THE CHINA · MAIL,
WEDNESDAY, MARCH 9, 1955.
Pago 9
NEW YORK
STOCK
MARKET
US$3 BILLION WIPED OUT
New York, Mar. 8.
in
Wall Street wiped out nearly $3,000,000,000 market valuations today as fears of 100 per cent mar- gins touched off one of the sharpest breaks of the year.
11 095)
nove
at the depth of the selling in the final half hou when reporting: fus GAME as much us nutris Inte behind floor transactions not aleck 41. 4 940,000-share
1
*
rever for the period.
Tap tek gm the
widest
3. mary 17 in all major with industrial crack-
$7 71, al: $1,61-widest ma superventaze basis and utilides
Poles aropaperet in all dark adej a truent, some falling more
35
Ma
General truest a fewood at $98 38, dawa
Hale b
Steel WIN
ANO $4,88, to $125 25 General Mores, altopper1 $3 38 and Heater
TRADE
and
SECTION COMMERCE
BUY BRITISH DRIVE IN IRAN Singapore
Salesmen Pour In To
£50m
Capture
A Year Market
Teheran, Mar. 8.
A big "Buy British" drive has started in Iran where, with the end of the oil dispute, a cash market of over £50,000,000 a year lies open to capture.
Individual British firms made marketing surveys here few big orders as long ago as last spring and at that time Machines
were placed with British industry.
* bakeruft und
THE REASON
Starymen that
tu market As made by Mr
Jadey K C
E
In
11 14.
14.
thuip
Horvati
+1 Ex votes, befor
Senate
which 53 Tomaly atly of
The
Gallatin large the ban quickly th allation in stocks,
thankot and
101 Theat Semblazers
F
another there between today`s
He
that of 1929, hut
A
Gladyonh gud that
Fa
of Baks Mart upward again in the current bei the Federai
Aronicl
19 per evat, putting mck trading on a Margin me (patements, now ore 80 þær eenk,
World Cotton
Markets
а
New York, Mar. 8. Colton futures prices to day back-tracked after buoyant start lifted the old
as much rup months $1.80 a bale.
But a broad, group push to supply Iran's' needs at all levels with British manufactures only
developed this autumn after oil again began to flow to Western buyers following ratification of a new oil pact.
Malaya Rubber ONE
ONE ANSWER
Exports
Singapore, Mar. B.
The total Exporta of rubber to foreign countries from Malaya and Singa- pere during February, 1955 amounted to 78,825 tons, according to preliminary alatinties released here.
Exports of tin for the some period «mounted to 0,015 tonn-France-Presse.
TO THE
TEA RIDDLE
Washington, Mar. 8.
The Commerce Department reported today
HONGKONG that United States imports of tea reached an all-
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hoog- Rong Block Exchange this morn ing anmounted to $706,755 Neon
The signal for watching sales-, we illang shops and watchtottar quotations and The morning's ben rane on October 30 whu | her Doctor Al Amin, Minister of
Abazlar since June 1951.
To lost her trade with lean Faner, opened a pipeline valve
before all memey starts to con and a gushert into the hold of
"British Advocale"-hein, Germany has her age her the
rangements From fest Berish tank to dock at credit ns
dalfas to 10,000,000 8,000,000 dollars, all of which Trans bas The Traban market is already taken up with Gorman Initial ins melied
uwny of the wate
Imports In gradually under the impact of † the while Middle East region. te nowed commission house nell- ing, credited to discouraged old long accounts, plus offerings from New Orleans, Memphis and Liverpool interests,
At the close the list ruled one point higher to 18 points lower. The market opened up 33 to oft 4 points. New Orleans cloeed
The stock market reacted im mally Professor Galbraith's statement, but there were several off 4 to 1 points. ailer adviese factors, according 10 Trusley's Among them were
** ; presumestre reports on th
mosa Buation. warning by The Bood of the New York Pro- tal Reserve Bank that market brak would hurt business, fears That the Senate Investigation
Unwillingness of trade buyers
For- to follow the advances pointed up the complaints of continued duilitese in the textile maricots, with a resultant let-down in the w demand for spot cotton.
and Tracting volumes Interests in
the Exchange day were:
uncl
wondd bead to stif Juws for mathing would be done mhfy the capital gains tax.
