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VOL. II NO. 187
The
Printer and Publieker
Dine At the
P.
Hongkong Telegraph. G
Momentous Financial
MONDAY, MAY 12, 1947.
Nanking's Date Approaches
Loan Hopes
Washington Wary Over
Govt. Reform
Nanking, May 12,
The Nanking government is encouraged by reports that the United States might grant individual loans to China for sound specified projects but is wondering how far Generalis- simo Chiang Kai-sheh will have gone beforehand in further "broadening" the government.
The recent appointment of Chang Chun nu Preinier and the inclusion of representatives of the Democratic- Socialist and China Youth parties in the complex administrative mechan ism, while representing an advance the previous postition, apparent- ty has still not gone far enough to Butty Washington,
over
There is no doubt in the minds of diplomatie quarters in Nanking that the government, while "coull- tlon" in outward form still very much part and parcel of the Kuomin tank.
POLITICAL CONCUBINES More cynical observers regard the two minority partles simply as pollt!- col concubines acquired by the Kuomintang for the purposes of ex- pediency and say the term coalition is far too
The
confronts
Danger Of
Of Blocked Sterling Balances
London, May 11.
If India or Egypt fail to send delegations to discuss their sterling balances, or if their delegations having come find it impossible to accept any of the terms that Britain could afford to offer, their sterling balances would almost
automatically become blocked on July 15. Britain would have no choice in the matter.
One may expect, however, that this disaster will not occur and that the matter will be 'settled on the basis of human needs.
On July 15-a momentous date in world financial history any sterling which is spendable anywhere has to be made spendable everywhere in the Dollar area equally with the Sterling area. That is what Britain has undertaken 40 do under the Anglo-American Loan Agreement and what she intends to do. She has already done it for all sterling which is spendable by anybody in the United States, Canada and Newfoundland, Central America, Venezuela, Colombia, Argen- tina, Belgium, Holland, Portugal and Italy,
She is bound to do it for the whole world by July 15
Heavy drawings on her sterling balance between May and December last year were mainly to finance her fond hoperia,
Regardless of all elaims and counter-claims Britain cannot let India atarve so long as any food is available to be bought and Britain has any dollars to pay for.
Since nobody suggests that Britain could possibly make the whole of the £3,540,000,000 accumulated ster)- ing balance convertible into dellors, she is bound-falflug agreement on what proporties of them can be released to make them unspendable St. unywhere. The methods would be So far, all negotiations appear to either by blecking them or by ex- I have contemplated some definite per- cluding a recalcitrant creditor coun-centage of releases, with India want- ing a bit percentage and Britain offering a small one.
creasing dificulties in what every one regards ng # year of crisis, brought about largely by the untry from the sterling area. abated inflation and the seeming in
nbility to crush the
the Communists At present every penny of India's
within the foreseeable future.
of
THE HUMAN ANGLE
or Egypt's sterling balance is spend- able on anything whatever that can Some of the more Liberal element be bought for sterling-which fa- Ing would welcome a revival |
negotiations munists but the
on the Lander stock exchange because neither side Emuire and Britain's entire experts. tremely dim would like to compromise to the
On July 15 any part of the tent which would satisfy the other balances agreed for release as spend-
From all appearances the, govern- ment will not put out pence feelers ble anywhere must become spend-
with the Com-cludes £20,000,000,000 of securities Import programmes, especially their 1
ex-
On human approach it might well be left. Indeßnitë, Britain and India would co-ordinate their essential
would dollar
undertake to
whatever Fool deflelt India then incurred.
Britain's "agreements" with the
especially as the Minister of Noable everywhere and all the rest mirtions are very
tional Defence, Pai Chung-hst, and become spendable nowhere except as may be agreed for repatriating other key figures
avowedly are
possible British owned assets in creditor convinced that the only
countries. In default of agreement settlement is on the battlefield.
on the release the whole lot be On the diplomatie front China
comes unspendable anywhere unless and Russia appear nu nearer com-
Eritain unilaterally concedes ron- their differences posing Calren
Arthur.-Assc-vertible proportions. and Port clated Press,
cd
over
COMMUNAL RIOTS
even
much on these
no delnite percentage of re- leases are expected to be arranged.
ran
her
The Royal Family Return Home
Cheered By Three Quarters
Of A Million People
Portsmouth, May 12.
Britain's Royal Family returned from a three-month tour of South Africa on Sunday to a noisy welcome from 750,000 cheering subjects who jammed Ithe beaches for a glimpse of the home coming.
Precisely on schedule HMS Vanguard Aying the Royal standard nosed into the harbour under an echoing royal salute of 21 guns.
JINNAH ON PARTITION
Molomed
New Delhi, May 12. All Jiffrah, president
the
LANDING TODAY
nows- area
For
Reservations
Tel: 27880
Price 20 Cents
War Brides Return By The Dozen
Disillusioned By U.S.
