FA
THE CHINA MAIL,. MONDAY, JUNE 28, 1954.
The Queen and the Duke of Edinburgh, in an open carriage, drive down the course at Ancol, Berkshire, on the opening day of the Rayal Ascot nice meeting. Uwing to previous heavy rain, the Royal procession do wn the And did not enter through the customary Golden Gates.-Reuterphoto,
course wena curtailed
Tudeh Raises Its Ugly
Head In Persia Again
and
Teheran, June 27.
Persia's Tudeh (Communist) Party whose chiefs scattered fled after Royalist forces overthrew Dr Mohammed Mossadegh last August has recovered sufficiently to make a fresh bid for power.
Last year the Tudeh l'arty hoped to glide into power on the wave of popular support for Dr Mossadegh's anti-foreign and nationalisation policies.
Now its primary tactical target is the oll settlement which Persia is negotiating with western oil companies.
0.
revently, at dusk, but the customary Thi When a de hatte! beneath the eclebratanis
and AL dan Buysts LĪttt་ which he the httes home with ONLINE st Tehertus, motio
porn funclut Y farewells books pat sultanestels in four terrat parts of the cupital Caped-haired
youths aged 15 to 17 years hurled envelope- !! #i[ 24114115*t<
air. yelled "Down with the oil con- sutrum
down
With Zahedi (the
Prum Minister" and takick into the shadowy alleyways
to the
Truck-loads of security furces. who are always on the alert in Patriks on a 24-hour basis.
OTKNg
anch
i ve he four points where palice had grabbed one two wriggling sehol-boys. That was their only cate
Bistanders
picked
up the blue coloured pamphlets, eye-catching against the dusty brown pavements, und Fea "Any oil agreement with the
Western Imperialists
and will be declared null and void perplas
te
141
Security ogents kept watch one "wedding night" and when they broke its Dey found the "bridegroom" earnestly expound ing Marxisi doctrine. A south resulted
ut of A large Cornmunist pamphlets,
Under Persus ail:De: ttt= tinious Luto of martial law. gatherings of more than three people, barring weddings and similar celebration,
to- hidden wtiheut
prodier sanction. This was the way the Tudeh Erfe
the authorities.
LA
prior
M
Jak
Sawn-Off Fingers
(26)
[1
Recently students FUEL Government. macabre trick to embarrass the angers from human
They sewrd of
in Teheran University's medical
Spremens
faunties own per cent of all the unit.
Di
The Tudeh promzes reform in a few days.
Western sensors in Teheran believe that Party membership, which
soured under Mossadagh into the hundreds of thousands, has waned to a hard гоге
ing 20,000 card-bearing members. They admit that their Agure might be halved doubled und stül be true, since reliable information non-existent.
آن
ur
The Tudeh-the name means "masses"-Is the only party in Persia with a long-term unswery- ing alm, with a chain of coin- mand from Teheran throughout the provinces, with strong party discipline and Anances based on weekly membership tells which the Tudch itsolf calls "war tax' signify its fighting spirit.
It will embrace anyone who apposes the Government and it
TRADE and
COMMERCE SECTION
TREASURY'S WARNING ON
TRADE
To Pay
May Have To More For
Its Raw Materials
BUT STERLING AREA AS A WHOLE WILL BENEFIT
From Our Own Correspondent
London, June 27.
The sterling urea has weathered the American economic recession remarkably well. The United Kingdom continues to carn a surplus on its balance of payments while even if allowance is made for the "once-for-all" nature of the recent influx of gold, central reserves have continued to climb steadily.
One reason for this is the fact that the fall in sterling area raw materials to anything like the American demand has not affected prices of the extent most economists expected. On the contrary, the terms of trade of the sterling area as a whole -that is the cost of its imports in terms of what it exports have recently Jeen improving.
What has made the American recession of 1953-54 so different in its effect from the similar down-turn of 19497 In that year a fall in American demand for sterling area raw materials led to
13 serious economic crisis and to a drastic devaluation of the pound.
un
was
of it
ON UK
Argentine Trade Another Good Week
Mission For Communist China
Buenos Aires, June 28. First trade contacts bo- tween Argentina and Com- munit Obins will tako place
exi September whan a mission of busi- nessmen leaves here for the Far East.
The offiotally sponsored Argentine Commission for Trade Development recent- ly announced that in addi- tion to China Its envoya will visit India and other Eastern countries,
The Commission expects that Argenilns will import coal, bauxite, non-ferrous metals, like, resins and lac from China and ex- port wool, tannin textilos, shoes, fertilizers, hider and cotton-Renter.
