Foreign Imports Recapturing U.S. Giftware Market.
New York, Feb. 13.
Foreign imports are recapturing an increas- ing share of the U.S. giftware market, according to a survey released here today.
A nuttiest wride Carveas of the tetel sales volume in "Aner" American #iftshops and giftware gift shops, and 30-40 per cent of departments, including tube the "better department stores shopping centres and depart I giftware raden, ment store chains, reveals that
merchandi imported accounts for 30-70 pes cent fb
Ite
RELIEF FROM
COLD WAVE
EXPECTED
IN AMERICA
The survey Was
prepared by
Me Charles Suitloz, President of the Third US.
International G.AL Pmy Gouls Show, In- | corporated. Over 150 different *€a&*2+9;!r v.! merchandise will
be et exhibit at the trade fair ko hold in New York City August 21-20.
The survey found! that the sale of imports his risen to a point wher it currently
-
in
abits for 20 per *71 of the total retail KIN volume "medium-priced” department
+15.
Over 100 different categories. of imported gift and fancy Roots are being sold in giftware departments. These Include ce-amica, paper lam, len her, Hal- aware, wooden furni- Wolo
44:2 textiles. dress,
Chicago, Feb. 13. Warm southwest breezea took the edge off the bit- ter cold wave in the Mid-us
die West today and pro- mised relief for the shivering East and South.
of the
The coldest weather season gripped Floridu, but un- peratures failed to go as low as and the State's $50,
expectan
900,000 citrus crop was spared.
Further north
however,
the mercury
below freezing
|:1 Florida
skicketed vegetable going in
Jartners kept heater
The Belds during the night tryi
ing to save their crops
The numbing sub-zoom cold in
The Mildie West was chaseet by
warm air from
BANANA
PROBLEMS
BEING
SORTED OUT
Shipping
13.
Kusgston, Feb
វប marketing
Texts. which push on into the Central and pvbleins affecting the Jamalca Southern Appalaenions. Ms in hustry are bing or A – Western temperatures climbed out," according to Mr Richard a into the 20s and were duo Willams, Chiban to reuch, the 30s by tomorrow.
MARDI GRAN
At New Orleans the start of Mardi Gras dawned with a temperature of 33 degrees, but it was due to soar to 56 by late afternoon.
Some of the coldest weather lingered in the East, with sub- zero readings Northern New England and across the Upper Mississippi Valley. New York City shivored in a low of 13-9 degrees.
Western Pennsylvania hac lows of zero to six alive and two bl
fires were reported In
the
Pittsburgh aren. AL Mc-
Reesport. Pennsylvuma, tw commercial buildings WOTT destroyed and a How of four commercial and apartment buildings
destroyed were Carnegie. No one was killed,
al
At Fort Dodge, Iowa, a ware- house containing 250,000 pUKIS of crude rubber owned by the Government was destroyed by
fire.
Fires breaking cut in
the widespread vote! wave hnet killed at kast 40 persons the country.
HOME FIRE
One of the latest tragedies was the death of a mother and tier three
young daughters in a home fire at Princeton, Indiana,
Skies were generally fair the cold belt today, allowing the sun to help boost teanperatures. Ohuo, however, had from four to eight Inches of snow along with below-zero
and some snow drifts were reported nine feet deep.
weather
At Columbus, Ohio, the city was runing ou, of salt to sprend the streets because a new shipment was delayed by silp- pery roads-United Press,
VI)
Himalayan Expeditions Leave U.K.
Board of
elation
the
Directors of the All
THE 'CHINA MAIL, MONDAY, FEBRUARY 14, 1955.
TRADE
and COMMERCE SECTION
POSTWAR STERLING BALANCES
Present Level Should Not
Present Any
Convertibility Obstacle
From Ronald Boxall
London, Feb. 13.
which
A leading British economic review, The Banker, has thrown new light on one of the most controversial subjects of the postwar period--the sterling balances.
The existence of the balances
represent Britain's short term liabilities to the rest of the world-was one of the factors that wrecked the attempt to restore con- vertibility in 1947. And for several years afterwards it remained one of the most potent arguments against any repetition of that disastrous experiment.
But although they are considerably larger now than at the end of the war these balances are no longer a potential danger. The reason is that Britain, in its role of international banker, is in a much sounder position.
