TRADE and
THE CHINA MAIL, TUESDAY, AUGUST 16, 1955.
COMMERCE
SECTION
NEW YORK US BOOM BEARS WATCHING
STOCK
MARKET
New York, Aug. 15. Only a handful of wlocks changed more than a frac- tion today, as market in- terest dwindled to the lowest- point in 18 months,
Stock volume fell off to a mere 1,230,000 shores-lightest since Jan 1-compared with 1,530,000 on Friday while the number of issues appearing on the top. Just 1,100 was the lightest since Jan, 13, 1954.
were 407
There lower, and 477 higher.
A 3 point drop in Du Pont, reflecting disappointment with the 25 per cent dividend increase, along wit
losses of nearly 2 with points in Procter & Gamble and point in John-Manville, pulled the Industrial average down almost a point. Issues outside the average group moved widely-as much as a point rise in Zenith--but most changes were very narrow as traders awaited further ludica- tion Of The markel's Juture
Course.
A
fow
Rails slipped 0.27, utllies mived up 0.25, Bethlehem dip- ped. US Steet. Chrysler used. General Motors in
group. Volume
their
leadership agains centred in low-priced Callahan Zine which dipped to Rhodesian Selection Trust lowed, unchanged at 6%.
New York Stock Exchange bond volume was $2,490,000.
American Stock
Exchange volume was $20,000 shares.
Dow Jones closing averages
were:
to inattdess
20 mil.....
13 414
65 ocks
Comm. future price index
450.00
Twin Dangers Of Inflation
week.
And Deflation
Always Present
Are
By JOHN MÓRKA
New York, Aug. 15.
Is US business too good for the nation's own good? That's what America has been wondering about last
President Eisenhower thinks not; nor many economists in and out of government. But all feel the current boom bears close watching.
World Cotton
Markets
New York, Aug. 15. Cotton prices today turno irregular after a buoyant stark as traders analysed the weekent unnouncement on the Govern. ment's sales polley for surplus cotton,
Storting with gains of more than
31 A hale,
deferred of deliveries later gave up all the gain, and a little more.
News
Bro
Economists
concerned stable since 1962. However, generally with possible danger | prlees' received by farmers, the record-breaking which have been sliding down- signs in pace of crevit, spending, stock ward since the postwar high in market prices and production. | 1051 of 302 of the index to 243 Too much of boom could in mid-June, "do create
a carry the seeds of a future worries." deciine.
The twin dangers of deflation und Inflation ore always
present.
Now is the time to be watchful and take the necessary measures to keep the economy in balance. Measures taken so für have been curbs on housing Other loans and bank credit, factors Irving watched by the administration include:
some
Rice HONGKONG
Burma's
Exports
Washington, Aug. 18.
Burma's rice exports, up three per cent over lagi year, will probably be the biggest this year since the ext of World War 11, s Department of Agriculture survey mid today.
Burma exported AD proximately 1,700,000,000 Pounds
of milled rice, in the first six months of this rice exports year. Total during 1955 Are expected to reach at least 3,000,000,- 000 pounds, the nurvey Bald---United Press.
London Stock
Market
London, Aug. 15. Nervousness
keypoled light and easter stock trad
No Crop Supporting today, but a few bright
Prices formers received were the first to decline before the onset of the 1930 depression, But there was no crop support programme then to put a floor beneath the farmers' income.
The
spots appeared near close.
the
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morn- ing amounted to $800,000. Noon quotations and the morning's transactions;
BHARES BUYERS SELLERS SALEN.
BANKS
HKC Bink
1725 1700 DQ 1720
Page 9:
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N; CO.
PASSENGER/FREIGHT SERVICE
Leayou, Londen "Due Flongkang
Oplwards "CORFU" "CANTON" "CARTHAGE" *CORFU"
Salled
23rd August
-17th August 19th daptember/
14th Sepjamber. 17th October. 13th October 14th November ·
Via Southampton, Port Bais, Aden, Bombay, Colombo, Penang & Eingapore
Homewarde
*"CORFU** *"CANTON" "CARTHAGE" "CORFU"
Leaves Hongkong Dua London
27th August
23rd September
21st October
10 November
28th September
24th October
1st November
19th December
Via Bingapore, Pennor, Colombo, Bombay, Adan, Port Bild & London
* Also call at bfalla.
FREIGHT SERVICE "SINGAPORE" ipade 10th Aug.
INSURANCES
Talon *** Underwriters
1025
10.23
DOCKS, ETC.
K. Where at 75 Dock
1000+ 20.00 300 + 27
"BURAT"
Provident
Wheelock
LAND, ETC.
