THE CHINA, MAIL,
TUESDAY, AUGUST 30, 1955,
TRADE and COMMERCE SECTION
AMERICAN ECONOMY New York Stock
Rebuilding Northeast
States Will
Require Nation's Steel
By John Morka
New York, Aug. 29.
Business was booming as usual in most of the United States last week.
However, in the industrial northeast operations were in many cases at a virtual standstill as city, state, and federal agencies grappled with the tremendous job of rebuilding hurricane-wrecked plants and cities.
COPPER
PRICES
JUMP
the
London, Aug. 20. Copper prices rose sharply today on the Metal Exchange when reports of labour unrost in Chite touched off a broader demand for delivery in first quarter of next year.
Closing prices were up £9 with sales of 650 tons. Spot copper closed with buyer at £393 and sullers at £394; three months buyors £380 and sellers £3874.
Tin closed off £1 to £ with Lin tons. Spot sales
of 115 closed with buyers at £7405 and sellers £747; three months at £745 and £747 buyers and sellers respectively,
one per
A big rite Apparently
market price is k watched closely from
11
Many thousands of jobs were
ccnt. reflecting the
uf the
funds shrinking supply completely washed out by
Other lending. Tals which lpshed northeastern. evrable for United States last week. Hardest type of borrowing have also
the sites of United hardtend in recent weeks. hit were States of Connecticut, Pennsy Ivana, New York, Jhode Island, Massachusetts und New Jersey
Son Plants vanish'd com- pletely
Others will be closed Indelinitely. The more fortunate
closed from weeks will be amonths.
thousands Main streets, stores, railroads, homes, utilities were devastated by one of the freakest storms in history.
30
of
The brass industry was among the hardest hit. The US rubber company had damages that may run as high as 10 million. Some plants will be steel and wire closed indefinitely.
Emergency shipments of all types are being rushed to the sirieken areas.
Other Industries With hundreds of bridges and structural·
plants
The
knocked
areas
oul, the now demand will lend Lead closed unchanged to up
to further tighten up the steci ton market. 575
lord-bit £4 with sales of August closed with buyers at will need huge supplies of new
End sellers £ 107
£107
steel-and right away. and November buyers £106 sellers 100% a ton.
Zine closed up 4 to £ with sales of 250 tons. August closed with buyers at £90 and sellers £002 November buyers 2004 and sellers £90 a ton-United Press.
Chicago Grain
With steel already working ai or near capacity, this will mean that some customers will just have to wait that much longer for deliveries.
being abrood, alon by American in- V-bors.
According to figures released Jast
week.
foreign long-term investments in the US hit record vidue of $11,000,000,000 at the end of 1954. This presents a $1,800.000.000 over the previous totu holdings
in securities was especially worlby,
of
your.
re- boost The
note
WOOL PRICES
DROP
Bydley, Aug. 29.
The first bales of this year's Australian wool clip were sold at prices 3 to 23% per cent below last reason's closing lovels when
the 1955/30 Wook setting season opened to. day.
This fati had been forecast by experie, who placed the cause Inflationary tendencies In
Trilain and Australia,
But the sales alaried amid strong competition, the chlof buyers beling
Britain, other European
nations, and Japan,
The Soviet Union WOR not reported to
have bought in the Brat deal- ing though it is expected to join in later,
It has been estimated
mort that
than four millon bales of wool will for sale this bo put up
Mail Baxon. — China Special,
JAPS WANT
Market Prices
New York, Aug. 29. Industrial stocks made further modest gains scoring their fifth consecutive advance today despite late realising.
Chemical shares, some steels and non-ferrous metals and a long list of individually strong issues featured the higher movement which prevailed through most of the session. Late selling pared gains in most groups and caused some good-sized losses in aircrafts and rails.
Turnover dipped to 1,010,000 shares
after three better-than 2,000,000 shares days Inst week.
There Was considerable realising in the non-ferrous metals, with Anaconda and Magma to feature steels with a gain of nearly 2 points at its high and a net rise for the day of almost a point.
