1953-11-10 — Page 9

London Zoo Elephant Helps Herself

THE CHINA MAIL, TUESDAY, NOVEMBER 10, 1953.

Dicksle, an African elephant at the London Zoo, doesn't believe in leiting an oppor- tunity for some exitu rations go by, and here the photographer catches her as she selects nlee cabbage from the barrów while the keeper's back is turned. — Reuterphoto.

A

French Government Annoyed

By British Trade

Autumn Election

In Miniature

One effect of Parlia ment's long summer Recess has been an accumulation

of by-elections, Four are now pending, forming 4 miniature antuma ricc- tion.

ron-

Twn of the N14 cerned, Crosby and Orms- kirk, arr impregnably Conservative, with major- itles last time of 14,783 and

18.821 respectively.

The two other vacant seats provide a prospect of Uveller electourering. Hot- burn and St. Pancras South was in 1951 held by the late Mr S. W. Jezer for Labour with majority of k only 1,759 - and this in a three-carnered light with the Liberal candidate pell- Ing 1.636. Paddington North, which is being vacated by Me W.-J. Field, was held for Labour at the last election by 4.080.

Mystery Play

Will Tour

York Streets

A wagon will clatter through the streets of York next year, portraying the Bible story of the Flood as it was to li. the cit,] 400 years ago.

Policy

Paris, Nov. 9.

TRADE and COMMERCE SECTION

Page

London Stock Market The Rubber NEW YORK

Has Busiest Period

Deadlock

In Tin

Talks

悲

Washington, Nov. 9. Authoritative sources said tonight that the United States and Indonesia still are deadlocked in their negotia- tions concerning possible American purchases of In-

donesian tin next year.

An Indonesian in delegatien has been here for more than

In Two Years

(FROM OUR OWN CORRESPONDENT). London, Nov. 9.

The past week has been the busiest London Stock Exchange has experienced for two and half years. But, though industrial share prices continued to forge ahead, it was the gilt-edged market that provided the main interest.

It had been generally expected that gilt-edged prices would remain more or less static until next Monday as certain Government stocks can be offered at fixed prices for the £14 million of or- dinary shares in the denationalised United Steel companies.

But

this was not the care.

fortnight trying to reach some agreement with officials of the Reconstruction Finance Cor-The steel operation provided the poration, which buys tin for the Boor to the gilt-edged market

but not the coiling. United States.

The Intencsian's have made a formal offer to sell in to the United States under the same formula worked out this year

for Bolivian tin.. -Hàwever, re for, the United Stutes Ins

French police and French diplomats are fighting a double battle against the disastrous refused to agree

effects on the French Commonwealth of a "too favourable" British attitude in trading

with Japan, the Iron Curtain and Germany,

The hard hargaining attitude

the

U.S..

ot

according qualified officials, is due to the fact that the U.S. stockpile of

to

Al the sam: Lme the October rive in the gold reserves-though smaller than expected-proved a definite encouragcitent.

But the chief factor in the rise of gilt-edged prices tems to have been the apread of the investment movement that has been going on in the Stuck Exchange to the gill - edged market.

Gains of over

HONGKONG SHARE MARKET

(From Our Correspondant)

Business done on the Stock Exchange this morning amount- ed 10 $349,800.00. Noon quota-

transactions:- War

51 were

It looks, in fact, as though the traditional is at 100 per cent of its goal and there is no pressing nced close friendship between the two greatest Com-

for any Indonesian tin unless it recorded in four per cent Consuls 90s and the morning's monwealths in the world--the French and the

be bought at "bargain" and Gas three per cent. British-is going through its roughest time for years.

The Diplomatie Wi the Police actions in this dispute- with many nition of

pounds and much godwill at stake-. are hese:

The Diplomatie:

-policy

"Colonies

Like A

Trapeze

Artist":

la Paris and Om birey, Aur tralia, the French have started potest alles against a British Commonwealth trade Wh. Pranve perbling her own commerce,

In the past year,

The Jap arese have almost doubled their Austrailan

woot purchas During the same time, Frater's exports

Australia ไป

have Many British colonies are dropped by nearly,

two-thirds. like a trapeze artist, she has bought one-lifth more Australian goes, accord-balanced on top of a ladder, Ing to the French.

with nowhere to step off. "Farkest

comment

the on situation comes froam

A Socialist peer, Lord.Ogmore, the French Chamber of Commerce said this in the House of Lords in Australia, which says in its when he asked for closer tsc- local bulletin,

inviation between Britain, and her Paris:

overseas territories.

can

inercased

prices.

