Mr Donald Campbell climbs into the cockpit of the new "Bluebird," the £20,000 turbo-jet bydroplane in which he will attempt to set a world
water speed record. The hydroplane, like an aeroplane without wings, Soon to start preliminary trials, She in powered by a Manchester-built engine, a Metropollian- Vickers Heryi turbo-Jet. “Bluthird" weighs 21⁄2 tons and has been evolved with a light alloy hull built round A high tensile tubular sleet main Trame.-Itruterphoto,
THE CHINA MAIL, MONDAY, DECEMBER 6, 1954.
German Evangelical Church Denounces
East Draft Law
Berlin, Dec. 5.
The German Evangelical Church has denounced an East German draft faw as threatening the extinction of Christian marriage and family life.
The Catholic bishops in East Germany have expressed their grave misgivings
The law is to replace all existing common laws regulating the relationship between man and wife and their children.
the traffet
The Evangelwal Church, which the major dy { Fast hildren" Germany belong published s findest in West Berlin
TRADE and
COMMERCE SECTION
CITY INFLATION JITTERS
Chancellor's Warning Ignored By Investors
#
BUT CALM RESUMES
From Ronald Boxall
London, Dec. 5.
A lightning epidemic of inflation jitters hit the City of London last week. For 36 hours it raged; and then as suddenly as it came it was gone leaving its victims wiser for the experience.
The City had been sickening for the attack for some time. Six weeks ago both the Chancellor of the Exchequer and the Governor of the Bank of England dropped a hint that the economy might be edging towards inflation. But at that time the patient felt well enough to ignore the doctor's warning.
Gradually however. the its nurtnal coim. But the debate doubts began to seep through. is not closed. Immediate fears The pound was sinking lower have been allayed yet there is
in the fureign exchango markets; no denying the reclitude of Mr "unßled" vacancies as a pre-Harried's arguments.
CCT).
uftemployed
week. BIRL
ngreed does
Indo-E. German
Trade
Pact
New Dribl, Dec. 5.
The Indian Government
han tuado a trade arrange- ment for one year with the East German Government
after Lwo months of negollation between the Ministry of Commerce and Industry and an East (ier- man trade delegation under the leadership of Mr Ner. bert Meyer.
Both parties have agreed to give adequate facilities for the import and expart of commoditien In their respective nebedules. These goods will be Imported or exported on the basis of trade contracts.
Payments will be mado in Indian rupees or in pounds as may be mutually convenient.-United Press.
WEEKLY
COTTON
REVIEW
'LONDON STOCK EXCHANGE
GOVT SECURITIES
TAKE
HARD KNOCK
From Our Own Correspondent
ease
London, Dec. 5. London stock markets developed a bad of bank rate nerves" Jast week. Government securities took the hardest knock, but no section remained entirely immune.
For some time now investors have been watching the economic indicators with growing uneasiness. But fears of renewed inflation did not really become a factor in the markets until the beginning of last week.
The things happened then to bring the matters to a head. In the foreign exchange markets the value of the end fell in terous of the dollar to its lowest two years The Queen's
point for two
spermen outthing
HIw:v F༩ the
X1
Government
eltam M
ary session said Ministers woul Įtie vaglan in curbing callation
And this hum that the atunt the sort of action, if any. By William Plunkett
bank
seemed 1
Then
everywing huppen at once. The pound hit its lowest point for two years. After an absence of only one yeur the word "inflation"
tou were kripunt
authoris
the situation coincided New York, Dec. 5.
with the pubkention of rele Day Cotton
prices softened the coomest, Mr Roy Harrod, this week after the market the bank rt thos
using the Cove oment to raise
putting reached the highest level in rake almost a month,
ca to rapat expansion by exerting an upwennet pressure ANE [interest rates.
portion
WHE Must
observers Theres nsing and supplies of certalat the present situation raw materials-especially steel bobl dangers of inflation. But tinplate were beginning there is a difference of opinion to fall short of demand,
Unul
however, th
Is needed. Not everyone signs-enused no endie agrees with Mr Harrod that thr rite {ཐ the appropriate the present weapon to use in
lution.
