Pictured just before they went aboard the P & are Mr J. W. Tucker (left of lackpool, a teacher of
Bromsgrove, and Mr G. C. G. Lewis, a mining engineer They are going to Jein five other men in India in
28.146 feet high. highest mountain, Kinchinjanga,
THE CHINA MAIL, FRIDAY, * MARCH 26, 1954.
liner Curfu at Southampton recently physically handicapped children
of Tredegar. Wales.
AL
an attempt to climb the world's third
A rival expedition from the New Zealand Alpine Club, headed by Sir Edmund Billary.
will be making a similar attempt at the same time.---Rruterphoto.
The British Labour
Movement:
Past And
Review
Present
Au
Of New Books By An A Tory MP And
Oxford Don, Educationist
London, Mar. 25.
Anyone interested in understanding the extraordinary survi- val of the British Labour party as a political force cannot do better than study its early history.
In The Origins of the Labour Party," just published in London assembles from contemporary by Macmillan (21/-), Mr Henry Pelling
when the most records a fascinating story of the years before 1900 successful of the world's social democratic movements achieved its difficult birth.
The strength and toughness of the Labour Party lies in its combination of an intellectual socialist movement, marked by visionary idealism end radical aspiration, with the mainly conservative and individualist forces of the trade unions of manual workers. The intellec- tumly contributed brains and organising ability, and the trade unions brought their massive voting potential and their money.
to socialism
the President
Federation
Here. werej Telay the trade unions are unions still, in the whole, a "stendy.ng"; sufliciently overcome to permit Intestationi
the party, hirstite publication of a progamme of Workers' element 221 to this retical socialist solutions, public ownership ci industry Interested mainly In preserving! The bargaining portio24 T supale ndustries.
**
of the
נו
Educational Assoctu- tions. De Ernest Green, analyses the views of 2,000 of the Asstieta- bon students and trade union.
TRADE and
COMMERCE SECTION
Page
GOOD WEEK FOR Nylons Prepare
HK SHARES
Small Losses
Yesterday
UNDERLYING FIRMNESS
NOT DISTURBED
By A Special Correspondent Share prices again advanced with the increase in business on the Hongkong Stock Exchange this week and despite yesterday's slight setback the basic firmness of the market was not disturbed.
The features of the week included the firm- ness of Hongkong Banks (and it is noticed that on the London market, Mercantile is also doing well) and a number of new "highs" in the utilities' 4 section.
Up till yesterday the week's turnover was the highest this month and certainly higher than any week in March last year.
new mean increases in wine utt.x.
•
The feeling persists, however, that loans should be raised ani to overcome the diffrenta of aising the interest rate to ab- ruptly the feeling is that even al modest rise would create
Yesterday's profit-taking Bal ant to much act. the whole, bosses were tenctional,
Hongkong Bazsics chusty yer Hesday at $1.005 to $1.700, their continued femness is attributed In a number of reasons includ- ing the shortage of scrip. thendenes, Vitual parity in yelds with utilities, the strength of git- ged stock on the London mar- kri, nd, not the least, hopes of
mcreased Dividend
ATIC 01 the days. Mercantile, will be noticed, is bring in tanta ned at around 26 (quoted noti ly yesterday at £28%) and one winders whether this ↳ the in- fluence of the lengkung Bank's something sirength or is the re more specific?
of
TODAY'S SHARE PRICES
(From Our Correspondent)
In the Uthtest stel,on,, Elve- tries ut $321⁄4 have been firm and Telephones at $28.70 were at a peak level during the week helure dropping back to $29.20inge Las
Chin westerday
Luhta at $16.70 $10.80 wete again 112 dnd this week and ease red at very good entes.
the majority
sup
"The art was that the British
whole had members. working class as
the conceptuan of no w for violent revolution. Only those The who reigned this end effee-b. dy is a moveme at response Evels set in Pat
ibis
is fallme to evoke a
the
2)
13
Ju 1980, when the
ply was forthed
1
tade ut
che ported the Laberri party
They were satisfied that their
Partamentary interests were log by exerting
cared
best pressure ea legislators
traditional parties.
of judgments
The author is
enllege.
A
Est
กอง prodiiem
3 form at Labour Party," says workers whom it was designed to serve. At present only about Mr Pelling.
of the Aspelations per cent fellow of students are
manual workers, Oxford
and Dr Green says "it is cils- tressing to find the demand for adult
educalion
the whong group decreasing.“
of the Queen>
tetiversity.
