THE CHINA MAIL, WEDNESDAY, AUGUST 17, 1955..
TRADE
and COMMERCE
SECTION
NEW YORK BRITAIN'S COMPETITIVE POWER
STOCK
MARKET
New York, Aug. 16. Several top grade in- dustrial stocks, gave up a point or more in an easier, still dull market today.
Turnover picked up to 1,520,- 000 shares from yesterday's 10- month low of 1,230,000 bit sull was far from heavy,
Sears Enter Substantial Threat
Australian
Market
Chicago, Aug. 10. Sears, Roebuck and Co. an-
Industrini stocks fell 283nounced today that it is enter points on average with Du Ponting the Australian retail mar-
ket through su sfintion with
off 2 points, Bethlehem down Waltons Ltd. of Sydney. 21% American Telephone
point
Jower, General Mators
Mr Theodre V. Houser, Sears said the big mail
down 1%: Standard Oil of Call Chaman, fornia down 2% and Standard | order and Oll (NJ) down 1.
Roll Josses ranged lu
point or more.
Villities
average,
were up a bit
retuit chat has bought a substantiat” stock one interest in Waltons, a depart
ment store ek chain store operation.
There was strength in cooper, with Antenora a point and Kennecott almost 2.
لاخرة
the
The purchase price was not revealed, but under terms of the agreement Sears will have AIRCRAFTS
equal representation North American Aviation, | board of Wallons. bolstered by favourable market comment, added more than 12
im, point and Curtiss-Wright proved fractionpity in active trading. pince
In Major World Markets
By K. C. Thaler-
London, Aug. 16.
Skyrocketing labour costs are gravely threatening Britain's competitive power in world markets, the Treasury warned yesterday,
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
kong Stock Exchange this
morning amounted to $1,040,000. Noon quotations and the morn- Ing's transactions:
AILARES BUYERS BELLERK KALER
The disclosure came as Sir Anthony Eden's Cabinet met to consider the threat posed by BANKS
inflationary pressures to growing
Britain's booming economy.
Mank
INSURANCES
Union
Lombard
.. 1730 1735 13 h 1750 10 1740
DOCKS, ETC. Houser said Sears has
Mr been impressed with Australia's growth and prosperity and has been awaiting a good oppe, Bunity to enter the Australian market.
exports
of Exchequer Mr Additional Pressure
Tising wages are among the duction, causing a fall in exports are and an increase in imports with principal problems which plasting Britain's economy inevitably harmful effects on uneasy payments hose stability is endangered by Britain's falling imports.
rising balance. and
Chancellor R. A. Butler, Waltons, One of Australia's watching he fatest trends with! strongest
and most aggresive growing uneasiness, intends to retail organisations, will change combat inflation with a con- Fits name to Waltons-Sears Ltd,tinued squeeze on credits, and
Mr Houser sald-United Press.
loans to private individua's and industry.
Curtiss-Wright was in recond on the active list, topped by low prices Riudestre Selves, tion Trust.
Zehith, à 8 point gaiter yes- terday, fost half at this High priced US Gyp um fell 7 points.
1,147 Issues were 556 lower,
Out of a total tracted, there
322 higher,
New
York. Stock
who has been
Additional
pressure
comes
K. Whart Dock
1025
04
7326
20.11
Provident (0) 15.40 Wherluck
20
LAND, ETC,
8.03 0.0 2500 se 1,70
HR Hute!.. 19.50 19.70 3000 or 19.60) IER Land
7215
201 72
100 125
100 73
Realty
HUDDER
Trust
.... 2.23 2.30
to
in
UTILITIES
Fram
from high Government spending in which defence and social ser- vices figure prominently.
"The
two main threats British ecmpetitive power was understood to world markets are excessive dismissed suggestions to home demand, absorbing goods Feltrociure restrictions on im- that should be experted, and ports or consumption which the money incomes growing faster Labour Party has been advera-than output causing costs and Hing for some time, as a remedy
prices to rise," IL Treasury
have Exchange New York Foreign
Brad velumme was $2,550,000.
