THE CHINA "MAIL, TUESDAY, JUNE
1955,
Page
Gr!
+
TRADE
and COMMERCE SECTION
NEW YORK AMERICAN ECONOMY HONGKONG
STOCK
MARKET
27.
New York, June the Prosperous
A late rush in steel stocks, even as the CIO stee! workers wage-policy -committee authorised
I
#
strike after midnight on Thursday, climaxed routine session on the New York Stock Exchange to- day.
Demand for steels developed in the final minutes of trading and put prices in the group up. nearly 2 points in Bethlehem, US Steel and Crucible and around 11 itrou
Republic, paintin Armeo, Pittsburgh and National. The gains in steels, together with some strong spots in oils and individual catures such as
ચ
3 point gain in Du Pont lifted
the industrial average 0.93
point to 449.86, another now all time high.
Rails closed just a bit lower on average despite gains of a point
in Santa Fe. Southern Railway and Union
Pacide,
or more
Utilities also dipped a bit;
NARROW PRICES
Through most of the session prices
narrow,
WETC very changes irregular and the trad
ing pace light.
Turnover for
the session totalled" 2.250,000 shares compared with 2,410,000
on Friday.
Times Cause
Shortages In Industry
By JOHN
MORKA
New York, June 27.
For a long time, US business has been building up, orders have been rising and have been filled, and deliveries have been fairly prompted.
I
Now comes the bogey of good times-the sign of prosperity-shortages.
There
are
more visible signs that the shortage index of prosperity is rising in many lines even good common stocks..
World Rubber
Markets
Singapore, June 27.
Railroads are complaining of, are nearing a peak. According shortages in freight cars and to available statistics, mergers they ake now entering the are being made at three times market buying new onta
the 1949 rate, a study of Federal Trade Commission reports show, Steel mills are running at a Two out of five, mergers are record rate this week in an made 10 additional
Kair
capas effort to fill mounting orders. city, one in four to diversify It's every man for himself, says products and the, remainder Iron Age, the national metal gain sources of supply, make
scramble for steel.
to
Philippine Sugar
damage
Quotas
Jytte-21.
Washington, Former Philippines war Camamissioner Mr John A. O'Donnell urged Congress today to add, to the Philippines BREAT quota 15 per cent of the annual increase fu the United States needs.-- United Press,
World Cotton
Markets
•
New York, June 27. Quiet
trading in cotton futures today featured firmness while crop months nearby deliveries bogged down after a buoyant start.
new
Gains up to $1 a bale for the deterred
deliveries. reflected buying on the weekend outcome of the wheat farmers referendum voting approval for a continua- tion of production controls.
At the close the list ruled 4
The rubber market was very working weekly, regarding, the ultimate sales to consumers of points lower to 23 points higher,' There might have been a lot /80in additional capacity in new The market opened up 2 to 10
Despite the strike authorisa-active and uncertain on short given C10 steelworkers' covering and profit-taking. President McDonald, the finan
tich
running at
Future closings were:
July
Aug
Sept No. 2 rubber per lb.
July
No. 3 rubber per Ib.
Jaky
cial community was optimistic No. 1 rubber per b. that there will be no strike and are for continuing predictions heavy demand for steel that
keep mills near-record pace throughout the summer, despite vacations and hot weather, and on through the remainder of the year.
Dils also contributed to the Tate improvement with gains of in Gulf nearly 2 points each- and Standard Oil (NJ).
CLOSING PRICES
Alden Inc. Acy.
Allied Chemicals
Alled Milk Inc.
All Chalmers American Airline Am. Mach. & Fary. American Metal American Smelting Am. Sugar Ref.
Anverican Tel. & Tel
American Tob. "B Anaconda Copper Armco Steel
Armour
Baldwin-Lima-Ham.
Baltimore & Ohio
Bendix Aviation Corp.
Benguet Cons
Bethlehem Stel
Boeing Airplane
Borden (The) Co
Canadian Pacific R.
Case (JT) Co.
