1953-10-19 — Page 9

Film Star Trundles Own Luggage

Screen star Cornel Wilde, with his pet parrot perched on his shoulder, le accompanied by his wife Jean Wallace as he trundles his own luggage on a porters' trolley from the French liner Liberie In New York recently. He found that he was one of the many who had to kandle his own luggage. This was because of the strike of døèkers which paralysed the

whole of the eastern seaboard af America.-Express Photo,

Opposition In Middle West To Administration Policy

Washington, Oct. 18.

THE CHINA MAIL, MONDAY, OCTOBER 19, 1953.

Republican Party strategists are alarmed at growing Middle West resistance to the Eisenhower Administration's agricultural policies, which could lose the Party its control of Congress in next November's election.

Island Divorce Industry

Gets A Shock

St. Thomas, Ort. 17. The Third U.S. Cireult Couri

of Appeals handed down a decision today that may prove to be

a death Virgh

sentence for the

Intands divorce Industry.

The Court in Philadelphia ruled

4 to 3 that six weeks

to

establish

In the islands is not long enough domicile for the purpose of getting a divorce.

The Judges

that sald only bona fide residents of the Virgin Islands entitled

Arc

divorces 10 gri

here. United Press.

Prosklent Elpenhower a under Mid-West's "green bell," to | heavy pressure to "do something | promise the farmers that a solid

about it,"

agricultural

programme to Ular evidence that such re- | protect their menines would be sistance is developing was pro-rendy-- next year, dueret, in Jast week's special

Langressional by-election in Waconsin.

A DISAPPOINTMENT

TRADE and COMMERCE SECTION

London Exchange's Recovery Car Output In

Storm

From Jitters Over

Warnings Trieste And

In U.S.

There is fairly general

agreement as to what the current "correction" in U.S. business is correcting. Cars, Consumer credit, capital goods, inventories, Govern- ment spending, farm income and the threatened collapse of the farm support pro- grannie have all been flying storm warnings throughout the greater part year.

UPWARD TREND LED

BY GILT-EDGED

(FROM OUR OWN CORRESPONDENT)

Guiana

NEW DOLLAR

SYSTEM

change

to d: dan:ʼro, Oct. 17.

אי

United States

litet. Det k

Car production in the United States dropped H# ree, cent during the July-September perio, Auto News estimatus,

The trade paper sald 1,585,471, ears' rollgcl oft the assembly tines during me third tɛivier, 8:06 per reit under the second ter bul ail 4 per cent above the Arst three months af this year.

September matfrit Wat the lowest smee Jundary, the to The American dollar roki parts shortages, mtafel changes Today for 13 Th 7425 124 overs and the Gewal Motor- London, Oct. 18. pruzi-tros A FEW rystem transmission fire. The stock markets closed the week firmly seung avantable forehan despite earlier weakness in speculative issues, the

at a public

This week 112,810 vars abetion in

anch slock exchange went ... 23,311 Qucks will be produced. the News spil, comparent to when operators, unsettled by the Trieste and effect. of this

last week's 109,102 vars and British Guiana situations, suatched profits, chiefly

Under a

complicated system | 23,284 tracks, At the extreme of bearish in foreign bonds and stores.

of slicking-seale priorities favouring essential Imports. Continuing to stood out is Desa, Dr Edwin Nourse, former chairman of the Preshient's

The upward trend which, however, reasserted there

For the fourth lenst at

eight Ford Motor Co. Council of Economic Advisers, itself was led by gilt-edged.

War Loan 3% pering from

quotations for the dollar rang- straight week, the Ford Motor

the ometal

out scheduling rate of division

thinks that

Алу

correction not

με

The

נזיה

possible

WILD Jo-

stantial interest in a Hepublican Congresmen, al-

There, in a formlyn

district ready

campaigning for winch had never before elected lotion, on the

Contests berl hope:

biennial Con- a Demeral to Congress, a solid gressional Evenhower Republicans was sur-November,

My prisingly defeated by De-Eisenhower would make a more

deBlaite ANINAHUETRnl

Whil The press described the Hewould enjin the farmers aurest pubileon tendership as "stunned," here and now. | "shocked" 207741

"dismayed" at

The President's Kansas specchi the awog of the farm vode to

was seen as little more than a tic Democrats.

was re-platement of the Republican known for

the Party's that

election campaign formers' discontent against the pledges, lucking details as to how the current situation would Republican Administration's

remedied.

