1954-10-04 — Page 9

#00003 UNDER

VERSIND

INDIA

UNDER

100SSTION

HIRAKUD

GURMA

833,000 MORE ARE NRICE PADDIES

TON

20000 NEW

UNDER IRRIGAT

MULTI-PURPOSE PROJECIS İYİ ELECTRIC POWER SCHEMES PORT DEVELOPMENT,

THE CHINA MAIL, MONDAY OCTOBER

INDOCHINA DESATE RED WAR 500,000 NEW ACRE IN RICE PADDIES

INDONESIA RICE PRODUCTION

PERCENT

NEW INDUSTRIES MOTHER MAJOR PROJECTS

* AF Newfoutuess

Colombo Plan Is An Economic

"Shot In The

Arm"

For Southeast Asian Countries

الأمة

By WARREN BENNETT AP Newsfeatures Writer

a3 Britain, once the encouragement and some finan- world's leader."

cial assistance aro given, but Other projects are concerned the real effort comes from the with

building schools, com- munication facilities, establish people in the countries-digging ment of light "cottage” crafts. drains, constructing school build- The keynote of the Colombo inga, cleaning wells and making

Guidance, roads,

New The first

World Four

much of five people are Acute conference of the Colombo unable to read or write.

overcrowding exists in towns plan countries, five and rural villages, alike. billion-dollar co-operative Food in Southeast Asia means effort tu ruise

living ice Only in a few scattered standards in Southeast areas such as India's and Pakis

turt's Punjab is wheat cultivation Asia, opens today in Ottawa, possible. Some 70 delegates from 14 countries will attend.

Rice to grown in soil that le literally waterlogged. Fields given over do rice puddies are The United States, which has terraced and flooded until they its own

Point Four programine resemble Jigsaw puzzles of shal- of economic assistance to under- low ponds. The soll of ench paddy is ploughed under water developed countries

wound the globe, has been # member of and the wice grows up like shoots the Colombo

from an aquatic plant reaching consultative com- mittee ainco 1951. will be up for sunlight.

It

by un

represented

at

DE

Ottawa eight-man delegation headed by Samuel

C. Waugh, assistant secretary of State for Economic Affairs.

Tole In the of

rainfall in most The annuai This country's

Southeast Asia 19 much Colombo plan is primarily ad- higher than in the United States Although the United or any other wheat-growing

visory. States has extended some eco- nomic aid directly to Colombo diferent members, ils chief contribution is providing technical advice, making available industrial ex- perts and helping train native students in engineering speciali- ties,

country But It is a усту rainfall than most Americans know; it is the mon- For some three months of the year rain may fall con- tinuously and torrentially; for the rest of the year the weather may be dry and The Colombo plan evolved the land into a desert. from ☐ 1950 meeting of the The problem of British Comunionwealth

foreign food production ministers in Colombo, elaborated

serving

rainfall.

plan

salf-help.

JS

Industrial Index

Touches

All Time High

From Our Own Correspondent

London, Oct. 3.

TRADE AND COMMERCE SECTION

Successful First

Six Months For

Britain's Budget

By Ronald Boxall

London, Oct. 3.

Budget forecasting is so fraught with hidden pitfalls that only the most venturesome would risk a prediction on the basis of the first half year's figures. The favourable position of the ordinary revenue expenditure account at the end of September has, therefore, caused no elation in Britain. But this is not to say that cautious optimism is not permissible.

:

Six months ago I remarked that Mr Butler had made the nation acutely aware of the difference between a popular. Budget and a wise

U.S. TEXTILE - MARKET

Now York, Oct. 3. The collon textile `in- dustry has passed through Its year-long depression, and from now on activity should be on the Increase.

This outlook for the tong-dormant cloth markets

expressed this - week by J. Spencer Love, Board Chairman, Burlington millis, reputedly the largest tox- tile producer in the United Stales

The opinion, shared By other

market observers, Was strengthened brokers and mill excon- lives.reported a broadening Volume of sales in print cloths, bag - shootings," in- dustrial sheetings and other wide goods. —— United Press.

