1954-12-21 — Page 9

COMMERCE SECTION

AMERICAN ECONOMY NEW YORK

THE CHINA MAIL TUESDAY, DECEMBER 21, 1954.

XMAS OVER THE WORLD

Today our writer tells you about the sumptuous feasts in

Scandinavia.

Sweden is celebrating her most expensive Christmas yet.

Food, wines, spirits and presente all cost

more this year.

Only motorcars are, cheaper, and few Swedes ean afford to give these away at Yuletide.

A State Me Control Board,

t

прода [1"'W

meni to amid, verat

De fet cum aul The Trade unions kan fitur, line and the

TRADE and

...

[1

Th

2441104 tir

**ple!

W

Fly

wi

Dejan alam an

[

450 4

N

Nati The

strolder

of Bu

יין

1

The Mount of Olives at Jerusalem.

the Don Chri-trous tram in

squares, well dressed crowd. In The three

the fashionable restaulars an qulet processions of the devin ht

her way to evensong

hit sa dvels

Sporodd

I

1.

ture

auppa vlas

Come

The

Hare ver ita meni,

147

יין

public Teat ting foys to the lildren un December 5). St NE bolas Bar

Normally rellent shopkeepers

This honover thering a

tho Chess froas sales pind has been mathsfaiters" and whole- valves and fauchele, hov

have been working at top sprend To

in the gods this th

tants is keen and more discriminating taste, according to traders. Now love are everywhere, many Some of thest from Germany.

main, ceiling or in worship. Christ- into fadry

five is a busy day in Fin

Perhaps that is why the Finns spend Christmas day rest-

g at home car end 4

Check-

Ar.

and bells. quo! chat with their clovest

wang ng Lantere at the

Note Linki

4.

215

[

the

laute the northern codd

Reconcert on to

at ng Thres

come to wash

to hav

Hanunated

13--1

the market do

v.tr

14

deu: fol

her in alts

וניקו!.

-

tree blaz ag Tink

The

IN

Norway

. ] !!!

When Chirret 1-1 E Norway tog to

Christmas Eve

www

!1

וייויי*}

ARIAN

£1

ite

1

The It

the British toys on sale here were they over by "alteraft" durg 1 flar Hamali duek strike or the autumn

Government Indications

That Easy Money Policy Will Hold

By JOHN MORKA

New York, Dec. 20. Indications that the U.S. Government would hold-at least for the immediate future to its policy of "cushioning" the economy with a' programme of "easier money” and low interest rates highlighted develop-· ments and financial circles this week.

A statement by Chairman William McCheyney Martin, Jr, that the Federal Reserve System is maintaining its easy money policy helped lift stock market prices on Wednesday after two days of profit-taking this week. Mr Martin is a key figure in regulating the U.S. money supply. He indicated that any envisioned change in the monetary policy either way

would be gradual.

World Cotton

Markets

t

rise is ex-

The Federal Reserve, by its facturing and retail sales. Galus Fulles of setting reserve in steel continued into the first Funmin nd margin require-, half of December, reaching the ate for the year-82 cents for stock transactions, van highest chod a lightening forsening per cent of capacity and up one- bustess ered and materially inled from the seasonal low of

Tit affect the venomy upward of last sumaker,

pected to carry over well into downward,

Martin

that the

1955. M ed, Pedern Reserve pulley boosted The the

supply of money some 21 per ceny during the 11 months of the recent dicam starting in of 60 cents. a bule July. JP33, ile

New York, Dec 20 Claflinn fulares. Today upw. mł Irregularly DEPTH SENSIO in a row

Ghita Carrie |

Brighte Thumme over street Blomination and shop displays combine throughout the Chri

time imas season, but the

EUR

for

ling.