But

mcntl hunners WILL far from new berters dropped more that

sasully and, most ominously. inventaries, Letsonally adjusted, were 11 rising at the rate of $5 bu a year-ajmost certainly

ventarily.

أن

011

of

for

the

nnel

their

Press.

were

30,100.-United Press,

Steel Industry's

End

Inventory At In Two Months?

London, Oct. 18.

According to Iron Age, as far as the pivotal U.S. steel industry is concerned, the coming “còr- rection period" expected by economists is already here,

It expects inventory accumulation to be prac- tically completed in the next two months, but the immediate fact is that inventories are top-heavy and are rapidly being corrected.

1940 was

the U.S.

not drap rising

merely of this year's excesses cent gained 3/16 over the week to reach 851% while 18.82 cruzeiro to 124 for the Chevrolet, planning la build but of several years of over- Transport 4 per cent strengthened 3/8 to 103-3/16 least essential Imports-United 30,702 Fords against Chevrolet's Pulleling. Gver-extension

Sentiment was helped by the terms of the first credit tnt prur-stocking has be touched off by the pruning public offer of denationalised steel shares,

The com- lush and partly wasteful panty selected is United Steel; the offer is of £11 million Government expellitare.

one-pound ordinary shares at a price of 25/- a share. Any De of thes weaknesses would be quite serious. 11 18 This gives investerin

No, the dobate Nas tofiy. several weeks since the Inter-hunted yield af 7.2 per cent, Nationalistor the steel industry State Commerce Commission covered three times by earnings, is "Socialism and everybody cited the bazants of long-term And this is more than one point intres that Socialam is Wrong. prediction of the U.S. economy above the yield of other blue chip "it not cetually wicked" In ነገ its renton for granting Industrials, which is considered short, from the lordpoint of the temporary instead of

a pernia satisfactory.

Conservatives, this has been A nunt extension of the surcharge

main worry NOEN is highly moral week. on rulroad freights, I thought the threat

MUCH RELIEF that the decline in farm income renationalisation [ another Another fcature piso Kove "conceivably cult be a Arsl Labour Government is returned, much rellet... There has been portent of 21

break in Keneral

market WOR also some criticism of Anglo- the national purchasing power. 1ton/jagd by the continued ranian Oil Company for not In August, which was 1 good How

of good compapy results, hurrying to get into the pre- personal Incomes El.etrital shares

mising Canadian oil eld, and good: minent. C. A. Parsons led his the announcemen; tivis week

section's rise with

that it was purchasing a sub- Jump of 13/94 during the week to 1/3

Canadian (one with expansion advantageous

and arm righis scrip istic terms.

tes possibilities) caused a rush for This pries Anglo-iranian shares which, for compares with 547- a year ago the Orst time in five years, rose

British Electele Traction rose The National Association ol

2/1d to 3-1/3d Purchasing Agents regards con-

compared with have 100%.

Intimation that the Tories with year ago. aims in September as almost 21944

do something KAFFIRS REVIVE

long parallel with those of Septem- ber 1918, when the

Keflies suddenly spring to fecuring sundlords has caused stage

demand for the shares of pens showing goal rises following the perty companies. belts

set for The 1949

recession,

Landlords tu pubheation

Angga big way

Actes the outamobile Industry.

that There are It thinker that laventorles

ing American

Id group's

quarterly unworked materiais, after being

about 20 then listed on the which holds extremely over-basin, ss curve

of regred

report. This revealed the byst- Stock inonths, for several

Exchnge

Increly stopped kaded stocks, especially when ; but |mensured against reduced pro- | for a bit, and that proved quitë with me better balanced than at this ever underground reet develop

shares,

LX- very few

auction. Current Inventories of bad enough, stage in 1948, but it notes that ment work in the Orange Free

