او
TRADE and
THE CHINA MAIL, WEDNESDAY, JUNE 1, 1955.
COMMERCE
SECTION
NEW YORK CANADA CONCERNED OVER
STOCK
MARKET
New York, May 31. Late demand for rails. pushing the group up a point on average, outweighed selling in aircraft today to give the market a firm tone.
The rise itted most carriers
1 point or so and boosted some issues a point or more,
commentators said
Some
Market there
รส
switching
evident out of industrials, the recent pace-setters, into rally
where the outlook is good and yields favourable.
Alrerats were the soft spots
in industrials, with realising after their sharp rise last week paring a point or more from many issues. Boeing which an nounced a substantial planned
cutback employment Wichita Division, fell alist 3 points. Douglas was down more than 3, United more than 2.
at
ALUMINIUM DEMAND Aluminium stocks
19
US POLICY Government Budgets
For Deficit
NET DEBT REDUCED.
Ottawa, May 31.
Preoccupation with Canada's immediate and long-term economic future, combined with anxiety over the effect upon these of United States trading policies, marked the presentation of the 1955 budget to parliament in April.
Be
Tea Won't
Any Cheaper
Londen, May 31. The decision of the In- dian Government to reduce by half the export duty on will not have Dy erees on retail prices
in Britain, leading buyers in London said today,
Mr J. H. Pagh, an official of the tea news service, said “the auction price of tes is.UIJ
low
ci the moment and this reduction in export duty will have no effect here. (The suction price fell from, over 75 carlier this year to about 39 64 per lb.).
A
buyer said he thought the reduction had come as a result of pressure FYDER producers. "So many com- panies India
in rupee curipantes tinct from
panies. continued
in demand. Kaiser slumped
round 5 points at one time
but recovered all but 14 points.
Steels were steady.
trials averaged. 0.80 Rails 1.03 points
Trading
with
Was turnover
point lowest
only "moderate
and lightest in a week.
The new Minister of Finance, Mr Walter Out of 1,171 issues traded, 467 Harris, himself made an excursion into the realm were lower, 441 higher, dus-of forecast in presenting his first budget. He is higher and budgetting upon the anticipation of a rise in the utilities 0.22 point lower. rate of the gross national product from 24,000 of 1990.000 million dollars in 1954 to 26,000 million dollars shares, 230,000 below Friday by the end of the present financial year, giving The New York Stock Ex-him 25,250 million dollars for this year as a whole. Considering Canada's long-| Canada's first deficit since World The American Stock Exchange term future, Mr Harris an- War II. Allowing for moderate volume was 630,000 shares. nounced that a Reyal Commission Dow-Jones closing averages will be appointed to study the foreign 42430 markets and internal resources, 130.87 He made an exceptionally ex-
$3.50 238.93 tended refernce to trade rela
99.73 !tions with United States, 153.07 expressing both considered ap-
preciation concern.
change bond volume was $3,340,-
noe:
were:
30 industrials
1
utilities
Mucks
40 bonds
Comm. future pre
YESTERDAY'S PRICES
Alden Ine. Acy.
prospects of
both
and cons.dered
reductions in bath. corpointe and personal income tax, which be announced amid great ap- plause, Mr Harris estimates that there may be a deficit of as much as 150,000,000 dollars at the end of this year.
UNDER WAY that By
time, however, the economie recovery already under Way should provide the basis keep the for
art DOW dis- 3.4
sterling.com- They produce low quality
tea,
renerally speaking, and cannot stand the high rate of tax on their tea, which produces low profits," he added,
There are. adequate stocks in Britain to meet present demand. Beganse of the Whitsun bollday no tea auctions will be held in
'week. "-- London this France-PresSE, "
HONGKONG STOCK EXCHANGE
US-Japan Textile Agreement
New York, May 31.
Women's Wear Daily reported today that the United States reached agreement with Japan and other governments at Geneva, Switzerland, calling for reduction in American duties on textiles, apparel, chemicals and other goods.
the
textile, disclosed for some time," the
Daily said.
The agreement, trade Daily reported in a Wash- Ington dispatch, will be signed on June 7,
guts
"Details on what tarif the United States has agreed to make for the benefit of Japan and other nations will not be
World Cotton
Markets
New York, May 31.
"State Department officials rafuse to discuss even the time when the trade agreement will be
approved, it added.
Women's Wear said it had learned the news of the signing on "Capitol HA," in Washing- ton
Meanwhile, there was no con- Armat
tion
that an available agreement had been reached in
Geneva. Washington or
The US delegation in Geneva would not corrurent on the Sorne sources in
Danton, however, indicated
they
understood
negotiations
Cotters futures today resumed had been making some progress. holiday interrupted week with But there was trading slow and prices still on negotiations the defensive.
