THE HONGKONG TELEGRAPH, MONDAY, NOVEMBER 20, 1950.
HAVE WE SEEN LAST CARAVAN FROM TIBET?
of
From Russell Spurr
sales.
FOR THE BUSINESSMAN
Rubber Interests Up In Arms About New Export Tax
(OUR OWN CORRESPONDENT)
London, Nov. 18.
1 jumped six to 73. Sterling des were also affected and were generally better by two
on offer and suffered an all-round de-
or three points. Later, how- ever; Japanese came
line.
Mr Gordon Gray's recommendations that With a cynicism match- political barometer, thos sag- ing Russia's 1939 invasion ged to zero. The caravan routes huge sums should be spent by America to finance are empty. The long fles of the development of backward areas is one of the defeated Poland, Com-yaks and, mules, bearing pre- munist China has marched clous bales of Tibetan wool, did most important aspects of his report to President
The Far Eastern situation into Tibet, ignoring Pandit not reach India for the autumn Truman on American foreign economic policies. continued to depress the mar-
ket in Chinese bonds. Nehru's pleas to avoid force
Any attack on the report as
gone a radical change. The and treating with contempt Yak wool, Tibet's main ex- Instrument of "Wall Street electorate has expressed its British rubber interests are the Tibetan delegation port, is in demand all over the imperialism" is forestalled by doubts about the Truman ad-up in arms about the Malayan
world. It fetched a high dol- the excellent sentiments ex-ministration by depriving the Government's decision to
im- which was ready to give
lar price even before the re-pressed in it. Mr Gray makes President of many of his sup- pose new export duty on the Red China all she demand-cent boom put wool into theit abundantly clear that Amëri- porters in Congress and commodity. All week there
Senate.
have been talks among mem- It is to be hoped that the Ibers of the Rubber Growers Republicans, who now have a Association and Rubber Trade larger voice in the management Association in London. A re- of American affairs would not quest has been made under-estimate the importance turned down for a full-scale of Mr Gray's recommendations. Parliamentary debate on the Efforts to render the germs of subject, but Mr James Grif- Communism harmless would fiths, Colonial Secretary on not be effective until they are whom much of the blame for attacked in their breeding] the new impost has been grounds--which is really theplaced, is expected to make a message behind the report. statement in the House of Com-
éd..
The Tibelan delegation in Delhi, led by plump, melancho- ly Tsepon Shakabpa, a monk from powerful Drepung monas- tery near Lhasa, asked for any terms Red China liked to offer.
They waited assiduously on Jittle General Yuan Ching hsien, who is Red China's first ambassador to India. They posed with him for Press pic- tures, before a group of curious correspondents.
*ARMY STATEMENT?
0
Lama,
re-
gilt-edged class. Recent sales ca must bring under-developed | financed purchases of gold wrist areas "increasingly into a not- watches, expensive miniature work of international trade cameras, gold teeth and signet which will promote more effec- rings that now adorn the young tive use of the economic and wealthy in Lhasa. They sources of the free world and also enabled Tibet to buy will enable the countries com- modern American arms from prising it to achieve progress defeated or defecting Na- on a self-supporting basis." tionalist generals in Western But Mr Gray who is, above China.
all, a realist does not lose sight of the danger threatening backward areas. It is vital, he says, not to lose the sources of needed raw materials produced in these areas "to forces of Communist aggression."
This source of wealth has now dried up. The Indian Go- vernment banned wool exports, including Tibetan supplies, be- cause Indian manufacturers could not get enough for their needs. Fear of Communism has finally killed the trade..
-
dards of living in South and Plans to increase the stan-
South-east Asia were recently made by the principal countries of the Commonwealth in con- sultation with the governments of the countries concerned. These plans visualised the ex- penditure of about £2,000,000,- 000 over a period of six years, but little is yet known of means by which this vast
T
and
year
The Stock Exchange TVAS mong next week. generally quiet this week with interest chiefly in industrial sections. Buying was selective factors. Dealings in gilt-edged and was influenced by special
stocks were less active than of
tions were registered.
The new tax will operate from January first next
lated on five per cent ad valo and will replace the existing export duty which is calcu-
Tibet's present to the ambas- sador,
It may revive, but those who
late, and only minor beautifully-worked |
know Red China believe India painting of the Dalai
has seen her last caravan from was produced and handed over. Tibet for many years to come. The little general took it and paused in solemn contempla- tion while the flash-bulbs pop- ped. The Tibetans smiled ner- vously, the Chinese remained unmoved.
"Any statement?"
The Tibetans smiled again, but the general shook his head.
"Would the Peking Govern- ment accede to Pandit Nehru's request not to force the issue in Tibet?"
The general Tibetans' smiles flickered
died.
yawned,
the
and
The disgruntled
correspon-
the
dents trooped out into steamy monsoon afternoon, The dejected Tibetans followed soon after.
"Like poor relations looking for a loan they'll never get," remarked one correspondent as they walked slowly away.
in
All but Shakabpa are mem- bers of powerful feudal famil- lies with extensive estates Tibet. They know the fate that awaits them now that the Reds have marched in. Some have already bought property in Darjeeling,
on the Indian frontier, but it is doubtful sufficient funds to exist there indefinitely.
whether they have
SECRET GOLD HOARDS
Their only form of portable wealth, gold, is in tremendous demand all over Tibet and the price is rocketing. Those who
STANDARD BRIDGE
By M. Harrison-Gray
69 62
Deater: South East-West game.