London, May 11.
If the present clamour in the British press continues, rationed Britons soon will be feeling sorry for unrationed Americans.
Britons read in the Sunday press again today of the "scores of GI brides returning to Eng- land. sadly disillusioned by their experiences in the "promised land" across the Atlantic.
The newspaper Reynolda News binred the headline: "We prefer Britain, say GI wives."
wero
Al Joast ten British brides, the paper sald, had returned to the city of Preston alone. "Others" reported to have gone back to Man- chester, Liverpool and Blackpool- some of them bringing their children.
A British Army welfare organisor in Lancashire was quoted as saying that on alarming number" of in- quiries bad been received from Bri- tish parents seeking ways for their daughters to return from America.
According to other welfare officials, It seemed "obvious" that a high pro- portion of the marriages between Lancashire girls and Americun servicemen had gone astray.
HIGH LIVING COSTS
Cx-
In other cases, British girls wero quoted as saying they wanted to ro- turn home because they wero "appalled" at the high cost of living in the United Stateą.
Here was a story the Reynolds News printed from one of the wives who returned-Mrs Joan del Clono, who came back after eight months in Jersey City,
"I just had to come back," Mrs del Giono said. "I could not make enda meet because of the high cost
of ilving. It la much better to be back In rationed England than tramping around American shops looking at stacks of food and other things I could not afford to
Mrs del Giono said her buy...
who was studying law, received a government grant of US$20 a week and earned US$10 extra working in a huge store. to
"But ail $30 were worth no more than 30s in England," she said. “We Just could not live. So he went back in the Army and I have re- turned:"-United-Press.
Performs Impossiblo
The King, Queen and Princesses, In the privileged dock area when browned by weeks at sea and by the Vanguard arrived, were members
South African sun, stood for of the familes of her crew. more than half an hour on a special papermen and officials. The platform over the forward gun. was out of bounds to the other hun- turrets as the 42,000-ion battleship dreds of thousands who had crowded steamed past the jetty slowly and into this south coast town for the slipped into her berth.
event. The beaches were overflow- ed and many stood atvantage points With India's bigger rice erop and
on Portstown hill behind the city, The Vanguard, newest battleship
It
their Majesties first with the sign that the corner. in the
was be of the Moslem League said to lay in Britain's fleet, had dawdled along Western Hemisphere grain may be that if the British decide to parti ahead of time. She was escorted February 1-Associated Press.
homeland for nearly 24 hours to avoid arriving | glimpse of the
since breaking, India's drawings on
tion India, the Central Government Into the harbour by the Trinity sterling balance might well be less than Inst
(They year.
about must be dissolved and all the powers House yacht Patricia with the King's
- BUSY DRESSMAKERS transferred
the to £10,000,000 monthly while at pre-
two separate brother the Duke of
London, May 11, sent Britain la hoggling with Brazil constitutent assembleys representing aboard.
and Hindustan.
While London gets ready Pakistan (Moslem:) NO CHOICE FOR U.K, on the difference between £1,500,000 and £3,000,000 yearly). Britain
similar suggestion was advanc The Patricia took over from the celebrate the homecoming of the
Dladem and but India ed on Friday by Sardar Vallabhal cruisers
Cleopatra Britain has no choice in the matter.us
Royal Family, harassed dressmakers not go bankrupt,
Palel, strong man of the The United States Treasury strongly mast not starve,
pre which had sailed with the Vanguard are fast getting cramp stitching to objected to the clause in the Anglo- This approach might well scem dominantly Hindu Congress party from Cape Town. Six motor torpedo satisfy the demands of their fashion- American agreement allowing Argenmore appropriate to two peoples who and the Home Information and boats patrolled the harbour to keep nule clientele. Amritsar, May 12. tina to use her accumulated sterling have both suffered heavily In the Broadcasting Minister in the In- the channel clear of crowds or gally Deep silence reigns in the crystal
chandellered salons | decked sightseeing boats.
Optimistic Three more persons were killed to settle any adverse balance of pay war, which neither of them sought. terim government
customers are turned away. No With certain other countries Bri-
alterna- Palet's proposal was un and three injured on Sunday In comments with the sterling
more orders can be taken. in the munnl
bringing Cagunities though. It was almost inconceivable in certain other rioting
from a very live to his principal thesis that the
workrooms designers and seamstres during the past three days to 17 kill that the clause would ever be exer- similar arrangement.
