1955-12-13 — Page 9

THE CHINA MAIL, TUESDAY, DECEMBER 13, 1955.

·

TRADE and COMMERCE SECTION

RISE OF WAGES DID NOT CAUSE

INFLATION

IN

BRITAIN

From Ronald Boxall

London, Dec. 12.

Not even the most intrepid economist has dared venture into print this winter with a forecast for 1956. Economic

prediction is a hazardous undertaking at the best of times. This year it would be downright foolhardy.

be

If he is to even hope for partial success

must the economic crystal gazer absolutely clear on what has gone before-- and why. Few would pretend to know the definite answer to that.

The only thing t which He states firmly that existing eronulis agres at the moment latronary

is that Britains is golog through another - part of that.

as to the precise degree of in- Hallow or what used it there 2 art 44 TEZLY view,

ters - *

171

Nevri helena. true of them have now rejected the theut That the ente of the parental in- 111

se cof Wins

pressures have not

to slay. How soon they coram will end slepends on when the restrieilve policy began to take In any case, he believes effvel that this has already happened.

(+1 prospects for wuges he points out that the risk of de- bandag sterling 11 wage increasES xee the rise in productivity Hut the situation is not des- wagen. think took pitive this yan perate There is much know-

and good They may deplore as one i jedge depleærs Fath

copy the union leaders; ht wdb menal but they put the that the increases

cannel be chief blame elsewheques

repented annually without The most Injurious

be able to freets!

we shall burme this knowledge to RM a

vid result."

it

the

Important Factor

Despite two rises in the bank | rate and two budget one of them admittedly exjandoniet-

wmportant

The most

single

factor in British economy this year has been Du general fee. Batte

ing of optimism

tense among

mong they know

of this year

More Definite

Mr Harrod is far more de- In his views on the Convert.

baby will have to await events, Full -employment --and fallal the basie question," he wege pockets hay tren entered says, "can be sritied now, in record sales of nanost every- numety whether in the event thing, but especially the goods of convertibility we seek to rely associated

with a high standard

un bank

changes or

rate

of living-television sets, washetranges in the foreign exchange Ing machines and all the other rate 10 correct short-term paraphernalla of modern living. maladjustments.

WORLD

COTTON

Rising Freight ||Leading Stocks MARKETS

Rates For

PI Sugar

Manila, Dec. 12.

of the Representailven Philippines sugar industry have expressed ETAVO the rising

over

concern Creight rates to the US for the country's premier export commodity if was reported today.

Shipping eteratas

plytos trade have in- creamed the rates to us high as $17 a ton, Record- Coug to reports received here yesterday.

It was learned the level will rio further to #17 a booked tom for shipment

the end of December with the rate scheduled to revised Lo 818 by February next year.

be

Shipping theme rates Applied

of shipments

Philippine sugar to the UB coast were

of shortage to due boltona-United Press

firant

sald to

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Busters done on the Hong- kong Stock Exchange this morning amounted to $250,000. Noon quotations and the inorn- ing's transactions;

SHARED BUYBAR KELLERS BALES

BANKS

20 G DIB

on

Rik Batik INSURANCES

1978 1000

1035

Vidon Lombard

0

A

DOCKS, ETC

K Whart Dock

Wheelock

XD

What is quite With home zules booming certain is that these weapons dastriniarts have been frying, re alternatives

and mutually With To keep up with the demand. | exclusive, Labour hes been at 4 prenáÐNI

hence the rise of wages.

1

The

your

from

of view

ave preceding years.

mented

NATIO

factories

But

the was

Dexible |exetunge rate the bank rate be- vojties inoperative in its in- fluence on short-term capital movements. Our path to vertibility will certainly be made raster If we can persuade ourselves that the bank rate is the superior weapon.“

yet

соп-

more important paranturite po nis the upsurge of factory building that took place this year,

The boom was already well under way at the ginning of 1958. In the year to the end of lost Majch

But the difficulty Mr Harrod the gure for factory bunking started, men foresees could arise when the sured in square yards, was 62 external situation pointed to a

higher

than in the aling of the bank rate whic pointed to naf 50 per cent; hinternal conditions than the average of the required aster credit condi

Bons. His answer to this is to revive Lord Keynes suggestion, in the days of the gold standard, that it ought to be possible to combine such movements of the bank rate as were required to correct international short-term

with-possibly capital flows opposite movements in general According to economist loyervetit polley to provide an ex- Harrod, the huge increase in

pansionary ода restrictionist the number of factory "atorta" effect on the domestic economy. was "quite out of line with normal ratis of expassion and may be regarded as a fully adequate explanation of the troubles that followed."