HK Holej
HK Land
RUBBER
16 10.40 300 @ 15 0.43
1000 @ 20 2000 4 0.50
200 @ 72
A. Rubber, 1215 2.3741⁄2 5000 ủi 2.18 3150 2,13 1060, 2,15
Ju
for S'pore, P. Bwetten ham, Padang, Colombo, Adaň, Port Sali, Glenoa. Marseilios. Havre, Lon don, Antwerp, Rotter. dam & Hamburg
due 4th Sept. from UK, via Straita loads 6th Sept. for Japan
With Uberty to call at Belawan befory de altar StraÍLS Forte and at Bombay if inducement offers. Tauks" availablo for carrisgn of Oll in Bulk. Space for refrigerajed carto. Limited Passenger socommodation
BRITISH INDIA S.N. CO., LTD.
due 24th Aug. from Caleuita, Rangoon
Straits salts 29th Aug. for Kobe & Yokohama due 7th Sept. from Jepan Dalla 8th Sept. for Singapore. Rangoon
& Chittagong due 13th Sept. sails 14th Sept. for Singapore. Penang
Rangoon & Calcutta
"SANTHIA"
UTILITIES
Trom
24.70 Stor Ferry 145 450 @ 140 Y'mail Ferry 114 117 200
500 C. Light (0) 21.40
21.20 5000+ 21
500 60 21.10
"BANTHIA"
"WARORA"
C. Light (N) 1600 Electric
17
... 422 400 2:000
Telephone
$500
1000
75
703
STORES, ETC.
Dairy
Watson
....... 22.10
1000 @ 22 500 32
2433 $ 27
300 23.10
100
500 € 7.80
The market has been in- a cautious state since last Thurs day as the result of a special Cabinet meeting scheduled for this afternoon.
to Buyers held off see if The credit curbs were mild. Chancellor Butler was going to The Federal Reserve system in-
announce any new-anti-infation creased its discount rate the 1. Consumer credit-total interest
ft charges member measures.
Some Industrials that the Government consumer borrowing, including banks to borrow money.
suffered plan purchases, Federal housing
widespread lossus, 15 will not sell surplus cotton over-instalment
but short INDUSTRIALS administration 03.45
Coment... 321 and the veterans administration coverings near the close helped seas at cut-rate prices, at least amounted to $32,471,000,000 in 104.11
such issues les to a June, compared to $28,800.000,- | raised Runtil the new
atomic powCT year,
down payments and
on shares into firmer ground shortened 14.81 weekend accumulation of buying 000 in June, 1954,
repayment time
Steel and newsprint shares orders from various directions.
guaranteed loans on houses,
steadier, When that demand was
but department filled,
Reaction to these stopy has store, motors and radio issues traders took a bearish view of
were castor. the export situation,
been mixed. pointing out that the Government, u the new
offer year, may million balva of dow quality sales." Abre at. cut-rate prices.
Nearby months managed 72! hold A small net
40 bonds .........
CLOSING PRICES
Alden Tne, Agy,
$ 25
Alled Chemicals
All Chalmers
70%
American Airline
American Cyanide Co.
Am. Mael. & Fury.
28?
American Metal
SH
American Sinetting
Am. Sugar fled.
132
American Tel & Tel
American Tob. "
73
Anconia Copper
Armco Steel
Armour
Baldwin-ina-Elant
Baltimore & Ohio
Itendix Aviation Corp.
Cuban Ainer, Sugar
Curtle Wright
Diamond Afkaði
Dow Chemienie
Eastman Kodak
El Paso National Gas
2. Inventories-all Inven- forles of goods were increased in the second quarter at an annual rate of $3,500,000,000. A Gov- crament economist described this "as bad in relation to
3. The total of goods and gain, while services produced and the level October deliveries closed around of employment - employment the lows with the general ist went near 65,000,000 mark in 18 points July and unemployment stood 506 points
Б
higher to 40 lower. The market opened up at 2,471,000. Proquetion
13
10 to 23 points.
Olls were
A Royal Dutch
as
MISCELLANEOUS
Yangtze
highly irregular. Sen, Arthur V. Watkins,
Allied closed sterling member of the Joint Con-higher. Also higher were gressions! Economic Committee, Angle-Egyptiory praised the "mlid" restraints,
"Too much credit is always dangerous," said Mr Watkins.
"I have thought for some Ume that it would be wise to apply
and Burmah. British Petroleum dipped ma- derately,
Government British
issues cased
toward
the close. Gold shares ware in selective man in early dealings but later
dc.
