1955-08-01 — Page 9

Brandy Village Affects

Racing Pigeons

the

Paris, July 31. About 2,000 homing pigeons released over famous brandy menufac- turing village of Martell Cognac very neatly upset all the faith which pigeon fanciers have, in the ability of pigeons to By from any spot of their home loft.

these birds were T- When teased they hovered hestitatingly In the ale and then circled for an unusually long Ume over the brandy-muking factories.

The President of the Belgian Pigeon

Club sand that he had known any dir never

flock To get their direction.

sith First they started off Simuth Inwards Spain.

Then they re- Eturned to the heady villag again elreted it

Jong

TRADE

Cotton Problem

Senators Call On

THE CHINA MAIL, MONDAY, AUGUST 1, 1955,

and

COMMERCE SECTION

Page

Convertibility Obstacle Removed Purchase

FORMULA TO EXTEND THE

Eisenhower EUROPEAN PAYMENTS UNION

Washington, July 31.

Sen. Wälter F. George will head a delegation of 100| renators and representatives to the White House on Mon- day to discuss cotton problems with President Eisenhower,

The Georgian and

30 some

and from cotton - producing texille-manufacturing states are alarmed at tire administration's cotton export polley, the size of Government's Increasing stockpile of more than 8,000,000 surplus bales, and the drop in cotton farmer income.

talk senators and 65 representatives

the Then they flew alt towards Switzerland and on

Belgaum.

WH3 the

10

direction the. we intended la take,

M

brandy

wnys

Mantell. w expert o

tut animated in the

C

inges.

discreetly

and a little proudly that the alebojle -suggesic flumes of the village might have affected the birds. The judges,

on by th experts

pagers and, after then visit to Cgune, e?** perts on banda

as well, were sorred to agree with him.

rare was a Martell

The

Tanelers

for 15rusal, where dur

FANATICAL

+f M

AIN

known Belgians are

the Rleatest farreiers f horning- pigeons in the world. Statistics one out of every prove that

اه

011

Fight Belgians fanatleal about The spart of pkgvent racing. which is sometimes Jikened to

child's rubber ball Castle string. The bidder inkes

<st 21s birds Hundreds miles furv watches them dy directly, with hydating speed and a mystical sense of davetion.

BWAY

The lore of homing pigesis is fascistine. When the squad Fre bom, they are registered

ה

individually U the Helglan Ministry of Wur, and each given n special

identity card which serves as an international pass- the bird is ten days

port

When

olti, a metel hand, tearing his serial number is placed on bl right leg. As the leg grows the band becomes permanently fixed, and can never pass over the foot unless it is cut off.

The formality of identification

diserved. is strictly

fa recent wars, homing pigeons have been

to

carry messages. peacetime, hove

International used these smugglers wonderful little birds to transport jewels and tiny packages of dope cross the barder. Today, if bird is caught with any contraband strappel underneath his wings, his aerial number and identity

card automatically assures the owner of a prison sentence.

u

A yearling pigeon born famous parents is worth about fifty

dollars (about

sterling), koming pigeons have approximately the same life span

as race horses, between two and A champion male Live yours. may be worth up is two thou- sand

£600 dollars fabout sterling)

racers These which have proved their value in all types of weather, over great distances.

arc

Test flights for racing pigeons begin when the birds are year old, for a sense of matri- monial affection has awakened at the same time. Pigeons make ideal husbands, taking turns on the eggs, defending their nests,

and Peding

the young after they are hatched until they have Icarned to fly.

EXPLOITED This attachment of the male for the female is exploited in pigeon racing, The couple is separated for five days before the race, and on the sixth day re-united for a few hours before the male Is sent off to the start- ing point.

"The purpose for the House meeting will be to discuss

The meeting apparently was the touched off by failure of

of Department

Agriculture- White House backing--tu with

policy statement exports

prior 10 the 1950-58 opening of the

172455 rollon

ኮ

ADX.

marketing year.

on

The Depart-

inent had prepared a statement which would have

5113(

of

encouraged owner Government -

From Our Economic Correspondent

London, July 31.

One more obstacle in the path of convertibility has been removed with the agreement just reached among West European countries on the formula for extending the life of the European Payments Union.

Apart from the external economic problems which each country must solve for itself before its currency can be declared freely interchangeable with dollars there were certain difficulties all faced in common.

