Page
THE CHINA MAIL, MONDAY, JANUARY 31, 1955.
Happy sulies from ten of the additional members of the Britials survey team on board the 600-ion Norwegian whale calcher Nothel which in leaving Langun an kec 7,000-mile journey to the Antarelle, She has been chartered to assist the Royal Research shilp Juhu Biseoc in her Belief of British bases in the South Polar Region and the personnel aboard include additonal
the Falkland
De- members for the 45-man Britis, survey tram now operating in
pendencken-Express
Photo.
Shah Of Persia Faces His Greatest Trial
The Shah of Persia, 35-year-old Mohammed Reza Pahlevi, will face one of the greatest trials in his career when he returns home in February.
He is due back in Teheran then, at the end of a two months' private tour in the United States and Europe. The tour, on which he was accompanied by Queen Soraya, began on December 6.
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I ww, shiele was juovided in effert Sur How to haudat Day 4. th 1900 4 taustion but The Kaki between the 19th and 20th, mevrouted unt. 1980. tablej cenfuus an 50 yrs We
whated hall of the 60 kland, Senators, which gives hum bisadi education, juchre-uð | political influence
We must
He tarivd, however, la secure The
two other Gases pipett And
isen- equal
1
hoh tux.
י 14
the namely vpportunities | fr. netus inent of illiterates and the power of legislative veto for widerfes
The own also hope it .. pas-Wester deeply dugnid,
self- The former, had it passed thre Magle, would have robbed the red by Persace which will not the Far use dangersas opposition frantog land-owners of the ignorant
myjuntay
supporters - tel arti
Alus wat after year vote for the DTCRUISE estate Owner merely
at the pupular mand
T
the
th
..
AN
1-
Ariantionally
205 | cisments
She i
symbol od vaja en un d The orb
tal ngah
of Pers
1 PM F They look to
thin-
gure! A futur
alnand trad cran fires
Keenly Aware
Frequently E1 the
past
digested
1
he pass then wages
The latter would have enables
Shab
partial laws and 12 lunce the spending of all
income tha
significant source of forenga exchange-10 the Comnen gaid
Basis to 1950. he appointed an Commission pl
hight een vitalive ani prove-4;rastems and dangers ful ruling 24 mp
to the The Sh how steran heweif Kovaly
aware of inte
On LI,,st
AYUDA
in 1954. kef te ned for sentir- Sparker
1s man mferidas ne
onfiggered
won
114:11
mariy
↑
J
at times
* S
A、
sh
(42-4
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เ
24
7) esa storm of justare He has dy- andmanded at vitaei vai corruptan
in proble
The
1
Bredeme scenes
K
which
10th:
ilm.
ed
heerserly
ntributed mater sullz sareessful conclusion of
#greement.
Furth
by dent rather PEGGING Experts have expressed than demeke, vans
genate SIT FEDZINOTÅ 训 the mmander-Chief of
detailed grasp of irrigation and the Aring, a key f. er in Perman
engineering schemes shown by Bot ther
the Shah is strung
the Shah. Following the recent purge of Communist nitration, the Army is now regested as being og almost solidly behind the Shah.
Mas The Chance
Now, more than at any other tube in te steun bustery
Pers'a has the chance in Bəkr g'on! strides on the road of progress. Wealth from the oil agreement rat:fed in October This year will make her one of the richest
the Middle East, siptes In
Correct decisans, tuken now, could guarenter a bright future for generations.
Those else to him have been concerned by the aut If study he has given to economie and metal prvibleans,
It may be one reason why the young, goal-looking rule's ence black hair is now almost com- pletely grey.
Since he ascended the throne in 1943, at the age of 21, Shab Mohammed Raza has had to
deal with violence, intrigue and cres opposition.
He has survived one assASSİDA- on bid. Army plota, foreign Interference,
11-be:1th
to a con-
Of Iran's estimated
and
TRADE and COMMERCE SECTION
Page
INCREASE IN BANK RATE The City Had Counted NEW YORK HONGKONG
On One Per Cent: Capital Not Attracted
From Ronald Boxall
London, Jan. 30. Changes in the bank rate seldom come as a surprise. They are usually a culmination of a recognisable and well publicised train of events. Indeed the very fact that they are expected can make them inevitable. Once the busniess com- munity has made up its mind that the bank rate will go up --and acted on this assumption-only the timing of the change remains in doubt.
