1954-01-21 — Page 9

THE CHINA MAIL, THURSDAY, JANUARY 21, 1954.

Queen Sees Where Captain Cook First Landed On N. Z

The Queen visite windswept Kaiti Hill at Grisborne, New Zealand, and gazes. down on the panorama of the town on which the sun rises first in the Empire, and

on New Zealand on the bench below where Captain Cook first set fool

Express Photo.

soil-

BUILDING NEW HOMES FOR

33,000 PEOPLE

IN DEVASTATED CYPRUS

Paphos, Cyprus, Jan. 20.

An all-out effort is being made by the Cyprus Government to win the "battle of the roofs" in the Paphos district of Cyprus which was heavily damaged by an earthquake last September. First estimates of the cost of this battle are almost £1,000,000.

At a dozen different sites scattered throughout the 384 square miles of rough, difficult country affected, the construction of entirely new villages to replace those reduced to heaps of rubble, is in full swing.

A recent official publication issued by the Paphos Earthquake Reconstruction Committee reports "considerable progress" in a task which has no parallel in the island's contemporary history.

North Pacific Fisheries Conference

The

It inv lyse

Frg

rusting at low 13 villager with aberat 1,500 w

WOL EN

The rebar f several latest nad

wbel

dange

during the club-szer a varih- quake in September 10.

When compare, the milion- pound project will

maths,

Jack!

uth

homes for 33,000 people

Mr Tan Willems. of another

smaller much

than village. Stroumbl, but equally shatter- ed, where the villagers objected to the site chosen for the new for fatally different

village.

Ponset.

that

TRADE and

COMMERCE SECTION

Critical Turn In Economic

Shares Still

Advancing

Relations

In New York Of Britain & US

New York, Jan, 20. Stocks pushed stendily ahead today to the highest level for fen months with: activity

New York Central and sharp gains in the backward liquor stocks! as the main features.

Today's advance-the sixth. In the past seven sesalons-was not as specular some, but the gains were sufficient to push in- dustriale

bo thair highest point since March 20, rails to their bort vinge Aug. 20 and the general market average to the highest level since March 30,

Volume marcused: as 1,900,000 featured by a 820,000-te

abares from 1,840,000 yesterday,

hour,

Wall Street, which in past sessions has had

the propont

relief in dividend taxation and General Motors $1,500,000,000

pending

Robert R. Young.

MR BUTLER ADOPTS A

"GO-IT-ALONE" POLICY

By Patrick Maitland M.P.

Greatly improved publicity arrangements at the Sydney Conference of the Commonwealth Finance Ministers meant that the outside world was allowed at least a glimpse of what took place. Compared with the anodyne communiques and news conference material pumped out to the Press when the Ministers meet in Whitehall, Sydney was almost a feast.

It is customary for the host Government to make the necessary arrangements in this regard.

programune us lopies for conversation hud! another

When the Finance Ministers or Prime Ministers meet in London, item of choice today.

Whitehall is always able to colourful

browbeat the visitors into Little Lord Faunteroy respectability and virtual silence. But at Sydney, Mr Menzies, even if he tried to do that, did not achieve it.

tyenon, with several asso- ciales, severed all connectiona & Ohio with the Chesapeake

et

Thus for the

first time the long inclined them toward im- world can witness the spectacle perial preference suddenly be- Commnwealth conference hold the tide of events Howing

and Required a substantiai" interest in New York Central. The news

sent Central up as much as 3/4 point one time. It closed 14 point higher at which it is no longer denied in their favour. Now, to speak $204, the day's second largest that there are altogether differ- of the need to go it alone" is sales total.

ing trends. Pakistan, Ceylon, not to discredit Internationalism, Of 1,184 Issues traded, 500 and India, It is clearly admitted good-wili, Unesco, and all the

be free to sell nest with the grids of were higlie, 324 lower, 291 un-ow, want to

wherever they changed.

like.

Randall Report it is proudly to The NY Stock Exchange

That position is disclosed in reassert that the Commonwealth bend volume was $4,240,000. contrast to ona adumbrated by and sterling area are the largest

American Stock Ex- Mr Menzies that the structure of free-trade group in the

volume was 510,000 kmperial preference is valuable and, with their European Pay-

and might wall

be improved.{monts Union associates, conduct closing averages should be

He has unged that G.A.T.T. no less than 80 per cent of all

change

bilires.

