1955-06-06 — Page 9

1)

Yugoslavia To Produce

A-Energy

Belgrade, Junë 5.

Yugoslavin will... shortly become the first country in the Balkans to produce nuclear energy.

Yugoslav Communist leaders, who have been busily indus-" trialising their country since World War II, are proud of this achievement: For before the war, Yugoslavia did not even manufacture her own bicycles.

President Tito announced in March that Yugoslavia would begim préduction of muelcar energy for nta-military purposts.

near

al

In a speech to Parliament. he said that three scientific in- stitutes had been formed, at Vines. and Ljubljana. Hề added That geological prospecting for raw materials had yielded favourable results.

Belgrade, Zagreb

Defining Yugoslavia's nuclear policy, he urged that all nuclear weapons be banned under in

efficient system of international. control, adding "nuclear intrgy is not just the monopoly some big powers."

RELUCTANT

کردم

The Yugoslav authorities, un- derstandably enough.

are

luctant to give details

of pr duction plans, beyond what the President said. Distinguishe

German guests. like the Economics Minister, Herr Lud- and the Egyptian wig Erhard. Production Minister. Masin Ibrahim

have been over the Vinca Institute. But permission to visit it has been reftised To resident foreign correspondents

here

From reports in the Yugoslav Lappeared that Vinca press, scientists were making plans to build a nuclear reactor of "con- siderably greater than 1,000 kilowatts,"

of

The Institute has a quantity uranium, and has worked out

a method for obtaining heavy

Accord water by electrolysis. ing to these reports, only four

reactors are already in existence on the continent of Europe, and only one of these four has a power of more than 1,000 kilowalls,

on

077- operating power 5,000

"The Soviet Union has

it is rounced that

industrial atomic station with a capacity kilowatts, while Britain is building à 30,000-kilowatt power reactor at Calder Hall, in Cumberland.

CO-OPERATED

موا

Before the fall of the Com- munist leader, Vladimir Dedijer: the Director of the Vines In- stitute used to be nis brother Stevan, Now the Director is Dr Pavle Savic, Vice-Chairman the newly formed Goverment Commission for Nuclear Energy under Yugoslavia's Vice-Presi- dent. Aleksander Rankovic,

Yugoslav In their research, scientists have co-operated with scientists abroad, Dutch and Norwegians.

THE CHINA MAIL, MONDAY, JUNE 6, 1955.

TRADE

C

and

COMMERCE

SECTION

Page

GOVERNMENT SET GRIM London Industrials

NEW YORK

STOCK

MARKET

REVIEW

By Elmer C. Walzer

New York, June 5

Stocks all but scaled new bull market highs in more active trading during the holiday shortened week just ended.

Trading, picked up to a daily average

shares; of 2427.630 against 2,028,083 shares last week and the best sinet the week

ended April 29.

Dow Jones industrial Average closed the week at 428.53

up 2.87 points from the previous

week's close and off 3.11 peints from the record high set on. Apell 28.

The

The railroad, average came within 21 cents of its high since Oct. 6. 1925, by closing the week. at 15131 up 2.47 points on the weck. Utilities were a point under their high at 54.41 up. 0.56. on the week.

ALL GAINED

PROBLEM

Major Economic Crisis If Stoppage

Goes On Much Longer

From Our Own Correspondent

London, June 5.

Indonesian Sugar

For Japan.

Dakarta. Jane'3. Japan wants two-thirds of the export sugar oviput of Indonesia, trade circles said today.

They said Indonesia is making available for export this year 30.000 tons of sugar. Japan has told In- donesia she will purchase 20,000 tons of that total.

Trade circles sald nego= tiations of price were be ing conducted in Tokyo by the Director of the Indo- nestan Sugar Board anİ Japanese business' officials. -United Press.

The strike of footplatemen which has virtually HONGKONG

paralysed Britain's railway system focusses attention on what The Economist has called "one of the grimmest problems of industrial relations to which this Government or this genera-

has to seek an tion disappearing differential.

answer

STOCK

the problem of the EXCHANGE

Although the rail strike affects nearly everyone in Britain and will certainly precipitate a major economic the cause of it all remains. crisis if it goes on much longer. a mystery to many people.

Railroad issues started al

The foot week with gains in all sessions.

Briefly it is this:

drivers Industrial issues

and platemen-engine declined vn

by Tuesday

firemen-represented and Wednesday and

the rose on Thursday and Friday Associated Society of Locome- with the latter a sizable ad- tive Engineers and Firemen are their demanding an increase in

vance

If some of the wide gainers would have been much greater and the market would have sur- passed all previous highs for

the industrials.

