1
TRADE and
THE CHINA MAIL, TUESDAY, JUNE 14, 1955,
COMMERCE
AMERICAN ECONOMY
NEW YORK Pendulum Of Labour
STOCK MARKET
New York, June 13. Industrial shares pushed to new 'all-time high ground and rails set new highs in more than 25 years on the Stock Exchange today on increased volume.
Gains in the industrials ranged to more than a point." A number of specialties tacked much
Or
wider improvements. Rails were up nearly a point.
Market news continued on the favourable side. The wage settlement between the auto workers and General Motors helped the market considerably today.
The upsurge moved, the rail- road average to his best level since October 20, 1929.
Transactions
today totalled
Power Takes
Almost Full Swing
By
JOHN MORKA
New York, June 13.
The Ford Motor Company settlement, with its higher pay and guaranteed annual wage for United Automobile Workers employees overshadowed everything else in the US economic picture last week.
So far-reaching was Ford's granting of the minimum wage guarantee-a union dream for years that it fore- shadowed a similar pattern not only for other automobile manufacturers, but for all big industry including steel.
Other industries
It also symbolised almost d' comparative ease is highly signi- 2.770.000 shares, compared with full swing of the pendulum vf ficant of where the balance of the Ford contract include farm
power Hes between capital and
2.470,000 Inst Friday."
Jabour
Of the 1,224 issues traded 600 tics when industry hold its Issues moved higher, 387 declined | *S and 237 held unchanged. New workers in a condition not for highs were registered by $21emoved from seridom to today
when unions have become so
labour in this day... power from the early
stocks and 22 made new lows.
SPECIALITY FEATURE
Minnesota Mining was feature in the specialti spurted 44 points to $109.
group.
powerful that even an industrial colossus like Ford will grant almost any demand to avoid a the st
It
Without weighing the pros and con of the union's stand that a its guaranteed annual wage
justified-there are strong argu- ments on both sides-It was a demand that the highly seasonal automobile industry has fought off like a plague for years. That
Colbert, it was obtained
General Motors sparked It added 2 points $191. Chrysler was up to $78. Atlantic Coast Line featured in the rails with a gain to $53. of 2 points, to
Oils were strong with Culf Oil adding several points. Bethlehem Steel paced section. It tacked on 18 points to $141.
Its
Pennsylvania Railroad featured in volume. It finished in the
top spot in the most active list with a turnover of 91,100 shares.
It closed with a gain of 34. to
Exchange bond $5,350,000.
volume
from Ford in
New York Sugar Market
in
torried by
80 per equipment manufacturers, cent of whose workers are re- presented by the Auto Workers Union, and
and the railroads, whose craft unions have been seeking
guaranteed annual wage for years. In the farm equipment ficid, contracts expire soon with Deere, Olyer and International Harvester.
SECTION
PI WANT TO SELL SUGAR
The
London, Juno 13.
Philippines today asked the International Sugar Council for
special allotmeni · of 100,- 000 tons of surse Exports to the free world market, it was reliably learned from Council SOUTHER,
The Working Group of the Executive Council met in London this morning to conduct hearings JII various requests from pro- ancer countries following the re-allocation of quotaa made by the fall. Council at its meeting earlier this month.
