1955-01-04 — Page 9

To overcome by the start of next spring's growing salon the lack of ruintall during the past year, large sections of the country

must have normal or greater predpitollen)

ami time so of Morth,

For

Heavy

IKURMAL

THICAL AND

THOMA

Rains

Badly Needed

In Middle U.S.

By HERMAN R. ALLEN

Associated Press Newsfeatures Writer

And some znaller areus must have three times the normal

too

Naturally. It's hoping much that the entire rain-short area will get tornud precipita-

And It's quite unlikely. spring. that very many places will get twice or three times the ner

two years now, the rustle of drought-amount. parched corn and stunt- el

and grass

the bawling of thirsty cattle right straight through until have echoed louder across an ever spreading slice in central, southern and western sections of the United States.

Days and week- Wells going dry pends evaporating

withena! Takay Streams nel

Precipitation dettelenenes havs, been building up until a vast area fanning out from westerti Texas Bnds it will have to have nothing less than 100 per cent normal precipitation from until the start of next springa planting season to overcome the 1954 shortage let

the stone

from last carryover deficiency year.

The

1

Within this aria outlined on

accompanying

naj arv

hove az leletehes that will to get at least twice the normal December-March precipitation

to regain 1984 losses.

What's more, they prob-

ly would simply be trading ne daster for another if they didas floods in the Rio Grande Valley and Prens River Unsin: this past year testifled,

It'

Nevertheless, the parched sol ant natural subterranéun Wivoirs of the area court take up a lot of water Streamflow

of ground 14 Rod Daleator

far beluw

supply is

water ver most of the drought

[23

bell, Test wells in some places ure at the lowest level record,

Seng areas not indicalem the map were seriously struck by drought during 1954

eyeb though their needs would be Laken rave or they get rain. fall in amounts less than normal for the December-March period. In muny cases, however, that's a pretty big it

THE CHINA MAIL, TUESDAY, JANUARY 4, 1955.

few

On the other hond, parts of the Sorthwest drought area are not too badly off even though they will require fully enten normal preetpilation. To up if normal is only two inches or so a year, a one-inch short-

rouse too big age muy nut

; problem.

bern

An index of the extent of the rought's toll is provided in Bu 1 stol-18 of them- list

declared trave which eligible in whole or in piel für federal disaster relief.

Farmers 171 1 Counties Oklahoma and South Carolina have been declared eligible for of ursistance in the purchase seed and livestock feed. breakdown

the other states

111

C

The 16

Alabama, 58 vut of 07 Counties; Arkansas 09 of 75; Colorado 22 of 83; Georgia (24 105 41 of of 159; Kansus Louisiana 28 of 64; Mississippi A8 of 82: Missouri #2 of 114. Nevada 13 of 17: New Mexico 24 of 31: North Carolina 39 ut 100: Tenessee 88 of 95: Texas 119 of 254; Ulah of 29; Vir- gizio 29 of 100. Wyoming 19 of 24

Guests Were Served

With

Pearls

Ten green vases, each filled with 10,000 pearls, set in a Japanese Buddhist shrine, and glistening pearl necklaces round the necks of thou- sands of women all over the world are the monuments of a Japanese who in the first years of his life earned a few cents a day, but died onc of the wealthiest men of his country.

Kokichi Mikimoto.

who died 1

last September at the age

96, created

a new industry.

cultivated pearls

Known as the "Pearl King", he was the first man to discover

to mass profure

how

a jewel

DACO

so rare that it was called

"the tears of the Moon."

To get the best possible com ditions, protected from sudden

#hul ant tides

hoslije wind Byb, be moved to an unin- habited island off Toba, called Totoku, where he developed a

farm seabed

tovering nearly 700 acres.

He soon began to discover an | Born of purents too poor to increasing number of pearls. give him any education, Miki-But he was not satisfied; he had moto in his early years scraped to produce the perfect round

meagre ilving as a "barrow

boy" selling noodles and veget- lobsters and other sea ubles,

cold winter foods, and in the

hot sweet

months hawking potatoes.

over

rich.

TRADE and COMMERCE SECTION

NO DEPRESSION JITTERS

1954 Was Not A Bad

Year In

America After All

By JOHN MORKA

New York, Jan. 3.

There was a noticeable lack of depression jitters among American business as 1954 drew to a close as the second best year in U.S. economic history.

Gone was the year-ago concern that the U.S. was heading for economic trouble in 1954. Instead, it now appears that 1954 wasn't So bad a year after all, and there's a more confident tone everywhere.

