THE CHINA MAIL. MONDAY, DECEMBER 28, 1959.
Weekly Survey Of American Economy
STEEL SCRAMBLE ON AGAIN
Fears That Strike May Be
Renewed
New York, Dec. 27.
The U. S. economy relaxed this Christmas week with the
exception of one section: Steel.
kept to an operating rate of 93.5 per cent of capacity, and The steel scramble was on again as with good reason:
renewed next fears mounted that the strike will be month.
Steelmen made little fuss about the holiday as they
in the
This week's operating rate felly walkout to continue, have an- year was what they are begin- 2.8 per cent short of previous other if: If the strike does not [ning to term the tura week's prard. Even 50, it lost too long. anunted to an impressive 2,047,000 ingol fons.
n
HONGKONG STOCK EXCHANGE
by
Our Own Correspond at
Business done at the Hong-
Stock Exchange kong
this morning amounted to пр proximately $772,000 Noon quotations and the morning's transactions:
Sales
1100 19 ด 1000
Aharet Buyers Bellers tide of adverse international BANKS payments balance as far as the Dutk 100
INSURANCES United States is concerned.
Union Lombard
SLIFTING Watertas 20.10 Wheelock
Bra
a
One cennomist put it this way: The predictions have so many
whole The deficit itself declined in holes in them that the Despite the unexpected out-
leolts
the third quarter, reversing like a
piece of steel since mila pleture pouring of
two-year upward trend. It still began operating again early in Swiss cheese.
ran o an annual rate of $4.2 November, supplies wrie on
One of the things MOF EX-
the cx- billion, but it was an improve- hand-to-mouth basis. Flat roll-perts agreed un was
ment over the second quarter wore In Hghts pectation of another boost in ed producis
rate, probably rate of $4.5 billion. The last time nut mobile makers the bank loa supply R tried to get all they could to get within 90 days. Bankers foresee the U.S. came on with a favour- of international back into il swing again. short resumption of the steel able balance Other items were being scouped strike In view of expected goy-payments was in the third quar- ter of 1957 when the surplus of to keep crnment efforts un by manufacturers who suri-
receipts over payments was at en annual rate of almost $1.4 billion.
to it up their Inventories as a hedge against the possible January 20 renewal of the walk- out
Back To Work
Thi wesh saw the last Jard off men in Detrail gune back to work, those at Chrysler Nevertheless, - unlike plant.
automobile industry te, the
12- observed Christmas with a duced mutput. It nauduled onig three and a half working days which would bring the weekly tot down to 101,458 units epi- pared with last week' two-year record of 152,447. Next week's ciput shout approximate that of the Christmas werk.
So far this year mere than 5.5 million A rican cars have been bullt, 32 per cent abend of Jast year's 4.2 million.
the
mills running. This, they say, will generate bigh level of business activity and a conse quent strong demand for bank loans.
די
ETC.
whart..
蘭
2012 $0
7
145
_143
17.10 17.40
Dock... 55712 08 Provident ..
Talco Dock LAND, ETC. in Hotel
HK Land Humphreys Really
RUBBER
30 30%
33 234
1000 38
and 4 18.00 1000 16,90 1000 17.10 500381
1.425 1.45 10000 A 1429
Amaz
TAM
bring A. Twot
the
3.65 $30 6,00
1.80
1020 3.85
It was early to say that this represented a definite turning of the tide. But with more and Another general increase
loans and grants would be mure bank lending rates
for spending 房限 triggered is a boost in the prime assigned
that the rate, the interest
banks US, it was possible
U.S. government might even oul charge their blatest borrowers
the balance within the next two ratings. with the best credit
herrowers Rates for all othe:
quarters or so.-UPI. in record- are sealed upward ance with the prime rate.
tole
Expected Boost
a
The expected prime rate boost would be the third within year and would push this key lending charge to its highest level since the Inte 1920's. The prime rate was raised to four and a half per cent from four per cent last May and was in- croused to the present five per cent level in September. Another boost probably would lift the nite to five and a half per cent. In keeping with the higher estirale trend, the Treasury'a short- teno borrowing costs rose this past week to an average yield of 4.870 per cent on latest issue of 73-week bills, selting ʼn new high for the third time within a month.
A businesmen ascessed this year's performance over the re- cession-ridden 1959, the gain to automobile output stood out as
single the
most impressive achievemered despite A5 mated loss of 500,000 units due to steel shortages.
