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No. 34390.
ESTABLISHED FOR MORE THAN 100 YEARS
HONG KONG, WEDNESDAY, SEPTEMBER 21, 1949.
CANADIAN DOLLAR DEVALUED
DEVALUED Franco Greets King Abdullah
Ten Per Cent Cut; Franc To Find Own Level DUTCH GUILDER REDUCED
New York, September 20. Canada and France have joined the world-wide scramble to de value their money. They brought the total today to 19 nations that have juggled their currency to woo American buyers since Britain took the plunge on Sunday night.
Economies In Government Departments
London, September 21.
Minister, Mr.
The Prime
Clement Atiler, has ordered all Government departments to make economies aimed at all-round cut of at least an five per cent in administra- tive expenditure during the current year, it was author- itatively stated here tonight.
This order supplemented the British Treasury's recent call to all departments to cut their estimates for next year with the object of saving at Texst £150,000,000 on next year's budget of £4.000.000,- 000-Reuter.
Moscow View: Guns Instead Of Butter
London, September 20.
. Moscow Radio claimed today
In occupied Japan, General MacArthur authorised the Japanese to buy cheaper British pounds but turned down growing Nipponese clamour for devaluation of the yen.
Many nations today opened their banks and stock markets, ordered closed yesterday to curb speculation, and waited cautiously for reper- cussions to the money slash. Financial ex- perts predicted several other countries will have to cheapen their currency to meet Bri- tish competition."
which has agreed to the proposed change in the parity value of the guilder, this exchange rate will operate from midnight, Tuesday. September 20.
The Canadian dollar's value was reduced 10 per cent last night. That means tourists and buyers carrying American dollars to Canada can get 110 Canadian cents for each US.
The Netherlands has had con- dollar-a bargain that Canada į sultations on this matter with
Amoy Situation Reported Grave
Canton, September 20.
hopes will boost her export those roveraments with whom Amoy was still in Government hands today, -ac-
sales and tourist business.
such treaty."
discussions are fixed by
Chifley's Remarks
In Canberra the Prime Minis-
Fränce cut
loose her money fram all France dollar controls with the idea of letting the free Enterprise system determine how many franes the U.S. dollar will bring. Government officials ex- pected the frane to slide about six percent to a-level-of-350 to the dollar. The recent rate has been
one
dollar. 330 francs to
Neither Canada nor Franer our
ter. Mr. Chifley, told the House of Representatives today that the devaluation of the Austalian pound "means that there will be no change in the exchange basis neret our trading
most
that the British devaluation of cashed their currencies as dras the United lips with
the Pound has led to "finantically as did Britain. The dollar important export market.” "cial panic all through Mar-short British cut their pound
shallised Europe."
Devaluation
cording to a radiophone call received from that city. The situation, however, was re-.. ported to be grave.
The message said that its defences had been re- inforced by troops which had withdrew from Changchow, West of Amoy.
www.
33.
Price: 20 Cents
King Abdullah of Hashemite- Jordan (centre) is greeted by General Don Francisco Franco, head of the Spanish Stato, when the former arrived at La Coruna, Spain, to begin.
11-day visit to the coun- an try. At left, in white tunio, Is Spain's Foreign Minister Alberto Martin' Artajo. King Abdullah is the Arst reigning Monarch to visit Spain since 1929. (AP photo).
Shanghai Evacuees Coming Here
Inside the city all was quiet local guerillas in the Yongyun Kwangtung Province and orderly.
South East of Kakong No mundize gras audible.
General Lin An-chi's Nation- In Kwangtung Province, Redh General Chen Keng's 14th Armyalist troops were moving towards regiment, together with guerillas,ungrun in an attempt to en- entered Hsinfeng district and was circle this small force
According to the Chinese press, the Magistrate of Yungyun dis-
it was captured by the Rads:
American President
Lines
NO
All Kinds of
Portable TYPEWRITERS
AT REASONABLE PRICE
HONG KONG TYPEWRITER EXCHANGE
9, D'Adullar St
***Tel. 2145
LOOSENING OF OFFICIAL EXCHANGE HERE
Opinion in some quarters yesterday that the de- valuation of the pound Sterling means that official exchange will be granted more free- ly, was authoritatively refuted yesterday. A Goverment spokesman, in reply to a question, told the "China Mail" that the view held by some people that permits for official ex- change will no longer be required is also wrong.
He said that the devalua-
tion has only changed the
official rate of exchange in Unicorn's Cargo fact, he added, very little off
cial exchange is being grant- ed in Hong Kong. It is not intended that this, should be increased, he said
Merchants, students and other private individuals who applied for official exchange before the devaluation announcement will have to pay the new rate which is about HK$5.80 to US$1.
The new rate will apply to all contracts at closed at the time of the devaluation announcement. The new rate will not apply te contracts which have been fixed at the old rate, said the spokes. man.
