1954-06-18 — Page 1

Win Min Than Chats With H.E. Bates

Min Than

Mr. E Dates, author of the book which has been made into the nim Plain has a farewell chat with 21-year-old Burmese beauty Win one of the characters he created in this her first film,

-Routerphoto.

"The Purple who played

She returned to Rangoon last week.

Appeal For RN Inquiry

Into The

Case

Of Sir Dudley North

London, June 17.

The five Admirals of the Fleet, three of them former First Sea Lords, who went on deputation to the First Lord, Mr J. P. L. Thomas, in May of last year, to ask him to hold a naval inquiry into the case of Admiral Sir Dudley North, now make public They are Lord Chat- the memorandum they then submitted.

Lord Cork and Orrery, Lord Cunningham of field. O.M., Hyndhope, O.M., Sir John Cunningham, and Sir Algernon Willis. Lord Chatfield told the London Times that he and his fellow admirals feel it their duty to correct what they regard as the misleading impression given in a recent debate in the House of Commons. That is why they wish their memorandum, the text of which is given below, to be published.

MEMORANDUM TO THE FIRST LORD OF THE ADMIRALTY, MAY. 1953.

Sir.-W., the undersigned, wish respectfully to lay before you the following memorandum on a subject which we consider to be of the greatest importance to the service. You will be well aware of the ense

Was

ונת''

error

or

57

up to date in September, North's "to define what problem W B3 the Admiralty wished done the circumstances."

**

It was

10

of judgment" "neglect of duty."

But I seems clear that both the Admirals concerned, North and Somerville, had individual problem of what was politically

considered | iequired of him, carefully y most

he made If he their duty and had made

any error in judg- it was at any rate not "greed and convinced decisionment, that in taking no net

Action they what could be judged

Such we feel were acting in becordance with "neglect of duty."

naval He would be the ordinary Admiralty Instructions and

"lack of Admiral tentions. 11, therefore,

Admiral | opinion; nor was it a Sir Dudley North, who ta De-

The prudent prernution." North did eer in either of dismissed

It can be said, and has been cember, 198,

guid, that it was a cure where from hus contmanel 8 A.C.N.Above respects It may be main- tained, we feel, that the fault Admiral Commanding North was "an error of judgment,

the Admiralty machine broke then Bourd of misinterpretation

and from Atlantic by the

of Admiralty down,

failure Admiralty. Admiral North

orders," but was not "neglect of alone North's problem aross

seems to us therefore understand, duty." the charge made against

It

par- Contimally.

ticularly a

where an in- cise miley Br 10 the cause

and summarily quiry as to sentence,

ot any failure carried

out,

tnost sponsibility Wilk (*

Gibraltar was necessary, before severe that could be given

Judgment was given and punish- ment meted. Not only was his In- for an immediate request quiry refused, but his many

requests subsequent strollarly dented him,

severe sentence

אהן?

we

without

his very trini

him,

couri

The

by citivestigated martial or other court of in-

quiry. Here are the foets

one side of the case

an

In

The A.C.N.A.. was given July, 1949, some indefinite in structions which were bound to pince

In dimeult pasi- him fun should the eventuality. for which the instructiona were meant to provide, come to pass.

in

war to a Flag Officer of distine- tion and high standing, such as for might

heen Riven cowardice, lack of energy, lack of a sense of responsibility.

have

The Facts

Those, First Lord, are the

it

He was also definitely told that facts as many see them today be and as they have been publicly French ships were not to

with unless proceed-stated, and which in the inter- interfered

and that ests of the service we feel Ing to enemy ports

right to bring to your notice. they were in interior strength.

We therefore most respectfully Although the political situa-

in the next two suggest that it is highly desir- tion changed

able that they should be In- North's Admiral

In- months. structions remained unchanged, | quired into by the present Board He was not officially informed of Admiralty.

of the changes

nor

was he Dakar plans.

Anglo- in the

as

us

had

or

Should you, after hearing French political utmosphere; at the interview, accept our re- of an inquiry. the commendation Informed of

rob constituted

we have sub- though he prob-

that knowledge of mitted, then we consider ably had some them from unofficial sources. its recommendations should be Should the inquiry dis- As a result, he and his com-anal,

political close that Admiral North nand had a different

unjustly dealt with, mentality from the Admirally been when the crisis arose.

more severely so than the facts merited, such public statement There was some negligence in Whitehall which as you might decido should be reputation. developments on made to clear his affected the

we have requeried September 10 and 11. This fact Meanwhile,

made known Admiral Sir Dudley North to was not publicly until many years later, when it, stay his hand.