Nicha las 5t

(December

*,

A 10

they works

before

up

C'e

" while

་ ་་

Borded Saint

rode

of

1e

peshed, and teens and children gather the zebus for what ordientiarty presenting was the feast of

Tony festival in Nifi was According to tradition. MIR park

་ ་ intained in

Jorge follice

particularly In the

her red robes and miter tame country it on the

ut the

1110 rooftops on slaughtered

alght are whole pig is

5-0 December

distributing tangent less A

n's, cutlets, dishes jewelruent +1 with att electrk of sausages, meat cakes,

to each child who laid hams

presents a wooden shoe in the fireplace in the window and cold galanthes lah angede stap

prepared termaennd the Star of Helble The

These are elthes bottled or in containing day, raw carrots and Ca letter suvine what present be A mult star lope moterm style

deep- Moret 1alen ih

for she) would ke (2014) Ex

Saint

Nicholas, supposed to commented with a Moorish

of mediaeval

times. comes from Spain each youc acrumpanied by his henchman

begy Birk Pt. Zwarte Plot),

1:

1:

KOWN

cze boyn

at

་་

pt balls, pe apples alwa

blue and whole of the Christus holidays; be tlay

for the family and any chance Bishop Sops Swedish flags

The Chromas dinner, water, guests

maja 2.

וניו

With all the members teady at the nearest relatives ambient i operis with dir- font kia of tusages, enceses, the tobe gras ath! his Red han

1.

1

Cakes mus ser the se are nevording to tradi- tonal reets and are ature of the light biscuit type,

which The different kee keep well in types have beʼuresume

1144 Mother Mens Tu sopte bornes braad drapsmed "Porr Maa" and "Well-to-d be the fallen in which the and a self-respecting housewife has been cocking k esten aims at baking a good apply

dozen the Bret dish of the Christ- fat les n

The rocked "Iye", sorta spres Buhl h follows is called and 1 and served with

אני..:)

1554

! וייז tויזין

whole manier und green peas.

different

tree.

every misbehaving child. Christmas itself is traditional- ly a time for church and quiet

with family gatherings,

rela- Gively little festivity or present-

glving.

In every hone there is. of fru course, a Christmas serade i with cottem wool Ellitering

The Chad dried, in soaked "now"

In ke ter a contple u weeks halls, tiny red-clad "Christmas- wurf Thermpared as transparent men".

cooked in

It

4

Denmark

noteti

iri

close the list ruled | He refused to comment on cer week with 8 10 plais Opening ports that the Federal pures were off 3 6 up 8 panti. 15 Now Oris.ns Ceed unto

bo. 4

**

by

Swedish Pulp.

Exports

Blockholm, Dec. 20. Bwedish pulp expork this year were expected to exceed the "record de Itverica of 2.10 millian ton last year.

Stocks on hand wero very small but the increase in exports has been cover- ed by an increase in pro- duction.

Demand for pulp has bren kern and the United Kingdom, West Germany and France have bought large quantities,

Italy

her continued મા purchases of silk cellulose. Exports to the United Slater have decreased and were not expected to in- prove next year

Exports to Argentina were disturbed by currency difficulties, although buyers could be found there for Swedish pulp. China Mall Speelat

HONGKONG

STOCK

EXCHANGE

(From Our Correspondent)

STOCK

MARKET

New York, Dec. 20. Aircraft stocks, motors, motals andi á' host of special lasues lifted industrial stocks to a new pink today while rails ran up a point or more to a new high since May 28, 1980.

A burst of strength in aireradies lifted prices in that group as much in 0% points in Douglas. Ralis had a 34-point gainer in Denver and Rio Grande and one of 7 points in Texas and Pacific.

The gains in Chrysler and Gentral Motors, a 24-point rise In Ailled Chemical, 11⁄2 in Du Pont, 3% in United Alrcraft, 244 In Procter and Gamble, contri- buted to a 2.38-rise in the indus- trial average to a new pook of 397,32.

Rails ran up 1.59 on averago. Utilities, however, eased one cent ex-dividends swelched ст their average.

Activity

FAST PACE

continued at a fast paro -with Surnover totalling 3,770,000 shares compared with 3,730,000 shares yesterday and most since Dec, 8,

Big volume news, however, was on the

Slock American Exchange where the session was the biggest since Jan. 29, 1940 with 1,687,000 shares changing hunds. One issue-Conadion Atlantic Oll which was tipped by a radio comumentator over the weekend--accounted for 282,200

shares.

Steel shares did little-but non-ferrous, metals were among the favourites.

Among olla, Chics Service fel 24 points.