World Cotton
Markets
Now York, Aug. 20.
Issues such as Brigs and The cotton market closed to- Stratton, Cincinnati Milling day 9 points lower to 5 points Machine. Evans Products, Fire-bigher after swaying within a stone
Freuhaut Trailer, H. J. nine-point range. Heinz, International Sail, Lily- Opthing prices were off 1 to Tulip McCortl
Corp..
Penn.
4 points. New Orleans closed Dixie Cement, Pittsburgh Plate
of 1 Lo 4 points. Trading Glass, Serge: Refrigerator, Tim- volumes and opening interests ken Roller Bearing rose a point
in the Exchange
were us fol- to 3 points.
lows:
Volume Open interest
15.k $10,500
Aircraft losses ranged to paint or so in Lockheed. Re- public. Boeing and Douglas. United Aircraft, however, re- spanded to good dividend news with a point gain..
US SURPLUS sinn Selection Trust
20,000
103,600
7.000 342,000 1,000 301,305 10,500 109,000
130,000
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Qutwards "CANTON" "CARTHAGE" "CHUSAN” "CORFU"
Leaves London Due Nongkong Salled
10th September
14th September
17th October
30th September
12th October
9th October 14th November
Vin Southampton, l'art Sald, Aden, Nambay, Colombo. Penang & Singapore
-Flomowards
Leaves Hongkong. Duo London "CANTÓN”* 23rd September "CARTHAGE" Zial October "CHUBAN" 2nd November "CORFU"
24th October
Flat November
.29th Number
18th November 19th December
Via Singapore. Penidy, Colombo, Bombay,. Adau, Port Said & London: Abo exils at Malta.
"SURAT"
"SURAT"
FREIGHT SERVICE
Aud 1 Bept. from UK. via Siraits loads 2nd Sept. for Japans
loads 24th Sept. for S'pore. P. Swetten- ham, Penang, Colomba, Adon, Port Said, Genoa Marsellies, Havre, Lon don, Antwerp, flatter- dam & Hamburg "SHILLONG" dua, 2701 Sept. from U.K. via Siraits
Fends 20th Sept. For Japan
With liberly to call at Belawan before or after Stralin Ports and at Bombay if inducement offers. Tanks available for carriage of Of in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
/
BRITISH INDIA S.N. CO., LTD,
Month
Oct.
3
Dec.
Mar,
May
Tuly
"WARDRA"
Oct.
3.100
Der
500 20,000
Toni
73,000 2,161,600 bales,
NEW YORK
"SANTHIA"
Prices of cotton futures closed today as follows:
Spot
34.150
Ocl
33,74
Dec.
Mar.
33.62-64 33.71
MAY
33.32-31
July
Oct.
Dee.
32.02 32.40n 12.12
"ITOLA"
or 1,125 issues traded. 458 were higher, 433 lower. Rhode- Was the day's most active issue.
New York. Stock Exchange bond volume was $4,070,000.
Amorican Stock Exchange volume was 530,000 shares.
COTTON corporatu
Toyko, Aug. 29. Foreign holdings in the r
The Japan Colton Spinners' corporate securities had market value of $5,500,000,000. Association has announced that
rise of nearly $3,000,000,000 its Director General, Mr Tawa from
visit the witt
United 1040. Nearly all the in-
shortly
discuss a plan general States 10 crcare represents the
ise in market values. In the letting Japanese mills process the American surplus cotton Into fr. six months of 1955,
colton textiles
shipment of Commerce noted, Department
Indonesia. At present
for
purchases remained high atto is scheduled to leave
a figure above $80.000.000, Mos: he of the purchases were reported ckyo tomorrow (August 30) for Britain and Switzerland. accompanied by the Director of Net sales were reported for the the Textile Bureau of the Minis-
try of Trade. Netherlands,
Reaction
American resetion
tp Pre-.
