1955-01-17 — Page 9

Novosiblesky,onse

Barstaut

Slavinak

*Stalinak

99409AEW BAUNGADE

PLS HAILROADS

UNDER COMME

**@** OLD RAILROADS

THIS RAILIDAD SEHERATE WE THE METH

WALL BEACH PÉIRIN

IN 1936

AULITARY AIRCRAFT PLANTS

STEE LANALT

NTS AND

COAL MINES

REGION

"AF Newsfeatures

THE CHINA MAIL, MONDAY, JANUARY 17, 1955.

Russia Building New

Industrial Complex Central Siberia

In

✰ By TOM WHITNEY

The nascated

Before joining the Associated Press staff in Moscow in 1947, Tom Whitney was chief of the economic rection of the American 'Embassy_there for three years. following story la bared on his careful examination of Soviet publications, apatna; his background of 17 years as a student of the Russian economy.

Evidence keeps coming in to show the Soviets are giving super priority to the build-up of their strategically located economic fortress in the heart of Asia.

This area, as outlined on the accompanying map, is an elongated ellipse stretching a thousand miles from Novosibirsk on the Ob River to Irkutsk-on Lake Baikal, and more than 300 miles from the port of Yeniseisk on the river of that name to the region below Abakan on the new South-Siberian trunk railway.

tory alone allegedly made up steelmills include one of the for the entire grain deficit is biggest and most modern steel plants in the world. Aircraft Ukraine due to serious the

factories have been in operation drought there.

at Novosibirsk and Irkutsk for 7. Construction

on the South Siberian trunk line between some time, and both light and Ababen and Talihet

the heavy manufacturing plants aro mainline Traps - Siberian scattered about in various cities

of the region. thought to be continuing. This railway is expected to open up important new sources

of iron ore and other minerals.

In and around this ellipse, work in a speed-up basis is in progress on dozens of big con- siruction projects, Including hydroelectric dama, railways, and almcat certainly plants for the production nuclear weapons.

This central

Siberian

some

area

already had a large industrial production, exceeding that of European some of the larger

Not only is this in nations, dustrial strength scheduled for sleep rinCA, bul agricultural output also is being Increased to make it one of the big granaries of the U.S.S.R

on

The existing development plus that oby.usly planned for the coming decade odds up to a complex great new industrial which may in the not distant future rival such areas as the kuar, in Germany, the Great Lakes district in the Vulted States, and the Donyets Busin In the Soviet Ukraine.

TRADE and

COMMERCE SECTION

Page

GATT CONFERENCE NEW YORK

Britain Not Expected HONGKONG

To Gain Her Important Concessions

From Ronald Boxall

London, Jan. 16. Although the exact terms of the new, permanent General Agree- ment on Tariffs and Trade which are expected to emerge from the current Geneva conference will not be know until late in March, it is already clear that they will fall far short of Britain's original hopes,

And one result of this will be able to delay still further the plan to make sterling convertible.

this rcccgnition it Jepan engaged in disruptive competit, on

Bitain's fear has always been virtue that once the pound has been set free other countries might restrict their purchases from her in order to build up a reserva of string which they could

NEW YORK STOCK

MARKET

New York, Jan. 18. The stock market WNB quiet during the past week with prices in the general

UNCONSTITUTIONAL This would have meant that it Japan

had resorted to "un- then convet into dolars

and constitutional trade practices spend in America. To

prevent such as copying designs, dump- this she proposed a revision or

Br.tish quads In ng cheap the part of the Argreement markets, er Favily subsidising which permits members to her exports to give them on un- restrict their imports by means fair advantage, Britain would of "quotus."

have been able to revoke ber to Japan under Under Anticle 12 of GATT obligations

GATT. quota restrictions are permitted

Britain wanted these condi- *for the bal.net of payments

Lions

written into

separate Britain wanted this trade agreement with Japan. But purposes." rule tightened. li proposed to

cinforce in two ways. Frst, all Japan rejected this.

