1954-06-07 — Page 9

Page

Italian film starlet, Nylona Fampanini, in Spain to make a film is reen in a happy. mond when settling down to watch her first bullfight in a Madrid arena →→Express Photo.

THE CHINA MAIL, MONDAY, JUNE 7. 1954.

Iran Plans To Smash Centuries-Old

Smuggling

Rackets

Teheran, June 6.

Iran has established a 70-kilometre (about 44 miles) security zone round her borders and is building up a frontier guard of several thousand highly trained smother the increasing smuggling traffic there.

men to

Hand-picked men from the gendarmerie, the customs guards and the former frontier police will make up the new guard which has been put put under direct army command,

The arm will issue them with rifles, machine guns, lorries, ski-ing equipment, mule trains and radio equipment.

31

Highly molle and cheerly, divided. amang it's 150,000 American vikare' tes rost SIX Linked 1.v wireless. thepulation,

cil, worker every

rmis a packet in Kuweit but are and each nomadic Aral coupl sell in Teheran's black market, frontier guards will stund a

afford Cadiline car.

operated by herbode v garders Fater chintie than any presi

This

Ju for was the

the with one eye on the police and Viens force of heating the

nf bazane merchants

Abadun the other

the customer's Teheran, fared! commplets who onch year

with porket for 20 rials.

Ja Abadon, an official told me: sasirous trading losses due to Irantzun Cavern

British evacuation of Iran. "One man made a single trip to One of the first big smuggling | Teheran, from here Wilh sprang up thousands of packets of cigarettes enterprises which

was the te trade. ice and made enough money to buy

1

Cont at illi ng of rinks.

in Weberu

TRADE and COMMERCE

COMMERCE SECTION

A Rumour Earned Britain

$90m. Last Month

From Our Own Correspondent

London, June 6.

Rumours which became current at the end of April that the British Authorities would allow the pound to rise in value above its present upper limit of $2.82 brought in no less than $90 million in gold in the first few days of last month — and incidentally improved the prospects for convertibi- lity.

This gold inflow was the biggest factor in the rise of $165 million in the sterling area's gold and dollar reserves in May. American defence aid was

Hard Life For Swans In Tokyo

Tokyo June 0.

Tokyo "Smog", vandals and gastric catarrh bas blighted the hopes of the Imperfal Household of creatitig a Japanese swah lake in the palace most,

Ten swann were Im- ported from Weal dermiany for the purpošk,

One led of castrio clarch and has been stuffed and placed in the

Veno Zoo,

A second was injured hoodluma throwing

by

stories.

And the rest have be come a dirty grey An 11 result of the soot and dust which blankets centri Tokyo.-China Mali Spe-

cla).

LONDON STOCK EXCHANGE

How The Refunding

Operation

Affected "Gilts"

From Our Own Correspondent

London, June 6.

A large Government refunding operation has for long heen expected in the stock markets and the lowering of the Bank Rate in the middle of May turned expectation into certainty. But no one anticipated the form this operation has taken. The Government has passed over the £824 million of National War bonds 1954-56 and the £101 million of 25 per cent funding bonds 1952-57

on the low side-only $6 million compared with US Textile and decided to deal first with the National Defence

the monthly average of $17 million in the first four months of the year but receipts of gold from the EPU in part settlement of the previous month's

Recession

surplus with Western Europe amounted to $3 Almost Over million compared with only $7 million in April and an average of $2 million in the first quarter.

If receipts of dollars directly attributable to the exchange rate rumour are excluded, the "residual balance" --that part of the surplus which consists for the most part of dollars earned from our trade with North America

This was $30 million.

compares with $86 million in March - before "special factors" began to boost the inflow of gold into London.

reserves

Berves are,

still too

But if they grow as they may well do by another $250 million by the end of the year the Gov- einment may consider that only

ཟ!

lively modest stand-by loan will be needed from the Inter- national Monetary Fund as ad- ditional backing for a convertible

patzund.