(Signed by) Chatfield, Cork was stated by Mr Churchill in. his book Volume 11.

Ortery, Cunningham

John Cunningham, Hyndhope, Algernon Willis.

Other Side

serlous

and

that

TRADE and COMMERCE SECTION

HONGKONG STOCK EXCHANGE

UK Anxious

Japanese Minister

Good News From About Incentive Outlines Prospects For

Geneva

Spurs The Market

By A Special Correspondent

"New Hope At Geneva" sald the headlines yesterday afternoon and utility share prices rose by an average of more than 40 cents on the Hong- kong Stock Exchange in a brief hour of trading.

Report

London, Jans 17.

The Belilah Government Is making urgent In- quiries" about reporta that a nicel rebate in being offered to German ship- builders as an artificial in- centive,

Government spokesman wald today.

A Liberal, Mr Joseph

Grimond, ratinr the mai-

fer in the House of Com- mona, sold this forenitve to exporters was of a type which Britain and the West German Government had

agreed to eliminato, officially

But although the trend was described as "firmer" at the close yesterday, brokers anticipate that there will be a period of profit-taking in the next few days unless, of course, the Geneva talks on Indo-China continue to make headway.

In this connection, it is interesting to note that while Mr Chou En-lai now accepts the point that the three Associated States do present different problems,

Mr Reginald Maudling, Economie Secretary to the Treasury, mid the plten- tion of NI R. A. Butler, Chancellor of tho Ex- chequer, had been drawI to the reports. Be added: "We are making the most urgent inquiries.”—Reuter.

there are still apparently gaping East-West differences NEW YORK

over the question of the composition of the Armistico Commission team for Vietnam and A Western compromise on this particular point is hardly likoly. The moral, therefore, would be: optimistic about Gencya."

Was apparently taken for granted and so this news didn't upset the market unduly.

"Don't be too

STOCK

MARKET

once

Economic Recovery

Tokyo, June 17.

The Japanese Finance Minister, Mr Sankuro Ogasawa said today the Government's deflationars "austerity" programme was successfully driving down production costs and enabling Japan to increase her sales in competitive world markets.

Mr Ogasawu said the Government planned to push production costs still lower so Japan could further expand her sales abroad. He predicted she would be able to cut costs and increase sales sufficiently to balance her international trade sheet "in the next financial year."

This would mean a cor- plete reversal of the pre- sent critical situation in less than two years,

Mr Ogasawn said Japan had to achieve free convertibility of The you and was anxious 201 have American co-operation In reaching this gaol.

Mr Ogasawa in detailed Liscussion of Japan's econcile problems and the rantion's future made these points:

(1) The Government was determined 10 conilma Is deflationary policy, maintain strict credit control and com- but inflatiou.

(2) The Government has "absolutely no idea of chang- The

Yen is firming up, on the in- ternational open market.

The Stock Exchange tone rent), The old blocks are to and new blocks during the week has been be demolished

can be

New York, June 17. higher rents hesitant with prices holding charged) erected in their place.

(where

Profit-taking made small up well and fluctuating nar- The tenants, by the way, are inroads on the Block Mar- rowly either

The given way.

compensation for the ket advance today ан the failure of the Korean talks trouble they incur in moving.

I questioned

of averages number

again up- brokers yesterday on the vexed proached new highs, but question of financing

ing the exchange rate," the Kalleading sections neverthe- Tak extension scheme now that less managed to hold small it has been revealed that the Colony is not likely to get $48 million loon from the Trading for the most part was Colonial Development ཙན་

fund. routine with price changes small Some still feel that Government and volume light. Turnover for should raise a 5 per cent loan the day totalled only 1,810,000 to fluance the scheme but others shares, compared with 2,070,000 think this is most to $1,040. Unions were steady.

unlikely in shares yesterday. Die Lands section had a quiet went made on this question re- goins of a point or more.

view of the discouraging state- A large week. Hotels have coine up | ment slightly and Hongkong Lands vently Bay the Hon. Arthur some recent leaders fell a point

Despite yesterday's riges, shares continue to offer attrac- tive yields. Banks fell Mighty oller in the week to $1.835 but enme buck yesterday afternoon

soom

a

gains.

of stocks managed

But

have improved dollar to $55. Clarke, There

to be no or more under the pressure of In the Stores scetion. there fresh ideas on this subject and realising. hits

been

interest in the view is that the extra funds

The dolion was in line with ingro Watsons

Dalry Farms will have to come out of revenue expectations while

of many market had quite an active week and or the Colony's reserves,

observers, registered a guin of 70 cents up till yesterday.

