TRADE and
THE CHINA MAIL, TUESDAY, JUNE 7, 1955.
COMMERCE
US LABOUR UNREST
Economy Could Be Thrown Off Balance
NEW YORK Economy
STOCK
MARKET
New York, June 6. Under the impetus of the settlement of the Ford wage negotiations, indus- trial shares set an all-time: average high today.
Gains in the industrial stocks ranged to more than 2 points with a number of issues much wider gains,
Railroad shares, however, į failed to join in the rise, This gruup was depressed satnewhat because of the negotiations with the Interstate Commerce Com- mission over freight rates,
By JOHN MORKA
New York, June 6.
A bullish US continued to roll up new production records last week against a backdrop of mounting labour unrest and possible strikes which could easily throw the economy off-balance.
SECTION
OIL CONGRESS
Rame. Jane 6
The fourth world petro- leum congress was formally opened here today when a record wumber of more than 3.000 of
experts from £5 countries Including.. Japan, India and Russia- gathered to hear the latest news about oll-Reuter.
Strike Hits Iron & Steel
Industry
London, June 6.
The extended rail strike has reduced drastically the volume of trading in iron and steel.
In some cases, notably the northeast coast, the impact of the strike has been less severe than
Home building, instalment buying, retail sales, steel output-major bulwarks of the economy-are now at or near all-time peaks. Indications continue to grow that 1955 might the mobilisation of large Acets well turn out to be the best in US history.
گناه
course.
originally anticipated. By
of lorries supplies of coal, limestone and scrap have been assembled to keep most of the furnaces and mills working normally.
Some planss have even been able to maintain full production.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done, on the Hong- kong Stock Exchange this morn- ing amounted to $1,208,811.50, Noon quotations and the morn- ing's transactions:
SHARKS BUYERS SELLERS SALKS
BANKS_
101008
Page
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
Outwarda "CANTON"
Leaves London Salled
"CARTHAGE" 22nd June
"CORFU“
"CANTON"
30th July
17th August
One Hangkang
27th June
JBL
July
nd Angust
19th September
Via Southampton, Port Said, Aden, Bombny, Colombo, Penang & Singapórs
Homewards ·
"CANTON" "CARTHAGE"
"CORFU”. "CANTON"
Leaves. Hongkong Dua Londen.
1st July
Ist August
29th July
20th August
28th August
27th September
23rd September
24th October“
Via Bingupnew, Penang, Colombo, Bombay, Adem,
HkBank 1685 1693
10 » 1700
10 1200
120 mm 1600 no 1603
East Asia
INSURANCES
Union ... Lombard Underwriters
216
13 53714
49
"SOMALT*
914
DOCKS, ETC.
K. Wharf Dock
24,50
300
200
"SOUDAN"
200 ve 13.70 13.70 100 7.70 73% 500 in 7.54
1000
Provident
Told.... 13
Wheelock
LAND., ETC.
HK Hotel HK Land
DOWN 60 PER CENT Elsewhere, however, output of coke ovens, blast furnaces and melting shops was down to 60 per cent of normal.
and With supplies of fuel
materials restricted, coke avens and blast furnaces were? UTILITIES
Tram to keep utilising fuel stocks
raw
18.80
17
20
"1500 7:033
-1000 7.74
1000 in 7,76
53000 7,70 12000 770
ជំងឺ
Market sentiment improve considerably after the Ford
of facticeable falling off in prices, But for the moment, at least, provides jobs for millions announcement shortly past mid-
criucal worke.s in allied and depon- and some resistance to specula- session. Before this news, the the US watched the
the. unvolving
A prolongedi industries. some dent
live trading in May, but merket moved aimlessly and with begotiations
this IM
all-important market showed some life never- investors tenderly holding to the 500,000 auto work::s and two of strike
theless... Industrials gained 15.16 auto makers-Ford industry would in time mean a sidelines. With place in the the nation's
in the averages on the month. automobile industry, Wall Street Motor, C. and General Motors, definite slowdown. in the exist.
