THE CHINA
MAIL,
FRIDAY, DECEMBER 3, 1954.
COMMERCE SECTION
WHY MR. ONASSIS'S SHIPS
WENT TO PERU
THE whaler's cry
of
Thar she blows"
belongs traditionally to cold latitudes. What was Mr Aristotle Onassin's whaling Reet doing off the coast of tropical Peru quite. apart from any right it had to be there?
The answer 19 the Humboldt current, an of water
Icy
stream
rich In the minute plankton which is the only
food
the tiny.
throoted blue whate Yel
can wallow, whalen have not been much molested in this before. The trea Onusais incident under- lines a change in the world's whaling grounds.
HUNT SHIFTS THE hunt has shifted
time after time
the cycle of slaughter und shortage
ron its course-first off Spitz- bergen in the Seven- teenth Century, then of Greenland, and in other northern scas.
Only in 1905 did the hunt turn to the Antarctic, but since then the
and bleak lonely islands of the Falklands dependencies the centre have been
of the industry. Not so long ago they were pro- ducing almost all the whale oil, to world's be used in making soap and margarine.
SCARCER THEIR time has pass- Whales ed, though
are running short there.
PANAMA
WHALING
FLEET
HELD
UNDER
ARNES
PACIF
LIMIT OF TERRITORIAL WATER CLAIMED
FALKLAND
5. SHETLAND 11 pa
FALKLAND I
DEPER
RAHAM LAND
A. GEORGIA
EPENDENCIES
GRKNEY 11
SANDWICH
GROUP
ANTARCTIC
For
But big, floating fac Lorien
are extending whale hunting far from land bases. any Bonie time the Nor- wegians (whom most ships carry) have har- off pooned whales Africa. Now they are chasing them up the weat Latin American coast wherever the cold currents Row, in fact.
Me Onassis, no doubt, wishes they did not
MILES
100
1000
COLD CURRENTS
OCEAN
FALKLAND ISLANDS AND DEPENDENCIES CENTRE OF WORLD'S WHALE) OIL INDUSTRY FOR HALFA
CENTURY)
OCEAN
Aow past Peru, who
--- in
with common
Chile- Ecuador and claims that her terri- torial waters reach 200 miles out from shore. The dispute
may well
give international law. yers, who mostly accept the traditional three- mile limit, their worst problem
the since Anglo-Persian oil dis
pute.
Too Many Children
And Not Enough Schools & Teachers
Paris, Dec. 1.
France's bustling Prime Minister, M. Pierre Mendes- France, will soon have to face one of his country's many internal problems that of an education system bedevilled by lack of funds, shortage of teachers and schools, and teachers' agitation for more pay.
In September, threatened strike action by high school teachers, the latest move in a year of scholastic agitation, was postponed only after their representatives had received a personal promise from M. Mendes-France that he would study their pay problems as soon as possible.
They were
TRADE and
FAR EAST DEVELOPMENT
New Financing Methods
Should Be Found
Bangkok, Dec. 2.
New ways have to be found for financing economic development in Asia and the Far East, according to Dr P. S. Lokanathan, the Executive Secretary of ECAFE (the United Nations Asia and the Far Economic Commission for East).
In an address to fiscal and monetary experts from 19 Asian and non-Asian countries he said that although considerable success had been achieved in increasing domestic savings and in obtaining finance for economic development through increased taxation, progress had not been to the fast enough to raise living standards desired level. For this reason, other ways had to be explored for financing economic development -for instance by deficit financing.
World Cotton
Markets
2
use
Iron And Steel SMALL BOOM ON
Licensing
Washington, Dec. 2. The Commerce Dopari- ment announced today il will continue is Berning of iron and steel scrap ex- porta through the first three months of 1955, in order
to watch on how much of the metal is being
where shipped and
to t going.
will
There Is not, and
not be any htt อ quantity. according
Lo
officials. The
nald Department US exports of iron and stret астар
sub- tantially in the last five mouths.---United Press.
roke
NEW YORK
STOCK MARKET
New York, Dec. 2. Prices on the Stock Ex- change closed higher today after two days of decline. Trading was active,
While indiscriminate
of This method courted inflation, considerablo beneflla might be derived from a selected use of It, he declared. The inflationary mpact could be reduced by the construction of a fux system de-
All departments joined in the signed to mop up large portions
advance
with oils, rails and vid the marginal incomes created.