HONGKONG
STOCK EXCHANGE
On London
Stock
Exchange
From Our Own Correspondent
London, June 27. The London Stock Exchange was in another of its record-breaking moods last week.
Following the precious week's sharp recovery, prices continued to move strongly ahead and by mid-week the index of industrial ordinary shares was at a new all-time peak. Since then profit- taking has clipped some of the gains but prices generally closed at higher levels.
The feature of the gilt- edged market has been the revival of demand for un- dated Government stocks on the theory that these would have to follow the dated stocks upward. In the first two daya of the week 25% per cont Consols ad- vanced 18/0 to £66-15 and 8 per cent War Loan put on £1-8-9 to £87-15. They
change this morning amounted remained unchanged.
dropped 1/3 each on Wednes. Business on the Stock Ex-day but since then have
to $422,782,50. Noon quotations and the morning's dealings:-
(From Que Correspondent)
BANKS
Gains
NEW YORK
STOCK MARKET
BS the
New York, June 27. The bullishness of the New York stock market con- tinued to amaze
even the SHARES BUYERS SELLERS SALF's though the latter included some
vasily outnumbered most optimistic investors losses in the industrial section with its vitality this week, 1003 ! quite sharp falls among Tobacco
Industrial and rail 1870 shares, frat on reports that averages finally broke into
American doctors had discover-new highs for many years. ed an alarning relationship be Market observers had insisted 0.45 no inou 70ween smoking and certain fatal that such a move
lincases and then on an equally highly favourable
would be a disturbing
development from British In fact, extremely doctors.
prices
bulliah. closed shove the worst. Imperial To- to turn lower after long periods The market had been expected
IK Bank
East Asia INSURANCES
Unfort Underwriters Lomboid
SHIPPING
... 1070
20
20
170
045
50
300 1
apon to
1700 @
750 0
12 30 (21% 1000 @ 12.40
720
6000 120
Waterbuat Asin Nav DOCKS, ET! K. Whart Duck Provident
(01 Wheelock
15 80
HC Hotel
1.00
K Land
S'ha Land
@ 2500 Buy 301 Et 335 34 2 130
180
Humphreys Realty UTILITIES
Tram
to were
18 18.00
2 2.10
report
But
bacco were down ninepenco on of the week and British-American Tobacco
lower
shares
were
alight
rise But after
in the sell-off recently,
higher,
prices have continued to edge Insisting
1/10%
pouse
The shat
AL+ specta-
FORD'S NEW PEAK Elsewhere prices
ly though nowhere cularly as in the stores section
HE
SURS with HOITO observers
that there
was still room for a still higher rise be. fore prices encounter
Great Universal Stores were up resistance points,
6/
on the week and
were 2/3
Gratian
bitter.
Star Ferry 127 131 100 # 127 back to C. Light (O) 15.40 15.00 1500 @ 2015 C. Light (N) 12.40 (2.80 Electric
30 31 DOO # 31 Kise, 10.70
afler
29.10 10.40 500 10.20biggest being Whiteleys
gained 0/3 to 06/1015.
Two factors underito market buoyancy, the
DA
strong
the 27.00 109 # 27.00! Warehouses
export 200 27.80 Marks and Spencers "A" gained assert. One is the strong factor 1000 7.705/- to 98/6 but then
the slipped of
prevailing confidmer 07/0 while Wool- the average Investor has in the were up worths
1/3 to 76/0
business future. Most of the touching 76/0. There experts are generally #greed were several useful
on the other pluses
reason, 20.30 500 or 2015 in the list again on Friday, the
namely, that the easy money polley of which
the Federal Reserve Board in cutting reserve requirements of In the aircraft section, Haw-its member banks has and will ker Siddeley, who build super- continue to be the sustaining priority Hunter jet fighters, element in the markët, were up 8/14 to 71/0
This week, the Board's action on the announcement of a one for one th effect will provide an addi- free scrip issue-which
$9,000,000,000 of add- accom-tlong panied the unchanged interin. tional | And umung
credit in the nation's the motor shures, money pool to meet anticipated Fords are t a new peak of government and private firian-
The fact that gold shares and
Thus, Wall Street exporta commodity shares have remain-havo concluded that the ed comparatively friendlessGovernment is on the side of a while equities have been forging bullah market, and ahead is taken
appear eign that cautiously bullish themselves on this burnt of market cativity is the theory, there will be no open
Macao Tolophone INDUSTRIALS
Cement STORES, ETC.
