HONGKONG. DAILY PRESS
Finance and Commerce
ITALY'S PRIME PROBLEM:
NO RAW MATERIALS
A terrible lack of raw materials is Italy's prime problem
In challenging either team of protagonists,
In addition to German and British coal the country must Import all its rubber, tin, nickel. tungsten, mica and chromium, 99 per cent of its cotton, copper and mineral oil, 80 per cent, of Its wool, iron and steel to feed its industries.
Broadly speaking, Italy buys abroad 15 per cent. of its war materials, of which Germany is already short.
.NOT SELF-SUPPORTING Against these requirements it can offer only fruit and olive oil in any great quantities, besides manufactured goods, and in spite of the Duce's tremendous efforts the nation is not self-supporting in grain and meat
hammering
jolning the Allies, on the other hand, would not be comfortable for Il Duce, German and Austrian armies did not let the Alps stop them attacking and Italy in the last war and though a system" of mountain forts has now been bulit against the Reich it is no Maginot Line.
H.K. STOCK EXCHANGE
The week has opened with the market still unchanged at dull,
BUYERS
HK Banks, J1340. Trams. $18. Electrica, 339,
Cements, $161," Eh Gout 4 toàn, 102
SALES
Ducks Rts, $4). Trams. $18/161. ·
·Electrics. $591. "
MANILA GOLD. SHARES Atoks 135, Antamak 07is, Baguio Guld 141b, Batong Buhay 0075b, Big Wedge 14s Coco Grove 054s, DUCE'S RISKS
Consol. Mines 0013s. IXL. 21s Ipo Moreover, Italy is an industrial Gold 048s, Itogon Mining 15b, Mas- head with an agricultural tall bate Consol. 06b, Mine Operation's Its Industry is settled almost
051b, North Gamarines 02s, Para- elusively around the big towns of cale Oummaus 12s. San Mauricio the Po Valley, and would be easily 48b. Surigao Consol. 11s, Suyoc accessible to the Nazi Air Force Consol. 093, United Paracale 15b, The new armament Industry has Mindanao Motherlode. 061b. been bullt up in the South Tyrol.
ex-
Italian State economy, therefore, corresponds most closely to Japan's and if Mussolini were on the 'throne occupied by Elrohito he would conceivably have found the same solution. But being in Europe, within
'Against these considerations sharp stronger Powers he must watch Mussolini has to weigh the notions of dividing the swag.
The Duce's risks are heightened diplomatic and military risks of joining the Fuehret. During the by the fact that he is not entirely short Axls partnership, he had a master in his own house.
his step.
easy
""
reach
of
experience
of
German
NO MORE WAR MATERIALS
MILITARY PROBLEM From the military advisers, with whom he holds frequent parleys. the Duce has discovered what might happen if Italy went to war against the Allies, His most "expert informant is probably the. Chlef of the General Staя—Arclý, Navy
and
Force-Field-O Air Marshal Pietro Badoglio. who eficiently conquered the Abys sinians and was made 1st Duke of Addis Ababa Dy His reward. Badogo has kept free of party entanglements, and has not been to Germany for years.
• When the Itailan
army last
summer rehearsed a defence of
the Po Valley against a theoretical
French invasion, Badoglio thought
"
FOR JAPAN FROM U.S.
WASHINGTON, May 27 (Reuter)The defence requirements for the United States threaten to cut off supplies of war material to Japan, including scrap metal
Representatives have already agreed to amend the Millbury 'Defence Buk authorising the curtailment of Military equipment, machinery, and munitions.
The passing of the amendment through Senate is regarded as practically certain.
HONGKONG SHARE QUOTATIONS
SHARKBROKERS ASSOCIATION Nomlan MONDAY 27.
so little of the idea that he | STOCK, IKCHANGI boycotted the whole thing." He spent the time playing bowls.
The passes through the Alps are like the sticks of a fan. Invading French troops would only have to keep on marching to And them- selves conveniently massed on the plairis of Lombardy within e337 reach of Turin and Milan.
DRAWN APART·
Tittyes Bellars Bales
$1345
Italian $73 On the other hand, troops using the same passes would be drawn further and further
they entered apart as France and would and themselves in hilly and dangerous country where each force: could be dealt with separately by the French. The idea could only be entertained if the German Army co-operated by attacking through Switzerland.
In the air Italy would and itself as much at a disadvantage against. the French as against the Ger
maris.
