THE CHINA MAIL, WEDNESDAY, AUGUST 10, · 1955.
TRADE and
COMMERCE SECTION
Page
DOUBLE THREAT Tight Money Policy Having Effect
MILES
200
10 50 100
BR
GLASGOW
NORTH GREAT
TIRELAND
DEIRE
MIDDLESBRO
¿ DUBLIN)
LEEDS
463 BRUKSH CARS
NORWAY
SWEDEN
"MANCHESTER 500 VOLKSWAGENS A MONETTE,
BIRMINGHAM
BRITAIN
CANDIFF
66
LONDON.
AMSTERDAM
DENMARK
HAMBURG
BREMEN
ROTTERDAM
WEST
COLOGNE BONN
BELGIUM (RUHE
BRUSSELS
FRANCE
SHIPS HANDLED PER YEAR
IN MILLIONS OF TONS
VOLKSWAGEN FACTORIES
CEAST
BERLIN HANOVER O
WOLESBURG
GERMANY
OLEIPZIG
GERMANY
MUNICH
SWITZERLAND
AUSTRIA
These German
DRITISH trade is faced by a double threat-from the Dutch and the Germans. In a day'
or two the one-millionth Volkswagen car will roll off the assembly lines. "people's" cars are breaking all export records.
Five
In Sweden, Switzerland and Belgium they are leaving the British car manufacturers far behind, while in the United States they are the largest-selling European make. hundred of them, come every month to Britain. Just one German make sends more cars to Britain than ALL British makes send to Germany!
HAT is the secret of their succes.
WHAT
The British Productivity Council is sending a mission
to Germany to find out. Meanwhile, Elre-which already has a Volkswagen assembly plant is hoping to siiracl other German Industries there.
Now the Dutch are presenting a second threat to British trade, Rotterdam has been fast
catching up on London's volume of shipping traffic. Faster cargo handling has led many alipowners to send their ships to the big Dutch port instead of to British poris.
American coal bound for Britain, for instance, has been unloaded at Rotterdam because It is then re-shipped In smaller vessels to send to the it is quioker and cheaper to do so. British ports.
Volkswagen
Car Sales Leap In U.S.
New York, Aug. 9. German-made Volkswagen accounted for more than half of all the foreign
cars
Stock Prices
New York Market
New York, Aug. 9
Stocks went through another sharp shake-out today when a half-hearted attempt at a rally uncovered no new demand.
The value of all listed stocks Cars sold in the United was slashed about $2,000,000,000 States in the first, half of as individual issues lost up to 3 points in the leaders, with a few this year, according to a de-wide-moving specials off tailed report issued today.
more.
even
| Cat. Tractor
Celanese Corp. ·
Corn Products Crate Co..
Traders were hesitant in the A total of 10,282 Volkswagens wake of the new moves toward were sold in this period-com-tighter money and in
the 2,190 sold by absence of fresh market in- pared with their nearest competitor, British centive. M.G. but even so suppiles The
opening was caster in an could not keep pace with de extension of yesterday's billion- Diamond Alkal
Prices decline. mand. There was now a walt-dollar ing period of one month be-
bit before noon in an back a tween order and delivery.
exploratory attempt at a rally when this falled a selling wave
of
came
Dow Chemicala
Krupp Steel Plant
for Thailand
Ban, tok, Aug. #.
An offaksi of the Thai Millstry ↑ Industry, who returned from a three zanih srorld tour, that forsten industrialista would Inake number of
Thailand. An agreement
for ex- of economio and technical assistance น
with West been drafted
and Germany
would be presented for approval to the Cabinet.
Krepp · planned to wet up Jolaily with Thai_capitat a steel factory in Thailand with daily capacity of 300 tong, the official `usid.
The Netherlands would sell machinery
Thai-
land on long-term pay- meni arrangements - and Lize United States would .500 up in autemoblie and track free
in Thailand. "be added. --- China Mail Special,
N.Y. COTTON
In
MARKET
BRITISH BANKS REDUCE
THEIR TOTAL LOANS
London, Aug. 9. British banks are at last beginning to reduce their loans in response to the official tight money policy.
The latest returns from London clearing banks show that in July the total of their loans, or advances as they are called, dropped by £51,483,000. This is the first drop recorded in the monthly figures since January.
TOKYO STOCK MARKET
Tokyo, Aug. 9. The Tokyo Stock Ex- change last week sharpened with heavy trading. Buyers picked up secondary issues as the high prices of the j leaders resulted in lower in- vestment returns.