Lean 3 per cent was up 17/66, SHARES BUYERS SELLERS SALES The U.S. and Indonesia în and 2 per cent Consols put on March 1952 mode an agreement | 15/-. under which the Americans

In the equity market, paper would purchase 20.000 tons per year of Indonesian in for the shares 'stole mest of the limelight. INSURANCES

nity A sharply next three years at a "mutually agreed price" During the rst dividend from the papermakers The Albert E. Reed and Co. started Two years of the contract agreed price has been $1.21 ob the boom. Share in this com- SHIPPING New York.

pany Jumped 13/0d.

Among The

other paper shares Bewater

37-and advanced

*

Indonesians now arc

interested in getting agreement Wiggins, Teape 5/3d.

on the al 'year of the con- tract which begins next March. They have offered to supply un under the so-called "Boliviar formula.".

ON AVERAGE

Good

WALL ST. RALLY

This formuja provides that spurt in the price of any indivdu sing highest point meni of tin shall be determined

DANKS

UK Bank East Asia

... 1500 13:5

$70

interim

Lombard

Unien XD

GD 50% 1000 m 30

045

360 JO

Waterbuat Asia Nov

DOCKS, ETC.

20

1.33

Provident (0) 12.70 (N) 11.00

Wheelock

LAND, ETC. HK Hotel

Markets FOREIGN

Bingapore, Nov. 0.

The market remninere fairly EXCHANGE

stendy throughout the day.

There was same trade und

factory Interest. Pricks:

No I rubber Duy H. Nay, trai cangdi

M-504

January

90-30%

No. 2 rubber per lb. Nov. 04-6332 No rubber per ib. Nov, 23-5312

| England-official

New York, Nov.

1.02 2,00

30-day future

No. 4. rubber per ib. Nov. 473-419 Autralin 10-ny future

Spot rubber unhaled

Blöriken grepe.

No. 1 pale crepe....

331-36 New Zealand

44-53% Routh Africa 02-08

-United Press.

LONDON MARKET

Belglun

Deniack

France

Germany Holland

London, Nov., D. The rubber market was stendy aly with No. 1 Rs9 zpot quotext at Norway 16-11/10 pence per lb. Settlement floure turkiy

No. 1 R ...

December January/March April/June

duty/September C.i.f. basis ports, Nov.

Dec.

Jan.

Estate Crepe thick

Thin

Prices: Portugal

10~102 Spain

10%-10

104-10} 17-307

Sweden

Bilzerland

17-18 | Middle East

17-10 Egypt

10%-1614 | Iraq

1085-163% Iran

inquoted Turkey

189

United Press, Latin Amerles

Argentina

JAPANESE BONDS B

London, Nov, D..

2.001

Japanese bond

Chic Columbia Cuba

"A" (4s of 1899) "B" (4s of 1910) "C" (55 of 1907) "p" (6 of 1924) "E" (5% of 1930) " (Tokyo 61⁄2s of

72

Mexico

Uruguay

4020

.1154 1059

05

Venezuela

3400%

114/2

2003

874

140

Far East

Indla

Pakitza

1920)

704 Hongkong

85

045%

United Press.

Japan

"G" (Tokyo 59 of 1912) Conrols

Indonesin

Singepere

2120

1320)

300 yen to US$:

United Pren.

Gold Reserves:

Plain Hint Of Trouble Ahead

(FROM OUR OWN CORRESPONDENT)

London, Nov. 9. October was another golden month for the 8.50 1.05 100 ut 8. sterling area. In that month, for the first time

1500 » 12.BD

200 11.00

71% 7.05 5000 7 по - Land

300 | NI Shat Landl 1,40 1 Humphreys .. 10:30 10.00 1000 y 1811⁄2

1000 6 25.40 300 23.50

Tram ..... 23.40

Star Ferry 138 C. Light" (0) 13,70

Electric

... 27.40

Minero Elec 190 Telephone. 24.80

1230

company reports and be ter new's

frem Wall Street helpful" other sections of the in- dustrial share market and caused | UTILITIES

prices that carried the Financial Times index to its of the year at W | mid-week. the upon the average between

Building material shores were the sput New York price and

nellve on news that the Govern- three-month future price. The

mant intends to take action to future price on the New York

assist landlords to keep their market is usually three

property in good repair. below the spot price.