Burroughs Add Machine
CIT: Financial Cor
Cat Tractor
Celanese Com
:16
No. 4 rubber per lb.
July Spot rubber unbated Blanket crepe
No. 1 pair crepe
NEW YORK
Futures today closed
points.
New Orleans closed off to 7 points. Traders said the reaction in cotton was psycho
Reasoning was that if or the grain farmers favoured re- tention of controls with a 78 per
STOCK EXCHANGE (From Our Correspondent)
Hong-
Business done on the kong Stock Exchange this mam- ing amounted to $1,168,342.40. Noon quotations and the morn ings transactions SHARES BUYERS SELLERS SALES BÁNKS
HK Bank East Asia
INSURANCES
Union
Lombard
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards
"CANTON" "CARTHAGE" *COBFU" "CANTON"
Leaves London Safled
20th July
17th August
Dee Hongkong In Port
151 July
2nd August.
19th September
Via Southampton, Port Said, Aden, Homday, Colombo,
Penang & Singapore
حاجات
1730 1740
233
20 4 1705
Homewards "CANTON"
Leaves Hongkong Due London
Jat "CARTHAGE". Mo July
26th August "CONFU"
1st August
29th August
27th September
"CANTON"
3rd September
52
Underwriter 9.30
SHIPPING
Waterboat ART NEV
DOCKS, ETC. K. - Whart Pock Frovident
(Old)...
Wheelock
LAND, FİC.
20.30
24th October
Via Singapore, Penang, Colombo, Bombay, Aden, Port Said a London
74.70
320 400 26
133% 13.70 2500 @ 131
2000
"SOUDAN"
6.15 8.20 21:00,
HK Hotel... 18.007.10.
HK Land.. 74 7
.Humphreys - 27.30
6.70
643%9
13.00
Reality ...... 2:125 2.15 6000 € 2.15
UTILITYES
Tram 23.80 24. 100 @ 23.80 Star Ferry Y'ITA - Fers
121 123 300
(0) 29.90
4850
C. Light C. Light (N) 18.60 £2.80 2000 op 131% Electric
414, 412
"SOMALI"
FREIGHT SERVICE.
roads 1/2nd July for S'pore. P. Swetten-
hari Penang.
Port
Aden.
Said, Genga. Marseilles. Havre, Lon*
dom Antwerp, Rotter dami & HamžiLarg
due 2nd July from UK & Straits loads 3rd July far
Kobe Majl Yokoham
With Herty to call at Belawan before or after Strafta Forts and at Bombay if inducement offers. Tanks available for carriage of Oil in Balk Space for refrigerated curra. Limited Passenger
"accommodation
&
BRITISH INDIA S.N. CO., LTD.
from Calcutta, Rangoon
& Straits
1st July
sails and July for Japan due 30th June from Japan
alls 2nd July for Singapore, Penang.
900
500
"SIRDHANA" duo
500
Telephone
3419: 3434 300 de 344 37003415
"SANTHIA"
INDUSTRIALS
Cement
Rope
13.70
"WAKORA"
„23.40 23.35 7800`€ 21.40,
13.80 144
3%
1500 12.00
"OBRA"
markets. auto
in Of 1.773 mergers of steel available if the
the big manufacturing and mining fields опа workers had gone strike. But they did not and the trom 1948 to 1954, nearly two- auto
thirds were made by companies logical. to companies continue
cutting with resets
of $10,000,000 press for steel, thus down on a possible steel back- more. while only eight per
cent were made by companies cent of parity support, then cot- STORES, ETC. up.
with $1,000,000 assets or less, ton farmers likely would favour The biggest mamber of mergers continued controls with a 90 per Moreover, and acquisitions, 249 were made cent support basis, in the non-electrical machinery, The food products industry re- ported 243.
