Page
Soviet Trade Boss Goes
Anarian Ivanovich
Mikeyan,
the
58-year-old
រ។ of
Deputy Chairman of Russia's Council of Ministers, who has given up his post as Minister of Trade. According to Sovint statements --he asked to be released from his pust, Is #UCCESSOF
State Committee Dinitry Vasilevich Pavlov, head of the Supply of Food and Industrial Goods. It is unghi that the do with the recent Pravda change may juve something editorial urging Russia to concentrate on heavy industry in- slead of comumer goods-for Mikoyan has been leader of the Consumer goods drive. It is also thought that it may mean a switch in Russia's arms plan-Express Photo,
WORLD'S BLIND
AMBASSADOR COMING TOH.K.
New York, Feb. 1.
Helen Keller, blind and deaf since infancy, received the tributes of five foreign Ambassadors and of Mrs Eleanor Roosevelt tonight without missing a word of what was said.
THE CHINA MAIL, WEDNESDAY, FEBRUARY 2, 1955.
TRADE and COMMERCE SECTION
WEAKENING OF CHEMICAL
INDUSTRY Opposition To Eisenhower's Trade Plans
Washington, Feb. 1.
Monsanto Chemical Co charged today President Eisenhower's trade programme would weaken national security by making the United States dependent on chemicals "produced on the Rhine, within range of Russian guns."
World Cotton
else
by
Tax Reductions Wanted In U.K.
London, Feb. 2.
The powerful Federation of British Industries to- day called on the Govern- ment to reduco sub- stantially all taxation and encourage economic developmens by trying to balaga
On Iess of tho national income.
This would increase in-
itiative smong
WALD
carners at all levels and investment in
Industries especially those competing In world markela,
The Federation said in a booklek that 愿赏 had expecially_recommended to Mr R. A. Butler, Chancellor of the
the Exchequer, that he should in the new budget reduce Income tax and increase the Investment Alwance DD industrini building to 20 per cent, Reuter,
HONGKONG
STOCK
Mr Edgar M. Queeny, board chairman. appeared before the House Ways and Means Committee. It is considering an administration request for a three-year renewal of the reciprocal trade programme with new tariff-cutting powers.
Opposition to the programme was voleed by spokesmen for other chemical" firms, In- cluding Dow Chemical Co.. glassworkers And by Westing-
Pitts house Electrical Corp.,
opposed burgh. They
chael- ment unless safeguards were in- cluded to protect them against Increased competition from im- ports of cheap foreign goods.
administration pro- grumme would allow Larif euts af five per cent a year for three Business done on the Hong-
Stock Exchange thi on kong years: reduction of Roois no! Bew imported in morning amounted to $740,308, quotations and the amoun's to 50 prNoon appreciable cent of the products value; and miraing's transacilons: reduction of any tariff duty to
KILARES BUYERS SELLERS SALES 50 per cent of the Jun. 1. 1954 rates.
BANKS
Markets
New York, Feb. 1. Cutter futures today softened after a buoyant start with trading Turning to the dull side on the reactions.
Prepping back as much as 75 ents a bale from the highs the list closed with net losses of 8 points. Opening prices were un- changed to up 6 polots. New Orleans closed off 10 to 16 points,
The
tariffs
EXCHANGE
(From Our Correspondant)
IIK Bank
INSURANCES
Union
Liquidation 1 the nearby March contract, anticipating first selling delivery notice Feb, 28- recompanied realising and hedge scing in the new crop months while trade buyers backed away. The outside speculative talent
slow to respond, more attention to developments domestic production in the of il stocks
und
other outside war, commodity markets, and pending
NO PROTECTION
manufacturers The chemical and Westinghouse protested that the programme would make no allowance for protecting manu- to facturers of products vital defence
ΑΓΟΡΕΣ ΓΕ payag national
Was
further Formon developments and news from the textile trade
and spot cotton markets.