Almost everything else in the U.S. economy showed gains this year over the last despite the record steel walkout. They were not as big as in the case of auto- mobiles. but very satisfactory, indeed.
Construction surged 12 per cent with some $51" villion In outlays; banking showed R general 17 per cent gain in net operating proats; retul trade was about 8 per cent ahead of 1958 with some items, such electrical appliances shipments a full 17 per cent ahead;
as
Thy trend for a higher in- terest rate would also be sup- plied-t least in the case of smaller. individual loans the fact that the present high rate of consumer spending and in- debtedness has reduced the rafe of savings by
individuals this
Dim Hopes
For Steel
Settlement
Washington, Dec. 27.
A confusing welter of steel dispale negotiations in Washington and a score'
pl other cities today wound up with "zero" results.
the
Mr Joseph F. Finnegan, Government mediator, met with negotiating
and Savings Report with the Union and the inchis-
the cost of living, of courte, was up. but only about one per cent over the year.
Prediction
ולא
33 500 33
200 129
130
UTILITIES
Trum
Yaumati
-321
C. Light XD 19.00
Electric
25.20 Now 23.80
23.40
19.7) 3900 r19
1000 * 25,30 441923.93
Место
11.30 Telephone 311 312% INDUSTRUALS Cement
STONES, ETC.
DLITY
Watron
39 38 11030 / 39%
... 20.00 21.30
... 10.00
1. Crew... 20.70 Kwon B. II
COTTONS
Texlike....
Naryan
148
#15 13.70
DAD $1000 a 0.15
148350 13.80
MISCELLANEOUS
Vibro
INVESTMENT
Alfled
5.40 0.65 2000 51.6.40 820 5.40
Wall Street
Closes On Irregular Note
New York, Dec. 27. The stock market during the past week, shortened to four days by the Christmas holiday, moved in highly irregular fashion under the influence of year-end operations.
There were the usual profit-taking periods, and there strength.
were
Traders
of
holdings WORLD SUGAR
periods
switched generously. Also they did some selling to establish losses for the tex man,
Dow-Junts
On Monday the industrial average poked well into new high territory but talled to close there, The average that day hi! 681.54 at its best and finished at €75.92 of 0.73 point. The record high was set on Aug. 3 at 678.10,
1093 of Industrials had more than four points OR Tuesday and one of more than a point and a half on Wednes day. The Thursday session saw considerable irregularity reduced volume.
A
QUIETER
011
DEMAND MAY
EXCEED
PRODUCTION
in was
New York, Dec. 27.
demand World sugar
the 1959-60 season expected to exceed pro- duction, Messrs B. W. Dyer and Co, augur economists and brokers, sald today in a year-end review.
Cribbing Shirt' Had 520,000
Chinese Characters
Princeton, N.J., Dec., 27.
A Chinese "cribbing shirt” with quotations from the four books of Confucius has been placed on display at the Princeton University library,
The light-weight satin shirt. covered with more than 528,000
Chinese chirmters, was designed Girl's Body
to be sown into the lining of a student's clothes when he begen
a three-day elvfi service exam- ination in ancient China.
• Chinese civil service candi- dates, who took the three-day examinations in a solitary cell, sometimes were found dead from the strain and pressure accom-
panying the tests. The examin nions helped to determine seela! status,
ON DISPLAY
The exact nge of the rhirt. Was 1101 knowa although Chinese scholars say cheating on the evil rervice tests began during the second century, B.C.
Found In
Tangier Identified
Tangier, Dec. 27. The body of a giri found sewn in a gunny anck and hidden in the underbrush of a forest near here has been identified as that of Helen Muller, 19-year-old American tourist, the police said today.
✡
Mr William Moore, A The shirt will be on display Bruen, is under guard in at Princeton through the hospital while police awalt an *hool's final txam period opportunity to question him which runs from January 18-27. about the case. Moore was taken
Princeton
honour to the hospital after he aloshed
his wrists.
system. UPI.
an
To Serve On
Monckton
•Commission
London, Dec. 27. Sir Charles Arden-Clarke,
Police rald Miss Muller had left her bags behind in a hotel
TOON,
The partly decomposed body was found on December 15 In the Kadiria Forest, near a smart residential area about five miles from here.
BEATEN
The body had been lightly bound with electric wire. Police said à medical examinationA showeri the girl had boen soverely beaten about the head, strangled and probably raped,
Invesilgators believe that the former Governor General | giri was slain in Tangler and of Ghana, is to serve on the body was taken later to the the Monckfon Advisory forest, Robbery was rejected Commission to the Rhodes motive since a gold wrist sian Federation.