New York Stock Ex-
volume whe
Th
change bond
740,000.
The American Stock Ex- change
volume W342
1,170,000
Volume
20.600 129,000
open
-
Upen Interest
20,200 W2,100
210,700 $42,200 p3,700 27H,GUM)
Monli
$3.-
Kar.
May
July
Det
Dee
Mur
Stay
July
troewe anddy
130 were higher
Total
(2.100 201.000 22.700 113,200 29,100 125.000 200 0.200
2,002,4
while 973 decline.
Today were:
Out of a total of 1.250 issues
Dw-fonom losing averages
30 "industrial
tall
Flies
65 Plocks
4th
4
foture price
NEW YORK
Prices of futures cfondi todny
PPORTERI
přízen
At the end of the first three years
the vll by consilium-that is, by January 20, 1957 Iron will have received a mimum 1 £150,000,000,
By 1980, Trun's yearly incomu
il altne should hove from reached £100,000,000,
DESPAIR REPLACED
Despair which flourished while her want, British-equipped bil Industry died along at 5 per cent full bore under the impact of a Western boycott, is replacod
One British busineman come pininok "Germany out nearly always beat us on prices und
4144 Flir delivery books are ten as full as vurs urvel on prices they are aided by their Governinents" credit pulicy."
WOULD HELP
MTB
Baumactions:
suARES BUYERS SELLERS SALES
BANKS
JK Bank XALL
1010
02 & TAIR 2014 EGIP
Bant Anta
200
INSURANCES
10/
開
10 20
tatron
Lambard
Uncert
DOCKS, ETC
J Wharf Tak
20 30
6211
23 NO 20 Provident (37) 15,40 15 00 2550 Wheelock
700 710 1000 4000
15,40
10
7.03
British salesmen here any: "HLAND. the British Expat and Credit Garunice Department were improve Is terns (they have already bean relax towards Iran once this
vestr), it would help our trade pizab."
149
ETC.
HK Hotel X 15.80 11.20 1600
15
Wo
1000 15.05
4500
10.90
HK Land
113
hai Land
026
Sturmphreys
XI Iteuilly UTILITIES
2215
1925
1
Tran
20.00
200 21
2000
20.DO
Star Peny
XD
344
Yaunati
Ferry
100
500 177
17 13,10
now by ambilion and optimism. Other British salesmen and
Already, on the strength of anticipated oil revenue, she has committed 150,000,000 dollars on foreign buying. Arceptance of other fascial and offered muy will soon raise this gure to
over 200,000,000 dollars.
that some Tranions tend to buy the eenpert article, igmaring quality and nisa Ignoring the fact that inferior quality machines cust more eventually replacement and maintenance
costs.
The United States Government
Capable and energetic men is also encouraging its sown big installed in key sis to governi business to take a hander leak expenditure of ail revenus exude at Iran because, it says, economic cutfidener.
progress Is Inescapably attuned to political stability.
kor
One "We have
said: administrator
worries about We can get
as much want becaus WC shall The news-
soon be wealthy.
Since Novembor, US busineas- - mun
have benefitted from Government Insurance for long term contracts placed abroad, Moreover, the United States and
01:2
evely have
"Must
papers Bera laik of Iran getting swtries to
250,000,000-dollar Joan from
40% 62
34 flows
148 87
64 34
K
Spel
* Wo
15234
Mar
33.32
100
May
33 40-40
Juir
33.61-0
180 79
344 07
$ 712%
Mar
Mary
34.33
July
34.20
2376
NEW ORLEANS
YESTERDAY'S PRICES
Alla bakmens m
Commonwealth Elec
יורא
the
C. Light (0)
Light (N) 13.70 13. Blete'e' XD 34 3415
Telophone 20 70 30% INDUSTRIALS
Comment
X ALL.
[STORES,
Dalyy
600 17.10
2000 v 17
300 17.30 2000 or 33.00
18034; 170034% 500 m 20.90
25 25'
300 23 40
ETC.
two
11.00 20.30
IN 20.10 Watson Xb 13.40
100 ur 22 2002100
1. Crayford
2311
Textile Corp Nanyang...
