1954-10-28 — Page 9

Presentation To Mr Nehru

THE CHINA MAIL, THURSDAY, OCTOBER 28, 1954. ·

TRADE and COMMERCE

COMMERCE SECTION

A

Burmese ladies in Delhi are pictured as they offer bouquets to Mr Nehru, the Indian Prime Minister, when he left Palm airport, for China recently--Express

Photo.

Fairy Godmother Tradition Dies Hard In Nairobi

root

Nairobi, Oct. 27.

Land hunger and over-population, catch phrases seemingly perpetually associated with the problems of this Colony and Mau causes of Mau believed to be among the main terrorism, are likely to become completely outdated as the result of agricultural development schemes now being drawn up.

An official report just issued claims that plans now being prepared will ensure a good living from the land in Kenya for 600,000 African families, a total of between three and four million people.

Int'l Convertibility Continental Europe

Will Set Off Market Fight

By John Morka

New York, Oct. 27. Commercial convertibility on an international basis will set off a fight for markets "of as yet unseen intensity" and spark an increased drive for increasing trade with the Soviet bloc, according to a leading U.S. economist and currency expert. Mr Franz Pick, publisher of the inter- nationally distributed "Pick's World Currency Report," emphasised that the world is now on the road to currency convertibility and that it is now; entering "the era of currency reconstruction "once; again after 14 years of "currency destruction."

He added that “we are also moving towards more foreign trade, towards easier conditions and monetary transfer and, certainly towards more competition."

basis whil Anally Noting the "strong eventual-

force these; ity" of convertible sticling Iconantries to fight for well as that of the eonvertible tamers and export drives of as

Deutschr 1514R.

Dutch

The reaching of cazze retal : transferability an world-wide!

[W

SOUTH AMERICA

May Resist

Strengthening

U.K. Association GATT

With Steel Pool

Luxembourg, Oct. 27.

The British Government has approved in principle a drati "treaty of associa- Don"

with the European Coal and Bleel Pool, se- cording to a source close to the Pool's headquarters.

Economic ministers of the member countries ar

the expected

to

treaty to the epis before They give their final opinion to the High Authority. A Council of the six member country's foreign ministers Is then expected to meet here lo give their final approval to the treaty.-Reuter,

HONGKONG STOCK EXCHANGE

(From Out Correspondent)

SHARES BUYERS SULLEŋS SALES !

BANKS

Fast An

1890 1040

201

3010501

Geneva, Oct. 27.

There will probably be some resistance to the attempt to strengthen the GATT rules on the part of Continental European countries which will prefer to keep the present system under which their use of quantitative restrictions is governed by the OEEG rather than by the GATT.

and

1

NEW YORK

STOCK

MARKET

The difculty.

in the Bel-up of ennvertibility, w European Continental countri have become accustomed in the last seven yrups 10 differ system os regards true payments relations themselves. The idea of in- posing a much stricter code of Conduct regarding the mainten ance of quantitative restrictions and extending those commit- inents in the rest of the world e me as something of a

New York, Oel. 27. shock. This explaing why some A food of favourable dividend

have ben and earnings news gave

01

Bentrics

to keep the new trade; market a fust whirl in trying rules ander OEEC rather than afternoon today, lifting under GATT.

tenders 2 points or more.

The mom difference between; The two systems is that OEEC rodic

bused

The

that

the

Inte

Fome

Influence of U.S. Steel Cor theporntion's disappointing dividend In or and thi general hesitancy while reciprocity

GATTI

advance of the coming elections, rules alm at solidarily. The however, acled to limit the Business done on the Hang-¦ GATT 1༢༢*17*1k84

enlly and at the close prices were Hutkler and the Belgian Faucet unseen Intensity will pro kong Stock Exchange this tan- country, with balance-of- | narrowly mixed,

10 he said

these currencies ably be undertaken," he said at

ing amounted tu $888,075.30. payments dificulties is not en- ther a become convertible.

