1954-07-21 — Page 9

TEN

YEARS AFTER

ENGLAND

LONDOND

BATTLE OF THE BULGE STARTED DEC.17.

ST.LO BREAKTHROUGH

JULY 26.

CHEMBOURG -

MILES

100

FALABE

ARGENTAN

PARIS

ROTTE BAM

THE CHINA MAIL, WEDNESDAY, JULY 21, 1954,

GERMANY

Õ་་་-

ANTWE

BELGIUM

AACHEN

PARIS LIBERATEĽ,

AUG 29

U.S. AND FRENCH

TROOPS JOINED WEST OF DIJON TRAPPING GERMANS INALL SOUTHWEST FRANCESEPIULI

SPAIN

Üye

IWITZ.

OCLERMONT

ST 0.

TURINO

MEDITERRANEAN IRA

ITALY

SOUTHERN

|INVASION AUGIS.

NORMANDY TO THE ARDENNES

THE

DESTRUCTION

OF HITLER'S

FORTRESS EUROPE

Ten years ago, the Allies had only a tiny, precarious foot- hold in Hitler's Fortress Europe.

For more than a month expeditionary forces under Gen. Dwight D. Eisenhower had been penned up in Normandy, striving desperately for room in which to manoeuvre.

21

over

max

came 15

on

TRADE and COMMERCE SECTION

Maximum Certainty Required For Convertibility

By Sydney S. Gampell

London, July 20.

It is common ground in the current talks that instability of exchange rates would create uncer. tainty for traders and so would make nonsense of the convertibility exercise.

The sort of convertibility at which Britain is now aiming is a system of maximum certainty (though also more competition) for traders, 80 as to give them the best chance to expand trade (they being the only people who can do it; governments cannot).

Moreover Britain's main drive | exchango rote, Din Canada. towards convertibliity is by Present official British thinking reopening and widening the UK. Bocms to be that any widening

und commodity markets,

its of the present sterling fluctus. muccess depends on their quoting tion limits (which are actually the finest dealing margins. Fine narrower than the IMF

permila are one of the reasons-% instead of the permiti:d uncertainly extraordinary success of 1%) would create

in the making of contracts.

"MANAGING"

margins kur the the London

gold

market scon as it was reopened on March 22. The smaller the need for exchange rale cover, the fner the margins can be.

True stability could be recon- ciled with Et fluctuating

Some people with great ex- perience in these matters also point out that, in practice, a central bank which is "manng- ing" its currency nearly always has to pick some rate which it is willing to defend at least tein-

World Cotton poly.

Markets

New York, July 20. Cotton futures moved irregu- today larly in quiet dealings

but favoured the upside most of the time,

The so-called floating currency then becomes a haphazard and

saliafactory not very

way of finding is new parity.

The present convertiblity plan contemplates that wrong exchange rates (those which are out of Une with internal cost# and the external balance) should After scoring gains up to 50 be put right by adjusting them; eunis a bule, the market eased they should not be "defended" in Binal dealings under hedge by restrictions, selling and day trader liquido,

tion.

Final prices ruled 5 points higher to 7 points lower. The market opened up to 4 points. New Oricane closed unchanged to off 7 points.

from eastern belt

if a currency is over-valued, devaluing It is recognised to be far better than restrieling trade and payments to defend it.

NO CASE

RECORD BRITISH CAR EXPORTS

London, Fly BA

Britain exported & record

188,000 of

mpfor cars in the first six months

total

Announcing

this today the Society of Motor Manufacturera and Traders revealed that Australia is once again Britain's best customer by for for vehicles.

both cara and trucks.

Britain

nearly 310 many

exporting

CRED AS

Western Germany - her clusent Unlied

rivat -- and

States

the Society

Miso was

380,000 cara

Bald.

the combined. Output

B record

In Che months and 281.000 trucks. of which 154,000 were CX- ported. Reuter,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- Stock Exchange this toug

ip $872, mounted morning

Noon quotations and 941,60. the morning's transactions: SHARES DUYERS SELLERS BALES GOVT LOANS 3!1945) BANKS

1K Bank

E: BALA

23000 G 81

1483 1000 13 н 1600 JU ve 1088

184

INSURANCES

065

Underwriter

7.10

Union

DOCKS, ETC

K. Whart.. Dock

60 00 10.10 13.00 Provident (0) 124 12.70 2750 as 12.00 Wheelock... 7.10 7.30 200 er 7.20 LAND, RTC.

