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HomeMy WebLinkAboutThe Seaforth News, 1958-01-23, Page 2N "Big Leak" On Bank Rate By TOM A. CULLEN 'NEA Staff Correspondent LONDON — (NEA) — The best show in .London is not an American musical or a ,French bedroom farce, but a humdrum government: inquiry into the re- cent Bank Rate increase - "The Big Leak," as it is called — to which admission is free. There is none of the gilt and red plush atmosphere usually as- aociated with a smash -hit. The banking drama is being unfolded at Church House, Westminster, where the bishops of the Church of England meet in solemn con- clave once a year. If there are no bishops un hand for the government hear- ings, everyone else of importance seems to turn up. Audiences range from Members of Parlia- ment, financial editors, stock brokers and civil servants to so- elety dames and /Tuber Gulben- kian, the Armenian oil king ("Absolutely fascinating, T wouldn't miss this for worlds," Gulbenkian declares). A government tribunal headed by Lord Justice Parker is inves- tigating rumors that a "leak" prior to the Bank Rate being raiesd from five to seven per cent on Sept. 19 led to a few speculators making a tidy profit on the stock market from their inside tip. Leakages aside, the Royal }Stock Exchange was the scene of. feverish activity the day be- fore the Bank Rate was boosted two per cent to become the highest in 30 years. Over $12,000,000 worth of gilt- edged securities were unloaded by three London banking firms, alone, and stock jobbers com- plain that selling continued long after the exchange closed. But this is only a small part of the drama being played be- fore the Parker tribunal. Spec- tators at Church House are led an a conducted tour of a whole new world, one which is often discussed, but seldom glimpsed in action — the world of high finance. Ifthere is one fallacy that the Parker tribunal has knocked in the head, it is that the British businessman is taciturn. He is the most talkative creature in the world, judging from the gov- grntnent hearing, The bars, club - MOM and chop -houses of the city fairly seethe with gossip and tittle-tattle. The mast chance encounter and the most casual remark, however, are apt to take on an ominous significance at a gov- ernment hearing; Take the case of Oliver Poole, deputy chair- man of the Conservative Party, and Lord Drogheda, director of The Financial Times. When these two collide in the bar of the Old Vic Theatre in between acts of "Hamlet," neither dreams that the conver- sation which ensues will later be picked up, magnified and cross-examined before the Parker tribunal. Why is it of public interest? Because the chance meeting takes place on the eve of the Bank Rate rise. Or take the case of pretty, 19 -year-old Susan Chataway, who works for the Conservative Central Office. One has the im- pression that she is merely act- ing as the agent of a larger destiny when she steps into the 8:08 commuters' special for Lon- don on Sept. 25. For there in her compartment is her second cousin who works for the For- eign Office. What imp, one wonders, pushes Susan. to boast of her job at the Conservative Party headquarters. "I say, what a lark," the cousin exclaims. "I suppose you get an opportunity to leak all sorts of Information." "I wouldn't be surprised if the pollee call around any day," Susan replies mysteriously. Then, enjoying her cousin's bewilder- ment, she adds, ' "It's about this Bank Rate business.", The cousin is plainly aghast.. "Good God," he cries, "you didn't know of it in advance?" "Yes, we knew," Susan replies, relish- ing her triumph. And now here is Susan before the Parker tribunal explaining that it was all a joke, Is it her fault ii her cousin lacks a sense of humor? After this curtain -raiser, the Scene shifts from the money marts of the city to a lonely grouse moor near Dumfries, Scotland. Here, early in Septem- ber, William Keswick, chairman of Matheson and Co., bankers, is entertaining as his guest Nigel Birch, Economic Secretary to the Treasury. What was said? Why did Kes- wick cut short his holiday in Scotland and hurry back to, Lon- don to advise a Hong Kong sub- sidiary to sell over $3,000,000 worth of gilt-edged securities and to buy American bonds and equities? "It is anti-British and derogatory to sterling," Keswick' wrote to. the Hong Kong firm, "but it makes sense to me." Now to center stage advances Lazard Brothers, the banking firm foundedby three French brothers who got their start in the New Orleans cotton trade in 1847, and who followed the gold rush to California to make their fortune. Chairman of Lazard Brothers is Lord Kindersley, 58, whose bosom harbors the dilemma of the man who acts in dual capac- NUBAR GULBENKIAN: "I would not miss this for worlds." ity as a director of the Bank of England, and as chairman or director of a number of private firms. To whom does he owe his first allegiance? As a Bank of England director, Lord Kindersley has pr i or knowledge that the Bank Rate is to .be raised. As chairman of Lazards, he must blot this knowl- edge out of his mind. In- deed, Lord Kindersley isn't even consulted when Lazards decides to sell $4,000,000 worth of gilt- edged securities — it