屁
In Spain Lord Bruce Repeats His Warning America's Monthly
Saragossa, Aug. 2.
Construction work has now started on the Saru- gossa defence base which the United States is pro- viding under the terms of the 1953 joint defenco agreement with Spaln.
Earth-movers and stratigre re at work on the 10,000-foot-long- runway and a vast "Honeycomb Spreader" is pouring cement with precision and steed to form the "apron," or parking area. where, within eighteen months, 147 Bambers, Strategie Air Command fighters and Interec- for pinney, will live up for
servicing.
Commander Murrell of the United States Nove and con- struction engineer Mr Richard (Dick) Young of Minnesite, ure in charge of the building of this great now bus for the defines of the West.
Under the terms of the bount defence agreement of 1953 it is planned that the frilled States shall spend 300,000 600 dollars (about
31 109,003) D sterling) Congres as authorised 130,-
0.000 dollars about £43,300 000 sterling) so far, while leser
childare thon 10.000 600
009
330,000 sterling) has been spent on netual construction to date.
Completed 1959
It is hoped to complete
programtoe by 1959
Apart from the base at Sara- Rose at
there will be major air hases for B47 heavy bombers at Torrejon. nen Madrid which Is already under construction, and Moron near Seville
The Lases will be by
protected winning system installed by the United States
A pipe line to bring fuel to the al fields will be bot
States
Navy The Walten planning a bare at Roła, neries the bay from Cadiz in southern
wil Sp
which
metule deep-water port for big ships, a Breakwate apler for felling
and a cureler pier.
The carrier plee" will enable pinnes to be poi ushore from an aircraft curri From the duck- skle, they wil be able to move down a taxi-way to the air strip
built to be nearby at Malogeria. Fuel tanks at Rats will store ull and petrol for air and navy will Powerful needs.
Pumps
rend jet fuel and aviation spirit along the 485 miles of pipe line from Rota to Saragossa. About 11.025.000 gallons of fuel have to be pumped into long line before a drop comes out at Baragessa.
|
NEW YORK
STOCK
MARKET
New York, Aug. 2. Stocks stendied today after yesterday's shakeout and some of the best quality issues rose a point or so on slightly increased volume.
Motor stocks were leaders on which camu after the upturn pilers had drifted tower In the early dealings 05 traders hesitated after the sell-out which cut market values nearly $2,000,000,000 yesteriny.
Chrysler, whose directors mett Thursday to report earnings and take dividend action, gained 2% poils to $92. General Motora, whose directors yesterday order. end an Increased dividend, closed
higher at $1359%. Both were up sharply from their lows,
Tosc
Sters had a number of good performers. Bethlehem we than a point and Youngs- lown Sheet and Tube more than
2
Aircrafts met support,
STANDARD (NJ) UP
Jenny Standard, whose direc. 1 mul ca Thursday also, rose nearly point to feature oils
long with Sorony-Mobil which more than a point, ex-
vend.
A
Telephone
kost
a than point as the Com- fled a registration stuto- its new 650,000,000
convertible
Evazes bentures.
dc-
Or the total 1,188 issues trad- ed, 484 were higher. 442 lower. Turpover
the for
session aquated
2,280,000 shares compared with 2,100,000 yester- clay.
to
CLOSING PRICES
-:
3633
Allied Mills 2e. Allis Chalmers American Cyanaiuide Co. Am. Mich. & § dry. American Metal ... American Snelling American Tel & Tel
Armour
UK MAY HAVE SERIOUS
ECONOMIC
TROUBLES
London, Aug. 2.
Britain may be heading for serious econonfic trouble, Lord Bruce of Melbourne said.
Addressing shareholders in the Finance Corporation for Industry, of which he is chairman, Lord Bruce said he would repeat a warning that he had delivered twelve months ago. In Britain, he said, costs and prices were rising faster than in the United States and Germany, and the consequences
would be serious.
Formosan Sugar Production
ar-
Talpel. Aug. 2. The Agriculture Depart- mont
today crtunated
far Formosa would pass its planted produc- Hon of sugar this year and 20,000 tons an estimated oxima of rice него ок- Decică.
