1954-05-31 — Page 9

Page

THE CHINA MAIL, MONDAY, MAY 31, 1954.

Rehearsing For The Royal Tournament

The Klaz's Trom. Royal Horse Artillery, rehearsing in Regents Park for their famous Musical Bide. which will again the fratured in the Tournament at Earls Court.

Islam's Public Enemy

No. 1 -Communism

Cairo, May 30

Communism continues to be one of the main headaches of Egyptian Intelligence Officers in spite of the breaking-up of Red cells from time to time.

Frequently described as the No. 1 Enemy of Islam, Communism is banned in Egypt. It must, therefore, operate underground, and this makes the work of the security forces engaged in combating it extremely difficult.

TRADE and COMMERCE SECTION

CONVERTIBILITY-NOW Airliner Flies Share Prices

IT'S JUST

A QUESTION OF TIME

From Our Own Correspondent

London, May 30.

Government talks over the last few weeks have resulted in an agreement on at least one important point and the clarification of A number of other issues connected with convertibility.

It is now generally agreed there will be no competition between various European currencies to be the "first across the line."

Unill recently West Germany was straining, at the leash and scolding its neighbours for their cautious altitude towards economic freedom. The policy of throwing controls overboard worked well for the West Germans and it is perhaps understandable they should be impatient to jettison the last important control— that which restricts the transferability of currencies.

to remove

Bil if there is now much less. uneerkanty about the "how" of convertibility there is still a good tart deal

speculation

VI

"when"

TWO QUESTIONS

But during his recent fore a decision is taken to make would then have to he cons visit to Bonn, the Chancel the pound convertible, That would be to unily the iwa re lor of the Exchequer, Mrsween "capital"

the distinction be-moining non-resident clauses of 11 "eurent" sterling- trunsferable And 1. A. Butler was able 10 sterling.

"American Account"--and enn- convince his opposite num PENULTIMATE STAGE vertibility would be achieved,

This could

clone by ber in West Germany, Dr

alechishing what

kown as Ludwig Erhard that

the curly

stevding," Broadly British Government has speaking This is

sterling ac- good reason to be circum- Íquired by

a foreigner Iran the spect in its approach to sale of securities on the London Shek Exchange and which can convertibility,

be used only for repurchase of i

This will depend fargely unĮ Тиете are problems in this sinflar securities.

Because of this restriction on answers to two questione I what! connection that are perultor te

security or the pound. For,

will happen to mess activiti 1 4 Fuch greater extent than the deutsch sterling was until recently quoted the United States

at considerable discount Irane 139 Track,

guilder, thet

other classes of sterling.

Obviously But at

British and other pound

un international

present

$2.79 European authorities will delay than its currency financing more

"witch" sterling is now almost convertibility half the world's trade. Ad-w

on par with transferable sterling mittedly it stands to benefit more and my fracismnily below the than other currencies from conte official rate. powerful gunrated, the Prime Minister, in

vertibilty but on the other hand an adders to workers in Cairo, bluming attacked CommuniqTA,

it must bear a proportionately Zonists for being

greater share of the risk. the 17 June! efforts to spent the creeİ only therefore 12 the

caution

before Egypt.

necesSpry plunge is taken but if there

be collective approach pound must set the pace.

By day and night, however, the watch on goes on in the Army, the Universities and among the security forces strike, they strike hard.

They struck earlier this month

rund

the

of

Communist activities the workers. When

in

Pourled-up Modems Brother brand twelve Juntor Cavalry The Egyptian Pome Melo, officers and about 45 divi. Laterant-Colonel Gamal Abdel es and to have known lians eluding journalista, Nat.

of the existence of the plot, ami "After the Arny Revolt I students and workers. They

gone to Borg-el-Arak, July 1952) and the expulsion of To loose were uflicially described as Alexindete, with Major ex-King Fagnak.