Mr Izon Guerrero, Philippine Ambassador London, was reported to have made the request of the - Working Group be- cause of the urgent need of his country for foreign currency and rice which made it necessary for the Philippines to barier sur- sugar for rice from neighbouring counteles such as Burma, Thailand and Pakistan,
The latter two"countries hold heavy rice surpluses but lack foreign exchange to buy needed sugar.—--- Unlied Press,
World Cotton
Markets
*
New York, June 13. Apart from mid-session flurry of activity in the October (1956) delivery, cotton futures today again proved a
tame
Other
deliveries
new
scc-sawed
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
12
Business done on the Hong- kang Stock Exchange this morn- ing amounted to $815,949. Noon quotations and the morning's 'transactions:
SHARES BUYERI SELLERS BALER
BANKS
HK Bank
Dost Aala
INSURANCES
Union Lombard
DOCKS, ETC. K. Whart Dock Provident (0%) Wheelock
Page 9-
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Catwards "CANTON" "CARTHAGE"
"CORFU"
"CANTON"
Leaves London Dus Hongkong
Sa Bed
2nd June
20th July
17th August
with Junes
25" July
22nd August
10th September "
Via Southampton, Port Sald, Aden, Bombay, Chiambo, Penang & Singapors
Homewards "CANTON"
Leaves Bonykong' Duo London
Ist July
"CARTHAGE” 29th July
"CORFU**
1010 1685
11 1080 10 1075
25.30 25.50
"CANTON"
29th August
23rd September
1st August
29th August
17th September
24th October
Via Singapore, Penang, Colombo, Bombay, Aden, Part Said & Landen
મુળ
45 @ 31.
"SOMALI".
"SOUDAN"
7.70 774 7500 4 7.70
17 200 4, 16.50
-13.40 13.DQ
LAND," ETC.
HK Hotel. 16.30
HK Land Humphreys
.Asi Realty
UTA.ITIES"
Tram.
Star Ferry
3816
·
1000 14.90
2000 16.80
K9 152 44 0812 10 70 17
6.10
100 8.10 2.05 2.10 500 6o 2.0714
23 23.10 4500 en 23 148 150
Y'mat Ferry 117 119 20 + 119
C. Light (0) 20.10 20.30
C. Light (N) IS20 10
450
Mectric ..... 3011⁄2 301⁄2 1700 6 39
• Telephone
INDUSTRIALS
FREIGHT SERVICE
due 2601 Jure from UK) & Stralta loads 27th June for
Moji. Robe de Yokohama loads 1/2nd July for S'pore, P. Swetten- ham. Penang Aden, Port
Said, Gen04, Siarselles. Havre. Lon-
dori Antwerp Rotter- dam & Hamburg
With liberty to call at Belawan betera oe after Strat Porta and at lombay ir inducement ofere
Tanks available for carriage of Oil in Bulk. Space for refrigerated carzo. Limited Passenger accommodation
JJ
BRITISH INDIA S.N. CO., LTD.
1st July from Calcutta. Rangoon
de Straits sails 2nd July tor Japan sthe 1st July
from Japan sals and July for Singapore. Penang.
Rangoon & Calcutta.
33 33 300 33
"SIRDHANA” dur
Cement ....208020.90) 1000" 20.30 Rope... ... 252
"SANTHIA”
STORES, ETC.
Dairy
Watson
21.40 115 1600 a 2110
14.40 L. Crawford 27.30 SIX) 27.80
5.05 32%
"ORDIA""
MISCELLANTOUS
Yangtze 6.40 61% 1000 g 65
"ORNA"
COTTONS Texles
424 4.814
World Rubber Markets
HIGHLY COMPETITIVE Behind the settlement alss was the fact that the automotive manufacturing business is one of the most highly competitive enterprises of all. So
many are the improvements and merchani
The question of how much in- cal advances being incorporated nation is involved in the new wasir
in each succeeding car model today, that no manufacturee can auto industry developments was commenta- afford to fall behind the parade
occupying Anancial
affair ters. The Wall Street Journal
Scattered selling in October and cut of public notice during
said:
Allled position down a little a long strike shutdown."
drove that A General Motor agreement, more than $1 a bale, but below Only Wednesday, Mr L. L.
comes quickly.the 32% cent level, short cover- assuming one President of the
will put more money immediatelying and technical replacement Chrysler Corporation, testified Botore
in 350,000 more workers' pocket buying checked the decline. Senate Group whether
At the close the list ruled off by higher wages. The 1,000,000- conditions exist monopoly
nomber steel workers union 4 to up 2 points. Opening off 4 the automotive industry:
"There is no such thing as an bigger (than autos) pay in
will be pressing harder for a to up point. entrenched and unassailable
creases a part appeasement for narrowly on either side of the. position in the auto business.",
not
Routine domes- getting a guaranteed annual previous close. To be
hair-splitters, sure,
wage. Higher steel wages mean tie mull, spot house and shipper the union and manu-
Singapore, June 13. both in
The rubber market Armed on facturers, argued that what Fordigher steel prices for mans busing absorbed hedge selling
Bota industries.