As a result Britain will not average about unchanged imposed under this

forthcoming from last week. Article should be subject to the ke part in the

negotntione with Japan approval of

the contracting

which

an essential pre- parties immediately afterwards. Secondy, these ratras ence condition to full-membership of GATT. But thes question imposed should not be extended whether or not she will invoke beyond en ytor without the Article 35 when the protocal of total of ather member's prior approval.

Japan's accession is drawn up Britain had her: way for signature is still undecided.

who countries

st111 restricted But though Britain's hopes their Imports of certain goods have been disappointed on more would be required within than one count there is every stipulated time to throw upon reason to bolove that GATT is:

wik their home market to all comers. not only survive the review but And since

the stronger in the only exception will emerge

The

restrictions

United

a

The success of the conference

The weekly sales volume of 17,300,420 shares

WIS the smallest since the week ending

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this moming amounted to $1,520,- 110.00.

COTTON MARKET

REVIEW

By William Plunkett

New York, Jan, 16. Cotton futures started the week on a reaction and remained on the defensive thereafter.

Maximum losses up to $2,25 a Noori quotations and the | bals carried the list to the lowest morning's transactions:

level since Inte November before rallying Power

SHARES BUYERS SELLERS SALES worthwhile

BANKS

HK Bank

Eort Anla

INSURANCES

Union

or 2180 10 2110

2120

214

13 4 140

Lombard Underwriters 1020

DOCKS, ETC.

KWhart Dock

Wh.eluck

LAND, ETC.

HK Hotel

20 20

7.03 17.600 «

18.40 15 1000 15.40

600 15.50 181 in 71

B007

doveloped,

At Friday's close the list stäl was 10 to 32 polnis 95 cents to $1.60

a bale-lower than

preceding week,

Cled factors offered to plain the enctlón includert:

tho

.1. Congressional uncertain-

rac

Provident (0) 109 10.00 1000w 10 ties on form legislation dealing 145 with acreage controls and prico

A. supports for next year; 2. slowor

of produger im- poundings under the loan pro- gramme and 3. At increasing volume et March 11quidation as traders looked ahead notice day.

HK Land .. 7215

Humphrey's Really UTILITIES

Tram

23 20 25 00 2.10.1755

...22.3022 10 500 por

Star Ferry ....... 120

1000 m 222.10

1000 or 22.20

1000 * 22.30

630 g 150

Ysumatz Ferry 100 101

100 1 187

100 108

100 G 100

400 100

350 191

to first

WAREHOUSE STOCKS

in

tho

Heavier sales in the spot markets, particularly Far West, brought recurrent spuris of hedge selling

seli cot- futures.

Pressure 'to C Light 101 18 40 10 300 18.50 tot at Fresno

was associated 1300 18.40 1000 418,50 with the situation whereby the 4300 15.40 Atate of California, imposes a lax stocks after wordhouse

Electric

March 1.

C. Light (N) 15.20 15 60 6000 13.10 on

433 68 15.20 ....2015 39% 500 30

3300

600 30

MACHO Elac 131 Telephone

Another buying handicap was found in the possiblity that the commodity Credit Corporation 1500 381 may act to expedite that

INDUSTRIALS

Coment .... 411 4500

18.0

Repe

December 23, it compared with 22,945.018 shores a week ago, and with 14,672,305 shares in The corresponding week of 1954 when the market had a gubsta STORES, ETC.

Dairy tal gain.

Watson L. Crawford

This week

2414 24.60 17.40

20.80

Textile Corp. Nanyang 4 9.30 955 MISCELLANEOUS

Yangtze 605 Allied

produced a sub- stantial rise on Monday follow-COTTONS ed by four sessions of doellas. for the industrials and rails. Uulities were unique with in each session and a gains rise to a new high since 1931 in their average "which" gained 10 cents on the week.

