1950-08-14 — Page 7

THE HONGKONG TELEGRAPH, MONDAY, AUGUST 14, 1950...

FOR YOUR SPARE MOMENTS

JACOBY ON BRIDGE.

Lou's Memory Lapse Is Shrewd Manoeuvre

A5

10082 VQJ K3 MAKQ72

(DEALER)

842

N

0074

W E

J73 073 AQUE

10043

S

2

ADS

KQ 64

VAK100S

+103

30

N-S vul

North

East

South

I

1

19

Pas

1 N. T.

Tass

ZA

Puss

JA

PUER

4 #

Pass

1152

Pass

By OSWALD JACOBY

NEVER forget

#bridg

hand," said South. " I'm willing to make an exception in this case. I don't mind losing a hand when I'm outplayed, but

I hate to gel set just became

of my opponents

one

KS AN

absent-minded Idiot!"

"Sorry, muttured Luceny Lou. He even managed to lunk a little sorry, although he really felt like the cat that had just swallowed a canary.

The hand that caused the out- burst was deceptively simple. Larceny Lou, holding the West cards, opened the four of to his diamonds in response

East took partner': overcail.

and then two diamond tricks properly decided to abanden knew that his He the suit. partner had led a fourth-brat diamond. the conventionally

there proper lead, and therefore no point in continting diamonds.

Sound Theory

DUMB-BELLS

OFFICE

DOCTOR STITCH) THAT'S

HAS MORE STRANGE

PATIENTS

THAN ANY

NIS WIFE

IN TOWN!

OTHER MEDICO / CLAIMS

HE IS

AWFULLY

QUICK TEMPERED!

BY THE WAY

.

by Beachcomber

Egyptian offer

The

to they would receive. Triin Turplus other Scottish towns naked. rice for sterling has involved "Why Stirling?" Suct in Charlie. Suet again. The looking up the answOP word rice appeared in this.

memo as mice.

Suet

nt

once informed the author Pro and con ties in Stirling that they

would be sent a quantity of Dear Sir, Egyptian mice.

The

to

វ

London Reprezz Service.

1141- To my no doubt old-fashioned thorities naturally wanted wits there, seems to be nothing

in lunaci

sending Suct made to know why.

Qiseen to America, Laundry inquiries, and then told them expecially a girl who is not even that it was rice, not mice, a laundress. We are told that it

is to promote good feeling. But i there at present bad feeling be |tween American and English

laufrica? Why should there bet What

have point of contact

YOUR BIRTHDAY........ By STELLA the fear this is another of

you are

MONDAY, AUGUST 14

those vague imbrettifies enlle "good will missions"

CHESS PROBLEM

By L. A. ISSAEFF Black, pleccs.

(Name and address withheld) Dear Sir,

yly

More penger to this valiant ambassadress! The laundries are the born today, you of Hterature and the gift of the setting fine example to

If all the inundresses have that are combination written word as well,

reat of un. of frankness

in Europe could get together and and tact

strit Stalin, thère

b the

world you LEEVES

esence Others

peace. leadership.

T. 1. Winter You have follow you. siderable rourant, and if you the first time, do not succeerd

you actually, you are more interest-Why? will try auta util

do.

You are sympathetic and capable

which

cop-

The lars have fiven you the of to talent for making money, for the ability to know you have

commercially profit- wat in

and what is not.

But, able

arc

af

ed in the cultural pursuits hfe and will need to be pushed)

1

1

a18

if you are to become wealthy. Tout

THERE it something baffling Solution to

You wonten

FOR THE BUSINESSMAN

Devaluation Led

To

Solvency Of Sterling Area

By PAUL BAREAU

(Assistant Editor, "The Economist")

The approach of the first anniversary of tho devalua- tion of starling is an opportune moment for a glanco back at what has boon achieved in this difficult and crucial period. In the main, devaluation was the correction of a distorted structure of oxchange rates.

It was a recognition of the fact that the rates of exchange between the dollar and the other main cur- rencies of the world had for long become artificial and that the world, therefore, was being handicapped by n considerable and chronic under-valuation of the dollar in its persistent efforts to balance its payments with dollar countries.

