1954-07-22 — Page 9

Fast Patrol Boats In The Channel

The rea foams in the curving wake of fast patrol bonis of the Royal Navy as they re- brace of Gosport, Hampshire for Exercise Haul, large-scale NATO maritime war games In the Channel Command, British, United States and Norwegian vessels are taking part

the exercises

In

(Reuter photo),

THE CHINA MAIL, THURSDAY, JULY 22. 1954,

Native Bourgeoisie A Steadying Element In Belgian Congo

Brussels, July 21.

In the heart of "darkest Africa," where cannibalism was prevalent less than 50 years ago, the authorities of the Belgian Congo are creating an "enlightened," economically stable negro middle class.

This native "bourgeoisie" is considered a necessary steadying element in the rapidly growing mushroom cities and industrialised districts of the Belgian colony, with their primitive, uprooted and "explosive" proletariat.

The intensive industrialisation of the Congo, which began during World War II, has touched off a "psychological revolution" among the Africans who began leaving the bush by the thousand to find work in the towns where they can earn for more money than by remaining on the land.

Thr

worth

mative population

about 40.00%) Belgian Le poldville, the Congo capital, franes just over £285 sterling),

Including the native's share. atred from 40,000 in 1940 to 250 000 at the end of last year.

But apart Firm DELMAX the same period, the

ETKİ Elisabeth shopitepers grppulation of

the the Heigions Topper nuninggalett of the Hant-Katanga | artists and willers Jumped from 30,000 to 130,000.

ville. th

WAGE

restaty and

V

The Belgian authorities say thet the best way to avod V. Jenst ethereaks at the evolu- Lot of the Congo community. composed of 12,000,000 Africans 70.000 European, in to

"file"

create antive

fr

"L

owing clust,

In the meantime, Africens are given a terge share in local ad- ministration,

under

the close supervision of the Belgtans.

They prosports

participate in cataln smallholders

rouncils, provincial

Logether with

representatives of the white intelligention uld settleys, and a few sit on the entral Government Courell-a whose evnsultative assembly Lusk it is to advise the Governor General of the cak.ny, during the Council's annual meeting.

The

Coduri pictures is nut.ve painters already at en walls in many Europeus house in the Congo and even in Belgaru.

C'oniuclei Elleebethydde

dade TA

TRADE

"Tanker A Very

COMMERCE SECTION

Exports

Agreement Lancashire Dangerous Development'

New York, July 21.

Jan. H. Loudon, Managing Director of the Royal Dutch Petroleum Company, today described the agreement between Saudi-Arabia and Greek- born tanker magnate Aristotle Socrates Onassis, giving the latter preferential hauling rights, as "a very dangerous development" which if allowed to spread "might easily restrict oil sales over the world.

At a Press conference mark- and discounted the threat of ing the initial

his utcunie power 1s log of

10 conventional company's now 00-guilder energy hources such as oil and capital shares on the New York coal." Stock Exchange. the Dutch executive criticised the "mono- poliatle" aspects of the agree– ment whereby Onassis is given

preferential certain

rights In fransporting Saudi Arabian oil In exchange

of for payments royalties on such shipments.

was ♫ very

"The agreement dangerous development," Let don said. " in monopolistic in dia- charneter, it is thoroughly tracting not only from the point f view of ARÁMCO (Arablan- American Oil Company) and the of industry in general, bu also from the point of view of other companies and other In- dustries as well."

SALES RESTRICTIONS

about

ok-

NOT WORRIED

"We are not worried the competition trom atomle he said, "production power, capacity of the world is ponding all the time, Just as there was room for oll and coul after the World War, there will be room in the future for all, cool and atomic energy.

He predicted that demand for oil would rise "conservatively,

annual noting that while the percentage Increase in US de. to be levelling mand appears off, world demand outside the US expected to remain high- United Press.

Asked what effect the sprend World Cotton

of such agreements might have un international oil sales, Lou- don said "It might easily re- strict of sales."

his

Mr Loudon represented company, one of the largest in- ternational oil enterprises, u

the initial ceremonies marking trading of the new shares un the New York Stock Exchange,

Mr Loudon Wis optimistle about the

Markets

New York, July 21, Cotton prices today drified lower by easy slages following a hesitant start.

Drop

London, July 21, Lancashire's exports of colton yarns and stroven кооп took B wartling dife

Jaho;

Were

combined exporta

£8,900,075 compared with more than £10 million in the five preceding months,

Muci the

thing happened last year but the normal pattern is for June to show only a slight de- clino.