WEEKLY
N.Y. COTTON
MARKET
WEEKLY
N.Y. STOCK
MARKET
By Elmer Walzer
New York, Feb. 13. Stocks continued their long ascent this past week after a bit of setback when Russia changed premiers.
Many in the market seed upon the
falt of Malenkost sell stocks
Uni Tuesday 'The result was decline
of 3.80 points in the industrial averugs
after it had dipped 17 cents on
Monday
On Tuesday Wall Street re- appraised the Rusalon
around
E
Malenkov Was Almost Ignored
From Our Own Correspondent
London, Feb. 13. Even Mr Malenkoy could not knock the London stock markets out of their stride for long. News of his resignation, carrying with it the possibility (to put it no higher) of a tougher Russian policy towards the West, reinforced other adverse influences and heightened a prevalent feeling of uncertainty. But the week's price falls were comparatively modest and at least partly attributable to other factors.
Tin Forme
situation, the The feature in the foreign incidens fall of the and to its lowest bond market was a sharp drop and found it had ttle bu might be of market signiflendet, fact that malkons
*m level for several years and then the price of German lasues Stocks turned
of pounds of an news trean Russia and the foll and investment say nove up with such vigour that is the new issues
was tord up of the French Government. Here the losses of the previous
all there bait again,
however,
prices closed a depesung effect on prices
above their worst.
Selling of Japanese bonds did to not result in any thought in kome quarters Indicate that | Japanese authorities were buying
up stock as it came on offer.
NEW ISSUES
two days were more. than wiped out, Except for rails-off Fri The day-the rise continued through, conlend the week.
Trading
Increased over
market had plenty
with But investors did but rush to sell
They merely doped buying
Aud the when prices were marked down? previous week with daily sales they were quickly snapped up averaging 3,421,580 shares. by bargain hunters against 3,254.201 shares the ctni of the week week before,
booking shares
Inser
'much
WY*A* Aul
New issues provided a strong By the counter attraction
10 industrial Things were shares inst week. Subscription bright at Ists for Whitehead Iron and
the upgrade Steel Company's
shares were opened for only one minute after BANK RATE
one of the bigt rushes the City has seen for many years The further fall in the pound for a new issue.
the CH talking about And while they awaited the
At the end of the way steri- banks overseas though by rea ing balances, totalling £3,200 son of sterling's position as an trilion, were backed by old laternational currencey to 21 uncl dollar reset ves only considerably smaller extent,
Af 453 million. The tatio et short. As sterling has grown strong-
INDUSTRIALS term asscis
short-term or .
The review continues, and hatritities was therefore only the uses to which it can be put
The Dow-Jones Industrial abool 14 per cent. But although | have been extended
with the telosed the week at 413.09, up The bainnees haci
relaxation of controls KITW11 い
and the 4.23 points and a record closing 43.823 million by the end! of reopening of the foreign ex- test June, gold and dollar back-change bulin and other com- but off about a point from the the possibility of another use in result of this issue investors were
high: railroads, 145.52. up 2.13 started Ing for them had grown even ¦ mudily markels so the position high since 1930 Jan. 3; utilities, the bank rate an this caused a getting ready for a number of Imore, to £1,078 milioni-a cash juf sterling balances
held from 63.68, up 85 cents ratio, to use a banker's term, of Choice
than obligation high since 1931. Father
new noticeable desperting of the de- others that are on the way. To about 28 per cent.
has increased.
pression ver 1 gill-eriged name Just a few of the big com- The upshol, kays The Banker,
that mu-ket,
panies is that today it is safer to say parts of the nation
are seeking new General Electrle want War loan 3% per cent touched capital: balances. however
the great bulk of the
10, the issues because of the heavy sales a year and let a decline which Musical
the lowest point for about £10 mlilton, Electrical and freely they
oll. They
Industries In ur fuel are disposable, would not.
(H. M. were pro-spread
. V. mkent in several sessions.
Ove £5 million, fact, constitute a threat to serves short of catastrophic failure of world confidence the pound.
under- But i comparison states the improvement that has ince the end of the war. The taken place in Britain's position the balances
held by non-sterling countries were twice as great as gold reserves.
New York, Feb. 13. Cotton Tatures fluctuated narrowly in quiet dealings 1stanal Banana Growers Asso- this week but were on the
defensivo must of time.
At Friday's close the ruled to 12 points-30 to 40 cens bale lower than the preceding weck.
