1
Page
TRADE and
THE CHINA MAIL, TUESDAY, MARCH 1, 1955.
COMMERCE SECTION
AMERICAN ECONOMY United Nations
No Immediate Signs Of Retrogression
WALL STREET INVESTIGATION
STARTS THIS WEEK
By John Morka
New York, Feb. 28.
The business rise in the United States continued orderly and steady last week with no immediate signs of retrogression.
Production, especially of steel and autos, continued at or near peak levels. Consumer spending, employment and new construction offered additional indications of strength and balance in the economy.
Most major industries in effect continued to reflect the business pickup which was accentuated in the final quarter of 1954 and which all But interest was centred but wiped up the losses of the 1953-54 recession. elsewhere last week-the stock market.
World Cotton
Markets
New York: Feb 28
لمة
trac
Colton
Diliary; 2. chity juve Korund ITHbarty watched the sharp reactke in Quistic commodily markets.
Lossos ranged up to nur $1 u bale, forcing the nueby post- tlons to skirt close to the recept month lows,
Closing near the lowe the list finished with net derline of 13 prices paint, New
points. Opening
to 18 were IT 4 to up Orleans closed off 17 10 22
po,
made Won the Senateral
the progress investaj reflecting k Kahon
the
market throughout the colomic struc- ht tuled for this wecke.
Bure" Wil Streptors showd
dava indole-belt ond muste
Montags
Their
There become anxiety, to be ne virvles. But the mvestigation by the Fulbright mmlller will dampen market
That's what 1 Mix
ÌH LX-
kout oty kind of
devretumtion.
11 euntenda that stocks have made a peremtage gain of 13 1 since 1929. compared
per
Big Singapore And Malaya BIF Display
have reserved
Singapore, Feb. 28. Singapore and Malaya prominent places for the display of their items
Com- in the monwealth section of the British Industries Fair to be held at Olympia, Lon- don, from May 2
2 to 13, i was disclosed lucro.
Among the Items chosen for display by the Federa tion of Malaya are rubber, tin, coprs coconu ell, pineapples, peppers, spices. ratians, tea and restus and industrial goods like rubber Tavare.
footwear, plywood and
The Colony will exhibit samples of her secondary industries, rubber roods glass, pottery, tinned and beitled food, rattana and characteristic handicrafts.---- France-Presse.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done
Criticises Oil Combines
New York, Feb. 28.
The Wall Street Journal today disclosed contents of what it said is the hitherto confidential report by the United Nations Economic Commis- sion for Europe criticising certain practices by various American, British, French and Dutch oil companies in the Middle East.
pricing
The report was published, according to the Journal, after what it called "an examination of the complete text of the document."
Meanwhile, a poltesman for Standard Oll Company of
New Jersey.
one of the companies trainodi the report, today denled that cruđe öll prodused in the Middle East was "low- cut crude and that the price ct which
Wis mold whe "pegged" to the "high-eest ol produced in the United State: because of probation law,
BROAD HINTS
The Jelarohi said that the Seercuriat gave only a "number of broad hinte" as to the details
of what it wants.
"What the Secretariat serk
NEW YORK STOCK MARKET
New York. Feb. 28. Stocks in a new burst to- day more than erased last week's industrial losses and added more than $1.000,- is stability through agreed-upon 000,000 to the market value pricing. It denounces the price of all listed issues, of Maldie Eust crude as too high Steel shures, spurred by tho today, but it
demand, heavy is equally fearful increasingly of a price collapse,” the Journiaj were up more than 4 points in Bethlehem and other blue chips. said.
Mensured by the averages, Industrials picked up $2.37 and
The Journoi said that the Secretarial does not hestate
to name the big companies rails, with numerous gains of a In the cast of living, 60 per
would subject to price control, point or moru, moved up $1.70 income, fogta
133 vini;
both for crude all produced in on average and utilities up 27 hourly wages, 228 per
the Midle East and for pro- cents to set a new top since bank deposits,
229 per
on the Hong-
10, 1931. prisonal income, 234 per kong Stock Exchange this morn-ducts refined and distributed in April
Trading was at a brisk pace $794,784.10.| Europe. gross national prodiet, in!
with volume totalling 2,020,000 242 per cent and debt,
total 1,247 issues traded, 638 were higher, 381 lower.
cent
cent
amounted
to
284 per Noon quotations and the morn-sad the report listed as the
Standard Oil Company ing's transactions:
SHARES BUYERS BELLERS SALES
wat
However, there's an under- lying cendente
amaryl many
Accordingly
tanneil quarters here
thut
and Standard Poors contencjs. the rise above highs of 1020 is not the
BANKS
H K Bank X. AI
1650
he probe will turn up nothing necessarily a danger signal and
toward, uster
which
the market will be free to avove in Hy sal chamuels.