DELTER

In the first six months of this year exports wero £50,708,000 compared with £58,585.000 In the ilent of 1953 - United

half

Press,

HONGKONG STOCK EXCHANGE

From Our Correspondent)

Bushes deng on th: Hong kong Stock Exchange this morn

amounted to $044,829.90). Noon quotations and the morn ing's transactions:

SHADES AUYERS BELLERS SALES

BANKS

HK Bank... 1030 1660 34 w (600 East AMIA

102

INSURANCES

Union Underwriter

DOCKS, ETC.

K. Wharf Dock

3 10

00

1867

300 F 47 100 18.50

Wheelock .77 40 1000 1.20

..... 18.30 Provident (0) 12

Closing around boltom levels for the day the list was off 18 to 22 points net. The market LAND, ETC. oil Industry's future opened off 3 to 70 points. New Orleans closed off 15 to 18 points.

Dealers viewed the setback an a technical correction following a rise of almost $5 a bale for

delivery

Aust. Finance the nearby October

Companies Increased

Profits

people eriticise by D negro, the Belgian rule (We rute to serve

ther notty, say the Belgions) Lille Sangers of the

being too much of an old- Super Br

Menlight med Cros" are a Carus vordon off fashruted

Sydney, July 21. rastas" kind.

Figures for the earnings The supporters of the wrem, of various groups of Aus- however, retor that compared

tralian companies,

properly the world famor "LIBF Sher

For the Wooden Ch

An interest

inter-

of with the unrest prevailing vise- aber

Atlas of neges under a unele matsu » rapidly cuming in natives go to the theatre to see being in the bigger towns, where

plays wonten and staged by the native eity,” skušẳng on U European residential ssch office quartets, et begaming 1 bustling busines

eentre with

woll fürushed shops and com- Mortable hotels,

Industries

Some of the craftsmen are now developing their businesses into

whose small industries

work shops are often equipped with

ultra-modern machines.

native.

Hundreds of Africans already

flye

workers and

1

por

com.

to

from the late June lows. This, they felt, might be enough discount The unfavourable A8- pects of the crop picture for the

timo being.

Moreover, one commission Arm commented that "above 35 cents, six million unles of long cation will probably be coming on the market."

Traders adopting a neutraj sttitude awaited

un

Senate action

the farm bill and a better look at the crop picture.

Private crop reports indlenie the possibility for more rains in the cotton bell

Trading volumes and open

were as follows:

where in Africa, the Belgian piled by the Commonwealth Interests in the Exchange today methods are paying dividends | Bank, disclose that 91 Month

Europeans and the finance companies showed July

Oct cent Der. profit of 8

Mor funds, May on shareholders' against 6.9 in the previous July Dividend increased Dec. year. from 4.8 to 4.9 per cent.

bolk

Congolest

Prosperity

Oct

49,700

HK Hotel

IIK Land

Humphreys

Renty

UTILITIES

►

1000 7.20

1000 m

7:30

Overseas Capital Essential For Australia

In the Immediate tasks that face Australia a strong, continued flow of oversens capital is essential if living standards are to be maintained, states the Bank of New South Wales, in a recent review of business conditions.

The

Bank

that

points out Australia's increasing capacity to provide capitul for herself has, to some extent, reduced her dependence 0:1 Overseas funds, but confronted with huge tasks of national development. the economy must rely on Översens capillai を aprend the process of growth.

STILL RELUCTANT

C

In some quarters there was s a reluctance to seek empital from abroad, for fear that at

supply or withdrawal would ac- centunte

are

vverseas

NEW YORK

STOCK

MARKET

New York, July 21. The cease-fire In Indo- China bolstered

the stock

shares

the fluctuations "market today.

or

much wider

boom and shump.

Industrial that it

responded would detract from Australian briskly on news of the armia. tice in Indo-China. They ran up independence.

Both fears, states the Bank, more than a points with a few fargely groundless. Today high peleed of equilles showing Railroad capital takes

gains. permanent form. The bulk ishares rose a few cents. The so- devoted to direct investment in cal

called war Jasues-aircrafts- branches or subsidiaries of new ran into some opposition and companies trading as Australian they had losges ranging to more concerns, often protected against than 2 points, competition from even their own Outside of the Indo-China principals.

Blank points news, there was nothing in the In but that,

expansion day's »gwa developments to In the post, capital from abroad account for the market advance, played an essential part, and The experts, however, pointed Altice World War II it has great out the Hsi bas been moving ly assisted the broadening of aimlessly in recent session and The industrial structure.-N.L.D.markel was due for an uptwing.

