1948-03-11 — Page 2

LEE THEATRE

ADVANCE BOOKING OFFICE~ST. FRANCIS HOTEL BOOKING HOURS—11,00 A.M. TO 5.30 'P.M. DAILY

COMMENCING TO-DAY AT 2,30, 5.10, 7.15 & 9.15 P.M.

Danger as Violent as their Love!

HUMPHREY

BOGART

AND LAUREN

BACALLS

THE MOST EXCITINGŐ,

STAR TEAM ON

THE SCREEN.

TOGETHER

AGAIN!

A great entertainment

from the spectacular a

· SATURDAY EVENTING PORY errier

WARNER BROS

DARK PASSAGE

BRUCE BENNETT AGNES MOOREHEAD TO D'ANDREA DEL DAVES JERRY WALD

Sagar meng

·ALSO LATEST G. B. NEWS: CAMBRIDGE BUMPING RACES,

BRITISH FASHIONS FOR HOME & OVERSEAS,·

RUGBY ENGLAND v. IRELAND

THE HONGKONG TELEGRAPH, THURSDAY, MARCH 11, 1948.

Coat Balance

•Sheet

CAD, SIR, ITS RUINOUS! POSITIVELY NO PROFITS

SUCH AS USED TO BE MADE IN THE DAYS

WHEN WE DIDN'T GET ENOUGH COAL "..

· ́PROFIT AND LOSS ACCOUNT

¿Copyright in All Countrie

BY THE WAY

by Beachcomber

İOLONEL WRETCH stared angrily at vary words which had started the uproar-"To what do I owe the pleasure?"

He got no further. At the word pleasure the cheering broke out again. Never was there a happler little group.

Moreover, the festive sounds' induced other. members of Wugwell'a circus, who had been lurking in the grounds, to slip in through side doors or open windows, and so mingle with the- throng in the drawing-room.

There were Battleta tho Shake-Woman, and Lo Fung the Human Wheelbarrow, and Fifinolla, Empress of the Tightrope. And soon the dwarfs had begun to tumble and leap, and: the Perulans were using a loose book-shelf to improvise w see-

saw.

Innocent gaiety

IN.

a corner of the room the Colonel was roaring at his wife, demanding an explanation of this strange incursion. But Mrs Wretch could not make herself heard. By now the dwarfs had begun to be impudent. Churm Rincewind was shouting, "Send up ten for forty!" and Scorpion de Rooftrouser, Edeledel Edel and Molonay Tubil- derborst were playing trains round and round Amaninter, Axling and Listerfs Yonghaupt. Frans Gillygottle was half way up the chimney and Guttergorm Guttergormton was barking at him. Anselmo was producing the fings of all the nations from his mouth. Never had the rafters of Wretch Manor rung with such wholehearted merriment.

A BRITISH BUSINESSMAN

CENTRAL VISITS JAPAN...

SHOWS DAILY

AT 12.30, 2.30, 5.15, 7.15 & 9.15 P.M.

A NEW DAY OF INFAMY" GOES DOWN IN "HORROR'

7700 CAPTIVE

S LISTSID

STOR OF JA ATROUATIE BARED RYIL

BEAUTY TRAPPED BY JAP TREACHERY!

TIMELY! TERRIFICE DRAMA Gripped from today's SENSATIONAL HEADLINES' and brought to the screen with all its

HISTORY!

TWO-MAN SUBMARINE

TERROR, and TORTURE!

TOM NEAL

ANN SAVAGE CARROL NAISH

VOLUMBIA PICTURE

Screen Flay by Griffin Jay, Leslie T, Whèo • Directed by LEW LANDERS ♬ Produced by JACK PIER

TO-DAY

ONLY

MAJESTIC

on

con-

усп

By a Correspondent of the 'Financial Times'

Any

of

in

Tis difficult for a British under discussion can therefore trader to visit Japan today euension be startlingly simple.

"Gladys," says the official to his without coming away with a

secretary tossing the article feeling of frustration. Not cerned on to her desk "what would

In the case of cotton it means that machinery necessary to get this trade

are moving again. that the American officials, who you reckon to pay for this back quantities of low-grade cotton

As far as the CCC. (he central Gladys states her views. ncquired for dollars in the US. mar- are the real power in the land, home?"