Brilish should transfer the power
KCS At the King's 'fequest navy ships
working overtime. Tho cloed. Britain promised to include
Britain is forbidden and 17 injured.
the at once to under
Central govern- India's Loan
Shanghal, May 11. at anchor were not manned. The Royal return brings garden parties, Agreement ment as it now stands. The British Royal family will remain on board private dances Two explosions occurred on Saturno such clause in any other agrees Angio-American
and possibly on A man in Shanghai claimed that day night and about a dozen cases of ment. Washington certainly would
to earmark any country's favourable plan for the transferring of power Sunday night, disembaricing shortly engagement party to society, but
out he has discovered a method to trisect any not allow
country's sterling areon were reported on Sunday.
of sterling carnings
the Indians is elated to be dis- after 8 a.m., GMT Monday to take long days and sore fingers to them, an angle fent long considered im- However, only one building was
closed on June 2 by the Viceroy, Lord part in a ceremonial procession from Partly stitched gowns, rolls of rich possible by mathematicians, accord- aren, But she is entitled to borrow seriously damaged by fire-Asso- the sterling area merely by post-
Mountbatten..
beflagged the dockyard, through
material, mounds of wispy vellinging to local Chinese popers. equivalent amount from the
The Viceroy originally intended to
everything that makes а востание socialite country concerned and that is very present the plan to the Indian leaders streets to Portsmouth's Guildhall,
well dressed-clutter up the rooms.
Declaring that his method uses much what she is doing with Spain, next Saturday but a communique on
ungraded After a brief reception they will At Norman Hartnell's,
only a compass and an Ume was for example.
said a postponement Sunday
was travel to London by train and will taken off to
Merruler, Yang Chia-cho has submitted show Naturally, there is an understand-necessary "owing to the imminent be driven in open carriages, accom- daytime
two popular his supposedly astounding discovery ing that Britain will keep her ad- parliamentary recess in London." H
models, Figura-olinging to the Academia · Sinica. panied
captains by verse balance with Spain as low as
dresses an interview
with matching jackets day Jinnah rejected | household envelry, from Given possible.
are Waterloo and big, over-the-eye straw hats similar under- Patel's proposal concerning the domi- station to Buckingham palace. standing, Britain could hardly refuse nion powers as "monstrous."
favoured for the Buckingham Palace to India the same kind of facility as Jinnah said that if full power were
Their arrival in London on Mon- garden parties. An orange blossom she herself receives
given the Interim government, Patel day will mark the 10th anniversary crepe print dress with jacket to Reuter.
would use the administrative ma- of George VI accession to the throne. makci
match had cross-over-sido drapery, chinery, police and armed forces "In- The Duke of Gloucester and Ad-white motif on the collar and belt cluding British troops to; put down miral Sir Geoffrey Layton,
hip bow. Com- with prominent everybody in the country and parti- mander-in-Chief of the Portsmouth Jacket had elbow length sleeves cularly the 100,000,000 Moslems.”- Lake Success, May 12.
naval base went aboard the Van-with white cuff pipings.
The out- Assocluted Press.
guard shortly after she docked. fit is worn with a large coarse straw hat trimmed with artificial flowers. White hearts on navy blue silk showed up on a chic dress with hip drapery and matching short jacket with peplum back.
clated Press.
EDITORIAL
balance to remain spendable with only within the Sterling
ponement of agreement.
Wages And Profits
MR Cyril Champkin last week
made clever attempt to describe the fundamental economie culde principles necessary to Ilongkong into future prosperity. Apart from his suggestion of local currency control, the arguments followed a standard pattem. The rolden
rule is still to apply: first essential is a "reasonable" margla of profit; second, wages which "leave a fair and reasonable mar- zin over the accepted
minimum standard of living To achieve this there must be a reduction In commodity prices, stabilisation of wages and control over the spent ing of "loose"
money. This will
draughtsman,
make the qualcun'month bazio.
offered $105 salary smile somewhat wryly, and wander Just on wh
what he
he is going to spend his "loose" money.. Be cause Mr Champkin's specc
speech was intended to apply to Hongkong, many will wonder how the theory Bis the facts, Air Champkin says that until the world's stocks are replenished. transport becomes freely avaliable and exchange facilities restored to something like normal conditions we must expect high prices, a corresponding
in Increase
but not a cor-
responding la profits, Thero appears to be a fallaor about this because in Hongkong there bas certainly been a corresponding In- crease in profits, as shown by the стеле majority
balance of company sheela
Mr Champkin says that the profit motive not the only consideration in Industry, haps not, but certainly it is the dominating factor. To dato indus- (ley's only) solutioń for unprofite
able working La retrenchment, elther in the form of staff reduc- flons or wage cutting. Any im- provements in Hongkong's working conditions represent less an estab- fished policy on the part of cm/ ployers than a reluctant endea- vour to follow a lead given la other parts of the world. Most of Hongkong's workers would
moro
ht
k!n's by Mr Chump-
ly
declared Wages that
Chests if he franic- what he regards as will leave a reason- able margin over the
minimum would
standard of ifor. "ccented-
The
if he
an code what is meant by' }
minimum
standard
of Ilving:" if he would state what
he
rolls with proflis
thinks constitute
proper
#adeq"
and whether he agrees that first consideration should be given to salary standards rather than pro- fits, Mr Champkins' insistence on the necessity
labour tur of cheap Hongkong tends to spell is case, It means that the promised pros- perity is intended only for the few who draw. dividends reinvest them In other enterprises flourishing on labour. In the face of the most profound dicta on economies we stand by an assertion made more
pros
Gan
than once previously that the majority
workers of Hongkong's were grossly underpaid before the war; that vast numbers are still underpaid; and the rest earn
only the minimum to meet living costs, leaving them with no margin whatever. This situation appears to us to be the most pressing are pect of the colony's present and fature economio problems.