American Stock Exclunge volume was 630,000 shares.
Dow-Jones
were:
20 Industriale
to rally.
15 utlen
closing Averages
IGN 20
65 stocks
1630
Comm. future lep Endex
Allied Chemicals
151.81
$107
T
Allied Mills Ine,
Allis Chalmers
CLOSING PRICES
American Airline
Ameriena Cyanmisle Ca
Am. Much, & F dry.
American Metal
American Snelling Ain. Sugur tel. American Fol & Fel American Tab. Anaconda Copper Armoir
Hallwin-flon-Itam.
Batmare & Ohio
Bendix Aviation Carpi,
Benguet Cons
Bethlehem Steel
Borden (The) Co.
Burroughs Add Machine
Canadian Pacille R.
Casts (3.1.3
CIT. Financial Corp.
Cal. Tractar
Celanese Corp.
Clute Copper
Curler Motors
Colinte-Palmolivé Co
Commerela Credit
Commonwealth Elce.
Consobelated Edison
Continental Suced
Continental on of Det.
Corn Produela
Crate Cu.....
Crown Zellerbach
Cuban Amer, Sugar
Curtis Wright,
Dupont de Nemours
Dow Chemicals
Etmant Kulak
El Par National Gas
Erie Railroad .....
Family Finance Corp. General Electric
Ficneral Fol
General Motor
Gem Pub, UM,
Gielle Safely Razor
Glidden C..
Goodrich 1.F.) Co.
Goodyear The
Hayden Chemical
Ingersoll-Ran
International Nickel
ial Paper
Tel
Julin-Manville Cu.
Kansas C. Power & Light
28%
78
Exchange
New York, Aug. 16 England Melal ....... $3.70-11/te
30.ny futures.. 2.7814 90-4lay futures 2,77-5/16
2002 United Press.
he
to combat creeping Inflation, bulletin said.
The problem in iritain today
The Treasury stated that la- is that as a result of the boom bour costs in Brills]; industry
home demand · for
have risen overall from 100 n consump- tion, investment and stocks 1s 1948 to 156 In 1945 and wages running DWAY
ahead of pro-
per unit of output from 100 to
27 per cent.
Koreans Concede
To Americans
ECONOMIC-ARMS AID
By Stewart Hensley
Washington, Aug. 16.
121
ot
in mining labour costs
A. Rubber 2.10 24,000 × 2.123 .... 3.10 3.1211⁄2 10,097 or "3.18
1500 M
24.28 24
3.10
100 6 24.40 100w 24.50 500 24.30 Star Ferry.. 140 Yauail Ferry 110 116 250 110
C. Light (0) 22.30)
550 F 117
400 22.10 200 22.20 1100 v4 22.30 500 M 22.40
C. Light (N) 17.20 17.60 300 3720 Electric
91% 41% 3800 41 Telephone
33.62006 32%
INDUSTRIALS
Cement
33 33% 2300 33
per
STORES, ETC.
Dalry 12214
unit of output rose even more- from 100 to 130,
Morcover, the Treasury stated, the rate of increase social services has
of COTTONS
Textiles Corp. recently
that ASCELLANEOUS
Entertain.
inent Yunglaze
probably been warning extra social service demands can only be met from a further growth of the domestic product. Industrial production In Bri- tain this year so far has been six per cent higher than a year agot but overall spending and demand Ja outpacing this development.
Assessment
This is how experts today the assessed the current situation:
rising but not enough to keep
• 1. Production is high and with the rate of spending by
Diplomatic authorities here regarded outcome of the United States-Korean economic and military negotiations, announced yesterday
Aliled
2000 e 2412
0:25 24.80
Czarist Bonds
Cause Stir
New York, Aug. 18. Ruslan Cxarist
bonds have been speenlative
Bill
causing some stir in Wali Street lately, but a payvit by the Russians is almost as far as ever,
But if the Ruslans pay off the Czarist liens, there would be powerful pres-
· suro' exerted on her to Kettle elsewhere.
