Page
Princess Margaret, in grey mink stole over ber silk frock unit in white straw hat, points As she drives with Queen Elizabeth, the Queen Mother, on to the course at Asout, Berkshire, for the opening day of the Royal Ascot meeting. The Queen Mother wore las and sluk with
pink hal-Reuterphoto,
д
Italy's Christian Democrats
Stiffen
Their
THE CHINA MAIL, WEDNESDAY, JUNE 23, 1954.
Defence Against Communism
Rome, June 22.
Italy's huge Christian Democrat party, virtual rulers of the country for the last six years, is to make a new effort to haul itself, and the Italian Government, out of a dangerous period of stagnation.
The party executive has called a meeting of its National Cougress, at which more than 1,000 delegates from all over the country will he asked to try to make clear the party's character and its aims.
All delegates are likely to agree on the party's basic aim: to gather Italy's Catholics in monolithic resistance to Communism.
This has been the
President one Gronchi, point of agreement in the Chamber of Deputies and!
presentative
of the
last six years. It has not emcerat left-wing been enough to prevent the no big following Communists and their left- ] meeting. wing Socialist allies from
of the
14
161
Carty's N th
Tex Christian Chester,
amere da praple
the
will gain win amatvely w At the Nuples, party in the towns and coalry-
Ste of Haly.
The are mostly young aard of modest at lain The light-wiun should
tendency is unlikely to 'emplurk
although them, Tion.
They fively emit that this tendency would
approved by prolly
of the 10,000,000 may Italiano, out of the total elve- torate of 24,000,0 who at present vote Chrillan Demo- crat.
his party He claims making steady gains, year accept the offer uf collabora- by year.
tion or At leust of belligerence held out to it for the last two years by the left and wing
Socialists of
Signor Pietro Nenai,
In general elections last year, the Christian Democrats
their anal Socini Democrat, Liberal
Republican allice und Iniled for the drst time to attract half the nation's votes.
Most
Christian Democrats Uch this fallure to the paralysis engendered by
Abandon NATO?
the
even if his party should
The thin clear tendency
al
the Cazutress will be that of the
Nenni has made clear That, "Catholic Integralists. These are led by Professor Amintore sup-
Funtant, 40 years ald,
devout, and now the
struggle between party's port a left-wing Chartnelly
the
various tendencies.
AL
National the
Congress. beginning in Naples on June 27, delegates will
theory be called on to choose between three clear tendencies.
גן!
But it is probable that the
of Signor Giovanni
High
Award For Brave Nurse
London, June 22. Miss Freda Holland, 41- year-old nurse, who rescued 16 babies from the smoke Alled ward of a Reading maternity home, today re ceived the George Medal, of Britain's highest awards for courage.
Though both her arms were face scorched, burnt and her
into Nurse Holland struggled the smoke-filled room again and
one
mocrat Government, it
Hot denounce Its "Prel of key fleure of the party. United Action" munists.
with
with the Com-
the
Although generally regarded
by his followers 05 19 Jet-
Abortive
Attempt
wine, keen on serial relerin, Signor Gronchi finds this no Prodar Panfam has rejerted barrier Lo it degree of under the antunte of Signor Giron-
standing
Nenen chil Socialists, In a series of recent speeches he has claimed that it would not be impossible for the Christian Democrats to
wean Nenni away from the Com
In an abortive attempt Jost munists in the long run and thus break up the menacing left-wing year to set up a government, he showed that he was prepared In certain conditions to co-operate But to gain the support of the with the right-wingers of his Nenni Socialists would mean own party and even with the adoption of a vigorously pro Monarchists,
social policy at home according
bloc.
gressive ond.
But the failure of this attempt, to Gronehl's and the dissatisfaction it created erities, Itailan abandonment of among his own followers, are thought to have discouraged the Atlantic Pact.
him.
Gronchi's policies are liked by
This leaves him with no aller- to alim his forces
few Christian Democrats, But native but
he represents a convenient focus with Signor de Gasperi, who has for a few of the millions of become the classical "centre" of young Catholics who fer the need for social change,
the party. as well as for certain unobtrusive sec- tions of opinion which feel that the Catholic Church may one day cast the mantle of respect ability over Communism.
ugnin to bring out the newly be
of the Party
IA
No other Section Christin Democrat
ely to be able to overcome the combiuntion of Signor de
an Gasperi's prestige and the big personal following of Professor
A bigger following is limly to FantomL
gained by the tendency t But it is Signor de Gasperl's
TRADE and
French Industry
At New Peak
But Future Viewed With Misgiving
Paris, June 22.
