1954-07-12 — Page 9

THE CHINA MAIL, MONDAY, JULY 12, 1954.

How To Win By A Long Neck

Three "ships of the deseri" all out to win daring one of the races at a meeting which the men employed on the gigantlo Aden 011 Refinery now under con- provided recreation for

11 new community for some 2,000 struction at Aden, which has resulted in the springing up of

workers. Although Brilla and European technlola na, together with 10,000 Arab and Indian the building of this huge refinery from practically nothing entails much hard work, the man relaxation. find life soun employed on this still have time for play and in their communal

-Express Photo.

Hicks Won

Argentina

Graham

While Billy

Converted Europe

Buenos Aires, July 11.

While Billy Graham, the evangelist, was drawing huge crowds in Europe, a fellow countryman, Texas-born Thomas Hicks, was attracting record crowds to some of the biggest foot- ball stadium in Buenos Aires.

If anything. Hicks' achievement in Buenos Aires was even more sensational than was Graham's in Britain,

Graham attracted average crowds of some 60,000 people, but Hicks has been filling the Buenos Aires stadium with crowds of 100,000 people nearly every night for the past couple of months.

Graham spoke in English to an English audience. Hicks speaks in English, but has to rely on interpreters to convey his words to his audience.

to what they tym

→ short while, 10 his doctor's aasazement, was up and about starting on his new life ES U preacher and healer of the sick Through furth

Since then, Be has travelled. United States on though the

ITRESS 01. evangelical

tis Argentina is the first such experience for at of the people of this great metropolis of 4,000,000 or sols.

Graham gathered the crowds an end in Protestant and religiously- | "farve." tolerant country. Hicks has

Born in Texas 54 years 088) packed them to overdowing in a

Catholic country slight greying Brother Theodore predominantly when in the past has had little Thomas Hicks started his work. time for Protestant evangelists. ing life in the building business, before he became interested in Himself rugards

his

and eventually Buenos Aires as the preaching. biggest

evangelical revival in it up as a full-time occupation. He was stricken with a brain history

visit to Buenos Aires has brought about an open haemorrhage in 1949 which left controversy in the popular press him prostrate in bed, and claims of the vaunty.

success (R

PRESS VIEWS

that

he was virtually given up 38 a dying man by his ductor when, on September 2 that year.

voice he heard God's ponse to his prayers,

101 res- tell

his

visit fo

RECEIVES SICK

He Ivan

leads his vast audiences that In prayers and hymns-which is that he would get better,

given a message quite different from the form Some newspapers have carried he would be

Aiving for manking, and that he should of service to which they are full pages about hum.

detest used in the Catholic Church to verchas fis wonder cures, pray, fost, hate sts and

which mnt of them belong. whal..

including others,

the Catholic day. El Pueblo, have

sickness.

liv took Command

។

#

1 become Almost

con ustently attacked him as a charlatan, and have appealed healer

for official intervention to put began to

300

Diving

also dehvers colourful sermons. In which his translutar folkws he his movements and his voi

Lunations.

a faith

once

fod beller, and in a

"Trusties"

Will Live

'Hotel' In A

Walla Walla, Washington, July 11.

A cream-coloured "hotel" that cost three- quarters of a million pounds has been built on a hill here to house 300 "good" prisoners selected from Washington State Penitentiary. The men will live a life of comparative luxury. They will have complete freedom of movement.

Last of all, he receives sick ond alling men, women and chlidren on the stage--some of them are brought in ambulances at considerable cout to them- selves--and prays while ho touches the afflicted parts of their bodies: their eyes if they are blind their ears if they are deal and their legs if they are Jame.

by

have

and COMMERCE SECTION

TRADE and

GATT MEETING Investors Rocket

New Life Required To Enhance Its Effectiveness

From Our Own Correspondent

London, July 10.

An attempt will be made to put new life into the General Agreement on Tariffs and Trade when 34 contracting parties, plus Japan, meet at Geneva next October to review the operation of the Agreement and to decide whether modifica- tions are needed to enhance its effectiveness.