Now that the exchange level of $2,080 million the re-

of course, rato rumour has been off- rially denied and the lower. Small. ing of the Bank Rate has brought London interest rates into closer alignment with those obtainable In other financial centres, some slowing down in the rate of growth of gold must be expected.

Sumner

It is significant too that much I normally

days about season for the sale of sterlings is enrd these

and this is the need for "good creditur area comuniorities.

when the United policies" by the United States. # period fon Kingdom buys more fruit

is still one of three and True, this

prior conditions of convertibility the Continent vegetables from

(a third sound finance in the and tourists spend their foreign

Is tod re sterling area) but there exchange allowance, More-

Intention now of waiting for over there is a possibility WO

long, be paying America to do all the things that shut, before

Was #t one time considered out gold to EPU creditors as a

solutely essential. result

funding the negotiations in Paris.

Thut this is not to

say re- erves wil not continue grow nor does it in any way chandraksh ther achievement Df the last few months.

"IN OUR INTEREST"

Mr Butler

|

Loom 1951-58,

mumber

-...

זיו יייי

Arna erkar in urned dull before.

enrumodity share

cosponded to

proch

*

and

- movement

At

The operation falls into work on dividend and scrip issue * Two parts. First, holders of, leg

the National Defence Loan the week but

K MA bunds are offered conversion the tidy. fat par on July 15 next into į In

Iwo per rent conversion market, New York, June 6. slock 1958-69 together with The year-old recession in cash payment of 13 -

for th !! ' Attie muure interest the American textile in-overy £100 nominal. Second- var markers on the statement by Sir John Hy that natural rub- dustry has about run itsly there wits a vash issue unt

now being und in eggand | course and "will soon give] Thursday of £300 million of jpps portion with synthetæ in flee way to more constructive two per vent renversion Uned States and healthy markets," an[stock at a price of £991.. Coppens went air tly ahead

(#11. Prey's The W Industry spokesman said on

This issue Was GVP9 Subser il- Friday.

Larger banks นาง

Thre

The President of the Associ:"cm · discount houses are believed to of Cotton Textile Merchandig have applied for about a third of New York, Mr W. Ray Beff, jot the minout on offer made this prediction in the or- | post was taken

ganisation's 23rd annual market i ment Departments survey.

by Govern-

T

V

market to falter.

+{

the

Singapore Rubber

the turtles operation Ita The #est

UT

There

TAY

slock until

11s last

100 b

that

ttur

;¥1{-4tbktt

market

1-

Market

Singapore, June 0.

W maxderate buying tarter and factories, but Inte the day there were offerings which tooURJE prices of with This Brregular smarket.

No sobiben per to June 0334-6076

Priem.

July 01-03

AUR 833-64 No 2 hbet per b June 872-027 Nubber per b June 6141-0T

4 other per 1b June 2004-01

NO

212

Spot rubber, sinhaled Hanket erepe

No pale repr

1020 ten INNOC were

62-03 BR-00

74-75 -United Press,

Mr Bell reported growing The market az drawn twe evidence that price cutting han: Inferences Frum

in favour

ut th been abandoned production curtailment, a "char-Place it can no longer be taken

that

Ginvern acteristic of the fitial phares of for granted

fhent will ways delay repay - extile recessions,"

Prospects

were

exprelatly tent or conserdou of a parit. bright he continued.