EXPANDED TRADING

However Utilities have taken what little limelight there was, Trading on the whole showed a slight expansion this week com- pared with the previous wook. Tuesday's business almost touched the million mark while Wednesday's half-day accounted fur $820,000 turnover.

Here, at a glance, is how Hongkong's "Blue Chips" fared:

ט1 8

I was noted, however, that

Today's Share Prices should the rails break through

TRAMS UP $1.70

(From Our Correspondent)

HK Trams, which announced their one for two bonus issue last night, jumped $1.10 on active trading on the Stock Exchange this morning.

A utilities were higher and market sentiment was helped by Sir

their 1052 average high and reach the best level since 1980, they might well Inject new life into the market.

(3) Tho Government would not grant increases in Sulary of bonus payments to Government employees

a3

this might encourage instation and set an example for pri- vate Industry to follow

RICE PRICES

a

this year,

lo

(4) ir Jupon has normal rico crop the Government intends reduce the price. Up to now rice prices have been rising every yeur.

tion

ment...those which contribute to the country's foreign ex- change position.

(9) Japan would like to expand its economic associa tions with the various cou- tries of Southeast Asia and contribute to the stabilisation of Asia.

(10) Japan was anodous to setlie her reparations obliga- tion and was "enger" to work

어요.

n plan for repaying the

United States for naststance granted during the occupation.

(11)

In addition to meet- ings on reparations payments

stipulated

the

San Francisco pence treaty, Japan might be willing to give some capital goods to the Philip- pines-United Press.

Singapore Rubber

Market

Singapore, June 17.

The market opened higher and very steady on better over- seas advices and trade and fac- tory buying. Later in the day buyers were very cautious and prices slipped half of from the best levels of the day. Future closings:

(5) Japan's economic posi

is already showing signs

Since lost No.

of Improvement. February wholesale prices have declined six per cent and exports between January and May have increased thirly the same period per cent over ала

of last year."

(6) If prices are lowered about ten per cent, Japan con balance her tradu

Ralls today were up 41 cents on average, at the highest point since

1953, January 30, within a few cents of their 1652 peak.

"Profit-taking which cut recent good gainers such as Bethleheni Steel, Standard Oil of California, United Aircraft around a point. industrial down the tailled

average a few cents.

G.E.C. FEATURES General Electric continued to feature in industrials, it rose Churchill's of a point to a new high t announcement that Communist $43% and held a point of the was the day's Again. It gulu China Intended 10 rend

most active legur. diplumatle mission to London

Metal shares were strong shortly.

Winston

make

the

the Government announced 11 would

stockpiling

Business amounted to $905,115. Noon quotations and

morning's dealings; —

FO-

111

Unions

Wheelockn

th Prov

NIX Hotel

BK 1,908|

Trams

17 June 10 10

1035m 1043

1040

10 140m B4Din

4.05

↑ 734

70

]] [

11 70b

U 20

8.40

5471 54

A3

26.30

29.30

wers

Ch Lights

OKA

New

Elevizi

Telephones

14.20 1-430

14.70

JFK Bank

INSURANCES

11 20

11 30

11 JA

Underwriters

5.80

**4*

20.30

20

SHIPPING

Watertant

600 @ ID

24.00

24 00

20.20

Ana Nov.

2014

DOCKS, ETC.

K. Wharf

*

Dock

Provident

(014) LAND, ETC.

11.00 12.20

If we may say so with respect, we belleve an inquiry by the present Board would reflect ghly and would be greatly valued in the service.

Mail Notices

The latest Umes of posting shown below are those for un- registered correspondenge posted at 04.0, tiongkong. The latest posting times olcewhere which, In general, are earlier than the G.P.0, times tan de ascertained by enquiry at the local office.

The latest posting times for registered articles are generally one hour expiler than the times shown below. Parüculars regard- the parcel malis can be secertain- ed by enquiry at any post a@ce.

FRIDAY, JUNE 18

By Air Indo-China, op.m Thailand, India, Ceylon, Pakistan, Middle East, Africa, Grest Britain & Europe, 0 p.m.

slalaya, Indonesia, 6 pan.

