THE CHINA MAIL TUESDAY, AUGUST 23, 1955.
TRADE and COMMERCE SECTION
AMERICAN ECONOMY New York Stock
Stock Market Trading
Dwindled
But
No Letup Elsewhere
By JOHN MORKA
་
New York, Aug. 22.
Although stock market trading dwindled seriously last week, there was no letup elsewhere in the US economy as new production records continued to be set in just about every segment of the industrial picture.
Paced by a rise in consumer hard goods, the nation's industrial production index for July rose one point from June to 140 per cent of the 1947-49 average. This is a 14 per cent gain from the previous July. US income also soared to new highs in the second quarter, with every indication now that 1955 will go down as one of the best years in US history.
N.Y. COTTON
MARKET
Despite the boom, there were still soft spots in the economy, The blure of production con- finued this past week to place
strain a terrife
on American steel mills as backlogs continued to pile up with no signs of any easing.
If conditions in steel keep going the way they have in the past few weeks, there is certain to be a gray market in steel.
allotments Autumn delivery are being cut or cancelled and getting worries executives are about having enough steel on
hand.
1
In
Teme
West European countxles, especially Britain, in- fation is something to be dread- ed even more than it is in the United States.
Business Week magazine recognised the problem of in- flation now facing most nations in Europe in another.
one form or
May Follow
UK EXPORTS
DOWN
London, Aug. 22. United Kingdom exportE In July totalted £223 mil- ton, which was an in- create of 280.1 million over the exceptionally low June figure (due to dock strikes) but four per cent below the average month- ly rate for the first six months of 1955.
July Imports totalled £338.6 million, which was 244.8 million more than June and seven per cont more than the average monthly rate in the Brat half of the year.
Re-exports totalled 27.0 million. which
16 WAN per cent below the monthly rate for the first half of the year. China Mat! Special.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to $700,000,
Noting recent West German Noon quotations and the morn- and Belgian boosts in their reing's transactions: discount rates and credit clamps
New York, Aug. 22. The cotton market dwindled today
as traders awaited incentives.
Prices see-sawed narrowly with the distant deliveries still
by British Chancellor Mr Butler, BHARES BUYERS SELLERS SALES while nearby on the defenslyv
According
Iron Age the magazine commented: "Other months were braced by.evering Magazine, national metalworking European countries may have to in the October delivery coin-
in-weekly.
"heavy demand for follow suit whether they like it
KC eldent with further reduction SPA
_a
steel and the inability of many For 11:01. Money markets have in the certifiented stock.
siralmakers to moet theln become
come so closely interrelated in Distant deliveries fell the estimated production
schedules the past two or three years that weight of liquidation and
were only a taste of what coin- countries like the Netherlands ands hodging in
face after Labour or Italy, even if less threatened Salling in that sector was attriples wit
by Inilation,. can't afford to keep the abundant supply Day (Sept. 5).
thele interest rates down when others are rising. They would then face a drain on short-term international funds.
small
market.
and raw cotton prospect for chances that the price support programme for 1958 may be re-
vamped when Congress recon-
veries.
from
Copper Shortage
INSURANCES
Union Lombard Underwriters DOCKS, ETC.
K. Whar!.. Dock Provident
(Old) Wheelock
Market Prices
By JOSEPH MICHALSKI
New York, Aug. 22.
Rail shares carried their advance through the fourth session today in the face of a generally easier market and continued lagging Interest as evidenced by another small turnover.
The demand for rails lifted a number of in- dividual issues a point or more and left the group úp 0.66 on average. Industrials, while their losses were pared in late dealings, nevertheless were off more than a point on average, Utilities were firm.
FOBsion Owens-linois Gies
Volume for the totalled only 1,430,000 shares, compared with 1,400,000 011 Friday and with last Monday's ID-month low 1,230,000 shares, The day's big news the flood tragedy in the northeastern states -- occupied much of Wall Streets' attention and had some mai
arked effect. Stocks of companies damaged in the flood, reacted but most ohly fractionally. declined Amerlenn Optical, "one of the hardest hit with an Initial lost of more than 4 points, recovered bit 48 at appeared the damage might not be as ex- tensive as it seemed at first. Bigelow-Sanford, US Rubber, Underwood, Belding Heminway, ali
Rood reporting
damage closed fractionally lower.
Insurance Drops
Pacific Gas & Elec.
Pacific Western Oll Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. Co.
Penn. Belt Co.