Two

new

an

narger issues - Sporty Corp. 2nd Remington Rand featured in advances and the company issue-Sperry Hand was

Gutstanding favourite late in the week.

There were wide gains many of the rails, Olis perked Pup late in the week with non- everage group ssues starring, Chemicals had their strong spots among some of the best issues

in

on the board, Selected building and electronic issues ruled strong.

There the

N.Y. COTTON

MARKET

REVIEW

By William T. Plunkett

a

New York, June 5. Cotton prices bobbell up and

down over a limited range last week as traders were strong spots in waited to get clearer

issues and many perspective of several un specials noved up sharply certainties overhanging the Airline stocks joined the rails

market." or the upside in a general gain in the transportation group.

glass

· AUTOMOBILES UP Automobile. issues moved ahead late in the week as Wall Street shook cit fearg of an

automobile strike.

At

Hit All-Time

High Thursday

From Our Own Correspondent

London, June 5. Rail and dock strikes notwithstanding, industrial shares burst through their all-time peak last Thursday with the biggest rise ever recorded in a single day.

The week had opened on Tuesday with the Financial Times index at a fresh peak of 199.4, having risen four and a half points just before the week-end on the Conservatives, election victory.

The holiday weekend, how they had little time to consider ever, saw the beginning of the the implications of the railway threatened railway strike and strike. On Friday, however, it

on Tuesday prices were marked could be ignored no longer down as a precaution against The deadlock appeared to be selling. But no selling pressure complete and reports were in- developed. On the contrary, creasing

industries being:

lower prices attracted buyers and forced to close some al the leading issues lack of materials. closed above their worst.

The advance of industrial shares was resumed on Wedtres- day on hopes of an early settle ment of the rall strike and an (From Our Correspondent) improvement in the sterling ex-

change rate. That day Businesy done on the Hong-greater part of Tuesday's losses kong Stock Exchange this morn-

were regained. ing amounted to. 5848,331.53. Noon quotations and the morn- ing's transactions:

basic' pay. But in this case it today.

wage the

average really is a principle and not differential between. skilled and unskilled workers in all indus- the money that matters.

The history of the dispute tries is only about 14 per cent.

Tradi goes back many years.

The trade unions are them- selves partly to blame for the

..

SHARES BUYERS SELLERS BALES BANKS.

Ek Bank East Asia INSURANCES

Union All Lombard XD 40; 50% Underwritera

1. 1000 1700 215

9

SHIPPING

.79c

tionally the engine drivers and Aremen like skilled workers in

Their present state of affairs. better paid any industry are

to policy on wages has been than the unskilled men who

demand "flat Tate"

increases for work alongside them. But ever workers throughout a

a particular the

the industry past 60 or 10 years

This way everyone

has has been "differential" that is the margained but the effect gin of extra pay for skill--has to narrow the

between margin

unskilled gradually been whittled away.

pay for skilled and work. Only now are the unions becoming aware of the problem that has laid in wait for them engine drivers all these years. were paid nearly twice as much as daily railway porters. Their margin of extra pay fell the development of mass pro- to 35 per cent in 1919; rose to duction will in any case gradu- 63 per cent in 1939: and then ally reduce the need for skilled dropped to 33 per cent. in 1946 there is no problem to solve..

workers. Therefore, they say,

10

-NEARLY TWICE

In 1885

the

was

Some theoreticians argue that

SHOWS OTHERWISE

DOCKS. ETC.

Asa Nav

K. Wharf Dock

Provident (O), 135 Shai Dock.. Wheelock

HK Hotel

LAND, ETC.

IK Land Humphrey

Bis

SEEMED PUNY

the

down for the

MODEST PROPORTIONS

Even 50 proût-taking kept within modest proportions. Most investors seerned

was

content

to await the next move in the rail strike before deciding what to do. Meanwhile rumours that the Canadians were joining the Americans in the search for high yielding British industrial shares discouraged selling.

The full blooded boom that developed on Thursday made even the previous week's elected down on Tuesday in common: tion market seem puny by com- parison.

Spurred on by American buy ing of leading industrial shares and the belief that the de- mand from this quarter would spread to other issues-prices 75 100 74% fairly leapt ühendu

14 3500 m

13.70

120

2000 in 1

7.45

showing

a

With many shares 7 9500 7.4 gains of up to 5s the Financial 2007.45 Times index spurted 5.8 to

new peak of 204.4.

Gilt-edged stocks were mark- with other types of stock but no selling pressure developed and prices rallied later in the week. On Friday, however, worsening of the rali situation and the disappointing May gold caused small Josses aures throughout the list.

the

Oils shared the experiences of

industrial

with market the Burmans outstanding in Thurs-"- day's advance. South African gold shares rallied at midweek While investors were engaged but were overshadowed later by a hunt for top class shares the buoyancy of other markets: with a high earnings yield (the Copper shares were strong on target for American. buying) Continental support.

