1947-06-27 — Page 1

COMMERCIAL INDUSTRIAL

PHOTOGRAPHY

4.

FRANCIS WU'S STUDIO

GLOUCESTER ARCADE

CHINA MAIL

No. 33702.

For THE NEWSPAPER ENTERPRISE, LTD.

ESTABLISHED FOR OVER ONE HUNDRED YEARS

HONG, KONG, FRIDAY, JUNE' 27, 1947.

SHANGHAI FINANCIAL PANIC

Runaway Money Market: Commodity Prices. Soaring

On Way To The Final Blow-Up?

Shanghal, June 26.

Unconfirmed reports circulated through Shang- hal's financial circles that Government would announce a new official rate of exchange dur- ing the week-end,as the deteriorating Chinese National currency continued its dizzy descent. At noon today, black market quotation stood at CNC$53,000 to one American dollar, having opened a few hours earlier at CNC$50,000 to

one.

United

As one

One Nuancier talk the Asso-; to comment on the ciated Press, "I have never kucn States a question. much a heavy concentration of offieint suich, this is a matter for buying" of the United States) Culted States decision, solar as during the last few!

The Chinese dollar slumped to days, especially by big Chinese new low in Shanghai today n Interests and alleinds," but he

TRI}1 IL

DI reports from termed reports that the govern; | Washington AL there ment would set a new officin

little hupe very

of rate as "wishful thinking."

Inan for Chin in the immediate The clai

future. At one time, the rate touched over 50,000 Chinese dolines to one United States dol-

rate

(N812,000 to une

dollar,

now

IN American

་ས

n

CHINESE HOPES

DASHED

Washington, June 25.

thr

Although the earmarking of the $500,009,000 of Export-Import Bank funda for China lopata on June 30,

considerati

being in piren either to maletag before that dute, or extending the time limit on the cur marking. Mr. John Snyder. Svevetary for the U.S. Treo- a press conference

www.

fudap

Mr. Suuder in Chairman of the National Advisory Coun elf which determines United Slates Government policies on foreign truding, subject in the final decision of the President. -Renter.

Singapore

Along with the runaway marfar in the binck-market, but re-• Tousing

ket, commodity prices sky- rocketed to new heights. The black market price of rice jumpe | ed well over the half a milion: dobar mürk, having opened at CNC$510,090.

KOV.

slightly to close at

covered exactly 50,000,

Only two days ago between 30.000 and 34.009 Chinese do!- lars could still buy one United

Shortage

in

Chiang Flying To Peiping

Peiping, June 26,

With gunfire clearly audible in this city, the Government's top-ranking-generals in "North China and Manchuria are gathering here await--

HOUSE Price: 20 Cents.

HONG KONG UNIVERSITY

Loudon, June 26. The Colenkul Sceretary, Mr. Arthur Crench Jauen, slated in a parliamentary reply la- day that he was fully aware of the urgency of reaching decisions as soon as possible about the future of the Uni- verrity of Hong Kong,

VEEAM-

Irmaid that the mendations of the committee, representative of the Univer aitira in Britain and of locul interests, which had edvised

Jim on the future of the Hong Kong University, were still under the mast careful consideration, and he ted that he could mặt

anything further.---Reuter.

AVY

Wo Buy and Sell

TYPEWRITERS

CALCULATING MACHINES also Ánything and Everything for OFFICE MACHINES

Excellent. Servics

Hongkong Typewriter Exchange

9. D'Agullar Bh

Tel. 2142

SPLIT IN TORY

RANKS

London, June 26,

An apparent swing to the Left by some of the top figures in the Conservative Party Is creating a rift in the opposition to the Labour Govern- ment's socialism.

In speeches and editorials op posh Conservative forces are waging what a norintin mentator called row."

unholy

The uproar stemmed from an

Walk-Outs Start In America

"industrial charter" iested lant regret.

month by a Conservative com- mittee headed by R. A. Butler, former Cabinet minister

ing the arrival of Generalissimo Chiang Kai-Tortured

shek from Nanking for a personal emergency

military conference. Resulents awoke today hearing heavy gunfire from a clash be tween

Redis and Nationalists along the Peining-Proting rail. line, just south of the city. Military Houreen said the Reda were attempting to destroy the railroad.

