1949-09-20 — Page 9

"J

Snyder Says Devaluation Constructive Step; Mixed Reaction Noted In America

Washington, September 18, The Secretary of the Treasury, Mr. John Snyder, in a statement issued today, said the British Goverment is taking a constructive economic stap in adjusting their foreign exchange rate.

POUND STERLING DEVALUED TO U.S. $2.80

(Continued from Page 7)

*

Sir Stafford hinted in his speech at the Government's an xiety that any small rise in the cost of living brought about by new devaluation might lead to claims for higher wages.

He appealed to the nation to avoid anything that increases the cost of production, anything which led to this would be con- trary to the

purpose for which devaluation

being

made.

very

"The immediate effect should be..an early rise in The long- their dollar resources,” he said.

range result should be a healthy, impetus to world-wide multilateral trade.

At a press conference held by the International Monetary Fund, managing director Camille Gutt and the executive director for Britain, George Bolton, said New Zealand, which is not a member of the Fund, already had on- nounced revaluation.

salve its long-range dilemma

economic

THE CHINA MAIL, TUESDAY, SEPTEMBER 20, 1949.

Adverse Effect On Germany

*

Beriin, September 18. Devaluation of the

Ari-

tish Pound Sterling will have

the

an adverse effect on many's foreign trade, Deputy West Berlin Mayor, Herr Ferdensburg, said, to- night

He explained that cheapen.. ing of the British Pound would give Britzin a favour- able position over Germany in competition for, foreign marketa.

seld,

"Everywhere," "German goods compete with goods in the export British fald

"I do not believe, however, that the German Mark will be devalued as a result” he added-Associated Press.

ABDULLAH,

FRANCO CONFER

The other countries in the sterling area, that is Pakistan, Ceylon, Burma, Iraq and Iceland, Reduction in the value of the have not yet made any decision. pound and six allied starencies Asked whether he was ex-was designed to supplement to pecting any further applications 10-point agreement reached by for devaluation, he replied "the United States, Britain and would not be surprised if new Canada in their recent three- applications came in.”

|power money talks, which "M, Gutt said the Fund's execu-sulted in the release of recovery tive board had received devalua-dollars and other concessions by tion applications over the week- the United States,

Madrid, September 18. end from the six countries whose Senator Walter George, chair- General Franco and King AB- currencies were revalued, and the man of the Senate Finance Com-dullah of Hashemite Jordan ex- that the step ne decision on British pound mittee and top Democrat in the amined the

the In saying

Soviet menace of foreign relations group, called Communism hanging over had announced was the most was made on Saturday.

the He said the devaluation move the devaluation action inevitable Middle East during their talks at serious the Government could take, Sir Stafford added that would probably have very early and necessary,

La Coruna, it was announced in Britain's sterling-dollar dim-effects and long-term effects He added, "But I think the

in Madrid a joint communique culties demanded "Immediate which he would not predlet. effect wil) be entirely temS -

today. porary. Only long-range relief must come through reduction Senor

Drastic Treatment

and drastic treatment if we are These countries, he said, acted to to preservE- the stability of correct a fundamental disequiti- sterling and increase our dollarbrium in, their balance of pay- the Fund considers earning power-two absolutely ments and essential requirements for our these steps to be

in the right future prosperity.

direction.

"We have decided upon these steps because we are determined not to try and solve our problem at the cost of heavy unemploy- ment or by attacking the social services that have been expanded over the last few years.”

Sir Stafford also said that some, of Britain's export prices to the dollar markets had been too high. and in a number of cases those markets did not bring a good enough return to encourage manufacturers and exporters to expand their dollar exports.

Move Recommended

The communique, signed by Martin Artajo, Spanish

of production costs in sterling Foreign Minister, and the Court areas. The action will not be Minister, Senor Semir Baja Rifal, more than a temporary flash in said that the two chiefs of state the pan as far as British ex-were in complete agreement ports are concerned."

which will lead to a strengthen- Republican Senator James Kening of mutual collaboration be- said it was equally important for tween the two countries in the The Fund's Board of Gov.the British to halt their present international fald for the con- ernors

had recommended cur-costly experiments in Socialism servation of world peace and a rency revaluation in a state- and end the polley of making guarantee of the links of friend- ment to last week's opening bilateral trade agreements. skip and mutual aid in the eco- sessions of the joint

The Senate Republican leader,nomic and cultural field between meeting of the Fund and the Kenneth Wherry, said the action Spain and the Hashemite King- World Bank, it said the step underscored the need for con-dom of Jordan.

Manual

added:

да

Palestine Issue

ex-

should be considered by those gressional action establishing a The announcement added: nations who were having dim-point below which tariffs could "His Hashemite Majesty

without giving pressed satisfaction on learning culty in finding enough dollars not be reduced to meet their buying needs In Congress explanation, He during these friendly conversa- the dollar arous,

tions of the honourable intentions

Mr. Gutt

"It means the influx of British inspiring the action of Spain in said the countries applied to the Fund individually goods into the United States at Morocco. to reshufie the value of their least on a temporary basis. But currencies. He said the actions om a long-range standpoint the by the Fund's British will have to cut the cost were approved Executive Board on Saturday and of Government we so far have

been subsidizing”. Sunday. Mr. Gutt refused to say whether he expected any ther applicaions. A

reporter ask- ed him if he would be "surprised"

further

Fortiga applications were here that Sur Stafford forthcoming.