luncheon meeting of

Tumovie for the day amounted to maintain quantitative, the Noon quotations and tre mom- titted ncluding Scanning Export Managers Club of New! ing's transactions:

restrictions. It thus distinguishes to 2,030,000 shares,

compared countries, vis, France, Italy and Austria i

York.

clearly between the obligations with 2,010,000 yesterday.

and will have to follow sult.

countries et credito

the Action of U.S. Steel's direc- obligations of debtor countries, tors in declaring only the usuni. dividend after the close yester- day rather than the extra that had

been widely speculated cast shadow on the market. Big Steel itself finished 13% points lower at $57. Bethlehem. those directors meet tomorrow, held point or an initial point. like Switzerland bas galo. Many in the Street expeer Country been able to accept OEEC com- favourable dividend netion here, mitments but not GATT com, despite the U.S. Steel doeldan mitments because in necepung

AFTERNOON RALLY

The drive for South Ameri-

נוהת א1

can markets will continue autí | INSURANCES,

doubt

World Cottontel drive for any expert to

Markets

7121

the countries ust the Soviet DOCKS, ETC. orbit," he added.

As the sellers markets for U.S. products has already started, Mr Plek sald U.S. ex- New York, Oct. 27.

porters will have to

extend Cotton futures showed

amit longer lerms of credit to meet of steadiness over lone narrowly irregular fluctuations anticipated heavy competi- tion from foreign sources, on u slow trude,

many of which are able to ex- At the cluye the last ruled un-

tind, credit ferms of from three The to changed to off 4 points, market opened up 3 to eff 2 Japan have already given us a few examples of such tacties," Rovea de hand." a points, New Orleans closed off ) The report, on African Land, £1,000,000 a

he said. Through for the first six slowed up African development Development

contrary, the report months of this year, states that On the

that this steadily "does not uke slates

creased in the first half of this into bevet all the derivative

even this tutel

Occupations in a enuntry

with

an agricultural veonomy, which the duoble the Jally

engagesi numbers directly farming"

11 The emphatically

forecast pesialstie

future of this Colony steadily rising African

denies

ot with 115

inotth. 14

into the development scheine. a £5,000,000 grant from Britain for intensifying African agricul- tue has me be a poured Mind than £105.000 was sent be

Le

Th

Devoguises th the ac esathe of develop- ment by loan, self-finantang by unpaved fabrikragg" profita el

fset an Attican areas helped us the Government,

es exist ar

The Alton in Renya, by wid meared the wealth

a

Tix

to 9 points.

Bellera.

tw. en fanua y and Jun in 30, by ms Evesturk, which, for him, acted" the

nad v.dual development projects. it, he capital in the bank. popula-Since the start of Kenya's 10- repot a dimates that the total "Indeed." anys the report. | yes gricultural development

number of cattle in the African SUKRUSIA that the tan in 1946, a total of 21-

Lime K present The 713.304 has been spent, £1,319-attas na Afrienn jennilation present

991 of it

07 schemes in 16,0DU NUGI. on live million, instead of being too

svall African areas. big, may well prove too for The enormous lusk of de- veloping this largely undevelop ed country

of

1

A

tert years. Germany

Humphreys Healty XD UTILITIES

Team**

Star Ferry .. Yaumati ........

40

0.10 8.34

CONTRAST

By contrast, in the OEEC the obligations of member countries to achieve a specified percentage of liberalised trade is the saine for creditor EN fur debtor countries. This explains why

GATT commitments it would

have been obliged to give up; A scries

restrictions those quantitative

NOUNCEMEIKS

of corporate mir touched off the

which, auder the OEEC, It reafternoon cally, Pennsylvania

tains for bargaining purposes.

Railroad

Lombard. Underwriters

..

