TRADE and
THE CHINA MAIL, TUESDAY, MARCH 8, 1955.
COMMERCE SECTION
AMERICAN ECONOMY New York Stock
Automobile Industry In Fourth Consecutive Record-Breaking Month
By JOHN MORKA
New York, Mar. 7.
The automobile industry roared into its fourth consecutive month of record-breaking production. The industry consumes about one-fourth of steel mill shipments.
With steel, it is considered the keynote of the American economy. Just as the auto industry had helped generate the
current
UK Goods Popular
In Africa
London, Mar, 7,
Mr O.C.R. Eler, leader of a Biliish trade mission which has just returned from five-week tour of
Sudan
and Beypt, the Ethiopia, daid here today
that is all three countries,
there was "a genulué ilkfor
and appreciation of Britiah
of and
goods services,"
He said that "some
our main
of competitors uko solively pressing their de in these market." and Instameed the appear- ance in Errol and the Suðan of attractive but low quality Japanese textiles.—-- Router,
Market
Boom Dangers
Washington, Mar. 7.
Business and economic, experts are widely divided on the question of “dangers" in the recent stock market boom, a Senate Banking Committee survey showed today.
A majority of the experts polled "felt that there was no danger" in present high market prices, the Committee said, but "this viewpoint was not unanimous." Some said stock prices are "dangerously high."
20
The Committee sent questions to 6,500 brokers, deniers, invest- ment advisers
and financial writers in connection with its "friendly" investigation of the stock market, which opened on Tuesday.. It also "polled 113 economists.
HONGKONG business pickup, it was felt that a setback in the industry
might also negatively affect the economy.
Autos also use lots
of chrome, rubber, glass, and provide jobs for hundreds of
thousands directly.
NEW YORK
STOCK
MARKET
New York, Mar. 7. Stocks retraced nearly fourth of Just
Despite cord winter pates. sks brokers, and exchanges But bile hrventorles Werk officials are queerned about the
their highest "stocht | growing list of highly pearly ins
speciat history" A show-down of the wurg stocks. Some broker
have eve productăm pace which started
set up a black lat December appeared inevil- against some uranium
But there were to signs Urtest Press it was ne?" al ni.
W
March production is expected to reach the highest-month total in history--more, thay 750,000 TRA DATs That would ris prekatkan
the Orst three months of the year to nearly 82300.000 new Curs
week's
$4,000,000,000 rise today in
[1
centred largely on recently strong defence issites.
trisk shakeout
Defence reses with lossen. rging to 5 paints in General Dynamics cartic under preistire when Sen. William Fulbright, einducting the ket invest gution, moved to get the games of 100 companies with defence contracts.
гради
Was
This development, it geurally felt, ist added a hit
weight
of furces normal profit-laking which had Inst antletparted
After
but new
been week's
marked highs
A numbT
ใน
al specimi IKSUCS
strongly
Tuch to feature
18
+1 195
as Haluck and Wibus, up more than 4 points, and Ni won t New Shop- budding mad Diydock, 3 higher
lightened saltamer
another
ziem to the
and
2011
apet.
TURNOVER
Turnover totalled
thares.
was
2.030,000
winter
15910-
World Cotton
Markets
New York, Man 7.
futures today
Cotton
AUTO SALES
Autho sules for the
ths are 33 per cent higher plummeted more than $5 a than last year. Production bale, suffering the widest break for any session in about 21 years.
גקו
44 per cent. But industry leaders don't tour the build-up in stocks. They are banking on a big sprint pickup to help.
move
around
On Sept. 8, 1952 the market 125 points when a sharp upward revision was made in a Government crop estimate.
dropped cars from showrooms and emphasise that stuctos of curs continue to be abnorinally low In erlation to the rate of sales this time of the year,
After an extreme loss of 11 points on the March delivery, While the inventory situation
the
a sold-out list developed appears somewhat bulky, same
condition and to be piling up
prices recovered models
about half of the loss on day While a shortage in others
trader covering at the close. noted in other areas.