It is estimated she owes the French $3,800,000,000 and the British more than $3,000,000,000 in principal alone. Not taking into no- count
lend lease, the US portlon is small, with full recognition of accrued in- terest Russia's tofal debt stands at
whopping $38,000,000,000.. T no in-
terest debt 000,000,
Is recognised, the tumbles to $20,000,-
Experts point out that Russia doesn't have the dollar exchange to make a sellemeat and that its improbable she would use her gold-Unlied Press.
World Cotton
Markets
New York, Aug. 10. Cotton futures today became 500 1 22.70 500 2.50ess active and more two-sided. While nearby deliveries scored small gains, several
raw crop contracts dippe:l to seasonal lows.
3.70 2000 ( 5.50
7.05
105 100 1.20 1000 G 735
2000 or
5.00 0.70
OBJECTION TO COTTON POLICY
Washington, Aug. 16.
Senator C. Stennis of Mississippi said the Administration's new cotton export policy does not "come to grips with our serious surplus problem."
assurance of
He said the programme, nn-ments," Sen. Stennis said. "In nounced on Saturday, postpones many cases, acreage will bo any action until January,
too and entirely
small to provide gives 110
an even minimum family neces- adequate programme even then. sitles."
Secretary of Agriculture Mr Ezra T. Benson has announced
He said the formers need
A
the Government would not cut plan to move cotton into the Its price on low quality cotton export market at prices permit- used in export before Jan. 1.ting a fair share of the world Then, he said, the Government market, "my" try to sell up to 1,000,000 bales at reduced prices.
Smaller Acreage
"In the meantime, our farmers are faced with a growing sur plus of cotton which is forcing them to smaller acreage allot-
London Stock Market
London, Aug. 16. Stocks drifted lower again leday after opening bullishtly.
Profit-taking lowered many of the gains in the industrials
replacing them Steels, Department stores
int some cases with small losses.
and Iower,
brewery shares were
"I feel the fallure of the Ad- ministration to cope with this problem is crippling our entiro farm programine," he said. He added that quotus on textile Imports are needed. United Press.
New York Sugar Market
New York, Aug. 10. World No. 4 sugar futures closed today 1 point higher to 2 points lower with sales of 117 contracts.
Domestle No, 6 sugar fuluros closed unchanged with sales of 408 contracts,
contracts
Trading In both was largely around the nearby Blue chips moved narrowly, September delivery with trado Oils were
and ended interest on both sides. Futures:
erratic
found little support and eased by stages all day.
Losses ranged from £% to £6.
with few changes, although Shell and Royal Dutch were
Contract No. 4 (world)
caster.
British Government issues
Sept.
get.
Mar.
May
July
Sept,
Gold and copper shares made a good showing on demand froin the Continent.
Itubber shares were easier, but tca issues held steady.
Foreign bonds were mixed Germans Casier. and
Spot-cents per lb. fob
Cuba)
20
Contract No. 6
Sept.
4.49
Nay,
Mar.
4.50
May
Spot-cents per ih. ell
NY ex-duty)
850
United Press
Closing prices ruled 6 points with 1000 7 higher to 5 points lower. The Japanese higher. Dollar stocks
7.90 market opened unchanged to were firmer-United Press. 2000 ( 7.00 up 4 points. New Orleans
closed up to off 2 points,
Nearby October and Decem- ber responded to covering and Liverpool buying, reflecting the In the certificated stock and the Government's recent decision not to sell row cotton bverseas at cut ruic prices for the time being.
World Rubber sharp drop
Markets
Rubber
New York, Aug. 10,
futures closed today ing industry and the economy's sales of 380 contracts. need for exports.
Conversely, new crop months felt the weight of liquidation and (hedging on the generally favour-
spects that the Government may
by the State Department, as indicating that the private individuals and invest 225 to 270 points higher with fable aspect of crop news and pro-
Koreans had made a considerable concession to 14 the American point of view.
