1955-05-16 — Page 9

T

Berlin's Town Of Tomorrow

"Berlin, May 14. Leading architects of the West are expected-to meet in West Berlin this summer to lay the symbolic founda. tłon stone of the "town of tomorrow."

They will put the final touches to plans for an inter- national building exhibition to

be held here next year.

As the conference table will be such prominent architects as M. Pierre General

of the

Vazo.

Dr

Secretary International Union of Architects (UIA). Oscar Niemeyer, Brazilian con- structor of the New York United Nations Headquarters. and Signor Luicano Baldes

lessari. Italian

advocator of dwelling house.

the

CHINA MAIL, MONDAY, MAY 16, 1955.

TRADE and COMMERCE

SECTION

SOCIALISTS DISREGARD ECONOMIC

NEW YORK PRINCIPLES

STOCK

REVIEW Willing To Spend Money

By Elmer Walzer

New York, May 15. Wall Street conceded a the Federal

Further contributions may be victory for expected from Professor Mics

van der Rohe of the Illinois La- stitute of Technology, Chicago. and Professor Alexander Klein of Haifa, Israci,

38 NATIONS

"M. Vayo, who represents nearly 100,000, architects from 38 nations. and Dr Niemeyer have already visited the former German capital to discuss de- tails of their sketches with the organisers of the exhibition.

They have instructed building projects

bomb

house in both East

and West Berlin and have studied conditions in the unique exhibition Bundan entire devastated residential district in the British sector..

will The exhibits

be real buildings and building sites on which work is in full progress.

ideas which

cannot yet be verseduce duplayed

in

in exhibition halls the form of models. drawings and sketches.

The exhibition

provide new homes and all the ameni- ties of a a model suburb for 1,500 families. About one-third of the buildings, ranging in size from

we family homes to a

75-metre high 25-storey skyscraper will be finished by the time the ex- bition opens in the summer or autumn of next year, Some may aven be occupied.

Another third of the buildings will be shown in the process of construction, and the rest may not yet have left the stage of projecting at the time of exhibition.

WIDEST RANGE

the

to this programme. To stick witch, the organisers believe, would, give visitors

the widest possible range of impressions of the architects' ideas.. the real foundation stone must be hid this month.

Reserve System this week when stock market volume fell to the lowest level for any full week since October 29, 1954.

That shrinkage in volume re- flected the Federal Reserve ne- tions to curb speculation which appeared absent during the trading. The higher credit. terms and higher margins were catching up with the market.

Prices declined or profil- taking and then rallied from their lows. The averages re corded only moderate declines, however, since the really big losers were

outsid in issues used those

to compete the averages.

INDUSTRIAL AVERAGE

The industrial average closed the week at 418.57 off 4.27: rail- road, 157.01. DA 3.82; utiny 63.89, of 0.81 and 65 stocks, 157.23, off 231. Sales for the week averaged 2,208,352 shares daily compared with a daily average of 2,313,320 shares a week ago.

The market made its highs for the year on April 26 when

the Industrial average was at

But Ignore Its Source

From "Ronald Boxall

London, May 15.

With less than two weeks to go before the general election neither of the two main political parties has yet succeeded in finding an issue capable of arousing the British people's interest, much less their excitement.

The Conservatives have been criticised for taking their victory too much for granted; but the blame for failing to whip up interest in the election rests largely on the Socialists. It is for them as challenger for power to convince the electorate that they would make a better job of governing the country-and their failure to do this is obvious even to their friends.

N.Y. COTTON

MARKET

REVIEW

430.84, record high and the By WILLIAM T. PLUNKETT rall average at 181:54, a new high since Oct. 26, 1929.

New York, May-15. Cotton futures worked higher ground for the second

up to $1.25 a bale,

ere

The tragedy of the Socialist Party is that it has worked itself out of a job. As a reforming party it maist keep on reforming

It can or sink into oblivion. not fall back on an old "rich versus poor" issue because there are precious faw in Britain to day.

"reforms" So it propose like the nationalisation of the machine tool industry-that no one takes really seriously.

