1947-07-22 — Page 6

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TS THE CHINA MAIL, TUESDAY, JULY 22, 1947.

The Role Of Sterling In

WorldSterling

By Dr. George, Gretton

mel

by

In his speech at the Labour is as high as ever has become, teresting example of the way in Party Conference recently Mr. clearer and clearer in the course whigh the truding needs of Hugh Dalton, Chancellor of of all the discussions about other countrica Britain's Exchequer, after say sterling convertibility and ator London banking. Ing that Britain's most Imma-ling balances, as well as in the diate problem was to close the negotiations leading to recent gap between Imports wild ex- trade and monetary-agreements

Sterling Convertibility

Atomic

Energy For Vaccines

We Live By Exports"

tribute to the resilience of our industries and the perseverance of our people that in spite of every difficulty, our volume of pre-war level". exports has already passed the

The booklet explains in simple | language that today Britain's exporta must pay for more than three-quarters of Britain's im port needs, an compared with only one-half before the war. The present aim is to raise the volume of exports to 40 por cent, above the 1938 volume by the end of 1947; but the even- tual alın la lo reach an increase of 75 per cent. By the end of 1946, Britain WAR producing exports at the rate of 112 per cent, of the 1938 volume; but ground was just through the fuel trisia, and bad weather, and this last ground has now to be made up.

CARNIVAL

•

DOPR. 1947 BY NKA BOVICE, DIC. 5. M. E

By Dick Turner

PERFUMES

AROMA

EXOTIQUE!!! NUT

d'Adventure

"Surely, Miss DuShane, there's a better recommendation you can give pèrfume than saying 'here's one that really

amclisi'

BARCLAY ON BRIDGE

By Shepard Barclay

*The Authority on Authorities?

DISHONOURABLE PRACTICE

however, later spoke to the closest friend of the Insufficient bidder. saying, "I am not ae-

Wan

ports, declared: "We must not with various countries, The By means of an Illustrated ..........................................es..............ss ['cnunt, and I hope we do not now strength of the dollar as a booklet with this title the British count, on raising any further creditor-currency is undeniable; authorities are bringing home to overvons credits.” This concise but its rigidity as the domina- the numblest citizen the vital declaration has been welcomed sing "hard" currency has per role of exports in the British in financial circles in London, as fords led to a dollar scurety economy. In a foreword to the The Ho Hong Co. (China) Ltd., putting an etid to a growing that is an obstacle to multila booklet, which contains facts, on behalf of their principals, the p of rumours that Britain teral trading.

It has always been a unique the export drive, Sir

figures, and arguments about lo Hong 8. S. Co. (1932) Ltd., was seeking a fresh dollar loan.

Stafford Singapore, wish to thank thy

Mr. Dalton mentioned. two quality of sterling that it acts Cripps, President of Britain's officern and all ranks of His factors as primarily responsible as a stimulator for world trade Board of Trade, says: "It is Majesty's Navy, the U.S. Navy, for the unexpectedly high rate development. Today, the Soviet the Harbour Master, the Medicat at which the existing dollar Union is looking to London for Department, Mesars. Butterfeld & loan is being used up. Arst, the credits to develop Anglo-Russian Swire and all their friends in the steep rise in the prices of goods trade; and another example 18 shipping fraternity for their kind assistance given

nd in the Western Hemisphere; and Hungary. A privata, credit of In connection

of £500,000 has been approved by with the 8.S. "long Kheng" for secondly the alow recovery

splendid work which resulted trade and industry in the war- the British Treasury for that; in the rescue

of all souls on board shattered countries of the East- country, and from the proceeds and for the good work connected ern Hemisphere and Asia, which derived from raw materials to with the disembarkation of pas makes it impossible for fritain be financed by the credit the to und her export surplus to these Hungarian National Bank will areas in payment for her im- be able to set asido a small port surplus in her trade with amount of foreign exchange to "hard" currency areas. But the wards the eventual quidation AUSTRALIA'S remedy for this state of affairs of pre-war British short-term is not another dollar joan: Tanking debts. This is an in- NEW ROLE

in Increased exports; and if the Increase is insufficient to bridge Montgomery's official Britain's adverse trading-balance visit to Australia and New Zea- with "hard" currency countries, land marks a new chapter in the then there will have to be dras; British story. For it suggests the tie reductions in Britain's im- day when Britain, instead of hav-ports from those countries. It is, ing to protect a weak Australia, at any rate clear, that produc may entrust her interests in the ton for export still has an over- Pacific to the protection of a lusty riding priority in the Govern- young nation. A similar historic ment's economic polley. terminal event was Lord Kitclfen- er's visit in 1900, signifying the end of Australia's colonial phase

