1954-07-23 — Page 9

THE CHINA MAIL, FRIDAY, JULY 23, 1954.

Duchess And Her Daughter At Home

The Duchess of Kent, and bei charming 17-year old daughter, Princess Alexandra, face a battery of press camera's in the garden of their lovely home "Coppins" at Iver. Buckingham- white, where a new series of informal pelures of these two royal ladies were taken.-Express

Photo.

Britain Lost Initiative

To America In

Liberated Ethiopia

Addis Ababa, July 22.

Thirteen years ago British Empire forces liberated Ethiopia from the short-lived grip of Italian Fascist imperialism.

British prestige and influence were then high.

British prestige today is still high here, but the dominant influence in Ethiopia, enlarged by federation with neighbouring Eritrea, has passed from British into United States hands.

J

In fact, nowhere in the vast African Continent have the Americana stronger grip than in the Kingdom of the Lion of Judah, Emperor Haile Selassie I, where the Russians maintain a strong diplomatic mission and run a hospital.

The understanding between, but found Lard de la Warr's Ethir pla and the United States proposals dificult to accept. bas bern further strengthened.

by

The

recent

Visit of the Emper to the United States.

Her attitude at the time was ascribed by observers to con-

her of He drelayed there that Ethiopia | KOIVUSTOSS

newly- 1x on the side "collective | regained freedom and a certain belion against aggression: suspicion or foreign intentions. wherever it may arise."

เค

WAS

not

Ethiopians term it, such as big limousines, Jeeps, nims, gaúdy shirts and neck les--and chew- inx gum.

The inhabitants are becoming increasingly used to the arrival

FRADE

Hongkong Stock Exchange

**2ch

Geneva Cease-fire But No Excitement: Why?

By A Special Correspondent

Well, the cease-fire news came through at last but nothing very exciting happened to the share market this week. Why?

For one reason the rise had largely been dis- counted in the few days immediately prior to the actual signing of the cease-fire when share prices made good headway in anticipation of the agreement.

COMMERCE SECTION

¡S'PORE MARKETS

REACT

Singapore. July 22. There Was & marked Contrast in the resetion of the Singapore rubber, and zin, markets to the Indo- China asso-flte agrestnetzl.

The

in ptice declined still further by 15.3711⁄2 to $372.60 per pleut, but rub- ber opened this morning steady and without any depreming effect in evid- ence from the Indo-China agreement. The opening prices was 69% conta a pound, ABERTI, FOR buyers cent above yesterday close. The market was steady following the steadiness In London and New York which overnight recovered

Monday's levels-United Press.

ما

Secondly investors considered the actual agree- ment something of a surrender to the Communists by NEW YORK

M. Mendes-France and his Western allies-and certainly not the honourable or "victorious" truce they expected.

This is the view of brokers 1, noon on a turnover of 17,700 saw yesterday.

shares.

Here is how market prices faren this week:

But looking t the market this week, one sees a picture of strength in all sections, Most issuca have mnde fractionat gains throughout the week.

Yesterday business expanded anet It appears that after digest- ing the cease-fire agreement the market was disposed Jake a kinder view of it, or else, in- vestors realised that it was the best possible bargain under the circumstances.

Prices advanced on a broad front yesterday. Towards the end of the afternoon call when the turnover had reached about 51.400,000, prices were inclined to give way slightly. Trams, for instance, could not hold their $19.70 and slipped

back ten cents. China Lights, Hotels and Watsons were also a shade off their best levels the day.

OUTLOOK FAIR

Brokers

were Inclinedi to think that this was rather bei

of cause at the heavy volume business that was done in these Jaouos during the day and does not necessarily indicate that the

hos market

best reached its levels.

Banks

תיבין 1

STOCK

MARKET

the

1

British Officials

Against The 'Floating Pound'

London, July 22.

For the present at least, British official think- ing seems to have turned against the idea of o flexible exchange rate for sterling, the so-called "floating pound.”

At the Commonwealth Economic Conference in December 1952, and during last year, some such flexibility was regarded as an essential part of the convertibility plan, because of Britain's inadequate

reserves.