Authorised sourees at Nanking

that confirmed

the reports Generaliastmo would fly to Peiping for the conference, but in the face of the usual accrecy maintained over his movements It was impossible to learn im- mediately whether he had al rendy started.

It was understood he expected to clarify the overall situation in North China and make decisions covering conduct of the whole

POLIO AT WINCHESTER

London, June 26, Three cuaca of infantile paralysts at Winchester Col- lego forced the cancellation Wednesday of the ane nual Winchester-Eton cricket match, a sporting future far some 50 yourR.

GA

The match is due to br played next

and Friday Saturday. Anaociateil" Prena,

civil war programme. Trading

of

London, June 25. The housing shortage Singapore was refer-

Already here are Gen. Sun

Commander to today in the Lien-chung, House of Commons by Hel Pacification headquarters,

Gen. Proting;

Sui Yuang, necessi- the Conservative M.P., Pacification headquarters, Kal- Mr. Walter Fletcher. gan; and Lt. Sung Jen, Director of the Generalissimo's Pelping

Gen. Tu Yu-ming, Comman-

Polee heiguarters threaten-States del'ar in the black mar ed "drastle action against im ket, One inevitable result of the

red scrupulous merchants" who are slum in the Chinese dollar is a renewed spiralling of prices of taking advantage of the ernment's military reverses to everything from vital

ties to luxuries, Rice today soar: increase commodity prices.

A spokesman sald that during to a new record of 500,000 the last three days, price levels Chinese dollars for a pical of 170 pounds, curpared to about on necessities registered unwar-

Mr. Fletcher asked when the headquarters. Cathay Building in Singapore

Open With Korea

Hong Kong Prisoners

tu Rac-

one of the candidates ceed Winston Churchill as party louder.

New York, June 26.

A strike of 40,000 ship-

workers

This policy statement did not embrace socialism but 47 cecft- bed nationalisation of Britain's

conf mines and the Bank of building England implied approval of ployed in nine Eust railway nationalisation and ap; Coast shipyards of the proved the "strong

povernment.

centru

lone

em-

guidance" of industry by the Bethlehem Steel Com- Tokyo, June 26.

pany began officially at For torturing British Beaver Enters The Fray

minute past mid- prisoners of war from The charter was nearly

olicial document of the Co-night today. Hong Kong and Shang-Bervative Party. It was spun- hai in a camp neato sored by the Conservative Cen- bombed Hiroshima, wotrai fire, Japanese faced trial to- Lord Beaverbrook's Daily Ex-extended to all East and Guit

Wi

"

One unici, official said that it is probable the strike would be

shipyards by July 1.

The union had ben negotia-

ting for a 13-cents an hour wage increase and other benefits but meeting with the employers agree- broke up without any

before the ment a few hours walk-out.

The union contracts with the

midnight last night-Reuter.

Workers Laid Off

press found the statement "blt day before an American

terly disapproving" and declared military court in Yoko-in futile to march into the hama.

political battle against socia Munchiro, a elvilian guard.

ism with the socialist banner, pleaded not guilty to mistreat-light'y modified, at the head of ing prisoners, Bole of whom the army." resided in Shanghai and now

Then Lord Beaverbrook him- have business or other posts in self, one of Mr. Churchill's ad- Hethlehem Company expired at Hong Kong,

visers on the 1945 general elec. The list of prisoners includes: tion which brought Labour into Albert W. Howe, William T. power, announced the Daily Ex-

independent) Knox, Leslie Martland,

Ray Press mond W. Smith Ernest I.newspaper. .not attached to the Williams, Alfred W. Eastman. Conservative Party." Arthur C. Tinson, William H. Harold Macmillan. another runds began to lay off workers Hirst, James J. King, E.N. Conservative former Cabinet teday as the top House framers Matthews, Lealle C. Millington Minister, replied by declaring of the Taft-Hartley labour law Beaverbrook was among the split sharply over how to cope few days, if not few hours, growing soft. coal stoppage. before the outbreak of wa, ha Sonic 222,000 miners were idle told us there would be

no war with the great majority walking in Europe that year or the next out in bitter protest against the yeur either. He was wrong the new inw. and he is wrong ngnin."