World Cotton liquidated

Markets

New York, Jon. 3. Cotton prices see-sawed par- ruwly today in quiet dealings.

The market opened on a dull note with hedging and mill buy- in its balance, and failed to

Unemployment appears to have been checked for the mo- ment. Inventories are just about

Plant and equip- ment

are holding expenditures at favourable levels, Construc- tion is bobming.

On the whole, there is a gen- jeral fflong that U.S.

cecnomy will at least equal if not surpass 1654 invels this

year.

Best summarising the nation- al attitude, The Guaranty Trust Company of New York had this) to say:

develop any feature during the to the exact degree of business

remulader of the ression,

The possibility al frett DITO- ducer offerings held inany traders to the sidelines. They also were awaiting developments In the cotton

and

export markcle,

textile

in stock prices ranging from $1.2 for the tobacco shares to about 130.8 for aircraft issues, The Dow-Jones industrial aver- ¦ ago for 30 blue chip issues are tbeut 40 pe: cent higher for the year, And there's lots of talk in Wall Street that the in- Mustela) average pênk-hit today wi 400-buns lots of room for further upward movements,

CLOSE WATCH

The Government appears not to be unduly concerned over the rising market. Although it is

keeping a close watch on price

there's a notice. able

lock and reassuring

of speculation on the market, It felt. The upward trend UC prices is invariably linked with business prospects in part, but more importantly with expecta- of profits and dividend policies..

Indications are that profits in

than 1955 will be higher 1954.

"Opinions differ, of course,

Improvement this year, but on ane point, there is wile agree- ment. Almost no one foregusts a sharp rise. The general feej- ing seems to be Dist the mild recession of the past year and o half will be followed by a mild recovery. Few people reemotions Some switching from nearby think that industrial production

res March to later mouth was

will or gross national product ported. The New York Colton

as high us in 1053. average Even, lewer Exchange reported exports to

expect the 1953 up to Dec. peaks for these measures to be countries foreign 28 of 1,473,839 bales, com-lupped. However, 1955

is given 1,200,215 bales the a pretty good chance of repine- | Report, pared with

ke period last season.

best Ing 1054 as the second Prices softened near the year in the country's business tons as a group, 1955 earnings

ofler taxes on some increased hedging | history." close

will total 15,000 liquidation

million. This is 11.4 per and all con- and

cent abovu indicated earnings of tracts with the exception of far-

1954, off May closed on their lows for the day.

The closing range 4 15 11 points lower. Opened unchanged to 3 points lower. New Orleans futures finished 8 to 12 points lower.

Trading volumes and open the Exchange to-

WRS

Interests day were:

Month

March

May July

Delober

December

Marsh

MAN

Total

MAJOR SURPRISES

The year 1954 had two major | surprises: The rise In construc- fion

and expenditures

the booming stock market,

A year ago, the US. Govern- ment forecast a decline of per cent in total spending for new work put in place. Instead,

The US. Newa

and World it its annual survey. estimated that for all corpora-

Dividends in 1055 will amount to an all-time high of 10,000 million. a beest of 900 million above the record level of 1954. Of the 1954 dividend dis- bursements, Ground 4,000 milten

distributed rn the last quarter. Add to that a

were

it now appears that will be u vast amcunt of million

5 gain of about

The the interest payments and there per cent Billions spent in

new building is a fat pote

for the stock

17.000 has helped boost 1.139,900

economy

the

up

Bright Outlook

In America

fur

and

New York, Jan. 3. The 1255 outlook Industry is excellent business will probably top the year 1934 by ve per cent, the President of the National Association of Manufacturers declared,

The Congress of Industrial Organisation, on the other hand, said that no return to full employment was in sight and that substantially expanded consumer spend- Inc was necessary,—Chiran Mall Special,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hang- kong Stock Exchange this

und

| morning amounted to $1,787.-

507,50. Noon quotations the morning's transactions;

SHARES BUYERS SELLERS BALES

BANKS

NEW YORK

STOCK

MARKET

New York, Jan. 3. Stocka started off the New Year today, with ono of the best advances in 16 years a rise paced by two of the bluest blue chips, General Motors and dui Pont.

These two roared--mere than points In G. M. at its high and more than In du Pont, largest G. M. slock-holder-t{} the accompaniment of all sorts of unconfimed rumeurs-chiefly of n G. M. split.

The buying rush lasted right up until the inal gong, forcing tickers to run late several thnes, jand piling up a 4,675,000-share

totel, heaviest since June 1050,

Final prices were shaffed a bit from the day's highs. In- dustrials as roup neverthe

less.