Dairy
COTTONS
Textile Corp 7.10 MISCELLANEOUS
Youmat: Yangisze
....... 24.00 25,10 1200 € 25 Crawford 22
700
718
144 140
Allied
3.80
2000 3.77 1000 a 3.00 2000 or 3.825
The outbreak of war in mainly food and raw materials, Korea shortly afterwards much
from the oversens caused a boom in the prices price during the Inst month or LAND, ETC.
sterling area-have gone up in of raw materials. As a re-two while prices of it exports sult the terms of trade of have remained unchanged. the sterling area as a whole Is almost
In 1981. the United King- improved in the first half of dom's terma of trade were 13 1951 by about ten per cent per cent worse than In 1950 the 1950 position and but then the position began
improve. In 1052, they gold reserves rose $567 mil-only ave per cent worse than in Hon.
1850 and In 1953 they were four The boom, however.
per cent better. Improvement short-lived and in the next nine continued in the first quarter of months the sterling area's terms this year but in April there was of trade deteriorated rapidly a slight roversal. unill they were
18
per cent котве than In 1950. Botween
The terms of trade as a result July 1951 und March, 1952 are still five per cent better than gold reserves tell $2,167 million.
in 1960 but one per cent worke This sudden reverend was mein-
than they werc in the Arst ly the result of tho
quarter of 1954. slowing down in American purchases of This pattern, the Treasury raw materials after the hectic points out, was set by raw stockpiling of the previous year. material prices. Towards began to fall last Summer, most tread appeared in world prices So when
the American production end of last year a new upward economists naturally leared the of many raw materials but this worst.
has not yet been fully reflected The fact that the worst has in the United Kingdom Import happened-indoed the prices. The rise in April was sterling area has actually im- in fact due mainly to in- proved $ty position--is mainly to
duc
in the prices of coffee. pansion of production in Europe. levels.
the continued ex- toa and соход, oll to record
Treasury's
Now according to the British "Bulletin for In- dustry", European demand in almost as important as Amerl- demand as a major factor Influencing world prices of raw materials.
by the Persian facully and strewed them in the dolins members aming the x-
mnazzy
"It's the Tudeh again, Trying
Creates trouble,"
and crumpled the Papers into balls of ilt their
et them saicf
pipe with them.
Use Youngsters
not
doen ts
a bad thing to promote among the very young.
Anti-Communist Persians, and
Recta
to
they majurity, do not rate the chances of a Communiat comeback, ut this time, very highly.
They will not easily forgot
streels by night.
Nex! day they
called "Hungy Persia. penniless aristocrats from former say, would like to see everyone dynalies who. so the Persians
in the same poverty-stricken condition.
Princes" of These are endless and
Douneed on them and appealed to bestanders to see how "brutally the Goer ment deals with the opponents.
A low days
Police PRO ransacked the driver's seat of a bus journeying from Teheran to
The Tudeh which is, by and Istahan, an ancient town ..d blup-large, unpopuler
with most mosque.
Perslans since its associated with Russia, often eniled "the enemy to the north," has sought to offset this disadvantage by alliances with popular opposition Croups.
of the capital.
textile
They unearthed Communist codes burled in the upholstery. With these they made a big haul of Tudeh ring-haders operating tho cotton factories
and
>1
Is not
one of the political move- outsido the
At the moment, most popular menia In Persia Government Movement crtated by Mossadegh. 13 the National
between
and
the
15,
1101
can
recovery
creases
WARNING TO UK
however,
50 140
THAI RUBBER 1/10%, up 2/7% on the week. einl needs.
MARKET
Singapore, June 27, Growing tension in Indo- China and The prospects of Japanese purchases have helped
of
to
strengthen the Thai rubber market.
The special correspondent On world markets,
the Singapore Standard in cotton, raw fute, copper, zinc. dispatch from Bangkok tin, softwood and wood pulp said that restrained were all higher in May than in marked the second half of 1953
reasona
and
the
to rise and this would prices of copper, lead and zinc. Sort
дя а
not the result of simply rugged break in a market. United
True, Just weok's Press. peculation, advance was helped by specula-
tors, but other types of buyers
have been in the market, too, New York Cotton
big institutions down to
with man
a from today the small optimism Thailand rubber
and
in an out-
pounds to invest.
few
Japanese Trade Talks With West Germany
West
Bonn, June 27.
Government
German
Market
New York, June 27. Cotton futures trading this week became much more active. While old crop July contracts ilt a steep slide, the new crop positions kept edging gradually on to higher ground.
Sels and universities have donet always been a favourite recruit-factories, 200 miles to the south Ing ground for the Persian Com- muust. Health and agricultural organisafona BIC two other chief pots of infiltration.