Bu

Pakistan Trade Industrial Shares

Mission

Colombo, May 15,- ‚Ä Pakistan trade team, led by Mr. Ozan Al arrived here by air evening. All said

this

the

primary object of their to explore the

Was

possibilities of improving

trade between the

Countrie

two

A Ceylon Government

source mild Pakistan

hud offered to sell rice to Ceylon and was interested in buying cobra, coconut oil and alber commodities from Ceylon.

of

The Pakistan delegation will start discussions with the Ceylon Ministry Commeres and Tride 10- morrow.—France-Presse,

Edge Their Way Up

From Our Own Correspondent-

London, May 15.

It was a mixture as before in the London Stock Exchange last week with Government* securities falling and industrial shares edging slowly upward..

Banks were still sellers of short-dated stocks and this had a depressing effect throughout the list of Government securities. There was some relief after midweek when small buyers rew

HONGKONG appeared but this merely slowed down the incline

STOCK EXCHANGE

without halting it.

local election

in

.

the

The Financial Times index of still good features among the Government securities stood at companies who have made and 96.10 on Thursday's close com- | are expected to make profit an- pared with 98.05 a week earlier, nouncements.

the Inspite of this, however, industrial share market found The Financial Times industrial plenty to keep its spirits up. The ordinary index gained two points result redoubled to 186.5 up to Thursday's close market confidence in a Conser but half of this rise was regis

Monday when vative victory the general tered on election two weeks hence and market was still under the company results influence of the previous week's

excellent company news.

A burst of activity in the new CONSERVATIVE SWING The swing in favour of the issue market partly accounted Conservatives has been taken for the weakness of gilt-edged. to mean that the Socialist threat The steel denationalisation au- to renationalise the steel in-thorities' offer of £10 million of dustry will never be put inte stock in English Steel had a effect,

Dunlop This and the success Food 25 a 1610 of the English Steel offer helped Rubber placed £12 million of

steel shares which showed rises debenture stock, on the week ranging to four

added to the good cheer.

good

(From Our Correspondent)

Business, done on the Hong- Exchange this kong Stock

more For if morning amounted to $1,102,160 quotations and the Noon morning's transactions: SHARES BUYERS SELLERS SALES SANKS

living which is an end-product of inflation-is unpopular with everyone. But they can hardly attack the real causes. they blamed the trade unions for wage prices perpetuating the spiral

they would antagonise their own followers; and if they of accused the Government

by overspending they would implication Be committing them- selves

services to cut social which

эге the real reason for the

sacrosanct) or the decline in socialism in Britain defence programme (with which goes deeper than this. Five and they have no real quarrel) which account for the bulk half years of war followed by together

the central Government six years of Socialist rule have of taught the British people to re-expenditure.

they In desperation

But Exchange. that

HK Bank .. 1805

East Asia

214

INSURANCES

Union X A DID 01774 Lombard

... 532

SHIPPING

TOC

20 a 1600 Ga, 1805

20 a 1910

10

1610

5917155e rise in industrial ordinary

30 # 70

Asta Nav have

DOCKS, ETC.

KWhart .. 6912 Dock Provident (0) 12.00 12.50

7.15 7 1000 # 7.20

1500

The industrial average at the close this week was down 11.07 points from its record high and week in a row scoring gains gard inflation-even the creep turned on their old "enemy the

were down only 4.53 the rails points from their high.

The rea! story of market creion ly told by comparing actions of some stocks recently bid up by speculators and sold for profits..

Bath

the

30 even

17.30 17:4

50

16.30 14.30

12.0716

ing variety-as something evil. turne

their They are prepared to tokrate Stock

**CXCCESIVE" At Friday's-close, the general it as the necessary price of argument

Wheelock war and later of dividends are to blame for the list ruled 21 to 23 points, or whining

of living does $1.05 to $1.25 a bale higher than wiping out poverty, but now rise in the est

to stand up, the preceding week.

that these thines have been not Efting power included 1. Strength selves entitled

Factors generating the price.

LAND, ETC. consider then-radimentary test achieved they

PERCENTAGE TERMS

HK Hotel to some relief;

HK Lond the May

fay contract before its The first buding

In percentage terms dividends will be a

from constantly rising prices, Thursday: 2. Dim- And

and it interest rose 26 per cent rightly or wrongly they

Humphrey? For example, Amirala is down expiration an If-storey block of flats design-

40 points

between 1951 and 1954, slightly from its 1955 high; inishing prospects for a US sub- ed by Herr Gerhard Siegman, a

Resity more than the ris: in wages and Chance

31 sidy or raw cotton exports next don't think that socialism After

down Vought, West Berlin architect.

way to get it. Eering season; 3. Articipated export

salaries. But in absolute terins UTILITIES United Aircraft. 25;

BALANCE OF PAYMENTS the

hope to that,

siles to Korca, organisers

Tram dividends and interest Spain and other start one more building.

