1954-10-18 — Page 9

From left to right, Mr W.A. Bustamante, Chief Minister, Jamalca, Mr E. Melville, of tho Colonial Office, and Mr A. Gonies, Labour' Minister, Trinidad, pictured at the falke on the General Agreement on Tariffs and Trade in Londen.-Central Press Photo.

Attempt To Salvage Gold From German Vessel

Zaandam, Netherlands, Oct. 17.

THE CHINA MAIL, MONDAY, OCTOBER 18, 1954.

Final preparations are being made here to attempt to salvage smuggled gold valued at 72,000,000 guilders (about £7,200,000) believed to be aboard a German ship torpedoed by British warships off the Dutch coast in 1917.

TRADE and COMMERCE SECTION

Britain May Receive London Investors

A Very Rude Awakening

From Our Own Correspondent

London, Oct. 17.

In his speech at the Conservative Party Conference Mr R. A. Butler, Chancellor of the Exchequer, pointed out with some pride that full employment without inflation which Britain has maintained for the past two years "has hardly been achieved before by any economy in the world.".

A few days later the Treasury explained what this meant. More people are in work than bofore in peacetime. Wages are higher and generally have more than kept pace with the cost of living. Production is running about seven per 'cent above last year's level, at least partly due to higher output per man.

continued to climb and

Britnia on one hand and America and Russia Од the other. Politically, of course, Bri- taimn and America differ snor- from Russia. Eco-

This boom, moreover, has benefited everyone. In the first half of 1984, said the Treasury, consumers expenditure in real team nonically and disco

cent above the 1053 average, tion is that both America and reflecting the fact that for this Russia are capital-conscious period incomes rose more than economica while Britain is con-

sumption-minded. prices.

Thousands of shareholders, both Dutch and foreign, have invested in the difficult and costly salvage venture.

A gigantic caisson is ready to be towed to the spot and sunk above the 37-year-old wreck, which is also said to contain 3,000,000 guilders (about £300,000 sterling) worth of cocoa butter.

It is the latest and, accordinu |are about 11 to experts, the most promising above.

of many attempts to recover the sunken treasure, The just elfort

All

fathoms of water

depends now oft the

In 1948 falled owing to lack of weather. Several days of calm funds and shortage of salvage, inaterial.

are needed to tow the caisson safely into position and sink it down through the layer of clay Many ingenious methods were used to smuggle commodities into reach the buried wreck.

neutral

short

Inom supply Hotlund into blockaded Ger- many during World War 1.

The pickings

for

smugglers

were rich, since the hard-pressed Germaans pald exorbitant prices for

raw materials, and

trade goods. Legul

rigid Dutch

food,

strategic was subject to restriction.

Gold was prized since 11 enabled

Germany to buy scarce goods in other neutral countries.

Ono August night in 1917 the German ship. Renate Leonhardt, loaded a so-called "cargo of Next morning, when she

coke."

sailed in convey past the Dutch North Sea island of Texel, sha

was suddenly attacked and sunk

by British torpedo boats.

The story goes that a German woman aboard shouted: "They for are waiting

us-we have The been betrayed!"

woman,

whose name is unknown to this day, since she went down with the ship, said that the Renate eorrying 454 chests of gold and valuable secret

Leonhardt

Was

Once this is done, if all goes well, men will be able to work

under compressed air in the lower section of the structure. Mr Visser estimates that only two or three days and nights of work will be needed lo recover the entire cargo.- China Mall Special.

Shaggy Explorers Return

From N. Greenland

Thule Air Base, Greenland, Oct. 17.

Four shaggy-haired bearded members of the British North Greenland Expedition have arrived here after six months travelling across the polar regions from Camp North Ice.

25 years. But this can be done,

Ceylon-China Rubber Dent

Singapore, Oct. 17. "Caylon will sell another 50,000, tons of rubber to Communist China, and in return buy 270,000 tons of Chinese rice, Ceylon's trade delegation to Peking sald ̋on merival here today.