"Education, bread and health" is the Tudeh rallying cry. They In have Increasingly used youthia Isfahan. for propaganda, knowing
that
The Tudeh then, though out- the penalties will be lighter for teg-ayors. And, argue the lawed and on the run,
TREASURY CAUTIOUS
these increases will probably be market. This stemmed largely Communists, a sense of martyr-dead in Persia. Party leaders An alliance
reflected in our import prices from slight price Increases However, it is too soon yet to later months, Rubber prices recent months are fond of saying that Zahedi Tudch, organised,
say that the sterling arca but Largely has only thrown ashes on the fire, unpopular,
continued to tail until February growth from growing tension in the
emerged unscathed. National
The Trea- but the cimbers still smoulder Movement, less
sury adopta
since when they have well organised
a cautious attitude.
railled neighbouring Indo-Chine. underneath. be the great
but popular, might result in a
If the American recession
partly because of speculative The dispatch said Thal rubber con- How big a potential threat is formidable
buying
men believed that the fall of tinues, it says, H might have a front. There the Tudeh to Persla and to her however, no sign so for that the
dopressing effect on the sterling The Treasury sta a number Dien Bien Phu and the recent neighbours and friends in the National Movement would ever hand. an
At Friday's close the fist Tuled of commodity prices, On the other
for these increases. ghting in the Red River Delta oficials are preparing for trade 42 points lower west7
embrace Tudeh support, provid-
American
World consumption of cotton is caused several industrial coun- talks with Japan which
to 29 points the fright of last August when, This is one of the Middle ed that it recognised it as such.
"which now seems more likely rising rapidly. Jute has been tries to restart on a small scale scheduled to get under way in baie from the preceding week
are higher, or off 2.10 to up 1.45 a for a tew, heady. bewildering Tudeh success
East' central problems. A
would add its weight to forces scarce, partly because of crop at least that hours Tudeh-led moba rampaged wreck Western deferee plans in
in Persia would Tremendous Problem
their stockpiling of of European economic
Pakistan and natural rubber. in
Tokyo soon, it was learned to- July contracts suffered the expan- restrictions through the capital proparing to
sion,
partly because of a crop failure.
day. Another factor favouring a
consequence of resistent liquida- take over power.
this region and threat:n the
in In that evont, there would be The reduction The problem facing the Tudch
American bullish sentiment, the Standard announced it intended to place seated unloading by holders un- The Federal Food Ministry tion Part of this selling repre- But so much has happened world's largest known deposits is a tremendous one, even given prices
n tendency for world commodity production has strengthened
said, WBE since then.
the special emphasis on whale all willing to carry cotton over into And the Clovern- of oil around the Persian Gulf.
the social conditions which exist A white haired Senator, in Teheran. mont, they point out, now has a
have the opposite effect on the Tin has recovered strongly, the dollar.
of the Baht against imparts, which
amounted
to the new nonson. The other part There exists no "strong man" at its head who Veteran of many Parliaments, army of liberation" to act as a
terms of trade of the overseas
51,000 tons last your. largely because of American
(was coupled with the lasuo and has fought the Tudeh ruthlessly. sal
Japan said: "Peoplo are discontented, rallying point and Communist United Kingdom.
storling area and those of the purchases and the disappearance
has normally been The Food Ministry added that troe circulation of delivery General Fazlollah Zahedi, who
of the immediate
purchasing 90,000 tons of rubber no major changes in the export-notices. threat of a you can't blame them, cad
cadres aro premiership from Poverty, injustice, unemployment fibre than in other
probably cd lower Wrested the
Raw material prices are more
surplus,
a year which was mainly from import programme between the July hit a low, of 33.42 cents Mossadegh on the Shah's orders, parvade our national life all the threatened by Communism.
countries volatile than those
This is the kind of thing the Indonesia and Malaya. Recent two countries were planned, a pound on Friday, establishing of manu authors of the Economic, Survey difcukies with vowed
Indonesia may exterminate to
factured goods, so that when the had in mind when they warned have
The old Com- things
which Communism
mutual trade planta lowest level sinco thrives. munism.
For many of its members former rise, the overseas sterl that the United Kingdom could turn to other sources for their Press. The vast majority of Marxist doctrine comes down, in
caused the Japanese to expires .on June 30-United January and a cumulativo loss Ing area's forms
of 0.50 a balo from the season Ils security forces have Persians who swung over to the time of revolution, to the simple prove while those of the United not count in the long run on supply, for they were now buy- oledge-ixammered secret Tudeh Persians as much interested in man's Tudch
high of 34.72 cents made in last time were good formula "You take the rich
Kingdom woriso. And ot the terms of trade remaining asing on the Thal market.
mid-March. printing presses into fragments national independence and their frigo pote--I'll take his re-
Uniled Press, captured party coder, banned
a fall in raw material favourable as at present," prices has an oppoalte effect,
But tho counterpart of a SINGAPORE PRICES
stock has been culled over 80 pro-Tudah newspapers, stamped religion as anyone."