EXUBERANCE
Weaknes in cocoa, rubber,
Typical market exuberance" coffee and grains helped to set came from two quarters last the bearish temperances of work and serves to illustrate truders who airendy had been m part the mental altitude of
adds that by present standards 1929 was □ poor year.
MORE BULLISTI
discouraged by the muukets the American Investor and placed the probablo range Lastgards rallying power follow-market operator Ing the Cessation of urgent March nudatam.
זידאן
EXT! und
f
Farm
legislation
To new buying
The stock market is not too Dullness in the texule trade, higa, says Sturland and Pers, aking
Instead with the slow-down in analysis
being market buying
raw cotton high unger Bauntles relating to making up for "the gross under- valuation of stucks that pre- other
would for years, and has been in-
of
17741
har
lundicaps
Most
credited
it
Jouline
WELTIC
The dentand WAS
to satisfied shorts and
szule-down demand
from domestic textile mills and
spot merchants.
Trading volumes and open In- terests in the Exchange today
Month
May
Volume
$1,400
32,700
Open interest
10,000
Murch
1,160,000
Jufy
15.200
828,300
Ovl
4.300
267,000
Dec.
4.000
160,100
Mar
May
000 2,700
100,100
1.000
July
-
Oct
Total
06,900
NEW YORK
2.713,000
Indian
some
INSURANCES
Uno
$70
nli
(N. J.), the Texas Ca, Socony- Vacuum. Standard Oil of Cali- fornia and Gulf Oil Curl American, the Royal Dutch Sheli krup of companies
the British Petroleum
Company 893 formerly the Anglo-Iranian Ol Co., In addition it cited one French government-backed con- Cor Compagnie Francaise
Lombard Underwriters 10 10.30 500 g 10,30
SHOPPING
Watertiost Asa May,
DOCKS, ETC. K. Whort Duck
poltent
(Okl
Whare lock
HK Hutel
Fit Lund
-
Tron
Y'Heali Ferry
And Fortune Magazine was even more bullish in its pro- jection of stock prices it fore- cunt guins of as much as 20 per cent within the next two years.
for the Dow-Jones (blue chip industrial stocks) in 1957 be tween 420 and 500. The Dow- Jones average closed last Wed-LAND ETC. nesday at 411, compared to 208 in September, 1953.
There were
highly UTILITIES favourable earnings reports
issund 1st week by some America's industrial ziants, General Electrics 1954 net cerninga hit a new peak of
despite cent
Earnings in- cent sales drop. crease! 28 per cent over the
The previous year.
net
Mevao equal to 2.46 a common share.
Telephone Most of the salto drop was nt- tributed to a decline in defence STORES, ETC
ence
Dairy business. Du Pont de Numours and Co., Inc., Ch
Chemical Com-COTTONS bine reparted an earnings boost of 48.4 per cent, ០ directors
Trade $212,313,000
Delegation For Hongkong
Singapore, Feb. 26.
41
6 per
WDS
C. Light 101
LIN (N)
20.10 140 1000 2009 Petrotes.-United Press.
ΤΟ 12
24.70
J& DO
837 4 15,60 1000 18.70 093 7.00 29007
4000 0.08
10 30 10 4000 410,30 04% 30% 300 g eðli
21 050 A 21
1000 20.00
187 000 0 107
180
noo ke 104
27.10 2000 @ 17.10
and
World Rubber
Markets
Singapore, Feb. 28. The rubber market opened steader on short covering and reserve of sellers. The market, However, sugged in the after- noon
of
GOOD EARNINGS
earning reports, and the favour
The continued flow of good
able outlook for business and Industry in general and the steel In particular where industry operations were
in full swing since mid-July last year, and the recovery of London market, whose brenk પ્રસ્ત
week In-
the
fluenced Wall Street activity, all helped to boost the New York Stock Market today.
Aircrafts softened towards the close, with Douglas finished off 2 to $129, United Aircraft fell 14.
The New York Stock Ex- volume was 31,- change bond 831,000.
The American Stock Ex- chango volume was 1,260.000
shares.