He is also expected to confer with the American Government the and business ¡caders on question
Closing Prices
Alden Inc. Aey. Allied Chemicals Allied Mills Inc. All Chalines American Airline American Cyanomide Co. Am. Mach. RF dry American Metal American Smelting_ American Tol & Tel Anicricon Thời gi Anaconda Capper Armed Steel Armour
Baldwin-Lina-Ham Baltimore & Ohio
Celanese Corp.
Bendix Aviallon Corp. Denguet Cons. Bethlehem Steel Boeing Airplane of alleged Japanese Borden (The) Co. sident Elsonhower's docision toxtile dumping in *North, Burroughs Add Machine last week ralsing US tarif America. The two men Will Canadian Pacife R.
Case (J. I.) Co. the other industries 'duties 50 per cent on imported later visit West European coun-C. I. I. Fmancial Corp. Amony
bicycles which suffered considerable lightweight
was tries to discuss the question of Cat. Tractor mixed, Bicycles dumping. damage: Cement, textiles, wool generally
manuftetürers here, naturally textile munufacturers,
ers, optical mani
the added
Trude sources said that, under pro- goods, colten and wool textiles thankful for
plan" and sport goods mauufacturers. 1ction, appeared to be hopeful the "triangular trade
Elsewhere, there was comfort that the boust would of itself which Mr Tawa would discuss in thre United States. Indonesia in the continuing high level of solve their problems.
Importers, meanwhile, were would supply activity in the United States,
tin, rubber and inclined to crillelse the Pres other strategie raw materials to The stock market recovered Chicago, Aug. 29.
sident's action on the grounds
Stales in exchange United doldrums of recent Active selling and hedging sessions and rolled up the that it in effect represents a for American surplus raw cotton. Umited demond, and reports of
to protectionist Japan would process the FoW highest
in three weeks concession gains rainfall sver the grant be caller this week for the first elements in the United States, cotton goods for shipment to combined to pal futures lower
time in two weeks, volume fornel on the Board of Trade today. Corn.
soybeans the day exceeded the 2,000,000- and ryo futures showed heaviest share level.
the Josses.
Market
its from
the
In keeping with
the Indonesia and receive part of the Administration's avowed plan cotton in payment.
Retang liberal trade.
of
The plan was designed to in- Fluctuation has been general-
generally were in-
Crease by 100 million square to take the 10 at ly within e
There clined
decision yards Japan's cotton textile ex-
• Barrow range,
In stride,
по They foresaw selling pressure, tiger receipts of grain
ports to Indonesia this year. markets today apur-19 no evident
shift major
existing China Mail Special. in the according to
This to the
experts. red hedging activities, dealers
is taken a favourable deve-price balance between American accruing said,
lopment and the quiet phase the and foreign bicycles
arket is now enjoying is taken from the rise which will add
many as a period reflecting about $2 or
tariit costs part a test of the lows.
wus
It is also explained that the
Some
current
London Stock Market
London, Aug. 29. Stocks were unsettled on
Chase Manhol. Dank Chile Copper Chrysler Motors Colgate-Panolive Co, Commercial Credit Commonweally kier. Consolidated Edison Continental O | Continental Stert
Com Product Crane Co Crown Zellerbach.
af Del.
Culun Ainer. Sugae Curtis Wright
Dinmonk Alkal
Dow Chemicals
Dupont de Nemours Eastman Koda
El Paso National Gas Eric Railroad Family Finance Corp. General Electric
General Foods General Motors. Gen. Pub. Util. Gillette Safety Razor Glidden Co.
Goodrich (B. F.) Co. Goodyear Tire Heyden Chemical Inland Steel Co. Interchemical Corp. Int'l Business Machines Int'l Harvester
International Nickel International Paper Int'l Tel 34, Tel... Im-Manville Co. Kansas C. Power & Light Kennecott Copper... Liggett Meyers Tob. Co.
Lockheed Aircraft
Low Incorp
Export business was limited to small sales of US corn and
lesa 10 soybeans to the Continent and corn to the United Kingdom
American retcilers during the weekend
Domestic tour demand also market has had to guntemi with claim that there is enough of a session of credit-tightening price murgin between American Sales by
south- slow,
noves by the Government and and foreign bikes so as not to western mills during the lost traders are said to be waiting upset the present competitive week were estimated at about on the sidelines for new incen- balance. 00 per cent of capacity, spring tives.