Washington, June 25. The United States Lord Killearn, Speein! Cammis- Manchuria, who had been nounced the opening of Reuter. sioner for Southeast Asia, and directing

Washington, June 26. Ainerican steel mills'and rali-

runtedly big jumps. The price N$400,000 a week ago-Reu-and other buildings occupied byder of the Government Forces in Government today an- and Humphrey C.D. Knight "forces of reaction" adding "with John L. Lewis and

of sugar doubled and sharp in- creases were reported

in mont other Items Including fust and fond, --Asociated Press.

Financial Panic

ter.

+

quiet

to

In Hong Kong.

After a comparatively day on Wednesday gold in Hong Kong again took the up grade yesterday and spurted Shanghai. June 26.

$303.50 à tael, It had opened at Shanghai was gripped by an- other of its periodic financial $203.50 and all day long there Was Continuous buying. At the panics on the Chinese currency's

brought clare it was slightly easier at Intent day skil the value of the Chinese thou-l $208, 40; but the undertone wan sand-dollar bill down to lens very strong.

operations of the

his staff, were likely to be re-critical fighting from his bed, is Southern Korea-which

#o as to releve the great not expected to attend but pre- is, under United States H.K.-Bound

.

Chinchow Threat

Freighter On Fire

Winston Silent

tho

Representative Gerald Landis coal

iensed housing and office shortage afbably would send a deputy. feeting the general community.

military occupation--to Mr. Arthur Creech-Jones, Co-

limited private trade, lonial Secretary, replied: "I

starting on July 15. when the Cathay cannot 963

The Communists, meanwhile, Traders will be allowed food.

Still another of Mr. Chur- said he thinks the soft Building, of which Lord Kil- learn's staff

threatened Chinchow, on the lodging and transport by the

hil's former Cabinet ministers, operators ought to "give in" to nccupies three

Peiping-Mukden rallroad, as decupation authorities, but wit

dé- Oliver Stanley, also defended som of Lewis' contract floors, or other houses requial- tioned for the use of his staff Nationalist reinforcements were only be granted entry: first, to

the charter saying the mining maude in order to remove the reported to be closing in on buy goods available for exports

industry could not be unna threat of a full-fledged Coa! are likely to be released.

forces or to make arrangements for of the American Lines freighter it be willing to accept it miners are due back from their..

tionalised because nobody strike

on July 8 when "All possible steps are being Szopingkai and other

within the Imitations advancing toward Kungehuling, future purchases of potential "Marine Flier today as long- Laken. caused by shortages of labour 45 miles southwest of Chunchun, exports, or to se'l raw materi-shoremen loaded the ship for her

huck." Szepingkal ex- als which Korea requires: and, sailing on Friday to the Far East. Red, unity in materials, to

reduce the

within second, to provide commercial housing shortage in ploded munillon dumps

A heavy pall of smoke rose over af currency is now worth one for CN$1,000. Rates improved Singapore by new building." the city and fired the railroad services such as insurance and the ship and drifted across the

station and other key points, shipping to facilitate the move Hudson per vent of its value after VJ.lightly in the course of the day Reuter.

Chinese press. despatches re ment of exports and imports Manhattan, Day

between Korca and other coun-

Chinese National Currency than two cents American.

-to-a: new all-time With black market quotationsdropped for the uk mundur tanglow yesterday when the market

this opened at 8-3/4 cents for afternoon the Chinese Nation-tures and 18-1/2 cents for spot severe

ing well over £N$50,000

city

fu- und

-and-closed-at-0.1875-cents..and Buc- 14,15 cents, respectively, Shops throughout the were busy marking up prices to nations being now cut to fine keep up with the trend of the fractions. American dollar. A survey of wenk.