CHICAGO

GRAIN

Grain

Chicago, Aug. 12

futures today rallied from an early drop which car ried toybeans off more than 3/0 bushel, following scattered commission houte buyin 013 resting orders and by shorts.

The war news from Koren was regarded by the trade an some- what more favourable, and dp- parently had lille Influence on Whicht.

Whent export demand wi reported as flat, and there was Utile evidence of domestic de- mand for four. The general Trend

mixed. Elevator interest bought Sep-

of

cor wic

tember delivery a little early, and it is expected that som expart business may be put through with Australia Thursday.

next

Resting

Offerings were light. orders for September oats under 70 cents and demand from shorts caused a fair rally from early easiners in that grain. Boy. carly experienced cat- The recognition of this feature in this recovery of the beans fact and the consequent ud-reserve is that in the last two tered liquidation, with some sell. quarters it has, in part, been ing by brokera who frequently justment of exchange rates, due to the necumulation of net net for elevator interests." was a highly desirable and, supluses by the sterling area when shorts tried to cover, they overdue develop with dollar countries- surplus found offering light. indeed,

of $10 million in the first quarter Whent future at the clon this year and of $180 million in ruted 1-4 to 1% higher, com the second quarter.

was 5/8 to 2 higher, oats were 7/0 to 1-4 higher, ye was 3/4

ment.

part of

WHEAT

2.TK

2.25-16

But

2.2074-15

30

2.27-2.25

CORN

1.523-34 1.434-

1.534-1.50

In itself it did nothing but it

Admittedly a large did provide ertain opportuni- ties; it made it possible, for the additional dollars camed by to 1 higher end soybeanu: 1-1 to example, for Britain and other the sterling area has come from 2-4 higher.

to tackle the primary producers for whose Prices closed as follows:-- countries concerned White, 2 pieces.

United States, now spot White to play and mate in wa, the problem of their balance of goods the

payments equilibrium in the working at all-time record | September

December Saturday's knowledge that at long last the activity, has offered expanding this radio mania.roblem:

March (1051) pull of comparative prices would markets of changing your

at highly profitable

Blay I went into a are socially in-The other day point of view when conditions

1. N-Kts, I... B-KI: 2, Q-Q be working with them and not prices. But that In no way de- make and will

fine barber's shop chance. SL you have certain ciined

In the country. fel); 1...Q-1; 2, Q--R8 (e); against them. Apart from creat tracks from the creditable up-Spot I waited

turn. my to which you adhere. hostesses You will enjoy huy While rdcals

Q-16; 2, Q-BG (ch): in these opportunities, devalun-pearance of the picture, You une not all susceptible ing your nwn home with per-glaneing through an old paper,

R-B5; 2, Q-12 (ch).

tion also opened the door to Your mar-I heard a drouing voice comin to flattery and know when feet appointment,

It is merely a return to the May ¡certain dangers, in parilcular the someone is

It "buttering you up." ringe should be a hyppy one. out of the usual Btlin Lanx.

danger of setting loose a spiral į traditional pattern of triangular was turned 100 low for any

of mounting prices, wages and or multilatéral trade,

which in You have musical talents To find what the stars have in words to be heard. but my

ecsis. for store for tomorrow, sule fellow-customers went on read- which should be cultivated

birthday stor

and reading without comment. After your own pleasure I not for your

corresponding paratraph. use professionally.

ten minutes or so I wondere#l You might the also be able to compose if you Let your birthday star be your why the talk, or whatever it

You have a deep love daily quide.

was

10 with.

East shifted to a heart, on the sound theory that his partner would make trump tricks with- out any help buk might need ramic help to develop any possible heart tricks. As happened, of enurse, West hai not the lightest prospect of winning a heart trick. Dammy won the third Jack of beats.

trick with the

Decinrer's problem was now very simple. He had to play the trump in such a way as to lose only one trick. He ther

tare ben by leading the deuce Trustms. of spades from the

East played low, and Soulh 150 up the king.

It was on this trick Larceny a stepped

TUESDAY, AUGUST 15

LEO (July 24-ANC. 23) which tel your attention. This is just one of those days! Take care of them all. Keep

your temper

you can.

use your

AQUARIUS (Jan, 21-Frb, 10)

wistlom and get along an best Merchandising-and the suc

cess of it-will depend a streat deal upon how you have or- gamised your plans.

