1947-08-02 — Page 6

Pazo 6

司法空航亞珠 TRANS-ASIATIC AIRLINES,

HONG KONG TO BANGKOK..

HONG KONG TO MANILA

THE CHINA MAIL SATURDAY, AUGUST, 2, 1947.

CHINA MAIL ANGLO-SOVIET TRADE

Windsor Storeşal

Managing Editors W. J. Xentou,

Business Manager: W. H. Nolloth. Telephones:

Editors

24354 Reporters & General Office 82310 (four Ilnos) Subscription Rates:

NEXT FLIGHT:

HONG KONG TO MANILA ............

Tuesday, 8th August Tuesday, 6th August 5th and 6th August Friday, 8th August

3 months

6 months

One year

H.K.$18.00 H.K.$80.00 R.K.$72,00

HONG KONG TO BANGKOK

For Passage and Freight apply to:-

SOUTH EAST ASIA TRADING CO. (SIAM) Ltd. 69, Connaught Road West. Tel. 24292.

Tel. 27250.

or FAR EAST AVIATION CO., LTD. Tor Floor. National City Bank of N.Y. Bldg.

(Entrance on Duddell Street),

Air France-

(FRENCH OVERSEAS AIRWAYS)

NEXT AIRCRAFT LEAVING

AUGUST 61

SEATS AVAILABLE FOR SAIGON, CAIRO, TUNIS, ROME, CASABLANCA, TANGIERS, PARIS, LONDON, GENEVA,

OSLO,

AND VARIOUS STOCKHOLM COPENHAGEN,

OTHER CENTRES THROUGHOUT EUROPE THROUGH TICKETS 18SUED TO NEW YORK, RIO DE JANEIRO, AND BUENOS AIRES

SAIGON

CAIRO

ROME

FARES

NKS 452.75 HK$2,258.80

PARIS

HK$3,010,60 HK$4,390.60 NEW YORK RIO DE JANEIRO HR54.857.00

HK$2,845.00

FREIGHT ACCEPTED TO ALL DESTINATIONS

For. Particulare Apply To

CIE DES MESSAGERIES MARITIMES

Queen's Building.

PAL

Philippine Air Lines,Inc.

Tel. 26651 (three lines),

FOUR ENGINED SKYMASTER SERVICES

Speeds

Safety

58.286.884 Safe PASSENGER MILES

MAIN BOOKING OFFICE

PENINSULA HOTEL LOBBY Tel: 58330 & 68081-Ex. 22

CRISIS IN BRITAIN

The exact

reasons

BREAKDOWN

By A Special Correspondent

London, July 80. 'A feature of those transac-was that the Interest rate An official Tuss report" broad-{ tions which proved of 'importe should be further reduced- cast from Moscow last Sunday ance in the recent trade negn- from two per cent to one-half sight attributed the breakdowntions was that the credits fell of one per cent. This Britain In the Anglo Russian trade into two groups, the "old" | granted.

talka to British intransigence, credits granted under the 1941 The Russians then requested The British case as presented agreement and "new" supple that the 40 por cent, cash pay- by Sir Stafford Cripps, Prost-mentary credits. The fact that ment should be waived in res- of the Board of "Trade, in a contract for the latter credits pect of all contracts not yet Parlament on Monday was that was never signed did not im-igned. To this Britain alio the Russians had demanded a peda British deliveries of goods agreed. nories of concessions which the urgently needed in Russia. British party had · granted-- The credit terms were 40 por without presentation of counter cont. cash and

cant demands—until at last Mr. credit with an interest rate of Harold Wilson, leader of the three per cent.

Reduction In Interest for the British delegates, informed the

Russians he could go no further. ; In 1945 Rússia asked for a Soviet officials would not, bow-reduction in interest from three over, relax their demands and to two per cent. Britain agreed. the talks thus came to an In This was the first concession conclusive end.

Largescale Credits

60 per

To this

CARNIVAL

By Dick-Turnar

COPIC BY KEA GERVICE, MK), T. ME'REO, SA E PAT. OPT.

Q

"We're out of ather. Doctor! Why don't you try reading him that speech you made bofore the medical, board

yesterday?"

