General Naguib Removed As President
THE CHINA MAIL, MONDAY, NOVEMBER
1954.
TRADE Garsal
General Naguib (on right), who has been removed as Egyptian President, is seen at the Goumbourich Palace when he handed in his resignation--Expressi Photo.
GENERAL FRANCO
PLANS FOR
THE FUTURE
Madrid, Nov. 21,
is
The 62-year-old Generalissimo Francisco Franco planning for the future.
Apart from his
the negotiations to permit present preparation of the 16-year-old Prince Juan Carlos to become the future King of Spain, General Franco is now concentrating on planning the major issues of State and is steadily leaving more of the routine work to his Cabinet Ministers.
changes his
When he next Cabinet which is unlikely to be before next Summer As there my municipal elections and the ansiitution of a new Parliament qully next year, many people. thank that he will name a deputy Prime Minister to relieve him
work of of Ame of the Government,
He hus modified his
relaxa-
ে ม
ma 1. He has teemis and taken to golf and
pauling and Rshing.
But despite these adaptations
In his way of life, there is
ques un of fundamental changes
in his regime.
Be Mall laiteves
That w
political party. A Parliament
elected by groups and
popular union
Gen. Franço
Ikut by the advice of one of Spain's direct
and une vole
Reading dovlets, Di Gregor labour
organisation, are | Maranon.
who says
That me the keys to a peaceful and pros- should drink one glass of wine perous regime for Spain.
at lunch, but no mure.
General Franco never takes liqueurs. He drinks a couple of
walls up for her husband and they say the Rosary together.
On Saturdays, General Franco likes to walk over his farm and hear the manager's comments en rows and crops.
On Sundays, he often Locs shooting or
he Ashing. Or
painting, may sperul the day for. like Sir Winston Churchill and other Agures, General France Bikes to get in front of an easei. He does reasonably good still life and landscape paintings.
M
niso amateur photographer both with on ordinary pack-camera and A movie camera, and has taken hundreds of pictures of his two small granddaughters Carmen and Maria.
enthusiastic
Varies Burden
small cups of song block coffee General Franco is careful to after lunch, and likes to chat vary his heavy burden of work
He continues to live a simple with his family for half-an-hur. by a break of four or five days
bis In
life at his country residence of El Pardo, a white-pained, blue-
He may play a round of golf each month. before returading to work, but by tic chateau on a VelazquDE
5.30 or 6, he is back landscape covered with scrub-
In autumn, he shoots grouse about oak,
miles
he 10
works from study where
until or rabbits; partridge or deer or arcund 10 p.m. Madridi
wild boar in winter. in spring Ho rises at 8.30, shoves and Supper 13 a light meal for and early summer, be shoots General Franco. Sometimes he the rare Ibex, mountain goats, dresses himself-he dislikes to have people fussing over him takes just a cup of tea and some 2,000 metres up in the Gerdos kneels down and prays for a
bisculis.
Sierro, Ashes for trout at La few moments, and then has a
Granja or for salmon ot breakfast composed only of
Santillana. In summer, he loves several
cups of coffee, taken while reading Madrid's three morning newspapers.
Ho
othor
reads won!! mid-
COMMERCE SECTION
Britain Must Export More NEW YORK
Despite Trade Improvement
→→ From Ronald Boxall
London, Nov. 21.
Despite a marked improvement in her balance of trade payments with other countries Britain's main concern is still to pay her way abroad. To do this she must export more.
So says the British Treasury in its Bulletin for Industry which this week discusses the recent improvement of gold reserves against a background of Britain's overall payments position. Though Britain's current surplus has increased and gold reserves
have a more healthy glow Treasury is not quite so happy about the situation as one might have thought.
manu-
the
whole has played a vital part. The balance between assets- which again of course means [erlural gold
reserves and the area's non-sterling liabilities has Improved steadily
1051. that
year the balance got worse by £623 million; in 1952 was better by £00 million;
since
More Credits For U.S. Exporters
Washington, Nov, 21,
The United Slates Ex- port-Import Bank today announced two credits, lofalling-$7,000,000 500,000) to help American manufacturers fo Bell equipment abroad.