Issues

total 1:260

Out of a Business done on the long-traded, 034 were higher, 370

flower, kong Stock Exchange this morn-

230 unchanged. Thore were 180 new highs set and only amounted to $1,000,681.50, Noon quotailor and the mor-

two now lowu, Ing's Irunsactions;

SHAREN BUYERS SELLERS SALES

DANKS

SAME VEIN Along the sanu upļumistic vein was the preseton by membo. or the Aenean Bunkers Asso- Indicated that cution's Credit Policy Comunia- the list to the bushest the Fedora Reserve would put sion that business would be bet- lovel since early Novemi more restraint

into its money

tor in the Arst half of 1955 than with the March contruct getpohey if undue credit inflation throughout this year.

14. Tkt! Tha 34 340min | appeized or if the rebound To potem of how much,

East-West trade way bustness activity becomes greater any, than seasonal.

into new brought

fucus this t statement Reserve grieval tvaro Secretary Mr T

that the US FuquareT. Benson merg

Was ments on stock purchases. These studying possibilities of selling juanents were lowered prem surplus butter which night in be sold to Iron Curtain 75 per cent to 50 per cent in turn February, 1953.

BOOMING PRICES

the

Japanese Now

added Hooming stock market prices Govenment placing and the which have advanced over 40 enphasis on boosting trade with

JE | INSURANCES in curlikes

aping per cent

China, the U.S. is in the last year have Communist

to be market sentiment,

under strong ixen watched closely by Govern expected New

Orivares

buying an

with s to Suceved at pressure thement experis un a May-July deliveries and Invest-puntil danger to the stability announced programme of offer- ment buying by charter readers of the

to boost U.S.

But insting tariff concessions in the new crop months

thun Japan's exports to the West at the d tensive after Secretary

meeting Humphrey said the Government general Agreement on Tariff and contemplated incorrective action Trade.

Abmust hedge

pressure. marking apparent the urgent marketing son, johned with Imore encouraging news from the textile markets,

5.Th

economy.

the

source

nations.

kepl week, no less &ry Mir/ the February

of the

a mixed stari.

Memphis brokers were acere dilet seliers Of around 5.000 10 brake market prices. There A preliminary hearing in

October delivery. was ints in

some feeling

official Washington seeking guidance for in the Olber

firms

the Geneva GATT meeting saw ther sput

were both circles that the market--at lengt sides of the market but were to date has not gollen out-of-American trade groups voicing apparent buyers on balance.

hand so as to touch off an in-strong opposition to any proposed Possibilities but thi

tariff industry on Japanese Im long flationary price awaited

buying

role of the ports. upsurge in The independent. texilles be under way were Federal Reserve la influencing

may

Representatives of the bulb encouraged by werkend reports the nation's credit supply-long industry, glassware and photo. products, sukl any consummation of a good disputed by Democratic leaders graphic sized business in print clothes, appeared to have now won lowering of tarifs would cause wide industrial fabrics and that measure of support from both te ions injury to American manu-

facturers the Army quartermaster as seek - | parties.

of the

Dunes wil hove to pay more this everything de Christmas owing in rising world prices and Denmark's shortage coloured of foreign currency.

All drinks, and foods with the

ing more than 12 million yards The absence of any acrimony The textile industry, hard-hit red white and

bite exception uf Danish

apples

from of esboburgs.

at the meeting? last week of the by growing competition which have hart a good Norwegian flags, and a star on

year Trading volumes and

abilisation open economie

sub-Japanese and European sources. the top.

have rien substantially in price

Interests in the Exchange today committee et the Joint Com- also opposed any contemplated Huge. hell-grown Christmas and the Government is threaten-

nuliee on the economic report, tariff reductionis.. loves are found in the streets in to make the prospect even

Fallure was taken as an indication that and the main squares of every more gloomy by imposing

tho Administration monetary materially help Japan be effect- town and village.

more taxes.

debt-management policies ing tarif conecasions

been endorsed by both GATT meetings might touch off

i now trenti least for the Ume

toward Increased Partles at

East-West trade not only in being.

elsewhere as well, carly lest of the Elsen-Jupan but 2.933,000 brates. hower Administration's "flexible" it is feared-United Press

Tu

The children get their presents

Some fter a family dinner. tumes, they are pile up under the Christmas tree Often, they are brough! by Father Christ-;

After a children's service mas, dry in a long red robic, fur-lined hot nut lop boots; thurch at 5 pm, the family re-

t dance turn home just

the Christmas tree singing rountries.

trFrte s traditional

and the That he never comes down the

distributed. chimney in Sweden.