Dow Jones

were:

30 industrials

20 ruils

10 utilities

05 stocks 40 honda

Comuni future prios Index

Commonwealth ed

Among the the world's trade. countries of European origin there is 109.33 Reneral agreement that at least

20,14

63.7

Valled Press,

-

world

DEVELOPMENT A "MUST"

To the Dominions of European

HONGKONG SHARE

· MARKET

(From Our Correspondent)

492.60. Noon

Veiled Lady Was A Man

Calcutta, India, Jan. 20.

Ifard-holled customs ofß- cers Just did not bellevo the velled “ady who ar rlyed by plann sé' Calcutta airport weaziris the tent- like Mostem burkha gur- meut covering her from head to took.

They made "her" step out Into the daylight and found that "he" wan a "he" try- Ing to smuggle In 12,000 rupees (£1,000 sterling) In geld.--China Malt Special.

Dollar Capital For Japan; Agreement Is Expected

Washington, Jan. 20.

The United States and Japan are understood here to be in the final stages of negotiating agreement which, it is hoped, will encourage the flow of dollar capital dustries.

to Japanese in-

The agreement will cover an investment guaranteė programme for American banks, investment corporations and private businessmen, It is understood. The programme was started by the US Government in 1951 to protect investors in Europe nguinest loss of capital through the nationalisation of industry.

American officials say it ex-

Business done on the Stockpeated that an exchange of notes two Governments Exchange amounted to $754,- between the

quotations and would extend the programme to Japan by the end of January or early February—a few weeks Inder than the date originally planned.

the morning's transactions:— SHARES BUYERS BELLERS SALES BANKS

8 the existing unperial proference origin this is like champagne, 109.07 I should not be destroyed and They do not have before them that at least the no-new- the stark and cruel dilemmus Proberence Fule of GATT. which face India, Pakistan,

and Ceylon. For these

where mass starvation What is different. in addition, literal

WE (DOCKS, ETC.

K Whorf Dock

Singapore's Need should be lifted altogether. destroyed during For Trade

Later it became With Indonesia

30

Even though this village wAB completely Provi

red the earthquake, there were no wha

victims, which at first seemed were randament homeless by the surprising.

known entrstrophe.

most of the the families

village were suspected of being goat-thieves, and the day before the earth- quake.

hatt rumour

reached them that the police were ing to raid the village 4 am, next day,

The official art allopate

major part the

Washington, Jan. 20. Arst meeting of the that

of the

International North Pacide project will be completed by Fisheries

Comunission is to be the end of this month (January). helt here beginning on February 1. the State Deportment nounced today.

The

of Government

tho United States will be the host. that

The participants

will be

raptur of damaged

an-hoka

ca

In Paphos (own hsought

Into bulking problems {me tigal.

afk

many the

111

walls 10

OF CONTENT.

дом

Goat Thieves Object

tor

Cracks and denta

So the inhabitants retired of Canda, Japan and moots have been f Hoverments

plust with the families tres inreparable by mere

Spend und the United State,

Bence il

that night in the forest. When, Invitations

send an obser- i cring

at 6, the earthquake shock ver have been extended to the number of houses had to

their village out of existence, Food and Agriculture Organisa-be pulled down and built anew.

there was no one

Atlantic

Fisheries,

Aus

Horrible Sight

Paphos

and present

than

tion of the United Nations, the International Pacific Hallbut Commission, the International

a result, Pacifle Salmon Fisheries Coni- mission, the International Com-nearby villages today mission for the Northwest auch mone horrible sight of

andi devastation the rubble and

on the day

of the earthquake, Toyo Reconstruction Com- milice's repart reveals some of Bhre Glculfies which

get- miharitas are reing in

the approval of stricken ting viagens στην the selectiom of of common concern to the three new sin for their villages.

Inter-American Tropical Tuna

007-

of

re-

out

to

would

spare

Governments

Yet Mr

盘

SHIPPING

1.10

100.00% 133 M 2014

The view In oMelal and business circles here is that the will guarantee programme

American

corpora- tions and individuals to seck more investment'

opportunities

encourage

and thus directly help to relieve

shortage

HK Bank East Asia INSURANCES

Lombard Unium

1010

171

53

042?

sec

Waterboat

20,20

Ask Nav .. 115 120

no 81

..... 20.00

Provident (0) 13.40 S'hal Dock.. Wheelock

1000 or 20,66

300 13.40

B.15

+1

3300 m 8.19 capital.