27.

were up 4.50 on average Rails a new all-time high. added 0.08 to their best since

April 21, 1990. Only

utilities

dipped a bit.

Out of

1,235 issues

higher, 417

R total traded, 844 were lower.

General Motors held 7% points of Its rise,

closing at

105% and du Pont retained a

4 point gain at $171.

1K Bank

1984 2000 30 1 10

INSURANCES

in

12.

7 M

M

Unic

1.ombord

SHIPPING

Astu Nav

DOCKS, ETC. K. What! Dock

Provident

(0.0) Wheelock

LAND, ETC. HK Hotel

1000 v

740

1000023, 20.70 1700 206 1000 15.00

15.00 10.20.

7.30 7.40 300 **

0000

15.70 10.80 10,100

Moving up along with G. M. the automotives, Chrysler gained 2% polats, American Motors 4 point and Studebaker- Packard a point.

Oils had

sharp gainers In

Jersey Standard, úp 3, Royal

Oll 1%, Standard Dutch

California 14.

Rail

7.40 points

7.35 Souther

gains ranged

In Kansas

01

to 2% City,

The New York Stock Ex- bond volume was $7,-

10.70 change

JK Land

12 70 1200

12. 001,000.

1100

12

200

73,

The

Humphreyn

25.40 20.70

italy. 2.10 2.15 15,000

change

UTILITIES

Tram

Stove Perry

22.00 22,00 3500 et

2,124 shares,

22.40

2300 (# 2336

1500 22,60 100 22.70

Y'ati Ferry 170 173 780 A

172

C. Ligm (0) 38.70 18.00 6300 18.80

C. IN 15.70 15.85 1000 or 15.0

Electric

Telephone

2030 15.80 4040 700 40%

U.S. market. Thut's what Wall ('enten

and taken 601 200 stuck which developed in some

154,700

10,400 quarters.

Elec. 12

35

500 415

301003 30

4700 3331

Volume

Один intorast

INDUSTRIALS

41 421

4154

20,400

$1,000

the

8,000

2.

2,100

48,400

[]

32,300

71,000

Stock market bullishness 1954 saw percentage

increases

20GB,900

Sirest calls

backlog ter - vestment. That is the type of potential that puts prices up at STOLES ETC.

Dairy X is 24.40 year-ends. It could do it again as the experis say.

1000 41R

Як

10

23 300

100

REINVESTMENT

10

1050 ur #4

Watson 4 Onwford 20,00 COTTONS

Textiles

.... 17.70

NEW YORK

Prices of futures closed today as follows:

Spot Mat MAY

July

hig

Dee. Afar

May

NEW

35.10n 34.03-06

33.07

30.08

33.08

ORLEANS

Singapore

Stock Market

Singapore, Jan. 4. Brokers today quoted the fol- lowing stock prices:

Jan. 3 Jan. 4 Closing Opening

339 34 33d

Prices of futures eksed today British torneo Petro- as follows:

leum Syndicate Consolidated

To

8% 8.80 2350 @ 0% Yangiste 0.05 4.10 0000

this one can add o few i billion of proita that have been retained in recent profli- taking which has been in pro- MISCELLANEOUS gress without doing much, any harm to the market is n whole. Reinvestment of these funds is expected to be an im-

marke | prdini

Incior. The authoritative Standard and Poors thinks that a large proportion **** of accruing funds will be channelled into equities.

0.10

World Rubber

Markets

3.

"In putting additional funds !

Standard and Poors to work,"

London, Jon, "Investors should re- warns,

The rubber market was quiet. cognise that The chances are No. 1 Rss spot quoted at 21% against another year marked by pence per lb. Prices:

311-31%

30-3016

Зрите

34.15

Tin Smeltern, Ordinary

34,05

Issue

May

34.91

July

30.12

Faer ond Neave Ltd.

Ordinary issue

21 + 27% va

$1.07

$1.DT

Def.

33.08

Dec.

36.12

71

Freger and Neave LIQ

Mar.

May

33.40 33.25

Hongkong &

cm. Pring-

$6,00

$0.00

hal

Bank

Cor-

poration (Colonial

SAO PAULO

Reglater) $1,00

$1,040

His contribution to the Chi- cago International Exhibition in of pearl mode! was n 1934 Mount Vernon,

courtyard paved with thousands of jewels And the Stars and Stripes flag made of pearls,

Sao Paulo, Jun. 3.

