THE CHINA MAIL, MONDAY, DECEMBER 11, 1961.
Americans told to prepare for sacrifice PAINFUL READJUSTMENT
COMMODITY PRICES New York Kennedy presents BUYERS
*** FOREIGN
EXCHANGE
NEW YORK
Elosun aste Ea
Lasenanged
2-3
13416
SUGAR
NEW YORK
Thong pages als in cents per af Contract Na
Jul 270 Sel
3 Spor Word As myage) 244
2.67
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Dire
Total Noder
peutkeresd BG. 1 Fel
LONDON
20. N..
Vales A
York 241 16
M... 63 July 125 ur
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2011,
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129 $1
1242
UPI
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1950, 14:52
Milan
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12 (3-12 13t
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21 90 139 NO
129 19 394 3027
:794-1744 Vlerups 12:57 12 40
METALS
NEW
YORK
Akong awes ad en mak
But The 94 !
Upper De 11:
Zing Di
10 Mus
Les 586,
24984
ן 54
RUBBER
NEW YORK
SINGAPORE
20%
7947
1 M
29
LONDON
π
3 meat:
Aber spend 299,5
Lead speed th
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COTTON
May
,":」 「"”
cotton market
New York, Dec. 10. Cotron futures staged a mild
rolly in the forepart of the week, only to run into re- newed opposition and close the period at new lows for! the movement.
At Friday's close the genera! 1st was off 3 . 19 putats 01 1395 cents a bale lower than the preceding week
Conting liqumiation : the
December delivery wbeti deals will erase in the
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and
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Tuesday Derma
the Tower
12 joined with than spected loan amperundings. lexick market quietness, in mapistong is beake on the laby
Spot
December
rengsled 33 45 cetils 2 pound on F.$@%,
December * new joa SLOCE 1980.
Pandadiv loss 1187 posts. or $9.35 a bate 1.
migh
14
Prasons
is
H.
19
new programme
to nation
New York, Dec. 10. The realisation that the U.S. is facing years
of painful readjustment of most of its present economic structure finally sank in this past week.
The bitter pill was not made any more palatable by the fact that the agunising reappraisal would come as the direct result of the emin- ently successful European Common Market-
of the enthusiastic U.S. nor by memories support for the Euromart (European market) when it was still but a struggling child.
SHOW CAUTION
Smallest volume
since October
The stock market shuffled back and forth this past week on the smallest volume since the end of October.
NEW YORK
Prices moved higher on Mots day, were widely mixed in the nex; two sessions, turned lower on Thun day and scored th dest gain in the final ression, winding up close in then star ing post for the third surve 5】 'རྣམ'"R
LONDON Dow Jones
com-
Next in ordey were General Motors, up 2% our all-time re- etur ear sales st month; Gen- eral Telephone, up 1% on news of an improved fluorescent light bulb, and General Electric, down 11⁄2 on the filing of tripir damage suits by 44 utilities, seeking to ullect on recent price rigging Bonvictions against the leading plectrical equipment makers
Blue chips
Mirenents
Aa eran
Stock markets behaved un- vergence is supposed to signal an
certainly through The pending change in market di. American week unsettled by pany cornings reports, particularly the decline in major steel companies. Buyers moved
the most
caution apparently tine clarification of the
11
3
2
Standard & Poor's and res smi
tmong the bine Avec Eveni mi elage were bread all week but ACTA MORTE different directions an like migh
these issues showed wide week sessions Tay frightenest ranges
week-to-week sume les habesh Miner Fuel di base The fou tha dit were
Astrvo, Chrysler up Uz. Generti Foods, However, must insisted then 3. Procter & Gamble up irregular movement was just a two, and US Steel, a 3 further consolidation before the Steels generally showed two traditional wear-end rally
1 three point gains. chemicals The business picture sapported were narrow except lur Amert- the premise
of higher pres
can Cyanamid down five, and a Car sales were the best for my number of car stocks showed November in history, steel pittle change.