100
per
COPPER TIGHT
of
it was felt that with the time for congressional adjournment get. ting nearer, there is a lessening chance for the adoption of any drastic change in the Cotton legis- lation this session.
and
оред
Trading volume interests in the Exchange. today
Volume
-11534-116 1111-111 unquoted
10011-1003;
10232-1033
99-101
Tight copper supplies appear 118-11835 to be forcing some consumers 96-9716
substantial to pay
*premiums 11132-118
for relatively small Lonnages
to and also to resort
ELSEWHERE castly in scrap cop- conversion deals
Elsewhere, in brief:
constraction The tremendous $ 24 points higher to 10 points lower Now there is talk of a glut
with scale of 126 contracts. in the automobile market, At boom shows signs of continuing
with no let-up for the rest of were: one hears
Commerce the
and Month Higher prices reflected the the same time
the year, shortages high-priced cars.
declared Departments action at London and Singapore
On the securities front, there Labour with a good" percentage of the
is the long-standing shortage of last week. They estimated 1955 July trade represented
prices will be a bigger biggest year December intra- common stocks at low
March had dealer.
switching
with in history" operations, with good yields. What
May The De-
July March was swapped for Decem- capital gains tax and the estate thought it would be,
year's October the wealthy construction 411 ber at 90 points and May for taxes bedevilling
thy, partments estimated the
41,8 December about 1434 December at 60 points.
are not selling stocks. CONC they *14%
37.5 million, compared to is Meantime, the floating supply
million in 1954. The new esti in- being cut down by other vestors until
there are actual mate is 11 per cent above last
year's total shortages. ahead? There's concern that US might be heading for some mild
1
20
4919
in
Small trading in the
spot market included one sheets for Sept. done in the forenoon at 45 364 cents a pound. Spot No. 1 Rss were quoted nominally at 38 cents a pound. Futures:
1173
48
38.00 37.30-35
30.05
39.00-
34.05* 33.45
44% apos quoted at 37 pence per lb.
July
Sept.
Chase Mazhat. Bank
Dec.
Chrysler Motors
Мат
Colgate-Palmolive Co.
5614
May
Commercial Credit
July
Commonwealth. Elec
Consolidated Enn
4012
Continental O of Del
Continental Steel
Com Products
201%
The market
LONDON
was steady with
Crane Co. ***
Crown. Zellerbach
79
Cuban Amer. Sugar
16
Prices:
Curtis Wright
172/
Settlement house term;
441 Aug.
218
Sept.
M 4/5
Oct./Dec.
23
Jan./Mar.
24
Apr/June
General Foods
General Electric
545%
aza July
General Motors
00
Gen. Pub, Util.
3624 Sept.
Gillette Safety Razor
CHdden Co.
Diamond Alkali
HUT Kodak
de Nemou
Erie Railroad
Family Finance Corp.
Goodrich 19.F. Co.
Goodyear Tire
Heyden Chemical
Hoistake Mining Ingersoll-Rand
Lat? Business Machines
Int HarvesSTET.
International Nickel
International Paper
Int'l Tel. & Tel.
John-Manville Co.
Kemecott Copper Liggett Meyers Tob. Co.
Lockheed Aircraft
Loews Income..... Lone Star Cement Ca Losaville & Nashville R,
Lowenstein & Sons Membi Iron Corp. Minnesota
Monsanto Chemical Co.
Mission Development
Montromery Ward
Motorols Ine.
National Cash Reg.
Navional Dairy Prod. National Distillers National Lead
National Steel Corp. New York Central Olin Mathlesson Otis Elevators Owen-Erodes Glass Pacific G & Elec. Pacific. Westem, Dil
Den Amereen Abrways
Paramount Pictures
Parice Davis Co.
Penny J.C. Co
Pran Salt Co.
Philos Petroleum
Procter & Grimmiele Co.
Prebuch Plate Ch
Protek Industries
PUT OI
Radio CorpOTELION
Reo Motors
Republic Steel
Reynolds Metal
Shell Oil Co,.
Saint Res, Paper
Sinclair De
Spermy VocUTTY
South Porto Rico Sugar
of
there another price spiral
inflation
than they
at
before
October
Open
interest
2$1.900
$39,100
41,500
18,300
500 100
20,200
11,700
256.790
18,300
274000
8,400
181,000
6.500
51,300
300
Total (bales)...