Originally planned at 000,000 metric tons,
this year sugar crop is now ex- pected to hit 700,000 tons.
The rice crop may reach 005,000 metric tons,
on
was re-
Most of the surplus was caused by heavy Govern- mont nubsidies, ported. The Government sponds about US$23,000,000
fertiliser, 100,000 tons of bean cake and $100,- 000,000 Formosan monoy In direct loans to farmers,
Agriculture products on Formosa hap rison above
the peak roached during Japan's ownership of the island. United Press
for
London Stock
Market
Lord Bruce based his predie, only
when world trade as a
Fourth, neither
tlons on four inctors which whole was expanding. were, he said, the most important in relation to the
manufac economic and financial position:turing production nor producti- vity were rising as fost in Britain First, the gold and dollar as in Germany. reserves had dropped by 11 per, cent between Juna 1054 and June 1955,
⚫ Second, the precorious
position of the balance of puy- inents had again become evident In recent weeks.
Third, British seemed to be ablo to
exports expand
These foots, Lord Bruce sald, were not
the understood by
they general public. If
had been, the series of strikes would not have been tolerated.
LORD BRUCE
HONGKONG STOCK EXCHANGE
Noon
the
the
(From Our Correspondant?
quotations and These strikes "have not only morning's transactions оп held up our exports-with un- Hongkong Stock Exchange: calculable effects on the minds of our everseas customers as to SHARES BUYERS HELLERS SALES
to our capacity
futni orders BANKS placed with us on time but have brought in their train a weakoning of our competitive
World Cotton Power
Markets
to
the
HK Bank
XD
INSURANCES
Lombard DOCKS, ETC.
Duck
Provident (01 Wheelock
a
LAND, ETC.
The statement made in the House of Commons by Mr R. A. Butler, the Chancellor of the Exchequer, placed too great reliance on monetary policy and New York. Aug. 2. had too little appreciation of Cotton futures today
the REC.
necessity
arouse the to sawed
people narrowly on either side
dangers, Lord njoy of the previous close In
Bruce anid. dealings.
He suggested that the Prime Minister, Sir Anthony Eden, and the Minister of Labour, Mr Walter Monckton, should con- sult together with the of the employers and the trado unions and agree to a joint state ment that would bring the facts home to the people--China Mail Special.
route
Traders wandered away from new commitments, limiting activity mostly to market adjustments pending the adjournment of Congress and developments in the President's Cabinet on the export subsidy
policy.
on
Carm deferred
leaders
World Rubber
Markets
Secretary of State Mr Dulles today sald he had confèrred with Agriculture Secretary Mr Benson, but gave no hint of the outcome, if any, of the talk,
On the assumption that action legislation will be The steend session until of the 84th Congress, trader's turned more attention to crop developments and the Govern ment
стор London, Aug. 2.
estimate
Singaporo, Aug. 3. The rubber market was Armer Profit-taking and tighten-published on Monday.
The Government weekly crop c better toed credit combined to send summary
OVETZAIN advices. today
mixod. There was was
some profit-taking well' absorbed. atures and mostly dry sunny Future closings were: weather favoured development
American Tot. "D"
will
Baldwin-L-447
that
Bendix Aviation Corp.
sethlehem Steel
11012
30
349%
401%
The American Navy also plans fuck and munition fucilities fur bor ships in the existing Spanish nava! bases of Ferrol, Carta- цепа. Palma #nd, possibly. Mahon.
American, Aim
The Amerlenu aim in to set up three heavy-bomber bases from which B47's could, if need arose, hit hard at strategic targets in In addition, Eastern Europe.
at
she aims at having an adequate naval base in southern Europe, strategically loented
the Junction of the Atlantic and the Mediterranean.
American
oficials here are pleased with the steady although slow
progress which is being medo to realise this nim.
Spanish officinis
happy. They
dollar
aro
Boeing Alipione
Burden (Tue) Co.
Burroughs Add Machine
Canadian Pacife R,
CARE (J. 1.) (6.
E. IT Financial Corp.
Cat. Tractor
Celanese Corp.
Continental Ol of Del.
