THE CHINA MAIL WEDNESDAY, DECEMBER 27, 1961.
Kennedy's economic plans fulfilled
END OF A GOOD YEAR SURPRISINGLY
New York, Dec. 24.
The year 1961 closes a span of good And
economic performance with a better one promised for 1962.
Whether the inauguration of the Kennedy Ad- ministration in itself had anything to do with it is doubtful, still the fact remains that most of the economic promises of the incoming Democratic Administration have been fulfill- ed in good measure.
The only drawback was that the gains of 1981 would have been much bigger if they did not have to cover a lot of ground lost in the 1960 recession. And the one major complaint is that running unemployment.
per cent of the close to seven total labour forre most of the yeur, has been whittled down to only 0.1 per cent just before year's end
after
The Federa! Reserve Board's Index of industrial productivity stands at just above 114 per cent of the average basis of 1957 (100 per venti Again the major gains here were scored in the
steel paration for a summer strike which both managetnent
labour somehow and
scem to accept as inevitable
The Kennedy Administration will have a lot to say about this. however, when the lime comes Predictions are that the White will take one of its House toughest stands so far to prevent a steel strike at almost any cost
Payments
a better
one promised for 1962
is
Then there is the unpreced- ented co-operation on the part of major western banks in pro- currencies tecting each other's from speculators. For the first time in over a quarter of a cen- tury
U.S.
Treasury operating in the world currency markets to cope
with sudden speculative movements that en danger the dollar's value, At Молте, the Treasury and the Federal Reserve System are de liberately pushing up interest Where the Kennedy Adminis tration did only
lie better rates on short-term government its predecessor the securities to
in
keep them опа than balance of payments situation
level competitive with interest Stocks of foreign gold held in rates paid in other countries. the United States are currently
Then the diplomatically de- $12.000 al a new peak almost The same holds true of con-million- as a result of the latest licate job of urging prosperous sumer goods purchases which transfer of $51 million last week. allies to repay their loans given after World War II by the U.S. only in November broke through This followed on the heels of a the $19,000 million barrier $300 million drain in November.
West Germany has made pre- With brisk Christmas shopping All this reduced US gold re-
payments this year, France, Italy reported everywhere, This
and the Netherlands are said to serves 10
and $16.925.000.000 volume should certainly set new raised the losses so far this year be in a position to start doing marks for December
to $842 million. The significant next year. part of this is that of the total 1961
gold loss, $077 million accurred in the last four months after a relatively promising first half of the year
last two months of the year, in- dicating that the real push wili come early in 1962
Momentum
Some question
now remains whether the American consumer
As
This is probably the Kennedy Administration's biggest contri- bution to the US economic picture in 1961. Not in a long fine has the US. bad to cun- sider domestic economic and flacal policies in terms of how they affect or how they are in- fluenced by-the attitude overseas creditors to the dollar In this one respect at least the US. has
from the gone over defensive to the offensive.
has finally koreened his purse
11 result nf this, the strings as a sign of better things Kennedy Administration is tigh- to come in
whether, tening again the enforcing of the 1902 or November and December will be measures aimed a: protecting merely isolated occurrences the the dollar. proverbial flash in the par
Currency
These are the recent agree- ments with Hann for German military purchases in the U.S. to the tune of about $700 million in 1962, the tying of foreign aid to the "Buy American policy, the fully enforced,
Again, most analysts believe the momentum
will be sus- tained into the new year. The steel mills and automobile assemblies are Bet for heavy volume in at least the first half
from a of 1962. But
purely economic standpoint the reason behind this may be questionable. While part of the stimulus here is no doubt & desire to build up Jow inventories and on the part of car makers the recent good sales; the main motivation can be said to consist of bedge buy- ing-storing up on steel in pre-overseas.
reduction. Dow from $500 to $100 per tourist in duty free goods Americans may bring home from abroad, the constant emphasis on more and still more experts; firm repre- sentatives should "fly American" or "sail American" on their trips
ATTENTION CARPET
World trade
The other major field even- Lually battle will have to be joined, too, is the fitting of the US economy, still for the most) part obsessed only with dr- mnestic production and consump- tion, into overall world pattern
trade
This will be the major project for 1962 and probably for the remaining years of this decade.