Prime the Abdel being caught "red-handed,” tineral

Hakim Amer, Minister said, "those who spoke

ut and though the full story of Contender-in-Chiet

then the INITI 01 Communis Ad Forces, to give the rot- what they intended to do

came out into the open to say the ROPERTI 11

that has yet to be told, there is men

the revolution wants fo was unaware

which, strengthen impertahısın evidence that they were what was afoot.

with parliamentary dictator. bent on creating trouble ot Leutenant Colonel Zakarta ship. has raised to all nur

Minister May Day (May 1), and may, Mohledala,

the sufferings in the past. of Army “Investigations have Alpana have had an attempted coup Indie and Director

Intelligence. few to Borg-el- that Zonism as

Con- erating us their ultimate aim.

Aral KIRI Told the Prunes munist organisations, Zionism, Government sources have dis- | Minister

Commander-m. a beautiful and shining work, is antl closest that add or banget to the Chief that the

forews trying to deceive us under The serurtly Chatel Front, a sallymgeground were ready to strike.

gulse of liberty and democracy. for til at

All three relied To nito

"Ziousts are misguiding the Acommunal desparation

To enable Zionism and the round-up of the phat- | people Jeatersłup Among those arrested irs was carried out.

the Nile Valley and Decupy were CommGARISES, Wafd sym

parts of tray and Saudi Arabia. pathisers, Sucralists ..fil

heavily Under the gule of Cutumunisti,

They are trying

you with honeyed words on equal-

Use

raising The ilving standards

of the workers. Ther tahren (peasants) and 1/2 But the prepte who have

wil

satather utit

With the conspirators

Erick key

Bak 507e

and

A Jinx Still Lingers

under

On "Island The World Forgot

Washington, May 30.

My

10

N

ben deretvet in the p

1.

The "Island the World Forgot" is being remembered briefly as radio amateurs ("hams") are waiting to listen for short wave signals from a tiny coral outcrop in the eastern Pacific,

klam, a

Ionely they were taken to the

But in cause

G2 11 670 est rules South-West¦ land.

the

main-

not be deceived again.

to

The Red Pasha Lleutenant Colonel Abdel Nasser then launched a person- al attack on Muhammed Kamel

et Bindary, whom he called the

"Father of Communisza"

WALK

ormerly Egyp:lan Ambassador Fayt Kamel l-Bindary

to Moses w and bernine of his acknowleged Commst sym- pathies, is known as the "Red Pasha,"

means

and

which

wor still of Acandles Mexan, is to go un; mages abroad.

tragedy "Kanel el-Bindary surrounds Expedia of received little notice at the tine. himself with vihers of the Unitest $ates Amateur โปเค Clipperton is a low, FREEW breed and lives a luxurious life entire its

a. ring of corni naughty seven alles in Cairo," the Prime Minister The storm-bu "iere) cfr.oner. around, enclosing a landlocked declared. **Yet he speaks of engine, disabled, recently had to lagoon. A singie high rock juts Cunimunism

Democracy radio for reseje ali

62 et trove the pea, risem-

claiming that these are the only Their

walt indkated | bling a salling ship frm a dis- dhe tress

by

the country that the isle still munies à jinx. tance, For on that insigaleant speck From 1943 until the end of each Its objectives.

"I met him when the Political of pick amid empty sccan, ten

the second World War, a United Parties' Reorganisation Act was degrees north of the Equatur. States Navy weather station was promulgated and he produced a necurred not

phucy and maintained un Clipperton, 2,000, plan for the establishment of a shipwreck, but also one of the miles west

the Panama

I looked through new party. rwst fantastic and tragie stories Canal and 3,000 miles east of

and remarked the programme that it was beautiful talk of the we have heard in the past,

only

ឍវ

in the annels of adventure.

Hawaii.