They were the second terlés announced by the Export-Import Bank since ic launched Its oficial policy on November 10 of extending credīta to manu- facturers to help them meet
foreign competition. The grants
announced today will help the sale of heavy earth-moving equip- ment. and steam and internal combustion Power plants-Renter.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hour- kong
NEW YORK
COTTON MARKET
REVIEW
By William Plunkett
New York, Nov. 21. Cotton prices went into another sharp retreat this week, suffering losses up to $2.75 a bale as the nearby December delivery reached
its lowest point since late last June,
crop
STOCK MARKET
REVIEW
By Elmer Walzer
Now York, Nov. 21, Leading stocks which make up the industrial average tired a bit this week at the gateway to a new high level for all time
in the history of the stock
market.
The Industrial average come within one paint of its all time high set on Sept. 3, 1979, Then
backed away, but not There
far.
Wil a recovery in the
Friday session and the in dustrials Anished the week with gain of 81 cents at 378.01 in the average. The record high - was 381.17.
Trading was the big thing. Sales totalled 16,791,320 shares, most
for any similar perfod since the week ending on Jan. 20, 1951. The dally average 3,358,204 shares. Last
was
A Friday's close the general list was 38 to 65 points $1.90 to $2.75 a bale lower than the preceding week.
Factors generating the pres- sure on prices Included:
1. Persistent hedge selling week's total WAS 10,150,607 against ;"་
ginings, shares or daily average of emanating Insgely from the 3.231.321. southwest
Ta westren MANY STRONG SPOTS sections.
There were many strong spots. The discouragingly slow Rails had the best. Nashville, development of expected buying Chattanooga & St. Louis nonred 17 points on the week and 3. A lagging trend in the Louisville Nashvillo with export demand for raw cotton. which it is slated to mergo
TRADERS' VIEWS
gained more than 3 points. Traders' views on the new crop United States Steel stood out as the leader.
2.
in the textile markets,
new
&
1953 by £271 mililon; in the Stock Exch42,923 developments on acreage con Zenith was well up in the strong
Exchange this situation became blurred pending, in ita section
Noon quotations and the morn=trols, price supports and kindred itst in the televisions.
legislation when The mg's transactions:
Superior Oil of California ran Constress convenes in Jomtory, up 15 in the oils which had a
While the linc of least weight on the dov
downside. resistance was on the downside Other strong features on pains
of the lime, the market of 8 points most of
or more inaluded
For Britain's balance of pay-position of the sterling aren as inents has improvet at a time when world traite facturn goons han bren expand. ing vigortualy. But Britton' own exports have risen a little less than average.
Exports of manufactures ise, 08 the Treasury points out, only part of the balance of payments picture. But in its opinion the figures for world trade should provide a corrective to any over aptimism.
Nevertheless, the btline of payments position as
re rently
developed is definitely
by encouraging
the Treasury's severe standards.
The Bulletin for Industry points out that though the movement of gold
is a rough measure of the standing of sterling It tells only part of The sitry. To complete it it la necessary to take into account the balance between these reserves which are Britain's short term assets-and sterling serves as the closing of Britain's Habilities which are
other own dollar gap. countries short term rialms against her.
even
reserves
MARKED CHANGE
movements
It is a change in this balance, says the Treasury, rather ia reserves alone which is important for assessing the strength of sterling. And fortunately there morked! change for the better In this balance.
has been
4
BARES BUYERS SELLERS SALES
BANKA
11 ank East Asin
VIGS
207
INSURANCES
b14
45 4
first six months of this year it was better by £208 million.
On the assets side of this balance Dyerseus members o! the sterling area have con- tributed a large share towards the improvement.