KK Hotel

UK Lond

Humphreys

9.03 0.15 4500.10

200 60 400 g 90

10 19.40 Realty .... 2.0312.07% 4000 m 201 2000 4.03 UTILITIES

10.00 19,70 0800 20.70 Tram XB Yauma Ferry 147 149 200 / 148 100 > 147 C. Light (0) 15.80 18.00 2000 41 18.50 300 15.00 2400 a 18.00 C. Light (N) 12.00 12.00 1000 12.00 RV00 12.80 Electric

32331 314

11 Macao Elec. Telephone ..27.20

INDUSTRIALS

Cement

1700 1

MPS

To Become

British State

Watch Dogs

London, July 20.

Policy and practice of the State industries- the main ones are coal, gas, electricity, and transport-are to be examined regularly by an all-party Standing Committee of 14 MPs.

may

A party dispute

urisc over the Government's decision that evidence given before this committee may be kept secret "if it is contrary to the public interest,"

Some Mia hold that the House cannot effectively judge the findings of the committee unless they know the facts. The Government will start the experiment of 4 regular

into tho quiry into State industries

next session-eight years after the arst basic industry WOR nationalised by the Socialiste.

asked if they would with to Join this but "walch-dog"

commitice. they declined. Their criticism

Peers

were

NEW YORK

Ju

STOCK

MARKET

New York, July 20, Prices on the New York Stock Exchange declined In all departments today on in- creased volume,

Lesses throughout the

of State boards will be con-wera limited mostly ta tinued through debates in the fractional zone with Lords.

1kst

the

D handful of stocks showing losies to more than a point and a few special- DETAILS LATER

ties. however, countered the the Government's general trend with

Rood

Rains. In grievance

Market news generally con-

Behind

move

the

ct MP that they cannot ask questions tinued on the dull

side. Investors about State industries which appeared highly cautious. They they could have asked, in some turned to the sidelines pending

developments In when cases,

those industries further were in private handis,

uncertain

foreign situation. A Details of when the "watch-few stocks were affected by

will sit will dogy"

probably adverse corporate developments, be announced when the motion The market opened mixed but giving effect to the

before comes next November.

the

Semo

trading plan as

progressed met some support and Commons lasues

this support helped prices They will examine only pre-the whole and as a result losses sent policies and not future wore shaved considerably. in plans.

Ministers will not ap- particular, aircrafts made pear before the committee, but the bes showing. They closed tho MP may summon the only fractionally lower after chairman or other representa- suffering from icees ranging to tive of the board concerned. more than a point.

World Rubber

Markets

Singapore, July 20, Lower oversÜNS advices and the possibility

of a

cense-fire

OI

the

ISSUES TRADED

the 1,223 Issues 530 closed lower, 411

traded. moved higher and 273 held unchanged. Transactions totalled 2,580,000 shares, compared with 2,370,000 shares yesterday.

International Telephones led the market

with in turnover

in Indo-China caused liquidn= |04,005 shares while Royal Dutch

selling. There on and

was | had a tumover of 15,200 shares, some trade and factory support | closed at $384. The stock 0002720 in the morning but when this traded at a high of $59% at one

Batisfied prices fell again in the time. The low afternoon.

Offering at

30 27 10

21.70 21.00 1700 m 21.00

On the down side, this might Increased conrern over; have some

relevance for the droughty conditions, and crop French frane, For sterling the American forces under LA-Gen, they drove relentlessly towards but the Germans did not break.

complaints

would have to be adjustment The advance slowed. Omir N. Bradley were able tu the Selne.

sections, plus news that the upword: It there

anything 19 Fwing westward up the Colentin

sell any wrong with By

of nowhere, Then, out bad

Government will not August

y

sterling's present Perlatala and take Cherbourg

Dicember 17

fucks cotton after July 30, in order exchange rate, it is too low. France's from the rear on June 27, thus bridgehoads

counter-offensive by the Ger-

not to contradict with the 1964 But the balance

official argu- securing a vital port for the hulucie river both above and

Ardennes

marketing through the the French

programme, trop buddup of supplies. This could below Puris.