World Rubber

Markets

Despite today's strength, Tratters

were somewhat dis appointed over the volume which was lower than yesterday, Sales totalle 2.510,000 shares. pared with 2,080.000 yesterday.

18SUES TRADED

com-

Or 1,170 issues traded, 590 closed higher, 306 moved lower and 274 held unchanged.

In the volatile oil group. Amerada Petroleum

was

the bell-wether. It spurtes 54

Cuties points to $174.

9,10 9.13 1000 * 0 10

4) ર

D 15 3000 10

Singapore, July 21, CO CU1⁄2 3350 00 The Singapore rubber market

1800 0015

failed to react to the Geneva 19.20 19 500 1920

2.10 10000 20779cewo-tre agreement and there

Service 6000 210

Was Rome trade buying and

was up 3 points to $98%. genuine enquiry from overseas. The oil stocks recently have Tram XB... 10.00 10.70 800 61 1970

The spokerian of a rubber been depressed

because of in- 400 1600 brokering firm said all the re-dustry cutbacks in production to

action there

occurred cope with amcult Inventory

LH.043

132 131 100 143

200

500 100 * 18.10

15.00 13.00 o

was

Star Ferry Yarnell Forry 147 149

Light (o 15.30 18.90 2300 15.00 Yesterday when heavy liquid situation.

tion followed strong speculation Unlied Aircraft led its section cease-fire agreement bring-downward, It decilned

points to 80114.

Light (N) 12.00 Electric

13 3000 12.90 in the prices down.

32 22 270032

Macag Elec

11 11.40 Telephone 27 36

INDUSTRIALS

Cement

STORES, FTC

Dally Watron

332 32 1000 or 324,

24

Steel shares highlighted

the

Industrial

group.

with

The source said he did not think that cessation of all-maln ties would have a very strong gains ranging to more than "ņ......

paint. 112740 bearing on rubber as the war

A few electronic Indo-China had never boon a

Issues met damand. 21 40 41.80 500 × 1100 | vital fuctor

in rubber prices International Telephone led 200 210 although it is true that the end the market in turnover with

of a bloody war usually sends 39,200 shares changing hands 25 30 prices of strategic commodities

The New

York Stock Ex- change bond volume was $4,- the 430,000,

Slack Ex-

21.70 25.00 500

10.00 down, especially rubber.

4.07%

The American

Local rubber dealers, source said, on the other hand, are hopeful that the end of the charge volunte was. 610,000

DOW JONES AVERAGES

New York, July 21.

Aghing In Indo-Chini und shares. Korea may eventualy lead to 4.014

ling of the United 4.75 | ALOR

embargo on strategic materials Dow Jones

Nations'

closing averages

and allow Malayn to sell rubber on Wall Street today were as to Communist China. This fellows; m

WORLD SUGAR view coupled with the fact that 36 industrials

MARKET

New York, July 21. World No. 4 augar

futures

20 Til the

market Singapore

had

18 ilitie reacted sharply yesterday ac- 03 stockh counted for the steadiness of 40 bonda

Comm. future price index.. the market today,

of

10.no 17 1:00 17

Crawford 23.40 23,60

1000

COTTONS

Textile Corp.

1.40

Volume Open Interest

$7,000

MISCELLANEOUS

33,500 276,800

Allied

31,000

401200

30,200 280.900 27,800 243,000

..... 4.00 4.10 3750 760 10000

0.000

145,300

8,000

1,000

20,400

Total

150,100

1,710,000 bater

NEW YORK PRICES

New York, July 21. Prices of cotton futures today closed is fellows

Бров

33.45

34.30

Dec.

3.38

OI 18

Mar.

JLAD

May

74.04

July

31.34

Oct,

32.62

Dec.

7734

New Orleans, July 21. Price of cotton futures today closed as follows:-

Spot

34.20

steady news

Oct.

Dec.

Mar

May

34.17 34.37 34.61 34.07-00

July

34.36b

Oot

World futures held while traders awaited from Cuba concerning dis- cussion between the sugar in-No. 3 rubber per ib. Aug. 07-075

No. 4 rubber per 1b. Aug. 012108 stitute

Government and

Spot rubber linbalod officials on means to bolster Blanket trepo

Sept.

hi.

Dec.

33.47

No. pale crepe

100% 04-054

Native radio programme and

"Instead

batred and newspapers ehted by negroes are blowished, as in many parts of playing an ever langer part Africa, there is peace stat pros The Africans' life,

The profi of 258 manufae- perity is the Congo," they state.

way 7.5 per M.