The deni. means that Coylon will ship to Chins

next year US$35,500,000

Worth of rubber and will import

China

about US$30,000 worth

of rice.

Ceylon's Rubber Com- missioner, Mr. Jinadasa, a member of the delega tion, said the balance will be made up with imports of soybeans, garlic ALTA from other foodstuffs Chins. Ife intimated that the contracla bavo siready been signed in Poking. -- France-Presse.

HONGKONG STOCK EXCHANGE

Ignored

Strike News

From Our Own Correspondent

London, Oct. 18.

Despite the dock strike and the non- appearance of the big national newspapers last Monday owing to the printers' dispute at the Daily Sketch, the London' stock markets.got away to a good start last week.

Industrial equities went ahead on the first two days, lifting the Financial Times Index to a new 'all- time high peak of 175.4. But on Wednesday further deterioration in the dock labour situation and the bus strike in London took the rest out of the market and industrial share prices slipped back.

This setback, however, waa only short lived and equities began to edge cautiously upward

again before the week-end. NEW YORK

Factors which sustained the market through its long summer rise a steady flow of good company news, Flaing produc- tion, boom, conditions in shops and overall, a general sir. optimum-are. still operating,

But the resilience of the market. In face of the dock

of

strike which is

is delaying millions of pounds worth of exports

STOCK

MARKET

New York, Oct. 17.

'Railroad shares shone

every day was due in a large like bright headlights in the measure to a demand for good

331820ne

And last week

the

The

industrials

by big institutional stock market during the buyers. Insurance companies past week; and pensions dunds, for example, The rail averago gained 55 (From Our Correspondent) are investing at a rate of £10

cents and was within just a million weekly.

little

of more than two polita Business done of the Hong-

Church

the high since 1930 while the kong Stock Exchange this morn Commissioners of England Industrials fell full 10 No wonder the Torles cheered Like Mr Butler, The Econom- ing amounted to $775,089.50. vested that they had been points, their worst decline since themselves hoarse at the end of Ist beileves it is a practical Noon quotations and the

switching out of their invest-

the start of the Korean war, Mr Butler's speech. For his possibility to double the British morning's transactions:

ments in glit-edged and into

Tho drop in top-runking was the hand that took over the standard of living in the pEXI SHARES BUYERS SELLERS SALES/Industrial and commercial shares:

blue chips of

the group making helm two years ago when the

at the ratc of £1 million

up the Industrial avertze monthly this year. Their hold-reflected many national economy was wallowing it says, "only with the old of BANKS

thungs. Mony helplessly and

and en- guided it into massive, unobstructive

ings of ordinary sharea now said it was election jitters, Buc calmer waters;

terprising investment of capital

amount to £35 million out

of the market experts hell that not in the places where it will | INSURANCES

the total stock exchange invest- the rise had been overdone and LOOK AHEAD

do the most social good, but in

ments of £137 million.

that the list needed a correction,

Prices dropped steadily. But tho

and Chancellor and his the places where it will be most productive." advisers at the Treasury look

even the sirengit in the backwand If this is farther ahead then

politicat

sent)-- delegates. The question in front meant when he said "we must draw back a bit then the of the minds at the moment is country is in for a rude awaken- whether they can call up enough ing. power from the engine room to propel the economy towards Me Butler's goal-a doubled stan- dard of living in the next 25 years.

be

But

Britain

by

For they know that cannot stand stil! It must advance or

overtaken other countries,

to enable it to

to advance Britain mus, have factories, more mach

machines, more ships and better roads.

Unfortunately we are not

mare

building

at the rate we should be.

up our national wealth

The

oa

Treasury in its autumn review evidence of any increase in de

could fnd of economy liverica this year of plant and machinery to the home market;

though there is some consola-

what Mr Butter

SINGAPORE

RUBBER

MARKET REVIEW

Singapore; Oct. 17..