Here Kennedy
again de- serves credit for starting the inevitable camgaldu of edu- cating the uneducated. of opening guns against what he terms the challenge of the European Common Market and in what he has chosen to call the "test of capitalism" fired only two weeks ago-his call for broad tariff-cutting authority.
-
Since then a lot has been said and written. But the full battle will not be joined until Congress resumes session in the new Year.
How well this battle goes for the administration depends tha large measure on how successful will be in convincing the average American that In the newly emerging trading patterns
it
the world the United States is fast joining the ranks of those Cations which, of necessity, have realised that their ultimate economic survival lies in giving up qut-dated protectionist trad- ing practices.--UPL
BANK
OF ENGLAND STATEMENT
London, Dee, 24. The Bank of England state- mehi for the week ended Dec. 20, reads as follows;
Notes in circulation, C2,467,239,463 Publie deposits. 14,715,584.
Private deposita, 305,157,DOY. Goverrunent securities, 460,474,094. Diner securities, 69,014,793, Receipts, 19.986.114.
tatlo 3.4.--UPI.
AGREED RATES
Swiss France: Maximum Sell- ing: 75 1/18.
MANUFACTURERS ETC.
NEW ZEALAND WOOLLEN AND SYNTHETIC YARNS
For sale for Carpets and hand and
machine knitting.
ACTIVE PRE-XMAS
Post-holiday Cotton
advance
PERFORMANCE Stocks advanced on modest post-holiday support
Stocks staged a surprisingly
show for active
pre- Christmas week ond closed firm after bouts of selective buying had édged prices irregularly bigher. Behind this unseasonal burst of business was Monday's bid by the Imperial Chemical glant to merge with the Courtauld man- made textile and chemical com- plex, with ICI arguing thắt ✨ single
could firin integrated face up better to American and European competition.
LONDON MARKET
The London Anan- cial and cfathercial markets were closed for The Christmas and Boxing Day holidays, so that the will next regular reports be carried In tomorrow's editions.
yesterday.
Trading, however slowed noticeably and in the closing minutes was more than 200,000 shares behind Friday's volume.
Oil, steel, cat and metal
were the shares
set- pace ters. The weak spots were food and utilities, the latter continu- ing e sell-off that started over a week ago.
122 well
Opinion in Wall Street is split as to whether the market will experience its much-discussedi year-end rully on schedule this week.
Today's volume was 3,180,000
shares.
Of 1,279 shares traded, $19 were higher and $20 lower.
American
Exchange Volume was 1,850,000 shares.
Bands volume #mounted to $5,840,000,
Dow Jones Closing Aver- ages:
8 Industriale, 723.09.
20 Rails, 141.64.
15 tities, 127.52.
68 Btocks, 242.08. 40 Bonds, 88.76. Comm. future 148.08.-UPI.
price index,
Closing prices
ACT Inds
Air Red Aliens Ine
Chem
This sparked talk of other take-overs to come and mean- while money from the heavy sales of Unilever stocks here to
Chat meet American demand was Alum td
Alum Co being funneled into new invest-
Am ment homes. Despite repeated Ar denials
the market was alse Am Brake prepared to believe in a link-up Am Syen between Cunard Steamship and Am Fore
Am El Pow Se Peninsula and Oriental and hoth Am Mach
Am N Gar 45 shipping counters moved up shade Friday.
Decline
Gulf Oil
341⁄2
Sperry Rand 651) Square D
507%
Standard
Uni Match Upjohn Warner Bros
31%
Brad's
Warner-L
Texas Instr
Waukesha
TЯjokol
au
Motors
Tidewater
20th Fox
20% 34
West' Un 3A%
US Cypum 101
Wesighs Air 256 Winn-Dix
37%
US Rubb
56
Woolworth
91 2015 UPI.
