1954-08-31 — Page 9

Sir Malcolm Sargent And Paul Beard

A

THE CHINA MAIL, TUESDAY, AUGUST 31, 1954.

Sir Malcolm Sargent, chief conductor of the BBC Symphony Orchestra, which is often heard in the British Broadcasting Corporation's General Overseas Service, discusses a point with Paul Beard, who has been its leader since 1936. Ste Malcolm, a volatile musician who is known all over the world and who has travelled to most parts of it, was born in Lin- colnshire nearly sixty years ago, although he looks a full ten years younger.—(B.B.C. Photo),

Big Reduction In Strength

Of Greek Army

Athens, Aug. 30.

Two main considerations prompted the Greek Govern- ment's decision to cut down the numerical strength of the army from 134,000 men to a probable 75.000.

They were

Alores,

nungested in a pobla supply of material

.

U.S. Business

Expected To Hold Steady

Washington, Aug. 30.

Government economists expect business to hold steady at about present levels for the next six weeks or so and then to pick up.

But some non-Government economists and union leaders say that the pickup may fall short of the levels necessary for a growing and expanding national economy with full employment. They contend the Eisenhower Administration should be spending more on public works and defence, and taxing less.

President Eisenhower recently | has been halted. They also bear said the business decline has cut predictions of Inst January been halled on that a up-

that 1954 would be the nation's swing appears in prospect,

second-best business year-not quite as good as the record pros- perity of last year but better than 1932,

"Latest Commerce Department reports reveal a promising ple- ture of the ecznamy," Commerce Secretary Sielmus Weeks told The United Press. "Busintas con- fidence evident throughout the nation. The autumn cutluck

ertainty appeurs god."

Construction has been the only business netivity that has far out-stripped 1953.

Most alter

economic

COMMERCE SECTION

CHILEAN COPPER

Santiago, Aug. 30, The Central Bank re- ported today that this scar's entire production of Chllcan copper, estimated at 800,000 tons, has been sold.

The Bank, which con. trots

*All Chilean copper males, said next year's pro- duction was ceilimated At between 880,000 and 440,- 000 tons United Press,

·Pago 9.

Wool Prices Will Be Lower But

Stable

This Season

New York, Aug. 20.-

The Wool Bureau predicted here today that a better balance in the world supply-demand

HONGKONG relationship would result in somewhat lower but

STOCK EXCHANGE

stable wool prices for the 1954-55 season.

Although total wool supplies available for consumption. in 1954 are estimated at 2,610 million pounds as compared with 2,634 million during 1963, reduced demand should ease the pressure on prices, the Bureau said.

However, the Bureau noted, (From Our Correspondent)

in its statisticni analysis re Business done on the Hong- Dominion auctions

leased todny, opening prices ut in Septem~ kong Stock Exchange this ber may reflect the tight spot morning amounted to $390,782. situation in the United States Noon quotations and

theand other wool consuming SHARES DUYERS SELLERS SALES morning's transneilona; HANKS

NK Bank .. 1710 INSURANCES East Ant

Uriton

100

010

Underwriters 7.30 SHIPPING

བའོ

Waterb DOCKS, ETC.

Dock

Provident

23,10

2119

13.09

200 € 20.20

fields

Wheelock

7.00

LAND, ETC.

130 13.00 1000 7.03

HK Hotel

Welter Benther, president ofve been following predictions th. CIO, sald in a statement for elly and eperating at levels the United Proys that the Aubelween those of 1933 and 1952. ministration has not dune enuugli

insure prosperity.

KEY FACT

LATEST

STATISTICS

Latest business statistics show: Construction-a record total of $20,100,000,000 spent for building? in the first seven months of this; year. Contract awards in first six months of 1954 obout 12 per

at least for

rest of this

"Siner the spring of last year at country's ability to produce hay outrun its nillaty to consaline under present, ceon inite condi- tions." Reuiler stúti. "The key ernt above a year ago, indicating faet about our economy 14 that the construction boom will con- it must expand and grow, ce itine Inces the danger

cf stagnation year. aut

eventual uf

downward ispleat. So far, our Administra- ten in Washington has not taken the steps that will assure a full production

economy of abun-

and equip-dance.

} The urgent need to stop stlement, that every member | ment to reserve divisions. The denia i Gaeree's budgetary the North Alfamie Treais

xpenditure Cha rasation should measure 25 resources, because, absorbing a large part of Greek detener expediture in propon. revenue, the economie develop- | tpon ment of the country serously retarded.

