Ocl
3,200
49,500 1,031,500 bater
NEW YORK PRICES
vlow of the Chairman's warning that the $4.50 dividend might;
the Stock Ex-
DOW JONES AVERAGES
Dow Jones closing averages on Wall Street
today were follow-
Business was scattered with'
-Prices of cotton futures closed dealers reported on both sides today as follows:-- of the market.
Spot
29.30m
13
July
34,30-31
October
December
54.10
20 rails
15 utilities
65 stocks
110.44 122.15
328.03 September
22.706
March
34.31b
23.046
May
10.09
23.25
July
34.10
40 bands
200.00 July
May
23.30
October
33.406
-United Prest
23.50
United Frean.
LONDON MARKET
United Press.
LIVERPOOL MARKET
not be maintained this year if change this morning amounted the bad conditions continued. Lo $233,720. Noon quotations
The $50 shares. have fallen and the morning's prices:- from a high of $83 earlier this sHABES BUYERS SELLERS SALES year to $61 buyer. The general reserve account has been mala- | BANKS tained at $5,000,000.
TRAMS' GOOD NEWS
China Providents I understand have not had such a lean time. They sold yesterday at $11.80 and have been as high as $14 earlier in the year. But I hope
LONDON METAL PRICES
London, June 3. The din market was idle, oaster while lead oopper was
Prices and zinc were quiet. cloond in sterling per long ton as follows:-
Buyers Sellers
720
Tin pot
-month
23
Copper pot
3-month Lead June Bent Zine June
725
238
don't
Sept.
"Small Adjustments' " and was a branch of the treaties averago man sees them once and
At the end of World War II, of Clove and Meppen. At the that's all. when German property abroad same time it said there would was declared forfeit, the Dutch be no German reprisals against part of daily routine we Government seized the German-Dutch farmers owning Bids in have time for everything wed
like to do" VA in Holland owned fields
anditical
agilation, however, The third rocond-lleatonant put most of them up for sale. They totalled more than 4,000 continued in the Parliament of said: "We're now to this Kersan Nhine-Westphalia, in fighting. You can't pass on the hectares (nearly 19,000 acre) North of first-class land. The Dutch which Blate most of the changes lessons of war by word farmers continued to cultivate were made. This agitation has mouth. If it starts up again their Belds in Germany.
increased in the
six we'll have to learn the
learn the hard The situation became further months. complicated in 1949 when the
They àil grinned “má, Dutch Government, in ugroo ganimation, the Bauernverband, "But don't mircinderstand tus ment with the British Military has openly advocated reprisals, The more here is excellent, Government of Germany, push-including. It nocomary, noh«And believe me, we're ready, ed the frontier eastwards at 21 flaxation,China Maki Special, anything. China Mail Specia
The Germanı'
pust
štedi Proas.
· NEW YORK: FUTURES
New York, Jiatio· Br- Prices of metal futures closed
of today in' (38) cents per 1b as
followe
1840
195
HK Bank East Asia
INSURANCES
Union Lombard... 4913 Ülderwyllers
XD .......
DOCKS, ETC. K. Whart Welock
LAND, ETC.
HK Hotel UK Lond Hempleys Really
UTILITIES
Tram
630
0.20
1,400 6 1,00
30 Industrials
Camm. future price Index 17950
Spot No. 1 Res was quoted at 22 eente, nominal, Prices: July
December
March
London, June 3,
Liverpool, June 3: Cotton futures, in penco per
The rubber market was very ib, and based on American
New York Sugar steady with No. 1 Ras po middling cotton, 15/16
Market
Oct/Nov,
quoted at 10 punce per ib, Prices: No. 1, Rex spot
{0%-10% Saltlement house, termas
181-17
closed as follows:
Dee./Jan.
Mar/Apr
2010-BEL
Now York, June 3.
July 8% 8.33'2,500 8.30
05.0615
World No. 4 sugar futures August
September 371917.00 1,200 17.60 closed 1 point lower to 1 point october/December
higher with sales of 237 con= | January/March
1.02
28.49 23.00 1,100 a 25.40 1.000 of 21% C. LIgM (0) 1435 14.00 2,000 € 14.00 C. Light (N) MY Kleista ....28.80 20 100 a 23.00 Telephone. 23 29.20 1,000 25 INDUSTRIAL9
Ceinent... 17,70 STORES, ETC.
Star Ferry 10:
10
Dalry * 233 23.00 2000 @ 23.50 Watson ... 10,00 £7,10 1,000 10,0
Crawford
100 $95.50
'MISCELLANEOUS
Yanglaze ... 5.90 You
147
Exchange Rates
104-107 April/June
19-1943 General markela, cit bais, ports: ******* 18-11/15-1971
tracts.
Domestic No, 6 sugar futures June closed unchanged
to 3 points July higher with sules of 249 con- | August tracta
Exile crepe, thin
World
futures ruled rather with quiet
prico changes Domestic futures insignificant.
trada udvances on possibly against some raw sugar
18%-10% 104-19 314-41% United Press.
covering London Foreign
Exchange
36h New York in Montrent 3.26n Amsterdam
331b blocked Mark
New York, June J
20114/16-2.417
10.0314-10.633 131/22-120/23 11.76-11,7
May/Julie
Inch,
21.08
31.42
327
31.24
Market: The market tone was. steady. Ofeial prices for spot cotton as announced today, are all unchanged.-United Press.
CHICAGO GRAIN
PRICES
Chicago, June 3. Prices per bushal. In cents:
Closing Prices
Whest No. 2, red
Spit
July 182% (it) 18993(2)"
Bept.
March
Cor, No, 2, yellow
pet
July
Stopt.
Die.
March
Soybeans, No. 2, yellow
14312-144156
Spot
1223123319
July
United Press,
Sept.
Nov.
Ma Naw Vark, June 9,
Jan,
-$1.01 11/10 Mar.
New York Beur" 300′′, 1622
.0010
sales to cono refinery.
Future closings:
Contract No. 4 (world)
3.276
July
Hept
get.
Jan.
Mar.
May
July
Spot-(benia per lb, fob Cuba)
Contract No.:
1.291 Hamburg 23in | Brussele.
Copenhagen . #21.
Bockholo
July
6.71
Zurich
11.75
1.50
事
OPòru
Press/
dose in the local Sept. noticjal exchangi market morning at the zollowing: rates; Uzdoler Comp
Singapore - (MErnits)
*39,445-1941
NEW YORK EXCHANGE
United Press.