leading the WDY. specialties from taxation Revenue
might Tobacco shares
turned strono then expand with higher levels late in the session and they regis- of income.
fered gales ranging to more than The extenson of the necessary | 3 poltits. credit facilities by the banking Market
continued system
enterprise the favorabic
Dividend #ide WDS Kantamount to dellelt boosts, coupled with: optimistic twing, Dr Lokunathari muid. business forecasts helped the Although King prices, supplied a
the effects of this market again today. from texule mills spot interesia | system 1:1 the private enter-
Of the 1,221 issues traded to- prise sector might ва
day, 737 stocks closed higher, fentical with deficit financing 260 finished lower and 224 held by the Government, both migh unchanged. result in caplast formation
New York, Dec Cotton futures Today M
elther side sawed narrowly on of the previous close in quiet dealings.
Ki
selling Houtine hedge quidation by discouraged
longs, after three days of ang-
and exporters.
demand
BC- were
Liverpool brokers credited sellers of October UR traddies with the British mar ket
8
the market Experts thought www pointing up" to the final Government crop estimate of the beasca Doc. First of the private surveys is expected to Monday. Currently be out on trude ideas Indicate the official estimate muy
between
200,000 and 400,000 bales
over
the November figure for 13,200,- 000 bales.
The list closed off 3 to 8 points after swaying within u Len- ERALEL
Opening prices range, were unlianged to off 6 points. New Oricans closed on 2 to 6 points.
Trading volumes and open in- the Exchange today tercala in
were:
Month
Open Interest
23,000
$,002.DOU
1,023,000
400,200 111,400
Volume
Dec
0,900
Mar
48,000
MAY
34,200
July
27,000
Oct
3,600
Dec
1,400
Mar May Total
1,000
1300
125,000
2,902,600
NEW YORK
74,200 23200 12,700
Prices of futures closed today 09 fullows; Spot December Marchi May
July
October
December March
MAY
to
private
be
nows
COPPER GAINS
on
HONGKONG
STOCK EXCHANGE
By A Special Correspondent
Reinvigorated by an influx of new invest- ment buying, the Hongkong Stock Exchange has registered a spectacular advance in the last three days. Turnovers mounted during the week until yesterday the business exceeded $2,700,000——the highest for many months.
My spies tell me that there have been somewhat heelle scenes in the trading hall with the genvmily unbtrusive back- ground accompaniment of buzz- urg triphones and staccal calls of buyers and weliers rising to
rather wil
evescendo
ارين من
WHS
prices noved higher.
The centre of attraction Hotels, Lands, Wharves and ¦ Docks fact every company which bus vacant land, ire spective of whether they plan sell it or not. Speculators, of
red; esurso, have a field day.
The net recult in that after the of Wednesday spirited bidding and yesterday there are a man- ber of pale and tired brokers around town who won't be sorry to see the end
afternoon call
toxlay
BOOM COULD COLLAPSE In the case of a few shares, Ilke Docks and Ropes, where Iand has been offered for mle or actually sold, prices have risen beyond all
reasonabic limits and so brokers ure not inclined
to akc the present "boom"
by seriously. It could collapse at any time because there is very little foundation for it.
(the
TODAY'S SHARE PRICES
(From Our Correspondent)
Business done on the Hong- kong Stock Exclnture Uhin morning amounted to $1,783,000, Noom quotation ati the morning's transactions:
LARS 1080
SHARES DUVERA SELLERS SALES
BANKS
HK Bank
INSURANCES
Unkon Lambard Underwriters DOCKS, ETC K What!
.Dock..
10 m 103 400 1970
Win 9720
24 12
49 30
D 73
#
1400 w 19
20.0 301 305 it 20.10
3300 0 30 Provident (0) 1835 13.70 3700 10.00 Wheelock 19.95 724400 7 LAND, ETC.
En el
IK Land
Humphreys
Tram
On the week Lands most active share yesterday) are $3 higher while Hotels are up about $1.30. There is, according to brokers, no good reason why they should go up so suddenly UTILITIES apart from the general interest shown to land issues this week. Yesterday nearly Copper,
7,000 Hong- Land Investmont changed hands during the day while about 20,000 Hotel shares were sold
prices varying between $14.20 and 14.70.