But, before the week-end, the Tin at present sells in Newmarket had other things to think York on a nearby "basis"

The trouble in Trieste about. 12/2 He had tabled a question ask-

cents

pound while

was an unreliling factor and the ing "whether in view of the the three-month future price is rejection by the employers of the CONS "Considering_the_facts_ that fuetthat_many_colonial_ter-.80 cents.. our two countries have always ritories cannot In the foresce-

The Indonesian and American engineering unions demand for a 15 per cent wage increase led. been on the best of terms, a able future become independent vegotiators did not even meet to fears of unrest on the labour friendship sealed In blood mer

members of the Commonwealth

this week front. with each other during

world two

wars, iter croncmic, multi-celed or Instead they exchanged letters. seems to us that, on sentiment other causes," the Government

reprinted

THE IMPLICATION

1er-

King-

alane, better treatment shouki would make proposals for the be given to us when it comes clover association for such

between to choosing

French ritories with the United goods and imports frem former dem. enemies of Australia,"

per

centr

al

INDUSTRIALS

Cement STORES, ETC.

10

48 27.30

LONDON TIN MARKET

in nearly two years, its dollar reserves rose above $2,500 million,

But through the autumn gold there was a plain hint of a chilly winter ahead.

The sum of $34 million was added to the reserves in October-twice as much as in September. This included 50000 $13 million of American defence aid and the receipt of $6 1500 2740 million in part settlement of the sterling area's surplus

200 a 14.00 with the European Payments Union in September.

300 23.10

The residue of $15 million The level of commodity prices consisted largely of the area'a has an especial influence on the direct dollar carnings from ita stering area's dollar carnings. Dalty ...... 23.00 23.20

For, besides 23 500 a 22.00 trade with North America. Watson

22.80

carning dollurs L. Crawford 23.30

On the surface these figures direot from Neth America, seem reasonably satisfactory. But sterting commnody exports are Ewo.. .... 2.40 24% Textile Corp. 6.60

the danger shows up in that port also

for a large part 0.15 Yangisze

of its dollarTM payments which re- Tofars gained from Blect the sterling area's trade Western Europe since half of any with Western Europe.

surplus camned by the sterling The gold payments that were countries in their trade with this made to the European Payments area is now received in gold. The Indonesian letter pointed The market was also hit by

Union in August and. September out that the U.S. is under the news that Tube Investments

Unfortunately, however, at the resulted from a normal seasonal Jast ably less in their obligation to buy 20,000 tons made

rise in touris expenditure on the very time of year when the do- This went next year at on

year. Frice? Arancla

Continent In the peak holiday mand for rome of the most im- and added that it appear sharply against the recent trend

London, Nov.

portant months of July and August,

sterling The wagon will stop at three

commodies only just that Indonesia be of company results.

What is so points

disconcerting is normally begins its seasonal rise, The tin market was quiet. Spot 31 drun 111729

bulletin points mentury The French

A fall of 20 per cent in the fell £14 to 20214, and three that this has not been followed prices have again shown weak- trumpet will call the people

given the same pricing formula as that accorded Bolivia.

company's net trading profit put together and the players will out that the 10,000,000 bales of State for the Colonies, told han

meczihts £13⁄4 to £600% per long by the favourable trend that the ness. it would hopes that which

The American Government paid to zccumulated ernet the story of Noah and the wool.

that it was still the Govern-

area normally expects by

the inercaseIts dividend. not sold Ark. The play will be part of during the war were

nient's policy to give all colonial replied that it was

The dividend

in its overseas trade at this time Australia to the city's 1854 Festival and also

other territories the greatest possible

cbligation of the U.S. Govern- event

of yea

year. of York's Cycle of Mystery the five years which followed, meni. They did not,

than Japon. Furthermore, in degree of internal self-govera-

ment to accept that agreement. unchanged at 15 per cent but

the shares slumped' 5/-, However, Plays.

according to Indo-

Despite this reminder that the totul Australian wool clip think it possible to define that

nesian officials, the US made

profits are not always to The was seld without

no counter general policy statement

- proposals. Jepancre purchases,

closely in terms that would action of the Indonesian Govern- be expected, the market is now

Business present ment cn

la an wondering whether the Wednesday So why, ask the French, why cpply everywhere,

to wave of Investment demand will does Australia, now nced to

nouncing it was prepared!

for selling push equity prices past the post- negotiate dical

Q sell to Japan in order, as they say, to buy from the Japanese? of Munster, varled greatly from rubber to Red China in order to war peak reached early in 1947.

