CHINA MAIL, WEDNESDAY SEPTEMBER 22, 1954;
Blackpool's famous Tower probing the night sky ne a pillar of light duetus a try-out.
of the town's Illuminations. This view of the Tower and promenade was taken from the South Pler-Reuterphoto.
Persian
Treasury Will
Pressed
Be Hard
For
Some Time Yet
Teheran, Sept. 21,
Although Iran's new oil- agreement with the West will make her one of the richest oil states in the Middle East, the Government is at present hard pressed to pay Government salaries.
It will be some time before revenues from the sale of Iranian oil to world markets reach the treasury here. A member of the Western oil consortium-a group of eight major oil companies said that he thought it unlikely that Iran would start benefitting from revenues before February or March next year.
When revenues
do start to solvent until mid-January or flow, they will increase to im- mid-March next year, at the rate pressive years.
suna within
ด
the
of $5,000,000 a month.
But even with the help of a Presidential will have
grant-in-ald. Iron asti uphill climb back to economic health,
When
Prime Minister, General Zahedi took over the Government last August follow- ing
overthrow of Dr Mossadegh, he asked for a ropert In the meantime, after three on the country's Anances.
At the end of the first three years operation, Iran is due to get a minimum of £160,000,000 apart from relati sources of Income, such as customs duties on goods needed by foreign oil werkers.
Years
of vil-less economy,
the Iranian Government has to fuce emptying Treasury while at the мате time com- baltime a high level of Inflation
a
combined withi
popular
Entent at high prices.
the
Officials of the Bank-e-Melli, the
National Bank, told him that Dr Mossadegh's oll-leas economy. es a result of the oil nationalign- tion dispute with Britain in 1951. hod dis-
left The country bankrupt.
rapid retum to her former position of relative prosperity.
Revenues for the first year wil amount to ittle more than United States dollar ald Whereas United States ald has totalled $60,000,000 in the year, of revenues are expected to be in the region of $80,000,000 (about £27,000,000) during Arst year.
1985--the
The increase will not be suf Actent to cure inflation and cut the cost of living.
MALAYAN TRADE
Improvement In Situation
Last Quarter
Washington, Sept. 21.
The United States Commerce, Department received a quarterly report indicating in improved business situation in Singapore and Malaya, due especially to a more favourable market outlook for tin and rubber.
Officials here were hopeful that the Singapore trend may point to better conditions in South- eastern Asia area generally,
The United Press exclusively obtained a copy of the quarterly economic review (April-June) of Singapore and the Federation of Malaya, which has not yet been published here. It is based on consular reports and was prepared in August.
stocked.
SECENES
WORTH STREET
U.K. Electrical
ARE
Goods Exports
London, Bept. 21. Britain exporica 215,- 869,450 worth of electrical machinery and equipment in July, an 11 per cent in- cres.do
the monthly MYCINKO for the second quarter of the year,
Chief buyers of genera». ting plant and electric motors werS Bussia and
Thailand. China Mali Special,
World Cotton Markets
05
BROKERS
ARE GRUMBLING
New York, Sept. 21
Worth Street cotton goods brokera, grumbling over the continued slow rate of new business, described the market last week as "still a stubborn waiting game between the mills. and manufac turers."
PHP
Covering of top grade 'print cloths and lawns for quick and nearby delivery developed an a | aporastically" small scale, but the "big ordering for future, which Įmany mille counted on after the low Government cotton estimate,
not develop, One converter summarised the plature this way: "Yes, we know
rising
cotton
costa are | squeezing the millia tighter than ever, but we also have to listen to the constant complaints from pleco buyers and garment manu- facturers
about their adow business."
that
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)' Business done on the Horig“ kong Stock Echange this morn- ingarnosuted to $156,078.40,
Now York, Sept. 21. Cotton futures today main-bu tained an overtone of steadiness CLOSE WATCH
prices backed and filled Manufactuers, wholesalers and Nodes quotations and the morn narrowly in less active dealings. catallers still practise a close ing's transactions;
Traders again described the watch on Inventories, and unSHARES BUYERS BELLERS BALES market as "in balance," with enough domestic mill, exporter rate
goods start to flow at A faster and other trade buying coming consumer channels, this
out of the pipeline Into BANKS in to digest hedgo selling
converter concluded, "It realising.
looks to us like a tull situation will continue." At the close the list ruled up to off 3 points. Opening prices dutionic for spring apparel lines. Much interest centres on the were on 1 to up 4 points. New Convertas Orleans closed up
reported pointes
7 to off 8 sampling going on," but that
and
ortierite
*gome
... 1728
XK Bank INSURANCIS
Union ... 905 915 Underwriterca OCKS, 1970.