Trading volumes and opering interest in the Exchange today
WATE
Month
Mar
July
December
Miss Keller, guest of honour at a formal farewell banquet before leaving on a final trip around the world, "heard" the speeches ber through a code tapped out on the palm of her hand by her constant companion, Polly Thomson.
In reply to the praises heaped last trip abroad to help person 3 upon her, Miss Keller spoke even less handicapped then she, briefly in a voice she has never
heard and learned to use only through years of hard work.
LAST TRIP
Miss Keller is scheduled
to leave on Friday
40,000-mile goodwill
on
ព
Lour
of India, Pakistan and the
Far East,
kong.
Including Hong-
will bo her Jant trip
America's дя "Ambassador" to the world blind.
Her 15th birthday comes of June 27, two days after her re- turn, and she plans to contine her activities to trips aroun the United States and catching upon her writing after that..
Volume
3,700
Open Interest
820.300
J
35,000
1,170,300
21.700
660,700
20.000
2033,000
$1,000
123.000
3,200
May..
2,100
14,000 77,000
July Total
200
NEW YORK
Morch
700 131,100 2.001,000 balga.
to
Mr Queeny snid syntheile
chemicals organie
NEW REFINERY
OPENING
IN LEBANON
New York, Feb. 1.
The Mediterranean Refining Company (MEDECO) announced today it hoped to open its new multi-million dollar oil refinery at Sidon, Lebanon today.
an -
The Company said celernted elfort has been made to begin operations of the plant well ahead of schedule,
The refinery is owned jointly by California Teras Corporation and Socony Vacuum Överseas Supply Company,
Leading Lebanese Govern- mon officials will particlp:de in ceremonics marking the opening of the $8,000,000 refinery. The now plant is considered one of the most modern and one of the the largest enterprises In country's history.
Infulally, the refinery capacity whs to be 0,250 barrels per day now but expansion plans ar? well under way to hereare capa- cily to 9,000 barrels per day by 1956, the Company announced, -United Press.
World Rubber
The
Markets
*
NOTICE
THE HONGKONG AND
SHANGHAI - HANKING
CORPORATION
Ordinary Yearly General Meeting
on
NOTICE 13 HEREBY GIVEN that the Ordinary Yearly General Meeting of At the Hend Office of the Corporation, 1 Queen's Road Central, Hong - Kong Friday the 11th day of March, - 1955, at Noon for the purpose of receiving and considering the reports of the Directors and of the Auditors and the Profit and Loss Account and Balance Sheet for the year ended 31st December, 1954, and for the election of Direc tors and the appointment of
Auditors.❤
THE REGISTER OF SHARES of the Corporation will be closed from Friday,
NEW YORK the 26th of February to Fri-
STOCK
MARKET
day, the 11th of March, 1955, (both days Inclusive) during which period no transfer of shares can be registered.
By Order of the Board,
MICHAEL W. TURNER, New York, Feb. 1. Industrial shares on
Chief Manager. stack exchange pushed into Hongkong, 1st Feb., 1956, further new all-time high ground today.
the
the main Improvements in Industrial group generally wer under $1 a share. However,
It Included
the stocks averages 101 up around $2 a share, with some issues showing much wider gains.
War stocks prime
"w.ir
were again the favourites. Aircrafts were portlcularly stropy. OLI
also considered babies," displayed a consider- able amount of strength.
Toxduy's buying nrain nerted the speculative urge Touched off by President Elsen- hewer's plan if
necessary to
Singapore, Feb. 1. rubber market opened protect Formosa. A number of 11 2009 nearly two cents over yester-Corporate news niso bolstered day's close, good acceptances the market today. Stocks sp.its, but sellers st coupled with dividend increases, market and there was some schi | helped Individual stocks, 1004715 in which caused prites to lose
about half the gain.
from overseas
DAS
204
Underwriter 30.10
DOCKS, ETC.