The British Government 10-
three missing (AF. Commission →→→
The whole market was much quieter than recent onts was the first week that average daily sales volume fell below October 3,000,000 shares since
to date 23. Sales for the year now have reached a new high since 1929 and for the year will be the third largest on exceeded only in 1929 and 1928.production in 1960 is expected tonight filled the
rerori
The market lost alightly on average during the week with the rails and utilities outper- A year forming Industrials. ago. the prices
in- showed and rails and
BANK OF FRANCE dustrials off
STATEMENT
Paris, Dec. 27. The Bank of France statement
franes 4322,507,277 10.300,173.661
Total her currencies Sight balance abroad
In EPU Advance to Statis
tion Fund Total bills disunted 1.331.900,848,512 Banknotes in circula
utilities up.
While the stocks in
the
However, euger Inventoriese at abnormally high levels and should prevent prices from rising substantially.
Largely because of the poor beet crop in Europe, world sugar
decline by over a million tons. The most significant decretsta are predicted in Russia, France Australia and and Germany. Brazil also tre expected to have substantial reduction in output,
placee on the following the Opposition's Dott i
Labour Party decision to bay-
The Commission is now cum-
watch was on, the girl's body when it was found.
,Police said they believe Mas Muller was from New York.---
Highest Priced
but this is a result of internal ploted by Sir Charlos Ardin Broadway Show
restrictions on production in view of heavy slocks and export
quotas. However, sugar produc-
Clarke, Lord Shawcross, Q.C., Attorney General under the Labour Government from 104,
former Labour member Parliament and editor.
Hollywood, Dec. 27.
The Warner Brothers Studio
averages moved rather narrowaytion in the United States and to 1951, and Mr Aldan Crawicy, has purchased for the highest all week, there were some very Mexico is expected to be at re- wide swings elsewhere.
Electronic isguts produced fireworks on Wednesday and Thursday. Many special issues moved through wide ares,
wilb
cord highs.,
UNCERTAINTY
Cuban production is the big uncertainty, and the U.S. De- Oils enjoyed a better market partment of Agriculture forls 404,000,000,000 at times. Tobaccos were mixed that the output may be deter.
mined
political and more by American showing
events Lian economic
by strength on a two-for-one split weather conditions Steels held in a narrow area. amount of available cane. ...................................... 3.325,515,797,445 Motors had good markets from 1959, Cuban production was rea- Current accounts and
241,009,850.838 time to time but falled to hold tricted to 8,800,000 Spanish long depos
ach in the way of gain.-UPI. tons, but some experts predici
7,000,000,000
-UPI.
teams of industry for the week ended December and the United Steel Workers 17, reads us follows: for 70 minutes this afternoon, but after 11 separate meetings Total there was no visible progressi
President Eisenhower's board year by some two per cent be of Inquiry headed by Dr George low last year and by ten per cent. Taylor, will hold a public below 1957.
hearing after separate sessions
try negotiator.
But faces were grim today and comments bitter as the two sides to Jet the Taft- prepared Hartley act run ia course, There was a remarkuble re
That would mean EL BCCTC for 1950 straint in prediction
ballot by the 500,000 United this year. The general sentiment
company's was that the economy was still
Steelworkers on the
which Jast offer,
is to be d expanding and will continue to
livered to the Presidential Board next year but do so well into
tomorrow. It is the same offer That the gains will be smaller
by which Union spokesmen pre- than this year. The predictións
consumer debt and after sub-viously have declared unaccept- were full of many "fs",
trueting that, net savings gain- able. biggest being: If the steel strike ed only $12.4 billion, the report
If the last offer la rejected, is not resumed in January, showed that what cheered gov-
the Union is free to stage mos! the steel lemment economists expect
This
resumption of the strike after January 26.-AP.
Those
who
the
The securities exchange com- mission report on ravings of all kinds for the first nine months of 1950 showed that in that period financial holdings by in- dividuals showed an increase of $24.9 billion, a record which surpassed the previous high of Art three $20.7 billion in the quarters of 1957. But much f the increase was made us
!! Lloyd Triestino
SAILS:
M.V. "VICTORIA"
NOTICE TO PASSENGERS
BAGGAGE:
TUESDAY, 29th December at 6 p.m. for GENOA via Singapore, Colombo, Bombay, Karachi, Aden, Suez, Port Said and Naples.