BARCLAY ON BRIDGE By Shepard Barclay

The Russians thirdly asked that the period of repayment should be postponed. To this the British delegates replied that while they would make this concession on the "new" credits they could not do so in the casa sudden emergence of a mild panic

of the "old" credits. "We will in Britain over the state of the

cut the interest rate," they said. national economy have not yet

"but we won't upset the terms been fully revealed and are un

which she made to these credits, of repayment for which you likely to be until Mr. Attlee opens What were the concessione

In the following year the have, of course, definitely con- a two-day debate in the Commons demanded by the Russians, and Russian claimed that the tracted.” (It will be remem- next Wednesday. It is fairly ob. why could not the British meot- prices charged for the goods bored that in the case of the vious, however, that the main them all?TM

making up the 40,000,000 bal- now credits no formal agree theme will be the rapidly growing It has been agreed by both nee had been too high. The ment was signed), exhaustion of Britain's dollar parties that British credits to British Government thereupon The Russians then asked for

Russia were the main stumbl- credit which can hardly hold outing block to agreement so that responded by agreement to a postponement of payment of one

price discount of 13 per cent, half the old credits. now to the end of the year. When to find an answer to these ques-despite the steep rise of costs the British delegation could not it is realised that Britain with- tione one must arst retrace the in Britain and especially the agree but dually, as a gesture drew US$700,000,000 during the history of the Civil Supplies month of July and that only Act under which the bulk of very sharp rise in prices of im- of goodwill, they did offer to ported raw materials. Britain include one quarter of the old US$1,000,000,000 remains of the these credits were granted.

for her part had been tryingeredfis in the new arrangements. American loan, the grounds for

to obtain Russian assistance in This concession would have anxiety are clear enough. Never-

the form of deliveries of raw meant deferment of payment of £44,000,000 or no leas theless, the position is not one of

The Civil Supplies Act, pass materiale urgently needed by some sudden development. Its growth cd by the British Government British industry. Since the and than 60 per cent. of all British has been watched, and the harsh in 1941, provided for the grant of the war she had made a num- advances. facts should long ago have been ing of largescale credits with ber of approaches to Russia on assimilated. The excitement and which Russia could purchase the subject of such trade ex- private cunferences of the last civilian goods from Britain. By pansion but she received prac few days, the sudden return

the end of the war British in tically no response. England of Viscount Montgo.dustry had shipped to the Su the latest negotiations was that

The second West befuddled a viet Union Industrial plant and

mediocre declarer by holding up must present the

No Reason Given

his K on the first club.. The A dramatic form of bringing home ipment valued at 100,000, outstanding Russian orders had

was scored next, and South led to to the British people the gravity000 against Russian orders been reduced to 10,000,000 to #12,000,000 while Russian in- totalling some £140,000,000.

Tass did not go on to give ita You must gear up your own the heart A to lead a third club, debtedness totalled just over reason for this of the crisis, but if everything These shipments were of course 4700n of this sum up Nor is it clear to Britain, whose against whatever your opponents Wast won this with the K, he re-

"obviousness". tactics to act as counter-measures

discarding

Whon diamond on inges on the dollar shortage, the in addition to the £318,000,000 Labour Government exposes itself worth of military materials sup- incurred under the "old" credits Stafford on Monday,

proximately £88,000,000 were case was clearly put by Sir do. Some players seem never able turned a diamond, forcing dummy to do that. They build up a plan to use its last trump. With each once more to the charge of delay-plied freely by Britain to the

for the entire play of the hand, defender still holding a trump, the under

under the

"The concessions - we Lend-Lease, and ing action until the real damage Soviets

were but make it so rigid that they are clubs were worthless, RO South "new."

prepared to make," said, lost in case the other side does reached his hand with

a heart, has been done. There is, of Since the end of the war Bri-

involved us in a heavy loss in something which was not expect took out the trumps

with the course, no answer to be found in tain has shipped a further Concessions Demanded

The first concession demand- the next three or four years. ed originally. The perfect plan is spade K, scored his last heart, recrimination. Now that the 30,000,000 worth of civilian

equipment.

ed by: Russia during these talks (The losa in interest reduction one which includes within it the then was set by losing his last facts have to be faced, interest

alone is estimated at 418,000,- provisions for detouring onto an diamond, must lie in the nature of the