Fax A settlement
since been
ing high level business rails 9.55 and utilities six cents. besting that steel wage
activity negotiations, which get underway eached between the Ford Com-
and the union, but so fur So far this year, the US has What the market will do a
ai of anybody's
guess, tomorrow, will be settled amic-
not had any labour strikes there is
agreement.. with Two ably,
Most observers predict that the such The steel wage contract: (eneral Motors whose workers nation-wide importanc?
that expires on Jun; 10.
threaten to strike at m.dnight as the steel strike several sum-bull market is not over,
for BRIGHT SPOT
is due
some have, the market Strike losses mers ago. Tuesday,
technical readjustment and will sharply. turned up according to latest Government move in a "sidewise" pattern,
at least for the time being. tabulations.
somr There were 500 strikes
Apri wita
· MAGAZINE'S VIEW 301,000 workers affected
for loss of 2,600,000 work
few Wall reason This comparts with 450 zine,
as from today has to" c. Light (0) 20.40 30.00 5500 @ 2014 strikes in March involving Streeters have become truly
meet a rise in railway freight 220,000 workers for 1.600.000 berish is that they don't think
the FRB (Federal Reserve charges-China Afail Special man-days,
Beard) will
on tighten up noney enough to offset
Steel snares paced industrial stucks.
Armeo Steti was the bright spol. points
3
It moved up $31. Bethlehen: feature with
Sice was another
at improvement nf 2 points to $135
Mators improved generally, Monsanto Chemical sparked
its section. 1 ran up 574 points)
"to
$144
Elsewhere, Zenith.
vision ran
ad-
vocate of pay-as-you-go tele-
into some profit taking. It · Fell 6 points to
shares
$118.
Tobacc
fractionally,
however. The auto industry is a major use of the country's output of stel, metal and rubber. It also
World Cotton
Markets
New York, June 6. Cotton prices today switched improved to the downgrade with old crop
deliveries leading the way.
Losses exceeded $1.29 a baje Of the 1,182 issues tradedt ̧ ́ 563 closed higher, 366 closed on deferred contract as sellers considered possibilities for lower lower and 8 made new lows.
and The New York Stock Ex-Government price supports chang: bend volume was $5,- more liberal acreage controls a
year hence.
100,000..
The
Ex- 1,100,000
American Stock change volume Wis shares.
YESTERDAY'S PRICES
Aiden Ins Act.
American Cyanamide co
Allied Chemicals
Allied Mills Ite.
Allis Chalmers
American Airline
American Metal
American Smelling
Amencan Tel & Tel
American Tch, B
Anaconda Copper
Armco Steel
Armour
Baldwin Lina-Ham.
Poltimore & Ohio
Bendix Aviation Corp
Benguet Cons.
Bethlehem Steel
Borden (Ther Co.
Closing on a reaction the list finished with losses of 11 to 43 Opening prices were points. off 3 to 7 points. New Orleans closed off 11 to 12 points. relating Uncertainties Government policy en cotton ex- ports and the gradual slowdown in lint shipments overseas were 42%ether handicaps,
1115
$23
351
$5
5814
531
185
65
to
Brokers with Liverpool con- nections sold the later months in the forenoon; along with com- mission house and other trade interests. Mills and exporters 524 bought on the decline,
J
23.10 23.30
Port Said &, London
FREIGHT SERVICE
due 28th June from UKC & Straits. loads Mth June for Moji. Kobe *
Yokohama
loads 1/2nd July for S'pore. P. Swesten- ham, Penang, Colombo, Aden, Port Saidi, Genoa, Marseilles, FLATE. Lon
Botter. don. Antwerp. dam & Hamburg
With liberty to call at Belawan before or after. Sizzata Ports and at Bombay if inducement offers.
Tanks avaliable for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD.