monts seems to be that no case 1h0

sentiment-

has been made out for any hardly

have succeeded, how Second Armoured Division went Forest-the famous Battle of the

honour

Bulge. The American 1st Army chaping factors. entering The

change whatever in sterling's ever, without the help of British

was almost chopped to bits by

STORES, ETC. and and Canadians, who drew the capital en August 25.

present Early guins nudged most dell-fuctuation limits; not even for the 15 divisions and astonishing bitter assignment of protecting

Meanwhil: un

15, number of planes that German veries to new seasonal highs, August

smoli taking the On July

but buyers were not too anxious Karl Gerd von French and American forces had Field Marshal U they moved ahead to occupy

scraped up from landed at several points on the Runstedt and anchor of the Chen, eastern

on the farm bill, and French Mediterraneau const. the bottom

the German beachbord.

the American's rear,

As men ani material poured in through Cherbourg, the Allies

with slugged

out

in

The Wehrmacht

what bocame Battle of the the known as Hedge Rows. The fighting was savage but advances often were only a few yards a day.

th

gan

Τιμ

ol

of

were

main

exchange rato

Daity

(N)

45 of 21,00

474 or 21.60 gradually

lower levels

WILS $58%

absorbed

end

on

the dale

the Rayonier responded to

J

500 25,00 market stabilised at lower level] dividend boost. It rose a point

and closed barely steady. Future to $89. 45.60 23.30 2000 @ 3.10 clasingst

17.20 500 17

Walds

D9 10.00 L. Crawford 2315 23.00 4000 or 20 50 COTTONS

additional to press forward pending Senate latitude ($2.77-1/4 to $2.82-3/4)

that the IMF would automatica

Texille Corp 720 7.40 500 730 action

ly allow.

000 because of satisfactory crog

| MISCELLANEOUS news from other sections of the

Yangiom One stage in the advance to- bel.

Allied would be wards convertibility

transferable sterling

Some observers also wondered to whother

get

It is not

# further rise might quoted in London. not increase the rate of producer | clear whether this can be done redemptions out of the Govern- before full ment loan stock.

reached.

They advanced rapidly, liberated | reserve burrel. Marsilly and Toulon and by early September were far the Rhone and Saone valleys.

With the northern Allied rushing entward, vast armies

Low water mark for the Allies of German arvops in numbers

came on December 20, with the southwestern France ware in a bulge 60 miles deep. Next day The government weekly sum- desperate situatkm. They be Patton's tanks had begun to mary of

crop Bald continued rushing for Germany take the steam out of the Ger- unusually hot, dry and sunny through the gap remaining in the man drive, and by the first of weather, with 100-degree heat in September 1945 the Aitles had the initiative dally in the eastern porllon of Djon area, but 11 French troops from the south stain

again. As January ended, the the

belt, main cotton American Joined with

troops Allia

in position were back

favourable for checking weevil from the north near Dijon, and along the Siegfried line. The activity, but seriously intensified up, Eisenhower began probing the Germans

southwestorn Anal drive began the following the widespread droughty condi- In the middle of July, he began surrendered.

France

Many spring were trapped.

Others had to be preparation. On July 26 came the famous Si fought down.

breakthrough by Lt.-Gen. S. Patton's U.S. 3rd

As

reinforcements

stacked

the German ilno for weak spots.

Intensive artillery

Lo

George

Army.

The Allies

races.

A few days later, except for veloted pockets. the Germans had been driven out of all but were off to the a smail part of eastern France. a series of almost victories, the Allies

Now, after biltzkrieg

Ten months later World War were up against a tougher pro-

11 in Europe was over, the position.

German war machine ground

STAMP 'RACKET FROM U.S.

London, July 20. One of London's largest firms stumps are dealing in foreign

to bits between the British, The rolling countryside of Canadians, Americans and France, suitable for tank travel, warning collectors against what

French In the west Russians in the east.

And

the had

The St Le breakthrough was like pulling a cork from a bottle. Allied military might, penned In the patTOW up for a month

beachhead, Normandy

burst through the gap in Nazi Field Marshal Erwin Rommel's lines In a lightning thrust,

serious

describe GS they fallen to the castbound Allies almost as easily as it did racket" originating in the United

Stutes. to the westbound Germans in 1040.