Philip Morris Philips Petroleum Procter & Gamble Co. Pittsburgh_Phile Olies Publicker Industries
Pure Oll... Radio Corporators Kro Motore *** | Republse Steel
Reynolda Metal Rheit Oil Co. Saint Reg. Paper Sinclair Oil Boceny Vacuum South Porto Tipo Buger Southern National Qae Bouthern Railway (Com.) Standard Ou of Cal Standard Oil of Ind. Standard Oll of NJ, Stokely-Von Camp.
Blandard Brands
Page
P&O B.I. E&A ̃
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwardy "CORFU"
"CANTON"
""CARTHAGE"
"CORFU"
Leaver London Blue Mongkong
Halled
14th:- September sash October
3rd August
19th September
17th October
14th November
Via Southampton, Port Said, Aden, Bombay, Colombo, Penang & Bingapore
›Plómawarda "CORFU"* "CANTON"✶ "CARTHAGE" "CORFU"
Leaves Hongkong Das London
28th September 23rd September 24th October
27th August
21st October
18 November
21st November
19th December
Via Singapore Pening, Colombo, Rombay, Adan, Port Said London *Alto call at Malla.
118
4114
1515
"BURAT"
"SURAT"
2004
FREIGHT SERVICE
dye lat Sept, from UK. via Straite ipads 2nd Sept. For Japan
loads 22nd Beyt. for 'pone, P. Swelten- ham, Penang, Colombo, Aden, Port Bald, Genoa
•
Marseilles, Havre, Lo
don.. Antwerp, Rotter dam & Hamburg "SHILLONG" due 26th Sept. from UK. via Straits
loads 57th Sept. for Japan With Uberty to call at Belawan htfore or after Biraits Ports and at Bombay if Inducement offers Tanks available for carriage of Gli in Bulk. 8pace for refrigerated cargo. Limited Passenger. accommodation
BRITISH INDIA S.N. CO., LTD.
htt# 24th Aug.
"SANTHIA"
In Port A-1
Studebaker-Packard Corn. Swift & Co.
"WARORA"
due 7th Sept, wall 8th Sept.
"SANTHIA"
due 13th Sept.
Texas Co.
Tide Water Assn. Oil
Union Carbide
US Rubber
S. Smelting
Insurance shares slumped on Twenty Century Fox Film the heels of growing casually union Pacifte Railway igures and rising property United "Aleeratt losses although it was pointed out, much of the heavy loss will
U.S. Steel not be covered by Insurance Waner Bros. since flood insurance is not Westinghouse Electric
West Va. Pulp & Paper other Woolworth written on dwellings or buildings.
On the big boord, Fidelity- points and Phenix lost nearly Continental Insurance declared Over-the-counter, point. Aetara Cusually and Hardford points 5 Fire cach lost around while cther casualty companies declined' a point to 3 points.
Among industrials, steels had losses ranging around a point in Inland and national while US Steel dipped and Bethlehem held unchanged.
BANKS
HK 'Bank
.. 1729 1745
1003
101010
50 60
J
10.20
73
20.20
15.80 io
0.05 0.20 2000 **
1000 2000 9
3000
₤1.00
1000
9.40
LAND. ETC.
HK Hotel
HIK Land Humphrey
.19.20 19.80 2000 5 19.80 1000 g 10.40 7247315 000 173
20.70 20
Alden. Inc. Aty,
Allied Chemicalr
Allied Mills Inc.
are
RUBBER
A. Rubber 2.16 2.20 15,000 Trust ..... 3.03 310 15,000 UTILITIES
246
D.10. Of 1,118 Issues traded, 477
were lower, 301 higher.
New York Stock Exchange bond volume was $4,410,000.
CLOSING PRICES
Allis Chalmers
American Airline American Cyanamide Co. 2.075 Am. Mach, & Fdry
American Metal
Smelting
Tram 29.30 24.90 500 51 40ean Tel, & Tel.
..... 413
120
3900 68 24.30 American Tob, "B"
000 g 24.30 Anaconda Copper
Armeo Steel
2234 Armour
02.20 Baldwin:Lime-Ham. 17.00 Baltimore & Onio
2732 or 41**. Bendix Aviation Corp.
419
Many steel customers are going to be greatly disappointed when
"Economists here and in The certificated stocit drop- they fall to get expected tonnages Western Europe are encouraged way thw European ed to 24,623 bales, off 2,882 October or November, the by the
arc applying magazine sald.
governments bales from the previous report
Eleswhere, copper prices were modern stabilisation techniques anci u decline of 37,500 bales boosted last week. The
redIntervention during prosperity since Aug. 1.