4000 8.15 officials

LAND, ETC. FIX Totel

4000

3 0.10 4000

2000

IK Lond

Stal Land Really UTILITIES

7019 775 30

1.30

Traves

hus

to the good luck that. Sydney populations are rising fast, end

throttle the cannot

news as clocted

canno! Indifferant cflcionly as Whitehall,

do the is that afford to be Mr Butler appeared

at Sydney

margin of people who live, and

thereby

to condemned In the role, for once, at a kind are Singapore, Jun. 20.

the below of champion if not

of Empire, premature death, Talks between Singapore and prefere

then at subsistence level. as such, preference Indonesian trade delegations cost of a "go-it-alone"

For these courtres develop- Policy in which opened on Sunday

fteliable sources there attribute crend is a "must" in a sense que "Sings-to him the Djakorin may decide

warning that al- different from the other Com- pore's late as South-east Asin's around

| though he had hoped

monwealth members, though no Britain trode bastion," the Indonesian

less different from the case vi able to correspondent of the Singapore £100,000,000 for capital develop some of the colonies. For them, Standard reported Ioday,

ment overseas this year. In fact accordingly, it is doleful news "Indoncalon

attitude is that his igure has now contracted to that the Commonwealth may drift back into "economie black- this country is frying desperately

£260,000,000, teur down fts cotunial

Ism."

Butler economic structure," the

COPTER pondent sald, Indonesia current- ly favours direct purchases from

St (and it is consonant with his capital investment so that the countries of origin in preference

known Viowa beforehand) is United Kingdom, of all countries. dealing through middlemen.

that for the

sterling area to shall profit (though no doubt to Dictating the tune for the balance up her trade with the the theoretical advantage of all. talks was the release of the full rest of the world, British exports since

of the she is steward concluded have still to be stimulated, and stering area's money). recently

between agreement DEW GET teniso British

and China, and the

Oct's cut which Before such a revelation it is that the surprise declaration uf the Indonesian moans that half the £100,000,000 hardly

Pakistan, must now be kept spokesmen of India, envisaged Trade Council that Singapore for ux

and Ceylon have done for more for use at home. and Indonesia were. In spite of these difficulties,

dependent

hints outside; In fact, of course, since the than just drop however, officials hope to bo upon each other and that both

figure was they have virtually called in the able to put all the

should strive homeless

for closer trade £100,000,000 district, relationship, the Standard car-mentioned a shattering and over- Press to make it clear that this

fact

new trend in people of the Paphos

has come to new

cronomics except those of Stroumbi, un-

the Randall Com- and world der solid roofs by the end of January.

at all inside the mudbrick buildings, which were razed.

The villagers' nojection to the new site chosen for their vill- age, the Commissioner told me, is believed to be that it is a long way from the goat tracks.

Government expenditure on reconstruction and repairs has been allocated as follows: Framework hausing

schone: Cost of 1,300 houses

for villages

for

£290,440

Commission.

of the The purPOSES

vill

be to decide matters ference of organisation, to prepare co- ordinated

ProTATETES scarch on stocks of fish that are

The biggest headache in this and vo carry countrica,

pospedits Strombi, the larg- generally the comminents of

ast of the villages which were aro convention.

the by When The establishment of the In- completely destroomed

Admiral Pacific Sorthquake, ternot

otional North

Mountbation, Earl Louts

the Fisheries Commission is pro-

British Commander-in-Chiot for in the International an vided

Mediterranean, visited

Repair he was Convention for the High Seas in the

scheme Fisheries of the North Pacific Cyprus In November,

talcon to Straumbl

ho where

poor householders Ocean which was signed

adeckanox that fra village WOR Gronts in money and Tokyo on May 9, 1952 on behalf Endood

plight than in wren

materials

--་---- Jupon Canada, of

scheme for into toy he had even on the Greek Repair United States, and came

middle class owners effect on June 12, 1963 upon the Islands which auffered earth

Cash grants. £122,800 quakes shartly, before Cyprus. exchange of

of ratifications by the

Brit the. publicity

which Repair and reconstruc

tha Straumbe has, donned

don of public build- three governments at Tokyo.

hondart-thit at The treaty, was signed by the

the smashed

ings including President of the United States Cyrariat villages, bad made

hospital, schools, with the matriars highly critical July 13, 1952

and

police stations.... £183,200 of and

the Entramiger

towards the Gov- Senate given on July 4, 1952. extraments place for the recon

representatives

of

on

advice

consent

and

tho

The

of the structions of their village,

"Prozripted three participating governments

BO

£320,300

to

text of the trade Indonesia

said.

is

опе

the

NO EARLY CONVERTIBILITY evidently made clear that this

His

reported will compel

10

argument

whelming

30

Q

restriction of

Star Ferry

T

of

AL here caution

the same

dollar

time,

against

8.29 undue optimism that the new

will

automatically

8.00 programme 0.09 load to a dramatic increase in 4000 « D

433 77

2015 the number of investors who, protected minst certain risks, mby

lo be willing

divert 2.05 2.077 6000 2.07k substantial amounts of capital

the US hr Europe

Japan.