The Economist, while main taining that "no really dangerous TENAUFT
threatening," be- leves that something ought to
"Many people would gained in feel easier in their minds," 12
ays. "If the monetary managers 16 la were now meeting the rising pressure by a modest but pro- gressive tightening of credit-by sonic action short of a raise in the bank rate,
wrifarm of must pay maintenance until his wife appeared in the Queen's speech.
has been granted divorce
Tipot: divorce, the
to the The Church Say that
Kaj
Foam of a memorandum drawn
try
representatives in
East Germany
Tro bas not been and probably will not be pooled stead
East GermGUAY,
Pugh the last is supposed
ander die sehaskara
Tw Chures basre 14 this Je to the law slangers t Islom
م ور
ردا
-
the bauste And t
han apiar, moperes political aut and volatuba un marrage and Jamly baze.
Charts
iluetu
excludes
the
ing himate Bonly:
Reve
#! Communist schools youth orgamsations a monopoly. of heat. and over-attiple- ties devoren pureedite
The Church objevi:
ble
# the fat-1.J
#13117
Illy
י1
to the
at declares
employ
mother and specific- Blows Tian stad wifes apart
then
julas dengand it
111
The Church abu complains of paragraph which
Buys that parents are shouldering their
full responsablay towards their
opposes the substitution of such property is divided equally be- general provisions for thọ đơn | tween man and wife. Common leted examination anted appor- | property is what both “earned dening
whicit the during murringe and cumably existing low provides
used things bought from This moticy. worth asking. the methotandum says,
whether tider the new law, 1! might mut be considered sufficient awa 20
It IK
fr divorce of the coniples hokt differing poliftent opinions
This cautious remark
refers
to a siluation which in fact has
already ariseni comitless flaws even under the existing divorce hows.
East German refugrés have
frequently stated that it is easy
Communis! for
gain dvtree marely by shan that His
her partner's undemo- cratic politienį views made fur- ther married life Impossibels,
if
The new law says that husband and wife live apurt by etaldren only if they co-operate agreement each inust help the vlarly with whool ad youth other financially.
If they live apart be the wish of only one must each pay they partner, their own way
organisations.
The only permitted youth organisation is that of the Com
munist party.
to
The Church argues that this ignores the Christian parents' right to the support and device of the Churchu us addition implying thirt parents refusing help from the youth organiza- time? Cati be labelled spousible"
-
Thu implication signilleance in the light of an- other paragraph entitling local elvic authorities to duke a child nway from his or her parents they fail in their duties towards the child.
The civic authorities have the right to hand the child to foster parents or to a tale in- Utution and. in extreme cases, to deprive the parent of par- ental rights.
Apart
τοπι the obvious
This means that
who leaves his wife
if the divorced wife was un- able during marriage to contri- bute to the common properly because of her family houselwald duties, the court may aksign to her up to half her husband's property
Hiy
The the
A natural corollary pal duty of maintaining ulher in case of need is a pro- vision that upon divorce a wife we'll be fatter to | H
maintenaner to her husband for maxkam of two years if the husband is unable to warn own living and the marriage has Easter at iast one year,
Fa
In spectaf elvettefances, the rourt
the main- may exten tepanier payments beyond two
yenes
And Mr Roy Harrod, the Oxford be done. wunomist solemnly worned the Government that delay in deal-av ing with the mensee of inflation Fould have disastrous sequences.
CLOSER LOOK
-
it is worth taking a closer look at Mr Harrod's arguments for these appeared to
confirm what many people in the City were already thinking.
JA
I
GAZETTE HAPPY
The Stock Exchange Gazette. on the other hand, is happy at nument to leave thiga ** "While it cannot be
Giving up just as much as it the preceding week. he list Friday's close was off 37 points-80 cents. In $1.85 a bale.
The Stock Exchange reacted sharply to these various war-
11.
NEW YORK
STOCK MARKET
REVIEW
By Elmer Walzer
New York, Dec. 5. Stocks advanced for the On Tuesday Government | fifth
consecutive week securites sustained losses up to following election, une pond. But the next day Factors upsetting the rise in after further ses of up to 10 luded
Expectations for a sub- shillings had been rewarded the tanital increase in the Gover-werment broker appeared as ment's final crop estimate of the
a buyer and the fall was halter,wlan conson, to be published Wednes- day morning.