Americans have been critical
the London Exchange today wheat flour sales at about 50 And this might not be long in of the loss of a substantial per cent, and soft wheat flour coming. Third quarter earnings portion of the US market. to and finished easier.
Lone Star Cement Co. sales at 75 per cent, graite mer for steel, railroad, utilities and
Imany other industries will make manufacturers located
Hints of further measures to Lowenstein & Sons.
Louisville & Nashville A. chants said,
England, France,
the list Merabl Iron Corp. to curb inflation dropped Wheat dosed off to two good reading, Profits are Ex-Germany, Austria, Italy and
fractionally, although among Minnesota Mining cents; coybeans (old) off 3 pected to be substantial and
}} minor degree,
Japan. in
Missions Development to 44 cents; soybeans (new) dividends higher.
Reaction here was a national the industrials there
Monsanto Chendes Co. buying of high grede steels, of 3% to 43% conis,
Further, appears that the trade policy, a private associa-
Montgomery Ward Motorola Inc. high level of activity during the tion dedleated to liberal trade A Hac rally that developed National Ca flex. "A" first six
months of 1955 will policies. The committee suid without vigour helped the 1st National Dairy Prod. certainly carry over for the rest
National Distillers there was "po good reason" for above the lows.
National Lead ..... of the year and even spill over
the
bike boost in
tarifs.--
National Steel Corp. into the mext.
Leading olls absorbed most of United Press.
New York Central the punishment, Losera In- Olin Mathieron cluded Royal Dutch, down £1, QUE Elevators... and
Owen-Illinum Gloss British Petroleum and
Pacific Gas & Elec, Facile Western Ol Pan American Airways Paramount Pictures
GRAIN PRICES
Prices per bushel in cents:
101 100- 10412-30 100-14
193-
1732-34
1241-3 120-1231
Wheat No, a red
Suol
Rent.
10211) 10042(2)
Dec.
Mor.
May
July
Corn, No, , yellow
Spol
130
Sepl.
Dec.
1321/
Mar
Max
13415-
July
Ryb
B
Sept.
90-971.
Nov.
Osta
Sept.
Nov.
Soybeant, No. 4, yellow
Spol
01-00% 240n
22512
Sept.
Nov.
Jan.
Mot.
May
220
Harloy Spot
New York four 200 10.
120-140
Mack
"Sick Calf'
Meanwhile, nation's New York Sugar Burmus.
booming
the
Is
econtmy, performing like a healthy youngť" bull, being watched as if it were tick call.
tharb
They
Market
New York, Aug. 29.
was some
eased Nuclear power shares from six pence to a shilling.
Johannesburgh buying
Parke Davis Co.
Panny J. C. Co.
of Penn. Salt Co.
Phillip Morris
World No. 4 sugar "futures | Rhodesian Selection Trust fen-Philip Petroleum No one in authority will say closed today unchanged to it's booming too much.
tored an iherwise casier copper Procter & Gamble Co. Pittsburgh Plate Glass maintain
everything is point lower with sales of three group.
Publicker Industrius Just abut as it should be. But contracts.
Government they are watchful test any unchanged to 2 points
Domestic No. 6 avger futures
Loucs dipped Pure Oll........... in
Radio Corporation higher fractionally, but most were un-ileo Motors trends develop. Antionary 21-1214an. 1op odministration strato. with sales of one contract,
changed. Continental selling Republic Steel Firmness in world row was clipped German bonds £1 to £4, Reynolds Metal Shell Oil Co.. the approaching Japanese bands also were under saint Res Paper. coupled with German purchase 100,000 pressure in the foreign group. Sinclair Oil
Other advices United Press. tons of Cubans. to dealers Indicated Japan will
raws and an additional tons of rows from Indonesia. Futuras:
226-225 glata
***** $13.00m United Prest.
suy
cetnemy
the phuse of 110 jut a dangerous Javel.