New Orleans the gross national Product the brakes-casßy at first-but } drifted back to previous closing
is
start to apply thom." closed 10 points higher to 14 total of goods and services pro-
"We points lower.
have a very duced to a
healthy record $383,000,-
condition Trading volume and open 000,000 annual rate
now, but the car In the
We should 18interest in the Exchange today second quarter. That was a going fast enough.
goin of about $8,000,000,000 hot let it go any faster." Volume Open interest over the frut quarter, оде
Sen. Joseph C. Omahoney also 17,300
the greatest 'quarter to 24,700 756,800
a member of the committce, sald quarter increases in US history. credit Inflation is clearly rising
4. Prices both overall beyond sole "limits." wholesale and consumer price levels have been
relatively
October
0.75
New York Sugar Market
futures
New York, Aug. 15. World No. 4 sugar levels. Coppers and other base today closed unchanged to
2. metals жете
casier. Dollar
points lower with sales of 231 stocks held firm.-United Fress,
contracts.
London Foreign Exchange
Now York However, Sen. Omahoney, a
Montreal Democrat, added that "with con Amsterdams sumer credit rising, with stock Brussels market prices at their
highest Copenhagen Jevel in history, and with farm Paris prices falling stendity we have Stockholm
Frankfurt
Others were Press.
World Rubber a very dangerous situation."
Markets
New York, Aug. 15. Rubber futures closed today 140 to 150 points lower with sales of 584 contracts.
Benguet CoOK.
14
Bethlehem Steef
14539
Boeing Airplane
1122
Borden (The
Co.
8412
Burroughs Add Machine
20%
Canadian Poelle R.
Case (1) Co. ...
CIT. Financial Corp.
4614
Cal. Tractor
Celancer Corp.
504% 2314
were: Mon Ut
October
Chose Manhat. Bank
December
Chile Copper
0214
March
9,500
320.900
Chrysler Motors
May
12.300
344.600
Colgate-Palmolive Co.
July
3,000
197,100
Commercial Credit
.5.100
119,000
Commonwealth Mirc
December
1.000
23.000
Consolidated Edison
Continental Oil of Del.
41%
Total
75,500 2,340,000 bulca
Continental Steel
NEW YORK
Corn Products
Crate Co.
Crown Zellerbach
Prices of futures closed today
14% as follows:
Spot
33.55
521
O21.
33.76
Dupont de Nemours
222
7716
Deo,
33.60
Mur.
33.71
51
Erte Ballroad .......
22-12
May
Family Finance Corp.
237
July
General Electrie
507
Ocf.
Dee.
33.04-04 30.00-00 32.42 32.32
General Foods
3-4
General Motors
12770
Gen. Pub. til.
34
Gele Safety, Razor
70
Gidden Co,”
39
Goodrich B. F.) Co.
001
Goodyear Tire
BUIS
as follows:
Heyden Chemical
195%
Spot
Homstake Mining
3022
Oct.
Ingersoll-Ranel
70% Dec.
lind Steel Co.
GO
Mar
Interchemical Corp.
до
May
Int'l Harvester
392
July
21.01 33.02 33.00
i was
International Nickel
778
Oct.
33.00
International Paper
104
Dec.
In Tel & Tel
20
Jalyn-Manvilla Cö.
041%
Kunsan C. Power & Light
4212
LIVERPOOL
Kennecott Copper
1247
Liggett Meyera Tob. Co.
674%
tackheed Aircraft
40
Loews Incorp. ....
23
Lone Star Cement Co.
Bais
as follows:
Louisville & Nashville R.
Oct/Nov.
Lowenstein & Sons.
2012
Dec.Jan
Mesabi Iron Corp.
Mar/Apr.
Minnesota Mining
104
May/June
29.04
Mission Development Munganto Chemical Co.
July/Aug
429%
Montgomery Ward
19
Motorola Inc.
40
Sao Paulo futures prices were unavailable today-hollday.
Sept. Dec. for.
May
National Cash
3014
National Dairy Prod.
403%
July Sept.
National Distlifern
Reg. "A"
National Lead.
National Steel Corp.
New York Central
Olin Mathieson
Ot Elevature
NEW ORLEANS
Prices of futures closed today
No Evidence
Sen. Omahoney said the run- away stock market is "the con- sequence of the administration i being run by spokesmen of big business."