18 to 45 Final prices ruled Overshadowing
the industry
New points lower than Friday. is the threat of labour troubles
Orleans closed off 26 to 43 and possible strikes, not only in
points. aulo plants but in ether in- portant industries,
ELSEWHERE
the
com-
The nan Interest business and financial munity centres on the "friendly dy" of the stock market ben which got underway list Tues- day before the Senate Financial Committee headed by Senator J. Witam Fulbright,
The market showed Brmness all week--k effect appeared to have discounted the investiga-
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to $327.255,- 40. Noon quotations and thi morning's transactions. SHARES BUYERS SELLERS SALES 1
BANKS
JTK intik
X All
Fans An XD 200
The 20 economists who replica "were overwhelmingly at the opinion that continued increases in stock prices for another year would create a dangerous silua- ton," the Cominituce sakt
"The
DIVIDED
World Rubber Markets
Singapore, Mar. 7. The rubber market was quiet with moderate
Tri IKUTOW fluctuations, It closed casier towards the end of the session Future closings:
אן
No 1 rubber per tu
Pare
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CORFU"
"CANTON"
"CHUSAN"
"CARTHAGE”
Braves London "True Hongkong
in Fort
18th March
30th March
4th Apr
Idth April
2rid May
Via Robihampton, Port Said, Aden, Bombay, Colombo, Penang Singapore
Humowards
"CORFU"
Leaves Hongkong Dub Löndón
11th March
"CANTON"
"CHUSAN”
oth April 2nd May "CARTHAGE" Oh May
311h April
8th May
30th Mar
9th Jun
Via Singapore Pennor, Colombo, Bombay, Adro, For Salt & London
Also calls Marseilles,
"SURAT"
FREIGHT SERVICE
dur 10th Mar. from U.K. via Straits Toads 17th Mur. for Kuba & Yokohama "SHILLONG” due 4th Apr. from UK. & Straits
loads 5th Agr. for Kobe & Yokaḥama "SURAT loads 13/14th Apr,tor B'pore, P. Swettedi
ham, Penang, Colombo, Aden, Fort Bald. Ommon. Marsailles, Havre, Lon "don. Antwerp, Bottar=
dam & Hambling
With Wherty sa call at Heinwan before or after Stemite Ports and at Bordbay if inducement offers, Tanks available for carriage of Olt in Bulk. Space for refrigerated cargo, Liwilted Passenger accommodation
BRITISH INDIA 5.N. CO., LTD.
dur 321ta Mor. all 13th Mar
"SANGOLA” day 24th Mat.
salle 23th Mar
Nd. rubber
Ib
. “FULTALA”
Marcit
April
May
ཀ་་ 14-414 inquoted
MGL No. 3 rubber per th. Mar. No, uliber per fr. Mar. Spot rubber unhaled Blanket crepe
03-021 84-844, 70-78 61-20
“SANTHIA”
Opinion
the ALKALE
1 200 market
"participantk" who answered the questionnaire was almost equally divided on that quesilon, it said.
survey showed a wide pht between the market part-Nouale crepe split cipants and the economists o whether
the present souring market Is similar to the disastrous boom of 1928-29.
participants felt there Must
"significant
war
1615
ware ho
the
The
| sizable
INSURANCES
Union
Lombard
PG0
50
19 20
DOCKS. ETC
012
Underwriters
re Whine Dock Pruvident
Wheelock
LAND EK
[[Kolet XD 11K Land Realty
UTILITIES
Fram
XD
Star Ferry
400 * 52
similarities."
NEW YORK
Futures closed today 19 to 35 points lower with sites of 80 contracts.
