1956-11-12 — Page 9

THE CHINA... MAIL.

MONDAY, NOVEMBER 12, 1956.

US GRAIN CROP ESTIMATE

Washington, Nov. 11. The Agriculture Depart- ment today estimated the 1986 cm crop at 3,412,- 183,000 bushels, the second largest in history.

Today's estimate compares with the record production

of

TRADE annock

COPINEERCE

SECTION

US BUSINESSMEN OPTIMISTIC Eisenhower Landslide ECONOMIC

Gives Boost To Markets

By JOHN MORKA

Markets STATEMENT

IN INDIA

New York, Nov. 11. Middle East ceasefire efforts and President Eisenhower's victory combined this past week to generate a new burst of optimism and confidence throughout US business and financial circles.

3,803,000,000 bushels in 1948, the smashing presidential

nation's largest all-crop yem'. The corn forecast last month was 8,300,102,000 bushels.

in a preliminary, next-to-last report on 1956 farm production, the Department

On

made new estimates

about half the major cropa, usually covered in monthly crop reports.

The rice crop was estimated af

50 than

any

economy

are

More

businessmen other America's factor, the Eisenhower landslide | looking ahead to big things. Rave the US

its As an indication of what to strongest

tore ET weeks. A

expect, they take encourage pre-election rully on the stock ment from the four-year trend | market reflected this new-found pt market prices during 40,225,000 hundredweight. The optimism

advanced President as prices

EisenhowerA first October estimate was 43,215,000 (some $5,000,000,000 over

kume

term. The market Bas risen owt and 1955 production was į three-day period.

from its level just prior to the 53,332,000 cwl.

Much of this buoyancy 1932 election to its bull high curled

Into Wednesday lust April, a total of 94 per cert when prices advanced from one In the Dow Jones Industrial Ito five points on news of the average.

SORGHUM

over

វា

Eisenhower victory Profi-

The sorghum gral harvest taking- not unexpected by

estimated

Was bushels

at

compared

the

108,815,000 market experts toon set in art with last 1****** month's estimate of 106,081,000 Pured the Dow Jones industrial

bushels and 1988 production of 241,100,000 bushels,

Tic

soybean eroy V IN estimated at 457,394,000 bushels

October

average by 4.22 points Average. And rails, by 1,64 pinia

Election Win

compared with estimate of 470,004,000 bushais Businesmen and 1985 production of 871,100,- | hower 000 bushels.

Peanuts

ste the Elson- win a favourable for both business and the market. However, they do not preclu 10 at sell-off in the market ---- one that could carry prices consider. ably

new efforts al establishing peace in the Middle East, developments in that aren bay

Inparic an elenient of skiltishesa

dihy

market Pattern

estimated WITC 1,460,670,000 pounds, compared with 1,491,850,000 pounds in October and 1958 production of 1,504,530,000 pounds. United

Pro

Italy Maintaining Shipping Routes

Genoa, Nov. 11,

In view of the crisis in the Mic'de

Eas1 moxl hippies lines

maintaining regular scr- vices between Genoa and the ports beyond Suez have decid- ed to introduce a surcharge of

of

DWET from present levels.

to

Four Pointers

vicw

Financial experts President Elsenhower's election 13 in effect 20 enthusiastic approval of his in- fernationa, and domestic policies. On the economie front. they look for:

ductivity matched that in wage rates from mid-1951 to mid 1955. Unit labour costs diti hot change and neither diti Industrial prices. The Bank notes with farm prices on the rise-some ↑ por cent from the December low-new emphasis should

to the im- be given portance of raising Industrial productivity and keeping wage increases in line with rising output per man-hour.

10

Unusual

of a

*

Calcutta, Nov. 11. India's governing Con gress Party called today for Socialist-type: 600* nomy in India and in- creased output of agricul- ture and heavy industry over the next five years.

The Party's National Com rition, in an economić, policy. staternans adopted at the end of its five-day sessión hare, said India based its plans on pende

Weekly US Textile Markets Survay

Trading Pause Continues

WALL STREET

LOWER ON MIDDLE EAST

By ELMER WALZER

-New York, Nov. 11.

Election and Middle East news swayed the stock market during the past week and left it lower,

Traders whooped up 11 prea election rally on Monday

salca setting a

with

new high since

New York, Nov. 11.