He replied. "I appealed to British manufacture wouldn't be especially surprised." ers and exporters to redouble

Mr. Gutt said the Fund's execu- their efforts to sell their goods intive Board will mest on Monday the dollar market.

but hastened to add that Mon

It was clear that without a marked reduction in the dollar price of exports and an increase in sales pressure there was a serious risk that Britain's doBar earnings

not would

be high enough to maintain the flow of estential imports...

It was

"This is a step that we cannot and shall not repeal. It provides a great and immediate opportun- ity--let us seize it eagerly and with both hands,” he added.

of

fur.

Immediate Results

The conversations also touched-on-the-true- situation in Jerusalem and the Holy Places as well as on the fu- ture relations of Spain with the Arab world and the Islamic nations."

The chairman of the Senate Relations Committee said the devaluation's "results will be immediate...in the ed as King Abdullah and his re- The communique was publish- long run, however, it will no tinue left Seville by car for doubt prove useful".

Malaga, where they will sail on Among other comments, Re- Monday aboard the Spanish gum- publican Senator George Malone boat, Fizarre, en route to Beirut

"Don't let us lose the advant-day is its regular meeting day. ages of this change because we refused to speculate on the said: "The net effect is to lower after a 13-day visit to Spain- do not go all out to get the busi

probable effects devaluation wages and costs of British pet-Associated Press. ness," Sir Stafford said.

steps on the world economic duction about 30 per cent 2nd crists.

flood his country with more He said, "These moves wil cheap labour goods, to the detri- probably have some early effects ment of American producers which I am not going to try to the high wage and living stan predict" He conceded later that dards of American workers. It member countries of the Mone amounts almost to a conspiracy tary Fund will have to pay in by the administration to lower enough additional money in their wage and living standards

up for the American."

Winne's "No Comment”

01

Anniversary Of Bernadotte's Assassination

was

Mr. Winston Churchifi, Con- own curencies to make servative Opposition leader, the gap caused by the devalua- Republican Senator Eugene told Reuter after the Charicel-tion. He said the Monetary Fund Millikin "The effect, so far as

Jerusalem, September 18. ior's momentous broadcast that considered the devaluation action we are concerned, will be, for a he did not wish to make any taken today to be a step in the short time at least,

The first anniversary of the to increase assassination of Count Folke comment

the flow of imports right "direction. But, he added, the Consultative George Bolton, Fund Execu-country. That will intensify the tions Palestine mediator,

late this Bernadotte, former United Na- Committee of the Conservative

tive Director representing Bri-distress in which many of our tain, was optimistic over the producers already find themselves commemorated by ia memorial effect on Sterling

make areas. He and

it zhore

service at St. Andrews church, difficult → said, "We have been losing re-for our exporters to get into Jerusalem today.

serves at rates we can't stand, foreign markets."-- United Press. In the church, whose East We hope that' lower rates will

| window facing the old city is restrain the josses

still pierced

by bullet boles, Bel- serves."

gian soldiers formed a guard of honour and the consular corps

Party would meet on Wednesday to consider the situation in all its

bearings.

Earlier today, Sir Stafford call- ed a

of Trades Union meeting Congress leaders and heads

of

some of Britain's biggest indus- tries to tell them of the devaluia- tion plan.

One leading London stock broker in gold-mining shares sald tonight, "I shall be disappointed if a £50,000 profit is all I have made out of the devaluation.”.......

Reuter.

FRANK MORGAN, FILM STAR, DIES

Hollywood, September 18. The veteran screen star, Frank Morgan, aged 59, died in His sleep

.. here, today.

His wife, Alma, found him dead.-United Press.

-33

of our ALASKA-NORWAY

Asked whether revaluation NON-STOP FLIGHT

of Canada's currency is possible, Bolton replied, "That's Canada."

up to

Senators Applaud

laid a wreath on the altar, Oslo, September 18. The service was attended by A United States Air Force representatives of the Israeli Superfortress completed the first govermanent army and chief non-stop flight from Alaska to Justice and United

Nations Norway today. Piloted by Norwe officers. gian-born Colonel Eorat Balchen, The hymns and lessons were

In Washington, Key Con- the aircraft took off from An- the same as those in the service gressmen tonight applauded de-chorage, Alaska, at 11.30 am- held on Saturday at St. George's Evaluation of the Pounds Eastern Standard Time yesterday on the Arab side of Jerusalem

but strictly tem- 8.00 am. EST.

and arrived over Important

Oslo at about U.N. officers originally planned porary stop-gap In Britain's

to hold a joint service for Arabs effort to solve her acute short- Norwegian Aero Clubs rally, at

arrived in time for the and Jews in Mandelbaum square

situated between age. Some added that the La-Fumebu Airport, outside Oslo. legion and Israel army agreed to lines. The Arab bour Government mu take Colonel Balchen, an expert on the arrangements but the Arabs even more drastic action, in-polar flights, was intended cluding abandonment of some attend the rally. He is an hon-a. Joint service.

to indicated they would not attend Two- memorial

of its broad social reforma, orary member of the Club-Reuservices were therefore held- before Britain could hope tolter.

