1954-01-07 — Page 9

Pleture from bebing the "Iron Curtain" of a Glaz-59 road transport vehlele being completed at the Malotob Automobile Plant in Gorky. The new vehicle has two driving axles and is designed for ure on the rough roads of the Soviet countryside. -Express Photo.

Brandy, Ink And Silk

Now Come From

Norwegian Pine

The

Oslo, Jan. 6.

Silk, drinkable alcohol, B vitamins, Ink, ex- plosives and vanilla flavouring are some of the varied and unlikely things now being produced from Norwegian forests.

Idyllie

THE CHINA MAIL, THURSDAY, JANUARY 7, 1954,

Life Of The

Fijians

1 OMMERCE SECTION

FINANCE MINISTERS BELIEVE COMMONWEALTH PRODUCTIVITY MAY BE RAISED BY:

Gone Forever FREEING COMMODITY MARKETS

Suva Fiji, Jan. 6.

Lift is losing some of its Idyllic qttles for the native people of the tropical Fiji Islands. More carefree days when the Fijian could We Contbht with a tawnyi thatched house in which to live and a diet taken from the sea, the coral reefs and the mangrove swamps, seem gone for ever.

If he in to win the battle for económle turvival In his own country, the Fijian today must change his ways.

For today, the Fijians ort faced with rapidly growing com- petition from the Indian popula- Lon. whose rate of increase threatens ultimately the Indigenous

to swamp rnée even

though the Filans themselves

Russian Gold But Long-Term Price The Fisked

Boosts

U.K. Dollar

Agreements

Earnings Needed With America

By SYDNEY GAMPELL (Reuter's Financial Editor)

London, Jan. 6. Britain's gold and dollars reserves fell by only $43 million doring December are Increasing in number.

despite a payment of $181 To

het North meet thin threat, the fitillion Fijians have been that American debts at the end

told Tidy must produce more and more cash crops.

By PATRICK MAITLAND, M.P.

London, Jart. 6.

When Chancellor R. A. Butter meets other Commonwealth Finance Ministers in Australia on Friday, their talks will be largely governed by the possibilities of an American slump.

Nevertheless, the ministers are reported generally to accept the of the year, the Treasury | Américan Government analysie suggesting that no serious set-back, be-

Fond easily manageable limits, need be expected.

но

announced.

·

Their communally owned land The gold and dollar reserves reserves--which they hold under no stand at $2,618 million, it dear-cut pledges from Britairtraded. to maintain sufficient land for Filan needs now

Artd in forerecable future — are eyed with open covetousness by non- Fijians.

But the authorities have made it clear to the Fijians that their reserve must be used to the full, The Governor, Si: Renaid Gor- vey, made this point in opening the Budget ression of the Fijian Legislative Council recently.

baitor THẾ LINH

The Fijian monetory system. he sold, bad narrow foundations and was largely at a subsistence level. As a matter of urgency, the Fijian people should adopt every means available brunden the basis of their egricultural production by devel... oping thei: knd to the fullest

extent

10

He said the Fijian Social Ser- vice Icglalation should be

The highly developed wood processing in-amended to make growing and dustry in this country is rapidly moving over

maintenance of economic crops a communal activity, to ensure from mere paper, pulp and wall-board manufac- that they do make full use of ture to the production and processing of new chemicals, for which the plentiful Norwegian pine and spruce trees are the main raw materials.

With one quarter of the country covered by pro- ductive forests, it is not surprising that the forestry in- dustry has long been one of the most important in Norway's economy.

their land.

He suggested that what he

"development catted

officers" should be appointed to see that this was carried out,

in

The reserves find increased in every one of the previous months of 1953. Without the onnial debt payment on New Yat's eve December would love shown an increase of $138 million.

The debt payment apart, Des cember was the best month of the year for the gold and dollar reserves, thanks partly,

though not wholly, to the Bank of Eng- land's recent big receipts of Russian gold.

to

10

On that assumption they will first review the balance of payments position. For the whole Sterling Area there is a marked improvement with the dollar market. This has been achieved by sheer hard work and tightening of belts. The reserves have risen about £100,000,000 since last

year.