Q

119 acut

being pote 10.

**LOITAJ

full

The improvement in security in the Balkan area wideh, neenrding to the Greek authorities permits a substantial orduetion in the size of The

can be summed

army, follow

1133 as

1. tirecve's accession to full pa treeship in the North Allan- he Treaty Organisation:

He remmended that sustumi The considerable improve-| of maintaŋing a large number ment in reemnity conditions injet poenty equipped, low strength the Balkan area, and partirtalativ divisions, it was preferable Long Greece's northern borders have a few divisions

strength who could

meet Bl irst shock of ans atrock white adequately well-trained

Ai- The signature of the TOSCIYOS were being | kara Trealy between Greece, Turkey and Yugoslavia, which

A total of some 32,000 offerts and, men are due to be releaser! from the army When the first

batch of 12,000 of these was mobilised.

released at the end of June, it way piate than the army's three power would not be reduced und

would reserves

adequate

Built up

::

and Unstert

F

its way to becoming strong regional defence alisher:

Economic statistics so far this year support the Administration claim that the business decline

PRICE OF

MERINO

DROPS

Sydney, Aust. 30. Vainer of Merinos on the Aus- tralian wool market when the new sing season opened to- clay were 21 to 7 per cent lower than in June. Comebacks and crossbreds were unchanged.

Russim Interests bld only once in the Best 100 lots.

|

Personal Income Ran at annual rate of $285,500,000,000 Bret half of this year, about $800,000,000 above first 6ix months of 1953.

Inventories - Totalled $70.- 260,000

at end of June, down $1,750,000,000 from a year ago. President Eisenhower has tagged the pileup in inventories, va a main cause of the business dip. The recent decline in stocks paves the way for new orders to fucturies for replacements.

Sales-They have been haid- ing a fairly high levels, with some exceptions, particularly in durable

(01)

HK Lan

Healty

UTILITIES

ITEM

11% 71.80 290 3 11 GO 30 0014 2005 80

0.122

19

2050 1920

Star Ferry 134 139 Y'all Forty 150 150

Light (0) 13.00 16.00 200 10

2600 m 15.00

Countries At the end of the

summer Benson

The estimated 1954 consump

million pounds, tien et 2,398

NEW YORK

STOCK

MARKET

New York, Aug. 30.

Prices on the New York

rizan basic--# per cent blow 1953-will mean a considerably improved trude stock positión by Jammary

1, 1055, the Bureau said. On that date, commercial Stock Exchange receded stocks will totol an estimated 637 million pounds-n gain of more than two points today

112 million pounds January 1, 1854 level.

over

WORLD STOCKS

the in moderately active deal-

ings.

All departments joined in the sell-off which wiped out à little than $1,000,000,000 In

ΣΠΟΓΟ estimated

The Wool Bureau world supply stocks (carryover | market valuations. The decline and Government-owned stocks marked the filth ression out of 40 13.30 in producing countries) nt 208 the last six sessions that prices,

million pounds, clean basis, at have closed lower.

1700 12.90

332 € 31

C. Light (N) 12,50 Electric .... Trioplat INDUSTRIALS

20.40

Cement

27.60 STORES, ETC.

Dairy ...... 23.20 25,10 ona mi 23.10

200 m 25.30 500 or 23.30 2000 21 201

1900 vs 23:30

300 IR

MISCELLANEOUS

WĄ

Allfed. 410 4.20 200 4 4.10

World Cotton

Markets

The beginning of the 1954-35 season. This total-an increase

of Ave

millen

million

over

The drop, as mensured by the averages, was the widest kinco last August 0.

pounds 1933-54-assumes approximately the same carryover at the be

MODERATE DEALINGS Despite the lower of the current senson ginning

trend, a year ago in Australia, New dealings were

only modernLE, Zealand. South Africa and which WILS considered highly Argentinu decline of nine favourable in Wall Street. Salca

poundly in Uruguay's totalled only 1,950,000 shares.

Market news was generally on the dull

side. Investors turned to the sidelines because of the

the recent

cent weakness in the market. The experts, however, pointed out that the list was due for some selling and they generally felt that it was healthy fer the market to move down- ward at this time.

carryover and increases of it million pounds and five million pounds, respectively, in United States Commodity Credli Cor peration slocks and United Kingdom holdings.

The world clip for 1954-55 estimated by the US Foreign Agriculture Bervice at 2,560 million pounds, compared to 2,515 million pounds In 1953-

New York, Aug. 30. Cotton futures today resumed last week's forward movement 54, the Bureau noted. at a faster galt as caneten ovir The the crop outlook increased.

