1954-11-01 — Page 9

THE CHINA MAIL, MONDAY, NOVEMBER 1, 1954.

HORSE OF THE YEAR SHOW

TRADE and COMMERCE

SECTION

Enraptured audignee of children get a preview of one of the spectacles of the "one of the Year" Show at Harfingay Arens as a leam of Swiss Army horsemen arrive. The men are dressed in the 18th Century costumes they wear for the perforinance of a quadrilla, which was

a mont popular two centuries ago.—Neuterphoto.

Hell

Fire Discussion Flares Up

Again In Norway

Oslo, Oct. 31,

Discussion of whether heil fire really exists and whether the inexorable fate of unsaved or impenitent sinners is eternal physical forment has flared up again in Norway.

In spite of a Government compromise solution last winter, which laid down that the doctrine of everlasting he!! fire punishment was a theological question open to various inter- pretations, certain more extreme elements in the Norwegian State Lutheran Church have now returned to the fight with a manifesto defying the Government's ruling and urging obedience to Scripture and creeds in the hell fire doctrine.

The whole question is due tojnsking for a clarifcution of the is no reason be debated Parliament this whole problem.

all

uutumn

After the Ministry

bod

New Set Of Rules Will NEW YORK

Emerge From Malaya Tin

GATT Talks

From RONALD BOXALL Our Economic Correspondent

Geneva, Oct. 31.

A completely revised set of international trade rules will emerge from the review of the General Agreement on Tariffs and Trade which begins here on November 9.

The present rules were established in 1947 to remove some of the more obvious barriers to

world trade during the difficult postwar transition period. That stage has been passed and more positive set of rules is required.

The fact that the pound and certain other important currencies

will

become convertible into dollars at some not too distant date poses one of the most difficult problems confronting GATT revisionísta.

Under the present rules mem- Countries? The answer by ber countries are not supposed general consent in "no". to impose restrictions on their imports--apart from tarit re- But the Americans—incident-

strictions—unless

Production

Singapore, Oct. 31. Production of

concentraten for this year is likely to

in Malaya

HONGKONG

STOCK

MARKET

REVIEW

STOCK By Elmer G. Walzer EXCHANGE

New York, Oct. 31. Stocks celebrated the 25th anniversary of the "Big Bust" in Wall Street this week by declining moderately in all sections.

(From Our Correspondent)

Business dono on the Hong kong Stock Exchangu this morning amounted to $580,- The down trend which pro- 283.50. Noon quotations and vailed throughout most of the week reflected somo uncertainty the morning's transactions: and

of the election outcome ота SHARES DUYERS SELLERS SALES Tuesday, brokers said. They

excred 60,000 tons which will be a postwar record,

Malaya's

output of Li- concentrates for the July- Sept, quarter of this year totalled 15,556 tons made up of 5,040 tons in July, 5,250 tons in August, an 5.255 tons in September.

The previous record for a postwar

tons year 57,737 In 1950 when the Korea war broke out and tho second highest previous production was 57.107 toys In 1951-United FrCES.

NEW YORK

COTTON MARKET

REVIEW

it can beally the only delegation So far By William Plunkett

BANKS

FK Bank East Asia

INSURANCES

. Lothbard

Underwriters

K. Whatt nock

Provident (0) 1420 14,80 (800

also held that the recent rise Justified some prico readjustment at this time,

This wick's loss was pity It compared to the 1929 break. amounted to a little more than $2,000,000, and Wall Street ex- said that wasn't much perts 22.60 considering the high prices of 14.20; the blue chips. 140 7,70

1030

202

40 38.30

DOCKS, ETC.

09

22

233

100 22.40

500

800

Wherlock

700 7 500

LAND, ETC.

UK Hotel

12 12 10 500

1000

2500

3000

2500

1,00

2400

13

* 3011⁄2 300

0

Tks hand

Humphrey Realty XD

As the week closed the market was well above the 1920 com

111porative date in the industrial 11.06 section 352.14 for the present 11.70 compared with a low of 212.33 11.60 on Oct. 28, 1920. In the period

20.00 21.30 500 1 21

210 2.16 2000 2.12!

