1954-05-19 — Page 9

Milwaukes Of

IOWA

Chicago

Superar

· MTH COMPLETION DE SONGMAN, Cana

Fatal beter journey at Luka Toportar, Bépek

ONTARIO

MICHIGAN

Detro

D

A

Buffalo

Toledo C

· Cleveland

PENNSYLVANIA

ENUSUI Ging handy te steel and arings Imavariada mala fram constat att ock, touted

well diphany in Gran Liker dindi] OHIO

"100" 100A

QUEBEC

Montregis

NEW

MASS

COIN.

Atlantic

Ocean

Juve York

ELLAM RIVIS

I KAIYA VI

WILLAND CANAI

|NUTEMATIONAL LOCKS |

LANE I GAM BUTIONE SAME

THOUSAND THANGI

THE CHINA MAIL, WEDNESDAY, MAY 19, 1954,

LACHINE LOCKS

IDEWATER SECTICI

An Old Pigeon Hole Cleared: St Lawrence Seaway Goes On The Map At Last

a

It

In 1934 a proposal to build St Lawrence Seaway jointly with Canada was introduced in the U.S. Senate. was debated but died with the 73rd Congress.

Ten years later, in 1911, another seaway bill reached the Senate floor but failed of final passage. It was the same story in 1918 and 1952. This year, 20 years after the first bill was introduced, a seaway proposal passed the Senate easily and then-for the first time-reached the floor of the House.

Hurking in the

benway

A

t

of

con of a

adeninistru-, lauses on these minor points,| The 1954 All differed widely thur's insistence that the senway | President Eisenhower Josued from its predecesates in many

statement in which he sult, "[U] waga pompally, in that is needed us a defence measure Ever House

tf spurned

Gremendous] was diynrved from the lea opponents--mostly eastern rail. I personal satisfaction to me that; power development and!

centrated on the bulking roads and the big eastern port has 83d Compress has made

United States route from the Great Lakes to esties--and passed the bill after posdble for the only a few days' debate

with its to join hands

cluse Une Aliantle navigable to ocean form differing only

neighbour, Canada, in bullding vessels, from the Senate version.

The seaway ami by this means.

St The power aspect of the to the Lawrence development is to be to contribute muterally

well

bering

and taken care of by the New York security of both countries,“ Stale and the Canadian Province of Ontario. Together they ure to build

the project

the river, Raplas section of between Massetta and Ogden9- burg, N..

in a slightly

Anticipating

of between the two

agreement

n rush jobs

New London Airport Is Taking Shape

800-million-dollar International

Five To Six Years

dams

barriers

will

The power eliminate naturn) The 27-ft-de.p navigation channel and reduce the cost enormously. Under the present pian the 5. cost will be $105 million, in be rolsed by bonds sold to the US. Treasury and expected

br retired

50 years

London Airport has for long been a flat and featureless place. Now at last it is developing a horizon.

The terminal buildings of the diamond- shaped central area, which will take over the duties at present borne by the single-storey through collection of tolls levied prefabricated buildings huddled apologetically on the northern edge of the airport, ar assuming a shape and a character.

on ships.

in

Canada estimates spend $175 million.

will

TRADE and

COMMERCE SECTION

US-JAPANESE TRADE EXPANSION

PROPOSED

15 p.c. Reduction

In

Some

Tariffs Suggested

Washington, May 18.

An American Congressman has proposed an increase in Japan's trade with the non-Communist world and has asked the Government to enter into a reciprocal trade agreement with the Tokyo Government.

The agreement has been proposed by Mr Robert Kean (Republican, New Jersey), a high ranking member of the Ways and Means Com- mmittee of the House of Representatives which deals with tariff legislation and a strong supporter in Congress of President Eisenhower's trade pro- gramme.

A plea by Mr Kean in support of the measure was published today in the Congressional record. "Japan must engage in international trade to live,” he said in a statement.

