1954-02-02 — Page 9

THE

CHINA MAIL, TUESDAY. FEBRUARY

1954.

PA

COMMERCE SECTION

The Duke of Edinburgh squeezing his way through the crowds which packed round the royal car outside the NELSON INSTITUTE during the royal visit to NELSON, New Zealana,

For

Japan's New Campaign

The Return Of Ryukyu And Bonin Islands

Tokyo, Feb. 1.

A new strain is being put on relations between the United States and Japan by a campaign here for return of the American- administered Ryukyu and Bonin Islands.

On one of them, Okinawa, the United States has built her biggest Far Eastern bomber base, with runways long enough to launch bombers whose range would include Moscow.

return of the Ryukyu Island Japanese press publicity for the chain, stretching 1,000 miles south towards Formosa, has been redoubled since the United States returned the less strategic Amami Oshima Islands on Christmas Day.

Colal Bayar Says:

Capitalism

Best For Improving Lot Of Poor

Now York, Feb. 1. President Celal Bayar of Turkey declared tonight that his country has "shown the world" that capitalism is the best system for im- proving the lot of a poor nation.

islands of Hokkaido, The Isinnds were placed un- "home"

administration Honshu, Shikoku apd Kyushu. der American

off-shore tow Д

TO ALL EUROPEAN COUNTRIES, BUT BRITAIN»

AMERICAN F.O.A. PROGRAMME

Cow Has Quins

Bloemfontein,

South Africa, Feb. 1.

cow owned by Mr L.C. Awari ki kadiwa

pear køre

birth to

ziven «Mitziagizia d the first ever heard of by experts beře,

•

The elves, a ball xid four Melters, are on a d Gift. The

other calves with which they are herd-

The meilte.feeds two and the other tares are belog led by other cown China Mall Upedini.

HONGKONG SHARE MARKET

(From Our Correspondent)

Business done on the Slack Exchange today amounted 10 $059,506.60. Noon quotations and the morning's transactions→ SHARES BUYĖĖS #ELLERS BALES

BANKS

K. Wharf

Dock

Provident

(old) Provident

950 OGO

5 m

"A FIASCO"

NEW YORK

After Six Months Only A Few STOCK

Small Sales

By Sydney S. Gampell, Reuter's Financial Editor

London, Feb. 1. Within the limits of avoiding prejudice to other exporting countries, it seems impossible for the U.S. to sell any sizable values of surpluses. Last October the Foreign Operations Administration set a target of $175 million of sales for foreign currencies, midway between the Act's minimum of $100 million and maximum of $250 million.

Of the $175 million, $130 million was earmarked for Europe, in- cluding a tentative idea of something less than $80 million for Britain. So far, allocations to Britain total $72 million, and sales to Britain have reached $81 million, comprising tobacco $20 million, frozen beef $17 million, cottonseed oil $11 million, lard $8 million and prunes $5 million.

· Another purchase of lard may absorbs about $6 million

of the remaining $11 million, but there is no Indication yet

of how the rest of the $11 million, or any further New York Sugar

allocations, can be spont.

tinental Europanths after the the only really active one), and higher on

Market

To all countries other than exporting countries complain of Britain, the progrtimme ro Lar U.S. dumping. Because of her

New York, Feb. 1. has been a fiasco. Allocations rice crop failures, Japan lately to all

World No. 4 sugar futures to- the tountries

of Con has been one of the very few day closed three to dight points total only $10 petive buyers of grain (almost

trade buying and

Sales covering. need the

725 contracts.

Domestic No. B sugar futures closed unchanged to two points higher with sales of 825

million. passage of the Act, the grand the other countles

stuti total of

sales, to all the market. friendly countries in the world.

DUMPING? except Britain, is $2 million of Congress and the farmers have been banking heavily on Section xoybeans to Germany.

There have becn rumours 550 to dispose of large parts of that other solca would be made, the U.S. surpluses. Oficials of

Eoybeans

short

nets. Future closings:—

ing to Holland, France peeling to tell Congress of the Marchi

totalled

MARKET

New York, Feb. 1.

Stocks started the month on the upgrade today but, lacking fresh incentive, could not hold Early

galns and closed a

few cents lower on average.

WWILH

tho

few exceptions, declines were very small, and #nal net losser for mest stocky were well above the day's lows, Sales for the day of 1,740.000 shares compared with 1,950,000 shares on Friday.

