1954-04-27 — Page 9

INDIA

KOREA

JAPAN

CHINA:

FORMOSA

BURMA

INDOCHINA

PHILIPPINES

THAILAND

MALAYA

Singapore

PROPOSED MEMBERS

THEBBERS UNDER CONSIDERATION

NOT UNDER CONSIDERADON

[!! Ques

NESIA

NEW GUINEA

AUSTRALIA

TASMANIA

NEW ZEALAND

PROPOSED NATO FOR FAR EASTİ

U.S. A.

PROPOSED WESTERN MEMBERS

GT. BRITAIN

FRANCE

A NATO FOR THE PACIFIC

THE CHINA MAIĻ, TUESDAY, APRIL 27, 1954.

AP Newsfeatures su

Mr Dulles's Guarantee For

Southeast Asia If

Geneva Conference Fails

By Warren Bennett, AP Newsfeatures Writer

New York, Apr. 26. test of his long diplomatic career probably The greatest faces the Secretary of State Mr John Foster Dulles at the Geneva conference which opens today.

The Big Four foreign ministers will meet with invited delegates powers. from Communist China, North Korea and 14 United Nations They will try to agree on ways of uniting Korca and restoring peace in Indo-China.

Blocking the way will be the same cold war pressures for years of responsible

in dendlock

Asia And Europe. But if Geneva, like so many previous East-West meetings,

in results only wnother stalemate, Mr Dulles has another string to his diplomatic bow.

It is his newly-proposed

military the patterned after North Atlantic Treaty Organisa- tion. This mutual security arrangement would be designed to halt Communist aggression in Southeast Asia as NATO has done in Europe.

Paclite 10 - nation alliance.

The 10 countries In the Pacifle pact would be the United States, Britain, France, Austra- lla, New Zealand, Thailand, the Philippines and the three o socisted Indo-China atator of Laos, Cambodia and Vietnam.

dis-

Ali, Indonesia's All Sastroamid- joju and Burma's Thakis Nu to fake part in the talks.

Must Not Fall

Although it had been stated that Mr Dulles had no intention of having American troops fight anywhere on the Asiatic main- land, Vice President Nixon later said that U.S. troops might have to be used in Indo-China if the French gave up the struggle against the Communists,

as

Mr Dulles belleves Indo- China and other small Southeast Aslan coun'rics must not fall China to the Communists did. Mr Dulics is said to belleve that one way to achieve this without actually going to is lo convince Red China that if she goes

tas far in Indo- China

face a united pho will allied front exactly as she did in Korea.

war

a

the United States with Australia and New Zealand, both mein- British Communi- bers of the wealth. Prime Minister Churchill of bitter critic has been ANZUS because ho believes it that by excluding Britain strikes ut a vital Commonwealth concept-all for ono and one for ali,

Presumably ANZUS would be, for all practical purposes,

in absorbed

the new Pariñe Benelux pact just as was the treaty in Europe was created.

when NATO

Reason Enough

The United States is the chief sponsor of the proposed Pacife NATO. Mr Dulles declared the military situation in Indo-China is reason enough to bring the

plan collective pecurity

Into

TRADE and

COMMERCE SECTION

BIG EXPANSION PLANS IN USA

THIS YEAR

Spending To

Into Many

To Run

Billions Of Dollars

New York, Apr. 25.

American industry is showing its confidence in future business with a far-flung programme of expansion already running into billions of dollars for 1954.

Highlighting this week's developments were the plans announced for increased, and in some instances, record, expenditures for new plant and equipment by major elements in U.S. business.

Two industrial giants, General Electric Company and B. F. Goodrich Co., reported at stockholders meetings for this week that they planned to spend record sums expansion.

Doonomy

Huge Growth In Devaluation Of Peso

Population Seen

London, Apr. 26.

The increase in world population over the next 30 years may be equni to the total world population In 1908, secording to an economie report published today.