The most
most spectacular rise
Transactione boday totalled If defielt financing for deve-3,190,000 shares, compared with lopment purposes by the Gov- 3,100,000 yesterday. ernment was kept within rea- its inflationary sonable limits.
much effects might nol be greater than those arising from Its use by private enterprise,
Dr Lokanathan added, how ever, that deficit financing was not advisable in the hands the "weak or ignorant."-China Mall Sportal.
of
World Rubber.
Markets
Singapore, Dec. 2. After opening lower on over seas advices the market steadied on political news and thereafter fluctuated mildly throuhout the day. Trade and factory interest was small, but there was a little
the toward
close. Support Future cladings;
rubber
Nomber
Spot rubber unbalet
Blanket erEPE
No. 1 pale crepe
BO-00 7312-7415
Continental
which the tape fa letgo appeared on blocks, led the market in turn over with 01,300 shares changing hands. It closed with a gain of 1% poarts to 10%.
It
American
In the strong railroad group, Santa Fe
was the bellwether. jumped 2 points to $131. Ligelt and Meyere was the leader in its section. It ran up 34 points to $031⁄2. Tobacco was up 2 points to 4024
Ameruda PC1- High-priced rolown featured in petrols. was up 23% points to $132.
The New York Stock Ex-
volume chango bond 4,090,000
this
&t
shares
Star Ferry Youmatl FOTTY
14 00 14 70 400 14.70
... 605
C. Light (0)
хр
C: Light (N)
XU Electric
Telephone
this week was made by Wharves which rose no less than $11 before closing this afternoon at $84. And this was simply be- INDUSTRIALS cause a few people hoped they wore going to get rid of ΟΙ lamc Docks, of course,
their property advertised
They rose $3.20 on
It sale,
week.
was
have
for
the
CEMENTS, UTILITIES UP With the Land and Wharf group, up went Cements and The American Stock Exchange Utilities. Trams, in spite of the
unsettled dispute volume was 750,000 shares.
and "the in- cident" at Hennessy Road on DOW JONES AVERAGES
Wednesday night, moved up $1 to $19.80 or the week. Dow-Jones closing averages
Yaumati, Lights, Electrics and on Wall Street today were us
Telephones were all a good deal follows:
343.65 better on the week, Yaumat! by 131.00 $2, Lights by 60 cents, Electrics by 00.67 by $1.50 und Telephones 181.
78.
101.00 171,03 -United Press.
Comm. future price index
34.15
No.
34.00
Le rubber December
per ib
006-0075
30 industriaka
34.12
January
347
February
B014-006 unquoted
20 roil
15' utilities
34.01
No. 2 rubber per
05 stocks
34.33
December
70%-7016
40 bonda
34.37
No. 3 rubber
рег
December
70)+1076
34.30
PCI
34.40
775-774%
NEW ORLEANS Prices of futures closed today
as follows: Buot December March MAY July
33.70
34.10
October
December March
May
Lo
Reconstruction of schools des- The teachers had threatened i thon for more pay to refuse to mark examination supported by University students troyed or damaged by war and rallies in 33 building of new schools have not Papers submitted by thousands who held protest
cities urging the Government kept pace with needs. Dilapital- anded and makeshift classrooms are provikle bigger Uursaries better accotination and other to be found all over France, facilities for students.
Saint-Adresse, near AL According to
the
Havre, the school children, in Union. there
their little grey smocks, are taught in the local dance hall. success nearer.
the profession is
Their desks are pushed against The tecelioms demand no im- enough.
the walls for the regular Satur- day-night dance.
of French school children in the Benlaurent and other school leaving examinations. Interviews with the Minister for Education, M. Jean Berthom, had led them to conclude that negoliations over pay ATTE not bringing teachers too few in 1958 because not attractive
Teachers' 20,000
will be
mediate salary increase of ten Already, they say, 72 per cent per cent. They argue that the of cachers in the Seine
region The year 1958 is present shortage among thern is ure women,
Their regarded as particularly crucial due to Inadequate pay.
cases of qualited because by then the increase in union quotes traphers who have left the pro-births which started after World fesilon to make a better living War II will begin to make itself
tarmers or in telt on the schicol population,
ns lesonen, Industry.