Rough Country

tions.

NEW YORK PRICES

convertibility

The New Yorks Exchange

No. 1 rubber per 1b. Aug; (03-583) bond volume was $3,970,000.

No. 2 rubber per ib. Aug.

No. 3

Sept. 65-684

Oct. quoted

07-

0312-07

75 No. 4

60-8012 ++

...... 4.05 4.10 1050 2300 2000

4.50

Spot rubber unbaled Blanket crepe

€73-6

4.0 4.073%

No. 1 pale orope -

-United PreIS,"

NEW YORK MARKET

New York, July 20.

The American Stock Exchange

volume was 520,000 shares.

DOW JONES AVERAGES

New York, July 20. Dow Jones closing averages on Wall Street body were s follows:

30 Industriels

30 rails

The rubber market closed 15 tiltin

WORLD SUGAR today 10 to 30 points lower 40 honde

MARKETS

New York, July 20.

No. 4 sugar futures

unchanged to

Since March 22 the Bank of allowed transfer- England has

be traded able sterling to abroad, at whatever rates the World buyers and icllers may agree, today closed was

It is thus convertibl: in practice points higher with sales of 237 at a small discount, and without contracts.

draining Britain's directly

New York, July 20. Prices of cotton futures closed today as follows:

Spot

Oct.

Dec.

MAT.

May

July

Oct.

Dec.

35.50

34.JT

34.00

36.80

34.83

$7.76-79 37.75

NEW ORLEANS PRICES

New Oricana, July 20.

reserves.

3

with sales of 141 contracts.

Scattered liquidation and hedging was absorbed by other dealings and the professional talent.

Other

traders marked time they studied while

the news from Geneva and Hanoi on the Indo-China cenzo-fire situation.

Spot No. 1 Rss were quoted at 24 cents a pound. Future closings:

Bept.

Dec.

24.05 2456-40

Маг.

1.BE

May

July

Sept.

2.31 24.03 34.65

to bolster the

LONDON MARKET

Domestic No, & sugar futures closed point lower to 1 point At or over $2.77-1/4 it would higher with sales 23 con

of be within the IMF limit; widen tracta.

as in the recent

World futures ruled steady us ing its use, arrangements for dollar sugar, traders awalted news from the helps to keep it there. But the Cubon Sugar Institute on pos- IMP might multiple currency practice. The is that, on the day probability that transferable sterling can be quated in London, sterling will be convertible-Router.

regard

it as

Havana

trode

Was

Comm. future price index 182 Unling Press.

CHICAGO GRAIN MARKET

Chicago, July 20. Most graine slipped heavily on the Board of Trade today after an opening that matched yesterday's high peak.

Although continued hot weather and lack of rain in the main producing regions con- tinued to be a guide to tradere, began to exert other factors Influence,

London, July 20. sible measures sagging world raw market.

The rubber market

sharp drop in soybean reports suld steadier after easy with No. meal prices at Chicago, brought government officials would hold Ras spot quoted at 20.5/10 general selling into some suy

institute pence per lb. Prices:

bean futures, Prices broke No. 1 soot Has 2014-2012

sharply but remained at Bettlement house term:

strong level.

another meeting with officers today.

Dealers

Prices of cotton futures today Singapore Takes 10.000 tony

closed as follows: The Arm say

Spot that "stamps” purporting to have been issued by "Free Governmenta”-among them "Free Croatia" and "Free Albania”—are being sent to Britain.

Oct.

Dec

Mar.

May

July

Oci

Dec.

Now the country became Tougher-and there was a man- Mr F. S. Wall, director of the modo barrier as well. This was firm, says: "It is time that we the Siegfried Line, a shrewdly helped to make it clear that placed string of pillboxes, tank- these so-called stamps are They have been traps and minefields stretching rubbish.

The Brittany Peninsula was cut off. Patton's tanks raced toward Rennes, captured it and spum down the railroad and from Switzerland to the Nether-printed privately in the United highway mainlines to Paris: innds. Artillery preparation, Statos.

by infantry advances

followed

"Even it it is assumed that

are no postal services for which

The entire Allied front began to wheel eastward, pivoting on/of perhaps half a mile a day of these Goverments exist, there | Caon. The Germans elected to good days, homme the order. fight it out instead of retreating Desperate efforts were made the labels can be legitimately to Поліс the Siegfried Line used. In no way can they bo

Well), An

genuine airborne considered

stamps."