Profit-taking pared prices of recent leaders such as Getterni Electric, off 4 point; Johns- Manvilic, down : Du Pont, опц

Motor stocks declined, re- fleeting production cutbacks in the industry. Steels were little changed, in active trading,

Of 1.160 issues traded, there. were 470 declines, 399 advanets, with 63 now 1053-54 higis set, five new lows,

.

Olls had wide moves ofther way-losses or 2 in Monterey Oll, 1% in Mid-Continent; a gain of 2 points in Scabonto Oil.

The NY Stock Exchange bond volume was $3,600,000,

The American Stock Exchango volume was 440,000 shares.

Dow Jones closing averages

were:

20 industrini-

conTM

291,4

20 rails

101.6

15 uitles

84.12

63 stocks

11100

40 bonda

1.42

Conim, future price index

100.03

3.40b

--United Press.

340

340

Del. Mar

3.40n

3.25

Spot-cents per tb. Iob Cuba 3.30 (und Contract No. û

Mar.

to Norway; the FOA were dispiritedly ex-Contract No. 4 (world) Germany

which and

and unspecified experience,

shows that May ****** | July commodities to Belgium, Italy the U.S. can either dump its Sept. and Greece. So far, nothing hus sirpluses or keep them but can- not get rid of large amounts them. of 14 1,000 13.90 COMIC

The flasco can hardly be due without resorting to what the 8.20 to any difficulty in making use other exporting countries

NK Dabk

INSURANCES

Unlan

MIIPPING

1000 1600

7 ir 10TD

.

Asia Nav

DOCKS, ETC.

70

71 21.40

strhli

13.30

Newi Wheelack

Japan renounced "all right, fitlo

claim" to and

Korca, 1erri Formosa, and the other

annexed

LAND, ETC.

HK Hotel

71K Land

In the north, she lost the Kurile Islands southern part

Humphreys Romly

$.05 0.95 2,000 A 10.30 19.00

of

UTILITIES

Trim

of

Star Ferry

In the Japanese Peace Treaty plus and the United States may reistands. tain control of them as long as she sees Bt.

President Eisenhower in his State of the Unier message un tories which she had

in by force. January 7 made headlines Japan

that the to Russia by saying

would retain and

the United States control of the Ryukyus "inde Sakhalin, finitely."

The Japanese Foreign Minis- ter, Mr Katsuo Okazaki. snid

Christinna

that Day

on

Under a separate article the treaty, the Amati Oshima Islands, the Ryukyus and the ho Boing

under were placed would be neglecting his auty United States Administration to the Japanese people if hemd Japan agreed to "epheur did not press the United States in any proposal" of the United for consideration of claims for States to pities these the return of the Ryukyus.

The

Japanese press

the

hero

gives a picture of bent, straw- hatted Ryukyuan Japanese farmers tilling

barely arable land of the Islands and hardy fishermen in the cousial villages with something more than their crop and their catch to talk about these days.

the They say that among

800,000 Inhabitants by Ryukyus'

Climaxlog a day in which he visited the United Nations, re-

welcome ceived an enthusiastic from New York City and was given an honorary degree, Columbia University, President talk now centres on how long Bayar spoke at a dinner in his they must wait before they are from honour in the grond ballroom once more administered

Hotel, Tokyo, instead of Washington. of the Waldorf Astoria given by the American-Turkish Society.

telands

under United Nations trustce ship. with the United States ng sole administering authority. Omeini American sources have indicated that America does not intend to pinch the islands under United Nations trusiceship. American officials here believe that this may be reason why many Jabanest have jumped in the conclusion that the islands will be handed back to Japan.

11

Little Different

One of the strongest Japan

#dministrative control would

Optimistic Prophecies se arguments is that Japanest

not interfere with American that American forces remained

military control.

It is stressed

1.009

100.76 ever every, tis, aid has some (Instead of Holding an umbrella

2014 29,30 1,000 29.00

342

July

Sept

Spot-cents par lb. cff NY

ex-dork)

of the local currencies. Britain some of the US. officials them- and the U.S. long ago agreed on selves) would regard as dump- May

accountancy ing necessary 8.00 the

It is all very well to say that Nev fctions for Batistying Congress 220 250 1.000 € 7.25 that such sterling is used for the the U.S. merely wants to regain hormat share of the export mutual defence, effort.

