1953-08-20 — Page 9

MESSAGERIES

P.O. Box. 13. Queen's Bldg,

this wards

M

"CAMBODGE"

Homewards

*VIETNAM"

"CAMBODGE"

M

THE CHINA MAIL, THURSDAY, AUGUST 20, 1953.

Page

Income Reported

MARITIMES SOVIET TRADE WITH THE WEST Larger New Moves By The Russian Government To Secure Expansion Foodstuffs & Textiles Main Items In Demand By Reds Export Drive

PASSENGER/FREIGHT SERVICE

Leaven Marseilien Itongkong

1 Aug.

Leavel Mööýkong

At Thair

.50 Att.

Via

29/30 Avg. int Martilles Via

1 p

. Balkon

20 Nept Balkon

via Martellles to all Mediterranean & West Africa ports. via Djibouti to Madagascar.

FREIGHT SERVICE

1,řivéi

"COURSEULLES”............. Ehrpe-walled

Outwards

"AURAY"

IBAOVADDY"

Homewarde

"MEKONG"

"COURSEULLES"

"AURAY"

"IRAQUADDY"

Hanskobr

• NetL

..Europe-Ralled ..Antwerp- 1 Bepi,

Leaves

29/35 Rept. 12/14 Oct;

For

Japan Japan *Japan

Hongkong

For

25 Aug.

5 Oct.

!

Nov.

s Nov.

.

Ktelung-20 Aut.

· Kbkang- 4 det. Keelung-30 Oct. Kertung Now,

↑ Saigon, Marseilles, Algiers, Oran, Tangiers, Casablance, Le Havre,. Antwerp, Rotterdam & Dunkiric

Bubject to change wilbout notice.

EVERETT LINES

EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.

"NOREVERETT"

Arrives Sails

Aug. 21 from Singapore, Aug. 22

"REBEVERETT"

Arrives Sally

-

for Kobe, Osaka, Nagoya & Yokohama.

Aug. 28 from Manila,

Aug. 29 for

Singapore,

Rangoon

Penang,

& Calcutta.

(Accepting cargo for transhipment Kobc/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,

"STAR ARCTURUS“

in Port Salls

Loading

Aug. 20 for Manila.

"STAR ARCTURUS”

Arrives Sails

Aug. 25 from Matúla.

Aug. 26 for Singapore, Port Swetten- ham, Poning, Madras, Colombo, Bombay, Karachi, Kharramshahr,

Dasrah Bahrein.

"STAR ALCYONE”

Arrives Sails

Aug. 25 from Singapore.

&

Aug. 20 for Nala, Kobe, Osaka,

Yokohama, Shimizu

Nagoya,

(Acceping cargo for trahaliipment Kobe/Pasan and Købe/Okinawa)

&

EVERETT STEAMSHIP CORPORATION S/A Queen's Bullding, Telophone 31206. Chinese Department: Telephone 28299.

Designed To Carry

Aluminium

The

Stockholm, Aug. 19, Lindholmen yards

Gothenburg have

at

launched the

HONGKONG

SHARE MARKET

(From Our Correspondent)

Business done on the Stock 8,000-ton deadweight motor ship Exchange this morning amount- Wanderer for the Pan Ore Com-ed to $355,880.00. Noon quota- New tions and the morning's trans- pany

Incorporated of York. She in designed to carry actions; aluminium.

Pun Ore have two sister ves- acts on order from Lindholmens, Construction is to the highest class of Lloyds Registry.

SHADES DUVERS BELLENS KÅLES DANKS

The Wanderer's main dimen- INSURANCES

are: length

IK Bank Emt Asla

1024 1335

163

10 % 1600

sions

feci, diculors

length between

feat, 425

Canton, overall. 448. Union

tik Fire perpen- moulded SUPPING

Waterboot

200

005 315

100

7 of 5OTEL

IC, Whart

10.40

04

1100 105%

21.60.22

beam, 60 feet, and moulded DOCKS, ETC. depth

to main deck 20 feet six

two-stroke inches. A

single acting Diesel engine of 4,150 in-

dicated horsepower gives a speed LAND, ETC.

of 12.5 knots.