Up 10

consumption

The market opened mixed and active. Once the weekend ac- cumulation of orders was out of the way trading turned quiet.

Union Oll was market leader. in volume with 38,700 shares changing hands. It closed at $40 of 14.

WEAK SPOT

Of the 1,193 issues traded, 150, closed lower, 22D held unchanged and 207 advanced,. Youngstown

World Rubber Sheet and Tube was the weake

estimated during 1954 of 2,398 million All deliveries from Decem-

is "conservatively rea pounds goods at factory, her forward

reached wholesale and retall levels. But

new sonable," the Wool Bureau said. scasonal highs, with galns United Press. sales overall have been some-running beyond $1.50 a bale. what lower than a year ago. A

Day tradera realising pared recent private survey indicates

extreme gains at the close. The that ccnsumers probably will market opened up 1 to 7 points. increase purchases of automobiles New Orleans closed and other durable goods, such points to 24 points. as ref@gcreto;a.

Recent

Crep: complaints deterioration were pointed up Gross National Produot-The | RATI

by the first of the private crop total production cf all goods and servicen

prior to edged up slightly summaries to appear Like in the second

Government report 20 quarter of this Sept. 8. Britain, they appeared to be year to on with

rate of

Trading volumes

and bolding back until later this $350,000,000,000.

interests in the Exchange to- cncouraging

Governmen!

day were: economists because the rate had

Menth shown successive declines for the Oct. Orc. preceding three quarters,

3 The Greek-American agree- which Lord Montgomery's statemendment of October 1953,

misinterpreted in Greece, thokes the United States to total sum which is belog spent At that one, night-wing post-use military facilities on Greck

territory and; eriluosed

Urvek officials States Bovbera disagree on the was

euch your by Greece on defence.

cans and newspups s hima, declaring netin more us

he

WI

4. The restoration

Field

of

peace

British The

Marshal Ban as the Deputy along Greece's frontiers

Communist-dominated Bulgaria

Mr Athanasius Kapsules, Greek Minister for Economic Co-ordination, claimed to a re- cent statement that with mulitary

ainealing appropriations

4.175 (about

milliart

TKOW

and Albania.

by

North Supreme Commander of Alandic Treaty forers in Europe.

Und last year, the situation Son.

the drachmac

however.

Wardr

along Grecce's northern borders £50,000,000), not Jess; pereture of budgetary Jegulro

and marked was troubled Greece a meots and with the prospect of than 56 per cent of

Traquen; borde; incidents. Ankerican budgetary income was spent on ve dimmishing

ecunumie

Marshal ad, Field defence in the year 1953-54.

This year, however, condi- Papagos had to revise his vs. flops have

that so improved Missions American

experts

United Nations He humsets outlined the new

observers, Defence question these figures,

there for many years, expenditur. according to their se-up of the Geek Army while posted

out, have been recalled at the re- calculations,

not exceed the General Staff worked clues

quest of the a reorganisation

Greek Govern- 33.0 per cent of Greek revenue, the detalls of

which, while providing for ment.-China Mail Special. reduction in the size of the firmy, preserves the fire-power and battle order of the remain- ing forer.

The difference is due to the

19

fact that the Greek Minister includes under the heading of "military

expenditure" such Marshal

budgetary appropriations as Eisenhower. Details

servicemen'a

a

A nicmoranduın ひね the proposnet reorganisation of the by Field army was submitted

Papago to President the of also discussed at length both by him and by the these Defence Minister. Mr Kanello

they poulos, with General Gruenther, "future defence.

Commander-in-Chief ot the

pensions

internal security. The

States experts claim that

are not related 10 what describe wa

and!

United

plan

were

They also say that the 750,000,- North Atlantic Treaty forces 000 new drachmae covered by in Europe. American Aki should be de-

ducted from Mr Kapsalls'- total.

Mme Chiang

Addresses

Legion

C

week.

with the were the

European countries exception of France,

by major

followed buyers, Britain, though she did not buy f.caly

what despile

Experts called the

of the suitability British needs. wtols fo

JAPS BUYING

There was

strong buying by local milis and Japan. At least 20 Japanese were in a neor re- ccrd crowd of spectators.

at חנום

This

to

ANNOUNCED POLICY

the

President Eisenhower's refusal Dec to sonction proposed tariff boosts Tutel

on land and zine imparts despite strong Cangressional and trede

was generally halted follows: opposition as fresh evidence that he has not turned his back on his announced policy to promote world trade.