HOW
"Considerable progress" has been made in improving ripen- ing rooms in the United King- [ dom, and the different lech-
nique
required to ripen the Lacaten variety satisfactorily is generally recognised.
Experimenta La treating bananas. 10 proiect ihem again wastage due to bruising and stem-rot types of infection that damage the
fruit during shipment und ripening, have also been carried out.
Mr Williams was reporting to the annual general meeting of the AIBG.China Mall Special.
Singapore
Stock Market
Singapore, Feb. 14, Brokers today quoted to roi.. lowing stock prices:
Feb. 12 Feb 14 Closing Openi
Brilisis Bornoa Petro- leum Syndicate...
w/. 32/+ Consulidated Th
Smettera, Ordinary 30/3KKI 30/3d Fraser and Neave Lid.,
Ordinary inatte
$1.01 $1.0 Fraser and Neave Ltd.,
79% cum peet
Hongkong & Shanghai
Bank Cerpornilon
$6,00
£0.00
Colonial Register} $11.10 $110*
Malaya Breweries $3.97
Hole Hotel Singapore Culd
Storage South British
$4.00 $2.07 22.70
$1.00
$130
325.25
$26.25
Insurance Straite Trading
$20.00 320,00 Straits Stearnslip $10.00 $10.00 United Engineers Ordinary issue
$13.00 $13.00 Wearne Brothers
$2.03 $2.0 Hung ung Tin
BLA 8/3 Petaling Tin
$3.021 *eum-div Cuni-capital issue. twith div.
-China Mall Special.
$3.021
#
Ilst
News from the Far East and the Ruman developments were Jaken in strich and had little (pparent market effect. Com mending market observers sald There was Utile use In, trying to conclusions pending Araw
Inernation develop-
further mends.
The deterrent i futures, tradert sich could be lako la the luck of speculative In erest, plus uncertainty over the ap- Praching maturity of the March contract,
MAIN ACTIVITY
In fact, the week's miun ne- tivity was centred in intru- changing of March contracts for the ter positions between spot fund housca Arms, commission miscellaneous tradery,
HALF AS HIG Now the reserves are nearly half as big again as holdings of non-sterling countries.
But a straight comparison on these lines is, in tact. quite meaningless. says The Banker, for it sets the total of abilities against the merely quick assets. balances are held in Sterling
balances part as working the use of Anonelul and com- mercial transactions Ju Britain, Brilain correspondingly main- lains short-term assets in foreign
for
U.S. Textile
Markets
Review
New York, Feb. 13. Cautious buying continued The Increasing build-up in to mark all sections of the bales, a gain of around 20,000 cotton bales ainee early January, and week.
the certiflented stock 10 69,010
textile trade
this
the Current open position of Baffled by Russia's unexpected around 470,000 bales, carried turn of political events, just at the possibility of heavy trades, traders believed,
a time when the Techen tension seemed to be eusing, left traders In quandary.
that
re-
in
one a
The cold wenther
in many helped
through
want
£2
unilated Issues firm) want to nationalisation and even short. Messina (Transvaal) Develop- Speculators and investors alike dated stocks. But prices began ment Company continued Lux favour the war to move up on Thursday and million and Truman, Hanbury, stocks although They
further were
guins tvere
recarded Buxton, the brewers, want £1 1mainst น other departments nexi
mitilon. The growth of sterling late in the week. balances hus, therefore, teen
OFFSET
the
Standard
mcrr than offact by
Cu. (N. J.)| increase in the amount of cur-strengthened when its subsidiary rency that the rest of the world Creole petroleum split its stock needs to keep as a working and ran up 21 balance. Indeed, for some coun- week.
points on the
tries the surplus of pounds has
given place to a shortage. But General Dynamics was the there is one group of countries wie mover on the share market. which have greatly Increased It gained 14 points on the their sterling holdings-the week. There were several colonies.
other wide ITKOVETS, Including Expansion in their holdings Republic Steel in its depart. from £670 million immediately ment, Aluminium Co.. and after the war to £1,180 million Johns-Mansville. in mid-1954-was duc to 11 number of influences: the rise As the market continued its
In the
of the of
general reserve colonies, increased holdings currency boards as backing for their note issues, and the grow- of colonial business ing scale and
enterprises, commercial necessitating larger deposits the United Kingdom banks. According to an estimate The Banker, the largest colonial holders of sterling balances
rise, there was talk of a pos- sible increase in margin require- ments and probably
on pressure credit.-United Press.
further
in
by
41
end of June were the
West Africa
with £400 million, Malaya with £300 million, East and Central Africa with £200
and Hongkong million
£ 120 million.