The undertone was

latest priers of imported coming at $11.27 a 100 they went Piastres were weaker. Open. modities showed increases

but relapsed to rauged from 80 to 100 per cent up to $11.40 over those predomintaling on $11.00 and improved only to

Monday.

Housewives and other shọp

pers were undeterred by driving rain or soaring prices and #lothed through strecta with hundles of the fast inflating Chinese dollar-buying at the highest, prica ou record hero for fear of higher prices to

morrow.

With the tempo of inflation increasing, periodic cracks of China's currency-one time re- stricted to once every two months-TU now occurring 'ovory three weeks.

Financial

$11.37 at the close.

U.S. dollars were exchanged at $4.72, as also were Austra lian pounds at $12,62. Sterling, was steady to quiet at $13.30.

NEW POST FOR

GOVERNOR LO

ported,

Jersey City, June 28. Fire spread through two holda

river over downtown

Fireboats and 13 fire companies battled for an hour and a half

Chinese newomen speculated tries. that these actions signalled the Entry permits for traders before bringing the blaze under collapse of the Red effort to will be issued through the Of-control. hold the elty and recalled is fice of International Trade of The origin of the Are and the Shanghal, June 26. the Red Army's usual practice the Department of Commerce estimate of damage are not yet Chinese reports from Nanking, to set fire to citles from which-Reuter.

- | determined.-Associated Press Haid that it is withdrawing. today confirmedly Kwangtung Governor La Cho In Jehol, the Reds were re- ying will be appointed Viceported to have captured Chao. 78 miles northeast of Minister of National Defence, yang Pucceeding Huang Tseng-chlu-Chengleh-Absociated Presa. United Press,

All Most

Astounding Story Peculiar

Of Slavery

San Diego, June 25.

sources forence a steady nar-The Assistant United States Attorney, Ernest A.

rowing of this gap to two weeks and then one week. Onco it gote below that, according to one financial observor, "it will be long non-stop akid till the final, blow up."--Associated Press.

one

Loan Reports

Nanking, Juno 28.

Tolin, told a Federal Jury that the Govern- ment would prove that Mr. and Mrs. Alfred Wesley Ingalls, former socialites from Boston, held their negress maid in bondage for 27 years because the maid had been discovered in a month-long love affair with Mrs. Ingalls' former husband.

months..

•

Pendleton, Oregon, June,26, Kenneth Arnold, a commer-

Development Of The Colonies

London, June 25.

A new colonial development corporation is to be set up to establish or advise on enterprises in British colonies, designed to increase their general productive capacity,

•

the

This was announced today in the House of Com- cial' pilot of Boise, Idaho, ro- mons by the Colonial Secretary, Mr. Arthur ported he saw nine shiny saucer- Creech Jones, who explained that the enter- like objecta "big, as airplanes" prises which would come under the Corpora- flying at around 12,000 m.p.l.

tion would probably be mainly agricultural. while he was flying at an al-

The Corporation, which will establishment of the corporation titude of 10,000 feet over the

operato on commercial prin- which was to tako over the Canendo Range of Western Leiples, will either enter into en ground-nut,

East project in Washington on Tuesday.

terprises itself or set up sub- Africa, from which Britain hopes. Army and Air experta quickly | sidiary organisations to run into got much needed plis.--Reu- voiced skeptialm.

dividual projects, or to give as ter. Arnold excitedly stuck to his sistance to axlating enterprises.