HONGKONG SHARE MARKET

Britain would hardly inve sent the actual Russian gold burs to Washington and Ottawa, to meet the year-end payments. But the Russion gold doubtedly helped Britain meet the antial payment of the North American loans which she raised in 1946, spent in 1947 and hos to repay in anhu) instal- ments for the rest of this cennetions:-

tury.

But the very grimness of the struggle to attain such on im- n lesson, provement careles There is le margin of earn- ing over expenditure to furnish a capitat fund for large-scale Investment.

obvious Yet s increased ihat vastly

capital investment is required in many branches of industry.

Hefe, in ឈប Duthoritative view that only, of course, re- held in one of flects

the Goves involved, les the most anxious problem be- fore the conference.

FABULOUS RESOURCES There are

fabulous

resources, bcen struck In

In

(From Our Correspondent) Business done on the stock Exchange this morning amount- ed to $747,499.10, Noon quota of has just tions and the morning's trans- Australia. There is timber and

a promising pilip Industry BÉARÈS DUYÉNŐ FELLENS BALES | New Zealand

addition to farm Thift country's wealthy BANKS

The African con- Production. 30 1590 finent is literally studded with

minerals, some of them rare,

Such is the broad opportun

that stunty at least, of the Governments Commonwealth

BEST FIGURE

Excluding the debt payment HK Bank .. 1605 the earned surplus with the world

Lombard... 243 Union Daderwriters

outside the European | INSURANCES Payments Union ares jumped from $32 million in November to $114 million in December, by far the best figure of the year. Some of this striking improve- ment must have been due to the Russian gold,

Offelal quarters refuse to dis "Their insk, for example,

close how much Russian gold the Bank of England has re- would be to see that sugar cano crops

ceived. right are sown at tire

An unofficial, guess is time and properly tended, and that Russian gold might com- that coconut re enlarged prise roughly half of the $114 and kept free

million. undergrowth. Sir Ronald added that If the traditional social structure of

and communal the Fijians

came into conflict anisation with cconomic development, "adaptations may be necessary.

REMARKABLE PROGRESS

This does not meim that the with her extensive Fijians do not already make an of slow-growing spruce, enormous contribution to the

A full ten centuries ago, dur-[con later be spun, wound on Jag and even before the Viking|spools and woven into cloth.

Rayon period, Norway was already ex-

manufactured Ja now porting timber and wood pro- in many countries, though most duels to countries overseas.

them have of

to import But through the centuries the cellulare as a basic raw material. hest care

not always been For the production of first class taken of the great natural re- rayon, however, this basic raw sources comprised in the rich material must be maile from Norwegion forests. Early agri-spruce wood of a special quality culturists burnt down the trees wood from trees which have to cultivate crops in the ashes. crown

At a later date, when the dis-

slowly.

Gray,

or-

covery of various ores in the forests mountains led to a flourishing

ingis obviously the place for the overall economy of the islands, ore-mining Industry. hundreds manufacture of this product, The Governor cited examples of of acres of birch and pine forests and in addition she is also one what he described as the were felled for charcoal burn of the leading sulphur-produe-markable progress made by the ing. Then, areas which for ing lands in Europe, so supplies centuries had been sheltered by of that important raw material people in the last 80 odd years thick forests were laid bare, are also assured.

Today, Fijians account for and the trees would not grow

Today, Norway is one of the more than half the colony's out again.

of put of copra, Fiji's second largest world's leading producers

Industry, the particular type of cellulose

The banana export trade So, today, with so many de- required for the rayon industry, New Zealand

and in terms of quality its, pro- mancia being made on them.

regarded as second to Fijian hands. Norwegian forests

can scarcely duct is

Goldmining, the third largest meet the requirements of the.

would be But it is apparent that Nor- industry, in- modern

up way's forests alone cannot fully without 1108 grown since the first Norwegian cellu satisfy the wood processing in- Fijian workers. loce, ог chemlenlly-prepared dustry's requirements for full

STARTED IN 1847

highly déveloped dustry

which

попе

to

20 1083

a6

100 A

06 015

8

10.40

827

ה!

now wish to grasp.

SHIPPING

Waterboat Asta Hav.

