Pago Z
THE CHINA MAIL, WEDNESDAY, JUNE 7, 1961.
Problem of rising prices
EXPERTS TACKLE ISSUE OF EUROPEAN INFLATION
Paris, June 6.
"Yes, but what's sending prices up?' One can almost hoar the indulgent chuckles as some hockler calls this question out at a political meeting-and visualise the orator flexing his knees as he preparos a crushing response.
It is the sort of question any saloon bar economist finds child's play to answer. To the Organisation for European Economic Co-operation (OEEC), it is more complex.
For the Jas wight years on, not contimams, mr particularly its behalf, a group of Indepen-spectacular over the whole right dent economie, experts has been year covered. The experts do not poder price Increases due adding an excherisive study of the expeclengts of the 20 OFFC in such factors to be Inflation member and Mancinted coun- : Therefore, they do not believe
How Irien in an endeavour to tad there should be a general
rising prices. ernment polley to suppress them, out what catives They have just made their res The complete economia situation. nori.
they insist, must be considered in judging whether there are in
tionary forces at work. The est of Hvitg index alone la art.
acertain intention.
Dr The economists include Milton Gilbert, econonile arl- Interna- viser to the Bank of
Baste
EXCESS DEMAND
rising The second cange of of prices is caress demand, which puls strain as productive re- sources and leads to a bidding In up of prices and wastes.
Countries European Some including Prince excess de isand has
sometimes been So
tional Settlements Professor Beat Hansen. Director of thic Stockholm National Institute for Economic Research.
Kahn, Professor Richard Combridge University ar
ler Professor Pleter
Wel director
Pan of the Central Bureau of the Hilque.
of the report, The purpose besides isolating causes of higher
The
HONGKONG AGREED MERCHANT RATES
STOCK EXCHANGE
Our Own Correspondent,
Shares
1/3 T.T.
MINIMUM BUYING
With Contd., £/Cr.
1/3 1/72
173 170
1/3 3/10
Na 1/4
1/3 11/32
Without L/CE, 1/3 1/10 O.D.
1/3 0/33 32 days
/a 174 0 days 1/3 3/10 O clays
12. Và 120 điện
Indirect Sterilux on Demand
MAXIMUM EELLING
Sterling
1/3 29/33
1
Sterling
1/2 23/22
1/3 3/14 0D.
(Earl & South Africa &
(Aden) Starling
1/2 29/34
2 3/4
Business done at the Hong-West Affies, Wert Indies
this South America & Fiji kong Stock Exchange
Rupees (India) murning amounted to appro- Noon ximately $3,020,000. quotations and the morning's particularly transactions: report the need for a more ! stresses
fiscal policy 15 of trxite than provided for by the pre HK Bank.. sent practice of annual budgets.
1. ner. To secure this flexibility, it re- commends that the Exchequer, Asta
Ministry of Finance
Whart Co. TAIRUO..... the whatever the appropriate gov-
moy
be, ernment department be
by given power should
designated Parliament to vary faxes over a range specified by Parliament. Governments should alro have stand-by powers for
like controlling things volume of building.
or
Buyers Sellers
Sales
412 414
703410
720414
314 JIU *40 230 360
200
700 414 318
Rupees (Persian Gulf Portl
100 2101
Rupeer (Ceylon)
€2 7/10
10044 334
12 23
100 от 7216
300 7216
J Gas
.. 21.30 21.00
200M 21.00
Rupees Paklatan)
1000 21.70
500 21.00
third The
rising Duck.. of chuse prices, says the report, is ex- ersive wage increases through
collective wage bargaining. Provident..
independent
20073
FAQ in Tam
U on Europe 1/32nd higher thast London Rate).
1/8 0.0. If under L/Credit
without L/Credil up every 30 daye
3/32
1/8 O.D. 1/3 3/0 0.0.
3/
if under/Cred without L/Credit up every 30 days
1/2 TT.) BILLS ON ADEN 43 11/16 O.D.) II under L/C: 1/4
higher
says Withou?
bigher
3/10 7 & 30 }
5/8 to
daya)
days)
L/C: 3/8
1/10 90
3/10 ather is the rate for 13(Lis
5555-955335828882288228865=88 & 2 2 88 55
on Ades
7/10 T
5/8 OD
1/0 72 30 days 9/10 00 day*
W/O
82 11/10
374
170 21.7 Kyats (Borma: Rangoon) 13 3/4
11074 3300 74% 200 F 74
Pal cakalar month free thereafter ul penalty
eac!
