1949-09-23 — Page 8

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THE CHINA MAIL, FRIDAY, SEPTEMBER 23, 1949.

|NOVEL SUGGESTION

CLEARING HOUSE TO DISPOSE OF WORLD FOOD SURPLUSES

SINGAPORE WARNING

ON PRICES

-

Singapore, September 21. The Colonial Government in Singapore, as a first move to- wards the stabilisation of prices, today warned traders that controls will be invoked if merchants increase their prices under the excuse of the recent pound devaluation.

A Government communique appealed to the public to refrain from paying increased prices and stressed that the Malayan dollar JS still worth the same as before within Malaya.

The Colonial Government also issued & warning that the Federni

ordered Government has freezing of wholesale and retail prices with effect from Wednes

September 17.

London, September 21,

International experts today called for a $5,000 mil-

lion clearing house which would prevent some countries destroying surplus food while people

in other parts of the world starved.

In a report to the United Nations Food and Agri- cultural Organisation, the experts said that

the proposed clearing house would build a

bridge over which surpluses could move to areas which were short of food,

They warned that unless an early solution is found surplus countries will pay to restrict or destroy production. This would cause the economic idleness of farm resources, bringing unem- ployment to many workers.

Importing countries will have high prices and reduced consump- tion of food.

said. "They are two years late "In realizing that there is a

problem."

In Washington, an official And at both ends, the experts declared, regimentation and res- the FAO today described the pro triction will increase and dum-posals by the committee of ex- ping or anti-dumping practices perts as a plan from which the will grow, further disorganising FAQ would draw a blueprint.

The Danger

international trade.

day at the levels existing befort with a strong recommendation becoming aware of the danger of

The order, which exempts rub for approval and implementation building up

1946

The experts were called in

countries, while in others

星光

The French crew stand on the German submarine 25-18 after its arrival in Tonlon, France following a 17-and-a-half-day completely underwater voyage from Lorient, French port on the Atlantic-Al' Photo.

TWENTY-FOUR NATIONS FOLLOW BRITISH LEAD

London, September 21.

the The Director-General of the

FAQ

has submitted the experts' More and more people are

Governments report to member

surpluses in some Four nations-Spain, Argentina, Chile and Uruguay -were still uncertain tonight whether or not they should devalue their currencies as the total of nations following Britain's lead mount- ed to 24. Those countries which have already devalued their

ber, was taken under the Pricel Control Ordinance Associated Press.

Increase In surpluses while

Egyptian Cottons

to

the

and secure an effective dis-

currencies are: Britain, Australia, Greece Holland, Iceland, India, Indonesia, Ireland, Iraq, Israel, Luxembourg, New Zealand, Nor- way, Portugal, South Africa and Sweden.

The West German mark is ex- pected to follow sood.

Latest news on the devaluation

the FAQ best June whether on are hungry? Sir Herbert People ganisation scented danger that ey, the FAO Deputy Director-

General said. were going some countries

He was commenting on have unsaleable agricultural

establish plan to

a commodity other peoples

clearing house to enlarge world went shart even to the extent of

trade starving,

The men chosen for the job tribution of food now surplus to were Professor J.B. Condline, of effective demand in certain coun-

tries. the University of California, Mr. The membership would be Colin Clark, Director of the

to all United Nations coun- open Bureau of Industry and Econo-

the hope of bringing tries, in Alexandria, September 21.

mies. Queensland, Australia, Mr. The cotton and stock ex-J. K. Galbraith, of Harvard Uni- into the scheme Russia, Argen- changes closed on Monday versity, Dr. Ghosh, Ecosamle Adina and other nations who are not members of the FAO. Sir and Tuesday following deviser to the Jute Mills Associa-Herbert told a press conference. position follows: valuation of the Found Steri-tion, India, Mr. Gustave Polit.

Under the

sucrested scheme

Portugal The Portuguese Gor- ing-re-opened this morning Economic Adviser to the Eatin-

of financing, based or propor-

today devalued the Commission, tionate national incomes, with prices tending upwards America Economic.