June. 6. They gave the President The business pause in one-hour celebration for tats cotton textile trading, ex-election in the Wednesday

session and took profita tending back to late Sep- they ran up in several preceding which

A continuation and-see attitude

tember, showed little sign sessions. this past week of an im-

Thursday there was a wide pending early break-up. decline on the Middle Easi deve- of the wait-lopments followed by a rally was dictated, which restored future

large portion but must be traders thought by the fast-of the lo On Friday another prepared for my ettergencies. moving and bewildering changes decline carried on through the International political session with volume lightening. The statement said that scene, especially in the Middle India's farm output must be │East. boosted 35 per cent in the next) live years by means co-operatives

covering

on

the

Rapid and wide pric· changes of them in securities and the basic com.. "all | modity markets added 10 The

FIVE-YEAR-PLAN

Roselling

ap

Weekly Sales

Weekly sales on a daily aver- age basis, however, set a new bigh since August 10 at 2,200,639 shares. Til compared with Q daily average of 2.110.873 shares the week before.

at

Japanese Interested

In Tankers

Tokyo, Nov. 11. Japanese petroleum panies are showing signs that they are again greatly interested in owning big oll tankers for their own use, states the Bank of Tekyo review.

баран Petroleum Trading Company, | aspects, et agricultural produc-note of caution, while other ob-

for instance, la re- Bon,"

servers walted #10 det the

ported to have concluded a con- tract for the building of a super election out of the way." The First National Bank of

ali tanker of 40,500 dood weight Boston in Its current business

CONCESSIONS

tons at a cost of Y2,575 million, lotter finds that recent ex-

The party said that India's perlenco would suggest that second five-year-plon stressed

to be completed by the middle the basic 80- more restraint has been exercis- Indartefal output particutorly in square four-yard print at con-

Utilities managed to close un-

of 1958. Press reports also refer to the decimons made by two od on price increases than wago | kawavy industry a priority ecastuns of 4 to cent from changed on the week at 07.08 in

other dermands It calls for an end would be given to producer the mill level also acted to quiet their average, Industrials closed

petroleum companies 1. No change in current con- to this ratchet

at 489.35 off 5.12 and rails wage goods, like site, così, cement now interest as consumers

Oll Company for Dalkyo trols on credit. In fact, some price spiral" and insists thint (and machine tools.

parently counted

107.22 off 232. on "one con-

The industrials 33,500 d,w, ton super tanker at experts Insat there might be a unless mesures are taken to

cession leading to another." ranged between à high of 500.62 Y2,140 million to be finished further tightening of the credit | keep the economy moving at a

But mill executives said busi- and a low of 403.21 an are of by May, 1958, and Maruzen Oil brikes to stave off a "warming- reasonable pace, the nation's

ness has not been broad enough 1731 points.

Company for a 33,500 d.w. tom up" kuki of intiation,

Many

future will be jeopardised.

to give the market "a real test

super tanker at Yi,880 million During the weck the general on prices." They felt a moderate itst ignored many wouldn't be to surprised if the

favourable to be completed by early 1958. Fe kral Reserves

Fortime

ands rediscoun!

magazine

size demand would "clean up the corporation carnings report and | Other petroleum companies are rate--now 3 per cent, highest "something unusual", in a situa-

tion

Long dividend actions. More attention

most likely to follow suit, the where unions

constantly In two decades wert jacked up

a Leports add. was paid to indications of press on the accelerator of in- again.

extra shrinkage

In prod margins

*The rising tone of the brought on by rising costs not freightage for oil transportation, compensated for by rising prices, ; which has been observed sincó the beginning of this year duo concluded Street

to the world-wide sharjage of of with the Administation Te

available oil tankers, was rather tight

money re would continue until the throat accelerated when the Suce pro- of inflation had been cinminated, blem occurred, and is, In a No one could guess when that sense, threatening the petroleum would be but some guemed It companies with

probable decline might go into 1959.

in

profit," says the Review. "In order to tide over | 199

the odverso situation, they decision to have the oil tankers most unanimously came to a

Barring the outbreak★ 2. Continuation of governation while the Federal Reserve Board is expected to furnish the only braking power 10 their demands."

sothe

It calls for curbs on what it business, with indications terms "a species of union that small business in particular monopoly

power." It COM- might be in line for some new | ments further: tax relief.

ad-

Jorge-scale WAT, most

meni vednondies, with new Exp Ls Chinl

on the emphasis

balancing

the market and business generally

budget. could adjust to these uncertain- 3. Easing of controls Uics, but not without pressure on some special situations, such

us the inter national all with heavy Middle East commitments.