Jeta fer

in turn machines in

En equip them--and the boom pattern was complete,

Views Coincide

As he pointed out lost week In the District Bank Review

་

Surely Agree

At the time this was thought

Drop On

Market

N.Y.

New York, Dec. 12.

New York, Dec. 12. Cotton prices today bogged down in the middle while the front and rear end of the thot held steady.

after

Early 1000 contracts, e-saving dervously, succumb- et to a mid-afternoon wave of when Bquidation and hedging trade buyers became more re-

At the close the list quled 33

Volumes and open interests

Leading stocks dropped a point to points lower to 3 points higher.

points today and the market more than overall lost more than $1,000,000,000 of Manu valuations, but the decline nevertheless, Mar was without pressure.

Dec.

May

July Oct.

May

Biggest losses came in shares where Per profit-taking was in order after the recent Total gains which lifted industrial stocks to new all-time highs.

stemming

Mex-x-2)+99

Volume Open intetesi

15,000

25,400 441,800

30.000

21,400

633,200

235,200

14.200

4800

129.700

1,600

47,300

900 11.700

128,800 1,675,100 bales

NEW YORK

Future prices closed as !lows:-

fol-

43

Spot

34,00m

37

Mar.

34.45

May

33.00

July

32.24

31.10-10

40

Dec

20.74

Mat.

20.00

MAY

29.30

29.18

Paper

Vacuum

Southern National Gas

Standard Brands

Standard O1 of Cal

Standard Og af Ind.

Studdard Out of NJ Studebaker-Packard Corp. Swift & Ch

43

Texos Co.

1101

34

Trading lightened on the move, į Sal Reg with turnover tolaljing 2,810,000 Sinclair Oil shared, compared with 2,650,000 | Soum" Porto Rico Sugar on Friday

Uncertainty

from the latest

New on President Elsenhower's henith was men- forted as an excuse for solling but market men generally raw

down Lurd the

normal jechnical tea, non aff, the move to new his last week.

JES 41

Of a total 1.218 issues traded 1067 frished tower on the day

while only 378 advareet

Steels Hit

Steels were Jit hard with Bethlehem off

3 more than points, Youngtown Sheet and Tube and US Steel each oft moid than 1

Chrysler dropped more than and General in the motors

declined more thau Motors

a point.

Du Pont dropped nearly 2 in

the chemicals,

industrials

down 3.92 ralls lost $1.

were on average Un the day while

Declines In the rolls ranged around a point in Baltimore & Ohio, Canadian Pacific, Kansas City Bouthern, among others,

There were good gains in boili

however, *Tours,

Southern 20.30 29.00 300 25. Railway spurted 2 in the rails, In Industrials coppers were in demand. Magma gained more thon 4, Copper Range more than 2.

Provident 153, 1495 14.60

LAND, ETC

HK Hotel IK Land

Humphreys RUBBER

A. Rubber

New York Stock Exchange bond volume was $4,400,000.

American Stock Exchange volume was 960,000 shares,

Dow-Jones closing

Tide Water Ann. Dit Twenty Century Fox Film Union Carbide

Union Pacife Ba

United Alteraft

US. Gypsum

9.8. Line Co.

UB. Rubber

US Smelting

Warner Bros

U.B. Steel....

Westinghouse Fleetne Woolworth

NEW ORLEANS

Prices of futures closed today

110% as follows:

180

6314 Spol

323

December

231

March

192 May

671% Juls

101 December

March

Octuber

5014

5816

4734

MAY

--United ProNS

WORLD

RUBBER MARKETS

New York, Dec. 12. Rubber futures closed today 15 to 85 points higher with 244 contracts.

