■
Spanish Housewives
THE CHINA MAIL, WEDNESDAY, JULY 27, 1955.
TRADE
and COMMERCE SECTION
· Page 9
Now Have BANK BROUGHT INTO LINE British Restrictions
Problem
Madrid, July 26. "It can't happen here," Spanish housewives had Insisted when always foreigners talked of their "servant problem,"
Hut now it is happening here Madrid's weekly newspaper,
that 20 El Espanul, câmiate
DO
Tousewives in Shinin toray are looking for domestic help
The gradual indiestrialisation of Spain is absophing Jamur rapitly, although the tow
Ntumn of
esfumation
female
NEW YORK The British Treasury
STOCK
MARKET
New York, July 26, The stock market turned five in its first decline in
late sessions today when which profit-taking pared prices | for all but a handful of
special features.
Marks in Sin receive out thes get any at all, for gole figure
high swing the
children in Spam
shreat
The
authorities dim never
20
repair)
htt
school is still a houltcap
Domestic servants ageniors an
vueat each day
ey are unable to it, avsetting
to El Espatial
Madrid
places
Salaries
shures,
pace-setters
Steel through much of the session, turned hesitant near the close
The time
for approuched Steel directors tu toke dividend action.
อร่ US
2,000
which
2.
But servants Monthly care
JAY living Bete Fagg
300 pesetas (C to 13)
The eating hours of Spaniards make the tail's day a tolg one
Fores before
Parinee
1
welk ught at snima lumik later, so that the air sudy de tot lewe tot m right or 1.m But for its bor En be work
Brusewives Rive their THE CAR her aftertundis each
but star stisnuty com
insist Bognewly
argaha
Some
AMI that even on her after The and shall get back an to prepare and serve dinner
Whereas
woman workers Hi have the Spaan
315
ז
benefit Every vires as well as poor in attay! Beamestte
have ersanta
health or other seeind
or protection
FI Espanol
regarlei
Spanish girls are much t
smand th
דיי
LE1-
Has
Asserted Its Authority
London, July 26.
The British Treasury has asserted its authority over the Bank of England.
The latter, although
has been a nationalised institu- tion since 1945 and is in theory subordinate to the Treasury often shows a fair amount of independence.
In recent months it has been following a noticeably distinct line
been
small
US LIVING
COSTS UP
Washington, July 26. The cost of living rose In June for the first time Kinoo November, the Gov ernment reported today.
Mainly because of higher- food prices, the Bureau of Labour statistics index of consumer prices went up two-tenths of one per cent between mid-May and mid- June to 114.4 per cent of average 1047-49 prices. -- United Press.
HONGKONG STOCK
EXCHANGE
Hailed In US
By John Morka
New York, July 26.
The British Government's newly-imposed credit restrictions aimed at curbing the purchasing spree by gadget-hungry Britons was generally hailed as a constructive measure in US financial
circles here.
Although most experts feel that the British will succeed in slowing down the buying pace by lifting the down-payment to 33 1/3 per cent from 15 per cent on instalment purchases of certain items, there was some doubt noted about the degree of effectiveness of the new credit restraints.
here
BANK RATE
Some observers
cm- It was said the British move phasised that British banks, by comes at an opportune time, par showing more selectivity In on the important question of sterling convertibility.
tlularly amidst speculation that passing on new forn appileo-British Government is planning 疗器 abilond that only a is regarded But informed sources say that, vertibility
devaluate Its sterling by tions will probably play a more to But further step is required.
effective this division is new to end and remote contingency.
role in boosting ex- widening
limits between In although small The Board of that industriuk
But those more closely asso- this step, that the Bank has been told to
poris
imposing by
credit which the pound sterling can reported-eyrond net
line more cinlud
the dry with
to day substance, is Important in form, follow the Treasury
in relatioru to other brakes on consumer buying at fluctuate come for both the second quar carefully in future.
werking of foreign exchanges for when it is taken all sorts of
home.
currencies, first half of the and the
consequential measures, such as The Treasury's view is that tour to take a different ylow,
It was felt that Chancellor Insi
the
They say that in fact sterling the ending of the European- declared only
convertibility will be skerling
is almost convertible ot the Payments Union and the widen-
Butler's announcement yesterday* arak dividend. US Steel shares, possible only when certain con-
Some observers here were not that Britain planned present time: that only a very ing of the fluctuation limits for
further ditions have time, At one frictionally
nehleved
to be taken
Inclined to discount altogether | move on the exchange front On unchanged at 554
These are a freer United States small change is needed to make sterling, will ho
convertible and this 100.
