THE CHINA MAIL, MONDAY, AUGUST 2, 1954,
TELEVISION CONTINENTAL EXCHANGE
TRADE
A further step has been made in the development of international television between eight European countries with the exchange of television program mes which took place during the period June 6 to July . Viewers in all the participat- ing countries saw programmes televised from Britain, France, Germany, Italy, Hol- land, Denmark, Belgium and Switzerland. Emphasis was on actuality programmes and outside broadcasts, and on the first day viewers saw the Pope appearing on the balcony at the Vallenn, before the kneeling crowds.
The picture shows a BBC engineer at work on the France-Britain television relay link serial, high above the roof of the Casino at Cassel, Northern France. No fewer than eighty special relay stations were in operation. - B.B.C. Photo.
Cairo Stepping Out Of The Middle Ages
Cairo, Aug. 1.
Cairo is a city with one foot in the Middle Ages and the other in the atomic age.
A new city of giant, ultra-modern white buildings is rising along the palm-free shaded banks of the River Nile, nor far from the picturesque 1,000-old city of Al Azhar. the teeming, musky and famous citadel of the Crusades Khan Khalil bazaars.
Cairo, the city of alender minareta, is today rapidly becoming a city skyscrapers and neon lighting.
El Kabira, "The Victorious", Everywhere the change is strik- Calro derived
Arable name (139 from the passage of the planet Mare, "El Kahië”, at thi metid.an at the moment when the walls of the town WCTU Jald by Gawler army general ut ther Caliph el Mu'izz in 968.
The ugly. redbricked Kasr el Nil barrack, once secupied by British Troops are being pulled down to make room for a new
£2,000,000 Hilton Hotel on the Nile.
banned.
of
through the main lend thoroughfares. One-way traffic was introduced in a number of downtown business streets and booting of motor cars the
Open sites were converted into car parks during rush hours, Along the same embankment,
A large 15-floor, 3,000-room The
Shepherd's cingle block today houses world-faments
down wilt
Ministry of the Interior
the and
the
he
A city of grandeur amid barn- in dearts and rich cotton fleids. Care today claims to be biggest, most populous and meet modem cupital it the
Arab world, from Morocco to Baghdad
Hotel, which was burned
two years ago is to be rebuilt dominates the Midan el Tahrir, en h site adjoining Semiramis Cairo's Ove-strem square, Hotel-a stone's throw from the The military
junta which British Embassy and its spraw-outsted King Farouk decided to It has already spread aver anling lawas.
erect a statue of a soldier carry orea four times as great as Pors,
other departing a Cicurel's and
a burning torch on the base and is still growing.
| ment stores have built modern, of what was to be the Khedive
air-conditioned
the | Lemail's statue in the centre of ashes of their burned-out pre-his giant square, formerly called mires. Groppl's, the fashion blt Midan Ismailla, ofter Farouk's If the thousands of Allied (h-garden, has been completely grandfather,
troops who
stores
on
served in Egypt ftery's Bank, the Ottoman |
during the last war returned to
National
Further down the road, to the right, ex-King Fatouk's stately Abdin Palace has been renamed Republican Palace, and the vast square
outside renamed. Re- publican Square.
headquarters of
MMERCE SECTION
Moderate Devaluation Gilt Edged Stocks
Of The Franc Would Assist Reconstruction
By Sydney S. Campell
London, Aug. 1.
To lubricate his plan for France's economic reconstruction M. Mendes-France might decide on a moderate devaluation of the franc, perhaps to 400 to the dollar from the present 350. It is for from certain, and he probably could avoid it. But he might prefer to do it.
If he did, there would be better hope than ever before that it would be the last devaluation
Canadian Wheat Supplies
Ottawa. Aug. 1 Visible supplies of Canadian
wheat of
July
the
14 amounted to 359,781.000 bustielsome 122,000,000 bushels more than at samo date Luat rear Bureau of Statistics today.
the
فادع
The mipplies WITC moderately above those of the previous week. Wheat deliverien by prairie farmers during the week were reduced to 10.952.000 bushels from 12,817,000 a year BED.