BOARD HOLDINGS
with
The size of the West African reflects In part The A gradual increase of orders holding Washington news awaited on
held on Acroyni by form legislation contained continued to come in for grey amount nothing concluzive, and traders and finished goods for quick and mark ting boards, notably those
awaited
the outcome
dealing in eveva. of Con- nearby delivery, but seller con- available figures for the end of
pressional hearings on proposala ceded
Re-selling of basic
Singapore Rubber with the 1933 allotment at 18,-interest.
Market
Singapore, Feb. 13.
In spite of better London and New York advices the market
eased slightly on, profit-taking U.S. RAW COTTON duced and lack of Interest via some acctions
oľ Irade, Saturday. future closings were:
No. 1 rubber per 16. Feb. 10544-10874
Mar. 1001-200 Apr. unquoted
1004-104
Liverpool, Feb. 19. Two British expeditionary parties lefo од the liner No. 2 rubber per lb, Feb. 104-106
tackle No. 3 rubber
Cironssin yesterday, to
| No. 4 rubber
14
two towering Himalayan moun Spot rubber unbaled "..
taina.
A nine-man team under Dr
Charles Adnina will try
to
ncale 28,100-foot high Kanchér. Junge. Dr Adams was a mem-
EXPORTS
OPTIMISTIC
SOINE market
HONGKONG
STOCK
EXCHANGE
DANICS
2140
pos
*D 50
.. 20.20
day
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight refrigerator passenger service to Korea, Japan, Philippines, Indo-China, Slam, Malaya,
Calcutta Rangoon,
Chittagong.
"NOREVERETT"
Arrives Salis
and
Feb. 19 from Singapore. Feb, 20 for Kobe
"REBEVERETT"
Arrives Sails
Feb, 23 from Manila.
& Yokohama.
&
Feb. 24 for Singapore, Pennag,
itangoon, Calcutta Chittagong,
(Accepting cargo for transhipment Kobe/Pusap and Kobe Okinawa)
EVERETT
STAR
Fast regular freight -- refrigerator
LINE
*service
to
Japan, Malaya, Colombo, Bombay, Karachi and
Y'erslan Gulf.
¿Bubject to inducement for direct call Korea).
"STAR BETELGEUSE”
Arrivea
Salls
LAO
Arrives
2135
Salls
The latest
(From Our Correspondent) bas oc- a mark-down
1952 put their holdings at £145 to increase the acreage allot-curred in the buying pace com-
million. They are undoubtedly Business done on the Hong- so-called hard-pared with the early weeks of much greater today. ment to relieve
kong Stock Exchange this January ship cases,
These reserves, Bays The morning amounted to $005,020.75. print Banker,
provide o valuable Noon quotations and the mom- One
a three cloths below the mill level also cushion against a big fall plan proposed
ining's transactions: per cent, increase in the 1935 hindered new interest. Second-
commodity prices. There Is. acreage allotment approxl-hands came out in lots of 100,- however, no immediate prospect SHARES BUYERS BELLERS SALER mately 640,000 acres. The Agri-000 to 150.000 yards. While the of such a movement and the re- culture Department has already volume was not overwhelming. view believes boards should pay
IX Bank proclaimed the 1955 allotment at their availability was enough to prices to producers that corre 18,182.000 acres. This compared blunt the edge on new buying spand more closely to those they | INSURANCES
themselves secure "and thereby Union encourage 188,000 acres. Each state, under
greater production Lombard the proposal, would be given a Millmen looking beneath the at just those times when it can sHIPPING three per cent increase in its surface remained optimistic on be absorbed on world markets." Waterbgat share of the allotment-Upiled the long term outlook. They
LOCAL BACKING
with Greater speed
which DOCKS, ETC. insisted the supply of piece Press.