VIRGO (Aug. 24-Sept. 22) — There's activity today .with

There promising results. drawbacks, but you can conquer them if you try.

are

JABRA (Sept. 23-Odt. 23)— Take care of serious matters.

was, co

couldn't be turned off, sive nobody could hear it, even But they had wanted to. nothing was done. The voice, a woman's, went on and on antil) I left.

--London Express Service

INTELLIGENCE TEST

PISCES (Feb. 20-Mar, 21)---- Co-operative efforts and terests are well favoured, Lel your actions determine the re- sults effectively.

in-

FIVE RACES

22-Apr. 20)-

ARIES (Mar.

Come to some agreement which An Important day for Importnat

things

done right. : you want Or- will beneût your future.

Guard spinst health upset. anisatfor

is favoured, Conserve energies. work

thal on de-

foo.

clarer's toes. Ite merely threw the

withbui five of spades reeminst to think about it. Later on, he explained that be had been thinking about some- thing else and had merely for golten to take his ave of trumpe

Lou wil! if you believe that, cheerfully think up other steiler to tell you!

Off The Track

This "abrent-minded" play threw South completely of the He decided that West track. could not have the ace of spades. Therefore he got back tommy with a club and led another frunis. East again played

thig Lime tow, and South

the cueen of spades, expecting to win the trick, Much to his diegusi. however, West played the are of spades. This made East's jack of spades high, and the contract was thus defeated.

TC Lou had taken the first trump fikk with his ace, South would have made his contract. De would have returned to dummy with a club or a heart, Then he would have led the les of spades from dummay, nessing: The have succeeded.

through East's Jack.

fnesse would

so South would have lost only

one trump frick

Lou, a very

SCORPIO (Oct, 24-Nov, 22)- Take care of some important matter which perhaps has been pending for sun time. Protect your job.

SAGITTARIUS (Nov, 23

al Dec, 22—A fine day for serious Work: study, research, mere, andisinst and all em-

oyment matters. Be alert. CAPRICORN (Dec.

TAURUS (Apr. 21-May 21)- Look Into everything carefully today before deciding anything important. Protest your rights.

GEMINI (May 22-June 22)—| Don't be ruled by impulses. Think carefully before you net and all will be well, Settle old business.

CANCER (June 23-July 23)— 23-Jan. Perhaps a letter will clinch

contract to your advantage if 201-A trip may bring you in you work things right. contact with distort affairs good judgment,

BOYS' AND

UBC

by T. O. HARE

Lunt ANCHOR Bacchus, Captain Cuttle Mrk

Adoniral Dough, and Ephesus

The several owners of vo well-appointed

La yachte

they A serien ut live races, Mared Weld

auccessive days, in the course of which each of the Worralled each yachts its succeedon. On the Din day, when Xautione wod by a matter of a few seconds. cich owner sailed his or her own yacht.

On the Asst day Mr. Anchor sailed

the Tapperui second day Adintrel KohesuN salled hyphas. On the third day there was a most eyelling tace: Fohen, Falling Whitin Kate, desd-rated with Cuttie. who was at the helm of L'hyphos On the tourth day Mr. Anchoring Mebl just lost to Lard Bacchus.

arling Tappertit

Which yacht is whined

17

CROSSWORD

109

=

Actors

A

review

of

the

1.404

1.4735

September December March (1951)

September

1.37-1.37

2.413-1.47

1.472

QATB

7716-70

73%

7713

MAY

the past had always been the December framework within which the period world has balanced to accounts September since devaluation, and a verdict with the dollar countries. It is December on the decisions that were then niso n reaffirmation of the fact May

March (1951) made must, therefore, be cothal Loudon remains the banker cerned with the two questions: of this far-flung sterling area how have the opportunities teen whose balance of payments must seized, how have the dangers be viewed as one ,been volled?