TC Wharf Dock Provident (0) 14.10 14.30 300 706 Wheelock 72. 7.45 C2004

# LAND, ETL

MK Hotel 11.40 1115 2500 in 11a)

2003 or 11.40 FIK Lond

70

21 21.BR 1500

2100 14% 14.40

7 82

58 09 100 4 09

70 DOLA 20.60 2500 2070

2.10 3.1245

10 1450 18.00 134

455 156 500

28.30 23.00 200

33'34'

Another Beaton why European countries which fear c. Light (0) 10.10 18.30 4500 10.20

300 x 19 outside competition prefer because cocke OEIC 33 13.20 1000 13 ( Ligh: (N)

300 13.10 OEFC has maintained Electric

324 32

of discrimination agrittst Telephone

281

silk, QEEC countries

exceptions,

no

with

limited

berallsa

applied to

Dairy

23.38 2344 25000

25.20 member countries.

of the This

been $18

1000

56x9

Watson

17.00 16.10 2000

17.00

330

(1)

N1 L. Crawford 23.40 Kwork bang

itong

143

50 145

The sellers market for U.S. products will vanish with con- | vertiblilty of the sterling, mark and other currencies, he said, INDUSTRIALS of Cement.... end any large expert deals

have to meet the future will

with long credit terms offered STORES, ETC. by nations that need the busi-

css more than we do."

the

To remain

competitive, U.S. would need not only an institution to well export but also credit nssurance

who would quiet a number of so-called COTTONS merchant bankers specialise in, financing foreign Trade, as the banks in England, Germany and Holland do.'

BUTLER PRAISED

10

tlon measures have only

fed to the trade

declared" a 75-cent dividend, its first this year, thus maintaining a dividend record unbroken since 18-48. Lockheed Aircraft directors increased the the common d

dividend and declared

the

form

specials in cash and stock Standard Of (N.J.) announced record nine-month operations.

Pennsylvania rose

point

on heavy volume which.

has made it the day's most activr 25.36 developed a soft market for the issue. 25.40 909

Txte Corps 7

zonu Nanyang 10.10 10.20 500 10.20 MISCELLANEOUS

Allied

.....1216 4.221,

pit Election uncertainties, inactivity of the texille market, and guesswork on the ultimate size of the growing crop, all com- bined to keep traders in a wait Ing mood.

about reports Growing developing holding movement dicatisfied producers Among with the recent market decline

to inject caution among !

Conversely, potential buyers were inguenced by an idea that the Government crop report on Ney may show another sub stantial increase. Some in- dividual guesses raised the figure to above 13,000,000 bales com- pared with the last Government por 12,651,000 bales. report of

Domestie mlll Interests Kmy, about ther size of

He singled out for consider- shippers were buyers on the set- France. Is today divided into

backs, while hedge selling and

able praise time currency policies proft-inking supplied

the con- (our mnin land am confall

of the British Chancellor of the house Commission tracts. components, which largely fluence the quality and quantity that out of i total

brokers operated on both sides Exchequer, Mr R. A. Butler, and

West Germany's Minister £11,000,000 provided for

of the market, years' development, fur promo- Paid employment was found

Trading volume and open in-Economics, Mr Ladwig Enhard.

Exchange today of the proper use of soll, for many

terests in the thousands of Kikuyu

Mr Butler's currency reforms water and forests, more than

were:

of March 22 set up nine cate- ("squatters") labourers farm

Valama Open Month half is being spent in African

Interest gories of sterling and made the (including 033,000 61.200 largest single evicted from the Rift Valley and

transferable pound December Provinces and Tan- areas, with the

March

770.000 sterling balances belonging to

Dealer covering in the nearby item of £3,000,000 allocated for Nyanza

804.600 May reconditioning African

354.000 all countries outside the dollar areas, ganyika because of the sprend

July and African settlement.

on a free basis in the positions at the efter dominated featureless trods October

area) of Mau Mau, and sent back to

Mar

13,300 non-collar area. In addition, an otherwise

in futures. the the three Kikuyu reserves of

Total

100,000

Wis baire. the London Gold Market

transaction uf the Nyeri, Fort Hall and Kiambu.

re-opened for non-sterling area residents. The NEW YORK

of the British Prices of futures closed to-leadership

Chancellor, he said, was "ex day as follows:

tremely brilliant."

of its agricultural products.

