Page
THE CHINA MAIL, MONDAY, MAY 17, 1954.
Mi મા Atary's History-rinking Roaer Dannister in chaired by fellow medkal students Hospital, Paddington, Londan, ou May 7-the day after he had become the first man ever
Quallly
14 doctor to run the mille in less than four mlaates. Bannister hopes o
September.-— (Reuterphoto).
Britain Might Envy
in
This African Colony
London, May 16.
Belgium's policy in the Congo, a huge territory outwardly free of the racial tensions found elsewhere in Africa, is being watched with interest by Britain and other colonial powers.
For there is no nationalism among the Belgian Congo's 11,500,000 Africans.
Ita 900,000,000 square miles of territory appear to be insulated against outside ideas. Its mineral wealth is in copper, uranium, gold, tin and diamonds, which it mines without news of major labour disputes It produces palm oil, cotton and coffee' and, reaching the outside world. according to the Belgians, there is no land hunger.
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214
Much Less Advanced Ambly for the Congo,
"""This" fly | Isgailtag On
is thousand of the Eurzpetans "Publical evoligt. " he said,
bal to begin at Dar pertamot, "Tras of them Half
are The Government is now prepor- autommy I am the rest are Relans,, mg to atve meater
It will deal later Portuguese art Birst. b, to the tears.
lem with the Provincial Councils delite Cyja inta.
and after that with a Hutise of
The will be based t
communal 10. Very great power 11142 preventalion.
remain with the the will have to
There Government in Brussels. will be Afclean representation in the Leupolville Assembly, but out essential that Africans should only be represented by Adrienns.
Africans The Bantu There Be four
Languages, native JUMS they speak French,
Belgaum is pledged to parparr the
people of the Congs for sell
1512 Profor government a fiqursal Conani, Fut he need A. F G Mazorail, former Vices Governor-Gart of the Colony, la poble. a fast growing Buys it is quite imp sable at the
opical moment to fix a date for well-the
government.
D
1 ke 1
Adren vegetal mu
d
V
Gove no
L'ar
u are the province,
of
said that Belgium's
Profcare Marzozali
foundation polley in the Conge is that every
tractul
discrimination must be avoided, There are no obstacles to Afrituna becoming
prove then ably for the job.
Then Dr.Cs (tur ober and fulvanced than there l hetaifa alcaliant workers, but they have
But the
ן
they pandeer of Hose |
But there
C
th.
have
Ti 13
Meraber
44 -
the
Renya's Must M.....ng
the char the
No Competition
TRADE and
"HOT MONEY" INFLUX HALTED
Bank Rate Cut:
An
Act
Of Confidence
From Our Own Correspondent
London, May 16.
The reduction in the bank rate from 31⁄2 per cent to three per cent was an act of confidence on the part of the British monetary authorities. For this move would not have been made unless they were satisfied the prospects for the economy were set fair.
The internal effect of the change cannot be separated from its external effect but it was the latter the authorities primarily had in mind when they made the decision.
While the bank rate WAS ixed at 3 per cent, interest rates in Londen were sufficiently above those obtaining in other financial centres for it to be worth while moving funds into London and investing them here on short-term.
The mull was the influx of authorities have followed this but money** especially From up with monetary Inducement. Amerier where monetary City observers in general authotties have been using low have welcomed the bank rate Interest raics to light the re- ression.
This inflow いず fundis but.
The Financial Times called. It "another stage in the fodustrial
| Naiver, tready LLÚ
Anancial recovery of the gap between interest
in country which was inaugurated London and the other centres when Mr Butler first made
hove would eventually ve (palsful) use of the monetary etuinated it-so to some extent wipen In 1951", the reduction in the bank rofe To the City Editor of the thelt noknow. merely gave official recognition Times it was a
diminishing wagen-prices
to the trend that was already ledgment of the welt-esinblished.
threat of a fresh hud spiral.
A downward
saw the re- clearest светом
But Bellish authorities Rood reason for wishing to con- The Economist
movement duction us "the yot EU monstration cause monetary policy now
be genuinely flexible."
of interest rates. For by doing they removed the
of speculation in Sterling.