Most of the business on the floor

In WIN

the form 4

Murch- apertions. switching Dec. (1936) Contracto were

ទុកដដគឺគ

¤#8888

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Ontwarde

"CANTON"

"CARTHAGE”

"CHUBAN"

"CORFU"

Leaves London Dae Hongkong

Salted

18th December

4th January

In Putt

gih January

14th January

0th February

via Southkimpton, Port said, Aden, tenhay, Colombo, Penkng a BbayaPUTE

Fforwardy "CANTON" "OARTHAGE”

*"CHUSAN” "CORFU"

Leaves Hongkong Bus London 18th December 16th January 13th January

Both January

10th February

19th February

17th FebruRKY 12th March

Via Bingapore, Penabe, Colombo, Boinhat. Aden,

Port Bald London

* Atte Calls Marotfiles.

"SOMALI"

FREIGHT SERVICE

due 13th Deo, from V.K. sails 15th Dec, for Japan

from U..

"SINGAPORE”est 2nd Jans.

"BOMALI"

calls 4th Jan.

bonds 4th Jna.

for Japan

my B'poto, P. Swetten- ham, Perung Aden, Purt Said. Genos. Mar- seilles, Havre. London. Hamburg. Rotterdam Be Antwerp

With liberty to call at Beiswed before or after Straits Ports and at Bombay if inducement Giwyn. Tanks available for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

dun 18th Dec, from Coleutta, Rangoon & Straits

"SANGOLA”

all 16th Dec.

for Japan

"SIR DHANA" maila 18th Dec.

"WARORA”

for Singapore, Penang i Calcutta

až 101 Jan for Singapore,

tagong Rangoon

P. & 0./8, 1, JOINT SERVICE

loads 15th Doc.

que 24th Dec. salis 20th Dec.

for

Calt

S'pore. DOMBAT, Karachi Barah. Khar- ramshahr & Kuwait

from Bombay

for Japan

due 38th Dec. from Bombay

"OBRA"

LIVERPOOL

"ITAURA"

"OZARDA"

"ITOLA"

Closings, in

pence per lb.

"UELANA"

londe 8th Jan.

were as follows:

Old contract

Dec/Jan.

Матург. May/June July/Aug.

New Contract

May/June

July/Aug.

Oct/Nov Egyptian Karnak

Tin./Feb.

BAD TAJI

SZAN BAR

sails 1st Doc.

igade 8th Jan.

for Japan

for Bingapore,

Madras,

DOMBAY, Karachi, Ban

Tab, Khorramasahe Kuwatt

for S'pore,

BOMBAY,

Karachi, Basrah, Khor- ramanahr & Kuwait

EASTERN & AUSTRALIAN S.S. CO., LTD.

25.72

80.10

"EASTERN"

"ARAFURA"

"EASTERN"

Future closings, la cruzeiro per hilo were as follows:

- March

May

July October

29.10

29.20

20.20

20.60

exchanged at differences varying The average price at US 14 from 870 to 800 points; als0 July-May at 200 points: July-spol markets was 33.85 cents.

United Press, March 650 points: Sept-May 340 points.

The higher trend relleuted And high- London't steadiness, Avertiges

prived shipment offering from Sim. Malaya and Indoensla.

business in the local market emaine:J શું minimum, No. 1 Rsg were quoted of 40 cents. Futures:

413.12

Factory

603 8.720

17.10 13.3 2500 er 11.20

20 3211

19.60

1.80 1.00 3030 in 1.00

2150

149 1.45

were:

Trust

4.79 2.35 60 40 2.75

30 industriale

201

1.76

20 mils

163.11

UTILITIES

Iram Yammat Foy

Light (0) XD CINI

18 utilities

03.48

da stocks

1.JU

100

172.63 $1

Comm. future price index 21.40 21.00 100 e 2114 Comm, spot price index

Moody's Index ........

10:20

404,80

MATCH

May

39.78 39.50

July

Sept.

Dec.

Allied Chemicals

017339

Allied Mlil Inc.

Allis Chalmers

00

Ankerican Cyanamide Co.