Pierro Wigny, former turing companies

cent on the shareholders' funds, hold responable posts as parish Colonial Minister, and author of

agains. 6.9 per cent in the pre- ten-year plan for

had priests, headmaster's, administra- the current

Shareholders medien the Congo's economic expansion,vious year.

recently:

Increased from said

"We

their dividends Are

4.$ to 5 per because

cent. optimistic.

we are With some 1.200,000 Congolese convinced that we shall be able attending primary and accondary to achieve, la the long run, a

bi-coloured initial grap of 3 Congo, by native students are iking a pre- In the countryside, some in-university course at "Levanium," dividual African planters own Central Africa's first university Mail Special. farms and plantations of up due to

At Leopoldville, for instance. a native cabinet-maker, who specialises in ebony work, now employs up to 30 workers.

assistants.

schools,

open officially near

500 acres which they work with Leopoldville in October.

the latest agricultural methods.

է

The Government campaign for

saying

among the

drive natives which began two and half years

has ogo, successful.

been

Doctora sientists, civil ser- vants and school teachers will be trained in this Congo offshoot of the 500-old Catholle Univer- sity at Louvain, near Brussels,

But the Belgian taithorities are by no means prepared to give the Congo stll-government overnight.

The savings of the natives in the State Savings Bank, which more than 42,000,000 totalled Belgian

(£300,000 francs sterling), when the drive began In June 1951, rose to more than

$11,000,000 (£4,050,000 stering)

at the end of last year.

t

Some Belgian politicians (alk

of prospects for a "black-aml-

Like

-

economic

the society removing all com- religious, rcial, and political."-Chino

Biggest

Australian

Contract

Sydney, July 21, Preliminary work will begin soon on the largest Government

white" Parliament of the Congo. contract that has ever been let

But they usually add that "such in Australia. The contract is

be the Snowy Mountains Hydro-

At the beginning of this year, crowning of Belgium's pioneer- worth £A23,200,580 for work on more than 200,000 natives had a ing work In Africa con

achieved only in Savings Bank account,

com- pared with 10,000 in June 1951. generations."

An

increasing number of natives soitiing down Elisabethvillo

at

becoming dre

houseowners under n housing scheme called the "Grevisso Plan."

of

a matter of Electric Project and the con- tractars are the Kaiser-Waish- Perin Raymond American panies.

Primitive

Group

of

construction COM-

mining companies profit 17,0 per ent, compared with 22.9 per cent inst year. Divi- tend fel from 14.4 to 12.5 per

cent,

un

wholesalers and Rotallers

cent 7.2 per (129), disclosed prost

shareholders' funds, against 6.6 in the previous year. Despite this shareholders divi- dends Increased from 5.2 to 5.3. Increased profits were closed by £2 companies in the transport, power and other services, the cernings being 0.8 per cent on Invested funds, compared the with 6 per cent previously. The dividend was

increased 4.8. from 4.0-N.I.B.

London Foreign Exchange

The main part of the contract New York

is the construction of a 1411⁄2 mile | Montreal

London, July 21.

2.81 4442,61 13/10 2074 17 10-3274): 1150 44-11.13L 146.10-140.121 10.30 34-19.30 009 32-DROJS 14.344-109 12.2011⁄2-13.20%

At present, the establishment tunnel through the Australian Hamburg

the whole length to have Brussels Alph

Copenhagen Imited Congolese evon A

a diameter of 28 foot. This Parie olectorate is considered pre- tunnel will link the Euroumbone stockholin" mature on the grounds that the and Tumut Rivers, Also to be Zurich

Do others were Unolianite Cargo is "still too close to its constructed is a 180 foot

turnet-leadin primitive post,”

with a pressure to a power house nearby. A few years ago, à favourite long tunnel will take about six and dulirenti story, cirkulat- and a half years to complete, Ing among the white population and the dam about: four and basleof Leopoldvilkė, Waa that of a half, yoärn, jantho Snowy

young native Catholic priest,

This plan, nomed ntter M. F. Grevisse, District Commissioner for the region, provides a newly arrived native Zamily with

ground credity, materiala

anci

This

The

a

for the construction who coplained that he celebrat Mountaine scheme is expected to

NEW YORK FOREITIN

·EXCHANGE

New York, July 21,

·Canada.

$1.00 11/10. England unamelai fird-540 \u Canadian dollar taje:

Spots close, 04 277275-91.01 11/12

of its own house at a low initial or two Masses a day bespuses prochice 180,000 kilowatte of Paturingie kam

Cont.

vine la for my perih, and the power

Those bungalows, now shel- other for the souls of all the ackatonal 100,000 kilowatts In

1959-00,-N. 1. B. toring nearly 60,000 natives, are people my father ste

NEW ORLEANS PRICES

LIVERPOOL MARKET

Liverpool, July 21.