An influx 01
gn funds that relevan th: diference in Interest rates between fine finan-
Kiven that
secks
10
cial centre and another gives Canadian Wheat
an illusory clow to the
Koki nitie else. reserves and very The danger ties in the fact that Quis sort
of what
money" is usually withdrawn Just quickly as it arrived and at a time when its disuppearance can
11211 do a great deal of impairing confidence.
13
by
This was the main considera-
tion in reducing the bank rate
Shipments
Show Increase
Ottawa, May 10. Canada exported 14,200,000 and 4,000,000 bushels of wheat flour during
but the action has important bushels of wheat
CORBYNces too
ternal economy.
the for
MORE BUYING?
做一
Most Interest rates are geared directly Or Indirectly ter the bank rate so the reduction the latter cheapens the cost of borrowing Crom
bank C borrowing by issues
March, the Bureau of Statistics reported today.
Both
rellected Kurs
!11- creases from the previous mouth. March wheat shipments word also sharply above that of Toa year earlier.
u
sets and
"The people of the Congo," Garl
The told a reporte, “3. muca Es GAL of the
enk nies of the Advan strata of the West African
They Gold Coast and Nigeri
wach The Fagplative] have not been wa lung wendy in British with European influeners. Publie
stock to the publie And this Cumulative exports for the mare opatina Tell as to th
The Europeans
in turn tends to stimulate con- political parties,
months of the crop provide the
first eight There are
sumption not only by counpantes year that began last August 1 the Europeans piedfessional am, the technicians Kenya, at ou L
in undertaking new investment like and the foremen. The Af¡JORDA
sharply, were down
however. in their There
are the
plant and equipment but also by The total fabul workers, he
wheat exports cate private individuals who may engine drivers and walters and
to 140,000,000 bushels, compared Professor
Blazovati hus may
the skippers of the small river fake the opportunity of cheaper with 187,700,000 bushels a year represent returned to Belgium after oc-
credit to buy such things AB Belgian boats.
earller. Flour shipments for the soly Dar gene.al interests of the cupying
motor-cars, television
30,300,500 perlod Unversity uri
aggregated bushels as against 37,000,000 in At a time of deflation are the previous erop year. duction in the bunk rate may therefore be the
Britain look means
some 40,100,000 whent stimulating that the extra con bushels of Canadian sumption that is needed to put during the period and 9,873,000 the economy back on an even bushels of flour. Other Major
time like the purchasers of wheat were: keep. present when the economy as a Louvain
whole in in no need of
Japan, recently wounded a mixed-race
stimulus reduction in the Germany. University College at Lovanjum,
interest rates entails a risk
of Belgium near Leopoldville, And there is
inflation. lu be an Institute for higher education at Astrida, in Ruanda Urundi.
Belp puted
tang X two Houses
N #pht are ap- studies at
the King. The re-indoa. In House, he will sit
aur chosen by the as a
The Colonial Parlament,
member
Council.
El Greco-Born Out
Of His Time?
London, May 16.
Europeans
and Africans do
other not compete with each for the same jobs. But it may Growing happen in the future.
up in the Congo are kat of young whites who were born there and who have no wish to live in Belgium.
The
University of
From time to time in history, there are born men who seem not to belong to their own century. common with They have little or nothing in their generation. From their contemporaries they stand apart, a shadow from the past or a shapene research. of things to come.
Such was the Greco.
painter,
it is not the Beiglum Guvern- young ment's policy to send Congo natives on scholarships to be educated in Europe unless, Marzorati Bays, they [Pistessor
show special aptitude for scient!- AI the momen! there are only about ten of them studying in Belgium-against the of several thousand
El and curiously cold shades
to studying in Britain, green and sue which servo.
the 'ascetle quality so
According
Africans
so on.
But at
A
of
A
COMMERCE SECTION
He Waits For Napoleon's Charity
Aachich, West Germany,
May 10.
Herr Hubert Humbreck, 63-year-old weaver whose
great - grandfather fought for Napoleon, has a docu- ment dated 1810 entitling him to a yearly pension of 500 francs (50W worth about 10 shillings sterling) from the French Govern- ment.
#
ancestor, Mathieu Humbreck, a fusiller, saved the life of the Prince of Parma during battle.
action cost him
Napoleon but
rewarded him with the ribbon of the Legion of Honour and the pension.