Aeroplane, 294

represent Iron Sales each

This is not simply because the and countries: 4.

improved mill

much

claim smaller Conservatives have shown them- 12.

Star Ferry There will also

Works, 23 be

demand pet cation

for

Yauma Ferry 100 107 1450 churches, a school, a hospital, a Wilcox, 214: Douglas Aircraft, Prompt absorption of the May selves better at handling the

£1,521

C. Light (0) garage for 300 cars.

nation's affairs.

Three and a and salaries in 1954 a cinerna,

million against £11,870 million. streets, river bridges and pos- 21%; Lockheed, 20; Bethlehem largely to southern mill accounts, half years have not been entirely If the Socialists have so little sibly a new underground rail-16.

made a strong impression the free from rising prices and the trade and led some observers to current balance of payments understanding of the realities small wonder of inflation it is problem believe the July delivery roay trouble.

yet land us in may

ives they are getting the worst of the follow a similar pattern, parti-

But the Conservatives General Motors has fallen cularly if the anticipated export have at least set their face argument - London 12% points from its high sales materialise.

inflation-even if they Service. against despite record automobile pro-

have not finally eradicated it-- duction statistics,

while the Socialists appear to U.S. accept it as a normal state of

way.

The mere conservative part of the show, in the exhibition halls, is to comprise all build- ing and associated industries..

All the non-Communist coun- tries of the world have been invited to contribute collective shows. China Mail Special.

International

Silk

Conference

Brussels, May 13. The Japanese delegation

25 points,

Babcock

General Dynamics,

contract

MOTORS DOWN

An

deliveries, credited

LESSENING CHANCE

affairs.

on

national resources than wages

Express

XD

C. Light (N)

XD

Electric

22 22.20 1500 4) 20

131

3000 22.20

19

1000 100 1000 18.30 1500 @ 13"

101

16.90

1000 14.50

1

9814

2900 344 Telephone 324 3216 100 @ 32%

RAW COTTON INDUSTRIALS EXPORTS

Chemical

"Discussions on the chances for shares

the were strong spots during the past an export subsidy next season

Their election manifesto con-

New York, May 15. back week. In the chemicals, Allied came

into foreground.

tains a number of proposals, Raw cotton exports by gained 9 points; Monsanto, 3 While the question remains to

contentious some less

than destination as reported in bales and Du Pont. 3 points.

be decided by the Secretary of

But they have this in by the New York Cotton Ex- Agriculture, other reports out of others. It was noted that the issues Washington indicated lessening on they would all cost a change for the 1954-55 season to

lot of money.

May 10 weTE! having the widest declines for

chances for a a subsidy.

It does

not matter so much Britain the year so far from their highs Assistant Secretary of State for about when the money would Canada

Waugh.

Continent that the Socialists are vague

Orient dashed cold come from (but stocks. The experts noted that Economic Affairs,

one does not Total or period" water on the idea of a Federal

Same period last year** Deed to be an economist to

excluding intern-United Press.

included the so-called defence

position

Mr Samuel

there issues has been carried up export subsidy for colton. the fartherest and fastest and

Mr Waugh did not Hatly ep-guess). All that matters in the hence were in a vulnerable pose the idea, but he warned context of this argument is that that US subsidies might result once again, their complete dis- the Socialists have demonstrated With business holding high-in foreign governments match-

regard for elementary economic to the fifth International records in steel, bulding, and the action and thereby

principles. Silk Conference has agreed auto industries-high retail sales, cancelling out "what he hoped

CANNOT COMPROMISE gain in introducing the

The first of these is that one to "do all in its power to record savings, the bull market to

cannot compromise with infa- enforce price stabilisation appeared secure, according to

of subsidy newstion. The trend observers,-United Press,

One

24 the cannot, acted to bolster the Liverpool! Socialist apparently believe,

laws set by the Congress during its four-day meeting here."

In order to enforce these maximum and minimum prices the Japanese delegation has undertaken to build up a stock of silk in Japan to absorb price fluctuation.

It was further agreed that official price variations should be the same as those in force during the 1954-55 marketing period.