American Chirie duction turned upward, carinen-
American ings showed substantial impreve
Potash. Campbell Soups, CI- ment, retail trade cartinued m tele Hein Hershey. Kellogg,
g, and ali the privalo
wen
Oty Hievator, Polaroid, Sentt pangitkelion
Paper. Wissmunsin Public Ser. showed gains
Va asta e ve land Electric were other issues of four or more.
Gams of at least four showed
Coreng
Glass.
General Oil of Fowl Tughing. Litton. Steel Wire, Quaker Oats, Tuned
hort-leant, img-let ni
The
the
et pas evene nikt ontlook, both fet strachel towards the week-
audustial WIR DR wration barking and President
Komendy want be what he wall do and that
theki f sua salen. thes いない the matten the p
wmk
Wand be the major domestic Financial Tumes Industrial effort of his administration
index ripped 4.8
pousis over Kennedy spake against the Die werk B enri at 293 4 This markdrop [
0.5 a resurging
was against the year's Jew of erenony which for the first time 9847 and the high of 36.7 in a year showed a drop in employment
with his plan for serappy the 30-year-old
reciproca! track structure which had dealt with nations and with Rouis
do 32 cents a prandi, establish adividual basis While rejecting
watright
More funds for Fayed to 3445 resis
steel project
Newrte March
pound, 4 de pounds
hen th Bogh and the lowest that mi
se
Lower estimate
Tokyo De 1
7
1.
aditional
Steet
1.
the
it Bap
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NEW YORK
Cheng Doces Elem vest
Spel 3 m
[
34 59. Max 36 ! Jus 34 65 1 Dec 33 65. MA SE DA
NEW ORLEANS
Clostup palN
Sper 33 15
Dec
33 20 Fiaky 34 S
all NY |
33 58 May 3400- 5100
LIVERPOOL
Alesina urtees alt la petive per te Amendera
25 13 14 14 14.
Mised Contrast
33 70
XS. MB 3460
33.68
. :ו'
whether 1.
tion. Uu
DY OTSUS
At Danmark | Turske Experbelanta 1k 1 Pnglish longerage datas |
22 13
1.
J
24 60
Tike
3
2400
Ma
25 20 M
25 70,
3-4y
25 Bu
2:20
23 00
Jan
20
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suggestions of a US
from the hard-lo inpeak bayrer of 6 pe nt 1 the total labour force to $1 per
Small trading
Loon stocks
indexer
An Club!
North Westerg Pillsbury
Savings and loan steek weer the feature this past week, whole group declining radion: in the early sessions and making Shoe and PS Shis
partial DECOVETY
Jevels. which
ground
the late
were
A foto 1 467 16 traded the past wesi. O Mese
57) advance, 178 to new highs, and 61% needimexi. 401 new
The group whtei. had prvi- rusty climbed to vulnerably high was hard hit by news that the Puderar Rowery had lows - UP1 authorwert its mampetitors, the ennimercial banks, to raise inter-
merger with the Common Mar
Fimating was on the small sure Let. Kennedy urged the adoption
with the ke chips attracting of a broad, tariff-slashing Der
spult a car and steel
most attention. Tabaceus were sous trade programme to prevent intput (the later niving at last hard hit, British Americm an Allautic trade war
frein 30 per cent of its capacity losing 4.3 to 56.7 and tin- the U.S. could very well be the with hopes of achieving 80 per perial Tobacco 2/3 lower
ser and which would only play cont by year-end). record Octo- 64-9. info Communist hands
bet exports of $1.80 million, 12 Finishing on lower He also called Americans per cent up from September. were Imperial Chemical. Rolls rates on savings to four per
get ready for the
cent sacrifice Seven per cent up hom October Royre, Dunlop and Woolworth
The that its reshume will entail lias! yea and the highest in leur Titlever were
Dow-Jones Industrial; a fram spot up) and prosed government help and a half years anri a tail 39 to 45 6 whlie Vickers and
average finished at 728.23 for a those mdustries which will stries level which this month may
week-to-work as of 057 The Courtaulds worked tugher. sufřes most at
approachi A even surpass, the Japanese were firm in foreing 93 and the 65-tock composite
dre.ined 068, the utilities | $12.909 aldon volum: recorded bonds but Greeks gave ground m Anal 1960
Hongkong and Shanghai Bak
average 0.70. put on £58 to £17% on Fri day
Tendens anted goons December to the mok vnd 28,300 Galers The ver For lus audience
Friday, whose two bodies 31ck Collect 804,4e i hajes
Ta Inwer than expected
December crvy! ashonadert had only ferupsoraty fullah inflarnet The andavaled field as of December Jai 314 900 Dates showed a reduction ul 234,000 Lufts from the No vember figures, and compared produs hen of
Kennedy iron which most opposition can be expected: industry (The National Associa twa of Manufacturers) and to-
(the AFL-CIO:
with lust year's 11.272,000 bales
Dairy Products
نمار
:
Some recession
Would the plan proposed hige Kennedy bring ruin to all this?