Prepared by P. E. F. (Political and Economio Planning), an independent Brlilah research organisa- tion, the brier report stressed that there was no basis for the ballef that food production kept pace with a growing population. -Reuter.

Cut Mexico's Gold

Reserves By $21m.

Mexico City, April 25. The devaluation of the peso cost Mexico $21,000,000 in gold and dollar reserves, it was announced tonight.

The Treasury Ministry said that the loss was enough to "demonstrate the start of a flight of capital." If it continued, "it would have dan- gerously accentuated the deficit in the balance of

HONGKONG payments." (The 1953 deficit was estimated at

STOCK EXCHANGE

(From Our Correspondent)

Business on the Stock Ex- amounted

General Electric disclosed it President Elsenhower and his will spend a recurd $175,000,000 ¦ top advisers have indicated that this year,

11 24 per C

one of tho major business increase more than 1953. Geod- } props for the 1954

Wit

inve-L

than with be a high-level programme change this morning me $30.000.000

A 30 per

of business expansion,

to $401.002.70. Noon quotations increase more than last year

and the morning's dealings:- уруда

business where confidence is most noticeable is In the of Industry Prelimin ary estimules by the industry Jasl

anticipated

1wo Jour

11 per cent drop in such expendi- turce.

But this week, the American Petroleum Institute revised its figures and now anticipates the Industry will earmark & reoerd $4,000,000,000 To expand and develop its resources to meet the increasingly heavy demand of both the present and the Fattzie

This represents Der cent increase

1093 spending

en-

BANKS

#K Bank East Asia

1039 1000

170

INSURANCES

Union Lombard

1040 ارنا 3

By reducing laxes and couraging consumer purchasing | SHARES BUYERS SELLERS SALES power-at the same time by encouraging plant expansion by more liberailsed tax depre- elation legislation and an end to the excess profits tax-the

Administration Eisenhower hopeful that the businesa decling will be checked And that nev

new jobs created thereby arrest the mounting employment levels,

Elsewhere, in briefs;

will

un-

American retailers wers satisfled with The

x the

By

over

President Frank M. Porter

of Easter sales. While

the final totals have not been

to date, preluniary

strich

Vis AVIN tho greatest estimates show sales were at or slagle sum of money ever ear-above las: your's volume. JA marked for such purposes

New York. department Loro

Any DHE your of petroleum sales in the pre-Easter week history. He termed a clear ending April 17, rose live per manifestation of the ull larus cent oute the corresponding week try's faith in America, and in in 1953, according to an early the current and future outlook | estimate by the Federal Reserve

of business.

Bank. General Motors-The biggest Heavy rain on Friday and company in the Saturday prevented volume

man 15 $1,000,000,000 from going even higher,

world

expansion programme, which For the four-weck period

gels underway this year, to be ending April 17, sales were also completed by the fall of 1955. five per cent alxve the corTE- American Telephone & Tele-sponding 1953 period.

graph views 1004

year of "heavy construction."

In 1953 the company about $1,400,000,000 construction

This

snother

apent

STIMULANT NEEDED

still kind of a powerful

The steel industry continued on

this week to talk hopefully of of mure rale ཇ ***ཐ

General feeling a pick-up. than $26,000,000

week. every

buying however is that steel company says it

It will con-

seeds some tane its heavy spending this psychology

stunulant. year despite outlays totalling The market

appears to bo Some firms report the end of World War II. The stabilising. flow of new orders is "silil very

some new zip in order volume. Main drawback to a strong up- the President, Mr | Main m large,"

• ваун

ward move has been the failure Cleo F. Craig,

the motor Industries to

place substantial

more than $9,000,000,000 since

DOCKS, ETC.

K. WIRES Dock Provident

(id) S'ial Dock

Wheelock

LAND, ETC.