US Steel
7p/
1414
Zenith
Gains for rubber
weekly
review
0
ds
New York, Dec. 24. |Cofton trading came to
crawl of week's and traders left at Friday noon to enjoy the Christ- mas holiday.
tc
This came in sharp contrast Thursday's session when futures posted the widest guins in more than two weeks. There was little the news to affect the jump but some advances went as high as $1.10 a bale.
Earlier in the week futures remained on the defensive, feel- ing progress during the week, and that some unharvested acreage was beginning to show deterioration from prolonged
wet weather.
Some
sources belleve that over the spar term, trade and commission house attention will be directed toward evening up the March, 1982 contract.
Short
New York, Dec. 26. Rubber futures scored moderate advances fast week "due in most part to reports that Indonesia Open interest is about 118,000 bales, with the trade and com- was planning military ac
mission houses on both sides of tion, E. F. Hutton and
market. However, fhe Company, Wall Street larger merchants are reported to brokerage firm said today, be short a large percentage of the open interest and also own
the
a fair amount of the certificated
"There were also some re- ports that Indonesia is holding stock. back is to grede rubber, as
Over 330 contracts were ten-
The circulation of
of the these notices.
of
well as some of its lower grades, dered against the December, 1981 to Communist bloc countries. contract.
some 4 Spot rubber remained quiet yet
Brm. We continue to advocate a tender caused sideline position in this market," weakness the comment concluded, 50
Idaho Power 32%
IBM
Kans P&L
5779
Spa BS
Gen T & El 28%
Get Tyre
1814
Getty Oll
162.
#2
Glidden Co
124.
£1
Goodrich 72
27
Goodyear
Grumani Air 873;
BATA
#7
terchem
In Hary
Jill Nickel
2734
Intt Paper
36%
In T & T 58
#
Am Phoin
25
Külser
Jones Laugh 12
Am Smelt
Ata Sukar
Am T & T 18
Kennecott
20
Kimberly
Lang
19
Liggett
Link Hett
48 bel
144
Lilton Ind. 14294
251
Leckheed
46%
Bath Iron
851
Lobe Stor
Lorillard
6215
Agy
Lowenstein
13%
41
30
Mebermot
52
MeDalih Al
B91%
Ain Tob Ampex Anaconda
co mous Brid-Limb
Baht Ohio
Beechnut
Business tailed off towards the end of the week and after the lunch period Friday the market was almost at a standstill.
Three pointers showed in the week suggesting the economy
Bendix the was now on number of decline. The Ben Fin unemployed showed Benguet a slight increase: not
Beth Btl enough to
Blaw Knox change the national percentage Boeing of 1.7 per cent workless but Borden
nevertheless wind.
4 straw in the Bosman
The Financial Times Industrial index ended at 3022 after ad- ding 2.4 points in the week. This compared with the year's low of 284.7 and the high of
285.7.
Foreign bonds registered little chatige.-UP).
Commercial of Byd-
tiev
BUILDING MATERIALS ARC. Industries
Ready Mixed Con-
crcle Ltd.
John
Burroughs
Call Pack
Carte Boup CPR
Carrier Chase Co Caterpillar Celanese
Cenco at Chrysler
Q pronounced in 1961-62
crop futures.
The certificated stock is cur- rently a little more than 80,000 Estimates of the attotint bales. fairly of coverage cotton vary but steady, reflecting both political some say about 19,000 bales.
The discount between March
Commodity Research Bureau commented:
"Rubber prices were
developments in the
Far East
191, and indications that available and later 1981 crop contracts is
KVP Paper 392 supplies are becoming less expected to widen over the near
1705
plentiful.UPI.
Mallory
Mare J. W.
Merck
210 Mon MiD
4291
Mission Corp 814 Miss Dev
110 Morubl Trust
255 otola 423 Nat Bisc
44 Nat Cash
49
Nat Pars
Mat
70%
873) Nat Bil 9014
By Centrál ta Horford Wes 100%
cit Financ
44
Chiett Foa
Cuca Cola
86 97
Northwest 109%
Okie Gas Colgate 61% in Matk
Columb Carb 72 Otle
Calum Pix
792%
Owen Ill 9034 29% xd Facific Gas 1011 Com Engin. 29% Pac T & T 3% Corrun Credit 63 Pahar Comm Edlaort Parke D
Cph Edison 824 Pennsat
Drever
Dupont
Duquegne E. Kodak El Paso Emerson &
Fireboard
Futrol
591⁄2 Philip M
27
Fort Met
Reynolde 24227 Rheem
30%
Ryl Dutch
Safeway
Schenley St. Regis
58
Scott Paper 42
7 110 Emth,
39
3734
Gen Dynam 27K & F 712
term.-UP.