UTILITIES

Trai

Star Ferry

18.00 19.10 1100 16.00

133 134 Youna Ferty 155

220 158

C Light (0) 16:20 10.40 200 16.40 C. Light INI 11.20 Electric

from Oct. 24 to 29. the market fell 100 points in the Industrials from the high to the low of those days.

BROAD LIST

This week's losses were spread

broad ilal

over A

Very few IBSUCA managed to advance.

000 13.30 High earnings sustained General នៅទ 34 182 or 231; | Motors and an extra dividend 100 333 held Norfolk and Wester firm.

30 235

Californin. Superior Of of

of

Maeno Elec

10.00

INDUSTRIALS

Cement

New York, /Oct. 31.

swollen volume hedge selling, following in the wake of peak harvest- ing operations, caused cot- ton futures to back-track STORES, ETC. this week after steadiness

shown that they are compelled to record their views-have tu do to in order to protect posed the question that will their balance of payments.

A concern the conference when it considers this point. This is: To Although their views on what extent con GATT's pro- world trade

do no!

always visions help undeveloped coun- coincide Britain

Amaricatrics without unduly harming And have common interest intende interests and economies of ensuring that in future this rule other countries or affording un- is more scrupulously oberved.

economic protection lo special Interests?

NOT CLOSELY AGREED

The two countries are tot se closely agreed. however, on Just how this should be done.

Britain naturally wants K ensure that once the pound by eunes convertible other countries, will not impose restrictions o

In the forepart of the period.

America will also be vitally concerned in that part of the A Friday's close the dial rulest review dealing with agricul- of its 13 points-15 cats to 00 tural quotas and export sub- ochis a bala-lower than the sidies. The difficulty here it to preceding week. And some formula which would

enable countries to safeguard Election uncertainties, plus SAN their domestic agricultural pro- the discouragingly slow develop- “grammes while at the same timoment of new buying in the lex- sterling imports an order to providing reasonable protection le market, all combined to keep Build up reserves !! pounds

to exporting interests. thus enabling them to Increase their imports from America o Britain's expense.

At the

ing.

the

Name

time

balance

of

recent buyers on the defensive.

Ropo

400 34

Telephonic 2880 20.20 100 24.00 one of the highest prized active

fell 20 issues

points. Inter antional Business Machines lost 24 345

17.10 1800 kr 17.10 | By and Texas Freifle Land

Trust lost 8 points, Declines of 28.30 20 2300 m 26.30

noted in 1300 # 220.40

Star 11.TO

Bendix Aviation, Santa

Dairy

Watson

L. Crawford 2016

COTTONS

Textile Corp Nanyang

2

n

or more

ID 400 17, TO SPETTY

7.05 7.15 1000 7.10

16.20 10.40 2002 10 20 10500 10.5

MISCELLANEOUS

Yangtze Allied

£53 5.05 1000 6 6 4.16 4.20 500 24.1715

YUGOSLAV DIE EXPLOITATION

wero

Long

Fe, Chrysler and Du Pont,

7

Bethlehem Steel fell 2 points and U.S. Steel more than points. Each company reported lower eamings for the first nine months and each retained previous dividend

tho

A long list of top-ranking in- dustrial companies reported higher

including earnings, Standard Ol (NJ) and Westing house Electric which had record income and General Motora which had its second best in-

There Is much explosive

Traders looked ahead with in-

Belgrade, Oct. 31. material in all this. But though

crensing interest

next to the

The exploitation of an oiledene in history. they may differ on questions of

The at Kloster Ivonic, ingar Government crop estimate.Nov. feld

tobaccos for the most are firmly

10- details all members

8 because of the absence of Zagreb, Yugoslavia, began to part turneti in favourable

Rails moved into black to Tanjug, the ports. convinced on the advantages for world trade

killing frosts. and generally day, according in maintaining 1

Ink figures but were under last conditions, Yugoslav news agency, nifi vourable weather វា code of conduct to which

offers the conform. And that

some crop students anticipated

yearlines issues, aircrafts, and Out of 17 wells, 18 are gushers best

hope that out of the forth- an increase over the 12,165,000 coming review of GATT

will bales estimates by the Govern- and three are capable of pro- some spécials improved, Tox- tons of oll a day. tiles, rail equipments and a few ducing 100 emerge an organisation that willment on Oct. 8.