mila
The Inclusive Standard & Poor's 500 stuck index closed at an all-lane high of 72.04 for agam of 26 on the werk,
His revoption was polit. but That was the uppermost ques- BANK OF ENGLAND equivalent to a rise of rought
wood. It was cient that Kennedy will have to use much more per suasion and back it up with un- popular legislative mimasures. 1 get has programme going It was also clear that that's exarty
wores
Canned fish bishmeal and lish od Fruits fresh & dued and quees Calcium carbide Hardwore lonis, boat & mets stee alice furniture Coo' 10 & cool tor precincts Confectionery all kinds Diamond drill Groundnuts & groundnut oil.
vegetable oils and peanut butter Breakfast cereals & products,
and food preparation Reliactory material.
Metal products, sufes, steel windows.
household wares, sonitury
Mineral pres & metals
Hospital equiamen
Wool, Tops
Preserved Fruits
Tobacco lea1.
Organic & inorganic chemicals.
compounds, plasticisers
Measuring controlling and scientific
instruments
Musical instrumeris
Foolwea
Parts & accessories to motor cars,
motor car batteries.
REPUBLIC SOUTH AFRICA
OF
Total exports from the Republic of South Africa during 1960 amounted to £724,707,178 (US$2,049,886,014. HK$11,610,795,687 - Baht 40,376,542,980)
INDUSTRIAL
CHEMICALS
IRON and STEEL MANUFACTURES
MITAX
MANUFACTURES
CUT OUT THIS COUPON AND SEND TO:-
The Senior Trade Commissioner for the
Republic of South Africa,
1st Floor, KPM Building, Robinson Rood,
Singapore
Please send ine a list of names and addresses of South African exporters of
AGRICULTURAL and INDUSTRIAL COMMODITIES
BUILDING
TLD MATERIALS
OFFICE EQUIPMENT
and STEFL FURNITURES
The name and address of my firm is as follows:-
Name
Address
0.M. 11-12-01.
WINES
DECIDUOU
CAMINIO
MAILT
10095
CITRUS
IRON STEEL
BAGON and
HAM
MACHINELY
j
in everybody's mind
Al-
1 ali analysts agret that some sort of a recession would
the price the US will have to pay for opening its gutes to Frer overseas trady There was a trange lack of confidence and the traditional Yanker business arumen appeared to have been forgotten
Conservative bustnessmen pointed out freer irade couid only mean a sharp crease of unparts from the Common Mar- ket and other areas operating at lower wage levels: inability of the high-wage US industry to compete in world markets and large-seal unemployment.
This sentiment was echoed by. Zaliout
The liberals in both camps | felt that such selbach would be purely temporary and that it will have to be the price to pay for smooth sailing later คน. Without such * painful step. they say, the US. is doomed to economic isolationism without any prospects of growth.
STATEMENT
state-
London, Dec. 10. The Bank of England ment for the week ended Der reads as follows. Neeg in circulation Publ depu Private depositu Government securities Other sectiles. Hecents
Ralar
£2 388,072,400 13.683.701
St.Bill in paper values.
changed
Trading volume declined tu 21.010,850 shares. A total of 22,283.470 shares hands,
aud 18,314,785
a week earlier
in the romparable week of 1960.