France's economic activity has recently made further headway, reaching an all-time record løvel, according to official statistics.
In April the official index for industrial production rose for the first time above the previous high of 152 (1938-100), reaching 166, and the Finance Minister, M. Faure, has stated that further progress was made in May.
With an index figure of | Federation, pointa ul that 156 for April, France's in- France is faced with (a) fresh leade liberalisation measures on dustrial production Was November I next, providing for around 75 per cent higher riso from 69 per cent to Than a year earlier; for the 65 per cent of the proportion of first four months of 1964 quota-free inports, and (b) the the index averaged 162, or Prospective return to converti- bility of the pound and the 4.5 per cent above the 145 Deutschemark. recorded for the correspond- ing period of 1953.
angroverment
the
M. Villers holds the view that far-reaching reforms should be urgently introduced to enable Cronemic position in not evenly France to withstand the pressure af struted. As was the case resulting from the possible in- the movement is es-nux of foreign products which strong !0 the main would be combined
industries obligation to settle them entirely!
in strong currencies,
xxis
Just 04, pecially Cotzsime3" Idurables and non-durables),
CAR INDUSTRY LEAD
the
with the
COMMERCE SECTION
Beer-At £20 A Bottle
London, Jate 22. There is une bottle of beer in the Lamb Inn al
Bognor Regis, Sex which no one can buy-and
K
they could It would cont then £23.
It was brewed by Kinx Edward the Beventh Just batore bis coronation In 1802. По was visiting a brewery at Burton-On- Trent and he pulled the lover which brewed the ale.
The beer, which is more than double the strength of present-day stuff, was distribaled in plat bottles to SOFTIO of the browery's customers. China Mail Special.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business on the Stock Ex- change this morning amounted 16 $420.700.40. Noon quotations and the morning's dealings: SHARES BUYERS BELLERS SALES BANKS INSURANCES
10.40
H.K. Bonk
Union
Underwruers SHIPPING
Waterbunt Asia Nov DOCKS, ETC. KWhart
fil 43 Dock
1012 Provident (0) 12.10 12 S'hal Dock.. Wheelock ... 703 7.15 CO-LAND, ETC.
1.55
Stressing the excessive tax burden which weighs an French The antor-car industry is mindustry and renders it non- iend, with on increase in competitive, he warns that in production amounting to sonic
the present state of the nation's 33 per cent for April. and economy international about 20 per cent for the first petition would be disastrous for four months of 1954. as com- French producers and ruinous!
the corresponding for French monetary reserves. periods of 1953.
Jind with
The textile industry, which had already well recovered in 1953, recorded for March last a gain
12 of around
cent over per ***" March, 1953. The output of the nd refineries in April showed an therease of some 8 pir etot, thut of the basic chemical industries and one e 20 per cent electricity some 15 per cent.
Activity in the steel industry, the drst months of which 1854 was still upperclubty below the levis of a year earlier, has steadily
BIG BUDGET DEFICITŚ
In their annual reports for
1959, the big nationald de- posit banks simaliarly point to the weak spots in the French as the persistent picture, such huge Budget deficits, the con- siderable discrepancies between French and international prices,
the and
huge, although de- deficit in the French creasing, balance of payments, which covered by American grants,
They, improved lately, but definite Bgures fur May are not yet available.
the
H.K. Hotel
Convertibility By Next Spring:
Germany's Forecast
Bonn, June 22.
The West German Economics Minister, Dr Ludwig Erhard, told a press conference today he expected free convertibility of currencies by autumn at the earliest and next spring at the latest
He would represent West Germany at London discussions on convertibility next month.
Professor Alfred Mueller- Armack, who participated in recent prepertory talks in Paris, mid all members were no! convinced the
European Paymenta Union Would be nnolly replaced by a system of free convertibility, Members believed it was indispensable to maintain a free exchange of during the interim period Foods and OEEC should supervise the liberal exchange of goods and capital,
controls.