Their gold sales to Britain are much bigger than they and in their trade dollar countries-mainly Western Europe-they have been gain- DOCKS, ETC ing dollara instead of losing them as in the pas'. Thes: two changes, says the Treasury, are an important in explaining the improvement in the gold
with
Word
non-
Untun Lombard Unterwriters
ינוך
#
K. Wher Dock Provident (0) Wheelock XD
26 1100+
20
ге
LAND, ETC. HK Hotel
7 7 10 1500
13.10 13 30 4000 kg 13.
710
US TEXTILE
MARKETS
New York, Nov. 21. Another period of slow business-the sixth in a row marked the cotton goods trade here this week.
to
| Intermittently derived support Corning Glass, American Potash. from the much heavtor rate of American Woollen prior pre-
Impoundings under ferred, and Eastman Kodak, producer the Government
Chemicals were higher with loa pro- gramme and the open markel's Eastman which responded
Televisions proximity to the Governancat good dividend news.
responded to reports the indus- try is looking for huge Christ- as sales of sets. Paper Issues moved ahead.
Altogether l was * highly selective market. Traders were careful to
Joan rate.
Producer impoundings for the week ended Nov. 12 totalled 172,757 bac, to highest totul thus far this season, with some quarters predicting that up- wards of a million, bales may
pick the trues they be in the lean stocks by the end thought had further advance of the month. At last reports.
at possibilities, the Government held 184,082 For the week as a whole the bates from the 1950 crop and 5,009,733 bales from the 1953 Train
10 10.20 150 10 10 crop.United Press. Yaumati Ferry 153 150 204 190
Hi Lank
Humphrey Itealty
#3 G4 300 63
GD 24
2 10 2.30
UTILITIES
40130
S. Light (0) 10.00 19.70 200 10.00 2000 10.70 200 10.00 500 10,00
C, Light (N) 13 40 135 Electric
30 307, 1100 or 301⁄2
Macao Elte. 11.30 Telephon .. 20.10
In 1951 the balance terier- t by £682 million because assels fell by £344 million and abilities rose by £338 million In 1952 assets continued to fall, but limblies fell even moro and so the balance improved by £171 million. Last year assets
Habilles rose by almost Enough second-hand goods Manie amount
the kept coming out at concessions balance between them was only from the mill level, particularly few basic print fabrics, to £10 million better.
The inventory-conscious In the first six months of this korp
the position greatly im-buyers salsed. roveth Assets ruse by £179 Optimism generated by miillon while liabilities rose by persistent stock market rise kept only £89 million, in improve being pundured by the sagging ment of £00 million.
Buyers of grey and finished fabrics showed little inclination INDUSTRIALS to modify the extra degree of cautiousness prevalent for some lime past,
Brid the
and
on
2300 30
500 30
314
2015
301%
17.20 172
20.00 37.30 1324 (2)
0.40
1 730
Coment Tope
STORES, ETC.
Dairs Wolitan
COTTONS
Textile Corp MISCELLANEOUS
Allied
the
trend of raw cotton prices, fol- in the wake of a growing
prospect.
The balance is of the utmost lowlated crop
importance for if Britain does enough to not have a current surplus inrge abroad her short term parition Investments Cover
But the extra-hardy optimists, relationship, clung to the con- ignoring the stock-cotton prké gets worse and sterling in-viction that "anoner or later the immense amount of sampling variably suffers
on for which has been going
In fact, in the first half of weeks among garments cutters the year Britain had a current
raust be translated into substan- surplus large enough to permit tial buying orders for the 1950 £88 million of net investment abroad and ntill leave £90 spring-summer seasons. million to improve the assets' liability balance.
NUMBER OF REABONS
According to
the
4.20 4.25 2000 2742255
SINGAPORE
RUBBER
MARKET
REVIEW
Singapore, Nov. 21.