K. Whark Dock
2345 Providert (0) 15.20 15 1500 10.30 1000 18.40 Wheelock
120 130
74
There was a moderate off-take and factory buying.
trade
comprising LAND, ETC. than half of Monsanto's more
1 Katel salts are "essential" to nationa.
ilk Land pro- fenity defence. He satt foreign already ducers
can undersel! American manufacturers in the American market
"Without our
strong organic chemical industry," Mr Queeny Raid. "Germany would have won World War II."
If the Administration pro- gromme is adopted and further tarlit cuts are made, he said, Monsanto would be within the range of the Russian guns."-
Prices of futures closed today United Press. as follows:
Miss Keller was haller as a tark" to the in the bracon world's handicapped inllions Pakistad Ambassador, by the Syed Amjad All,
Spot
Mut
May
July
Oct.
Sado Iguchi
Dec
Mor
of Japan said that by the exam-
May
ble of her life "she has caused
July
eruntis mirneics,'
Mrs Roosevelt also paid tri- bute to Miss Kellir as a symbol fur hope for millions,
of India, Ambassadors
whe
TO SEE CHURCHILL
En route to Asia, where wil lerture, and ylait hospitals, Miss Keller wit stop in London, where sho hopes to talk to the Prime Minister, Bir Winston Chur- chill
Then she will go to India,
The Pakistan, Burma, the Phillp-Pakistan, Burma, Hongkong, the pines and Japan all paid tribute Philippines and Japan.—United to Miss Koller for her years of Preas.
work on behalf of the world's
deaf and blind.
Mr G. L. Mehta of India described her as a "messenger of hope and goodwill to men and women everywhere."
Prima
Minister Jawaharlal Nehru sent a message welcom- ing har plan to visit his country for the first time and expressing the hope that he would be able to meet her.
The Philippines Ambassador
United the
States, Mr Felixberto Serrano, said: "In visiting the East today, Misa Keller will come upon a section of the world in particular need of the healing balm which the example of Her life affords."
AN EXAMPLE
"Min Keller will thus find in that rekion a refines tion; to one extent, of her own Jesen of painful dim. callies and the example of her life will be a mesIRKU of hope to ila teeming
President Eisenhower ́tended ~ his congratulations Con Mias Keilig : Aundertaking
Knitting Prize For British Clergyman
London, Feb. 1. The Reverend R. Reginal Parry, of the Huddersfield (Yorkshire) Congregation- alist Church, will be go- ing to Paris sometime In March to collect ble knit- ting prize.
knitted The pastor's sports coal, submitted to the judges of, an interna- Morial knitting context sponsored by the Interna
Wool tional
Secretariat, has already survived the
Dreliminaries and askured of 'a prise ::
Reverend Parry has beert kniffing- ginos- child-- hood, and during the last WWE," WOLA - Kažie 'a reput tion for being able, të kali while riding horseback.mi „Franon-Presső,
35 100
34.59
34.00
23.12
29:13
1320
33.38
ORLEANS NEW Prices of futures closed today as follows:
Spot
Mar.
May
July
Oct
Dec
Mar,
May
July
LIVERPOOL
Cotton future closings, Ameri- in can middling, 15/16 inch, pence per lb. wore as follows:
March/April
May/June
July/Argum
October/November
December/JDTASTY
New York Sugar Market
New York, Feb. 1. World No 4 sugar futures to- day closed 1 to 3 points lower with sales of 292 contracts,
Domestic
No 6 sugar futures
to 3 closed unchanged
points lower
of 120 con- with sales
Future closings were; No rubber per lb. Feb.
103-100 Mar. 10-1031 Apr unquoted
102-102%
No. 7 rubber ver Ib. Feb. No. 3
15.30 18.40
CU 681 2131 @ 60
2 2.10
No. 4
UTILITIES
Train
21.10 21.30 300 2120 305021.10 300 21,20
[50 Star Ferry Yalunati Ferry 180 182 200 180
18
181
C. Light (0) 17.00 17.00 900 17.00 3000 on 12,70
C. Light (N) 1415 14.00 5000 14.00 Electric
38 1900 3733 3744
39 30% 500
500 33%
Talephone
INDUSTRIALS
234
Cement
STORES, ETC.