American Closing

prices, middling cotton, in pence per lb., were as follows:

Oct/Nov.

Dec./Jan

Mar/Apr.

May/Juña

July/Aug.

31.00

3131

31.01. 3121 31.00

Oficial prices for spot cottons were all unchanged. ·

- SAO PAULO MARKET

Sao Paulo, July 21. Prices of colton futures closed today in cruzeiros per kilo as follows:

Dec.

There is no outward sign alarm or appreciation of the Icepec-fire in Indo-China and the

today closed unchanged to point higher with sales of B1 city went through a normal day. contracts

Domestic No. 6 sugar futures closed unchanged to 3 points 123 con- lower with sales of tracts.

the raw sugar market,

of

SINGAPORE PRICES

Singapore, July 21. Priced

rubber futures closed today in Straits cents per 1. fob Mainynn port as follows: No. 1 rubber per ib.

Aust

co-pos unquoted

No. 2 rubber per tb. Aug. 00-00

110.28

United, ProsS.

CHICAGO GRAIN MARKET

Chicago, July 21., Rain overnight in the main growing areas of the Mid-West sank grain futures heavily on the Board of Trade today.

Heavy selling was reported in the corn, oats, rye and soybezn pifs, and trading in wheat was Influenced by lower trends in the other grains.

Today's session

was the last for dealing in July contracts.

Exporters, whose trado line been quiet all week, reported that

Western

Germany is buy 2,250,000 bushels of Canadian wheat and about 780,000 bushels of US wheat on Friday

The problem was said to NEW YORK MARKET have been a difficult one with

New York, July 21. Cuban farmers, mille and the Rubber fu'ures today closed scheduled to labour unions all having con- 29

to 35

higher with points flicting views as to what should sales of 73 contracts.

Dealer buying and local cover- ing

with the highest cables found sellers reserved.

be done.

Domestic fulures were quiet and casier under scattered hedge selling. Future closings: Contract No. 4 (world)

Wheat closed of 1x to i cents; Boybeans off 10 cents, the daily limit, com off 41⁄2 to In the spot market, factory 8 cents; oats off 11⁄4 to 31⁄2 conis; interest remained at a minimum. rya off 2 to 21⁄2 cents, ** Reported small sales included

CHICAGO PRICES some September

At 1 sheets 24, July 3 sheets at 23% cents Pflicts per bushel in cente and September ambers at 234 Wheat. No. 2, sed '

landed basis. Spot Spol

* Chicago! July 21,

Clowing Prices

1 Ray were quoted at Judy 2011 (11) 203% (L)

ko March (1953)

Sept.

3.14

Oct.

J.146.

Jan.

3.20% 3.106 3.10.

July

3.19b

cents, all No.

Boot-(renti per lb. fob

Cuba)

3.12

24 cents. Fu'ure closings

September

23.36

Contract No.

September

24.400cember

24.10

Sept.

5.000

December

21.00

Nov.

24.00

May

24.60

Mer.

May

May

0.521

July

14.00 Spot

14.30 Corn, No., E. Sellow

July

8.00

September

$4.00

Sept

15,00

September

Now,

0.001

Bpot-fcents per Ib. cit NY

́ex-duty)

8.70 Unitert Peers.

LONDON MARKET,

London, July 31.

December A

March (1060),

May pré

September DAL

KARACHI MARKET

Karachi, July 31.

The market held higher, on cablos from Liverpool and

apprehensiveness

about crops

progress in Sind and Pinjal provinces,

on

Exchange Rates

The rubber market was quiet, ly mendly with No. 1 pos Ris quoted 20-15/10 pence per ib

Prices

Battleren Bouso terini Lux

this Oct/ Des, Jan/Mar

LTI | API/June

Much attention”

talka

· trade Japan Pakistan Which opened here on Tuesday.

Business was done in the Iseni | Bed,

Tarket Prices closed today litupdeskinomani

porniny as the following, salon: Vim, dollar (per 31) Polkamostan rusidiv (per 100) ... Gained "75-# = HJÁT Real" (per 100)

70ma | Finventara (Biruita) AN

15.04 | denarni.tunrkets, cif 10.30 Jutr 2730] Aug.

1.70-dept. 7.30

2615-2091

July

September Boy Beans, No. 1). Bot

July 20%-204

September November January (1965) March

fizflex, apot [NOWKWKER, Adile,

Pack

73-7342