· FIRST BREAKOUT First breakout of the current Extreme nervousness de- rut, sellers surmised, could hap-veloped in the Singapore.
of-town buyers will start flock-
day.
firini
་
gains were in the ascendancy by a small margin. They number cd 771 Issues out of the 1,456 traded, the latter the most since June 23. There were nine making new lows, and a total 535
Exchange Rates of 370 issues set new highs,
Business was done in the local unotcial
marke! exchange
this morning at the following rate: US dollar (por 31)
Sterling notes (per £1)
losses and 150 Issues unchanged. Business news was regarded
as favourable for the markets" 630 futures. As the leading produc- 13,70 tlon figures moved ahead, fav-
Indonesian rupiah (per 1001 10.70 ourable predictions were heard Sinticals (per 1001
Singapor (Strails)
Indo-China plostrés (per 100)
20.00
180 on the prospects for the coming 337 year-United Press.
LONDON STOCK EXCHANGE
W. Derby By-Election
•
Rallied Market After Shaky
Start
From Our Own Correspondent
London, Nov. 22.
The tone was distinctly better on the London Stock Exchange last week.
Falange, Général Franco keeps but the rise was only about ton, New York and Philadelphia their former buoyancy, and re-whole would vote at the next of tho Foar, IĄZANOP
After a shaky start industrial shares pleked pen next week, when the out- rubber market at mid-week up with the opening of the new account on Treasurying to New York for spring- and some holdera liquidated Wednesday, paused to await the result of the West deep-sea fishing and his greatest there were a number of reasons summer promotion merchandise, a considerable volume of Derby by-election and then finished the · week
Yarn spinners anjoyment is a couple of hours why Britain's position improved
eported rubber, the weekly report of with a flourish.. so markedly in the first, six strengthening trend Twice a wick, supper is follow- tussle from his armchair at the
months of 1934;-
counts, with manufacturers in Holiday Cutter and Bath. In his study and behind
The market attached more Financial Times index has risen Azor, table plied with papers awaiting intest
ed by a film show at which the stern of his yacht, the
1. Exports of merchandise most cases refusing to sell un- Company Limited says to-
than ustral significance to the trom 174.6 on Monday to 177,8 world flims arc attention, General Franco then Goneral Fresco is very ford fsh.
run, with a 100-kilogrammo tunny-
were up by £91 million chiefly less they get their value for the
by-election. At the last general at Thursday's close. discusses the day's tasks with
because Australia and New weaving numbers. North Caro
The leading rubber brokering election the Conservatives held Motor shares were especially of the cinema and has a part!- his secretary and brother-in-law, cidar liking for Walt Disney's
Zealand, lifted import restric- lina spinners said business has
at with only a narrow devoured days honvy selling by tho
several from been on a steady upswing in Indonesia at New York account-majority so when
Rad
issues Dan Filipe Polo.
pictures. Once, he started hum-of work as Head of State, Prime Britain.
So, despite his heavy scheiulations and bought more
fell vacant went ahead on the news that, ex- Exports to
Europe recent months and that gains
ed for a severo fall in price there the ensuing by-election tended ports of vehicles and accessories skotches used to write
more noticeable his own self to draw
for an Minister, Generalissimo of the North America were down.
should be even more wero: s
nico
but tip,
those
on Tuesday but as soon as the to be regarded as an Indications rose by £35 million' to. £250 drafts of letters or documents, but he gave it up.
mimated cartoon for children,
in the next 60 days.
wave of selling had subsided us to the way the electorate as million in the first nino Armed Forces and · Head of
Worsted yarn spinners in Bos-the market
nine months using on ordinary pens Now,
2. Imports were also higher
quickly regained.
election. ho dictates
The a stenographer, On
Great Universal Stores put on. parties and uses a fountain pen when "Caudillo"
nights, Spain's bronzed, rugged and youthful
one-third of that registered by uniformly complained about the covery was as rapid as the selgave credence to this by throw 18 44d-to 00s 4350 on their bid
pace of new
of new business. ho wants to write.