BACK TO NORMAL
demand has sequent setback. threatening
beyond
Thursday
day
This week's guins which after two days of market adjustment
prices declined,
Industrials t rails
left
n record high, at their best since 1930 In the course of a boom. hethey aro.
Quietness in the textile trade.
and utilities near the 1931 top. wrote in the Financial Times, teriled," 11
furries "that the plus silys,
of
HY December the pattern of activity gets pro comomy is in a less disinfo-
la-delivery and continued heavy which changes, If any, in bank
The up'uni was inspired by gressively shifted with a piling donary condition than it was a spot market sales were con- rotes {{0} normally notitled-fallure of the two-day decline up of orders on producer goods year or two ngo neither can attributing influences on the sub-conditions wer buck to
to bring in liquidation, by o industries. 'The further
the beltmed that
normal--but not before the killong list of favourable earnings shift went the greater the
edge market had taken one of its adjustment required afterwards
severest knocks for some statements and dividend actiona, and while no
wanted
time
Land by several stock spli's Ti carry the subsequent to the point of causing sign- fleant unemployment ment in the depression be intich
more difficult it pre VİRAN
hotl expansion Allowed to go too far.
of
on.
one
move
to supply to sultan extent to justify the
adoption by the
retrenchment
readjust-
would
Dornient of
The
On Morsiny, prices reached their
highest level since the Government's Nov. 0 <rop report. The recovery ranged The Financial Times index of Other helpful factors included from $2 a bale on December up Government securities had closed dismissal of the anti-trust suft to $3.00 a bate on
the previous week at 106.08. By against Du Pont, and a group of July dell very
Wednesday's close it was down favourable predictions for next 1104.05. When
dernand frestel
from economists in-textile
and
Industrial shares followed gifts | mal industrialists. Business commission houses Tapered off { down. Their index feil from news continued to reflect heavy as prices neard the 35-cent 180,3 al the previous werk's line, the market
demand gave
gooda from ground close to 178.5 on Wednesday.
average citizen. gradually on moderate hedging and realising sales
The monetary authorities may well take the view, however, that the expectation of action on their part can be as effective
of countering means There were further advantages Nationary tendencies as action
early action, Mr Hated went itself.
ben
1
The week's development
A
If the inflationary tendency may, therefore, have served
had not gathered great momen- purpose. fum the pressure required
of
પ્રક
rurrect it might be slight, and
If events showed it to have been undue it could be quickly versed.
showed any
Before assigning children.
divorced couple, the court the must hear evidence from
on the family heal authorities
"educa- relationships and the bona, troulbes" of each divorce, There - ԼՎ an Implication that
a "political divorec a husband Communist partner will get the need not children.--China Mail Special
the
British Banking Chief Demands
Surtax Inquiry
London, Dec. 6.
re-
But if the authorifles inertia in denling with In situation tending towards inflation n lapse of even
on
three
or
four months aggravate i considerably.
Mr Harrod did ntat
could
suggest
A
that the present situation WD- ranted more than a "mild dose of disinẞationist medicine." small rise of the bank rate he believed would do the trick
HONGKONG
STOCK EXCHANGE
(From Our Correspondent) Such action, he said, reversing Business done on the Hong- expectations enrlier in the year kong Stock Exchange this morn of a downward movement woulding amounted to $1,437,716,50. have a psychological impuct, it Noou quotations and the morn would be noted as sigallying that ing's transections:
wu
the authorities endorsed
What
niany prople were already "feel- SHARRA BUYERS BELLĒRA SALES ing in their benes" about the
BANKS inflationary element in the pies TK Bank sent situation.
Kant Ana
INSURANCES
UrideWriters A. pocKS, ETC.
A banking chief today challenged incentive psired in the markot
parental duties of caring for a principles and suggested that an inquiry should be
child's woll-being, the law puls
parents under an obligation to made, into Britain's surtax scheme.
turn the child into a "respon
alble citizen
of the democratic
state who loves
his
ho
Mr Julian Stanley Crossley, | oversens where such stringent homeland chaliman of Barclays Bank, limitations do not apply,"
Barclays Bald.
