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• . While late payment equals expropriation of interest without compensation; nonpayment is expropriation of capital without compensation. Foreign businesses need to be extremely careful to ensure timely payment. Merrill Lynch, Goldman Sachs, Crédit Lyonnais, Prudential Bache and other financial firms are currently engaged in trying to recover what dealers estimate as hundreds of millions of dollars in debts from Chinese firms. These firms advanced credit to leading Chinese state-owned trading and financing companies on the basis that they were a sovereign credit and that Beijing would stand behind any losses that they incurred. Zhu Rongji, China’s Executive Vice-President and economic czar, is reluctant to pay out scarce hard currency to make good on debts from trading never officially approved by the government. He and other Chinese leaders blame the western financial institutions for having granted credit in the first place.

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I speak to you today as a “recovering politician” who has had to learn some of these experiences the hard way. My time in government was one where I confronted two strongly held ideologies – on the right and on the left – which to a considerable extent are still at work today. The left ideology insists that sovereign governments, committed to greater equality of outcomes, can use the state to steer the economy and society in the direction the elected majority wants. In its most revolutionary form, of course, we know through bitter experience the results of this ideological approach. But short of Leninism there are still those who, in the name of equality, preach higher taxes, bigger governments, more intervention, more social engineering, more laws and more regulation.

One other thing about the public service: we must do away with its right to strike and replace it with more flexible means to maintain stimulating working conditions. We should have a good hard look at binding arbitration.


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WOUNDED GLOSTER FOUND

New York, May 2 7 - Greek troops on the lmj in river front, who
overran hills where the Gloucestershire battalion made its stand,
found one dazed and wounded Englishman, Lionel Essex, who had
been cared for by a Korean family behind enemy lines for 33 days.
He was wounded in the arm and leg.

(0 The Times, 28th May 1951


KOREA REPORTER KILLED BY MINE

Pusan, South Korea, Sunday - Derek Arthur Gordon Pearcy,
London-bom Reuter-Australian Associated Press correspondent
in Korea, was killed when his jeep ran over a mine on the western
front yesterday. An officer in the jeep was also killed and the driver
seriously wounded.
Pearcy, who was 25 on Friday, is the fourteenth correspondent to be
killed in Korea.
The niineburst occurred at the Canadian 25th Brigade command
post. Vehicles had been running over the spot for days.
In his last dispatch from the Korea front, written on Friday and
delayed, Pearcy told of khaki-bereted Canadians of the 25th Infantry
Brigade going into battle at dawn for the first time.
"Their small arms were at the ready, their eyes alert for the slightest
movement ahead of them. The first shot rang out. The infantrymen
ducked for cover, fanned out and fired at a hill on their flank. There
was a short silence, then a rattle of Sten guns, then silence again. The
Canadians turned North again and the advance resumed."

(0 Reuter Archives, 28th May 1951


CEREMONY IN H.M.S. THESEUS

From Our Own Correspondent, Portvmouth, May 29 - The aircraft
carrier Theseus (Captain A.S. Bolt, R.N.) arrived here to-day after a
period of active service in Korean waters, and was presented with the
Boyd Trophy at a ceremony on the flight deck. The trophy was
presented by Admiral of the Fleet Lord Fraser of North Cape, First
Sea Lord, and received by Lieutenant-Commander M.P.G. Smith,
R.N., in command of the air group of the Theseus.
Lord Fraser, making the presentation, said that the prestige of the
Royal Navy, particularly the Naval Air Arm, was the highest possible,
and the Theseus had set an example of how things should be done.
"For that our American friends have given you full testimony."
The trophy was won by the air group, which comprises No.807 Sea
Fury and No.810 Firefly squadrons, for carrying out 1,444 sorties
without accident and with an average serviceability of over 90
percent, during operations in October, November, and December of
last year. The Boyd Trophy is awarded yearly for the finest feat of
aviation in the Navy.

(0 The Times 30th May 1951


CASUALTIES IN KOREA

The following casualties incurred in action in Korea have been
notified to the War Office:

ROYAL NORTHUMBERLAND FUSILIERS - WOUNDED -
Fusilier F.A. Bainbridge.