Instead, Presents

beled Fer the

in

the Anglo-Saxon

***

he arrives on a sleigh drawn by Christmas appears to give

Cu "Yur bucky,“

Finland

this their

از

will

still

Drinks of all kinds are dearer than last Christus_owing io

Fruits, s Increased taxation. result at currency shortages, be Scarve anel dear, In especially dried fruit and nuts.

As in most Christian countries, Christmas Is the season for feasting and family gatherings. is much present giving. where there are raecially

mich

ch frem 'heir presents.

family Finally, there

pasy, ually consisting Finnish housewives are enjoyib of cork, with sausages, chlidren, who are made

Christmas

of in Denmark. ing a cheaper

Christmas in ham, and cakes und ment art the expense of

Denmark starts on December 24. sauerkraut, According to cus- [ 24

and inx-paying husbands.

At noon, shops, factories ~Mces

10 Nek ties, nylon drėkinas, pu't- tom, there should also be a rice

omply and worker: pudding in which is hidden a and other

themselves woven knitted goods are cheuper

bo-single ahnond-bringing luck or home after giving

appetizers at barn on the way. enuse the new Glaverninent has present to the lucky finder.

There are often office celebra Holland

tions as well.

overs

or

abollslied the 25 per cent pur- on textiles. Hesters chrae tax and haberdashers have been doing a roaring trade.

This year, as always, the high cost of living will be forgotten family push back their as the chairs and move over

to

Tens of thousands of German

The Christmas dinner starls and Belgian visitors are pouring about 6 p.m. and goes on Bcross the Dutch frontiers this here.

the tige

Christmas tree with its shining

to the good children. For the Reports from Nijmegen, only ppropriate, cheers. bad ones, he has A

use it.

were: Month

Mar. May

July

101500

1.110,000

Volume

Open interest

42 2043

3,700

20.300

27.00

and

4.201

143 200

have

Oct

2,000

137.DO

Det.

6,200

10,300

Маг

3,600

31.300

34,600

May Tolpl

120,106

- NEW YORK

monetary policy may come next

spring

of the

U.S.

to

at the

if the generat economic New York Sugar

Prices of future closed today {uptum causes some tightening as follows:

Spot Mac.

May

July

Dre.

March Ray,

NEW ORLEANS

as follows:

for

#pot Mar. May

July

Oct.

Dee.

Mur.

May

39.201 34.78-70 93,07

of money supply.

At that time.

it was felt, the Democrats will certainly rentw their attacks 35.13-14 unless the Administration falls to take effective corrective action In the meantime.

34.00

35,00

15.0

34.00

NO MAJON CHANGE It appears that the Adminis- policy envisioned no major tration Prices of futures closed today change in its attitude of taxes, moncy, stock market and de- Acits. 34.70 The Government, it was felt, would not risk tampering op-

avail- restricting the Central ability of money at a time when economie Indications in recent months presage a continued up- mon turn.

It would more likely help keep the economy supplies with adequate funds.

With its growing commitments

LIVERPOOL

25.07 19.18-19

33.00

25.01

34.09

33.11

Market

New York, Dee.

20 World No. 4 sugar

future closed unchanged to 1 point

Ik k

Fast Aria

11/00

10 a 1803 DO 2000

210 210

Union

Lombard

Underwriters

DOCKS, ETC. K. Wharf Duck

Provident

(Old) Wheelock

LAND, ETC

f1K Hotel

2 Land,

Humphreys

Really

UTILITIES

Tras

Star Ferry

DD 915 સુર

51

عل الله لا

T

83

29.20

1315 10,0

The New York Stock Exchange bond volume was 4,440,000.

The American Stock Exchange volume was 1,700,000 shares,

DOW-JONES AVERAGES

Dow Jones closing averages on Walt Street today were 14 915 follows:

30 industrials

20

valls

15 utilities

13 ocks

300 R 8415 40 bonds

605 0.00 31,100

6.85

Comm. future price index

-United Press.