Of Planes For Far East Base
Glasgow, September 20.
The British aircraft- Arrived carrier Unicorn here today to take on a "top secret" cargo of 100 aircraft for delivery to a Far Eastern air base.
Naval officers refused to discuss the shipment. They refused all informa- tion regarding the num« ber, type, and destination of the planes--Beuter.
The Government spokesman was unable to give an estimate of į Bees the amount of hard currency ex-
change applied for before the de-mark up prices by 10 per cent valuation announcement, and the and due to better demand in this amount in American dollars of trade a further increase is ex- contracts
which had been ap- pected.
On the Chinese Gold and Silver proved but not closed at the time.
Even the Exchange the volume of business of the devaluation.". banks don't know." he said.
was just normal, with no rush to buy or sell
Exchange Market
Industrial gold dropped im mediately the market opened,
On the exchange market, and it was more or less & one
which
way movement throughout "the re-opened yesterday morning after Monday's holly, losing about 10 points in the day, there was no sign of the process, and closing at a level
about 10 percent above Satur previous day's excitement.
- day's. ·
People streamed into the Hong Kong and Shanghai Bank in the
-U.S. Dollar-
The US dollar - opened - Atlé
morning to look at the official exe change quotations posted, up in and went away remarking change in the US dollar and Pesos more sellers than buyers.
TT was dealt in from HK$8.10 rates there had been no change.
TT Sterling at 1/2.13/16 sell down to £8.044 again with more the Chinese Communists and ing was the same as Saturday, sellers that buyers. Nationalists guaranteeing, safe IT New York was
These rates contig dottarnow marked entry of the ss. General Gor down to 17% to conform to the etheial value of the don to Shanghai on September devalued rate of the pound
$5.80 On, the Hong Kong Stock Ex- Sterling
The bank hat apart from the HKS6.20-abc closed at $8.15, with?
He said that Australia could 30 1/2 per cent from $4.03 not have maintained the former
have made, agreements with the Western $2.80-in a drastic effort to start rates of exchange with both the last reported to be pushing fur- in nations virtually means "guns buying boom by Americans who pound sterling and the dollar. instead of butter Moscow Radio now can get British-made goods commentator Leontyey charged. at cheaper prices
Mr.
Faul
He said: "In spite of assurances British of labour leaders, the British Covernment surrendered
to the is well known
United
States.
and other West Euro-
that tries could have been i
by
3 very simcial dim-İ
expedi-
G. Hoffman, chief of the Marshall Plan for ald tel Europe, declared Britain's leadership in cracking the cur- remey barriers "opens the way for Europe as a whole to earn; Its way in the worls.
zaved
ved from their financial cullies
Her is the list of countries that ent. All that is necessary was to have devalued their currencies:
their feverish
(Continued. On Page 16)
Huge Arms Deal
In Manila
ther Southwart towards Limg-
mea
Hsinferg and Lungmen are 90 Rod 10 miles North East of Can- Lon respectively.
The situation in the West River area of Kwangtung was reported to have wortened in the month
Guerillas
Admiral's Boast
in Canton. Atung
23.
with the
The General Gordon will leave The London-New York cross change, the rally which developed Hong Kong September 21, but rate was 279-7/8 selling and on Monday after the announce
ment of Sterling's devaluation, was not maintained, and the már-
et suffered a setback
Generally the Hong Kong mar-
A reliable report said the Com- munists were in complete occu- Dastpation of Pingtan and Nanjih Is-
12.80-178TMbuying. will not carry any passengers or hands on the Fukien coast about cargo to Shanghai, and will be
The exchange banks reported controlled Kwong-50 miles South of Foochow writes tasked with two 15 by 26 Zoot "business as usual with no rush Manila, September 20.
of the "China Mail" ding. 80 nitles North West
-correspondent
"Nexts of American fags painted on either to fix exchan another day toket is getting back to where it An enough arms to equip an army
A secret arms deal to provide Canton.
These activities have been or Amoy also fell into Commumist
Hands. Fra division was reported today by a comparatively small scale.
usually reliable morning The anticipated South wurd newspaper, the "Manila Times" offensive by, the main Communist The deal is said to involve x force in Human Province has still banker, a Siamese woman and twoj not started Chinese.
give up their colossal and con- Britain, Sth Africa, Ireland, stantly increasing military expen New Zealand. Canada. ditures and stop preparations
ations for a new war. But Australia, Egypt, Israel, Indi,
Users called for bure. Ceylon Dengua Nor Street
way, Sweden. Icelap, Find just the contary.
"The working people of Britain, Maliya and Holland.
The Pakistani Cabinet met for France
and other Marshallised countries are now to work more four, hours today without reach,
Details of the deal, the paper and receive less. As for arma ing a final decision on action to ments, far from being curtailed meet the British devaluation of said, were, revealed in a report
submitted on Monday by a Cus drastic steps to defend Amoy ar
taking they are to be increased. Guns the pound sterling.