Some eiroles felt that the President's most resent tarift reflected his strong

open

Markets

Singapore, Aug. 30.

spot in its group with a loss of 24 points to $58. The stock turned soft on nows that the. Justice Department is asking for more information on its con- templated merger with Bethle

Bethlehem closed hem Steel. The market opened steady with a loss of a point to $743%. but sagged on lack of trade sup-

Oll shores as a group showest port and rome proat-taking the widest losses, They had Future closings:

losses ranging to more than No. 1 rubber per 1. Sept. 071-012 points.

Oct. 01-072%

Motor Nov, unqualed

יו

shares moved

lower

point 10. General Motors slumped

co-Go which edged GO-GO!4 *

No. 2 rubber per lb. Sept. 40-67 with the exception of Chrysler" No. 3 No. 4 Spot rubber unhalet

up

0722-072 $03% 03-001 points to $70%.

The New York Stock change

bond volume $2,970,000.

Rubber futures closed 30 to

Ex- wns

The American Stock Exchange

Votume Open interest

13,300

243,000

31,400

107,200

Ma

10,300

602,200

May

420m

450,806

July

9,000

201,200

Qel

3,400

02.000

13,000

23,500 $1,000 2,033,100 bales

Blanket erepe

NEW YORK

No. 1 pale erene

00-81

Prices

futures

closed as

NEW YORK

Spot Oct.

33.25

34.23

Dec.

34.00

Mar.

34.07-9

Dow Jones closing averages

May

35.14

July

33.10

Dullness featured in the spot, were.

Oct.

Doc.

34.00

NEW ORLEANS Prices futures closed today

market with No. 1 quoted at 23% cents. closings:

spot itss 30 industrial

Sept.

Der.

Mar.

May

34.00 23.02

July

Sept.

Russia boycotted the market from April until June, following the break in Soviet-Australian

the Soviet Em-decision relations when

avoid tarif bongts, as follows; bassy official, Vladimir Petrov, desire to

where alternative Spot and his wife,

granted especially

methods of alleviating hardship

Dee. myium in Australia,

on domestic industrizs are avoli-

were

de New York Sugar

Market

on

Oct.

Mar

May

July

Oct.

Dec./Jan.

Mar/Apr.

May/June

July/Aug.

LIVERPOOL

11.17

12.24

45 points lower with sales of as volume was 450,000 shares. contracts,

LONDON MARKET

20 rafik

Future 13 utilities

To stock

តង

The market was barely steady with No. 1 Rs9 spot quoted 20% pence per lb. Prices;

No. 1. spot Res. 2011-2035

Settlement house term: October

Oct/Dec.

Jan/Mar.

32.31.

Apt./June

JZ.30

July/Sept.

An Embassy cfficial announcing able. the boycottin Apel said then Tho President authorised that Russlo had so for this year | Government purchases up to bought 80,000 bales of Australian 200,000 tens of lead and 300,000

Closing prices, Amorietin mid- wool-Chinn Mail Special.

tons of zing in the current fiscal Washington, Aug. 31.

ytar after the tariff Commission dling 16/16 inch, in pence per had

tariff rates b., were as follows; Madame Chiang Kai-shek

ecommended

Oct/Nov. increas

ranging to

nearly The contents of this memor- said today that countless

two cents

various types of andum were not disclosed. The termined Chinese on the main-

lead and zine

Thirty- imports. as on Greek United States Secretary of State, and es well

Formosa A cut in the size of

two senators and lead-zine

Official prices for kpal cultons, General markets, cit basis, ports! land forces, which have been Mr John Foter Dulles, recently opposed the Communist regime

trade organisation asked for include:

September kept on a semi-war footing ever informed Field Marshal Papagos in China.

boosts. The fact that the American middling,

October

19-15/14-201 16/18th inch 33.01 November since the defeat of the Com-that the United States Govern-

Now York, Aug. 30. Prosklent authorised a stockpling | Madame Biang told the

Tath inel 30.14 Estate crepe thick World No.

unquoted munist rebellion in 1949 was ment agreed In principle with

National Contion of

despite his known Mexican aniddling, the closed today 1 to 3 points lower apposition to Government sup-

programme

Estato crpa thin ... 213-239% 1-1/2ind inch 31 already envisaged by this Gov- the plan for the reorganisation

оп Leon crnment's predecessor.

of the army although it is Amerlean

CX- | with sales of 127 contracts.