Cumulative deliveries for the crop year so far were down to 356,974,000 bushels from 405,579,000 bushela a year earlier-Unlied Press,
of the franc, consolidating the position of being NEW YORK
merely a step towards yet more devaluations later.
For some time it has appeared that both France and Japan were approaching the stage where a well- timed devaluation, done by the right people in the right conditions, might redress their economic problems in. stead of creating new ones. Even Greece has had ai successful devaluation.
CX-
The London convertiblllly casion for the move, at or be- conference ugreed thut
fore the International Monetary chunge rates which are wrong. Fund conference in September. in relation to 4 country's tre ternal costs and external for- tunes should be put right. and
should not be "defended" by restrictions. If this meant any- thing for sterling, it would mean rise against the dollar: but in fnet the balance of British om- cini argument has swung in favour of making no change as all in sterling's exchange rale or fluctuation limits.
NOT IMPOSSIBLE For the franc, it could mean a moderate devaluation.
It is not impossible to adjust French prices and costs to the exchange mle. trape's present
ad of the other way round. Instead The frame is
nul #5 probably overvalued as the US dollar Is becoming. Over
the pasl 1WD years French costs and prices shown more stability
than
have
STOCK
MARKET
New York, Aug. 1. A large number of highly favourable corporate re- The Leadas conference egered ports, coupled with the pos- that each OEEC country should sibility of a merger between make its own approach to the two giant steel companies, IMF to see what
industrial money the
stocks In pushed IMF is disposed to provide.
this week to new high principle this approach was to be made forthwith. In ргас-
ac-ground in almost a quarter- tice, it waits until September century.
of the merely because the staf IMF is addicted to its summer holidays.
INELIGIBLE
Trading Was the heaviest since the week ended Feb. 3, 1951.
Gaina throughout the
list
up The market has moved in four out of the past five sessions. Monday, prices were virtually unchanged.
finished
As a corollary, It was also ranged to more than 2 points proposed in London that those with some high priced issues DEEC countries which are in- showing much wider Improve-
on the Fund men. eliable to draw should regularise their positions with it DR ROOM
possible. as This
refers to France and Italy, which cannot
the get pay of Fund's money until they agree some parity for their currencies.
This In
docs સમ
not necessarily mean
devaluation of either the franc or the lira: the IMF would almost certainly be wiil- ing to agree their present part- ties if France and Italy so pro- posed. But if France contem- plated a change, ány such up- proach to the IMF would ob viously provide an opportunity.
Reuter.
any previcus postwar period, If they can be held reasonably stable, Inflation in the US y gradually solve any remaining disparity of French_pelees,
But M. Mendes-France might decide that this is toe chane) and would take too much time and trouble. For most interna
the tional trading purposes, effective rate of the franc has ke the long been something dollar.
VARIOUS DEVICES
of sub- The various devices sidles and foreign exchange premiums which bolster up the
are Dominal creasingly
abread. A
350 rate
ՈՒ under
devaluation
in- from
would do tittle more than recognise the already existing facts.
Mendes-France
M.
de-
eldes on the surgical operation, he certainly has the courage to perform it and he probably has the prestige and skill to make a
success of it.
Some other decisions of the cen- convertibility London
An oc- ference right provide
Ramses II, the famous Phoroph warrior-king.
in the
this country as tourists today. Bank, The Comptoir they would hardly recognise the d'Ercompte de Paris and other Egyptian capital. They would be banks either have built or are amazed at the change from old plumbing to build new modern
workmen to new-all in a few years, and banking establishments here.
Gongs of Egyptian more particularly in the last few As Chiru put on its new look,
are busy widening streets, re- months.
clearing pavements, pairing the National Bank of Egypt, the
The adjoining Bodyguard has
rubble and Alling The post-war cotton boom, "Grand Old Lady of Kasy el
the King's coupled with large capital in-N Street," exchanged its
potholes which had been gelling been converted into People's bigger and bigger as a result of vestments by foreign insurance stately mantle for a white coat Liberation companies, gave a terrifle im- in keeping with
Rally Headquarters. the modern
years of neglect. In Cairo All mass meetings are held
with its 2,000,000 petua to building here.
trend.
this
the equestrian Cairo wne
square. turned into one
population is building at the New, Lavishly decorated air statue of Farouk's father, King rate of 32 houses a day. In the huge bullding site. Armies of
travel agencies and tourist Fuad, was recently pulled down.