RIGMAROLE market (or,,og in the. case of SOME BUL

country that has wool, its normal home market) similar rigmarole for the use of over its competitors: It does not counterpart funds and Section look like that to the competitors. 550 provides even wider latitude: Instead of excusing themselves the Section 550 the money can

be used for for underselling almost anything.

appropriations, the FOA offelnis Washington's intent is not to are now faced with the prospect

markets gel some mutual security on the of having to find surpluses. Outside Britain, it not be done unless the new law

2. Light (0) 18:40 1945 30 16.40

C. LINI IN} £2.30

630*15.40

Your 2014

Telephone

12 31

3014

1.000 1240 200 MF 150 200 30

133 334

1000 2 201

INDUSTRIAL9

Cement

21

16,00

1,000 GF 21

Dairy

...... 27,00

Wilson

L. Crawford 25.20 COTTONS

Συρο

STORES, ETC.

for a

cheng bu

but to get rid of some further $1,000 million. It can

with for

Singapore Rubber

Singapore, Feb. I. The market steadied on short covering and some trade inquiry with acceptances for overseas, Prices: 0.730

No. 1 rubber per lb. Feb. 0558-6534

Mar. Apt.

0.72

...B.50 -United Press.

US COMMODITY MARKETS

New York, Feb. 1. Grain futures declined sharply to dominate an otherwise quiet and irregular situation in leading commodity markets today.

Lomes in groins ranged to

evidently is intensely difficult to is drafted, or other supplying almost four cents a busitel,

ל-

for

the

3.000 7 20.00 do, without cutting into the less regard

refterled #low From

The decline start, chialing markets of the US, and countries.

stimulation of exports seemed to export and demestie dematte and other friendly countries.

eush The biggest outlet so

most fot be the

Fignificant and airly large part of President terminals. 20 1,000 27,20 í mooted is the sale of about $50 emisoUS

Farm P (about half a milion Eisenhower's tons) of U.S. wheat and barley tight cat out the flexible price to 3's cits.

is might get worse.

Textiles Corp. 7.10 7.20 MISCELLANEOUS

Yangtze Yruineti

3,500 in 20 30021

0.30 6.35 3.000 6.35

300 dr

Automatic Approval Imports To

Alongside these impressions are optimistic prophecies

That the return of the Amami Oshima Islands is only

in Japan after the Occupation Japan; 10 p.c. Rate a pre lude to the early return of the ad will now remain In

Amami Oslifma Islands. Ryukyus and the nearby Bonin

"We have shown Le world that the economic system enll- ed capitalism, which is based on private enterprise, is the best system to be employed in rehabilitating a country that is economically backward, pro Islands. vided, of course, that the prin- ciples of social justice are never lost from view,” he said.

the

Americans "gay; that the life of the Ryukyu falanders is little As far as United States offi- different under American ad cials here are concerned, these ministration from what it would prophecies have no foundation be if Japan Hall control. Ameri- Turkey, like the United

In fact,

can polityta to let the island- States, he said, le convinced that One United States off- era themselves carry out civilisálion dan progress only in)

the administrativo an atmosphere of freedom and clat described typleal Japanese much of

demoerney,"

The President

13

statements #9 "astrich-like." work is possible, Japanese officials, he added.

Were Japan's The islands optimistle added that continue to make

"poor

relations" before the ignore sceming to side by side with the United States In the fight against that no transfer of the islands sufficient today. Their value is oppression.

is contemplated in the foreste-essentially strategle. able future.

Turkey felt "honoured" to ste only American sintėments war. They are no more self-

He invited private enterprise to invest in Turkey.

The American "View is that

outside help in the form of such investment, He mon Sinies

The Bonin Islands have even Iesa to offer. Their prewar the Japanese press has put- | population of 7,000 has today

most dwindled to about 140. Mr Bayar explained That Dosely "played down"

statements Turkey is unable to carry the omelal Atherican

Both groups can be expected entire burden of maintaining a dbhying the possibility of an

to remain under United Bintés 400,000-man army nha needs early return of the Ryukyus,

as long as tho Far. Unlied Control speech by the

Mr Eastern State,

situation remains Dulles, wasal- troubled.