Meanwhile, the Oskarshamn Yurds of Oskarshamn.

have

Duck Provident B'had Dock Wheelock ...00 6.70 to00 a 0.00 7.00 7.00 12500 n 185 .. 601 Shaf Land

Ink Tatel

1K Lond

Humphreys

Tram

P. Tram (0)

01

1.40 16

10.40

25 29.10 4300 @ 23

17. Train (N) 21.10.

Star Ferry.. 120x

C. Light (0) 1212 12.00 400 a 1:1.00

823 1219 27.07.20 306 à tariá

C Light (N) 0.45 Electric

the 4,300-ton dead-UTILITIES Jaunched weight motor ship Powell River for the Bjoern Steamship Com- pany of Oslo.

dimensions arc: He main length between perpendiculars 330 feet, moulded beam 50 feet und moulded depth to shelter deck 31.6 feet. She is powered by a two-stroke single eight- cylinder diesel giving her a speed of 14.8 knots under full load,- China Mall Special,

London Foreign

Exchange

New York

Montreal Atrastordam Frumels

Otto

Zurich

Copenhagen

Stockholm

Lisbon

Deutsche Mark

Blocked Mirk

Frees.

London, Aug. 10,

2011-10192

2.70-2.7814

140,00-150.20

30.07 10.5716

Shatte

Macão Elec.

Telephone 21.00 21.90

INDUSTRIALA

Cement....10.20 Brofus, ETC.

· Tlope

Dairy

Watson

22.00

1314

P.I.

Expanding

Trude With Japanese

Manila, Aug. 10.

The post-war trade be- tween the Philippines and

Japan Is expanding vigorously, despite the fact that the two countries are technically still at war.

The total trade between the two countries for the Brat half of this year amounted to $32.850.000, which was more than the total trade In the whole of 1949.

A whole series of recent Russian indves point to the conclusion that the Soviet Government is now making a sustained effort to expand its trade with the West.

A noticeable feature of the latest moves is the substantial volume of business in consumer-type goods, hotably foodstuffs and textiles, Included in the recent series of trade agreements made with such coun- tries as Denmark, Holland, France and Argentina.

+

Hitherto, Russian buying of auch items has been sanctioned onlý în ex- ceptional cases.

en-

#

All that the new trade agree- ments can, in fact, be expected to do for the time being is to make good come at the ground lest through the steady decline in of East-West trade in the past few pur-yeurs,

value of Russian The total Central

Imports Flank figures

of theso goods showed that of this amount visaged in the new trade agree- $21,250,000 represented ex- ments is, even now, not on porta to Japan and $11,100.- large scale, 000 represented. Importa from Japan-United Press.

BUFFER

STOCK PLANNED

FOR

TIN

recent

In the light of the sharp decline in tin prices it is Inevitable that the producers should now contemplate a fresh approach to the possibility of a restriction scheme by means of an international buffer stock-a scheme, in fact, on the lines of considered the one which wis by the UN. tin conference 1950.

But Russian spending foreign exchange for these poses is a novelty.

ns

BUYING OF SHIPS Apart from such items butter, sh, lard and textile materials which have figured in the Intest agreements the Russians are evidently anxious to buy many more ships from the West. After the successful conclusion of their trade deal with France last month, which includes the purchase of several French cargo ships, they have turned to Britain with an offer to buy አ

considerable number of vessies,

The Russian inquiry here, is understood, is for trawlera os well as cargo ships, and the of Trude is at present Board

for considering the application export licences Although ships other than tank- ers do not come under a clear- cut export embargo, under the principles established by the American Battle Act, they bave Impor- obvious, strategie

In

an

tance.

Since the beginning of April, the price of Un has fallen by about £340 a ton. At the levels high-cost present price

is already being production drastically affected, bath In Bolivia and in Malaya.

In the latter country it is the small

Chinese producers who are chiefly affected and the political undesirability of any widespread depression among the small tin roducers in South-East Asia needs no inbouring.

Even some of the larger enter- prises are said to be finding

Inargins present. profil sufficient.

to

BUTTER PURCHASES The appearance of Russia an important buyer of butter on an unprecedented scale from several of the main exporting countries 18 3 development which is giving rise to much speculation.

to-

Before the wor Russia, gether with Latvia, Lithuania, and Estonia, which she has now absorbed, exported considerable quantities of butter, including, in 1937-38, about 40,000 tons o year to Britain.

Russian purchases during the more than past month totni 30,000 tons.