000)..

other road if any obstacle bobs up remedies to be applied, with their

In view of Britain's serious in the middle of the main high- adequacy as the test of the Labour

overseas financial position, add: Government's capacity for leader- ship. Mr. Attlee is expected to outline drastic measures to reduce dollar expenditure, not only by cutting imports but by a review of other British liabilities which cause a drain an foreign ex- change. Among these the heaviest Britain,

inery, may"

to

The position at the start of

£34,000,000

Russia's Policy In Europe

Russia refused to accept the offer because, in the words of Tnas, the official Soviet) Nuws Agency, "It was obvious ly unneceptable for the Soylet side".

ed Sr Stafford, it was impos sible to meet what the Soviet Government stated to be their minimum terms.

is Britain's military commitment economically distressed overseas-a burden which reflects of Western Europe ate reaching further upon our economy by re- for the prospective benefits of ducing the manpower available in the Marshall rehabilitation, pro- the British Isles for industrial/Ject like drowning meh, grabbing Ministers after the National Asho had oxpected in exchange

for life buoys. For example:-

way.

"The Authority on Authorities"

USE COUNTER- MEASURES

SQ Ja

HA 105 4 Da

QJ 10 7 4.

N 8A 109

HJ72 WE D31004

S

8.X 874

HK. Q-8

D. 8 6 2 CAS

As a result of this failure to 9652

the scope of H903 compromise, on British concessions, the Anglo- DAK73 New York, July 31. ededingly well informed European Russian trade agreement, which CK 88, France and other source.

was practically ready for algn. nations You will recall that last May ing, had to be abandoned, French Socialist Premier Rama Britain's attempts to establish a dier dismissed from his coalition two-way trade with Russia had

the flye Communist Cabinet,

falled and the grain and timber sembly had given him a two to for her plant and machinery vulnerable). serious, and if it is answered by Authoritative sources in Ionone vole of conndence in which will not be shipped. Despite

the Communist members dissent: slashes in the strength of the don suid the British government)ed. Since then, the Communists Government all wishes for

this disappointment the British East various branches of the Services, had under consideration the dra have been outside the government large expansion of trade be Par

Production, The dilemma E

it

a

emergency

C062

(Doaler: East Neither side

4

The third declarer took no chance of having that happen to him. After winning the second. trump load in dammy, he aban- doned all idea of a club finesse, 9. scored the A and then led the No matter what West did then," the contract was safe, as South could take out. trumps and leave the heart A in dummy as a re- entry to run the clubs.

Tomorrow's Problem

8 7:53 2 H 6 4 2 D 7:

C 7 5 4 3 2

South

Wort

North

Pass Pass 20

28

1D

-Dbl

Fass

89

48

SJ106 H 100 8 DK 863 01080-

N

SAOB HJ78 WE DJ10904

S 03.9

K:Q4 HA.K Q3 DAQ 2

JA KO

tic course of spending some of is difficult to see how

It is clear that this split was tween the two countries, but England's 2,600,000,000 gold and further retreat in Britain's inter-dollar reserve as an

the result of a Communist refusal

West lod his diamond K against national position can be avoided. measure to deal with the difficult to collaborate. My source, now next time it will be up to Russia At three tables of a duplicate,

de to make the first move. that the crisis was

this contract, switched to a upado In Britain itself, effort will be days which are expected to plagun tells me concentrated on increasing output the country next winter. But the liberately precipitated under or can tell the House," said when he ack, which tion, and Sir Stafford, "that it was not East, after using his A. returned for exports, and part of Mr. Important point of this disclosure dere from Mascow and that the through any want of trying or the 10 to the Q Each of tho de-;

(Dealar Bouth. Both sides vul- Attlee's pronouncement is expect is that the tapping of the reserve strategy was this: ed to embrace agreement by the would be a stop-gap between theIt had just become apparent any lack of effort or rehsonable clarers left a spado in dummy to miners to work a little longer each period when the $8,750,000,0001;that the Russian wheat crop this concession on our part that we) protect against diamonds, winerable) „PASSA

working on the cluba, Washingto : loan from the United States is year would be excellent barring failed to reach agreement"