One economist sald the
only sense in which he could consider Liquidation and stop loss sell the present boom "too good" ing plus thuo lower London was
that it contained “upward market wore the upsetting fac-pressure on costs and ultimate- 33.70-00 bora. A good part of the tradely on prices. -
dealer
33.74 33.74
Future closings, American middling, in pence per lb. were
How-
In
In effect, he said, If consumera In represented switching and exchanging of buy too much, businessmen ex- contracts for physical rubber.
and pand
order supplies to satisfy anticipated future de- A fair-sized factory business mand. If this is done too fast developed in the spot market faster than the goods can be on the decline. Reported sales supplied-prices go up. Included and sheets for Decem-ever, he said he saw no evidence ber at 43 cents; threes for De-at present of such excesses vember 12 34; twas for Novem- buying and demand
of the specify potential ber at 42. Spot No. 1 Rs were
watched danger signs that are 20.37 quoted at 43 cents, Futures;
are scrap prices-the bellwether of the steel industry which have been rising because of con- Unued near capacity steel pro- duction and high exports. Others
In tho United States, the 21 average price of 15/10 middling 1722 cotton
at 14 designated spot markets was 39.57 cents per lb. Sales at these contres totalled 39,843 bales-United Press.
074
443%
Owen-Illinois Glass
116
Pacifle Gas & Elec.
5214
Pan American Airways
Paramount Pictures
Parko Davia Co.
Penny J. C. Co,
Pern. Salt Co.
Philip Morris
Philips Petroleum
Procter & Gamblo
Pittsburgh Plate Glass
Publicker Industries
Pure Oll*******
Tindio Corporation
Reo Motor
Republic Steel
Reynolds Metal
Bhail Oll Co......
40%
Singapore
Market
Stock
Singapore, Aug. -10.
Brokers today quoted the
AMSTERDAM
43.30
42.80
$1.30
10.00
3.com
The market was weak. Prices closed today in gulldors per kilogramme, cit September as follows.
No. 1 rubber No. 3 rubber No. 3 rubber No. 1 crope
LONDON
Osto.
Domestic No. 6 sugar futures closed unchanged to 1 point lewer, with soles tracts,
of 142 con-
•
Chlef interest in both con- London, Aug. 15.
2.781-2.78-11/16) tracts
the nearby contred in 2.742-2.74-13/16, deliveries with trade interests 10.00-10.00%
139.00-139.02 reported on both sides of the
19.3344-19.00
19.00-19.00
0731-9733
14.384-14.58
11.00-11.00
market. Futures:
Contract No. 4 (world)
3.20*
3.20
unchanged-United September
New York Foreign
Canada
Exchange
New York. Aug. 15.
31.01-7/10 2.07-2.00 2.78-3/18 3.7712 United Preka.
England-nofficial
30-day futures ... 10-day futures
October March May July September
Spot (cents per lb. fob Cuba) 3.20 Contract No. 1
September
3.40
November
5.00
March
3.35
May
4.45
Spat (centa per lb. cif NY
ex-duty)
380
United Press.
JAPANESE IMPORTS
Canada's Garment
Industry Worried
•
Toronto, Aug. 15,
Representatives of Canada's depressed gar- are shortages in certain bulld- ment industry planned today to ask for federal ing materials, some steel pro- ducts and metals, Steel already aid to prevent low-cost textiles putting them out has gone up following a round of wage increases in that Indus-
round of business. Automobiles are expected
to be up in price next your be 3.00 nom union contracts in that Industry 270 nom. Tigher export controls on scrap 320 nom, are being considered by the
Coverment.
cause of the recently signed
The market was weak with spot No. 1 Rss quoted at 40% pence per lb. Prices:
Bettioment house term: Sept. Oct Opening Ott./Dec. Jap/Mar
bg/June
|Bept.
2174
at
following stock prices;
Sains Reg. Paper.
Sinclair Ou
Baj
Baju Lintang. Rubber
Co.
Bacony Vacuum
60%
Lid.
South Porto Jon Sugar
British Borneo
Petripum
Southern National Gas
Byndicate
Standard Brands
Southern Railway (Com.)
park
Consolidated Tin smoltero
Ord
Standard Oil of
123% Trumer A Nesva Ltd, Ord.
FTAMT & Neave lâd. 71%
cum. pref
47/-
39/34 $1.68
30.00
Hongkong Shanghai Bank:
ing Corp.
Starxlard Od of Ind.
Standard Oll of N.
Stokely-Van Camp.
Btukisbaker-Packard Corp.
Swift & Co. Texas Co.
Tide Water Ama. Oli
Twenty Contay Fox Film Undon Cartypic
Union Facile Railway
Urback_Airermit
US. Gypsum
U.S. Line Co.
A Tubber
US. Emelting
LOWRYAN Pulp & Paper
Woolworth
Hen
on Tin t
Kempas Ltd.
Lugas Rubber Estaige Lid.
Malayan Breweries sen
New Berandah Rubber
Ltd.
Petaling. Tin. Ltd.
Hantes Hotel
Bingapore Cold Storage
·South · Briland / IMMA
Wasana: Bros.