Finishing.on
artaction:
that no word had actually been completed or that the agreement the would be signed On June 7. list showed net losses of 10 to United Press
points at the diese The market opened off 1 to 6 points. New Orkans closed off 10 to 18 Points
20
World Rubber
Markets
Following last week's 'pattern, business originated among pro fessional traders. The specula- tive element continued to mark time pending a clearer view of
New York, May 31. Rübber futures teday closed 5 the crop picture and Washington- „developments on farm legisla-points higher to 10 points lowes
tion "and the export subsidy with sales of 51 contracts. question
Both the spot and futures Spot interests sold July marked lacked a definite trend (From Our Correspondent) against purchase at New Or- er feature as traders awaited leans. Other spot Arms sold outcome of labour negotiations Business done on the Hong-July and December contracts.
a. Detroit. to expand production and to country's finances in balance. kong Stock Exchange this mari!- Around the 33.90 cents level 'fur.
Spot No. 1 Rss were quoted The corporation income taxing amounted to $1,083.378. July trading buying was more nominally at 3144 cents a pound. he Said, "no nation has played rate was dropped from 49 per Noon queletions and the morn-
noticeable.
Futures were; a more constructive role than rent to 47 per cent, while perg's transactions: the United States. As everyonal income tax.
was lowered 3member of this House is aware, by an amount which represent
Allied Chemicals
173
All Chalmers
73xd.
American Airline' ...!
Anterieur Cyanamide Co.
Ameriton Metal
4"།
American Suzelling
4
Anterieur Tel & Tel
Anierican Tob. "B"
Anaconda Copper
Arinco Steel
Armour
Baldwin Lana; [] reste
"In helping countries to restore stability in the post war years,
ercase their international trade,'
rovenues
the success that has already been cut of 12 per cent for those 14 recorded, is
largely
due in the lower income tax brackets cherous and far-sighted Ameri- but only 2 per cent for the can policies. In the past twelve months, however, while
there
14
Baltimore & Ohio
40%
Bendix Aviation Corp.
Bonguet Cora.
Bethlehem Steel
+
Beeing Airplane
Of
Borden (The) Co.
6
Burroughs
48
4
531
Canadian Pacife R.
Case. 1. Co.
C. I. T. Financial Corp.
Chase Nat, & Man.
hrysler Motors
Colgate-Palmolive Co
44
Commercial Credit
Commonwealth Elec.
Consolidated Edison
4935
Continental Oil of Del.
Continental Steet
30
Car Products
281
4434
Crane Co.
Crown Zellerbach
Cubah Amer. Sugar Curtis Wright
Dupont de Nemours
Kastman Kodak
El Paso National Gos
General Electric
General Foods
General MOLOTS
Gillette Safety Razor Gudden Co. Goodrich, D. F.) Co. Goodyear The ..... Hematake Mining Co. Inland Stud Câ.
Machings
International Nickel internatinal Paper Int Tel & Tel
John-Manville Co.
highest brackets.
In discussing the budget-with Harris resisted was no basic change in American reporters, Mr
policies, there was a disappoint the labels "cyclical budget:ing"
ng lack
"deficit fowards and
financing and trade denied that this budget, was
"Keynsian"
of progress actual reductions in buriers and there were dis concerting signs of a revival of His own philosophy was ex- protectionist feeling in response presend thus "Under boom con- in competitive conditions.
ditions when abnormal demands REMINDER
are putting undue strain on our ++I should remind the House resources and inflationary pres- that the United States admir.is-sures are building up tration has resisted proposals policy should play its part, along which,
10 Bank
LONDON
EVERETT
Page
LINES
EVERETT ORIENT LINE
Fast Regular Freighs Refrigerator Pemenger Sarrieg Leading for Singapore, Penang, Rangoon, Calcutta "and
chittagong.
"REBEVERETT”
-NOREVERETT
"BRADEVERETT”
“LENEVIRËT!”
Arr. June 2
July 13 July 25
July July
Loading for Kobe, Osaka, Nagoya, Yokohama með
"NOREVER ETT**
“EXADEVEKETT**
-LENEVERETT
CEBEVERETT"
In Port Loading
Sails June
Arr. June 18
war June 12
whom June 28
--- June 29.
- July 2 LIMITED PASSENGER ACCOMMODATION. All the above subject to alteration without notics.