and liquidation. Evening-up in was of hus compromised
the nearby July delivery before short covering and speculative THINK HARD guaranteed wage at all, but
buying. There was some profit- first
day June 24 was taking at present levels. Future notice another feature. merely supplementary unemploy
Consumer ne "Inflation brake? ment compensation for lad-off
closings were: +1 workers, limited to 25 weeks in goods industries notably
New speculative interests gen- must
held in abeyance No. 1 rubber per t. June 1082-1087% erally was think hard before passing on
July 10876-10016 AUR unqucted on the exports subsidy No. 2 rubber per lu. June This attitude among the rank Many could decide
1042-10424 to absorbents
and farm price support legisla- No. 3
994-0024 Ford workers was these costs within present com-
tion. Outside traders meanwhile spot rubber cabaled
07-0752 and file of demonstrated graphically
on fortable profits--a choice they transferred attention to the stock Blanket prepu
100%-100% Tuesday shortly after the son may prefer to possibly scaring market and the faster-moving No. 1 Dale crepe tract was signed when authorised off consumers by raising prices.
wildcat"
commodities like rubber, coffee, walkouts of union members closed nine Ford "The public is already deep and others.
•Trading volumes and open in- { plants including the giant River in debt-with
loans at record crests in the Exchange today Rogue factory
in the Detroit and mortgage
levels."
Volume Open interest
25,000 435,400 10,800
New York, June 13, $30
World No. 4 sugar futures The New York Stock closed today 1 point higher to
1 point lower with sales was
right contracts,
Domestic No. 6 sugar futures closed 1 point lower to 2 points higher with sales of 11 con- | 201 tracts.
Traders
said activity. was 440 17 hardly broad enough in either 13.98 contract to develop a special
The American Stock Exchange volume was 1,110,000 shares.
Dow-Jones closing
were as follows:
30 industrials
Bu talks
15 utilities
→CS stocks
40 bonds
Commi future,price_index
CLOSING
averages
101.80
2
are.
any given year of the three-year higher costs to the public. Fencing Washington develop-
contract.
consumer credit
wire:
Month
! Ford announced that it would July Oct.
182.95
feature. Futures:
99.73
156.96
Contract No. 4 (world}
PRICES
July
September
Alden Inc. Ary.
23
October
Allied Chemicals
115
March
Allcu Milis Inc,
36
May
arca.
Allis Chalmers
74
July
American Airline
284
September
WISER HEADS
497,500
American Cyanamide Co
Spot (cents per b. fob Cuba)
American Metal
American Smelling
31
Contract No. &
American Tel & Tel
104A
not raise prices for its cors-21 | Dec. both present. labour
15,000
$32,200
Mar.
American Tob. "B"
G2 July
149
August
September
5.50 history had been made, the stub-week; 9.50 born industry resistance to ang
Other developments of the May July OM. industrii sfocks, Total
0.400
23,000
4,260
$48,000
6.700
193.600
7,600
30,000+
4.45
Baltimore & Chlo
November
Bendix Aviation Corp.
31
March
5.57 5.39
sort of
NEW YORK
Bethlehem Sivel
141
May
1.39
Boeing Airplane
Borden (The) Co.
Amour
Kaldwin-Lima-Ham,
C.I.T. Financial Corp.
Burroughs
Canadian Pacific R
Chase Nat. & Man.
Chrysler Motors ...
Commercial Credit Commonwealth Elec.
Comelidated Edison Continental Steel
Com Products
Crane Co.
Cuban Amer. Sigur
Curtis Wrigat
Diamond Alkali
Dupont de Nemour
Eastman Kodak
General Electric ·
General Foods
„General Motors.
