To overcome by the start of next spring's growing salon the lack of ruintall during the past year, large sections of the country
must have normal or greater predpitollen)
ami time so of Morth,
For
Heavy
IKURMAL
THICAL AND
THOMA
Rains
Badly Needed
In Middle U.S.
By HERMAN R. ALLEN
Associated Press Newsfeatures Writer
And some znaller areus must have three times the normal
too
Naturally. It's hoping much that the entire rain-short area will get tornud precipita-
And It's quite unlikely. spring. that very many places will get twice or three times the ner
two years now, the rustle of drought-amount. parched corn and stunt- el
and grass
the bawling of thirsty cattle right straight through until have echoed louder across an ever spreading slice in central, southern and western sections of the United States.
Days and week- Wells going dry pends evaporating
withena! Takay Streams nel
Precipitation dettelenenes havs, been building up until a vast area fanning out from westerti Texas Bnds it will have to have nothing less than 100 per cent normal precipitation from until the start of next springa planting season to overcome the 1954 shortage let
the stone
from last carryover deficiency year.
The
1
Within this aria outlined on
accompanying
naj arv
hove az leletehes that will to get at least twice the normal December-March precipitation
to regain 1984 losses.
What's more, they prob-
ly would simply be trading ne daster for another if they didas floods in the Rio Grande Valley and Prens River Unsin: this past year testifled,
It'
Nevertheless, the parched sol ant natural subterranéun Wivoirs of the area court take up a lot of water Streamflow
of ground 14 Rod Daleator
far beluw
supply is
water ver most of the drought
[23
bell, Test wells in some places ure at the lowest level record,
Seng areas not indicalem the map were seriously struck by drought during 1954
eyeb though their needs would be Laken rave or they get rain. fall in amounts less than normal for the December-March period. In muny cases, however, that's a pretty big it
THE CHINA MAIL, TUESDAY, JANUARY 4, 1955.
few
On the other hond, parts of the Sorthwest drought area are not too badly off even though they will require fully enten normal preetpilation. To up if normal is only two inches or so a year, a one-inch short-
rouse too big age muy nut
; problem.
bern
An index of the extent of the rought's toll is provided in Bu 1 stol-18 of them- list
declared trave which eligible in whole or in piel für federal disaster relief.
Farmers 171 1 Counties Oklahoma and South Carolina have been declared eligible for of ursistance in the purchase seed and livestock feed. breakdown
the other states
111
C
The 16
Alabama, 58 vut of 07 Counties; Arkansas 09 of 75; Colorado 22 of 83; Georgia (24 105 41 of of 159; Kansus Louisiana 28 of 64; Mississippi A8 of 82: Missouri #2 of 114. Nevada 13 of 17: New Mexico 24 of 31: North Carolina 39 ut 100: Tenessee 88 of 95: Texas 119 of 254; Ulah of 29; Vir- gizio 29 of 100. Wyoming 19 of 24
Guests Were Served
With
Pearls
Ten green vases, each filled with 10,000 pearls, set in a Japanese Buddhist shrine, and glistening pearl necklaces round the necks of thou- sands of women all over the world are the monuments of a Japanese who in the first years of his life earned a few cents a day, but died onc of the wealthiest men of his country.
Kokichi Mikimoto.
who died 1
last September at the age
96, created
a new industry.
cultivated pearls
Known as the "Pearl King", he was the first man to discover
to mass profure
how
a jewel
DACO
so rare that it was called
"the tears of the Moon."
To get the best possible com ditions, protected from sudden
#hul ant tides
hoslije wind Byb, be moved to an unin- habited island off Toba, called Totoku, where he developed a
farm seabed
tovering nearly 700 acres.
He soon began to discover an | Born of purents too poor to increasing number of pearls. give him any education, Miki-But he was not satisfied; he had moto in his early years scraped to produce the perfect round
meagre ilving as a "barrow
boy" selling noodles and veget- lobsters and other sea ubles,
cold winter foods, and in the
hot sweet
months hawking potatoes.
over
rich.
TRADE and COMMERCE SECTION
NO DEPRESSION JITTERS
1954 Was Not A Bad
Year In
America After All
By JOHN MORKA
New York, Jan. 3.
There was a noticeable lack of depression jitters among American business as 1954 drew to a close as the second best year in U.S. economic history.
Gone was the year-ago concern that the U.S. was heading for economic trouble in 1954. Instead, it now appears that 1954 wasn't So bad a year after all, and there's a more confident tone everywhere.