Buyers active, prices firm
Buyers were active on the market this morning. the volume of business amounting to about $3,270,000 for the half-day session.
Exchange rates
Bustness was done in the local nośelat
exchange
Prices were firm and in many cases fractionally better in this first day of post-Chrisimba - trading.
Docks and Lands were among the small gainers, the former up $1 at $147 and the latter up 50 cents at $75 11⁄2.
Among the shares which closed steady were Banke st $864, Lights at $40%, Electrics at $89, Bus at $75% and Wheelocks at $12.30.
HONGKONG.
This morning's quotations and 6.070 prices were:
7.70
Talwan yuen (per 100) That bant, per 100) Burrs kyat" (per 10) Pakistan rupe per 10) Macao patage (per 1).... Norwegian kros (per 101 Philippine peso per 1) Singapore Strelts (per 1) SWISH franc (per 1.. Netherlands guilder (per 1) 1.54 West Common D-Mark (per 1) Cube peso (per 11.!!
COMMODITY PRICES
1.25 Bank
1.01
V
1,40
0.80
Thursday, Dec. at pm market.
401%
Last Vield
Con Can
Fepel-Cola
SSPL
Sale
Cont Out
81
Pier Chas 10%
BANKS
Crown Zell
K. S. W.
€34
5.3
Deb Am
107 Pittsburgh EN14
Bugar
£20/15/-
6.4
Del Huds
Publicizer
109 Prelor Cam 8924 18
market mring at the following rates US. dollars (øer $1)
this
5.665
Diam Alk
Pullman
83% 26%
Sterling notes (per 1)
15.92
Australia notes (per £1)
12.62
45/-
3.9
Dar, Corp
B131
Pure D
Japanese ven (per 100)
153
Metal
Inde
Dealers 48
Repub Ett
5512
Cambodia del (per 100)...
8.47
29/7/2
8.3
Brickworks Ltd.
电话
Douglas Air
Revlon
861
French new franc (per 1)
1.13
Bow Chem
Reka!
Brazilians cruzeiro (per 100)
1.20
Humes Ltd.
70/% 4.0
19
12/3
3.6
1934
Wunderlich Lad
01/2
23%
Argentine peso (mer 100) Korean hwan (per 100) Italian lira (per 3000) Chinese JMP (per 1)
3.30
1.00
0.40
Kondos Cement Co.
59
1.99
Ltd. 20/- paid PINANCE
90/3 2.8
35
26.80
AB
Assoc. Securities Ltd.
Guarantee Corpn.
19/ 4.8
13/10 5.4
Far Fin
1.75
LAC. Holdings Ltd
19/8
8.2
Fard
Mercantile Credits Ltd ENGINEERING
a/3
8.0
Gen Fled
7294 Bodony
51
(Yarns from 10
worsted count and
McPhersons Ltd. ****
Broken Hill Ply. Co.
Ltd.
Gest Foods
GE
1.8
Ged Instr
South PR 24 South Co
68
Wm. Adatua & Co.
Ltd.
3.8
Gen Motors 36% South Ral
54
39/-
5.1
coarser available )
Lysaght
FOOD
(Aust.) Ltd......
deja
3.6
Yesterday's Closing
Jas. Stedman, Ltd.
Marrickville Trakis. Lia. #0
Mauri Bro, & Tharikots 18/
25
Rubella Preserving Co.
Ltd.
33/3
3.8
ISLAND TRADING
Please airmail samples of types you
use
now together with indication of price paid.
Send promptly for most competitive quotations:
McKendrick Spinning Mills Limited
P. O. Box 13-109
Onehunga. Auckland S. E. 5.