Gillette Safety Razor
Clidden Co. .....
Goodrich (B. F.) Co.
Spot cents per, eif NY
ex-duty)
But wiser heads in factions réelised that
A
guaranteed worker income pudy by the prospect of
land been breached, and there automotive labour peace, ch- other years and other con- ed a new Dow-Jorfes high or were 5.53 tracts to come. Whatever else 431.49, up 0.69 per cent. Rails -United Pres the last 15 years have taught, declined. slightly, utilities held
they have certainly demonstrated
unchanged, bonds dropped tilat union demands
never slightly and commodities shrink and a wall breached is strengthered a wall destroyed.
Singapore
Stock Market
Singapore June 14 Brokers today quoted the fol-industry, 81% lowing stock prices::
Tuesday-industrials continued their climb, rails
regained Monday's losses, utilities eased, Sonds turned higher and com- modities climbed higher.
Wednesday-industrials moved
anno
77,000 1,239,500 bales
Prices of futures closed today as follows:
Spot
Júly
Oct.
Dec.
Mar.
May
July
Oct.
NEW ORLEANS
No. 4
*
112-113
NEW YORK
Futures today closed 125 to 205 points higher with sales of 469 contracts.
Broadscale covering by the trade and speculative interests lifted prices almost 21⁄4 cents-a pound at the start. Realising pared the extreme gains, but the market had a strong undertone throughout.
by
34.75
33. 34.00
34.14
34.CB 34.14
Buying power was generated a Loridon- strength Singapore plus fears that the Singapore labour trouble would cut down shipments to this country, along with the favour- able outcome of the labour negotiations between General Motors Corporation and the union.
Activity in the spot. market ww limited, a number of traders were absent, attending the annual outing of the Rubber Trade Association. Futures:
Prices of futures closed today
*480
33.86-87
34.08
34.13
34.24
July
M13
Sept.
Dec.
Mar.
May
Dec.
Mar.
May
July
Oct
SAO PAULO
At the week-end, with Ford workers showing a disposition to accept the contract and end their work stoppages, General Motoes, another giant of the auto still higher, Dow-Jones average as follows: also was placed with at 438.55, rails eased slightly, unauthorised
Spot strikes 29 ils utilities advanced,
July and bonds Opening officials and representatives at- and commodities dipped lewer.
Oct tempted to negotiate a new con The Governmen: tract.
that personal income in the Thirken General Motors pants reached a new high in April, were shut down on Wednesday amounting to a yearly rate of when more than 40,000 union, 285.8 thousand millions, one
walked out. members
Union thousand million above the pre- Fresident Mr Walter Reuthervious record set in March," Future closings, in cruzeiros wired the heads of all union
per kilo were as follows: HEAVY DEMAND locals to get their men back on
July October job, warning that "wildcat"
Demand continued heavy and December strikes
workers' could Furt chance
the bargaining supply tight in the paper and May in
paper box industry, with indica- In the United States, the Fus sessions.
tions on further price increases. average price of 15/16 middling Aug. Observers generally believed,
Du Pont Treasurer Mr R. at ten daduated spot markets Sept. that the union, biding its time, Russell Pippin predicted the was 33.87 cunts,
July/Sept, Ock/Dec. Balds at these hold out for Company's sales this year will centres totalled 8,976 bales
(Mar. minium wage guarantes from
Apr/June be the highest in General Motors but, instead
history, with
The Liverpool cotton prices General maritets, dif" basis, volume at 1.0 thousand millions, would use that demand as a
were
received United June July lever to obtain even higher compared with the previous re-es
Auz wage scales than were involved cord of 1,765 millions in 1953.