San Diego
s
11
O
imperial was the 271.657.035 week's most active stocks, 435.192.954
ing 11⁄2 on 375,600 shares. 80.230.441
was followed by Standard 38,212,549
77 -UPI
¦ (NJ) up, 19% reflecting general,
improvement in oil shares.
Textiles
weekly review
New York, Dec. 10. End-of-year considerations joined with a gradual in- crease in the holiday spirit last week in keeping new business in cotton textiles down to a slow gain. Buyers and sellers kept jockeying for best position on prives, with neither side incltnéd to give ground. Meanwhile, most business ordered was reported of B All-in nature, with first and second quarter 1962 commit- ments held in abeyance.
Electricities ease your compat
in heavy trading
The market was marked by increased activity this morning but most of it was concentrated on the two Electricity companies and Hongkong Docks.
Typical of the difference with which many American com ... fare the inevitable task of readjustment is the recently ac- quired habit of quoting statistics
Both Lights and Electrics to prove that the expending
eased of the former closing t Fattomast is & much more for $41, a drop of $) and the latter undable foe then bag been real- clusing at $394, a decline ised up now--if for no other: 75 cents, reason than that is combined On the ather hand. Dorks population is more than that of continued to move from strength the US.
that the U.S. to strengih, closing at $150, a would not have a chance in a fight on equal terms-that is, with tariff barriers lowered on
rise of $5 this morning, reaching a top of $152.
HONGKONG
100 34
of
This morning's and prices wore:
| Bank
after i
5252 1994 30 356
Lon. Reg
60223
140 x 284
E. 240 244
Elec
Lombard he
The turnover this morning was
A. Iny
HK FE. s27 Git Wharf
5352
W 'lock
both sides
Shares which hstead of figuring out quickly gains were Taikoo at $73, up 50 showed sinall which industrial products to cents; and Wheelocks at $12.30, eliminate as hopeless waste and a gain of 20 cents. which to stress and expand for
the coming trade contest, voices approximately $4,030,000. are being heard more and more
I frequently
clampuring for the
U.S. to collect the debts that! Western Europe owes
America before Washington strikes any bargains with the Euromart.
Challenged
New share offer
The Hongkong subsidiary of an Australian company is offer- ing 100.000 shares of its capital to local investors.
The feeling that Europe "still
The company owes us plenty" is widespread Concrete (Hongkong) Limited, is the Pioneer and - to a degree justlied. a subsidiary of Ploueer Concrete But collecting debts is no solu- Services Limited of New South tion and before long wheels of Wales, Australia. the painful readjustment will The shares which have a par have to be set in motion with or value of A5 shillings are belyg without business
offered at HK$11 per share.
The allotment of the shares are being managed by Messrs. Mok Ying Kie.
fore.
ship
sense in the
Hesponsible business leader- is waking up to this task. "Competing with Europeans does not mean that our standard of living cannot be higher than theirs or that European labour will necessarily
undercut us,” the New York Herald Tribune summed it up editorially.
10
"It means rather that Ameri- can industry and labour will be challenged
to develop better methods of
production improve the reserve springs of effetency and ingenuity which have always welled abundantly beneath the surface of American economie raccens. It is not a test we need to approach with any thing but confidence and enthu- slægen,"UPI.
UNIT TRUSTS
First Hongkong Fund; $1.14 (buyer) $122" (9oller)
ex
Second Bangleong Fund, div: 90 cents (bityer) o cents (*)
Exchange rates
Dock
الانام
b12.30 512.30 11000 12,10
2000 12.20 1000 @ 12.30 b149 150 1000147 1300 & 440 400 149 2550 150
1300 152
Phone
Higher raw cotton costs, and possibilities for a new round of wage increases for mill worker carly next year, acted to harden the mill attitude on prices. Con- versely converters, garment
cutlers and piece goods buyers
were equally determined not to
accumulate Inventories, pending further Ist of consumer
willingness to pay higher prices
sume
across the retail counter.