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICE Loading for Singapore, Part Sweltenham, Madras, Colombo, Bombay, Karachi & Persian. „auk Purt...“. Art. June 14 Salls June 13
"STAR ALCYONT" "LAO
"STAR BETELGEUSE" **STAR ARCTURUS"
"THAI
-July 14
ily
15
*** Aug, 2
**** AUF.
-- Aug.
-- Aug. *
-- Sept. 7
Sept
Loading for Kode, Osaka, Nagoya, Yokohama.
LAO"
"STAR BETELGEUSE**
*STAR ARCTURUS”
THAI
"STAR ALCYONE"
Arr. June 13
Sails
July 4
July 20
July
Aug.
Aug 11
-- Aug. 31 --- Sept LIMITED PASSENGEE ACCOMMODATION.{ All the above subject to alteration without noties.
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Repubile of Panama with Limited Liability)
Chinese Department: Telephone 28293. Queen's Building, Telephone 31206.
MESSAGERIES MARITIMES
P.O. Box 53 Queen's Building Tel: 26631
FAST PASSENGER/FREIGHT SERVICE
"LAOS" "VIETNAM”"!
'salling June 19th sailing July 17th
11.85
31.60
FAST FREIGHT SERVICE
33.30
30.23
"BIR HAKEIM” "MEKONG"
.sailing June 29th
The market closed inactive. No. I spet Rss were quoted at 27% pence per lb. Prices: No: 1 Ra spot
Prices of futures closed today Apr/Jun
SHARES BUTERS SELLERS SALES BARKS
to
185
East Asla.. 216
INSURANCES
Unien X All pe
Lombard XO 49-
700 50
July Covering against export sales and expected to Yugoslavia
Formosa beld salts 55 slabse prices. .. 1030 1700
Trading volumes and open Interests In the Exchange to- 2001 492 Month
day were:
20
Sept. Dec.
Mareh
Underwriters
July
·Volume. 39,500
Open intercet
581,200
2794-277
Oct
12,800
483,500
Settlement house term:
016
SHIPPING
Dec.
18,200
533.700
July
·27-274
Asia_Nav
79c
Mar.
3,400
104,400
Aug.
27-2712
DOCKS. ETC.
May
5,100
237,400
Sept
2014-27
X. Wharf Dock
July
3,700
131,500
PENINSULAR
July/Sept.
27-271
Total
82,700 2.204,700 bales,
Oct./Dec.
26-288
Provident (0) 13.10 13 20 3660 67 13.20
NEW YORK
Jan/Mar.
26-2024
Wheelock ...7.30 7.40 6000 LAND, ETC.
7.30
2514-2532
HK Hotel ... 17.20 17.40 1300
17.30
as follows:
General markets, eit barie, ports:
HK Land
Spot
34.65n
June
27-2741
July
262-27
Humphreys
July
12.80
9.10
Oct
34.04
Aug.
Really
..... 2.075 3.10 5000 2.075
Dec.
34.00
Estate crepe
1000 2.10
Mar
33.05
thick June & July
thin
May
34.05
22.20 144
July
Tram
....... 22.20 22.30 1400 300 143 Star Ferry
NEW ORLEANS Yaumau Ferry 118 120 450 118
'Prices of futures closed today able 3053 in 119 C. Light (0) 20.30 20.40 1000 20.40
as follows:
Priss.
T000 @ 2015
Spot
33.85
500 20.40
July
300 (2015 1100 20.40
Oct.
300 20.30: 1000
Dec,
20.40
Mar
May
July
in our opinion, would with other appropriate policies, UTILITES 70% not advance the cause of friendly in
in placing some
restraint on such boom conditions, when the advantageous mutually
of Scanomic advance trade. This resistance we wel-rate
135
On the other hand, it slackens, and the economy as a be confessed that the whole is not fully occupied, a 34 resistance has not been uniform-moderate
10 and
80 xd come.
484
51
must
DOTY
40%
budgetary deficit
should be no catas
In this
500011 09
33.26-27
33.82
34.04
34.12-13
34.10
cause for alarm" ly successful.
"We all have our difficulties
Harris Mr connection, and it is not always possible to is able to point to the fact that
C. Light (N) 16.10 16.30 7300 wự 16.20 Electric.. But it Canada has reduced her net debt
40 40% 1952 @ 49% achieve ideal solutions.
LIVERPOOL 34 500 23 successive
Telephone budgetary must be recognised that actions through
200 34
Future closings, in pence per 1000 31., American middling, were as taken or even implied by the surpluses by 2,200,000,000 dollars government of the United States since the end of the war under INDUSTRIALS
Coment ..... 20.80 301 3800 30 follows: 1620 may weaken support for liberal his predecessor, Mr Douglas Ab-
Rope
15% commercial policies and may im- bott.