"Oh, about four dollars." "Four dol- ket and then the finished textiles are buying, organisation) is concerned, purchases its raw do not try to be helpful.

sold later, wherever dollars can be it naturally fars it is then."

materials in the U.S. markel. But the British businessman starts And If the Japanese manufacturer obtained for them.

A sizable profit can be made at American surplus, for example, low-grade cotton, is mopped up willy-nilly with so many disadvan- has previously demanded 800 tages no air mail arrangements, no for it, the rate of exchange is there- both stages of the process.

this way. telephone communication with Lon- by fixed at 200 yen to the dollar. don. Inadequate telegraphic facilities -that he' feels hopelessly equipped ta. cope with the bureau- eralic wrangling, which commercial Jow this is undoubtedly an extreme dealings of any sort always involve. N case; it would be wrong to re

typical of the everyday gard it as procedure in the commercial depart ments of SCAP.

Nevertheless, the same basic prin- ciple, that of using a more er arbitrary U.S. price level to deter mine the "true" rate of exchange for manufacturer in Kobe or

ill-

by He is surrounded on all sides

machinery-and the bureaucratic machinery tends to creak.

Direct commercial dealings be-

ง

Extreme Case

less

tween the Japanese and the foreign businessmen are still not permitted. All negotiations for the export of goods must go through the Japanese Board of Trade (Bock! Cho). That Osaka, was in evidence in other

Beemingly more sophisticated would be bad enough.

culations.

BU

Ultimate Decision

Frequently, no proper allowance is made for retails and wholesale mar- gins or for transport costs. And even when these, abvious errors are avoid- ed, the rough-ntid-ready melled of calculation, is responsible for some curious results.

case was a

The U.S.C.C.-the selling organisa- tion has ceased to operate since the beginning of the New Year.

I

While the sole financial Ink bo- tween Japan and the outside world is that between the dollar and the yen, the Americans are reluctant to use dollars to buy substitutes for their sources.

But during the autumn when was in Japan it was the sole au

cotton textiles, thority for the sale in which I was interested.

which. arrangement

And nori-American countries aro of functions

more, reluctant to the equally, if not п recently. formed use their waning stocks of dollars on Japanese Trading Committee, should, the products of Japanese Industry.

experience, judging from my own make things easier for the private No Chance In Cotton trader.

The new transfers the U.S.C.C. to

The U.S.C.C

Urgent Need

Among the books

How to Feed Ferrets, by Cpnatance Blood: In a modest foreword Miss Blood says that she has done nothing but feed ferrets for, thirty-one years.. If this is true her book should be-- come a standard work on ferrot- Feeding.

Whither. Formosa? by Marcus Drani, M.P.: Those who prefer the hurly-burly of politics to the more- domestie annals of the lowly ferrel. will be deeply interested in this ne- count of a six months' tour of of Formosa. The author was one the party of six M.P. whose mission. of good will ended su abruptly.

Untermented Fish, by Timothy Talibayes: These poems, by the au thor of "Burnt Grocer," show a mos tory of form and language equalled. only by an almost physical integrity of subject.

Giant boxer caught in

mouse-trap

The shepherd on the lonely height, overgoat. wrapped in his

(Morning paper).

ALWAYS

'keep the oversheep separated from the overgoats," commented a well-known passer-by.

FACTS

TULIUS Caesar designed the first

calendar 2,000 years ago.

•

Revo-

would conduct its THE only way round this dimculty T open to the British trader is a Government-to- negotiationa cal-

Government basis only, and in con- through simple barter arrangements, sequence the individual businessman which dispensa with the need for had to place his orders through an currency in any form whatsoever. official buying mission,

Haw materials are supplied in ro- ihe turn for a fixed proportion of finished product, and Japanese in- DUT, in fact, Bocki Cho is not the

Hand grenades were used by U.S. dustry retains the remainder of the rent authority; the ultimate decision rests with SCAP (Supreme

E demise of the U.S.C.C. will output us payment for its work Marines who served under John Paul

agreement" Jones' during the American Such, a "processing Command for the Allied Powers).

therefore complete one stage in there For instance, The channels of communication

Dandelion comes, from the French Japan. between the foreign trader and the when a large consignment of made the process of simplifying the rela- covering Australian wool was con-tution.