Committee said. but weakness in other neighbouring
majority rentalsts declared there
significant shularities
now and 1928-29.*
102 159 20,20
10.40.14 GO TO
7:05 7.13 1000
10 40
*Th
2001 70 pants
07
were
of the
were
between
However, the Committee said, "this does not sneun that the economists) relt that
the *7 10 | similarities were dangerous."
economists and
parti generally agreed on the main factors causing the rise in stöck prices sinec September 1953. These factors included more available credit, ising institutional Investment, and inflation.
CONFIDENCE
The Committee said the
1000 3434ccunomists listed removal of the
20.00 21.10
144
Ya Ferry
100
C
LIH (0)
17 1 20
900
17.10
C. Light (N) 10,70 13.00 Electric XD
120
13.00
2
100 # 3474
1500
34
150 12 3415
reflected following
Maeno
Flec
1215
Telephone. 20 80 INDUSTRIALS Cement X A
1300 20
ETC.
brokers, Bertunts and hedge
COTTONS contract,
Dairy Waton L.
21.70
XD 13 40 Crawford
તુ
22 500 21 80
25
Today's
toboggan fiquidation, March the issuance of delivery notices for 7,000 bales, plus broadscale liquidation through commission STORES. houses, New Orleans
verpool
selling.
The
nearby March the wenkest spot. fell to 32.05 cents
establishing u pound, new low since bec. 31, 1983.
Market expert said an old long Interest, built, up some time ago on the theory that the Govern ment
loan
programme would On the whole, sv:raged
Senator Ful- tighten the "free" supply un- dis- bright seems to be more worried tion, apparently become atrout the market than ap-couraged with the smaller rate parently the market appears to of impoundings and the heavier be worried about hin-If stock producer withdrawals. prices art any criteria.
Trading volumes and open
Or a total 1,220 issues trad- ed, 025 were lower, 372 higher,
Industrial share i
$2,84 lower, pilled down part by loss of 21% points United Aircraft.
[$1
Ralls dropped only 14 cents in their average, with a 2-point
gain in Atlantic Const Line.
Lases
aircrafts, in
sick.
tim.
He warned before the "sludy" interests in the Exchanges today got underway against market were: operators taking the opportunity Month
Bay
of testimony as a basis for buy-March from United Aircraft and Gening or selling stocks.
Will Street naturally
Is July
erul Dynamics, ran to more
2 points euch In Chance.
than 3 points in Bocne, around wondering how long the whole December Vought, selling ex-dividend,thing with fast; it recalls the in-
of the early 30s. As May
Douglas, Lockheed, Gleno Maration
in and North American.
October
March
July
a result the law makers wrote full balesi.
Securities Act of 1933 up the
Textiles Manyang
Prices eased with London l
commodities, particularly cotton,
and cocoa
offerings ruled market closed Siam and other but after the terminal shippers indicated willingness to entertain lower bide. Factory Interest in
spot rubber was light and mostly routine.
Spol No. quoted at 20% cents a pound. sellers basis. Futures:
March
Máy July September December March
Ras
LONDON
spot were
29.00 20.87
The market was quiet but excess profit tox as the major steady. No Res spot were rause of the "bulish" market. quoted an 25 pence per lb. Prices: Most of the market parilcipants 1000 m2 20 40 † listed *confidence in business and Government“ 0.5 the top
6.10 6.23 2000
MISCELLANEOUS
Yastaze
Aided
20 0.10
. 1.00
4.15 1.
Singapore
reuson
But economists and part- cipants favoured raising margin requirements for market transac 24tions and "general credit restrie- tions" us "methods of avoiding It market prices were to danger
imsustainable levels," go beyond The
Committee
Sold
Stock Market
Singapore, Mar. 8. Brokers today quoted to fol- 41.100 lowing stock prices:
200,400 British
Bartico Petroleum
Smelters,
Prices of futures closed today Hongkong & Shanghai Bank
the Federal
No. 1 RA spot
Settement house term
Apri
May
April/June
June
July/September
Delober/December
General markets, cit basis,
March
April
May
Estate crepe
thick thin
25-25
unquated
also The Amsterdam rubber prices
or lowering| were not received.-United Press. gains tax to
alleviate dangerous conditor London Foreign
if they should develop.