The oufield is considered the other groups showed deelines, in their While prices

were irregular ground richest in Yugoslavia, the agency Olls Have

earnings.-United Fress, most of the time, the setbacks said.--Reuter. wer accomplished In an order- manner. The presence

along month-end mill buying. with shipper covering against commitments to the expert orient and European orien

if all British exchange Con- I providi the Agreement's prin- trols were abolished it could. in ciples with a stronger and more the absence of

safe-permanent footing. agreed guards, lead to a rapid drain on the central dollar reserves.

to make a break

Britain now on the basis of statements made by mae legal adviser.

wants the new GATT to incor- Daring September, however, a

porate the principle that credi- for countries, as well as debtor o the views of all the gap of professors and teachers The argument started in the obtained spring of 1958, when Profess.n other Bishop. of the

two of the Congregational Theologi- countries, have a responsibility

to prevent serious Die Haltests, Ductor of Theology theological colleges and of Pho- cat College and other lenders of

payments difficulties from oris And at that time leader of one fessor Free Custberg, a noted the so-called "Inner Mission" of of Norway's two fruining colleges; expo t 111 cezditutional law, the State Church, have pre

prepared for elegy, preached a "e and Bishop Schjelde,up

411- a declaration in

in which they claim I stylist Serumen dining a formed that he hart not pineet Anat the offelal ruling in lrondrast TVKL

himself "outside" the Church, | Schjelderup case has caused nor had he failed in his duties | erigle in

in the Church Describing themselves as the under the articles of faith.

"professing Christion congrega- tion." they said that they could not stand by in silence and see, without protest, what they re- garded

ts false doctrines in- trodued into the State Church. The opinions given by Pro-

The fessor Castberg in his repor

eternal In the Press discussion which brought the whale

turment and punishment for the discussion lowed, several jasple

cm-Into a new channel--that of fo: inpenitent is an integral part of

Christian bellet, They plained that the State Broul- or against a State Church. easting Corporatam had no right also robed a new storm of bitter to allow such thivals to go out ontogenism from orthodox lures and in the articles of faith

He flarealened those of his come gregation who were not saved. with heli uning up at thmani Jeel and swallowing them up on) the spok T} per who sleep unpenitent,

deeland. might wake up in the everlasting forments of hell fre

over their network is the name

of Christianity. Stck people or thase suffering from depression might easily be driven to despair or insanity by Auch broadcasts, they said.

church circles.

doctrine of

they argued, and it belongs both in the Scrip-

and

Johannes

The dollar "gap" is closed at the moment; but there is always that America the possibility

and may withdraw foreign aid this would

the reopen

Kult the dollar and other between currchcies. Britain's danger would be much greater If this happened while the pound convertible.

was For theo

other countries would use any sterl ing they earned to maintain essential imports from the dollar area as near as possible to their existing level,

SHOULD TAKE STEPS

should take steps id

SINGAPORE

RUBBER

MARKET

ly

of

countries. Kurta

were stabilising factors. reportedly obtained 27,600 bales under Foreign Operations Ad- ministration allotment. Additional pressure

siructure

wag

גוס

the applied trend of

The Bank Of France Statement

Franc

8,267,702,50?

LONDON STOCK MARKET

Investors Seeking

Neglected Shares

From Our Own Correspondent

London, Oct. 30. The Stock Market closed the week quietly steady with continued buying of selected shares.

However, the general upward movement which has been carrying the industrial index to successive peaks seems to be losing its force.

Brokers are advising caution as present prices of many issues already discount increased dividends. The mere maintenance of current dividends results in sharp price falls.

price

the lower following

the, loan parity prices. While as an important part of the New

will rate for the next crop

not Testament message of salvation.

Singapore, Oct. 81.