Atlanta trade reports said the metal has been in short supply to restrain demand and forestal!
the danger of a bust. They as a result of the big buildup in inst week con- inti demand
demand
the from
electrical,
delighted that so far there has tinued good.
Users of 1-1/16ta and other major industries. been no i'course to the kind of
auto inch were cager buycts of high
that Britain's Copper has been selling in physical controls Arades
early South
Government used so high as 47 cents Labour Georgiu ginnings. Demand for Europe for short staple in the Texns pound. Recent strikes in the unsuccessfully in trying to check
Y'mati Ferry '116 G. Light (0) 21.50 23 334 growthe was good with mills United States helped cut down infiation.
"Some of them even feel the thinking of covering require on production.
As prices
of commodities con- present monetary technique is
C. Light (N) 17.00 nents through Orlober,
to the
Electrle classic gold Memphis reported numerous tinue to rise, there is new pres-superkar
when central bank mill inquiries for thort and fall sure evident for release of some standard.
came at a later shipments. Prices for high grades of the Government stockpile of action usually continued arm because of the vital materials. A major rubber stage in a boom and required a
wer recently urged the Govern- more severe deflation. lack of these qualities in new
ment, for example,
"US Government, economists to release crop the
glinings.
200,000 tons of its natural rub-who keep a close, eye on Euro- At the close the list ruled un-
ber
• 49 hoards
pean developments agree that rubber prices 11 points changed to
lower. Opening prices were up to off nearly doubled in the past year, there has been real progress to-
US efforts toward countering ward slability. But they don't STORES, ETC. 8 points. New Orleans off 5 to 10
any Inflationary trend by prompt agree that Europe's postwar ad- points.
Crawford on credit and higher | Ustment. Is anywhere near as The trading volumes and opsa interest rates appear be pay com as ours or at least not interests were available.
ing off to some extent.
in several countries. And they COTTONS Prices of futures closed today concern about inherent dangers alone, except
Sorac of the clamour and aren't sure that monetary policy perhaps in Ger- in the US economy appears to many, will remove the threat of think that They somewhat, down presumably B reflection of "see Government expenditures for the what happens" attitude. There welfare state need to be Is general feeling, however, that From Scandinavia down through
that West
Germany and France to the Government will not hositate
continued to take further restrictive action Italy they foreste
problems.
And they definitely
as follows:
Snot
Oct.
Dec.
Mar
May
July
Oct.
Dec.
NEW YORK
NEW ORLEANS
34.000
33.92
33.00
ERLAY
33.56
32.31
restraints
have
died
inflation.
Fut
Prices of futures closed today on credit as u safeguard against have their Angers crossed in!
as follows:
Spot
Oct.
Dec.
NOT.
May
July
Oct.
Dec.
LIVERPOOL
It may even a rise in interest rates. Britain." However, experts here feel that
inflation if needed. It call for
the Government will probably hesitate to upset the fine balance
33.68
33.91
3.60 37,70
32.02-02 of the
too much, The
Committed
widely-read
magazine,
32.34 32.27
Масло Elec, 11,40 12.00 1000 Telephone .. 33 33 100 3325 2000 332 252 3304
$ 25
33
57!
United PresN,
London Stock Market
London, Aug. 22, Blue chip stocks figured Im→ portantly in a downturn on the London Exchange today.
Losses of two and three shii- Ings were scattered all through Heavy the blue chip groups,
shares engineering und steel were off one shilling six pence to two shillings.
Among Government bonds, wor loan declined £1 to £75%, lowest since 1952. Daltons and tour per cent Cosols lost £%. Olls fell sharply at the start, Bat but showed
strength British Petroleum, at one point down four shillings, closed
6714
81
170
7415
12
34%%
BOL
net
loss of one
later,
with
chilling
Burmah was off three shillings at the end of the day's trading.
Gold and copper shares were off sharply at the close, although
10 gold looked strong at the outset,
Japanese bonds
Benguet Cons. Bethlehem Steel Boeing Airplane Borden (The) Ca. Burroughs Add Machine Canadian Pacific R. COBO J. 1.) Co.
132
1451%
0232
33
16
300 334 C. I. T. Financial Corp. Cat. Tractor
INDUSTRIALS
Coment
Rope
..... 3314 14,90
34
Dairy 22.80 Watson
17
500 / 23
15.60 JU
Texflies
5.58 Nanyang....... 045 8.00 MISCELLANEOUS
Entertainment 10.20 4832 Yangtzte
88.10 2000 Allied
6.70 5.83 3900 14
Celanese Corp.
