US Air Force Consolidates Base System
Wiesbaden, Mar. 20.
The United States Air Force in Europe (USAFE) has consolidated in the pns! year a system of 53⋅ opern-
THE CHINA MAIL, MONDAY, MARCH 21, 1955.
TRADE
Lancashire
and
COMMERCE
Cotton Crisis
Lional air bases, extending N.Y. STOCK Leaders Will
from Britain to North
Africa, employing
nearly
250,000 men and women.
The annual cost exceeds 750,-
000,000 dollars (over £25,000,- 000).
Almost all
continental
the
European
bas's. with noluble exception of head- quarters, ut Wiesbaden, ture west of the Whine. the mada
.
west European river barrier in the t
an aggressor from Die Bunk Wiesbaden is a few kilometres Cross the Khine. The other bases
further fur trabing are many
transport purposes,
eel
MARKET
REVIEW
By Elmer Walzer
New York, Mar. 20. The stock market laat week set records for a long time And
in decline,
recovery, heavy
Alr
on
THREE SUPPLY BASES
The United States Force in Europe relles Mere main supply bases, at Burtonwood, In Northern Euclata, for the northern ferre; at Chateauroux. In
France, for the central force; and at Nousseur. near Casablanca, in French
Morocca, for the
Iutee.
The
Chatea prin
bas
Jurticular developed
גו•1+44
southern
Tasc 11:
grutly
sales of volume, und light sales volume, and closed the week with a small average net gain.
The Monding widest intra-day
Nov. 11. 1920
session saw the since break
Meet
Premier This Week
GLOOMY
REPORT
From RONALD BOXALL
London, Mar. 20.
O.E.E.C.'s gloomy report on West
International
Bank Bonds
for
Washington, Mar. 21. The International Bank Reconstruction and
Development
aizhouscod
kere loday that it will Essue $18,000,000 worth of bonds on the Canadian market today.
There
bonde will bear an interest of 34 per cent and will be redeemable in 10 years.
This is the third opern- Hon of this kind to be
launched in Canada by the World Bank. -- France- Presse.
At closing the European textile industry will strengthen World Trade
down the hand of Lancashire spokesmen who are
Industrial average
WAS
B.72 pouts, widest for a close!
ince June 26, 1950, the session meeting Sir Winston Churchill and other
after the Korean war started.
points
Sates on 1.220,000
year the volume has exceeded
4,000,000 shares,
Kaits on Monday had their The Pant year. widest decline-4 27 Twelve mlies of new roads, aine since Sept. 3, 1940 Uilities, off 200-bed dorultories, two dining | 1.06, suffered their worst drop hulls rach with aerontoduction since June 29, 1950, 12000 for
totalleri men, two service clubs, | Monday hospitals, a gymunestum anch altares, the fourth Bowling alley have replaced the former city of tents and nude what used to be
A most popular posting into one of the Conmond. most desirable in the C
France are at Other bases in Fr Chaumont ant Toul These and anu Chateauroux shelley, in addition to their own squadrons, wing of lighter-bombers destined for bases at Chambley and
110-
Elain.
e-
whose completion has been Inyed by bad weather Bases at Bitburg, Spangdahlem, and
In the The t
French Zone of are also "billeting" Germany. Nghler-bombers for these
1wo
bases
Further bases are under von- struction in France at Phals- bourg (Pfalzburg), la Lorraine, and Dreux and Evreux. In Normany
New direraft brought into the Command during the year in-
R1 chunted
57 reconnaissance machines, the American version of the British Canberra, anck the highly secret Matador pilot- less bombers.
inore
the
Economy of materials and ambitious repaira resulted 171 the servicing
aircraft Of which it would have cost 346,- 000,000 doors (over £116,- 000,0001, or half the Command's total budget, to replace. The use of Bir transport Incrensed
one quarter reduced by travelling time for certain sup-
7,000 more Over than a year ago are employed in various countries, bringing the
38,500. total up to
This has freed 10,300 Air Force men for other duties. I thin connec- tion, it is explained that
alk
elvlians
the
civilian does not do the
of one-a-half airmen,
but
work 10
does not need supporting staff, such as cooks, doctors, and pay clerks.