At their lust meeting the contracting parties noted that high tariff barriers and the widespread application

other restrictions on of

trade continued to impede progress towards achieve- ment of the Agreement's objectives. The time was therefore considered ripe for a review of its operations based on the experience of the past six years.

น

The United cronomic

policy

Slates foreign recommended an all round reduction in the Ausricuti tariff which, though

It was decided, however, Dostjame this review until after the new United States Govern» ment had frame its foreign economic policies and the other Jess Far reaching, has some contracting parties had consimilarity to the GATT pro- sidered their own position m relation to the Agreement

مال

Israel Plans To Invest In German Ships

A

Hamburg, July 11, The Iaraci Government plans to Invest $29,000,000 (£10,000,000) of Went German reparations in 12 thlyo su to built during the next three years in

West German shipyarda, It was announced here today. These with Include 9.000 - tou PAZIONE freighter and three fruit transports, each

of 7,000 tons, alt to be begun this

усаг.

others, to The

be de- livered by 1957, will in- eludo a 9,000-ton zer steamer, another fruit transport, two tankers, a refrigerator ship and throg

smaller ships--Reuter.

FANSCH-

NEW YORK

STOCK

MARKET

New York, July 11.

Prices On London Market

From Our Own Correspondent

London, July 11. London investors took the bit between their teeth last week and sent prices rocketing through the roof.

The industrial share index gained another 3.4 to finish at an all-time peak of 160 and the gilt- edged index is at its highest level for years.

ilsi

Galns

were spread fairly would not hesitate to use if i evenly through the equity

Wwx considered thut Interest though the biggest were among Evades

the had fallen below the various markel leuders "peril point" set by economie which always react more quick- ly to any change of gal-edged yields.

in The Royce put on 7/8 to 71/0 and Fords were 4/0 better al 07/0. Paper shares were also minent, Bowaters spurting 5.

motor section Rolls

B3/1.

pro-

prudence.

GOOD REASONS

it

Wottid be wrong to leave the impression that other markets have drown all the

strength from the gill-edged section. There are a number of to 00/- and A.E. Reed 4/4 to good reasons why they should have gone ahead anyway. Em- ployment is at แต all time peak, production continues [1 high level, exports are holding up reasonably well, the ster-

g ures's gold reserves mounting, commodity prices arg

and steady and both private

In an active stores section the Lewiss Trust went ahead by 1/10/2 to 14/- and Grattan Warehouses bounded 474 VI to 51/0.

Equity markets received સ

grade.

powerful stimulus from the gilt.company savings are on the up- edged section which mover strongly ahead when terms of the Government's latest con-

BARE DETAILS

But action on it is in- possible until at least the middle Stocks swung forward inversion offer became known. of next year, for though Con-

a final session rush of bay- gress recently extended the ing this week and closed reciprokal Trade Agreements with new highs in all sec

has been given do tions.

fur

It was becoming increasingly clear 10 næst members that DATT could not continue much Act longer

111

present form. President Most of them felt that it had additional in fostering reduction. done good work more liberal trade policies, es- its arrange- pecially through

IT mulilateral negetra-

further year. The

powers of tarift

EFFECT OF RULE

its

The bare details are: hulders

All in all the markets bave

about the future.

ample roussoti to feel conådent

funding Singapore Rubber

of the 13% serial stuck 1954 are offered a choice of converting into either of the The Industrials Anished

Ex- at two new stucks a 2%

stock 1903/04 341.25, up 3.60 points and a new chequer high since Oct. 17, 1929: rat-3% funding stock 1998 2004. ronds at 115.22, up 2.35 points

But the market sees this as on the week and a new high

more than just another Govern ment refund operation.

tlons for the reduction of import The British position has al duties But prog: Uzs In shus | yet been stated, but it is likely since Oct. 28, 1930; and wilities

reveal a bad direction slowed down conskier-to

cast of split | at 59.19, up 0.59 and a new high

The dates On one hand the since July 21, 1931.