DOCKS, ETC. K. Whart Provident

(Old) 13.10 13.30 -600 a 13.10 being Provident

12.30 (New) Sal Dock. 1.13 Wheelock 7.10

LAND, ETC,

1K Hotel 1.05 HK Land .. 1945

Japan Using

Dollars To

Pay Britain

10

Tokyo, Jan, 0. Japan will probably have to continuo

dollars ting finare her deficit in her trade with the sterling area uniisa she gets short term sterling credit as a result of the car rent Anglo-Japanese trade and

talks payments

ir London, Anancial circles said here to day.

Jewel Box

Singapore, Jan, 6. Nall the jewel bol to the MALA 20, din's frant 18 stófén power advised Singapore realdents.

They pointed out that Jewel boxes and other, bo- longings are stolen hero every week by "artilng" thlover.

Theso men used a bamboo to fiaft, through the Krifica on Singapore win- dows and hook anything Tode and valuable teft lyitis around-China Mail Special.

NEW YORK

STOCK MARKET

New York, Jan., 6. Slocks ran into mild résistance today which put the market

down for tho Brst time in the new year for gwo strstone of advance had added $1,500,000,- 000 for total valuations,

The decime, coming in tho wake of early gains of as much

V SU

point or two, did not amount to much--only seven cents In the general market average.

Of 1,130 issues appearing on $35 finished higher, the tapé, while only 310 were lower.

The trading paco Ughtened on the decline, too, and total sales

for the day of 1,450,000 shares compared with 1,520,000 yester day.

The easing was not unexpect- ed in Wall Street, Brokers sald many preferred to even up ne- counts prior to the President's Blate of the Union messago to morrow.

A spokesman of the Piñaned Ministry ágread, that Japani in effect spent dollars last year fö| They ob-honour her sterling commit- great ments incurred in the form of

exchange swaps,

He expressed belief that the dollars Japan

to the paid International Monetary Fund to get fresh supplies of sterling last your would contribute tö active. lessening Britain's dollar obligationis.

serve that while, with effort, the sterling aren's dol lar balance has improved and ald is the need for American

with other mastered, countries, notably

Latin America, progress has been dis- 81,000 7.00 appointing.

2,500, 1.04

same time they note and Japan; in sometimes

At

the

that Germany

$4.660.83

their energetic and

257 7511⁄2 state-alde

trade

2:00

70.

drives,

1000

TG.

Shai Land Thumpy 18.00

Really ........ 1.82% 1,97% 8000

1.40

1.000

10

proving bold and often exacting

competitions.

WITHOUT LOSING FACE

Oils were among the best of the industrial groups, with guins renning to 6 points in the higher priced superior all of Califonia at 645. Amerada rose 2 points, Texas Pacifle Land Trust 1.

continued firm Motors

Steeis lost fractions. were steady.

and

Utilities

The New York Stock Ex- bind volume

An effect of the Bank, of change

all poses the problem Tokyo said this was a compro $3,113,000.

mist measure to let Japan uső 103 whether the sterling area us a

CO-

losing much face.

A Treasury spokesman point- ed out that, however much raight be ascribed to Russian gold, a substantial part of the December

must improvement ave have been due to other and pre- sumably less

whole, with Canada's infinitely dollars to get sterling without UTILITIES | sporadic causes,

wenithy) (and the Treasury Trom 27.40 27.00 200 27.40 welcome Provisionulty

800 in 6119 nise announced that Britain had

ay it were; cannot, a, deficit' In December with the European Payments Union of £3,100,000, contrasting with a surplus of £3,200,000 in Novem- her.

in La entirely

DEBT REPAYMENT

10

tho

Star Ferry

2000

Liz (0) 14.30-14.30 1,000

C. Ligt (N) 11.10 21.20 770

Excelric

..... 29.90

operation, jump a rung or two of the ind- 1420 der and, by really daring pro

jeets of capital investment, so 11. 11.20 raise productivity that com 11.10. petition can be hét.

1000

2900

440 -23.50

30 300 20.10 In brondest outline

Mino Elce. 10.70 Telephone..21.20 37.40

Cement ... 19.10 10.30

Itope

16.00 14.10 Mersi Indus. 8.00

STORES, ETC.

Dairy Autralia Wattan International

He was of the opinions that, it would be

very difficult for

Was

The American Stock Ex-

volume, change

was 300,000 shares United Press,

Japan to cut her imports from Protest Against

the sterling area distically.