Chase Manhat. Bank Chrysler Matory
Colgate-Palmolive Co.
Commercial Credit
Commonwealth Eloe.
Consolidated Edison
Continental Oil of Del.
Com Products
contributed
a happy note, with only one weaker, while other issues were
20% up as much as £1.- United
Press.
New York Sugar Market
New York, Aug. 22.
World No. 4 sugar futures closed 2 points higher.to 1 point
22% lower with sales of one con-
Continental Bleel
Crane CRE
3:0
tract.
Crown Zellerbach
70
8.05
Cubon Amer, Sugar
144
1.75
Curtis Wright
Diamond Alkall
41
Dow Chemicals ...
World Rubber
Markets.
economy
New York, Aug. 22. Rubber futures today closed especially, as the presidential commenting on British Inflation elections are coming in 1950. The sald: "...the real problem is unchanged to 6 points lower with Futures closings. American nation's prosperity is usually a that the British people and the sales of 198 contracts. middling. In pence per lb. were strong campaign issue.
as follows:
Oct/Nov.
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
31.50
30.70
26.20 27.97
20.55.00
More Lenient
thupont de Nemours
Eastman Kodak
El Paso National Gm Erie Railroad.. Family, Finance Corp. General Electric General Foods General Motors Gen. Pub. Uu, Gillette Safety, Rozor Glidden Co. Goodrich (B.F.) Co. Goodyear Tire ... Hayton Chemical Hometnice Mining Co. ingersoll-Rand
Irsinrich "Ebesel Co. .... In't Humine Machines Conservative Government are
Enti farventer still too strongly wedded to, two Speculative covering and com-mternational Nickel of the main elements in the mission house buying brought a international Paper
as sellers turned imi Tel. & Tel. welfare state that Labour left closing rally
John-Manville Co, behind in, Britain. In the first cautious.
Kennecot Copper Lugelt Meyers Tob. Co. place, the country is still com- Dullness prevalled in the spot Lockheed Aircraft
to a polley of over-full market. Small salts Included] Loews Incorp. AN employment.
Whenever spots
un. No. 1 sheets for November de Lone Star Cemnant Co.
Wall Streeters generally are of the opinion that beginning in SAO PAULO
early 1955, Washington wol be a Futuro closings, in cruzeiros lot more lenient toward the per idio were as follows:
stock market that Delober
the Conservativos have sellers at that figure: Spot No. tend to eas, that there will be even December
to wipe them out March
36.30 les talk about margin increase, moved in
perhaps even a bit of casing in rather than let labour shift to Ras were quoted at 45 cents,
nominal. 34.70 margins.. The Government re-growing industries.
cently boosted
down- mangirani
"Second, the state is the most Futures:
Money will į unemployment have shown up.ivery at 451⁄21⁄2 cents with further } Louisville & Nashville R.
May
July
In
the United Statts
34.20
34.73
the
average price of 15/16 midking payments on purchases of stocks lavish spender in Britain, making september at ter cealgnated spot markets from 50 per cent to 60 per cent artisan of inflation. As part of May
it, in all probability, the chief December Sales at these and again from B0 per cent to was $9.66 conte. markets totalled 37,070 bales. per cent. This is a new minimum his latest anti-inflation. Pro-Jul
margin in order to curb what it gramme Mr Butler has promised September
La cut down Government spend- fall was excessive speculation.
look for a period of and to force the nationalised to trim their sales.
United Pro
Lowenstein & Sons,
Mesabi Tran Corp. Minnesota Mining
Mahmanto Chemical Co. Montgomery Ward Motorola Ing.
44,25
National Cash Reg. "A" National Dairy, Prod,
$5.50-55
National, Distiern
National, Lead
13.10
41.75
National Steel Corp.
New York Central
40.00
Olin, Maihlenos
LONDON
Utia ↑ ElovaLOTE.
The market was very stendy..
London Foreignac coddling in 1956. Tirare But probably something more prices closed today in pence per
Exchange
London, Aug. 22. Foreign exchange rates today closodi ne follows: !