Although France now owns

Freebooter's Lair

Clipperton, until 1931 its clairu

Was untested by Mexico. In

What are the practica!

the years leading up to the first In 1705 the island reputedly asked. I got World War, fertiler was dug became the lair of John Clipper-reply from him." from the island, and a small ton, freebooting renegade mate Karrison was of the English Navigator William

the

Dempler.

means

for carrying out this programme? no satisfactory

after Forty-eight hours

Abdel Lieutenant Colonel Nasser's speech,

Major Kamel

Minister

of

had

to

Not uthwest the

The

Hecent Discussions have also clarißed the question: how much convertibility can be undertaken

one time.

certain

It is now pretienile that at first the freedom to con- vert pounds into dollars will be restricted Li "non-residents." Redients in the Sterling Arta would still have to obtain per- mission from the Exchange Con- of Authorities before they could make purchases from a dollar country.

113

UX,

"witch"

The elimination of this dise

between mitation

cupifal and current

sterling would be Fire peraltimile singe of making the pound convertible, All that

NEW YORK

STOCK

MARKET

New York, May 30, Stock prices climbed again last week and the industrial average closed at thing however

since level highest will probably be done be the

October 18, 1929.

There is Chat

ስካነር

2,000 Experts

Attend Conference On Textiles

was

noter

40-

there

is any evidence of a FEVERSE 11 in the American ceanny. But

time should answer this question

-und a short time at that. ready there are signs

the Lat downward

curve of Amerfran activity is beginning to flatten out and American busineismenį are now confidently predicting. the resumption vfu fong-termi upward trend,

2

Aure reserves large enough to take the strom that may be placed upon them by converti- » Ability?

The answer a, No. but the British Governme has inade

no secret of the fact that ad- ditional backing will be needed : to support u convertible pound.

STAND-DY LOAN

A stand-by Joan will be needed und this can only come from the International

Fund Monetary and /or the United States. Thus i is believed to have been one f the subjects discused darbe the recent visit in Lemon of Me Randolph Barges of the Ameri can Treasury..

exchange

declared

Over The North Pole

Stockholm, May 30.

here this

A Seaudinavian Airlines plante, the "Lell Viking."

buck waved evening after a Polar route etory le Train Tokyo. about one of a half hours alend of nekedule,

The aircraft, which pass- ed over the Reographic North Pote How the kind Typ of His return from Fair. Imuka, Alaska, In 14 hours and 37 minutes instead of the scheduled 16 hours, France-Presse.

HONGKONG STOCK EXCHANGE

of the Steek

Erratic In London

! Our

Owo Correspondent London, Maỷ 30. Mr Eden's hurried return from Geneva for consulta- flons with his cabinet col- leagues, the rumoured

į sinking of a United States

Atrike in

warship in the Far East and the official railway Britain — these were the factors which contributed to the decline of prices on the London Stock Exchange in the first two days of last week.

in the gilt-edged section

tho biggest losses were recorded i andatex locks. Old Consuls lost 1770 on Monday and unother 107 on Tuesday.

La

Losses also predominated the equity market but the de- cline WOR short-ilved and Wednesday's recovery took the Financial Times industrial share Ex-dex to 151- a new high. Firner conditioras

prevailed until Friday when fears of an extension of the railway strika caused price to dip ngain-by B 10

In the alt-edged section and one shilling in la- shustriais.

(From Our Correspondent)

Business change (pls morts! umeante E in 5020.711 56 Neon quotatters and the morning's deiligs

SAUNAS HUYERS SEULKIUS SALES

BANKS

a kit t

biggest price have been

Fly Book

End Asto INSURAN ES

Cintr Unde serateran

15:00 1440

170

ti

1.

The week's movements however

130 ኯ፡

KEL

DIY EN F

1912 ||00| Wheelch

WA+MI... 6,70

#'

LAND ETV

111

Ha L

4

Heily PTICES

Trath

#33 40 109...

| 20

5300 (

240

2

351

* 2000

1105

23 412380

1201

Pe

Star Fracy

120

212 1

shores affected by particular Company announcements. Thus Hui m's Hay gotted unobter 3/-

Monday

further

siderations of the

newe

-

that

the company's ol venture in Alberin

Min has *struck it rich" andt Vickers to a rally in ho engineering shares with a guión of nieponce on hopes of a big American order for the

corn-

20025 pony's Viscount aireraft.

