West Indies
Federation
Possible
Port of Spain, May 29. "Federation of the British West Indies, first suggested about a century ago, should now become a reality within a measurable future,
attending the With "success recent conference on the ques- tion of migratory problems be tween the islands interested in federation, the green light has been given for carrying out the Arial step to forge tén scattered colonies, some large, some small, into a West Indian nation of about
people,
As Trinidad's
Mr
3,000,000
Albert Gomes;
portly Minister of Labour said recently: **The main batiles of federation are already won, and only a few minor skirmishes remain."
It had been anticipated that the conference on migration, or freedom of movement, between the various islands, might ruri into difficulties. But such was the spirit of compromise shown that agreement was reached in eight or nine hours of discus- sion over three days that, and a good deal of activity be- hind the scenes.
RESPONSIBILITY
Briefly has been decided that the various islands will
deal with their own Immigra- tion problems for a period "five years after.. federation. Responsibility will then pass
to the Federal Government for the control of inter-island migration.
►
Fears that freedom of move- ment might produce a rush of job-seekers from the smaller, poorer islands to the large more prosperous ones have been nainly expressed by Trinidad's East Indians, whe number about of the one-third
Colony's population of 650,000.
The East Indians have in-
belief that dieated their
stream of immigrants in search of work might
unsettle
eronomy of the island.
the
THE CHINA MAIL, MONDAY, MAY 30, 1955.
TRADE and COMMERCE
SECTION
BRITAIN FACES ECONOMIC City Celebrates
Cotton Export Committee
Washington, May, 29. Secretary of Agriculture Mr Exra Taft Benson, at a news conference announced the formation of a cotton export advisory commitee of eight members to work with
the Department in studying the cotton
situa- with
particular
Lion,
phasis on exports.
-102
Ho sald the committee would help formulate a programme to facilitate the disposal of cotton now owned by the official Com- modity Credit Corporation in Amanner to serve the best interests of the Gov- ernment and the cotton Industry-United Press.
NEW YORK
STOCK
MARKET
REVIEW
By Elmer Walzer
New York, May 29. Restrictions on credit plus a sèries of Washington blasts against speculation sent trading volume on the stock market last week down to the lowest level since Oct. 1, 1954.
Two groups provided some speculative fireworks the air- crafts which rose on indications. the Air Force will step-up plane purchases to match the Russian gains, and the aluminium" issues which got
a boost from a re- been told more They have
ported shortage of the light than once that such fears are porusa groundless and they
mctal. were advised
the
retiring Experts in the aluminium field by Governor of Trinidad, Sir assert there in ne shortage ac- Lully, but an artificial one is in Hubert Rance, in his speech at
of the the opening of the confererer the making because
Government's stockpiling pro- on migration to regard them-
gramme. first, zelves as "West Indians Trinidadians second, and East
·Indians last of all.".
SPOTLIGHT
Recent >. developments, evolving the federal plan have spotlighted the fact that the large industrious Indian com- munity in Trinidad maintains itself in a somewhat tight racial cell. This is something of a hush-hush subject, but men such Os Mr Albert Gomes have open- ly referred to the problem raised by the lack of desire shown by the East Indians to become assimilated in their sur- roundings in the West Indies.
It is not too much to say that the attitude of the East Indians, and their influence, present and potential, is accelerating the whole process of federation.
Elections are to be held in Trinidad in September and the East Indians are making plans to put up the biggest effort they have made so far. They are organised the best Possibly section of the population and success in the elections would place them in a position where they might jeopardise the federal plan.
A GESTURE ..
Now that a solution has been found for the problem of migra tion,
there is discussion of
נות
DILEMMA
How To Keep Prices
Down And Maintain Full Employment
From Ronald Boxall
L
London, May 29. “ Following the Conservative victory Britain is now faced with it biggest economic dilem ma since the war-perhaps since the great depression. It is how to maintain full employment while holding the cost of living stable.
This should have been the central issue of the election campaign. But in fact no one mentioned it. A lot was said about full employment and the cost of living but nothing was said about one in relation to the other:
IMPERATIVE
Hopei Exceeds Cotton Target
Tokyo, May 29.
biggest Colton growing province, has exceeded this
Hopel, China's
year's
cotton sowing target
by
2.3 per cent. This is 26,- 000 hectares more than the the area sown last year, New China News Agency reported tonight.