GLOUCESTERSHIRE REGIMENT - Previously reported
missing - now located (wounded) in hospital - Private L. Essex.

ROYAL ARMY MEDICAL CORPS - WOUNDED -
Corporal D. Hilton.

The Times, 2nd June 1951


MR ACHESON PRAISES GLOUCESTERS

From Our Own Correspondent, Washington, June 3 - While being
questioned by the senate committee yesterday the Secretary of State
paid a tribute to the 1 st Battalion, The Gloucestershire Regiment,
calling their fight "one of the great stories in military history."
"It was very gallant," he said. "It was a superb thing ... they held
up the entire advance of the Chinese in the western sector until the
rest of the troops could get themselves into position."
The exploit of the Gloucesters seemed at first to be too little
understood and too little appreciated in the United States. This was
the result of the accidental circumstance that there was only one
American correspondent - representing the Christian Science Monito
- at that part of the front at the time.

(0 The Times, 4th June 1951


THE ROLL OF HONOUR

The following casualties incurred in action in Korea have been
notified to the War Office:

8TH HUSSARS - WOUNDED - Captain G.N.R. Whitfield.

THE KING'S OWN SCOTTISH BORDERERS - Officers -
WOUNDED - Lieutenant A.H.F. MeMillan-Scott,
2nd Lieutenant E.R. Mudie.

Other Ranks - KILLED - Private H.J. Banton, Private A.B. Clark,
Corporal J. Gallagher, Private J. Millar (A. and S.H. art K.O.S.B.),
Private J.H. Purdie.

WOUNDED - Private J.C. Aitchison Private A.J. Bennett (A. and
S.H. art K.O.S.B.), Corporal N. Campbell, Corporal R.S. Clelland,
Lance Corporal J. Conaghan, Private N.A. Cunningham (A. and S.H.
art K.O.S.B.), Private D. Cathrall, Private K.A. Davis, Private W.H.
Dougherty, Private J.D. Elmalie (A. and S.H. art K.O.S.B.), Private A
Forrest, Private R.A. Hudson (A. and S.H. art K.O.S.B.), Private R.P.
Hastie, Sergeant J. McMillan, Private A. Nicoll, Private J. Shaw,
Private G.M. Wilson (A. and S.H. art K.O.S.B.), Corporal C.B.
Wilkinson, Private D. Whitelaw.

THE GLOUCESTERSHIRE REGIMENT - KILLED -
Private A.L. Bailey.

WOUNDED - Private J. Harris.

Previously reported wounded, now reported missing -
Private J.L. Harris (Wiltshires art Glosters).

THE KING'S SHROPSHIRE LIGHT INFANTRY - KILLED -
Lance Corporal W. Hanlon, Corporal K.A. Richardson.

DIED OF WOUNDS - Lance Corporal G.A. Yapp.

WOUNDED - Lance Corporal. F. Bayley, Private R.K. Brown,
Private T. Bagnall, Private W.T. Bames (Middlesex art K.S.L.I.),
Corporal R.W. Griffiths, Private R.S. Gordon, Private J.D. Garman
(R. Sussex art K.S.L.I.), Private S.G. Patworth, Private T. Sheldrake,
Private HR. Seabright, Private H.W. Sellens (Middlesex art K.S.L.I.)
Private E.G. Stone, Private R. Smith.

- 65 -

09/11/2017 · Submitting your Thesis

73. There is a good color reproduction of one of the Milemete guns in Richard Humble, Warfare in the Middle Ages (Leicester: Magna Books, 1989), 147. J. R. Partington, A History of Greek Fire and Gunpowder (Cambridge: W. Heffer and Sons, 1960), 105, gives what purports to be a Florentine provisione, also of 1326, for the acquisition of cannon and iron balls for the defense of the Republic. The document is questionable, however: its “discoverer” was later sentenced to ten years in prison for stealing documents, altering them to make them seem more valuable, and then reselling them. See Bernhard Rathgen, Das Aufkommen der Pulverwaffe (Munich: Verlag Die Schwere Artillerie, 1925), 15.