Pointing out that Japan's aut-jof fis raw materials and about Jets for expanded trade were one quarter of its food, it needs limited 10 the Soviet blog to have access to world markets countries, the United Stelen und and be able to compete for them other non-Communist nations, on equal terms. This is not trus he said: "The United States is at present and

and Japan's Imports in a position to Influence the dangerously outweigh its exports. degrees of access offered Japanese goods in the last two market areas.

is necessary

United States

that the use its influence to secure this access It Jupan is to be k.pt on the side of the tree world."

a

OUT OF BALANCE "Japan's trade with the United Stuter is also sharply out of balance. It imperative to the security of the United States that Japan stay on the side of the free world and we would like to avok

the subsidy by

United Mr Kean's proposal ΙΟΣ States taxpayer, trade Agreement With Japan "Therefore the problem comes was comathed in a bill he has down to this, span can remain put before Congress to permit on the side of the free world only

to reduce turdis the Presiden:

if adequato trade possibilities on selective are available to her, by 16 per ceat basis uver a

Obviously shree-year perlod and to auke other trude ad- | Jupan to become heavily depen- justments,

dent upon the Soviet bloc for trade outlets, But we do not want to open our markets to en Infiscriminate flow of cheaply- mide competitive Japanese goods.

We can avoid this by making third markets available."

He added In this statement: “Since Japan must import most

New Cigarette

Factory For Singapore

HK Technicians Wanted

we

not want

ant

The United States is nocious that

sufficient Japan gain economic strength

responsibility

for

defence," he added,

ما

"This strength is not easy to

chlove.

Japan is imder terri-

Bird Talked Its Way Home

London, May 10,

Mr George Anderson, of Axwell Farm, Whickham, County Durham, pløked up An exhausted budgerigar

feld, took it home and placed it

near the fire. When the bird recovered,

said: "I'm Bobby Ritson and I live on Whickham Bank."

Mr Anderson made in- quiries and found the bird was right.

"Bobby Rkaon" bad flown out of the house at Eleanor Terrace. Whick- ham, where his owner, Mrs June Ritson, aged 68. lives.

After being missing for two weeks, he was given up as lost, but Mrs Ritson now says: "I'm not worried If he does get out. He can talk his way back home,"

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

WIS

Bear covering and averaging helped to impart a armer lone to the stock market this morn- ing and useful progress made at most counters,

China the re- Lights and Dairies led covery, but there were good en- quiries for all market favour- lics

The turnover was higher and activity was handicapped only by shortage of supplies. In on almosphere of Kreater con- Adence the closo Was very steady.

Business amounted to $771,- 308,10. Noon quotations and the morning's dealings:--- 511ARES BUYERS SELLER: BALES

BANKA

1.K. Bank .. 1830 105e INSURANCES

850

Union XI.. Underwriters 0.90 DOCKS, ETC.

K. Wharf Dock

00 100 14 15.00 16,10

200 11,80 Provident, (0) 11.00 Wheelock 7.06 7.20 1000 1,05

2300

Malaya Lifts Import

Quotas

On European Goods

Singapore, May 18.

Malaya may now freely import on licences, motor cars, commercial vehicles, clocks, watches, cameras, toys, games, radios and radiogram from European countries.

The lifting of the quotas on these goods will probably result in the people in Malaya having a wider choice of cars as German, French and Italian models may now enter the market again in quantity.

Many other German-menu- factured goods will be able to enter Malaye on a large scale for the first lime since the war. When Imports from European countries were blocked in 1962. Germany was hardly In the market and therefore based on

her imports 1951 goods. boen negligible,

have

havo

NEW YORK

STOCK

MARKET

Malayan distributors been unable to meet the demand for high-class Swi watches in the past two yeaËT.

New York, May 18. The Hfting of the restrictions

Stock prices moved up will enable them to do so.

sharply during most of to This step follows the greatly of Sterling

day's session but eased off improved position and the continuing polley at near the close when profit- the Singapore Government in taking developed.

trade whenever liberalising

Industrial shares led the possible. said the Controller of market, running up more than importa und Exporis, Mr G. 2 points on average and holding Sheridan yesterday.

nearly 1 point of the gain, at tho close to finish at another now high since October 22, 1920.

QUOTAS FIXED "We must never forget that we live by the entrepot trade few oll stocks and a large and must safeguard It when group of special imvea held

gains ever we car," he added.

of a point or more. Aircrafts, 1952

when early leaders, closed about an- In February, Sterling area trading balances changed. Good gains in steel position, on their edge later in the day. were in a desperate

traded, Out of 1,223 issues Malaya volunteered at a Cam- monwealth economic conference 538 were higher, 393 lower an

on 202 unchanged. in London, to put a quota

There were goods from European member new highs, only nine new lows.

Market activity nations of the Organisation for

for the day European

Economic Co-opera- totallod 2,250,000 shares, 210,000

shores more

than yesterday's

tion.