States ernment but without any spectacular and Mr. R. Radomysler, of the would contribute 40 per cent of escudo in terms of dollars and

London School of Economics.

Sterling. the fixed capital. In mixed cur- The new rate for the dollar was reneles, this capital would be the fixed at 28.75 escudos compared equivalent of $5,000 million. with 24.95.

rate is 80.50 Sterling escudos compared with 100.50.

This represents a depreciation of about 15 per cent.

The Belgian Govern- Belgium: ment early today announced de- valuation of the franc by about 12

in relation to the dollar- per compared with Britain's cut of 30

cent. The rate for the Pound Sterling 140 was adjusted from 176 to francs

rises.

The Government has allowed free market operations, suspend- price controls unti ing price levels are established.

of both The opening prices cotton and shares were slightly under the prices of curbside trarisactions of the previous two

days

Long Staple Karnak-Novem ber 73 Rials per Kantar, later 73.15. January 68.75.

Short Staple Asmouni- October 54.70, later 55.40. December 51.50, later 55.

(A Rial is 1/5 of an Egyptian Pound. A Kantar measure equivalent Pounds.)

Disposing Of Surplus

They reported today that farm surpluses are already appearing but mainly in the dollar area, ister perhaps elsewhere,

The experts suggested that international commodity clearing house (ICCH) which they pro pose would be open to all-na- tions who are members of the FAO or the United Nations,” Its capital would be contribute

or

This was little enough, he said, that States bad when it was remembered the United

spent | $2,500 million in the three years

(1931-34) to store, destroy curta agricultural output.

"Most Encouraging" Dealing with mendations of the commates of experts urging the restoration of currency convertibility and mul-

the

further

recom-

per

The

The new dollar rate is 50 francs. A Government spokesman în Brussels said that Belgians gener- ally were unlikely to find the cost of living affected.

ed in

in national currencies, 20 per tilateral trade, Sir Herbert ex cent being paid up immediately pressed disappointment at the is a weight and the remainder called up as failure of the devaluation state

ment this week to make wider to 100 required.

The clearing house might ulti-provisions for cost reduction than The stock market opened hesi-mately have long-range functions devaluation alone. tantly. Egptian Government loan in world trade, but for the next Mr. H. Hannam, the Canadian Belgium's ability to limit her bonds were firm at £99.5 (Par Ave years, it would concentrate President of

International devaluation means that she still on two methods for disposing of Federation of Agricultural Pro-holds a favourable position, he surplus food to the right places. ducers, described the proposal as declared."

1. The exporting country most encouraging. would sell its surplus to the ICCH at the full market prices. The importing country would buy such supplies as additions 40 its ordinary commercial transac- tions, paying the full price in its own (presumably inconvertible)

is £100).

Suez Canal Company 3 bonds based on the price of gold readjusted from £47 to £53.5.

-Associated Press.

currency,

in

Pope On The "Basic Unit Of Society”

200

Vatican City, September 21.

Pope Plus XII told delegates meeting In Rame for an international congress on the family today that any attempt to break up the family

21 the basic unit of society was an attack on hu- manity itself.

The Pope sald that these rights and duties are inde- pendent of the power of the State, but if they are threat- ened, the State must protect and defend them.

"Because it is the organic element of society any attack on the family is an attack on humanity itself."-Reuter.

of the current Jute

earlier.

(January-February) If

Season

AUSSIE VIEWS ON.

CRISIS

Canberra, September 21. The leader of the opposition, Robert Menzies, speaking in the budget debate in the House of Representatives, said that the Op- position would not challenge- Prime Minister J. B. Chifley's very difficult decision in maintaining the existing sterling-Australian exchange rate.

̈Mr. Menzte: said, however, thart Sir Stafford Cripps' decision on an unexpectedly heavy deprecia- tion was not, so intelligible.