But a series
in the courts at that
about this time convinced many traiters
labour of
they
by
Some people think that it is Serialison as understood should have separate representa-
closs is because more working
and more state tion. They also had the menus, the British
ure being of Soviet education facilities opposite Mr Pelling notes that the reserve "the very
SOYS Mr Leopold made available to the public. funds of the trade uhlons stood socialism."
sterling in Amery, the veteran Conservative
Less Attractive statesman, in a new book, "A Balanced Economy" (published by Hutchinson-12s. 6d.).
by over 1800, Lie
£3,700,000
The result
of some years
of prosperity.
The scene
at the 1899 trade union congress, which voted by for co- narrow jority operating with the socialists, 1 thus described;
Others blame
has mercial Clevision including
*
....any
market
PADDIN
There is that Macan Elpetre at going to its dividend substan- Increase tially this
disap- year after puinting 80 cents detributed inst
105 year (in
$1.401. This would account for their ret Yesterday' pre wis Last November they la not muster more than $10,60.
TRAMS BONUS?
$12.
Trams hit a peak of $29 this $29.80 week before remeting k
The company issued yesterday,
week-end good repart last and there are high hopes in the market of
Its a bonus issue. proẞt for last year was $5,016,-
or $246751 SIA
more than 1002.
Busin::5 on the Stock Ex- noning amounted to $482.129.75. Novn quotations
od the morning's Coalings:-
SHARES BUYERS SELLERS SALES BANKS
Ik Bank. Eral Asi
INSURANCES
Ton
1024 1105
170
1 1700
B01
Underwriters 710 7.30
British Policy For Battle
On East-West
Trade
en-
London, Mar. 25 Mr Derick Heatheost Amory, Minister of State at the Board of Trade, sald Lodny the British Govern- mnt's policy was to eff tourage trade "through the on every. Iron Curtain" thing except products con- irolled for strategic reasons. "Let us hope that trade contracts between ordinary people in bath countries may provide B muana Kradually of breaking down the Iron Curtain," he add- ed in. 2 lunch talk to British manufacturers. —— Reuter.
NEW YORK
STOCK
MARKET
New York, Mar. 26. The decline in stocks third carried through its session today, with less severity than in the past two sessions and brunt of the damage borne by ralis.
טאון
This article, written by a "Financial Times", correspon- dent in London, reviews the position of the British nyton spinning Industry and some of the problems it is up against
not the least of which is competition la exports from the West German industry.
The production of nylon stockings IN increasing in Britain but exports have fallen sharply. While flulsbed goods are being snapped up at home Just as fast, as the factories turn them out, the correspondent believes there is a case for a cut in manufacturing costs as the price of the yarn la only 1/0d per pair of nylon stockings,
|400 1000 DOLEN PAIRS
300
200
100
SALES OF FULLY FASHIONED
NYLON STOCKINGS
MONTHLY AVERAGĖS
* EXPORTS VIL HOME
1950
Billingham
1951
seufee
19,52
1953
woman
1st
Not since 1939 have English-price has been getting keener women been able to buy freely for some time, especially from the kind of stockings they wont. Western Germany There are Nylons--tid three-quarters of several types of bre stollar to the fully fashioned stockings nylon aide in Germany, chicl sold in Britain tire now of which is Perlon. with theyton -- have been
Production is still lower than Juxury.
in the UK,, bul growing fast, The supply of nylon stockings ferati 39m, pairs in 1952 to 55mı. has been Hinted only by the pairs lo 1953. Heavy selling in Pennsylvania supply of nylon yarn, mau- From the point of view of Hullrond dropped that issue
factured at Pontypool by British internal emsumption, Germany of a pint to a new low for the Nylon Spinners from polymer is in much the same position year at $15 and helped 117- rande
by us the UK.; both the German settle the rest of the murket. II.C.L.. Both the Pontypool and and the English
at $10.
the Billingham works are being about five pairs of stockings Pennsylvania Wils the most enlarged the Pentypool exten-yer, compared with the setive issue on blocks rangings are
completed und the American woman's 12, und the to 10,000 shares, reflecting direc- Billingham extensions nearly market is very far from satur- tors' failure Lo dentare
nylon nted. dividend
the usual yesterday, and announcement to- day of an $8.388,887 deficit for the first two months, compared 1 with
proill $3.847,565
last
Turnover today of 1,720,000 shares compared with 1,000,000 yesterday and with 2,180,000 on Tuesday when profit-taking in the recently strong aircrafts set off the decline.