10 6 4
8 2 3
7 4
7 5 3 2
ARQJV3
• A 10-4
$ A 62
South opens Two Hearts (forcing for one round) and North gives the
negative response of Two No Trumps. South rebids Three Hearts and all pass. Had the open- ing bld
been One Heart. East-West would probably reach Four Spades which cannot be defeated, but neither of them con risk bidding, vulnerable. at the higher level.
West Icads R followed by Q. •South,must ruff with 9. The fair of East's
10 at trick 3 gives him an entry to dummy by leading 3 to 8,- and 3, is ied. South's best chance is to find East with
doubleton Diamond honour or with both missing honours. When Enst plays 0, South covers with 10 and subsequently drops under A, thus making 9 tricks.
London Express Service.
can sell out and buy the pre- BACKGROUNDS:
bious metal do so, but wary
bullion dealers will not accept and the estate-owners' only
cal asset.
or
A few haveři secret hoards hidden in mountain caves entrusted to friends in, local monasteries, but the majority ace the prospect, of poverty if hey flee. Many in the end may hoose "Liquidation."
The rest of the country he hardy mountain herders, he many playing monks in the reat fort-like monasteries, the armers with their little plots
f fertile land await their fate
ith philosophical calm..
One day during the St Mihiel
fluctua-
The announcement that only £88,000,000 of the £209.000,- 000 of two and half per cent National War Bonds were con- verted into new funding three and half per cent stock 1966-68 caused some surprise in the amount is to be raised.
city. It had been estimated Mr Gray's
must, that £150,000,000 of the bonds therefore, hearten those who were held by Government de- are sceptical about the prospartments and would, therefore, pects of financing the Colom- be automatically converted.
report
7
rem basis.
Quite apart from the severi- which ty of the new duty rises according to price of eight the times the present level — rubber producers are greatly concerned about the effect will have..on the future of the industry and the economy - of Malaya.
· on
The duty is calculated the basis of average spot price in Singapore over a three- month period, The amount of duty to be paid in any quar,
ho plan. It calls for vigorous This leaves £121,000,000 ofter period will be notified three efforts by the International war bonds to be repaid in months before it is due. The Bank for Reconstruction and February next out of the pro- first quarter duty. will he Development and the Export- ceeds of cash issue of the twenty and one quarter cents. Import Bank to achieve a net £250,000,000 funding loan.
It is quite obvious that if outflow of capital to under-
Imperial Chemical Industries' the price
falls of rubber, developed areas in the range of
announcement that they will sharply-which, under the pre- $600,000,000 to $800,000,000 a build a £10,000,000 plant to sent market conditions; might year, of which half or more
produce a new synthetic fibre happen at almost any time →→ should be supplied by the In- known as "Terylene" was ternational Bank from sources ceived with interest. As a
re- the duty that will have to be re-paid on exports plus cost of other than the United States sult, the one pound units of production might conceivably Treasury.
Calico printers, two of whose be greater than the current chemists discovered the new price. material, advanced to 40s. be- fore reacting slightly to 39s.
Mr Gray attaches great im- portance to the role of private Investment in these operations. But in view of the uncertain Rolls Royce are to
raise political conditions which have nearly one and half million played their part in impeding pounds of new capital by progress of under-developed rights offer to ordinary share- areas, capital for development holders. A total of 383,333 £1 must, in the first instance, be ordinary shares are to be offer- the responsibility of governed at a price of £3, 15s. each ments. Private investment will in proportion of one new share only be attracted after basic to each complete £3 of stock development
has been com-held. Rolls Royce are now the
most important producers
pleted.
Provision for this initial in- jet aircraft engines in centive is made in the report country.
of
the
were
This
raises Lall sorts of serious doubts. At the time of rising prices-as at present there will be a scramble
for transport facilities to get rub- ber out before the beginning of the next quarter when a higher duty would have to be raid. Delay in disposing of stocks would involve the pro- ducer in heavy financial loss. When prices were falling, shipments would be held up until the next quarter when duty would be lower with con- sequent interruption of exports. The goneral impression is
which envisages grants from That Japanese bonds the United States for develop-being relisted in Wall Street ment and technical assistance enlivened the foreign bond that the resultant chaos will amounting to $500,000,000 a market, but early gains were benefit nobody but the Com- not fully held. The biggest munists who must welcome any Since this report was pre-movements. were in Japanese move that drives a wedge be- pared, the balance of political stocks with a dollar clause tween the people of Malaya, power in America has under-end five and half percent 1930 and their Government.
year.
Douglas MacArthur No. 13
By MELVIN K., WHITELEATHER & NORMAN MYERS
-13--
There was every reason for Like his father who was the MacArthur, was in command Some of the nomadic tribes offensive, Douglas MacArthur his men to call this commanding boy adjutant in the Civil War, of the Rainbow Division in the ave been forced to move by was at the table with his staff officer who refused to stay far Douglas
was the
youngest Setian offensive that was stop- ed infitration into districts The orderly who was fetching behind the front lies, "A hell-
brigadier general in the Ameri- long the Chinese border the meal was blown into
he won his ped short by the Armistice can Army-and hey are beginning to trickle smithereens by. h shell outside to breakfast baby" Some Alur
-promotion on the... battlefield. The Division was driving so ack, however. The general
men were keen on Calmly... Mac staff officers didn't relish visit Secretary headquarters........
of War Newton D. hard the reling is "let's see what to-Arthur said: "Sit down again, ing MacArthur for they knew.
pushing through to Berlin. orrow brings it may not be gentlemen, with m All of they would have to conter With Baker, called him the coun- They had to be contented with orse than the winter snows,' Germany. not kill him up where, the shelling was try's greatest front-line gen- a tame march to the Rhine as But tradeTibet's ~seriflive MacArthur »***
éral." France decorated him. part of the Occupation Army.
the thickest:
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