HONGKONG

STOCK

one. Things were going well enough at Home EXCHANGE

last April, but in America the economic storm signals were out and the world was looking to its financial defences.

Home,

"Mr Butler's aims," I wrote, is not merely lurking beneath "are to consolidate gains at the surface awaiting its charles encourage industry, to break through and shatter reduce its costs, maintain, and the confidence that has been if possible increase the favourable painstakingly built up over the balance of payments white leav past two and a half years, Ing room for manoeuvre world conditions should threaten to undo the good work of the past two years."

And I concluded that it all went well Mr Butler's next Budget should be popular as well as wise...

Fortunately, however, there is no reason to fear that the British public would regard any tax concessions that might be given in the next Budget as a signal for frivolous spending. For the current sales boom has coincided with A marked Increase in personal savings.

Nothing has happened in the meantime to cause me to change And the backroom boys at that opinion. The Budget pasi- the Treasury still believe the tion at the end of the first six public is not to be trusted with months of the present financial a little extra money they should year, coupled with other read their own. Blue Book on favourable developments, gives National Income. This shows over reasons to hope that tax that of the increase in the total concessions will be the order of incomes in 1952 well over half the day next April

„was rived. And in 1953 all but £10 million of 274 million given in taxation relief went into savings. -

REVENUE INCREASING

N.Y. COTTON MARKET

REVIEW

By William Plunkett

New York, Oct. 3. The forward movement ing cotton prices, under way since July, slowed down this wook na the crop picturo

viewed in a Was favourable light.

more

Imminence of the peak hare vesting season, plus a pause in the recent urgent mill and ex- porter buying. also acted to inodity

ment.

recent bullah senti-

At Friday's close the llat ruled 19 to 48 points-95 cents to $2.00 a bale-lower than the preceding week,

The Government crop report scheduled for next Friday, giving the third estimato of the son, monopolised market at- tention. Opinion concensus as the week closed was that the crop reporting board may show (a substantial increase over the

estimated month ago.

(From Our Correspondent) |11,882,000 bales

મ

Business done on the Hong-

HEAVY GINNINGS kong Stock Exchange this morning amounted to $841,381..

That Idea was encouraged by · 50,

Noon quotations and the the exceptionally heavy rate of morning's transactions:

ginnings, backed by private re- SHARES BUYERS SELLERS SALES ports that the ep lately has been "holding 115 Own" und BANKS

that the yields are turning out HIC Dank ............. 2780'1765 13 @ 1740 better than originally expected

In some sections.

INSURANCES

Union Lombard Underwriter DOCKS, ETC.

K. Whart Dock Provident (D)

S'hal Dock Wheelock

LAND, ETC.

HK Hotel

1K Land

S'hat Lard Humphreys Really... UTILITIES

Tra

$10

52

·

00

2235

24100

1.40

1.68 7.70 8000 a

15.70 10.00 500

3800

1030

1000

10.00

1000

500

3500

under

The slow rate of impoundings the Government loan compared with last year, along with the higher open

market

7.70 prices, and the heavier spot

market sales, also

10.00 now buying interest handicapped Skeptics said that barring a 10.80 miracle, most traders are con 10.90 vinced that the size of the crop 10.00 will be insufficient to meet the 1000 10.00

1000 10.80 prospective demand and that 30 3841⁄2 1700 gr 58 loon cotton will have to supple- ment the additional needs at the

1.30

85 38 150 * 58

of 10

2.10

higher cast to acquire it.

Evening up in the October delivery proceeded quietly dur ing the week. Tenders had effect on prices, since most of the notices were

promptly absorbed. One assumption was that the receivers might wish to

some of the tendered cotton against export sales to the Far East United Press.