Dow Jones
closing averages
today were as follows:-
further liquidation and | 30 inklúzirțals
13 na 4000 ir 13.00 | lack support.
400 13.80
Future clings;
411.07
149.47
153.54
100.16
Crimp, future price Index .. 139.44 YESTERDAY'S PRICES
20 Talia
15 dilitiga
300 60 13,70
65 locki
Electric XD
33 000 35 300 6 33 1000 35.
No.
March
rubber per
Th
46 hunds
April)
May
Elec.
121 30% 1000 t 30
11.00 300 21.10
0114-U unquoted 209%-noth 891-80 0312-8042 01-0134
No 1 mic crepe
Nonyang
0.30 1.40 1000 at 840 1000 at DAS 1000830
voted $12,5 a share quarterly MISCELLANEOUS for distribu
An Indian trade delegation is expected to vjajj here and Hoog-interim dividend kong in Marea in the course of tion on March 14. Douglas Air-
Far East tour to boost
craft Company, with a heavy UP backlog of commercial and India's trade relations with countries in this region, Govern-military showed a
94 improvement. It earned $14.70 a share year, Eustman Kodak Co.'s These officials said the 18-mun proft in 1954 rose 30 por cont Indian delegation would under- in the year, or 3.99 a share. take the trip mainly to explore markets for Indian goods and
Prices of futures closed todayment of India officiais here dis- per cent
closed. as follows:
Spot
March
May
July
October
35,00 34.33 34.31
3402
34.72
December March
34.83
34.80
May
25.00
would meet importers, exporters and manufacturers.
July
34.99
NEW ORLEANS
34.10 31.20 34.55
FREER TRADE
Yangire Allied
... BBC
4.20
No. 3 rubber per lb. 2arch No. 3 rubber per Ib. March No. 4 rubber per lb. March Spot rubber unbuled Blanket crepgra
NEW YORK
followed
Alden Inc. Acy.
Allied Chemicals
Allis Chalmers
8315-845 | American Airline 93-00
American Metal
Armco Steel Armour
American Bmelting Futures closed today S0 to 150 American Tobacco "B"
American Tel & Tel points lower with sales of 150 Anaconda Copper contract,
Sellers 1000 422 London trend,
000 14 420 1900 7 4.2915 caphasised the wide discount in
favour of synthetic rubber,
Small sale the spot market, around 200 tons In-
SU
the lower Balwin-Lime-Hamilton
consumers Baltimore & Onto
Bendix Aviation Corp.
the New York Sugared two sheets for April at Care: (1) Co
World
Market
Now York, Feb. 28. No.
futures 4 sugar closed unchanged to 2 lower with sales of 55
Contract No. (worlA>
30% cents. One sheet for April sold, from 31% to 31 cents and later were available at 30% cents. One sheet for May deliTM very traded at 30% cents. Spot No. 1 Ran were quoted nominally 30% a pound. Future closings:
Manch
MAY
September December March
LONDON
Benguet Cons. Bethlehem Steel Boeing Airplane Canadian Faclilo Railway Chase National Bank Chile Copper Chrysler Motors Commercial Credit Commonwealth Elec. Consolidated Edison Continental Bleek Com Prote
Crane Co.
Cuban American Bugar Curtis Weight
30.00-10
Dupont de Nemours
20.80
Eastman Kodak
29.30
229168
Freer two-way trade key-today noted the convention last week points The lour is sponsored by the of the American Pulp and contracts. Andhra Chamber of Commerce Paper Association in New York.
July Domestic No. 8 sugor futures and the delegation will be led The traditionally protectionist closet unchanged to 2 points Prices of futures closed today by Mr J. V. Somayajulu, a lead-association heard
appeals for lower with sales of 155 con- as follows:
ing industriolist.
support of President
Eigen-tracts, hower's
trade foreign
pro- Future closings were:
The market was easy with Expected to arrive on March
Kromme by a leading induc
spot quoted at 20% pence per 28, the delegation, after a week's Prislist
trialist and optimistle
forecasts Mar. 3480-81 stay in Singapore and Malayo,
May
lb. Prices: for American
3.17 No. 1 Res spot............... products. 34.75-77 will proceed to Indonesia, Indo-
July
Settlement havær termi 35.02
China, the Philippines, Hong-Mr J.D. Zellerbach, President Sept.
Crown-Zellerbach,
Spot (cents per ib. fob Cuba) 3.17 April of
second kong and
Contract No. Japan. France-
May... largest in the field, urged lower Mar. Presso.
