UNION OF (SOUTH AFRICA
Question Marks Erupt From
THE CHINA MAIL, TUESDAY, AUGUST 3, 1954.
IM
FICEDE
WERCE SECTION
Tariff On Watches
2036
Touches Off
Spirited Battle
an
Coming at a time when the US And Fune
for the Best are
By John Morka
OUTPUT
New York, Aug. 2.
shoringe
in
the
The
trade Had--ion the majer
i
U.S. EXPORTS
Washington,‡Aug. 2, United Staten exparis totalled $1,478 million in Zune. necording to a jire. liminary estimate by the Department of Commerce.
the
Highest
~ rare since May
and compared with *1,387 milfor (rovised) in May this year and $1,384 million in June last year.
Exports for the first she ты thala year
monibs Fif
amounted to $7.688 million. anal $8.114 mtition the frei balf of 1953.
June million since
for
imports of $965
were the highest April, 1953. They compared with $829 million (revised) in May and $933 million in June last year.
Imports for the first six months thin year were $5,218 million. DESI 16,001 milion in the first half last year.—Reuler.
HONGKONG STOCK EXCHANGE
Page: 9.
NEW YORK STOCK
MARKET
New York, Aug. 2.
Demand for steel stocks pushed industrial prices to | further new high ground in
almost a quarter of a con-, tury
Merger steel Javures lest the'; arivance. They tucked me mb- stantial gatas. The demand for steel storks helped other depar*** Meni
The rise moved ushstrat shares to their best levels since Oc. 14. 1920. Utilities now renched back to July 1, 183). Itailrond shares, beenuse of few tunel issues, closul slightly lower 414 mensured averages.
100
Market news continued on the favourable skłe.
Dividend Increases, coupled with
kird cuz nings, the market considerably,
bolstered
: Dealings increased on the rise,
Sales
totallesi 2,850,000 today shares compared with 2,000,000 shares last Friday
Of the 1,217 issues traded, 501 closed higher, 383 Anished lower and 293 held unchanged.
Youngstown Sieet & Tube was It (From Our Correspondent) The bellwether his group.
closed with a gain of 5 points Bethlehem Steel, which 16 $03. done on the Hong might merge with Sheet & Tube, Slack Exchange this
To
5339.se 1% points to $81.
Business
President Eisenhower's decision granting increased tariff duties on imports of certain types of Swiss watches touched off a spirited battle which cut across all segments of the US business and financial world.
Despite the President's assurances that his decision in no way meant a retreat from his avowed policy of a more liberal tariff and world trade, his action came under strong fire from many influential sources.
Aside from the ninediate re-, better for the first time to six cent-have vecovered percussionA in the eccnemy maths, recording to the interi~| second quarter from the bottom Switzerland, the tariff bnational Revenue Service.
levels of the first quarter. raised string doubts AP Newsfrutuary -
The Bank The IRS monthly report also| **
maled: mlads of many as to the effee-showed that egerette shipments strength of US exports reticels tiveness at the firmness with reversed the downward Trend both their strong competitive 15 fait
the Ertabowy Ad-or the first time in 10 months, position and the declining dollar manstration
Showing again might be able
abroad. of 2.7 for the
The dollar counter suala mlechenist di mouth of May.
sbstable to balanced world trade mands from countless other i- tfistles.
is disappearing.” The dollar reduced
It noted, was *ap
$1,400,000,000 y to upimistic about pecembor following a statement | 1953-which it added, was due tong
growing US Imports, not link between cause of reduced experts. Im 093.20. Noon quotations and the cancer. elgarette trade, the Preddent's actes en believe the earlier publicity ports rose from $0,600,000,000 in $10,000,000,000 in 1953, rast another had lost its effect by May and while commercial exports Bold shard w ne:oss the trade:
these figures Just rettssed are picture
of the future in the
at just over $12,000,000,000. sad to bear cut that
thesty addtri: pinion or some observer.