N. Borneo, Austraila, New Zealand,

By Surface

of

&

Further to the above, the de- putation emphasised the follow- Ing points:

Furnes, & p

Admiral North

On the other side of the case

it may be held: (1) That if

had sent the Renown

Japán, 3 p.zi. Australia, New Zealand, 5 p.m. Macan pr

"SATURDAY, JUNE 19 fly Alr Japan, Korts, USA, a Canadia, à

very early on September 11 into interfere with the French & dit.

North decision Admiral The to seu had to make (namely, whether

was one for squadron or not) order to watch that the French

as S.N.O., was re- turn north to which he, ships did not

though Somerville Biscay ports, she would, al- eponsible,

ree, wished fully to share it. though not a superior force.

It was not a decision such as have been in a position to aut on any Admiralty orders issued. is customary in naval warfare, (2) That on receipt of the based on the traditions of the

Madrid's mes service courage to engage Naval Attache sage at 00.08 on September 11 superlor force, energy, or any the other fighting quality: it was an he might have pressed Admiralty to break their silence exceptional decision Ih, naval about the French ships and history. thu caused the Admiralty to

trying

Philippines, D 1,10, Japan, Kores, USA.. 6.0.1."

By Burface Ctins, People's Republic, 8.30 pm, N. Borneo, D 13, India, Pakjitam,li a.m.

Thailand, 1 p..

Formor, 1 pm.

Japan. Xp.m.

a

·Mággo,, 1:55 pmn.

Philpolzer, 112.30.

Macao, $1.m

MAN BUNDAY, JUNE 26)

Admiralty, were in fact to effect a hemi-blockado

China, People's Republic, o sm

D. Farme 23.304 23.20 $23.00

n-domlyal b-trayer s-seller b-middle

Trams'

for two bonus one issue was announced last night. Rumours were rife on the yesterday afternoon that the issue was imminent, I think the reason why Trams

*Change

brokers were

sceptical of

SHARES DUYERS BELLERS BALES BANKS

1634 1040

Union 139 (421)

8 28 2

31040

In the

International

a cent

No

rubber per ነ.

July

031-80

August

06-0014

September

Hote

I No

2 rubber per ib.

July

0531-8876

rubber per JD.

July

6434-20%

No.

rubber per

ть.

July

0112-8135

Spot rubber untried Blanket crepe No. pale crepe

032-034% 01-02

77-18

United Frea.

NEW YORK MARKET

New York, June 17.

closed today

Rubber futures next financial

no 12 to year-provided there is

20 points lower

with

decline in American military sales of 35 contracts, orders and other Buch Trading continued dull with

the lower

prices

refteeling purchases in Japan.

slightly lower London cables.

Traders reported very litle consumer buying.

(7) Japan must improve of the quality her export goods in adicăition to reducing her prices.

(8) Jupan welcomes

1

In the Spot market, No. Ras were quoted of 28% centa

tal types of foreign invest-pound. Future, closings were

purchases at the ruling market New York Cotton price instead of setting minimum prices.

Several issues reflected special altuations. Devoo & Raynolds

21 @ 6.40 106 2% points on news that it

Market

New York, Juno 17.

Trading is colton futures con- would be taken by New York

Kimberly-Clark tinued narrow and irregular in Shipbuilding. Improved fractionally in conquiet dealings today. tinued reaction to a two-to-one 200 155 split proposal.

-

Ink Hotel.. 0.30 0.40 1000 a 8.40 1600 8.35 HH Land

00 501

300 # $35

UT 2 HOTT

Oils also were hit by realis ing.

Out of

traded, 1,170 issuea 442 were higher, 441 lower and 207 unchanged.

17.80

The New York Stock Ex- change bond

volume $3,043,000,

.... 40 Z7IL 2500 27.50

2000

The American

volume

Shat Land Humphreys didn't rise any higher an Really...... 189 the afternoon call WES that UTILITIES

Zym getting a trifle the rumours and were tending to look un much discussed new issue just another little pressure being exerted to stimulate the market. Well, this time it's true.

the

be

Star Ter

Light

129

15 10.2

& Light N 13 14 10 #estrib... 20.30 20.00

Telephona

A closer look at that "tight" money polley that a number of

to Chinese people seem pursuing at the moment rather suggests that while (as I pointed out last week) nocturnal institu- . tions such as night clubs are feeling the pinch and possibly INDUSTRIALS

the Gold Exchango, it does not apply to any worthwhile investment.

The main reason for this beller is that it was not so much the British newspaper headlines which stimulated tho

Stock Exchange yesterday afternoon so much as the Chinese news- papers and it appears that most of the buyers whose purchases were recorded in the afternoon call were Chinese.