редк They talk about proxiuction, employment, income and debt. They merely counsel by 24,000 tons of Philippine "prudence" and "restraint” the part of businemmen and consumers in borrowing and
New York Foreign trending
Exchange
any
In roundabout fashion, how- ever, via the federal reserve system, money has become * blt tighter and interest rates higher in recent wests to dis- credit-buying courage spree by Americans,
And last week. for tho
this seventh timo
money market moved higher.
Rates of commercial paper United Pres wery raised by dealers 1/8 of
New York, Aug, 20 England official
22.76-9/10 unoMolal
2.04.2.08 30-day futures ....... 3.70.3/30 10-day futures
Australia
New Zealand Fouth Africa awitserland
2.274.
277-11/20
0000 London Foreign
Exchange
New York, Aug. 29. :
2.7816-2/0.0/10
Contract No. 4 (world)
Sept.
Oc
3.28
Mar.
328
May
July
Sent
Gusta Contract No.
Nov. Mar MY
3.73
Spot-fcents per lb. fob
3.28
143 130 3.40
Spot(ponte per ib, uk 'Nÿ
Frankfurt
Zurich
8.52 ited Prom.
Others: were, un
New York Montreal
Ansiordam Drumein Labors Delo
Blockholm
Socony Vacuum
South Porto Rico Bugar Southern National de Southern, Tallway (Com.) Standard Branda Starxlard Oil of Standard Oll'of_Ind. Standard Oil of NJ, Etokely-Van Camp Studietindver-Packarit Corp
wirt & Co.
Texas Co.
May Vice Water Aän. Oll Twanty Century For Fitm Union Carbide
United Airorart Ü,8. Line Co.
138.9711-139.0811⁄2 U.S. Rubber
09.00-8.15
U.B., Smelting F991-1991. 118. Biocol
14.30-14.8831
Fram.
| Warner Bros.
Werlingquare Electric Met V#% Pulp & Paper Woolworth
NEW ORLEANS
due 7th Sept. Stam Japan Balls 8th Sept. for Singapore, Rangoon
& Chittagong dur 13th Sept. Valls 14th Sept. for Singapore, Penang
Rangaon & Calcutta
from Japan
“SIRDHANA" „duo 14th Sept. frain Calcutta
mails 15th Sept, for Japan
P. & O./B. I. JOINT SERVICE
due "OZARDA"
38th Aug. from Karachi & Bombay Kalis - 31st Aug. for Japan due 6th Sept. from Japan kallx 90 Sept. for Singapore, Madras, Bhavnagar. Korget!.
23
Prices of futures closed today
"ORMANA”
as follows:
du 14th Sept. mails 15th Sept.
Spot
Oct.
Dec.
Mor.
Kras
לוב2
July
Oct.
Dec.
LIVERPOOL
33.40
88888888
Futures
closings, American
middling, in pence per lb, were
48
as follows:
134
Oct/Nov.
31.39
15-4EZ
Dec./Jan.
30.79
0142
Mar/Apr.
20.07
May/June
28.48
July/Aug.
337
SAO PAULO
403
Futures closings, in cruzeiros
per kilo were as follows:
October
33,40
December
33.00
March
28,00
May
34.00
July
$40
In the United States, the price of 15/10 middling cotton at ten designated spot markets averaged of 33.53 cents a 'pound. Sales at these centres totalled 30,775 bales,-United Press.
World Rubber
Markets
Singapore, Aug. 29.
The rubber market was dull
with minor
fluctuations. There towards the
was some buying
142-142
Basrah. Abadgh. Khor- comshahr & Kuwall from Japon
for S'pare, ROMPAY, Karachi, Basrah. Chor. ramshahr & Kuwait
EASTERN & AUSTRALIAN 5.5. CO., LTD. "EASTERN"
I
for loads 6th Sept
Sandakan, Rabaul, Brisbane, Sydney, Mei- bourne & Adelaido
7th Sept. from Australia
8th Sept. for Japan
"ARAFURA”
"NELLORE"
due
loads
due 1st Oct.
from Australia
loads 2nd Oct. fur Japan
All vessels have liberty to call at any ports on or aff the route & the route & millog 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 Refrigerator Passenger Service,
Loading for Singapore, Penang, Rangoon, Calcutta and
Chillagong.
olose. Futures:
No. 1 rubber per
Sept.