Sin June from Japan sails Hh June for Singapore. Rangoon
& CLIEN dhe 10th June from Calcutta, Rangoon
& Straits for Japan
sail 11th June
Humphreys..
Rts. Really
8.30
2.10 2.15 3000 2.10 10,0002.11a
"FULTALA”· due
working at a reduced tempo but deliveries of pig iron and Anished steel were almost com- pletely halted.
450 23 100023.2
100 7 23.33 1300 @ 2.20
“SANTHIA"
Star Ferry.
147
100 143
"SANTHIA"
dur 1st July
Y mati Ferry 117
119.100
118
100
100
113
119
200
118
"ORDIA"
In addition to the heavy
man-days of According to Fortune Magacirzet Bnancial losses the in-
ELSEWHERE
it!
"the
dustry
the New York Sugar
Market
1000
S-Light (8) 10.20 18.4 Electric
Telephodie
.. 331 3324
with
INDUSTRIALS
Cement
Dairy
Lfice on the stock market of Americans are showing No
the rising trends in profits and on dividends over the next year inclination of cutting down spending and borrowing:
New York, June 6. or two. April climbed to a new monthly Meanwhile, the nation's steel' World No,
sugar futures the summer closed today unchanged cord, the Federal Reserve re-milis moved into ported.
months with orders continuing
sales of contracts. AL Al month-end, the instalment to exceed shipments. Operations Domestic No. 6 sugar futures credit total was $23,513,000,000 last week were set at 96.7 per closed unchanged to 1 paint/ STORES, ETC.
almost hair of it on purchasescent of rated capacity, equiva- lower with sales of 1,039 con- of automobiles.
Int to a production of 2.334.000 racis Pressure activity, on the stock tons. Some slackening is anti-
World- futures lacked degnite more recipated this summer. chiefly feature. Most of the activity in market has become stricted. Prices for the past because of vacations and main-domestic futures were repre month or so have been generally tenance requirements. Some mixed, and have moved at times industry circles see a price rise large blocks of contracts against sented in exchanges of several in a somewhat more narrow
has been Fattern.
There
3%
39.70 29.90 2000 v. 20.30
300 29,30
21.00 500
含苕官萄蓉茗
1000 €
L
Waison sword
14.20 145
COTTONS
on
transactions Futures:
in raw sugar,
Contract No. 4 (world)
in the offing as steel labour negotialichs get underway
2017. Observers forecast
June
World Rubber hedging buying
Markets
New style October contract
Singapore, June 6, went to a discount under July,
The rubber market opened 1956 before trading started last steady on short covering but erratic on strike_news week, some dealers thought the became October delivery would sell at a from the United States. Future premium of around 14 cents a closings were! pound.
Trading volumes and open No. 1 rubber per lb. June 1961 interests in the Exchange today.
Boeing Ariane
32
Burroughs
Canadian Pacific R.
Case J. Co.
CIT. Financial Cor.
Chun Hat, de Man.
50%
Chile Copper
511
Chryser Motery
Cilgate-Palmolive "Cu.
Commercial Crevit'
563%
Cammonwealth Elec.
421...
were:
Consolidated Edit
4015
Chatimentul 0:1 of Del.
Month
434
Contaerial Steel
30%
July
Corn Producta
Ort.
44
04 Mar.
2,000
July
Dec.
Crane Ca.
****
Crown Zelierbach
Cuban Amer. Suzas. Curtis Wright
1022 May
1974 Oct,
40
Volume Open interest
18.800 523,300
July "ALE. No. 2 rubber per lb. June No. 3 No. 4 Snot rubber 'unbaled Blanket crepe
43.94** unquoted 3324 ..94 *
8,000 400,800 3.600 355.000 230,000 5,800 238,300
No. pale crepe
91-91 B3-09 96-97 E-85
a peace- July ful settlement, although some Oct
has already | March become noticeable. Other users, Max according to Iron
July Age Maga- Sept. zine.
are pressing for delivery Spot-cents per lh. fob Cuza) 3.30
to beat an expected steci pries rize that many feel will follow (July
a wage settlement.