APL
230
7794
221%
new
year,
2. The payments balance Buying crédited to speculative pross the sale of surplus cotton has changed froin a surplus to account and a recovery at Lon-overscos after the new
of last year to a defeit this sonic £100,000,000 in the first don plus factory buying, all besides secking to tower price
to turn, prices up supports. ward after year so far,
a mixed start. Traders also regarded the tum-
• 3. Personal consumption about
following as technical
The only specific decision disclosed in the announcement-the decision to set ટી exchange rate 500 Korean hwan to the dollar- was a "compromise" which came much closer to alone this year has been about the original American position than to the Korean five per cent above that of the 3 stand.
to
to
investment
same period of last year, chiefly as a result of high earnings due full employment and rising And the cominunique, in the approved government 173.
Iransa wages. language Jak general
concerning tious in Korea were carried on 764xd. continued Amerlen help
4. Industrlat at 180 to one, resale of Ameri- stabilise the Korean economy ean aid goods at somewhat needs have been about one-tenth "within the limits of resources gher made available," made it clear actions still a bit higher. The
rate, and export Lans-above last year. that the Seoul Government had highest rate was obtained failed to make
any impression a with its request for an increase
in US aid during year,
All this has caused the cur-
combined.
the recent declines.
Liverpool nccounts sold the March and
deliveries May against the nearby, purchases. Other traders exchanged con- In the spot market, factories tracts in the process of evening- were reported buyers of a fair up the market position pending amount of rubber from dealers new developments.
on a delivered basis. In addi- tion, a fair shipment was done from Indonesia Amsterdam.
Sept.
Dec.
Mar
May
and
July
Sept.
byent inflationary pressures which at 484 cents. Futures: the American military establish-in turn are causing growing un- meat which auctioned its dol-casiness to the Government.
The experis predicted that Goverment credit squeeze will have to continue possibly be Intensified if major trouble is to be averied.--United Press.
the current
Far
current malatenance expenses on the open market and at times resale at a rate
the
ore.
Final Reply close to 800 to
Dr Y. C. Yang, Korean Am- The final compromise on the
500 to one rate means that in all 40bassader to the US, told the
United Press that "the arrange-general transactions the Korcan. ment is not what we would currency has been considerably have liked, but, frankly speak-heapened of a fixed rate for
totransaction to the dollar." ing, the Americans tried
However,
Singapore
the setting of a Stock Market
Trading volume und open business Interest in the Exchange today
and were:
Month
781,000
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regalar Freight Refrigerator Passenger Service
Landing for Bingapore, Penang, Rangoon, Calcuita and Chittagong.
“HRUEVERETT” "NOREVELLETT"
"BRADEVERETT"
"LENEVEREIT"
Arr. Sept. 11
2 Oct. -- Oct. 13 20 -- Oct.
Sails Sept, 12
- Det.
3 Det. 14
-- Oct.
27
Arr. Sept.
4
'Sails Sept.
4
-- Sept. 15
Sept. 14
- Sept. 20 Sept. 3
Loading for Kobe, Osaka, Nagoya, Yokohama
"NOREVENETT"
BRADEVERETT
"LENEVERETT ,"RENEVER EXTT**
Sept. 20 --- Nov. 2
LIMITED PASSENGER ACCOMMODATION
All the above subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR, SERVICE
Loading for Singapore.
Part
Swettenham,
Colombo, Bombay, Karachi & Persian Gulf Forts,
Salls Aug. 10
-- Sept. 10
Sept. 28 Oct. --Nov. 12
Loading for Kobo, Osaka, Nagoya, Yokohama
Jonsdake Muring Co.
Inlund Steel Co.
Interchinten Corp
4012
Ill Business Machines Int Harvester
J0Bxxi.
71%
Spot No. 1 Rss were quoted Oct.