"for anular early end of the extreme caution demption date Secondly 11 which has dominated buying: PEND

Treasury: for immost a year.

upinion

the long-term Depletion of warehouse and i trend of interest rates is down-

wied. counter reserves had reached a Duint where replacement colu '' were renter, and distributors been busy all the werk ljut- were suffering the loss of suleyin itself to the new pattern of brenuse of inadequate assort-

yields which emerged trom the ments and sizes,

| refunding operation. Aledium Production adjustments caused and long-dated stocks In 14 per cent drop in raw cutton.

price, short-dated the first far lower. Three and a half per cen' hinted at this in, consumption In his speech. Be reaffirmed the months of 1954, n trend which conversion stock 1909 WAN 1/1 by the Mr Hell said, "will in all likel-particularly heavy demand and attached fled fonded into

Importance Britieh Government

hood continue to the Summerts prlee rose 80 to gund

£101 Tween Homacie

s of the most heartening

the week to Thursday's close at their miles of Persian Gulf waters to

grealtor policies by the United truths and varation period." three times their value and was

The natural outcome that But the week's biggest rise was neighbouring Kawelt

States. I wanted to see a co mill surpluses will no longer be in the Funding four per cent cents a pound, nominal. aspects of the May performance Atusan ng Turkey bought

where

workers In a prison sentence as well."

is the gold Smugglers who work between

which Hooded in tinuing dependable balance be-

vailable for rendy up Bike children Kuweit,

tween the dollar area and the the first few days of the month Fran Brad

(because

believed rest foreigners

rest of the world-the balance which

depend In which Sterling would appreciate

transient

SLICH measures valur) and continued to arrive,

Seme market arras already though at

slower rate, until external United States aid. the reduction in the Hank Rate, wanted to be sure that in the have shown the effect of chang- Os in then supply erudition, with un- as well money in the long-term

profitable business being turned pal sense. I!

conditions short-term

Tooiced arrived as

down and fractional price gains right for 14sult of speculation but it was

convertibly net withdrawn immediately at that it was not only a practle-reptyd, he said.--Unfled Press, the couse of that speculation ble move when i was matte but a secure polley which could Was removed,

bo sustained in the future.

Total fastes P Just al roula

wunding burn!. We are M

Fer

Stotipelag ha

"

ཟུ*་!གས3

11

The men

The

from

the refrigeration plants Cacline. He stuffed the up- Abaran and elsewhere washolstery of his new ear with packed in coarse miting and gareties for a second run. This

Launches which time, we enught him. sped at night Deross the 80 "He lost the lot, had to pay

J

Irag

ll r

bevere aline second buying the cream at a summer rupees, dinars and rials as cur

30 pienie. years has any effective

al veloped by

at Glow reponert in Teher ap

19k at Starte

Ma

to radi nonde aast

and spinn

Cinta.

Sin and ond Bokhawa

We'

has

* 1

on the

opened jage 11 Letween icon and the fabulously wealthy 01 sheikom

The Perdon Guir

Kuwelt.

SWIFT LAUNCHES

Tribal mugglers use

bucks on their own sturdy which to entry contraband. But the munglee operating

on the trail gulden Kuweit

ls often Influentini rich, eduented and with, porsibly, bank accounts in

London, Paris Bonburg.

And as well as Teheran

New York and Bagdad.

יוtי+ %

TY

also placed an

Italian

WAN net "hot

"ANTICIPATORY"

was Jess

their foreign exchange

did not

of which

Con-

shipment 1900-10 which advanced 17 & to

101-18-0.

and the chances of improvement in textile values will be greatly as enhanced." he added.

Un

412

British Radio Exports Higher

On Friday the new two per cent conversion loan opened und closed at 13 premium on the issue price and the gilt-edged market closed for the Whitsun holiday on a very firm note.

NEW YORK MARKET

New York, June 6. Rubber futures closed today Junchanged to 10 points lower

with sales of 10 contrnets.

Business in futures and spots were extremely quiet as traders anticipated the Whitsun holidays

verreas.

Spor No. Rss were quole

Futures closings were:

July Sept

Da

Mar

Mus

July

22.70

23.00

23.20

23.33

29.40

23.4

-United Pres.

LONDON MARKET

London, June 6. The rubber market was very No. 1 Rsn SPOL 10 pence

per lb.

10%-20%

1036-12!

E-10

.....