"At mid-year 1954," this re-į second quarter onused both view said, "Improved business rubber and tim prices to rise sentiment and more of a feeling during the second quarter with of general
satisfaction was dis- corresponding tricresce in cernible regarding Malaya's Federation revenues. Tin metal trade and economic position. export continued high..
"Conditions are spotty, how
"Despite ever, with some firms, especially
some anticipated textile and certain
distributora Improvement in the Federation's in Singapore still heavily over-Anoial position," was still evident that external United An inter-play of pólkkioni and Kingdom ald would be needed
Speculative (aturesis marking sconomic factors during the the review oqstikand..
the wild they preferred to awali wwe would have some pračky ENTREPOT TRADE
first motion day for. October, or Friday and the Government good sled orden · hanlond marir | X«Ą Sinipor'a crop report to fallow an Ortower with the finishing trade die NEY. finance, balsierod by slowly ex- | 4-)
Dec-Jeux delivery, but so dar ponding smaller industries and Buyers said they were im- the percentage of placement has a robust entrepot trade was in pressed by the markets action been disappointingly small, sound shape."
in face of the unusually large United Press. salés, in the southern spot markets and attendant, hedge selling in futures,
NEW YORK
STOCK MARKET
·
Trade with the United States
in the recond quarter was en- couraging, and the United States Trading volumes and opening
Manth
was Malaya's best Cuskamer. interests in the Excimnge today Exports to the United States *were: January-May were 318191,000,000 oct. New York, Sept. 21. against M$235,000,000
in the Dec. Prices on the Stock Ex-me period of the previous Mar change rallied smartly late year. The decrease was less than y in the session today, moving of the improved rubber and tin Dec. expected, as statistical effects Oct. Industrial shares to their situation were not apparent Total
than until the second quarter. new highs for more 25 years. Trading moderately active.
Was
The demand for industrial shares developed late in the session. Chemicals and high- priced oll equities paced the advance, The
the in- upswing pushed Since Iranian public opiniondustrial average at a new high feeds on the hope that with the since September 23, 1029, The signature of an oil agreement, all advance more than swiped out economic troubles will
yesterday's losses. conse, 1955 is therefore likely to prove a difficult year for the Govern. ment.
One further.
prospect United States aid exists, which The Government debt to the could tip the scales in the first Trap would go bankrupt, in Bank and other creditors had spite
year towards recognisable m- of the goldmine represent-risen under Dr Mossadegh from 5
billion rials to 17
provement. ed by the vast underground cl depurats.
The cruell minth will bo
October. Sometime
during
October, the remnants of previous
dollar
nce o due to be cx-
hausted. Then,
without some
Banelal assistance from outside.
Το
of
billion rials. go on paying civil savants This is a loan from the United tran proposes to bridge the and to pay the wages of thou-States Export-Import Bank. sands of thousands of idle ou
months,
DR
aiso
next few penniless she has done in the past, by workers in the southern all felds, Iran is now working on the applying for direct dollar aid he had increased the State's draft request for a loan of some from the United States.
overdraft by 12 billion rigis. $20,000,000 (about 20,700,000) Already President Elsenhower
to help her start work on capitol Dr Mossadegh drew on every development projects, mainly hay granted the present Govern-
Accurity. He General Forlollah sterling-backed foreign exchange schemes. ment, under
sold off irrigation and hydro-electric Zahedi, the sum of $80,000,000 and finally (over £20,000,000)
borrowed from the since Dr stalo insurance companies. Mohammed Mossadegh's over-
Notable among these is the throw in September 1953.