Rails lost 2.32 points, but Industriels which rose 5.20 points on Monday finished

corts above

close.

to this would be in the case of several important aspects. countries having balance of pay- Geneva cérébrence has showni ments difficulties, it would mein thr difficulties

thrishing of stricter trade code which that quote restrictions Imposed as out part of a national policy to fall countries would be prepared protect domestic agriculture, to 'cdopt pa the basis of the'r would also have to be swept | commercial policies were

were greatly away

underestimated. But it has re- vovled

1 remarkable GRIM PROSPECT

unanimity on the need to keep 04 This would be a grim pros-

the A

Agreement in existence in pect for any country at all one form or another. whose economy is largely in should not be fudged, therefore, dustrial; but for the States which occupies a dominant by the number of changes that position in world trade it raises are curbedied in the GATT but exceptionally serious problems. by the spirit in which the 34 mamber countries interpret its America's biggest

is to rules in their future dealings Here are a few of the big feeding of new settlers needed the resources of this

counomic headaches It is probably significant that

what do with its own. Vast surpluses with each other. central in the to work them. They will permit Siberian region are located in a

Faced with of ferm products. a rapid increase in the economie position which they

the task of reducing the burden independence

of the area

on the American taxpayers, who, and Communist China with orna supply both the Soviet Far East

must finance the purchase and Central Siberia was oo in- and industrial materials. A new atoring of those surpluses

the dustrial weakling before this rallway running bearly directly United States Government is not

Tena of

from Irkutak development started.

Baross Outer unnaturally appelled at the millions of toms of high quality Mongolin to Peking in Red

pospect of having to throw open cond are taken from the Kuzbasa China will be completed this te home markut to other minos each year. The Kuzbam year,

projects

construction centrai Siberian area which are now under way or were recent- ly completed:

All these power, railway and agricultural developments in- erase tremendously the Indus- trial potential of this central Fiberlan

make rogon. They possible the planting of new in- dustries in the area

and the

the

1. An immense hydro-electrie other Ruas so industrial contre

dam is being thrown across the Ob River at Novosibirsk.

capacity remains

us doos Its date

Il can λόμονος,

Its

unannounced, of completion

bo roughly estimated

that it should be in operation by at least 1960 with probably somewhere around one million kilowaita of new power for industry.

or

at

2. Another large dam is being bulit on the Angara River Irkutsk. It should be finished somelime in 1938

shanty afterwards. Its capacity has not been publicly announced brut estimmtes place it around 700,000 kilowatts. It's rumoured this dam may furnish power for atornic Installation reportedly not far from Icktrisk.

3. A railway is scheduled for

construction by the end of 1955

along the Yenisei River between

ports so for on the progress on this work.

201

сал

WONDER METAL

TITANIUM

JUMPS IN VALUE

It now ranks behind only coal ton, eventually releasing the and gold.

rutile on the beaches. But toarns for Australia Black sands contain from two millions of dollars a year, and to five per cent,of rutile and 4. The Krasnoyarsk-Yeniseisk looks like bringing in many associated minerals. railway, is apparently associated more millions se the black Most with another more mysteriousands of the east coast beaches the

Australian companies do processing on construction project in this area aro, drained, of their rich metal beaches themselves. The separa- which is being built by an orlic element, ganisation known as "Yeniseis-

the

For one

of

Singapore Stock

Market

Singapore, Jan. 17.

4.5715

levelled by the sales of ito, suur- plus appropriations committee at the C.C.C.. for feiling sell.

inventories com-

moro

The

of its

petitively in world markelis.

York New

Cotton Exchange Service Bureau samazed domestic consumption of all"raw"cotton in the, Elves weak period of Nov. 28 10 Jan. 1 at 125,000 balos. This bales in coropared with

and 757,000 bales in the ssmo

the breeding love period Exchange Rates five-wetic period last year.