Only at sea would Badoglio fee;
he had the slightest chance,
and it is Italy's marine power and
• position which tnterests the Fuehrer
:
At the beginning of the wai when it was uncertain whether Italy would be in or not, the British placed the Mediterranean out of bounds to their merchant vessels "Before the Allies could be free to use the Mediterranean for troop movements to the Balkans they would have to sink or im- mobilise Mussolini's fast. modern fleet and down his air force.
*:*:
BRITISH CONTROL a But it would hardly be neces- sary for the Allies to fight naval battles against Italy and bombard its coasts to bring it to its knees.
For Britain controls both ends
paas 816
of the Dace's lake
No Italian ship could Gibraltar or get through the Suez Canal, and Italy's vital overseas trade would vanish over-night. It would be forced into the Balkans for supplies, and there even Ger- many cannot get all the materials .it needs.
General Weygand's Middle East Army, backing the Egyptian force, is a further powerful argument against Mediterranean auducities, and Turkey is on the Allies' sides
The military consequences
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of
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ASSOCIATION
Volume Of Business Transacted
on Monday, May 27, 1940.
AS. Watsoris
29
$455
842
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1803
284 £8]
MAY.
Banks
H.K. Banke
Do. (Col. Bag.) sa Do. (Lon.)
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$30k Marcantile Bka. "A" 219 Marcantile Bha. "O":
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1219 Canton Insurance ...
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$160 Indo-Chines
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880
62/6
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$6.90 Walarbosta
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1300H.K. & K... Whaeren
$33
$20
$18
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H.K. Docks X. Rta....
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$291 Shangbal Docks ....
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18/3 Kailans.
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6 cts, Hong Kong Min...
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84.30 B.E. Hotels
$44 EK Landa
SO Do. 4%% Debenturer
$8.50 Shanghai Lande (9
$1.20 H.K Bellies
39 Humphrey $104 Chinese Zetatus
Cotton Mills
839 Ewo, (8
8910 8' Colugs (15) ...
Zoong Singh (8.)
Wing On Tertiles (1.)
'Public Utilitie
Bayer
Ballers Salos Moninai
*
$450
40
44
4
##
፧
$9.00
!!!
1*1
$1340 £821 £84
Es
£30
$74
150 ct:
י
#218
70 cts
$:70
3120
8100.
$120
62/6
FINANCE & GENERAL
ITALY IS WAR WEARY-
BUT MYSTERIOUS
Up the valley of the Fo..through Italy's richest industrial area, swept In mid-Aurast a proud Italian Army, bent on re- pulsing an imaginsty" "Red" (French) Invasion. Suddenly, mysteriously, the manoeuvre ended. As suddenly, Hitler invad- ed Poland, the Allies declared war.
Il Duce disappeared from public view. It was rumoured that he had had a heart attack. Whether or not he was sick, his heart was certainly sore. After 17 years of martial préparation for the second World War, he had been forced by his generals to realize that whether or not Italy wanted to fight, fisly could not fight,
Having cried for years that Italy's might rested on 8.000,- 000 bayonets, he suddenly was told that the country could neither feed nor clothe 1,500,- 000 men.
Duce's son-in-law. Foreign Mials- Clano, who ter Count Galeazzo Toathed Ribbentrop and Hitler for treating him like a naive young- ster in politics, and who won a } Immenss popular following by
backing the policy of peace.
WAR WEARY.
CIANO'S POSITION Boots were lacking, to say noth-
Count Clano made his position mg of bayonets. The country had tankage capacity for only three unassailably strong when, he got. months normal consumption va rough--tumble pal of Ethio-
all.
*
TUESDAY, MAY 28, 1940. --PAGE 9
SAY
Gordon's
...and know what you're drinking/
GORDONS DRY GIN
DISTILLERY LONDON.
NO COLOURING MATTER
NO INJURIOUS INGREDIENTS
NEW
ZEALAND'S WAR EFFORT
An the tanks were not more plan days, much-deco-rated Ettore than two-thirds full. Weary from Muti, appointed to Starace's job. two wars, Italy had insufficient | Mutl looks like a handsome U.8. reserves of cotton, scrap iron, gangster, and, not being too quick copper. Above all there was no of brain or tongue, is the subject will to war among the people. of merciless punning (muto- Niccolo Machiavellf once wrote dumb). Last week Signor Mut! that though the French might be had a gold medal pinned on his greater fighters, the Italians were chest by Il Duce for having car- those who understood statecrait. [ried out 180 admirable bombing
ed (as and French Frêter wouldpaign.
called before he had even seen Far from being completely crush-ralds during the Spanish cam- have been) by his military dis-
Next step of li Duce in his new King Vitorio Emanuele III. and appointment, heartsick Premier frame of mind was to make per-home to Rome went Italian Am- Mussolini set about trying to make rectly clear that Italy's minimum bassador to Moscow Augusto Rosso WELLINGTON, May 27 (Reuter) his military lemon into diplomatic alms remain in time of war what (whose name means Red),
-The Prime Minister, Mr. P. lemonade. To his and his Floren- they were in peace:
Fraser, has announced the imm- tine precursor's credit, Mussolint
(1) Djibouti
mediate" establishment of a War has done a pretty good job of it.