HK Hotel

FK Land

Sal Land Realty

UTILITIES

Tram

155

25 do 33%

71 17.00

25 * 10

12.70 230 or $815 1.00 7.40 7.03

0.35 0.48 2000 G

រ

8.40

8 40

5014

170

1.00 1,0714

27 20 121

C. Light (0) 15.70

C Light (N) 12 70 Electric

Telephone

INDUSTRIALS

Coment

10 300 10.20

$90,011,000 by the Bank of Mexico),

the peso, estimated

nt

The gold and dollar reserve, upons which Mexico depended primarily to support Was officially $222,400,000 the end of March.

Dy April 17, the day devalua tion plans were announced, the reserve had fallen to $201,500,000. did not Although the Ministry mention it, cue danger was

was the fact that bank deposits amounted to the equivalent of more then $450,000,000 before devaluation,

Mexico

no money exchange controls, in theory, at

depositors Icust,

havo changed

500 27.30 1 500 6 2130

3214.70 10 15 10 10 15.70

13 104 11.70 30 301a 10DD $31:

1000 m 3012

100 10 1000 w

.20.00 26.90

.... 10.70

Dairy XD Watson s Emporium

COTTONS

Textiles

MISCELLANEOUS

Yanulaze Youmoti

...

....

Allied Jayt.

The Standard Oll Co. (Now of appliance and Jersey) ran up capital expenditu

orders for more steel. Steel-New tures of inore than $3,500,000,- 000 for all its consolidated make note some improvement but show disappointment in companies last year, but the world's largest oil company's tho mie of the pick-up plans for 1054 outlays will be "somewhat greater."

to

Now

10

a

24.00

7.33

0.55

Ax

their

could money

NEW YORK

STOCK MARKET

New York, Apr. 26. Industrial stocks climbed

into higher in a narrow, irregu-

dollars and easily exhausted the lar stock market today. Government bank's reserves.

energy

Stocks with atomic Devaluation of the peso, how- ever, cut the dollar value of interest, particularly Westing pese bank deposits to only about house Electric, aircraft stocks, $316,000,000 and removed the and steels, ran up a point to threat to stability of the Mexi- more than 2 points to feature In the industrial section. The can monetary unit.

Keneral run of stocks moved narrowly.

EFFECT ON POOR

The 30 per cent cut in the dollar value of the peso will be felt chiefly by the middle and classes, economista puor

sald

Loday.

its

Raits and utilities lost a fow vents each on average.

Demand for leading in- dustrials was strong and turn- over for the day tofalled 2,150,-

shares.

compared with

The small segment ut the 000

greatly.

comfortabic

population in economic circumstances will see 1,000,000 shares on Friday.

But, by living costs rise, too.

bank deposite and rose a point, setting new high

US Steel and Bethlehem each using their higher returns from business for the year. US Steel was the investments, they will not suffer active leader; Bethlehem further down on the list. Directors of Eventually, price levels will both companies meet this week And their way up an average of to take dividend action and an 44.5 per cent. That is the in-nounce first quarter carnings crease necessary to bring them results. Westinghouse stood out up to the equivalent of pro- sharply with a rise of 3% points devaluation dollar levels.

to $68 in active trading. The severest hardships will fall on the rural population and salaried city dwellers. 300 1890 labour unions with some sup- port from Congress have started 4509ginating for cost of living wage increases. Foreign trade is not expected to drop very much,- United Press.

* 20.90

50 0.90

141 102 100 or 141 100 141 3.024

York Cotton Market

Aircrafts continued strong

Already, and active.

Douglas, whose first quarter earnings were higher added an- other 1% points to $131.

wore strong. Paper Issues Great Northern rose 41⁄2 points, Failu Scott Paper 2 points. moved very narrowly. of 1,182

Singapore Rubber issues traded, 472 declined, 403

Market

on

advanced and 307 were un- changed with 108 at new highs, 28 at new lowa.