the possibility that Great Britain would have the psychological Import polley, a higger gold and it fully
The Treasury does not con- reserve
sound change could easily be made at
(From Our Correspondent) might have to further increase effect of neutrallsing any ten- lar
for sider the time rive
the present discount
ofdency to expect a change in the condition in any time. internal Anuncial
This view has gained ground consequential measures and will Business done on the Hong-4% per cent at some future rate. rate at which the British Gov- Britain.
would support sive 11 was deelded in February therefore keep sterling formally kong Stock Exchange this morn- Last February, Chancellor Bullerernment
the CONTINGENCY REMOTE
the rate the Bank of pound sterling. This rate is now to extend the official support to inconvertible for some time yet,ing amounted to $2,007,623,40. boosted Not one of these conditions is
been the unofficial markets, in which although in practice it may be Noon quotations and the morn-England charges member banks between $2.70 and $2.82. 35 lost regarded
having
transferable sterling is traded ; regarded as convertible,
ing's transactions:
to the current level of 4% per achieved at the moment, so con-
cent and set the down-payment against dollars,
KHANER RUYRUS SELLERS SALES on all instalment purchases at HANKS
The West Coast, where markels will were open there was little Announce- after the
Bethlehem Steel, whose dirve- ters meet on Thursday, Armco
Inlund Steel around a point, an extra divi
lifted
Carpenter Fend Tonly 2 pirtis.
INDUSTRIALS NIGHER
Steel
24
The effect is that all foreign- held sterling is convertible at a very small
Mares, despite the World Rubber discount. Full conte
slightly ellug, finished Luke bagher on average and at a new
11-13 k
Strengths in fe us helped,, Standard 1 (NJ) ran up near- iv 3 points, Texas Co, around a irant
alan were lower on average 1 with lusses musity small.
Among the wide moving
Brings specials in industrials. and Strutton stood out with a Pre of more
points, than 7 with a drop
r*14
that
|
Pitalu t
Bulova Watch
1
France a ervants this Mad Special
Surveys Of
Beach Approaches
Ottawa, July 26. Canada's
Arctic newest patrol vessel. 1 MCS Labrador, already hus manN her "Brsts" Canadian record, but when she sailed from Halifax for northern the end of May, waters al she was the first Canadian naval vessel to carry under- water television equipment.
A new technique developed by the Royal Navy will be used to make surveys of underwater beach approaches in the Arctic and to study
reaction The
livers in the cool water end- funs of the Far North.
of
Markets
consist only in the elimination.
between the The difference views attributed to the Treasury England. and the Bank of
is really respectively,
of
onu
CONFUSION
these
A confusion between the two viows had led to some remark- able ramours on the Continent of Europe.
In Germany, particularly, It has been assumed that sterling will be made convertible suon and that thla will of the
opened form rather than of substanec. widening
Singapore July 26. The rubber market steady und eased later on profit- taking. All offerings were well absorbed with renewed buying Interest towards the close, Futures closings were:
No rubber per th
4 points the latter selecting dis- directors' with filvare
order a rumoured stock split,
irigܜ
Trading was at a slower pace
Al items
sessions with volume totalling 2,340.000 shares compared with 2.500.000 yesterday.
Of a total 1,200 issues traded. 366 were lower and 404 higher.
New York Stock Exchange bond volume was $4.323,000,
American Stock volum was 740,000 shares,
CLOSING PRICES
Aldea Ine AC Allied Chemicals
Allied Mu fee
Allis Chalmers
American Arrine Ansan yanamide Ca Am. Mach & 2 day Alerten Metal American Smelling American Tel & Tri American Tob. "D" Annenda Copper Armes Steel
ikaktwin-Lintui-25ams.
AUK.
Sept Det
$39!-1307% 1321-1321 equbted 120-127
110-120 #14-115 13394-1337%
ICD-10215 1331-34
20
It is true that sterling is
very near la conver- practice
World Cotton
Markets
No. Z rubber per 14 Aug. No rubber per th Aug. No. 4 rubber per i Aug. Spot rubber undated Blanket crepe No 1 pale crepe
NEW YORK Futures today: closed points lower to 10 points higher with sales of 144 contracts.