But the attempt to negotiate

denta-de-lon, meaning teeth of lion., Japanese manufacturer lend there- up textiles of widely varying quality tionship between buyer and seller in cluded in the autumn while I was in for an overage price, the Japanese market. lose to be somewhat sluggish..passing was assessed

Much st remains to be done. For similar arrangement for Indian cott was so called because the leaves weight instance,

the of this plant are notched like Ilona' there is an urgent need ton, which was proceeding at as they do through the ramideations (providing the basis for a "fair" rate

on a purely

teeth in profile. of-two entirely separate bureaucratie of exchange)

hasis-no-account-being-taken of the for the services of the old Japanese same time, broke down.

The success of the one-negotiation. organisations,

Quite apart from the inevitable de- large differences in processing costs merchant firms.

Before, the war foreign trade was and the failure of the other

them, well he connected-as some of kys

conducted which this procedure involves, between one article and another.

largely through and the typical foreign importer re-thought at the time-with the fact lied on them to obtain the merchan that whereas the US. is an importer dise he required at the must econ of wool, she has a surplus of low-

grade cotton. mie price.

the day-to-day. practice of omcial- Ad Hoc Body

dom varles, and is often extremely hard to follow.

5.20, Japan.

AT 2.30, 7.20 & 9.20 p.m.

Rita HAYWORTH

GENE KELLY

Cover Girl

In

· TECHNICOLOR":

Music by

JEROME KERN

TO-MORROW

SHOWING -TO-DAY

with

.'LEE BOWMAN

PHIL SILVERS JINX FALKENBURG

“Holiday in Mexico

In Tochnicolor

Cathay

AT 2.30, 5.20,

7.20 & 9.20 p.m.

ROUGH ON THE MOBI TOUGH ON THE MOLLS! George RAFT ⠀ ⠀Pat O'BRIEN Janet BLAIR in

with

BROADWAY “ ANNE GWYNNE

· NEXT CHANGE :* STHE TROPICAL TRIP OF YOUR DREAMS!

HAPPY GO LUCKY.”

Starring Mary, MARTIN Dick POWELL – Betty HUTTON

Exchange Rate

fairness

to SCAP two things

ns

119

a tree's.

•

INRY Rings of a tree tell not merely the age, but the history of droughts,

health. periods fugjors affecting

is: in humane Undulant fever traccable to Bang's disease in cattle

•

Perhaps the most vexed problem,

should be sald, One, it is an ad hoc in this connection is the rate of ex-

Today, owing to the probibition of

to A Year Too Early as well as to brucellosis in swine, private trade, they are unable change between the dollar and yen. organisation and regards itself

fulfil their proper function Every- Since there is no direct exchange such.

WHATEVER the true explanation, according to the University of I- other between the yen and any

It is not surprising that an efficient thing has to go through Bocki Cho, WHA

the reasons that SCAP govenols Agriculture College. foreign currency, this matter is fun army headquarters suddenly con- the Japanese Board of Trade.

A pig with pneumonia usually has jn verled into an export-import agency

Recently, some attempt has been for its ultimate refusal to ratify the

cotton scheme damental for the British trader

certainly covering male to

cbills and fever, accompanied by clrcumvent this particular Indian cum Ministry of Finance the economic netivities of some 80 mcully by allowing the Japanese seemed quite inadequate.

After a hopeful beginning to the cult and rapid breathing, com- million people should and difficulty merchant firms to act as "agents" for

negotiations, with the Japanese tex-monly called "thumps."

In coping with some of the problems foreign traders..

1ile

interests enthusiastically

A devico so sensitive It can weigh favour of the scheme and the Ameri- It has to face.

not averse to it, fingerprint is one of the research enus apparently

by scientists to It tools being used SCAP suddenly announced that THE compromise is a typical pro- had decided against the proposal, be- tests almed at improving jet engines.