ANTS-1DIA

10-10%

1936-1935

1975-1934

10-11/16-1076

1822-1034

18-313/10-109%

There have been fresh rises steady with among industrial shares but quoted a buying has been conned mainly Prices:

No spot it. "special situationers." 'The Settlement House term: news that un American airline July

three has bought

Vickers Aug Viscount aircraft and taken s

Sept. Oct./Dec. London, June 8, option on a further 37 boosted Ja, Mar. British Radio exporis for shures of Vickers which makes Apr./June

General markets, if basis, ports: April were valued at £2,550,- the

and Rolls Royce June aircraft 000 Including capital goods which makes

for July the engines worth £1,100,000

them. The former were up 17- and

to 04/0 and the latter 3/1 % to ponents worth £600,000.

coni-

Exports for the first four 92/9,

months stand at an annual rate of £28,500,000 compared with £25,750,000 last year.China Mall Special.

LONDON METAL

rency. But their ultimate alm la BEST OPILIMI

dollies. One merchant, searched at Abadan airport while on has Soon, her vorsels followed, bringing meat, livestock. frull, to possess a cheque on a New way to Basri, in Iraq, was founsel vegetable

avd. pecasionally. York bank for 100,000 dollars Lum for tramiais To at TOW NOWING, D new said to be the net in the world his

plum is (about £34,000). He had sold Colon and fre esteder 'ዳ

smuggling gains -rupNON, Blocks what any of the ants after the Persian craft beach-

suk! onl soon dinars and rials-on the black market for a dollar cheque with sandy shures of which he hoped to import goods trom the United States and Kuwell.

Iranian Government officials treble his stake within a few

"But we must never forget in attribule the high cost of living months.

Mr Butler declared This implies the gold Inflow all this". In the big cities partly to the AOVIET BORDER SAFEST

than | "But we adopted the collective; speculative With it has sprung into exist-food which now goes on in the smuggling run, the Government wide-spread smuggling trade In

"nolicipatory". Foreign business approach to freer trade and To stamp out the Persian Gulf

meu hastened to cover

converti- their currencies ence a new type of smuggier.

gulf.

future

needs sterling

while bility is an essential part be- asked the United States hna Shiraz is on Iranian town Government

British businessmen handed in cause it was in our interest to to provide five mules perched high up in the Zagros naval motor launches out of

re- do so" mountain rouge to the south of military aid. These are due to

without culpts

delay.

This is an Insignificant shift the country. Because of be delivered shortly. The Gov-

To the

that dollars of emphasis, And the theme was extent position. fed with

mountain ernment hag

have been flowing in, in antici- taken up by The Times a day or reins stevel Dotheci In hut Sun order for nine coastal launches | patton of future needs, the two later, "Convertibility la not for most of the year, the town with

shipbuilding reserves have already benefited a sacrifice to be made in return bus becom fainous for 11s firm.

receipts that by the

would for American concessions:" said melons ani other fruits arid

been otherwise have

the newspaper, "it is a possession spread vegetables.

over the next few months, And to be prized for its own sake. there may be some actual out-Americans must realise indeed good creditor flow

funds

as money invested that without

will polley, exchange freedom on short-term In London 19

always be able to be qualifted withdrawn.

against dollar Further spectacular gains in by restrictions

goods. But this is different from reserves are therefore, not to Elsewhere the fight against

saying that convertibility itself be expected. Is transactions may run into Officials found that

should walt Indefinitely for to £7214. the sur-tribal smuggling bands, who are hundreds of thousands of rounding dekis had been swept sometimes

The significant point how-something

the that

Unlied armed, will dollars a year. For huge pro- clean of fruit, which had been intensified.

ever is that reserves have rison states may never do",

t}ts

bur Can

mado

over the last few months-and trading taken to the coast and shipped Following the Bagdad Bonds

As the Chancellor said: 1 the illegally with Kuwelt and other in launches to Kuweit, where it in March and

consequent

will probably continue to rise- anyone had spoken like this in rich of

the states in the Persian fetched 500 per cent profts.

recession food shortages in Iraqi towns, despite

in the middle of last year when Gulf.