They are believed to include, 10,000 tons from Denmark and

The Rubber

Markets

Singapore, Aug. 19. The rubber market opened very steady on trade buying but casce towards mid-day on profit-taking. In the afternoon, the market fluctuated narrowly but closed at a lower level

Prices of futures closed as follow-

No. 1 rubber per 1b.. Aug. 634-08

041-8616 unquoted

September October

No. 2 rubber per 1b. Aur. 845411 No. 3 rubber per 11. Aug. 022-63 No. 4 rubber per 15, Aug. 594-0014

047-651 Spot rubber unbaled Blanket crepe

55-67 71.77

No. 1 pole crepetalled Press.

LONDON MARKET

Londen, Aug. 10. The rubber market was quiet-

10,000 tons from Holland, 5,000 tons from Australia, and 2,000 ly steady: Prices closed to cover them.

follows tons from New Zealand.

It is understood that negotia- No. 1 753 pot

Settlement hand for buying at Business least 2,000 tons in Sweden and Generaį, market same may also be bought in Finland.

instance,

tions are

-SKILFUL BUYING The purchases

ere said

to

and

Woollen Goods

By Japan

Tổnỳó, Auk. 19. The Maitaring-Director of the Japan Wool Spinner Amoolation, MT Hiroshi Bike, sald today that the Aploctation had decided to setta publicity

groups overseas to try to expand export on Japanese woollen “The Axiocattõà will also send a group to principal WOOL

textile-exporting countries to study tech- niques and conditions,

The publicity groups will visit India, South Americs, South Africa..Pakistan sud countries In Soulbeast Asia-Regfer.

Grain

Prices

In Chicago

Chicago. Aug. 19. Prices of grain futures closed

today as follows-

Wheat (No. 2, ted, per bushel tn cenia) 'spot.

1841+ Sept. 1844(1) 19115(L) 10:31-182

1871 2012-11

Dec

March 1954 MAY

Co(No. 2. yellow, per

bushel in cente)

Spot

Sept.

Dec.

March

1473%

1381

May as

1914-191 Sept. 19%-10%

Rye (Pilces per bushel

In cents)

Dre.

1774

Soybeana (Prices" ber

bushel in cerita)

104-1072

Spot

unquoted

Sept

21 buyers And paid -United Press.

Nov.

Jan. 1954

23035-24

March

May

Dale Prices per shel

in cents)

Sept. Des.

74%

7516-45

Spot

clf basis No. 198 Extate crepe Aug. thick

Thin

....

23.25 bid

23,40 2331 bid 23.40

NEW YORK MARKET The trawlers, for

New York, Aug. 10. could be used as minesweepers have been made sidlfully and with in time or war. The

Rubber futures decision great expedition, and the prices

closed 20-40 whether

sales of 9 export paid are described by tome of the points lower with grant licences in a marginal case like sellers as good but not excessive contracts.

The total host

tonnage bought Teheran developments and the ships is determined by a

amounts to about one-eighth of declines in the security and of technical considerations, such

the quantity imported by Belloin some other commodity markets JS the type of equipment Inst

year (230,000 lons) and put the quielus on the buying which they carry and their would be equal to a ration of interest apparent adaptability for various

on Tuesday, kinds about V02. a week fa Britoin Spot No.. 1 BSS were quoted ut of war-like purposes.

for a year,

23 centa 1 pound. Futures Russia imported 11,000 tons prices were as follows:- of butter from Derbork 1 Sept.

2,000 ton in 1949, 1948.

Dec, March 1954 May 1,000 tons last year, and these comparatively small purchases July seem to have been the whole of | Sept. her imports before the present round of purchases. Her pre- sent deals with Denmark are

ter basis, Russia' paying for the butter partly in feeding-stuffs. There is every indication that Russia would be

to prepared buy more butter provided that the price was acceptable, and unexpected possible sources of supply have been sounded.

19

thot At the same time, now the U.S. absorption of the tin surplus for stockpiling is near- ing its end there is little prosedly cold-shouldered in the re-reported to be in part on a bor-

POLITICAL FACIORS It is possible that political factors are an influence on some in-aspects of the current Russian trade drive. It is noticeable, for Instarlee, that Italy, which extremely anxious for a share of Soviet trade, has been point-

pect of any improvement in cent negotiations, while France price levels in the near future. has collected the big prizes.

