THE CHINA MAIL, TUESDAY, AUGUST 2, 1955. :
Page
TRADE
and
COMMERCE
SECTION
NEW YORK AMERICAN ECONOMY HONGKONG
STOCK
MARKET Action Should Be Taken General Motors
New York, Aug. 1. The market suffered its sharpest break in a month i lending issues ¦ today ELS
cracked a point to more than 4 points and reduced market values by nearly $2,000,000. 000,
Bethlehem Steel alumped more than 4 points; Du Pont neurly 4 points; Allied Chemical, i Sears Roebucks, Standard O of California und Jersey Standard
than 2 points 1 each among the Issues which dragged the industrial average i down 8.60 points,
2
more
Lusses in ralls ranged
points in Santa Fe. Union Paciae and Kansas City Southera and the average for the group
was off 200 points
Uulties lost only 0.17 average. 1 O! total 1212 sues trodd
only 233 mabagen He wil
Tess on the day.
A saving feature of the de
rime wi
To Avoid Inflation
By JOHN MORKA
New York, Aug. 1.
Americans showed more concern than in weeks over a possible runaway and inflation despite indications that the US was heading for what many feel will be its biggest boom year in history.
Almost daily, the US economy rolls up new production There's never been another boom and consumption records. like this one, you may say. People have more money to I spend than ever before. Jobs are plentiful. Incomes are at peak. The future looks bright. People are buying as fast as industry can turn out the latest and shiniest models. And Take credit is no problem—nothing down, if you prefer. lots of time to pay thirty years on a new house, for example.
ine wa the light vidume, dily i
shapes compared with
Pietars.
2,150,000
2,070,000
Market
men said the delin
was not unexpreted in views of t the recent club fr nl 2. b.ghs in
likelihood
Fradustials
softie
may be in store,
That
csaladiation
The heaviest selling evnstred recent favourite besut such on General Motors which lost nearly 2 points net after being Ume during the up ssion
GM After the close türrefors increased the dividend Chrysler replaced. on the stack. again with a anul loss at the
close
itl
CIM*
Aflentle City Electric was one of the few good gainers--rising more than 3 on a three-for-two nearly a point on good earnings
spilt.
Eastman-Kodak
CLONING PRICES
Alden ine. Aey.
Alled Chemnadu
Altted Mills Inc.
Allis Chalmers
American Atelie
American Cynnnmile fo
A. Moch, & F dry.
American Metal
American Sinelting
Am. Sugar ftef.
<!
World Cotton
The extent to which the high level of eCGIROMÍC activity has been bolstered by credit was best
There is strong feeling among observers here that, the Govern ment will depend on the indirect
Dividend
New York....-Aug. 1.
Corp. General ‚¦ Blotora boosted its dividend on lis common stook today 10 $1.50 a share from #1 pald In the two previous guar- tere.
The Company Bald $5 a share on the common in 1054.
STOCK EXCHANGE
(From Our Correspondent)
Noon quotations
and
the morning's ·Utansactions on the
Hongkong Stock Exchange: SHARES BUYERS SELLERİ, SALKI BANKS
Bank XD 1800
INSURANCES
Union ...***
Lombard
AIPPING
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL 3,N, CO.
PASSENGER/FREIGHT SERVICE
Outwards
"CONFU"
,"CANTON"^ •
"CARTHAGE" "CORFU"
Leaves, London Due Hongkong
Salled
17th AuguŁ
14th September
12th October
23rd August
10th September
1701 October
14th · November
Vis Southampton, Port Said, Aden, Bombay, Colomke, Penang & Singapore
Homewardi
"CORFU"
"CANTON"
."CARTHAGE"
*"CORFU"
Leaves Hongkong `Due London
37th August
28th September
23rd September 24th October
21st October.
18th, November
21st November
19th December
Via Singapore, Pepang, Colombo, Bombay, Aden, Poft Bald & Louden
10 4 3825
10 1083
10 ár 2005
1000 0015
Undorwriters (10.20
Directors also declared $1.25 a share
$5 on the sories preferred and 031⁄2 conta a share on the $3.75 serlea preferred.
