1961-12-11 — Page 2

THE CHINA MAIL, MONDAY, DECEMBER 11, 1961.

Americans told to prepare for sacrifice PAINFUL READJUSTMENT

COMMODITY PRICES New York Kennedy presents BUYERS

*** FOREIGN

EXCHANGE

NEW YORK

Elosun aste Ea

Lasenanged

2-3

13416

SUGAR

NEW YORK

Thong pages als in cents per af Contract Na

Jul 270 Sel

3 Spor Word As myage) 244

2.67

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Total Noder

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LONDON

20. N..

Vales A

York 241 16

M... 63 July 125 ur

IN 31

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Aur Gm

2011,

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129 $1

1242

UPI

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201615-20 0.

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1950, 14:52

Milan

Zb

12 (3-12 13t

Farb

21 90 139 NO

129 19 394 3027

:794-1744 Vlerups 12:57 12 40

METALS

NEW

YORK

Akong awes ad en mak

But The 94 !

Upper De 11:

Zing Di

10 Mus

Les 586,

24984

ן 54

RUBBER

NEW YORK

SINGAPORE

20%

7947

1 M

29

LONDON

π

3 meat:

Aber spend 299,5

Lead speed th

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- 4:

COTTON

May

,":」 「"”

cotton market

New York, Dec. 10. Cotron futures staged a mild

rolly in the forepart of the week, only to run into re- newed opposition and close the period at new lows for! the movement.

At Friday's close the genera! 1st was off 3 . 19 putats 01 1395 cents a bale lower than the preceding week

Conting liqumiation : the

December delivery wbeti deals will erase in the

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Tuesday Derma

the Tower

12 joined with than spected loan amperundings. lexick market quietness, in mapistong is beake on the laby

Spot

December

rengsled 33 45 cetils 2 pound on F.$@%,

December * new joa SLOCE 1980.

Pandadiv loss 1187 posts. or $9.35 a bate 1.

migh

14

Prasons

is

H.

19

new programme

to nation

New York, Dec. 10. The realisation that the U.S. is facing years

of painful readjustment of most of its present economic structure finally sank in this past week.

The bitter pill was not made any more palatable by the fact that the agunising reappraisal would come as the direct result of the emin- ently successful European Common Market-

of the enthusiastic U.S. nor by memories support for the Euromart (European market) when it was still but a struggling child.

SHOW CAUTION

Smallest volume

since October

The stock market shuffled back and forth this past week on the smallest volume since the end of October.

NEW YORK

Prices moved higher on Mots day, were widely mixed in the nex; two sessions, turned lower on Thun day and scored th dest gain in the final ression, winding up close in then star ing post for the third surve 5】 'རྣམ'"R

LONDON Dow Jones

com-

Next in ordey were General Motors, up 2% our all-time re- etur ear sales st month; Gen- eral Telephone, up 1% on news of an improved fluorescent light bulb, and General Electric, down 11⁄2 on the filing of tripir damage suits by 44 utilities, seeking to ullect on recent price rigging Bonvictions against the leading plectrical equipment makers

Blue chips

Mirenents

Aa eran

Stock markets behaved un- vergence is supposed to signal an

certainly through The pending change in market di. American week unsettled by pany cornings reports, particularly the decline in major steel companies. Buyers moved

the most

caution apparently tine clarification of the

11

3

2

Standard & Poor's and res smi

tmong the bine Avec Eveni mi elage were bread all week but ACTA MORTE different directions an like migh

these issues showed wide week sessions Tay frightenest ranges

week-to-week sume les habesh Miner Fuel di base The fou tha dit were

Astrvo, Chrysler up Uz. Generti Foods, However, must insisted then 3. Procter & Gamble up irregular movement was just a two, and US Steel, a 3 further consolidation before the Steels generally showed two traditional wear-end rally

1 three point gains. chemicals The business picture sapported were narrow except lur Amert- the premise

of higher pres

can Cyanamid down five, and a Car sales were the best for my number of car stocks showed November in history, steel pittle change.