Almost certainly its chief allies
Last year, for example,
worsening of the United King-
Singapore, June 27.
often that it now represented an out newly-formed party cells and "But tako, kr example, the aro Instability,
Improvement
dom's terms of trade may well injustice,
The market opened alightly United
mostly low grade cotton which en intelligent student poverty, high cost of living and
Kingdom's terms of trado bone an improvement in the bar-lower on Saturday but stendior the penal isle of Karkh in the who does brilliantly at college. tagging social reform.
stod lis balance of payment baren as a whole and this should covering with sellers reserved.
gaining power of the sterling towards the close
on little Even if capital wore avail. was not readily absorbed. They felt the July discount under Perslan Gulf for "oooling" He loaves full of hope but then General Zahodl, with $60,000, brought no corresponding bone dollar roserves.
£200 £250 million. But this benent the contral
it would take Japanese Calober would widen consider periods of two or three months discovers that the best jobs are 000 of U. 6. nid, has
gold and Futuro closings were:
| manufacturers at lenst at a time.
ien ably before the situation would open to the good-for-nothing stabilly. The other problems Their terms
fit to oversens sterling countries.
No. 1 rubber per lh.
years of intensive buying to look attractive to buyers. For eight months, under daily sons of the foudal aristocracy or remain.
July of trade remained
#81%-60% replace their obsolete machine When the onslaught, and confused by loss other influential classes.
July portion is Aug.
06-66 tools and Industrial equipment reduced to manageable propor unchanged at about 20 per cent of leadership, the Tudah ap- "He despairs and it is then ment
Rovenues from an oil agroe-
001-00 when wisely employed,
worse than in 2050, peared to be inert in its under that he becomes e prey to Tudeh would, many observers believe,
No. S number per in. July, sa 2001, which is hindering Japan's re- tions, dealers expect the market No. 3 rubber per io, July tight covery, according to an Amori- | to become more sensitive : to ground hide-outs.
No rubber. Dar the July daly can industrialist. put pennies Now, after
Into the A member of the Government trouser pockets of the worker 1953, the United Kingdom could an eight-months'
'crop: developements ragged
pot rubber undated In other words, although in
Me Donald M. Laflin, vice- Washington news on price sup pause for party reorganisation explained: "The fight against and provide The
president of and formulation
basis for an buy the same amount of importa of a working Tulch is as much the fight of attack on the remaining evils of in 1950 with four per cent
Giddings and Lawisport" logislation, United Press. Machine Tool Company of Wis ́ ́: RAW COTTON EXPORTS programme, the police have the wealthy as anyone's, for Persian publie life. M
The Bank of England state-
gonsin, emphasised Japan's need
Now York, June 27. noticed a now awakening among they help to breed the disease. Tudch
The fudeh recognises this area is 30 reads as follows If they don't help, one day they clearly, agante.
have They
noticed,
and is throwing its per cent more than in 13980 to for might be overwhelmed in their weight loto the balanco, against, buy the same amounts of Roma example, a spota of "mariages" villas by the wrath of the an agreement. between young Tudes suspects, people, event and talks in Toberen fall Ahe Buddha Recently, however, there
For if the of portada Invitations would go out to other He said that social reform in may, still got another chance to has been some sign of a savarsa) Tudeh sympathisers and talks Persia WOR badly noodød. bid for power, China, Mall of this position. The goods that Zastod far into the night with-Popular degend has it that 1,000 Special.
the United Kingdom Import
seni would-be trouble-makers to ease of
| propaganda,"
ensured
Course
of trade im-
in the
SIGNS OF REVERSAL
Bank Of England
Statement
planket grepe ..
No. 1 pale crepe.
metinited-Press
London, Juano 27.
mid-
Japan's Need For Experts said the certifiented
New Machinery
able
New York, June 27,
now
Bhd
sterling shes time to exportament for the week ended June Exchange Rates for equipment ir ale con exports by dealings
.to *reach-pro-war: economia dion a reported in bales by the Joni Jawals.
Cosword New York Colton Exchange for mios af, they following rates from
Mr Laflin recently, returned the 1983-34 season to June 22 diðar. (per
a two-month ovisits to Were we follow Japan, Hla commable wore the (per 100)
subscot of an article published On Fin the American Machinist, a i trade publication United Pross
No comments yet.
Private notes are available after approval.