World Cotton liquidated
Markets
New York, Jon. 3. Cotton prices see-sawed par- ruwly today in quiet dealings.
The market opened on a dull note with hedging and mill buy- in its balance, and failed to
Unemployment appears to have been checked for the mo- ment. Inventories are just about
Plant and equip- ment
are holding expenditures at favourable levels, Construc- tion is bobming.
On the whole, there is a gen- jeral fflong that U.S.
cecnomy will at least equal if not surpass 1654 invels this
year.
Best summarising the nation- al attitude, The Guaranty Trust Company of New York had this) to say:
develop any feature during the to the exact degree of business
remulader of the ression,
The possibility al frett DITO- ducer offerings held inany traders to the sidelines. They also were awaiting developments In the cotton
and
export markcle,
textile
in stock prices ranging from $1.2 for the tobacco shares to about 130.8 for aircraft issues, The Dow-Jones industrial aver- ¦ ago for 30 blue chip issues are tbeut 40 pe: cent higher for the year, And there's lots of talk in Wall Street that the in- Mustela) average pênk-hit today wi 400-buns lots of room for further upward movements,
CLOSE WATCH
The Government appears not to be unduly concerned over the rising market. Although it is
keeping a close watch on price
there's a notice. able
lock and reassuring
of speculation on the market, It felt. The upward trend UC prices is invariably linked with business prospects in part, but more importantly with expecta- of profits and dividend policies..
Indications are that profits in
than 1955 will be higher 1954.
"Opinions differ, of course,
Improvement this year, but on ane point, there is wile agree- ment. Almost no one foregusts a sharp rise. The general feej- ing seems to be Dist the mild recession of the past year and o half will be followed by a mild recovery. Few people reemotions Some switching from nearby think that industrial production
res March to later mouth was
will or gross national product ported. The New York Colton
as high us in 1053. average Even, lewer Exchange reported exports to
expect the 1953 up to Dec. peaks for these measures to be countries foreign 28 of 1,473,839 bales, com-lupped. However, 1955
is given 1,200,215 bales the a pretty good chance of repine- | Report, pared with
ke period last season.
best Ing 1054 as the second Prices softened near the year in the country's business tons as a group, 1955 earnings
ofler taxes on some increased hedging | history." close
will total 15,000 liquidation
million. This is 11.4 per and all con- and
cent abovu indicated earnings of tracts with the exception of far-
1954, off May closed on their lows for the day.
The closing range 4 15 11 points lower. Opened unchanged to 3 points lower. New Orleans futures finished 8 to 12 points lower.
Trading volumes and open the Exchange to-
WRS
Interests day were:
Month
March
May July
Delober
December
Marsh
MAN
Total
MAJOR SURPRISES
The year 1954 had two major | surprises: The rise In construc- fion
and expenditures
the booming stock market,
A year ago, the US. Govern- ment forecast a decline of per cent in total spending for new work put in place. Instead,
The US. Newa
and World it its annual survey. estimated that for all corpora-
Dividends in 1055 will amount to an all-time high of 10,000 million. a beest of 900 million above the record level of 1954. Of the 1954 dividend dis- bursements, Ground 4,000 milten
distributed rn the last quarter. Add to that a
were
it now appears that will be u vast amcunt of million
5 gain of about
The the interest payments and there per cent Billions spent in
new building is a fat pote
for the stock
17.000 has helped boost 1.139,900
economy
the
up
Bright Outlook
In America
fur
and
New York, Jan. 3. The 1255 outlook Industry is excellent business will probably top the year 1934 by ve per cent, the President of the National Association of Manufacturers declared,
The Congress of Industrial Organisation, on the other hand, said that no return to full employment was in sight and that substantially expanded consumer spend- Inc was necessary,—Chiran Mall Special,
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hang- kong Stock Exchange this
und
| morning amounted to $1,787.-
507,50. Noon quotations the morning's transactions;
SHARES BUYERS SELLERS BALES
BANKS
NEW YORK
STOCK
MARKET
New York, Jan. 3. Stocka started off the New Year today, with ono of the best advances in 16 years a rise paced by two of the bluest blue chips, General Motors and dui Pont.
These two roared--mere than points In G. M. at its high and more than In du Pont, largest G. M. slock-holder-t{} the accompaniment of all sorts of unconfimed rumeurs-chiefly of n G. M. split.
The buying rush lasted right up until the inal gong, forcing tickers to run late several thnes, jand piling up a 4,675,000-share
totel, heaviest since June 1050,
Final prices were shaffed a bit from the day's highs. In- dustrials as roup neverthe
less.