Inspector. Banks in Pakistan will remain. toms
detailed to instead of butter, that is what Wall Street's orders virtually closed tomorrow, the Government Manila's International Airport, to keep law and order within the mean."-United Press.
the Port Surveyer of the Bureau city, according to a Chinese de- announced.
spatch reaching here. of Customs.
FREIGHTER, FISHING
VESSEL COLLIDE
Drastic Steps
The Nationalists are
The Times" reported that the Tension has increased follow.
Pandemonium broke out in the Army. London gold share market when Among the papers seized from official dealings began here today her, it was further reported, were The Coast Guard reported last after yesterday's break, follow-a code and a letter written to night that a freighter had, colliding the devaluation of the pound, her by the Manila banker.
New York, September 20.
ed with a fishing vessel in dense
of Hallax, Nova Scotia sinking the
fog
Aring
craft.
reports
Reuter.
The paper added that the wo
activity Dealers had great difficulty man was allowed to continue her in controlling the large crowd trip after the investigation. How-
opposite
Merchants, with
non-committal," but
been
EARTHQUAKE
side of the ships bull
First-class passengers who ar digest the situation, were stil stood on Saturday, hardly feel- were aping the effect of the biggest Binan- rived on the General Gordon in Vice Admiral Kwei Yung- ching, Commander-in-Chief of org Kong on Monday evening parently relieved that there had cial change of the year, if not no violent shake-up since the end of the war, was will be transferred to the SS Pro-
how business observers summed the Chinese navy, told reporterssident Wilson tomorrow morning,
prices. today that Pingtan and Nanjih
Some who had suspended sales up the situation yesterday, and third class. General Gordon on Monday to see which way the cannot be used as
stepping passengers will remain in Hose wind would blow, resumed opera- for stones
the invasion **
Kong until the ship returns from tions yesterday with prices in Formoss for various military
The Admiral insisted Shanghai on September 27. reasons. that his navy is strong, enough to make a landing anywhere or the China coast and even as far inland as
21 Hankow. The military tenant-General I-ting, to- day denied Changchow in South West Fuklen of the fall of reports
2
AFL officials expect to take some cases slightly higher than more than 1,300 passengers from Pre-devaluation rates. Shanghai to Bong Kong.
i
hai.
Chemicals Up
IN JAPAN
Tokyo, September. 20.
A light earthquake rocked the
Japan Sea coast of Honshu today,
Ar officials of the Company
| shaking · buildings in Fekni and said yesterday that he did not
Industrial chemical merchants) surrounding "towns which were Demand For Gold Siamese woman had been detaining the Communist occupation
mow the method of selection. If
were reported to have; marked wrecked in last year's major ed and questioned by intelligener Changchow, West of Amy, which
General Gordon can accommodate many more passengers than the
up prices slightly "on- Monday, | earthquaka. operatives of the Philippine was reported yesterday.
wish to leave, but that the Com
but lack of demand will; "In the He admitted that the situation ir
The epicentre of the tremor, view of competent The Garrison Commander in
observers, which was recorded at 11.27 zam. Amoy was tense yesterday bu pany was booking passengers of Amoy is making a thorough in-
all rationalities:
bring prices down again. local time, was located 20 miles vestigation of the city's in- was much better today.
На General Chang said Govern
added. that the whip Patent medicines and phar off the coast of Niigata · Prefec- habitantz Airčadý several per ment forres inflicted 800 casual-
would take no mali to Shangmaceuticals merchants decided to ture-United Press. sans suspected of subversive de local Communists
have been arrested i
Chingtangas.
than in Benteng count
On Monday night, mora -विय
North Kwangtung. He had no in- 200 extra cota were loaded on Amoy.
the General Gordon, and the Six crew members of the fish--
Several waves on the main formation about the Red detach ing vessel are missing, the Coast this reputed to have gold in it. were retained by the authorities.
The banker's letter. It was fur-land cave bees closer to shipping.ment at Lunghsienhsu in Weng- Company intends to use all space that is 'available so as many pas Guard said. The captain and four
tempo of dealings was in-
The official Military News yuan county North of Hsinteng.
On the East River, the creased by the fact that the Cape ther revealed, referred to the
a local sengers as possible can members...of -crew Craft were picked up by:
was participating today. Arbitra-raction as "one of the biggest Agency admitted today that Communist band has increased evacuated.
The official said "After all, this the gours (dealer trading on both arms deals in the history of the regiment of General Chen Keng's its strength to over 10,000 men
14th Army had joined up with who are located at Hsientang it isn't going to be a luxury trip.. the Moore McCorack Lines, The London, and South African mar-Philippines."-Reuter.