America, The golden anuggling tall" to large herds of Iranian sheep

No "special factor" the world was fearfully awaiting can minimise the importance of the impact of an American re- When Iron shut down

Kuwelt carries a two-way trade, have been driven ilegally across

this.

ression he would have been ollfelds in

Into the free port of Kuwelt, the border. One band, using 1051 following n

ships from Britain, the United lorrios to transport their sheep.

Between July 1933 and April written off as an optimist or a dispute with Britain over rev-

G gendarmeria 1934 encountered States, France, Italy and Japan patrol at night but shot their

n-Junatic-er both, enues, the pocket-sized desert

the United States shelkdom of Kuwelt leapt for disgorge Jountain pens, playing pal

fell tem dustrial production of the

In the same period, ward to fill the breach, British cards, nylon shirts, French

per way out, killing

per cent. tumes, English cloth; and United States

companies machines, silk tles, toys

sewing gendarmes.

gold the sterling grea trade aiso Tribesmen and

dollar reservés rose 19 concessions operating oil Kuwelt poured in money

sweets. These goods, tax free, weapons, mostly first World War

cent. This was a remarkable are then brought back by Iran's Russian and German rilles but shattering of expectations. A opening new equipment,

smuggling bands to the

modern Belglan south occasionally

Ex- welle and

the Chancellor of the expanding

coast of Iran and sold in the pistols. tanker jettles to make good towns, chiefly Teheran, at sky-

Prevention in the bleak desert when he drew attention to this!

chequer, Mr Butler remarked losses caused by the closing of high prices,"

border areas is dimcult and in last week:

in the the Abadan relinery.

the past Customs officials have middle of last year had forecast Wheat, No, U, red

He uses feets of swift-sailing Imunebes, Intest model cars and semetlines small aircraft which Innd unseen in the arid desert flats.

THOW

her

uid U

in

Idle oll workers from the Iranian cliṇelds

into

smuggled

the

boom

But in April this year townsfolk ef Shiraz sent a de putation tra the Mayor

These vessels, linked by radio with the Frontier Guard ashore, the will putrol the coastal reaches of the Persian Gulf seeking out the com sandy inlets where the smug- plaining that they were unable glers build their craft and where to buy any of the luscious they unload their contraband or foodstuffs which grow outside take on tresh cargoca. the town.

AMERICAN CIGARETTES

one

bo

of

11

MARKET

London, June 0. The tin market was steady at lower levels. Spot fell 3 points to £722 and three months 3% Turnover won 120 tons of which 10 tons were for

cash.

Closing prices were:

Spot buyers

ellers

3-month buyers

seller

72112

751

Untied Press. NEW YORK FUTURES

New York, June 0. Prices of metal futuręs civsed today in US cents per lb. as

follows:-

In

and

per

cer

CHICAGO GRAIN PRICES

Chicago, June 5. Prices per bushel in cents;

Closing Prices

Lead

Tin

Juno

July

Jung

July

Zine

Juno

July

Copper Juns

Juty

b-bid

June

anybro

Iran's Government has placed form local agents to it- the combination of percentogos | #pot

relied

on smuggiers. Experience shown, however,

that

high duty on luxury items has

themselves state of Kuweit in swift-sailing, such as perfume which gives the smugglers learn who the dients Persian craft which carry 30 passengers and a crew of four. muggler a handsome profit were and prored them twice

margin. often pay thousands of rints for allents

Women in Teheran the Government reward, to keep French perfume, which they are Irah'a saret Border, trim a told Juhs been sinuggled in, but customis point Yew is the TRO piles) posted in fashion with tax frontier with the Soviet Union. which frequently been im- 1,200 - klornetty.

Soviet border guards koop such tight watch that ho smuggler

They roamed the narrow, hot, dusty streets of Kuweit with money to burn and hardly any- thing to buy,

Kuweit's oil Income rose from $30,000,000 in 1951 to $139,000,- paid. 000 in 1932 and has sinco topped $160,000,000 every year banned on religious rounds, would risk a crossing.