"The Government la on The shooting incidents in the the right wack in urging foreign Thert wrs
dis Fer considerable
East added firmness ver the President's fecal commodity,
to appointment over
and security bousting long-awaited
trading Aircrafts, moved higher up 1 50 per cent US teritis on about one point-after elling off Swiss watches on the plea of
a week on news of the Indo- China truce.
Monday's In market dealing-on fire badly! of the wel, escos, silk, in and the Presidem's action not ente rift Sugar closed mixed.
while coffee lead and burlap | (delined. Caffee prices showed mness after earlier easiness bul then moved lower
Indo-China Truce
Washington, Aug. 2.
Every time State Department and Pentagon planners look at a map of Asia they see little but trouble.
The Geneva agreement, which left the Indo-Chinese state of Vietnam divided at the 17th parallel, in their estimation was strictly a local truce that stopped the shooting between the French and Communists.
Output has been running below Like vepr-age level since last tine in years the clences of achieving of vertibility and a more fizialked
peared to have
various American manufacturers that their industries were being damaged by such imports. The
eidtorially
zaid New York Tune+
stuck #
Cconomy
but fuflett
of a friendly
provide a greatly
of policy
f possible rocking and
.
thu blow" ut LAROW
nation
gesture
huidation effect the gains.
CHARE BANK SURVEY
reaffirmation. Labour leader Walter Reuther President of the Congress of Organisations, (CIO).
As far as the experts are concerned, the major problems confronting LAOS states of the Western world are to prevent the two other Indo-Chinese
subvert ed Cambodia from being and
Industrial from within or turned into another
battleground.
North Africa, now niso They
fear
the mandats in thut
of alive with nationalistic feeling sprawling Island republic Indonesia, which lacks a strong and resentment of imperialism, are considered ripe for internal central government and which contains about as many
subversion by the Communists, p0-
Bitical viewpoints na islands, the Commanists'
on
inay be time table soon.
are
three
Far of these Eastern states contain large Chinese minority groups,
and there
persistent reports from Indonesia, which is loose- ly governed at best, that scores of youths are being spirited out of the country for school- inc by the Communisty In China,
THE
At the other extreme of the African continent is the Union of South Africa, with its policy of rigid segregation. South African government re- cently reported that Commun 1sts were fishing heartily these troubled waters.
in
Europe is considered by both the military and the diplomats as the spot least likely to be- come an Iminediate Fore spot, chiefly because of the presence
1
the prospect of an independent and re-p.med Western Germany well L NOT expected to sit with the Russians.
In the opinion of the experts, unr of Russia's prime driving forces in the diplomatic field is to prevent such a thing from coming to pas
What will happen if Western Germany 15 granted inde pendence and is re-armed with the help of the West is any-
There is body's guess. doubt that Russin would go to war over the issue, but there
some
I of strong Western forces and is little doubt that she would
the obvious economic
advant-
step
up
the reanament
of
ages to the Communists trad-Eastern Germany and thus lay None of these nations has a military force capable of copinging with the West.
the groundwork for a series of border While Europe is considered possibly powerful
dangerous the least likely trouble spot, clashes.
and
with anything more thom village uprising, throughout all three there are stirrings of resentment against their present economie plight.
Further,
the State Depart- ment believes China will NOT be content much longer to suffer harassment
now occupied nationalists,
Formoso, from
by the Chinese
Should all of South-east Asia fall within the Communist or bit. the Western world un- doubtedly will have a long range problem with Japan.
In the past Japan has ob loined much of her food from the lush lands of the South.
A considerable portion of trade has been
hér
in the come
Brunei Master
For
Plan
Education
Brunei Town, Aug. 2.
Lernied
Lermer
the of proponents of that made
Pierson,
Council
Leo survey,
13
trade.”—United Press.
be-
Amounted morning
morning's transactions:
snaRES BUYERS SELLERS SALES BANKS
Aircrafi manufacturing issues moved higher. United Aimraft, which boosted its dividend near the dose, fiul-hed at 3033,, up 2.