Morcover, the trend of con- However, officials who took sumption in al! the main purt in the Geneva conference on European countries is down-East-West trade in April, which wards. In the UK, for instance, led to the recent series of trade there has been л continued negotiations, egrce

gece that on that decline this year in the use of occasion the Russians showed an thin a number

business-like attitude, This year has been so far very of importanty industries.

distinct change from

favourable for dairy farming the purely propagandist tactics throughout Europe and there CREDIT SIDE

pursued in carlier meetings, heavy exceptional purchases

Whatever the

real motives seriously disturbed the market. have not, up to the present, There are, of course, a num- ber of items on the credit side. behind the Russian moves, there

be argued, rather To begin with, the U.S., by far is no doubt about the growing It can

Interest of businessmen in Wes-speciously, that the Russians the world's largest consumer, is

In trude.

Soviet

have merely taken off the sur- this year. Also, em Europe taking more

In Britain the Federation of plus. Before recent purchases with

of possible increase ค

1pBritish Industries has established the market appeared to be 10,000 tons in world consump

decrease in a new committee for the pro-weakening and there socmed tion and a

of this trade. The com- prospect that prices would fall. production this year, the

favour- mittee, whose chairman is Mr But the exceptionally surplus will be smaller.

able conditions for production But the overriding factor is C. E. Cavendish-Bentinck, held able

cannot be expected to persist, that this surplus will lie more lits first meeting last month.

and if Russian buying were bo heavily on the world than Jest

confinue it would tend to raise year's larger one because of the coming end of

in

will do su.

Cost

sligh

world not 'on

pro-

of

BARTER DEALS

tho

come

goods, In this Case matches, and other livestock produce,"

2335 asked 23.30 asked United Press.

Barley-Price per bushel in dents)

*te NOW.

138-103 New York flour, 200 lb. sack $12.90.

United Press. JAPANESE · BONDS

London, Aug. 10.

Japanese boris

of 1090) "D" (45 of 1010). "C" YOR

of 1997) of 1:24) "E" (19368 of 1030)

okyo 3* of 1020) "G" (Tokyn s of 10121

-United Fras

128/2

101%

19119

0812

Western Germany

Second Largest

Gainer Of Gold

· International Bank For Reconstruction :

Washington, Aug. 19. The International Bank for Reconstruction and Develop- ment reported o net income of $19,495,411 for the Ascal year cuded June 30, 153 compared with $15,872,803 for tho préced- ing fiscal year,

This income

was pinced in the supplemental reserve against losses on loans and guarantees, and raised the réserve to $70,- Loan commissions 513,511. amounted $9,551,022

abd were eredited to the Bank's spécial rašové, increasing it to $37,230,477,##fotal resteves at the end of the fiscal your were $119,749,088.

of

Gross Income, exclusive loan comunissions, was $42,830,- 201, compared with $35,188,744 in the preceding fiscal year. Ex- pens tolalle.. $24,353,706, in- cluding

of $5,729,525

bond and interest

other Annunciat expenses.

The Bank made ten loans totalling the equivalen! of $170,633,464 during the year, bringing total loan commitments at June 30 to $1,590,708,404, Disbursements during the year

to $220, wero ,750,082 compared with $134,777,004 during the pre-

Cumublive dis ceding year. bursements to June 30 amounted to $1,103,261,115.

All repayments of principal due during the year were ceived and Bome borrowers made payments in advance. Of the total of $2,328,028 received, $245,000 was repaid by tho Banco Nacional of Nicaragua and $302,000 by Denmark. Borrowers also repaid $17,837,- 048 on Juans sold by the Bank to investors. This sum included by $6,000,000, of prepayments shipping companies in the Netherlands and $500,000 by Belgium.

Was

Bonds of the Bunk sold to in- vestors during the year amount- ed to $71,000,000, An issuɑ, of 300,000,000

the sold in United States, and an

issue amounting to

to 30,000,000 Swiss francs was sold in Switzerland. The Bank also arranged in June Swiss franes another issue of 50,000,000 to be dated July 1. 1053 Total issues of the Bank outstanding on June 39 amount- ed to $550,374,000.