2000 72

16.80 17.10 ..68 6 3000

10

69

in

22.07

UTILITIES

Tram

500

22.60

Star Ferry

100

140

300

247

Yaumati Ferry 117 120

Realty

C. Light (OF 20.10. 201; 850 29.40

(N) 18.10 16.30 icoo

.... 3JT 40 500 w

Telephone INDUSTRIALS

Cement Rope STORES, ETC.

Dairy

300

33 331 2000

15.60

29.90 500 29.20

21.20 2114

Watson .... 14.10

L. Crawford 26.80 COTTONS

153714.43

7.70 1250 @ 7.85

Textle Corp. 5.70 5.80 Nangang MISCELLANEOUS

to

Yangtze Allica

on

The answer will depend what is done now to solve the

Since then it has fallen an en- further. Early in 1954 gine driver's basic wage was just 28 per cent more than a Experience shows otherwise. porter's. Towards the end of Whenever Jew kchological last year a wage award 10 methods have been introduced engine drivers brought their the range of skills has been widered rather than narrowed Trading moved along at an lowest wage rate up to 32 per and the skills themselves have

for the cent above a porter's, But last! unusually slow pace third week in a row with most spring, following a wage award changed in character often re- Of the business originating

other grades of railway quiring higher qualifications.

I skills grow more complex represented by

thewill young men among professionals while the workers

now entering speculative element marked time. National Union of Railwaymen, industry take the trouble

differential Friday's close the list the drivers'

acquire them? ruled points higher to 14 again reduced to 29 per cent points lower, or 20 cents higher where it now stands."

Footpiatemen bale lower than

are now on to 70 cents a

strike because their demand for the preceding week.

Confusion over the Govern restoration of the 32 per cent

cotton

subsidy differential export

has been turned Aircrafts had their weak and ment

107 strong movements-weak early on in textile buying and Transport Commission.

next year, plus a down by their employers, In the "week and strong in the St Friday session.

a let-up in export demand for noid of Tobaccos were given another raw cotton injected a

all around. caution al drubbing when television

Introduction of

Carm commentator brought up the

legislation, with

uncertainty cigarette cancer story again.

over future price support sub- It was

short week-only sidy and acreage controls, added four days. It included a big to trader wariness. pert Jannette-Walen, a

strike

in Britain, Spent railroad

the auto wage situation, steel wage talks coming up, and the

Dr Dragan Popovic, Η του Yugoslav physickt, spent two years at the Norwegian-Dutch Nuclear Energy Research Estab- lishment at Kjeller, in Norway, experimenting on the fission of uranium 233.

A report which he published on his researches aroused inter est among scientists in the United States and Britain as it was maintained that what wrote would still be

be considered

secret in those countries.

Dr Robert

Dutch nuclear physicist,

several years stitute

he

at the Vinda In- here, before returning

home last auturan

- Yugoslav doctors have also received rudia-isotopes of phos- phorous and ìoldine from Bri- tain, with which

they have experimentally treated Afteen cases of cancer and blood dis- gases, reporting good results.

ONE DISEASE

DT

A belief that the steel com. panies will settle on a wage boost without a walkout on the part of the union helped the steel group to move higher.

lurn into the summer market

season,

new

the

problem that The Economist has summed up in a neat phrase as

the devaluation of skill,"

On the surface the ASLE Exchange Rates

seem to have a strong ease. But they have aliented public sym- pathy by their illogical attitude. They have made their stand on a certain wage differential be- tween themselves and

this

Business S done in the local

exchange market unofficial

corning at the following rates:

1.3. dolar (per 1) Sterling notes (per 21) other Indonesian rupiah (pé: 100).

on Siam Heals (per 100) grades of railway workers

Singapore (Straits) the ground that they are more Indo-China plastres (per 100)

But they re- highly skilled.

MAJOR FEATURE Experts said the major feature of the professional operations was the persistent selling of July fuse to discuss the question of and buying of October and differentials for other grades of December by two leading spot skill among themselves.

an

while Liverpoot" was

of new crop

firms, whi accredited seller months against straddle positions in the British market.

JUNE STAND-OFF - The usual procedure market wise is for a rise to develop in the summer, mostly in July and August, The month of June is a Late in the week, other spot stand-off for gains and loss as the records indicate,

MADE IMPOSSIBLE

4.33 6.40 1000 W .40

4.83 4.25 5950 a 1,8234

U.S. RAW COTTON EXPORTS

New York, June 5. Raw cotton exports by destin- ation as reported in bales by the New York Cotton Exchange for the 1954-55 season up to May 31, were as follows

Britan

6.2.