American Chirie duction turned upward, carinen-

American ings showed substantial impreve

Potash. Campbell Soups, CI- ment, retail trade cartinued m tele Hein Hershey. Kellogg,

g, and ali the privalo

wen

Oty Hievator, Polaroid, Sentt pangitkelion

Paper. Wissmunsin Public Ser. showed gains

Va asta e ve land Electric were other issues of four or more.

Gams of at least four showed

Coreng

Glass.

General Oil of Fowl Tughing. Litton. Steel Wire, Quaker Oats, Tuned

hort-leant, img-let ni

The

the

et pas evene nikt ontlook, both fet strachel towards the week-

audustial WIR DR wration barking and President

Komendy want be what he wall do and that

theki f sua salen. thes いない the matten the p

wmk

Wand be the major domestic Financial Tumes Industrial effort of his administration

index ripped 4.8

pousis over Kennedy spake against the Die werk B enri at 293 4 This markdrop [

0.5 a resurging

was against the year's Jew of erenony which for the first time 9847 and the high of 36.7 in a year showed a drop in employment

with his plan for serappy the 30-year-old

reciproca! track structure which had dealt with nations and with Rouis

do 32 cents a prandi, establish adividual basis While rejecting

watright

More funds for Fayed to 3445 resis

steel project

Newrte March

pound, 4 de pounds

hen th Bogh and the lowest that mi

se

Lower estimate

Tokyo De 1

7

1.

aditional

Steet

1.

the

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withdraw

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NEW YORK

Cheng Doces Elem vest

Spel 3 m

[

34 59. Max 36 ! Jus 34 65 1 Dec 33 65. MA SE DA

NEW ORLEANS

Clostup palN

Sper 33 15

Dec

33 20 Fiaky 34 S

all NY |

33 58 May 3400- 5100

LIVERPOOL

Alesina urtees alt la petive per te Amendera

25 13 14 14 14.

Mised Contrast

33 70

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33.68

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At Danmark | Turske Experbelanta 1k 1 Pnglish longerage datas |

22 13

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24 60

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2400

Ma

25 20 M

25 70,

3-4y

25 Bu

2:20

23 00

Jan

20

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suggestions of a US

from the hard-lo inpeak bayrer of 6 pe nt 1 the total labour force to $1 per

Small trading

Loon stocks

indexer

An Club!

North Westerg Pillsbury

Savings and loan steek weer the feature this past week, whole group declining radion: in the early sessions and making Shoe and PS Shis

partial DECOVETY

Jevels. which

ground

the late

were

A foto 1 467 16 traded the past wesi. O Mese

57) advance, 178 to new highs, and 61% needimexi. 401 new

The group whtei. had prvi- rusty climbed to vulnerably high was hard hit by news that the Puderar Rowery had lows - UP1 authorwert its mampetitors, the ennimercial banks, to raise inter-

merger with the Common Mar

Fimating was on the small sure Let. Kennedy urged the adoption

with the ke chips attracting of a broad, tariff-slashing Der

spult a car and steel

most attention. Tabaceus were sous trade programme to prevent intput (the later niving at last hard hit, British Americm an Allautic trade war

frein 30 per cent of its capacity losing 4.3 to 56.7 and tin- the U.S. could very well be the with hopes of achieving 80 per perial Tobacco 2/3 lower

ser and which would only play cont by year-end). record Octo- 64-9. info Communist hands

bet exports of $1.80 million, 12 Finishing on lower He also called Americans per cent up from September. were Imperial Chemical. Rolls rates on savings to four per

get ready for the

cent sacrifice Seven per cent up hom October Royre, Dunlop and Woolworth

The that its reshume will entail lias! yea and the highest in leur Titlever were

Dow-Jones Industrial; a fram spot up) and prosed government help and a half years anri a tail 39 to 45 6 whlie Vickers and

average finished at 728.23 for a those mdustries which will stries level which this month may

week-to-work as of 057 The Courtaulds worked tugher. sufřes most at

approachi A even surpass, the Japanese were firm in foreing 93 and the 65-tock composite

dre.ined 068, the utilities | $12.909 aldon volum: recorded bonds but Greeks gave ground m Anal 1960