Ho Yuen fishing vessel was identified as kets) were finding it necessary to
county The Ministry held a series of meetings for the past three days. One lesolution is that the allowance for each soldier be increased from two silver yuan a month to 320 silver
Go for shares in any-jever, the documents found on her
ter request their South African op
the Corintian out of Gloucester posite numbers to give them wide Mass. The Coast Guard said the discretionary powers in view of freighter was the 1600-ton Mor
the phenominally quick-changing prices.
macor.
The Coast, Guard cutter Coos
In initial dealings, prices
of
Bay on weather patrol 250 miles South African gold mining shares away is proceeding to the toebrose between 1/3 and 3/1
United Press.
THE WEATHER
A 6000 GMT (D. HEST) the "krepica] storm was centred about 10 alle "BW of Hainga and was moving" WNW HE
In Johannesburg, excited, shou-
Blockade Warship Defects To Reds.
ting dealers tried frantically to The flagship of a Nationalist naval flect station-
buy gold shares for which only) a tenth
of the demand could be met-when the Johannesburg stock exfange opened its deal- 10g this morning.
There was a vast clamour on the ficor of the exchange and in
15 Knola, Pressure is high over, central -and NE Chỉns, and low to the NE of the the adjacent lobbies.
Philippines
Today's Forecast:-Moderate to Guilder Cut
· Elwinda, `cloudy with "showers-
Yesterday's Weather-
Maximum; (23. deg. Fabr
Minimum: 76% ́dex, Pak.
Bashines, 0.1; hour,
*.
Halofall: 12,6 mm=1,55 Tna.“Total ninée FREE-87.1: myn.:69,5*1# ŞAHİTKİ ATI, SVETRET" OF •R573.3.^mm= * 71,76· Jna, *
Readings at
ed near Chusan Islands, about 100 miles South East of Shanghai, surrendered to the Chinese Communists yesterday morning, ac- cording to a vernacular press report yester- day,
More than 20 crew members of the destroyer
-ot. Defence bas
On Other Pages
yuan monthly (about HK$10),~| Page 2— Reuter and Our Own. Correz- Fondent,
ARRESTS OF -PRIESTS IN
"Aztassination In Hong Kong
Correspondence
Chak Sang Jaquiry Page 4
Barclay's Bridge Page. 572.
Another, "Confession" in Hun-
garian Triat
CZECHOSLOVAKIA Page 6
Prague: September 20. Authoritative Czechoslovak Ho
Press Reaction To bevaluation Page 7
Crippa Defends luation
Mova
today issued report on the re- Page 9
Chang Chih, took the vessel to Woosung, otman Catholic Church sources here the mouth of Whangpoo River, after locking up the greater part of the vessel's crew of 200 and killing five officers and men,
She left her base on September 15:
Prior to her:
her surrender to the Reds she was cruising near the mouth of the Yangtee River Lattempting to stop vessels g
- ing in and out of Shanghai,
-Holland, today devalued the Builder toazó quliders per dollar from 2.65 guilders per dollar. The devaluation in prò-?
At about 7 am the vessel portionately similar to that of the
pound; sterling..
docked at a Shanghai pier. ring the devaluation tol Communist Announcing Parliament, the
officers
boarded Buro, at, mal. ;,1010.0 1009,4 mutu
the Dulch Eansis 2235 20.21 inches Finance Minister said: "It has her and most of her crew were
been necessary to
to re- 6x
the ex-removed from the vessel, deg. Pchange mte of the guilder at 3.80
guilders per dollar which, -apart! Said to be the most powerful The report further said that at from small technical deviations, Nationalist naval craft in Chushan present at Chusan naval base comes to the same devaluation as naval base, the Chang Chin was there are about 19: Wat vessels the pound sterling to the dollar. Formerly a Japanese destroyer belonging to the Nationalist Davy. After consultation with the taken over by the Chinese Nx. However, all of the vessels are International Monetary Fund, i tionalists tú: 1945. --
the Chang China: smaller than
Rel. Humidity:
92.
n
12428 knota.
322135,4-
cent arresta
Czechoslovak World's Currencies: Following 31 priests, listing
Sterling 31 Priests from sous hundreds they said had beenPro 10— BrTested or
Women's Page: or were held by the
J. Page 112 police.
Back To "Britain - Movement) list covers-vicars, deans, 197.
Begins superiors and other church off-page
Page 12 cixis and gave accounts, preparod
Teen Age: TƐpier: through Church Channels, of the
Page: 15 circumstances of their arrests by Russian - Armament Aimed At the Czechoslovak Security Police US. The report said that a number Page 14
the
of priests had been arrested in Finance And Commerce the seminary for priests at Page 15 Hradce Kracieve where misters Air, Bhipping Movements workite la the seminary kitchen Pas 16 were also arrested-Rester,
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