1948-08-24 — Page 1

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THE CHINA MAIL, TUESDAY, AUGUST 24, 1948.

What Is Happening To The New Mark?

THE GREAT CHESS

GAME IN BERLIN

sbaut currency reform. Some- One Criticism

POWER POLITICS IN THE MED

nce now

Car-

A month ago crisp new mark Mark here, But the Russians Government to buy at random printed in Washington was issued wanted entire control of Berlin's out of Western Germany, They

London, August 21. [although, Ilko poker players, they in Western Germany. That now currency, so the British and Am- will, of course, be honoured, The Big Four Power squabble mude little mention of is very money is costing Britain £6,000 orleans felt obliged to make a when the spender has explained over the world's largest desert-real motivating reason for thele a day in air operations to Berneparate issue of Deutsche Marks his business to a western bank former Italian colonies in North Inability tongres fin. Currency form ins been here too, lo keep a firinncial foot- or to a British or American cpn-Africa is the result of the des The United States swayed lo- Editors

24354 forgotten in the great chess game hold in the city and keep trade trol official,

sire for strategic control of that wards support of the British case between East and West. "This with the West gone. Sokolov- I have one criticism of the cur- vital side of the Mediterranean. since the British Empire's strength Reporters & General Offier 32312 is how it came about,

sky replied by sealing the Soviet rency reform in Western Ger- The Big Four Foreign Minister today is so closely linked with For three years the Russians zone frontiers and applying his many. The exchange rate, or deputies are discussing the issue the American plans for offensive- (four lines)

and the Western Allies wrangled Blockade.

ratio to the £ is 13 1/3 Deutsche here and probably will report dis defensive action in the event of Marks. Subscription Rates!

Quite upart from the agreement to their chiefs nest war. Just as British bases in the recurring decimal which makes week, whereupon the Foreign United Kingdom

farce of business reckonings,

to the Unlied Nations Assembly Foren valued. much for highly. Twenty

in Paris this autumn. o the pound was the normal pre- Schacht mie, and that would also give a better return for German exports, It is an early to say how the 'Deutsche Mark will as Once described by Mussolini as open to American Superforts and a "collection of desert" waste other bomberfighter groups which Junds 'aver which the Italians would thus be able to take all flew, North Africa is now eager-Europe and part of Russia with- ly coveted by many nations in their purview. especially Britain-for many rea-"

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TYPES INDUSTRIAL ↑ DOMESTIC FROPERTIES "AVAILARCROS Vlotdry) Howin' Wyndham Streek "Tel

Anlegraris "Harriman

the

the

Life

were

Is 10

H.K.$10.00 suspicious that the Soviet Military keep those crisp American-print- the Deutsche Mark has been Ministers must refer the problent marked for

H.K.$30.00

KK.$72.00125

RATES OF EXCHANGE

cross-rate

American pancial experts

about 10,000,000,000 of

By JAN COLVIN

The

re-

sert itself on international mar- kets, because West German eco- nomy is still under strict controls and the currency is not freely negotiable.

:

United States Alr bombers, air bases in North African areas would be

BY HORSEY MCMILLAN.

Italy's Problem

sons. Success And Failure

Acturi nequisition was not covelad so much as power to de- We have made a success of terming which aido, of the wold currency reform in Western Ger-war they will be on for strategie obtain possession of her former Italy is extremely anxious to

The British Interest in the arrentiscs that they any largely un- colonies although she

The Strategy

Afclean

Africa.

The Italian

urge to regain

times they were near agreement;

In Berlin the giffeully Americans Government would overprint Itsed notes in circulation. Every issue, cause inflation and work body is scrambling to get them like leech on West German

and hoard them. Bad money, production. After the falture of the Courell of Foreign Ministers in London on December 15, the Western Allies decided to pro- reed with currency reform them- selves in the Western zones. 11: was no use sharing a financial measure with the Russians while The rates of exchange fx-economic system seperate

they persisted in keeping their they say, drives out good.

from Soviet mark; which is the old ed by the Central Bank of that of the Western zones of Ger-Relehsmark surcharged with China for the new gold yuan many.

stamp, is everywhere. The Bri- are not without elements of

The idea of the British and flat, Americans and French had many, and a failure in Berlin. purposes.