K. Whart are
..: 0715 goods and garments at the re-development -programmes
Dock
21.20 fall level have been sharply re- now proceeding and the Colonial
Provident (0) 18.40 15,70 1500 @ 1815 Whenkock weavers elsoOffice's Intimatign that it might und that
7.30 730 8000 (66.7% the the permit a "small part" of reasoned that basically
LAND, ETC. balances now held in London as market is in n. mụch sounder
IK Hotel... position than year ago, Quite backing for local note lanies to bc. transferred into locally a few admitted that they are issued securities, should in any
HK Land by in a better "sold-ahead" post-ense tend to cause a decline in
Humphrey Really destinations as reported in baleation than for
for a number of years, colonial sterling balances, York Colton and saw no reason to give In general The Banker is well UTILITIES
the 1054-85 price concessions if the current pleased with the position, "The Tram sponko. 2012
Yaumati redson to Feb. 8 were as follows: buying pauso develops into conversion of tho sterling
300,000 full-scste
Ferry Balances problem from the
C. Light (0) 17.70 18.30 900 073,747 Cotton yarns spinners noted a realm of the ominous to that of
C. Light. (N) 14.00 114,060 slow-down
Electric ! in the demand for normal banking. practice, 2130238 the first time since Christmas, says s due to the fact that
Macao Elec, › 3,042,129 excluding "inters-United Press, ut prices remained on a firm behind the potential calms on
Telephone, basis. Best part of the current Britain's resources lies not only demand came from the under strengthened gold and dollar. INDUSTRIES wear and outerwear knitters, reservo, but a greatly increased
Cement
quarter production avaliable, but-point potential.
Limited tumounts. Provided confidence in the STORES, only in
Handlers of rayon-acelato-bripker and his currench is mot Patry, M7, 29.10 this synthetic textiles reported.** undermined the present jöv»l/of 1.50 | quiet, Litțustion. Nylon. Ilgment (sterling balances need, gli fo Lagi goods, and spus febriès continued chime for alarm and their tafikkyy 1900 Arm, but there was some chal- ought bat to be, wagondens de Ɛang -7.80
Ing noted "on" acelată tacetatum obstacle on the rout to conværs Bio | United Plus;
"tibility in its widerisonNG,
New York, Feb. 13.
exporta
Ray cotton.
702-10314
the New by Exchango for
__95-96_
Blanket crepe
No.
pale crepe ....
United From
Britain Continent Ortent
Total for wedde:*
•Bame period lame
Helsinid, Feb.
18.
ber of Brigadier Sir. John The salaries of Finnish Hunt's expedition which cilmy Cabinet Ministers will ed Mount Everest in 1983.
Increased from one million maries! (about £1,550)*
„OGO ABG
11
་་
It
Exchange Rates quam ad part of their first volume of produclich nu ex-
TAIKAMS Was done in the local jimotsetal coronango market Inoring it 'the tollowing · rates
UL.B. dollar (por, Sterling notes
The other expedition of flvp 1,734,000 marks (ábout £2,600) men will tackle 25 440-foot a year under a Government Bill Clubri Banker and will map to be presented shortly. hitherto Unchartered and This group is led by Alfred · Tho zrižna. Minister's ‘- salsiry" Gregory, Minothar" - of the vlow will be Intransder to 2,081;000|| Indonesian vjolah (per 1005 torious Everest tosthan-United rearks (about 23,220),--China
Singapore (Birutto) Mall Special, ARE
Watson
15% 15.00 1000 1980
4000 15 070716 380
1000+ 07
23201 4000 ₫ 2.025
2000, « 21,09
37% 30 433
ER
Feb. 10 from Singapore. Feb. 10 for Kobe & Yokohama,
Feb. 20 from Japan.
Feb. 27 for Singapore, Port Swet. tenhum, Madras, Colombo, Bomboy. Karachi, Basrat, Kuwalt & Bahrein,
PASSENGER, ACCOMMODATION) (Accepting cargo for transbigment Kobe/Pussu and Kobe/Okinawa)
\.(LIMITED
EVERETT STEAMSHIP CORPORATION SĨA
(IDcorporated in die Republie of Pankima
with Limited Liability) |
Chinese Department: Telephone 28293. Queen's Building,” Telephone · 31206.
MESSAGERIES MARITIMES
PO. Box 53 Queen's Building/Tal: 10002)
KAAN FAST PASSENGER/FREIGHT SERVICE "CAMBODGE" "VIETNAM"
sailing Feb, 26th
ing Apr.
2000
34.00-23.00
*£56. 2000
“DONAI””
"ANADYR”
Malling Már, 2 salling Mar, 16th