During the year the Bark sold. $13,637,966 of securities from its loan portfello, including $6,333,- 821 without the Bank's guaran- tee. The cumulative total of portfolio sales at June 30 Wis $70,014,000 of which $20,211,508 had been sold without guaran- tee,

Germany, Japan and Jordan

Bank became members of the

during the year.

On June 30, countrica were members of the Bank and the total..........or subscribed capital was $9,030,- 500,000,-China Mail Special.

NY STOCK

LOSSES

By Sydney S, Gampoll, Reater's Financial. Editor Discussing the gold and dollar reserves, the National City Bank of New York remarks that the second largest gainer (after Britain) "hàs been Western Germany, whose reservės have more than doubled since the Spring of 1952.

"These gains reflect primarily the great | RECOVERED strides that the German economy made in five years since the currency reform of 1948, though U.S. economic aid, American troop spending, and other American outlays have helped.

halt.

how

1

גם

So far Britain has participated prices and reduce the amounts for importing into in the new series of Soviet busi- available

dents to

only a

limited Britain. In these chces it is well that the consuming and

LIVESTOCK BREEDING ducing nations should again sittent.

Two barter transactiond, en led-

Whether it conference to attempt: change of wool texilles against

will continua is solution to the world's in probe Soviet matches and of British unknown, and it is possible only "The maintenance of a free and Austria have also added to lem. It is to be hoped that they herrings against Russian salmen to make guesses about the markel economy made Germany | their gold and dollár holding's.

"French reserves have been and

etals, have been concluded, for the purchase. They quickly responsive to the world

use inside trade opportunities that develop strengthened by occasioral Yet a restriction scheme is involving a total of about £3m. may be intended for

Russia. Mr Malenkov in a rested after the outbreak of the grants of eash and niso by trade. hot a solution which should be

cent speech zald that the lag in Korean war, and this saine Export-Import Bank loan which The first of these two trorisac- eastly adopted. The price of fin has fallen to its pre-Korea level, tions is interesting, since the development of livestock fexibility has allowed her to anticipated future U.S. payments

pur but so have the prices of other Russians seem to have concerned breeding since the war has not maintain and even expand her for military equipment

exports in the last year or Sóchased in France. But the gap commodities.

the straightforward com-mm

number privately owned after the general expansion of In Frince's external

payments This is not to under-estimate with

mercial objective. of breaking cows has fallen. "We have not international trade cime 10 B has been too wide, and the problem facing the tin down British official resistance to the

far been sufficiently satis by Industry. But scheme. In the grant of import

Д

licences for

reserves have hardly held their ground." volving restriction should not be the less essential classes of Sovieting the growing needs of the

population in meat, milk, eggs, "German gold and dollar re- regarded as an alternative to

If one at all challenged so serves,

approaching the

the well-balanced a presentation, becking a solution to the cost The same motive can be seen in

he stated.

billion dollar level, had problem itself. The Financial the recent agreement with Nor-

The reason for imports may built up from virtually nothing.

would be on the ground that the bank is a Hittle too lukewarm Times.

way covering the export of perhaps be traced here. But IL zeveral hundred Russian motor-

ns about Germany in this passage, "The reserves are is possible that Imports are

needed cars.

needed largely to implement the backing for Germany's dreig bs also in its including Germany At the moment the Russians last Russlan trade agreement trade, and if she had not thrid (though reluctantly) with the are trying to arrange another with East Germany, in which them some artificial measures countries that are vulnerable to barter deal with

of the Russians undertook to sip would have been necessary to a drop in U.S. old. plywood against textiles. Iply, among other things. 30,000 afford protection against possilite BTILL VULNERABLE seems that in this case, too, they tons of buiter a your. It is be fluctuations in her balance of

On that point the bank are mainly concerned to bargain leved that Russia also exports International

interne

wine co

komeback of Germany observes that though foreign a way round the import licensing butler to Czechoslovakia, and st arrangements, which at present is estimated that 10,000 tons contributed, to the expansion of countries as a whole would still

sole of their plywood

last year. Impede the

was sent there

Dutch transit trade and thus to how a surplus in their collar US. to British Importers.

The

that recent the rapid rebuilding of the Kold transactions suggestion SOVIET PRICE POLICY

the

completely purchases are a quick answer to and dollar reserves

the margin would not. The Russians also offered the American food pareels in Netherlands.