Д
vepr
(about £300)
Compared with this, a gional director of National Railways receives about 3,820,000 francs (about £8,820)
At Avion, in the Pas de Caluis, 800 school children staged a two- day protest strike when school's celling fell down.
31.42
NEW YORK
Futurca tony closed 30 to 35 34,50-00 points higher with sales of 79
contracts.
34.03
34.37
34.41
54.77
34.47b
LIVERPOOL Futures
American closingo, middling, 10/10 inch, in penca per lb. were as follows:
31.01 31.81 32.17-15
New York Sugar Market
1
Dairy Farms, now quoted ex rights, are also higher on the week while Watsons are steady to firm.
2300 14.00
1500 gr 14.10
1000 o 14.50
500 60
1100 605
23.00 24.20 000 ₫ 23.00
20.10 20.20 1250 20
13-0
150 139
0000 vn 20.10
25000 20,20 200+ 140
100 109
301⁄2 16.40 1000 10
13.40
100 10.70
30 30 300 37.75
1200
22 323 2000 21
1600 4* 82
Cement... 377% 3811 600 @
1000
Bon
10.40
500 or Ropo
300 20
GND 19.00 ATORES, ETC.
Didry X. Fits 24.70 24.50 000 20.0
AQD 24, 2000 ir 24.80
Dairy le ..10.70
Watson
100 d 23
300 or 24,30
500 24.00
1000 ₫ 24.90
10
400 150
1000 6 24,80
1000 10
500 € 18.90
1500 1.40 500 18.10
300
17.90
+
(N)..
1000 17.00
L Crawford,
27
700 26.00 2100 + 27
COTTONS
Textile Corps 0,95 7.10 1500 @ 7.06
30097 Nanyang MISCELLANEOUS
Yangtzo
Allled
0.00 3,00
6,00
19:00 4.30 4.36 2000 24000
9.50 4.30 432%
Chicago Grain Prices
Banics ignored the horseplay in the market or remained sedately steady at around last week's higher levels, though the London middio price is
£24. down
Unions and the New York, Dec. 2. World No. 4 sugar futures Wheelock group were also HD~. closed unchanged to one point affected though Allied climbed
from $4.275 to $4.325. of 138 con- tower with sales
RUBBERS RISE tracts.
that In addi→ Bay Dometic No. 6 sugar futures
Increased Investment
Wheat, No. 2, red closed 1 to 3 points higher with ton to In the spot market, however,
buying there has been an Spot interest remained at a practical sales of 171 contracts.
Interest in the world contract increase in inward remittances Dec 2016 (1) 22696 (1) Elordelll. Despite the scarcity
May reports that Japan which has contributed somewhat MAT and higher range of Indonesian centred on
July bought around 0,000 tons of to the market rice. shipment offerings, factory
Rubbers this week are up al-sept. Cuba's at about 3.22 cents and buyers remained aloof.
Traders coupled firmness with the higher London cables and reports of continental buying in the British market,
Spot No. 1 Rss were quoted
Brokers
Chicago, Dec. 2. Prices per bushel In cenic:
Closing prica
May
3,300 tong at 3.24 cents a pound, though Singapore raw material Corn, No. 3, yellow
for shipment prices are lower. Amalgamateds Spot active and Dec. have been fairly fab. basis, both this year.
rison from. $1.075 to Mar. In domestic
futures, Cuban have
$1.170 while Trusts are up from July 27.49 producing interests
the Wero
$1.870 to $1.95. 27.63 accredited buyers, presumably covering against Boles of NWA 27,40 to cano rožners, 27.30
at 271⁄2 cends a pound. Future closings were: December
March May July
27,50 2745
Exchange Rates
Bain was dono In the local Soybeans, No. 2, yellow
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
Oct/Nov
22.04 31.62
Official values for spot include:
collons
the
American middling
15/10th inch 334 American 8. L. middling
4th inch 29.34 Mexican middling
1-1/22nd 33.68 Othels were unchanged,
BAO PAULI Futures closings, in cruzeiros per kilo were as follows:
Bapt.
Ryo
Dec.
Mar.