4114
4000 e 41
Dairy ... 23 23.80 500 47 23,70 Watson
14.70 L. Crawford 234
Spot rubber unbaled Blanket crepe
No. 1 pale repe
00-00 103-1035 93-9412 1071-1001
NEW YORK
Futures today closed 80 to 100 points lower with sales of 189 coutracts.
THE
NOTICE
HONGKONG
AND
SHANGHAI BANKING'
CORPORATION HONG KONG
Extraordinary General Meeting
NOTICE
IS HEREBY GIVEN that 03 Extra- ordinary General Meeting of the Shareholders of the Corporation will be held at the Hend Office of the
In line with recent corporate Corporation, 1 Queen's Road, developmen N, Ohio O 2-for-1 Central, Hong Kong on Friday slock split; Arinco Steel а 2-for-1 split,
and Honeywell the 11th day of March 1955 Cork 3-for-1 stock split.
at 12.20 p.m., or 80 soon afterwards as the Ordinary Yearly General Meeting is concluded, when the subjoined resolutions will be submitted As Ordinary Resolutions
TRANSACTIONS
Transactions today totalled 3,320,000 shares, compared with 3,500,000 shares yesterday, or the 1,257 issues traded, 814 closed higher. 492 finished lower, and 251 unchanged.
American Bosch, recently ipped by a radlo commentator, led the market in tumover with 74,100 shares changing hands. It closed with a loss of to $10.
in
Profit-taking and hedge sell
lower London the ing. plus
Chance Vought Was the market, brought pressure on the terminat market,
the with partial leader
war issues. It recoveries being made at the ran up 4% points to $48. close on dealer buying and covering.
Railroad shares falled to join In the advance. They were were quoted generally mixed with a number at their pre- Future of issues holding
at 38% cents a pound.
Spot No. 1 Rss
closings:
Mar.
May
NEW YORK METAL
July
Sept.
Dec.
Mar.
MARKET
New York, Feb. 1. Price of metal futures closed today in cents per lb, as follows:
vious close.
39.45
34.80-02 34.20
3300
23.50
33.20
Sleci
after sharts,
carly strength, turned downward. However, they managed finish with small gains over yes- terday.
to
LONDON
Chemicals tacked gains.
The market was dull. No. 1 Rss spot was quoted at 30 pence per lb. Prices:
The
on good
New York Stock Ex- change bond volume was $3,094.000.
The American Stock Exchange volume was 1,040,000.
DOW-JONES AVERAGES
Dow-Joncs
closing evorages
today were as follows:
18 utilities
00 slocks
34.25
34.50
tracta.
Lend
34.08
35.12
35.14
35.18
Load
later
35.48 35.26
Extensive switching opera- from nearby March to deliveries dominated activities in the world contract.
F-W
14.10
Mar
1421b
No. 1 spot Ra
30-30%
* Bettlement hasan term:
Mer
2914-2015
Tin
Apr/Juno
2014-30
July/Sept.
2015-30
Feb.
80.701
Oct/Dec.
2917-30
Brattered liquidation and hedge solling lower the domestic contract,
MAT.
23.70
General markets, cif basis, ports:
| Feb.
Zinc
Mar.
Fab.
147 tructing
ho sugar
The Foreign Operations Ad- ministration has issued 3242 authorisation for Pakistan. to buy The con- of sugar. $4,500,000
trom period ruins 28 to May 31 with Anni
can be bought any- in the world, the report:
Men
10.93b. $1.001
Apr.
013-30 -30 2924-40
30 Industrials
Estalo crops thick
20 rails
an
Copper
Feb. Mar
thin
AMSTERDAM
30,151
35.000 United Press.
added.
Future closings: Contract No. € (world)
March
May
July
September
22.44
**
Oficial values for spot cotions in delvery to be made on July 31.
clude:
American middling 15/18th inch 32.05 Tho
American SL, middling 35th lrich 20 335 Mexican middling 1-1/2md inch 34.58 Where Others were unchanged.