is too trivial .a matter to bother the chairman with, his associates claim. . All the same, Lazards makes a $90,000 profit on the deal, for the firm buys back nearly half the securities after the Bank Bate has been raised. How to divorce the "public sector" of his mind from the "private sector" is Lord Kinder- sley's dilemma. A lesser man might crack, develop a split per- sonality under the strain. In- deed, Lord Justice Parker finds the effort called for to be "super- human." "One must be good at poker," is his lordship's acid comment. CONTRAST IN CONCENTRATION—Soviet doctors, Zola Doro reeve, left, and Nina Zhdanova present a contrast in concentra- tton as they listen attentively during a discussion at the Uni- versity 'of Minnesota in Minneapolis. The two women are visiting various universities and hosprrais'during ,a tour of the, United States. LIMBERING—"Out on a limb, pert Ginger Stolz makes like a high wire artist at Cypress Gardens. That little parasol won't keep her dry if she falls in the drink, but the water's warm anyway. TABLE T4LKS Jane Adews. When you're having friends in for an informal supper—or your family is ready for a change— how about serving a ring, loaf, or souffle with cheese as its chief ingredient? Use this ring as the center for a large platter or chop dish, and circle it with. white, green, or red vegetables. Then have each guest serve him- self, buffet style. You'll find this an easy and artistic way to have a simple supper. Tiny red beets may be used for garnishing this type el dish, or use spiced crabapples. Cauli- flower, small boiled potatoes, or boiled onions may be used for a touch of white. Broccoli, beans, Or Brussels sprouts make accents of green, while sweet potatoes or squash will add yellow. A sauce for your ring or loaf Ls easy to make if you will use canned soup for a base. All you do is add from 2 to 4 tablespoons of milk or water to a can of condensed c r e am of celery, mushroom, tomato or chicken soup and heat writes Eleanor Richey Johnston in The Chris- tian Science Monitor. If you want a flavour all your own, add curry powder, pre- pared mustard, sharp cheese or minced pickle to suit your taste. The sauce is decorative when served in a small dish that ex- actly fits into your ring, but if you prefer a vegetable there, serve the sauce in a separate serving dish -with your prettiest silver ladle. a * This noodle ring is rich with the flavour of Swiss cheese and cream of celery soup, Use this same soup as a base for your sauce. Swiss Noodle Ring 3 cups medium noodles, cooked 1 can condensed cream of celery soup, undiluted 11/2 cups grated process Swiss cheese Ye teaspoon paprika 1/s teaspoon salt 1/2 teaspoon white pepper 3 eggs, slightly beaten Cook noodles in boiling salted water until tender; drain. Com- bine soup and next 4 ingredi- ents in a saucepan. Heat, stir- ring occasionally, -until cheese is melted. Gently m i x cheese mixture with eggs and. noodles. Pour into 1 -quart greased ring mold. Set mold in pan of warm water. Bake 45 minutes at 350° F. or until knife inserted in cen- ter :comes out clean. Let stand 10 minutes before unmolding. Fill center with cooked, butter- ed, asparagus tips, Serves 6-8. Serve this macaroni or spa- ghetti loaf with a shrimp sauce which you make by cutting shrimp into quarters and adding to a medium white sauce. Mix well. Macaroni or Spaghetti Loaf 1 cup milk 4 tablespoons butter 3 eggs, separated 1 cup grated Canadian cheese, firmly packed 1 cup soft bread crumbs, firmly packed 114 cups uncooked spaghetti or macaroni 1 tablespoon chopped parsley 1 teaspoon grated. onion 1 tablespoon chopped pimiento 1/2 teaspoon salt 1/A teaspoon pepper Break spaghetti into l -inch pieces and cook in 2 quarts boil- ing salted water until tender; drain. Heat milk with butter and pour gradually over beaten egg yolks. Add spaghetti, cheese, bread crumbs, parsley, onion, pimiento and seasoning. Beat egg whites until stiff and fold in. Pour into well -buttered loaf pan, place in pan of warm water, and bake in medium oven about 45 minutes, or until done. . * " « Meat Souff14 2 tablespoons butter 2 tablespoons ' flour 2 cups milk, scalded fi cup bread crumbs cup onion, chopped fine 2 cups, ground, cooked meat Salt and pepper 1 eggs, separated Cook butter and flour until smooth, then stir in hot milk and stir until smooth, Add bread crumbs, onion, and ground meat. Season, remove from heat and' stir in beaten egg yolks. Fold in stiffly beaten egg whites. Pour into greased 11 -quart casserole and bake at 350' F. about 1 hour. * * * Chicken Ring 1 tablespoon Worcestershire sauce 1/2 teaspoon salt IA teaspoon ground nutmeg Dash pepper 1 can undiluted chicken, mushroom; or celery soup 1% cups diced cooked chicken 1 cup soft bread crumbs PA cup milk 3 eggs, well beaten 1/ cup.. minced parsley V cup chopped pimiento 1 tablespoon minced onion Blend first 4 ingredients into soup; stir In chicken and re- maining' ingredients. Pour into greased, wax paper -lined, 1 - quart, ring mold. Bake 30-35 minutes at 350° F. or just until set„ Let stand a few minutes before unmolding. Fill center with peas; garnish with pimi- ento. * * * Corned Beef - Macaroni Loaf 4 ounces elbow macaroni 1 egg, beaten 1 cup