80,000 have kuh-tanned
past sturdy,
Sve years, pulled down with alarming speed offices have opened in every dis» old houses three and are floorstrict of Cairo, a tourist capital
par excellence
bigh.
labourera
Within a short time, buildings with twelve, fifteen and eighteen
floors shot up into the African
It is to be replaced by a statue been completed. Some 10,000 of Orabi, leader of the abortive flats were built in each year. 1882 revolt against the Khedive Abbas.
- : । " The three-mile Farouk Avenue leading to the Abbasis Barracks
sky, while hundreds of beautiful Cairo also has its Fleet Street was renamed Shariael Guelsh, villas sprouted te mushrooms with the eight-storey "lass-
Sahafo.
com-
seek new
U.S.
a
Raw Cotton
Exports
de-
New York, Aug. 1. Raw cotton exports by stination na reported in bales by the New York Cotton Exchange for the 1953-54 season to July 27, were as follows: Britain
Continent Orient Canada
Industrial shares the week at their best levels. Railrond shares, after moving to their best levels since Oct. 8, 1930, ran Into Боте ори
Lead London Market Upward
From Our Own Correspondent
London, Aug. 1.
Under the lead of gilt edged stocks on the London Stock Exchange most sections closed the week in firm fashion despite the nearness of the Bank Holiday. For industrial shareholders there is encouragement in the news that industrial production In Great Britain in the first six months of the year was about 7% per cent above that of the corresponding period of 1953.
was
The prominent fenture of the devaluation in view of the week in the gild edged market French Premier's realistic poll- the success of the new cles. A number of Rhodesian "Federation Fours" or Rhodesia mines are quoted on the Paris and
Bourse and Nyasaland four per cent
French Investors 1972-74 E10 million issue on scurries into the shares in one traditional "hedges" Thursday for which £20 million of their was offered. Opening at a 3s 9d during the currency alarm.
These franc devaluation premium widespread demand
rumours boosted copper share caused a steady improvement
Nehanga were outstanding with
that by the close on Friday there Prices in London by up to 8. 93. wor a 218 3d premium on the profit taking of Bs Dd on Friday isrue price of £97 10.
and are up to 7s G on the
This compares with Trinidge week 21 1869 34. four per cent 1073-76 quoted of
I
premium of £1 3s 8d at Thursday's close on the issu price of £99 10s.
The Financial Tunes Govern ment vourities index stond by Thursday's close at 105.20 after having fallen 10 104,93 ch Tuesday.
OTHER GILTS
Among other gilts on Friday there were scattered gains of from is 3d to a 3d.
German and Japanese bonds hardened up to 14 points in recognition of high yields.
New York Cotton
Market
Cotten
New York, Aug. 1.
futures trading this week was on an upward trend with a gain of $1.15 n bale, urging to new seasonal highs.
At Friday's close the list ruled 5 to 10 points higher-or 25 to 80 cents a bale higher than the Among stores the £67 million
preet ding week, Great Universal Stores group
However, retivity
elackened WDS prominent following the
considerably on the recessions na announcement of bumper profits, skeptical bears walted for a reflecting the public's buying better view of the crop picture. | 150
power. On Thursday the an plus Senate action on the farm
per cent ferisition. nouncement
of a 60 dividend caused heavy
Scale
Other handicaps
Da in- the result that terest included a deairs to walt buying with
at the week Gussies finished
for the Government's first crep 89s. 3d. a cain of 59. 6d. on the estimate of the secon-due Aug. Week
9-end the privat: crop surveyra published during Coppers
were bought by expreted Paris on the fears of the franeth: oncoming week.
STUNTED GROWTH Hot and dry
with weather stunted growth. complaints of
to be
to
position. But they still finished Bank Of England wilting and shedding provided the week higher.