BAO PAIEO
Cotton futures, in cruzeiros per klio were as follows:
March
MAY
Joly
October
December po
Spot (cents per lb. fob Cuba) Contract No. 6"
28.00
20.40
March
20.26
30.10 30.40
May
September
November
March
In the United States, the average price of 15/16 middling at the 10 designated spot markets was 3427 cends. Safes at these centres botalled 20,000 bales United Pro. ***
LONDON SILVER PRICES
** London, Feb. 1.- Prices of alvor was quoted tów day at 73% betos pie ine ounce for spot-kid-13 14 pdcioè fogy: fore. (against):148sand: 784 eviously.) Unlied
WRI
pance
May
Bpotcents per, ib, et
́ex-dity) -
3.10
LONDON METAL
London, Feb. 1. The tin market was easier, zino was irregular while copper 3.18 and lend were quiet but steady. Prices closed today in sterling per long ton as follows:
Buyers
Tin spot
3-month
200
Bellers
110
Copper, spot
200
month
303
BAT
Lela Yes.
20192
106
May
10413
1001
Zina Teb. May
0914
---United Press.
United Press,
London Foreign
Exchange
The
market WDS
Comm. futurn price Index
40 bonds
steady.
Prices closed today in guilders per kilogram, CIF Feb. as fol- lows:-
No. 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepe
2.92 pald
200 buyers 7.88 buyers 3.03 buyers United Press.
Investigation
Dismissed
100.70 143,66
€7,09 150.43
100.49
170.30
-United Press.
Singapore
+
Stock Market
Singapore, Feb. 2. Brokers today quoted following stock prices:
British Borneo Petro-
leum Byndicate,
Consolidated
to
Feb, 1 Feb. Closing Opening
$1.04
Bmelters, Ordinen 30/06/29/04 Traser and Neave Lid.
Ordinsey, Jers Fraser and Neave Lid.
757% cum. praf... 95.00
|Hongkong de Ghange
hal Bank Corpora Clors (Colonial Fie-
Washington, Feb. 1. The Tariff Commission an- nounced today that it has· đản- missed the application of the
Madyan Brewerie Amoritan Khất Handwear Asson fatrice Hotel spa ciation for an investigation Into Binspors Cold Stor-
ported init or crochet cotton urance ELEME gloves and mittens.
ANNA HITMAN "rading, we) $30.15
Exchange Rates pole tarif change on the
'Bustnom veže dozia this imomcial
.82.06.
$4.00
de child menu that no changes in Unitedung DOSENIOR OORZA
Ordinary, Penae (22) 113,405). $1250. logong duties will be ordered in watene Brothers- ka
Cautare grunter. Hon kong Tan
new circulistaóces, aripe to pro- vide groundia cx new sopilen- “Con-Untied
"with divi
"1. That the capital of the Corporation be increased from twenty milHou Hong Kong dollars to twenty five million Hong Kong dollars by the creation of forty thou- sand new shares of one hundred and twenty fve Hong Kong dollars each.
2. That: (a) It is desire able to capitalise a sum of five million Hong Kong dollars being part of the undivided profits of the Corporation standing to the credit of the Reserve Fund and accordingly that such sum be capitalised and applied in payment in full for forty thousand the of Bhorca new Corporation of Ons hundred and twenty five Hong Kong dollars each and that such shares credited as fully paid up be distributed amongst the shareholders who on the 11th day of March 1966 werd reglstered shareholders of the Corporation in the pro portion of one new share for every four then held shareholders by auch respectively, and that. such shares shall rank for dividend as from the 1st day of January 1955. and shall in all other respects rank pari pasru with the existing shares of the Corporation..
(6) The Board be’hereby' authorised to› allot-and- "Issue" such", new: shares.. for distribution" in the manner and proportions aforesaid.",
By Order of the Board, MICHAEL W TURNER,
Chief Manager.
Hongkong, 1st Feb., 1956,,