29

100 27.70 from

500 20

153

27.30

600 > 20

1600

21.10

700 * 228 700 ve 28.10

147 C. Light (01 14,70 14,00 1000 0 14

1600. 14.00

1000 6 14.00

3000 G 14,00

500 e 14.20

.

C. Ligim (291 11.50 Electric

1500 11,00

30 30

300 630

1700 50

Mano Elec Telephone

10,00

.. 23.60

500 G 295

Commonwealth is for

INDUSTRIALS

Carmen! Rope STORES, ETC.

DALTY

of light about

mittee. This WES named by from wo

welcome. It is not just principal trade

"Imperial" pre- other hand President Eisenhower from both that the term planks. On the

fermer is us distastoful es, to Indonesia is axpected to raise sides in Congress to recommend the Scots, is the future "English"

It has Issue of the continued usage a future economic policy. the

now turned down the Common- in place of "British": they need of Malayan

currency in

wealth Pion. This had been kapital urgently, and must be rural area," he said-United

devised at the November 1952 tree to trade, where they like Frets.

in London,

to attract or build it up. then submitted to the American

CENTRIFUGAL TENDENCY Government last spring by Mr Butler and Mr Eden.

£922,840

tho

to

Inducements

A

Watson

TWO OBSTACLES

to

Two of the prificipat obstacles · remaining, are said to be:

1. The generally high return for capital in the. US, compared with the lower incentive, offered by Japanese industry.

2. The present restrictions of

law the Investment

of 1950 which ого not considered

100 20. particularly attractive to foreign :

19.40 10.00 500 g 10.40 investors. .... 18.00

The feeling in business circles

is 20.30 2611⁄2 1000 64 20.20 here

that the Japanese 300 20.3 Government might do well to announce that it hoped to soften some of these restrictions within 25.40 two

cr three years. China

23.80

21.30

20.40

20% Mail Special

23 Crawford

25.60 COTTONS

Texile Coro, 8.20 0.30 1200 @ 8.30 MISCELLANEOUS

Yangtze

0.15 61% 2000 * 0.20 Уанти

141 140

14

today

turnover for

New York Sugar

Market

Now York, Jan. 20. World No. 4 sugar futures to- day clored unchanged with sales of 58 contrügis.

Domestle No. 6 sugar futures closed 2 points lower with sales of 202 contracts. Future cion- Ings:

Cóntraat No. 4 (World) March

004-65 01-511

MAY

July

Sept.

Oot,

March

Cuba)

Contract No. 6

March

May

United Prest to Egypt LONDON MARKET

Landert, Java, 20 The nubbel ezeked was surier for the

with No. 1 Ris spcù quoted a 10-18/10 perise per do. "Prices: into No. 1 Teapot ...

1416-1616

MUST CUT PRICES

Singapore, Jan. 20. Director of Commerce and

Singapore Rubber It would be idle to deny that Industry of Singapore, Mr T.M.

sireng centrifugal Hart, sukt

All previous calculations had there is a today Singapore

Market traders would have to cut their been made on the basis that the tendency here, but it would be.

Government

pessimistic could prematurely prices and compete in the world American

Singapore, Jon: 20. market, if they wished to sell to and would go along with the assume that it cannot be turned

Prices tended steady plan. Ile central idea was that to advantage. Indonesia in the future.

Mr Hart

It is certainly Mr Butler's own with a modenero arrived here today the Commonwealth and sterling

2014-887% after atending area could prosper only on the view that the way to talk to the low grades, Prices from Djakarbo

No. 1 rubber per la. Tub. Increased United States is to "talk tough. trade talles with

Indonesian basis of a greatly

March 50-50 of world There have been tempo and turnover

April 10-Bot omicials.

trade.

the providing

profit enough in the diplomatic field No. 2 rubber per i. feb. He said that if Indonesia

with which capitat also notably the State Depart-No. bought from Singapore, it was margins because they needed goods and could be built up for development's cynical withdrawal from Spot rubber untaled by unscrupulo expenditure, public

In addition to Government

price

paration with Britain in al was right as well as ment to raise living standards.

propesel" will be announced at a later agitation, miied by

contribu- the quality. It was now up to TWO VITAL RESPECTS which might have been dabe, the

10 Slate Department newspaper reporting says the tions

earthquake rellet Singapore to show that it ap-

proposition officiat Mport "the villagers funds have for

That all assumed sak-France-Presse,

American tolerable for fair exceeded preciated the necessity

two vital Buez controveity. co-operation In Gifts In have sought to impono foolish £70,000.

and cash

trade, he said.