Western ceptions, were standing at peak 10 to 10 working days are bout Siate.

teparded agents purchasing

levels for the year, Since the campaign pledges a

twice the normal level. Steel 1 Leading ported more layoffs that new Holdings.

industrials Western Reefs and President steady with numerous moderate odity, has been slumping for year ago, there has been a six hirings.

were sarap, highly barometric con- unusual vondition hours after the and

Some form of harder or any- n half per cent drop in

Zo September, The National Brand also revealed good results.

chals of threepence and President farin incomes

six-weds, with the ude reported in upiset.

way-loss ruky times is reported and a mounting City Bank

centred notes that "tayoffs Earlier. Cattrest

pence

Roll-Royee rose 2/0d.. Eisenhower was in Kansas, in the pile

an a whole host of lines, from of Government bought due to cancellations or stretch- uranium-gold 'sharts.

2/ ...car-pemic, as holders of "dis- reflecting the chronic agricultural surpluses,

Randfontein rose 3d to 45/30 in the market's floating supply.

abortage tresic" noterial, threatened to carpets and empital goods to outs

contracts are of defence The Wisconsin revolt and the reno

urznium

Thot last article, cause the bottem to fall out of chlorophyll. in some places with an reports of a rich reported

Speculative store shares, after the market. I cannot go on like | torpedoed by a

(the gont current farm unrest throughout mare to come."

strike having been made there, A shake-out.

and that, and is certain to rebound to that rocks 011

it has the

recovered Mid-West is

Daggafontein rose 5/- to overclosed frm. expected tu In the U.S.. sunshine talk is

Dollar stacks and some extent at servé sloge. Browsed all day in chlorophyll"), lead to new pressures for the

often known us "Detroit talk174/- following news of uraniunt Canadians were dusting of

up' the Secretary of

several enty a slight rebound is forescens at present suffering the same there showing a production. --ear-makers, who have had

points reflecting the improve for the cor fuu.e end, no this is fate as some other U. S. miracles Agriculture. Mr Ezra Taft

generation of being on the iitisharply increased profits,

niert in trans-Atlantic markets. a bell-wether of markets, others Benson, whom

Party when it was Kuing

OILS FIRM

ruch as the synthetic wools; only were may be following H downward leaders regard as a political | traditionally boosters. But, they Share buying, however, was in general, foreign issues

when scrap itself has started in a fraction of output capacity ean lability,

are not talking sunshine at the done chiefly by professional mixed.

Electric Tuk vo

non-avented climb up the eher side of the find a market. so operators and the market--still moment. After borrowing-

Carpels...art.... being......-squcezed. ¡¡ost £3" und ine us:ented L4 valley. much

future business

between rising prices of the raw 1347 old. Washington eschews Olls have been firm, d by

wool and falling demand for the depression. mostly fashionci touched £2. The others which some layoffs but possibly some Anglo-lernian

prodnet: mokers may have to catastropie, and shutdowns

183/-, their highcat changed. Chinese on balance economic Just over during cami: Jus

were a shade easter. National nothing like that is in prospect, take prices even though the car- Plans for output of sinc

since 1949. California on November 10—for

The rise followed Bank of Bay PL lost C2 to 292. But something much less than pets are slow to move at current in the House seats

of the cam- the announcement carg formerly held by

current quarter the

German Reich Loans were up that would be awkward. Some prices. Prices of raw wool hold have been cut from 1,534,000 to pany entering the Canadian oil

fractionally while Potash 84, sort of correction is already In up wonderfully but such Loss of these two seats would

1,414,000. This year's produc-industry, though on a limited per cent were down £1. progress, and nobody can know squeeze tends in general to be tion is now forecast at 6,250,000 Sere are also hopes that the

scale.