Inng conferences with the

City

It is costing us in the air effort surprise, although it might to shift the decimal point in Ger- council and

the burgomasters as much as the Russians would which is larger than India is be urged that on the basis of man uote circulation. It had as to how many Deutsche Marks have sucked out of Western Ger-based on the question of balance productive and would add a tre-

with

they

would New risen from about six milliards of

pur into circulation many, had we shared our new of power in York, the remainder of the Reichsmarks in 1936 to 75,000 clied to pay 25 per cent. of wages this fiscal war a real wor may there never to hand them back to

the Mediterranean.mendous load to the National ex- in Berlin. Eventually

ally they decurrency with them. And out of They also promised some Arabs coulit Bore up throughout North penditure and tribul opposition figures are realistic. In re-wealth had diminished by

000,000 in 1947, while national

75 per break. it, Deutsche Mark and third.

It was Bethmann-the Italians. lation to the sterling area. Besides, the Russians and cap cent. In the Soviet mark. We Hollweg who didn't believe

that the gold yuan is given a face tured

took precaution of overstumping nations would go to war about

of the 1,000 miles long the marks issued in Berlin with a serap of paper. It seems that

Mastery value of one shilling and these Reichsmark in the vaults

of her former colonial em- strip of it If B, so that ibese Auta cannot we've come to the brink

pire In North Africa based en eightpence, which provides a of Eastern German banks.

Marshall and began to All the be used by the Soviet Military about the Deutsche Mark!

Russia and France want to turn the prestige and desire to reopen further opportunity for, some shor

ahopa

Western Germany It

the colonies back to Italy under colonisation of the areas for her of Hong Kong's own econom- would be hard to revent Russian

United Nations trusteeship. Rus-evergrowing population, particul- ists to maul over the classic buyers emptying the shelves with

sia wants to get rid of Britisk in-nry now that the United States Every tradition that parity between worthless Nazi currency,

Guence in the Mediterranean. Immigration quota has been fixed

Mr. Josef Stalin then on now and the Hong Kong dollar

renilses and frontier

the, zoaut

that ut 5,000 Italians a commercial traveller

from a strategle point of view,

Although

the

were China's dollar should be the was chught going west with

landing grounds in North Africa, haunted by fear of Italian Irre- aim of both countries. Most suitense eontelping perhaps half,

notably the vast desert airfield of deutism and policy of "Lebens- El Attem just a few miles south experts in monetary theory a million marks

raum" under the Il Duce, will, we imagine,-criticise the

Italy's former desert Verdun now appears to consider Italy too London, August 21. Situation It is one of the mosi, citadel and the harbour of Th-weak to constitute a mennee to new rates as too high to be

You could sce after a quick select societies in the world.

bruk, could play a vital role in the French possessions stretching beneficial to China. Int Military Governments after the tour of London at noon today that Here is how the vicious system the use of air

power in any from former Italian colonies and situation where trade be- London conference in June sud- there is not a good cigarette to be works:

future war.

through Morocco to the Atlantic. tween China and overseas basis of one new mark for ten

denly called in all currency on a bed in this huge metropolis.

You grit your teeth, soothe your The knowledge of strategic im- As one who has travelled many Or you just swear.

jangled nerves with

rationed portance of such air bases-and thousands of miles. through Libyn markets preserved a sound old ones. At prevent there are Irritatingly about every other chewing gum and walk into the there is no limit to the number during and since the wor, I can balance without excessively about six milliards of the new person out on his lunch hour has twenty-seventh tobacco shop of which can be rapidly bulldozed affirm that the only reason why restrictive controls, some ad- Western

Deutsche Mark in circulation in a butt dungling from his lips." your frustrating tour.

out of the desert wastes along the most of the nations wish to take Germany Consumer

You try a dozen more tobacco

"No cigarette signs mock at Mediterrancan coastal vantage might be gained

strips over control is because of the goods are in the shops again, tex-shops at scattered points through you, but this time there is 4 undoubtedly a major issue which vital air and sen bases which the from setting the levels high.tiles, eggs from the farms, bi-London. Mest have the standard queue. May be something doing. various powers have Int minit territory offers-United Press. China's economic condition cycles, typewriters, sewing ma-sign rearling: "Sorry, no cigaret- The guy next to you says: today is such that easier chines and so on. Motor cars tes."

overslept this morning and lost figures could hardly be other-may be purchased without a per- One tobacconist shed niceties out. Yesterday I got up at five wise than helpful in the task chaotic conditions of 1947. Thereign: "No!"

mit. Trade is soaring out-of the and posted a blunt one-word and radged 10 smokes

of

Six Milliards.