The implication. the territory to territory and the eliminate its "dependence"

say

the not helped arrangements for each hud to the US. has French, is that Australia

current tin negotiations here in selling wool to Japan to

view of advantage of Japan's cheaper, but poorer, exports at the cost

authorities.

They said the U.S. views such

when

Originally, all the plays in the Cycle, were acted of wagons, with different- guilds inking different sections.

Spectators remained, at my sile and

saw various rectes enacted, then ore wagon moved on and way replaced by that of another guild, portraying another part of the Bible story,

countries

מכים !

COLOSSAL LOSSES

ef

The Earl of Munstor, Paris- Under-Secretary of

however,

Circumstances, said the

more

Earl

of be decrmined in the light take

local conditions and the views the of the inhabit cri's.

Next year, however, the Cycle of her European friends, France of Mystery Plays wh]] beinaluced. portrayed, an during the 1951 Festival, in the Muscum Gar- dens, and only the story of Noah with be token through the sheets in medineval style.

Ceremonies In

Ankara

Anicara, Nov. 9. ceremonies

The Police:

Lord Ogmore pointed out

On

diplomatic

that he was not talking about as announcement as an attempt

Internal

self-government but

about closer association between the colonies and the rest of the Commonwealth.

In France's West African

This drew the ecial response: colonies two sentor inspectors" There

continua There has been a

of the Paris Surete's Financial constitutional advance in almost Branch have been making a every single colony throughout speelal investigation.

Commonwealth and Empire. They now

that the assert French Government is losing not less #har £50,000,000

#

ing to their report-at under review by Government dit-t|

present French

appeurs that French West | African traders are buying Will Japanese, Tron Curtain and mark the transfer on November German goods at "unbeatable

Impressive

10 of the remains

of Ataturk, prices from the

founder of the Turkish Republic, African colonies.

from a temporary resting place In Ankara to a massive mausoleum on the outskirts of the capital. November 10 -the

is death anniversary of Atelurk'a In 1929...

British West

the

The Earl of Munster agree! with another questioner that when he had spoken of "internal

the had self-government" mind "ultimate self-government,"

Asia's Largest Observatory

int

to apply pressure" on

bigger

9.

In the ton. Turnever was 25 tons of

which five tons were for cath. was

Closing prices at the end of the affelst merning restion

Spot tin, buyers

sellers

Commodities In America

Business A 3-months tin, buyers

sellers

Settlement

020.

terling

These recont downward price movements may not be very

The gold recovered from the serious in themselves. But they 622 European Payments Union last show that the decline of prices month lends to distort the pic which has been going on ever since the end of the Korean What happened was no boom has not yet worked itself ces that the sterling area swung out. back into urplus with Western Out Europe but that France paid an annual instalment in September

020

00715

620

tuire.

United Press.

London Metals

Tho result is that buyers--in.

as well as In Western Europe

only of £8,700,000 on lis 1945 loan America are taking up

their immediato. requirements from the United Kingdom.

and waiting until prices touch before replenishing

bottom

stocks,

OMINOUS WARNING

So far as American buying of

REAL REASON

London. Nov. 0.

Without that payment

the Lead and zine markets were sterling area would have been. steady while copper was rather in deficit with the European dull and prices moved lower. Payments Union in September to Turnovers were 250, 950 and the tune of $12 million so that, sterling, commodities is concerned New York, Nov. 1. American Government to

a more omincuis warning, has Buoyancy in eccoa and grains 750 tons, respectively" for lead, instead of receiving $8 million negotiate more readily with the Indonesians and on more favour-Joined the recovery in colton to zinc and copper.

Closing prices:- price able terms, and resent such a highlight the commodity

picture today. manoeuvre-United Press.

Lend Nov. Feb. reached stasonal zine Nov, Soyboung

and March Feb highs for January deliveries on a buying splurge Copper spot Inspired by heavy impoundings under the lon.

New York

Market

Sugar

New York, Nov. 9.

futures World No. 4 sugar closed unchanged to one point higher with sales of 00 con- tracts,

In gold from the Union in been sounded. For the disap- gold October it would have had to pointing failure of the sollers

Copay that amount.

buyers

75

DAYS

7515

2014

272

233

220

At Chicago, wheat closed up 12% to oc is cent, szybrane

33% to five cents.

up

Exchange Rates Union.