2016 2.03 11000

Mule The Budget position at mid-

18:30 18:40 5000 14.40 year is, on the whole, botter than

Youmati Ferry 150 150 34 40 127 One big question mark re-

200 187 had been hoped for. Ordinary mains, however. Will Govern-

C. Light (0) 15% 18.00 400 + 15.60 revenue is increasing at the ex- ment expenditure go on rising

3000 155 pected rate while ordinchind make a really determined effort ex-year after year or will Mr Butler

C. Light (N) 1216 12.00 1000 12.60 Miecinie * 313 3131 1000 313 pepiditure

Telephony

20.30 600 90 20.70 Jagging expectations. As a result the next April to

500 Le 29.00 restrain official INDUSTRIALS deficit on

on the ordinary revenue spending as stringently as he has expenditure

was £199 the public's? ACCOUN million against £277 million at the midway point of the last It Chancellors have taken any financial year, Net capital out notice at all of their political lays were also lower in the first followers views the feeling on six months-£193 million against this subject in the Conservative £225 million last year-o the Party--as expressed in resalt-

overall poallion la better by tions tabled for their forthcom- 110 million than at the same ing annual conference-should

The advance of industrial share prices which hot, turning carried the Financial Times index to a fresh peak

just before the previous week-end, continued intimo in 1953-54. is one of con- the early part of last week at a somewhat slower

pace,

increased

That means

Ceylon, later in a London irrigation, flood-control systems conference. Despite its origin, the Colombo plan is not ilmited, and dams-some of the biggest

In

dums

Business was restricted

For various technical reasons, however, the Budget year can- not be split neatly into two llalves. Government departments don't, as a rule, spread their ex-

over penditure

the evinly Defence exportittare, for example, has So fallen short of

year.

taxt

expectation

move Mr Butler to action at Inst,

NEW YORK

STOCK

MARKET

}}

Cement

30 30 1900 @ 30 1000 30 Пора

17.70 STORES, ETC,

Dairy ...... 24.40 24.00–600 @ 24.00

0000241 Watson'

17.20 173% 1000 gr 17:55. L. Crawford COTTONS

Nanyand (0.9030.10′ 500 @ 10

Yangiaze

1000 0.80 Allied

MISCELLANEOUS

4.1246 4.144 5250

The Best Tea Is Hairy....

Calcutta, Oct. 3.

SINGAPORE

RUBBER

MARKET

The

Singapore, Oct, 3.

Singapore rubber market had a bright week with the European contin-

The best tea is hairy. This ent, Australia and Japan was the conclusion of a team of continuing to buy at about experta working at the expert-their normal scale and the mental station of the Indian Tea United States showing their Association st Cinnemara in

Assam,

"

on the first two days of to the Commonwealth countries.

in the world, One of the week by Tuesday's big settlement and Jewish The Philippines and Thailand, those

those vast projects is the Damo-holidays, but the industrial market remained firm and while not full-fledged members, dur Valley, called

"India's the index touched a new "high" of 172.4. participate in the programme and Ruhr," a great belt of cool will have observers #1 the fields and iron and steel works. The market turned dull, bow-1 The Iron and Steel Realisa-due to difficulties

of procuTE- Ottawa conference.

Eventually there are to be eight ever, towards Wednesday's close tion Agency-the body respot ment but this does not preclude It Is a regional self-help plan | big dams and 10 hydro-electric and the next day prices began sible for the disposing of stock

ne in the

real interest for the first designed to raise the standard stations. Ceylon and Pakistan drifting lower. Nor

spending was there of denationalised steel concerns a faster rate of

second half year

They said that the nicest cups | time in many weeks mainly The same of living and bring pulitical have similar big projects under- much improvement un Friday-have chosen this moment to SPLOITO

of ten are made from leaves in lower grades and remiils. stability

New York, Oct. 1. 10 more thon 800 way.

which, when they were on the million people (one quarter of

when as one observer put it make their fourth pubile offer, alderations apply to revenue, **/ however, and possibly to put In addition to irrigation and it came all over quiet" in the of steel shares.

Prices on the stock ex-plant, have hairy undersides. It no higher-is that the increased change this week receded the world's population) flood control systems, scientists market.