Last Thursday's rise in the bank rate to 31% per cent, The stock however, was not without an element of surprise.
increase discounted-an markets had expected -and largely
a rise of
of one per cent. What had not been anticipated was only one half per cent.
A number of important conclusions can be drawn from this. place the authorities do not appear to be hoisting a danger signal. are showing an amber light for caution.
N.Y. STOCK
MARKET
REVIEW
By Elmer Walzer
New York, Jan. 30. Stocks advanced
Just week despite further pres- sure on credit
Industrial issues rounded oat nine ses918 in mvcrsation of gain and rose $8.70 on average for the week to close at $404.68. THAL WOR
new high since January 6 and slightly higher than the close of 1954
of Joss Uulties suffered mearly a full point int about hair the loss was accounted for by a distribution by Commonwealth Edison of its northern Illinois Bus stock
Transaction for the week Banted to 16,811,190 shares, a daily average of 3,362,236 shares. ngasi 14.010,900 and 2,803,302 shares respectively last week
There were many reasons for the steady advance in the daily news items.
IKE'S REQUEST
On Monday President Eisen-
Congress usked
for
necessary
bitio but
1 revinyo at
10 CL
12011 AR
reason
In the first Rather they
:
COTTON
MARKET
REVIEW
By William Plunkett
New York, Jan. 30. Cotton futures this week etimaxed 11 creeping
vance.
nd-
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted $90,506.73.
to
921, 19000 19 921à
Noon quotations and the morning's transactions:
NILATES BUYERS SELLERN HALES
DOVI LOANS C'uncem UVET the Formesa Atuation. plus prospects for a 21, 194 lagher Govertanen! loan rate this your and stiffening oppust- them to any increase to acreage allotments for the new crop, (were background factors on the
rise.
Jou
BANKS
10K Bank
INSURANCES
Union
2010 200 11! 2005
{ardinPwritert új 10
DOCKS, ETC
A Ughtening Jiji in the "free" upiny of raw radi ni, pe hted up by heavier redemptions out of
he Government
stock. along with the swelling volume of how cotton exports and the | LAND. I highes
stock market added usmatum to the lies.
The Government's mid-Janu-
1 30 points from and compared with 134 72 cents a pound in mid-
January last year.
at parity price rupt showed nexpectedly wide increase. a pound Standing at 3522 cent Elritain's boom, they are say-, The Dates patie had special for middling 5 inch retton, the
however, Jur choosing ndex was ng in effect, is going along too fam! It is time to Blow it down this artelor moment to Rave lovcenter
a little pull on the rem
Sharl terro interest tales
the (༥ ri]!,
which are the most imawinlely comparatively mall rise in the bank rale seciris | affected by changes in the bank mbcule a change in onetary rate have recently been thing quite vigorously. And in ME queerters this was believed be at least a contributory cause of the weakness af sterling
Since the return to power of the (servative Goverument fl October 1951 Ed the T-
;adupiran of an orthodox monetary poles the bank rate lus tended 1. be used as a "big stick
A
PREVIOUS KISES
14)
In Com - obtainable
27
15 DU
7 10 130 1000 + 7.20
Duck Provident (0) Wheelock
ЕТС
K
11K Land
BelT
10.00 15 40
(25
1205 B7
UTILITIES
Trawi
20.40 21.20
500 @ 21.20
C LI 101 17 30 17.40 300 11.5}
5. Light (N)
[[*r
Telepone
usy satisticians Agured that if the Secretary of Agriculture isses the support figure fear the new crop on the current parity, INDUSTRIALS The guaranteed minimum sup- just price for middling % Inch ention this year would be around 31 70 cents a pound,
This would establish a record Migh
with the compare
HAUKI
The
མ་
When short term money rates in London are high
Those with parison 11 other financial centers, average rate of 33.23 cents a foreign funds are attracted here and the pound res in vahe The two previous rises since the
LH4sI other Kamtries' Cur-
final Government loan war--which lifted the rate from
This is where the bank rencies.
ate for 1955 will be determined two per cent in November 1931
rate comes in; It Can
on the basis of mid-July parity. to fater per cent in March 1932-rar
pressure on interest rates und Any change could be higher but clearly emergency thus encourage or discourage the
The no lower than the mirim measures. Thursday's change II:༡ww
of foreign funds to London. support price which may be un- $t af a different order.
