KATIERAN PVENIND POST
THE HONGKONG TELEGRAPH, TUESDAY, NOVEMBER 28, 1950.
COITONG MAKOB DERVICE INC -NUEVA YORK
-1845-
"Being out in a canoe in a storm isn't the kind of experience this organisation is interested in."
AFRICA'S NEW GOLDFIELDS
By Norman Crump
£200
WEEK ago I returned all the general cost of turning a fron a visit to Johan- bare countryside into a highly
urbanised area. nesburg and the South
The aggregate final cost may well be African
The million. goldfields. latest developments around Klerksdorp and in the Orange Free State of
interest. particular These new gold discoveries of th past sixteen yeary may well prove of the utmost importance, not only to the gold-mining in dustry itself, but to the future prosperity of South Africa and
the
are
of
economic stability of the entire sterling area.
The gold-bearing reefs South Africa run in a wide horseshoe from east of Johan- nesburg to the new Orange Free State goldfield round Welkom. There are two big gaps. The first is between the new mines of the Far West Rand, such as Blyvoor, and the new Klerksdorp mines, Stilforn- tein and Western Reefs. The second and larger gap is be- tween Klerksdorp and Welkom. To give some idea of distances, Blyvoor is 45 miles, Stilfontein 90 miles and Welkom 150 miles from Johannesburg.
Orange: Free State THE
What is the likely return? Here again it is impossible to be precise, for while the reef is known to be
very rich in places, the final proof will come after the mines have been in production over a number of years. I am satisfied, however, that prospects are good. The goldfeld is not a gamble. It is based on cold, scientific calcu-
Iation.
What is true of the Orange Free State is equally true of Stilfontein, which I also visited. This mine should come into production in early 1952, and has very good prospects. Being adjacent to the River Vaal and a main line railway, it escapes certain temporary difficulties which mines,
FOR THE BUSINESSMAN
NEW INDUSTRY SELLING HELPS BRITAIN ON COTTON
Bishop's Stortford, Nov. 27.
In a former laundry, a small firm here have developed a formula for synthetic resin which brings a new industry to Britain.
MARKET
New York, Nov. 21, Colton futures settled back today after a strong start, but
still managed to hold a small-
The resin is proving valuable to scientists, research organisations, and hospital laboratories. creased hedge selling and a
4904
STANDARD BRIDGE
By M. Harrison-Gray
Dealer: North, Game all N.
W.
◆ Q 10 7
AJ 3 KQ952 SAD
6004
E.
5
87542 AJ 76
4 J 8 2
S.
K J 083
-Q-0
$ Q 10 7 6 5 4 Over North's One No Trump. South correctly made the limit bid of Four Spades and everyone passed, West led 10, which turned out to be a first-class trap.
South put
up dummy's
A and then played o R. rufling out East's A Club was led to A. and
size gain at the finish. In-
final flurry of December liquida- In the synthetic resin, blologi- tion before. the first notice day cal specimens can be preserved on Tuesday found less aggres- for all time-and can be exam-sive mill and other trade de- ined without distortion tinder mand, Ryc December delivery the microscope.
The firm, E. M. Cromwell and Co., are using a process develop- ed by Mr P. E. Purvis, of the Natural History Museum, South Kensington.
When Professor Julian Huxley brought over а formula for manufacturing a synthetic resin from America ten years ago, he handed it to Mr Purvis,
closed up only 8 points after rising as much as 63 points. Observers did not look for any- thing unusual in the way of December tenders. They be- lieved that a good part of long interest there had been trans- ferred to later months.
MUCH IN DEMAND It was developed for the pre-aggressive servation of specimens at
the March Natural History Museum.
Then it became obvious that the synthetic resin was pre- servative હ utmost value to medical science and museums.
A small company was formed
delivery
The December and March spread narrowed to around 30 points as against 60 points a week ago. Mill interest was and buyers until crossed the 432 cent level. The active positions showed a maximum gain of 63 to 92 points, but when trade demand slackened, the market appeared to be vulnerable to increased' hedge
to develop it further-and this selling and December liquidn-
little Herfordshire
town now i tlon. has an industry whose product A
is sought all over Europe- London Express Service.
was discarded on • Q South now ducked a Club to West's K. and a Diamond return forced South to ruff again. West
was now in command of the situation, having one trump more than South.
Declarer was too greedy He could have made his contract by careful play l he had let the opening lead run up to his VQ; but the shortening of his trumps was a fatal mistake,
London Express Service."
The market closed only 5 to 28 points higher.
Pricks, closed today as follows:
Rubber Futures In December
Singapore
Singapore, Nov. 27.
Prices in the rubber futures market here closed today as follows:-
Number 1 rubber per lb.
November
Number 1 rubber,
December
Number 1 rubber,
January (1051) Number 2 rubb
November Number
rubber November
4 Number rubb
November Spot rubber, unbaled Black crepe
now beset the O.F.S. a rigid control is exercised over foreign trade and exchange. Taxation is low by British There are a threatened short-standards, which South Africans age of power and water. In a
regard as fantastic. few years they will disappear, in the general view of the South No. 1 pale crepe
It is high for a pipeline is being run from the River Vaal to Welkom, and the new power station at Vierfontein will be open, in
African taxpayer.