Nine million

ordinary flow of £1 South and Southeast Asia.

payments in the and technicians are developing

shares In John Summers and

second six menths will offset the fractions more than a point. Even in the latter balf new seeds to yield bigger crops.

of Sons are being offered at 24 wero the week though there

faster rate of spending by ... de, One of the biggest projects, now

Od each, but 750,000 of these

The modest, decline marked well under WIT, is to replace many good features. Business have already been reserved for partiments and so ensure that Mr

Companies, Butler's expectations are dulalled the art weekly by the bekrig with tractors and other modern news

conducive to

United Steel

| farm machinery the wooden optimism rather than the

re-e

formerly had a

large As stake in

averages, Industrials closed with Company.

HIGHLY FAVOURABLE On 'the The contributing countries, in plough drawn by water buffalo verse. Industrial production

B 16 of 1.70; the rails 1.44; addition to the United Kingdom which

been Southeast still running at some seven per basis of expected pronts the

We should enter level and issue

the next the utilities 29 cents; and the and the

price United States, are Asia's basic agricultural imple-cent above last year's

offers only $,000

nancial year, therefore, in general market average was off Australie

there has been no diminution in

than that Canada,

and New ment for

yield slightly greater 9,000 years.

highly favourable circumstances. 91 cents. the Zealand.

the flow of personal savings, obtainable Tho Barticipating Local utiliser ctories are

shares of

One cannot, of dar The pound, after a period of other three denationalised steel

course, predict countries

are India, Pakistan, being built. In the Damodar

on its way, up

companies. Would be investors Ceylon, Burma. Indonesia, Viet valley the Sindri factory is the stickiness, in

will

whether have to decide nam, Lang, Cambodia, Nepal. Biggest fertiller plant in Asia gain. At Home the figures for

the long-term prospects of the Malayan

Federation, and has the largest agricultural the first six months of the pre-

um sent financial year show a very Company, which had a major Singaport

North

It will turn Borneo, alla in the worl Brunel and Sarawak.

development of fertiliser favourable Budget position,

programme hand, are sufficently, good to cut completed,

which of the participating when

whil

HIGHER STILL

offset the risk of renationalisa- countries worked out its own mean another millon tons of

food six-your-plan for economic de

tion if the Labour Party returns

velopment.

to power.

the

Each

had

Спо

tone

the

the

⠀⠀ EQUITY MARKET:.'

hero

weeks.: “As - measured

Because of these favourable, Experts at the experimental factors, the weekly murket station, have for several years report of Holiday Cutler Bath correlated the "hairinese"" 91 | and Company Limited moya 'there leaves with the quality of tea has deinkely been an increased The result is that they can now forecast by feeling the growing to minor auctuations prices have demari for, rubber and subject en leaves whether they will steadily advanced, gaining more make good tea.

than - two cents during the They have also discovered that

period. leaf-hairiness ·

遇

inherited--a those

helpful discovery for

The leading rubber brokering: working to improve the quality firm reports that sellers have of tea-Reuter,

been very, reserved which made trading somewhat difficult and. profit taking has only been on a Samuli wcale.

The Bank Of France Statement

what many happen in the political Market news in the past week field--and adverse developments continued favourable. Mos

could swamp all other segments of heavy Industry considerations. But economic showed alight Increases in pro- predictions on only be based duction figures. Forecasts of a on time honoured Indicators and pickup in business this autumn

Paris, Oct. 3. these are all pointing to "set also helped the list considerably. The Bank of France statement fair."

for the week ended September As a group, oll shares mode 23, reads sa follows:

Trahe

Indians. a year for the

But. news that affects three Pakistan had These program by hydroelectric

great market directly concerns com- drafted in 1951 and speeded by

projects under pany prouts. Those now being technical aid, machinery and way.