But when the Interest rales noonged momentarily, Last year, rise significantly before an in-the Agriculture Secretary an
bank Fry thas
ratenounced the
interim rate begin
RC March 3. And this is what the bank rote ny A Mewis of suspleks.
Shipper covering against ex- keeping the economy on the tght appears to have been happening
rather than bringing it recently Allwugh the original port sales to Spain and recent reason for the rise in interest! foreign operations administration rates
the Was
weakness of grants to other countries, was a Influence. United sterling and the belief that this bolstering
in a would result
rise in the
Presa bank rate foreign investora did not "bile."
730N authorities
that the mean nay
feel that the time has now come to test the efficacy
Lace
www.! with D Joll when its course Lowarala tallation or de- well ALION
already JA established.
1 th is so the move should br welcomed. The purpose of the bank rate is to regulate the national
conomy by exerting downward pressure upward or on the whole structure of interest
Crease
Fru
to
FUNDS MOVED OUT
Instead of moving their funds to London they actually began moving them cut-thus further rates and thus either discourage weakening sterling. So the up-
or stimulate spending according ward movement of interest rates
to whether the trend is towards which
inflation or deflation,
Economists are by no means centuating
sterling
And all
They
which studied Government Ales and later published the names
*e 500 Ministers, Deputies, hower of Senators
net
began because administrators authority to fight
was weak had the effect of ne- to hod public to protect Formosa, deen unit
This set off a big demand for
the trend- very defence stocks steel, metal,
cirele indeed. this theory holds vicious certain that aircraft, electronic shipbuilding,
because
foreigners But
is apparently 'n practice, [DOT and miscellaneous issues--which
generally agreed that changes in misinterpreted the move. carried through Tuesday,
on Tuesday, After the close
the bunk rate have a powerful regarded it as an indication that
the London money market effect electrilled psychological
the the on United States Steel
business community. And if growing nervous about the trend the Street by ordering a two-
affairs. tor-one
la its common
this is so the light but frequent of Britain's economic touches
The third significant thing be as stock and raising the dividend.
about the rise in the bank rate, effective and the long run On Wednesday the sicols ran
that is therefore,
the British U.S. Slec) opened on
far more
conducive to main authorities consider it time to do wild.
occasional 190.000 shares A1
61⁄2 progivas-than 78 up
darce blows with the whip.
something about
strengthening pointa. Big Steel closed that
sterling. The fourth affects the day with a gain o1 7 points and
men in
in the street much more Bethlehem of 7. The latter
Mauty serving Deputies were nand in the report, which was Lanwer shelved by the Majlis Houm'i.
Shah At the same time, the called
for
with reforms particular stress on the int of The "workers and peasants.”
He called for tuillment of the Seven Year Fian of economic atvelopment and ere brulion of corruption.
for
Royal Estates
the
In 1950, lie began to distribute tonir
оп pensants,
OnBy Instument terms, land from the Juyal ratates.
In the past year alone, he has distributed ten villages and transformed 5,000 peasants into farmer owners.
spilt
was to meet next day and im- mediately the Street concluded there would be a slock split.
good Thursday was another
Coppers got into action a three-cent price rise for
day.
on
on
on
rein
can
Singapore
bul
Singapore, Jan. 31. Brokers today quoted to fol- lowing stock prices
Jan. Jan. 31 Cloring Opening
Stock Market the metal, s
Olis were bid up From
demand for his father, Reza Shah,
for fuel oil caused the founder
of modern Persia, | by
cold weather unreasonable he Inherited 1,000 villages in many sections. constant, silent opposition from totalling between 2,000,000 and Bethlehem roport hit a few
ruling,
almost feudal, the
minutes 3,000,000 acres.
bofore claring on aristocracy.