FURTHER ACTIVITYT Undoubtedly there are many! who are waiting for a favour. able opportunity to invest and, if the expected profit-taking: should take place tomorrow, or Monday, next week should sce some further activity

activity on the share-maritet. !!!

Ibeurthere

active inter Thin

property

Phlippines, Gush, Elena. USë buying: SThură? hävä" been

Indo-China. Malay

"Thess. two. possible courses for of Toulon from. Walladall; they AU Newton buying old "him, if-mustained by evidence, had laid down a policy in July, might have smounted either to but that polley was not really

blocks of flats

·"in" estqoilent condition; but, walan, yielding only-the/kkuri

27.00 change

A brief flurry at the opening

was offset by some liquidation in the nearby months. Most of the netivity centred an evening up operations in old crop July prior to the first notice day.

Late selling pushed nearby WOS montha down and at the close prices ruled 8 points lower to Stock Ex-2 points higher, Opening prices 030,000 were unchanged to up 2 points. New Orleans closed 2 points lower.

wig shares-United Press,

DOW JONES AVERAGES

New York, June 17. Dow Jones closing averages 371 on Wall Street were as follows:

27.40

.. 2014 24.70

1000 20.10

Comert

da 13.30 500 g 30

STORES, ETC.

Dairy 140036.30 000 1,000

200

Watson...., 1030

COTTONS

Texting...00 MISCELLANEOUS

0,18 Yangtze .... Younkti .** 140 Allied · 3.7216 3.7744 3000 331 3000 3.71%

1400 #

30 Industriais

20 Julia

15 itali

65 stocka

40 botsda

337.31

114.20

Trading volumes and open interests in the Exchange, today

were:

68.11 Month

Volume Open interest

201,500

July

Sept.

Doc.

Mar.

May

July

23.60

24.10 24.236

24,30

United Press.

LONDON MARKET

London, June 17.

The rubber market was steady with No 1 Rsa spot quoted [al 8/18 pence per tb, Prloes;

No. 1 Rm spot

Bettlement house term:

July

Awe

Sept. Dat./Dec. Jun/Mar. Apr/Juno

General markets,

June

July

Auz

1016-1016

1916-191%

bands, ports:

Estate repe, theiled Prem

New York Sugar Market

New York, June 17. World No. 4 sugar futures closed today 1 point lower to 2 points higher with sales of 18 contracts; {---

n

183,00 100,77

July Oct

24,000

19:00.

$1,000 261,000

Dec.

20,100

7,00

Mar.

7,000

2200,700

May

6,900

July

· 1,000

Dot

2,300

Dec

100

200

Tortal

$74,300

1,682,000 bales -United Pres.

point

of

Comm. future price index, 173.07

-Unted Press.

CHICAGO GRAIN

PRICES

Chicago, June 17.

Closing prices per bühel in cents:

NEW YORK PRICES.

New York, June 17. Prices closed today in US cents

July

October

December

Wheat, No. 2, red

10.

1903% (11) 180 (L) ..

20.40 Sept Dee.. Mar.

192 1063-

per ib. as follow

Corn, No. 4, yellow Spot

Spot

8015-167

700 440

Bepl.

100 441

Dec.

Mat

Boybeans, No. 2 yellow

Spot

July

Sept,

Nov,

Jpn.

Mar,

Baridy, 190

London Foreign

Exchange

London, June 11:

New Kerk flour, "200" 14.

120/180

014.400 United Press

Exchange Rates

Tasirana yeng ? comes in the local

tharket

sfertinimoJAR. (PEZAAN Indonesiac STUDKNY)

March MAY July October December

Domestle No. 8 sugar, futures points lower to. 1 closed

int higher with sales of 430 contracts..

raw

Traders reported a good deal

Inquiry in the world market coming from both Europe and the Far East.

Domestic futures were quiet · with domestic raw, sales ro- reined 31.10-11 ported. Demand for 34.31-13

sugar was reported as good.

*Future closings went

56.300

24.01

LIVERPOOL ·MARKET

* Contraét. No, 4, (worldYSALAS

July

Bept.

Oct

Jati.

Mnr.

May.

Liverpool, June, 17. Cotton futures, in penca për July

and based on American Spot-te middling cotton 18/16 Inch, closed today as follows!

July

Sept. F... Nov.-

Mar.

Jonnaları 2158

Viarchy Aursk

Market: The market dona wad Sept. quiet, Official prices for apot cotton, as announced, today' are' all unchanged United Press.