The Finnish war put Mussolini's Council to take charge of New The most important single ques- (2) representation on the board
hand on many a pressure valve. Zealand's war activities. Suez Canal tion in Europe's. war now more of directors of the
He made a show of sending plates The Counell consists of members than ever become: What will Italy Co., do?
for the Italiano Finland over Germany's protest of the Cabinet associated with the minority in Tunisia. He made it and territory. When the Allies war effort, representatives of the a spot, he called off Opposition, industrial employers, minimum would be im no equally clear that anything above seemed on
the British trade talks, got into Trade Unions and farmers, repugnant to Italy.
W
(3) guarantees
sense
PRESSURE VALVE
a jam with. Britain over coal, in
CALAIS STILL INTACT
MYSTIFICATION Benito Mussolini's extraordinars talent for mystification served
the end managed to have most of him.well in building up this ques-
PUNKED THE FUSE tion. "The Italian people," be
his coal and burn Ribbentrop too. Thereupon Fremler Mussolini Recently, he had everyone" utterly said recently have realized that the pilot must not be disturbed and Count Clano punked the fuse bewildered. There was talk of
LONDON, May 27 (Reuter)—It Ambassador back to especially when he is engaged of an extraordinary chain of sending an
firecrackers. Italian Moscow, stormy navigation nor must he be diplomatic
even though Premier was confirmed in London last asked questions about the course." envoys popped up all over Europe. Molotov was making such asper-night that the Allies were still Because he determined to explain "Duce and his son-in-law played sive remarks about Italy's holding Calais... Fighting side by nothing, to make no commit faction against faction until no banian grab that the Italian press side with the Allied troops,' thẻ · ments, everyone wanted to ask nation could be sure whether he would not print them. I Duce British Expeditionary Force has question of the laconic pilot whose was coming of going. At first the moved to renew the British trade repulsed all enemy attacks and is
favoured Insulting talks, and French Premier Rey-fighting magnificently, course was puzzlingly, zigzag-now Allies were pointing for one belligerent shore. press attacks on the Alles, part-naud bad a long and apparently were pleasant talk with Ambassador now toward the other, back and cularly on Great Britain. rorth.
toned down, so was praise' of the Raffaele Guariglia. But as French (where she was before the An Axis: Friendly Giuseppe Bas- Ambassador Andre Francols.schluss).
After the Po manoeuver's fascu,
were nurtured.
When Count Ciano took a fly- the true state of Italy's war ma-mg trip to Berlin and was again! chine from their Boss. violently pro-German
n Duce cleaned nonse. As his tlanini was appointed Ambassador Poncet returned to Paris, L'Oewyre first step, out well his Under to the Court of St. James's, Trade commented: "It's not a secret that British delegation he didn't obtain impressive results Secretaries for War and Air, talks with a
at Rome," Gluseppe Alberto Parian and Valle, because they had concealen
PATRON SAINT
Foreign Minister. Count Stephen Csaky was received by Count Clano in Venice and Premier Count Pauf Teleki was made to feel verj happy in Rome even though: Benito Mussolini told him. Hungary
not dream Impressive, Indeed, was the way must
of getting Fascist countered by turning the heat on in which devious Benito Mussolini Transylvania from Rumania until himself the war's end. An Italian economic. Party Secretary Achille Starace Germany's silent partner Russia. meanwhile made
showed
every up in Russian Ambassador-patron saint of a Balkan peace raission $6.90 und Minister of Popular Culture Later
Hungary, which
country geo- Southeastern European (Propaganda) Oboardo Dino Al-designate to Rome Nikola Gore. bloc. tleri. These dismissals had the chm was even such a roasting graphically in Germany's sphere, except Turkey, which sent a mis- effect of raising the prestige of 11 press reception that he was re-swung back politically Into Italy'ssion to Rome.
8981
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•
Out went snubbed as a meddling boy, Italy
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Canton Tomas,
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18, Vibro Piling
................
$8)
IVB Murmans Inr. (Lon.)
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Sale on Saturday, the 25th inst. The total value is $21,051:40.
84/). Marsians Inv. (H.K.)
$1.80 Wm. Powella
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