ROLLS ROYCE ÚP Rets Royce advanced 4/6 to H on Wednestay following the BENOUDEVITA that the com-

500 32

1130 BOU... 14 (0) 1500 14 201

**E

14 15

30011

Sep21 0 2000 nu

pany's profit last year was the highest on record coupled with An inerease in the total distribu- Vieta muke, a 50 per cent tree scrip

issue.

On the other band Slemens droppe 373 to 407 on a sharp 1000 20 Full

In profits

1300

Light (1170

12

Electrte Telephe INDUSTRIALS

Cement STORES KIC

Dairy

2030 25 20

45

2330

Waton

500 17.

30 234, EEKL, "!!R

In the of market, Ultramars rose sharply early in the week, They gained 1/71⁄21⁄2 to 34/ on 20:30 1600 1400 1430 Monday and further nine- pence on Tuesday before slip- ping back to 337.

Kwong Song

Hewik MISCELLANEOUS

Yangiste Yumas

they have tallen

150

1,13

483

$ 12

143

માનવ

200 400

32/9.

}+2

Since then

further

The rise of Angio- Iranians to a new peak of £12-

11-3 Was ♫ festure of the market on

Thursday, But they reacted the next day to £12-10.

In The

Upset For US Japanese bonds, advanced

markets,

12

of

Innticipation of the listing

tertain of the sterling issues on

Administration Wall Street.

Washington, May 30, The Senate Anned Services Committee approved last week Ľ resolution calling for the

New York Cotton Market

New York, May 30. futures trading ex-

of the slowest

Rails were at their best levels for more than a year. Utilities olone closed with a tiny loss,

At the close

There are n auler of other of business on Friday, the Industrial average questions to be answered b.tore

berones a rhowed a gain of 72 points or 20 convertibility.

For example, will dealings i ngj per cent over the 1953 low set on September 1-1. Rails were pound and other currencies stili within strictly up 20.08 points or 22 per cunt, be

contned

Bmit or will and utilities, up 102 points or present nuriw rates 21 per cent,

be allowed to Auctuate more widely And The improvement reflected will convertible currencies be

- Government-owned in smelter with the for the high- | conaisteni investor demonad

Trade Texas City, Texas, to be con- liberalisling

Cotton grade stocks, although a broad policy

tinued in operation for another Paris, May 31.

important question also

perienced one for This is

that will take

year. and olle More than 2.000 experts special issues and selected stocka

weets of the year. gof time at the forthcoming The revolution bluers Con-

Priers see-sawed narrowly from 34 countries are con- of the major departments.

review of the General Agree-

and at no time showed a defolio gress in opposition to Die Ad- tho ferring here today on

Net als ranged 10 more ment of Tarifs and Trade,

ministration move to close down

trend.

At Friday's close the list future of nylon and other than four points

tow with a

It is noteworthy that spite the smelter by June 30.

ruled unchanged to 14 points man-made "textiles of the Figh priced shares making much of these uumswered questions a

higher, or unchanged to 70 cents wider advances. For example, new note of coniidence has crept | Th: Chairman of the Com bale higher than the preceding future."

to exchange in-superior oil of California closed into discussions of convertibillly nalice, Mr Leverett Saltonstall week's prices, They came

the week at 010 up 30 points.

prospects.

suid the resolution was ap Multiple uncertainties over- formation, hear lectures and

Commentators no longer pre- proved

the unanimously and said ranging

merket, thu discuss the industry's economie

the face their Steels ruled strong DS

remarks

with "if that the Administration orders Geneva Indo-Chinn situations, and technical problems at a con- industry reported higher_opera- |

becomes convertible would be reversed and the plus the absence of definite new Chicago S ference arranged by the Interna- tions, notably In the

They now

"When sanclter continued in operation.rop developments, and Honal Committee on Rayon and district. Motors were better.