--United
40-4035
.
Auto Production
"Genral markete, cử basis, portventorie 15 ipl.-
are
Delegates to the 30th annual convention of the National Garment Manufacturing Association described increased imports of the Japanese goods as "a multi-million dollar blow" to their industry:
The manufacturers said horoj put teeth into a customs act yesterday that Japanese whole clause which states that if im- salors labelled to sell at a ported goods become injurious handsome profL
to local goods their prices "Japanese workers get be- should be revised upwards. tween $35 opyt $40 a month--not even a good weekly wage for a Buch a mově would “provide Canadian Textile worker," he fair competition, and that's all
we desire" retiring Association decided to Dwight Magee said. -- United the federal government to Press.
AND SO IS AMERICA
President
The automobilo Industry turned out about 4,000,000 units the first six months of this year, compared with about 2900,000 the frat half of 1954. Produc- said.
Was not yet thegred off as The
ask Dealers in Being
ing watched Housing, ton, continues to absorb large quantities of materials. The Singapore rubber price Boil are instances where high were not avaliable.
level activity exorts pressure on -United Fress.
the current Japanese 80 aquare the cost dp.
A leading texille executlys | fabrics, dution would be reduced private economist, elting the today said the proposed tariff so that these goods could then Government's actions of the past reduction on imports of Jap be purchased in the United to cont, duty paid and under 18 cehls' a yard. Berator, compared with the current.
American price of 19 centa
Now York, Aug. 15.
Exchange Rates would now use wrestraint ineen tiles pom threat to stater,
businem to | thờ) Ambgiorn
1
is the
buah house in order? (1 my ponderna
lure over-datendest ind would Herbert Lesbia of tew York tale also help create fi, lite; un- Leon Lowenaveli, Chairman
tormed the proposed re-
Albrinegits gravalent, is
from Japan
P. & O./B. I. JOINT SERVICE
"ORMARA"
"OZARDA"
"ITOLA"
due 21st Aug.- from P. Gulf, Karachi
& Bombay salls 22nd Aug. for Japan
due 30th Aug. from Karachi & Bombay valls Sirt Aug. for Japan
due
3th Sept. from Japan: salt 8th Sept. for Singapore, Madras, Bhavnagar, Karachi, Basrah, Abadan, Khor- ramshahr & Kuwali
EASTERN & AUSTRALIAN S.S. CO., LTD. "NANKIN"
loads 2011, Aug for Bandakan, Rabaul, Brisbane, Sydney, Mel- bourne & Adelaide from. Australia for Japan
"ARAFUBA" dus 3rd Sept. loads 4th Sept. "EASTERN"
toads 5th Sept.
for Bandakan, Rabaul, Brisbane, Sydney, Mel- bourne & Adelaida
All vessels have liberty to call at any ports on or off the route & the route. di sailing are unbject 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 Service
Loading for Singapore, Penang, Rangoon, Calcutta ară
Chittagong.
"REBEVERETT"
"NOREVERETT""
"BRADEVERETT"
Arr. Sept. 11
Sept. 30
Salle Sept. 13 Oct.
-.- Oct.
12
ww,.~ Oct
2
-- 001. -- Oct.
20
"LENEVERENT"
Loading for Kobė, Osaka. Nagoya, Tokohama
"NOREVERETT":
"BRADEVERETT""
"LINEVERETT"
BEBEVERETT"
Arr. Sept. a
Ball Nov.
*--- Bept. 14. -- Sept. 13'
Bept. -Bopt,
Sept. 21 - Nov. 2 LIMITED PASSENGER ACCOMMODATION
All the shové rubject to alteration, without notice,
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR, SERVICE
Loading for Singapore," Port Swettenham, Colombo, Bombay, Karachi & - Paralan Gulf. Porta.“
"STAR BETELGEUBE” "ITAR ARCTURUS” "THAT?!
"STAR ALCYONE” "L40*
Bally Aug, in
***** Bepi, 10
- Sepå. – 23
`mm Oct:
Nov.
Arr. Aug. 18 Sept. 9 --Bapt, n 14 ww.rom Oct.
Nov. 1 Loading for "Koke, Omka, Nagoya, Tokohama
"STAR ALUYONE". : *THÄL
"STAR ́ARCTURUS"
In Pors Loading Balls Aug Arr. Bapt.
- Sept. 19-Sept. 20 Det 15 Oct. “ITAR BETELGRUIF"; —— Oct. 27
009.
LIMITED PASSENGER ACCOMMODATION,
All the above subject to alteration (withouí načine.
|_ EVERETT, STEAMSHIP CORPORATION S/A