Singapore Cold Stor

Malayan Breweries.. $201 Raffles Hotel

$3.007

$2.72

$2.72

The closed holiday.

futures market today beenuse

was

age

$1.8314

$1.8216

the speculative 1954 assuming no shock senilment, the ingredients are present for continuing slock market in 1955, subject to normal corrections."

advances

of

to No. 1 Rey spot

Settlement house term:

February

31-313

strong

March....

Agrii/June

29-2016

July/September

29-201

of a

South British mur

Anco

Strails Trading

Strata Steamship

82025

$24.00 $24.00 $17.25 $17.20

Ordinary issue Weame Brothers

#13.20

$13.20

On the international trade frant, prospects for the passage of President Eisenhower's foreign trade programme along Estate crepe thick Jan. unquoted

October/December

27,5-274

General market elf bars, ports:

January

21/10-2012

February March

$2.07

$2.67

D34 $3.45

Ga3d

the

$3.45

20-2915 2012-201

thir J. 2015 nom. NEW YORK

-China Mail Special.

وال

made the pearls which

In 1901, before he had pro- duced his first perfect pearl, her of the presented a selection Arst pearls avaliable to him to the the British Crown, for Coronation of Edward VII

At the International Exhibi- tion in Philadelphia in 1926 he displayed a five-storeyed pagoda, three feet high, studded with aliput 200,000

worth pearts pearl.

Arstin 250,000 dollars. Ho discovered his 1903, when he had about one-

the million oysters laid bed of the ocean.

This revenied the secret. He had always put

the foreign natter between the shell and the Nash of the oyster. But in the oyster which produced the bad perfect pearl, the matter

the t become embedded oyster's flesh itself.

From then on, his experi. ments developed into a major

At his home on Tatoku island. Industry. In 1953, Japan ex- ported nearly 6,000,000 dollars which had come to be known as "The Pearl Island", he would of nature's way of about £1,750,000) worth

with oysters. grain of cultured pearls,

servo, his guests of which 67 matter

per cent went to the United Inside, they would always find

a perfect cultured pearl." States.

MIKI- mato's method of pearls expired in 1921, of newcomers, eager to cash in on quick profits, dumped thou sands of poor grade pearls on the world markets.

But, Mikimoto worked cease-

At the age of 12, he told his parents that his ambition was in become the third richest man in the little

native town of Toba, centre of a pearling dis- trict in western Japan.

He had always shown an in-

curiosity satiable

his about home town's main industry. For that there years, he puzzlest must be some way to speed up and control producing a pearl: sand or other foreign lodged in an oyster.

He abandoned his barrow and nt Ago Bay, near Toba, bully prised open collected oysters, their shells and inserted a grain of sand or a shaving of mother of-pearl.

produce a single pearl.

Debts mounted, bours began to call him "Pearl Maniac." ·

in

The Industry today almost monopolser the world market. Nearly all came from Mikimoto's

company.

When his 'cultured pearls be- appear in foreign

to

n

After the exhibition,

Mikt

moto gave the exhibit to the Smithsonian Institute in Wash-

gton.

at ten

The average price of 15/10 |United Engineers,

de. middling cotton signated spot markets was also tongkung Tin unavailable. Sales at nine of Potalling Tin these markets totalled bales,

33,007

Liverpool cotton prices New York Foreign

Tho wero

not United Press.

today-

When the patent on New York Sugar

scores

Market

Exchange

Canada England-offici

New York, Jon, 3,

$1.03-8/10

2,10-10/23 2.66-2.68 2.78 2.78-13/31

unofficiņi Zan 30-day futureS 90-day futures v Canadian dollar rule:

.buyers

1.01 1.03+

"

New York, Jan. 3. World No. 4 sugar futures Spot: today closed unchanged with futures sales of 6 contracts

Domestic. No,`0`sugár closed higher with sales of one contract.

clowe

to

For nearly three years, during which he lost almost his entire countries, offered at prices one lessly to improve his pearls and stock of oysters after an in- vasion of "red plankton" on quarter of those for natural the methods of cultivating them, During his lifetime he register- oyster killing best, he failed to pearls, pearl dealers raised

storra of protest and accused ed more than 20 patents, many and neigh-skimeto of feeding the world of them covering devices

The raw matkist was a very. in no protect his oysters from pre- dull affair. In the with

the domestic, ith cheap Imitations

Puerto Ricos and Philippines way comparable to the genuine datary, enemies. article.

his enormous In spite of

were qualed at six conla x The protests culminated in a wealth, he lived a trught life, pound, delivered, with some sult in Paris, Leading He always, refused to install | Philippines", reported at 5.69 of oysters shells, as usual con-

the case for efther refrigerator or electric cents.. taining no pearl, he opened one scientiate won and discovered a semi-circular Mikimoto. They pronounced his fans in his house for the

and Japanese summers. In the bitter pearl. It was not perfect because pearls completely genuine,

Then, one day in the summer. of 1893, after opening thousands

low

hot

Futuro etosinzet

Contract No,^4 (world)

char- coal brosier on unnecessary.