While danger persists, Japan's to aldent Eisenhower, after nearly sovereignty over the island is help, in its economic develop a month of Japanese heart likely to remain the "residual mont.

came out with his "Turkey, who belongs to the Sitovat the Union themake, dia sovereignty recognised in the world believing in the freedom the Japanese press give the Peace Treaty and nothing more. of the individual, private enter. Amétient offeinl vidw full pud-China Mail Special,

the sacredness of the in-

of social

bad begun to adopt measures to thost ignored. Only When-Frd- encourage foreign

capital

prisc.

but

Helty.

dependence of nations, and the The American feeling is that | Didn't Know Her

indivisibility

and the future

of both the, two political peaco has a common Ryukyu and, the tlby Amenit frontier with the world which Oshime lands must be doler

by the United States for this reason sho la in the and ine United States glone.

holds the

opposite opinion, and midte

position of n

He said.

in plote he

Richard Mi

Lost To Rus

United States, who also Vice-President apolce, pledges that Turkish By reming the

brendalian would grow Ondina Inland to Japan with stronger. Ho aid he was conegut consuling, her signatorie vinced that treskiet Eleall to the Fence Treaty, the Unl Hower shared this beller.

Stated amemed lat ment, und

・北

"Portings indre than anything the Treaty

elligibline, and stoddinca of

hich charecterns. L

} fákok láčod under: fte; ndmil

50 Mr Nixon, skida Life Paster.

Japan's territory: tö- the

Husband's Name

Sydney, Feb. 1. The Japanese Wifösök: nit. Alu- trálian, serу200MAIL: Arrived" ät Worldofhbolds -kboard ather Bher Changtë "mot Jääving, her, húsa |bánd”:: Chattial?:fistatė (Pártu-| any authorities bere told. Herz-

Tokyo, Feb. 1.

million

..

No. 2 rubber per 1b. Feb.

No. 3

No. 4

Spot rubber unbaled

Blanket crope

No. 1 pale crope

iniled Press.

CHICAGO GRAIN

Chicago, Feb. 1.

Closing Prices

Feb. 1.

Prices per bushel i cents.

Whest No. 2 red

Moot

Mor.

212113) 210L

Arrivals at

May

July

Sept

Nov.

Com, No. 2, yellow

Spot

Mur.

WB5

May

Fuly

Sept.

NOT

New

York „Lude, 2002

15. **ck

At Chicago, wheat closed off 1% to 2 cents; soybeans of

Winnipeg, wheat At supports which he advocated, effects of the failure of Japan's and insert other export promo- priced at 180 eints per bushel

to Japan for yen, to relieve the

rice crop. Without some sucli

and

bulk deals, it will be very dif- tions, such as two-price systems for No. 3 Northern, and for No., ficult to make up a world total and export subsidice, which he5, 21 was H 105 cemts-United

·Press. of even $175 million.

left out.-Router. The Binag is obyjou!. Japari has been buying wheat baricy in substantial quantities I not only from the U.S. but alsd

she la orld of Australia's tradi tional markets. Pulting ball a million tons of U.S. grain int

from Canada and Argentina, and

Japan for yeti would make other

The Japanese Ministry of New York Cotton

Trade announced lodny # univertrat rate of 10 per cent would henceforth apply to de- posits required for applications for automatic approval imports.

Market

New York, Feb. i.

mixed Cotton futures were

Previously, rates ranged from today with the old crop thon this the docline and the 0.1 per cent up to 10 per cent, leating The only exceptions to the new new crop months the advance, The list closed seven points ruling will be deposita for im-

lower to 18 points higher, or 35 and Re- poris from Inddhesla public of Korea, Which Will recents lower to 90 cents a balo than Friday. New main 3 per ctnt, and those for higher imports from Southwest Island; Orleans closed 10 points lower (Ryukyus) which will remith to 13 points higher.

and Hedging

pront-taking 0.1 per cent, the armbuncement

Increased Jate in the session but Rood trade demand The Ministry also announced sustained the market on the applicants

etzibto for automatie up-cline. There was a

from proval Imports

some amount of foreign price fixing countries the Open Account reported at the close, Alen would hencëibrth be ro Trading volumes in the Ex- quited to put up casti deposita change were ne follows:-

J Itistend or credit guarantees from commercial banks Router,

said...

7

Opări Interest

3,100 $7309-

MOTH

Manch

May

July

79.800 1500 40.400

DOR 2200

663400

COL

•Ded

·New York Metal Futures

Mar,

May

Julz

244,100

New York, Feb. i.

11.001

11.000

Zino

Copper

J

All mice in. Us

22,448,300 hated -United PreRS.

How To: Tabi'i.

KENNEW YORK PRICES

5-16

FLY THE SHORTEST, FASTEST ROUTE.....AT

NEW LOW FARES

TO THE

U.S. A.

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