September
December
LONDON
Future closings were:
Contract No. 4 (world)
Oaths
Dec.
Mar
Jan.
3.10m
Dec.
Mar
MAY
unquoted 31. 31.50 31.20
મ
31.23
totalled 48,215
The market was steady with spot quoted at 211⁄2 pence per July
b. Prices:
(in the United States, the No. 1 Its spot average price of 15/16 middling Bettlement house sam: at 10 designated spot markets was 33.84 cents per lb. Sales at these centres bales)-United Press.
Mar.
3,1AB
3.19 cial
May
July
331
exchange morning at the following rates:
market thi Spot
Jani
3320
US dollar (per (1)
5.91 Mar.
Bept.
Joe
2474-21492 24-2438
Spol-leenia per lb. fob Cuba)
Contract No. 6
35
Sterling notes (per 21) Indonesian rupiah (per 100)
15.72 May
1940 July
Mar.
4.80%
5448 am Ucals (per 100
BITMAPOTE (Biral)
200 sept.
May
Feb. Mar Jon/Mar. Apr23mo July/Sept.
Jul
3.02
6,63
Bept,
Nov.
D50
General markets, all boada,
IMC. Jars. Tab. Patate crepe thick
23 7/16-839/10
AMSTERDAM The market was steady. Prices closed today in guilders per kilo na followe
Canada
No. 1 rúbbar
Secondary eductition, which starts for French chlidren at the age of eleven, is also in a bad Teacher pay here ranges from
way. About 50,000 children franca about 1,840,000
(about
were unable to find places in the £1,840) a year for the top Pro-
country's overcrowded techni- fessors
France has a the at
total of some cat schools at the beginning of Sorbonne University in Paris. through
200,000 teachers and 20,000 pro- about 1,044,000
franes (about fessors for her 8,000,000 school the present school year. £1,044)
Students are in an even worse for an ordinary children and students. Professor, to 300,000 francs In the primary schools, there
plight. About 10,000 of Paris of 20 children University's 63,000 students have a year for the aro an average lowent grade of ordinary teacher, for every teacher, compared to live in tiny hotel rooms or
33 for every
teacher in out of town. Long queues form ro-with French 1939.
in front of the students lodging to awkward dus-office at the beginning of every But owing tribution of the school popula- term. a year.
Blan-due to the fact that over Average scholarships are worth 20,000 of Franco's 40,000 | 0,000 · france (£8) a month- teachers of "potting example"
to the young under habitants some village classes than a student needs to live children their control by engaging in have only 14
and modestly, even if he spends only
New York, Dec; 2.°° strike aution. But the teachers crowded classes in the towns 6,000 francs (20) a mouth on
Si futuros today closed 2 to reply that
they have tried in sometimes have da many, as 60 200m in a students' hostel and 414 cents higher with no sulas vain all other moans of prevent children for ono teacher. oda mainly in special, cheap zes-reported. Ing their
, so they must There are not enough teachers taurants for witdent COSE,
Closing prices were: · Lo To round.
go
A__ school, st| Neverthislem ockists of the In March, thousands of school Manididier, in the Somma
Ministry
Education ATO teachers and univan its pro- patient, la conducted by the optimistic abo
About the future of fensory› mbariioned their class-local gamekooper and a retired education En rooms in a one-day demonstra» 'railwayman.
Many Frenchmen accuse the munitles have less than 500 in- j about 10,000 francs (215) leas
striker.
0
bad
Mail Speciali
盘
„Prasce,”-China
NEW YORK SILK FUTURES
"No. 3 rubber
"irubber
27442
Bpot-(cents per lb.
cit⋅ NY an-duty)
United Pres
New York Foreign Exchange
England-off
·New York, Die,
· 50 day futureN
$1.02-3/29
Indo-China plastres (per 1001
LONDON METAL PRICES
101 Hartay,
Epot
London, Dec. 2. The tin mbricat siad quiet while lead and zinc were sinady. Prices closed today · In ́sterling per long for us follows:
Bugera Ballere Tin po
T10
Copperrypot -month Lead Dec.
New York flour
200 lbs, rack
130-153
$14.00 United Press.
London Foreign Exchange
・othere
fututes
ntrest
Zurich
Others
No comments yet.
Private notes are available after approval.