Singapore rubber

The They are: Captain N.E.B. Banks, Royal Marines, leader of the party; Dr Colin Bull, Cambridge

Geophysicist University

Mr Stanley Paterson, Geophysicist; and S/Sergeant John William Oakley, weasel mechanic of the Royal Electric and Mechanical Engineers.

papers

Prime mover behind the latest salvage attempt is Mr P. Visser of Wydewormer, near here, ed by Commander C.S.A. Profiting from the failure of

attempts, he worked Simpson, RN, which previous out plans which he realised must have a sound Onancial basis and up-to-date technical equipment if they were to succeed.

He founded a co-operative

association salvare

has its

·

10

his

The men are members of a geant Oakley out unit of the expedition command- | machine. He managed, however,

to manoeuvre his weasel withstand the jolt and was able to hold firm while the wenpol of Captain Bank's wedged 40 foot below, was completely wrecked.

headquarters at Britannia Lake, on the northeast of Greenland.

They left Camp North Ice, some 750 miles from Thule

Air Base, by weasel train inst February and have worked across the dangerous crevassed- ico cap, taking soundings and gravity measurementa,

and ad- Feminine Company

vertised shares in denominations ranging from 25 guilders (about 50%) to 1,000 guliders (about

£100).

His

that

prelug

stated bluntly

If the salvage operations succeed 100 per cent, share-

holders will obtain a return re- presenting 40 times their Investment.

1co

Rescued

Captain Banks' was

#

tion in the fact that there has market has had a week of been a rise in the flow of orders. active trading with com-.

These orders

rose steadily paratively wide daily fluc- last year, but in total were much tuations and the advance in below the 1953 level, ~ The rise

continued in the first half of prices has continued steadily the year and the volume of and reactions have only new orders now appears to have been settled down at around the 1950

level,

BUTLER'S SLOGAN

HK Bank East Asia

1870 1840

198

30 040

500 # 10c

Valon Lombard Underwriters SHIPPING

Asla Nav ROCKS, ETC. K. Whart Dook

21.80 2316 Provideni (0) 1430 14. Wheelock

7.36 3500

LAND, ETC.

HK Hotel

HK Land

Humphreys

UTILITIES

STEEL SUCCESS ·

with

This institutional demand for ralla falled to buoy up

ment. The losses good "growth" | ment. shapes

looked Incg14 posibillies no doubt explains because they were persistent, the success of the latest steel But the experts held that the 7.00 denationalization operation. In-gap soon could be led if the vestors applied for so many of market behaved according to fis the £1 shares in John Summers recent custom in making a quick and Sops on offer at 24s 6d that recovery,

scaled Some of the market men coplications had to be down quite drastically and deal-held that this time it might ings began at a small premiure.not do that because of the The shares improved steadily to prolonged rise nd the uncer- dose at 59 9d, a premium of rain

tainties of the Immediate ninspence on the Os pald.,

future. Some of them falt and motor that the upturn in the blua Textiles, stores shares have been particularly chips, has run its course and Good dividend now that the next burst of strength

would be in the lesser lights

Gaind in rails came without

800 20%

10.00 11.10 4000 † 11

An 2014 R in bass 20.30 20.70 1600 20.10 Realty .... 2.18 20 2000 417

Tram

18.20 18.40 3300 @ 18:30 -Yaumati Ferry

XD

102

500 40 159. C. Light (0) 15.90 10.10 417016 9100 10 C. Light (N) 12.00 13 153 6

1300 P Electrio

**** 3034 323, 2830

300 ED 321

Telephone 20.00 271% 500-2720

22 1000 @ 31

INDUSTRIALS

Cement Hope STORES, ETC.