June duties as essential to the U.S. May
8.83 April/June defence policy. He added that sept July
July/Sept. world demand for American Nov. newsprint and pulp will be MT. come almost insatiable."
Spot
March
May
July
October
December
March
May
July
LIVERPOOL
B
3.89
34,22
American
Futurca closings, middling cotton, 15/10th inch, in pence per lb., were as follows:
Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Dec/Jan.
Official values for cotton spole Include:
Singapore
Stock Market
discounted Another speaker the possibility of the Scandina vian countries increasing their output of paper ant pulp to
8.53
General Electric
General Foodi
General Motors
Gillette Bafety Razor Goodrich (B. F) Co. Goodyear Tire & Rubber Homatake Mining Co. International Business
Machines |International Hagyeete 1
International Nickel 20%-20% International Paper 2010-73%
2611-267
2016-201
International Tel & Toi
20 Johns Manville Co. 20-2814 Kennecott-Copper
Lockheed Aircraft 2016-8695 | Leows Incorp,
General markets, cif bagia, portal
Oct/Dec.
037
Jan/Mar.
May
per lb. cli NY Bpob-(cons
ex-duty)
United Frees.
0.37
March
BAI
Aprit May
Estate crepe thick
th
AMSTERDAM
serve Europe's growing Reeds New York Foreign day in
Only the North American con Singaporo, Mar. 1.
Canada Brokers Today quoted the fol-tinent-the U, S. and lowing stock prices:
Elotheo
Petroleum
Tin
Bmalters,
American middling 19/18th inch 32.69 American 8.1, 770th inch... 20.49 Maxican midatin
34.357 British 1-1/sand East African ND.. 2 3. 9. d. 37000 Byndicate
Consolidated All others were unchanged .
Ordinary Fray Bao PaiL
Futures oldsings, in cruzeiron
Brid Noave Ltd. Ordinary ALSO
Fraser and.
Spave ig cum, prof.............
Hongkong & Shanghai Dank
Corporation
Register)
Belagrado Broware
Exchange
New York, Fab.
England-official
-een meet this demand for a long time to corte, it was ari- Mar. 1 phasised.
after the close Canada Mesnwhile 31/34
Bo the Houso' 'ot vole by 30/03
presentatives on the Adminis £mstions -- foreign trade $1.00
`grame," there. What Botna opnoern about the bill's chances in the Seriate.
a persónní appoat by Mr Blenhower, pushed the 1400 bill theysigh-the House (by a
$4.00
unofficial
Now, Zooland Bositit Africa Belgium
1.01-3/10 2.78-11/14 2161-2.60 futures 2-15/15:
Lone Star Cement Co. 2015-C15% : Minnesota Minin 20%-201|'| Montgomery Ward. 2834-2612 | National Casti Register
National Distillers National Lood
New York Central The market was quiet. Prices Klevators... Presidio Cam & Electrio gullders per Paelle Western Ol ........ kilogram, cif March as follows: Pan American Airways
No. 1 rubber
No. rubber
No, 3 rubber
No. 1 crepe
2.60 paid mount Pictures
Philips Petrole 2.30 DAIG Puttburgh Plate Glam 2.55 p#14 Radio Corporation 374 paid Reo Motors. United Prem.. Republo Steal
Shall Off Co, Binclair Qu
-1/London Foreign
3.795/10
MUnited Frons.
Exchange
close margin: It that Exchange Rates New York
it's the Frendanta" infiamme in the Senate might have to be morti
per kilo were as follows:
(Calonimi
Mur.
30.63
1580
110-
July
30.10
Tamile. Halel'
2.
3120
| Bingapore Cold_Storage
Dec.
·ZLUS...
Soul British EnasiaTION.
Straits Trading. .......
the United States, the
poléon, në ton designsabed
11,130 Balew
*with div.
--China 'Mail Speciai,
Fri Bioamalla
$18.63 eck, even zokni strongly); thàn
overage price of 15/10th mid-engineers Ordinary beculozowa 12 the kraden bill la to
dling
spot.
$13.65*
Instain a fiver a pricipal features
Bocony Vacuum-
Houthern Radway. (Corp.) Sanktard Brand Biandard Oil of California Steward Oil of Plans Standard Oil of Now Jepony. |Bloidley-Van Comp.
Studebaker Packard, Corp. Reift. & Co.
Union Carbide
Union Padilla · Stallwar
Untied, Gion-Imp.