PRIMARY OBJECTIVE

The

of objective primary devaluation was to restore soine the balance of. equilibrium in payments with the dellar world and to prepare for the position when Britain's essential dollar requirements will have to be

2. nano who act in it au so o met without

naproment, (71

d. It indicatea intention. (34)

8. Fitting aid to cleaninEDA, (4),

9. Name of the fret Minister, (7) 1:1. Stratigan të veracity. {0} 14. A tramp in America. (3)

ill. Bouton ko Down, but not so

alten, (5)

20. Copper but my fraud in German

with full

21. Not so heavy even

cargo aboard. (71

22. An Grouttence that often happens,

United Press.

particular HONGKONG

problem. Here then is an indeation that the opportunities offered by devalunilon have leen seized.

MAIN

DANGER

SHARES

Interest in the better known Shanghai beurs was again de- of the Hongkong Stock Ex- played at this morning's session

change.

Have the dungers been avoided? The main danger was that of opening the flood gates for an inflationary Uide which exceptional would sweep up the level of wages, custs and prices. If this bad bren · done all the advantages offered by devalun- Lion would soon have been BANKS

uny assistance from the United States.

The turnover for the sersion Transactions put was $64,935: through and noon prices were as

follow

SHARES DUYER BELLERS SALER

Eat Anin.. 141 INSURANCES

Canton has now. there

Union indication of SHIPPING

Asia Nav.. meriting such

has

been DOCKS, ETC

S'hal Dock restraint in

In some ways that task might at first eight appenr 10: have been made more difficult frittered away.

Up by devaluation. Essential inports

to from the United States would. in

little *** been terms of sterling, cost 40 per- ja movement

and description. There cent more than previously at the same time, Bellain would commendable have to export far greater demands for increased wages

the volume of sterling gooda to

and in

in payment of dividends by United States to secure the

the companies. Costs have On thai rame dollar income, ****** together you get this bra argument there were mony who kept down. The index number 5. Fins within it here we see a deep reasoned in September 1949 that has leen by less thou ont

UNE UTILITIES

Down

Get in string at the nar. (1) 2. Entertainment that ninkes even

barumet awear 7 10+ 3. Unteeltug. (4)

couple

Issure.

1

Artits get

7 According to runk Gubert

[7]

2

n

10 welch 171

had

ever

devaluing, sterling

put further away

the prospecta uf

elrettontering

trude and payments

11. Synonym of 2C Down

14 A cumpment of an

13)

19. This cinger in employed in catch. wit the United States,

13)

17 as it open p the waterfront /

(41

19. Sree in Ihe fairground 13)

20. Synonym for 11 town. 13)

(Solution on Page 83

GIRLS'

MAGAZINE

A Very Strange Thing Indeed Rupert and the Back-room Boy–19

-Willy Toad Saw a Snail Running-

ever

had seen the ten and nine of Hand said: "What was it,

But Willy didn't know where it had gone to except that it had one across the rond toward the

or

wrens,

At that Instant Hanid heard a prent commotion. Ten twelve robins, sparrows thrushes und jay-birds all rose screaming out of the oak tree nut far from the pond.

By MAX TRELL

64CITRANGEST thing I

did see!" Willy Toad was raying to Hankl "Strangest end, thing anybody ever did sco!" he ided. "I saw it. I looked at it. I watched it. And still shrewd player.idn't believe it

He had spades in the dummy.

the bidding also deduced from that South kratt a four-carti trump suit. Is refusal to play the ace of trumps on the first round of that suit was therefore

deliberate

and very a very clover manoeuvre. He read the situation and entire

trump threw South of the frack by refusing to win the first trump trick.

Check Your Knowledge

1. What is the "draft" of a boat?

2. Name the.

"Ivanhoe."

nullor of

3. What is metabolism?

4. Name the capital of the

Hawaiian Islands?

. What former President o the United Sintes has been coll- ed the "great engineer"?

6. Nome the international convention at which the world pawers agreed to respect the persons and property of those tending the wounded and sc in battle.

J

NCAnswers on Page 8)

Willy? What did it look like?"

"Well," said Willy, "it looked ilke

1 snail.

BUL

whether

it was shall or not I'll never know. It was the first time

"That's the snail!" exclaimed Willy. "He's frightening the

ever saw a sumil running and birds!" bepping

skipping and

and

Jumping. Snails usually crawl, So Hank and Willy hurric

you know. No, they don't even

across the road up to the oak crawl; they gilde. And they

lide so slowly you can hardly tree to find out.

them move. But not this "Never saw the likes of it

see

en oh no!"