Yugoslavia Signs Pact

WHA

Malayan Rubber The Birla

Production

Singapore, July 31. Malaya produced 50,41 tons of rubber in June totalling 305,320 tons for the first alx months of the official year according to statistics.

Speculators in the Binga- pere rubber market were active during the week and the turnover was `large. Good American and Euro- pean continental purchases for all graden weró gistered.

Spot loose was' quoted at noon Friday at 91.374% prir pound.-Unlied Press.

Japan-China Trade Is Necessary

of

Empire In India

New York, July 31.

Of Surplus

US Farm Products

Tokyo, July 29. Japan has started negoilations for the purchase of American surplus form products in the current American financial year ending June, 1950, according to the Japanese Director of Econo-

soki,

Business Week magazine mic Planning Board, Mr Taka- in its current issue published] |u blographical summary and

a description of the vast pared Birla empire in India,

the

He said the purchase would

$00 total about

million com- with $85 million in the fast deal signed in Moy this year.

The face-page illustrated

traces article

Mr Takasaki nid the negotia- 100-year frowth of the industrial empire,tions had been opened between describing the comuany's leader-himself and Mr Clarence Meyer, stin under Ghanshyam Das Director of th US Operations Birth n reßecting faith in the hero. future of business against Prime Mintster Nehru'a avowed plan of mocialism.

Mr Takasaki said in the com- Ing deal Japan would not buy rice while the amount of raw The article stressed the exist-cotton would be less than in the ing close

the last deal it prices coul dnot be tles between Congress Party and the Birlas, reduced. Instead, Japan wanted dating back to friendship with to buy soybean and maize. | Mahatma Gandhi. It niresses also the latter's moves uguinst private capital.

Mr Takasaki satıl Japan would like to increase to 80 per cent the loan part of the proceeds · from the sales of the Airplus farm products here.

One of there was that con- feared that this would happen the margin to say 2.75 to 2.83 justed t creating credit facilities offered by nollara ir sterling came under Five pours together with greater cernumie freedom might EPU to debtor countries were pressure. But if this change

programme for expand-vertibility A programme to prevent hard-actually lead to serious restrie-suddenly to be withdrawn when was made during the settlement between West major European currencies be period all outstanding obligations ship to the domestle manufaction of trade

countries. It

between Britain and other Weat caine convertible. furing industry." Senator George Eurogram

European countries would have sali in n statement.

Before EPU could be renewed to be settled immediately at the for a further year agreement, } previous rate of exchange.

New York, July 31. therefore, had to be reached ou

Under thils arrangement

Jayan Esablishment by to come speelal arrangements into force in the event of en-untries will be free to change trade relatioris with Communist

rate at which other

China is necessary "It is ex-

THEIR CALM vertibility being necomplishert the

can be changed for ports are to be expanded on a before June 30, 1950. In addition currencies

The

read sound

to The according basta,"

widely

weekly

In the lost deal 70 per cent West European countries had others if events make this ad- agree on terms on which they visable while at the same time Nation, liberal weekly magazine. commented: "The Birlas recog-

nise that their calm in the face was loaned to Japan to finance The editorial emphasised the could allow their currencies to being protected against financial

the fr the other Long and loss become convertible.

considerable remaining 30 per cent was left men regard with tially Japan's largest and natural below the proscribed market

apprehension leaves them open to the American authorities for for ils

exports

Mnil to

or suspicion

own use.--China government their machinery and equipment.

But they deny that Speeini. In this connection the weekly patronage. This will not, of course, satisfy noted that in recent months the

they get or expect special treat- ali those who have argued in conference of international trade ment.... Yugoslavia and Russia Under this the EPU will be favour of flexible exchange rate3,

as a sourct of anity among signed

They though in a slightly

advantage of flexibility supplementary renewed,

natlons has become remote. So is that since exchange rates can much so, it added, that Prest- trade agreement here today "harder form. At the moment which nearly doubles

transactions

Elsenbower between be changed at a moment's notice dent finanelal

has, at the West European countries are speculation is discouraged. The

conferetice, "charac- value of the one-year accord settle inontlily อ! what is new system, ingenious though terised international trade as a signed six months ago, known as 4 50-50, gold credit, it is could hardly be said t weapon of foreign polley rather

basis. This

than an avenue of exchange for that simply means have this advantage. This was the Arst concrete

a country is in surplus with

the benefit of all." result of the top-level Russian the Union at the end of a month

SENATOR'S REMARK visit here of the end of May. 1 receives gold payment equal

Recalling a recent remark by New trade agreements, headed to 50 per cent of its surplus and

Senator

that Japan George should be allowed to reopen the st

With Russia compileated talks have Just end-currency is allowed to depreciate importance of China as poten- of what other Indian business-development proects while

Colton abroad at "competitive

prices."