Aircrufts today
continued active but net changes for most were small and mixed.
↑
OILS MIXED Olls had a few sizable moves either way. Scabourd ran up 2 points and Honolulu Ofi point. Richfield lost a point and Texas Company was down Or 1,438 issues traded. were higher and 485 tower, with
ar
i
30-and
production
گان
are
export
yarn is to be trebled from 101. But German output is rising to 30m. lbs a year.
fast, prices are falling and ex- British Nylon Spamers has ports
rising. If British also taken over the Doncaster | manufacturers neglect Factory of British Bemberg, and markets for long they may and this
too is to be giy
given over to that they have lost them alto- the spinning of nylon yarn. The gether. full limit of the expansion will not be reached until next year.
of
NOTICE
MORE IN SHOPS El Increased
supplies polymer will be available from The following advertisement June of this year, and by early has appeared in United Kingdom September there should be
papers:- noticeably larger
number
<if
nylons in the shops. |
There are,
In fact, more al- ready, though not yet enough to turn the balance of advantage favour of the customer. The supply of yarn manufacturera
in
350
25 at now highs and eight at new lows for the year or longer.
Stock Exchange
The
N.Y. hond volume was $3,670,000.
Loinhard
SIPPING
Asia Nuv DOCKS, ETC Bock XD
Provident
51
113
100 15,20
500 et 1
Wheelock
12 AU 9.10
13
12.90
4.15 1000
BUNJU IN
0.10 0,10 D.13
200 8.15
100 K 0.15
1000 * 0.15
300 0001
0.14
0.13
3 industrie in
0.15
20 ras
225 9,10
15 tilities
G3 stocks
LAND, ETC.
200 or
HK Hotel 09.20 1000 |
13
HK Land
ᎪᏗ .
60
10.50 18.00
..2.12 2.17
S'hal Land Humphreys fleally
UTILITIES
20.30 28.30 Tran XD CLight (0) 18.10 18.0
{ Fonts und prope 1:es: Beagkong Lines are now at 531 cal- x all. Do you reelt the culation made in this column a few weeks aga when 1 pointed ut that an investor holding 300 les at the then cum dividend
cf $75 would, after taking price up the new issue, have 400 shares at $57.44 piece. Well, that investor (not me, by the way) now showing a small profit al- ready and with the general trend towards higher rentals in new buildings, Lands offer good INDUSTRIALS
prospects in the future.
the narrowing of the margin of pay between The Soviet kind of secialism unskilled and skilled workers, deliberately uses incentives and making education compulsioni backed
a loss at- by severe tractive proposition. penalties.
Yet another explanation com- "When the resolution came
British socialism "is humani-monly given in this Inquiry was before the Congress....it was
and, at the increasing pull of com- tarian, egalitarian, earnestly debated for three
It bottom, individualist.
radio and the end card hours....In vote was taken, and the figures never thought of Socialism as an
Dr Green comments: power, were read out in a deep hush: instrument of national
activity which requires favour, 434,000 of production as its supreme
It has thought of thetration, effort, and some- against. At once pandemonium State
spcrifice cannot hope to mechanism by which times broke out: the supporters of
motion, realising the im-comes could be equalised by compete with modern entertain- taxation, while nationalisation ment, commercialised sport and portance
both easier working amusements, and should not try stcured expressed
to be to do so." conditions and profits enthusiastically, climbing on
He calls instend for better the chairs and waving their redistributed in social benefits."
tutors who will usc plain language hats and cheering....The great says Mr Amery.
carlier and not "talk down" battalions of Coal and Cotton
classes.-China Mail had been defcated."
540,000
The
their their
Nine Spectators
Finally the foundation con- ference met on February 27, 1900, in London. The meeting place was the Memorial Hall in Farringdon Street, sometimes called "the cathedral of non- conformity," a few yards from the offices of the great daily newspapers in Fleet Street.
as a
He calls for a revolutionary to their overhaul of the national system Special. of public finance.
Yet, Mr. Pelling observes, the conference "was hardly noticed.
There by the outskie world," were only nine spectators in the meeting the gallery when bogan. "The Times" gave it less than one quarter of u column..
The conference rejected motion calling for socialism and
A
eltoro the form
"rocognition of the class" war" It deliberately
With taxation overtopping Dunlop's Synthetic
the £5,000 million mark, the time has come for a complete recasting of our methods of taxation and, even more, for
Rubber Flant
London, Mar. 25.
a profound change in the out- Dunlop Rubber Company is plant at look of the Treasury upon its to build a £500,000 problems.