how deep or how shallow the ominous reduce Republican strength Ja

raw materials. the House

218-1 to

valley will prove to be until Meanwhile, in the carpet indus- cars as compared with 0,850,000 bare

its capitalise sharp company majority

210

we are all safely on the other try itself, "a state of confusion" expected last May one-over

side of it. Democrats anci

Inde- Die

is reported; of the four biggest The U.S. National Association producers, one has raised prices, of Purchasing Agents, a cem one has cut them, and another pelent observe in an excellent is keeping them unchanged but vantage-point, expects, business cutling production so as to re

taper off during the lleve overloaded inventories. fourth quarter although main- Most ominous of all, if they ing at a general high level. reports that pressure for business are confirmed, are the signs of zome easing in employment, is sharpening in almost cai lines, The Labour Department reports and that foreign competion is that the manpower situation is mote noticeable.

| farm pulteles-or lack of them-b

was mounting steadily as their Inconies fell.

Forty-eight Wisconsin

Russian Forecasts

Crisis

In U.S.

Moscow, Oct. 18. Russin'a len ling economist, Professor Eugene Varga, claimed today the United States faced "the end of the booni" and that signs of an ap- proaching gonomic crisis were becoming clearer. Professor Varga painted a picture of deepening economic troubles resulting from over-production and said prices were falling and stocks careering down- ward.

In a three-colum survey highest immediately before an

Professi

Varga

published 121 M: Communist | economic crisis, Party paper Pravda, dlustrate by three tables, Varga conclud ed the United States was on the brink of a new depres-don.

Professor Varga once believer the United States could stave úff a depression, bul

recently confessed he was wrong in this! view.

Baic

Marx's theory of cycles of crisis was the ly base from which scientific forecasting of the economie life of capitalisia was possible.

Z

TWO OTHERS

soine

מה

up.

ure

In

are two other specia; this year, they face noter awaiting genuine public support. while the 1930 rose to

There elcetions next month-in New

Jersey on November 3, and in

Republicans.

pendent.

Many form State Republicans that have been counting heavily on the popularity of Mr Eisenhower with the voters to aid their re- to power next November when oll 435 House seats and one-third of the Senato's seats will be at stake.

itself But as the Presidency “SHOWN BY FACTS"

will

be 110t

involved in the "The facts show the end of November elections, it would ap- Mr. cf the bewn it at hand," he wrote. pear that the digres

wore Eisenhower's personal popularity American capitalists

by economic then would have to be measured that "signs of an ap consequences

of bread and the Korean against the sort proaching economic crisis arearmistice and the possibility

of butter Issues. which dominated becoming clearer and clearer,” in restelion of military orders. the Wisconsin campaign.-China

American Mail Special.

In Prayda today he drew on the teachings of Karl Marx to worries prove

year

trialists had no cause to worry.

of

save.

Bonn To Buy Masterpiece

will

to be concentrated in reserves anti suggestions that the

drun few months.

CRITICAL YEAR?

ge

He

were

Royal Dutch gained 3/0d. to with 16Ds. Kattle clered scottered gains as did-copper shares. United Press.

HONGKONG

SHARE MARKET

(From Our Cétraspondent) Business done on the Stock

to

0:

an

T:

the

SAME FATE

for

two

Exchange this morning amount-koy word. Convinced that the Beptember tell by more

Total employment in

HANKS

5:40 0.30

J***

toughest competition that U.S.

industry has ever witnessed.

44

л

SIGNIFICANT ITEM ·

Unemployment remains very Even the optienists are not to low, and the Department tes

For example,

gartly

100 19.00 vary optimistém.

the vice president of Goodrich le

the figures - as evidençó

1000714 regarded as being in contrast to that Industrini nelivity is being. maintained despite concern

the prophets of an early recession

forthcoming

Interim dividend be will increased.