August, be determined until Professor Casting laid down The words of Scripture must be

which The Singapore rubber trado

the month-to- that according to constitutional believed and must not be "inter

markat had a week of small month changes cotton parity t in Council-in preted" low the King

to sull our own needs,

fluctuations and practice the Government-could they declared.

cents a pound for middling more 7/8th inch cotton was off 24 deckte which documents should So Norway's holl fire debate Britain feels if this happened restricted trading but the poin

points from September, when it form the Norwegian that of Oslo

is in full swing again. The Dean America

Cathedral, articles of faith. He added

rectify the position—either by undertone still appeared to also showed a similar drop from from abroad or be sound, says the weekly the preceding month-United all disputes as regards religious Dietrichson, told one newspaper buying more Instruction or the appointment tha the declaration WAS 11

stepping up Investments over-market report by Holiday Press. seas. She believes, furthermore, Cutler, Bath. and Company of Bishops and clergy, might be challenge to the Government, Dr Kristian Schjelderup. | decided "by the

that if America Government and expressed the hope that the

or any other Bishop of Humar, who represents alone. They were not obliged to discussion would die down with persistent creditor failed to take Limited today.. the more liberal wing of the consult the Bishops or Church out coding to a split between reasonable action to correct its

countries harmed The lending rubber brokering on the Norwegian State Church, camed leaders in such matters, although, Church and State.

The

be allowed to take specini firm adds that both London and Minister

Church for the purists' disapprobation by he said, this was invariably done.

measures in self defence.

Paris, Oct. 31. Bri-New York behaved well over Affairs has refused to comment did not feel that writing that he

is therefore expected to

The Bank of France statement the Scriptural passages

relating

As regards the provent confilet on the new situation. A Parlia tain

propose that a "scare curtenby" | the weekend but it was not for the week ended October 31,

Short-term operators therefore Bd to 217s Od before falling back to hell and eternal torment were about the hall fire dogma, Pro- mentory Committee is of present

clause should be written into followed through in Singapore reads as follows:

Inter

Other banks are buying negibeled issues in to 2176 meant to be talcen quite literally. fessor Castberg said that it was working on all the documents of

with any roal, volume of orders the new GATT. the Ministry

turned lively in sympathy. a search for capital ghing, pa for the case and it will be debated The doctrine of eternal hell fire, the task of

investors. *scek Long-term

Industrials mainly ignored the Parliament he said, was not in accordance Church Affairs to try to avoid in

sometime this

Countries finding themselves and although at times stendy Tout gold holding... 201.281 501.4

sharts

whose dock strike with the 'market shock-proof. But a primary autumn, China Mail Special. with Christ's teachings of loving such conflicts.

unable

an adverse prices have been inclined to sag. Total other currencies to correol

Bight balance 'abroad 47,000,068,201 dividends are well covered with mon more influenced by indivi kindness and the salvation of tek was also that of "ensuring

balance of payments position

The The report says that factories advance to Currency that there are wide margins for

earnings. sinnews.

already dual company reports. after, taking reasonable mea-

Bublation Fund.. $72.500.000.000 good purchases sures would then be permitted maple strall

the maintenance of the dividend of possibilities of a Socialist Victory J. Lyons and Peninsular and Professor Hallesby accused Norwegian Church,"

Current accounts ontl Total bur dounted 1,068.000,37,313 investors are pondering

deposita********** 107,671,600,317 1. nors note in circuts-

in next year's election and are Oriental came as a disappoint Bishop Schjelderup of puriting

shares whose ment, So did the himself outside the Church and

2,330,338,922,650 seeking

dividends will be safest from Unilever bonus as

as operators had awaited more, the Socialist taxman.".

ROAD PROGRAMME Bellor that a

a road expansion Over the week gilt-edged programme murt acon be put rubbèr· caused by the look

alphalt and hotped

which havo In foreign bonds German is demontator America is not expected to strikes." take lightly to this proposal.