CONFIDENCE
of
In New York, the National Association of Purchasing Agents convened at their an- nual meeting last week were ginerally confident about busi- ness prospects for the rest 1955. A roundup consensus re- port by the Journal of Com- merce showed, however, that this condence was tempered" with caution. There were warn- ings about the long-range im- plications of the current busi- ness boom. In general, the men. Futures today closed 65 to 91 who buy for American Industry higher with sales of 360 forecast as follows, according to
the Journal of Commerce Peaceful settlement od the "Demand for
Industrial Labour negotiations with Ford materials generally
rally will be well and hopes that it would set a maintained during the balance 34.00.01 pattem for agreement with other of this year. Prices are expected.
manufacturers touched
to hold comparatively firm. And, broadscale buying and covering supplies will be adequate movement
terminal most cases, market.
3,700 144,400
3,500
20,800 53.100 2.198.000 bales NEW YORK
points Prices of futures closed today contrasts.
Dupont de Nemours
Diamond Alkali
Total
Eastman Kodak
BO
El Paso National Gas
40
General Electric
5342
General Fooda
HE
as follows:
9614 Spot
General Mors
Gillette Safety Razor
Glidden Co.... Goodrich (B..F.) Co
Goodyear Tire
Heyden Chemical
Homstake Mining Co.
Inland Steel Co.
nax July
40%
October
.002 December
64 March
4012
16 May
July
7421
October
424
NEW ORLEANS
34.650 33.82 33.97
33.90
34.01
33.19
32.33.
30. Prices of futures closed today
as follows:
Int Business Machines
100
24
Tall Harver Nickel International Paper
International
In Tel & Tel
John-Manville Co.
Kansas C. Power & Light
Kennecott Copper ..
Liggett Meyers Tob. Co.
Lockheed Aircraft
Loews Incorp...... Lone Star Cement Co. Louisville & Nadville R. Minnesota Mining yan Moamento Chemical Co. Montgomery Ward National Cash Reg. "A" National Distillers National Lead National Steel Corp. New York Central Olin. Mathieson Ous Elevators
Pacife Gas & Mico. Pacific Western Oil Pan American Airways Paramount Pictures Parke Davis Co.
Penn, Salt Co.
Penny J. C. Co.
Philips Petroleum
Procter & Gamble Co.
Pittsburgh Plate Glaser
Radio Corporation
Heo Motors
Republic Steel
Shell Ol Co. (xd.)
Sinclair OL
Socotty Vactrum.
Southern Hallway (Com.)
Standard Brands
Standard Oil of til
Standard Oll of Ind. Standard OH OZ ETJ. Stockley-Vin Camp, Studebaker-Packard
Swift & Co. Texas Co. •••• Union Carbide Union Pacific Railway
United-Aircraft--
1.S. Le Co.
·U.S. Rubber
U.S. Smelting
U.S. SteeI Warner Bros. Westinghouse Electrio
West Va. Pula
Woolworth
Paper
45%
5.63%
10005
33.75 33.80 33.94
34.00
31.07
33.99
32.91
NEW YORK
ct the
off
Strength at London and re- ports that Russian agents bought 15,000 tons recently in the Lea don and Amsterdam markets,
market
Some expressed concern about
tightening in supplies of copper aluminium and
AUK.
Sept.
Nov.
March
May
Contract No. 6
Spot-(cents per lb. cif
NY-ex-duty)
3.33
5.55
5.38
4.59
5.65 Textiles..... MISCELLANEOUS
Yanglaze
Allied
1000 5.70,
8.40 6.50 500
1000 in 0.14 4.20 4.025%
6.15
Exchange Rates
Business was done in the local unofficial exchange market this morning at the following rates:- U.S. dollar per $1) .......... 3.36 Sterling notes (per £1
5.40
Indonesian rupiah (per 1001 Stern tiens (per 100) 5.55 Singapore (Straits)
-United Press.