Sutar stocks poured at the
These figures are likely to be Welcomed by the monetary
have authorities, who
beeb striving unsuccessfully 10 achieve а reduction in bank Fonding since the beginning of the year.
New York Sugar Market
New York, Aug. 9, In January, they raised the World No. 4 sugar futures bank rate by one-half per cent closed unchanged to 1 point and they raised it again by lower with sales of 79 contracts. 1% per cent in February.
Domestic, No. 6 sugar futures The effect was soon apparent closed unchanged to 4 points in the total of bink deposits, lower with sales of 252 contracts.
Liquidation and hedge selling which have been falling steadily and are now £104 milion be-dominated activity in both con
with the lower raw market low the total for July, 1954.
tracts. Futures:
Offset Fall
to
Contract No. 6
HONGKONG
STOCK EXCHANGE
(From Our Correspondant)
Business done on the Hong- kong Stock Exchange this morning amounted to $1,380,000. Noon
and quotations
the morning's transactions:
TRARES DUTERS BELLERS, BALES
DANKS
IIK Bank
INSURANCES
Union...............
SHIPPING
Waterboat..22.00
DOCKS, ETC.
K. Whart...
.. Pt Whart
Provident (0)
1810 71830
1000 30 1040
78 77
281 16 10.10 5187 in Wheelock ... 9.05*9.15 5000 9.10 LAND, ETC.
Hi fufel ... 20.10 20.30 200 # 20.40
HK Land Realty UTILITIES
Tram
500 20.30
- 1500 sà 20.20 73 73% 1500 -7315 2.2 2.3 30000 or 2.325
24.80 25.30 1000 « 25
100 60 5.20 330 * 25 Star Ferry.. 248 102 Y'mati Ferry 120 121 700 de 121 C. Light (0) 23.00 23,00 1050 4» 23.48
1000 A 1000 **
109318.20 1400 or 19.30
1000 G 45%
Contract No. 4 (world)
3.10
200 27.60
C. Light (N) 18.30
1300 10.20
Electric
44 44
2000 or 4414
4.50
Macao Elec. 11.20 Telophane 530 INDUSTRIALS
3434 34% 3700 ‹Þ 3411⁄2
6.40
Cement
500 33.78
3.00
United Press.
Rober
1h
STONES, ETC..
Dairy
.23.20:
500 E 23.40
8850 F 23.30
Watson
15.70
200 37.50
COTTONS
May Mr Spot-cents per 1b, et NY
ex-duty)
beginning of the week. Tatao But the banks were able Sugar broke the yen 280 level offset the fall in their deposits July New York, Aug. 9.
and the buying wave spread by selling Goverment securities Spot-teenta per 1b, fob Cuba) Cotton traders continued over shipbuilding machinery, and advances.continuet to ex-
from and steel, marine trans- pand with inflationary com to favour the selling side to-poration, pulp, chemical, bros, sequotices for the economy. day.
coment and marine products.
Mitmibishi Shipbuilding and Exgineering, and Harima Ship
Engineering building and overed their par values.
Nippon Kokan which owns iron steel shipbuilding divisions edged up to
Yamata yen 80. Iron and Steel and Fuji Iren and Steel remained fum on dividend rate will be restored rumour that the 20 p
quict dealings, prices settled back irregularly to losses of 05 cents a bale, feeling the weight of bedge swelling against south
Texas
gindings
and
| Mexican cotton.
Trade buyces operated caus tioudly in face of a supply equal to two years requirements and indication that the recent buy ing interest in the cloth market fax cooled since the стор estimate.
Traders thought the indicated crop of 12,728,000 bales, plus the 11,000,000-bale carry-over from
last
sauson, would compel a compromise of some time among administration leaders who have differed on the best method for disposal of the raw
Cotton surplus.
361 mary.
on
mid
re
the
18-
At the end of July, the Chan
Exchequer, cellor of the R. A. Butler, decided to inforce the lagging effect of in- direct monetary controls with a direct request to the banke for significant reduction in their advances,
But the latest clearing bank on August 5, refer to July 20 Cofigures, although only published
and so ante-date the Chancel- tor's request.
were
On news that the US will pur chase large amounts of strategic material from Japan in return for sales of purplus. farm pro- duce, titanium stocks actively traded,
Among shipping issues NYK
capital increase.
reached its highest level-yen 63
its
since Osaka-rose to yen 47 and others recovered their por values,
Ajinomoto ended the week at
276,
yen
Exchange Rates
L. Crawford 31
Textile Comp Nanyang
* 5.90 1000 5.90 8.80
100B.00
A. Rubber 3.25 2.30 2324 @ 2.1%%
27000 21
2000 (2.27AS
Businem was done in the loeni unofficial exchange · market "ULL | MISCELLANEOUS
Stering notes (per: E), morning at the following rates:- U.B. doller (per $1) Australian notes (per £1) Indonesia rupiah (per 100) .. Star ticals (per 100) It would seem, therefore, that Suraporn (traila).