5.65

On the basis of the Decem- Bunca wis done in the local up

uno cial

theber caimate Inclented. exchange market last Friday's merong at the fchowing ralida- sumption for the reason for the

1.8. delar iper (3D2ND

15.08 22-week period-Aug. to Jan Strelng, rides. (per Indonesian rupiah (per 100) .. 17.70 approximated 3,710,000 baler glowing slam. Leas (pur 100

160 against 3,748,000 balce a year 997 Carller-United Press,

·

new

Busincas reported production Agures high since April, 1963 in auto output a new high since Nov. 16, 1953, in steel production; a rise in car loadings, a rise in

electricity output, a rise in re- tail trade.

MARKET STUDY

But these were ignored by the market which paid more atten tion to the new Senate stock market dy scheduled to schr. Lexi monia and a firming tene. dency in money rates apparen ly a plan to check further the marke's advance.

countries' agricultural experts. Brokers today quoted to fol-

But though Britain's proposal Cowing stock prices;

Since Jan. 10 Jan. 17

Federal the

Reserve will not go through in Ita

Closing original form this does not mean British Borneo Petroleum

Opening system boosted margins from 50 that no progrom his been made Syndicate

per cent to 60 per cent there has been a tightening of credit which has boon fell the most In the market for United States Government bonds,

at all. America has much. Consolioated Tin Smelters, sympathy with the British View as shown last week by President Eisenhower In his statement on foreign economic policy:

Indo-China piesires (per 100)..

1,50

LONDON STOCK MARKETS

Industrials Knocked

Out Of Their

Stride

But Recover

From Our Own Correspondent

London, Jan. 16.

After advancing strongly for the first two Humphrey, is planning to us days of last week industrial shares on the London

ordinary festo 28/05

$15

28/td

+

"If they are to be successful,”

Frater and Neave Ltd..

Ordinary - salon TD0 Frmer and Neave Ltd,

7-cum. pref. Hongkong Shanghai Bank Corporation (Colonial Register)

$6.60

12.00

$8.50

'It is

$1115*

$115.

Secretary

tho reported that of the Treasury, Mi

$2.7

44.05 12772

11.10

$3,95

$28.25 820.28 $25.00 $23,00 $17,18

13840 $1.95

$13.20

$13,20 31.90

It is said.

We must take account of any effect of any

BRAVE BENTIMENTS-

4

Special

akng-term Government ben

with terms favourable Stock Exchange were knocked out of their stride enough to alption off some in- by a sharp fall of Government securities. But this ves ment money from the acck

market. This iue depends proved to be only a temporary factor and indus- upon consultation with investors, trials soon resumed their upward trend.

a rise in the rediscount rate.

| CASH AFFAIR

tax rollefs Helped by the pent up demand aubstantiul

In the Money in other sections has

of investors who had held off next Budzot, $3.501 Armed. Bankers Ecceptances have the market until the rail strike Gains were a opread through- boosted. There be a talk of a rise threat had been removed, the out the industrial list, but the in reserve requirements and Industrial share market had its most notable rises were in the busiest day on Monday for eight engineering and stoves groupe. years Tuesday was only slightly Motor and motor accessories less bury and on these two days

were also outstanding. While the stock horkatlone, the Financial Times In The news that Borax Cory- mowily a cash affair, it is held dustrial/share index, put on solidated, had, broken off cults

with nearly three points that money! lightening devices all-time peak of chees of shares. would tend to cut down pur

ho told Congress, "programme3 Malayan Breweries, $1.05

Rames Hotel ...... designed to promote the protingapore

Cold Storage... As a money-maker, the "wonder metal" perity of sgriculture should be

consistent with our foreign econo. Scuth British titanium has jumped to third position

Insurance in mic

Straits Trading duo ramme.

Stearnship Krasnoyarsk and Yeniseisk. importance in mining production in New South agricultural programme on our United Engineers. There have been no press - Wales.

foreign economic relations to Ordinary issue

Wearne Brothers $2,00 ensure that it contributes to the Hongkong Tin, ., 6/3. development of healthy, expand-with div ing foreign markets over the Poting Tin #3.30)

Term-ly. Cum-expital Isuita year."

fwith div.