The French Government has always paid punctually, unil 1939, when the war started. Humbrock is now waiting for the conclusion of a Franco-German pence treaty after whichi рау- ments are due to resume. -China Maii Special.
HONGKONG STOCK EXCHANGE
At Long Last IT Came!
Throgmorton Street Coffee Shops Buzzed
With Excitement
From Our Own Correspondent
London, May 16. Those members of the public who were present in the new gallery of the London Stock Exchange around mid-day on Thursday had the good fortune to witness a scene of rare excitement.
Though the cut in the bank rate was widely anticipated the actual announcement took many people by surprise, But word of the change went around the coffee shops of Throgmorton Street almost before the pink-coated messenger had finished pinning up the notice in the Bank of England's front hall.
The market in buliding
There was a stampede for the | goins vull predominated theso Stock Exchange und member were on a much smaller scale | crowded eight deep around the than the previous day. | gilt-edged section to hear the
Government broker repeat announcement.
Then jobbers begun to mark up prices.
the
was
material shores provided 14
bright spot on hopes that the bank rate cut would help in- dustry to finance new building projects.
British
fish cernents Jumped 1/3 to a peak of 73/3, International Paint stained sixpence to 18.0 and Goodlass Wall novel by 1/6 to 36/0,
Gilt-edged were quoted up to 21 higher and most of the leaders in the industrial section put on a shilling or two,
But as this initial rise overdone-for investors had al- ready largely discounted the Ex-bank rate cut-n bout of profit- taking caused priers to fuli back
slightly
dealings. in later Rises on the day were never- theless
premium substantiaf, The biggest in the gill-edged section were in the 4 per cent Console and War
Loan 34 per cent which which cuse 17/6 arai 15/- re-
(From Our Correspondent)
Business un the Stock change this moraling arounted to $07,200, Noon quotations ani the morning's dealings ---
BAKEN BUYNIS BELLERS SALES
BANKS
UC 12meric
INSURANCES
Uson XD 84217 Underwriters
DOCKS, ETC.
K. Whert
Provident (0) Wheelock
LAND, ETC. tik Hotel
hai Land Humphreys Stealy
C. Light (N)
Electric
12
310 74
B 10 R
3 1030
gains
spectively.
The Financial Times Govern.
Securities index advanced ,52 0311 the day
Ita to 103.49, highest level for three years.
Widespread gains in the in- dustrial section Included Uni- lever which was up 2/0 to 75/3, Vickers, up ninepence to 68/- and P Coats up 1/6 to 08/9,
und Dunlop
up
sixpence
10
The Financial Tinics trini shure index which had broken
all-time through
But in the glit-edged market 11 last-minute outbrenk of profit-taking clippest prices by As much as 7/6. New Trinidad Ioan Block opened ut 2/8 but closed slightly lower at 1/10% premium.
NEW YORK
STOCK MARKET
New York, May 16. The stock
market ad- Indus-vanced again last week on increased volume and in- dustrials closed a
on Friday at their beat levels since October 22, 1929, and utili ties since August 29, 1930. Rolls were a fraction under
"high" On Tuesday rose further two points to 140.4.
The industrial market was and though
quieter on Friday
143
10
195
1000
1
UTILITIES
24/3.
Tram
20.10 100
500
29 10 20
Star Ferry
130
L. Light 102
14.40 20 19
300 or 14.3
13.20
500 ar 11.10
20.40
100 ne Záz
2200 41 20
200 எ 11
500 és 10 20
Telephone.
INDUSTRIALS
Cement
STORES ETC
Dairy
20
10.70
22 CU
27 700 13,
17,20
sun #
0
142
Масло Мет
XD
Watson
MISCELLANEOUS
Yangtze
Yawnati
New York Cotton
Cotton
Market
New York, May 16.
futures closert
The
their high for the year.