The NY Stock Exchange bond volume was $3,912,000, and the American Stock Exchango volume was 480,000 shores, £316-033;

Dow Jones closing averages 034-031% were: 63+04{* 02-12 industrials 6016-41520 raila

1 utilities as stocks 385-5940 bonds 881-2015

Singapore, Apr. 20. The

advanced market political news with some sollers Meanwhile car dealers con-

very reserved. Prices: No. 1 rubber per b. May New York, Apr. 26. tinued to grapple with the prob-

June

• Cotton lem of surplus stocks, According

Tutures, pivoting on

July to Automotive Nows, new strength in the spot delivery, No. 2 rubber per 1b. May stocks in dealers' hando now today scored gains up to $1 a No. 3 No. 4 14.3 units, compared bale.

Spot rubber unbajed This Closing on a rally the list Blanket crepe with 13.4 last November.

anished with net gains of 9 to 20 No. 1 pale erepe points. The market opened up 1

COT

Sharp Fall On

London

Stock Exchange

to 17 points. New Orleans closed up 11 to 20 points,

New crop positions were re- latively quit Reports of mins

United Prou.

New York, Apr. 20. Rubber futures today closet with in sections of the Southwest at 83 to 113 points higher tracted little attention as traders salts of 332 contracts, became preoccupied with the development in the May livery.

مول

Others decided to stand by and welt for Washington deve lopments on farm price support legislation.

Trading volumes

open interests in the Exchange today

and

factory

Buyers followed the higher London-Singapore cables while waiting for further developments in the Indo-China situation,

In the spot market, Interests were reported moder- nie, and not aggressive buyETS.

Spot No. 1 wero offered up to 22% centa o pound. Prices:

23.00 招租

were:

Month

Voluma

Open

May July

October. December

85,000

Interest 182,600

May

July

€1,200 000,000

Sept.

2249,000 18,000 13.000 290,000

Dec.

Mar

4,400 181,400 167,700

92,300

23.04

*3.900

23.906

United Press.

LONDON MARKET

A BRIGHT SPOT

has Construction

been bright apot in the 1954 business average picture 50 fur. The latest Wi Government estimato on spend-is a seven per cent Increase. ing for capital expansion

This is the time of the year puta the first quarter

NEW YORK MARKET the major corporations total 7.4 per when cont

above

of their the

the reports 1953 release same

first quarter earnings. By and period. Prospects for the rest of the year are

less favourable, large, they report varying carn- depending upon their a decrease of about 4 per ings,

products-United Press. cent for the whole year, ac- cording to the McGraw-Hi Annual Survey of 1994 business place. Tho

survey reflected additional business confidence- especially by manufacturers.

Far from being dismayed by gloomy talk about a further drop in business, many in- dustries are actually adding to their spending plans in order increase their productive capacity," the report fald.

Last fall, manufacturers pre- being.

dicted on eight per cent drop

London, Apr. 20. regional

for

Prices fell sharply on the March. expan In Washington, it was

Setting up another

Red China by manning anti-in 1054 spending

May alon. alliance closed that Japan and Formosa defence

within the aircraft guna ni Dien Bien Phu

they have raised London stock market today as July the of

United was coming "awfully eloso" in ibel sights and are aiming to traders reduced commitments October were not being considered now framework

Mr Dulles's opinion to the line

the $12.2 pending further developments in Total equal or exceed

NEW for membership but that Burma Nationa charler in ao vast

the Genova in-area as Southeast Asla is not a of direct aggression which might and Indonesia. might bo

billon that made last year the Indo-China and at that matter

"biggest over" cluded.

can be rushed Invite retaliation.

for investment Conference. through fu

Spot a matter of weeks.

| outlaya in manufacturing.