Volume
20,000
Open Interest
317,400
Dec.
41,000
10-1
377%
Mar.
23,600
374,000
42
43.15
40.93-4000 July
Мах
17,300
3522,000
28:305
198,000
Kennecott Copper
Liggett. Meyers Tub, Co.
£2016 0742
43.95
Oct. Dec,
10,500
121,200
17,800
42.00
24.000
Total
Lockheed Aircraft
170,300 2,100300 bales
415x0.
41.00
་
Loews Incarn
23
40.80
Lone Star Cement Co.
5815
NEW YORK
Loulaville & Nashville R.
Lowenstein & Sons,
02 26
AMSTERDAM
Mesabi Iron Corp.
Minnesota Mining
Mission Development
201
Monsanto Chemical Co.
413
Montgomery Ward
705%
Motorola Ine,
The market was quiet. Prices as follows: closed today. in guilders per kilogramme, elf Sept. were as follows:
Prices of futures closed today
"STAR BETELAKUSE”
· "STAE AKCTURUS"
Spot
34,55n
"BTAR ALCYONE",
Arr. Aug. 13 -- Sept. 9 - Sept. 27
-- Det.
Oct.
33.79
--- Nov.
14 11
mw, ***
Dec.
33.85-86.
40
Mar.
33.50
National Col Reg. "A"
30k
National Dairy Prod.
41 make concessions and we tried
No. 1 rubber
3.40 non-
May
23.02.
20
to make concessions."
No. 2 rubber
3.70 nom.
July
33.04.
No. 3 rubber
3.58 nom
Oct,
32.40
7012
No. 1 crepe
3,43 nom.
Dec,
32.200
"STAR ALCYONE"
07%
44 Mr Palk Too-chin, who handled that the inflationary effects 574 most of the negotiations for his the
of
Current
11846
country,
Pacific Western Oil
40
Pan American Altways ixd)
Paramount Pictures
10
401
34
about 080 million.
800 to one, will be lessened,
Open market Brokers today quoted the came to the US in quellon system, under which following stock prices: June with a request that the the US has been transferring American Government - increase about $1,000,000 per week into Batu Lintang Rubber Co. its economic
aid to Korea to yen n! rates between 700 and
Singapore, Aug. 17.
LONDON
NEW ORLEANS1..
"STAR DETELGEUSA"
Opening
Borneo
92.
4912
A. Failure
cum, pref...
30%
cuts in the
16 Gramme.
4414
007
01
Hongkong & ...
1.id. Briti
Syndicate Consolidated
Smelters Ont. Fraser & Neave Ltd. Ord, Fraser & Neave Lid, 7
Petroleum
נים
$1.00
47/-
30/34 $1.07
The market closed very steady after a substantial drop: ag follows: Spot was 30-11/16 pence com- pared with yesterday's : 40:" Prices:
Prices of futures closed today
Spot
Dot,
Dee,
No. 1, spot Rss ............***** Belticinent house ferm:
3016-397%
Mac.
May
Sept.
July
3044-40
Oct,
$1,50
Ogt.
Dec.
Oct/Dec.
3034-3932
3929
Jan/Mar.
i
7/01
Apr/June
LIVERPOOL
$170
General markets, cif basis, ports:
$2.20
Sept.
$3.32
Oct.
Estate crpo
393-30 30%-2014 unquoted
as' follows:
OOL/Nov.
Future
National Distillers
National Lead ....
National Steel Corp.
New York Central
Olin Mathieson Otis Elevators Owen-Illinois Glas
·Pacific Gas & Elec.
fixed rate for transactions
by.
071 Korean economie co-ordinator (the American military means
Parke Davis Co.
Penny J. C. Co.
Penn, Salt Co. Philip Morris Phillpe Petroleum Pittatural Plate Glos Pubileker Industries Pure O....... Hladio Corporation Reo Motors
Republe Steel
Reynolds Metal
Shell Oil Co.