AMSTERDAM MARKET understood that United

States pervicemen's organisation,

Domestic No, sugar futuresport programmes was taken as Others were sinahesired.

BAO RULO Athens Chinese In the early stages of his 18 military experts in

be sloves closed unchanged to 1 point on added indication

Prices of futures closed today months old administration, Field opposed

reshuffle to 24

the long, this I promise you. We lower with sales of nine contude.

in cruzeiro per klio as follows: Marshal Papagos

tho

Greek shall

shneides. 4racts, stubbornly extent planned by

Oct. Des. opposed any motions in favour General Staff. In the view of We shall break chains that cut

For there are World futures cased under of diminishing army strength in these experts, the army should and wound us. order to increase Greece's be maintained at a minimum countless living and determined profit-inking and hedge selling

herees on the mainland as well

In a quiet market. resources earmarked for econo=|of 102,000-men.

ns on Formosa,”

futures were featureless, Future closings were:

mie rehabilitation.

Rejecting the Opposition's suggestions for some such step,

he stated: "As long as the Com-

will not

unloosen

our

maй

HOPES

"We

4 sugar futures

Domestic

- Contract No. 4 (world) She said that as long as September Formosa remained nut one foot | Qetober

3.16-17

3.30

3.18

spot (cents per lb. fob Cuba)

·Contraei· "No."

munist natellites maintain such A Greek Government spokes-stool that was tree, the Chinese may strong armies, in deflence of the man maintained that the Greek people had a sanctuary: to which Peace Trenties, we aro not my could be kept at above all eyes on the mainland "would July prepared to reduce our army the...

from

100,000 limit only om turn it high hopes of freedom. evon by a single man... means of additional pid

The achievement of dome the United States. He also re She said this was attested by balance between military ex-vonled that Greece had request the fact that in the recent November ponothire; and other, needs had the United States Govern voluntary copalriation of China March

arment to allow the supply of ore prisoners; of; wat di Kores also been urged by some Greece's friends.

hilitary equipment and aring80 per cintyokban to go a 314o build upɛn/wtockpilo to equip. Forsmosa & Father Alpari, holders to In May 1962, Fiold Marstal Greek reserves in an emergency, the Communal rules, maint Montgomery during a visit to Congress legislation bang the EU?

of his

Mar.

May

1 July

20.10

27,40

28.00 20,00 unquoted

40 bondi

Comm, future price index

1144

174.J

-Uted Press.

CHICAGO GRAIN

PRICES

"Chicago, Aug. 30.

Prices per bushel in cents:

Wheat, No. 2, red Spat

Closing

Prices

May,

10-15/10-201

19-15/10-2035

Corn, No. 2, yellow. Boot Sept.

2:00 Sept. 2151 (11) 21935 (4) 21433-11 Dec.

218-210 Mar

220114 21331

100!!

Dec.

1876-107 1571-188

Mar

May

Eye

The market was quietly Dec. stondy. Prices closed today in Osie guliers per kilogram, clf Bep, Bepi. as follows: No. 1 rubber No. 2 rubber

Rept.

Dee,

Boybeans, No. 2, yellow

· ELSEWHERE

Elsewhere this week:

American Budget conscious housewives, elated by the recent (In the United States, the No. 3 rubber. ten-cint drop in coffee prices, Average of 15/10 middling cot-No. 1 erepe rtcolved

more good news this ton at 10 designated spot. mar- webk. This time the glad idingskels was 84.22 cents. Soles nt totalled 40,087 game from the wholesale food those centres thats where prices plummeted bules.)United Press. to the lowest invol in Rovan

month The Dun & Brosstrect, New York Foreign

Ind., Index. ropatenting the

total wholesale price per polind

common use,

of 31fcode Inco

dropped: 10:35.89, of 13 coats

Exchange

frout the previous week, blid | Englend-of the lowest level sace January 8

Petrofiklocks – were lowered ||last;Work; by 1,arı,000 barfois,

500 4 al 12 continued, heavy mummità | Na

motoring helped: "whittle inventa forless-United Presi

•Now, York

1.00 pald

1.95 Buyers Spot 1.03 buyer Sept. 2,20 buyers Nov. Jan, MAT.

-United Press.

London Foreign Exchange

New York Montreal AmsterdamZ Hlocked-MA

74 Hamburg,

Copenhagen Parie

Blogkhoimi Quiers

sed#Usiled.

8/10.

May

Harley, Spok

New York flour

200 ibu sek

Exchange Rates

"Onlar (2960.81)

∙100).

➡United