Waterboat ..27.20 DOCKS, ETC.
*རྞ
K. Wharf
Onoks Provident
...... 28.40
17
77 78% 100 or 77 DOO K TH 200 20.10
1500 x 1000 1313 68 17. 1300 17.10 Wheelock 11.0 0.65 7000 9.6
3500 G 0.00
19.70
500
19.80 1000 * 10,00
3000 à 20.
"SURAT'
RED CHINA'S LAND ETC.
REPLY TO
CEYLON
Colombo, Aug. I. Ceylon at long last received a reply-but no cash-from Red China today, concerning its con- troversial rubber and rice trade with
Peking Replying to two Ceylon cables demanding an upward
Cotton ustrated last week by statisties controls the Federal Reserve can of sheet rubber prices, Peking
Markets
of
New York, Aug. 1. Cotton futures today started the first session the new crop senson
with opening losses of $1.55, the widest for any day in more than two years, then regain- ,,d about half of the drop.
Confusion
Govern- over the ment policy on disposal of the
cotton
the surplus, and 2013: absence of a weekend announce-
ment
whethor on
subsidy be allowed. actext to freeze buying interest and make
#c Lo
110
37
02 would
American Tel & Tel
100
724
prtres extra-sensitive
Anaconda Copper
ent
American Job.
Armed Steel
Anotr
Baldwin-Laina-flam.
Baltimore Obie
EL
und
HK Hotel
HK Lond
Humphreys Tenlly
NUBBER
20.10 20.20 2500
1000 20.10 2000 or 20.20
70 781 300 8 70
20.00
200 or 20
21 1000 m 21 2% 2.5% 2000 2.53 19,000 2.5%
A. Rubber 2.40 3.43 40000 de 240
*M
50002414
15000 or 240
2003.
250 a 25 po 6900 67 26
FREIGHT SERVICE
"SINGAPORE" Tonds 13/14th Aug,fee S'pore, P, Bwetten
ham, Penang. Colombo, Aden. Port Said, Genoa Marnettles, Havre, Lon- don, Antwerp, Rotter dam & Hamburg
due 20th Aug. from U.K. via Straits fonds 30th Aug. for Japan
With Uberty to call at Delawan before or after Stralta Ports and at Bombay 'If Inducement offers.
Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger,
accommodation
"FULTALA"
BRITISH INDIA S.N. CO., LTD.
Aute
7th Aug. from Japan mile th Aug. for Singapore, Bangoon
& Chittagong
due 13th Aug. wils 14th Aug.
R. Rubber UTILITIES
Trem
Star Ferry
Y'mati Ferry "123
3.59%
za
154
150 200
150
C Light (0)
500 137 700
500 A
$300 à 24.
“SANGOLA”
decide
C. Light (N)
Electric
Macho Elec. 11.10
2000
3000 440, 2500 40
"SANTHIA"
due 23rd Aug.
37 377 4000
1000
3200
INDUSTRIALS
Cement ..... 3+35
"OBRA"
30 1000
2000
600
through ita current clased by the Federal Reserve impose Bank. This Government agency
powers to restrain any unbridled cabled its willingness to negotiate credit. There is little likelihood whether a Red China delegation
to asked Ceylon noted that
bank commercial
at this time that the Government should come to Ceylon, or vice loans to business rose about $2,000,000,000 the Blixt six months contemplates any direct controls.
consumer of 1955, in surp contrast to de-an
New Verso. credit.
Telephone Rubber interests, incensed by cilnes
the In the first half of the legislation would be needed to
delay, had demanded inst preceding years. Consumer restrain consumer credit at this week that Ceylon halt deliveries three loans from bariks expanded by time Lime
Elsenhower to Red China and throw rubber and President
*Mce
of Defence during the and the About $1,000,000,000
have
emphasised on the world market where the In 1954, this level Mobilisation changed very little. Real estate that they do same period.