Baint Reg. Paper
Binclair Oil
Socony Vretium'
Bouth Porto Rico Sugar
Southern National Gan
Southern Railway (Com.)
Standard Oll of Cel,
Standard Brands
Standard Oil of Ind.
Standart 1 of NJ
Stokley-Var Carp
Studebaker Packard Corp. Swift & Co.
Twenty Contury Fox Film
Texas Co,
|| Tide Water Amn. Oší
Union. Carbide,
Union Puele Railway
Selimited Alperaft
B1.8, Gypsum
SUB, LION=CO.
MLB Rubber, in
DIA 175. Brettin'
Mestisbonne Electri
{West Vm, Pulp & Paper
The final reply was that the 41 Kerauns would be fortunate to 716
ziget
the budgeted 560 million, 10% since Congress had made some 40%
American
authorities made.
to. foreign aid pro-one considerable concession
ing Corp. the Koreans on the exchange. Hengkong Tin Ltd... rote system. They agreed that | Kempas Lid. The US during the lengthy cool and Cortillser could con- Lunas Bubber Estates Ltd. talks demanded agreement ontinue to be handled.
Malayan Breweries al lower
New Serandah Rubber Co. 5412 a higher and "more_realistle" {exchange rates in order to spur Li crate of exchangé. between the industrial production and agri-
Petaling Tin Ltd. hwan and the dollar, contending cultural development, However, ngapore Cold Storage
Raffles Hotel 341 that
the Korean Government | it is expected that these two South Drills Issurance Co. 3015 wus resoling American aid Items eventually will be cover-d Ballgoods for hwan at too low D ed by the higher rate.
30
1331
IO
1024
rale and thus failing to realise as much revenue as it could.
Final Compromise The Koreans contended that raising the rate would increase inflation but offered to increase it to 271 to one. The US said:il should be "between! 300. 600"
Millary discussions wore carried on here by Korean. De-
Straits Trading Biralis. Steamship. Tinted Engineers Ord. Wearne Bros.
Exchange Rates
fence Minister Sohn Won-il He failed to secure any promigo, of increased American military id to his country for this year. However, Increased. American military ald to his country over Busine was done in the Ingal the estimated 230-million was nomatal and
already planned for this year morning at the followi However, hat did win" Ferstagon sterling notes (per
market, this
2014. The final agreement was on a promises in exord up, deliveries.) Austen lan zootor tipec TEEN
rate of 500, to ondi This "mip-of equipment, stili, due under Bedanadan rupiahy plania the former multiple rate | Just your's Aprogramme, United Bam Dosis per
system under: which offisially. Přess.
Arr. Sept.'
4
Sails Sept.
Sept. 20 Oct.
20
4
closings, American middling. In pence per 1. were.
"STAR ARCTURUS"
10
3-Nov
20 Nov. 27
- Sept. 19 --- Oct. -- Nov. www, Nov. LIMITED PASSENGER ACCOMMODATION
All the shove subject to altoration without notice,
EVERETT STEAMSHIP CORPORATION S/A ̈
(Incorporated in the Republle of Panama with- Limited Liability) Chinese Department: Telephono 28293, Queen's Buliding, Telephone | 31206,
300
Dea/Jan
May/June July/Aug.
$1.70
$4,00
$1.07
$27,00. $23.00
· The Singapâre rubber prices United [wère-' not:, resolved.
Press,
Mur/Am.
$15.00 $2.723
China Mall Special.
London Foreign
SAO PAULO
per kilo were ha followNE?-
Exchange
CREAZ
Futuros closing in cruzeirosi
An id ક
30,010%
PRESA
middling at Leri
MESSAGERIES MARITIMES
P.O. Box 53.5 Queen'es Building A Tel: 306651
· FAST PASSENGER/FREIGHT: SERVICE #LAOS"!
VIETNAMA
“DGNAI"
MEINAMA
sailing Sept. 10th
sailings Oct. 8th
Balling Aug. 19th Sailing Bapt. 21st