New Zealand,
Containers Ltd.
BY/10 53 Carrier Air Conditioning D
Holding
James, Hardie Ashazitos: BLA
Fielding & Co. Ltd £5/7/0
John Melwrath Indi
Meggitt Ltd,
Ausk Chemical. Indy.
#2/0
Cventh Industrial Gases (45′
Carble Allah,
Uko
TEXTILESCARFETS
Buncha Fodistries Lta
Bradford Cotton Millis
1.80
TEN & TERUMA OF "AWE"
心
NEW YORK Closing rates
Canada: 957; England offeint: 2.6090; England-Bb-days: 2.8030; Eng- land, 90-days: 27010; Australia A 2476: New Zealand: 2.7820. Others unchangedUFI
METALS
NEW YORK
Open interest: 820, contracts. Boiderie: No. 7 (domestic); Mar: |
Spor (Bulk, duy pildi: 6.46. Total Bales: 31 contracta Open interest: 1,418 contracta UPI.
COTTON
NEW YOKE
Closing prices all in cents port --Spot 19 Mar, 34.15; Muy 3408; July! 24.507 Oct. 3347; Dec. 34.62; Mar 39.80 May 23.05.
Closing prices all in cents per Closing Prices all in cents per
Lead Feet 9.25; Jän: 0.20.
KANAP NEW DELEANS ...
Ya* Fall Limited
10%
NEW PAPEREST/V.
Televisie Corgn." "Lád. B/G
Zina beo: 10.65: Jan: 10.8VONA Copper Dea: $9.90). Jans, soľ Marg
Spot 39 29; Mari 3433; May: July-34.603 - Oct. 33.30; Dec:
DASH METALS
1170:
Jour Tafax Ltd.
Broken Hill South
Mount La Mñibe Lid",.
Non non dui khi tạc
KUNDRIES
Deposit
Investhiend
In Ust House of Asst.
*** Walker Ltd." Gordon 4 Gatch" (A'da) Wijngiba. H. Bour.
VENÉ TUTTOCK.
All Didustiku
147853
RUBBER
NEW YORK
„Rubber futures closing.
5,9
NEW YOUR
May
Hurts Philp & Co. 1d. 00/6
2.2
Steamships Trading to.
Ltd.
42/- 0.0
WB. Carpenter & Co.
Ltd
$0/-
2.5
RETAIL STORÉS
David Jones Ltd.
10/9
FOREIGA
World No. 8 (World): May 255; July 230; Sept. 2.70; OCL 4.70.
Mar 244;
G. J. Coles & Coy. Lié
Spotf.oh. stowed) 213, A
Folkl Bates: four contracts
13/6
Moran & Cato (Aust)
Ltd
EXCHANGE
Waltons Lad
6.92 May 8.28; July 13
Oct 8.59.
Woolwort055 ta,
15/4
SUNDBY MANUFACTURING.
Aust, Cons. Inde” Lia.
23
Amalgamated Wireles
30/3
Berlet United
45/
Bitumen & Öll Refineries
1867 6850
206.30pmati 6127 AN
B0 0 364
10 @ $66
150 @ 364
Light
TOO # 128
B00 128
149127
40:10 2400
50%
2000
100 40%
304540
Lon. Reg b28a
60 292 E. Asia 234
•30 238 Lombard 640 A. Inv 39:40 HK Exe F.E. Iv
621.26 21% Wharf 6802′ 6874′′
253 + 368
Wheelock
blz.30 $12.40
2000 12.40 Phones
500 843944
7000 67 89:2
500 a $94 30002094
2000 12.40
$44
1000 £5.40
1309 @ 12.40.
1800 (N) ba
2000 €
Dock
67470240
Tulkoo
500
200.147
674 97514
600 -75%
Provident
629.70 826.80 2000 (0: - 2000 6.29.80 1000 67 20.80
Hotel big #953)
Lond
ᏏᏴ Ꮧ 4800: @753
1100
Realty b7.
12,000 New
Bilst
Waterb
TRUSTS
1
L
1