Dairy

Watson Li. Crawford

COTTONS

bright.

or expectation of it provided the chlof Impetus.

petus.**.*

Fords reached a new "high"

of 82s in advance of the interim benet of higher car loadings. dividend which, however, proved

"bulis." The

| disappointing to

shares

17,80

3152

24.20 24.00 2200 37 24.50 10.60 17-19

8.95.10.10 1250 er 9.90

420 4.35 2005 69 4.20

47

23.60

Taxila Corp, 6.70 0.00 Nanyang MISCELLANEOUS

Yangtze Ailled

5.80 8.00

minor nature, & NEW YORK

leading rubber brokering firm sald today.

The firm of Holiday Cutler, This is better than nothing,Bath and Company Ltd., in ́ ́ILA but it is by no means good weekly market report said there enough for nation that expects has been a good off-take over- to go on increasing its standard seas of all grades and in particu-, of living. Mr Butler, had this in far remills and low sheets. mind when he gave the Torica Europe has again

a new slogan "invest in auccoss."

been the main buyer but support from other consumers has also been well in

COTTON

· MARKET

New York, Oct. 17. Cotton prices assumed

pattern meant that they were not go evidence. The United States a divided

Ho told his followers that this

shared out to them at once,

wero

1 later fell back to 789 71⁄41⁄2d. But a higher dividend and 14

free

bigher earnings.

They

Were

talks of

decline in

utilities ze- flected, it was said, the possibility

kelped by

share issue from Rootes of obtaining further, rate, in- was very much to the market's cases

In the industrial group, the licing and shores rose 99 74d to hardest hit included many of the

10.

Laques

HARRODS ADVANCE

such 打

In the textile group Courtaulds top-ranking rese 29 74d to 356 Od again on General Motors, the oils, and

steels. dividend hopes.

Business nows was seen as favourable and several corpora- tions issued favourable earnings Among the stores Harrods reports. Retail trade held well. advanced 2s 3d and Lewiss Car loading declined. Coal out Trust put on another 28 ed.put rose to lis best level in four Other store, shares were firm. - months. Electricity, output mado

Borax Deferred forged ab

ahead a contra-seasonal advance en rumours of a uranium strike United Press, on the Company's Callfortun property and on the confirmation by the Chairman that American interests were bidding for con

Later

however, profit- taking brought the shares beck

introl

Government

Lancashire

Disturbed

By India

cued by the ellier members of the party who pulled him up to the surface with Or arrival here, they were rope. He suffered no serious ing to get all the benefits too has bought a little atthough spasmodically active deal to 80s 3d though at this price given # comfortable house Injuries.

they all showed a not Bs De the Danish sɗ guests of

expressed their "We must draw back a bit," it appears that she does not apings this week. The party

While current crop deliveries gain on the

week. Government at the nearby

he said, "put more investment prove of the higher prices pre- gratitude to the Northeast Air

Git-edged remained quietly under gradual pressure, village. But their greatest Command for their "invaluable into our home agriculture and valling in Singapore.

industry and in

Common- the

the new crop positions scored firm throughout the week while Assistance," pleasure was to see the Air

In supplying them

The report speculates that the fair-sized gains.

the market awaited news of the Force

here aturses

after

wealth so that we can really. with spare parts, fuel, and food,

our Island and Com-rise in prices is due to the ad- At Friday a close the list ruled expected Government refunding fortify ALY

Harrogate, Oct. 17. many months without

Radio contact was, maintained

justment of a technically short 10 points lower to 19 points operation. feminine company.

Gold shared furned casior on with Thule throughout the trip. monwealth and not slip back

higher,

The Colton Board's annual off 50 cents to un 95 or It the cocoa butter alone is Captain Banks said that their "Knowing that we had friends into the moras from which we position.

conta 蝨 bale compared with the political news from South Africa, conference, which ended ̈ ̈ héro brought to the surface, the yield worst

have just extricated ourselves."

but olis went strongly during their available kopt our, spirits up..

ahead today, was soên by observare an Shipments from Malaya, to the preceding week. will be enough to refund to all tedious six

Chg journey was sila Dr Bull

If we did that, the Chancellor United States in September Nearby deliveries continued until Friday when they were useful in discussing the in shareholders