So the British and American

OR YOU JUST SWEAR

►

bulls

would not introduce the Deutsche to outsiders cold to the British Nearly everybody belongs but

1

US INVESTMENT IN

BRITISH

COLONIES

London, August 22%.

Just walls.

The

in this

proprietor, a hubby mid- | dic-aged

man, TOWB restive. They

hoth

realise finally you are not going to budge.

An amazing thing happens-a sleigh of hand that would turn Thurston Green. A flush of colour which might be a pack of 20 cigarettes and it is over.

Satisfled, the customer departs. You smile your best, an Dale

shop." of recovery. Perhaps it is some unemployment: but the -You continue your relentless

One Left not very vital. The real test people who have been on holiday hunt,

cigarette hunt, ducking is whether rates having been since 1945 on a roll of worthless tossed off holders as the lunch The queue fades away before, fixed they can be kept there. work again on the bottom rung

Reichsmarks are having to start crowl returns to work.

you. Only one mala is loft before The great That is, of course, the ques; of the ladder.

truth dawns. An the counter. He glances with Bri- acute cigarette famine has tish offishness at you and waits. tion which comes most They forgot Berlin! Sokolov-spawned a new British, fraternity here were America he would readily into every discussion sky was nearly polite in its let husquerading under the tillo ay "the hell out of here." He about China's currency ex-

ters to General Sir Brian Robert-"regular customers only." son' expressing the hope that we periment and the one about which there, is most doubt. Unless there is a secret fund, or a secret understanding with say the United States, and the new gold yuan is not required to fight against all the ills which sent National Currency into the waste- paper basket, it is not easy to see how confidence in the new currency can be well maintained. For that reason alone, a serious mistake may. have been made in valuing the H.K. dollar as low as 75 cents in terms of the gold yuan. If HK$100 can be bought for GY75, the danger of a hoarding of Hong Kong notes in China looms very

On the American side, propo- (Congo possesses large deposits, It large. It would be tragic ifsals for dollar investments on a is likely that the soundings will a necessary reform should be large scale, to speed up pro- also be made in Brussels, found to fail merely because duction are expected and Bri- its promoters fell into the tish sources here are even will- Long Term Policy

ing to talk of US-financial United States Investment in the error of aiming too high.

partnership in the empire over Pritish colonies,"

•

*

Land Reforms

Another item, from Nan- king suggests an effort by the contral government to beat the Communists at their own

game..

proprietor

BERNADOTTE GIVES

UP CONFERENCE IDEA

Stockholm, August 22.

Count Folke Bernadotto, United Nations Palestino mediator, announced today that he will submit a full report on Palestine to the United Nations General Assembly when it meets in Paris.

He said that in the meantime there will be no at- tempts at a peace conference between him and the Jews and Arabs as it seems there is no com- mon ground for agreement between the two sidės.

Partnership between the United States and the Bri-Carnegie taught, and confidently fully on the situation of Jeri-nations.

tish Empire for the exploitation of raw ma- terials in British colonios vitally needed for American war industries, will be discussed in talks between the British Government and Mor shall aid experts beginning tomorrow.

British Treasury and Colonial Office officials will present plans for utilising the vast resources of the British overseas territories.

"The deal really amqunts to a

an informed

Swe

sign

is

becoming

A

The mediator will also report by a majority of the world's grows tubbler and feier. He forces salem and present suggestions ask for smokes. The

When

the Security Council a smile, repeats the words of his for its future status,

proposed a mediator to find peaceful motlement of the Pales and becomes another mem ber of what in fact

The Holy City is the greatest line problem, it thought that after a nation liarsed

bone of contention between the a few weeks of negotiations the shortages

Arabs and the Jews and perhaps two sides would calmly agree the thornlest cigarette famine.

Now

point that the to his findings. The most realisti- with United Nations will have to tackle. cally minded observers belleve cigarettes at an unprecedented

that any solution to the problem price you still cannot buy them. There are several alternative will have to be imposed,"

American An

named Marshall solutions the Assembly can dia once said his country 'needed 3 cuss. It will be up to them to The Arabs and the Jews may good five-cent cigar. The Marshall decide which solution they will not actually oppose relation by Plan in Britain so far has pro- want for Palestine,

force, but they will. not readily duced only bad

and scarco

agree to it. The solution will cigarettes priced at nearly five None of these solutions will be have to be accompanied by cents-United Press,

accepted by alter the Arabs or threats of sanctions against-what- the 3 ws, but Count Bernudotte over side rejects it and the two is reported to feel that both sides sides will be obliged to submit will submit to a solution agreed to world pressure.--United Press.