US. Britain supples of such strategic Berlin can

be large, and if other hardly have any "The main

for .reason

the Goverment outlays

abroad Food trade experts Netherlands' and foundation. material

chrome US

gains, however, were also to revede are, however, manganese.

beginning

would But in this instance Russian speculate that if appreciable in the Spring of 1951 'to halt in- prices are above current world quantities of butter and it may nation. 01515

market Tevbls.

Be other

dairy produce aro It seems

CONFIDENCE RETURNS that the Soviet bought by East Europe from Government

hay hot yet West Europe, the latter may be

country mánaged to ing Abrond anleighbell : this

Is acclimatised itself fully to the come a market for the large

ment with hardly any repression

LONDON TIN

MARKET

London, Aug. 10. market was quiet. The tin 20.70

Spot tin rose 14 to £320 per 10 000 10.00

long ton, and three months tin 13

fell to 613% per long ton. 23.40 Turnover was 35 tons, none 1500 22% for cash. Closing prices were

01716 pot tin, buyers

Crawford 27.70

COTTONS

Ewo

Texille Corp MISCELLANEOUS

Yangtzo

... 0.00 0.00

3500

ellers

Business Three monihatin, "buyers"

Barnas

Bettlement

allers

1 1015

„United Prori, “

Britain

to

payments.

of

oven

tho

and

New York, Aug. 19.

Stocks fell dollars

one and two a share, early today, then recovered smartly, paring their losses almost in half.

Activity quickened on the de- cline and solca for the day totalicd

the 1,400,000 shares, best since June 9, compared with 1,030,000 shaves yesterday. Oll and tail stocks were hardest hit in selling and they made a to come-back, fractions In most instances.

cutting-losses

Word of the Mossadegh Gove erninent's overthrow in Iran sent charc's of Anglo-Iranian Oll Company up sharply on the London Exchange, and

the

here

American Stock rations will

on the hope that bn

Market

be resumed at the Company's huge Abadan works. men, however, sald the effect of the news on domestic companies would be alight since none havo properties in Iran and the im pact.

operations of resumed

ut Abadan-If this should occur would be many, months in the futuro.

The experts called today's de-. clino-and the three which pre- ceded it-technical reactions" They said tradera had decided to lighten holdings in view of the perelstent lack of interest In the market. Some pointed that

was the courageous action taken dollar, old như dollar reserves.the Very Tact that the market |

foreigh

at US proceeded to cautiously "pro-

would again be

roth

No substantial

In the ? vides a background of sirungth spetid-

器

which might well result brbad plated trend in verurity

Exchange Rates | Payments Agreement change in British official buying surpluses stocked m the United effect drastic Internal retrench: Vede: still, some countries, such prices during a period of ectual

been by 101 foreign trade; her external | ufance, Italy, and. Greece, recess in industrial activity",

Bulbon Wat động Hì thơ loại)

unofficial

exchange.

markes

this

10:34-1024 DB17% = [ATT morning at the following rate PASESTALL US dollar (bet #1) - PAN. BA 79.00-09.10 Sterling notes (or 1) 11.091-11.09% Indonesiats guilders (ver 100)

Siam ticals (per 100) 1735-18

United, Bingapore (Biral)

Indo-China plasizes (per 100)

to

are

Dow Jones closing averages:--

咖

and continues to expect Statis tain premium prices.

Although butter

dependent upon utter has Calro, Aug. 10,

Meanwhile, the actual volume the the must important of re-payments position improved and coonomic grants-in-ald, of Japan Egypt, and Russia have signed ath a. payments agreement establish- of trade flowing between Britain cent Russian purchases, he, has there was a return of confidence and even Germany, which

dependent upon other types of 2012

Uulities ing a £1,000,000 credit celling and the Soviet bloc, has fallen lug been buying some cheese in the guilder 1937

As regards other tomillas thò US, Government spending, are 163 stocks

that "Belgium, in a basically vulnerable post-Comm. future prices index for the exchange of goods be sharply compared with last year, 0,000 tons in all, it is believed tween the two countries United The same applies to Soviet trade from Holland, Argentiza, and bank notes

Switzerland, Portugal, Swedenfor."-Reuter. Press,

with the Scandinavian countries. New Zealarul.

27.00

32.70

1.835

3.09

Bands

United