Mr. Menzies warned that the devaluation would Mēs that Britain would have to sell 44 per United cent more goods in the States to break even." This means. he said, that devaluation would provide no real benefit unless Bri tish exports to the US. increased 150 per cent

If Britain is unable to make a great production drive in the face of her present full employment, her exports to non-dollar markets Hike Australia must dwindle. Australie must either get these. goods from other sources or step up her own production, otherwise demand will force prices up be- yond reason, Mr. Menzies said.

"Surely Germany and Japan will once more become big ex- come back porters. They will when the United Kingdom cannot Then they should gain a stare of our trade.",

not supply us

Swiss Fears

Istanbul said that the Turkish Turkey: Competent circles in currency would not be devalued.

"If the United Kingdom's share of our trade is reduced, our export trade to the United Kingdom will be imperilled."

He said the report would be Pakistan Rupee Forecast studied by IFAP members in, 24

Luxembourg: The Luxembourg consultation with countries

franc is to be devalued in the their Governments.

He added that he would com- same way as the Belgian franc,

to which it is ted through the Switzerland: The Swiss tourist areas might force, British wages mend the report to the Canadian country's economic anion, it was industry stands to lose its three and production costs upward and Federation of Agriculture, of officially announced today.

also President, in the

WORK STOPPAGE

hours.

result of

higher cost of goods from dollar Mr. Menzies warned that the

He added: "I don't. say that Cripps was wrong, but devalua tion, far from solving the prob-. fem, raises a series of subsidiary problems which will need dras tic action if the scheme is to work"

SPAIN DISCUSSES DEVALUATION.....

asked: What then becomes of which he

biggest customers as a Madrid, September 21

Germany: Final decision

the idea that you can enter the on devaluation in Britain, France and The clearing house would hold hope of endorsement and pre- devaluation of the Deutschmark Belgium.

dollar market in a big way and Don Manuel Vila, Director of Spain's

the dollar Foreign

this currency to the credit of the sentation to the Canadian Gov-is expected within the next 24 Exchange Control

Swiss National Bank officials sell goods at price denied that any devaluation Board, few to Galicia today to exporter until enlarged trade or ernment-Reitter.

was countries will Berliners, fearing devaluation, envisaged at the moment, but discuss possible devaluation of restored convertibility permitted the Spanish peseta with the Min. clearing the account.

today formed long queues at ex- some commercial circles thought change booths to buy East-marks that it would have to come sooner ister of Industry and Commerce, 2 An exporter might sell his ICCH at a reduced the

IN SCOTLAND India: The Reserve Bank of

later. Oz Juan Antonio Suenzes.

surplus to

was made in No oficial announcement on the price it payment

Edinburgh, September 21, India announced in Bombay that Germany: The West German peseta has been made but a meet-immediately acceptable currency. Nearly 700 Scottish miners at a it will not quote any rate for the Government, meeting at Bonn to- ing of the Cabinet under General Sales through the ICCH on pit near here stopped work today purchase and sale of the Pakistan night decided on plans for the France is to be held on Friday such lines, the experts declared, because three men have refused rupee the only Dominion cur- devaluation of the mark, to be [night to discuss the question would be less expensive. to the to join the National Union of rency not to be devalued.

submitted to the Allied financial supplying countries than if they; Mine Workers.

Banking and business circles advisers. were to restrict production.

in Bombay said that Pakistan's After the meeting, a delegation juggling with currency would cor- 15-Man Board

decision was unlikely to work of four Cabinet Ministers and rest the basic unbalance between out satisfactorily and forecast a three representatives of banking the productive capacity of the Buying countries could avoid

dollar area and the rest "breakdown" of the present institutions left to confer with the world. costly and uneconomic expansion

Pakistan rupee before the end daancial advisers. The delegation

He added: "I am not optimistic cf their own production,

was authorised to announce the about the effects of devaluation in In the long run, the clearing

devaluation of the West German house might hold

meeting the dollar shortage.” over stocks

mark tonight if the Allied repre- Associated Press. from fat to lean year

this

sentatives agreed immediately.