China Mail

Theas are brave sentiments The Bank Of England tion

Is

from a Republicón President. It' plant, although bulky,

Statement for built America santa titanium

only remains to be sceri, whether trot." This organisation was aircraft building.

on akida resting-on the sand and is completely

they can be translated into Con- mobile.

London, Jan. 16. mentioned in the Soviet press

Its tensile strength, greater only once during the election than steel its weight, omial to back on to the site. Under local of the mounted slaves is ment for the week ended Jen. 12,

The residual sand is pumped grosional action, with the help

The Bank of England stalo- campaign last spring. What it that of aluminium, and is re-

But clearly the United

States building is

a state secret but it sistance to very high tempera-lations, grass is planted to is apparently a large project. tures have made it valuable for prosion

bind the sand and prevent not yet in a position to commit rod as follows itself to that sort of """reguited" Note lo circulation 5. Several week. RO the use in jet aircraft engines.

The concentrated wand is then GATT that Britain is proposing. Publ'e depoils Soviet press announced the com. There is expert belief that with taken to another plant where it

Private dipolits pletion of a railway between more research It will be the

Britain has been disappointed, Government scurities Taishet on the main line of the main metal used in jet aircraft further separated: icon

with

the response to her Other stearities rutilemond amenite, which all too

Recripta Trans-Siberian rallway to Uste productiori.

to insert safeguards, Rain" Kin on the Lene. River.

Abe United States has already Welsh about the same, are left, proposal

Into GATTgainst the risk of Laying of this lioe was a major spent many millions of dolinen 10 which then our fire, limenite "daruptive competition from

These are played under a mag- project which involved putting in retranch into the dincult and inde i conube peronage of Japan wace this country is ad down over 436 miles of rails, expensive test of winning pure

mited ara

member according to Boviet papers. Atitanium from its host rutile. ble bridge, a major enginewing by Amwelený anice, the, bul"-

that feat, was built acrow the, Anwara Australia's yearly Mutport River. The new rallway cosas 19.000 tons of gulile, Wijlahu regions of the work timber found mostly low

up one of tig) Ertelemet

*The

in notibaren New Bouthi

4. The plowing of virgin farida, and southern Queen

in Altal proviños achieved kres gwhile gradlew mendous sucoses "this year,

cording to: Soviet governs

claims, The Boviet drees report« | sirvidý mesking) ed that the quantity of Verein 20 miles – back delivered from the region, toj

thelo gove

of

On Monday the market rated Sterling 3.7105 988 ahead with the railroads setting

23,720,614 the pace.

537871-301 272,814,(29

30 671411 00343,000

Bank Of France

Statement

Aendad Jari,

to a

an American group of

MeanwhilYould-be buyers, caused a

fall in the price of the A22

running into trouble. The stiffen shares, but winch of the ing of short-term money rates low was later regained After produced by the previous week' dipping 20s to 82 dd the shares Treasury 601 tended. brought railed sharply, lo 95 84, a met prices tiembling down. War loss, of de 21 on the day of the The Monday advance albozown lout 328 6d in two days, announcement. Later, they, rose was helped along by the #jogja,” in Ther, fall was checiced on to 103 9d. But tonewed wealt Faits moles alorants, chanicals Wednesday bin by then other home on Friday brought them ||arick" special" Jester

markets, had a begui; to take back to 102s. 6d. plate 324-10

what was happening OILS IN DEMAND notice of Later in the week to rails and mastrias turned fenders |roceived several setbacks and no

did the standing Siridontalitlabel. No one, it would.

pected the authoritie „There were recover tron Chace Bank, relajan the lows from time to time and (usual, day; for noti

nied (at: [changes), biak, never In the It became known

Intervslage

overe, again in, de-

with. Inters

the