Jumping Snail

"I'd certainly like to see that running hopping skipping- and-jumping shall said fanid.

Willy stood mopping his head.

"As soon as he has spoken. Rupert Retr an idea, Is your back-room boy an imp like you only dressed in black?" he aski. "If so, all I did was to set him free from the net he was caught in." "Yes, that's the fellow," says the other," and 1 wish you'd come and tell our king about

ALL RIGHTS

can make himself any size he plenats. He must have found an the robin was saying to The

empty snail-shell and crawled Juy-bird. The robin was all inside t He's pretending to be sh'vering from fright

a shall,"

cl'mb a tree so fast,"

15.

Ale

Ai presni we can't do anything with our back-room boy. neglects his work, and only goes about mattering what he do to you

He seem when he catches you so warned that Rupert hurries into his dressing gown and follows him through the window.

RESERVED

Was

the

Wheelock beenLAND. ETC.

HK Hale! ....

HK Land S'hat Land

13:00 i 320

1000 ( 3.40 2000 1

200

105

634 cts 2000 201⁄2¢,

10

.... 300 314 1000 ( 3.30

10 20

34

1.30

1000 1.30 1000 1.30

Tram

10 TO 2. Light (0) 6.50 LIEN IN) 44

170 117 140 T

2006.10

2003

10 30

11

100 de

Ewo

.20.30

3.20

1000 44 310

1000 120

1900 e 120

MISCELLANEOUS

Itub. rust, 3.10 2.30 1000 un 120

3000 ** 1.20

1000 2.10

500 G 233

of wages since September 1949 Britain percent

The cost of living than index number has risen by just balan under two

the rise percent, being modcrated by cost of living subsidies

Electrle... M At the same time it

Telephone ennnot be ignored that wholesale

STORES, ETC. reason- prices have risen by ten percent

Dalry take and that prices of imports have truths risen even faster, mm:ly by 20 COTTONS

and percent. The need for restraint,

That however, Was int

which did not account

of

basic of cenomic science which ignored the effect both on therefore, remains,

the volume of sterling exparis and of dollar

KEPT AT BAY

It

imports of the completely new relation of prices which had been established as a result of the world-wide that járvaluation of lust September.

Dairy

Watcon

DEE + DOS

Exchange Rates

should

stressed li of The pillars of this policy of restraint is the soundness of the national WORLD CURRENCY

finances. The Exchequer re- turns for the first The force of this argument the new financial year showed quarter of has been enormously increased surplus of £43,700,000 $ Bugler wo dune in, the Incal

the exchange against a surplus of only £2.- unofficial by the fact that

exclunge market thi adjustments which were begun 800.000 IN

corrinondlug meming at the following rales with the devaluation of clerling period of

Sterling pound note per 1010, With the US dollars per $1 proved world-wide in their re

Government finances on an even Indenesta galdets (per 100) rercussions. Once again steri-keel there must be greater tam tieals (per 100)

singapore (Strike)) to be truly u ing was shown

confidence in the stability of PIC plastres (per 100) world currency and most ochei sterling

Britain, countries accoinpanted elther part or the whole way,

Of tlevaluation in the devaluation of sterling September, therefore, much as OUTWARD MAILS against gold and the dollar. As it appeared to be

thrust upon

The

the

last

a result, dollar Imports have Beltsla and unwillingly ac- become dear throughout the cepted, has contributed nobly to non-dollar

The world.

new the return of the United King- whole sterling trend of international trade ut dom and of the

In motion by the events of lust area, to solvency in terms of September has been world-wide dollars. It has done so, not by In its incidence.

The effecis

virtue of any inherent quality In currency manipulation of this. of the kind, but because the

op- on the portunities made available by it

best measure of this move world's balance of payments are being enoitalised and be- far Ks attendant

problem and, Incidentally, of the cause

Бо

manner in which Britain and the dangers have been kept at bag. rest of the sterling area have the pond. It used the opportunities given 1.

right.

right splash into Knot! all could see his head and fuck out of the shell!