Others Inslat that current rates will make high

money bond yields more attractive to investors and siphon away some This increase will cover part of the investor money normally

costs caused channelled of the additionaj

into the stock market.

Ollycan: period of economic adjust should the crisis continue, ment in sonve Ingments of ver

the economy as putting new charges will have to be raised

stocks. Withal,

16 per cent in their freight

rates.

by the use of the Cape route. Shipping Quarters believe that,

further.Chinn Mail Special,

pressures

sce

London Stocks

Have An

Unhappy Week

By C. T. HALLINAN

London, Nov. 11.

of

rockcted

of

reappraisal of

.

The

4

India must ce:trict imports of non-sential goods and rely on its exports to finance the pur- chase of Industrial equipment í abroad, the staternent "zald.

The party sald

that India stretch could best fehleve its aims by weather

ling the reinty "on a 30-handicap.

cinlistic pattern, France-

resales In time." The

of unseasonally

been

has

An

mild

啡

Whil

Producers maintained optimistic view on the future, They felt the arrival of colder |weather will start the flow

The Bank Of England foods out of the consumer pipt turned to office,

Statement

line, and bring inventory placements through wholesalers, outters and plece goods buyers. GREY GOODS

through

the

Chrysler Lost

that

Yarn spinners reported

little

There were 1,364 issues traded indications of "war scare" buy- during the week, most since remained Sept. 7. Of these $12 advanced, Grm on a good demand. Most 668 declined and 184 held un- |current commitments were for changed. A total of 65 stocks set 1,880,87300 Arst-quarter delivery. Deliveries new highs while 101 made new

EZMAT of better quality carded

and tows. 254,351.629 combed yarns were reported ex-

44.154,5501

tight 40444034tremely 40,612,343 balance of the year.

Rayon grey goods distributors United Press. reported business relatively quiet Oils provided the wide losers. although drst-hand prices hold 5% in Wilcox, 3% in Royal Koma at the recently advanced Dutch, 21⁄2 in Honolulu, and 2% in Gulf. Metals also were lower Wool and worsled fabrics with losses ranging to 3% points continuod mixed with imported in Atcoa. Magma Coppers fell worsted receiving major atten- 2%. tionUnited Press.

4. Continuation

"The knocking down of ludi- of

restrictions in the crous union ministration efforts to

London, Nov. 11. courage eronomic development building trades, where costs and

The Bank

of England state prices have incidentally skyment for the week anded Nov.ing, although prices vin technical asistance and foreign aid programme, and the

is long overdue. promotion

7, reads as follows: existing international application trade. Many look for Congresarching

against the closed shop, and Note in circulation n to take a new "hard look" at

Public deposite moral US foreign economie policy next shop would undoubtedly begla Government securities

validity of the union Private deposis year in the light of recent

to limit union leaders in thecis Recipe

Other securities developments in the Middle East and in other parts of the world. indiscriminate wage demands....... | Reds

"An economy that aspires to Many Worried

price stability well as to Browth undoubtedly Against this backdrop

money. of sound uptlinien como quarters are be money is not just the product corning increasingly

wise credit management. It ovor the Goorment's credit also depends on the enforcement policy and anti-ituftationary

across the Board and the acin herence of efforts.

free market principles."

of

restive

Although most financial ctr- eles praise the overall principle of tight money and credit brakes

AS

Go Higher

125

So The Bank Of France levels

Statement

Paria, Nov. 11. The Bank of France state- ment for the week ended Nov. 11, reads as follows:

Total gold holdings Total other currencies Sight_balance abroad

In EPU

Advance to stabilien-

Rion Fund

treate 301,204,203,320

TRADE DRIVE IN DENMARK

A

the

of their own to carry about 50 percent of the of they handle. Incidentally, thus remaining 60 per cent will be hauled by chartered ships or others,”

NEW YORK RAW COTTON EXPORT

New York, Nov. 11, Raw cotton exports by de- stination as reported in balca by the New York Cotton Exchange for the 1956-57 season to Nov. 6

Aircrafts, best gainers, closed were as follows: the week up 1% in Lockheed to | Bekann 13% in Curties-Wright," "Boeing, Conument

rose more than 2 each. Gruman Total for season was up 3 on the week.