16.58 Centiment

12.50

Orie

Cantadia

26.60

Taixi for eac

1.81

Same period last year

81.02

.400, TIS 1,414,434

• Excluding limbers-United Pres

A NEW COMPANY?

The Transport Commission's position is made impossible by the fact that the NUR have interests sold 10,000

bales in

threatened to put forward new the Oet, Dec.-Mar. deliveries

wage demands the foot- The month of May ended supposedly hedging against the platemen's is conceded. From the word "GO" with sales off from recent purchase of producer equities this of

Igave course would months but well up for May. the Government loan.

mattéra exactly where they

Pro:

C452

It was the best May since 1933. CHCET repossessions from the were Before and the argu-

One of the blood diseases which responds to radioactive phosphorous is polycemia, excess of red corpuscles.. Car-

Sales for the market generally dinal Aloysius Stepinac, detain-

My loan continued at a heavy rate.

ment would start up share ea in the Croatian village of crossed the 300,000,000

totalling 39,281 bales, including to date at Krasic on grounds of wartime mark for the year

15,881 bales from the 1854 and exactly where it left off.

This is not a dispute can be settled easily, programme.

principle at stake is New crop July 1956 became a

one and

collaboration suffers from the end of May, most for à 23,400 bales, from tlie 1853 Toan

polycemia and has received

early similar period since the treatment from Dr 1930s, "phosphorous”,

of the Univer-

USA.

and favourable.

Overall

Business bews continued soft spot. The preclusion of Dortant

The holiday cut miching 1⁄2 inch cotton under workers Frieburg West production in many lines but the new standards, which take dustry.

City

flation

again

that

The

an

im- affects

in nearly every in-

full

Lawrence sity of California. Professor Ludwig

the total output was effect with the October delivery The problem is not a new The Ljubljana Institute, call- very large. ed the Josef Stefan Institute, is

Experts sought out the soft next year, brought liquidation ene. This is the logical result also reported to have

eco there on the possibility that such of first trade unionism in the con- spots in industry. The structed a betatron for the treat-nomists of the First National cotton may be tendered in large present century and later of in

and a polley of ment of cancer and similar

Bank of New York, noting quantities in July if they are diseases.

many soft spots, said the year hot saleable in the spot markels employment.

the

Towards the end of the last new type Trading. In In agriculture, Yugoslav was heading into a record high

when craftsmen

were scientists аге using radio- notwithstanding

them. United October, 1956, delivery, starts on century

Tuesday: Initial trades ranged more investigate

highly organised than isotopes to

from 33.89 to 33.53 cents, or manual labourers the

"skill growth and effects on fruit trees of parasytic fungi and certain

extremely about 40 points over July. This differential virusca.

prend came as a disappointment high-in some cases as much as to technicians-United Press, 100 per cent. Then unskilled workers began to form them- selves into tradé unións, whose

the Press..

The Bank Of France Statement

201201 501,4

་་་་;

wes

President Tito said in his speech that one of the main diffi- culties inherited from pre-wBT

The Bank Of England bargaining power increased with Yugoslavia

was. a

lack- of

Paris, June 5, trained scientists and a general.

their The Bank of France state-

the Statement

víze. Gradually low level of scientific teachment for the week ended May ly low

differentials were mirowed and ing at the universities,

..... | 28, reads as follows

London: June 5.-. though in, rauney terms skilled Before the war, there was

Frands

The Hank of England: staten maintained their lead, pro- inadequate knowledge of Yugo- Total gold holding slavje geological and mineral Tetal other currencies 12,738,025,047 ment for the week ended, Junt. Portionately they lost ground

| £, reads as follows: -

steadly wealth, and much work has 10 Sight balance abroad be done on this in recent Advance to Currency

Nole circulaiao Stabilisatio years.

He did not disclose where Total bile discounted muclear raw materials had been Bank poter in circula

Lion found, nor did he confirm that

Current accounts, End they were uranium-China Mail

-deposits Special

106,000,000,000 Pubile depoda

Private depbills Government securities *** 1,310 | Other securities BALITA

Recelp

130,868.853,908 United Predi,

・

1.755,294.500

AT PREMIUSI 21-19134:

the war labour, has been Since the war 300 950 at premium, and friskilled

24.JAK222 118181 Workers have been able to und prove their relative position still further with the result that

38

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From Articles of Association, Share Certificates to Letter Headings and the thany other essential items, consult the Printing Department of the South China Morning Post, Lid,

Call in at any time

and examine specimens of quality printing which we shall be proud to show you.

-Make-an-appointment Morning Post Building Printing Dept.

ith. Mr. Ke-babru

Wyndham Street. Telepho 200

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