Allied Chement highlighted in its section. It registered #
of 3 goin
points to
$00. General Dynamics closed at
It
HK Bank XD 1645 1653 INSURANCES
Union Underwriters
£70
19 875
740
074
$60
12 00
13 1090 12 00
160
30
1300
739
ly 1200
7.35
1,00
World Cotton
Markets
New York. Aug. 2. Cotton futures were dull and tentureless today following slightly lower start.
At the close, prices ruled six
finished 13
DOCKS, ETC K. Whan Dock Provident (Oth Shal Dock Wheelock
LAND, ETC. Ik Hotel 21K Lanu
Sai Land
In 20
93 10 500
Texks Pacide
added 42 points
Trust
10 $134.
Other oil shares unse moderate-
Curtiss-Wright market leader in the G1 12 1000 6114 It closed at $12
. 1.43
Humphrey 10, 19 Roy UTILITIES
20001
2.071%
R
Tram XB .. 1935
Star Ferry
lad
Ymau Ferry
C. LIght 101 10 10.20 4500
140 1:00 100
140
WAN
Lig
the volume. wlin shares changing hende. The New York Stock Ex- change bond volume was $4.-
83.000
490,000.
The Anterican Stock Ex- change volume was 070,000
10 1000 10.10 shares. C. Light (N) 13.10 13.46 72 13.10 Electric
3312
34 200 30.
100 o 331 ) 700 @ 331
Maeno
Elec.
21
Telephone 21.20 20.20
of INDUSTRIALS the Cement
Rope STORES, ETC
Dairy
2414
14.70
20.10
100 24.40 30024.00
Watson
17
COTTONS
Textiles
The US recession has had no to 11 points lower. New Orleans points decision tragia" natletable effect on the world futures the response ofcectomy, reports the Chase lower.
Bank in its monthly After the opening, prices re- world trade was National bv Warren
The past year's ex- gained a point or two on sell- President of the US perience in effect confounds the ing prompted by reports
raina during abroad that beneficial of the International fcor widely held Chamber of Commerce.
of the rotten "when the US sneezes the rest night in parts
belt, especially Texas. gets pneumonia. Representing about 700 major of the world
US exports in the US business
The first private crop kurveý Ts, Mr Pierson noted. said the
were estimated from a New York wire house drelsien was "dis- second quarter
by the
Bank at a 13.8 billion, butimated the crop at 12,080,000 couraging", to those who rel:
The Government's first strong world trade was essential onsual rate, the highest level bales.
and de- since 1051 and 1852. to American Reeprity
crep estimate is due on Aug. 9. Despite increased competition Some market
believe experts fence
for foreign markets. this 3 the current
crop would marked recovery froni first higher.
Colton exports for the season 27 stood at 3,070,982
OTHER INDUSTRIES
quarter totals which were about
The increase at this time was}6 per cent below last year's to July expected to set off a new roundjevels. Imports-down 10 peri
O new requests for relief fram
other industries, it was fell, all of which was expected to add
to the increasing scepticism in
Europe and elsewhers as to the economic policies. American
Pederal And this week, The Tariff Commission is winding up third and final week of emnibus hearings covering 440 flems, that bear tariff rates of 50
MOTE. directive
WORLD SUGAR ported.
MARKET
New York. Aug. 2. World No. 4 sugar futures to- day closed 1 to 7 points lower.
Domestic No. C sugar futures closed unchanged to lower.
1
bo
bales against 3,030,655 the similar period
the last year, New York Cotton Exchange re-
Trading volumes and open Interests in the Exchange today
Volume
were: Month
2200,700 £10,200
370,500
Open Interest
October December March
20,000
23,200
25.000
415.033
May July point Cetaber
December
11,000 3.700
300 940,000
330,4
100
21,300 10200 1,2200 boles.
NEW YORK PRICËS
New York. Aug. 2.
The resumption of sugar load-. | Total
Crawford
74
200 20.20
DOW JONES AVERAGES
New York, Aug. 2.
elesing averages Today were ma
Dow Jones
vm Wall Suvel
follows:--
30 industrials
20 rails
15 ulti
43 stocks
100 23.70 | 40 bonds
Brazil
Comm. future
price index
349,67
110.20
60.40
130.47
101.00
101.02
- United Pree
Blamed
For Rise In
Coffee Prices
Washington, Aug. 2.