Estate crepe thick and thin
AMSTERDAM
56
B4
1013
Batu Lintang Rubber
$1.42
731
British Bornco Petroleum
41%
Syndicate
35/0
70%
Consolidated 'Tin Smelters
32/6
Goodyear Tire
EP
Frater & Neave ord****
31.65
Heyden Chemical Int'l Business Machines
16
Fraser Neave spe cum
424
pref
404 Hongkong & Shanghat Bank
ĐI? Hongkong Tin
114 Kempas
25% Lunas Rubber Estates
$6,55 $860 7/9 $1.60 $2.10*
Petaling Tin
£3.307 $1.40 $420
the
459%
Ratiles Hotel
217
Singapore Cold Storage
32.35 SL.80
Louisville & Nashville R.
85
South British Insurance
Minnesota Mining
109
Straits Trading
Monsanto Chemical Co.
140%
Straits Steamship
Montgomery Ward
-7935
United Engineers ord
National Cash Reg. A
414
National Distillers
cum div. 7 ex div
National Lead
National Steel Corp.
Int'l Harvester
International Nickel International Paper Int) Tel & Tel"
John-Manville Co. Kennecolt Copper Liggett Meyers Tob, Co.
Lockheed Aircraft
Loews_incorp.
Lane Star Cement Co.
882 Malayan Brewerios
1154 New Serandah Rubber
New York Central
Olin Mathieson
Otta. Elevators
Pacific Gas & Elec. Facile Western Oil Pan American Airways
Paramount Pictures
Penn, Salt Co.
Republic Stoel
Weare Bros.**
774 | Special,
$22.25
$12.40
$10.00 32.60
hina Mau would
New York Foreign
Exchange
New York, June 13
Canada England officiul
30-day futures 90-day futures
Penny J. C, Co.
Philips Petroloum
Procter & Gamble Co.
Pittsburgh Flate Glass
Radio Corporation,
531
New Zealand
Reo Motors
Hollend
India
Shell Oil Co,
Sinclair Di
57
Bocony Vacuum
Southern Railway (Com
Atandard Brande
Standard Oil of Indi
Standard Oll of Cal,"
Standard Oil of NJ.
Stockley-Van Camp. Studebaker-Packard Corp.
Swift & Co.
Texos, Co.
„Union Carbide.
Union Pacific-Bailway-ver
Untied : Alteraft.
U.B. Oypsum
U. B. Line Co,
UB, Rubber .".
FA
U.B.. Smelling
II.5. Steel.
Warner Bros.
Westinghouse Cinetric .... West Va. Pulp & Paper Woolworth
-168---
·Hongkong
$101 9/15
2.10 11/32 2.7822 2.77.21/32
2025 2005
1745
United Press.
London Foreign
Exchange
Montesi Amsterdam Brunnels Caperlingen Lisbon Dala Paris Stockholm 20% West Marke Zurich
Othat ·wero ProM+
19%
48T
Prem,
13.
not
in the Ford settlement.
EXPIRATION.
The April net income of the large railroads reached 67 millions. A year ago it was 40 millions.
MATCH
LONDON
30.90
The market was Gem. Prices closed today in pence per ib, as 3436 follows: 33.25 NO. 1 He spot
1.75 Settlement house term:
3314-331⁄2
31-3
Exchange Rates
The market Wes Arm. All Business was done in the focal prices elf July were in guilders The Commerce Secretary Mr Belal The contracts between big
this exchange market basic steel companies and the Weeks announced
per kilogramme as follows: that US morning at the following rates:- Steel CIO Vaited
1.5. döller (per #1) workers, employment, in May had set
·No. 1 rubber- covering about 600,000 workers, new seasonal high of 82,102,000 Sterling notes (per £1)
Indonesian rupiah (per 100)
2160 No. 3 rubber- at midnight, June 30, and jobholders, and predicted it will slam Licals (per 100) Expire
Singapore (Birzita) negotiations between the union be America's
most prosperous and the companies began on year given "industrial peace in Indo-China plastres (per 100).. Tuesday
our key industries.