Japan therefore bactý.

needs Sale Of

the either short term credit to tide

1800 30.00 vision or world trade that lies over her present sterling short Wood To Japan.

account (clearing) agreement with the sterling area which

ahead stays unchanged. It is és age, or some form of financial timated that the expanding in arrangement such as on open dustrial market of the United States will in twenty-five years need about double the materials now consumed. and that these

profitably can bb provided by the countries 500 25.70 the Commonwealth and Empire 70023.30 alongside the other European 500 21. dopendencies. 700 23. 1000 27.10

Washington, Jăn.. 6. Representatives of the Ameri- row would make room for temporary can Paper and Pulp Association

trade deficit

200 ** 10 1.500 & 10.20 Food » 1.93 1,000 1,0212

25.00

...29.10

Crawford 25.20

Almost the whole of the De- cember EPU déficit was also due INDUSTRIALS to a debt repayment, the half pearly interest payment on Bri- tain's overdraft with the Union. Receipts of defence aid from the United States fell from $24 million in November to $20 million in December. During December belpless

repaid hundreds of capable Monetary Fund $12 million of the $50 million that Australin Waterside work at the ports had drawn from the Fund in CONS wood pulp, factory

was built capacity production, and there is a Fijian reserve, and nearly

Textile Corp. 7.00 near Sarpsborg in 1847.

are difficulties in fling this gap al other forms of production are If this Australiar debt pay Today, there are 42 mechani-by importing wood from other largely dependent on Fijians.

There is also today a gradualment also came from the sterling MISCELLANEOUS cat wood pulp factories in Nor-

central reserves in Lon- The pulp mills have therefore expansion of Fijian sugar cane don It can be calculated that the way, 20 chemical wood putp factories, and 49 for manufac- had to refrain from increasing forming, which accounts for six sterling

arca in December turing paper, cardboard, carton their capacity in their efforts to per cent of the total output of carned a world surplus of $126 and wall-board. It is estimated reach stronger competitive

million. that.

at full production, they position. Instead, the stress has this mainly Indian Industry, consume 100,000 logs of timber had to be put on the reduction each day, 30,000,000 logs every of production, costs without in- or enough to stretch creasing output on improving

year

countries.

DRASTIC SKIRIMING

In addition, there is the fairly utilisation drastic skimming of Fijian youth five times, round the world at quality, on the higher on for the army in Fiji, and for the

of waste the Equator.

materials, to increase the total four-year stay of the Fijian 1st The value of exports from seeking the wood processing industry forest output by the utilisation Battalion in Malaya.

amounts to between one of the large quantiles of Umber quarter and one third of Nor- now regarded as second choles why's, total exports.

now

For unknown reasons, the total number of men serving with the material KINDS OF PULF

Fill Military Forces is not made public, but it is known that be- tive kinds of wood tween 800 and 900 Wijinu Rayon, so widely used today pulp, sulphite and malphate, the soldiers are in Malaya. In textiles, is a typical product main difference being the kind

RAYON TOO

aro

1940 and 1952,

London Wool

2

500 a 73% 2800 e 200 7.05 2000

Yangiste.... 0% 6.30

New York Cotton

Market

BIGGEST QUESTION

nf

In turn, all West Europe needs invest its engineering oldi! in the areas which produce the raw materials.

But in a prelimmary view, the biggest question is how, by exertion or other devices, sav- ings may be gained and trade expanded, to arrive at the mar- gin

of production that can be

called on the Administration today to repudiate a plna, for Otherwise she would have to selling government owned Alas- continue using dollars to finance kan wood to Japaneso Interesis. part of her imports from the sterling area, he said--China Mail Special.

Mr James Sheehy, New York the industrialist representing Association, gayo'a Senate Com-, merco sub-committee a state- ment stating the plan could tho economic run to

industry which produces newsprint and other low-grade paper products.

mean

US Commodity domestic pulp

Markets

New York, Jan, 0.