Fewer economists favoured such action.
"In generat,
crat, the participants In the buying and selling of stocky
full confidence expressed the
market white the
נגו
Exchange
a group, reflected New York
Montreal of caution," the Amsterdam
#mong
Brussels Lisbon Parin
West Marks
Others PINO
were
both groups held extreme views, Stockham such as extreme optimism at one end or downright alarm at the Zurich olber."--United Press.
Volume
Open interest
a
12.700
104.400
1,030,700
Committee
greater.
104,700
B55,900
31,200
Opening
"A few
34,000 20.200
100,100
112,400
22,400 100 391.200
121,500
Syndicate Consolidated Tin
15.000 2,635.000
Ordinary.......**
Royal Dutch stood out in
NEW YORK
Fraser und Neave Ltd.,
Ordinary levue
31/64
30/00
$1,05
The cum. pret.
$0.00
Corporation (Colonial Re
gister)
#070
Malayar Breweries
$3.99*
$2.70
91.00
PENINSULAR
Ordinary
$10.05
$12.00 $2.50
$3.47*
21 and 1934 and set up the Securl.
widely regular of group with ties and Exchange Commission. De follows:
gain or nearly 3 points 011
The Commission can make its
heavy turntwer topped only own laws as it goes along. Libby MeNeill and Libby, the day's most netive issue. Mid- Continent. Petroleum and Shell also rose sharply.
The
York Stock Ex- now. The New change bond volume was 4,330,- some market men spreultite. At 000.
any rate, Wall Streeters would Ex-ke to get the probe over, and chango volume was 1,440,000 done with as soon as possible shares.
The American
Stock
34.000
3331-35 Raffles Hotel
Singapore Cald. Burago
34.76-75 South British Insurance
34.12 Straits Trading
2.20
Staaris Steatrisfitp
Engineers
34.25-27 United
34.40 34.34
ÁRE Waerns Broth NEW ORLEANS
Hongkong Tini Prices of futures closed today Petaling Ti
Spot
Mar.
May
MARGIN
July
Ort
Dec.
Mar. margin is 0 per cent More laws might, come;
Мау
Juli
as follows:
Spot
no matter How "friendly" the attitude of the Senate's Inves- ligation would be.
Mar.
May
July
Oct.
Dow-dents closing averages on
were
sce
Wall Streelers would like to Somo furtiter tdhtrols
Dec.
Mar.
May
follows:
enacted to protect
investors
July
39 industrials
413.04
153.00
15 utilities
45.25
US stocks
150.11
49 bonds
100.10 150.22
DÓW-JONÉS AVERAGES
Wall Street today
20 ralle
Comm. future price Index
YESTERDAY'S PRICES
Alden the. Áoy.
Allis Chalmer
American. Airlina,
Anaconda Copper Armco Bleet
Arnott
Halws-Ilma-amilton Bendix, Aviation Corp:
·Beogusi Cons, -- Boeing Airplano
Coker Nailesh), 13ünk Commer Crédit Commonwealth Eféz.
Goodrets (3)
Internistion John-Manville
Co.
# 201
against the so-called promoters,
New York Foreign
Exchange
28Canada wi
New York, Mar. 7.
England-inomelil
New Zealand
| South Africo
Belgium
Holland ...
Switzerland
34.03
54.24
3.40
33.74-76 34.04-00
34.44
LIVERPOOL Futov closings, American
with day,China Mail Special.
New York Sugar Market
LIQUIS
London, Mor, 7.