Prices snapped back vigorously at the close under a resumption
on from of speculative commission house buying and short covering. Opening prices were down 5 to
to
New York, July 28. Cotton futures today suffered a sharp opening setback then!
dull turned
narrowly and irregular.
Closing with small recoveries the extreme lows the list stil was 2 to 12 points lower.
uneasy Exchange Nervous beays became
12 points. New Orleans closed In- setback, when the opening Auenced by the lower London-of 8 to 3 points.
Weakness at Liverpool, plus markets, failed Singapore
continuing uncertanty
Over attract a wide: realising move-
Government plans for disposal ment after the recent sharp rise.
of the raw cotton surplus, kept however, The spot market.
the market on a defensive tack for the second day in a row, ruled quiet with, factory buyers rise. resisting the Renerally
$ 281y
07
745
28
2014
0324
1801
Same dealers said manufacturers' intes on prices ranged to 1 cent under the current market.
71% dealers
12 Reported small sales between threa included Sept.
sheets, sheets, Oct./Dec. tour each at 41 cents a pound Spot No. 1 Rss were quoted at 42 cents. Futures:
44
Armour
10
1496
Baltimore & Olu
Bendix Avuljen Corp
516
Benguet
Cons.
Bethlehem Steel
100%
Hept.
42.65-TO
Der.
Boeing Altplane
Mar
41.00 40.80-03
Borden The Co.
03/
1
Burroughs Aud Machine
317
May
39 05
Canthari Pacte t
34%
July
38.70
Case 43 .L) Co
173%
Sept.
37.70
C. I
T. Financial Corp. Cat Tractor
472%
LONDON
Celanese Corp
Chore Mantral Bank Chile Copper Chrysler Mutory
1 spot Res were
Colgate-Palmolive Co Comunerrint
0
Sept
Credit
44%
Oct./Dee,
Commonwealth) Eire.
44
Jon/Mar.
Conmolitiated Edison
Apr./June
Cantinental Oil of Del
Cantinental Steel
Corn Products
283
Grone Co.
41
Crown Zellerbach
Cuban Amer. Sugar
Lieutenant Commander J.11. Bathurst,
the no the staff of directe of Torpedo Anti-Sub-
and Mine Warfare matine Royal Canadian Navy head- quarters
in Ottawa, has had considerable experience In this feld
the while serving with Royal Navy and will conduct the experiments aboard the Labra- dor.
Portable Equipment
The equipment, owned by the Canadian
Research Defence
Board, is portable and can be operated
Irom one ot the Labrador's boats
inshore, fur shallow water work, It consiste of contral unit, including monitoring screen, to which the camera is altached by cable.
The camera is enclosed in u cylindrical caso, measuring 23 inches in length and 11 inches This unit ins a in diameter. alight positive buoyancy, making it easier to handle under water. The actual televizing is con- trolled from the ship or boat which is in radio communica tion with the diver,
4
who has only to point the camera directed. The unit operates on the
television closed circuit principle.
Curtis Wright
Dianand Askali
Dow Chemicala
Dupont de Nemours
Eastman Kodak
El Paso National Gas
Erie Rallroad
General Electric
General Foods
Hoyden Chemical
Ingersoll-Rand Inland Bleel Co. Interchemical Corp. Int'l Harvester .... International Nickel International Paper Int'l Tel & Tel' John-Mutwille Co. Kanzua C. Power & Light
Kenarcott Copper ...
No. 1 The market was easy.
quoted at 38 pence per lb. Prices: Settlement holwe tem
The opening rush of selling drove prices down as much as
units.
*NA
16
rate
SIMILARITY
Some observers noted
"
15 per cent of the purchase price. I was hoped that these similarity in the recent tremen- 310 restrictions would help exports dous buildup of bank loans and consumer credit in the United has evidently
States and Great Britain,
Jik Bank
XD
t
1835 1003
34 183
End Asto INSURANCES
Unlon
but the failed.
Lombard
ZJ 1075 100 50
...... 104 1070
S Underwriters El j SUIPPING
21 10
Involve fluctuation
IN
Waterbost DOCKS, ETC.