The Federal Trade Commission today blamed recent drastic rises in coffee prices on US and Brazilian speculation in the coffee market and Prices of cotton futures closed "abnormal buying for inventory" by US coffec
raws from that area may deve- today as follows:
pey
cent On
the from Senate Finance Committee, the Commission 14
to expected provide data as a basis for nexting in Puerto Rico after a 34- debate on the day strike brought some selling year's expected President's proposed three-year in the domestic contract. It is expected that the pressure of tarif and trade bill.
Elsenhower's earlier decision lop. to make a one-year extensión
Reciprocal of the
Trade Act was roundly criticised in many
Sept. Countless representa- Oct. Jan. American Indus- tives of many tries-ranging from
Mar. dried eggs
May have 10
July
Details of a $15,000,000 "master plan" to pro-quarters. vide free education for every Brunei citizen over
with the accent on education into pistols--appeared tall under six years old - Red away, alther the West will English and provision for trade training to over- have to find new markets for
aren.
If these nations
Japan or the Japanese
emphasised the need for raising Under the tariffs even further. President's proposed programme
35.30.1
34.27 34.40-47
24.01
1.70
33.40
Spot
Oct.
Future closings were:
Doc.
Mar.
Contract No. 4 (world)
May
July
VEGA
Dec.
33,04:1
Spot (cents per 15. Cob
NEW ORLEANS PRICES
New Orleans, Aug. 2,
Cuba)
3.17
Open interest: 3,309 contadets.
Contract No. €
today as follows:
Spot
3.05)
Cet
Mar-
Doc.
May July
Bept, Nay.
0.40
Mar..
5.50
May
July
5.58
Oct
8pol-(cente per ib. if NY
Dec
(ex-duty)
-5.05
Open interent;
3,000
content.
Sept. wcome the "white collar" complex-were released have to weigh the advantages here today by the State Education Department.
of entering the Communit
bloc since they must trade survive,
to
Slate Council approval bas secondary education is planned; already been given for $10,- the language of instruction being 750,000 of the proposed expen-English, with special arrange- alture and the balance has been ments for some teaching of higher Malay and Chinese where approved in principle:
The scheme will take six to appropriate. And ten years to Implement. tory nor the diplomats. much to cheer about. In fact, provides for a network of new
At the western end
of
the
Asian map,neither the mil-
boen
East at any time,
and
Senior secondary education
for next year, he would have Nov. the right to pare my tariff down and the to a 60 per cent celling. current probe was exutxied, at cording to some circles, to be come "A scurce of ammunition" against
the Administration's three-year tarif bill
Απ
COPPER DELIVERIES
Latest
United Prest.
development was the New York Foreign
Exchange
deliveries of popper last month. total of all-tone record 180,935
tons wore whipped; encouraging price boost en ronned copper by Chile. of 1/A Copper, sip- tent por, pauai
Cahoda plies have firmed lately in the England-anal
Chile United States as well. has long been plagued withal hugo unsold copper surplus.
the State Department over the primary and secondary schools will then become available for past three or four months has throughout the State, schooling pupils who complete the junior warning that trouble irere to be followed by technical secondary course with tree trade might break cat in the Middle and academic scholarships in training as an alternative for
Britain, Australia and Now selected youths. exists in the Middle Zealand for suitable children. To compute the educational There
a young Brinelen, East
and There will also be a pro-progress of
· powier vacuum
adult education there will be made available considerable unrest among the gramme of
scholarships to universities and native populations. There is a facilities for
mon, and
technical colleges overbeasthe tremendous difference between women who want them. the Havea and have-nois In The master plan" is largely number and type of scholarships those countries.
the work of Mr H. J. Padmore, to be decided according to the and technical professional Despite a strong Turkey and Brine State's recently.
Vacancies available
◊
older
-do
a Mosión Pakistan, both root-painted Education Ofter, who
ed firmly on the side of they was advised by the Brush State." free world, the existence of residenz, A
widespread poverty 'th other ARPAAA" J., O., Gilbert, the Young). Déor nutsborreceiv©:† Heavy motoring which clipped
Tulure!