NOT SATISFIED

The Agriculture Department. toying with the idea of authoris- ing an expert subsidy for cotton

US

as well as the plon for dumping big surpluses on the world market, sat back with a "see what happens" attitude,

IF

Belgrade, July 31.

શ

台

SUVCHI

.

the

antinum.

ed with the signing of o European honotary agreement.

new

In value

HARDER FORM

U.S.

convention allows the rest to remain to ta

RAW COTTON EXPORTS

is

by

Apparently this did not please Senator George.

"As a result of our foreign Sen. Cicorgo gricultural said,

produced collon priced, above the world market and is rapidly losing its

The which the two countries agreed edit on the Union's books. I! position. competitive umbrella effect of this polley to negotiate inter. The new on the other hand it is in deficit was made possible by at the end of an accounting coupled with our domestic price Leerd

the problem of period it pays gold equal to 50

New York, July 31. pport programme is not only first settling encouraging Increased cotton mutual debts left over from the| per cent of its defelt and

Row cotton exports production abroad while pro- 1948 Cominform break and its jallowed credit for the remain- duction 1s being curtailed at damaging economic consequences. ing 50 per cent,

destination as reported in bales hy the New York Cotton Ex- home, but it in bringing about a

the sharp increase in

Full details of this settlement of

Exactly the same principle change for the 1954-55 season have not been published. synthetics.

but will apply during the extended to July 20 were as follows: "It has now been fully demon- fram various official statements if of the Union with the im-

States inde this week i had become

difference strated in the United

portunt

that gold the two countries cannot adjust world supplies of clear that

payments whether from or balance the Union will be stepped up cotton by curtailment of aere-finally struck an even

between their mutual claims and to 75 per cent. Receipts of ages in the United States,"

thus wiped the slate clean.

grants or credit will accordingly be whittled down to 25 per cent. The Russlens originally seated total claims amounting to more than what considerably

usc

Meantime, 63 senators intro- duced a bit that would provide for limiting imports of cotton textiles.

It also would direct

ACREAGE

Colton acreage has been re- duced from 25,244,000 acres in 1983 to 12 700,000 in 1955. At the same time, foreign produc- tion has increased

farmers

correspond-

*They finally

from

pre-

ingly with reduced nereage. The gure down to one approximate-

used have

Improved by equal to the Yugoslav production techniques, including forgiving a pre-1948 debt.

to bring their yield irrigation, per acre to new highs.

payment

This covered

the Yugoslavs had originally understood were to be a gift.

share of the world cotton export President

GO

He

He

said

this

The

Tilo

FUND

Britain

Continent

to

Orient

Canada

fore convertibility-compromise has been achieved which seems to satisfy all parties. The main that had to be solved difficulty

or

at

dollars

siecessitated.

of

Total for season* Same period last year*

* excluding finters

411.279

003,223

1.128.000

3,497,110 3.720,220

343,012

terjaited Press.

|

Geneva

11

of

"While the Birlas are optimis- The Bank Of England tie about the future for Indian private capital, they see little head for American Investment

Statement in India. Only on such

big projects as all relineries too big for Indian capital and even

London, July 31. for the Indian Government, canment for the week ended July ›

The Bank of England state- US capital participate in Indian 27, reads as follows: development, says Mr C. D. Birla,

Foreign India's

participation five-year plan hu en-

sterling

in

Note in circulation

1,000,584,838

Pubile deposite

18,181,742

Private deposita

Government securities Other securities Receipts

300048.453

200,201.028

30.660.244

10,801,014

trade with China in non-military goods, the editorial commented: visioned as talking the form of establishment by Japan Government-to-government loans relations with rather than any private invest- of good trade China, Is, however, patently ment.-United Press. necessary if its exports are to bo

expanded on

sound economic basis. If the adminis- trution in Washington adopts Senator George's advice, We may well be on our way to sub- stituting a realistic for a bell- gerent foreign policy, which in itself would be no slight contri- bution to the casing of Inter- national tensions." United

¡Press.