Rednomic exports call Kuwell since Monions are forbidden to

Packe of playing, cards, aró

Teheran officials say the only

二

---only 4,000 miles square-ilib gamble. But these can be bought contraband which trossos this

Cadillac country because, If its in any, Teheran shopping streel border

national wealth-

Communist · prom

WOTO ovenly at four times the usual price. paganus,China Mail Specia

he would have been written off July 194111) 199¶j (1)" as an optimist or an Imeramus

possibly both. Yet there It M

DEC.

CONVERTIBILITY

Com, No. 2, 28lluw

The question that has Inovit. EDI. ebly driven in! Where do we ten stand now in relation to con- -15oybeans, Nu, k, yells vertibility?

Spot Obviously prospects, have im» ] Juiz proved. We are menter than p

Nov. could have been expected a few kanc months ago to the Banadine LAN goal of adequate reserves"-- · parler papet one of three prior conditions of New York hour, 299 lbs. convertibility. At their present:

Back

202-

TOBACCOS ur

Aug

Estrit crepe, that

2315 Untied Press

New York Cotton Market

Gaina WCTC also made In Tobacco shares on the news of a five per cent increase in the output of elgarette manufac- turers oud also in motor, news- papers, paper and stored shares.

1h the {Japanese bonds have again been

Prices moved narrowly, vary in demand in anticipation. of

ing a little on either side of ine Wall Street quoting the sterling issues.

showed a definite trend. Apex made a bright spot in At the close the list ruled un- the all market advancing 6/3 10 changed to off, G points. Open- 50/- in the last three days of the ing prices were unchanged to off 2 points. New Orleans closed off 2 to 8 points,

New York, June ( Colton trading today con.. tinued dull for the fourth foreign market.session in a row.

New York Sugar

previous close and at no time

Trading volumen and OPLIA interests in the Exchange today were:

Market

Monti

Volume Open interest

July

20,190

622,400

Opt,

7,200

251,000.

4

New York, June 6, World No.

Dec.

22200

342,600

sugar futures

MRF

12,000

250,400

14.046

14.0c closed today

23.dob points higher with sales of 208 05.50 contracts.

unchanged to 4

May

8,150

181,600

July

1.100

07.100

Oct,

900

20,000

Tuini

10.941

11.03%

Domestic No. 8 sugar futures 20.000 closed 1 to 2 points higher with 20.45 sales of 175 contracts.

-United Prem,

Bradford Wool Market

Hradford, June 6.

Both markets ruled steady in line with the raw situation, and reports of a slight improvement

Mpat

July

Mar

Mny

Contract No. 4 (world)

3.200

July Qet,

in the domestic demand for re- det fined · sugar, Futures closings Nec were:

The wool tops market closed July for the holidays on a very firment noto due to the sirength of raw | Jan, wool costs rather than to volumes March

May July

320

83,100 1,802,000 balen

United Fress. NEW YORK PRICES

New York, June 6.

Closing

Prices

Jone 4

35.34

34.87-20

34.13

34.15

34.28-20

234

Valled Press.

MARKET

LIVERPOOL COTTON

Liverpool, June 6.

Cotton futures, in ponco por

of wool tops buying qulol Arm Spat-icenta per ib. in Cuba) 3,321b. and based on Ameriona mid-

Chlet demand in a market "wan. for tho botter grades of crossbred wool tops, July The market closed with prices Sept. πάν, as follows WA BA March

310. perice May

70%

14

| 07′s: supér.

sited Prom.

minijod". Preka,

Centres Nb, C

sendling cotton 18/10 inch, closed

8.74

an follows:

B.TA

Oct/Nov.

0.0%

Dec/Jan

Mar/Apr.

ง. 1 May/June

51.1

Spot-iernia per beif NY

ex-duty}

6.19

Market: That market Jone stendys" United