"confu- duct of the present stale of cause of the likelihood of

An American manufacturing com- transition of the Japanese economy sion, owing to the simultaneous use

Bocki Cho is still the ultimate aut of two different types of cotton (U.S.pany reports that one of its mor chandising experts began his career come as a door-to-door salesman, offering thority and in theory the foreign and Indian).

Besides, they said they had trader must negotiate with it alone; the "agent" la let in, so to say, by to the conclusion that the whole "No Peddlers Allowed" signs. the back door, and he must try to thing was "prematuro"! find a place for himself wherever he

THE official rate is about 50 yen to the dollar; but if this rate were

Secondly, the SCAP officials them- minde effective for Japan's export selves were, on the whole, adaptable trade the results in terms of prices people, ready in most cases to admit would in most cases be quite fantas- and, rectify-mistakes when it could tic.

be shown they had been made.

Furthermore, they are

The costs on which the Japanese. manufacturer bases his prices naturally enough, based on the ternal cost of living and here

two between the reul relationship currencies is nearer 300-400 yen $1.

evidently

are, concerned to avoid any suggestion of in discrimination against non-American the businessmen.

Whether the Individual policy de to cisions formuluted

highest level are

In order to obviate the discrepan cles between the Internal' und cx ternal prices which must therefore arise, SCAP has invented a "silding rate of exchange."

This is supposed to bring Japanese prices into relation with those ruling on world markets.

at the

Ultimate Authority

.

based on the same theory thinks there is work to be dang ni ly expressed by officiats during my is characteristic of an insufficiency of

Constant brown or black discol- This accusation being "prema- ture" was one that I heard frequent-cration of the skin about the ankles But for the British trader

venous circulation of equality of opportunity is, how-

those things appear as incon visit to Japan. ever, more doubtful.

The last occasion was during on Dealings in important commodities veniences, compared with the over-

According to.J. Edgar Hoover, as very co-operativa now been riding dimeulty of currency control intview with ille cotton have up til

representative of SCAP, to whom I to 90 percent of the driving accidenja cities are caused entirely centralised in the hands of or better still, the lack of it.

American organisations, the There is no yen-sterling rate. In had been describing some of the dif- many large

hampering two

my directly by persons who break, truffle

breaks, fr C.C.C. (Commodity Credit Corpora- deed, I had the impression on more, feulties that were tion) and the U.S.C.C. (United States than one occasion that several of the work in the country.

officials concerned with the matter "The trouble is; Mr," he said,

of South The object is laudable enough, Commercial Company).

The

vaguest nollon what "that you've come hore a year. too The Black Hills area

be the former buys raw materials had only the

Dakota is said to

oldest but the procedure whereby 11 is

"sterling" really was.

early,"

My answer to this was that "If mountain, area on the North Amer- there seemed to be no the latter is concerned with

a year later, I would icen continent.

A maturo.

cow will drink an mitch officials are them which it sells on the world market. percent of Japan's prewar trade took still have come a year too early." now Nothing is "premature" if the people zelves American-as those current in This system of monopoly trading place with countries that ara

sterling area, and that who possess the practical power to average of 16 gallons of water: a both at the supply and distribution in the the ends gives decisiva. advantages to, Japanese, rehabilitation was being control events are determined not today: a horse, 10; a pig, two, and

sheep, one gallon. hampered by the lack of the financial make it so.

translated into practice sometimes and disposes of them to the nished

taken-not un- products manufactured by Japanese, Lertion of the fact that over 30 I had come

has a nightmarish quality,

World prices, are naturally, since

New York or Chicago,

The method of determining

true price of any Japanese product Ainerican interests.

NANCY

...And It's C-c-c-cold

HEY---YOU LOOK

SO DO

FUNNY, NANCY H

YOU

By Ernie Bushmiller

M-MY F-FURNACE BROKE

D:DOWN TODAY

ERNIE

Fitch's

SKIN PEP

AFTER SKAVE LOTION

makes your face SMILE HAPPY

On Sale at Leading Stores

SOLE AGENTS HAN KANG CO, UNICH BLOG 11 K