Earlier Ceylon not, think credit price is higher,
revealed that Peking was had controls are 1,300,000,000. loans climbed some $1.
this 10,000,000 rupees in arrears on time.
the rubber and rice trade- the largest increase for the first half of the year since the war.
United Press.
Boom or bast" Or as the New York Times, usted editorially "Bubble on the Boom?"
BEAUTIFUL BRIDE
Business
t
house
cumulated commission ilquidation and hedging.
Liverpool brokers were small
48 sellers at the start, but orders from that direction were handi- August capped because of the bank holiday overseas.
Bendix Aviation Corp.
Benguet Cons.
Bethlehem Steel
14
Boeing Airplane
52 14
Borden (The) Co
Burroughs Milk Mauline
30%
Canadian Pacifle t
Case (3) Co
JOT
CIT Financial Corp.
Cat, Tractor
Celanese Corp.
Clinge Manhat. Bank
Chrysler Mutora
Commonwealth Eler
Consolidated. Edison
Colgate-Palmolive 'Cu.
Confinestad Steel
Com Products
Crane Co.
Grown Zellorboch
Cuban Amer. Sustur
Curtin Weight
At the close the list was off D to 10
with points compared
New Orleans closed off to 13 points.
40 opening losses of 20 to 31 points
312
897
4
President Eisenhower
In-
53dicated after a meeting today
הגב
30EX
2
15%
גען
Textile manufacturers sought a quala on cloth imports. Con- tinuing uncertainties about sub- and quotas left the trade sidies "at sen and unable to determine which course to steer," was the way one observer summod the skuntion.
Week
Magazine,
necessary Di
N.Y. Rubber
Market
Singapore, Aug. 1.
Watson
COTTONS
25 3125 24,00 1500 « 24DO 10 1000 15.00-
STORES. ETC.
Dairy
2:00
15.00 Crawford 3015
Tekkies
Natwang
0 4000 7
2300 8.63
0000 6.26
5.65 669 10,000
6,
MISCELLANEOUS
Yanginze Alted
...BES
SET EXAMPLE However, through the Federal Reserve and via public pre- nouncements and appeals by Government officials, the Govern- ment has been trying to infect widely read, likened the economy a note of caution against a toa
the "bride
Is too liberal credit policy. Secretary who
Rubber futures today closed 3 New York Sugar beautiful,“
of the Treasury Mr Humphrey Business is good, it sald, in fact, so good that in the recently urged the Government to 25 points higher with sales long run it may be too good. to set an example in keeping its of 337 contracts.
debt position at favourable Prices edged upward after a There is reason to belleve levels, urging self restraint in mixed start, although most of boom has reached n the use of private or publie the activity was represented in that the
And jast
the intra-dealing switching opera Week stage where it is comparatively credit,'
issued easy to rocket up to the strato- Reserve
 lelter
to tions involving May contracts sphere of inflation," the Maga-member banks advising that in for the March, July and Sep- future consumer loans will tember and March for Decem- the zine said in an editorial.
receive
"special attention" by ber contracts, examiners who periodically check Spot No. 1 Rss were quoted to see if members are operal nominally at 44% cents a pound. ing on a sound basis.
| Futures closings were:
Pointing out that it is the duty of the Federal Reserve to use its in curbing in- flation, the Magazine commented further:
many weapons
There
has been a stiffening in the credit psychology in re- cent weeks among US lending institutions. Bankers are sold to
Sept.
Déc.
Mar.
Moy
July
Sept.
Market
New York, Aug. 1. World No.
futures 4 sugar closed unchanged to 1 point lower with sales of 08 contracts,
Domestic No, 0 sugar futures closed unchanged to 2 points
sales of her with
1.10 con-
tracts.