Thursday. It did not includo a Few modern monarchs have
split Immediately the เปิle in a country inherited
fell from 10 to $112 and closed where so much had to be done
at $114, off $3.78 on the day. 20,000 000
On Friday the market rose his again. The Street took a better
view of Bethlehem and sent It'
Other and known sympathy for the poor higher.
defence issues have brought him at times into foined in.
Dgainst the
later) Thus was rounded out a week head-on collision Interests of the wealthy land- of rise that came along with owning class. This could happen further sciling of Government again.
bonds by the Federal System and finally a long term Govern ment bond issue 40 year 3 per cent bonds designed to Bop up some investment money
market. the stock from United Press.
Whether these proper decisions taken In will be taken and good time-depends siderable extent upth the people more than three-quarters position encountered from the
ruling live in 40,000 farming villeges. and wealthy powerful
Caming familes and the fanatical Moslem liable to floods, elements, and upon the degree disease. Their living standards of baldness and resolution shown are among the lowest in the
world. country's tenders. by the
In all this, the Shah's inquece -If he cares to exercise it to the
full could be decisive.
The outcome is vital, for the nation,
for the Monarchy and
for those Western nations who
Ruling Families
Lund distribution and
In 1951, the Mossadeq ora Intervened, when royal authority was flouted and, for a few days, stified.
At the top are Persia's 1,000 put their trust in Portla's grow= | ruling familes who control
Now the whock has come full ing mability to discourage Com- nine-tenths of the land, woulth munist ambitions in this
this area.
They circle, and again the Shah is and political patronage. Wirely spent all money could relat all attempts to break their pressing for the reforms which
ho
urged in 1950.
reduce poverty
and ignoranco, mour-monopoly of provincial and
nato administration develop end stato strengthen the nation's economy
attack 4:30802,
one knows better than tho the need it. In the course of his reign, the Shah
howdy late for these
Was
the lack of agreement Į
חה
1200 17,20
500 1140
10
37 37 2000 te 27
34 20
Cement
STORES, ETC.
Dulcy
40 41
L. Crawford
COTTONS
Nanyang
20 70
1.30
300
3037 G6 37
170
201 30.70
Leur de 37
གླུ
1000 37.25
The Bank Of France
Statement
Paris, Jan. 30. The Bank of France state- ment for the week ended Jun, 20, vendy as follows:
Tulai gold holdings. Tulai other currencies Sight balance abrind
EPU Advance
ΕΤΑΠΟ 201,281,502,428 12,171,328,470
59,318,004,679
tu
Cure.
Stabls. Fund
14,200,000,000
Total bills discounted 1,108,917,000,277 Bank note in circula-
Im
............ 2,441,223,431,130
Current accounts and
deposits
118.917,000.277 -United Press,
London Markets
Not Affected
By Bank
Rate
From Our Own Correspondent
London, Jan. 30.
London stock markets did not react in the time-honoured way to the increase in the bank rate. Instead of falling prices they remained steady and in some cases even rose.
The explanation for this was of gilt-edged and good company among experts on the serious that the rise had been to jong news. ness of the present trend towards expected that prices had been The Transport Commission
it is quito clear that adjust to appropriate levels
Inflation,
now
The
even
then
the situation is more inflationery well before the actual announce- plan for spending £1,240 million of British modernisation ment. Steadiness of gill-edged on It was a year ago, balauce is delicate and prices after the initial marking Railways gave a fillip to shares
small comparatively
down was largely due to the in companies who could be ex- the rise was much pected to beneft. The schemo's addition to the demand at this fact that ime could lead us into trouble smaller than the one per cent emphasis en electrification led to a brisk demand for vectrical In this situation the next that the market had been ex-
equipment shares. Budget should be stricter than pecting.
last, which would mean
Im
SHIPPING SILARES
Derlich Bremen Prto-
leum Syndiente.. 33/ud stock
Censkdalo
33/0d
Smelters.
簉
20/04
20/04
€25.02
100
$2.02
0,00
At the beginning of the week posing additional taxation. But with £300
million Budget gilt-edged securities showed a marked weakness on further surplus in
public is the expecting
be talk of an carly advance in the taxes will reduced- expectation which bankt rate but the lower level the Chancellor would naturally of prices attracted buyers and
Belin recovery wish to confirm, especially
a strong the next Budget may be the last Wednesloy. before the general election.