The Chancellor Just Made It

From Our Own Correspondent

London, July 31.

It was a good thing for the London stock markets that Chancellor Butler changed his mind and made his statement on the economic situation on Monday instead of Tuesday. Had he carried out his original intention big losses suffered on Monday might have been repeated the next day,

EVERETT

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Oct. 18 "Oct. **** Nov.

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Loading for Kobe, Osaka,`Nagoja, Yékobaczu. -

"STAR ALCYONE"

no

the Commodity Credit Corp. to Yugoslavs demanded as compen- On the demise of EPU auto- use is present authority to sell eation

for damages resulting

matic credit facilities offered to surplus cotton on the workd

from the "economie blockade" debtor countries will be with- market.

and unfulfilled contracts but

drawn. But credit will still be luter came down considerably,

available when requestedt--from I was learned

a high

speelal European fund. This offelai here.

will consist of $800 million of which $270 million will come CAME DOWN

from assets of EPU and the re- brought their

mainder

from

subscriptions by member governments. It is in- tended that by

$100 million shall

and br kept liquid

that $50 million shall be set aside as "a for guarantee fund" In case of de- The continued low-level acre-various deliveries of militaryfault by a member under, thi nge controls are not accomplish- and economic equipment im-new multilateral clearing Ing their purpose, but as Ben mediately after the war which system. George pointed out, they "are drastically cutting income in

As to this clearing system cotton area during a period of When the USSR presented its the most complicated of prob-

prosperity for unprecedented

staggering bill for the "gift," the

lems that had to be solved be Industry and other segments of Yugoslavs demurred. our national economy."

As it was losses were the biggest for many a Sen. George anld the US Russia's presentation. which

long day. The Geneva triumph was forgotten in Wednesday market has dropped from about described as "magnonious was whether currencies should a spate of rumours that preceded the Chancellor's 60 per cent to less than 30 per gesture worthy of imitation by be

other countries, in effect settled be declared convertible at fixed statement. Everything the City dreads from

Auctuating.

rutes sald

transfer

ntries devaluation to a higher bank rate was predicted. the of the question according to

exchange. Some inarkets

promise to be per-original understanding.

Axed wanted the rates to remain manent "unless positive action is

Prices were murked down statement that there was token

trade as at present while others Rupplementary by our Government to

of the sell competitively."

agreement signed today calls for including Britain-wanted tree-sharply but this did not prevent crisis and the recovery

on foreign exchange trade this year com to vary the rate at which heavy selling by nervous hold-pound cotton export advisory additional

ambunting to 12 million dollars their currency could be concrs. Both Industrial sheres and markets were what investors

stocks DS events gilt-edged

slumped.gilt-edged needed to shake of Secreters pointed in May by Benson, "has by over-

in value, a 00 per cent increase verted into

Losses among the former ranged their attack of the blues. The to six or seven shillings and the rise In prices was almost an whelming majority" urgel that over the existing accord. Females are occasionally used us cotton be offered for sale in

as the previous foll. for racing, but males are faster world markets.

Britain's case for the fluetuot-Financial Times Index lost 6.7 sharp Neither the Russia will export to Yugo

points, Gills were even more reaching. 15s on Wednesday ot fiers. The males are carried committed

Mr Benson has stavia petroleum and petroleum ing rate wre that as reserves of severely hit with losses of up to 179 68 on Thursday.

Amerita held outside anthracite coni, dollars on trains to the made an announcement of com- derivatives, air or taken

CONDITIONS QUIETER point where the race is to begin, mittee recommendations.

0:0, cotton, paper, were still inadequate and likely 30s. The Index was down near-

ly a whole point.