150 23.40 40 bonds

18.10 Electric

30% 301 100 1000 Telephone .. 14 ay

INDUSTRIALS

Cenient ... 33 344 000 4 STORES, ETC.

Dairy Wabun COTTONS

Tex Corp. Nagyang

Closing Prices

Am. Mach. Berary. American Mo!

18.40 18.60 1000 @ 18.40 12.30 13.40 – 100 @ 13,30 | American Smelting

0.00

Đ ...... 2,80

Allied XD.. 8.30 9.00

to be impossible, but Mr Harrod MISCELLANEDUB claims that the recent events have shown otherwise.

His fellow

economista might

on this point but London Foreign

"one matinot sudden.y super- impose such n gigantic new burden on productive_capnelly and expect to Avoid Inflationary be sceptical

they would surely agree with his view Mr Harrod that the Government should make up its mind on Goverment whose spokCemen this "central issue."

pressures,"

On this coincides with that of the

point

+7

"Postponement of a decision

Exchange

have irritated economists and confused the public with the on this issue last spring," he variations on e theme 100 said, "was the true

CAU New York much

prosperity. The differ-

of our requiring a second bud Montreal

Paria is only

In the choice of words, refecting the difference gel; further postponement could stockho between economists and polt-have for more serious conso- quences for the whole of the

ence

cians' estimate of the intelligence sterling aren."

of his audience,

If one accepts this diagnosis and with slight differences of emphasis most economists do- one must also accept the cure which

has boen prescribed. Why then has the patient not responded to treatment? The answer, according to economiat Harrod, is that there arò two kinds of booin, One can bo pricked like a bubble, but ours is the kind that can only be liquidated slowly.

No Forecast

sists of too many people trying

This boom," he writes," con

London, Dec. 12

Am. Bugar Rel. ... American Tel & Tel American Tob, "B" Anaconda Copper Armour

Baldwin-Line-Ham. Baltimore & Ohio Bendix Aviation Corp.

Bethlehem Stell

Borden Thiel Co.

Case (4) Do, 12

时尚

SINGAPORE

Singapore Stock Market

Singapore, Dec. 13. Brokers today quoted the fol- lowing stock prices:

gróm maatrulka

due th Dec. from AusteKÍJA salle 14th Dec. for JapaŽ

6th Jan. Gue sally 3th Jab. loads 8/9th Jan,

for Jupani

för bandakan. BARAUL Brisbane, Rydney. Met bano de Adelaide

All vessels huyo liberty to call at ung ports on or off the route & the route à millog are mabject to change or amendment with or without notice.

For full particulars apply to :-

MACKINNON. MACKENZIE & CO.

OF HONG KONG LTD. Telephone Nos. 27721-4.

MESSAGERIES MARITIMES

P.O. Box 53. 'Queen's Building · Tel: 26651

FAST PASSENGER/FREIGHT SERVICE

Sailing Dec,

44,30-05

30,40

28.40

22.00

39.56

Consolidated Tin Bmeler

Ord.

Opening Batu Lantong Rubber Co. Ltd. 1.70 British Barneo Petroleum

Syndicate

20

Fraser & Neave Ltd. Ord. Fraser & Neave Ltd.

31.70

cum, pre

15.00

Hongkong & Shanghai Buk

VIETNAM" "CAMBODGE" *LAOS"

It was a dull morning session

29 in the market today, but buying interest during the afternoon was slightly increased and there was no particular feature.

Do

170%

TO*

101

Future closings were:

14 No. 1 rubber per lb. Dec. 131-13114 Wen 120-1235 Feb. quoted

1204-126 1234-1231 118-119 131-131%

105No. 2 rubber per 1b, Dec.

7214 No. 3

Bosing Airplane

No. 1

Burroughs Add Machine

31

Canadian Paoine R.

Spot rubber unbated... Blanket crept

1

No. 1 pale crepe

00-101 142-143

LONDON RUBBER

í

at 101 spot quoted Prices:

37% - pence.

CAT. Fhancial Corp. Cat. Tractor .. Celanese Corp. Chroster Motor

ted Edison

Oll of Del. Continental Steel

Coch Products Cuban Amor, Sugar

2001-2007

6/10-2.80 | Curtis Wright.