171 low for calendar month; Calladian Dollar
53 1/4
17 9/30
no days TIT.
13/14 O.D.
3/10 30 days 00 daya TT.
1/2
11/13 O.D.
310 7 & 30 daya
7/0
5/1 00 days 1/10 90 days 3/4 TIT. O.D. 174 30 day $40/10°0ợ days" 17 17/32 T.T. 17 19/32 0D 17 21/32 30 days 17. 3o days
11 FE · នាង
5/10 TT. JA O.D. 7/0 TT.
100 210
the
5000
21.00
Wheelock.
161 16.00
4000
10%
21000
1064 Malayan Dollars
600 10.00
100
Itt
100111
400
233%
34 2411374
US. Dullary
1006 3334
100 34
44 401
500 (5!
74 74
nts. 40% 1915
230411
433 e 40
New Zealand Paunch
1/2 7/0
1/3 G.D.
по км 491
1300 49
South African Band
12.35
13 134
100
1333
44
Swiss Franc
44 3/4
30% 0%
200
3400
Belgian Tranch
€50 39
West German Deutsche-
37 37
146237
Imatka
ca 1/3
ARNO 10 37%
300 or 374%
50
37
prices, is to help solve Europe: extreme as to do;inate the rise freely ecmpetitive tabour mar
and for
rano h
infintion problems. The experts agree that intiation
all and solved once needs constant allentin. But Eigh its dangers some eit
Can eliminated,
FOUR REASONS
Four things, the experts And, cause prices to go up. The :: is a series of special factors such as relaxation of rent controls, increases in exche duties for cuts in sulasidles) and bed har Vests. Cost of living indexes in all countries were somewhal affected by these speciul factors, but the effects generally
were
of prices. In these extreme cases, the root of the trouble was uns sound government Bonneing and this entition, the experts say, and be cured to restore price stability. Furt it st OBEC countries including Britain the excess of demend has been much hilder and then only for re-
lively brief periods.
To manage these situations of excess demand more effective. ly, the report saya. Britain and the European countries need to use the tax and monetary controls more effectively and promptly. Pallure is usually because too lille is done too late.
:
be an TAL 201 cause of inflation when it pro- Hotel duces higher wage Increases BK Lund .. than would be produced by a
Bri- ket. The report specifies lain as one of the countries 'in which collective wage bargain- ing led to marked pressure on coils and prices and it implies that "
of vigour in eco- nomle growth has been the re- Ch. Light .. sult.
1053
WAGES POLICY
The experts. however, could not agree on how to deal with wage-cost Inflation. The major- ly considers the first essential to be for the government to lay down
Yaumati
HK Tram..
Electric
37 37%
33 13th
Telephone
a wages policy for G. Cement private and public Industry just Hike a monetary or tax polley. The purpose would be to give guidance to the large monopo- Itstic groups that now dominate Dalry the Jabour market.'
This, the majority of the ex-Walsen perls insists, does not mean
be
00 072
300 + 091
1500 V GAND
1000
30 Farm 10%
1000
1500
100
1000 JE
409%
Allled my Textito
11.70
7.85
13.80
11 1000 13.06
645 6.55
3000 045
7.19
7.00
1000 7.00
107.83
334
25.00 1000 25.00
2,70 3000 2.70
(N)
2.00 147502 225
$750 2.523
KMB
.....
704
30 1 20 0 30 500 G 10
2430 or 60
210 12
wage control. The basis should Nyan
wages A. fubber a clearly marked polley in the public sector of Trust The economy. The minority of
the experts is reluctant to have City Hotel.
interfere with governments
wages
in private industry. It Humphreys
Henlly hopes that wage increases will Realty be more moderate in the future.
The prices
fourth
of rising cause
brought is increases abou by monopolistic pro ducers seeking higher profits, the report says. This has been
'a significant couse' of rising palces in European
as a
since
Industries
whole
1052, the star experts found. The report con- eludes that in general,
ministered prices increases can-
not be u
Terry
230 240
ad-
It's Inv.
MC30 Eiec
cause of continuing inflation, and It recommends Cibon greater competition, both domes-
ile and foreign, as the principal HK & FE
dealing with means of
this
Inv.
www.