2.78 16/16-2.70 2.78 1/10-2.75 3/10 12017-10,621, 130.525-138.33
00.00-10.05 2769-0707
14,541-14541 11.00-11004 12.261-12.201 unchanged-United
& ORIENTAL
STEAM NAVIGATION COMPANY
R.M.S. "CORFU”
New York, Mar. 7. World No. 4 sugar futures! today closet unchanged to 2 middling, in pence per lb, were points lower with sales of 45 SAILS:
es follow
NOTICE TO PASSENGERS
1011
2.00-2.70 2.781
Mar/April May/June July/Aug Oct/Nov Deo./Jen.
Official values for spot collons include
29 American S. L. initialing Your 103.
contracts.
31.48
3145
21.20
3068-
2014
Domestic No. & sugar futures closed unchanged to i
point higher with sales of severi con- tracta
BAGGAGE:
Fasted Fresn.,
Mexican middling 1-1/3ind *** Nigerian NACE Egyptian Karnak good/fully
41.06. Enyplied kind good/fills, bed - 1613 Exeyptistä Astmouri" "good/hialgalan
good
97.75 May
Contract No. 4 (World).
Ju
Futur
Exchange Rates per kid, võto be followe
tuisiness, was dona' in the local
by dollar (per $1)
Strukaketak (per 100) ·
zumbore "Udiralti) =yrvato
-United
Troders sold activity, Was hardly broad enough. In clifes cofitračt to develop a'special trading feature.
Friday, 11th March, at 12.00 noon for the UNITED KINGDOM VIĘ Straits, Colombo, Bombay, Adén and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's dodown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 10th March. SPECIAL NOTE: With the exception of hand packages carried by passenger themselves, ALL BAGGAGE must pass through the Whart Co.'s: Godown for lodding on board by ship's slings only.
HARRATION:
should a dihat
dr 2011 Mar.
from Japan
for Singapore, Chleutta & Chittagong
from Japan
for Amgapore. Penang. Bargoon & Calcutta from Calcutta, Rangoon & Straits
salle 20th Mar, the Japan
P. & 0./B. I. JOINT SERVICE
**ORMARA"
"OKHLA"
dur 18th Mar. from Kakinada & Madraz and 20th Mar. for Japan due 30th Mor, salls 31 Mar,
"OBRA"
Falle
dur oth Apr.
7th Afr
from Japan
for Singapom. Colombo, Karachi, Baarah, Khor ramshahr & Kuwait. from Japan
for Sugapore, Penang. Colombo, Bombay &
Karachi
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE"
"NANKIN"
in Port *alls in Mar.
trom Japen
for Sandakan,
Rabaui, Brisbane, Bydney, Male bourne de Adelaida
das 22nd Mar. from Australia szila 23rd Mar, for Japan
All vessels have liberty to call at any porta on or off the route & the route & mailing are subject
to change or amendment with or without rolice;
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 --
to service
Philippines, Indo-Chiná,
passenger
Rangoon,
Calcutta and
"NOREVERETT”
Arrives Salis
Korea,
Japan,
Siam, Malaya,
Chittagong.
Penang,
Mar, 20 from Marillo, Mar, 21 for Singapore,
Rangoon, Chittagong Calcutta,
"LENEVERETT"
Arrives Sails
Mar. 27 from Singapore:
Mar, 28 for Kobo & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fait reguite freight -- réfrigerator "service" to Japan, Malaya, Colombo, Bombay," Karachi" audi Perilan, Gulf, (Bubject to Judocemant for direct: exf Korea)
"STAR BETELGEUSE”
Artivés
Sails
Mar, 18 from Japan.
Mar. 20 for Singapore, Port Bwetten. Colombo, bani, Madras,
Bombay,' Karachi, Khor ramshahr, Basrah, Kuwait & Bahrein
"STAR ARCTURUS“
Arrives
Mer 21 from singapore...
Bala. 24 Mar 31 för ↑ Koba &Yokohama.
(LIMÍTĖD PASSENGER ACCO
(Accepting coman for tradić „Kobe/Pusant, sad 7 EpheżOkinawał
EVERITY
of Pikama