Associated Press,

THE KING OF CANNED FOODS!

MONARCH

CANTONESE BY RADIO

Vocabulary:

432. (kasi) gaye(3)) 433. (shai) shai(3), 434: (wong) (1)wong,

BY S.K. LEE

435° (k'eing) (1)keung.

Combinationg

(2)keang

16. Shai(3) gaaye(3).

Lesson 39 (B)

17, Shaf(3)-ganye(3) (3)dzaye

dzeen(3),

18. (1)Keung gwok(3). General expressioni

Shak (3) gay (2)..

5. (1) Wang Dai(3)

6. (1)Keung (9)Shing.

7. (1)Yuen (1)cherco..

& Jing(1) (3)Zook.

9. Fann (2) gong(3), JO. (3)Yeuk-(1)doy,

Place names

30. Sun(1) Gaaye(3). 31, (1)Moong-gwoo(2), 32. Au(1) Jau(1). Joong Tran Det (Goutined)

11. (2)Yau dee(1) (1)yun

(3)wah, Joong(1)-Trau(1) Deli(3) (3)hai gom(2)- yeng (2) hay (2)-shau(2) geh (3).

12. (3)Shup-saam(1) shai(3)

gay(2) gaw (2)-(3)jun- (1)shee, (1)Moong- gwoo(2)-(1)yun dah(2) (3)yup-(1)lai Joong(1)- gwok (3)

13. Sum(1)-(3)lik Fut(1).

(3)Fee baat (3) (1)ling (1)neen, (1) moong- gwoo(2)-(1)yun (3)dzoh Joong(1)-gwok(3) (1) Wong-Dai(3)

14. Gecoo(3)-(3)dzoh

"(1)Yuen

(1)cheroo. 15. Gaw(2)-(3)jun-(1)sbee, (1)Yuen-(1) cheeoo (3)shup-fun(1) (1)kėĽng-

16.

(3)(3)day jing(1)-

(3)fook-jaw (2) shai(3)- gazye(3)-(3) sheung hah(2) daw(1) (3)day- fang (1). 17. A¤(1)-jan(1)-(1)3'un gecos(3)-(3)dzon

Waw."

18. (2)kui-

gom(3) (1)keong- (3)shing, (3)daan-(3)hai gaw(2) (1)Moong-gwoo (3) (1) wong hoh(2) pah(3). 19. (2)Kui hob(2) pah(3)

dee (1)

Joong(1)-gwok(3)- (faan (2)-kong (3)

20. Gem(2), (2) kui (3)dzanı

hay(2)-shau (2), (9)yeuk- - (3)doy dee(1) Joong(1)- gwok(3)-(1)yun lok(3).

Boundary. Border. Frontier. The world A generation.

A king. A ruler. Royal A sur-

name.

-Strong Powmeful

To compel To force.

The world.

The world war.

A powerful nation.

A century

King and Emperor.

Powerful and prosperous. The "Yuan" dynasty.

To conquer.

Te defy. To revolt against.

To ill-treat.

To be hard upon

The New Territories, Mongol,

Europe

The Mid-Autumn- Festival: Some people say that the Mid- Autumn Festival was origina- ted in this way.

In the thirteenth century, the Mongolians fought their way into China.

In the year 1280 in the new calendar, A Mongolian be- came King and Emperor of of China.

That dynasty was called the

"Yuan" dynasty.

At that time, the "Yuan" dynasty was extremely powerful and prosperous.

They had conquered many areas

in the world.

The Europeans called this the

"Yellow Scourge.”

Although they were so powerful and prosperous, (but) the Mongolian king was afraid.

He

was very much afraid that the Chinese would revolt against him

So, he then started to ill-treat

the Chinese.

(To be continued)

Manila Murder Trial

P

with a view to clinching the case for the Government.

The witness, whose identity re-

Manila, September 18. Although the exact date has not yet been officially set for the

mains trial of Mrs. Estor del Rosario

to be divulged by the Murray for the murder of her viously to have been credited

authorities, was reported pre husband, George Murray, it with the statement that she was reliably reported today actually saw a gun being tossed that the trial will be held this out of a window of the Murray week in the Quezon City Court residence early on the morning

12. of First Instance before Judge of August Coferino de Los Santos instead

Another report said that Con- agents had summoned

of the San Juan Justice of the Peace Court as had been originally planned.

*The

Mur-

American partners, of Mur- ray for an investigation at the Constabulary Headquarters this the week in connection with report added that mystery witness in the case was ray's 1,000,000-peso gim-rumning taken to the scene of the crime racket, which was operated from ty Government investigators to the Philippines and which ex- re-enact what she saw on the tended to Hong Kong, morning of the Zatal shooting and Indonesia Reuter.

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