the is

Ganges reported are higher than a year capital investment from the big Kobadak, intended to restore to ago and there is reason to In the equity market the co-operating countries, are now fertility more than one million believe that profits now being week's most notable gains were at midpoint. Some of the re-acres put out of production earned are higher still. Beards in the stores and paper groups.

are are shown in the boxes on when the Ganges River changed of directors,

རྞ ༔ ! are In the former, Marks and the accompanying map.

course, drying up the showing their willingneng to Spencers advanced 6s 101⁄2d to The International Monetary Mathabhanga Kumer, Fund has also helped. In 1958 Kotadak Rivers. The plan is of higher dividends,

Chillen and of these earnings in the form that

that the

living lively"

sults

Bhairab

Naban

moreover,

The

that report predicts American factories will have to make rubstantial purchases for the last quarter of this year and expectations are that afteria, poor third quarter connump

will show. considerable, Increase for the remainder of 43,774,732,221 | the year. $7,000,000,000

At Home Industaki produc- the bast showing. They had}· tion is breaking all records gains ranging to more than 6 Total gold holding 301521621

Total other currenődes" N 8206,224,058 and what is perhaps more impoints: Aircraft manufacturing Bight balasice, shromá portant from the budgetary point res finished the week hi n of view-this increase in output high level has been achieved without any significant rise of costs. Thanks 'to, a'

stable cost ef

give. shareholders a bigger slico | 68s 102, the spot reversinty Tam

Company Is

· Hs'assets. · · Hoper here are on a scrip fasuo. In the

bren

old wages-pricas spiral "other post years.

Anna Advance to Citrzancy RAILROADS SPURT

Blabiaution. Bund Total bills discounted Current : @counts, and

deposdia The Friday, spurt in the rail. Book note, în circule-

sccrued i wipe out the loses

the Fund made 62% million Bonted other smaller loans for ly dry beds of these rivers other Colombo plan countries. a point whore the Ganges flows vestors, in the sstounding success 1043 44d.

co-operating agencies in nearest them and in effect, turn of the week's two issuer. An clude the World Health Organi- these dry stream beds into offer of 24 million. 4 por qulet

tion and the Food and Agri- Irigation cannis,

dollar loan to India sod it has to pump water into the from Proof of confidence felt by In-group A, E2 Reed rose 8s 19% 150 Kr "the "bogey. It has rond shares was not enough: "to"

Other

culture Organisation

United Nations,

of the

OR

"Town - azkakyat programme development was estimated at

Another facet of the Colomba

more than 5% billion dollars plan is to ald in development of for the six-year period. This industry. Saith and gain was to be contributes by Sputhast Asia are antong the manber nations acording to treat mining areas of the worlds (half the world's till comes

ilaya" and "Indónesia the world's largest pivo

and

dem

is $78 milion dealment Ove

The

gilt-edged market was ment's' policy cent debenture stockist 293 by ck the by British Tabulating onewed Investment demand. led

to small. Machine Company attracted up..

150ki murprisingly.

re, dealings began at, a Fornes on ♬ sthe, kaise

gradually

POLITICAL INFLUENCE

113,908,808,061 ||| Political - Influence although [not the main factor this week la at all times hovering over the market, and the report says “AH”

carlier in the week On The Bank Of England Exclamally the record is just lance they clos

they closed lower. *as encouraging. The Govern-ba Chrysler parked in Its soc

Statementalegir

London, Get-§;. midweek when ring financial and other tion. It moved up on nows that

restored

it had received a largo con The Bank of England stat the polód. And trust to build tanks It finished ment for the

prestige

the week at $69 up 4%, points: Sept. 19, reads. as:fol) defest of in- Bell Airgeant, because of pro- Note in circulation

Public deposit pored stocć sprit, tacked on a Private deposita 12 | gain of, 4%) points to $48%

down

Other:

Exchange

far as one can see will continue to, do, so for some time,”

A report: frum Djakarta say, {log that Russla" was negotiating

with indones to huy 1000

-- jtone of slow grade rubber causad socharis apart in prices in Singa pore "with" shorts-bovering and optimistic operator); buying-