At Winnipeg, wheat was priced

reserves to expand or sharply

the gold doca

not

as expected in. October coincidett with a drop in American In- It might have been possible to overlook this after alt Septem-dustrial production to four per 22015 ber is a popular month for holi- cent below its high level of lest -United Press, days abroad, too-but for the Spring.

that suggests éven it fact that last month the sterling] arca was again deep in the red prices do show signs of recover- with the European

It will not be an easy matter Payments ing

to expand sales of sterling raw Tourist spending on the Con- materials to America

The outlook for Business was done in the local tinent could certainly not ac-

exchang market this count for the £10,000,000 "map" zeer very therefore

Sales of at 182% cents per bushel for unonicial

that appeared in the sterling No. morning at the following rates: No. 3 Northern, and for

US dollar.... (per- $1).

15. area payments with Western sterling commodities should Domestic No. 6 sugar futures 3. it was at 165 cents—Unlled | Bierling notes (per £11.

certainly bring in more dollars closed unchanged to three Press.

Indonesart guilders (per 1003 1050 Europe in October. Biam,ticals (per 100)

Reason for the October deficit in November but points lower with sales of 102

| Singapore ;' (Biraits) *..

433-which will necessate a gold begins with a contracts.

Indo-China plastres (per 100)

to a result payment of $15 million to the handicap

"with EP.U. this month-les in the October defeit Contract No. 4 (world)

European Payments Units. trend of sterling commodity Jan. 1954.

In December an annual

United

Upot-(cents per

"fob Cuba)

Tokyo, Nov. 9, These goods, smuggled neroJA French African borders, avold Tho Japanese Education customs and direct and indirect Ministry is planning to build the taxation "to

enormous largest astronomical observatory, desrce."

To obtain the sterling to buy The observatory, to

(£327,000 Mr M. Celal Bayar, President thero gozda in the British 327,000,000 સ્ત

a 74-inch of the Republic, will deliver a colonies the traders are dealing storling), will have funeral cration.

a black market cur diameter telescope which is to through

The in England, rency ring operating in Switzer-be made Earth from graves of Turkish land, Beirut and New York..

largest t

in Asla telescope soldiers killed in Korea and other A large number of arrests of present is a 20-Inch Instrument Turkish battlefields will be laid French operators, and black owned by the Mitaka Obscrva-

an

3.34 nom.

in Asia

March

ye

coat May July

15 bid

Sept,

9.03

at

Contract No. 0

Jan. 1034 Marcit

May

July

Sept.

Nov.

·Epòt-(cents per lb.

ax-dock)

1,50

ited Press.

1

In the tomb of the mausoleum, market traders all along the tory in Tokyo, withcarth from Balenika, route frem West Atrien, Work is to begin on the new Alaturk's birthplace, and from through Algeria and back to observatory in April next your Hlavinother'a grave ut· Izmir, Paris Irhortly expected and will be completed within China Mall Special.

London Express: Bervice. Five years,China Mall Special.

London Foreign Exchange

New York

Montreal (.

Amsterdam

Brussels

-355 not. Oslo.

3,43

BAG

Bra bid

·Zurich ...

Copenhagen

Stockholm

8.09. nom.labon

itemburg Blocked" Mark

20.30

In

"the

month

$15.

million of the tho

The fall of prices, which caused cof $175 muillon fulls of trade Canaillan post-Wap States and

Morcover, the United King

WILL NOT JOIN pres

11 marked Improvement Colombo, Nev. 9.

torms Ceylon has cotified the Inter Britain's own national Sugar

Conference (the ratio between import and through its Embassy in London export prices) has led to

trade with that she has decided not to be equally marked deter ation in restrictions

must soon, be party to the Intentational the terms of rede of the over- Western Europe

implemented, Dans lerling area, 11201 Sugar Agreement alo

In these e reumatansta Le most

London, Nav, .

20

A

on dom's promise to remove more

сп

Under the terms of the agree- In other words, even though 4tment, Caylor would, thaya to the serling raw material pros that can be expected is that tho sell just as gold and dollar reserves will res

nbido, by the maximum and ducing countries 11.70% minimum prices Imposed by the much abroad, they receive less main around their present level

for the rest of the year. conferenceUnited Presa.,

-United Prest.

Jin return.