Indo-China piastres. (per 100)
5.31
8.05
Int'l Sugar Council
Lifts
Export Restrictions
London, June 6.
Because of the shortage of sugar supplies on the world market the International Sugar Council has decided to lift restrictions on all export quotas placed on producing sugar nations last year.
ป
The chief nation to benefit will be Cuba who will be permitted to ship supplies held up previously under the agreement.
LONDON STOCKg was attended by 32.95
12.60
nickel. There was comment on the expanding Spot July
market for almost all types of paper and paperboard for the 4014 October
gave prices an extra push, 1084
December
However, the local
spot long-range, uptrend in demand March 85
with for quiet May
remained
chemicals of almost all A communique from the Inter-effect and also taking. into July
33.15-15 buyers 224 sellers stubbornly types, and for the bright pros national Sugar Council saide account the quantity of sugar October
anti holding about 4. rent apart in pects for beth industrial LIVERPOOL
allotted "The Council met in London previously
50
Brazil Rss residual fuel oils-United Press, from the first to third of June, decided to realot these their views, Spot No. 1 Future closings, in pence per
quotas 144 lb.. American middling, were as
sheets were quoted at 33 cents
1955 under the chairmanship of totalling about, 372,000 metric a pourri nominal. Futures:
Mr Lawrence Myers. The meet tons 12 follows:
July/Aug
31.19 July
delegates The Council also decided to Oct/Nov.
30.2 Decemb
from 23 countries, observers from release · participating exporting 30.10
other, March
fcur
countries add from countries with a basic export 30,00
tonnage of more than 25,000 tons Counell took note of a from their chligation under London, June 6. revised estimate of free market article 8 (2) of the agreement not Stocks opened lower on the rents for 1955 made by to export more than 80 per cent The market was quietly Erm, London Exchange Loday, but an its
committee, a total of their intial export quotas be 1250 No. 1 Hss spot were quoted at afternoon rally wiped out most of which is 4,850,000 metric tons, fore August 31, 1985.
29 pence per lb. Prices:
of the losses. Trading
ARTICLE 19
Council decided that the active.
circumstances The Council acting under unless unforeseen No. 1 as apot ...... 2915-2014
Early trading
prices article 19 (2) of the agreement | make: An earlier meeting down 23-2844 pounded
steadily as determined that certain countries necessary the next traders reacted to the worsen would be unable to use all or would be held on 20 September
part of their export quotas in 1955.”—United Press, res
06% Dec/Jan
4% Mar/Apr.
54 May/June
然
20.38 May
July
Futures closings, in cruzeiros
SAO PAULO
4812
43%
per kilo were as follows:
$2 July
44
OM.
4914 Dec.
31 Mar
734% May
092
30.50
34.00 33.20 33.75
LONDON
the United States, the settlement, house term:
75 average price of 15/16 middling
July
45
cotton at ten designated spot Sales markets was 33.81 cents.
Aug.
Sept.
at these centres totalled 3,871 bales.--United Press.
July/Sept.
Oct./Dec.
Jan./May.
Apr/June
June
July Aug.
London Foreign
Exchange
Montreal,
Amsterdain Copenhagen
224 Labor :-
New York
1703%
293
48 Paris:
19
0812
ADY Calo
Stockholm Werl Mark'
2500
-United FreES.
London, June 1. 2.75-3/16-279
- 2.7444-2.7433
~100144-10.61%
~19,40%*19:41}"
80.50-8070
- 20.013-20.01.
978-9783%
Zurich
31.7255-11.733S
Others were unchanged. United
125
31.15
2814-2835
2133-24
2812-2815 2815-26
2734-277%
·26-28% | General markets, cif basia, porta;
25-28
Estate crepe thick June
thin
"AMSTERDAM
MARKET
savr
was
ing strike situation. But around noon orders to buy began flitering into the market.