Я ходи chosen

the ably after the first round of persmailty.

only later conversion operation In British Goverminent has on more tariff bargaining at Geneva 1947, and since the 1951 Torquay thin one secasion expressed of for the week's four sessions. The their beliet

Sales averaged 2,313,880 shares appear to confirm the "bulls" in the

that interest rates conference & consed altogether. support for

principles of GATT. On the uther it is be- market was

closed on Monday will continue to fall-in the coming increasingly

the concerned for

Independence

of the Economist Day words

they about the fate of Imperial Pre- holiday. In the previous week "Just ooze confidence" ference.

when the gains. -were wider in Industrials and at minus figure in the rails, the daily average was 2,053,356 shares.

LOSES POWER

Some reduction in the rate of progress wit, of course inevik- uble. No country can go on lowering its import duites ind?- finitely After a certion paint it is bound to flod that it has exhausted its bargaining power and this is the point that many countries reached at the Torquey conference,

For

the

The

UNCERTAINTY

market

had

several

may

LOOKING AHEAD

Market

Singapore, July 11. Dispatches from Djokarta conftiming and then denying the report that Indonesia was seil- ing rubber to Red China have here confuard the rubber men

throughout the week. and

operators are beginning to dis- count it effect on the present market,

The weekly market report issued by the rubber brokering Arm cl Holiday Cutler Bath and Company Limited, said there The effect of GATT's "no new

The market is already begin- has been considerable activity proference" rule has been to

ning to look ahead to the next

laxi on the local market since whittle away benefits of this

refunding operation and His week's report inter-paced svith preference.

under The

being suggested that something short periods of duliness, Agreement a tariff concession

even be done about the granted by one member of GATT

The strength of the London to another is automatically ex-

sessions of uncertainty-sessions 3% war loan which bears tox

on Monday came as a tended to all. And

when the market rose and tell free interest for overseas hold-market because it

not, surprise, the report said, It from forbidden

hour to hour and often, ers. Whether justified or to strengthen

this boliet was one ut the added that this further rise was The present position is not existing preferences, tariff con

closed on an irregular or lower

factors which caused slock to caused by buying for Eastern that meinter Countries have

rise last week by 21/1/3 cessions granted by the United note.

to destinations and, tho lowered their import duties to Kingdom to other, countries have¦ In the Friday market, how- £88/11/3,

Arminess of London the reducible minimum but seriously reduced the value of

ever, the rails and Industrials many of them

Dy preference given to 010

There is no suggestion, how-was reflected here by covering to mannged

display

on a brisk is against these sales that the Government strength that held through the trying to rig" the market

ever. closing period. Special Issues were outstanding performers in all sessions.

that longer

15

Common-alike

able to bargain with wealth exporters of the product other members fur routiully concerned.

advantageous

tark reductions.

Preference

So

system,

Unless some new method of This problem would become effecting the necessary reduction even more acute if the Valted of tutifs is found not inly will) Kingdom agreed to lower its Ingairt duties be bound at their protective duties in accordance present admittedly high level, with the GATT proposal.

in the British but there will be a grave risk | long as opinion of losing the

Party ground already Conservative

remains gained.

strongly in favour of reviving the Imperial therefore, the United Kingdom Government is unlikely to look is not a new problenkindly upon the proposal. In fact, according to the GATT annual

thought report, much and labour has been devoted to it in the three years since the Torquay conference, But 95 tar only one allerlive to the present method of sceuring tarif reductions has been proposed.

NOT NEW PROBLEM

This

This proposal, which will be fully debated at the forthcoming GATT session has at least the virtue of simplicity. It retains

countries

New Giant

Tires

Akron, Ohio, July 11,

and

There were many things In favour of the market and very few against It.

Bull

1.

in Singapore caused a

market. 10 The its own purposes.