Farm tools and fertilisers supplied by co-operative stores in the, cotton grow- ing areas were 10 to 28 per cent above last year in the first quarter of 1955. France-Preuse.
N.Y. COTTON
MARKET REVIEW
Tory Victory
From Our Own Correspondent
London, May 29.
The election result confirmed the City's highest expectations. And the London Stock Exchange celebrated the Conservatives' victory by putting share prices up to their highest ever level.
During the week growing confidence in a Conservative win led to a minor boom in industrial ordinary shares and the Financial Times index rose from 192,2 on Monday to 195.9 on polling day when it stood less than one per cent below the all-time peak reached last February 3.
DISCOUT offing.
As signs of * Conservative But though industrial shares victory Became more and morb romped ahead on news that the unmistakable on Friday prices Conservatives had been returned leapt ahead many of them to to power with an enlarged new peaks Steels now freed majority some experts believe a from the Socialist renationalisa- reaction was in the tion threat led the way with Stewarts and Lloyds out in For one thing they pointed frnat. Gains of up to 6s were out that a Conservative victory recorded,
had already been fully dis- counted in markët prices--and Confidence in the cutcome of speculators were not expected to the election was unquestionably wait long
before taking their the biggest factor in the week's profits. In fact some prod strong advance of industrial taking did take place after the But there were other initial marking up of prices on influences operating keep Friday morning, but it petered
shares.
prices up.
out later on.
The belief that prices cannot STERLING IMPROVES stay at their present high level.
for long is based on the assump Improvement in the sterling tion that the new Conservative
will
pursue monetary
ΠΟΡΣ
Tecmit im
the
new
By William T. Plunkett New York, May 29. Cotton prices operated defensive position The i This vital fact seems to have from a Well after all it was election of ving to be stable. time-and blunt truths hurt question is: Can we have both; /cluded politicians during the this week as market activity | exchange rate and the easing of | Governintent where the votes come from. But or must we choose one course election debate. They were too dwindled to the slowest pace pressure on the money marker tourn
were favourable factors- Despite ils evidence was at hand all the and pursue it at the expense of busy arguing about the price of of the year.
.』 pound of. butter.
But
At Friday's close the list was especially in the gilt-edged
the balance of pay- ment time just waiting for someone abandoning the other?
economists have seen it coming off 13 to 26 points, or 65 cents market where prices were most-ments position is still the weak to weld it into an intelligible
war Since the
Britain has for a long time.
to $1.40 3 bale lower than the ly higher on the week. And spot in the country's economy argument. It would have gone
gone all out to maintain near full
preceding week, something like this:
good
company results and a frm hand will be needed Both the New York and New added to the general good cheer to keep inflation at bay later this Everyone wants full employ-employment and she has paid
year. Moreover, if A few days before the election | Orleans Cotton Exchanges ad- in the industrial share market. dearly for it. But only because mont Everyone wants the cost organisations on both sides of Sir Oscar Hobser wrote: "It is journed trading until Tuesday
Oa. top of all this high class for convertibility this year-and Government intends to go all out industry have sought to turn the imperative if our balance of morning for National Memorial industrial shares
were being it situation to their own advantage payments is
be placed Day. not to
bought on behall of American is already being said that it The people who have been left under a greater strain that the
willthere is little likelihood of New market interest mean-investors Now that Wall Street any further reduction in the organisation to fight their cause and wages index (which clearly traders awaited new incentives. yields on the equities of famous bank rate in the near future.
It is true that recent company pensioners, a large pro has a considerable casual respon or clarifications of overhanging British companies are temptingly results have been all that in- portion of sularied workers and sibility for the rise in retail uncertainties.
higher than those to be earned vesters could ask for. But when the one-man businesses.
prices) should be checked with- Crop and farm leglatation un-on stocks of a similar calibre in
the election celebration is OVCT out delay."
certainties, plus a slackening de- America. Shares mest in demand
and s calmer
atmosphere
pre- those fr textiles, were other were
of the mand
Imperial valls there will probably be a But how? That is for
Paper, slight retreat, from the present Conservative Government factors operating to hold new Chemicals,
Electrical and Musical In high prices. But no one is ex- and pecting the market to go into
a long decline.