STORES. ETC. who
Dalry
21.20 21.40 200 @ With regard to Canada's un- pose upon those of us Arm supporters of such policies folding future, Mr Harris out- a greater
burden in defending lined the duties of the Royal 16% them in our own countries. Commission which will inquire
"One country cannot attempt both into development
into and resources 84 get the maximum benent st
Kansas C. Power
Lighi
Kennecott Copper
100
Lizzett Meyers Tou. Co.
Lonkheed Aircraft
Loews iacorp.
21
Lone Star Cement Co.
821/
Louisville & Nashville R.
Monsanto Chemical Co.
Montgomery Ward
National Cash Reg. "A"
Minnesota Mining
National Distillers
National Steel Corp.
New York Centrál
Otis Elevators
Pacile Westem. Oil
Penny JC. Co.
Procter & Gamble Co.
Republic Steel
Shell Oll Co.
are
· Watson, -... 13 13.30
July/Aug.
Oct/Nov.
Dec/Jan
Mar/Apr.
1315
180 13.50 1500
200 27
May/June
of
Textile Corp. 5.05 5.85 foreign
7.60 7.70 1000 @ 1.65
FOCUS ATTENTION
97 the cost of minimum adjustments markets. 1374 without creating a desire in
other countries achieve the "It will focus attention, both
to. There must be a here and abroad, in a rather same result. reasonable
give and take in any specific and detailed way, on durable trade relationships, our prospects," he said. whether under the General Canada has had many Royal Agreement for Tarifs and Trade Commissions to study specific
Pactic Gas & Elec.
Pan American Always
20
Paramount Pictures
Parke Davis Co.
4.35
$1
Philipa Petroleum
24
Pittsburgh Plate Glass
732
Radio Corporation.
B1
Reo Motor's
15
60
Sinclair Oi
Socony Vacuum
B
Southern Railway (Com)
B6%
Standard Brands
Standard Of of Cal
Standard Oil of Ind
Standard Oil of NJ
Stockley-Van Camp.
Swift & Co.
Texas Co.
Undes Carbide
United Aircraft
Studebaker-Packard Corp.
Union Facile Railway
US. Gypam
US. Line Co.
US. Hubber
U.S. Smelting
U.S. Steel
Warner Bro
Westinghouse Electric
West Va. Pulp & Paper.... Woulivopth
or under any other system.
"It-is of the utmost importance for the future of international economic co-operation that the United States should continúc to give positive direction and leadership in reducing barriers
to the free flow of world trade." WHOLLY UNUSUAL
Among reasons behind this
problems, particularly
"Sore
spots," but not since 1909 has! there been
a survey of natural resources and prospects conduct. od on a national scale. At that time, a Commission under the
L. Crowford 20.20 COTTONS
Nanyang MISCELLANEOUS
Yangtze Auted
... 645
4.90
Singapore Stock Market
7.
Singapore, June 1. Brokers today quoted the fol- ate Sir Clifford Sifton, made a lowing stock prices:
June 1 great contribution to the ad- jk02:
Opening of-understanding of Rater Lantang Rubber Co. vazcement. Canada's resou
resources
tes and the need
Lid.
$1.42 British Borneo Petroleum
Syndicate
30 Bd Consolidated
Ord.
wholly unusual budget, speech for conserving them.
767% reference are the flowing Since that date, Canada's in-
44 American insistence upon the ternal
17
1124
514
31
Sz
מנ1
Fraser Neave Ltd.
resources have enormn- waiver clause in the Agreement ously increased and at the same permitting the United States time the whole direction of her
Ord.... trade has changed,
rad Fraser & Neave Ltd. spiculum support programme; export
715% cum. pref the States restrictions on im-] making her dependent upon
Hongkong & Shanghai 168 ports of cats, barley and United States market for 80 per Banking Corp.
of her exports. Hence | Hongkong. Tin-Lid,
Kempas Ltd, min
through a quota system, con- cent 260 x
223tinued restrictions against cheese Canadian concern over American
512
19
United Press.
and dried milk, and the threat trade policies, present and Lunes Rubber Estates Lad.
of restriction of petroleum im-future-China Mail Special.
ports, W whether by "volitary"
Malayan' Breweries ......
New Serandah, Rubber Co..
Ltd.
Petaling Tin Ltd,
63 or by a statutory regulation.
Washington Instances of the Administration's resistance to
PRICES pressure for restrictions include
London, May 31 the case of fish stocks. It is also
the understand that United The tin market was rarely States executive will not encour steady. The zine market was age renewed demands for higher firmer while lead and copper tariffs against Cana
Canadian lead were quelle tead and and zinc.
