1957-10-19 — Page 1

Page

THE STAR ARONE ALL

LORDUMAT

C35

Kala Agaris: GILMANS

COMMENT OF

THE DAY

MODE TIMES HARD THERE

THERE'are several reasons

for the share market's chronic weakness, Com- mentators have listed recent falls on the New York

· markot, lust · month's in- crease in interest rates, the low of investment oney to New York and the tension in the Middle East. But it is necessary to look back to August, 1956; to find the initial case: it

was the Big Three banke' decision to stop share mar ket speculation. "

It was said then and can be

said agata that that action

CHINA AN MAIL

No. 36877

Established 1845

SATURDAY, OCTOBER 19, 1957.

Price 30 Cents

DAKS

(THE FARERE KEMI FREELY

Whiteaways

HANGYONG Er I OWLOON

DECISIVE VOTE AGAINST PINAY

French Assembly Governor Holding Talks

Rejects

Him As Premier On Voluntary Quotas?

Paris, Oct. 18.

The Conservative leader, M. Antoine Pinay was defeated in the Assembly tonight on a vote to invost him as Prime Minister.

in two doses, it will be The Premier Designate was defented by 240 votes.

recalled-was too drastic.

And on the assumption that It was introduced as ♫ weapon against inntion, the higher interest rate waA effective- only

parily against the shure market---- but was inadequate to deal with all the farms in which Inflation appeared.

Soon after the banks' action, the flow of money changed direction. Where former- ly it had gone into the share market, much found

Its

way into real estate, flats and the subdivision of finis into cubicles where high yields gave good profits despite high interest rates. This flow has grown to such an extent that today it is possible to

that Pay speculation was squashed in one caso only to reap- pear a more virulent form elsewhere.

Harrogate, Oct. 18.

The President of the Board, Sir David Eccles, said today the Governor of Hongkong Sir Alexander Grantham "is now in consultation with prominent members of the local cotton industry” on the question of exports to Britain.

There were 198 votes in favour and 60 volun-Although Sir David did not specifically say what proposal Sir Alexander táry abstentions.

SYRIA

GOES ON

TO U.N. AGENDA

United Nations, Oct. 18. The Steering Committee of the United Nations Gen- eral Assembly tonight. voted to place on the As- sembly's agenda a Syrian complaint against "threats to Syria's security,”

Grantham had put to cotton industry leaders in Hongkong he added: Pinny, leader of the group of "We must all hope that these discussions will help Sir Cuthbert Clegg Independents, had been given little chance of winning

AB-

in his further talks with the Indian and Pakistani leaders." ¿cmbly

the approval, slace mainly Catholle Popular Re

David said: "Sir Cuth- Industry agreements by Import, we are trustees, and all of us la rublican movement announced | bert Clegg, has been trying controls the United Kingdom] this country have a responsibility that it would abstain in the patiently

get voluntary Government would be prepared to foster the welfare of its peeple end to set an example to others voling.

agreements with India and to do this.

tesa' generously disposed towards Pakistan and, we have been en-

them, couraging him,

The Communists, Socialists and most members of the Radical-Sacailst Parly of ex- Premier Pierro Mendes-France, | volta agolnát Pinay,

The Independents, the Right wing Poujadists and the ¿lisident

Rctical Socialists provided most of the support for the Premier Designate,

!

Now Move

that

There were reports President Rene Coty would row call on the leaders of the three The Steering Committee's Independents, the Socialists and largest "national parties--the vote was unanimous. the Popular Republicans". lo conter: Jointly on ways of form-

The Committee recommending a elable Government.

ed that the Syrian com plaint be discussed during a plenary session of the General Assembly.. France-Presse,

Sixth Fleet Arrives At Turkish Port

But the time is now ripe to ask whether it is right of fair that the aburo market should continue to Le penalised under there cir- cumstances. And If not, what action, if any, can the balike take to help? Tho racont rise in interest, raten was necessitated by the rals- ing of the British Bank rate. It was not directed at the share market spect fically but the effect is the same. Though this action was possibly unavoidable it} Is necessary to plead for special cases and for ad- justments to rates when- ever conditions permit. One point to be considered is whether a lower rate would apart from diverting some money to shares, materially increase the flow of specula- tive money into real estate. As long as there is no sign of a break in the boom it probably would. But any- way, banks are certain to claim they are not yet able port. to

The reduce rates. market's only hope it seems Is that a recession in real estato will coincide with a lowering in interest rates. At present, however, it is dificult to ace what can be done.

The

Istanbul, Oct. 18.

Political circles speculated that a compromise choice for the next" "Premier Designate might| be found in the former Egrelas Minister Rebore, schiumat, ur

Pidrre Paimild Both of the M.R.P. Reuter and France- Presse.

Sir

to

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"Such administrative action to Implement an agreement between

"The Governor of Hongkong "I have informed Sir Cuth- the industries on both sides

now in consultation with bert Clegg that, if the Lan- would not, of course, be in any is

could rasch way derogation from the prominent members of the Local Splendid cashire industry

Jezebel agreement with the industries general principies of Common-industry.

We must all hope that these Cavalry in India and Pakistan about the wealth trade that I have alluded

discussions will help Sir Cuth- Outsider:-Free Success. the to. level of their exports to United Kingdom, then if the "But when we turn to exports ber Clegg" in his further talks governments of those countries from Hongkong, special dificul with the Indian and were to ask the United King- ties arise, Hongkong Is one of industries": dom Government to police the Her Majesty's colonies, for which

UNUSUAL CHARGE

BROUGHT

AGAINST DOCTOR

CNY Vuch, De 18

the former Finance Minister A million dollar damage suft fled against a Brooklyn doctor yesterday charges that a nine-year-old boy acquired The sex urges and characteristics of a mature man because of a "reckless" prescription of male sex hormones.