Statement
Steel #hares enlivened the market en Friday following dis- closure late Thursday that
London, Aug. 1. Bethlehem Steel might merge The Bank of England state- with Younstown Sheet and ment for the week ended July Tube.
28, reads as follows: Note, in circulation. Pubile deposits Private deposita Government securities. Other securitie Receipla
Mr Eugene Grace, Bethlehem's Board Chairman, also reported highly favourable carnings. Mr Grace refused to predict the outcome of the negotiations.
Sales en the week tolalled 13,019,021, compared with 12,- 883,602 shares a week ago.
Of the 1,447 istuts traded in the past week, 900 stocks closed 422.1C9 1,781,243 higher, 379 closed lower and 158 1,421,003 held unchanged.
Ratio
the main early
pents
price-lifting power In the
when the nearby December delivery. reached 34.6R
a-pound. new high for the season.
Covering against export come mitments ta Korea, Formosa and newa of the Export-Import, Bank: $00,000,000 credit to the ALTILOZEB16
Bank Japan
of for purchases of 25.000 224 34010321 U.S. cation in the new season," " 104.911,620 aided the rise.
to check the Factors
acting upswing included a belief that producer
Government
21,617 307 30,803,812
United Press.
BANK OF FRANCE STATEMENT
Paris, Aug. 1. The Bank of France statement
New highs for the week ended July 28,
follows: reads
250,631 were registered by 441 stocks 1,079,982 3,050.053 and 12 made new lows-United inters-United Press, Press,
Ictal for renton" Same period last year*
*excluding
U.S.Banks Considering Credit For Sterling Convertibility
New York, Aug. 1.
U.S. Federal Reserve Banks are actively considering a credit ranging from 500 million to 750 million dollars to help in making. British sterling convertible into other world currencies, according to the Journal of Commerce here.
To what extent additional American aid will be made available to non-British countries similarly striving for convertibility is not yet known, the
newspaper, says.
Total gold holdings.. Total other currencies Sight balance abroad
in EPU
redemptions
locn
ent of stock
considerally
the
would
increase
near the
36 cont line.
Also,
Government
the of failure weekly crop summary to em- phasise
and
droughty
conditions,
a forecast for rains cooler,
Texas, temperatures in Franc 201 221,891 4R also acted to allay any develop
0,338,077,104 ing crop disaster fears, traders
said. 30,053,173,935 833,000.00 Total bill discounted 1,037,349,658,009 Bank nates in cir
Stab
to Curt. Furst
"The mid-July parity price report, issued lat on Friday. ehowed a rise of 12 points from June to 35.00 cents a pound for middling Inch cotton on the 110,001.003,808 farm.-United Press,
......... 2.330,001,930,006
culation Current accounts and
depotils
United Brass.
Man-Made Fibres Win Markets
New York, Aug. 1.
Man-made fibres have made tremendous inroads into markets once held solely by cotton, wool, silk and linen during the past 16 years, Textile Organon reported today.
Between 1937 and 1952, it noted, consumption. synthetics in 128 itemised end-uses increased by 128,000,000 pounds or 33 per cent..
of
Yet Cairenes still have. Za ΟΣ Army Street, to
housing problem, A. whole new the Army's leading generation of white collar, in the garden suburbs of Maadi, frented buliding of Aktibar el memorate Hellopalis and on either side of Yom and Its group of mais part in the July Revolution two middle class Egyptians, born in the 12-mile road to the Sphinx circulation newspapers
slums, will not live in them. and
vage | years ago.
To link two districts and They
modern, sirr| and Pyramids. Many of these
dominating Sharia el magazines villas belong to film stura, For
their congested motor homes for themselves and their Gombouria, the ease
street was cut | children.