Reasons for the rise lay partiy in the market itself. There is sold to be a strong technieni position in the market with lack
of anything that might bring a
week on a note of firmness to revelion, 143
elimux a series of irregular The murket bud several ships price swings.
during the week, but quickly Trading moved along at arighted its course each time and faster pace than recently, with nished at the week's best adjustments in the May levels in all sections except the delivery,
plus activity In the rall. textile markets, and export raw cotion commitments, helping maiket out of a
Japanese To
Study US Textile Ideas
a
final
helped by Out-
Many stocks were news of their companies,
Sales rose to a daily averago Hift the
of 2,019.537 shares, from lust tarrow groove.
week's average of 1,087,110 At Friday's close, the list ruled shinrca. unchanged to 54 points higher, Now Orleans, May 10.
or unchanged to up 2.70 a bale The leader of
22-man
from the preceding week. Japanese cotton delegation of mill executives sald today fals Crop and weather news con- look Improved for the steel
ts
tinued mostly on the favourable industry and those stocks rose technicu soeking group
Railroad earnings on Friday. to side, even though industry to methods from US
there were were reported on the mend, bushels; produce higher-quality goods in complaints that excessive mois 28,000,000
Some companies continued to 10,000,000 bushels; an effort to arrive at a better ture and cool temperatures may
replanting in bushels; balance between Japan's ection compel 10,100,000
some report increased profits. It was true of many other lines includ- Switzerland, 7,000,000 bushels; imports and textile exports with. central belt stelions.
The alm to Netherlands,
grow as muching tobacco companies. 5,100,000 the United States.
cotton as possible may be the the United States,
Japan imports 40 per cent of result of an idea that this may
while only
The authorities are satisfied, the however, the economy is sound bushels; enough to withstand p iitto 4,200,000 bushels; Spain, 3,400,- its cotton from the United States be the last year for high gov-
rates
panies.
MONETARY INDUCEMENT
said.
LURE OF OIL.
000 bushels: South Africa, Influtionary pressure.
Lure of oil on its properties returning 3.0 per ernment loans, traders Indla, Indeed in one respect they 4,200,000 bushels;
sent US Gypsum soaring 10 are expected to use are hoping cheaper borrowing 4,300,000 bushels; Israel, 2.000,- cent in finished textile products, Farmers
will encourage mora 900 bushels;
200,000 sold Mr Mohzaki, the manage their better lands for insecticidas Points on the week. There were Norway,
a fow other sido gainers, but spending, particularly by com- bushela and Ireland, 1,800,000 director of the Tokyo Spinning freely if necessary and put the the speciais acemed to rise two
Co., Ltd., Osaka, Japan.
rows closer together, traders or more points before levelling bushols.United Press.
believed.
off. The textile industry, he said, was about 65 per
The New York Cotton Ex- cent along
Service Burtau estimated A handsome dividend for of all | United Aircraft announced last World War II. There were at
four week week helped to send that stock present a total of 7,500,000 cotton raw colton for the
1 at 650,000 upward. Chance Vought sold spindles,
the period ended May compared to
This compared with around $20, 12,000,000 pro-war. United boles.
845,000 balos in flvo weeks last Press.
year.-Unlied Press,
The one major change in Mr Butler's budget it will bo re- called was designed to encour- age companies to invest in now On that In the rocky fortress town of stress
Professor plant and machinery. to
Onancial of all his paint-Marzorall, Belgium has seen the in characteristic he lived Toledo. Spain.
occasion he held out poverty and worked apart. Al-ngs.
danger in other parts of Africa Inducement in the form of "in- though Michelangelo was hard-
All this, and much more, is of creating important groups of vestment allowances". Now the had ly dead and he himself
art intellectuals told by, the well-known with some studied
of the Venetian musters, the spirit of critic, Ludwig Goldscheider, in millions of far less
to Phaidon's Africans" to the his Introduction his work harked back canturies-old Byzantino ort of Hip native Crete and forward (42/-).
still Impressionists, nearly 300 years in the future,
to
tho
If ever there was a man born out of time, that man was Greco "The Greek."