"were | Indo-China plastres” (per 100) the monetary controls beginning to take effect of their own accord.
From now on the contraction
in zdvances should b
tod end a strongly dedationary force will be brought to bear on the British economy.
the
That this is overviue is shown Day traders-covering at the close steadied the market with
by the gold and dollar figures foal prices ruling unchanged to
Turnover averaged from 7 for July, In that month, the off
Opening prices million to 0 million shares daily, central reserves of the eterling 10 points. wyere oft 7 to 13 points, New The Dow-Jones average jumped aren fell by 8136 milika, the Orleans
monthly closed off 4 to 10 points to yen 370.49 on Thursday from biggest
drop since -a record February, 1052. The Government weekly sum-high since February this year.
Monday's yen 385.70
Shortly, the effect of today стор 21muderate to heavy rains general at the weekend
But the average declined slightly tighter mmey policy must be
to per 309.01, come detrimental in
industrial apparent middle and cast gulf area and an increase of yen 211 over the production and ces imports.
previous weekend. United extreme eastern Texas and Oklahoma sections early in the Press. week. Otherwise, mostly fair weather favoured sunny development
and
78 ly were
10%
the
50
མ
the
Chase Monbai. Bank Cille Copper Chryder Motors Colgate-Palmolive Co. Commercial Crodit
Cominonwealth Elec. Consolidated Edison Continental Oil of Del. Continental Steel
02
sa
82%
50%
44%
મ
Crown Zollerbach Cuban Amer. Sugar Curtis Wright
18
Dupont de Nemours
124
Eastman Kodak
El Paso National Gas
$ 50%
221
2314
cotton of poisoning of insects,
3211
129
Trading volume and open In- terest in the Exchange today
were:
Volume
Open interest
3014 Oct.
29.300
407.200
0314 Dec.
$7,900
742,580
533 Mar.
17,500
312,300
172
May
28,500
340,500
20
July
64%
Oct. 47716 Doc.
15.200 13,500 1,200
193,700
114,300
10,500
G07 Total
403
General Electric Erle Railroad .. Family Finance Corp.
Figures released by R... Pot knocked them down sharply on and Company of Detroit, which volume so heavy it put report-Generat Foods
periodic murveys produces
dai ing lickers behind for sales of foreign and special types
of cars in the United time. States, revealed that the Volks- wagen has captured 40 per cent of all foreign sales in the 18 months since the concern began large-scale operations.
REAL UTILITY
the
Mr. Arthur Stanton, President of world-wide Automobile the maln dis- Corporation, tributors, said today that most popular Volkswagen was the de lux Saloon which sold 21 $1,495 (£552). Other models were priced at $1,575 (£552) and $1,095 (£712).
He attributed the car's
to what he called " success
a short General Molors Gen. Pub, Vt. Gillette Safety Razor Glidden Co. Goodrich (B. F.) 26. Goodyear Tire Heyden Chemical
This flurry hciped in larg" part to lift turnover for the day to 2,240,000 shares from 1,730.- 000 yesterday.
There were 1,211 issues traded, with #33 of them lower, only 177 higher.
AT THE LOWS
At the lows, industrials were dawn nearly 7 points on average. They came back a bit to close 5.21 lower on the day.
Homstake Mining Co. Ingersoll-Rand.. Inland Steel Co.
Interchemical Corp.
Int'l Business Machines Int Harvester
International Nickel International Paper- int'l Tel & Tel Join-Manville Co.
Kanas C. Power & Light" Kennecott Copper Liggett Meyers Tob. Co. Lockheed Aircraft Rails were down 2.34 and Loows Incorp,
Lone Star Cement Co. utilities 0.31 with the break for Loulaville & Nashville R. utilities the sharpest since Lowenstein & Sons March 14.