ONE THIRD
he Also, since
lives ai home and does not require after duty Air Force care, he costa about one third na much as an airman.
reduction
in the
Was
A sizubic flying accident rute achieved in 1954. Contrary to popular belief,
the perveniago of accidents for jet aircraft was lower than the general rate of 20 accidents per 100,000 flying Altogether, there were
missions
hours. 110 accidents, representing a reduction of 40 per cent. Stan- dard rules have been introduced for the operation of each type of aircraft.
Six hundred rescue helped 9,000 people in distress, particularly during the floods in Pakistan and tho Danuba valley, the Austrian avalanche disaster.
and the earthquake.
SWUNG FORWARD
On
the "Tuesday".
market swung forward almost as fast as
It had declined on Monday. The Industrial average
that day closed with a gain of 7.02 points, wirlest advance since Sept. 5. World 1939. the session after Wa 11 started. Rails and ul- ties made smaller recoveries,
At the close
cr this Monday after the big break the previous wcuk. the industrial average had a drop for the five 28.22 of sessions declining points; Ralls, 11.00 points and Uulties 3.30 points.
Cabinet ministers this week to discuss the crisis in the British cotton industry.
Textiles
Washington, Mar. 20. WORLD trade in colton tex-
SECTION
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Page
London Markets Assume Brighter Look
From Our Own Correspondent
London, Mar. 20.
London stock markets took on a distinctly brighter look last week. With the recovery on | Wall Street and the opening of the new account- the first of the Stock Exchange year-buyers returned and "bears" were obliged to run for
Business done on the Hong
Stock kong
this Exchange morning amounted to $508,005. Cover. Noon
and quotations
the morning's transactions:
Buying back by operators who sold short, SHARES BUYERS SELLERA SALES | gambling on prices falling still further accounted for the sharpness of the week's rise in both
BANKS
1K k East Arla
INSURANCEM
Valon
Lombard
DOCKS ETC
1050
201
9102
50
on
on the effect of
12 1570 Government securities and industrial shares. But the "bear squeeze" was accompanied by a fair amount of genuine investment buying and this became more evident Friday following Mr Butler's encouraging statement the bank rate increase.
Gilt-edged securities led the recovery and some sharp prive rises were recorded. especially War 2001620 Among long dated stocks,
Loan 3% per cent went up fron
£81 to £95% and 2 cent Consols from £60%
£04 with other stocks showing | fully rises of £2 and more.
In Cotton
K Whart Provident (or
X AB Wheekick LAND, ETC
UK Hotel MK L
XD
Humphrey
US
710 7 20 2000
710
14 30 10
05
123 03
F
XD
22 30
Really
202.
UTILITIES
Tram XD Yaumass Ferry
20 10
X AL
C KH VỚI 17.00
114
C. Light (73 34 10 14.30 Electric
35 35.
EUG. 33
500 15
per cent in 1954, the March review of the International cotton advisory cominlttee showed today",
Problems that confront the industry are tending to multiply. The point has been reached where foreign competitors having W tiles increased about ten already deprived Lancashire of much of its export trade, are now threatening it in its
And this domestic market. industry feels is where the Government should step in with some form of protec- tion.
Own
quarter alone. week
Ahogether the drop wiped out $10,000,000,000 from the valua-
tion of bed isues,
financial the What pleased district weB the fact that the
decline
ended just above the 17 when lows SCI оти Jan another brenk had followed a rise carlier in the year. This, said the experts, was a sucecs- ful test of those lowe.
NEW BABE
felt
the
The root of the trouble is the kuport duly or imposing quota For the volume of grey cloth Imitations on them. growing
Brikan
threat does not come from this fron analy imported
More forward India, a country that was once Lancashire's biggest overseas looking cotton mam ure keeping an anxknus watch on the growth of the Pakistan textile industry which may one day, they say, be io u position to compete ina the
home market.
customer
These imports which increased Dom 10 milion square yards in
trillion lust your 1933 to 133
frum
соли
British
to
Exports in the free world were
al estimated
5,200,000,000 square yards, a substantial in- crease over exports in 1052 and 1953.