Same period last year*

* excluding inters

General Dynamics and Dougles Orient

Comada

Chrysler lost nearly a point in the motors. Bethlehem was down 2%. Du Pont lost 81⁄2/in (the chemicals

168,438

687.053

394293

55,224

1,303,008

403,170

-United Press,

NAMESAKES

Copenhagen, Nov. 11. About 80 British concerns 15,000,000,523 will be represented at the 13th 158,256,500,000 International Fair to be held in

Copenhagen in March, 1957. 131,100,000,000 At the 10th fair this year

only 10 British firms wond prezanted

Gains of 2 to more than 4 op- compared with 98

peared in electric storage' bat- | Atheism, 3 Oxford, 4 Critics, from West Germany-China

tery, helped by a generous stock Poetry, 8 Legislators, 7 Rhythm, Unlied Prosa. Mail Special.

dividend, Johnson & Johnson, 8 Odës, 9 Lyric, 10 Metrical, 11 Cooper Bessemer, Trane and Cenci, 12 Elery. Zenith-United Press.

Percy Shelley,

as being beneficird they insist that the Governmen is not

It deplores the fact that the going far enough along this line. With business activity approach-years was relatively stable, be

in cost of living, which for three ing

limits sel by man- gan to inch higher last February. Total bil discounted 1,553,400,436,567 the

materials praver

und plant The real break-through cate capacity,

many #re worried in

Chrculation of bunk- over the failure of productivity

July following the steel

noted ............................ 2,568,271,288,518 to keep pace with wage rates.

strike. In stec,

aluminium Current accounts and glass, farm machinery, textiles

deporte

150,000 $975.231 Rising costs, they insist, are and electric applicanes, prices

heart

of the present in- have advanced from 2 to 3 per flationary trend.

cent, coal prices recently were They point out that the upped to 40 cents from 25 conta Fedcrul

tight money policy per ton. should be supplemented by a

the

Markets have suffered one solid week of shocks. Every day they have had to cope with conflicting rumours and it may be stated without exaggeration that almost every day has made professional "bears" turn pale and hastily buy in the shares they have sold while professional investors have turned pale and sold the shares new approach to the wage-price And prices are expected to go they had just bought.

apirul.

even higher over the coming Leading observers and insiltu-months, all this, Fortune be- tions singled out this trend for moans, at a time when the US special study last week.

Government is exercising great monetary restraint and curbs on credit,--United Press.

11 Was week which they which is stexply increasing the expensive shares of Royal Dutch costs not only of her govern-

The Journal of Commerce, zigzag between £79 and £83, meat but of her economy, then

closing al £81% which is the best protection

against In-for example, finds that "one of higher than last week's close of Station

good Industrial the most ticklish immediate jobs £80, British Petroleum closed share This view seems confronting the Administration to be widespread among well-is the need to stop the current

at 138 shilling: after having as

Is

low ns 187 shillings and as high to-do people and there has al-wage-price spiral before it gets

as 151 shillings. Anglo-Egptian waya been

"Pright in the very centre "blur chipi,"

support

for

the out of hand."

Wage Rates

This, it finds, is the "greatest

of the Middle East choos-roge nearly 4 shillings and closed at Nevertheless, most of them the week's high of 40 shillings, closed the week down at least

Sucz Affected

Q shilling. Unilever Just 2 single 'active inflationary" force

shillings but its Dutch running in the economy, The answer mate, Unilever NV rose 3 les not so much in a crack-

billing.

Suez Canal shares were chiefly ailed by the report of The Continent took

£50.

Perhap feature was the obsession with

$2.00 or 7

man-hour

So did the Polish loan, £3%

attention was paid to the Re

publican Party's landslide in

Japs Suffer

Mine Output Decreases

Cotton Market Sellers

On The Defensive

By WILLIAM T. PLUNKETT

New York, Nov. 11. Anxiety over international political develop- ments, especially in the Middle East, kept cotton market sellers on the defensive throughout a holiday-shortened week.