In banking circles here, 1, the newspaper report con- Cairo today, has become the Journal d'Egypte and Al Zamane rame, a new
During the same period, the statistical bulletin - of the across
historie beklen
The Hollywood of the Middle East.
capital la expanding
is expected that pians for con- tinues, where Napoleon's
by the Textile Economics Bureau revealed, the Increase for Gardenk,
across the Nile and the vertibility of the pound will be west
This might be reduced Cairo underwent a widespread aro situated further down the
ahreat.
advanced to place other stray quarters participat catton, wool, alik and linen combined was only, 454,000,000, "facolting" operation after the
General Kleber was assisted world famous Gezira Sporins sufficiently „AL“ every street corner in Black
fire-rioting
them before the annual meeting ing, such as the U.S. Treasury, Saturday
Egypt
New and higher, building which ravaged and disfigured the town, nowa klocks display the during the French expedition to Club.
are of the International Monetary but it is not believed that the pounds, or 10 per cent. Egyptian capital on January 26, latest air editions of British,
One section of the garden was shooting up in Zamalek, Agua Fund in September. That body Treasury will find it politically Total end-use consumption of and misses apparel, household and ment led by Lleutenant-Colonel | American, newspapers are türned into a timarelle aux puces" | Dokk! and beyond to the V would put up most of the nezded | desirable 16 take any part, oven | gyrithètic fibres, wool, cotton, usos and, men's, and boys' op- 1902. The Revolution Govern-French, Italian, Greek,
in the use of the remaining non for the Hordse of galabia clad outskirts of the Libyan Desert credits, it says,
riik and
combined, parel next in line. portion of the U.8. Stabilisation swelled from 4,715,000,000 Gamal Abdel Nasser has stream-magazines in addition to the wireet vendors and pedlars who at the foot of the Pyramids
They made relatively little Arabic dailies
into thildren's and lined squares and thoroughfares, [locat
unili a few weeks ago squatted The Mokatten hills eat
Of the 5,000 millions of gold Fund300 million
Man pounds in 1937 to 8,297,000,000 penetration
Miscel and put order into road trafic. periodicals which, until a few outside the big hops to tell Cairo, not a source of one, and dollars considered notes probably die Intermederal in 198301 was lightly higher latenus ures covered
by the atmosphere, ngo up on the their low-priced wire Whoks sredi paverlution
will shortly be turned into pary to underwrite, convert Monetary Fund and and
In 1952,
category called thor consumer Today, shaded stands display will
This ible pound the British already Resorve: eredis will be simply than arouk sunk in forest under a new scherp have approximately 3,000 mil stand-by alerts carning The building
contained ི
in the industrial some of Farook's Celta
his wild-braided service provides for pubile gardens,
"Orgahon ---- Report -- where In
tues category, interno. Here, a povečilable
becurred, the nerves of multicoloured uts, all welling
For all luffrendor of Commerce says. Or the 1,000 and a specified rate of interest
uidar- | on
· of relatiering for www.pisstres.
for
and
d
PAPER DO NOT HOLY IMAGES AT debe se hundredi – virino vnd an open-air-tientre, Jone of trackr own, the Jouwik|| miali, cumaresi
dklom, onuity the ETUSIKH : Fibres | man=triade fibra conatumikan dan You
ranean nat-roofed, blocks of
changed to a kiuture of Swedish Trained street cara, Khaoithe | pažké odpára in front of Cairo's |ald?? Demi-Colour Shadista Carmid Abood that: CONTENTARY#lional / "frmounts" wetually called, In-Department of IX. Du Font i created jab per cent during thờ....
house, Cairo's skyline "Jas racking Pànd Andaridus arthlleóture.
Amart and moderts, 1' offers an WELD
hooting of mad taxi cabs main radway station is being caravane sull, go. their bouncing Monetary Fund will be willing best Kateral to put up 2000 million while
of its Azzam foot long
Sta Foot (Marta Fund, a death strip)
krystianscorista and pedestzieht Mikk shed, waterloped, up and diverted.
Młodern bwes now run in 1
Hobbykvennasad by a olty
de Nemours and Co. and made past 10 years, whuß all, other outs | avalable to the Bureau for fibres lost - 8a 7 per cent. Industry Synthetics share of this market
be the lily loved mum-mads and 90,3). hnd woul" 3.3 land
fibres made their, sharpest sains þér lemt respoctival & Un in industrid upon, whwomen's - Pre