Mr Shechy sald North Ameri- can pulp producers "right now

Leading commodity futuraa are ready" "wling end anxicus"

to negotiate long-term contracts with all comers, including the Japanese, for all the additional dissolving wood, pulp they can

may be found in freeing com supplied trading Madership es

**** possibly uso.".

mo

over

made available or investment. This was by far the best

A solution put forward in closed higher today. Giralos showing for any mouth of the

some of the memoranda' circul-

were mixed, year comparing with « surplus

ated in advance of the con- of only. $41 miÏÏÏón in November

ference Impilles that ono key

and Cocon

cultés again New York, Jan. 8. and with an actual deficit of $15 million in October. The re-

The Cotton futures today opened serves may have benefited from steady and closed firm with ence will therefore return to a point of the year. Grains felt and

modily markets.

confer the futures levels in the highest Mr Sheehy old the Paper Pulp Association cannot some Russian gold in Novem trading broadening out a little familiar and not always

easy ber too,

with the weight of realising and reconella omejal concern though probably for more on the gradual rise, subject-how to reach, less than in December.

up to around the United States Scoring gains

and other hedge-selling which offset im- American forest reserves with plan a bale, the market reached consuming countries, long-term proved domestic flour demand. omncial condideration of the

for letting Japaneso control the highest level in nve weeks.

commodity price agreements.

At Chicago, wheat, closed up

Alaskor forest ossela, On this matter the American 20 DIY Nearby May went over the 33%

W cents; "koybeans, centa mark for cumulativn Government has shown itself

"If the agreement under con rise of almost $à a bold; from | cautious,

sideration is consummated, the Nor is there much of 14 to 2 cents.

never American people will seasonal low made the

on prospect of firm conclusions

WAS At Winnipeg, wheat Dec, 18.

being reached - in American

benent directly from utilisation the

main economie policy until the Spring, priced at 1804 cents per bushel & this wood, to which they Factora generating

the Commonwealth for No. & Northern, and for held the beneficial title," Mr the manufacture of paper sulphite production has not been siderably higher than one in

The wool tops futures market price-lifting power Included;

which include

provi Northern No. 8. It was at 105 Sheehy sald=iUnited Press. [5 1. Frospects for favourable plu completely fit then.

closed steady with a turnover of farm legislation; 2. Strengthen- sions for commodity agreements, cents.Unlied Press, There are also complicating 75. lots. With the addition of lye and used, but plans are in hand ten

for converting it to fuel con-

Closing futures prices ing abpes for an early pick-up for freeing commodity markets carbon bl-sulphide, the cellulose centrate, forthentable, kugar and factors, such as the fieldence of weres

CHICAGÓ GRAIN is transformed into a yellowish-alcohol, Alrendy, there is a tuberculosis.

iida inexport buying of American and for freeing sterling, les brown powder, which is sub- Nourishing Dullness

Pillans are by far the supplying

greatest Mares

14k cotton; and 3. The raw cotton before the United States Clove

ernment surplus in strategie reservD,~~ |

It conclusione on sequently dissolved in another alcohol to thes Norwegian Wines

from tuberculosta sufferers

United Prodeje

In

If the young soldiers serving

of chemical wood pulp. Through of wood used and the chemicals in Fiji were added, the própor-

a series of processes, the tim- used in the bolling seld which tion of young man withdrawn ber is first converted into cellus dissolves the impurities. lose, which comprises the basis

Until now, the waste yo from from civilian life would be con-

for

as well as of rayon,

Syrupy

of

1yá solution to emerge as a light and Spirits Monopoly which of will, though exact figures are not brown

substance known this basis procides cheap types pubdified. As Viscome

of aquavit, brands and liqueur,

Other by-products now. Being The viscose is then filtered and forced through a jet with manufactured are thousands of microscople holes, tannic solds, rothycol, Beings are

Tops

London, Jan. 6.

Beatember December

But in the Exetön nione will Tilians from

Prices, pens

New York, Wool tops futures closed today blomman palj

the smallest of which are no plastics, sky waren 18 on and numeried by the Indians, steeds. Prices

more than seven hundredths of acids, animal fodder, non and th

a millimetre in diameter.

Inflammable film, albumen rich changes

Upon emerging, the viscose Staminavouring nätet! Bles, socks streamuri estärke Baţă" of BUIG JATKAMA VAIRAUSA #AVErla,user need phurto felt which enure them in the part des slkéquet. Inu

-Will, be taken

of the Plan't tell Nội đi thi Ministers need to b

Exchange Rates plan their investment-boltólica arch sodir

for the Commonwealth on the Smy two opposite mumption el ther

conora, No. %, yellow

nob

Singapore Rubber

Market