NEW YORK
STOCK
MARKET
New York, June 22. Tobacco stocks fell to new
It realised some difculties lows today on reports link- might arise in exchange with ing smoking with cancer countries maintaining ourrey and heart disease. The rest EPU members. therefore, of the Industrial market wished to establish a fund for | ignored the break and moved Credits to countries with non-to the highest levels for 25 convertible currencies,
reserves
years.
Tobacco shares sold heavily as
American a 2-year
Cancer that Society study indicated cigarette smoking may be linked with cancer and heart disease,
1053 1000 143 1655
STANDBY CREDITS The fund could probably be 210 045 10 8421
230 M 6.70 jearmarked from EPU
and credits would be temporary and limited. It also planned that countries which reintroduced free convertibility should be
The selling.cut about $77 mli- given standby credits from the ton from the market value of 170 International 1000
Monetary Fund tobacco stocks. ((MF).
Galna among the leaders These would be designed to cluded t 24 point rise in in 1% points cover possible economic risks and American Con,
| General Electric, and 2% granted on condition that re-
H.K. Land 57%
tta
s'hat Land
ER
13
130
Humphreys 17.70
Healty ..... 1.03 UTILITIES
Train
....... 27.70
Star Ferry. 121
500
B
500
0.00
28 300 # 20
1000 g 27,80
C. Light (01 15.30 18.40 1500 15.40 C. Light (N: 12.30 12.40 1118 32 12.30 800 or 12,40 Electric
30 100 v 29.80 Macao
... 20.70
...101
Electric Telephone INDUSTRIALA
Carmant STO, ETC.
Dalry Watson
пеш
1000
in-
ja
cipients gradually reduced trade General Food, restrictions and that they sought American Tobacco fel! 3% special IMF permission before points to $58% in active deal-
blocka Introducing any new restrictions. ings, with
Reynolds Tobacco
IL
be
would also
necessary 12,100 shares. gradually adjust liberalisation
tn
a more liberal
ranging to
"B" drop-
of dollar imports to liberalisationped 14 to $35 4. Its preferred of rates within OEEC. However, 1 points to $89. Philip Morris United States 24 to $3774; P. Lorillard 14% imports policy was needed for to $22%, its preferred $1234 to this and the United States atu- $137; Liggett & Meyors 27% to tude was not cloar. Bi-lateral $59. 18.TO payments agreements were to bu Total volume
abolished gradually-Reuter.
24 10
1814
24.40 24.50 10.40 14.00 2400 or 1835. 13.40 15.00 500
Yangtaze
0.10 Yaumat.... 163 147 Allied Inv. 2.70 3.773
too, call for reforms, coPTONS
Textiles taken stating that the measures Last year leave almost entirely MISCELLANEOUS problems which The general picture is, how- unsolved
considered over, not
in Paris dominate the French economy. The 1934 Budget is likely to with too much optimisan, and a
deficit some tugher A nunster of misgivings are ex-show
Fronch presst in many quarters.
experts The president of the French recently at up to Frs.000,000m Employers Federation. M. following the vote of substantial in the bull:n of the additional expenditures.
Villiers,
151
estimated New York Sugar
German Production
Still Growing
Frankfurt, June 22.
Market
shares compared yesterday.
was 2,100,000 with 1,820,000
Real volume, however, centred
Singapore Rubber in shares of Packard and Stude-
Market
baiser
as thosa companies - counced plans to merge into a quarter-million dollar firm, thua removing the last of the "in-
firms from dependent"
the motor manufacturers' list.
Packard dipped 1⁄2 plont to
of $3% on the day's most active
112,300
shones
Singapore, June 22. The market steadied on trade the and factory suppert untЛ afternoon when rumours ecarefire in Indo-China brought turnover values off oent. The market | Studebaker followed with 92,- New York, June 22.
closed slightly atendier after 400 shares, up 3⁄4 point to $19%. World No. 4 sugar futures to-
the casiness. Fulure closings: Other molors ensed. day closed unchanged to 1 point No. 1 rubber per to July 16-06 Steel shares dipped in the higher with sales of 43 contracts.