The World Bank, We need lesavoured Nation" clauso in their
with
42
than half of that. Money is not
COTTONS iran. As A vur problem-time,
Food Agreements
result, their
imports, notably planning and efficient adminis-
refrigentors, berent Cars and tration ure more to the point,
from
to 40 per cent Зах Prices of futures closed today plus a good reputation abroad,"
roduction by Customs authorities
tr
LIVERPOOL
33.70
23.10
33.40-47
39.09
3407
34.27
Futures olosings, American Middfing. In pence per lb, were
Alden ne Am
Allied Chemicals
Ameroun Atline
American Metal
American Smelting
Ainctaon. Tel & Tel
180
American Tobacco "in
as follow:
Anaconda c'appr
524
Armen Stre
Бро
Aumar
1472
13nd win-Lara-Hamilton
15%
Stay
Dallimore dhe ble
43
Body Avantium Coppi
Oxi
Bent Comm
Der
Bethlehem Steel
125!A
Mar
Being Airplane
72
May
Canadian Pacifle Railway
2014
July
Vase oly 15 (4
17
Case National Bank
LA!!
Chile Copper
Chrysler Mature
K
Commercial Credit
409%
4014
Consolidated Edison
as follows:
Continental Steel
Corn Products
0716
March/Apri
Crane Co.
May/June
Cuban American Sugar
20
Curtis Wright
2014
Dupont de Nemours
172
003
TAL
General Motors
หา
Gillette Bafety Ranor
701
Goodrich (D.F.) Co.
Goodyear Tire & Rubber...
Homatake Mining Co.
International 13tasinusas Machinem
3011
32,40 per
1b, Others through as follows:
Intemattonal Harvester
371
International Nickel
031%
Internatiound Paper
International Tri. & Tel.
2016
Nigerian NA 2.....
John-Manville On.
003
Peruvian Tanguis, good
Kennecott Copper
10715
Argentine No. 7
...
Lockheed Aircraft
521
East African No. 2 BF
10
Easunan Kodak
Cameral Electrio
General Foods
Leown Incorp.
..........
Lone Star Cement Co. Minnesota Mining Montgomery Ward
National Cash Register National Distillers National Lead
New York Central
Olle Elevators
Pacific Gas & Mectric Pacile Western Oli Pas American Airways Paramount Pictures Pulips Petroleum
Pittsburgh Plate Glans Radio Corporation
Rea Motors
Republic Steel
Bhell Oll Co.
Sinclair Oil
Boceny Vacuum
Bouthern Raliway (Com.) Btandard Bran
Standart Oil of, Oriifornia
Standard Oil of Indinn
Standard Oil of New Jesues.
Stokley-Van Camp.
Studebaker Packard Corp.
Awit & Co.
TOXAN CO.
Union Carbide
Union Pacing Hallway
Unlied. Can. Imp
Fil
Wame
ber/November
December/January
Iranions work to # slogan. hore.
L
BLOW PROGRESS
"We must do in 50 years what the West book five centuries bo accomplish," Britain hopes to] British oficials here AIT play an important role in helping negotiating for similar advant- ages for British tradera, but pro-
to achieve this ambition.
Prospects for British sales ingress is slow. Iran appear to be excellent—if salesmanship is pushed to the limit.
A payments agreement be tween Iran and Britain, gave Iran the right to convert up to 40 per cent of her oil sterling rovenues into dollars to buy in the dollar area goods unobtain- already boenoble in the sterling area.
ORDERS ROLLING IN
Orders
have
31,27
51.20
rolling Jr.
3037
20.07
30.00
0.10
0.00 0.85 1750 14 0
LONDON
time high volume of 115,000,000 pounds last year.
of
Indonesia
Stock Market
Singapore, Mar. 9.
today quoted
Firokers following stock prices:
British Borneo Petroleu
Syndicate
Franer
Opening
Comedilect Tin Smelters,
31/04
Ordinary
30/04
"and"" 'Neave" ́ ́Lá.
Ordinary jane
$1.95
FRONT and Neavo
15% cum, pret
1080
Hongkong & Shanghai Bank
Curporation
(Colon
$070
Malayan Breweries
Ramen Hotel
Singapore Cold Borage
Both Brilish' Insurance
| Stralis Trading
Steamship
United Engineera
issue
Waerns Brothers Hongkong T Petaling Th
with div
Ordinary
$2,00
-China Mali Special.