However,
market analysts expressed a hope that production cut backs in grey print cloths would provide the needed incentive fat arivanting prices. Elsewhere, some tradiers
previous though!
sates quotaboos speculators have brought the present depressant second-hand offerings. A situation
which must be stoppet before price- Bring can take place.
1200. 42
O41
300 / 41% 100 41% 100044 2600 41
39 39
2000 49
SUD
304.
400 M 40
Old machinery
1
Looking beyond the in- metate explanations for the
dull situation,
2000 1994 current
1500 G
IUD in 1000 3942 300 301 600 3914
500 3944
200 39
Old 41% 125
1,100 @ 151
400 @ 151
4001
Gas
500
150
200 @ 150
200 160 Gl
200 151
1500 4241⁄2
500 1234
becn
sume
trouble production
AL basic quarters fell bas
added
and
costs imposed on mills
oid Using
machinery. With
incfficient the fast strides European aud Asian
have milia
bren making in modernisation, all American milimen had better start giving
than "lip service" modernisation, one commenta- lor declared. If they do
hot, "they will be driven to the wati 63 923 1 by 2010 4
100+ $215
15042 more
100
New 548
1:20.20
800 29.40
1400 150 Evo XD 23.80 821
200 180 Talkoo b7215 M
200 73
20072 400 i 73
Сет
4255315 Dairy
HK Hotel
Land
PR
̈b77% 673
100 60 73
200 in 72% Watson
1040 7215
600 72
Text
1500 #3.30
900 23.30. 320 v 23.90 2506 23,00 667 600 50062 2500 QUE
30
b28 $144 4.300
600 67 30%
500 or 23
400
1301 3012 Nyang maity Bends 12 A Rub b.
to
foreign competition,” be
warned.
In cotton sales rain, spin- ners noted, a tapering off in doniand toward the end of the week. Fill-in orders. and some first quarter buttheun was booked, but the pace had μοντελ
generally. However some manufacturers sald they expect the tempo to pick-up promptly after holidays. 80 ponderad what, if any action Elsewhere, market observers
the government may take with regard to tariffs, quotes, and the two-piece cotton chiuse. far-reaching
659 260
58:
15.00
£11.90
2000, 3.12
220000444 1000 or 29 Const 10.20
3000 to 2.1950
* Consol 140c
6230 232
11.00 2.00 Sar
2000 or 4014
Now
Tram
D402 40
12.00 12.00
1000 G 401
B00
491
1.51
Buz
6.30 1.13
1000 Go to
2.30 ના
Light
4.00 2,00
KD
Bulness win done in the local unosligint exchange market daly morning at the following rates:- US dollars (pes $1
6,371 Sterling notes (per £1), Australian naten (per £1 Japanese yen (per 100) Cashodia riel (per 100) French new trane (per 1) Argentine peso (per 100) Brazilian cruzeiro (per 100 Kopan bwan (per 1900 Italien ire (per 1000) Chinese JMP (per 1) Taiwan yuen (per 1001 Thal bat (por 100) Pakistani rupee (per (0) Marno pataro (per 31, Norwelon hione «per 10:
Filippins geas (par-3) Singapore Fitrake (pre 1)
Netherland geallter (dus 35' Weal German D-Mack (pać 1j Culim paso (902 3) sinne
$30
500 6 2:30
Underwriteit 19
Hotel by 11ump 525.45 #20.00
X
Nay
રતન ધ Lov 51508128 Mine
Metal
140 41 KD ba
Macal 615,80 Athon bei B160 19.0
1000 41%
This would have
consolences, and is being fea tured a firmer situation in bur-
20 | lap and sisal while hemp ruled
the
12 p15.00 dull and generally unchanged. Iteported new Russlun, Argen- tino and U.S. Inquiries helped shape burlap market sentiment. In sisal, Europeni Intereste did most of the buying with only limited purchases made by U.S. buyer.
AGREED RATES Canadian $ unlinum selling 18 17/02 minum" buying 16/32 TH 18 W7/34 ODI.
Swim Tranes maximum sell ing 101.
The mnt-ronde fibro #rey och marital showed increasing ébills with supply thoringen causing a slow-dow in koine fabrics-UPI.
H