back. He still night, usually books on military
exports. But the Treasury does slow
all they had into, the fighti for Town Tallers whose shares much for dishlatory, art, excnomics or the sea. does not care
buyers
In the event the Conservatives 1010 23 10144 to 108 109. The report says the outlook is not expect this trend to be Despite lower prices, cussing things over the tele
for long. If
little interest. However, still quite promising and British showed menisines
there field the sent with an increased Unlieve Lid and Unilever
N.. phone, but prefers to have
economy continues to expand at Bosen commentators sold that is no evidence yet of any sub majority, this bestas was to At midnight, he and his wife
the hope rose sharply" on people come and talk to him.
kneef down and say the Rosary.
its present pace a faster rate of with Australian wook tops now, stantial falling off in consump the stock barkut's liku. For of a Wall Street tuotation for the Thon he takes books or papers
being quoted at 12 and below tion to the existing price level the Conservatives increase in imports is likely. or
'win the|| shares, on State affairs with him to bed, which needs
3. Invisible carnings wore prices are at or close, to a love-United Press,
naxt general election...as now In the gill-odged market seems likely the market will redemption of the 122 million But other observers said three o'block in the morning.
free dor another few years of outstanding 14 pon cent improvement, however, was cắt. Antonlutti, PapalNunclo to the frot half of the year back until the market shown The Bank Of France tons of the Socialist Party, available for olaydaimond at least from unwelcome ation, wheinl funding stock, made funds accounted for by the fact that buyers would continue to hold This routine: Is interrupted on iho patroness of Ndija, ka Our i thate pré, no large investment prico":
stabilisailon, United
itle: "Was 'mainly visitors of the armed services Friddys by the weekly Cabinet the
vonicentiated o make on North Pres
STEELS BENEFITED
and long-cuted orld of Wednesdays 'ho soba | meeting attended by the 18 Lady of Valvanera, at Logrono, paymorita Menthe rest war
General Franco:stopped; pulled American
Shares of de tuit. He Hong talks Ministers presided over by.
from The Bank Of England
Paris, Nov, 21.. out his glasses and put them on due to bigger, edrnings
steel were; tho first; to beseft. These and often General: Franco. with his Visitors
foreign bond The Bank of France statement just as they would have bec destures a rise in Japanese issueA bogin lunches at 3.30 or 4 p.m. on 1.0f, except on the art before helping to adjust the shippling and others, invisible
Statement Items,
for the wook ended November the Aust tới THIÊNG if the on the American propoma for the days.
Triday in each month, when brown women
Home Rented all down Condon, Nov. 21, 10, cendo ás follows:
Bocialists fund won the by talk on a tariff-cutting bgreo- they start at 10 am to permit Hi "record" was
Kinisters who
at sideráðir land now, shakes "out" The Bank of England state- old hosain 301-31591,421 election Stewarts and Lloyds spent with Japan. German borde set up
devout
akmall several years ago when the last Catholic to to HolyCom
Johri Slimmers and United Slee "to" Britain's 'mebl for the week ended Navi
were indomand viator of his morning, sydienen mathinií, nád just until 1:30,
noul shares ralijed sharply afte this brought b 100 at: 0,80 p.m. and General They continue from 8 yah. of
ho may account Franco sat down, to "lunch" at : warda,; sometimes until 15m,
with ten minuten bò sáven.
which were on offer to the Dutch H
Industrial borus
[Broß (romained “" firmi, onda the lost
Visitors
OʻTucsdája,
.:
he
recolvos
Ho uses glasses to read when carrying out some task great enro. Re-
and reads or works until two or cantly, when helping Monalgmar | 1hions better. About half ( that could revive, buying inter-
top mal at No matter what ne
Spain, to crown the statue
Before her rou night General Frinto the following prayer wh composed himsarge intrusted Spain, to ni do not deny me, the dike
which General Franco, followe i znaetings --Anlah, - Benora · Franop Mail Spockait
NOT ONLY FAUTOR 1789 follows: Important, thaigh, it fa; HUWAY PHUL
"The batter "short term
Statement
0.013, cull showed
1,000.005)
and
the
mørke
Fandŝrübbery
No comments yet.
Private notes are available after approval.