11-

By far the largest area, 125,- 000 square miles, is Crown land for African with priority Interests. Lack

rainfall of below 20 Inches a year-largely rules out any big increases in agriculture or population in this area.

The next largest tren-52,000 square milles-is that known as the African tumis, some of the

most ferlie dia.ricts

The In Colony, with rainfalls of 20 to

thir From January to June year. 50,730 entlie from African areas were sold for slaughter and 70.641 sheep and goats exported for slaughter, chiefly from the of Countering charges

arit, geml-desert regions of the Ilitte and tou Late for the Afrleans,

report discloses Northern Province bordering on the

of about Somaliland and Ethiopia.

tion

Lou

Kenya berselt, despite Emergency, is providing bulk of the finance to improve

Most of those for whom em~ her agriculture and pen up new

found are now that ployment was areas. The report says

"on soil conservation British assistance has amounted working 30 inches, 30 to 50 inches, and to only one-sixth of the total, and general betterment of the

"the

five sixths land" costing more than £84,000 remaining

in the first half of this year. derives

from the Colony's own development funds."

over 50 inches a y:ar,

These

ment to as 12,000 square miles.

min is recognised as good farming areas and produce

and

$1,800

23,000 22$c 1,300

UT,900

2,040.300

of

World Rubber

Markets

New York, Oct. 27. Rubber' futures closed today points higher to 5 points lower with sates of 58 contracts.

The spot market ruled dull with consumers marking time were, quoted Spot, No. 1 Res nominally 27% cents a xund.

Future closings:

Spot

35.10

Dec.

Mar.

May

34.00-57 34.03-05 3520-21

Dec.

27.50

Juty

33.35

9484

Dec.

ЗАЛП

MIT.

34.00

NEW ORLEANS Prices of futures closed as follows: Spot Doc. Mar

Pick Mr

predicted within six months, West Gér- mary's Deutsche mark will be and transferable for resident non-resident accounts, Sterling convertibility, he said, is "far from being buried."

Mar. that

XT.13-14

May

20.05

July

28.70

Sept.

20.59

Dec.

26.50

SINGAPORE

34.00

3437-01

21.19-98

35.20-22

30.21

3482

34.00

35.000

In addition, the Government's half years' few three and Land reserved for European Agricultural Pinn, stili to bo ap-

by the and Asian forming and develop proved

Legislative

In this period, the report for the

"bench ex- Council, provides

the of land in terracing" penditure of another £1,574,059, stated, 1,118 miles of most of it in African areas, on Kikuyu reserves was completed, May

which include rural

Oct. the main volume of dairy pro- schemes,

and the total would have been

in Det water supplies ducts in the colony.

and veterinary greater if Kikuyu workers equipment.

the Fort Fall district had nol Mar.

'clearing diverted 10 bocn Tatches of bush used be cover

Finally, in the wettest

Brens

of all, are the 6,000 square miles All this work, now and

terrorist Development division

ה!

of national forems-the jungles the future, by the African Land by Mau Mau terrorists. where the Mau Mau gangs 34% which they have struck against the

of the in the words of

From the evil of Mau Mau, Kikuyu

LIVERPOOL

He based his "optimism" on

a conversation with the British Chancellor, he said.

Prices

In

clased today

per b. FOB Malayan cents Malayan ports as follows:

Doc. No. 1 rubber Nov, Jan. No. 2 rubber Nov.

No.4

"If I may use a not exactly No. 3 clamic comparison, I would like pot rubber unbated'

sterling conver-blanket crepe to say that Official values to: spol cottons tibilty has instead of being No. i pale crepe

into been put Include:

unwrapped,

but not, into the refrigerator American middling

the deep freeze," he declared. Uniled Press.

have existed and from Government to a large extent the forces of law and order for 'zwen veriming's” in order to get at least some good is comint, i Mexican mládling,

the report, discloses, of agriculture among the flow the African areas started on the detainees, suspected of

then to guide Mau munbership er sympathies,

Mau

the last two years.