Hongkong and Shanghai Bak

average 0.70. put on £58 to £17% on Fri day

Tendens anted goons December to the mok vnd 28,300 Galers The ver For lus audience

Friday, whose two bodies 31ck Collect 804,4e i hajes

Ta Inwer than expected

December crvy! ashonadert had only ferupsoraty fullah inflarnet The andavaled field as of December Jai 314 900 Dates showed a reduction ul 234,000 Lufts from the No vember figures, and compared produs hen of

Kennedy iron which most opposition can be expected: industry (The National Associa twa of Manufacturers) and to-

(the AFL-CIO:

with lust year's 11.272,000 bales

Dairy Products

نمار

:

Some recession

Would the plan proposed hige Kennedy bring ruin to all this?

mila

The Inclusive Standard & Poor's 500 stuck index closed at an all-lane high of 72.04 for agam of 26 on the werk,

His revoption was polit. but That was the uppermost ques- BANK OF ENGLAND equivalent to a rise of rought

wood. It was cient that Kennedy will have to use much more per suasion and back it up with un- popular legislative mimasures. 1 get has programme going It was also clear that that's exarty

wores

Canned fish bishmeal and lish od Fruits fresh & dued and quees Calcium carbide Hardwore lonis, boat & mets stee alice furniture Coo' 10 & cool tor precincts Confectionery all kinds Diamond drill Groundnuts & groundnut oil.

vegetable oils and peanut butter Breakfast cereals & products,

and food preparation Reliactory material.

Metal products, sufes, steel windows.

household wares, sonitury

Mineral pres & metals

Hospital equiamen

Wool, Tops

Preserved Fruits

Tobacco lea1.

Organic & inorganic chemicals.

compounds, plasticisers

Measuring controlling and scientific

instruments

Musical instrumeris

Foolwea

Parts & accessories to motor cars,

motor car batteries.

REPUBLIC SOUTH AFRICA

OF

Total exports from the Republic of South Africa during 1960 amounted to £724,707,178 (US$2,049,886,014. HK$11,610,795,687 - Baht 40,376,542,980)

INDUSTRIAL

CHEMICALS

IRON and STEEL MANUFACTURES

MITAX

MANUFACTURES

CUT OUT THIS COUPON AND SEND TO:-

The Senior Trade Commissioner for the

Republic of South Africa,

1st Floor, KPM Building, Robinson Rood,

Singapore

Please send ine a list of names and addresses of South African exporters of

AGRICULTURAL and INDUSTRIAL COMMODITIES

BUILDING

TLD MATERIALS

OFFICE EQUIPMENT

and STEFL FURNITURES

The name and address of my firm is as follows:-

Name

Address

0.M. 11-12-01.

WINES

DECIDUOU

CAMINIO

MAILT

10095

CITRUS

IRON STEEL

BAGON and

HAM

MACHINELY

j

in everybody's mind

Al-

1 ali analysts agret that some sort of a recession would

the price the US will have to pay for opening its gutes to Frer overseas trady There was a trange lack of confidence and the traditional Yanker business arumen appeared to have been forgotten

Conservative bustnessmen pointed out freer irade couid only mean a sharp crease of unparts from the Common Mar- ket and other areas operating at lower wage levels: inability of the high-wage US industry to compete in world markets and large-seal unemployment.

This sentiment was echoed by. Zaliout

The liberals in both camps | felt that such selbach would be purely temporary and that it will have to be the price to pay for smooth sailing later คน. Without such * painful step. they say, the US. is doomed to economic isolationism without any prospects of growth.

STATEMENT

state-

London, Dec. 10. The Bank of England ment for the week ended Der reads as follows. Neeg in circulation Publ depu Private depositu Government securities Other sectiles. Hecents

Ralar

£2 388,072,400 13.683.701

St.Bill in paper values.

changed

Trading volume declined tu 21.010,850 shares. A total of 22,283.470 shares hands,

aud 18,314,785

a week earlier

in the romparable week of 1960.