RA

code

Any adjustment to changing in any convertibility arrange- conditions could then be mode, ments now being discussed.

in Canada,

purtly by

But the balance of the argut - change in the reserves and ments cems to have filte partly by a fluctuation in the against the floating pound. Cer-

nt the exchange rate.

day-to- talaly. any

conver:bility day discretion of the British ruch as la now under discussion Treasury and the Bank of Eng- would

declaration land.

ngainst Instability of exchange rates and a reaẞirmation of the undertakings which Countries already given to aval! competitive depreciations their currencies.

disclosed.

The limits of Auctuation would have been much wider than the present $2.78 to 52.82; New York. July 22, they could have been changed Industrial shares on the fron

time to time; and ther New York Exchange push- might never have been publicly Instead, they would further ed to

new high have become known at any time ground in almost a quarter | only from the rates at whien the Bank of England Was actually intervening to buy or Steel stocks

sell dollars. paced advance in the industrials. They At the DEEC Ministers talks turned later in the session and on convertibility in Lendon on closed with goins ranging to July 18-18 Britain, so far as is more than 2 points. Elsewhere. known, is merely presenting the olls also tracked on wide guins, i arguments for and "Blue chips" were also good. lexibility. This is in line with The advance pushed industrial the gentimi nature of these talks. stocks to their best levels since In any case, the management of October 19, 1028.

Britan's currency would always be a matter for Britain herself,

for any

international con- ference (nor even for any intro- Commonwealth orion of the sterling arta As a whole since there is no such organi).

Banks

Unions

Wheelocka

L'h Prov

MK Hotel

July 15 July 20 July 22 |

1700 1923

JES BOSL

1605

7 20

135

12 Du

12.00

12

of a century.

014

Ą !*

20

Land

Sty

53

COL

Tears

191

1970

2000

Ch Light

new

12,00

12,0

12 fra

old

In

15.00

15 No

Electrics

32

งา

33

phones

21

27.20

* ta

24 30

25 70

23.06

tim

Dealings also rize and session was uetive of the wetit.

Increased to shares, from 2,510,000

day.

D FATRIN

TODAY'S SHARE PRICES

(From Our Correspondent!

picked on he

the most Transuc- 2,600,000 yester-

net

да

against

A feature of the con-

It plan, Of the 1.202 issues traded, 089 | vertibility

has closed higher, 287 declined and developed so fur, is that whic 240 held at their previous close. | the

Governments

MOTORS FIEM

Motor shares, firmed.

range.

DEEC

will den inue to consult periodically and in emergencies, each OEEC Government retains ultimate

Ey

over its own

ex-

into

is

no

have

Include

ས

It is a matter fur argumtal and, as stated above, for eac country to decide for itself. whether frue stability is best nehitved by keeping to the nar row quotation range (1% either nide of

the of par) prescribed by International Monetary Fun J

or by adopting wider or even indefinite limits.

Ever since September 1950 Canada has had a completely exchange rate, but unpegged nobody suggests that the Cana dar. dollar is unstable or un Found

high

Canadian monetary official, speaking in- formally in New York, is spid to have joked that he was not soft accustomed to speaking in a Currency country.-China Mail Special

World Cotton Markets

New York, July 22.

Uulities held within a narrow change rate, subject only to its

international obligations.

Even such close groupings 25 Balvin - Lima - Hamilton led Benelux have not yet reached Cotton prices today closed on Business done on the Hong- the market in turnover

with the stage where either of the A

to climax 50 amart rally are kong Stock

featureles Exchange this i 44,000 shares changing hands. partner countries puts the man- otherwise slow and morning amounted to $1,293. The stock eased to $10. US: Rgement of its currency

session. 760.10. Noon

quotations

Dovering against export com- and Steel finished in the second spot commission. There the morning's transactions:

involving on sales of 40,400 shares.

question of anything of the sort mitments to Kotea,

un cetimated 5,000 and 10,000 SHARES BUYERS SELLERS BALED

October bales, mostly in the GOVT. LOANS

delivery shoved prices ahead in (1048) BANKS

the final dealings. Bank XD 1655 165 Fast Asl

183 INSURANCES

As one broker said to me yesterday: "The outlook is fair and warm". of American

Over the week. high- tourists. ranking Service ofcers, Senators down 340 to $1,060 but they held on 2 "The Agreement

and Congressmen, businessmen yesterday at that price

turnover of 45 shures, And The present understanding renewed and the predominantly and industrialists.

talking of Banks I sald last wilt lake mege definite shape large number of British advisers

These

week they touched their highest temporarily swell the gradually the Country with the expected signature of

American com- point for many years if not The British Military already large An agreement between the two dwindled.

their highest point ever. (BMME) munity here. This is composed

A countries granting America Mission to Ethiopia

in Dart of officials from The

in render has pointed out that military, al and naval bases. also pulled out.