Conditions were quieter in all some time Once thers, they are allowed

rubber, nickel, mag- to remain so tor

But the Chancellor's new markets on Friday-ds was to be to rest, are fed and watered for

nealum, and Alms. Yugoslavia would be necessary to take

medsure wore less fearful than expected at the beginning of Sen. George suggested an will expert caustic soda, calcium the impact of any pressure on had been expected. Hiro pur the holiday weekend-but de- hour, and then released 15-

pound, on Integrated programme, Involving

the rate of chase was made a little When the birds have

more spile this gift-edged managed to gether.

an adequate" plus import quota carbide, barile, hemy, meat, the

the duncult, banks were asked reached

to put on another shilling or two sufcient altitude,

restriction on foreign-manufac-beans, tomato paste, leather and Exchange as well as on

sterling acca's resérves, they circle

keep down overdrafts and some here and there. Industrials were once over

pulpUnited Press. the

turing fabrics.

investment programmes were mixed with, if anything, rather departure point, and fly straight

slowed down. But no devalun- | more minusts than plures where for home.

tion or rise in the bank rate.prices were changed. A compromise Arrangement

SIGN OF RELIEF

After the nerve-wracking price this British do will enable

The City heaved a big sigh awings of the past week the while at the same time ensuring of rellet and at once started market, no doubt, deserves its that the rate remains fixed us to repair the damage. In the holliday. But now that exclle- far as multilateral settlements atter hours dealing on Monday, ment is over the actual damage tre concerned.

part of the losses In Industrial is seen to be only slight. Glits and oil shares was made good are just back where they start- When countries take the con- and by Tuesday the Financial ed the week and Industriais. vertibility plunge they will have Times Index was edging, its way though lower, are above their to announce limits within which up again, their currency will be allowed

ved. The dili-elget market, how- Investors will, no doubt," re- traric

Therentbor to fluctuate,"

each over, had to wait another day fest over

that the weekend 201,281,561,476 country will be allowed to vary before the black clouds rolled things after all are not so bad. hear the beating of wings. Like

1454717.45 the mic, subject to a general away. Another 16 was clipped Mr Butler has said there is no ] "CAMBODGE" - cannon-balis larving, the malca

undertaking that, fireluations of some stocks on Tuesday crisis. Production is at a record.

"LA08". hurtle from the sky direct into

iba cá,003,110 will be "moderate" which seems when enyoral prominent sude level despite the recent sitikas.

touched their lowest point

paint for The credit quoezo, notwith their individual bests. The

198,000,000,000 to man up to three per cent. owner fron reinovos a second

And full employment is still leg, band, aired

ven the But later in the week islanding. Infation is still in the specially for

1,063879,843,883 Thun, for examulé, av

poland: wie declared convertible, kills that took over the running the aim of ∙ the Government oach rac and placós it in a imporis which would result it Bank notes in 27,104,078 charmerate of 9178 too the industrial market beton poldy, Things from the City'

"DONAI" time clock box, to certain the foreign mills were to be givoti

181.007.090.341-2.62 dollars the firitch authori- to take on a normal pre-bank point of view could be a lot "MEINAM” tims of arrival and subsequent lower-priced cotton than Ameri-

Mr Butler's worse, winnor.---Chină Mall Special. .. can mills."United ProRE.

tiew 'would will be free to widen holiday quie

4

#

With favourablé "tall wind" some birds attain a speed of 10 niles an hour. Visibility is also

factor an important

in speed, since birds can see as far as len miles ahead.

The first races for young birds are held over short distances of from 50 to 100 miles. Before the pleton owner, waiting by the cages in its back yard, can see his birds arriving, the femates,

in their own

coch

Mite

CARCA

INTEGRATED

"Adequate cotion acreage is 1

scential for a healthy agricul

meganese synthetic

tural Amerien," he said, "and vital to our cotton economy The Bank Of Franco mills and productra.

"I farmers ord to have

the

That

Statement

opportunity to maintain their Jatr share of the world market without destroying their market

Paris, July 31. at home, 1 i essential

The Bank of France statement there to established DR in-

n-for the week ended, July 21, Such tegrated programme. programme would assure cotton reds be follows: maler in the world market competitive prices and provide Total role holdings otter **T* texule import quota

which Toini

A

" at

rendies alca would permit foreign exporters Bight balanco abroad

of cotton textiles fair share of En XPU the domicotic market

on a higAdvkhéo lo

ation Fund torical basis and at the same Total bilis.

textilo time prevent, excessive

counted ·

tulation Current accounts

and, deposils

United Prem,

ما

COMPROMISE

a

€

in

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