Seine. to the

They fought stubbornly, too, and one large (West pocket held its position in the

Polish until British American Angonton Falaloo gap

Dirtch amy was dropped in August 10.

Holland to carve out "bridge- heads over the Rhino, but it fallod when it could not hold the Dutch city of Amhem.

Air Cover

postage

R.A.F. FUND

London, Nily 20. The Royal Air Force Benevo

Serious View Of Rubber Ban

LIVERPOOL MARKET

Liverpool, July 20.

American i takes Closing

prices, middling cotton, In pence per 16. were as follows:

Oct/Nov.

Dec/Jan. Fiat./April May/June July/Aug

sugar,

Domestic futures were dull with a small interest centred in the September delivery, Futura closings:

20.1/18-29.3/18

unquoted

--United, Pr238.

London Foreign

Wheat

closed off % to 1%.

cents; soybeans up 10 cents.

At Winnipeg, whent wa pilsed of 102 cents for No.

8 Northern and før No.8 iL WAN

at 148% ceats 4 busbel.

CHICAGO

יזן

PRICES

Chicago, July 20, Prices in cents per bushel: Closing Pric

Wheat, No. 2, red

Boot

July 2011 (11) "20832 ́ ́ (L)

meanwhile reported Islanda bought refined of Cuban

Aug. Sept.

2015-201

2014-201

Oct/Dec.

2014-2015

Jar/Mor.

2012-201

Apr/June

2011-201

Genersi markela,

elt basis. ports:

July

2016-2014

Aug.

29/16-2.3/10

Sept.

Estate crepo

thick

thin

Contract No. 4 (world)

Sopt, Oct.

3.14 3.140

Jan. Mat MAY July

3.200

3.17

3,176

2.16

Spot (cents per lb.

Cube) Contract No. #

2.tz

Cock, No. 2, yellow

Sept.

6.70b

London," July

Spol

Nov,

He refused to elaborate ex- cept to say that the position was being investigated.

0.7111 · New York

Mar.

Monteval

7/10

Dee.

MAY

Mhr

July

0.020

Hasbest

・Bept.

3,070

140310-140.15 May

Nov.

Bya

Spot cents per ib, elf NY

#x-duty)

Zürich

1.70 Unlled. Pres.

Other Prom

nored/slated|| Bapt.

Fute

Oils

NEW YORK FOREIGNS FIL

EXCHANGES VONKA

New York, July 19.

Bay

No. 2, yellow

Singapore, July 20. The Singapore government m serious view of the Indonesian ban on she export of high grade rubber and wot slabs to Singapore, said Mr J. B. Clegg, Director of Commerce $2.09

and Industry. 21.01-02 21.79

22.00

32.02

Ometal price for spot cotions were all unchanged.

BAO PAULO MARKET

Boa. Paulo, July 20. Prices of cotton futures today closed in cruzeiros per kilo, as follows:

Ock

Mar.

(in the United The Allies, however, with In an effort to crack the line lent Fund has spent mode laats thor overwhelming air coverage, before winter pot

Gen. £4,000,000 opeusing: distemes muorngo pries of 18/3 could not be stopped. Alded by Elsenhower koproda Oral Amon Servicn and ex-Bervice | potion at 10 the French Forson

DE the offensive in mid-November. personnel, thelf" faimilles, and markets WAR - Interior, the underground army Patton drpya. the Cieczkom om dependents alinča ita indertion, in pound. Salorat which went Into action behind of fortifications Around Metz, 1910, it was announced today- totalled 17,810

Presi the German Bod ón D-Day, and the... French, took. Belfort China Mail Special

Local rubber men believe the is connected Indoncalan ban with the controversial Indonesia. China rubber deal and that

to 13.30 Indonțin sila – trying

get the higher price she can for her

These sources salát, product Stales the they Bellete that - Indonesia" EN

Exchange Rates

Businnen, Wandorse

middling also trying to evold Malayan morningNTE CLONE mated spot

the 100st

Exchange

Amalardany

Brinelai

Blockholm

Nov.

Mar

| New York Hour

Market tonez · mixed