Mesabi Iron Corp., Minnesoto Mining
Steels were among the issues Mission Development return to the idea which hit hardest with losses of 2 | Montgomery Ward
and Motorola, Inc. Inaugurated American
ink Bethlehem .suction one
one
Youngstown Sheet and
National Cash Reg. "A" Tube, National Distillers
car pro- points chassis, engine, and sumplicity."
the latter sciling ex-dividend. "We are producing the only Chrysler and General Motors, real utility car on the market
off
points at more than 3 providing
trouble-free basic transportation for the family,s, closed down 2% and 24
points, respectively
the
This seems to have caught the Standard OIL (NJ) slumped
American fancy and to li
need," he added.
५
National Lead
New York Central
Olin Mathieson
oils Elevators Dwen-Illinois Gines Pacific Western Of
Pacific Gas & Mec.
Paramount Protunes
4 poles, then regained around Parke Davis Co. half. Socoty Mobil lost nearly Penny C. Co..
Pern, Salt Co.
A number of film per-2 and California Standard more Pip Morris
California
had than one.
Donalities in
Mr Volkswagens, bought Stanton added, -- China Mail Special.
Eisenhower's Promise
On Cotton Imports
Washington, Aug. §.
Thomas
Representative
Philips Petroleum Procter & Gamble
averages Myburgh Plate Gine
Dow-Jones closing on Wall Street today were.
tridsantrini
-10 T
13 hitities
45 stocks
40 borde
CLOSING PRICES
Alden Inc. Acy."
Allied Chemionis
J.
Alled Mille Inc.
Alla Chalmers
American Airline
Lane said today Prorident Eiska-
hower had promised to give Americast Cyanamide Co. "every consideration”... to re- | Am. Mách. & P dry.
strating
quotas for
textile imports at
cotten
minius US. co bales
abroad at bargain prices.
The
American Metal
American" Bmelting American Tol & Tel are sold American job. "B
Anaconda Copper Atinoo Ebel
Marcharette Democrat Armour
Baid booth, A. Broton, the assurance in a
Petter from
Deputy usaksiant to tha. Pro-
Bendix D
siloot. The latter was in reply Denisbon et
to a telegram Mr. Land work on
beshif of himwơiť nod five other, Burrou
Co.
Machine
*Nevis England Congressmvery, ---- Canadian Pacifio A.
Publicker Indtastorien
Purb Di
Ratio Corporations
440 Reo Matos
161 Republin Seed
68.59 Reynolds Metal 141.8
10.22
Shell Où Co.... saint leg. Paper
Sinclair "Du
Bocary Vacuum
South Porto
co
24% | Southern National CÜNE
| Bouthern "Folkway - (Com
Banday Bronde
70% Standard Oil of Cal
Ebardard Old of Ind. Bandred Oil of, Mỹ. Bolonky+Van Detro,
Studebaker Packard Comp SW & Co.
Teston Co.
Zwenty Centiary FOR
3876 79 Month
on
Other
Countries
Industry cannot go on
expansion in credit,
*x-
World Rubber pending without a concomitant
Markets
to
Meanwhile, it
is interesting note that other countries be- aldas Britain are following fighter money policies. In the course of the week to August 6 higher money rates were an nounced in New York, in Bel- gium and in West Germany,
Singapore, Aug,' 9. The market was very steady of on conflicting interpretation 100.100 2,130,000 bales announcements of American Probably It is only a question
Hank
stockpile policy and the closing of time before the trend to 30% Prices of cotton-futures closed was strong. Futures:
words higher
money
rates, No. 1 rubber per ib. Aug. 12034-18134 | which started when the
Sept. 182-16zzą).
its discount No. 2 rubber per Ib. Aug. 16-1ễn of England raised
140-141 rate in Jamary, becomes world- No. 4
1313-1221) Spot rubber unbated".. 1503-16 wide-Chia Mail Special.
13-15 Banket crepe ....
15015-1613
NEW YORK
75
103
today as follows:
200
Spot
34.450
854
Oct.
147
Deo.
321
Mar
23.04 53.75 338-80
31.03
60%
43
July
33.41
Oct
33.01
Doc.
581
NEW ORLEANS
today as follows:
99
Spot
Oct.
7914
Doc.
512
Mr.
34
May
20%
Judy
734
Oct.
Dec.
50%
0734
Prices of cotton futures closed
LIVERPOOL
33.46
73.00
33.76
23.81
32.94
No.
J
No. 1 pale crope
41
NEW YORK Rubber futures today closed
| 60 to 99 points higher with sales
of 463 contracts.
Proft-taking and hedge selling pared sharp early gains made lö with the company
primary markets and news that no goy- ernment stockpile rubber will be sold for the time being.
London Stock
Market
London, Aug. 9. Stocks shook off early
and moved. nervousness In the spot market, factory steadily ahead with the most good-sized business on popular shares adding a
shilling or more.