Rumour has been as busy in international politics, and her with sterling convertibility BY FRANK CAREY and by planning jolatly with emergence as a secondary, distant with the dollar loan. The Chan- European Power. Today, the tour cellor of the Exchequer did not of the Chief of the Imperial Gen refer to the subject in his speech eral Staff writes Finis to that at the Labour Party Conference, paradoxical European phase in but it was always certain that Australia's development, and the Treasury had no intention of opens a chapter in which she is ac-seeking for a postponement of cepted at last in her obviously sterling was to become convertion regarding brief references the date July 15 on which Answering a reporter'a ques- predestined role of a new Asiatic uble. This convertibility applies he has made concerning such a and Pacific Power, with primary to current trading transactions possibility in the past, Dr. Hil. responsibility for maintaining the and for many months

ton Burton, one of the key. Today, the 22nd July, The ist British position in this vast area. Britain has been negotiating workers on America's wartime Battalion Devonshire Regiment That broad change having already trade agreements with various atomic bomb project, gave this remicinber the victory of Sala. been largely achieved over the countries, giving them the right outline:

manco, a battle fought in the past four years, Lord Mant to immediate convertibility.

Vaccines against certain virus Peninsular. Wor which won

for Q864 gomery's mission has been

dlagaaes contain germs which them their greatest Battle Honour. HQJB New sterling, says a leading have been "inactivated" this con- cerned not so much with high financial expert in

The occasion will be celebrated D A 10 the City is, the part of the germ that at San Wai; the Headquarters of CAJ43 polity as with the practical means 20quired out of the proceeds of of giving effect to a policy already current trade transactions, will troyed. The organism still is the Devons will be coming in for causes Infection has been dea- the Regiment, and members of adopted. Australia was in dire

be expendable for current tradeable, however, to stimulate the the day from Castle Peak and need of practical advice and as transactions in "hard" currency production of "antibodies' Clear Water Bay. sistance. The growth of her de- that it is the latter who would isme-in the body of the per- football match in the morning be-

Tids would mean nature's own defence fence power since 1939 has bare claim convertibility ly been able to keep pace with the sterling balances into their own

of their sou vaccinated.

tween the Officers and Sergeants. (Dealer: West. North-South At.. diminution of that of Britain cast currencies.It is a process by mathada of "Inactivating" vir- there

present one of the After-u special bumper lunch vulnerable.)

East of Sues. Australians believe that which sterling conversion could uses is exposure of them to with side-shows, novelty competl. 1 NT

will be a Fete complete West North

South Pags 2 H 2 D in any future war the United not be misused for non-commer- ultra-violet rays.

Corrected 3 C tions, and all the fun of the fair. Kingdom is likely to he so in- cial transters or for accumulating

Pasa Рава Pasa volved in home defence against "hard" currency reserves; but atomic weapons that she would confidently expected that be unable to intervene effectively the countries concerned will see further east than the Mediter to cooperate with

that it ly in their own interest ranean basin Australia thu

Britain in faces the possibility of practical as the letter, of the conversion carrying out the spirit, as well war-time isolation from Britain, arrangements. This situation is further com- plicated by the growth of the Sterling Promotes Trade nationalist movements in Indone

It is rightly emphasized that "THE LAWS are not design cusing him of doing that in. this export cifort, vital though ed to prevent dishonorable tentionally; if he did it It is to Britain's own economy, practice," says the preamble to probably because he didn't has a wider purpose too, be "The Laws of Contract Bridge." realize the principles underlying cause "by all-out production, by In a foot-note, giving examples what he did."" re-equipping British Industries, other nations, the general level of world trade will be raised."

RANSPORT

countrica.

now

sia and South-East Asia. At least

That the traditional reputa- these might deprive Singapore of ton of sterling as the world's a friendly hinterland. At worst most desirable trading currency they might entail the rapid fnss

of Singapore and the neutralisa-

ex.

for

A Noire Dame University chemist belleves vaccines, combatting disease may be pro- duced on a large scale with the all of atomic energy.

meclian-

Salamance Day

The festivities start with a

item la "deliberately infringing second man engaged in a quiet of dishonorable practice, one When he got a chance, the and law. The preamble adds:: conversation with the offender "There are no penalties to cover about amart bids and plays, and either intentional violations of the latter voluntarily, told him the laws or infringement of the how he had made a fine score proprieties. When no penalty by means of the insufficient bld, la prescribed, the moral obliga- which of course under. the law tion of compliance is strongest. silences his partner when cor- Ostracism is the ultimate re-rected by a bid in another suit, medy when intentional offenses are repeated."