200 @ 30
100 25
Australlen Pounds
4
Gold mining
17 1/10
1/0 1/2
bonds
plus
Q.D.
7/33 T.T.
NEW YORK STOCKS DECLINE IN
ACTIVE
TRADING
New York, June 6.
The stock market declined in active trading
today.
The market was mixed and ¦ National Lend active at the, opening following | National Steel Corp.
New York Central yesterday's sharp rally. It Noranda Mines Ltd. moved lower in early piternoon Norfolk de Western Ry. trading andt continued to tell North Amer, Aviation
Norinwest Airlines (Com.) off on profit taking to the close. Ukishamo Nat. Gas Most stocks were fround their "Oin Mathieson
at the final Ou Elevatore fown for the day Kong.
Pheifle Gas & Elec. Most lossen ranged from Pan American Airways few cents to around one dollar Paramount Pictures a share, but there were wider
500
moves in both directions. Standard and Poor'a Stock Index, which represents more than 80 per cent of all the
tho Now trading on aciun! York Stock Exchange, lost 10 cents at $66.89. This inlicated the loss of about $1,100 million in the quoled value of all stocka listed on the New York dock The S and P 425 exchange. Industrials were down 22 cents
at 70.83 dollars.
The Dow Jones 30 Industrials!
Oxford Paper Co.
penny J. C, Co.
Parke Davis Co.
Pes, Salt Co Pitney Bower
Procter & Gambie C Pittsburgh Plate Glami Portland Gen. Elec. Publieker Industries Pullman Tru Oll
Radio Corporation Radio Corp. Tret. Tythean Reputhe Steel Reynolds Metal Reynolds Tobacco Royal Bank of Canada Royal Dutch
Bheem Mfg.
Seas Reebick & Co.
rose against the trend, adding Shell On C.
30 at 703.70.
-
BROAD MARKET
It was a fairly broad market
In which 1,294 issues crossed the tape. Of these, €28 de clined, 425 advanced and 241 closed unchanged. There were
Scleway Slot M
Saint Teg. Paper
Schenley In.
Scott Paper sirger Corp.
Sinclair Ol
Smith, Kitne & French Soouny Mobil Oil South Puerto Rico Sugar Southern Co. (The)
75 new highs for the year and Southern Natural Ga
18 new lows.
Steels, ralis,
cars.
| Southern Pecite Co. KHAN Houthern Hallway (Com.) utilities, Spetry Rand
petroleums and drugs declined. | Sündard frauds
Tobnecos and electrical
ments advanced.
equip-Stentam Ol of Cal.
The Associated Press 0- stocka average TUSC .40 to Stoep Rock
rose
Standard Oil of Ind. Stand OH or NJ Steel Co. of Canada
Sterling Drug Co. Stokely-Vant Camp.
252.50.
Volume
to shares from 4,150,000 traded yesterday.
4.250.000
Ste de Webster
shares
Closing prices
awalt arrival of carrying
Abitibi Pwr. & Paper
Alden Ing, day,
Alcoma Steel Corp.
sidebaker Packard Ourp.
Sunshine Mining Swift & Co.
Texas Co.
Text:on Inc.
Thlokot Chem.
Tide Water Oll
Time Inc.
Travelers Inc.
Warrants
Twentieth Century Fox Film
$ 201
191
Trade Finance
4415
Tri-Com
Union Cardo
Am. Drake Bhua
GO
Union all of Call
American Airline
Union Pacile
away
Am. Cable & Radio Corp.
10%
Unite Alreroft
American Cyanasaid Co.
473
United Fruit
Am. Forgo. Power
111
|Üöltet Gas Corp.
Am Gas & Electric
0034
A. Home Prod.
210
US. Gypsu
U.S. Line Co.
dry.
5312
American Metal ..
351
U. 8 Rubber
*1
VS. Sterl
American Smeting
Am. Suyer Ret. American Tel & Tel American Tob
301
123xd
84
c
471
problem.
Exchange rates
Business was done in the uneffelal exchange market morning at the following roles:
US. dollar per $1)
Sterling notes (per 2:13 j Australian nutes (per
i)
Indonesian rupiah (per 100) Stam cala (per 100) Singapore (Sirajte
local This
100 3734
2500 M 2213
De 37 233712
BOD531 2000 532
300
53%
500 v 06
300 v 65
103 339%
22200 # 1833
LO BO
50 10 30
200 H 21 3230 300 230
15.20 13 5000 15.20 1000 or 15.20 5.15 5.20 10000 3.15 2000 5.15 141⁄2
1890 44 14.90
21.00 25.20
Copper market
New York, June 6. Copper futures today closed 15 to 20
lower with pointa sales of 173 contracts.