118 Prices of cotton futures closed buying interest subsided follow-
8214 today in pence per lb, as follows: Jing
30.20
| Monday.
Spot one sheets sold at 47PA cents, a pound, with additional offerings available later at 47% cents à pound. Futures:
12
Oct/Nov.
40%
D23/Jan.
30
Mar./Apr.
May/June
18%
July/Aug
SAO PAULO
714
Cotton future
closings cruzeltos per ido were до 10% follows:
in
Sept. Doe.
May
Oel
33.60
July
Det
28.00
Sept.
183 Mar
30.68
LONDON
May
34.90
In
The rubber the
market
60%
461
Mar.
the United States, average price of 15/16 middling steady with spot at
pence per lb. Prices:
cotton. at ten designated spot markets was 33.52 cents. Boles
St at these centres totalled 11,720
bales,-United Press,
London Fore
Exchange
Settlement house term:
Sept.
Oct.
Oct./Der
Jats./Mar.
Nervousness stemmed troma the Government's new electricity bond issus carrying, & 41⁄2 për cent coupon-the highest interest 47.70
rate of any bond in Britain Co 47.10 46.10-15 1982. 45.10-302 Other Government, bonds were 44 до
marked lower, at the opening to 43.05
bring the yields into line, but at closing me they had re- closed
and undated issuey were 43-5/16 covered
M
гр
General markets, elf bards ports,
aj
Aut.
tato crepe thick Rebt. unquoted
“United" "PrRME.
confidenes to the indus- Atomic equipment Issues from earlier profit. taking, widio raiders setried for assorted motor, steal, Tadio and department store sharts
Steels were
heavily wold before the bloge, but this was too little to affect other sociors. Oils were particularly active with good demand noted for
team and Royal Dutch. Coppers
while gold, alváscoa · doch travise total and South Afros
110 mm Bonds were
New York Foreign Burnish Oil and British Pezos
Exchan
EVERETT
6.80
15.57
11.09
13.10
21.00
Yangtze
1,00.
Allert
3.25
100 @ 2.40
Rubber Trust 3.50 340 20940 @ 3.35
0.20 1.75 -1.80 4850 @ 3.78 100 4.75
LINES
EVERETT ORIENT LINE
Fast Beguine #rdgka Katrigerator Poştanzer Kerrics Loading for Bingapore, Penang, Bangoon, Calestia and
chittagong,
"REBEVERETT“
“NOREVERETT""
"BRADEVERETT"
"LENEVERETT"
Art. Sept. It
85-3
Salle Sept. 12
→
Sept. 30
-- Oct. 12
-- Oct.
25
- Oct.
20
Balls Aug. 14
3
Leading for Kobe, Omaks, Najvys, Yokohama.
PREDEVEKEVIN
· “NOREVEREYT"" "DRADEVERETT”
2
Stil Supl
Bopi. 15
Arr. Aug. . 13
Bept. -- Sept. 14 - Sept. 7 LISTEN PASSENGER ACCOMMODATION.
"LENEVERETT**
-- Sept. 27
All the above rubject to; alteralfan without notice:
EVERETT
STAR LINE
FAST REGULAB TREIGHT BEFRIGERATOR SERVICE Loading for Singapore, Port Brettenham, Madras, Colombo, Betibay, 'Karachi & Pertian Gur Port. *8TAX BETELDEUSE"
"STAR ARCTURUS"
*THAI "
"STAR ALGYONE"
Arr, Aug.
Bapt.
17
9
Sept. 37
- Oct.
Nov.
14 7
Sails Aug
- Bopt,
****.*** Sept, 38
Loading for Eobe, Osaka, Nagoya, Yokohama, ›
Arr. Aur. 14 Səllə Aug. 15.
"STAR ARCTURUS" *THAI" "STAR ALCYONE"
- Sept. 4 - Sept. 13
Sopt, B
- Oct.
13
- Oct.
---- Sept. - 20
*****.Oct. --.Oct. 28
"STAR BETELGEUSE"
理
LIMITED FASSENDER ACCOMMODATION. All the above subject to ́alteration without notļos,
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republio of Panama, with Xámited, Liability). Chinese Department: Telephonë 28293, "Queen's' Building, Telephone 31206,
MESSAGERIES
MARITIMES
P.O. Box 337 Queen'". Bullang. © TE
FAST PASSENGER/FREIGHT SERVICE
sailing walling Be
FAST
SERVICE....
19th
sailing Aug.
Bapt. 21st
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