Prices closed today in sterling
LONDON METAL Raffles Hotel******
NEW YORK METAL
FUTURES
Singapore Cold Storage South British Insuzumen
Co. Lid
Strait Trading Straits Steamallp United Engineers Ord, Wearna Bros...
2035-27
2831
The Singapore and Amster- dam rubber prices were unavail- this morning. United
New York Sugar Market
New York, May 31, World No. 4 sugar futures 2 points cicsed unchanged to higher with sales of 444 con- tracts.
KLM3
20.34
23.20
30.09 29.971
lower with sales of three con- tracts.
Domestic No. 6 sugar fuures closed coint higher to
point.
SAO PAULO Future closings, in cruzeiros per kilo were as follows:
July
Oct,
Dec.
Mar.
May
31.00
Feature in the world contract was the posting of 237 contracts In nearby July against business
actual suger.
in 33.30
34.40
35.10
33.40
In the United States. the
Generally, traders awaited re- sults of the International Sugar Council meeting in London to-
MOITOW.
average price of 15/16. middung at 10 designated spot markets was 33.79 cents. Sales at these and featureless. Futures: centres totalled 4,180 bales,July United Press..
Domestic futures were dull
Contract No. 4 (world)
Seat
'Mar.
May
July
LONDON STOCK
Spot
per . fob Cuba)
Contract No. 6
MARKET
July
Sept.
Nov.
London, May 31.
Mar.
The big railroad strike May brought heavy selling into the Spot-cents per Ib cif Ny stock market today.
Some foreign demand for
ax-duty)
5.50
United Press.
selected "blue chips" helped to New York Foreign
30,
$1.75
$0.55
decides
$880
147 31.35 $3.50
7/04 nade
Exchange
cushion the over-all "decine.
The market Bso was under Fressure from speculators who to realise the profits during Friday's
New York, May. shar? Canada,
11.01 st-election rise.
Pagland-eficial Lending
industrials were
30-day futures hammered down
so-day futures by steady
Australis stream of selling orders.
New Zealand. Lancashire
fell more: South Africa. cotton
Belgium 29
2nd Unilever and
Hongkong
than
SLTS Woolworth more than Is each. Demand from the United
up 3s and
Oils' apparently ran inta some demand from the US too.
Shell tacked on a gain of ed and Royal Dutch closed un
2.79 2/32
2.75 1/10
2.79 31
1743
United Press.
London Foreign Exchange
Exchange Rates changed despite heavy profit- New York
London, May 31 278 3/16-2.79
£26.00
$23.00
States sent Ford
$13.80
Rolls-Royce nearly 25
$11.00
$2.75
-Chinx Meil Special.
217 (718)
buyers pellets | din pamantane za parte latge (
さ
221
Budson was done in the local
oficial Chchange market morning at the following rates
this
103
104
1769, dollar (per-533
„Sterling, notes (ner "$1)
155
187
2nd half. Aug.2 103
103
Indonesian rupialt per 100)
1280
ma 2nd half, Ang
"United #Press, 1
Indo-China plastres (per 100)
Slam Hesia ber; 100792-4.00 Singapore (Btraits)"
Montreal Government" Bonds Amsterda
Brussels were under pressure most of Lisbon the day War Loan, fell 15s to al pace the decline. Foreign bonds Stockholm moved up sharply. German West: Marki
engarded as much as 21 Zurich
"Other" were" unchanged, United Press
Paris
12.23
·New York, May 31. Prícès at metal futurta closed... So far as Canada's immediate per long to as follows: today in cents per lb. as follows: prospects are concerned --- Mr Lead
1430 Harris
noted with appreciation 14220 the current upturn in the United Copper spot 50.70b States after the recession be-3-month
Tin
'June. July Juno
July
Zine June
Juts
Copper June
80.Tub
Tin spot
3-month
11400 ginning at the end of 1953. He Lead 2nd half May 1155b recorded a Canadian budgetary zine 2nd hair MAY
21.751
July
31.800
United Press.
deficit of 148,000,000 dollars for
the financial year just ended,
sailing July 9th
& ORIENTAL
STEAM NAVIGATION COMPANY
R.M.S. "CORFU"
NOTICE TO PASSENGERS
SAILS:
BAGGAGE:
Friday, 3rd June at 12.00 Noon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden and Port Sald.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Col's Godown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 2nd June.
܀
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves,
·ALL BAGGAGE, must pass through "the Wharf Co.'s Godown for loading"
on board by ship's slings only.
EMBARKATION: Passengers should embark between 9:30 and 11:00 am. on Friday, 3rd June, 1955.
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