The
sald committee
Japan showed a marked increase in trade during 1934, although exports still were less than half the pre-war total,
Telephone
5.23 G
22
effects are already being seen; but it will be some time bolore industry feels the full impact of the dearer money policy. And
does there can be no
per assurance that stock matkat to prices have adjusted themselves
AD the new pattern interest rate,
However,
The selback on Wall Street at
the return of in-
to the beginning of the week kept stitutional Investors
the Industrial stures rather depress-market, as buyers is an indica- tion that in tiis quarter at least 10 2300 17.70ed at first, but with the opening
1300 17.80 of the now account on Wednes- yields now obtainable
on gilt- 1000 LE 17 70
with the strong edged securities and first class day conciding 900 26 14.29
the New recovery
York indastadal shores are consideredt prices began to move attractive; and this should en- market. vigorously ahead.
courage many small operators to follow suit,
XD ..... 3111⁄2 331% 2000 ne 33
INDUSTRIALS
Cement X AB 20.00 20.30. 1900 e 20 10
A downwand trend in textile ex-STORES, ETC.
ports the United Kingdom bay continued uninterrupted since the boom
years of 1950 and 1951. Last year the United Kingdom's exports werd only une-third of their pre-war volume,
constitute the greatest threat Hongkong, too, is often mention-
a potential danger to Lancashire's livelihood. Unlike ed as
ports of grey cloth from Japan Brita textile interests. which must be re-exported after
But apart from restricting im- processing in this country, those ports from India-which it would
India and the United States are India
Into direct
the major exporters of cotton with
Lancashire be reluctant to do the British
exports. India exported competition products in the Home market. Government can only help Lan-
900,000,000 square yards last indirectly. Certainly cashire According to a Government es-
year, and the United States a scheme pro- timate one half of the cloth im- will not support a
Mr Harok Wilson,
exported 605,000,000 square ported from India last year was posed by
President
yards. of the Bourd former re-exported.
of Trade in the Socialist ud- with the exception of Italy, ex- ministration. This visualized a EQUAL OPPORTUNITIES
poris of continental Western cominission to bulk purchasÉ
than Europe now are higher cotton grey cloth from abroad Lancashire producers wouldn't
belbre World they were mind this so much if they were and restrict those imports deem-
Wer United Press, to be based equil
opportunities tood given
Some others, However, that the market night again test the low levels. Others said it was compete in the Indian market, | compertilion. cegaining cbnfächer and mak-But this is for from the case. a base for a new recovery Imports from India are allowed movement, possibly to new highs, enter Britain duty free. But inexparts from Lancashire are sub- The subsequent recovery
the past four market days Uhls Ject to prohibitive import duty
on entering India.
week restored
13.30 points
to
the industrial average, a recovery- Partly of 47 per cent. Ralls came back 3,92 points or 30 per cent and Uvities 1.52 points or 45 per cent.
Overall the market regained more than $4,000,000,000 of the $10,000,000,000 It had lost the decline-United Press,
130
19
อ
this result of direct competition in their home market and parlay through the huts of capart trade to Japanese rivals, Lancashire cul- ten mills sae facing one of their
worst crises,
their
on
QUALITY GOODS
"unfair"
The British industry may have to reconcile itself to producing less; but in any case it must con- centrate in the future on produc- ing goods of the highest quality. For in this fleld it has a clear lead
Pakistan And Germany Trade Deal
22.00
13 40 13 60
Dairy
Wathon
COTTONS
Texille L'orp Nanyang MISCELLANEOUS
0.20 0.95
Allied
4624
Indus-
ELECTION HINT
INDEX FALLS
The Financial Times
Purely trial share index
which cloods though the previous week at 175.0 fell matter slightly to a new 1965 low of 175.7 on Tuesday and then ad- vanced to 181.4 by Thursday's close rise of 5.7 in two days. Most of the top grade equities finished shillings higher on the Imperial Tobacco gained week.
1s 7d, ICI Unilever 48 3d
1 101⁄2d to 62a 711⁄2d to 41s id,
400 18,000 m 4.45
67004 3000 ho 1000 or 4.070 1000 4.65o 70s 3d Turner and Newall 50004023 38 4d to 101 4d and Great Universal Stores 4 111⁄2d to 023 7d.
Singapore
economic considera- all that ate not In the stock markets. They are often not even an im- portant influence. Some part of undoubtedly stemmed from Mr last week's buying, for example,
Bevan' Parliamentary
expulskom from the
Labour which hinted (to say the least) Party at a resounding Socialist defeat
at the next generad election.