U.S. INVESTMENT QUOTATIONS
ค
The following are U.S. invest- ments quoted in American dollars. Buyers' prices include
commission:→→→→
Affiliated Fund Alom Dey Mut Bullock Fund C
Am Bud Sérs
Canada Den d Canadian P Canada Int. Gro
Chemical Ed Comwith Stock Dividend än Dreyfus Find Eason de 11. Stock Electronics Inv tamil #4 HC-7
Founel Mut
Passengers are required to send all baggage to the Hongkong & Kowloon Whart Co.'s Godown at No. 2 Gate, CANTON ROAD. ENTRANCE where the baggage will be accepted up to 5 put on 27th December, 1959 and 28th December, 1959. All baggage must be delivered to the godown by 5 p.m. on 28th Decem-Keystone Canadia ber, 1959,
on
BPECIAL NOTE: With the exception of hand packages
Xostil Found Inquit Growth Inwest Incorne
Sellers Buyer
761
8.13
4.18
4.45
13.37 14.59
15.47
9.40
27.47 18.00
London Market Ends Week On Higher Level
London, Dec. 27.
t
of price ever paid for a Broadway rights of the 1 iclevision show the l
Tho New York musical hit Music Man", A Bin trade Tonight's announcement from publication said here, No. 10 Downing Street sald The paper said the price for these three man had accepted the musical, now in its third tho invitation of the Prime year on Broadway, would be Minister, Mr Harold Macmillan, jeliher
one million dollars serve as United Kingdom (about £357,000) or ten per independent members of the feent of the groes receipts,
Commission~~China (whichever was the larger, m
JChina. Mali Special,
to
the in
Monckton Mail Special.
that it will be held to a same- what smaller figure in 1900. On the other hand, a few months
official ago, an
of the Cuban Agrarian Reform Institute id that his government would not permit sugar production to be diminished. In any event, it is ertimuted that there is enough came to make at least 0,300,000 tons of sugar.
World sugar consumption in recent years has increased it a rate of over 6 per cent annually. Thus, 1900 consumption again shows this normal increase, it should slightly exceed estimated production. However, world
million tons during the 1958/59
Business in stock markets during the Christmas inventories increased over twa Eve's short session was at a much higher level secon And there cre ample than usual and the scissors pattern was the stocks to take care of any normal
increase in constamation, same as on preceding days of this past week
SPOT PRICE with industrial equities soaring higher and Although world sugar prices gilt-edged suffering further setback.
may continue to be weak in the early part of 1960, the potential
sugar agreement
Falls in government funds The maths reasons which have suvly demand position suggests ranged to and on the week kept equities booming were the that the spot price should reach they ranged up to 14. As one steady stream of better-than-t least 3.15 cents per pound, if
International leading stockbroker said: "One expected company statements, has the feeling that 5.00
the gilt the encouraging economie
are reduced to out export quotas
minimum levels. Recently, the arut the prospects of Ave International Sugar Counell set edged market is attempting to look And a level which discounts П more, years of Conservativo Ave per veni bond rale." | Government male. A sustained the initial 1000 export quotas at (Although that remains a demand for the best
basic levels, Industrial 87/1⁄2 per cent of
and lus the power to take a possibility rather than a prob- | shares has resulted not only in
to about 80 ability.) Accordingly prices now rise in prices but a shortage of further reduction
the basic figure it seem to be extremely vulnerable stock which in turn bas effected per cent of to any bad nowe. And on this the upsurge in prices. In spite prices remain at the minimum print,
the government's proof proft-taking the shortage in of 3.15 cents per pound.
Of course, if Cuba should em- posals to permit trustees to In many leques has boczne a cute.
bark on a
of un- progreKRINe restricted production, or run into Perious Inancing
dißculties,
10.84
11.62
12.01
23.70
17.13
3.00
***
15.19
16.50
24.68
28.30
7.34
B.J
11.07
12.03
5.23
EXTT
10.AL
118
vost trust
11.06
17
0.54 7.10
Invest Tr Boo Keystone Cust 32
12.75
13.57
23.49
13.77
14.00
Mass Inv TT Dow
1431 Nat Bee Bar Growth 8.94 Scudder.S1. & C.. 19.04
1406
15.16
10.34
10.47 0.17 15.04 17.10
7.18
Wellopton Fu
14.30
18.30
carried by passengers themselves, Value Line Fund, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading On
BAGGAGE COOLIES WILL NOT BE PERMITTED TO ENTER VYHLE WHARF,
money in industrial
ardinary shares has strongly de- pressed the market in govern- ment funds.