Oct.
24192-34134
Nov.
unquoted
No.# rubber per ID.
4024
Sept.
138-139
12612
No. 3 rubber per Ib
Sept.
1354-130)
"REDEVERETT" "NOREVERETT"
No. 4 rubber per
"BRADEVEKETT"
23
Sept.
C132
Blanket crepe
Spot rubber untied
120-13015 341%-34214 107-108
"LENEVERET"
27
No. 1 pale crepe
2001
201
-"BRADEVERETT"
70%
Futures today closed 10 to 15 points higher with sales of 60 contracts.
"LENEVEKLETT" "REDEVERETT
4012
01%
NEW YORK
143-144
41
Arr. Sept. 11
~ Oct. 3
~,- Oct.
14
Solls Sept. 12 4 --- Oct. -..- Oct.
14
***
Oct.
20
Oct.
30
Arr. Sept,
Salle Sept.
6
-
Sept. 30
- Sept. 17
~
Oct, -- Oct.
1
-- Oct.
2
2
Loading for Kobe, Osaka, Nagoya, Yokohama
"NOREVERETT"
LIMITED PASSENGER ACCOMMODATION
All the above subject to alteration without notice.
201
A small routine trade between dealers included some switching 30% of Sept./Dec. contracts at 501 points
difference, 401
The spot market ruled dull. Small sales included one sheets
for November at 45%, and two 437 sheets for August at 46% cents
EVERETT STAR LINE
FAST "REGULAR FREIGHT REFRIGERATOR SERVICE
Loading
sweltenham, Colombe, Bombay, Karachi & Persian Gulf Ports.
95 nominally at 46% cents a pound,
19
pound.
40
4236
Spot No. 1 Rss were quoted
4932
Future closings were:
Bent.
7344
Dec.
3001
Mor
Moy
10%
July
Sept.
49
is
220
for
Bingapore,
Port
Sept, 27
40.50
“STAR ARCTURUS”
45.95
Arr. Sept.
3
Balls Hopt
41.80
THAI
43.50
“BTAR ALCYONE”
-Sept,
- Oct. 14
Oct.
16
42.54
-- Nov.
11.
41.00
STAR BETELGRUSE"
Nov. 20
Nov. -- Nov. 30
12
"THAI"
Arr. Sept.
Baile Bept. 1
"STAR ALCIONE"
**Sept.
21
Sept. 21
- Oct.
12
- Oct..
“STAR NETELORUSE"
at 41
LONDON
The market was stendy with
1 spot No. 1 Ras quoted
359 pence per lb. Prlecs:
Belement kojine term:
(KP)
Out.
944) Nov.
Dec.
Jan, Mar.
90th Apri/Juns
General marketa, cif basis,
1946 Sept.....
404%-43 unquoted
91 Nov.
κα Estale crepe thick and thin- un« 1023% quoted.
1001
AMSTERDAM
WThe market was quiet. Prices eloped today in guilders per 4436 kilogramme,
follows.
No. Hubber. No. 1 rubber No. 3 rubber, 50][ ] No. 1 › crepa
CIF, Sept.
4.00 nom. 3.99 buyers
3.00 nom. 4.00 buyers tod Press
Lørding for Kobe, Osaka, Nagaya, Yokohama
PETAR ÄRCTURUS“
Nov. 3
- Nov. Nov, 20
- Nov, LIMITED PASSENGER ACCOMMODATION
All the above subject to alturailon without notice.
21
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republio of
· Panania with Limited Liability) · Chinese Department: Telephone 28293. Queen's Building, Telephone 31206.