16.30 16.40 4300 9 10.40 World Rubber

07 10%

200 6715

24.00 25 3000 24.80

2.0716 2.12 1000 2.10

Y'mat) Ferry

21.40 21.60 2000 @ 201

182 100 100

1000 g 21.00

<. Eight (0) 18.10 10 20 3200 or 18.10 C. Light (N) 10 15.10 Electric

Telephone

Hupe

a

30% 30 2500 38

32 1100 321

2000 + 32. 2000314

Markets

Singapore, Dec, 20.

stently market opened

Tho and advanced further on trade buying.

Is cased slightly, to- wards. noom but in the after- noon the market steadied further trade support but bo-

camme

irregular towards close. Future dosings

INDUSTRIALS Cinent

30% 30%

(0.20 $800 ♫ 10

No. 1 rubber per ib,

Jar

Mor.

STORES, ETC.

Dairy XR, 24.00 24.80 1000 ₫ 24,60 1000 24.70 16.30 718 6 10 No. 2 rubber par tb, 18.20 10.00 1500 18,4

300 e 1715 No. 3 eubber per 16.

Watnors

L

(N) Crawfor

27.20

Singapore Stock

No. 4 rubber per 5.

Jan,

on

the

87 7/16-870/36

875/16-87 5/38

unquoted

001-07:0

0472-851%

8435-844:

Spot rubber unbased 17-6752

81-84 Blanket ODO *******

No. 4 pale crepe. **** 122-13

NEW YORK

Futures today closet 91 to 100

Market points higher with sales of 142

contracts.

Singapore, Dec. 21. Brokers today quoted the fol- live higher with siles of 132 con- |lowing stock prices: track

Domestic No. 6 sugar fu'ures

of

closed unchanged to 2 points. British Borneo Petra- leum Syndicate.... lower with sales of 31 contracts,

Posting

132. contracts Fraser & Neave. Ordinary ine against business in actual sugur Frame Neave, in the May delivery featured an 7% Cum, pret otherwise quiet trade in work Hongkong Shanghai Bank Colonial Ro- gliter)

Preelably with the economy byers undusteed the Cuban Hatten Hotel

Fathers who are bashful about Popular purchase among visiting | terself, as well as frult, sweets Brazilian Bao Paulo good (1.05 } targol is now to hold the defelt

beard

After dinner.

In

Juty

September Sput[cents

1бл

Contract No per lb. fob Cuba) 3.14

BA3

to new The market ascent seasonal highs reflected specula- ive buying and covering en- of the couraged by strength London-Singapore cables and the and high Dre, co Dee at continued paucity Closing Opening prices on shipment offerings from

the East,

13/

Domestic compumors, however/ were slow to follow the rise t the spot market where the day's sales estimated around 600 tons, Dealers locally said the domes tie market is running around to cent a pound under the East cu parity. Spot No. 1 Ras meets were quoted nominally $20.20 30% sents

pound,

$1.97

$0.00

23/.

(1.97

16,00

$1,010

$1,040

$2.72

$2.72

$1.80

$1.00

$30.23

0/0

3/0

43,40

$3.40

closings:

-China Mali Special.

March

May

July

Sept

New York Foreign Exchange

*New York, Des. 20, unofficial

England-officio

Christmas to do their shopping The first course is a Danish at bargain prices.

speciality, a sort of sweet. rice

sugar Institute was scheduled to Singapore Cold After

Storage regularly never-midding with almanda. Dutch shops

meet today to consider the world South Britis their good in German thin rice pudding hap Бесть

sugar situation. Traders thought INKITE mns | newspapers, attracting so many caten, and washed down with

this might point to some plan Hongkong l

Polating Tin Official values in 'spot cottons,

for Improving world spot prices. lights and gift-inden branches, buyers that extra buses have sweet brown beer, the main dish,

It is then that Fatlier Christ had to be min to help carry the probably a pecse if the family in pence per lb. Include:

Domestic contracts were slow mes comes to save the presents border traffle.

can afford it, is brought in amild Amèrican mildding

15/18 Inch 22.85 for defence and economic old unments on the quota.

ponding Washington develop stick a few kilometres (miles) from The housewife then brings in American midlth then 29.70 Asia, It now appears that the

Future closings: danging from his belt, although the German frontier. say that piles of cakes, tarts, and biscuits Mexican middling

government will not be able to

January he has never been known

to coffee is far and away the most which she has generally baked

1-1/42nd frch 34-35 balance its budget. Instead the Contact No. 4 (world)