Importers were restricted

to turnover and the best anco last

The

25 per cent of the total im- Thursday. ported in 1991 for cameras, 50 per cent for radiograms,

steadily improving and business outlook, according to

15 per cent for toys and gomes, som: observers, should continuo Cars and commercial vehicles to support the advance, as long were restricted

1951 as there is no

adverse change 5000 1.10 level.

in the foreign situation.

7.18

assume her Own

LAND, ETC.

HK Hotel

XR

☐ 10

54%

100+ 54 500 $315

400 $115

1 K. Land ris

Realty

21

£50 or 2015

304 0 20

2 205 9006

1.07

15000

13000

1.0211⁄2

UTILITIES

Train

....... 23.40

28.49

4000 25.30

Star Ferry

190

fie pressure from an expanding population.

ECONOMIC BASIS "Without a corresponding in-

in crease economic activity, levels of living will I estimated the job will

drop in Singapore, May 18. tuke Ave or six years. The

Japan, thus making It more A United States' part of the work

new cigarette factory, susceptible to the spread of Eventually they will-control and a ministration, and

will be

International erected at a cost of $250,000 Communist subversion in the

within bonding

Ito borders, dominate the airport nu! | passenger

weil Roples section only. Wils

and which will have a pro-

49

Increased trade under way, wint: the foundations

would provide the economic bring its vast mosaic

The Administration's anxiety duelion pal.

capacity of W were lulet for the third, the

basis upon which Japan st get the bill

ils tern into place as the centre operations tu.kiing.

1,500,000 cigaretles a day, bulid her own defence effort, Canada's of the criss-cross web of

Mr Kean said that it had build will be opened in Singapore announced intention that will

been the aim of the runwaya

United seaway alone if the United in July this year. In the passenger building on

States Government surround them.

obtain States would not come in. The the south-sort face of the Administration

full Japanese accession to the was convinced the first two of diamond.

ten Canada was not bluffing, "horizon" gives the impression of parallel

General Agreement on Tariffs Disenger

and Trade. handling remarkably channels hav taving

the As they often have In reached the same quickly to have sprung up in a stage

Work has past, the Joint Chiefs of Staff of Razing. matter of weeks, in actual fact alm

JAS and other Pentagon officials completed on the

explained 10 Congressional

The appearance

beca mude

then

of the new

Almost Completed

almost beca

arc

time stemmed fed

the

to

committees their concert

Was Я

About 70 employees, mainly women, will be recruited locally to work in the factory.

to

In addition, the managements in the bill

plans to import a few techni- clans from Hongkong to handle the machinery.

of

300

25.40

C. Light (0) 14.20 14 500 14

3400 14,20

2010 14,10

900 or 14,20

C. Light (N) 11.20 11.30 1000 10.70

1000 #11 4000 31.48

Electric

1200 11.20 28.10 20.50 10728

200 g 28.20

300 20.20

500 204Ð

Telephone. 25.30

100 or 29.40

300 à 2315

1500 € 25

INDUSTRIALS

Cement

..10.70 STORES, ETC.

Dairy

-... 2212

Watson Lane Crawford Textiles XD 0.00 5000 MISCELLANEOUS

Yangtze

3.00 4000 @ 0.93 Yaumati

540 144

would multilateral tariff negotiations within the General Agreement on Tariffs and Trade and with Japan (which hot a full contracting party to Hwa GATT) which would bring still guld i NA

nearer that full accession

to the General Agreement be brought from Hongkong Jarathe Gone

of Japan

to GATT

will mean

that trade between Japan and GATT coun- tries of the free world will be conducted on a basis of non- discrimination," he said.

"It will mean that Japan, has The spokesanan added that been accepted by the countries New York the factory will import tobacco of the tree

world ng a full Montreal from India, America and South trading partner.Reuter. Indonesia It expects to find Southeast countries. China Mail

it has been developing for some installation et baggag-conveyors com thing more than a year now. But and the escalators

that which will if it didn't help build the sen- the Impression is still strong.

carry passengers to the first-floor w created by the previous years

would way the United States

A spokesman of the **** | recoption hall, while the next when little of permanency ap- three channels

have no say in how it

should well underave no

Nan 'obacco Company peared on the surface of London

if Canada should today that technicians are And The third building, for operiral in some future war way. Airport at all.