Trading was very light and lay already

McGraw-Hill. noted: "Going Advocacy of a joint security Negotiations, Britain and France agreed to

demand was centred on mull July on the experience of previous "ide-line issues". Foreign bonds December

October thepact in the Pacific presents explore the possibilities of this will be proceeding while

Geneva new milltary alignment after The project will thus serve as ed by Mr Dulles, and

conference is going on. now picture from the one offer- Burveys, you might expect a

wore the hardest hit, with Ger- | Marcis and the

between tentative routine rise flying trip by Mr Dulles last

man and Japanese loans both May Moscow

July and Elsenhower administration In to Warning

plans made in the fall, London and Paris. week to

.and

showing losses ranging to around | October that Peking,

An alternative spooches only a few weeks ago. those reported in the Thailand already has agreed 10 course of action is being pro- Then the Impression was that loven.plans arm up and outlays

the new year, £2. join.

pared by the West if the Geneva the United Blates gave the have already begun but

British Government bonda new boost in Magsayray talks should wind up in stale-French the goods, they could do

manufacturing were marked down as much as the job. Now the emphasis is on.

plans, pledged Philippines support for mate.

especially. with the 13 shillings, with closing prices collective

+ for support

economiu the plan provided the Philip

decline will pn, is at the day's lows. There is also a conviction in French effort in Indo-China by pines were guaranteed immedi-Washington that the spadework

more than merely routine. It is

Industrials ale aid in case of aggression.

a real demonstrailon of bus-Lending on a Pacific NATO serves a tree world, especially those

nations in the threatened area, next confidence,"

under pressure mort

Tobacco shares were Sir John far better warning to Moscaw Ceylon's premier

The Pacifle pact, it an

and when HIGH-LEVEL PROGRAMME - sharply.. Oll · shares Kotollawela called a conferemos and Peking of the West's deter-

mination than would any it. is finally completed will

The survey held out the lower, Royal Dutch lost of five Aslan premiers for April united front ultimatum which extend the defensive are against possibility that capital spend and Anglo-Iranian more than 29 to consider mutual security problems and Mr Dullers call might be construed as a blunt. Communism around the world. ing for all industry i indi 1964 maillirigsaha for a united - Southeast Asian

unchanged but front against Communiem, He could do much to settle Brillah and the western hentisphere change from the overall total marked downs more than

This new. ˇdefenálvè, lirisśup It will balance NATO in Europe | might!" show "practically poi mamion des de Belly ended the Like, Bhell's dividers. Jenison moming at the Invited Indin's Prime Minister resentment over her exclusion defence pact with the Lain of $28.3 billionponding is safilmgrate the close

1959.-* Nabris, Pakistan's "Mohammed from the ANZUS past, linking |American republics.

President Ratnon

an

*

the

were

0,100

4,000 500 100,000

7.600

1,630.000 balen YORK PRICES

New York, Apr. 38.

Closing Price

3463

London, Apr. 20. The rubber market was quiet

after firm with No. 1 Rss spot quoted at 19-0/16 perica per lb., the highest since August 20,

3440

24.01

53.97

1953. Prices:

14.000

1001

No. 1. apot

May

$700 Bettioment house

July/Sept,

B

m.Urilted Press.

ROYAL "DUTCH DIVIDEND

of the

London, Apr. 20, down The Royal Dutch Oil Company wore today declared a final dividend 19/= 01.12: per cent less_tax;

16 per cent for 1983.

wanking

was

chats from that of, 1982, The

public Vony Nie jstock jakobangu cloned £48 sterling, down

10/Mumitad Pres.-

Oct./Dec.

Jan/Mar

31454

102.05

甜酒

116.63

100,00

United Press.

New York Sugar Market

Now York. Apr. 26. World No. 4 igar futures closed today unchanged to 2 points higher with sales of 276

contracts.

Danestic No. 0 sugar futures closed unchanged to 2 points higher with sales of 5 contracts. World futures responded to a steadier raw situation and cover- ing Pending Indo-China develop ments. Domestic futures ruled quiet and featureless while traders awaited developments in

the raw raarket,

Future closings were:

Contract No. 4 (world)

May

July

September

October

snuary

March

July

pot-teenis per 16. feb "Cuba) Open Jateroit: 8,901, contracta. Contract No,

1036-1946. May

Lenn:

July

2016-1935

September

General markein, el basis,

November

#pot-bante per i ett NY

Opta Interesti United - Prem.

London Foreign Exchange

May

| June,

Exchange Rates

the· Jobal

th

New York