San Diego

s

11

O

imperial was the 271.657.035 week's most active stocks, 435.192.954

ing 11⁄2 on 375,600 shares. 80.230.441

was followed by Standard 38,212,549

77 -UPI

¦ (NJ) up, 19% reflecting general,

improvement in oil shares.

Textiles

weekly review

New York, Dec. 10. End-of-year considerations joined with a gradual in- crease in the holiday spirit last week in keeping new business in cotton textiles down to a slow gain. Buyers and sellers kept jockeying for best position on prives, with neither side incltnéd to give ground. Meanwhile, most business ordered was reported of B All-in nature, with first and second quarter 1962 commit- ments held in abeyance.

Electricities ease your compat

in heavy trading

The market was marked by increased activity this morning but most of it was concentrated on the two Electricity companies and Hongkong Docks.

Typical of the difference with which many American com ... fare the inevitable task of readjustment is the recently ac- quired habit of quoting statistics

Both Lights and Electrics to prove that the expending

eased of the former closing t Fattomast is & much more for $41, a drop of $) and the latter undable foe then bag been real- clusing at $394, a decline ised up now--if for no other: 75 cents, reason than that is combined On the ather hand. Dorks population is more than that of continued to move from strength the US.

that the U.S. to strengih, closing at $150, a would not have a chance in a fight on equal terms-that is, with tariff barriers lowered on

rise of $5 this morning, reaching a top of $152.

HONGKONG

100 34

of

This morning's and prices wore:

| Bank

after i

5252 1994 30 356

Lon. Reg

60223

140 x 284

E. 240 244

Elec

Lombard he

The turnover this morning was

A. Iny

HK FE. s27 Git Wharf

5352

W 'lock

both sides

Shares which hstead of figuring out quickly gains were Taikoo at $73, up 50 showed sinall which industrial products to cents; and Wheelocks at $12.30, eliminate as hopeless waste and a gain of 20 cents. which to stress and expand for

the coming trade contest, voices approximately $4,030,000. are being heard more and more

I frequently

clampuring for the

U.S. to collect the debts that! Western Europe owes

America before Washington strikes any bargains with the Euromart.

Challenged

New share offer

The Hongkong subsidiary of an Australian company is offer- ing 100.000 shares of its capital to local investors.

The feeling that Europe "still

The company owes us plenty" is widespread Concrete (Hongkong) Limited, is the Pioneer and - to a degree justlied. a subsidiary of Ploueer Concrete But collecting debts is no solu- Services Limited of New South tion and before long wheels of Wales, Australia. the painful readjustment will The shares which have a par have to be set in motion with or value of A5 shillings are belyg without business

offered at HK$11 per share.

The allotment of the shares are being managed by Messrs. Mok Ying Kie.

fore.

ship

sense in the

Hesponsible business leader- is waking up to this task. "Competing with Europeans does not mean that our standard of living cannot be higher than theirs or that European labour will necessarily

undercut us,” the New York Herald Tribune summed it up editorially.

10

"It means rather that Ameri- can industry and labour will be challenged

to develop better methods of

production improve the reserve springs of effetency and ingenuity which have always welled abundantly beneath the surface of American economie raccens. It is not a test we need to approach with any thing but confidence and enthu- slægen,"UPI.

UNIT TRUSTS

First Hongkong Fund; $1.14 (buyer) $122" (9oller)

ex

Second Bangleong Fund, div: 90 cents (bityer) o cents (*)

Exchange rates

Dock

الانام

b12.30 512.30 11000 12,10

2000 12.20 1000 @ 12.30 b149 150 1000147 1300 & 440 400 149 2550 150

1300 152

Phone

Higher raw cotton costs, and possibilities for a new round of wage increases for mill worker carly next year, acted to harden the mill attitude on prices. Con- versely converters, garment

cutlers and piece goods buyers

were equally determined not to

accumulate Inventories, pending further Ist of consumer

willingness to pay higher prices

sume

across the retail counter.