Point-Four

June 1940 Banks touched $2,100 for aid programme Already, American polities!

In their places came Dutch,| to underdeveloped countries and and sold at over $2,000 before Norwegians, Swiss, Indians who others serving on the Imperial the war.

Unions, on have two advisers and over 150| Highway Authority, missionaricas

turnover of the 0 members

have Unifèki | shares

shown a British in teachers-and other foreigners. and The decline [1

the Americans, States Military Mission (this been gradual but | Finally, came

improvement of $867. fluere has

replaced the British Mission), steady.

WHARVES BETTER which is capable of quick and considerable expansion."

Wharves are obou $2

und economic influence is

When

outnumbering them all.

Americans, few in numbers in the Anglo-Ethiopian Agreement of 1542 expired. the foreign community Lord de la Warr visited Addis Ethiopia ten years ago, are now With them huve Ababa on

a special mission to conspicutus, discuss ils renewal, Ethiopia come the dazzling was anxious for such a renewal "Americunism,"

05

features of young

THAI PRINCE WILL OPPOSE DUTCHMAN IN U.N. ELECTIONS

TREATY

a

commercial treaty and Treaty of Amity and Economic Relations bind the two nations.

Ethiopian Air Lines Inc, Is manned and run by Trans-World Airlines, while the State Bank of Ethiopia organised by # Briton, the late Mr C.8. Colter, how always had an American

chler.

The Imperial Board of Tele- communications, which like the Highway Authority is financed

by the World Bank, was run by Americans, but is now run by Swedes.

the

All the principal advisers In Ministries are Ethiopian Americans, who have access to

+

Union... NGS 873 Underwriters 7.18

SHIPPINIC

38 slight

Waterbout

19.20

Axia Nav

1.0045

DOCKS, ETC.

K. Whart Dock

Provident

(014) Wheelock

40000 / 91

World Rubber

In the steel group, Youngs- town Sheet and Tube wrs the bellwether and this unusual 33 1600 strength brought out a number in Wall was that

เก going

of merger rumours Strect. One of them 3000 @ 7.30 Youngstown

500 € 10.00

13.00 13.10 500 » 19,80 1.40 13, 2000 vị độ

9.20 9.30 1600 g 9.20

was

morge with Bethlehem Steel,

second

the nation's steel producer. however, knocked

larges! Bethlehem, this rumour

Markets

New York, July 22. Rubber futures today closed such to 10 points higher with sales

of 78 contracts,

down. It sald "We have no

comment

rumours.

to make

011

The New York Stock Exchange

02 3510 of bond volume wen $4,230,000. .. 01

better

at $87 while Docks and vidents are roughly steady high rates.

Pro-

LAND. ETC.

HK Hotel

at

1000 9.30

1500 0,25

HK Land and

34002014%

Hinnphrey

18.00 1000 1915

The

Nenity

change

00000

UTILITIES

shares.

Tram

...... 19.70 Star Ferry 134

20 3500 19.00

If tension continues

For East to case in the there is prospect of increased these shares will be Inde worth watching.

that

2.1215 2.1715 1000 @ z jaja

Yma Ferry 149

150 700 20 140

C. Light (0) 18.30 16.30 2500 or 10,-

2400 - 19.00

100 e 10,20

C. Light (N) 13.10 13.30 1000 139

3500 6 18.20 Electric ... 335 33% 1300 gi

0003314 4100

Macao Elec. Telephone some INDUSTRIALS

believe

the Brokers moment there is same positive evidence that the embargo On strategic goods is to be lifted, the limelight will swing away from utilities and focus on the wharves

for obviously group they stand to benefit by any move. Also brokers believe that once the embargo is lifted, some investors will turn their atten- tion from the Stock Exchange to new avenues of trade. So prices are bound to come down then.

and Hotels continue Arm general investment buying sent

turnover in Lands

United Nations, July 22. Prince Wan Waithayakon announced today President of the his candidacy for election as United Nations General Assembly in opposition to top secret and influence decisions Lands up a dollar on the week.