After a firm start, in cum- pany with the higher London 3.737 market,
prices backed
down
13.03 gradually under liquidation and 12.10 hedge selling
3.30
whom the early 10.70 demand failed to develop any | "3.ni | follow-through,--UPI,
N.B.--Ti Sterling Selling mic shown above applies only to delivery up to two na forward. A cut of 1/32 must be exacted for each perk of three months beyond that.
The Buying rates for atering bills on U.K. and Eerone quoted tractions above are diemail rates. & are not apalteetde where ave that payment or acceptance may slezmer
SMALL GAINS IN QUIET
LONDON MARKET
London, June 6.
The stock exchange was quict today, but there was a firm undertone and most sections finished with o
scottering of small gains.
Industrial stocks were mainly higher, but shipping and radio shares followed a irregular courst,
British
government
were featurelesz,
shares ended with a number of minor
signs ad coppers hardened fractionally. Olls were narrow~ ly irregular-AP.
Closing prices
British Government Securities 14. Consolidated-£40-11/10.
Conversion
3. Savings 1800/70-76-11/10. 1. Savings 1065/75-£71-11/10.
Overseas Bonds German (Dawes-EN, 5. Japanese, Assented-£130.
Banks Insurance Barclays Ord-07 Jd.
Chartered Borsk-. Guardian Assurance-1629 d.
Hongkong Tank-10 Lloyds ank--72 33. Lombard Banking Ord.-20 3d.
National & Green £23-3/10,
Prudential
Royal Iniranco Ord-1652 94.
อน British Petroleum-5ts Od. Burmah Odd.
Shell Transport Ord-1281 3d. Royal Dutch—£23-3/16,
ltramar Company-33
4.
Stech Engineering Babsenck & Wileox Ord-32 d.
Colvilles Ord-74% 94. Darman, Long-30 3d. Gurat, Ceen Ord-0is 6d.
COMMODITY PRICES
Old Spice APTER SHAVE LOTION
There's Masculine Freshness in
Old Spice
Masculina freshness gives a mon a special kind
Q
of confidence. It's a look, an awareness, personal pridu in cneself. Every Old Spice product has masculine frashness.
cents
No. 1 Junc
Jy
No. 2 June
No. 3 Jund
Spot rubber unbaled
RUBBER
METALS
American Contract
July
24.00 21.00
Dec.
Mar.
May
July
24.80
BINGAPORE
Mixed Contract
Closing
prices all in Straits
July
24.13
per lb.
f.o.b. Malayan
Ool.
24.45
Ib.:
Dec.
24.10
Mar,
23.65
Copper
0435-842%
May July
25,25
Juty
23.25
Oct.
UPI.
Dec.
Jan
Mar
May
ports:
No. 4 June
Blanket creDE
No. 1 pale crepe
70-71%
UPI.
COTTON
SUGAR
NEW YORK
Closing prices, all in cents per
NEW YORK
Closing prices all in cents per
31.07
זית-
FOREIGN EXCHANGE
LONDON
Closing rates;
PRE-ELECTRIC STICK DEODORANT.
SHAMPOO
lb.:
Contract No. 8 (world)
July
Det
3.22
NEW YORK
Mar.
May
3.03
Closing prices all in cents per
July
3.03
16.:
Sept.
3,00
Oct.
3,00
New York
Spot
34260
Spot-World Average)
3.30
Montreal
July
33,45
Total Rates: 70 contracti.
thet.
Open Interesti 1.102 cantemetu,
INCI
Contract No. 7 (domenilo)
Mar
30.40
July
0.00
May
38.00
LATHER GHAYE
BODY TALGİ
M2411 SHULTON *, far
HAIR TONIC
Jubi
33 AB
Sept.
Laston
Oct.
Nov.
0.37
Mar.
0.21
LIVERPOOL
Closing prices all in ponco peri lb.:
May Spós-Bulk,, duty ptd) .. 0.33 Toll Balu? of contracts Open intarest: 11,000
0.12
contracts.