K. Wharf .. Dock
In the present wenk state of the exchange o widening of the fluctuation limits would mean
50 downward
the German newspapers have been forecast- ing that sterling wil be des valued in August.
From w has been said bove, it should be clear thal nothing of the kind is likely to haopen.
The formul, step to conver- vility will be taken when the ippear strong. 50 exchanges that wider fluctuations would mean an upward rather than a downward revelation sterling-China Mali Special.
London Stock Market
3}
London, July 26, Second day consideration
00 cents a bale, but below the of Chancellor of Exchequer
to 1L
quier
Provident (01
Wheelock
LAND, ETC
NK Elated IK Land Humphreys INI Realty
36 200 m 12
27 500 21 10 30 2000 10.30 500 10.25 1000 10,10 R.GO Den 10 BONO ....
300 * 9.03
18,70 18.00 800019.70
12
73 1800 73
20
1 10.40 260 1000
RUDBER
A. Rubber
B. Richter UTILITIES
Trau
2.30 2 35 35.000 10.000 3:00
2434.70 1600 ♬ 2411⁄2
1500 24.00
247 3000 2.430
2.33 2.323
Stay Ferry Vaunati Ferry
153 153 122 123
122
Bank loans in Britain rose in' Mest observers here take the
the first six months of 1955 by new British measures as further
440 million over the comparable evidence
that Great
Commercial In 1953, period cannot, in the immediate future bank loans to consumers in the
Britain
about
at least, undertake a return to
United States rose by currency convertibility, not even $1,000,000,000 during the same
on a partial basis.
any
It was emphasised here that move in the direction of hove 10 convertibility would awalt a further strengthening of the British economic position. United Press.
AGREEMENT -
There was no inclination here to view the British action as reflecting any serious deteriora
British tion in the
payments 180 123 position. 300 123 C Light 10 231, 23.70 0900211; 10 10.70 1300 18.10 442% 1288 or 4434
ין
Light 3 Electric
Aknrcns} Ye
Teleplate INDUSTRIALS
Coral Rope
10.00
00045
30 30
174536
32 22
9000# 32%
12
STORES, ETC
Dairy
43 24.10 3250 23.80
1000 21.00
1500
600
1000 / 24
Watson
13.20 13.40
300
13.30
There was considerable ugree- ment--in lue with the views
| expressed in the House of Com- mons announcement yesterday
period this year. În 1954 the volume of these loans changed very little.
It was felt here that Great Britain, because of the emphasis
exports It must place on sustain is economy, was under
to
more pressure than was the United States in diverting its production from consumer chan- nels to export markets-United Press.
New York Foreign Exchange
by Chancellor Butler-that the British Governntent economy Canada was fundamentally sound.
New Zealand
1. Observera here look upon the
British action as reflecting sound Australia 24 banking practices - which will South Africa 23.00 contribirte Immeasurably to
aliaa
New York, July 20.
23B1
England official
30-day futures
90-day futures
2.77 2.23-1/16
2.77-13/14
019
2003
3016
United Press.
a glim
further strengthening of the Indi
Pakiston
500 15.50 British position:
500 15.30
Textile Com. Nasvans MISCELLANEOUS
Yangtze Allied
#13
0.10
10,000 7.00
5.05
10,000 11.00
332-cent line for October the Butler's new credit curbs corTONS urgent pressure baled and the
brought mixed reaction in market reveried
London's financial com- trading affair.
Part of the initial selling also munity today. credited to hedging for Mexican accounts,
uncer-
New York Sugar Market
4
sugar
Except for gilt-edged British along with offering Government bonds which were against purchases at Liverpool, sold heavily again, prices were and irregulor, experts supposed mostly narrow which a few might be for the institution of reflecting widespread
New York, July 26. straddle position tainty. an American
News of tighter restrictions for
futures World No. in the British market. Liverpool
Instalment buying. proposed elcsed today 1 point lower to 2 closed off 20 to 38 points.