In other markets olls were dull at first in sympathy with Wall Street, but prices recovered, inter to show appreciable guter on the week, British Petrol moved up There were numerous other from 71s to '74 Bd and
Shell gains ranging to four shillings were Os fd better at 129s. The
markoot The question in the market European
was unaffected by the
Economic Commis now is whether the decline hassion's criticism of oil prices. been finally halted, There can be no certainty about this untu Copper shares benefited from the bank rate medicine has the general improvement worked its way Singapore, Mar. 21.
through the sentiment as did teas and rub- Brokers today quoted to fol- Mr Butler pointed out, that its
economic system. It is true, as bers. Gold shares also made lowing stock prices:
good gains.
Stock Market
Syndicate
Consolidated
Ordinney
Fraser and
Neave Lid.
Ordinary Serve
Fruer and Neave Ltd..
_75%% cum, prof.
British Bororo
Petroleumti Tin Sineliers,
Opening
Kis Gd
306 d.
$1.00
$0.00
Hongkong & Shanghai Bank Corporation (Colonial Re
later)
EVERETT
1934
Maligne Breweries
$23.93.
$1.70
Singapore Cold Storage
$157
$20 2
$23.00
Ordinary
$10.75
$11.00
over its low cost foreign rivals.
Karachi, Mar. 20. This gives a clue to possible Government action.
Pakistan today signed an 18- At the
trade the British
agreement with mills are month moment under strong cecnomic pressure West Germany. to produce low quality material Mr Kenneth Boardman, pro- that excapes purchase tax. If the Under the agreement Pakistan | Rames Hotel ......
will export jute, cotton, hides, South Belish Insurance minent Lancashire industrialist, tax were removed,
they argue,
LO Strata Trading and carpets said last week that of fourteen they would be able to sell more sports roads
Valted Engineers mills with which he is connected better quality cloth in the homel Germany and wilk import from Straits Steamto
metals, alloys, "the spinning section has booked
market and thus lay the essential that country
and | Weerne Brothers less than 50 per cent of its pro- foundation for an expansion of chemicals, photographic
optical equipment and vehicles. Hongkong Ti
Petalog ..
with diyChina Masi Special, of Commerce The Ministry But the removal of the hated
the Ogree- purchase tax would not in itself cuncement cald
survival ensure the
hement provided that imporis
U.S. Cotton duction during the past eight exports.
Consumption
bales
to
#
wocks." In the same period cne weaving shred with a thou- sand dons had not been able to book 20 per cent of its pro- duction.
FORWARD ORDERS
of
industry. If Lancashire is to im- from Germany will be allowed The Bank Of England
assistance
Statement
London, Mar. 20.
The Bank of Engand state-
16, reads as follows:
prove its products it will need on as favourable a basis as those Washington, Mar. 20.
to scrap much of its present of any other country in accor- The Commerce Department
obsolescent machinery and install dance with import polley." reported today that cotton Forward orders were virtually up-to-date plant. This will, of
It also provides for consulin- consumed in the seven months
non-existent, he said, and course, require individual effort, dnded February 28 totalled hundreds of mills in Lancashire but Government could help by facilities for Pakistants, and onment for the week ended. Mor.
Lion on educational and fmining 5,120,007
compared were in similar or worse plight, making it easier for the Industry Pakistan's technical 5,107,210 in the like period
to raise the capital needed for its Mr Boardman has no doubt equlpinent programume.
requirements.--United Press, year before
where the main trouble lies. Consumption in February was indio, he said, is dumping vast 640 last February
by her own new cotton Offcial reported that cotton subsidy and the fact that no on hand in consuming establish duty is imposed on her cloth in Britain Indiana co the other
Algerian 720,815 bales compared to 685aza of cloth info Byštala
Television was started in the Command,
with beginning Libya, where entertainment scarce.
Five more stations are
Is
plannctioning of German
com
ments at the end of February hand are determined not to take totalled 1,877,945 bales pared with 1,021,878 a year any Lancashire cloth
COM
Reports, come in daily of oot-
Anglo-Japanese Payments
Sterling
Note in circuişlion .... 1.680,274,620 Public deposite .
The Bank Of Franco Private deposits
Statement.
Government securities Other securities Receipts Ralio
11,200.002 339,703,139
297.801.029
34,152,163
47400478 13.1 United Press.