And The resolution states that certainties as to how Congress synthetic fibres.

Coppers rose under the lead if sterling is convertible..

they are they make it plain

that

Will Anally is the wish of Congress

approve the price said Anacunda. Gains of a point talking Conference organisers

about something that the tin ameller should be cour support legislation, sizeable

com- world production of artificial more appeared in

will

before happen

another tinued in operation at least bined to depress trading. in na- double that of group of rails.

uni!} June 30, 1955. Mean- Gas second place tural

brought year has passed.

while,

would Congress utilities down.

advisability vestigate the maintaining a permanent

fibres was now wool and took among alt textiles.

West Germany,

A dip Issues

Britain and Bonds sagged slightly on the

say

Italy,

with France pisce, are the leading European For the month the industrial producers

in fourth week in all major departments India Wants

Sell More

To

Recent dullness in the domestic textile market, and the of heavy rate of producer redemp- tions out of the Government mestic tin-smelting industry. JUNE

Joun stocks, posed other handi- The Administration, through cups to the development of new

Reconstruction Finance Interests.

the

du-

Corporation, has already moved

to close the smelter by June 30, suspending purchases of tiz

orc.

Jute To USA

Washington, May 30. Members of an Indian · Jute

and Indo-

A

of synthetic fibres average showed a gain of 8.15 which include such names as points; rails, 6.20 points, and

tight supply situation will perion and vinylon as well as utilities 1.58 points.

be eliminated at the end

of the

better known rayon and Demand for stocks was sus-

the season, it was felt. Mexican Army

tained by a number of favour- nylon.

Speculative accounts, disap- maintained there.

Britain, 12 1914,

Austria, Belgium, able factors developing during

pointed by the luck of con- amic politicol up- The island was forgotten unti

week. Canada, Finland, France, Hol-the

MORE TIN NEEDED

clusive developments in Cotton, heaval in Mexleo and the out- 1858,

el Din Hussin, when До French ship

land, Italy, Norway, Spain, A spurt in. steel issues (01-

went over to the stock market Economic break of the first World War, landed a boat to holst the im Social Affairs, disclosed that a

Switzerland and West Germany lowed predictions by steel

experts predicted and the faster moving Dom- today that supplies for

of the "Red Pasha" colony on perial colours of Napolcan I been arrested for alleged com-

the United on the com-leaders that there would be no

States modities, like coffee, wool, eccon, represented Clipperton,

would soon numbering at least Mexico

be in the market and trans-United Press. provested, but did

mittee. Other delegates come steel strikes this year. 30 men, women and children, nothing else for 40 years. Then plicity in the May Day plot.

from Argentina, Australia, Expectation of further Gov-mission arrived in Washington for more Bolivian

RAW COTTON EXPORTS wore somehow forgotten. Ships in 1897, a year after another Major Hussein added that the

Brazil,

Chile,

Egypt,

Japan, crnment spending on aircraft last week for talks with Ameri- nestan tin oro now that opera-

New York, May 30, tion of the Clovernment-owned French man-of-war visited the husband of a former Princess

Mexico and the United States. helped to promote interest in con oficials about possible in-

Raw cotton exports

by crisans in sales of jute products | Amsler prices rose

a! Texas Ccly Island, it sent a gunboat of its whose name he did not reveal,

Among them are Professot that group

destination as reported in bales member of the

in the United States.

virturlly assured for at leest an- by the New York Cotton Edward Robinson of Cambridge sharply.