The Se
Senate in
wage
Although the Ford
in Washington ap- guarantee undoubtedly will proved 4. measure to increase behind-the-scenes the national minimum, wage fromİ "ble stick" for the union, the 75 cents an hour to $1, and workers President Mr David J. sent it to the House. President
serve as
McDonald arounced the unfor Eisenhower is
* is opposed to any- would abide by an Agreement thing over 90 cents. with the companies that negatin The broker ferm of Bache and tions
concert Company predicted rubb
Prices yourwhich he said would climb sharply due to fae- only wage rates, should be substantially increased for including lessening of fears There was little doubt, how · á prolonged auto strike, a ever, that the union intenda, to spend-up miltary aircraft pro- leave the way open at the ex-duction and large-scale Russian piration of whatever row: con- te-cany into the world rubber a buyer United tinchanged United tract is reached to broach the market
niced wrage proposition, Press,
5.20
12 No. 2 rubber
1.12 No. стере
7.55
P. & O./B. I. JOINT SERVICE
une 14th June from Japan ails 13th June for Singapore Madras, Cochin, Karachi
due 16th June from Japan
Bombay
* 17th June for Singapore, Karachi. Basah, Khorramaiahr & Karwall.
"OBRA"
due 27th June
sallı 28th June
from Karachi & Bombay. esc. for Japan
EASTERN & AUSTRALIAN SIS. CO., LTD.
"NELLORE
"ARAFURA"
due 13th June from Australia sails 1742 Jüng for Jupan due 21st June from Japaɔ sxils 23rd June for Sandakan, Brisbane.
Sydney & Melbourne
All vessels have liberty to call at any ports on of off the route the route & sailing are subject to change or amendment with or without notice.
For full particulars apply to:- MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD, Telephone Nos. 27721-4.
EVERETT
H
LINES
EVERETT ORIENT LINE
FastBecular Freight Refrigerator Passenger Service Loading for Singapore, Penang, Rangoon, Calcutta and .)
"NOREVERETT**
BRADEVERETT"..
*LENEVERETT-
"KEBEVERETT":
LI
Chittagon
Arr. June 27 Sale June 28
• Jul 15
- July 20 -- Aug. 20
July 16 **** July -- Aug. 21.
Loading for Kobe, Osaka, Nagoya, Yokohama.
"BRADEVERETT"""
"LENEVERETT”
"REBEVERLETT""
NOREVERETT'
Sails June 20
June 30 Jul 25 -- Aug. 19
Art. June 19 June 29 -July M Aug. 18 LIMITED PASSENGER ACCOMMODATION.
All the above subject to alteration without notice.
EVERETT
STAR
LINE
FAST REGULAR FREIGHT EEFRIGERATOR SERVICE
"Loading for Singapore, Port Swattenham, Madras, Colombo, Bombay, Karachi & Persian "Gsif Port.
June 15 17 ily
"STAR ALCYONE"
"STAR BETELGEUSE”
"STAR ARCTURUS".
Arri
Salls June 16
July
18
Ax .
Aug,
Abg. 22 ****Sept. 9
Aug. 23 Sept. io
Saile June 18
Loading for Kobe, Osaka, Nagoya, Yokohama.
"STAR BETELGEUSE".
ZAD
3.10 pald
3.08 miq
Arr: June 17
312 pald
United Press.
‚ “STAR ARCTURUS” ¦
"THAI”
-- Aug. 13'
"STAR ALCYONE"
Aug 31-
MESSAGERIES MARITIMES
|| P.Q.. Box 53° / Queen's Building #2 Tel: 26651"
*A FAST PASSENGER/FREIGHT SERVICE TAOS
sailing June 19th- VIETNAM”
eailing July 17th
*---
FAST FREIGHT SERVICE-
"BIR HAKEMU CMER
salling June 25th salling July 7th
*July 20
July 120.
- July
July
Aug. Sept.
LIMITED PASSENGER ACCOMMODATION,
All the above subject to alteration without notice..
EVERETT STEAMSHIP CORPORATION S/A
scorporated in the Republe 941215m**
with Limited Liability
Chinese Department: Telephone 28293. Queen's » Building, Telephone 31206.