The report refers to io sul right track and large untapped reserves within the hoped-for flood of agricul- are now being employed in in-

the African Land Untis which tural wealth..

could raise the living standard

and welfare of millions of Africano in the future, and emphasison that the two factors

which can limit the pace of

development are funda

and

manpower. The latter has Bur the report contains

always in the past boon con-implimit warning that Hio gidered an aimbat limitless comrea

modity in Kenya

ém Marido

yptian Kernak

18/10th inch 32,70 14th inch 30,00

1-132nd inel 34.24 good/fully/good 48.66

Giz:30,

42.18 41.05 Ashrauni.

BAO PAULO Futures cloairig prices, cruzeiros per kilo warn

creasing numbers on irrigation projects In various, parts of the colony,

dee

Works campe have boon, ardynow, baita constructed, each to hold upwards of employed on and. igation, ditches

of

follows:

.Ded.

July

plained

New York Foreign Exchange

Lockheed

soared

29%

exports of a number of countries Points to $4544 and held 2 point which they might lose if faced of its rise, was in netive trading.. continued in by the full force of compitition Jersey Standard firmed.

Airline Issues demand, with prices firm, Fan American and American Air- lines, both fractionally higher, four issues on

from outsiders,

SUMMING UP

If the countries were in the top

going the active list.

Oils were mixed.

To suni 03, that are thinking about convertible can obtain the com-

Farm equipments continued to the GATT respond to optimistic forecasts mitment through rules that when they go con for that industry.

dis- vertible they will not be

поп- by criminate against convertible countries, tara it firm commitment tural protection can be reached, Stock Exchange bond volume this would give a sound basis was $3,260,000.

progress for further convertibility. Chinn Special.

Of 1,157 Issues, traded, 455 were tower, 419 higher, 283

The Now York

agricu!-unchanged, 011

towards

Mali

New York Sugar Market

New York, Oct. 27.

futures World No. 4 sugar

unchanged to 2 closed today

no sales re points lower with ported.

Domestic No. 6 sugar futures closed unchanged to 2 points lower with sales of 30, con-

iracts.

Traders withheld comments pching more market activity.

Future closings!

Contract No. 4 tworld)

were;

DOW-JONES AVERAGES

Dow-Jones closing averages

$55.73

139.16

13085

170.93

United Fres

30 industriale

snilo ...

15 uullies

45 stocks 40 s

Cumm. fure orice index

Chicago Grain

Prices

Chicago, Out, ri.

Prices por bushel in cente

Wheat No. 2; red

Spot

Mar.

Closing Priers

2190 2233-723 520-2

Dec. 22) 220"(1)

Mny

223%

July

Corn, No. 2, yellow

Spot

78-182 unquoted 773-70

75-78

Jas

3.10 Doc.

Mar.

3.10

Mar.

Млу

76-70

July Sept. Bpot-(ennta per le tab

Cuhn)

May

3.22 Jaly

Ity.

3.25

Dec.

Mor

Contract No. 0

Data

Ded

5.40

Mar.

Mar

5.46

MAY

5.

Bpot

Boybeats, No. 2,

3.80

Nov.

Sept.

Now,

ax.duty)

0.00

5,65

Jeth

· Marz

United Pre

Mno

LONDON

London, Oct. 27. The rubber market was quiet with No. 1 Rs spot quoted at 284 pence per lb. Prices; Nourt Ra spot. 20-2534

Bettlement houm lerm:

Apri/Zune

·Cienorai: marketa, ciz

Spot-(cents per 10. CE NY

$15.000

London Foreign

Exchange

2 July

Spot

New York DSUF

200 h, unex

Unlied Prom,

Exchange Rates

meat and people of Kakye Abou