Surtax was no steeply graced
It must
and fights for peace." In Com-D.C.O. formerly munist terminology
"Ahting Bank (Dominion, Colonial and for ponce" means to support the Oversers)-said that while a Soviet-led
"peace camp" oppose the "capitalist warmong income of £2,000 might that
have represented great affluence worker enjoyed almost exclusively by making extra
promotion.
Rera.
nisal
to many Botm hardly worth while win effort to
K. Wharf Dock
Provident (0
TOOK TO HEART The City took Mr Harrod's warning very much to heart. In the next day and A half unit-edged stocks lort up to 30 shulings and a downward move. ment was gathering momentitie when
Governmen the
#bralter 4S a
Wheelock bityer and put fears to rest.
the LAND, FTC. But what really jolted
1K tel City out of its attack of jiltern WDS the realisation that the danger of renewed Inflation though real-had, been overstated.
Arguments against the Im- rate mediale rise of the bank
that wero
overwhelming ofter its initial reaction the City pust that possibility out of s mind.
50
the mills.
portets איז
The activity and strength of the stock continued to pull in
vutside tradery terest of Rome away from cotton, and slowed down overall activity. dealers believed,
Truders became set for a big increase in the Wednesday crop estimate. Some sources supposed the figure would run between 200,000 and 400,000 bales over the official for 13,209,000 tales, reported on Nov. 8,
In addition, latest reports showed 1,117,042
bales of the
201
915
1000 m
6.00 Prest
coming
With the bank rate feurs dis- pelled prices began to recover slowly at first but with reas Ing" momentum as the weekend | Wodnesiay Bpproached
Brokers sald the decline which came
an Tuesday and was nothing more than a corrective reaction in a bull market. They were pleased that It was accompanied one light trading.
This swing round sentiment affected most sections of the industrial share market in degree or another.
As a group asphalt und road building shares atone managed
CHEMICALS GOOD
enjoyed
chemicals
by
**
The to resist the downward trend in good week. So did a long st the early part of the week. They
of oils and ralis. were cheered by the news that
7
the Government was to step up A long list of goodini stocks the rote of spending on new registered wide advances,
in-
ол
1954 crop now under the Governo od on Friday while dleating careful selectivity
most groups were contented the part of the market opera- ment lotn prograntme, plus with gains
tors, Investment demand con- of up to one shill- 5,048,021 bates held under the ing or so the shares of Turner tinued to help when the market 1953 programme. Adding Blocks and Newal, the rebestas glam, overcame realising. held from previous loans, leapt ahead on the announce- 1870 1850 1106 1975 traders thought the total Govern-
Aircròfis ment of a five per cent dividend
4 enjoyed
good ment stocks would be near the Increase. They closed as up at market in several sessions, even 8,000,000 bales mark, --- United 28% 1010, a new peak.
while the general. 1st was in a decline. High Governament spending forecast for the next fiscal year helped the group. The news that Mr Strijdom
The steels turned up late in Minister of the Union of South the week on word the steel Africa started a wave of sell industry was enjoying a big ing in the gold market. But recovery, Bloci operations were Lontion, 'Dec. 5. when this had spent
the best in a ́year. The Bank of England state- prices recovered strongly and on mont for the wook December 1 reads as follows.
ended | Fridny gains of up to 25 were
registered.
03 700 GS 251 800 20.00
500
15.70 1000
1600
10000 20.70
2000 (18.0
0.03
7 39807 ₤
1000 or 14
1000 m 14.30
.. 14.30 14.00 1000 14,80
1000 # 14.40
1000 or 14.40
GOLD SLUMPS
The Bank Of England is to replace Dr Malnu us Prime
Statement
Covernment securities..
25 4000 24.60 | Recsipta
Ratio
Note in circulation
Arently
JIK Lard
6314
$ 500 # GO
Public deponija
200 G 66
Private desi
200 de 60
300-
Other securities
Humphreys UTILITIES
Tram
2415
20
800 @ 20.40
1700 200
Star Ferry...
130 Yaunati Terry 180 188 C. Light (0) 14.00
507 + 10,40
000 40 10.2G
1000 10,00
Thus, a not-Communist par ideal' rich a long time ago, ent might well be regarded as it was hardly the case today.