-VFL
J'aim Bioeko M1 VIDOR Zurich
26.20
5440
040
Amarterdam
Itrussels
Copenhagen Frankfurt
2.70-2.7016
2.75)-2.75
10.027-10.03th 132,30-13953 10.33-10533
11.0731-11.00 50.15-00.25 10.30-17.00%%% 12.07+12.07:5
11.40€5-14.40%!
41311-17:3 13.07-72.00
Harland & Wolf Ord-17a du. Stewarts & Lloyda Ord-3 Summers & Sons Ord-578 150, Tube Investments-754. United Stoel-624 Bd. Vickers Ord-Sis Bil.
Electric
ARROC. Elec. Industries-3. Drit, Electronie Ind.-12. Floc. & Mus. Industries 44 3d. English Electric Ord-350. General Electric Ord-3« $4. Philips Lamp Works-1. Rediffusion Brd428 1290.
Industriale
Assoc. Portland Cement-06 725d. Boardman Marden Ord.-0s Ed. Borax (Holding)-10 1d. Dunlop Rubber Ord-20s Gd. Fleans Ord-50 od.
10.
Giman (Holdings) Ord.-65 150 International Computers-93. Turner & Newall Ord-0 Unlever Ord-149 1950. Wiggins Tenpe Ord-sis,
Chemicals
Imperial Chemien) Ord-70% 41%. Aarnotu Chemicals Ord-22 d.
Cipeines & Television Muse Empires Ord-tie 7d. Bank Organfention Ord-23s 415 d. Stoll Theatres-a 711.
Paper
Rawater Paper Ord-30a 34. De La Rue Ord Id Splcers Ord-53a 3d.
Tobaccon
Trillin-Ames, Toh, OrdD# 101.
Carreras "B" Ord-öt. Gallaher Ortinta 34. Imperial Tabacco Ord-d7e.
Motori
British Motor Ord-10 1d. Hawker Sutleiey Ord-308 104. Jaguar Cars Orb-1001 Tậd. Rolls-Rover Ord-43 30. Westland Aircraft-las Gd.
Textilen
Bradford Dyers-175 6d. Calico Frinlers' Ord-134 6d. Couts (JP) Paton & Baldwins-
Courlaukis Ord-439 Gu. Fine Spinners Ord-31 4d, Lancashire Colton Ord-58¶ 11⁄2d.
Breweries
Disullare Co. Ords Dd. Guinness (Arthur) Ord--50%. Ind Coope Ord-14 1.
Atares
Orest Universal Ord-15
4
Carent Universal "A" Ord-353 ed. House of Fraser Ord-69. Lyonu 17) "A" Uró-805. Marks & Spencer "A" "Ord-1}2# 411⁄2d.
"Tate & Lyle Ord-490 v6.
Unlied Drapery Ord-108 456, Woatworth (F.W.) 010—60% 3d.
Miscellaneou
Bowmaker Ord-32 3d. Canadian Pacific Ord£4756. Cunard Steamship Ord-10% 155d. Hongkong Cuina Cas-152. Itudion Bay CoŠ10-1A/33.
Ord-23.
Indo-Cities Ord~~33′′ Da.
ad.
Lond
P. & O Sleam Nav. Det-4]# ¥150.
Mines
De Beers Defi 130
London Tin Corp.-10. 6d.
Mount -874 31.
Petaling T-33e 3d.
Todoslan Anglo-Amer. Ord-Ja
Ho Tipo Cebreid.
loon Antelope Copperb
Union Corpäration—80m 7ď. Welkom Gold Mining-13′′ 54. Western Holdings-lid da.
thokane Corp-45 34.
"Rubber & Tes
Anglo Indonesian Plants 1044d, Ceylan Ords.
Ord-271 Honorial
Itual Lumpur-Kepeng-3 du. Lambak Rubber-53 Dia.
-Itautor.
UNIT TRUSTS
First Hongkong Fund; $1,31 (buyer), $1.39 (noller).
Second Hongkong. fund 180716-12.07% cents (buyer), $1.01 (seller).
UTL
00
Allied Chemicals
Allied Mil Inc.