A routine busiries developed and bebyeon dealers, refiners 45.00 44.30
15 traders commission houses awaited
maricet and Washington legislative develop-
43.30
43,40
41.45
40.40
ments. Futures:
Contract No. 4 (world)
Exchange
Rates May
Bept. Oct. Mer
9.22
July Sent
with 100 senators and repre- sentatives from states producing! } "The crilical moment for an collon and, textiles, he may sub-anti-cycle polley is not at the mil the nation's cotton export bottom of a slump but toward be scanning more closely new policy to his cabinet.
the top of a boom. It is at that applications for credit. On the moment that the credit authori-financial markets Inst week there ties have to stick to their guns. was an additional example of a And it is at that moment that tightening in the cost of money. the country in general, especially Most major New York city banks
in Business was done the business community has to
the an increase in the unaffodal announced
exchange market this give the authorities suppent rate of interest
DA loans to morning at the following rates:- hurden their nerve. As we see brokers by 4 of one percentage sterling notes (per £1)
US dollar (per #1)
5.81 Sept, It, that moment is right now."
point. The new rate is now Australian notes (per £1) 12.03 To these comments the Times 34 per cent. The higher, rate Indonesian ruslah per 100). editorial added its "hearty was attributed to the shortage Slain tieals (ver 100)
Singapore (Btralia) amen" by way of a warning of of lendable funds. Some feel Indo-China pietres (per 100)
possible weakness in the the added costs will be passed American economy.
on to securities buyers and this
បច្ច
open
Trading volumes and interests in the Exchange today
A
S another source antici- in effect may dampen the ability ented a dagger · from another of some speculators who borrow direction, Newsweek Magazine to buy.
noted that payrolls jumped 1.3 record 64-million
2,300,400 balles million to a recor
Some view this development for the Federal plus in June. The jobless total as a victory
money policy. only 190,000 (to 2.7 Reserves lighter
Diamond Alka
Dow Chemicals
Dupont de Neminars
22211
Eetnum Kodak
El Pan National Gas
Erle Railroad
Family Finance Corp.
232%
General Electric
General Foods
General Mowre
Gen. Pub. Utt
Gillette Safety Razor
7041
Glidden Co.
were:
Goodrich (1). F.) ed.
Goodyear Tire
Month
Hayden, Chenleni
2044
Heinstake Mining Co.
Oct. Dec.
Veluune Open katerest
31,000 53.000
431,200
723.000
Ingers-Rand
85714
10.100
291,000
Inland Steel Co.
7531
May
Interchemteal Corp
31
July
21,700 13.300
324700
380,000
Int'l Busticks Machines
Int Harvester
420
3014
Ori.
700
17.500
Dec.
International Nickel
Towi
4.000 130.200
110.200
Internilusal Paper
100年6
Int'l Tri & Tel
NEW YORK
John-Manville Co
Kans. Power & Light
Kennecot. Copper
Liggett Meyers Tob, Co.
Lockheed Aircraft
Loews Incorp.
Społ
21
Lone Star Cement Co.
October
Louisville & Nantville H
Lowenstein &, Sons,
621
May
203
National Cash Reg.
401
.
National Dairy Prod.
National Distillers
211
National Lead.....
261
National Steel Corp.
473k
41
Spot
Gay
October
123
December
51%
March
May
103
July
39 October
43 P
December
Mesabi Iron Corp. Minnesota Mining
Development Montgomery Ward
Motorola Inc.
New York Central
Olin Mathieson Otis Elevatory
Owen-11inais Gloss Pacule Gas & Elre. Parle Western On Pan American Airways Paramount Pictures
Parke Davis Co. Punny J.
C. Co.
Penn. Salt Co.
Philip Morris
Philip Petroleum Procter & Gamble Co,
Pittsburgh Plate Glase Publicker Industries Pure Oll
Radio Corporation
Reo Motors
Republie Strel Reynolds Motal Ahail Oil Cn. Baint Neg. Paper
Binclair Oli
Bocony Vacuum
South Porto Rico Sugar Bouthern National an Bouthern Hallway (Com.) Standard Brandy Standard Olk of Incl. Standard Oil_of_ NJ. Stokely-Van Camp.
Bludeinker-Packard Corp. LAWISE, & Co,.
Texas Co
T100 Water Adm_011
Twenty Century Fox Fum
Union Carbide - metsa
Union, Porte lathway
Hosted Almonft
U.B. Line Co.