Dow Chemicuts
10
be
32 stocks lower on the London Seasonal to above normal tem- but it
Exchange today.
Oils und were hard hit as Investors de- to take profit. Others told their shares to meet bank pressure for ¤ reduction in overdrafts.
leading industrials
This was the first trading session this week, the market being closed yesterday for the bank holiday,
perat
was
1421-14295 Bept. 141-1459% Oct. unquoted No, a rubber per lb. Aug. 134-13415 No. 3
128-281 No. 4
121-123 1413-1427% 100-100 1415-14255
and checked insects In Texas, No. 1 rubber per 1b. Aug. Oklahoma, Arkansas, Tennessee and adjacent areas.
UK Hotel
HK Land Humphreys Really UTILITIES
Train
Investment Plan
New York, Aug: 2. Americans at the rate of 100 a week are signing up for a pay-as-you-go venture in the stock markot.
In a year and a half, since the New York Stock Exchange set up its "Monthly Investment Plan," these business and professional men, wage earners and housewives have paid $18,000,000 to become part-owners of some of America's biggest corporations.
And This type of investment, and Radio Corporation of sometimes mistakenly called the | Amerles are thele favourit "instalment plan" buying of Investments. Eight out of ten Įstocks, is only a part of n ̈big- of them are USI investments,
ger teture that shows the
BUYING MORE little man" knocking at the door of Wall Street in increasing numbers.
A week-long "how to invest" show staged in New York last month by a big brokerage firm
and some sot up to accommodate 50,000 visitors, more than 80,000 show. id up, and few of them arrived in Cadillacs, most came by sub- way.
Industrial firms was
NICKELS AND DIMES Wall Street experts say it is pot possible to tell to what ox- tent the "Ettle man" is getting into the stock market. However, o Survey by the Brokers Institute chowed there were 0,400,000 Individual 401070 poration stock in 1952, and the 201803 Stock Exchange estimates the number had risen to 7,500,000
•
1050 1070
B
400 r 28,80 16.04) 9.20 0.39 1000 1000
9.30
Eight out of ten of them are using their dividends to buy nore stock, bearing But Wall Street's claim that the big interest in the market today is investment rather than specula tion and quick profit.
Merril Lynch, Pierce, Fenner and Beane, America's biggest brokerage house and one which more than any other is intent on
Street
Strom
Wall
to Main recently surveyed 1,000 of its customers-500 new ones and 500 old ones-and found that three quartern were in the stock market for investment, purposes
and one quarter for speculation..
United Press,
owners of public cor- New York Foreign
Exchange
by the end of 1954,
There is no information about 17.10 who this additional 1,010,000 England official
9.40 shareowners
but many are known to persons who are 20.40 2016 3000 of 20.50 Investing in stocks for the first
1008 2060 time in their lives, and on
GOO 2015
2
New York, Aur. 2.
30-day futures. 90-day
futures
$2.70-1/10
2,70-0/32 2.77-3/10
Australia
2.232
New Zealand
1781
South Africa
2.7015
1
Belgium
Olobas
United Press.
7500 20.10 nickels-and-dimes basis.
The New York Stock Exchange
1500 or 20.30
1000 v 20.20 2400 20.10
000 20.20
1500 or 20.30
2000 20.40
74 221
100 6 75
2% 1000 * 21
23.30 23.90 1000 20,30 120 úr 20,30 1000 or 20.10
500 20
300 og 25.00 3900 46 28.80 500 150 -500 60 105
Star Ferry
Yaumati Ferry
154 137
146
200 a 17S
100 15
100 kr 121
300 cm 120
100 120
24
700 / 21.40
C. Light (0) 23.00
C. Light (N) 10,60 10.90 400
2000 23.00
1000
23.09 10.20
500 13.70
200 1920
its
monthly investment London Foreign
in January, 1954, and now
report that more than 34,00 men
and
women have
systematic
this
пс
begun. of programme
as $40 every
cumulating stocks. They Invest
as le
three months.
can
The Exchange sold these investors have picked up about 300,000 shares of common stock in 18 months. General Electric
Exchange
New York
Montreal Amsterdam Brussels
West Marks Zunch
London, Anx. 2.-
2.70-15/18-2.70 2.7414-2.34-1/16 10.02-10.6316 130.17-100.221%
11.703-11.70 12.175-13.17E -United Preka.