Rubber shares remained dull The president of Packard

the com with thinks that the coming year will in sympathy

price, declining be "erlucal" for the automobile modity's industry, as the keenest com-for operators see nothing to pe petition known in many years for In this section. 1# likely to come from "the

JAP ISSUES hell-bent fight for

a greater

after early de- Tea shares. of the industry clines, rallied to close firm.

estimate that, Tins showed few changes.

casicot

years. production und sules in 1954 Japan's trading deficit caused

KEY WORD

Factory employment in August- may be as much as 15 per cent selling of Japanese bonds which,

showed, the smallest gain over below the reduced 1953 in- after falling up ta hve points,

in the entire post-war Competition is becoming the dication of 6,250,000 cors.

on investment buying. stoaded

German issues dropped as a vd to $290,785. Noon

than It was to the Detroit motor

quota-cconomy is in for a "peadjust- people that the boss of United result of the Trieste unrest but tiens and the murning's transacment which he regards on long one million, only part of which States Steel delivered his sun-in some cases fully regained the tlons;---

overdue, the president er ms can be explained away by the Ils hosts some- Josues shine address.

when buyers met

BULARES BUYERS SELLERS SALES American Cun Company (who seasonal return of young people "The Sperry of He said the United States in capitalism has come to a point

what caustically remarked that shortage of stock.

HI Bund

1315 also as in a position to take a wide to their schools,,. Prominent they guessed he had his order dustrial production in the first where the organs of big capital

was Berlin 6 per INSURANCES

purview of iratustry) predicts the Union pad in his pocket, and that it cent which rose six points to 48. hult of 1953 was higher than any almost openly preach a new

Underwriters was some time since they had! IDEOLOGICAL WEEK since 1943 and

MK Firs at first world war as a mess of over-

seen him around as A salesman.

SHIPPING London, Oct. 18. glance this suggested the indus- coming the economic crisis."

It seems unlikely that he wore

Waterbeat en ideological It has beca The Americans were trying

Dut

his pencil. Some

DOCKS, ETC" of the week with denationalisation of

K Whart to overeome the erisis by a

gloomiest reports for both steel the stoel industry dominating Dock This only underlined the cor- further arms

race, "but this

and Inventories are coming from

Provident rectness of Max's view that the way

dil not

on the City.

Watelock capitekst

Detroit.

financial LAND, ETC. of production was the countries from inevitable crisis

Wiesbaden, Oct. 18.

Not only has the According to Iron Age, the district been preoccupied with and it will not save the United The West Gorman GovernINEN:

Соп- Detroit auto-makers' decided to buy a. Botticelli paint-

deler- the terms on which the States either.

mination to hold steel stockpiles.

spiles nervative Government proposes "On the contrary, it fuevit in "Madonna with the Angels

levels has manageable. to keep in

of the nmd fue Litics,”

sell back control and deepeus Germany ably #hurpens

a "slump" In auto steel big United Steel companies brought

ster to

10 Brig empitalist contradictions,"

deliveries. With some inven- The Madonna, one of the 15%

investors but niso ven private Professor Varga said that for conta Tullen painter's most

tories two or three times the other steel I long time a considerable famous works, valued at one normal size, ala ume

when

noved into the picture quantity of goods had not found ilin marks (£83,000 8:10g)

auto-makers would much Tokyo, Oct. 10.

uch disclosure that they are already buyers in the United States, und belongs to a German citizen Hving rather see them below normal, negotiating for the re-purchase Trade quarters in Tokyo re-cre had been a big pile-up. In South America, Count Sigit-

"there has been a rush to can- of their former Interests. that ported

the Indo-China inkluding agricutural locks.

cel October, November and even mund Razzynski. It is at prveent authorities

Did the Conservatives firs: will shortly invite Agricultural

December orders

as steel in monopolies even inkl in mastonship by the State tenders for tho purchase of considered cutting down grain of Hase,

appoint a Royal" Ocermission ventories reared up." With car nvestigate the pros and cone of worth of Japanese Bowings $2,000,000

"while hundreds of Tho painting, formerly 0:1 output falling while steel goods,

million of workers in capitalist loans to Prussia, was transferred supply was rising, "auto-makers hailing the basic industry back countries are starving."

to private ownership? Not at all found steel to case after the war by the

stocks The goods will include

suddenly

This 1s

decision political States occupation au- | spiralling upwards. Duplicate developed during the silk, electric