Only with the consent of atory that he say the shiny flat In a half-hour opening advances to her and they had had objects, each as big as a DC-4 Colonial Government

Colonial Secretary and the

Rome, June 20, dress to a Federal Jury of nine relations for several

Enrico de Nicols, who resigned concerned The Chinese, Foreign Offco

as President of the men and three women, Mr. Then Mrs. Harmon told Dora Passenger plane, racing over the will the Corporation undertake yesterday today maintainell ita hitherto Tolin eald the

mountaine with a peculiar weay- Government that what she did was a crime ing motion like the "tail of a would be conducted in close con-today by the Italian Assembly.

any projects, and its operations Italian Republic, was re.dlected consistent attitude of refusing would bring witnesses from and she owed her life to her kits."

sultation with the Colonial Gov- He received 405 of the 431 both Consts to prove that Miss (Mra, Harmon) for ruining her

An army spokesman com- erntients to ensure that their votes cast-United Press. Dora Jones, 57, had been forced Į marrlage,

meiled as far as we know ❘ activities are conducted· In the Page Two to work for the Ingalls under Tried To Escape. nothing files that fast except best way suited to promote the. threats of arrest because of the The attorney added that the the V-2 rocket which travels at welfare of the eplonial proptos, affair.

Hurmons were divorced shortly about 3,500 m.p.h, and that's

No Monopoly Mr. Tolin said the fiovern- | after and lator Mrs. Harmon | too fast to bo scen.” the time Mrs. Ingalls was escape several times, he con experiments were being made giving the new corporation any Pope Two Today's Forecast-Moderate HE winda: teaching school in Alabama. tinued, but was always brought in the area.

general monopoly of colonial de- Marshal Li Chal-sumi Interview. Dora WAS. D student at the back by threats of prison. Mrs. "Everybody says I'm nuts," volopment. It was. not. Inter! od Traffic Accident Rato, school. M Tolin said that Ingalls also told Dore she was eald Arnold, ruefully.Asso to supplant private enterprise, Page Five when Mrs Ingalls, moved toʻj sick and could not work well ciated Press.

but to supplement it. ...

Sino-Russian' Itelations Anxio. Washington to marry Walter enough to get a job claowhere.

Private enterprise and inveal-

ties. mont would be welcomed, be anid, Pope Siz lather to do the housework. He in dotail of the conditions under

as long as. It was in harmony The Great Dictator: Editorial. added that she had been paid, which Dora had worked. He

with the plans of tho colonial for her servicea for several paid witnesses would be brought

governments for social and - Dairy Form Mesting." economie development. years.

to show how sho had

-4" Singapore, June 26. ¦ ¦

Legislation would be introduced Page Nine. After a while, the attorney forced to wash the butelds of Field-Marshal · Lord Montgo-Into Parliament shortly to set up continued, Dars found, haste'f the house, mow the lawn and mory, Chlet of Imperial General the new body, with capital of pregnant and told. Mrs. Har- wash the car as well as all in-, Stant, arrived here today by air $100,000,000. The sang logiala mon her husband had made ad-aido housework,-United Press from Ceylon-Router

tion would provide, also for the

The Weather

·

Peruxure to high is the B of Jupan

with ridges extending northward to Manment would go back 45 years to married Jugalla. Dora' tried to He added that no high speed that there was no question of

Mr. Creech Jones emphasized ON OTHER PAGES

thuria and wratward to the 8 China cost,

A depression over. Hunan is moving ENE.

partly cloudy: morning, shower,

Yesterday's, Weather for

"Kuzmania 18.1. deg. Fab.

Minimum) 76.5. dry. Fab.

Bunshines 6.0 hours.

Bistofelli 1.3. rom. 9.15 Incly Total Harmon, she brought Dora with Mr. Tolin then told the jury

*8-alues June 1–817,4 mm.

an average al 908.47mm.

Readings at 10 a..

4 p.) „klaro,, KA, KL.0.1.1.1.1000.2. ·1008,8 mb.

Equals 19.01 2.4 inches. Dūmal", Mumidity.

570 ta det. 2, „Wind - Diréellenzovaj sati --SELE

«Dew Point“

been

MONTY IN SINGAPORE

Page Eight

Sandakan Light and H,K. Mines

Meetings. Whnbledon Thrills.

Page Ten

the

10-day vacation. The Indiana re-Republican is becond in com- on the House Labour

--Associated, Frons.

cuperating from an operation, mund

Mr. Churchill himself, stayed aloof from the conflict.

-Associated Press.

Committee and a former miner.

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