London, Oct. 31.

despite were steady

profie», récently boen peglected. in Rubber experts here see She has suffered more than

Breweries The Bank of England stale- taking, reflecting increasing ins

and distilleries have "strategie this that the term

the Distillers other countries from Import

used by the United ment for the week ended Oct. terest of invertors in high held firm, with restrictions and feels that the stockpile

28, rehās,ay.follows;

redemption yheids which range Company touching a new high of Government means Aime has now come for these Kingdom

Marling spise to neard 10 per cent in the over 20 arid Otunes up to 388 to be abolished:

But while literally what it says and the Noia in circulation

162001689 coat of Kenvacalons Kasse 1960. 301,367062 Ja acknowledging that this may supplies will only be used in publip nepošts her actual ense of war and nat In Private Haponits

Government poopritisa require certain action own part she would resent the casts of

or intrerial dispute. blament of compulsion, inherent: in a "care clirrency" clause,

BÉRIOUS QUESTION

freedom of bellet within the Persian Offer

The

tizat the suggestion

could "dictate", to in matters of

of breaking the promises given Government at his ordinations and consocru- the Church

To Communists

IG EPU

arvi

tion

United Press.

rost of the world into more alleviate the internal shbelaize of The Bank Of England

to discriminate against Imports, offtake to both Austraila and from a persistent editor. Thus Japan has been on the low side, they would bring pressure to bear an it to take whatever

A report from' Lohiden said that action was deened necessary to the United Kingdom Clover tion by doubting the literal truth religious belief was holly opposed

bring its surplus level with the ment refuzed to release stocit is .Tdheran, Oct. 31. and of the by Churchmon, and there was. of the Scriptures

discussion

General Fazulla Zahedi, Per-manageable proportions. about tho come Norwegian Churah's belief.

possibility of the Church povering | sinn Primo

today Minister, the state offered Communists a chance to The term

later consist of Luther's all connection with

death by surrendering two catechisms and the so- and setting up as a free and in- escape

nssisting the Government called Augsberg Confession of dependent Church.

in the elimination of other sub- versives.

In a statement i

on Teheran Radio ho said: "Those who surrender and help authorities

eliminate to But here

plays a cesnomy

subversive pirt. The Church in Norway plans of the traitors will be ha ho property and no funds, safe."

clingy and murilets

Faith, or "Confession Augus

tana

document composed by German

Philipp Melanchton, a

theologist and friend of Martin Luther, as the time of the Re formation

the break-away.

and

of the Lutheran Church,

are

and

the

The Premior told the_Com-

These documents constitute Churches and Church halle the wasanible dogma of the state property

to express regret at Church and should be believed, Bishops are paid by the State, their past anti-state activities word for word, claimed Pro and the people are unaccustomed and promise loyalty to the

Church worvloes, as 14 the

This, however, is only one before it was too late, the problems that will have

General Abdullah review." Another Peribus.

(Lower House of Count

reasor Hallaby and his sup to giving to collections at their then in the day, the Warto wundred out it be porties.

But the Norwegian Church l

practice in other countries where faio (4 premeruki a bill to tina "CONOMNĚLS

a State Church, socording to the Line Church is independent: Confusion, Blahop Selfie, Ronable

the

Church leaders Pärliament) = pallingu cherung gthen appealed to the o altre that the Church and death penalty for Communit Government in the person of State bave always worked well convictest by court maridelka Khia Bilnieter": for Church, Affairs, i tomatzer - in the past and there Reuter,

The Hoilday Culler and Bath and raport says the premium for pot rubber about two perice In London, and five pince in Liver"

Statement

pook Trenact the House of Exchange

situation "on", "rubber.

For

GILT;EDGED

showed only fractional moves.

with

cons nearly

United Fit, but on

hand

HIO__OTED-for-four" :

care

showed

the '} fading" "tobliecos hardenal Im 1930 64 por periale rode to 815 on recognition btwhich ai tha 64, por cent yield and polnila. BAT held: ground around 438. *

Textiles word firm following prompted by the virtual odétainly the vinteroded? | of: Courtaulda. intorims dividend from 21⁄2 to 4 May by coproclotkin or redeinou poes at Coucauldsmynched a locul lors fields ranging up to 14 Đức) trav

upward

Rates Kadmisión 00:17

joInBanks therd was arranda

dumood that to wo

vidund

showed improvements,

modity

kurore : feroglalne