EL
For that was the name given him in Spain. And that is the name by which he is known to day,
His Real Name
Of all the thousands
now
edition
El Greco's life, according to
In the midst of advanced
and thinks that tho should bo natives of " Greco" Congo
educated in their own country. **Education in different sur- Dr Goldscheider, was a life of roundings," Professor Mazorati
be dangerous says, may
for lite "Greco's external
Was people who are not intellectually dominated by pomp and pover mature. If we sent Jots of
contrasts.
they ly he writes. "We hear of young men to Belgium unusual fees, of a house-rent might be very dissatined with ten times greater than those of the Congo when they got back his neighbours, but we hear, This could lead to theoretical
of lawults and doble; his wardrobe
which WAJ wust
who poor:
nt costume,
knightly
Ceylon Trade
Delegation
To Go To China
Underwriters' Dividend
The Board of Directors of China Underwriters, Ltd, ab nounce that subject to com pletion of audit of the accounts for 1059 they will recommend the following distribution of profits at the forthcoming annual general meeting on June 4:
A bonus to with-profit Life Assurance policies of $12.50 per $1,000 for each year for which the policy has been in force and which has not qualified for a guaranteez bonus.
the road to recovery following consumption
Brighter
Now
COTTON EXPORTS
New York, May 10.
exports cotton
Prospect For US by the New York Cotton Ex- then
andise and even a political | announced the appointment of ordinary aliare, (The previous look
could create
Economy
Columbia Broadcasting 1зsues rose more than 2 points to feature the televisions, Eidetrlent by equipments fell on pioft-taking destination as reported in bales with General Electric off more
Motors than 4 points.
WETN Chrysler higher change for the 1953-54 season irregular with
and General Motors easier.. to May 11 were as follows:----
330,044 Behenlay rose 11⁄2 points in the Continent ************* $370.000 liquors and American Tobacco 2
1,034,019 points in its section.
302,077
Market experts said the mar- *Folat, for sezon
Out of the *Same period last year or 2,564.14 ket behaved well.
excluding Hinters-United Proem | 1,652 issues trūded, 700 closed
the week with advances. United Press,"
Britain
Orient
Canada
Singapore Rubber
Washington, May 18. Dr Gabriel Hauge, economic adviser to President Eisenhower, said today the "downward Colombo, May, 18.
A dividend of 45 cenám, without drift" of the economic situation The Ceylon Government, today deduction of tax, ota each"has been arrested and we can!
ahead to
going forward four-man delegation which
Market will
dividend was 29 cents, without {.again.”. Leave about Beptember to neg deduction of tax.)
ate terms of the China-Ceylon
Hauge, interviewed on se
Singapore, May 10. Trade Pact: for next years
television programmin," said that The market opened lower on The Minister of Prada,&and
Included among immediate | Saturday en disappointing bulld-up colonies. The Atriemrin song who is the many orchitect of the
of inventory by wards the close on lack of trade in the person the continent if det current trade agreement, be-
business in 1983, the subsoquent support. Future closing were While in Venice and Flormes former volewish quarter, ho really ready for them;d: If been the two countries, will Dunstone was done in the local working off of extra-produca | No. 1 rubber per lb. June 14-03 and Rome, and particularly in occupied 24 rooms, but his is too rapid-It creates a hand the dal mention,
etion and readjustment" from No rubber per ki, Jane Cliff ing furniture, as enumerated in the state's of unbalance favouring The other include brister colours than ever be inventory of his coated moms slabor, the below bestelectual
Museum in Madrid and
ત
a cloth cloak, calico dimculties.. admire his works in the Prado cloak, a pair of hose, a Bilk "Dritain, whose colonial polley
a bat, a sword,
RİMİ
very much, is pathsipa u
only a handful would recognise that Is all he left behind at his Parlimentary more into
ay Domenikos Theotoko death. In
of the hermen
Toledo every year, probably | dagger and a pair of spursue too hasty In introducing commerce, Mr. G. Sembajake, Wychange. Ratëcause of the reversion were, the | advlees, and epsed further tow
Marquee 'de 16
fore, El Greco, cut off from his to have been barely duffalent wholihave been educated vika terý: of: Mardinier follow
-China Adrian tire: 45 (3 artists painted in grey for furnier a couple of rooins. Europe or the settlers. and yellow, white and black, China Mail Special
·Mall Snoci251% ·
and H. Jhandaan.
oil thenitie
-Blanket crepe
camp. He added that the prospect of pot rubber unbeled "*.. Eulinom activity. In 1955 iw88 | NOW Tipale kropa good Reuter)
Bank Of England Statement
London, May 10,
The Bank, of, England, stołow ment for the week ended. May 12, reads as follows Moja Anahoulašios. Puble depor
Government securities.
ratio
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