SINGAPORE'S HUGE HOUSING PROJECTS

a long period until American source here stated. "At Arst needs are satisfied.

there were doubts about the It believed here that the duration of the stockpiling pro- despatch of strong military rein-gramme, but now we are assur- forcements to Malaya to cleared that very long term agres- the tin, mining and rubber areas ments are envisaged so that it from the menace of Communist will be possible to go ahead to

Singapore. August 23. bands, is linked with plans to develop raw material sources all The creation of eight satel- The item refers to a policy protect and exploit war material over the empire on a large scale. lite towns of 50,000 inhabitants that two Central China pro- resources for joint US and Bri-.

have no Indications yet each in the suburbs of Singa vinces-Chekiang and Kiang-tish needs.

American regarding

pinns for The atockpiling

pore City is recommended in st-are set to carry out. The controlled war materials for the they will be shipped to USA aa Housing Committee. It is a of European stocking materials. Presumably the report of the Singapore policy sets a maximum limit American war industries is the soon as available for in the scheme to take 20 years, and on the extent of an indivi-fonly tangible return which the conversion into munitions in the

United States dual's landholdings, and calls

is receiving for American war range."

estimated to cost about £35,- Marshall old. In the case of for the expropriation of such Great Britain, £15,000,000-Ave going on between the British and

Preliminary taika have been 000,000.

The report also recommends lands as exceed this limit for

per cent of the sterling equival-American experts for some time for short-term policy an imme- resale to Chinese peasants. ent of the current Marshall Aldin order to clear the way for diate three-year housing 'plan, The policy is described as to this country has been set conclusive discussions between costing about £3,765,000, to mild--in the sense that it is unide for the year to cover pay-the Just Mission and the British build 2,804 fats, 062 tenements,

ment for the material, but this Government not as drastic as the land

1,170 artisan quarters and 205 seizures instituted by the revised scheme which is expect The British are ready to pro- |figure will be far exceeded in a

shops. There would be able no No Difficulties

house 25,700 persons. Communist government ined to avolva from the talks

The report is at present being territories that fall into their In addition to Great Britain, pose to Mr. Evan Just, Director considered by the Singapore Le- hands. China's Reds draw and the British colonies, France of Strategle How Materials ace- gislative Council

and the Netherlands are also be- tion of the ECA, who is heading their main strength from ing Bounded to discover, what the American delegation of long a huge slum clearing programme. The SHC scheme provides for widespread --mass support, their colonies can supply.4. As term agreements whereby the The Committee said that at the which in turn owes not uraniumi is another vitally need-British empire would provide as present rate of progress, little of its power to the ten-ed war. potential and the Belgian soon as possible Eume urgently Singapore slums will not be clear- sions released by legitimate

needed materials which include ed for centuries, if ever. grievances against the status annexed by the Kuomintang and molybdenum used in the fering from the disease known as

lead, zinc, tin, rubber, chromine It adds that Singapore is suf que. This power is further during the revolution. Des-some of the areas to be ex-

manufacture of steal.

"gigantism." sparked by the Communist cribed as "startling", the sug policy of immediately farm-gestion has probably gone by ploited in the British Common- galopolis has been created, as In ing out the land to political- the board, but it indicates; wth are independent states so other countries, by haphazard areas that the Reds manage the two Central China pro- No difficulties are foreseen since ing the services

The report kommends obtain- of, Sir, Patrick to slice off nationalist posi vinoes intend to implement, US collaboration will ensure in Abercomble," the British town tions.

a growing awareness of the creased production of industrine and country planning expert. Sir A Legislative Yuan mein basic problem that Sun Yat- owed down through lack of hong to ive his advice and ir finitieir areas which have been Patrick recently visited Hong ber only recently suggested isen lind tried to resolve until machinery and capital United going to Colombo on a similar the redistribution of lands his death in 1925.

simon-Reuter.

[that they

the

“A chaotle, and unwieldy me-

ly acceptable peasants In together with policies that rauification to the London deal

will require to give and unplann |growth.

ALLSOPPS

TRADE

MARK

Lager

ALLSOPP'S LAGER

Plentiful supplies of this famous

beer are again

نام ها

CALDBECK MACGREGOR

FAGENTE