One West mechanically took the If South bids 2-Hearts, North day to step up coal; production, exhausted about the end of the possession of this breadstuff anxious that another special finessed club with the X and 2ND Mob Chinese Dopt. 23788 It is estimated that two and a year and the time when the Mar would provide a mighty bargain-effort should be made and we a cinchi for South to discard three South 6-Clubs, how should the

Tod a third-spade. That made it Trumps, North 4-Clubs half hours more work per week shall plat or some other. Amering weapon on a continent which hope will be made by the Soviet, diamonds on the dammy's clubs contract, be made after "the dia- by each miner underground would can programme of financial aid in many places was, hard pressed Union." produce 13,000,000 additional tons to Europe becomes effective.·.· for food...

BONG KONG OFFICE

THE DE LA RAMA STEAMSHIP CO., INC.

Telephone 22075,

Pedder Building

CENTRAL AIR TRANSPORT

CORP.

SERVICE FOR PASSENGER & FREIGHT

NEW TARIFF FROM DATE

HONGKONG TO

AMOY CHUNGUNG

© KUNMING

LIUCHOW

SHANGHAI

Thurs, & Bat

+

unforeseen.

contingencies.

The

to

of coal in a full year, and that Meanwhile, France, has made a France for almost the first an extra hour each day would renew appeal to Russia in the Unit. time in her history was short of ed Nations Economic and Social bread. With that set up thu sult in the same improvement be council to Join in implementing French Communists wore tween now and December. That, the Marshall-plan. The French undertake a programme of har- this should he undertaken is afrovement, lighting to keep out fawing

the government. An im matter of particular importance if of the grip of the powerful would be the causing of labour portant phase of " tho' campaign we are to convince America that French Communist party, is great troubles, the Reds being powerful we are doing all that is possible worried over the Boviet Union's in important trade unions. This to help ourselves before looking to The French delegate in the chaos of the nation...

altitude.

would add further to the economic future implementation of the Mar Council fold the Council that dis When autumn approached and shall effer, or to favourable re-trust between Russia, and the the government was beside itself examination of Article 9 of the western Powers, was paralyzing with tribulations; shiploads sof Loan Agrecinent, the non- the European economic recovery. Russian wheat would be offered to discrimination clause. The Bri-The Russian reply was to relat

distressed France and the time

tish people find it hard to under buke France, for bringing the would be ripe for the French stand why, with dollars flowing Marshall plan into a United Na Communist party to zoom feto United N-power on the gratitude of the ett at an accelerated pace, more tlions delste

and the wonkness wf food cannot be bought from the The White Russian representa popula

the government Dominions which are in the and Social Council has no right to issued in Moscow giving the first Live declared that the Economic Last Sundaria communique was sterling area. Article 9 is the discuss the Marshall plan. He authoritatively published news stumbling block. By it, Britain further said the plan was linked that the Soviet wheat erop is cannot reduce her. purchases in with, German economy which he indeed excellent. There is grain America to switch them else maintained had no place on the for export-Associated Press. where. If American purchases agenda. D

(FARE)

·HK$180.-

are cut, a proportionate cut must file MANPOR 300- be made in purchases of simi

400

goods from other

200 4-350,

viding alway

tinue to

prices care

35

reight ANCE 30 Kilos

9

Such

ALL VIA CANTON

Special" low rate, för Baggage

BAGGAGE

French Story

With the above as a background, con- I am going to mat, down here za her sensations; andy, if substantiated Gimėj vastly important „zaport, wh

comes to me from a umalis

CABLE RATES RAISED

**Washington,

He added later, "We are most!

and, thereby make his contract, mond J lead?

-No nd

Complete Executorship and Trusteeship Service in the Colony of

Hongkong.

Hongkong & Shanghai Bank, Hongkong (Trustee) Ltd.

Offers a comprehensive service as Executor, Trustee or Administrator in connection with Wills, Intestacles and Settlements.

Undertakes other fiduciary duties. description.

every."

Has been formed and is owned by the Hongkong & Shanghai. Banking Corporation

whose experience and resources are available to it. Is a Company staffed and equipped for the specialised function of administering estates and trusts.

Invites application for a copy of its hard

the Hongkong. Shangha (Trustee)Ltda which about the Compan and

derate fees.

Hongkong & Shanghai Ba