be un the enstern spex, in which this country This

was,

of course, because operations,

saking shape

because now, with the belligerent

ΟΙ the shortage of those years were occupied with steal from:work up at last,

It might deny trained and qualified men in the important und if anything

America the use of what these Singapore, extensive basic work of the air-ing, the first of two planned, wilt passenger-handling buid-

officials

ECO па дл important port-laying the six runways

feline. channels, its Brat- which make upils distinctive ve

floor riception hall with airline pattern

two intersecting telangl:s,

paths, the counters, shops and buffet, and

second-floor balcony lounge over- aprons in the centre on which looking the hall, with a res the aircraft will be parked, and taurant overlooking the arfeld the vehicle turmel which runs

and

of

the taxi

The

bent

from the Bath Road under the runways and up into the central opening of it.

arca.

Rapid Progress

Even apart

a

Important Reason

Is the

for

He said the machinery partly American and British, will be installed next month,

US. New York Sugar

Market

One reason this lifeline would be important is this:

The Mesabi Iron range of a roof garden waving base" Minnesota, long a standby

A

gallery will the nation's steet needs, is play-good markets in all

Asian the full length of the building ing out. The main new source connecting all the channels, and row foreseen

vast de Special. from this footbridges and remps posit in Labrador now being vil lead

down to the aircraft developed at a cost of more the from this aspect, waiting on

On Ule than apron..

$200 million in however, progress at the airport roof will be a series of garden expital. The seaway would beyond the "Aurface"

at different levels vide a protected route to bring work of and terraces

a panoramic runway-laying has been un-to give spectators

Labrador ore to the steel mills deniably rapid. Certainly the view of the airfiel

of the Middle West. weather has been kind to all The operations building will

Railroad

the opponents of have more facilities for of credit must go to the con-public-an exhibition hall, post seaway have contended that it

will take business away from tractors, Redpath Brown for flies, news cinema and griliroom them, but

they havo well as giving alcolwark, and Taylor. Woodrow and buffet, as

foundations and building seccas to its own roof gardens come up with any very specific

Domestic No. 8 sugar futures work, for the speed

figures in their the and, by bridge, to those on the of

testimony closed one point higher to four transformation.

passenger building, Beside this before Congressional committees, points lower with sales of 681

the other hand, The

tunnch

contracts. backers of the project who with its four-track roadway, its meteorological and navigational contend that, it may

Future closings: two cycle tracks and pedestring bring me building should be generate

Contmet No. 4 (world) now rail business paths, has been in use for some

boon haven't

September time now.

precise It was completed complated by the middle of 1955,

very

October ahoma of sohedule in time for while the passenger building in either,

January March

building work, but a good deal

for

2,000-foot-long

the

it will hold airlines offices and

rooms.

On

London Foreign Exchange

Futures Market For Stockholm

Egyptian Cotton?

London, May, 18.

the pos

Conversations

on

to the

того

OEEC countries are Belgium, Among the oity, a gain of Denmark, France, Germany, nearly 2 points in Texas Gulf Inly. Luxemburg, Netherlands, Producing was a feature. Norway, Portugal, Sweden, Bethlehem Steel, Up Turkey. than Switzerland

point at one time, closed half n

a point higher. US Steel, the day's active leader, held a

gabi.

and

China Mull Special.

Liverpool Cotton

Market

Rails were fractionally lower. The NY Stock Exchange band volume was $4,931,000.

The American Stock Exchange volume was 850,000 shares.

Dow Jones closing everngësi

Liverpool, May 10, Closing prices on the Liver-were: pool Colton Exchango at the end of the first day's tradings were

as follows:-

Oct/Nov. (perce per Ib.)

December/January

March/April

May/June

30 Industrials

20 rall

18 utilities

31,71

60 stocks

01.65

40 bonds

JL.TOU

31.48

-United Press.

NEW YORK MARKET

New York, May 18,

Comm. future price

Index

08.01

179.17

-United Press.

Cotton futures today Auctuated Singapore Rubber

narrowly in a slow market,

Trading volumes and open in- terests in the Exchange today

10,200

Market

Singapore, May 18.

The market opened steady but 610.500 eased later on profit-taking and

up-country selling. There was 211.000 slightly more buying Interost 189,400 towards the close. Future

07,300 closings: 14,200

6.35

were:

Month May July

Voluma

35,200

Open interent

October

7,600

243,000

December

12,700

291,400

Marchi

11900

May

5,700

July October Total

2,400

1,000

London, May 18.