The Congress however, ran up against An attempt to fix an International definition of "silk."

After a long and tedious. argument it could only be de- cided that each country apply the desingation defined

national law.

IMPLICATION

by

This decision implied that

articles Inbelled "sik"

"pure" silk" in one European

The Bank Of France

J

Statement

Paris, May 15. The Bank of France statement for the week ended May 5, rends as follows:

CUTC-

Total gold holding .. Total other

cies ..... Sight balanced

in EPU

Advanced to

Slakt. Fund

Franesin 201,281,301,421

12.216.315.198

126,940.595,703

どはせず。

subsidy."

407.008

Cement

..

....45.90 29.20 1000

1000

2000

Rope STORES, ETC.

Dairy ...... 20.40 20.00 1125

Watson

13

14

1300

1. Crawford 15.70

1431,350 COTTONS

$34,025

377,921 3,077.509

Textile Cops. Nanyang XD MISCELLANEOUS

5.83 785 1500

2882

7.80

Yangice €20 6.30 2000 ₫ 6% Allied

4.90 4,95 1000 4.9235

A NEW COMPANY?

market and in turn affect do- alleviate even its worst effects From the word "GO"-

mestic sentiment.

With the May contract out of the way, some market experts thought the price trend here after would be influenced more by the day-to-day crop and weather news.United Press..

without causing the disease to spread,

the

Everyone knows that worst sufferers from inflation are those who live in small fixed. incomes, especially old age pen- sioners.

form They cannot themselves into a union and.de- mand mere pay every time the

Singapore Rubber living index rises a point

Market

The market

GT two.

If a political party honestly, wanted to help these unfortunate people it would draw up

prom gramme for getting rid of in- Singapore, May 15.

was mainly inflation. The Socialists seem to *198,000,000,000 demand for current month on be doing the very opposite. And short covering, otherwise it was by way of compensation to the 2.585.478.788.580

really underprivileged a quiet session with little busi-only Current accounts and 'deporile ..................

done. 120,802,543,278 | 1.Gas

closings people in Britain today they Total bills discounted 1,112,204 350,565 were:

propose to raise old age pensions. -United Press.

Bank note in circula-

country have to be qualided as The Bank Of England

80

per cent silk" in other countries.

Although the

question of

Chinese exports of silk was not officially on the agenda the question loomed large among delegates.

However

as the ilk market Expenting_monthly Chinese exports are affecting Japanese exports, which in 1958 amounted to 70,000 bales against 30,000. bales in 1854

exporting

Chinese are roughly 15,000 bales andually to Europe United Press.

Statement

London, May 15.

The Bank of England state-

Future

No. 1 rubber per b. May unquated periodically in step with the rise

June 10%-90% in the cost of living.

·July - 90-0012

.

No. 2 rubber per ib. May 33-8314

23-30

No. 3

No. 4 Spot rubber unbaled Blanket crepa No. 2 pale crepe

81-

SINCERE

No the doubts the sincerity of the Socialists to help old age 91%-81% pensioners;

but this proposal more than any other shows they still have not grasped the futility of peaceful co-existence with Infation. They try to draw ou

37.94

metînited Præzs,

ment for the week ended. May Exchange Rates

11, reads as follows:

Note in circulation".... Public deposits. Private depotéis per Government securities Other securities *Receipte Ratio

Stedtor

Imaginary line bayonet which

(it la implied), infintion will not be a allowed to go" falling.com £2udiness was dote the local pletely to understand they ATG-

this market 1.740237,735 unofficial, exchange

with an enemy. not dealing 5,017,818 morning at the following rates: Be

6.8s that cannot be contained with- 314,678,281 US. dollar. (per $13

15.74, in defined frontiers 276.806,827 Sterling notes, (per

43.127967. Indonesian rupiahs - (per - 1003212.10

they know shuan Een teals to toàn Van cầu A the same tre

126 Singapore: (Straits) that fifflation rather the Indo-China plastres (per 100) 8.65 constant rise in the cost of

-United Pross

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OTHER MARKETS

In other markets South shares generally was more pro- African gold shares were frm at nounced in the first half of the first but turned easks later in week. Later on the troubled the week; oils were mainly dull; labour situation in the cool teas moved irregularly; rubberi mines and docks was a restrain-were quietly steady; and cope" ing influence, but there were pers lost ground.

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