New York
Amsterdam Netherlands W. Indies
qua
feeling also that the current drastic in the way of reducing lis. as follows; bull market in stocks will die Clovernment programme is needed only when Government press if monotary pollay, is to work," No. oot bocomes too strong. theory, therefore, those who look-United Pre
for a rise are convince ed
dovernment does not want to kill Exchange Rates
Todof the bull market and hence will
ble
усту
cautious in its restric»
'
unofficial
floris, Including credit controls.
This" - paat -- wamic" relative morning inactivity in the Block market was written ungin a period PETEGALITWAREời kuthooting kkno
first day Alro,” some of the hot wa
fizuridag) and vadatión "holidays.
settlement House, LEVITIJ
September
ADI
Domestic No. 6. sugar closed unchanged to 2 points higher with sales of 34 contracts. $114 Both contracts were dull and al without
particular trading 7715
Firmness
23
feature.
in dome- stle raws reflected an active reiner demand in the wake of
a continued hot weather. 12014 Futures:
Contract No. 4 (world)
TREK
3014
Bept.
Oct.
Starch
1715 May
July
Sept,
Bpot. (conits per lb. fob Cuba.
50% Nov.
03154
Mar.
09
May
Contract No. 4
Spot-(cents per lb. eif NY
ex-duly)
1.55
United Pros.
New York Foreign
Exchange
New York, Aug, 22. Foreign exchange rates clored |today, as follows:
England-omelet
2.78-11/10 2-09-2.55
salla 14th Sepi.
from Calcutta, Rangoon & Stralis
for Kobe & Yokohama from Japan
for Singapure, Rangona & Chittagong
from Japan
for Signpore, Penang itangoon & Calcutta
P. & O./B. I. JOINT SERVICE
"ORMARA"
"OZARDA"
"ITOLA"
In Port
from P. Gulf, Karachi & Bombay :
aalis 23rd Aug. for Koba
dne 20th Aug, from Karachi & Bombay xall 29th Aug. for Japan Cue 1th Sept. from Japan Balls 8th Sept. for Bingapore. Madras.
Bhavnagar,
Karachi Basralı, Abadan, Khor- ramshahr & Kuwait
'EASTERN & AUSTRALIAN S.S. CO., LTD. "EASTERN" loads 5th Sept. for Bandakan, Rabaul.
"ARAFURA”
"NELLORE", "
Brisbane, Bydney, Mel- bourne & Adelaida dus 5th Sept. Tram Australlo Loads th Sept. for Japan duo 1st Oct. from Australia loade 2nd Oct. for Japan
All vessels have liberty to call at any ports on or off the route & the roulo & saiting are subject 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 Hefrigerator Passenger, Bervice Loading for Singapore, Penang, Rangoon, Calcatta und Chittagong.
"REDEVERETT"
"NOREVERETT"
"DRADEVERETT""
"LENEVERETT,
Arr. Sept. 11
+
Sall Sept. 13
-- OR.
;
- Oct.
- Oct. 13.
-- Oct., I
-,- Dot,
20
Oct. 27
Arr. Sept. 4
Sails Sept.
Bept. 18
-
Loading for Hoho, Osaka, Nagoya, Yokotazna
"NOREVERETT*
"BRADEVERETT"
"LENEVERETT"
*
Sept. 15
-- Sept. 29 Copt. 28
Bept → Nov. LIMITED PASSENGER ACCOMMODATIGN. -
**REDEVERETT“
All the above subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICE
Loading
for, singapore. Port' 'Swettenham, Colombo, Bombay, Karachi & Persian Gulf, Forte,
-“ETAR ARCTURUS"
*TRAL”
Arr. Sept. 9.
- Bapt. 2
"STAR ALCYONS" **LAD"
Oct.14 Ney, 11
"STAR DETELOKUSE"
*-*,** Ngv, 430
Salla Sapt, 10 ° ***
Bept. 28
- Oct 15
- Nov., 11.
Looking for Kebe, Osaka, Nagoya, Yokohamá
Domicial
30-day futures 90-day futures
TEAI
-- 277-31/32)
“STAB ALCYONE"
were all
unchanged,
"LAO
Unsed PrE
pag
MESSAGERIES MARITIMES
IRONBOR BIN Queen)
LAOS" "VIETN
Salla Sept.
Art. Sept◄
Bapt. 10
Oct10 Nov. NOV. Nov. 28
Nov.
Sept 10th
"STAR BETELOBUSË”
"STAR AROTURUB“.
LIMITED PASSENGER ACCOMMODATION "
...t
All the above subjeed to alteration without notice.
EVERITY STEAMSH
"(Incorporated: Ja. Republic
السنارة
8th
887