Exchange Raten
Ceylon 30.770,000 nguinst
Lend's I-45,830,000,
39,909,000
Thanks was done 39,036,000, against
In the ket exchange market this 15,820,000 uganat 11,881,000 ansoffietal
mom at the polllowing rates Jupon 5,383,000 against 3,500,000, 5 dolar (per $1) Talwan 5,445,000 agnlist 2,020,- | Sterling notes (per £1), 000, British East Africa 2,322, Indonesian rupiah (nee 100)..
Blam ticals (per 100) 000 against 1.837.000.-United Singapore (Straits)
Indo-China plastres (per 100j 11.45
"Each ten producing area the world shared In the ereased United States imports," the Department said.
"Import from Asia rose three per cent over the previous year with Ceylon and India ench supplying 40,000,000 pounds, Press. Indonesia 10,000,000 and Taiwan am Japan 5.000.000 cicl.'' oMelata reported.
"import from Africa, chichly from
British East Africu, creased 40 per cent. over the previous year, but despite this, Africa has not yet achieved the peak of 8,000,000 pounds reache ed in 1951," The Departmen srk.
THE VALUE
The value of 1954 tea Im- porta was listed at $83,000,000,
The 1954 Imports were 6.3 per cent higher in volume and 31.8 per cent higher in value than imports the year before, according to officials. The 1953 figures were 108,000,000 pounds valued at $48,000,000,
Imparts in 1954 In pounds compared to 1953 from some of the leading supplier nations are as Bollows:
World Rubber
Markets
Singapore, Mar. 8. After opening unchanged, the market steadied un better de mand for lower grades from the Continent. There was some manufactory buying with mo derme turnover. Futuré clos- ings:
No 1 rubber per 1. Mar. 03-65
May unquoted No. 2 rubber per tb. Mar. 84-84 No. 1
No. 4
Spui rubber unbnied
Blanket crepe
No. 1 pale crope
NEW YORK
Futures closed today 15 to 35 points lower with sales of 79 contracts.
d
Commission house selling and
offerings hedge
applica gradual pressure on prices after a steady opening.
Dealers reported a continued inck of factory Interest in the spot market, since buyers were. reported attending a trade asso- clation meeting today. Spot No. 1 Rss were quoted at 28 centa a pound.
Future closings were;
STOCK MARKET
Mar.
London, Mar. 8. Stocks markets had a very Sept..
Mhy
July
Dec.
Mor.
LONDON
29,05
29,00
28.00
26.35
26.00-20.13
The agreement ot permits heavy, and probably difficult sterling transferability within account day--settling bar- Apart from trade in consumer the sterling arca and to come gains made during a period goods and light
engineering!"cheap" exporting countries of violent price fluctuations The market was steady with Official values in spot cotions equipment now running at about behind the Iron
annually and
Curtam, like but it apparently passed spot marked up to 25% penco, were severely marked down to £9,000,000
the Czechoslovakia. day, the only one escaping being rate accelerating-Iran
But officials state that the off without trouble to the Brazilian Sao Paulo, good, at placed or confirmed orders to-
came gother worth some £10,000,000. major part the oll revenue market mechanism though No. 1 Hapot ...........
be spent in the sterling individual speculators These orders affect chiedy steel will
Amorean middllog 18/18th inch 31.40 valla, tractors, cmnibuses and American B.L. middling Tith 2050 Jogomgtives, and must be met B74 Mexican middling
Emy African No. 2n BAG
31.30
30.50
over three or five years.
35.75 for
tresh
$2.50 Now, Britain is bidding hard contracts diesel
61xd Syrian No. 1 roller-ged 22.65 | mators, road construction, pipes
and turbines-which, it their tendering Bucoesatul, will
men-China Malt Special.
New York Sugar Market
be nursing wounds.
Price.
Settlement house term
may
May
Bub markets were absorbodt in this and, in the absence of really active tradling, pikes tend ed to drive lower.