All Chalmer
Am Mech. &
Am. Naturel Gas
Ampex
Anaconda Copper Armeo Steel
Armour
Albertos Corp. Atlas Con Mining Baldwin-Lima-lom. Baltimore & Ohio Bank of Montreal Rank of Nova Scotia Beech Life Savers D. C. Tet, Ch. Bell Telephone Beneficial Finance Bendix Aviation Corp. Benguet Cons Bethlehem Steel Boeing Airplane Borden (The) Co. Burroughs Add Machine Erit. Am. CHI Era: Columbla Pw Calif. Parking Corp. Cana. Bk. of Comm. Cana. Brewers Campbell Soup Canadian Pacie R. Case (J. I. Cu
Cat. Tractor
Celanese Cosp.
C. L. 1. Financial Corp.
Chrysler Motore Cluets Peabody Colgate-Palmolive
Co.
Colombian Carbon Co. Commercial Credit Corning Glay Worko Consolidated Edison
U.S. Smelung
US. Sleet 1 PC. PF Warner Br
Wrukesha Motors
Westinghouse Air Brake Werlinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper Winn-Dixie Stoner Woolworth K. W.) Zenith Radio
U.S. winter wheat crop
Chicago, June 6.
The 1961 U.S. winter wheat estimated at crop 1,088,888,000 bushels by
WAS
Mr C. M. Galvin, crop statistician for Francis I. Du Pont and Company, based
1 condi- on June
tions.
It compares with his forecast
as of the Government estimate at that time of 1,090
419
41
172
of 1,080,917,000 bushels
Consolidated Paper
May 1
and
$
1435
Continental Can
42
milion
Continental Dil of DeL Creole Pet
Consumers · Gen'
Crane Co. .... Crown Zellerbach Cuban Am. Sugar
Delaware & Hudson Co. Diament Alkali
Diamond Nat'l Dizilers Srograms Douglas Alteraft Dow Chemical Dupont de Nemour Eastety Air Line Eartman Kodak
El Paso Natural Gas Family Finance Corp, Ferro Corp. ......... Firestone Tyre & Rubber First Nat. City Bank Ford Motor Co. of Cana. Ford Motor ..... General Dynamics
General Electric
Genem Foods
General Motors
Gen. Pub. Bu
Gen. Tel & Elec. Gen. Tyre & Tubber Gatty Oll
Glidden Co.
Goodrich (D. F. Co. Bondyear Tyro Gulf On..... iammond Orasn Heyden Newport Corp. Hiram Walker
Homestake Mining Co. Huma Astrig.
data w Imperial 911 ........... Jinvertal Tobacco Ingersoll-Rand faland Bleel Co... Internet Machines
Chry
Int! Investor International Nickel International Paper Int'l Tel & Tel Jah Manylile, Co. Kalsar Indiuetrios
Kaners C. Power & Light Kennacalt Cannar
Kimberly Clark
Based on current
coralitions
spring tentatively
90 production of the 1901
ith wheat
стор
festimated at 220,687,000 bushels cal compared with last year's out- 40 put of 240,312,000.
409%
J2
B1%
21
In view of the delayed scading
and planting of maize, oats and soybeans because of unfavour→ 100 able spring weather, no reliable
estimates of acreage or pro Aduction could be made at this Ume-China Mall Speciali
152
0714
204
4816
Improvement in
It
U.S. industry
New York, Juno 6. zooms reasonable' 'to figure that by now half tho decline in U.S. in- dustrial production has boon" mado up, the First National City Bank said. Its June bank letter noted The anarked increase in 71 industrial activity during April
and
May "has erased aly double that tho
1014
4718
44
400
that
702 Ungering
132 economy is in a very encoding- from recession
With this auspicious stort, the bank said, the natural question arls how far and how fatt
MAIS
*
ing rebound lowa,"
Fagett Myers Tob. Co. Lay Tullo
线
Litton Ind.
17
Lockheed Aircraft
Loews Intorn.
Lone Star Cement Co.
24
recovery will go.
Lorillard P.”
2744
It added;
101
Loventtein & Bons. McDermott J. Hav MeDonnell Airtrati
Marck****
Mesabi Tray: Corp. Minnesoin Mining Malen Devolopment Monsanto Chemical Co. Montecatini
Montemnery Word Motorola Iñe, Nations cult Co. Nations CAN HEL National Dairy Prod.
the
The fact that the recession was mild docs not 44% necessarily
34
paint to either a
2 mild or a strong recovery, since
1at's history affords extiples of
2914 both.
MA
2
expansion
SE
The key to prolonging an
period rosta balanced growths and ayoldanca
201 of speculative excesos.”—China
Mali SpeciaI.
In de ma