After n

four-session period, | rozching; tho 35 centnievel for the list at Friday's close raled the first time since Oct. 31.

SOIL BANK

another million

foreign.

the most striking 31⁄2, its lowest for this year, has shoves Canalquentl¬ning months...of the vent was victory, streigthebed a baller the wolis: bo' inerchodd even more

the Middle East; not the slightest to £40.

2 to 18 points, or 10 to 90 cents Coriinued houvy producer a balo, higher than the preeed-Impoundings under the loun down on wage demands but in

Toronto, Nov. 11.

Ing week,

programane, and a slightly over an educational programme among About twice as many Ontario"} Nows of large-scale Soviet | gövérmeni

November trop workers and farmers alike to gold mines reported decreases in troop movement in

Europe estimate, wero other back- elaborate blocking of the Conal view of German securities. The help them distinguish some during the arst nine months of Middle East situation, while a

the value DE their production shared attention with the ground factors, traders said. by the Nasser Government; on Dawes Loan, both assented and parent immediate advantages

Under the export programme the week they lost £6% to non-assented, fell £2 and the and the long-range damages of this year than reported increases, number of price-boosting the Goverment thus far has £59%.

Young Loan-in both cate-flation.

it Anda that since The total value for all mines induences appeared In the old 6,220,378 bales—of IAW gorics. feil R1.

£14. mid-1055 manufacturing ratos however, was higher than last domestic situation.

cotton plus Perhaps the most 28% to The Hungarian 4 per cents, have mo

moved up from $1.87 to your, and the

Rince highest

bales 1951.

sold under a special pro- a speculative favourite a fort

Ontario Output

Department of

gramme conducted during cent obout £3 to night, ato, fell

Mines reported: on the

That total value

Jancery. Very little, it of gold production for the first

·Republican

Tradera thought the election incrdate. any

US raw cófton demand for industrial prices

dotlara 5 per cent 64,003,802 Canadian prices rose

matmindatration will prem, the during the past year. Over the compared with 63,411,316 dollars shove to whittle

following

that the dows Goverment will boost prices past

in the corresponding period of agricultural four decades, it Ands

1 surpluses through expanding export pro-Noy. 13.

on the next bids, schedulari fue to Caller Hall opening the · Although, Japan was never

have multipled historic phonie power era inconspletibusly in the news the

reven times, Wako rates went There were 80 producing gold Britain.

Also, operation of the soil CARRYING CHARGE. Japanese bonds suffered a let up 95 per cent while output mines in Ontario on September bangg British Governments dritted both one sented per cent Industrial

of quiet selling. The 1930s,

man-hour rose only co 830 against 33 last year and 42 proculot curbey on top of Uze downward all week with Old lost #3, the 1899 £25,

the end of Septembar : 1966, Consola losing threenathe 1924, #2, while others: ware

Over the shortenĆE MARK IU orka - apparent from this: that

mulupled 314 sterling at War Loan ave

period, , be= | the companies had made a col olghths, Turnover

down £1 b 1⁄4 sterling. The tween 1939 and 1047,5 white ruins, corted effort to intrusan penden Heavy

*** Chinese were masily down £i went up 15 per cans while out gr the mountry yalio 3

terling :

put, per manhole role only 8 toca parate Dait of labour, Solid,

the United States, the Queen

speech in the United Kingdom or

monufäerhourly varnings in

have

* Highly reputable ·Indostíkal f

shares were treadable mon for Dolastocite were strong accordingly new 28:2

1085.

thm work. The argument for the mentors which they momount Can Inaural prices surend - Eng buying thema - Ja thing Britain I caught in a jam to 19 per centi-United Poeta, the Banic Anda, the risk in- pro4 #pa

Programme and other

pected to Shippera understood the supply-testant on Commodity Credit Corporation, nto clower balanẹo next on the nurut males, orokild" imposs 4 carrying charge of 25 points whero | n'bound," "with an achaitional izm

Answers:--I Prometheus,

OPHOON MAP

with revised codes in force as

1st April, 1956,

$5.00

MOUNTED

$400

Ltd.

If the army contimits the South China Mornin

aninimum baso, on the

ling, fale, sino new, bajle would it be

Friday, 15/16 inschre-Unijnd Prées,

LANT HONG