500 on 2415
000 24.40
4800
200 60 33.00 1000 or 23.00
2000 10.10
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Service Loading for Singapore, Penang, Bangoon, Calcutta and Chittagong.
"LENEVERETT""
Arr. Aug. 4 Solls Aur.
Electric
....
43 434
500 or 45
500
300 45
1600
40
Telophone
.. 3514
36 1700 3015
1600 3014
1000
3
000
3522
3300 3515
INDUSTRIALS
Cement
"REDEVEÞETT"
33 33 2500 or 341%
100034 2000. 334 1500 33
"NGREVERETT"
"DRADEVERETT”
1000
400 33
Calle Copper
Chrysler "Motors
<21
Contrast Steel
30
Corn Products
20
Cuban Amer. Sugar
Curtis Weight
10
0216
Dupont de Neindura
222
Eastinan Kodak
10
FP Pos National Gre
61
Erie Stallroad
2014
Kieneral Eretric
Family Finance Cup.
Gen. Puls, Um.
Gillette Safety Razor
7053
Goodrich (B.7.) Cu.
Goodyear en
Hometake Mining Co.
Ingersoll-Rand
+7
Interchenical Corp.
Int'l Harvester
Intemational Niket
301 77
International Paper
10034
less
John-Manville Co.
Liggett Meyers Tob. Co.
Lauisville & Nashville R.
6324
Lowenstein & Sons
2740
were: Month
However, frequent stuwers caused excess plant growth and favoured weevil infestation the middle and cast gulf region and Georgia.
In Texas, progress and con dition was
reported gand, though hot weather caused points higher with soles of 300
C.
premature opening of boils in contracts. A. Parsons Great some rear. California reported Profit-taking
and
selling Universal Stores were knocked
with warm drypared prices after the market good progress down 3s and Rolls Royce more sunny weather.
L. Crawford opened higher. It closed steady | COTTONS than 2 among the blue chips.
Trading volumes and open and the spot market was also Textile Corp. 934A string of leading industrials interests in the Exchange today steady. Spot No. 1
Naryung Rss were were off Bs or more:
[quoted at 44 cents. Futures:
in
Spot, rubber unbated ... Blanket repo No. I pale crepe
NEW YORK
Futures closed today 20 to 35
3000 3315
➡REDEVERETT"
STORES, ETC.
Dairy
""NOREVERSTT"
24 24.30 1500 gr 24.30
"DRADEVEKETT"
1000 24G
500 24.30
and
200 on 24
►
Walton
16 500 - 15.00
-37
સ
85 0.00 500 * 8.00
1000 8.55
Volume 20.100
Open interest
439,900
Sept
1014
with Royal
30,000
720,900
Dec.
45.15 44.00-00
MISCELLANEOUS
Yangtze Allied
4157
down 20s.
22
10
ond Burmah Oil
British Potroleum May'
Ju
Mar,
1,300
200.100
Mar.
20.100
324,300
MAY
43.55 42.70
Shell nearly 35.
felt Gs and Gold shares Oct.
8,000
100,000
July
41.85
0.000
100,600
Sept,
10.63
48%
finned.
Dec.
B00
12314
Total
117,500
17.400 2,183,100 Hales)
20
13
British
government bonda
NEW ХОЛК
1001
Publicker Industries
10%
United Presa.
Pure Cl
384
$0
4314
South Porto Rico Sugar Southern National Gas Southern Railway (Com.)
2416
Standard Oil of Ind
50
Standard Oll of N.J.
Ridehaker-Packard Corp. Tido Waler Asen, Oli 'Twenty Century Fox Film
Union Carbide
Union Pacifle Railway
that say
the aid received has been small. They point out, for in- stance, that Spain provides the
Mesabi Iron Corp. Motorola Inc. National Dairy Pend.
land for all these corners National Pistillers
and that some 10,000
have to be compensated for the pipe-fine alone.