U.S. Ban On

10

Muggeridge

An

The sult was filed for the boy and his father in Brooklyn Supreme Court by attorney Harry J. Lpsig: Neither the father nor the son were identi- fled by name.

the

JAPANESE VIEW OF MONARCHY

They have been taking pari in critycle by Mr Muggeridge | sex. urge" and "his way. of an interview

Sun

with news

Pakistani

quizette Applauso Armament

The Trouble

RACE 6

Outsider:Scrubo.

Sir David Eccles who was Amapola addressing the conference of

Poù Ō'Gold the Cotton Board now taking Cirrus

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place in Harrogate, said no one'| Outsidor: Kentucky Lad,

could forebed" the trouble that

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new tariffs or quotas on

RACE 8

porta of Commonwealth texitles, Beautiful Phoenix

Bir David Eccles Bild the John Halifax

cotton industry had opery reason

to be grateful, *ns” hô... bad, for

Outsider:-Midget..

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the ballent will with which Sir Million Dollar... Cuthbert Clegg, and his friends

poble Ways Hot getting some Asian: industries?kur? voluntary arrangement with the

A

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TODAY'S TEASER TIP

to you once more the Govern→→| - Outsider:--Vigorous Ava. ment's position. For Het Majesty's Clovernment to im-

Tarifts pose-now

or quotas on Commonwealth goods would be a major change in" policy.

"No one could foresee into what trouble' nich a course would lend us.

Prime Object

а

The sult charged Dr J, Philip Four warships of the United

Lombard "did recklessly pre- Washington, Oct. 18.

che- States Sixth Fect, including

Washington Television scribe medleine, drugs, the guided mille eruber

compounds, which Canberra, arrived at The station today said it would micals and

Melbourne, Oct. 18. As you know, the expansion Turkish port of Izmir today refuse to carry a live interview contained a form of male sex

hormones Testosterone for Australians were dominated of Commonwealth trade in whleh its parent network plays on a courtesy visit,

boy in 1852, when the boy too much

British hold with Mr Malcolm

by. Britain and the prime object of ali

It is beyond other ships were two Muggerlige, former editor of was four years old,

royal family, Mr Jiichiro Mat- Governments. destroyers and a naval trans- Punch, in New York tomorrow boy to be "elleted by a strong Social Democratle party said in territories of

The prescriptions caused the rumoto adviser to the Japanese dispute that the nationa and

the Common night,

the Mel-wealth can help each other by Iving and acting have been bourne

more from each other, the monarchy was

pictorialis is not a plous hope, but the East Central published this week by exercles int

the severely and injuriously affected published today. Mediterranean with other ships Saturday Evening Post.

and he has suffered and con- Mr Matsumoto, a member of a very practical proposition of the Sixth Fleet,

We consider it in question-ques to suffer great mental the Diet, was quoted as saying which we are to discuss at next taste to telecast any pro-pala and has been greatly em- through an interpreter: "Aus-year's Commonwealth trade and able"

barrassed and has caused great tralia should gramme that

pay much more economic conference. might cast 4 embarrassment to his family"

"Asian countries "With this conference in the attention to shadow over the visit of her the suit charged.

Instead of England and Eurepo, effing it would be particularly gracious Majesty to the nation's The suff said. Lombard had your country's policy should be unpropitious and unwise to im- capital," a spokesman said.

treated the boy for enlarged China Mail Special.

much more closely allled to pose by unilateral action restric tonsils, continuous colds, and that of Japan and the rest of- tione on Commonwealth importa possible allergies-United Press. Asia".

Royalty in all forms was "useless and wasteful" he said. -Reuter.

Other ships are paying simk lar visits to Spain, Grete and the Greek island of Rhodes. Reuter,

The Kenwood Chef

$40.0.0

IN THE VE

£28.9.0

IN PROVIEKONG

Adenauer Going To London

London, Oct. 18.

The West German Federal Chancellor, Dr Konrad Adenauer, is expected to visit London next month for folks with the Prime Mipister, Mr Harold Macmillan, on current world problems, an unusually well-informed, source said here today —Reutar,

Sputnik Has Split Nose

The

Philadelphia, Oct. 18. Send UN Troops

nose-top of the rocket!

into the United Kingdom.dave

"But as both the spokesman of your industry and the govern- ment itself have recognised, it would be a very different thing

in the spacial circumstances of the trade in Asian cotton | 1 goods the export to the United Ottawa, Oct. 18.

Kingdom could be regulated and which carried "Sputnik" into Bir Lester Pearse suggested stabilised by voluntary agree- outer space, and which is now in the Canadian House of Com- ment between the Industries, travelling ahead of it In its mone today that deployment of "I go further and say that in fround the earth, seems United Nations Emergency Force the long run it is in the interests to have a gaping rift in its troops along the Syrian-Turkish of Commonwealth cruntries that some such leading edge, according to a border be considéréd at the themselves photograph taken by a rocket Unite Nations China Mail voluntary agreements are made."

Special. expert rere-France-Presse,

---Reuter...

orbit

See beautiful Britain in a beautiful

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Young man from the Blue Grass country. Lest meeting's teaser was Scarlet which zvas umplaced.

New Aga Khan Would Like

To Go Back To Harvard

Dar-es-Salaam, Oct: 18. Prince Kurim sald today on the eye of his lustallation as the new Aga Khan that he would like to return to

University Harvard

butt doubled whether he could. "I am not sure my responsibili- tips will allow it," he said:

. But if I can I will", The 20-year-old youth who left Harvard when fils grand- father. Aga Khan III died two months ago will be formally installed tomorrow in a simple. ceremony performed by his stepmother, the Bagum United Press.

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