1. Emelting
UB. Mart
Вохи
Forcat e Fulp & Paper an
「
December
March
مراغال
October
December
NEW
34.301
33.86
24.10
34.00
34.22
33.70-71
33.32 33.22
ORLEANS
Prices of futures closed today as follows:
23.03
33,00
BECAREER
rose
would
by
HOW LONG?
semo
tocal Spot-(centa per ib. fob Cuba)
Contract No. 6
malls 24th Aug.
from Japan
for Singapore, Penang Rangoon & Calcutta from Calcutta, Rangoon & Straits
for Kobe & Yokohamo
P. & O./B. I. JOINT SERVICE
"OKHLA"
"ORMARA”
In Purt
from Japan
Mail 4th Aug. for Singapore, Cochin, Karachi. Basrah, Khor- famshahr & Kuwait from Japan
duo 13h Aug. sole 14th Aug.
duo' 21st Aug.
9
sally 22nd Aug.
for Singapore, Colombo, BOMBAY & Karmoni from P. Gulf, Karachi & Bombay for Japan"
EASTERN & AUSTRALIAN S.S. CO., LTD.
"EÀSTERN"
"NANKIN"
die 4th Aug. from Australia' salls
th Aug. for Japan loads 20th Aug. for Sandakan, Rabaul Brisbane, Sydney, Mel- bourne & Adelaide
́-All vessels have liberty to call «f any poria on or off the route & the route & sailing are subjsok - to change or amendment with or without holice.
For full particulars apply to:- MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
16.67
May. 13.00 23.070
1.33
Nov. Mar. Spot-cents per ib. cit NY
5.53 ex-duty)
United Press,
EVERETT
.8.10
World Movement
Of Gold
New York, Aug. 1. Despite the most concerted efforts of govern- ments everywhere to control the movement of gold, private hoardings and transactions in the precious metal continue to flourish at substantial levels, according to international economist Mr Franz Pick.
Ever since gold hoardings got underway in Europe with the introduction for the first time of foreign exchange control in 1914, the steady buildup of gold owned privately has been a worry. to practically every government, reaching its peak in 1953.
Prices of futures closed today million.) An increase of 500,000 The Reserve imposed an increase have been normal for in the margin requirements on ns follows:
the month. There was the prob- new stock purchases twice this ability It added, that unemploy- year, once from 50 per cent to 10 ment will dip below 2 million per cent and then 70 per cent. by Soptember or October. This
‚BROKERS' LOANS that Industry will will mean have
There was to step up its operations
talk in overtime, etc.-to turn out the financial circles here that the goods to meet the ever-increasing higher rate on brokers loans demand.
presages on increase also in the "A combined labour-material prime rate later this year. The squeeze could help relight the prime mte is the bank rato Inflation res and put renewed charged borrowers with the best pressure under prices," News- credit standing. All other rates week sald.
are usually scaled upward from this prime rate.
Wali Streeters feel that the How long can the boam Last real credit inflation-if it exists asks the US News and World at all-is la instalment, and real SAO PAULO
Report, There's no easy answer estate credits not in the stock
megazine said, market. to this, the Futures closings, in cruzeiros adding that "opinion is virtually It noted that any tightening per kilo were as follows:
unanimous that detivlly will rise in credit is immediately reflected 34.05
the second half of this year, in the market, So far the
"sit added: stay, high into 1950,"
inarket has been able to rise 34.75 Another Important point is despite the two margin increases Private gold transactions
that this boom is only in Arming In In tho United States, the
commercial paper meanwhile have, averaged mpré In the rates and a Monthe old. A rik nvernge price of 15/10 middling businose eyele usually continues market generally.
less dasy, money | than : $1,000,000,000 d year since
Mで In his chapter on gold, 1950, a mun larger than the Pick nutes a steady but smil at ten designated spot markets was 93.02 conts. Sales at these considerably longer than that.
Wall Streeters therefore, don't total gold production during decline since 1953, in these pris Stu
No point:
|vate - holdings __" In '~ Wesburn". CACERSES, #Tem to have developed too much worried over 1954,
credit or any other development.