NEGLECTED
This decision, however, estinot be blamed entirely for the weak- (news in gikta since the effects are more long-tarm. Foreign bande jaat rails were neglected on the Just accadon before hoikdays and
BUOYANT WEEK
The blue chips have done prices might not reach that level, particularly well this past week On the other hand, a renewal of while steel
engineering civil war, or sabotage of Cuban And shares have hid a buoyant mills of warehouses, could cause week.
Gains this post
| sugar prices to rise sharply
In 1900, Congress will consider week have new legislation 011 the U.S. been distributed over virtually Sugar Act, which expires af the
of that year. every section with some of them engi
Several
board by ship's slings only BANK OF ENGLAND quiet week except for Greeks were weak however.
} they have had a particularly mubetantia; shipping shares | senatora and congresanen have suggested that Cuba's quota" be in coment, because "execes landa" are witch have suffered some steady The kafir market zornit selling and
with a light re- påny
other mining scheduled to be expropriated, in- covery was lumeficient to remarkets was largely
neglected cluding lands owned by U.S. cover the week's lonece. Dollar this past week and
citizens/-UPI. tended to
EMBARKATION: Passengers should embark between
4 p.m. and 5.30 pm, on Tuesday the 29th December, 1959.
DODWELL & CO., LTD.
Tel.: 21113,--22295
Agents
Tol. 35621
STATEMENT
London, Dec. 27, The Bank of England state ment for the wet ended D cember 23, reads as followe
Notes in circulatlock=128,201,907,41
Pubile depunkte R Privalo deposits Gossentent
| stocke_hoven had a mixed week. drift lower. Gold mines closed
Banking and insurance shores a little harder on some selective Exchange Rates
this post work have meprod zany buying.. sharp gols and hire purchase |
cebes have also ad-
ticke
UPL.
Oils were a weak market this Munka was done in the lock) week but improved with shell cla The Industrial equities market, d good
British muting at the following mudugju
· feature.
US dollar | (2302_81),
DEE Amphoe nowned to men hel bt and Petrofeim) and Burials' were mucking nowe (par (17
350snofol Thost ** index also in demand 2 - N
Australian nates (parƐ#1) 2281 9.791 broke through the 820 weweśc atad
Zocdocieplony rupiah) (per 100) The rubbermarket Inft week CURSEDANÉ DE upward movétonne. was'subRURE SUP)
market
14
A British Crossword Puzzle
14
18
10
11
#2
13
17
118
19 20
22 23
25
26
27
31
ACROSB
30
32
1 Certainly no dirge (1), 4 Wherein you might find a
house (T).
& Cold athlete? (4).
9 mohla savist (4).
10 Spinners who get the better
of those who rely on flight (7).
11 Small extraet from the Riot
Act (4),
12 Water fowl (4)..
14 A golden virtue? (7).
IT Present-day saw, apparently
(3).
19 Harden (5),
DOWN
2 Made an advance (6).
116
3 Making for low water? (6).
4. Windy frolics? (5).
5 Go to it and make good (6),
This is really too much (5).
7 Style of architecture ($).
12 It may be docked (4). 13 Knock, knock (4). 15. Nothing in Japan's
makes sense! (4),
10 Animals
from
Country (4).
symbol
the West
18 For the lady driver? (6).
20 Does 'come elbowing (6). 21 Harvestman (4),
+
22 With which puss finishes off 23 Am after a donkey in India
the milk? (4, 3),
26 Employs (4).
27 Smash and grab offort? (4). 28 Judicial sittings (7).
29 Open wide as the dentist
might say? (4).
30 Infined spot (4),
31 Middlemen help to make it
32 Full of pep (4)...
really big (7)
(5).
24 Edible nonsensa (5);
25 Stick up, but only get arlifi-
cal jewellery! (6),
BATURDAY'S CROSSWORD—Across: 1 Bonna, B-płothin 8. Strap, 1 Rovoke, 10 Codor, 11 Satan, 12 Acre, 13 Deoda, Regard 18 Alarum, 20 Balad, 22 Achu, 21 Tight, 36 Karve,- Ekster, 27. Inert, '28 Bloat, 29 Seldóm.
Reverest, 8 Asia 34 Steamer, 4 Mag-Adam; 9: Opener 7 Um 14 Edicated - 18 Bide-drum, 10 Radiant, 12 Cumbers, 10, LT 31 A-pest, „34 Tate,