It was recalled--why it was having failed in hig duties
A the other end of the seals ever forgotten is a mystery......
en that only a few days earlier In a statement to stockholders, there were many people
benefits of sub- the authorities had announced in suggested that an inquiry Joring the
under the law and forfeited his right to a child.
1250 tot 20.20
21.000,249,100 26,043,183
Hself
the week Oll shares started 337,304835 with Shells rising to a now peak 323.74.420 but prices caged later on
the 10,013,144 88,407,421 bank rato talks, The trend was generally higher, however, be- United PreES. fore the weekend,
152
Automobile shares net fair de mand but nothing Uke" the alowing reports issued for the Industry, Olis were up in several sessions. Higher prices for heat- ing oil helped the group.
Tobaccos, como of the tele- viaiptus, mining issues, metals genarully, barth movers, chemi~: cala, selected building" imales, and a long list of others moved cantiles were getting into the bull market swing on protic Lions of a record holiday business ahead United Press.
100 16.00 The Bank Of France U.S. RAW COTTON high on active trading. Mor
C Light (N):13.20 13.30 2000 mp 13.49 Slectrio
Maçao Elec 11.70 Totophone
Coment
100 42 36.95 2000 ** 31.00
300 11.00 4704 or 23
Statement
Paris, Doc...
The Bank of Franco stálement for the week ended November 2500 31.80 25, reads en followe 2000
Total gold holdjer 000`<> 91,00 Tolol,uther Knardonicles Tue 1530 | Eight byßarico aderech
11.00 In EPU
27
ne
It onk
divorce, and the grounds
üre
accepted, a divorce may
A divorce can be granted if no surtax would be profitable, sidised housing. Lush growths the conversion of £734 mililon "serious reasons" exist and if n
of television maste decorated of expiring Exchequer stock. court establishes that the marri- 10 might, discover whether the many · Council housing estates. Would they, it was segued, put age "has lost its meaning
pald to its chances of success for composition of this privileged the marriage partners, for their body" af surtax payors had not "While one hopes that their by raising the bank rate (and children, and for society."
undergone a metamorphosis and occupants may also be able to therefore interest rates general- The Giveres may be granted it is die fut prove conant mainly afford many of the more solid ly) between the announcement on the application of both
closing clate or of highly paid workers is indus blessings of this age, we may and of the
marriage partners try and trade whom the cou-perhaps be forgiven for making necepiansen? Even the worst only one partner wants
{try could lonst' afford to loso. - whether we are really soxious persimist had to admit that
in our profesions of belfed in this was unthinkable, bo WIE Zwo se le a matter for the principle, of inewillver. dies
Thursday on which day, grarded "iz-It does not lead to serious consideration for men sigried to encourage production changes" of "" bank • rates Unreasonable hardship for the with high qualkiestions are in rather than consumption," he traditionally announced-cama" other partner and does not pocatant demand in countries | akt-Prut
2) and went and the City, rostmod
the
for
ang
STORES, ETC.
Dairy X. Nie 24.30 ge Hits..
18.20 18,80 GrayLord COTTONS
guatlla Corp, disa Nanyang, MISCELLANEOU ・Yangtze *** Alised
1000
EXPORTS
by
Cotton Exchange Rates
Now York, Dec. 5. Itaw Colton exports destination as reported in bales Pri
by the Now York 301,281,001,423
8,107/06,715 Exlings for the 1954-58' sensor. VOL1473,100 [10, Nov. 30 wore na follows:
$1,800,000,000LJA SE fretta tilla disesunited 1,017318,432 | Continens- 69, 0.87 | Current accounts, and
Orient 210,006,330.001 | Canadia
Total for season" 1.306,108,977,500 Bame period last
.ศ.
Advance Res
Hlable. Tund
deposil Blesk ekite šis cirozlan
Burbrion was dóna in the local Unameina exchange market this 15146588| MOJNÁNUE of the following DOLNEVATE
50... dollar (per 81).
12.100 belany zypših, (per 100) 1,100,901, tem tenía per 100) 800,347 Bungapore (Hrnčia}}
Indo-China pientres (pe