2.013-2.07

2.77-9/16-3.37-11/18

31.7696-11.7W16

72.95-60,08

063-980

blity of establishing a futures Canada (dollar) vasibi-19/32

the

#

77,300 102.000 No 1 rubber

(balos) -United PICES.

NEW YORK PRICES

New York. May 10.

Spot July October

Decembar

March

Closing Pricos¡

30.40m 34.44-40

34.20

24.20

94.6

34.080

34,40

-United Pres.

CHICAGO GRAIN PRICES

Jurso

July

per lb.

No. 2 rubber per lb. June No. 3 rubber per lb. June No. & rubber per ib. Jane Spot rubber unbeled

Blanket crepe No. 1 pale grope

United Press. NEW YORK MARKET

New York, May 18. Rubber futures closed today 58 to 45 points higher with sales of.95 contracts.

The local spot market - zum mained dull with buyers showe ing less than a routine intaresti - Spet No. 1 Res were quoted ot 82% conts a pound.

Future closings:

Amsterdam Hamburg Lisbon Paris

Zurich

10.58}1⁄2-24,30V

12.2314-12.233

-United FIPER NEW YORK EXCHANGE

Closing Ratos

May 1

Moy

July

October

2.81-15/10

2.75-2.70 2.0155

ELD1%

2.25

2116

3017

.1709

.0900

· 20111⁄2m

360 yên 10 US)) -Upiled Prem

May 200%(H) 196% (L)

#00-2003

Mer

May

Sant, Dee.

2009-

July

LONDON METAL PRICES

Corn, No. 2, yellow

Spot

Best.

London, May 18.-

maricot for Egyptian cotton on England unofficial... 30-day futures nowly opened Liverpool

90-day futures are pected Australia (pound), Cotton Exchango to get underway this week, d0- New York, May 18.

FAR EAST World No.

reports circulating | India; (rupees) 4 sugar futures cording to

Pakistan (rupee) closed today unchanged to one here.

Ноти Коля (dollar) The talks between Egyptian Indonesia fruplah).... never point lower with sales of 44

contracts.

cotton interests and offelals of Singapore (straite

dollar) the Exchange will be .purely

Japen exploratory, it was emphasised,

When trading in futures

wax suspended in Liverpool in 1941, two Egyptian futuros contracts werd dealt in, one covering Egypilan long-staple and the other

"short-staple. Unlied Presss

those

071

the public to use it at the start scheduled for September, 1855, Seaport cities with one, not- of the England-New Zealand alt and the operations building for able exception=have argued r:co on October 8, when January, 1960.

that traille originating inland hundreds of cars and thousands

of

مولدات

3.206

Cuba) Open interest: 6,365-conizaeta?1222- Contract No.,

July

|

Chicago, May 10. Prices par bushel in conte:

Closing Prices

Whost No. 8, red Spot

LE

Motal markets were all steady Soybeans, Na. 2, yellow today. Prices closed in sterling: 3001

-buyers, sellors: Sept.

Job Beptember Dopember

LONDON MARKET.

20.95

London, May, 18,

Tho rubber market wan

with No. 1 spot quoted af :19 pánce per 16. Pritom:.

| 299. L'ktam spot",

Settlement, hayes

October/ January/March

May

Spolefcents per 3b. bob, 0 Exchange Rates per long ton as follows July

MEY

{"Buelowys, was done in the - long)| Tin spot

J-morith | Capper,up Elkmonth Lendi)

極品

Nov.

|Barley,"

120-102

New York Hour

1:200 lbs, sack

14.100

July

The pace of work is un- and beaded for overdous would pedestrians streamed through doubtedly good. London Air- be diverted to Montreal, pearly to the special apodtatora, em- port, now the busiest in Europe 1,000 miles from the open "sou." closure in the central erop to and one of the world's o Intest

in: Bosión, The exception watch the take-off.

air terminals will certainly be Benator John F. Kennedy, waaron By that time the steel frames having much to show of." Its (Damourat, Mass),"guid" dowling". work of two of the terminal "now tool" during the next six the Bonale, debate, he thought "hulidings now under construction,' months.

dto enoot would be varY HEALI

November

Spot to

Open

| Abril/June

Goisernt" wiarkots, eit