AVOVO
011
UNDATED ISSUES
of prakt-taking halted the rise of shipping shares though losSIES were partially recovered and reassessment of the shipping the outlook for Industry led to 21 renewed Interest in the shares concerned. Vickers roso to a new pesic of
439
NEXT BUDGET
Undated issues were marked
The Bank Of England Statement
London, Jan. 30. The Bank of England state- merrt
week ondad for the
***TIA Ordin ary issue Fraser and Neave Ltd.
Ordinary lita, Pravor and Neave 719 eum. prod. Hongkong & Shang-
hal Bank Corpora.... tion (Colonial Re
HOME $1,11234 $1,15*
14.30 Maingan Breweries 14.10
$2.72 $3.72 singapore Cold Glor
$205 $2.05 British In South
$20.25 $28.75 urance ****** Strata Trading ... $23.10 $25.10 $17,00 $17.10 Straits Steamship..
Engineers. United
„Ordinary was Warne Brothers.. Hongkong 10/0 Petaling Tin our short
cum-div Cum-capital ism(0, † with div.
China Mail spectat.
Rail Hotel
age
13.30
$13.35
$7.95
$3.877
11/1
I ho is planning tas reductions the Chancellor's
to
7734.
main feature in the steel down on the bank, rate an market was the commencement fis peld, He must have nouncement to discourage selling of dealings in new Colovilles
El ordinary shares, course is clear.
when this failed bitt room to manoeuvre. If credit
began to The demand from disappointed materialise prices has been lightened some people recover. They turned easier subscribers pushed the premium who ane
planning to increase again just before the close on up from 23 3d to as 0d before their expenditure with borrowed Thursday and continued to drift, "tag" selling took it back to
ស
The share picked up money will be forced
revise
however, and closed agal Premium Ueir plant. This will are the lower on Friday. pressure of demated in one direc- Inspite of all this, however, 25
other flot and thus leave room for a at Thursday's clown the Financial In moderate increase in another. Times Government
2. 8d.
Exchange Rates rise in the bank rate will provide laval as it began the week. shares antly in the week,
at
markota copper securities shares have reflected the record That is the theory. Thursday's index was at virtually the same price of the commodity, Front- taking lowered prices among oil
but: on
to fost pportunity
It dwas not work The situation over Formosa the market railled strongly, on Barling A Business was done in the loopt practice,
hopba thero will be illtia was an important factor in the Thursday on the hopes tu the ĐƯA aute i market
bofore the bank rate Industry will benefit from the ELOILO rebrning,at the followin
or no leeway for tax concessions, markets
ita rallway modernisation scheme. STEPS US dollars peri
100 in the next Budget, But announcement Under
South African gold shares "Sisiting (nobil: (pa
remarks Mr Influence industrial, turned dull
political Indonesian rupiahs 160) 17.50 The Economist
depressed by 62781,081, 85 am: dosis; (per
Butler on hardly be blamed on Tuesday, but uncertainty was were
dispelled the next day, by a riso developroents in the Unloi. 16|tor-trying to find out, Untied Pres: -
and ultimately produce a much Sch has clashed with this class "The time is higher standard bt living for their class", as Persians neccesary changes he warned everyone.
themselves call them whenever deputies in November before he Most friendly diplomata ho has sought to widen his pre-leit on his visit to the United Jan 20, reads as follows
States. that this task, rogativas. Toheren think
The In 1949, the Shah sutromoned gigantic though it ir, must be
next six months will Hote in eroulation
how, successful Pubite deposits Private deposits carried out at full speed. Other- the Constituent Assembly and as probably show
Dovernment peuthithen, weil AS wise they fear, a wave of disa result gened phrolute right. | his attempts to promote Western-
Other rourities illusionment, greater than ever to dissolve Parliament. He also style reforms will be. This is n
Receipta for Ferall balow,
'fatio. away obtained approval for the forma- doo'sive moment Established institutions.
tion of tho Senate (Upper Chinn Mail. Spacial.
may
sweep