121,900
2.154.400
NEW YORK
1,300
Dalry
Watson
1 Crawford COTTON -
Textiles i
5.65 5.73 -000
1000 £5.60 Kanyang... 7.70 1,30 () MISCELLANEOUS
Yangtze
Allied
Rangoon & Calcutta due 6th July
from Japan salls 7th July for Singapore. RangoCD
& Chittagong
·P. & O./B. I. JOINT SERVICE
"OLINDA"
due 20th June
1st July
due 11th July walls 12th July
5
2000 E 6.40 2005.
Singapore
Stock Market
Singapore, June 28, Brokers today quoted the Prices of futures closed today following stock prices:
June 28 Steel wage talks continued in cents per lb. as follows:-
Opening Spot
Batu Lintang Rubber Co. Ltd. $159 st week with no signs of a
July There's consider-
Eniish Borneo Petroleum settlerrent,
October
Syndicate able feeling.
however, that a
December will be strike
avoided
March Now that the pattern of the
the expiration of the present guaranteed annual wage set in
agreement at mid-night next the recent Ford and General Thursday, An expected wage Motors auto wage paels appear boost ranging up to 15 cents an to be the forerunner of a new | 100
hour might bring on
in- trend in US Labour-manage-
from
to 6 per ton in crease
4.50 ment relations.
the current price of steel.
Final organisational details for the American Overseas completed
PRICE PICTURE
201
Juły
NEW ORLEANS
34,85m 3403-04 34.07
30794
34.15
Consolidated Tin Smelters
34.00
Ord.
34/0d
May
3417
Fraser & Neave Ltd Ord.
$1.70
33.73
Fraser & Neave Lid 14%
October December
Kaza
sum pret
$3.55
33,50
Hongkong
&
Banking.. Corp.
$803
Hongkong Tia Ltd.
7:90
Prices of future closed today
Kempas Ltd,
Lunas Rubber Estates Lid...
$1.60
$2,15
in cents per lb, as follows;—
Spot July
Malayan Breweries
53.40
New Serandah
Hobber Co.
33.95
Ltd.
$1.45
3408
Petaling Tin Ltd.
24 15-16
Bares Hotel
34.22
34.17
33.88 34.34
October
December
Manch
May
July
October December
33.90
US News and World Report Finance Corp, were took a look at the price picture here last week. The new private 3474-35
It found: Some price company. with an initial sub 33-33% last week. 3154-31% increases are in the offing, now stription of $10,000,000 will pro- 207-30 that wages are going up again American exporters, which, it is
vice medium term financing There will be a slow price in-
LIVERPOOL offset in crease, nothing sudder, though, expected, will hel
American Future closings, being centre in part similar Higher prices
middling, in pence per lb. were as follows:
28-28
General markets, est basis, ports:
33-31 311-32
assistance
Aug.
unquoted the things Industry buys, Steel given by foreign governments Estate crepe thick July.. 324
thin ..unquoted will probably become more to exporters.
costly, for example..
AMSTERDAM
But it added, the huge capa
eity of the US to meet demand
NEW GROUP
The new group; it is felt, will
trics,
The market was firm. Prices by expansion and modernisa-contribute to the economic closed today in guilders per tion will head off another run- development of importing coun- kilogramme; vit July as follows:
away in prices."
in that its financing will observers Interpretedbe limited largely to productive Many the announcement last week by capital goods exports. where the General Motors of a planned need for longer term credit has expansion programme of $500,- been most keenly felt.
US membership in the $100 000,000 as symptomatic of 1
Interriational Finance general trend toward more cost-million
to saving and more efficient opera- Corporation LONDON STOCK tions in the face of mounting finalisation with
87
No. 1 rubber No. 2 rubber 1174 No. 3 rubber
Gia No.
crepe
3.25 nom. 3,20 nomi. 3.15 nom. 1.20 nom.