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and

cushioning the disastrous speed) severity of price changes. The Board running the clearing |house would be composed of 15 people chosen for their ability

experience

and

trade.

commodity

The three, members of the Fly- mouth Brethren, a strict religious sect, insist that their religious be fiefs will not allow them to take part in trade unionista. Beuter,

U.S. Concession To

·

Rate Changed

British Trading the Soviet en Beric

Washington, September 21.

Land Bruce of Melbourne, In-Government leaders pushed ahead today with a

dependent Chairman

of the!

The Defence Minister, John Dedman, following Mr. Menzies, aid he did not believe that mere

EXPLANATION BY PAKISTAN

the

Zone Economic Commission announced tonight that the East Mark would not bei devalued. "The mark of the Deu- Karachi, September 22. teche Notenbank (the East Mark) The Pakistan Government is the

stable only

currency in

announced today that its de- Germany the Commission an- nounced.

cision not to devalue the Rupee Baghdad: The devaluation of was made to protect the inter- the Iraqi dinar in line with Bri-ests of producers of exportable. tain, which was announced by the raw materials, to reduce the slow in recognising that the pro-{ Senator Kenneth S..Wherry.{ Senator Wherry described the International Monetary Fund in the general cost of living and blem of potential surpluses was Republican floor leader, said a plan as another blow at American Washington yesterday, came into to maintain conditions favour

proposal laid before the Senate business.

Council of the FAO, told a press conference here today, that he backed the proposal. He strongly criticised Governments for being |--

in sight.

plan to let Britain increase trade with Western Europe at the possible cost of American ex- porters.

effect o

Today, he said, surpluses were Foreign Relations Committee on Mr Sayder advised committee afect today. The Iraqi dinar is

currency areas.

$4.03

able

to industrialising the

in sight for cereals, fats, particularly in the hard tary. John Snyder, would. allow tain take advantage of the escape

Britain to go to West Europe for clause in the 1946 British loan. "Not a single government has many things she now buys in

· done anything about it,” hal America for dollars.

country. sugar and Tuesday by the Treasury Secre- members of a proposal to let Bri-Low valued at $2.80, against

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The Iraqi Finance Minister said The Finance Ministry said in that 400-word / communique dinar a

Pakistan's balance of payments By doing so, she could ease the that the new rate for the bans against imports from other would be 248 gold grammes.

Brussel The Belgian Minister position did not necessitate de- Marshall Plan -countries while

Exports vieubart; tonight announced that a a law would be introduced placing devaluation

keeping intact the British curbs on? of Economic Affairs, M. Jean Bo-) valpatiotld not benest from

because

American, products,

they con- ECA's chief, Mr. Paul Hoffman, an official maximum retail price sisted almost entirely of raw fold Senators, he will keep in Belgium on all dollar area materials and did not admit of special watch on these operations | goods.

any appreciable expansion.

By maintaining the value of the Rupee Pakistan would be in a position to secure capital

if the proposal is approved by This price would be that charg- Congress and the British altered just before Belgium devalued their

trade quotas for European

Dean her currency yesterday.. countries: the Senator ho for many years conditions in their) any, additional cost and in 'soKIB

The Minister told Belgians that goods and raw materials without

favourable

Fe assured would protest vigorously if Bri- country had been better than in cases at even more tain

attempted to use American the majority of the other Euro- prices than before-Reuter. dollars to finance any-trade-with pean countries "This will con- Marshall Plan countries.

tinue to be the case," he promised.

The purpose of the plan, he said, is to stimulate the exchange of goods in Britain and is one which will help everybody economically

Associated Press

Rome, September 21. An Italian peasant, Antonio Moscow. A change in the zou- ble-sterling rate to 14.84 to the Santopolo, has died in a Souther Pound Sterling was announced village near Catanzaro at the age today by the Soviet State Bank of 107. He left 13 children and 38 for Foreign Trade Reuter? grand-children. Reuter.