Labour Problems
three years' time. Another ANOTHER problem is that of Another
HE Orange Free State gold-
a growing labour shortage. to all new Industries difficulty, common
competing field is about thirty miles
are now mines, lies in the present short- long it comprises thirteen
with the mines for native and age of steel
machinery. mines all in various stages This, too, is being overcome.
labour, and, while the problem construction. Welkom and St.
is not yet acute, It is one that Helena are the. furthest ad- Such shortages are part of may develop in the future. It vanced. Here the shafts aro South Africa's general troubles, is indeed possible to regret that down to the reef and develop- due to the rapid development devaluation saved some of the ment has begun. Conversely, or a prosperous country in the older and poorer mines from at Loraine and Jeannette shaft-midst of world inflation. South having to close down. If they sinking is just beginning. Wel- Africa's own crisis
of over- had, their labour and equipment kom and St. Helena should spending a few years ago could have been transferred to begin: producing gold next years was successfully surmounted;
the newer mines, where they and. over the
following few and until recently her econo- | would operate to better purpose. -years, the others will one by mic affairs were well in A complete reduction plant has
one come into production,
been A new disturbance has in fact
moved from
hand.
In
Tin
é
107 -100. 1632-1045
153 -159
-103-104
159 -160
154 -257 173 174 135-138 175 -100
-United Press.
Decline Prices
London, Nov. 27. Tin prices were again lower at the morning session today. Turnover was 90 tons.
Prices closed at the end of the official morning session as follows:- Spot tin, buyers Spot tin, sellers Business done at Three-months tin buyers Three-months tin, sellers Business done at Settlement
1,000
1,010, mone 915
920,
020-911
1,005 United Press.
New Orleans Cotton
New Orleans Nov. 27. Closing cotton prices:-
A new goldfield of thirteen now been caused by the rapid | Springs to Welkom, active mines, situated in what rise in the price of wool. While Devaluation last year gave the sixteen years ago was bare her wool shipments at current mines a new margin of profit. veldt, represents an amazing prices reinforce her foreign ex- which has not yet been absorbed achievement. One glance at the change reserves, the greatly in- by rising costs: But South surface installations, the native creased spending power of her Africans were
anxious three SPOT
December hostels, and the new town of farmers is injecting a new dose weeks ago over rumours of the March (1951) Welkom itself shows what has of inflation
into the national revaluation of the pound ster- May been done, just as it is also ap- economy. There
Should now ling.
that ever take December
March (1952) parent how much remains to be widespread complaints over the place, it is doubtful if the South May done to create what in time may rising cost of living. Meanwhile African pound will follow, be a second Johnnesburg. It is still impossible to say how much money will in the end be invested in this great project, but a few figures may act as pointers,
Exploration work in this area required. 466 boreholes, costing at least £3 million. The cost of establishing a new gold mine with a crushing capacity of 100,000 tons of ore per month' has been recently estimated at £7,400,000. This Ogure is for the mine alone, and excludes housing of Europeans and natives and other requirements. Adding these in, and allowing for th upward trend of costs, It would not be surprising it each mine cost £10 million, making £130 million for the thirteen mines. Then there is
are
BACKGROUNDS:
Douglas MacArthur
Once
No. 19
43.15
43.35
42.04
42.32 - 42.34 35.88 bid
35.65 bid
35.45 bid
-United Press.
May
July
October
December
March (1952) May
43.30-43.38
42.33
41.68
36.45
35.90
35.01
35.50
United Press.
Rubber Lower In
New
York
New York, Nov! 27. Rubber futures turned, lower today. Prices ruled- 125 points lower to 100 points higher, coinpared with the earlier gains of 125 to 240 points. The un- favourable Korean war news accounted for the initial gains.
Prices clased today 05 follows:-
Spot December January (1951) March
6115
591
55.
51
-United Press.
LONDON RUBBER
London, Nov. 27.
Prices in the rubber futures market here closed as fÕIKIWB:---- No: 1 rubber, . (in cents
pex lb.).
January
January/March April/June July/September October
522
4915-50
48 -4835
421543
39-40
351-37
United Press.
New York Metals
New York, Nov. 27. Prices in the metal market here closed today unchanged with the following exceptions?— Platinum, (soft, 99.5 percent fine) Per ounce. 91 bid/94 ask- ed-United Press.
By MELVIN K, WHITELEATHER & NORMAN MYERS
LEDGER SYNDICATE
March 1942, when General
the Japs had been From Biak and Owl long Hero developed one of the MacArthur left the Philippines, beaten in this jungle island, the renge bombers could reach the most severe land battles of was a dark period for America long road back to Manila by Philippines to prepare the the Pacific war and a naval These mines are: Loraine, and the Allled cause. In both Island hopping began. It was way for the big invasion that battle that broke the backbone Jeannette, Freddies North, Fred- Europe and the Pacific, the his duty, MacArthur felt, to was to come in October 1944. of the Japanese fleot. By sea to dies South, Free State Geduld, enemy was still rampant. Mac- reply in kind for the humillas Two and a half years after his MacArthur then moved Western Holdings, Welkom, St. Arthur's first task was to stop tlon of the Bataan Death during escape from Corregidor Mindoro Island, closing in for Helena President Steyn, Pre. the Japanese drive toward March. From New Guinea he he led the landing on Leyte the battle on Luzony Island boasting General sident Brand, Harmony, Vir-Austrália.“ This be accom. moved to the Islands of Blak Island accompanied by a large where the
100 and Owl;
deotuom
Yamashita' was tamed. ginia, Merriespruit.
plished in New Eüfhet.