Now York opened disap. downward trend of interest rates is seen

# "natural" pointingly, the report said, and on subsequent days the market movement of which the Govern

there Indicated A resistance to ment is taking due and natural

This higher levels.

induced advantage. But wiser Investors have

that not forgotten

the profit-taking both hold

powerful and About the only item that Woll authorities

in the form slight setback. Street could find adverse to the monetary weapon

rate which they the fact that the of the bank

The ex- market is very high. perts pointed out that investors were buying the market were loath 10 let go of their | holdings.

rlsc was

SOME DEVIATION

and

As in recent weeks, the top ranking issueя made the best goins. There were buyers from the highest grade Investment groups and individual traders followed the lead of the experts.

2

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

London which

There has been some selling forward by estates in Malaya and London, the latter gathering sufficient impetus to bring off the premium on the forward positions.

were

The report also sald there rumours that Indonesia has for the time being suspend- slab to ed the export of wet

Singapore. It added "this may reflect the comparatively high present ruling in by the hypothetical

AL

16 to China,

but it is unkely that the ban will con- Business done on the Hong- tinue for long."

said, Malaya will again have to draw

There WOK some deviation The competing pubifentions of the multilateral character of the The B.F. Goodrich Company

from the situation, however, the popular press are out-doing CATT conferences but instead here announced the start of and some of the exparts won- each other in striving to prove of the

this Stock negotating production of the largest tires i dered if a bit more speculation kong

Exchange

Shipment from Malays during the cures to be true or false.

bilaterally for tariff concessions has

morning amounted to $303,910. June were 76,302 tons and as over made-014 feet In might not be in the making.

Noon

end Some carry signed testimonials

basis, diamater

quotations

the Imporis were so low the report on a product-by-product

weighing 1,200

items helped morning's transactions: from persons claiming to

Special news each of them would agree to Brother Hicks. reduce

pounds,

For been cured

stocks.

expample, when its protective customs Others, on the contrary, claim

duties in accordanca with д The new tires are designed to Burlington mills offered $50 SHARES DUYKOA BÉLLERI BALES

mills Pacifc Rome that he is fraud and that several

BANKA common standard,

enable

construction share for modera

issue soared seven

HK Bank... visits to him have brought about

equipment to haul bigger loads stock the no improvement In their con-

faster. Earth-moving machines points. There was buying

can handle the glass issues, air conditioning INSURANCES Iditkon.

using these tires

tool. stocks, aircrafts, machine loads as high as 23 tons in such

lire groups and specialties. off-the-road operations as turn- pike construction, dam building United Press. and open pit mining.

THE CHURCH

The building has a fence but no walls around so far been unable to call it. Its guards carry no weapons.

The prisoners have neat, in-, Warden John Cranro said the

with comfort now building would aid in re dividual rooms,

furniture hablislating prisoners. able beds, modern and plenty of cupboard space.

There doors.

are no locks on

the

Indirect light and air-cooling Funko the institution at.com- city fortable ne most modern hotels. The rooms pre futnlahell and decorated.

well-

•

COUNTRY WALKS.

live in

The guarde

the

Navy Goes

'Habitable'

droton, Conn., July 11.

Д

One extraordinary thing is that the Catholic Church, which is very strong In Argentina and quite opposed to demonstrations of this kind by Protestants, hus

halt to Hicks' activities.

This is probably due to the fact that the President himself has taken

interest in the falth healer and has seen him on occasions. Presidential several action could have led to the closure of the meetings in no time.

un

would

10 CATEGORIES

Customs

tarilis

be divided into about 10 categories and a common standard

would require each member govern❤ ment to reduce the incidence of

its duties in each Category by The new tires, size 24.00 by 30 per cent by steps of 10 per 20, are about thres ilmes as reduction Largo and 55 times as heavy as

80 cent a year. The

would be lower For countclos

passenger car tires. The largest having a low Jevel of duties, fire previously manufactured by thus chsuring that each country BF Goodrich was 24.00 by 25. madc.

proportionate perifice.