They say further that Im- provements suggested by the Americans on the strategle rajl Cadiz to route running from Madrid will cost Spain 800,000,-
000 pesetas (£8,000,000),
Howaver, the new friendship with the United States has clearly had a favourable overall Influence on Spain's economy.---- China Mall Special,
LONDON METAL
PRICES
London, Aug. 2. The im market wap steady this afternoon
with spot rising
1 point, Other metals were uiso very steady, Prices closed today in sterling per long ton
us follows:
National Lead
National Steel Corp.
Now York. Centra) Owen-Jala Chas
an American Airways Penny J. C Cu. Philips Petroleum Procter & Gamble Co.
Shell Oil Co,
Saint Reg. Poper
United Aircraft
U.S. GypsuINTI
U. B. Line Cu.
U.S. Steel
Warner Bros.
Westinghouse Electric
West Va. Falp & Paper Woolworth
Ofis declined stendly all day, Det. Dutch Ainishing Dec
115 generally wers unchanged.——
-United Proga.
LONDON SILVER
PRICES
New York Sugar
Market
LONDON
“STAB ARCTURUS" "TBA"
**.*** Supt.
"
-- Sept. 10
Scpl. 21
*, Sept. 20
-..- Oct.
10
→
Oct.
11
Sept. 24
***** Sept,
13 - Oct.
LINE
Prices of futures closed today as follows:
The market was steady with spot at 41 ponce per lb. Prices:
Settlement house term:
300 0.50
$3$ 1000 g 0% 0.00 3000 6,65 2000 4.05
6000 #70
Chicago Grain Market
Chicago, Aug. 2 4036-4316
Grain futures also felt the $11-40%, effects of the heat today 304-30 apurled up firmly on the Board 371-374 3- of Trade as hol, dry weather
endangered the growing crops, General market, cif hasis, ports:
Com
led the advance with buying and short covering meet- ing light offerings.
The action
4074-41 40141 40-4014 Estate crepe this Aulfated Press.
401
Out,
Singapore Stock Market|
In corn brought scattered buy- ing to the balance of the grain list, bull dealings were not active,
Wheat closed up to 1% oents; soybonne (now) 2 10 34.
CLOSING PRICES Prices per bushel in cents:
Wheat No, 2, red
Loading for Kobe, Osaka, Nagoya, Yokobams.
"LENEVERETT"
Arr. Aug. 17
Sails Aug. 13
Aug. at - Sept. Sept, 12
Sept. 13 - Sept. 25
LIMITED PASSENGER ACCOMMODATION,
All the abova subject to alteration without noticn.
EVERETT
STAR
FAST BEGULAR FREIGHT REFRIGERATOR BERVICE
Loading for Blogapore, Port Swettenham, Madras, Colombo, Bombay, Karachi &- Paralan Golf Port.
"STAR BETELOEUSE"
"TAK ALCYONE" "LAO
Arr. Aug. 1
ย
Sulla Aug. 14
-- Sept. 10
-Sopt. 27 - Sept. 28
T ww Nov,
→ Oct
Loading for Kobo, Osaka, Nagoya, Nokohama.
“STAR ARCTURUS" "THAI
· EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republio of Padama with Kimited Liabilliy) Chinese Department: Tälephone 28293. Queen's Building, Telephone 31206.
3202870
Jan Ma
Nov.
Arr. Aug. 13
Sails Aug.
14
Bopt. 4
0
“STAR, ALETONE" "LA O
Bept. 13
- Sept. 19
Oct.
- Oct. 14
"ЯTAR DETELGEUSE" - Oct.
21
Oct.
28
***** Dept.
LIMITED PASSENGER ACCOMMODATION.
All the above subject to alteration without notice.
No. 1 RS3 spot
Spot
34.37
Sapit
Oct
Dao.
33.93
Deg.
34.13
Mar.
24.10
Am/June
Жду
July
34.18 33.05
Oct.
Aug. 33,34 Sept.
Dec.
207
20
601
a
New York, Aug 2. World No. 4 sugar futures today closed uncharged to 2 points lower with sales of 433 contracts...