March May July Septerni

it was not completely round. Impontiblo, except under special cold of winter, he lived in un.. But it was valuable, and the nest X-ray and specific gravity tests, heated rooms, considering even

to differentiate from natural the traditional Japanese sign of sucedan,

pearls. with But Mikimoto, with the pride

He placed the pearl

luxury, of als wealth was used March

four more he found later, on his label "cultured pearlesso to buila abbols, workers houses him- Kamiky, multar, gavo thanks that the world wosaic know publie: utilities, and ralleye the to the rode, and applied for a who had produced them,orghild distress of the poor-Chins patent for his procent

He was always generous with Mall Specimi,tre

high -Jaw Future:

30-day 90-day d-marth

1034

more liberalised lines appear to have improved as

new Congress convents under Damo-

cratie stewardship. President

Eisenhower, who had to settle Rubber futures today closed

American Stock

volume

Ex-

was 1,470,000

DOW-JONES AVERAGES

Dow Jones closing

were as follows:~~~

30 industrials

raila

10 utilities

65 stocks

40 bond

Comm. future price index

averages

408.80

140.54

82.44

161,31

101.1

171,40

-United Press.

GENERAL

MOTORS

RAISING

CAPITAL

New York, Jon, 3. General Motors Corp., the biggest automobile producer in the world, today announced it will raise

πείτ $325,000,000 ditional capital funds through sale of common stock.

Proceeds of the issue will be used for the Corporation's pro- gramme of capital expenditures and partly for working capital. Stockholders of the company will have the opportunity to subscribe for the *additiona}

stock in the ratio, of one new share for each 20 shares held,

The subscription price will be determined shortly before the

offering.

The atock today

a at

rose to new high at $107.38 from ow of $101,50 and closed $105.13 for a gain of 7.25 share. It led the stock market in with salos of 054.

.000

Announcement of the stock offering was made jointly by New York, Jan. 3, Mr Harlow H. Curilce, „Presl

dent, and Mr Alfred P. Sloan, fer a eng-year extension of the unchanged. The murke was Jr. Chalemon of the Board reciprocal trade programme lust reported very dull with physieni

year after encountering strong offerings selective.

Congressional oppostilon, will Spot No. 1 Res were quoted make a strong recommendation nominally at 341⁄21⁄21⁄2 cents, for his programme in his State Future closings were? of the Union speech.

BITTER BATTLE:

Strong

bi-partisan backing

is expected to facilitato passage

of the programme aimed at re- U.S. tarlits over a three- ducing.

sellers

1.03-17/32

1.01-17/82 1,03-17/31

tion will be bitter.

1.03-7/10 1.0336. 1.03-3/10 1.0332/34 1.03% 1.03-8/32

United Press

London Foreign Exchange

Mar.

May

July

Sept

Der.

Mar.

The

AMSTERDAM

was market

United Press.

Chicago Grain Prices

Chicago, Jan; 3. Prices per bushol in cents:

Closing prices Wheat. No. 2, red Spot

year period. Nevertheless, the battle over the proposed legiala Prices closed today in guilders July

per kilogram, CIF. Jan. D However, it is expected that a follows major administration effort will be made to push the legislation No. 1 rubber through. It was felt that No. 2 rubber earlier this your the President's No. 3. rubber

No. 1 crope

strong

day

Mar. 233% (11) 23316(L)"

sept.

Corn, No. 2, yellow

231 pald

Spot Mar.

250 buyers May.

July

Sept

United Mar

-May

Osta Mar. May

H

whingness to settle for a orio The Singapore rubber prices Bye

year extension of the trado word programme, without accompany Prose.

Ing authority of reducing tarifs, might have been influenced in part by strictly political considerations not to create. strife before the Intra-party

November elections

With the

not

Exchange Rates Soybeans, No. 2, yello

Budinem was " done.

Sad Woning at the following.

the

bollerecha: how

Marling hotel (per)

ndonadan kuplés

Lingapore stateutta).