The Government policy on cuts in capital programmes of points higher with rates of 115
and nationall-Contracts. cotton for the local authorities exports of row
Domestic No. 8 sugar futures Auxsation industries and the re- new season, commencing
1 point unchanged to the uppermost quest to banks to reduce loons closed remained 1, market factor. However, other had touched off widespread sell-lower with sales of 44 contracts. Both markets ruled quiet and General markets, cit basin, urts: raders sturted paying moro ating en first reaction yesterday.
traders featureless while tention to the crop picture,
awaited developments, in the raw kceping in mind that the Gov
Contract No. (world)
737-30% 744-3724 342-36 9332-34
37-34
-
Aug. Sept. Estate crepe thick Aug.
thin 3714 AMSTERDAM- The market was quiet. Prices per 54 closed today. In gutlder: AUK.
231
kilogromme,
follows:
No. 1 rubber
No. 1 rubber
No. 3 rubber No.
crepe
CIF
open
LESS SEVERE
ernment's first crop estimate of On further thought, however, markets,
season will be published on the City saw the the
new eredit Sept. Aug. 8.
curbs as less severe than had Oct. Mar. Trading volume and
anticipated although still
May interest in the Exchange today? been
distinct deterrent to the July Open interest market rise had carried prices Sept.
all-time highs recently. to 408,100
Blue
15
3.70 nom
were: Month 3.03 nom. Oct. 3,40 nom. Dec 3.06 sellers.Mar. -Unlied Press.
Volume
26,000
23,100
693,605
16.300
294,500
May
13,800
230,000
Fuly Oct Dec.
4,300
139,200
Olls
B,400
100 200
higue chips Industrials
irregular. werp bought heavily on Mar.
Bpat-icents per, I fob Cuba)
Contract No. 6 wore Sept.
Núv
1200
14,700
Tetal
80 500
2,089,100 bales more than.
more
Rubber the
than 126.
In
Exchange Rates
Business was done in the local unoffofal exchange market this
مولدات
Family Finance Corp.
General Motors
Gillette Safety Razor
£
Glidden Co.
Goodrich (B, F.) Co.
Goodyear Tiro
Homatake: Mining Co.
7014
morning at the following rates:-
51%
US dollar (per $1)
as follows:
47
Sterline note iper £1)
18.63
Bool
779
Auririinn notes, (per £11
12.00
110
Indonesian rupiah (per 100)..
12.00
Doc.
2016
tam ticala (ver 1001
23.79
Mar.
841 Bingapore (Straita) j
1.80
May
433
10-China prinstzve (per 100)..
BAD
121%
Oct.
00%
Rea Motors
2314
Republle steel
41
Heynolds Metal
Shell 011 Co.
**
56
Saint Heg. Paper
107
Sinclair Oil
30
Socony Vacuuin a
Spol
130112
Sebil Porto Rico Sugar
Oct.
Southern. National Ga
Bouthern Railway (Com.)
Mar.
25212
Blandard Brands
MAY.
July
Ort.
Standard Oil of NJ.
Deo.
Stokely-Van Camp,
Budabaker-Packard Corp.
di Bwift & Co.
TU
„Texas_Ca,
"Tide - Water, Amen, Ul)
BE
Twenty Century Fox Film
451
Union Carbide
in
20
Union Pacific Railway
United Airneattesta
UB. Gypsumh
Liggett Meyers Tob. Ca. Laokhord Aircraft Loews Incorp...... Lone Star Cement Co. Louie & Nasal Lewensiei de Sons Alseabi Iron Corp.
Royal Minnesota Mining
The summer will be the first time that divers of tho Canadian Navy have operated underwater television equip- ment--China Mail Special.
Missing Soldiers
Washington, July 20, The tato of 470 Americht soldiers listed ስ። "missing" during the Korean war, is stiil unenown, the US Department of Defence announced today,
The Defence Department, in Jetter to Congress, said that the
474 other fate, of
soldieca originally Hiled as missing after. the war Was now knowIL Franco-ProsEU,
Minion Development Monsanto Chemionl Co. Montgomery Ward Motoroin Inc. National Cash les NMtorat Dairy Prod. National Distiller National Lead
National Steel Corp. New York Central Ofn Mathieson Quis Elevators Owen-likol Gloss Pacific Gas & Eleg. Pacine Western Of
Pan American Airways Paramount Pictures
Fark Davia Co. Penny J. C. Co Penn Ball Co. Philip Morri
Philips Patroleum Procte de Gamble Co. Pittsbure Plate Gla Punlicker Industries Pure Qua
Radio Corporation
雞
Atandard Oil of Cal,
Bandard Oil of Ind.