NEW ORLEANS Prices of futuras closed today as follows:
Spol
34.65
Oct.
.Dec.
Маг.
50%
May
Domestic No. 6 sugar futures closed 3 to one point lower with enice of 360 contracts.
July
Oct.
Dec.
Future
DB follows.
Out/Nov.
Contract No. 4 (world)
Dec/Jon
Mar/Apr.
Sept.
May/June
321
Oct.
July/Aug.
Mar.
May
BAO PALO
LIVERPOOL
Spot Singapore, Aug. 3. Brokers today quoted the fol- Activity was too restricted in both way all to develop
closings, American lowing stock prices: trading fanture, dealers sald, middling, in pence per lh, were Futures:
Batu Lintang Rubber Co., Ltd. $1.70 British Bornëp Petroleum By-
dicate Consolidated Tin Binsiters Ord. Frapor & Neave Lld. Ord. Fraser & Neave Ltd.. 79%
cum, pral, song Hongkong & Shanghel Bank-
Aug. 2
ពេ
Sept. 1981 (1) 107L) Dec. Mar. May
198
2012-
2013.
1073
Opening Corn, No; 2, yellow
Spot
1403:
31:00
40/04
Sept.
30.30
22/
Dec.
1121-150
20.30
$1.07
MAT.
135
29,70
May
130
2012
$3.50
Sept.
#000 Nov,
1023
July
d/od
Quin
Hopt.
Kempen · Ltd. ammon
1.TO
Bept.-
Spot (cents per lb. fol
per kilo wire as follows:
Lunks Rubber Estates Ltd.
$2.37
Nov,
0142-96 0415
Cuun)
3.21
Maleyan Breweries Laakerajaa
$3.40
Boybeans, No. 2, yellow
Oct.
33.00
Now Borsadaḥ Rubber Co
Spot
Contract No.
24.03
DL14.
$1.00
Mwe
Petzling fin kid..
$4.00
Bopt.
Nov.
“CAMBODGE” 23133-14 "LAOS" 228-1
14.806
Berik.
11.82
Aug.
Supt.
Zino Aug.
$4,000 12.221
morning at the following zalos:— V.B. dollar (per 91). Sterling notes (per 41)
סת.
6.03 6.95
35.30
Australion notei, (per 1) 12.00
·
Bept.
Indonesian- rupiah (per 100)
33.20
8.03
Copper Aug.
Siam'ticals (6-100)
29.40
48 ots
Singapore. (Btralto)
3.40
United Prosa.
Indo-China plastres. (per 100)
~~Walled Press.
In the United States, the
| average price of 15/10 middling
Bouli Bilisti" Enmireide
23d, an fireita Trading
at ton designated spot, markets war 38,86 centa, Baies at these Sireli kisemwhip****
United. Tighears Ord. centros totalled 21,340 below Wemo Tiros. United Press.
Bloppers Cold Stores.
Jan.
Mar
•May
Harley
New York Gour
100 'Ib.'nack
China Mall Bpecjal.
123+140..
$14.10 »United "Press)
"DONAI". "MEINAM"
Tin spot
hayers rettors
701
7
3-monili
758
702
Copper spot'
230
2:00
3-month
241
Lead ist half aug.
1073200
107
10716
901
90%
det halt Nov. Zino lat linkt Aug.
NOV.
-United Press,
NEW YORK METAL
FUTURES
7
New York, Aug, 2. Priety of metal futures closed. today in cents per ib, as follows; Led. Aug.
London, Aug. 2. The price of silver was quoted tortay at 70 pence par ano ounce for spot and 70 pence for forward (against 70 pence and 78 ponce previously) .---United Press.
Exchange Rates
Business - was done in the Jocai unofficial exchange market B
Futuro closings, in cruzeiros fonkong Tin Lad."
Deo.
MARITIMES
MESSAGERIES
P.O. Box 33 Queen's Buildinger Tel: 25653||
FAST PASSENGER/FREIGHT SERVICE D
Balling Aug. 18th sailing Sept, 10th
| FAST FREIGHT SERVICE.
sailing Aug. 15thy! sailing Sept. 21at'