The one thought Fort Dunlop, England, for the continually upember of the rubber, it was announced here.
in the production of new synthetic
and of every
mind of every
ment
in the Treasury and
On Hongkong Hotels there is current belief In the market
Y. that the contractors, Paul Construction Co, hope to start work on the new building in the are. The company can near future. see no reason why. not, because a int of the building material has already arrived in Hongkong and various specifications have been prepared, all of which sug- gest a start will be made soon. Hotels were selling at $9.30 in the week after the company's annual report, but slipped back slightly yesterday In the profit-taking,
NEW RUMOURS
Wheelocks' shares have spent the week between $7.00 and $8.10 yesterday's rise
was caused by new rumours of the Japanose debt settlement. There no fresh news from the company on this question how-
ever."
|
Coment
55 95$29337 3381554
The American Stock Exchange volume was 370,000 shares.
Dow Jones closing averages were:
40 bonds
21.40
90,30
63.17
112.0
100.87
181.01
United Press.
Comm. future price index
New York Sugar Market
+
to the hosiery hus increased
MINISTRY OF TRANSPORT AND CIVIL AVIATION
1.
SHIP FOR SALE
The Ministry of Transport slightly, and the number of nylon and Civil Aviation invites offers stockings exported has fallen for the purchase from him of sharply, as the diagram shows, the undermentioned ship "a" hows lying" While allocations of yarn were
at Hong Kong after
under
the control of the Board removal of certain Naval equip-
of Trade, they were made pro- ment and stores. If purelinsed portionate to
cach manufac
for
scrap, certain other equip- turer's export performance. But nent will not be Included in when this system finished it the sale and will be removed
was replaced by a voluntary before delivery to purchaser. undertaking to export
20 per cent of the
at least production
2. Offers for this ship will be considered from any person of fully-fashioned nylons, and
and should be made in writing 10 per cent of the scamless
to the Secretary, Ministry of variety.
Transport and Civil Aviation, Until December of last year Room 4017, Berkeley Square this agreement was fulled; but
House, London, W.1. Envelopes the stimulus to export was should be clearly marked "offer inevitably less pressing, and the to purchase" and should reach fall in total exports was sharp. the Ministry on or before 16th
Manufacturers had, it is true. April, 1954.
4
to meet
New York, Mar, 25, World
sugar futures No. closed today one point higher with sales to one point lower of 280 contracts.
Domestic No. 0 Sugar futures
wall suddenly erected
of tariifs and quotas, designed 3. "MAINE" R.N. Hospital
to tect the industri, and they same
domestic hosiery Ship of about 7516 G.R.T. 4205 foreign countries, N.R.T. Length 420.3. Breadth encountered at the 52.2. Built 1925 by Ansaldo, San Georgio, Engines by
Samplerdarena. and Italy steam turbines D.R. geared to
time strong camp Ansaldo,
from other exporting
particularly Gellers at home 12 shafts. 4 watertube boilers
But with the
300
400
2000
500
C. Light (N) 13.70 13.1# 2008
1500
500 or
Electric
31
30
500
314%
166 or at S
400 315
100 g 32
Telephone.
29.20
300
29.20
29,20
2040
10 .... 17.00
7.80
30 closed unchanged to 2 points higher with sales of 73 con- tracts.
17.80
17.80
Trading WON mixed and
feature 1.00 without special
either contract, dealers said.
in
27,00 Future closings were:
7.00
Contract No, 4 (world)
2730
May
18,40
£8.20
Jul
7,80
Sept.
3,33
500 of 20.20
Oct.
1.320
time
Jan
Mar.
3.24
May
3.24b
July
Spot-teents per ib. fob
Cuba) Open interest: 6.002 contracts.
Contract No. 6
3.25
and keen
4.07
May July
0.00
5.0tb
Sept.
8.726
Nov.
8.7in
to
Spot-(cents per lb. cif NY
ex-duty)
0.00
STORES. ETC.