Ex- Good dividend news and fure

other year.

to Ownership of the island grow former Royal Family, were also

University, Dr Staudinger

The mission is headed by thu

change for 1954-55 scuson Attor

good year the

Corporation news

May 25 were as follows:-* garrison more controversial after a British Involved in the plot,

who won last year's ther Germany, One of the few newspapers to

They said they believed that Britain Commander, Captain Ramon de company received a concession

Bolivian offer nf, 10,000 teus Continent Nobel chemistry prize; France's sustained the list as a whole the Arnaud, took the only three men in 1906 to work phosphate de- Akhbar Al Yem, owned by the

plot wat E. J. Brandenburger, who in- United Press. still strong enough to pull cars posits there.

vented

sellulose The question was

transparent

Canada und set out to row to the main- | referred

twin brothers, Moustapha and to the International

wrappings; Dr R. Tremelloni, fand, 075 miles away.

at The They Court

Italiani Finance Minister; · Pro». Hogue with no Aly Amin. It published theo were never heard of again. result, and then to the King of Views on Communism in a lead-

feteor 8. de Meulemeester of A hurricane struck soon after-Italy for arbitration, After! ing article:

Belgium and Professor E. Land- wartie

Then the lighthouse | thinking it over for 22 years, the "In the past, when corrup-

bert. Bwedish Economi keeper went insano, murdered Italian monarch awarded lon reigned and class gape. Reuter. #

simply stopped going there.

་་4ས

Split His Skull

and another

comment on

were wide, we could find "ex- the remaining men, and sot him- Clipperton to France, self up as

king. One of the Other than the United States cuses for Communist agitatora women he sought to enslave | Navy wosthenia, however, only

"But today, following the killed him with

an axe as he fow shipwrecked fishermen agrarian reform, the declaration have lived on Clipperton, sinen of the Republic, and progressive

slept.

bd

Exchange Rates

and

U.S. Economic Experts To Visit Yugoslavia

was

Jute Mills Association, Mr J. G...Waltan. Members arrived in of ore, medo last March but Orient Now

and never accepted, would be taken Total fer, Keason

deputy Chairman of the Indian

York last Friday

American

330,042

1,101,020

1218.703 3.132.123

spent several days there inter- | up soon by the US government, "Samo porfod isst year 2339,134 vlowing

business The US already has a con- excluding Hosers.---United Press. officials.

tract with Indoncala this year

Jute in. India's main dollar 10,000 1000 110s of ore and Bank Of England

Statement

earning export. Indian Govern- tons of the metal. mont officinis' and businesses are Under the resolution', calling increase on Government. to continue now attempting” to Belgrade, May 90

London, May 30.. American consumption - of jute operation of the Texas Cily Alates which dropped sharply several smeller · for pnother your, as The Bank of England sinto- A group of United Fecunojmila' representatives arrived years

Government imposed quotas on Services Commitice, the. Con 20, roads as follows: Lurned to substitutes, such a during the coming year to de-Pubile deposits... extending economis

paper and the indiah Jute in- termine the advisibility. of Government securities My Between

the two dustry now inter the problem maintaining a porninnent domes. Other sporurities ****

Loc tin smelting Inclusiry. Dank: ratio countries, Tanjug, the Yugoslav of getting there mislombre Back, the

Ualted Press. news agency, reports.--Router.

United Pross

On July 18: 1917. after thron the tragedy of 1917. All that re«/.taxation, not usinests: wika- done in the lodhère by air today for a week's Ago when the Indian approved by ihs Senate Armed ❘ment for the wook ondéű-May Gnomolai manbangg market this stay in Yumomine volf/Ports. Many American, users grens would study, the situation: Note In circulation 1.813410,201%

years

scene that -

was visited by the United States from the phosphate era, a ruined as in my are not rouly ine

of isolation, Clipperton mained m 1949 were a few rails excumech.

that the Communi ship Yorktown while on naval building, or two and a rusted lats? patrol. Three women and oight steel jetty at the edge of the torosted in such reforma. They children survived. Their terrible reel, washed by surf-China only wish,toy annex. Hopfgesto story was pieced together as Mad Special,"

na Mall Specia

Starting notes (per #UM. pingwink Tràgy-will-

(par

fridones on rupials (per 100) 16 Blom tivala (ove·100) 'Singapore' (istraita) vestisi Indo-China planres, (per 10).

Private, supo

18.007,761

Fred