Maroli Mny Germans. The difference in and other delicacies.

down to about 3,000 millon in BAO PAULD Inner the head. of the

lecal 1956. donning the red robe and white price, is so great that even a 20

There were prospects also that Future closing prices, of Santa Claus or who per cent customs duty and the house lights the Christmas tree are fearful lest their children cost of travel still make its and carols are sting, followed by cruzeiros per kilo were as fol- the scheduled five pointe cut in

the distribution of gifts. should

the corporate income tax next scornfully recogniso purchase worthwhile.

thero luxury This Textiles,

abund them beneath it, can this year

year, shoes,

year would remain at its cument 52 ptr cent level. telephone the big slores for articles, Christmas decorations ence of toys. The Danes excel

Prospect for making ingenious toys which

reductions in excla help, They have a number of and a score of other commodities In

clar algo ap- Christmas are selling well in the "Saturday (chäden

In en manipulate

dimmer at this professional Father

peared

Blige Elsewhere, amidst optimistic who will undertake the job for boom which comes to Dutch various ways.

frontier towns each week.

and Copenhagen a moderate fec.

all other age price of 16/10 middling col- toroosts from many segmente The stores have draped streat In general, Christmas 1834 Is Danish towns and villages are ton at ten designated spot mars of the econorky paper

chains, belin, Chinese the best Holland has had since Invishly decorated for Christ- lets today was 34.22 cents, Sales Rosary Board's Indon lanterns and

branches of fr the

the World War II. The latest max. The main thoroughfares it these centres totalion 36,200 industrial Jawoduction:

spot three poltsiy to'

28 their fandes. Inside, six per cent national wage in are usually festooned with lights, balos-United Press.

per cent · of acrosa

have they are packed with goods at crease in October gave a umely squares

their lighted

NEW YORK COCOA PRICES 1947-49 averag after ad all the #ky-high

Children boost to the average, family's Christmas trees and prices.

Sustment for socsonal factors. clamour eagerly. for them but spending

The Index for last month, was power,

live line more important shope

New York, Dec."30.

points (shove last "spring'e - Mon Saint Nicholas, the Dutch displays, often showing great Prices of cocon closed today many parents in these days of Inantion can only shake their equivalent of Santa Claus, had quantifica of snow, a lighted in cents per 1, as follows: low at the bottom of a business

on a hill worshippers pec. numire heads and say wishfully. "We a tumultuous welcome from church

* 4830, doolhie, but still wight points scores of thousands of excited, entering the doors and non-war. cannot afford it.".

are below.tvini-ime: high reache

is an

Jows:

March

32,40

Miny

Oct

3240

31.67

34.90

Dec.

32.20

In the United States the avers

Bahia

V Nevertheless, It looks like children lining the streets when worshippers skating to the tunes spot Acork ́being- good Christmas evt, he landed on November 20-at (of gas brass band China. Mait

with the 30-feet high iluminated Amsterdam, prepare to" dis-18secial.

the 'Foderal

March May July...

September November

March

May

Spot-cents per, lbeit NY

@x-city)

BAS

United Press.

London Foreign Exchange

-London: Dec. 20)

2. 11/10-2,700

11/16

30-day future Holland Canadian dollar ratet

Spot: conG

thigh.....

Futore: 2-day.

90-40g 6-month

March

LONDON

future

3043

30 28-30

The market was strong with No. 1 Ras spot, quoted at, 263% ance per Th. Prices

107No. 1's spot

Bettlement house term: Jan. Feb.

2040

buyers mellors Mar. 1,03 23/04. 4.0325/04 Jan./Mar 1,033 133 13/2 Apri/June 10011/30 103S

103 10/04 1.0322/09 Ocf/Deo,

30319/64 | chanaral marketa, 10250/04 1,0282/04 | Dec.

Exchange

Rates

Tudors was done in the Joos inometal axchange

noming at the following rates ts. "doline (per $1)ODESZAK Starting, notan: (ver d 1) OREZEN Indonesian (rupimis: (per, 2003;357 Bileg · (per · 100)/ IndoCrina piastres, (per 100)-);

Etale prepe, thick

AMSTERDAM

The market was firm, clowed today! Si quid

I