Feb. 20
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL'S.N. CO.
- PÅSSENGER/FREIGHT SERVICE
Outwards "CONFU "CANTON"
"CHUSAN”
Lentes London Nue Hongkong
7th March
2nd Match
402 Apri
10th March
2012 April
2nd May
"CARTHAGE" 30th March
Via Bouthampton, Port Said, Aden, Dombay, Colombo,
Penang & Singapore
Homewarda "CORFU" "CANTON"
Leaves Hongkong Due Londo
11th March
Je
April **CHUBAN" 2nd May "CARTHAGE"
# May
11th Apell
Bth Ma
30th May
Ach Jinn
Via Singapore, Penang, Colombo, bombar, adam,
Port Bald & London
• Also calls Marseilles,
FREIGHT SERVICE
"SINGAPORE" frad" 3/0th Mar. for 8'pore, P. Bwetten.
"SURAT"
"SHILLONG"
"SURAT
barn, Penang, Colombo, Aden, Port Said, Oroce Marmilles. Havre, bon- dou, AntwDIJA flotter dam & Hamburg
19th Mar, from U.K. via Stralia Lands 13h Mar, for Kobe & Yokahang
due And Apr from U.K.
Loads 4th Apr. for Kobe & Yokohama
Loade 6/2th Apr. for and porta 13
SINGAPORE“ above.
With liberty to call na Kelawan bature or after Straits
Ports and as Bombay H inducement oŽETS.
Tanks avaliable for carriage of Oll in Bulk. Space for refrigerated cargo, Limited Passenger
sovenamada Lion
BRITISH INDIA S.N. CO., LTD.
"SANGOLA"
dne 3rd Mar
"WARLA"
“FULTALA"
Kaila
dur KA!!
41h Diar
6th Mar. 7th Mar.
dur 10th Mar. ball 11th Atar.
from Calcutta Rangoon A tenta
fat Johan
from Calcutta & S'pore
for Whamboa &
from Japan
Japan
for Singaporo, Caloutin
& Chittagong
P. & O./B. I. JOINT SERVICE
2nd Mar. from Karachi, Rombay,
Cochin & Bingapore
"OBRA”
Que
"OKILA"
walls 3rd Mar. for Japon dua 30th Mar. from Jopes sails 31st Mar.
for Singapore, Colombo, Karachi Darah, Khori ramstwahr & Kuwali.
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLORE”
"NANKIN"
dve 7th Mar. natja Bth Mar
from Japan For Bandakan, Rabaul, Brisbane, Sydnad
Mal- bourne &
due 19th Mar, from Australia sails 30th Mar for Japan
All vessels have überty to call at aug Doris an er off the route the route & smiling aro szhjeet to change per amendment with or without notice,
For full particulars apply to ...-
MACKINNON, MACKENZIE & CO.
+
OF HONG KONG LTD. Telephone Nos. 27721-4.
EVERETT LINES
EVERETT ORIENT LINE Fast regular freight refrigerator passenger
to Koren, Japan, Philippines, Indo-China, Siam. Malaya, Rangoon, Calcutta
Chittagong.
service
"BRADEVERETT"
Arrives Sails
and
Mar, 4 from Singapore, Mar. 4 for Kobe & Yokohama,
“NOREVERETT"
Arrives Sails
►
Penang,
Mar, 18 from Manila, Mar, 10 for Singapore,
Rangoon Chittagong Calcutin.
(Accepting cargo for, transhipment Kobe/Punan and
Kobe/Okinawa)
EVERETT STAR LINE
Fast regular freight - refrigerator nervios' to Japan, Malaya, Colombo, Bombay, Karachi and Pernia Gutt. : (subject to inducenient for direct call. Korea)
LAG
In Port Salw
Loading.. Mar., 1
for Singapore, Port Swet tenham, Madras, Colombð, Bombay, Karachi, Basrah, Kuwali & Bahrein,
“STAR ARCTURUS”
Arrives
Salla
Mar. 15 from Singaporn. Mar. 10 for Kobe & Yokohama, (LIMITED PASSENGER ACCOMODATION
(Accepting cargo for trúashipuient Kobe/Pusan söd ́ Köbe/Okinawa).
EVERETT STEAMSHIP CORPORATION :
Inceperated. In the Republie, of Panama
́seléka, Lámadt ('XARNIIRUS
Chinese Department: Telephone
· Queen's "Building, Telephoný