One was to CP30 donditions on theër acccplanco kind have poured in from many

Any tendency to drift It Singapore businessmen, had respects.

block-m" will parts of the world, including asked for any special conditions, tariffs; the other was either by "economic

some other course, facilitate a rezumption over £10,000 from Britain. it would

uld be an admission that revaluing gold or

device tied up- with

A/June the Inter of trade with the Soviet Union could But much more than that will they

trade without not

national Monetary Fund,

17-171 to and her friends. This is bound July2/Bapt. be needed to complete the work The Netherlands Senate

Genera; markote, cu brali, ports: protective measures, The position now is that the of reconstruction. Samo 50 He considered that this under-support sterling which could be to come, and more, in the Far

106-107 tonight rained the European

hade convertible of the inhabit churches will have to be rebuilt, standing

standing with Indonesia was that help was forthcoming, context there would unfold

more easily. East--with

18-1013 China, any such a

- 10-11/16-10% Defence. Community Treaty by large majority

ants of Stroumbl still refuse to while another 40 requira ex-

Но added that

(noncred. Pres). 36 votes to four,

about which extensive repairs.

Damaga

then there was no need for the development very valuable. to

NEW YORK MARKET both countries wished to pro-

and Netherlands be accept the plan, and the Thus, the

Cyrus!

sterling three of the Asian members of asperated

authorities church property alone. Id cati-

male trade with one another on Commonwealth amated at, about £500,000. comes the first country to adopt have had to fall back on

w's to work out their snivation the Commonwealth are tampled

New Yorke, Jan. 20, a pound and non-discriminatory as a separate economic bloc, as well as anxious, compromise to 30 points lower with

·Railbes futurus today closed 23. the EDC Treaty, On July 25. polity of erecting homes only Units of the British, Army

basis-and with moderate

Prbilt Netherlands the

But, the Sydney Conferenze Hor last year,

scope for

Chamber

are ready to help themselves." neslsting (with the' wore of treaty by 72 votes to seven,

Reconstruction. Com- construction

conditioned all the British-American "anch, vegántantion. Une Bources, here had mitteo's outspoken

conclusion They arrived on the very day expected the Senate are: "Apart from the houses of the Ulrigter, and the civilian authorities, never miss an op- nt Commu. for the minority, of people ratification. despite

how Senators present willing to co-operate, portunity of repeating exteoma right and opposition.

work on the now Stroumbi much they are indesiod to the One Protestant-Moderate, one should be suspended until the British Tommies For Ungir, Socialist and two. Communiat, villagers como la thale mensen viuable oneniranog krov molti Bondtóra VOLEN ngainst ther On a recent visit to Paphos, the emergency. treaty

RATIFIES EDC of Government help.”

the

The Hague, Jan. 20.

Exasperated

In

of

_ Bettlement" houm term:

104-1814

Me.

1634-101

181-17

of Deputies, ratified for, such of the inhabitants "as") one stálí In the Paphos' district, making--France-Froste,ạy, sociha Randall Report. This { Elit the critical turn, hát namn 18 contracts..

Tho

I was told by the Commissioner; Special

·

Exchange Rates and implied accounts which relations have five now gone trading represented in ce-ficers

Spallcents per 1b, fob

July

Sept.

Nov.

Spotsicent per 1. of NY

x-dock)

טוד

******United Press.

CHICAGO GRAIN FUTURES

of

Chicago, Jan. 20. Prices per bushel in cents

Clusin PricoS Whant, No. 7, 196

Apot About two-thirth of the futures

March

"dóðar! (per-31}). ink noie (per ajkowany kupat

MILKRA

bava bean, pouring, from it in cull circle from the Americanf March content fee physical ispectulativo. im rubber, Bentered mends, that som 1945 which Oban Burizione, was done in the loda's the first bat Katsortleini" wpchange

geling area diserkait

aination clatters and Bindeling and liquidacion was ap

parent of the cicatri.. March

· May··

July

Bapt

Coen, Ka.

Upot

Mare)

~150)

ina, plastres (per"

NEW