U. B. Line Co.
MG | V., Rubber are
1784 Bigst 2
100
Warner Bros.
Westinghoulen Miestria
Wort Van Puto
Woolworth
ד
34.481
33.04
33.70
34.16-00
3418
33 14
33.04
the
-United Press,
EVERETT
LINES
EVERETT ORIENT LINE
Fart Regalar Freight Befrigerator Passenger Service Loading for Singapore, Penang. Rangoon,' Calevita and Chittagong.
"LENEVERETT”
"REDEVERETT
"NOREVERETT"
Salle Aur. ; Aug.
"DRADEVERETT"
Loading for Kobe, Üsaka, Nagoya, Yokohama..
"REBEVERETT"
"NOREVERETT,
“DRADEVERETT"",
Art. -- Sept.
3
7
-- Sept.
-Sept. 27
- Sept. 28
- Oct
A
→ Oct.
10
Arr. Aug
30
Salla Aug.
11
- AUT
* Aug. 31
-
Sept. 11
-- Sept. 12
Rept. 24
30
Oot. 17
LINE
Oct.
Arr: Aug. 12
Baile Aug. 13
NEW YORK
MIRY
short covering lifting Burmah spot-teents per lb: eff NY
Bs, Royal Dutch ex-duty;
Prices of futures closed today following
NEW ORLEANS
Prices of futures closed today as follows:
SAO PAULO
Future closings, in cruzeiros, yor kilo were, as follows: A
30.10
shares did well on
earnings outlook
recent zirengthening London Foreign
commodity. Coppers,
too, improved on strength in
the metal.
Persistent weakness in British
Exchange
Government Issues reflected the New York
warnings Montreat und credit squeezo
end-of-July gold, re-amsterdam, that the serve statement wilf disclose a Brussels
Lisbon substantial drop in holdings. Drio bonds, Ger- Pari Among foreign mans moved up on continental stackhairi demand while Japanese eased, West, Marks
Zurich -United Press.
London. July
1.78-13/16-2.7816 2.74-5/18-2.745 10.0035-10.61 150.20-130.23 10.00-10.00
10.00-20.01 973-97314
14,40-14.4015 11.00-11.09*** 13.101-13.17 United Prest.
MESSAGERIES MARITIMES
PO. Box 33. - Queen'" Building ... Tel: 26831
FAST PASSENGER/FREIGHT SERVICE
•23110 | "CAMBODGE”-
May
0.00 "LAOS" In the United States, the average price of 18/10 snlädling atten designated spot markets war 38.50 cents. Bales at there centres, totalled 12,349 balas,
Liverpool cotton prices were unavailable.-United Press.
*DÓNAI". "MEINAM”!
"LENEVERETT"
---- RepL 23
LIMITED PASSENGER' ACCOMMODATION.
All the above subject to alteration withods boties.
EVERÉTT
STAR
FAST REGULAR FREIGHT REFRIGERATOR Bravion Loading for Singapore, Pork Swettenham, žľadras, Colombo, *Bombay, Karachi è Persian Gult Fork "ETAR BETELGEUSE". Att. Aug. 10
"STAR ARCTURUS"
THAL
"STAR ALCYONE"
Bails Aug. 16
Bept. 0· - Sept. D
- Sept. 23
and Blept. 24
Nov, 0 - Nov. 17
Loading for Kobe, Osaka, Nagoya," Yokohamaa:"
Aug. 29 Bept. 22 -Oct. 22 21 "STAR BETĖLGEUSE”. - Det
-- Aug. 30
Bøyt, 2· Oct.
'I IMITED" PASSENGER ACCOMMODATION, - į“ All the above subject to alteration without notion,
BRETT STEAMSHIP CORPORATION.S/A/
{{Incorporated in the Repabila af,
z Pańnimal with / Limited EdüDELITY) Chinese Department: Telephone 28293, Queen Building, Telephone 81206,
Clot
33.30 33.63-87
33.00
29.03
$1.50
, sailing. Aug. 18th-{ sailing Sept. 10th
FAST REIGHT" SERVICE
sailing Aug, 13th sailing Sept. 21mt
"BYAR ARCTURUS”
"THAI
*STAR ALCYONE"
Nov.