Arrives Salle
Balla
LINES
Penang
-Chun plesirég (per 100)....
MARITIMES
INGER/FREIGHT SERVİCE
Bailing Apr., 9th salline May 20th
EVERETT ORIENT LINE
Fast regular freight refrigerator passenger service to Korea, Japan, Philippines, Indo-China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Mar. 22 from Manila, Mar. 23 for Singapore,
Rangoon, Chittagong Calcutta,
"LENEVERETT”
Arrives
Mar. 28 from Singapore, Mar, 28 for
Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Puran Mani Kobe/Okinawa).
EVERETT STAR LINE
Fast regular freight refrigerator · service to Japan, Malays, Colombo, Bombay, Karachi and
1. Persian Gulf, +(Bubject' to inévesment for direct call Koren)
“STAR ARCTURUS”
Loading
Mar. 31 for Kobe, Osaka, Nagoya" &
Yokohama
“STAR BETELGEUSE" Arrives Sails
· Mar. 24. from Japan
Mar. 28 for Singapore, Fort Swetten. ham, Madras Colombo Bombay, Karuchi, '; Khor= ramshahr, Barrah, Kuwait & Bahrein,
LIMITED PASSENGER-ACCOMMODATION)
(Accepting cargo: for: transkipment 20 Kobe/Fusan and ̈÷Kobe/Okinawa) EVERETT STEAMSHIP CORPORATION S/AR
{{Oscorperated in the}, Bepubllo, et PanamK- >With- LIMISHA! Kdability) Departmenti. Téléphoni
ng,si Telephone:)37206,
Frane 201,281,501,490, 11,240,868,280
73.432.412,194
£1,700,000,000
Paris, Mar. 20, The Bank of France, statement for the week ended Mar, 10, reads as follows: carler. Stocks on hand- Er was speeded up with publle storage and at
Tokyo, Mar. 20. property the approach of West German
presses on correspondent dates ton companies which have been Japan has proposed to Britain Total sold holding:
Tutal other currencies sovereignty. At Wiesbaden, two
amounted to 12,741,826 bales forced to close down, temporarily that the two countries should sight balance abrosd hotels are to be built soon for against 11,628,102..
or go into other businesses. So open negotiations" in Tokyo on To EPU OMECTS in transk Women's
far there has been no serious May 25 for a new sterling pay Advanow to Air Force officers, and civilians,
cotton consuming decling in employment but there ments agreement to cover the 12 Total bills discounted so that four German hotels at spindles at the end of February is little doubt that many mills months period from July 1 this Bank notes in circula- present used by the Air Force | fotalled 1,944,000 against 17,- | are keeping workers, on their year,
the Japonesa Foreign Current accounts and may be handed back.
008,000 a year earlier. United books even though they cannot Office sold.
deposite be fully employed, in the hope that trade will plek up again shortly
Active
The West German Govern-Pros ment is paying for the hotels, small skyscrapers with 000 rooms altogether, costing about 3,000,000 dollara. They will be German property when they are no longer needed by the United States
Alr Force.
FIVE
NEW
CHURCHES
Five new, churches have been built in the Domenand,
boen
Housing made similar DTURNIREK prefabs have been put to- use In North Africa/
Special
programmes hava
· caravani id:Franco--China” Mail
U.S. RAW COTTON
EXPORTS
Staffs, JunKS
Foreign Office sources pald Japan, made the proposal in the measurement, wana talks which were in progross int the British Embassy for an ex- (forjadojk of the current Anglo-
Japanese Payments Agreement
ven
a
ELEVEN OVE
The number
factories engaged in the industry is the New York, Mar. 20,- Howest for 18 years. Eleven mon
exports by went right out of busi cotton destination" da reported in bales | yed
Raw,
The m [by, the -New York Cotton In eration mall, by more thi Exchange for the 1954-65, or 1,100,000 and these we 40 March 15 were on follows
7,000, fewer Roome, at ve anony
1985
Inoen we using Babin tại
extend the current agréén from March 81 to June 30,
Exchange Rates
Budem, was done in the ins saxofficial, | exchange
In Port Bolls
23,607 850,000
1.3. dollar (der $1)
5.82
Indoesten slipdih (per 100)
Cicale (per:100)
ngapore (Etraits)
MESSAGERIES
Meeting noted (cas £1)
Mar Apr 21st
in