The buy orders,
some from the "little investor
gave the market a lift and prices began to inch higher.
At the close, leading indus- trial siceks· · were " down only slightly after being off as much 27. 35. more. A few blue chips such as Rolls-Royce, man~ The market was steady. Prices aged to counter the trend Ford closed today in gilders per Motor was down a shifting and kilogramme, CIF June as fol- Vickers and Bowater more an lows:
2.70 sellers
da shilling each.
British
Government bonds 2135 sellers closed with losses of £31⁄2. At one time the glith were down around 2%-United Press.
No. 1'rubber
No.
rubber
No.
rubber
2,70 sellers,
ited. Prem
FAQ Me
-
...
talls 2nd July
from Japan
for Singapore, Pening. Rangoon & Calcutta
P. & O./B.. I, JOINT SERVICE
due 14th June
sails 13th June
"ÓRNA"
due 18th June
sails 17th June
"OBRA"
from Japan.
for Singapore, Madras, Cochin Bombay Karachi
from Japar
*
for Singapore. Karachi. Basrah, Khorramushane de Kuwait
due 27th June · from Karachi de Bombay
etc. galls 28th June for Japan
EASTERN & AUSTRALIAN 5.5. CO., LTD..
"NELLORE"
"ARAFURA"
dye 14th June from Australia.
salik 15th June for Japan
due 21st June from Japan
salis 23rd June for Sandakan, Brisbane;
Sydney & Melbourne
All vessels have liberty to call at any ports on ar" off the route & the route & salling are subject to change or amendment with or without notice.
For full particulars apply tu MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Service Loading for Bingapore, Penang, Bangion. Calentia and Chittagong
Arr. June 27 July 13
"NOREVERETT
"ERADEVERETT"
"LENEVERET***
"RESEVERETT"
Sails June 2
-- July 14
- July
Aug. 21
- July 25, - Aug. 20 Loading For Kobe, Osaks, Nagoya, Yokohama.
"ERADEVIRETT",
"LENEVERPETU
"ARBEVEKETT“
"NOREVERETT A
Arr. June 18 Salz June, 17
June 21 -- June
July 24-Jug Aug. 18
-Ang
LIMITED PASSENGER ACCOMMODATION,
All the above subject to alteration without notice..
EVERETT STAR
LINE
FAST REGULAR FREIGHT "REYHIGERATOR: SERVICE Loading for Singapore, Port Sweitenham, Madzis, Colombo, Bombay; Karachi à Persian Gulf Port
Arr. June 14. Salla Jug 15 July 15 July 24
"STAR ALUTONE”
“STAZ BETELGEUSE", "STAR ARCTURUS” *THAT”.
ADE. 2
-- Aug. 25
Sept. 7
Loading for Kobe, Ozaki, Nagoya, Yokohama.
meeting
"STAR BETELGEUSE".
STAR ARCTURUS” THAI !
MESSAGERIES MARITIMES
R.O. Box 33 Queen's Building Tel: 28651
LAOS"
FAST PASSENGER/FREIGHT SERVICE
safling June 19th ealling July 17th
VIETNAM”
FAST FREIGHT SERVICE
BIR HAKEIM” "MEKONG"
sailing June 26th
sailing July 9th
"STAR ALCYONE"
Arr. June 18
July
July 26
Aug, 2
Sept 8
Balls June 18)
July
July 2
www.Aug. 11 - Aug. 12
-- Aug. 31 'Sept
LIMITED PASSENGER ACCOMMODATION.
At the above subject to alteration without netles.
EVERETT STEAMSHIP CORPORATION S/A
(inéorporated in the Reyphils of Panasua Bakker with Limited Liability)
Chinese Department: Telephone 28293.
que y Queen's Building, Telephone 31206,