Yesterday's former Netherlands Foreign Minister, Dr E. N. of far-reaching importance. van Kleffens.

There was по

It is believed that the Im- perial Ethiopian Air Force, now in the hands

Swedish of was trainers, will soon

pass into American honds.

Immediate re-

The move by the popular a candidate last year when Mrs Thailand representative created Viajaya Lakshmi Pandit

at the elected President. considerable confusion United Nations where Dr Van

been considered action from the 15 members of Kleffens had virtually elected because of the the, Arab-Aslan bloc concerning near-unanimous support' of his

their position in regard to candidacy.

Frince Wan's candidacy.

TO CONFEN

STRUCK OIL

was 6.150 shares.

Criment

21.20

304 20

22 1000 g 21:00 1000 21.00

609 / 23,70

STORES, ETC.

Dairy

3020.40 400 r 20 Wotzon ... 10.00-17 L. Crawford 23.80 COTTONE

Textiles 2. 750 7.40 8500 @ 7.35 MISCELLANEOUS

Yangtze XD 8.00 0 Allied

4.00 4.10 1500 @ 60715

Electrics made a good show London Foreign

Issue

Exchange

ing in the utilities section yes- terday and rose a dollar on active trading. New rumours apparently stirred up the

Interest. Cements, Tele- phones, Trams and Farms are New York

*. | Montreal" all slightly better on the week Hamburg while Yaumatis are holding up Brusela

Copenhagen Parke.. Blockholm Zurich ..

Press

England-ocial

London," July 22.

2.81 11/18-251 K/10 9.743/18-2.74 7/10 11.724-21.724

149.28–144.1736)

19.894-19.40

08337-346

148371-1483 12.20-12.30(6

The Sinclair Petroleum Com-at high rates. pany of America, which has a

A HIGH OPINION prospecting lease, is reported to Princo Wan told a meeting

have struck oil, but work has

were unchanged, United of the Arab-Asian bloc this

been suspended for Consona Amoy Canning shareholders

10 have It was reported that many which have not been revealed, seem morning that he would seek the

NEW YORK FOREIGN a very high to consider He was delegates wished

EXCHANGE opinion of their stock. They've post again this year.

the matter carefully and con- Ethiopians meantime watch been listed for almost two weeks

New Yock, July M. But their home governments the growth of American influence now and there's still no sign of

#10113/18 unofficial Buyers don't appear before deciding. At least several and speculate on the country's a seller.

20-day, fuluree .. 283 28/2 member of the blot, however, eventual destination

her to want to pay any more than

90-day futures. 2012/ Felgaum expected to

$25 or $26 for them,

.*\* | Cenadian dollar FRIEN Wan.

The Wheelock Marden group Spot: close.

high... Taintoh beller shaw- this week following Mr Future so-day: 1,01 J. 1. Marden's announcement six-month per earlier in the week that Alllós. Investors, were among the group

The

U.S. BUDGET

DEFICIT

United

support

in

Prince present march.

There is a serious decline in

export Ecetions of the Assembly's | the

trade and made Washington, July 22 President Gib held without conequilab growing feeling of ing.

campaigning, Statés budget į formai

without discontent namang merchant deflelt for the 1934 fiscal year is nominations and with a secret most of them foreigbern.

are aro stated to protest $9,020 million, or #248 million ballot. But Candidacies

ad against numerous gonerally made known in less than expected, the Whilevance and understandinga are and constant changing

Lually reached which forectat mulations: the outcome well in advance.. some of them to1

Becks "ODFONELION' to Validations

House announced today,

The receipts were 108,000 there had been milton, and expónses ... $57,600.

ho

The (deflett for de dollar, turki now, Hib election had been ting, some 1968, ›WRS $9,400 mitilidajah vormdered a. okriminty,*United:

in

Valey

oblige

down

of financiers which had made

- £600,000 offer for the Hongkong Gas Company, The group Hle hero. The offering#47/6742 presme, market price of the dar shares is 27/0

the Lies DE HAVO, All

touching 44,015 yelerday.

-*J SUM

At the close the list ruled 2 10 26 points

The higher. market opened up to 3 points but at one time was off 6 to 10 points. New Orleans closed up 12 to 16 points,

pul

Small producer repossessions of the Government loan &locks, plus crop uncertainties, of an

underlying and signs domestic mill and exporter de- mand kept sellers on the writy side.