27.
were up 4.50 on average Rails a new all-time high. added 0.08 to their best since
April 21, 1990. Only
utilities
dipped a bit.
Out of
1,235 issues
higher, 417
R total traded, 844 were lower.
General Motors held 7% points of Its rise,
closing at
105% and du Pont retained a
4 point gain at $171.
1K Bank
1984 2000 30 1 10
INSURANCES
in
12.
7 M
M
Unic
1.ombord
SHIPPING
Astu Nav
DOCKS, ETC. K. What! Dock
Provident
(0.0) Wheelock
LAND, ETC. HK Hotel
1000 v
740
1000023, 20.70 1700 206 1000 15.00
15.00 10.20.
7.30 7.40 300 **
0000
15.70 10.80 10,100
Moving up along with G. M. the automotives, Chrysler gained 2% polats, American Motors 4 point and Studebaker- Packard a point.
Oils had
sharp gainers In
Jersey Standard, úp 3, Royal
Oll 1%, Standard Dutch
California 14.
Rail
7.40 points
7.35 Souther
gains ranged
In Kansas
01
to 2% City,
The New York Stock Ex- bond volume was $7,-
10.70 change
JK Land
12 70 1200
12. 001,000.
1100
12
200
73,
The
Humphreyn
25.40 20.70
italy. 2.10 2.15 15,000
change
UTILITIES
Tram
Stove Perry
22.00 22,00 3500 et
2,124 shares,
22.40
2300 (# 2336
1500 22,60 100 22.70
Y'ati Ferry 170 173 780 A
172
C. Ligm (0) 38.70 18.00 6300 18.80
C. IN 15.70 15.85 1000 or 15.0
Electric
Telephone
2030 15.80 4040 700 40%
U.S. market. Thut's what Wall ('enten
and taken 601 200 stuck which developed in some
154,700
10,400 quarters.
Elec. 12
35
500 415
301003 30
4700 3331
Volume
Один intorast
INDUSTRIALS
41 421
4154
20,400
$1,000
the
8,000
2.
2,100
48,400
[]
32,300
71,000
Stock market bullishness 1954 saw percentage
increases
20GB,900
Sirest calls
backlog ter - vestment. That is the type of potential that puts prices up at STOLES ETC.
Dairy X is 24.40 year-ends. It could do it again as the experis say.
1000 41R
Як
10
23 300
100
REINVESTMENT
10
1050 ur #4
Watson 4 Onwford 20,00 COTTONS
Textiles
.... 17.70
NEW YORK
Prices of futures closed today as follows:
Spot Mat MAY
July
hig
Dee. Afar
May
NEW
35.10n 34.03-06
33.07
30.08
33.08
ORLEANS
Singapore
Stock Market
Singapore, Jan. 4. Brokers today quoted the fol- lowing stock prices:
Jan. 3 Jan. 4 Closing Opening
339 34 33d
Prices of futures eksed today British torneo Petro- as follows:
leum Syndicate Consolidated
To
8% 8.80 2350 @ 0% Yangiste 0.05 4.10 0000
this one can add o few i billion of proita that have been retained in recent profli- taking which has been in pro- MISCELLANEOUS gress without doing much, any harm to the market is n whole. Reinvestment of these funds is expected to be an im-
marke | prdini
Incior. The authoritative Standard and Poors thinks that a large proportion **** of accruing funds will be channelled into equities.
0.10
World Rubber
Markets
3.
"In putting additional funds !
Standard and Poors to work,"
London, Jon, "Investors should re- warns,
The rubber market was quiet. cognise that The chances are No. 1 Rss spot quoted at 21% against another year marked by pence per lb. Prices:
311-31%
30-3016
Зрите
34.15
Tin Smeltern, Ordinary
34,05
Issue
May
34.91
July
30.12
Faer ond Neave Ltd.
Ordinary issue
21 + 27% va
$1.07
$1.DT
Def.
33.08
Dec.
36.12
71
Freger and Neave LIQ
Mar.
May
33.40 33.25
Hongkong &
cm. Pring-
$6,00
$0.00
hal
Bank
Cor-
poration (Colonial
SAO PAULO
Reglater) $1,00
$1,040
His contribution to the Chi- cago International Exhibition in of pearl mode! was n 1934 Mount Vernon,
courtyard paved with thousands of jewels And the Stars and Stripes flag made of pearls,
Sao Paulo, Jun. 3.