Diamond Alkal

-148}}% | Dow Chemicals b... 1-1225) | Dupont de „Nemours 1946-437:36 || Kaman Kodak

Zurten Frankfurt

buen were unchanged."United | El Paso National Gan PICE.

Erie Railroad

London Markets

Fractions

Drop

London, Dec. 12.

Family Fineson Corp. General Ligetrie General. Juoda

· Chervara)', błotnes den, Pub. Ul. 12 Gilletts Safety Razor dodrich (Br.) Co. Goodyear

Heyden Chiemical

natske Mining Co. Int) Businem Machines tai Harvester

Intarsiational Nickel

reservational Paper

John-Manville Co. Kenneobit Copper

Profit-taking and uncertainty over Wallet MUTT Tob.

Lockheed Aireratt

dorp, westein Sp

Lone Star Cement Co.

to

Street's possible reactions to the latest health bulletin. on President Elsenhower combined London Stock Exchange today. drive most sections fractionally lower on the

Industriala were: hesitant altj

British

Monsanto. Charging). Co.

Mont Motorola Indon

Notional Cat Re National Da Notional

stocks |:"ational;

to do too many things, eith separately quito Justifiable, at the fame line. Thero is no bubble to be pricked. What is day, Unilever; Hawie micheley, hoved narrowly and, showed a National required in simply a continuous and steel shares falt selling few small lose and progressive credit squeere pressure and closed dosing

belstenbarked on and now

Royal

'ang・ "British Dollar

which will prevent new blana | Petroleuta. shuvredi, 'wedistal | down larte,

being placed, until: th order books can be shortened, the coction, wel retreat through

Gold shares

to make forecasts for: 1964) ho inani, aided by,"

confort: Himwolle with artynchburg: buying bal Keneral remarks on the hot attendud varfer problems that very lub zood Rood in Ba

New Yor

ing Corps.

Hongkong Tin Ltd.

Kertipas Ad

Lunas Rubber Estates Ltd.

Malayan 'Breweries

| New Serandah Rubber

Ltd.

Pelaxing Tin Ltd.

Helles Hote

Singapore Cold Bioinge

South British Leeurance Co.

| Strada Trading.

Strail Sleamatilp

United Engineers Ord.

Weerte Erde.

$800

8x3d

$2.00 ca

!

14.00 $3.40 cd

“MEKONG” "MONKAY"

$1.00

14.43 12.45

$1,40

$27.50

$25.00

$13.20

#10.10

$3.12 ed

-Ching Mall Special.

The market avas quiet with New York Sugar

No 1 Row spot say Settlement hour termi

Дали

Feb.

Jon/Mar.

MAT.

Apr/Jump

July/dept.

General markets, ele tends

Dec.

Jin.

Estate Crepe thin, Dec.

AMSTERDAM

iho market was quiet,

38xd. prices, word quoted today

guilders per kilo, elf follow*

No. 1 rubber

11

No. 2 rubber

No, rubber,

No,

A rubber crepe

Market

12

New York, Dec. 12. World No. 6, sugar futures clored today unchanged to points higher with sales of two contracts...

Domesile No. 0 sugar futures closed unchangüt with salts of 13 contracts.

Activity was hur broad enough in either market to All develop

inding fcature, in dealers cald. Futures:

Jan. ng

Contrket No. 4 (world)

Barch

380 buyen May"

258 buyers. Judy

5350 inyers Beptember

3.70 buyers pot cents per ib. fob Cuba) United Freie, •) Open interesti. 1919. contracta

New York Foreign

Exchange

Contract No. #

DEAROTA

Septe

Open

Exchang

tresta

insted

zlat 28th Jan.

to Marseilles

PA

Feb.

L

FAST FREIGHT SERVICE

Balling Dec. 13

to N. Africa/Europa -

· Jan," - 18th

Flying to Europe?

A

You'll receive

oboard KLM Supe

welcome

See your travel agent or

Philippine Air Lines, La

'Ocheral Sales Agents for

"KUM, Pentitulb, Hotel,

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