One American economie expert Teheran, United States officials Karaj dam, 20 miles west of said: "He scraped the barrel here have been favourably im and then leked the scams,
By the time General Zahedi pressed by this project and are
expected to came to power,
support Iran's the rial had request to the Bank. fallen from 80 to the pound to To keep
the country on an 240 to the pound, unemployment Provided that Iran gets, this even keel until oil revenues take had increased and everyone was loan, to be repaid within a period effect, a further $20.000,000 to complaining about the high cost of about 20 years, she is. ilkely $30,000,000 is required at the of living
to be able to start in 1953 her present rate of
Reallsing that General Zahedi long climb back to prosperity exponiture. United States dollar old to wanted to co-operate with the China Mail Special. Iran has averaged $5,000,000 West, President Eisenhower, in (about £1,700,000) month September 1853, began a series This of grants which, over the 12 year, aum is sufficient to pay Govern-months, have totalled $10,000,000 ment salaries and help maintain and which have contributed to- the Army and public services wards keeping Iran stable-and such as health, education and in the Western camp. transport,
But while this was sufficient The United States, which has to
10 keep
over
the
Bunk so much
past
Q
the
economy
from
New York Sugar Market
New York, Sept. 2
World No. 4 sugar futures maney into the collapsing, it did. Title towards closed today 10 points higher
economy of Iran to strengthen reducing inflation er creating with sales of 38, contracts, 花
against Communist penetra-employment.
tion and to paye the way to an By the time General Zahedi Domestic No. 6 sugar futures
oll agreement with the West, is had met his monthly wige bills closed 2 points lower to 1 not thought likely to abandon its the Ministries and public point higher with sales of 100
institutions, there was almost contracts. nothing left over to plough into
on the inst lup..
There is, therefore, consider able optimism In Governmen circles here about the likelihood of farther direct grants of dollar nid from Washington in the near future. These suma oro given without condition and with no thought of repayment.
..
doubt is
how much she will receive,
World futures trading was development projects or econo-hardly broad enough to develop n mic revivel schemes.
special feature. The foreign raw inarket":"won" quiet, although dealera reported scattered inw quiries on a fémér örice basli,
Mar
Malayan imports from the United States, including those as follows. from Hongkong, in May-June were M$85,300,000 compared to M$59,500,000 in the same period a year ago.
ports
slowly.
Chicago Grain Prices
Chicago, Sept. 21. Prices per bushel' in cents;
Closing Prices Wheat, No. 2. red
218161
2171-14
2181-
2203-1
200-30814
Mambarwys *?
UTILITIES
Tam XD
Star Ferry
# 8.10 1500
.. 18.30 18:40 500
138
150 102 C. Light (0) 18.00 16.70
Yauif
Terry
C. Light (N) 2.50 12.70 Klectric Telephone INDUSTRIALS
Cement
Dairy XD
Yanetszé
Volume
Open interest
*29,300
138,000
72,000
042,300
32,000
097,300
36,000
675,400
3,000
238,700
Apot
3000
$4,500
Sept. 2174(H) ́ ́2išč£}"
$4.900
Dec.
1,600
4,000
Mar.
109,900
NEW YORK
(4 2,338500 balos..
May
July
| Corn, No. 2, yellow
Rope .....
Prices of futures closed today
Bpot
156-168
STORES, ETC.
Dec.
18334-
Spot Oct.
28.60
Mar.
14812
Watson
34,87-83
MAY
1881
Dea
23.17
July
Mar.
35.35 ··
Rye
May
30.42-53
Sept.
14836-94
July
Dxo.
119-12
Oct.
Oste
Dec.
Sept.
7795-76
Mar.
34.901
Dec
T
NEW ORLEANS
Prices of futures closed today Sept.
follows:
Soybeans, No. 2, yellow Spot
283-297
Nov.
Spot
DEL..
Mar.
·Dec.
MAY
Mar
July
May
Barley,
July
Spot
140-100
Oct.
New York flour
Dec.
200 ib, Back
$14.5011
Mar.
-United Press.
SAO PAULO
Futures
closing prices, per kilo
were 013
21.90
24.00
28.44
22.44
́U. K. COMPETITION
The decline was attributed to tightening controls on dollar im- beerge more United Market news was generally Kingdom goods became avaliable as quiet A low stocks
with American were in impetition bolstered by favourable cor products. porate developments, Yesterday's decline was considered normal The decline in Wall Street yesterday was accompanied with small volume and this, the experts said, was highly favour able for the market to resume | Its upward course.