Singapore Cold Stor
Malayan Breweries.. $201 Raffles Hotel
$3.007
$2.72
$2.72
The closed holiday.
futures market today beenuse
was
age
$1.8314
$1.8216
the speculative 1954 assuming no shock senilment, the ingredients are present for continuing slock market in 1955, subject to normal corrections."
advances
of
to No. 1 Rey spot
Settlement house term:
February
31-313
strong
March....
Agrii/June
29-2016
July/September
29-201
of a
South British mur
Anco
Strails Trading
Strata Steamship
82025
$24.00 $24.00 $17.25 $17.20
Ordinary issue Weame Brothers
#13.20
$13.20
On the international trade frant, prospects for the passage of President Eisenhower's foreign trade programme along Estate crepe thick Jan. unquoted
October/December
27,5-274
General market elf bars, ports:
January
21/10-2012
February March
$2.07
$2.67
D34 $3.45
Ga3d
the
$3.45
20-2915 2012-201
thir J. 2015 nom. NEW YORK
-China Mail Special.
وال
made the pearls which
In 1901, before he had pro- duced his first perfect pearl, her of the presented a selection Arst pearls avaliable to him to the the British Crown, for Coronation of Edward VII
At the International Exhibi- tion in Philadelphia in 1926 he displayed a five-storeyed pagoda, three feet high, studded with aliput 200,000
worth pearts pearl.
Arstin 250,000 dollars. Ho discovered his 1903, when he had about one-
the million oysters laid bed of the ocean.
This revenied the secret. He had always put
the foreign natter between the shell and the Nash of the oyster. But in the oyster which produced the bad perfect pearl, the matter
the t become embedded oyster's flesh itself.
From then on, his experi. ments developed into a major
At his home on Tatoku island. Industry. In 1953, Japan ex- ported nearly 6,000,000 dollars which had come to be known as "The Pearl Island", he would of nature's way of about £1,750,000) worth
with oysters. grain of cultured pearls,
servo, his guests of which 67 matter
per cent went to the United Inside, they would always find
a perfect cultured pearl." States.
MIKI- mato's method of pearls expired in 1921, of newcomers, eager to cash in on quick profits, dumped thou sands of poor grade pearls on the world markets.
But, Mikimoto worked cease-
At the age of 12, he told his parents that his ambition was in become the third richest man in the little
native town of Toba, centre of a pearling dis- trict in western Japan.
He had always shown an in-
curiosity satiable
his about home town's main industry. For that there years, he puzzlest must be some way to speed up and control producing a pearl: sand or other foreign lodged in an oyster.
He abandoned his barrow and nt Ago Bay, near Toba, bully prised open collected oysters, their shells and inserted a grain of sand or a shaving of mother of-pearl.
produce a single pearl.
Debts mounted, bours began to call him "Pearl Maniac." ·
in
The Industry today almost monopolser the world market. Nearly all came from Mikimoto's
company.
When his 'cultured pearls be- appear in foreign
to
n
After the exhibition,
Mikt
moto gave the exhibit to the Smithsonian Institute in Wash-
gton.
at ten
The average price of 15/10 |United Engineers,
de. middling cotton signated spot markets was also tongkung Tin unavailable. Sales at nine of Potalling Tin these markets totalled bales,
33,007
Liverpool cotton prices New York Foreign
Tho wero
not United Press.
today-
When the patent on New York Sugar
scores
Market
Exchange
Canada England-offici
New York, Jon, 3,
$1.03-8/10
2,10-10/23 2.66-2.68 2.78 2.78-13/31
unofficiņi Zan 30-day futureS 90-day futures v Canadian dollar rule:
.buyers
1.01 1.03+
"
New York, Jan. 3. World No. 4 sugar futures Spot: today closed unchanged with futures sales of 6 contracts
Domestic. No,`0`sugár closed higher with sales of one contract.
clowe
to
For nearly three years, during which he lost almost his entire countries, offered at prices one lessly to improve his pearls and stock of oysters after an in- vasion of "red plankton" on quarter of those for natural the methods of cultivating them, During his lifetime he register- oyster killing best, he failed to pearls, pearl dealers raised
storra of protest and accused ed more than 20 patents, many and neigh-skimeto of feeding the world of them covering devices
The raw matkist was a very. in no protect his oysters from pre- dull affair. In the with
the domestic, ith cheap Imitations
Puerto Ricos and Philippines way comparable to the genuine datary, enemies. article.
his enormous In spite of
were qualed at six conla x The protests culminated in a wealth, he lived a trught life, pound, delivered, with some sult in Paris, Leading He always, refused to install | Philippines", reported at 5.69 of oysters shells, as usual con-
the case for efther refrigerator or electric cents.. taining no pearl, he opened one scientiate won and discovered a semi-circular Mikimoto. They pronounced his fans in his house for the
and Japanese summers. In the bitter pearl. It was not perfect because pearls completely genuine,
Then, one day in the summer. of 1893, after opening thousands
low
hot
Futuro etosinzet
Contract No,^4 (world)
char- coal brosier on unnecessary.