45
-United Press.
2314
8&
1952
35
MARKET
will now
July/Aug.
Oct/Nov.
Dec/Jati,
Mar/Apr.
May/June
31.80 31.03 30.72
30.38
The Sao Paulo cotton prices were not available this morning.
-Waked Preső.
NEW YORK METAL FUTURES
Je
July
June
July
Jure
July
J
Singapore Cold Storage
South Eritista Insurance Co..
Ltd. A
Straits ship
Straits
United Engineers Ord. Warne Bros
* cumety.--China Hall" Spe
London Foreign Exchange
New York Moartrend AmsterdamL
Conentigers Labon
Calo
Pama
Stockho West Mark
London June 27,
2.78222278 7/18 2.74-2.74 1/18 10.67%-10:44 139.85-1492716 "192822-18.37
80.30-06 42 20.03–20.00 16. 975-07514
1. 142
11.00-11.70 12.187-12.10 unchanged,Washed
New York Foreign
New York, June 27, B a step closer
the approval Prices of metal futures closett Zurich the Senate „ofį today in cents per lb, as follows: Other Were labour costs. The guaranteed last week by
Frees anzual
e-authorisation providing for a US Lend wage (GAW) agree- ment it signed ten days ago for subscription of $35,163,000. some 400,000
before the House for employees cost the firm about $600,000,000 legislative consideration. The ne over the next three years. new agency is an affiliate of the
The major portion of the $500 World Bank and is intended to Copper Jane
investment, particu encourage go for new miljon outlay will
larly in the so-called machine
under presses.
tools
and developed countries. The IFC is a other cost-saving devices, al-
feature of
London, June 27, Stocks continued to slip back under profit-taking
the 01 London Stock Exchange today. 50. Trading Lightened.
12234
43
There was widespread selling though considerable additions major
President
in industrials with Rolls-Royce will be made to the Erm's door Eisenhower's foreign economic 100% closing at the day's low with a space.
President Harlow H policy-United Press,
lose of 3s, Courtaulds, too, closed Curtice said the new outlays
5 at its low, losing of is. 94, Forth will be "substantially Com
10
Moters, Vickers, Unilever, As- pleted" by the end of 1956. He New York Sugar
or more.
Steds
took
our
523% especially Stewart and Lloyds have spent about $134ents
which fell, 25.
Market
16.349 14.341 94,000
LL.486
$1.50%
40.950
July
40.456
United Press.
LONDON METAL PRICES
London, Jume 27.
tin' market was quiet.
Other metals were inactive.
Exchange
New York, June 27. Canada
$1,01 1973% Énghina unofficial
day futures. 2.77% Belgium: Pakistan
3010 Others:
unchanged Uniteă,
Prices closed today in sterling Exchange Rates
per long ton as follows:
·Business "was done fi
• Buyers' Sellers New York, June 27.
the local
•Tin: spot ...
7214
Unofficial exchange 12031
market thin World No. 4
futures
3-menik sugaz
morning at the Zolowing ratestim US dollar (per $1 closed today unchanged to 3 Copper spot points lower with no sales.
9714sociated Electric fell a shilling described the programme as "
in measure of our faith
of Since the end country" pounding, World War II, the company
was 006 in new capital” There selling of the new rights granted for plant expansion and Bowater Paper stockholders to modernisation. Tote Motor Co subscribe to new common stock General Motor biggest rival, 50% at 70s. The opening premium has spent or slotted more than was 34s. 6d. but at the close $2,000,000,000 on expansion, pro- ft had dropped to 31s. 6d. grammes in the past ten years."
64
31
Pouthern National Gas
RK
South Rathway (Con)
Standard Branda
Standard Oil of Cal
RT1
Standard Oa of NJ.
· 1290)
10%
80
·Standard Oil of Ind
Stokely-Von Camp.
Pruner-Packard Corp.
Fit&Co.
Texas Co.
The Water Axes, Of
Twenty Century Fox Film
alon Carbide Ma
Die Trelem, Pagille Railway
Alcraft CITA, Gyemm
US, 1/ne Co.