Dairy
...... 2780
Watson
1
21
L. Crawford 20 2011 COTTONS
1.00 Ewo Textile Corp 7.00 7.70 1000 m 7.20 2000 g 17 1000 e 7.70
300 17 8.00
100
MISCELLANEOUS,
Yangtze Youmat XD 134 135 Allled Invest. 4.0716 4.10 2000
London Foreign Exchange
London, Mar, 25. Foreign exchanges today closed as follows:—— New York .... Montreal Amsterdam Hincked Mark Hamburg Shewan, Tomes (agonis for Drumos Wheelocks in Singapore) has Copenhagen
Oxlo bought a controlling interest for Paris: the company in Moutries, Blockholni
connection with Zurich
Quier Singapore (no Moutries, Hongkong);"
Press ou company said the plant was there was a Nitle, roller i
These will be produced on Revenuo should be sumcient scale to try them out production, as it is in the in tyres and other products, mind of every Russian ad.
Work on the site has already ministrator and in the mind at" the general public in begun The Director of the America,"
he says.
of
clamouring for larger supplies, and 2 single boilers. H.P. 5500, and
in the knowledge that sharp Max. Seagoing speed 13 knots.
would Internat competition
Ship is under the care follow the increase of yarn the Commodore-in-Charge, Hong. supplies in the summer, manu-Kong, to whom applications to facturers 3.326
were not. loath to
inspect should be addressed. switch
for, the their attention
from foreign 4. Further belug
particulars customers to those at home, copies of the form of purchase.
FUTURE PRICES Lagreement can be obtained from Competition is bound to come, the Ministry of Transport and competition at that. Civil Aviation, Room 4013, nt (Telephone. The 184 firms that make nylons the above address.
Extension
Interest: 7.304 contracts
United Press.
CHICAGO GRAIN
PRICES
Chicago Mar, 20.
Closing Prices Wheat, No. 2, red
2.01-11/10-2017 27344 10.036-1035-18/10 133-1
11/16 11.7234-12.72 140.30-140.32 19.47-19.432 M. 20.01-20.01
· 08311⁄2-984
Bpot May 223 (1) 21(L) July Sept. Dep.
Coen, No. 2, yellow
Bpòt"
work
-United
May
July
Sept.
Det
Roybeans, No. A.
ellow
Spot
May
Sept.
NOV.
Jan;
Now Yo
+ 200, Ibs, zuek
814.001
100)
valuable, stop towards establishes Filge street this week at Exchange Rates
ing synthetic rubber Industry in Great Britain...
the suggestion thrown out by
the, Financial Secretary Mr A
Fusions Wai, döne
G. Clarke in a reply to the Another British working class Dunlop would, continue. Its unofficials in the budget debate unomoist institution, the Workers! Educa" - work in natura, rubber. It was, that Government dedykaraw, moning it, the 10 of words "a distinct Labour anal Association, comes under engaged in Intensive rosearch from reserves to ma
Velopm group in Parliament,
scrutiny in Adult Education: programmer on, natural rubber tant lo It was not until 10 years later Why This Apathy?" from Allen in Meldye, he stated, "Chinu projects coupled,
Mail Special:
with hopes that the objections at the trade and Unwin (15/-
financo
in the V.K. have prospered in a No. Mayfair 0494. sellers' market, and there may 2830).
well not be room for them all
when
conditions
and
any
the
5. The Minister will not Drosper change. The large nianufacturers accept responsibility for errors or omissions in with a national reputation may particulars and description of be better placed to meet.com-the ship or for any information petition,
which the person submitting an Whether competition will affect offet may, have obtained from. prices inunediately depends to
Borno extent on the price of the any person whomsoever, raw material. The price of yarn 6. The Minister does not bind to the manufacturers has not himself to accept any offer for beon changed since 1950, and purchase" and his decision' in' British Nylon Spinners have no any case must be accepted as statement to make on the future, final
But, in my case the cost of the yarn is only about ly od In of nylon of a pair the price stockings, and there should
economy. In other
room
directions.
A. W. WOOD.
Signed by, authority of the Minister of Transport anI Civil Aviation at Berkeley Square House, London, W1. this ärd day of March, 1054,"-
In Hong Kong further particu
The manufacturers of seamless ripckings tend at the moment 34716-208 to have more idle knitting lars and copies of the forms of
07368 capacity availa
benefit most
yarn supplies.
and will purchase agreement, may be from larger obtained from the Sea Transport,
Officer, Ofice of the Commodore
If the battle is fought first of in Chare Hindquarte""""British all on the home market, it will forcer, Hong Kongal (Telephone, be aquaily fierce, overseas. Com- No. 34131,, extension. #16): petition both in quality, and "In
No comments yet.
Private notes are available after approval.