tomato sauce (8 -ounce can) 1/4 cup chopped onion 1/ cup bread crumbs 1 teaspoon Worcestershire sauce Secret ' Weapon When contralto Marian Ander- son debarked from the plane in Taipei, Formosa, on her State Department -sponsored tour of the Far East,the first question that greeted .her was "What about Little Rock?" By the time she had finished her 40,000 -mile, seven -country tour earlier this month, she had heard the same query a great many times., To a woman interviewer in New Delhi she said: "I had no bitterness. and I have no bitter- ness now." To school boys in Kuala 'Lumpur; "Things like hate and 'fear destroy you, 'restrict you from being the kind of big person you could be." In a Chris tian church in Vietnam she sim- ply sang the spiritual "Let My People Go." When her eleven - week trek was over, Gen. Alfred Gruenther, who followed in her wake, remarked that the U.S. needed more Marian Andersons, and called her our secret weapon, • Fortunately for Americans who 'mow Miss Anderson only as a statuesque and ,reserved perfor- mer on the concert platform, the staff of CBS's "See It Now" got permissionto accompany the singer on her Far Eastern travels. Theirhour-long report gives a vivid close-up of a great Ame- rican, and tells the story of one of the most effective good -will emissaries the U.S. ever sent abroad. Following her from an out- door amphitheater In Korea to makeshift halls in : Hong Kong and Saigon, from state recep- tions to classrooms, Edward R. Murrow's perceptive cameramen pick up a gallery of faces of every age, shade, and .national- ity. At the Saigon airport, it is 3/2 teaspoon salt 2 cups cooked corn beef (12 -ounce can) or chopped ham Cook macaroni in boiling salt- ed water until tender (about 8 minutes). Drain and rinse. While macaroni is cooking, com- bine remaining ingredients and mix well until blended. Fold in. macaroni. Pour into well greas- ed loaf pan 414x131/2 inches. Bake at 350' F. about 1 hour. Serve hot, sliced, with; Sour Cream Horse -Radish Sauce 1 cup sour cream, whipped Vs teaspoon salt 2 teaspoons sugar 6-8 tablespoons grated horseradish 2'o whipped cream, add salt and sugar; then gradually stir in the horseradish. a group of youngsters singing "Getting to Know You," in Bang- kok, the King of Siam rising to his feet and steppipg forward to shake hands Ea very rare roy- al courtesy). Even more moving are close-ups of Miss Anderson as she sings "Ave Maria" or "The Whole World in His Hands"—as she greets the great of the Far East simply and with dignity, or speaks below the Gandhi me- morial in New Delhi (she was the first foreigner permitted this honor), Back for a rest in her Dan- bury, Conn., farmhouse where she lives with her husband, ar- chitect Orpheus. Fisher, Miss An- derson last week summed up her travels: "We were very lucky to be chosen. One hoped one' left behind 'a good impressionafter the singing was over." Of the problems that remain- ed at home .she, said: "I'm. hope- ful. There is a desire on the part of many Americans to review their actions. So often we are afraid of what our next - door neighbors or our friends may say. And so often they are just wait- ing for us to make the first move." — From NEWSWEEK. Pioneering Peace While the major powers are spending billions inthe world rearmament race as necessary means for an armed truce, a meager force of 8,000 men of the United Nations army is main- taining peace on the critical fron- tier separating Egypt and Israel. This force has prevented hos- tilities for a year under the most trying conditions. The men are on duty in temperatures over 100 degrees, and the boredom . Of isolation is most trying. The 10 nations making the first man- power contributions'were Brazil, Canada, Colombia, Denmark, Finland, India, Indonesia, Nor- way, Sweden, and Yugoslavia.... Recreational facilities and leaves break some of the monot- ony, and diverse soldiers are learning languages of other members of the force.... It has gained the respect of peoples on both sides of the frontier, who for the first time in nine years have been able to har4est crops up,to the dividing line without fear of attack, The UNEF (United Nations Emergency Force) is setting a precedent for a permanent in- ternational police to preserve the peace. The agency, with man- power drawn only front the smaller nations, 'merits the res- pect of all peace -loving people. — Fort Worth Star -Telegram. • TOUGH COOKIES — Resembling the "gingerbread men" that traditionally help mark the Christmas holidays, these "cookies" are made of non - magnetic, and non - edible, stainless steel. They will be bolted to the stationary core of huge electric generators to provide support and rigidity at the Westinghouse plant. Properly termed "core supports", they're called "the Dutchmen" by empliyees. • REPORT TO. THE NATION -In and Secretary of State John the NATO meeting in Paris. Union on 'disarmament, but of integrity, sincerity and a a nation-wide radio and TV , broadcast, . President Eisenhower Foster Dulles ;(left), report to the American people the results of The President sal d that the West would negotiate with the Soviet' only on one con dition. The Russians must give "clear evidence". "spiritof concilia tion".