There was no possibility of United

orders issued да machines, vacuum flaska, China, getting rid of extra goods with thorities. The Count sued for its

insurance cheation compaign and the Con- either

return and the West German against shortage stood out lice valves are simply "kooping seriously reducing silk jout

three to five per cent.

report by the National Associa- Supreme Court upheld his sore thumba". On other will comprise about 80 per cent production or else having a big

It does not sound much, and tion of Purchasing Agents that claim. Call in of the total value.

pects of the U.S. sicct altuation their promise! Even during the prices.

beated debates in the House on

if the drop in Umlled, to those productivity is improving, as in Industrial orders

Dut Hesse retained it by im- fron Age reports compellive the passage of the Denationalisa had been posing a tax arrest of 002,000 undervolling in the U.S. market on Anty, they made no cost to homelat

Business was done. In the focal dimensions nobody will die of usual when lavolts and, short

exchangy The existing open

market thir 11, account considerably reduced; orders

But it runs counter to the time occur, Bigher productivity, marka. (£57,000 terking).

from steel-glutted and doller-pery that the Intlividual steal US dollar (per (1)

murring, at the following ratest-ga between Japan and the French had been cancelled and there

A normal growth, and might lend | is always the surest sign of an The Hesse Government agreed hungry Europe, and price cuts companies had been handicapped sterling notes (per 1 Union shows that Japan owes had been foils on

1693 to some intense competition' for; casing. In employment:" when the Stock with Federal officials, in Bonn in stainless steel and plg iron by the control of the State indonesian Builders the French Union about Exchange, "a true sign of op to share the cost of buying the

(period) 10.60 business, both by the déport-people are les sure of their jobhy' $8,000,000—Franco-Presse.

as well as by way of freight through the Irony proaching crisis."Reuter,

and Steel Sam tiezis per 100)

1.73 ment stores and by their sup-they work harder to keep them.. painting-China Mail Special. absorption-Reuter.

Corporation,

Indo-China plastres (per "10) £60] pilers. All that really happened)—Chins Mail Special,

lovel

Indo-China Call

For

Tenders

fans,

porcelain and tiles. Raw

raw sewing

to

concerns

have with

Koncral

HK Hotel Ik Land

S'hel Lend Humphr UTILITIES

Trum Star Ferry..

8

17.10

20.70

9.00

200 0 134

0.05 3000 3,00 or depression, since he predicts among some economists over a

that the US, in 1954 will enjoy possible business downturn.

On the other hand the Federal atis 6235 400 si mais one of the most prosperous years

Reserve 200 ( 82 in its history. But at that he

reports a small drop in 1.40

thinks that it will average 8 to 10 Industrial production is Sep per cent below 1953. Remember-tember, mainly due to cusing In ing what a smaller U.S. drop than some turable goods. It signin C. Light (0) 13.20 13.00 600 13.40 that did to the world in 1940, one cantly notes that in early Sep C. Light (N)

will feel happier on the other tember there began to be a rise Electric 27.30 27.00 200 e 27.00 | side of it.

In initial claims for unemploy 3000 27.40 Macko' Elec. vis

Retailing, which has se long ment compensation and the level slood out against the signs of reached was well above a year

ugo. sciback elsewhere, has now join-| "aw

now Total employment has ed the cautionary chorus, An

fallen slightly below a year.ogo; 22:20 1000 m 53 executive of one of them pre which means that the normal

dicta that autumn gales by New York's department stores will rowth in the working force has bit not bean absorbed, and a be about two percent below a

moro than thai, 2000 705 year ago, and that by next

Probably the most significant 3094 0.39 spring the drop may be around item on the Inbour front is the

TEXT.Ch... INDUSTRIALS Content..

Dairy Wwwon

STORES, ETC.

CONTONS

......

TIEDO

Corp. 5.68 MISCELLANEOUS Yonglaze (0) Yangtze (N)

23

18.10

24

2.00

Exchange Rates

Bingapore (8tṛnits)