Wall They were "extremely grate-added, there was no reason why were only 8,000 tons an ex- their original the spicule fog, a characteris.ic

dustry's problems without of to feel the Impact of the sur- affected by the setback on investment

in the next quarter of a centremely low figure and the Greenland

ful to the

Chaplains, two of the

Cap

Royal Dutch,atter course solving them's: tury

Britons should not double port speculates that it could be prisingly high

£3 10s to £50 10 by Bi But, the prospectus added, il Formed of very fine ice cry Colonel John Bennett, of the

October crop estimate. and a

It was never expected that and their standard of living. salvage effort falls aito stals, It is a result of the con- Northeast Air Command

due to cheaper purchases being beller that the November report Thursday's close, alumped such problems, could be solved · Bether, shareholders will lose the densation of snowfall during Major James Blackwood,

ahmad Tories. who made by the United States, : ini may show', anothar · gain in the 15a next day.

in the thronday conference this statement ald

Coppers

were unsettled by tered by 1,000 delegate cloudless periods of low tem- Hase Chaplain, who arranged to

other markets.

event of a late frost dato this

reports of labour trouble in Lancashire's most pressing high humidity,

and Include them in the Christmas not realise at once just

It was they were ondorsing.

roblem At air, delivery last year."

The report says tho United year.

at the moment appears light winds,

A slow-down it mill buying Rhodesta.

toliber, the inflow, "of Indian” "We were delighted to receive For the times, as was the case with

in a phrase “we her requirements for the early along with the discouragingly

eloth, which temporari must draw back a bit lang

Background Mr Butler was warning the there will be big swing there the textile markets and the

part of 1955 and it is probable slow development of activity in Exchange Rates Tories not to`taka :mors out of salvage gear from the building capped to

The horizon of nowhere? It was truly manna yard to the scone and also the la

from heaven.”. They:slso thank. | the national'economy than they to synthetle from January bar rezatlon in securities, alt.com

wards. fret 10

Georgo Fairbanks, were ready to put into t itseify of the operation,

STEVARROS rinke i oku Kel-pilot, for his re-supply travel

In some Base dangerous, and Applications for the 300,000 places...

kmati 6977/0le!• The Ittle | missions to their isolated" on guilder (about £20,000) share party

Resembling" the House" -learned-almost Inuen so fast after the fatally that it was much safer David baseball team with their pect prospectus that to travel by night that by day, long hair and hagay beards special post office fian had to men were anxious, toast be engaged to handle it, by

vehicles were more reliable then sheared"

the

whole of their investment,

Mr Visser

sald

insurora

that

Lloyds,

the London

'wrllers,

and under

"have given me # 18 per Bent chance of success.”

or

the

what

this party, 'it.: cúmpletely ob the jukey dinner,” said Captai | tag and false had a price | states had covered very little of of spot : cotton in some, STOGE,

They had agreed to insure for cured the differentiation Banks, "Who would expect such

a low premium the transport of between the sky, and the show a delightful thing in the middle

W with the full

terrain.

sum, loon | the sunlight when the spicule

collected work began on build- fog Casounded pa

Ang Mions génia huge calmos) : Serrunt: Oakley: Stoja on the Locke whape, about 89 fert in diameter and shout our feet into how they learnixs high from, lopete bottom. The king

Capta

Tho

bined to keep previous buyers report predicts, however anxious PREPARED TO: PAY ~"

that the situation should not be Badiness in an

the acros In other words If the nation too serious for producing coun months hected proposals to cus want to go on enjoying the tries a demand by the rest benefits of the welters rate: the world looks liko being main- mus be prepared in pay for thema taified and capable of absorbin The only way to do this, is to the balance of product in illige

}// Saturday's closing prices:

"Buddness / wa Corp. unoticial motains it the following

kannther sie per cent ară” and rõducative - Indo

quotato 10,000,000. producer referendum

of more Japanes goods on the Home market.

But the robertion.

rition in over