Indian Steel behind are those who have no rise both the cast of living while became stalemated while stocks are so high-priced, the
Magnate
In America
the
POSTWAR CAUSE
2
DOW
יז
Bowater
to decide. And they should start market interest in check.
Interest centred dustries, Ford,
out
restrictive
Unilever
EVERETT
War and the immediate post- war conditions were the original
Uppermost cause of rising costs-and they by stamping
policy for British Petroleum, Pittsburgh, May 29. were beyond the control of any practices
on both sides of in- in the Government
next season. raw cotton Koppers Co. Inc.
But en-government.
has dustry. what
Agriculture Secretary Mr Benson
cight-man gineers are now "finalising" kept prices rising or prevented
And this will require blunt appointed a special designs" and specifications them from falling are restrictive
And they could be talking to trade unionists and advisory committee to explore Both, those groups soared but for an extension to the practices.
manufacturers alike. It will re- possibilities for reducing the raw controlled. neither helped the averages. The open hearth facilities of the
rethinking cotton surplus. Whenever there has been
fundamental quire industrial
has
EXPORT GOAL average
Tata
steel-making opera- fresh rise in the coat of living of accepted ideas - including aluminium stocks and only one
Trade sources understood the aircraft Without them
spokesman the a
workers have immers of protectionist traie for the organized
higher policy. It will an open mind
between Ave and average managed, nonetheless, tions at Jamshedur, India, mediately
at. exporting to rise by nearly
can six million bales each year and the railroad average nearly
them sometimes because they cally independent tribunal
that steps may be initiated to points. Utilities ruled steady.
The work for Indian steel were justified, but more often bring to bear. And above all
Until
the
subsidy export The market all but made new magnate Mr Tata is entirely en- because the unions concerned will require courage to do what achieve that cbjective. bull market
press Service.
clarified, highs. The in- gintering in nature rather then used or threatened to use the has to be done, London Ex-
question is
foreign buyers of raw cotton continued dustrial average came within construction, the spokesman said most restrictive practice of all: five points of its record high end The firm has been
handling
to mark time. The next step in this well the rails within less than three engineering contracts for Tata
known inflationary process is U.S. points of its high.
the past two years. BEST GAINS
Indian industrialist..and for prices to rise again to meet Through the close on Friday financler in the United States, higher wages bill of industry.
and
S points and Pittsburgh firm said today.wages. And invariably they go of the sort that only a politi. / Govemment goal will be almed
11/2
strike action.
has risen in seven reported to be seeking a multi- And everything is set for a new sessions for the In-million dollar loan for expansion twist of the spiral.
facilities.
RAW COTTON EXPORTS
New York, May 20. cotton It does not follow from this Raw
exports
put or eight six out of eight of his strel-to be con- that strike action should be out destination as reported in bales
by
season
400,190 1.392,054
Meanwhile, arrangements were announced whereby
Italy will buy $36,000,000 worth of cotton (approximately 200,000 bales), but details as to when the pur- chase will be made and shipped, are not available.
Pakistan also has been au-
of cotton under public law 480-
•Formosa in foreign currency. and Nationalist China were, due to receive offerings on small amounts of raw cotton. was talk in Washington, traders said, of increasing trade with Red China, including cotton- United Press,
There
the market
dustrials for the rails.
The best gains of the week He is understood were recorded on Thursday where Export-Import Bank and lawed. The right to strike is by the New York Cotton Ex-thorised to buy $5,200,000 werth
Government officials along with as sacrosanct as the principle of change for the 1954-55 the Industrials
up 3.18 private sources
concerning the full employment ilselt. But it to May 24 were as follows:- points and the rails 1.29 points, mancing.
should be recognised that strike Britain Railroad issues were helped
The Koppers official indicated action which is taken irrespon- from time to me by issuance the firm was not involved in the sibly even light-heartedly of favourable
earnings reports! Joan discussion because the Com-simply because of the fact of and another rise in car loadings, pany's interests are "engineering full employment is a powerful this one carrying the total to and construction", not private contributory cause of the rising its best, level in 19 months.