American Stock

volume

Ex-

Anica

to dealers and factories July

October Involved:

One sheet for August delivery Mirch

July

About half of the business on the terminal market presented in switching opera-

Trading volumes and open Scattered dealer selling interests in the Exchange today tions.

the London were: developed after was 060,000 market closed.

the spot market, small

Month

Volume

Open

interest

24,000

T74,000

December

33,400

404,100

£1,500

305,300

19,100

4300

146.300

Two Dctober

5,700

48,000

1,000

19.800

Total

111,000 1,719,000

brics

DOW JONES AVERAGES

New York, July 22.

Dow Jones closing

averages al 24% cints; Three sheets for May on Wall Street today were as August at 244 cents; follow

20 industrial

20 rails

65 stocks

40 bonds Comm. future

Phcets July delivered at 24 cents December

One crepe or spot at 28% and 11 cents, and Oel./Dec, shipment.

311.91

equal monthly quantities at 1840 21% cenis, and landed basis. 100.92

price index

182.30

United Prem

New York Sugar

Market

New York, July 2

Spot No. 1 Ras were qualed at 24 cents a pound. Prices;

September

December

March

July

NEW YORK PRICES

New York, July 22.

Prices of cotton futures today closed as follows:

24.00

Snot

24.75

Oct.

2435

Dec.

24,00

Mar.

May

20.05

May

September

24.05

July

Oct.

There was some trade and

SINGAPORE MARKET

Singapore, July 22.

World No. 4 sugar futures factory buying and later on today closed unchanged to, I the day some speculative de point lower with sales of 83 con- mand carried prices higher. The market closed slightly below tracts.

Thele best but atcally. Prices: Domestle No. 8 sugar futures No. 1 rubber per th

Oct.ungated. closed 4 points lower with anica | of 431 contracts,

No, 2 rubber per h AU, 623-93

001-441% No. 3 " qulet No. 4

Spot rubber unbeled while traders awaited the out- Blanket crepe ***** come of current meetings in No. 1 pale crepe ............. Cuba regarding possible measures to shore up the world price of

World futures ruled

TRW sugar,

In domestic futures selling reflected reports of wolter un dertone in nhỏ raw mana

Future closing:

Centrwes No. 4 (world)-

September

October.

January

United -Press.

May

Rates

Epot (cents per, ib. zob Cuba)

Contract Na: 0-

September

Amber

075-00 14.06

LONDON MARKET

London, July 22

The rubber market was steady with No.1 tas spot quoted al 20-11/10 pence per 1. Prices: No. 1 spot. 2045-90196-

Dettioment house termi

August

Beptembar

Oct./Dec.

Jan/25.

|

34.30

34.04

NEW ORLEANS PRICES

New Oricans, July 22.

Prices of cotton futures today

closed as follows:

Bpot

Oct.

Doc.

Mar.

May

July

Oct

Dec.

LIVERPOOL MARKET

*Liverpool: July: 22. Closing pricas, American mid- dling cotton 15/10 hex, In pence prr/lb./:were as follows:SK

Oct/Nov

May/June

31.77

- JULY/AUS. MA

Quicial prices for spot cottons · in- sluded:

Keypak good/full/gond 1730 nom.

Clixa 30

...

41.40 nom.

Brazili dao Paulo good MEASU

General markets, ell, paste, porta: Öthers; were incbanged. 8.20 | NIG

BLIT | AUTOM

“AID | September

22 Kvate grepe thick unquoted

crepe 3.11 Krtate

201 AMSTERDAM MARKET

Amsterdam, July 12.

The rubber market whë standy. Prices closed today" in guliders per kilograrn, CIF, Aug. da Follower

rubbi

rubber

1.00

|

MBA YPAULO PRICES, US

* São Paulo, July 22, Prices of cotton futures closed today in eruzieros per kilo as follows SALES

Doto December HWARANOVA, 2430- March ****

23.40

···-(In... -- the · ·United---Stetanj-the-

average price of 18/10 middlingsdó

coffor, at 30, dealghaled "apert”

zen

markools was 34,58 canta 'a pound, Buled "at"alime céntréa foluitoa

3,705 balos.)...United Pressing