Aug. 05-0
face of the steel workers re- Domestic No. 8 sugar futures
Sept. unguntad
of management wago er proposals, 63-031 Out of the total of 1,176 6412-65-14 0144-0015 issues appearing on the Lape,
"
closed i point lower to point No. 2 rubber per tb. July 65 joction
No. 3 higher with sales of 63 contracts. No. 4
Both markets continued to be Spot rubber unbated
Blanket erope rather quiet and routine
No. 1 pelo crepe 1709-9733-703% | 444 were lower, 441 higher, affairs,
dealers said. Future
closings:
Contract No. 4 (world)
324b
3.24n! 3
3.246
Sept. Oct. Jan,
The upward trend of German Industrial activity in May was even more marked than in
survey of the July previous months. The monthly Bank Deutscher Lander, which anticipates a continuing boom, points out that orders for May capital goods are increasing both for the Germany market and for markets abroad.
"In
the almost adds particular," survey, demund for machine course." tools, usually an indication of industrial investment, has very
increased. appreciably
Spot (cents per ib. fub Cuba)
Contract No. 6 Bept.
Nov.
become д matter of Mat.
May July
The risé in the output of Sept Nor. The consumer goods is less marked. spot-(cents per lb. eif NY
ex-duty)
survey continues by saying "the fact that building activity is still gaining in momentum has
END OF AN ERA
May's increase in employment was greater than the corres- ponding decrease in unemploy- mont;
school the number of Icavers, at 819,000, exceeded last year's total.
- United Preis.
NEW YORK' MARKET
New York, “June, 23. Rubber futures tochty closed
to 25 points higher with sales of 21 contracts.
The spot mørket ruled dull 3.24 with No. 1 Rss quoted at 23%
cents a pound nominal.
Future closings:
0.73b July Bepl
8.74
Doc,
5.313 Mar.
0.020 May
Bain July
1.65
United Press.
CHICAGO GRAIN PRICES
LISE IN SAVINGS
Savings deposits rose by Wheat. No. 2, rod
marka 1540m.
during
thei Spat against, July 19°(H)` 19Ï3⁄4(L)' January-April period,
Bept. 020m, marks during the com- Dec.
born babies, until all had been see joth of christian Dornochat ventre polley of the last Last Independent parable perfect of 1963,
section years which both left and right
moved.
which feels that the Communist wings of his party blame for the She then continued to attend mentice to so great that every-continuing advance of the Com-
to the babies in another ward thing must be until she was herself ordered to conservation, hospital.
concentrated on munists,
Spokesmen of this tendency Thirteen of the bables who stress that gradually improving were only a few days old, died conditions over the last six years later from suffocation.
have not halted Communism.
At
National Front
the
some
Only Policy
Car Makers Go
200 unchanged.
The New York Stock Ex- charige bond volume WOR $3,240,000,
sharee.
Wan
Tho American Stock Ex-
volume change
470,000
DOW JONES AVERAGES Dow-Jones closing averages
were as fol-
23.20 on Wall Street
2. lows;~
23.83 30 Industrials
23.95 20 rails 24.18 18 uulitis 21.30 65 stocks 40 bonda
United Press.
LONDON MARKET
London, June 22.
The rubber market was firm with No. 1 Rez spot quoted at 10% pence per lb. Prices:
No. 1 spot Ra
Settlement house term:
1836-184%
1933-197 1935-1934 1991-1016 IET-20
30-201
* General markein, elf hasia, porta;
Quicuge, June 12. Prices per bushel in centa:
Aug.
Bepl
Closing Frices
Oct/Dea.
Jan/Mar.
Apr/June
114 10011-12
July
Aug
1001+
Sept
Extale crepe thin
Mar.
2014
Corn, No. 2, yellow
18256
-157
In this connection, the Bank spet hopes that the recent reduction July of the rate of discount will have Der." some effect on the general level Mar.
Sept.
at Inferest rates in the capital] Soybeans, No. 2, yellow
July
In addition."ibo, steady, illow
exchange resulting Jan. from the favourable balance of Mar. payments atuation can hardly
Spot
Sept.