179, Ameling
1317.3" "SterL-
Werrar Bros.
(EWTENTSTYR301 Electric
West Vs. Pulp & Paper
Woodworths
Git-edged bonds lost as much 3. 15/16.
Royal Dutch gained 2% and Barmah about 3s in alls bus 9914 others in the group,
did the...
NEW TREND
This new trend will be
Ecad
Domestic. No. 8 sugar futures closed 3 points lower to 1 point Zinc and
igher with sales of 28 contracts, Traders had little to comment upon and apparently awaited further raw market develop- ments. Futures:"
Contract No. 4 (world) effecting new cost-saving opera July tions and incorporating more september fully the principles of complete October automation and will probably gain March 100% Rio Tinto featured in the momentum in the months acad.
Septem
copper's jumping 2235 to a newTo avoid costly duplication and high but other coppers reflected improntable competition many spot (tents. realising as did most of the firms have studied the possibili
179)
277
49
golds
1J
ties of mergers.
Big companies on the other German bonds loof at least £1, hand, have been buying = "up Japanese were steady Wi Znany zmaller
few up:
24 or £1-Unit Right now, the rate of corpora”
Ition mergers, and acqués
3.18
from Karachi & Bombay"
Etc
for Japan
from Japan
for Singapore, Madras, Colombo, Karachi, Bas-
Khorramshahr Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE"
die Al Juris sallı 8th July
from Japan
for Sandakan, Brisbane, Sydney, Melbourne 3 Adelaide
"EASTERN" due 31st July, from Australio
sails 2nd Aug. fer Japan
All vessels have liberty to call at any ports on or 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
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Servics -Loading" for Singapore, Penang, EXHZODA. Calcutta and
Chittagong.
Arr. July
*NOREVERITT"-
"BRADLYEKSIT
"LENEVERETT
· “REBIVERSIT”
- July 18 July 31 -- Aug. 20
1 Sails July
-Juiz 19
A
- Ailes, 30
Loading for Kabe, Osaka, Nagoya, Yokohama
*LENKVERETT""
"REBIVERETT"
"NORSVERETT""
"BRADAYELET"***
Salis July 4
Arr. July 4
Aug. 1 - Att
Aug. 22 Sept. &
2
Aug. 23 -- Sept. LIMITED PASSENGER ACCOMMODATION.
All the above"subject to alteration without notice.
EVERETT STAR LINE
FAST BEGELAK FREIGHT HEFRIGERATOR" SERVICE Loading fayTM Singapore, Port swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port
"LAG".
"STAR BETELGEUSE
*STAR ARCTURUS”
TEAI
#STAR ALCYONE"
334
6.19
Sterling, notes. (per 21)
· Australian notes (per 23) Indonesian rupiah (per 100) .. 90% Slam^tiexir-(per · 100)
Singapore .. (Straits):
Indo-Cizina plastres (per 100)
MESSAGERIES MARITIMES
PO Box 53 Queen « Building? Tdi 26651)
FAST PASSENGER/FREIGHT SERVICE
MBODGE"
saling July 17th Balling Aug. 18th
FAST FREIGHT SERVICE
DONAT
sailing July 7th: Aug. 17th
Art. July 18
Aug. 13-
- Aug. 23
Bept. 16
Sept. 28
Sails July 19
-- Aug. 14 Aug.:20
- Sept. 27 -- Sept.
Lonning for Kobe, Osaka, Nagoya, Tokohama. "STAS BETELGEUSE" "Ast. July 15 "STAK ARCTURUS”·
WEZAR ALCYONE”.
Satis July 16
- Ang, -14 - - ADK. 2.
Aug 20
Aug 21 Sept. 1 · Sept.
Octu
LOTTED PASSENGER ACCOMMODATION,
All the above subject to alteration without notice.
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Pamama with Limited Liability) Chinese Department: Telephone 28293. Queen's Buliding, Telephone 31206,