March May July Septerni
it was not completely round. Impontiblo, except under special cold of winter, he lived in un.. But it was valuable, and the nest X-ray and specific gravity tests, heated rooms, considering even
to differentiate from natural the traditional Japanese sign of sucedan,
pearls. with But Mikimoto, with the pride
He placed the pearl
luxury, of als wealth was used March
four more he found later, on his label "cultured pearlesso to buila abbols, workers houses him- Kamiky, multar, gavo thanks that the world wosaic know publie: utilities, and ralleye the to the rode, and applied for a who had produced them,orghild distress of the poor-Chins patent for his procent
He was always generous with Mall Specimi,tre
high -Jaw Future:
30-day 90-day d-marth
1034
more liberalised lines appear to have improved as
new Congress convents under Damo-
cratie stewardship. President
Eisenhower, who had to settle Rubber futures today closed
American Stock
volume
Ex-
was 1,470,000
DOW-JONES AVERAGES
Dow Jones closing
were as follows:~~~
30 industrials
raila
10 utilities
65 stocks
40 bond
Comm. future price index
averages
408.80
140.54
82.44
161,31
101.1
171,40
-United Press.
GENERAL
MOTORS
RAISING
CAPITAL
New York, Jon, 3. General Motors Corp., the biggest automobile producer in the world, today announced it will raise
πείτ $325,000,000 ditional capital funds through sale of common stock.
Proceeds of the issue will be used for the Corporation's pro- gramme of capital expenditures and partly for working capital. Stockholders of the company will have the opportunity to subscribe for the *additiona}
stock in the ratio, of one new share for each 20 shares held,
The subscription price will be determined shortly before the
offering.
The atock today
a at
rose to new high at $107.38 from ow of $101,50 and closed $105.13 for a gain of 7.25 share. It led the stock market in with salos of 054.
.000
Announcement of the stock offering was made jointly by New York, Jan. 3, Mr Harlow H. Curilce, „Presl
dent, and Mr Alfred P. Sloan, fer a eng-year extension of the unchanged. The murke was Jr. Chalemon of the Board reciprocal trade programme lust reported very dull with physieni
year after encountering strong offerings selective.
Congressional oppostilon, will Spot No. 1 Res were quoted make a strong recommendation nominally at 341⁄21⁄21⁄2 cents, for his programme in his State Future closings were? of the Union speech.
BITTER BATTLE:
Strong
bi-partisan backing
is expected to facilitato passage
of the programme aimed at re- U.S. tarlits over a three- ducing.
sellers
1.03-17/32
1.01-17/82 1,03-17/31
tion will be bitter.
1.03-7/10 1.0336. 1.03-3/10 1.0332/34 1.03% 1.03-8/32
United Press
London Foreign Exchange
Mar.
May
July
Sept
Der.
Mar.
The
AMSTERDAM
was market
United Press.
Chicago Grain Prices
Chicago, Jan; 3. Prices per bushol in cents:
Closing prices Wheat. No. 2, red Spot
year period. Nevertheless, the battle over the proposed legiala Prices closed today in guilders July
per kilogram, CIF. Jan. D However, it is expected that a follows major administration effort will be made to push the legislation No. 1 rubber through. It was felt that No. 2 rubber earlier this your the President's No. 3. rubber
No. 1 crope
strong
day
Mar. 233% (11) 23316(L)"
sept.
Corn, No. 2, yellow
231 pald
Spot Mar.
250 buyers May.
July
Sept
United Mar
-May
Osta Mar. May
H
whingness to settle for a orio The Singapore rubber prices Bye
year extension of the trado word programme, without accompany Prose.
Ing authority of reducing tarifs, might have been influenced in part by strictly political considerations not to create. strife before the Intra-party
November elections
With the
not
Exchange Rates Soybeans, No. 2, yello
Budinem was " done.
Sad Woning at the following.
the
bollerecha: how
Marling hotel (per)
ndonadan kuplés
Lingapore stateutta).