Nov
ELITHY, KO New York four 200 10x. suck
New York, June 22. Suff competition in the auto-market. mobile Industry
tha forced last two independent manufac Both wings agree, however, turers, Packard
and Stude of foreign that it is probably the only baker, into a merger today, Other awards for bravery in
polley that, at the present time, Britain announced today In-
can hold the party firmly united, The boards of both Arms ap-fail to exercias pressure on the cluded a Royal Commendation
Since most of the dissenticats
proved plans for the merger level of rates of Interest," for Mr Thomas Drover, olet-
and will ask stockholders' op-
Total reserve of foreign / Ex- tricity worker who discovered
ime, the to the Congress final decision proval ht special meetings on change stand at 9,700m, marks a time bomb at the foot of a moderately progressive policies are likely to be right-wingers, August 17,
($2,300m.), of which dollar and strategic power pylon on the of successive Christian Democrat the "centre" combination may Scottish Border with England.
practice, be In the first five months of gold reserves account for more Governments have driven many in post-Congress disgruntled Conservatives to drawn slightly to the right of 1053, the "Big Three-General than 60 per cent. A Newcastle-en-Tyne polace voto for the Monarchists or even the present centre position, Motors, Ford and Chrysler- Reports from various sectors man, Inspector, Stanley John-Neo-Fasciais.
turned out 88.27 per cent of the of industry published during Bon Manging.
This may imposs received thebata
a severe total care produced by the Indus the last few days, fully bear out train on the present Italian try. But in the same period this the conclusions of the survey. This tendency, claims that the Government Headed by Signor wear they produced 98.07 per Output of motorcers in May, turing a performing bear which Christine Democrat party should Mario Scelba, this Government cont.
An amounting to about 50,000 units, a İform,a Tolosa sõitanos, with the continues
tradition,
W was 10 per cent higher than woman.
In right-wing parties, grouping established by Signor do
That growth has come at the "Aprilia wher productides. Was The bear came
upon the thera lato a national front against Gasperi, of a cautiously, pro- expense of the independents. Of running one-third, larger than woman, as it ambie, down A Communian. Many Influentia
same Commendation for opp
had escaped and attacked
The
Newcastle street but when the gure in the Christian Do-sive social pollastrong the 1,090 Independents short 1059,
support of the North Atlanlle made cars at one time or another,
· felgning (mocrat partyikunnart this: algue, Trpaty Organisation?and Eürü= |Packard sand. Studebalcar MINUTEN YE
fell on (the grinand.
donth
it, moved off. The meat, it including, the former per Union, natribears (ranti" the last to survive Indepen Inspector cornered (and Prime
ime Miniru, Bignor Cluseppe Com(thism afð
· secured it with ropen":
(being """Losse three
Chins Mall Specials!
abere
close collaborators
tion of the "Kyatant" alonállí
Kalvero and TWILITY
Joined 14 monLMI SHOREIG Kalvinator and frisö [bined fit. rch 20
of stoel orders, is about
at21,30m; toha,
zatén
Comm. future price
111.97
100.57 178.74
-United Press.
New York Cotton
Market
New York, June 22. Colton prices faltored today following a short-lived opening spurt of activity and buoyancy. July Liquidation before first day on Tuesday, plus 10-11 in notice
hedge selling, and a pause in the mill-exporter demand; dam- pened rallying tendencies,
United Prom.
London Foreign
Exchange
New York 226-3564 21ontreal...
120-120
$14.305 -United ProIE,
Exchange Rates
Business we done in the local
exchange market "thi morning, at the following raten:**
(10.97) 15. dollar (Der 11
10.57 serine boter (per 41) Indonesian (rupiał (per 1003 200
Lain seals (per 100) Singapore (strata)
dona plasties (per 1001
LONDON SILVER
PRICES
Amsterdam
Blocked Merk
|LarrikesApp
Copenhakeri
Stockholm Zurich
Loudon
7/10
14115/16-2315
*10.63-10691
1235-32 YARD
-NEW YORK EXCHANGE
New York, June 22. Canada Deétum
0200 1/10
England-sunofficial-off AMENO
----United- Press.
LONDON WOOL TOPS
Wool
London, June 20 tops: closed stendy!
| low as 32 lote.
At the close the list ruled 11 pointa lower to 4 points higher. The market opened up 1 to 11 points, New Orleans closed off 2 to 12 points.
NEW YORK PRICES.
New York, June 22:
16.007)
32.000
United Prem. LIVERPOOL FUTURES
Liverpool, Juna 22. Cotton futures, in -ponce per Ib... and bared on American middling cotton, 18/10 Inch, closed today as, follows-- }
Oct. Nov,
KM.Apr.
| Oficial prices for the spot čot-
tons, are as follows:-
Loday | Käyptian Orka 100
Ameriones