Prices of cotton futures closed
31.20
concerns..
the
The FTC sald
only, Paraguay will become one remedy it can see for unren- the biggest coffee sonable spiral in coffee prices countries
for
impose within a decade. stricter
controls
Congress
gooveminent
over coffee
In
of
exporting
Scuth
America
Bills Trces
recently planted In rich castern Zones
of:
to
trasing. to that effect are pending in the
Congress but are given virtual-Paraguay should begin to pro-
ly no chance of passage at this duce good crops within Boven 31.24 session.
or eight years and within 10
34.00
34.02
FATO
33,03
33.12b
The Commission made an 1,100-page report
to Con
Ton its soven-month investiga
tion of sharp hikes in retail coffee prices late last year and. "BAO PAULO PRICES
early in 1954.. Sao Paulo, Aug. 2.
The
· Prices of cotton' futures today
investigation,
ordered While by the
House, was Jetɔied in cruzokos p kilo as
follows:-:
prompted by price increases Oct.
23.78 on average brands from 91 25.35 cents ta $1.18. .a pound.
with premium brands going as
as $1.32 a pound.
Der.
Mor.
May
24.03
יך
years ought to yield between $80,000,000
and
worth of coffee, United Frese.
$100,000,000 they said
CHICAGO GRAIN PRICES
Chicago, Aug. 2. Prices par bushels in cents
In the United States, the The FTC said the upaving in west, No. a red Closing Prices
average price of 15/16 mlddung. coffee
prices. "cannot be ex
cotton at 10 designated spot markets was 94.42 cents per plained in terms of the com- spot
New York A
$1.02 27/22
pbitha. Äätuled 27/52 Press.
3123
uffic 30-day fularem,» Do-day futures.. US petrol stocks last week Uruguay
Crnadien dolins rate: in the dropped to the lowest level of Spot. plaza
and the year, thanks to continued
byabas day 8,942.000 barrels from Inven
Stock declined to plan will be indentured, torlok Mr H Earnshaw, nations creates, the sort of Batkoak,
the State 5. for * cartalis, 185,844,000 barrels in the week. Come The Kingal Bin Maut fupe of years on their re situation in which the
Enited Jaly illi considerably. manime love to module. Intendent of Malay tducation
above the stocks of 141,908,000 161 Brunel, and Mr J. Pearty's tuta from training) WAN
*Twenty's three primary barrels
Reflecting
„provides for them in the unserior, give show. iwo weeks redpay tons dec,
16,771000
1. India 1"NOT looked upon
Director of Education
for
Sales at, there centres Petive laws of supply and sept. 2004(H) 20 23,320 bules.) United demand or by the fact that
frost, in Brazil in July, 1953, May inkifcated a smaller
SILK FUTURES prloes were ha inevitable
t
conce
Te-Dedi
A Coin, No. 2, yellow increases In coffee Spot
sponse to the reports of severe Ford New York, "Aug 2.
frost, damage, in Brazil,” as the Ma Silk futures today, closed two Commission sald, "but the up-Bapt
ward spiral which Mabogan yan /3** to eight polmis tiigher, with gules
early |December"appears to res of 11-icontractsworpen dia M
The market frined in sy present market reactions which Dec.
freely pathy with the mimby Jepunere Are Theopaistent with
Dac.
hept.
de, à potential trouble› sobt. for. Korisér": Brúnal' Atate; adiitektidni podať will be: bullt; insjungle } various cutbacks over: the mast PEACHMAPORITATER FETùrint//aham: Stanachidam; thort /,competitive, riackets where falta Boybeans.. No, 2, vollan
old one diplomat!: "She is 100 valuable to the Castmonata
vering and the underton swans Reicherte smem fully and accurate
eget ly; informed with respect ektu | Rapt
WIAT ZADRIX and demands limitest.
» PARAGUAK EXPORTS TRA
Coffoo: experia hore predicted. New York Sour, today that [mblghbouring)