They them by devaluation, is provided

Arms by the steady rise in the gold Wholesale Price

Indices

held by front of the and dollar reserve

1943. Britain since September Just prior to the devaluation of They seized him when he zierling that gold reserve had eurde up out of the water. Willy fallen to $1,340 million.

London, Aug. 12. In tha sat on the shell while and last quarter of 1940 it rose by Aceeding to The Economist's pulled on Kuart's arms and $203 million

Index. That was an ex- fortnightly

wholesale the birds pulled on his nose and pected movement in which once prices live risen about 2.4 per- ears. They got him out.

for all speculative movements, gent since the outbreak of the Korean war. Their index on August 8 loot at 1940, com-

"Came right up

"Oh-ho!" the trol"

end the lay-bird and three of the robins. said the Jay-bird, trying to stop her lences from knocking

"No wonder he could climb together. "I never saw a snail a tree so fast!" said four wrens

and several sparrows.

"If you ask me," said the

Taught A Losson

"Let gu!"

sparrow, it was more liko EL

SNAP

►

boy than Banail. But it was

he shouted, "I'm played a large part.

MORE SIGNIFICANT

Tho nerve of him!" sa'd

They got him

rut at last

"Don't ever do

This the ling.

ng

In a shell. So it couldn't have Willy. "He thould be taught a The birds slood in front of him been a boy. It must have been lesson! No boy should be and scolded:

allowed to pretend he's a snail!" this agala!"

a snail."

Haold suddenly thought of "That's what I think,” cald· somolling. She thought of her Handd.

brother Knarf. She wondered where he was. She hadn't seen him all morning.

was

from

2) 10

6.303

-

Unreginered letters printed matter for China maini Land and Halan aland can be accepted af tenders! risk and will be forwarded a oproste. nity offery.

Unlow otherwise stated, Ro› gistered Articles (by air of sosì and Partel Parla close out Hour earlier than the ordinan I mail close before I A.3. Hegistered and Parcel Posts close at 4 p.m. - oi, iki previous day, Maile are closes at Rowicon Central Post Off one hour earlor than the 0,5/0, - closing times.

Mak

Karach!

MONDAY, AUGUST 1.

Clouby Times By All USA. & Canica, 2 p.m. Rangoon, Calcutta, Bairs, Cairo (Nairobi Membe Dards Salaam, Mauritius & Johannes- burg via Cairo), toma & London, 5. p.m.

Sydney

Singapore. Djakarta, Auckland, 5 pm.

Bangkok & Colombo. 5 pm. Japan. 1. p.m.

Closing Times Dy Be

stralia & Tinagoon, 1 p.m.

*

TUESDAY, AUGUST 15 Closing Times By Al Manile, Honolulu & U.S.A. (talians, second class ma

and

Parcels) Guam Clestars and second cla

nil) Canada (letters only), 8 pm, saigon Park, 5 pm.

Bangkok, 8 pm.

Taipeh, i p

* Closing Times By Sa Canada Via Vancouver,

pared with 189.5 on June 27.

immediate reaction to The extlie price inlex has devaluation of ster-rise five percent from 230,0 16

it 242.0, impressive, though

no by

means But Hanid hud 10 laugh astonishing.

The min rals price index has 10 am. For more sign- overy t'me

3.2 percent Tooked nf cont has been the continuation ten about She So they all pet out to find Knart. He was curved all of this movement and, further-2015 to 2889, while the mis- Knart, who was Inside tin around, like preizie. That more. Its continuance at an accellaneous index has gained 6.3

first percent empty shell, pretending he was was from being ride the enal quarter of

'elerated pace. In the

.1950 She got all the birds together. a mail!

the reserves

But the foo^t, index, b*x rêu Then she spoke to them,

chell. She had to stretch him went up by a further $200 millon think I know who this snail is, They found him rolling down out on the ground and s't on and in the second quarter by mained unchanged, Unlied my dears. "It's my brother. Ha a big, smooth, sloping rock, him to get hun straight again! $498 million. The most striking Press [ena pronio ante g

"I

Formona via Keelutie, 2 pm. Cerita Djakaria, Sourapara Macamar 3 pm.

WEDNESDAY, AUGUST 14 Closing Times. By Air *Monika 11 am - Talpeb. 6 p...

Japan. 10: Mania, 3pm

B.C..