Europe and in France. yet In this boom. Prices are The big news in this stract just
An analysis of the Anderna
This decline, however, has tional activity in relatively stable: Debt is high, now is prote and dividends. In Legal and illegal, is one of growth
gold.both been offset by the constit not clearly excessive. this respect, conditions BIO
of Hoarding or The Employment 1 rlaing, but favourable.
sarios of chapters in Mr Picks yellow mótal in the Near Honce the move-
and Jobless
numerous than mente are expected to follow fret édition of the 1955 Picks Far East, In 1953
the individum vorminga reporta
Currency Yearbooks."
Asia showed gold hoarding The Federal Reserve credit selectivity, in other word world leading authorities on reflecting a steady riso
Puljahosi, by, one Now York, Aug: 1.
of the "totalling: #2,000,000,000 in 1934, socording
·Prices of metal futures closed policy recently, has been daarIO-
to... #xpatti-Unibod restraint.
Press
it contain detailed | 81,600,000,000 in 1961. Africa in today in cents per ib. as follows: od as one of "mila
By a policies, it
080 curb the 14415/a5lity of Ila › member, bapits to Jond money, Hy raising the ̈re-
inpoin-make:
Oct
Dec
Mor
May
In
30,65
centres totalled 20,753 bales.-- United Press.
NEW YORK METAL FUTURES
Lead, August ..
Geplumber
win, Aurun
Beptember
Zitte, Aurum
Beosember Cander Aug
10.00%
another
expensive and tend to silapdureny. 40tomb barca Dom landing money, Log
*trealy
Markets Closed
The Fondoti
in In that year, privata gold of currencies, its area of trans- hoards, according to Mr Pick, ferabilities, exports
In- and 5000000he tidy sums of $12,- poris regulations and other ID-
US$35 per lating statistical data,
ounce).
(at
Small Decline
from
of 7%, of the world's 1981 had a total of $1,800,000,- 24 000; Europe, with the exception
"gold
• Riso | pf, Mia (French) holding, z nad Minusion about 150$1,000,000,000, in
of the had a BAM, DE130,800,000,000
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Pasager Bervice Loading for Singapore, Pensar. Rangoon, Calestia and chittagong.
Art. Aug.
"LENEVERETT**
"REDEVERETTV
"NOREVERETT"" "DRADEVERETT"
- Sept. 7
-- Sept. 27 Oct. P
3 Sails Aug.
Bept. 8 -Sept. 28 Det.
10
Loading for Kobe, Osaka, Nagoys, Yokohama.
"REDEVERETT”
"NOREVERBTTM**
"BRADEYELETT“ "LENEVERETT""
Arr. Aug. 10
Sale Aug.
11
-- Aug. 30
Aug. 31
Sept. 11
Sept. 12
Sept. 2. -- Sept. 24
LIMITED PASSENGER ACCOMMODATION, All the above subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICM Loading for singapore, Port, swettenham, Madras, Colombo, Bombay, Karachi & Parstan Guiz Port. "STAR DETELOKUSE- Art. Aus: 13
"STAR ÁRCTURUS"
*THAI"
Balla Aug. 18
-- Sept.
9
-- Sept. 24
-- Sept
.0
-- Sept. 23
Oct.
17 Nov. 8
= d.
Nov. 7
Loading for Kobe, Ojąka, Nagoya, Yokohama
PETAR ALCYONE". "LAOR
"STAR AROTUBÙI” PTAIN
"STAR ALCYONE" "LA"
"STAR BETELOBEIK"
Art. Aug. 13 „Balls"Aug. (A)
Aug 29 Aug 30 Sept. 21 - Sept. 21
Oct 11 Oct 12
LÍMITED FASSENGER ACCOMMODATION, All the 'abovs'kubject to alteration without notice.
EVERETT STEAMSHIP-CORPORATION S/A
| (Incorporated in the Republie, "of Panama with Lamijed, Tjaþilik)
Departmenti Telephone 8298.
$1206.