dnancing
cost of living. Chemicals enjoyed good "Undoubtedly, Koppers market from time to time and presentatives will see Mr Tata seve several
of the group reached while he is in this country," the ice keeps prices up; but there new highs. Steels had their spokesman said. "But their dis- is another kind that keeps them
cussions are expected to be more from falling.
good and bad moments. Olls and motors moved narrowly,
abong the line of possible future,
Thy week's news picture was
work in engineering und con
a bright one. Leaders in the struction" rather than with basic
their annual convention predict
steel industry meeting here for nancing-United Press.
where the federal capital should 100 per cent through the third
be situated. It has been sub- gealed that the bigger units
the
A
ed operations ranging from 97 to quarter. Automobile production dipped
moderately because of some plant shutdowns.
coming within the ambit of the Building continued to boom
federal gesture to the smaller units by having the capital in one the lesser islands. Grenada has been mentioned.
plan might make
ΟΙ
ahead with new records broken in all departments. Electricity output rose. Deposits reached
s record high in savings banks, of the The purchasing value dollar held just about steady in The now tendency, possibly as part of the process of ac-April according to the national Industrial conference board.-
vocate the
celerating federation is to ad- United
establishment of the capital in one of other of the three big islands Jamaica, Trinidad or Barbados, known here as "little England.”
Those who advocate this stress that the establishment of the capital on one of tho Jarge islands, with their better communications and .Dccom-
modation and other advantages, time and
would save trouble.
both
No decision has yet been reached on this question.
Press
Communist Bicycles
For Malaya
Kuala Lumpur, May 29. Bicycles made in Communist China may
flood the Malayan market if negotiations between Malayan Cycle Dealers
That kind of restrictive prac-
DELIBERATE POLICY Full employment is a deli- berate policy requiring, deli berate Government intervention"
felds in many
of economic affairs.
Take the question of foreign competition. Goods bought from abroad rather than from home not industries may or may
But threaten full employment. the tendency of politicians in this matter is to be on the safe side. So high tariff. walls are erected to keep out some goods altogether and to make others so expensive that they cannot pro- real competition for their British counterparts.
Every country does it and But protection
Malayan Tin Acciation and manufacturers understandably.
US
Sold To
Singapore, May 29.
Tho
In Shanghai prove satisfactory, of the home market gives rise.
to the second sort of inflation- it was learned here, today,
producing restrictive practices
a meeting of 200 cycle the manufacturers' price, ring dealers held at Malaya last week and other monopolistic devices. the Association decided to write The Impression is abroad that to leading manufacturers in Britain depends on her foreign US bought more than Shanghal for quotations of trade, Without exports there half the total quantity of tin factory prices and fright charges would be no imports and with exported from Malaya last year, according to official statistics..whether these bicycles are Im-employment.
An Association spokesman said out imports there would be no One tin source said it was possible the US would maintain ported into Malaya in quantity the high level of consumption will, of course, depend on the
prices quoted. Pada
WILLING TO PAY
But Britain can only sell
Mr Albert Gomes has referred. total
Important as $15,000,000 Malayan totis worth British or other foreign manu- if these are higher than other
dollars.. factures"
in the current year. * But that is merely one of the The US purchase last year "Dealers will probably want abroad so long as foreigners are *minor skirmishes" to which totalled 40,000 tems but out of a them at a lower price than willing to pay her prices." And
What is more
countries they will go elsewhere, Parliamentary
One local dealer Tin-sources believe that the
said that So if prices rise fry Britain Under-Secretary for the Cole US was sill buying the maturial Chinese bicycles, would have to faster than they rise in coun
for stockpile They said that sell at about 65 to 80 Malayan tries which compete with her statistics for the past three years dollars to compete with British for exports showed US imports of Malayan machines which have already grave risk of pricing, herself out that progressively increasing made a name for themselves in of world markets. And it i quantities United Press.
Malaya.-United Press.
beginning to happen.
nies, said here recently is that the West Indies went federas tom and are steadily progress ing towards it.China Mail Special
then, the TIMS
Continent Orient
Canada
1,000,378 304.122 Total for season”
3,056.453° Same period last year* 3.677.330
Excluding inters.
United Press.
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