Some British Government New York, Mor. 8. stocks wero down an much an World No. 4 sugar futures three-eighths, but mostly they
unchanged to 1 point were unchanged.
of six con- higher with sales
Futures closings, in cruzeiros mean an additional £20,000,000 cod
79
SAO PAULO
41
347
per kilo were as follows:
March May
July
30.10 2040 2028
Colaber
Debernber
$120
over the next, fow youES,
British `busincsemen alin at tracts. yourly £30,000,000 trading
3 points
April/June
July/September
October/December January/March General marketa, old boula,
March
April
May
Estate erepe thick March
AMSTERDAM
2516-2571
thin
Industrials! wero The market was quiet-but Leading
etoady. Prices closed today in Domestic No. 8 sugar futures down a shilling or less.
kilogram, guilders per
CIF, volume with Iran after, these closed unchanged to
Royal Dutch came under pre-March as follows: years, rising to £50,000,000, after lower with sales of 589 com-
but Shell im- sure, losing 159 irnes.
240 huyers proved Is 7d in active.deal-No. 1 rubber No... rubber
SL44 burers The world contracts way ininga.
No. 3 rubber
FLA3 buswera active and generally feature
No. 1 crepe
*api.bayern Ness Trade liquidation in the German Potash 7 por cent
In the United States, the aver-ve. 4911. age price of 15/10 middling at 2 ton designated spot maricots was 39.46 cents. Bales at these centres totalles 8,100, kalos,-- United Press,
West
KEENEST RIVAL
Britain's kewest rival: here is tearby positions dominated the improved £1 10s and the a
Germany. T Germany bronder trade in, the domestly percent by 10% but the Reich captures too much of the Iranian contract. Fatures: Snorkot her sterling credit
balances in the European Pay
mohis Union will increase fill | May-
London Foreign nurther. This will represent a guy.
Exchange
4
threat to Britain's gold and
Contract No. 4 (World)"
dollar reserves under the Pay Spot-teents per, ib, fol) Luba) ment Unik's creditor Convert.
ibility terms.
But Bellah, goddway-madelibes,
Cond“, raw-
Loobs were fractionally lower.
United Prest
The Chinese 10884, and the New York Foreign
1025a both Inet £1.
Japanese
were.
fentureless 315 except for Mio Tokyo 61⁄2 'pr 9.19 cent which fort. £1.
Exchange
New York
Gold : shares we were usually England-on active with numérona módelute
The Continent, bought copper|10) shares but the other base mofals www.were dull-- United Pross
EVERETT
LINES
EVERETT ORIENT LINE
to
Fast regular freight refrigerator ---- passenger service
Kores, Japan, Philippines, Indo-China, Slam, Malayn,
Calcutta
Chittagong. Rangoon,
"NOREVERETT"
Arrives Soils
Mar, 20
and
from Manila,
Mar, 21 fore Singapore,
Rangoon,
Calcutta.
"LENEVERETT”
Arrives Salls
Penang
Chittagong
Mar, 27 from Singapore,
Mar. 28 for Kabe & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/OkinaWS)
EVERETT STAR LINE
freight —¡ refrigerator service to Fast regular Japan, Malaya, Colombo, Bombay, Karachi and Persian Gulf. (Bubject to inducement for direct call Koran)
"STAR BETELGEUSE”
Arrives
Saila
Mar, 19
from Japan,
Mar, 29 for Singapore, Fort Swetleni
ham, Madras,
Colombo,
Khor-
Bombay, Karachi, ramshahr, Basrah, Kuwalt & Bahrein.
"STAR ARCTURUS”
Arrives Bails
Mar, 21 from Singapore. Mar. 31 for
Koba de Yokohama, (LIMITED PASSENGER ACCOMMODATION)
(Accepting cargo for transhiprzeni. Kobe/Pusan and Kobe/Oklinwa)
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama with "Limited Liability)
Chinese Department:. Telephone-28293. Queen's Building, Tofephone 31206,
PENINSULAR
13.00 15.30
& ORIENTAL
STEAM NAVIGATION COMPANY
R.M.S. “CORFU”
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
Friday, 11th March, at 12.00 noon for the UNITED KINGDOM Straits, Colombo, Bombay, "Adan and Port Said.
Passengers are requested to send ALL
· BAGGAGE to the Hongkong i Kowloon Wharf Go's Godown at No. 2 GATP CANTON ROAD ENTRANCE by Non on Thursday, 10th March, SPECIAL NOTE: With the exception of hand packages. carried by passenger themselves, ALLA BAGGAGE must pass through the Wharf Gold Godown for loading, on board by ship's slingw only.
EMBARKATION: Pasaugura: should letol
180.174 11:00 AMESIDE) March, 1965}}}
ALTERATION WITH OR