an
from Spain.-
NO PROGRESS
The United Nations commission will
on conventional armamenta inform the Security Courell this week that it has failed to make, toward any progress
world arms reduction
since it was established by the Council three months ago.
Under Council resolution adopted on February 13, the com mission is required to make its first report by midnight on May 13.
R
It is understood that the Council will be asked to extend the dend- line.Associated Press.. BER:12:35MENGENASCIPAR EN INTERNISASAKRIJ INTERMILITA
STOP PRESS
escort of
Peterson Makes Forced Landing In Tanganyika
The
IMPATIENT CUSTOMERS A victim of the rush and incl-
Worth admitted they were con- contrating their efforts on the return of Princess Elizabeth and her birth- day celebrations. Pale grey figured frock with red buttons and elbow length sleeves, had loose fitting coot Cape Town, May 11. Oberon because of her dark hair and with, silver and grey leather belt, Information available in fair skin
Cai Peterson's co-pilot was Major revealed Cape Town
that
Ε. C. Rowe of Oklahoma. Colonel Chesley Peterson's Mr Harry Smith of the United dentally of the customs was Moly- plane made a forced landing States said he had talked with Masneux. Form filling in a daily toil in Street. in anarca of Southern Peterson and Mr Rowe, who are the house on Grosvenor
sharing a house In Pretoria. They Every piece of Imported French ma- Tanganyika nat far from the told him they learned this morning terial has to be declared and some- ́caravan track from Lindi to their husbands were safe United Umes months pass before the mater.
Presa.
tal leaves the customs. Meanwhile, LUCKY ESCAPES Manda on Lake Nyassa.
customers walt impatiently for their Songen is the nearest settlement.
Cape Town, Moy. 11. orders to be filled. Navy and white on the eastern side of the lake.
check crepe had arrived More aircraft joined in the search coloured The caravan track is thought to for a missing private plane piloted and, was used to make up a chorm- be passable by automobile. From by the United States Military attache ing ensemble of short dress with passengers nor the driver were in- Bongea to the spot of the crash is for South Africa, Colonel Chesley G. plent skirt and box Jacket to matat Identical buttons on dress coat. The driver of the taxi reported the trip might be made by au
a day's march in heavy bush. While Peterson.
British belge coloured rayon with 'a Peterson was the commander of big black flower design figured in to the police that when opposite the tomobile in good weable by car and was shot down
the coun the Eagle Squadron during the war a cap alceve short model with stylish Po Hing Theatre he swerved to
try is competely
twice in avold pedestrian. His car made a
the hip drapery. during rains the trip. might re- English Channel. "U" shape turn and then somer-
prewar long・ Ascot · dresses saulted twice to the opposite side,
week and the of
His plone has been lost since he have gone and short tailored dresses News of Col Peterson's safe land-loft Salisbury on Friday with three have taken their place. the mad.
ing was reported to have been ie- passengers. celved in Cape Town from the radio in his airplane.
A taxicab somersaulted twice in Nathan Road early this morning,
tlie but miraculously neither
two
Police are requesting that the two Chinese passengers involved in this accident report to them..
quire
#
march.
The
"It is not a question of coupons, He married Audrey Boyes of Capo one designer said, "But we think Town, formerly a ballet dancer and women, reach that Anal degree of Mrs Peterson has often been re- they have one child-Assoclated smartness in a short dress."United ferred to a South Africa's · Merle' Prens, **:
Press
Whether
his method actually works · or not Billi remains to be examined" "by, mathematicians, it was said.-Reuter,..
BRITISH
FLOOD RELIEF FUND
THE FUND WILL CLOSE ON 31ST MAY
Donations Received
.$217,306.35- Already acknowledged Pohoomull Bros. (India); ; 150.00 Russtun. Orthodox Church 160.00
£40-0-0, and . $217,000.35
Donations should be addressed. to the General Manager, South China Morning Post, Morning! Post Building, Hongkong. Cheques should be, made, out to "British Flood Relief Fund," For the purpose of acknow- ledgment will donors kindly Indicate their names in Block Letters.