If despite this reducilon a

Union Lombard Underwriters

SHIPPING

Waterboat

DOUGLAS STEAM OCIS ETC.

DIVIDEND

to

1095 1710

201805

176

600

4.70 0.00

$30 - 19

17.10

ភួង

K. Wharf ... Dock Provident (0) 12.30 12% Wheelock

230073 The Consulting Committee of LAND, ETC.

Com

$1000 a HK Hotel ... 8.93 the Douglas Steamship

anncunce that HK Land 591 392 350 & 8834 pany, Limited

Humphreys 10,10 10.60 the

Realty they will recommend

..... 2.025 3.10 at the forthcom- Alvareholders dividend in respect of the year ended December 31, 1953 of $5 per share, free of tax.

country's duties remained above Bank Of France in Annual General Meeting & UTILITIES

maximum level

a certain would have to bring them down to that "ceiling."

Statement

According to the GATT report But it would appear that the

the governments of Belgium,

Paris, July 11, Denmark, President, fully aware of the

Franco, the Federal

The Bank of France statement Germany and the for the week ended July 1, randam popularity of Hicks in Argentino Tepublic of

interest Netherlands have already in- as follows: and the vast popular which he has managed to dloated, their

support of this Sailors aboard the US sub-arouse, has thought it best to proposal In principio, But marine Bergall are tapping their let him continue his arrounding alcarly it adds it cannot be Tate sold holdings

under .the feet to jukebox tunes, sleeping sessions

star of brolight into operation unices it one Aires* crisp

winter | is accepted by all the main.trad- might finance shroud on bunks with built-in bedlamps nights, where, scores of thou-ins cousitries in Western Europe

pray, sing and listen, op="|"and North America. in plaid-decorated ashireys.

building. The same food,la and flicking their cigarette De uite oblivious to the '

upplied to both guarda, and prisonera

Inmates may go for walks in the country when they feel like

The cavy said it's all, part of cold night ale and the fact that catch the 7.16 to- the "new navy” and described it they must officially sa "an experiment in morrow morning-China Mall habitablity."

Special..

The report Indi

renbles

entouragement is the fact thệch current ecounte the Randall committion, which recently, studied 'the queélion;

Tram XB.. 18.70 1000 1500 Yeumati Ferry 157 140 C Light (0) 18.00 15.89 1500 C: Light (N) 12.00 12.30 1000 ectric... 3054 9141 200 1800

20

on its stocks unless the month is

a phenomenally high producing one,-United Press.

SINGAPORE PRICES

All

Singapore, July 11. offerings were well absorbed by short covering and trade buying in the Singapore rubber market on Saturday. The market opened lower and then advanced. it went upward on speculative Future closing:

further

buying.

No. 1 rubber par ib July 2096-10

Aug. 70.703% Bepl. 701-71

No, rubber por tb. July 70-7014 No. 1 No

pot rubber unbaled Blanket crepe 14.90No. 1 pala erepe i

18.79

21

$500 m2. DŽI

1500 m 26.90

AN'DED DOE ET LE QU'3229

69-00

8816-8714 -United Press,

Bank Of England

Statement

London, July 11,

The Bank of England state- ment for the week ended July 7, reads as follows:-..

by

trand

US Raw Cotton

New York, July 11. cotton exports Raw 901,301,601,605 | destination as reported in bales IndustrIALS

Cement..... 10.00 New by. the

York Cotton Exchange for the 1953-01

STORKS, ETC.

Dairy Reason to July 8 were as follows:

Watson

1814 10.10 1494143 COTTONE

Textile Corp 7.00 7.40 1000 @ 135, yovernmenskogrunties,,

Macao Elec. Sandaken Light

11

Telephone

.500, 0.13...

Yonginte

Allied

-3.700716 | MISCELLANEOUS

Nose, în glasulation-

Pubille deposits. Privita dipoina T

Other decurtiimi Receipts.

Unitial Fresi.