However,

market analysts expressed a hope that production cut backs in grey print cloths would provide the needed incentive fat arivanting prices. Elsewhere, some tradiers

previous though!

sates quotaboos speculators have brought the present depressant second-hand offerings. A situation

which must be stoppet before price- Bring can take place.

1200. 42

O41

300 / 41% 100 41% 100044 2600 41

39 39

2000 49

SUD

304.

400 M 40

Old machinery

1

Looking beyond the in- metate explanations for the

dull situation,

2000 1994 current

1500 G

IUD in 1000 3942 300 301 600 3914

500 3944

200 39

Old 41% 125

1,100 @ 151

400 @ 151

4001

Gas

500

150

200 @ 150

200 160 Gl

200 151

1500 4241⁄2

500 1234

becn

sume

trouble production

AL basic quarters fell bas

added

and

costs imposed on mills

oid Using

machinery. With

incfficient the fast strides European aud Asian

have milia

bren making in modernisation, all American milimen had better start giving

than "lip service" modernisation, one commenta- lor declared. If they do

hot, "they will be driven to the wati 63 923 1 by 2010 4

100+ $215

15042 more

100

New 548

1:20.20

800 29.40

1400 150 Evo XD 23.80 821

200 180 Talkoo b7215 M

200 73

20072 400 i 73

Сет

4255315 Dairy

HK Hotel

Land

PR

̈b77% 673

100 60 73

200 in 72% Watson

1040 7215

600 72

Text

1500 #3.30

900 23.30. 320 v 23.90 2506 23,00 667 600 50062 2500 QUE

30

b28 $144 4.300

600 67 30%

500 or 23

400

1301 3012 Nyang maity Bends 12 A Rub b.

to

foreign competition,” be

warned.

In cotton sales rain, spin- ners noted, a tapering off in doniand toward the end of the week. Fill-in orders. and some first quarter buttheun was booked, but the pace had μοντελ

generally. However some manufacturers sald they expect the tempo to pick-up promptly after holidays. 80 ponderad what, if any action Elsewhere, market observers

the government may take with regard to tariffs, quotes, and the two-piece cotton chiuse. far-reaching

659 260

58:

15.00

£11.90

2000, 3.12

220000444 1000 or 29 Const 10.20

3000 to 2.1950

* Consol 140c

6230 232

11.00 2.00 Sar

2000 or 4014

Now

Tram

D402 40

12.00 12.00

1000 G 401

B00

491

1.51

Buz

6.30 1.13

1000 Go to

2.30 ના

Light

4.00 2,00

KD

Bulness win done in the local unosligint exchange market daly morning at the following rates:- US dollars (pes $1

6,371 Sterling notes (per £1), Australian naten (per £1 Japanese yen (per 100) Cashodia riel (per 100) French new trane (per 1) Argentine peso (per 100) Brazilian cruzeiro (per 100 Kopan bwan (per 1900 Italien ire (per 1000) Chinese JMP (per 1) Taiwan yuen (per 1001 Thal bat (por 100) Pakistani rupee (per (0) Marno pataro (per 31, Norwelon hione «per 10:

Filippins geas (par-3) Singapore Fitrake (pre 1)

Netherland geallter (dus 35' Weal German D-Mack (pać 1j Culim paso (902 3) sinne

$30

500 6 2:30

Underwriteit 19

Hotel by 11ump 525.45 #20.00

X

Nay

રતન ધ Lov 51508128 Mine

Metal

140 41 KD ba

Macal 615,80 Athon bei B160 19.0

1000 41%

This would have

consolences, and is being fea tured a firmer situation in bur-

20 | lap and sisal while hemp ruled

the

12 p15.00 dull and generally unchanged. Iteported new Russlun, Argen- tino and U.S. Inquiries helped shape burlap market sentiment. In sisal, Europeni Intereste did most of the buying with only limited purchases made by U.S. buyer.

AGREED RATES Canadian $ unlinum selling 18 17/02 minum" buying 16/32 TH 18 W7/34 ODI.

Swim Tranes maximum sell ing 101.

The mnt-ronde fibro #rey och marital showed increasing ébills with supply thoringen causing a slow-dow in koine fabrics-UPI.

H