8 J-3 2.

H 6 4.2

DQ987-08:54

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N WE

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3 K7

H K 8

D. None

SA 1095 HA 1097

&

DKJ32

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C KQ 10987652

compelling passes from the partner thereafter. The friend explained to him the status of sach tactics; they are not "mart," but under the laws are considered "crooked." At this, the offender was horrified. He "sought out his opponents in that game, apologized, squared up the cost, and assured them amply that he knew better now and would never offend in such away again.

Tomorrow's Problem

S 9.8 0 5 4 3 -H-B·6·

SJ2.

Hut ultra-violet radiation is) The "Drums" of the Unit will Dbl of low penetration, allowing sound Mess Retreat at 6.30 p.m. After South made his 3-Clubs HJ7542 treatment of only a thin layer In the evening a concert will be contract, he was chuckling with DAK64 of viruses at one time..

given entitled the "Salamancs Buch glee that one of his oppo-C86

DJ 3

€ 10 4 8

SQ7

N HQ 103 W ED876

SAK 10 HAK D DQ 10. 9. 2 CAK J

On the other hand, raya pro- Smilers." This has been organised nents got susplelous of the in- need in atomic energy planta by Capt. B. Webber, and the sufficient bid. You would hard- are extremely penetrating, thus entirely from among the members right if the insufficient bid was when uranium atoms are spilt, talent for this concert has come ly be willing to ask a man out- permitting possible treatment of the Regiment.

intentional, to make sure that of large quantities of material. families from Stanley, whose first shift into some other suit. Ask- The presence of the married his partner would not later "If the time ever

comes,"

visit this will be to the Devons ing such a question would sald Burton, "when we. would want to make large quantities camp in the New Territories, will amount to the same thing as What bidding should follow of vaccine quickly, I believe add valety and charm to what asking a man if he was a crook, an opening call of 2-No Trumps radiation of the type produced should be a memorable occasion. The suspicious opponent,' by South on this deal? in atomic energy unita wou'd

provide the answer."

Burton was one of the leaders.

chemistry covera

photochemistry

tion of Trincomalee as well as pensate for any temporary Hong Kong. The basic problem haustion of the United Kingdom of a symposium on radiation is thus to prepare quickly for a and can enter future in which Australia and brilliant era of British history. recently, at which seientists a new and more held at Notre Dame University chemistry and_photo_hemistry

New Zealand must be sufficiently The Minister of Defence, Mr. from the United States, Great strong to conduct a war with Dedman, has recently announced Britain and Canada attended. their own resources, plus what-details of Australia's record de Radiation ever men, ships, planes and other fence budget, totalling £250 mil-changes produced in chemical material Britain has to the Pacific ion spread over five years Bulistances by atomic raya while area on the outbreak of hostilities. heavy load for a nation of seven

relates to Mr. Chifley's Government has million people. It includes pro- changes effected by the action attacked this problem with. fore-vision for an effective naval squa

of light, sight and vigour. The policy of dron built around two modern vaccines is only one of the Large scale production of Dr. Evatt, Minister for External aircraft-carriers, which will be things, envlaioned by Burton Affairs, consists, broadly in trying purchased from Britain, The sit as an outgrowth of the avail to achieve one of three nimsin force will be expanded and nd ability of penetrating, high- order of desirability—either, firit, | justed - to Australia's peculiar energy radiation that can be to transform the United Nations reds. It seems likely that Lord produced in large quantities in into an effective instrument for Montgomery's talks have em:atomie energy unita. prace; or, secondly, to secure the braced plans for the concentration He and Dr. James Franck of (FARE)

utmost defence co-operation, with of United Kingddai-naval units the University of Chicago re- ether units of the British Empire, at Singapore and Australia's at Ported to the United Nations HK$170gr with whatever Pacific Sydney and Mahulin, the event Atomic Energy Commission „300,- | pllier An cin imuster, or, last, to of war, and a scheme to fend Aus- some time ago that the ability. 400 build up as many neighbouring tralian technician to Britain changes in chemical substances of atomic radiations to produce. allies as possible. Into this pat-study atonic developments and might conceivably lead to these tern of policy fall the recent and scientific weapons such as the developments: projected conferences of Pacific latest rockets and let aircraft.

developmental production Powers, designed to eliminate pos- Royal Navy expertizare already sible causes of friction and to fur in Sydney instructing Australian ther friendly relations. Dr. Evatt personnel in the teclinique of

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