OPENED MIXED
Malayan exports to Japan. in. January-May were M$67,000,000 compared to M$64,100,000 in the same period of previous
denters were Bubber
hopeful that rubber.exports to Japan! would expand.
the
of
agreement,"
Dec.
Mar
Alay
World Rubber
"The tin industry of Malaya cruzeiros manifested signs of more con- follows: The market opened mixed fidence in itself and in the Oct. and more or legs moved this future with several factors con- way throughout the first half of tributing to this trend, namely: the day.
July rising price in a steady and Bales
totalled 1,700,000 shares, regular market, the volume
(In the United States, the compared with 2,000,000 yester
from purchases day. Of the 1,181, Issues fraded, States, and the
average price of 16/18 middling United cotton at 10 designated społ 547 closed higher, 281 finished threats of surplus metal, and the Sales at these centres, totalled disappearance of markets was 34.58 cents per lb. lower and 283 held unchanged. imminent. ratification
of the 83,384 bales), New highs were registered by international tin 47 stocks,
said the quarterly report.
Note: The Liverpool cotton stock made o,now low-
prices were not received-United' Strobes Carlson $87, off 4. FAVOURABLE TREND
Press In the chemicals,` Du
Pont sparked the advarice.
"There was a favourable trondi Standard O!! Company of in the various attitudes of the California was the bellweather Malayan Un industry toward the 1% points to $71%. Others here the United States Government's in its section. It improved Up United States, chiefly because of
fractionally with exception of Honolulu Oll which toward
the position of benevolent neutrality International tin countered the trend with a loss agreement." of 14 points to $74.
The Commerce Department res A few railroad enquiries met port said that the second quarter good demand in the final hour. was marked by a steady price This group moved aimlessly rise in a more confident rubber earlier in the session. At the market in Singapore. clowd, Sarda Fe was
Up 1% points
The factors behind the price we a little trade covering and on the day to $117.
were manifold," the report factory enquiry but when this Under the miscellaneous
was ▪ | satiaried vallier again group, Texas Gulf Sulphur was
inch Th a bright spot. It jumped two world surplus of natural rubber take for Japan. Future closings
publicised sagged. "... There was some on points to $106%.
* [became, more sad more, dimeült | No. 1 rubber per 16. öga DOW JONES AVERAGES Dow Jones tlbeing averages where it became nothing to No.
to locate, rouching the point on Wall Street today were as worry about.
roso
.
the
| followa
30 industriais 1725.0 20 ralla 18 utilities
40 bonds
Cammy future prise Indax
100.3
United Press.
· SHIPMENTS ABROAD."
Shipments abroad con- thisted at a more healthy level.
a któr
Increased Under Stilas
Markets
**Singapore, Sept. 21. The market opened over 70 cents level with better oversens advices and acceptances. There
No. 5
No.
Dec. ung
Oct.
#pot rubber unbeled Blanken-crepe II., No. 1 pals "srepe “u
"YORK Futurer today clowed 15,
20
tory demand inspired more time highwah halen kit 120
oldidance in both the frame of Comp
Domestle futures moved Led New York Foreign United States Industri
larly with near months at how
¿Future" closingstok ** Contract; 2007; %; (World)
It did, however, pay the oll seasonal lows. overnment caders have this | Abadon which has been the
workers and prevent troublé at spoken frequently of target for Communist prop quada $30,000,000 or $70,000,0093 01900 ever since the Tudch
United States officials here of Communio) party was formed while unable to
the ex- during World War 11. "bounty, Park
tent of the Pregn
Sollets, kept the
the figure of probable aid to and me to do Birdiet "chout: half then velrikek festërtial
$20,000,000 or $30,000,000 ta more
prussblek, thantage higher
way that any mich
@peklőd
Exchan
GROWTH
10.00 10.10 300-3214.
291 29.90 1000
17.80
17.73
COTTONS
24.00 34.80
Nengang... 10.20 10.30
Texile Corps et
MISCELLANEOUS
Allled 421 450 1000 415
· Exchange Rates
Bundes' WID
done in the local unomicist axchange markcat-((-shin morning at the following, mutes:- UB. dollar (par 813-
Sterling notes (per, 21).
Indonesian rupiah (per 100)
Biam ticals (per 100): Bingapore (Straits)
Indo-China piastres (per 100)
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