1
THE CHINA MAIL, WEDNESDAY, AUGUST 31, 1955.
TRADE and
COMMERCE
SECTION
HONGKONG RUNAWAY INFLATION BEDEVILING
STOCK
EXCHANGE World Cotton PARTS OF WORLD
(From Our Correspondent)
Business done an the Hong- kong Stock Exchange this
morning amounted to $740,000.
Markets
New York, Aug. 30.
Colton Ailures today
FCC-
Noon "quotations and the morn-swed narrowly in a quiet deal-
ing's transactions;
BANKS
JK Baso.. 1720 1740
INSURANCES
Union...... 1010 1015
Underwritert
HI 20
DOCKS. ETC.
K. Whart .. 7324
Beck
28.20 Provident (á) 15,9 16,90
2004 76 700 GUO
28
!! at prices responded on
smini orters either way.
After # steady start, hedge selling and liquidation lowered nearby positions, but the
de-
40 1015eline met trade support around the 33.00 cent level for Decem- For forward positions
14.8D
Wheelock .. 9.40 9.53 0100 9.40
LAND. ETC.
18.45 1000
D.43 100 3.40
Der
I were relatively inactive,
Closing on a reaction the lis 15 Inished net unchanged to 11 180045 points lower, Opening prices 1 point. New were up 3.5 or 1 Orleone closed off 1 to 8 points. Month-end textile mill buy- and shipper covering against Export commitments to Formosa and Korea
centred in the December delivery. Troders estimated around the resistance point.
BK tel. 19 19.00 2200
10.00
100
360
1414 J
73 732 200
791
Humphrey (NI
Realty
.... 2.23 43
A. Ribber
22.15
*Frust
3 N
5000 1600
100
14/2
RUBBER
UTRITIES
Tram XD
Sur Ferry
3.15
New speculative Interest marked time. Traders trane
3.195 ferred attention to securities or other outside commodities while 215, they waited for fresh Incentives
in the cotton plcture.
Yauat Feny 116 117 100 117
L. Light (of 22.70 22 00 31412 6 22.00 i
With the market entering the 7122.00 narvesting period, traders wail- 2.70 cd to see whether hedge selling 614 22.80
would expand, or whether 7504 22.890
farmers would impound under 1000 23.70
the loan programme.
100 22.70
C. Light (N) 17.00 13.00 13:30 17.50
Mneau Elec Telephone
INDUSTRIALS
C'ement Harpe STORES ETC.
Daily
Watson
COTTONS
11.00
66317.60 300 17,
1500 17.70
33 235 500 4 33
100039,
The Government weekly crop Summary was mixed. Henvy showers were detrimental for about two days in south Atlan- Cast Gulf middle and coastal sections and in eastern parts of Texas and Oklahoma,
Otherwise,
mostly hol,
main sunny weather over the
LI
34 200 331
10%
22.00 1000 m 22.80
14.60 15.50
Textil Corp. 3.45
4.40 4.55
Nanyang MISCELLANEOUS
. Vibru
......$3.60
Yangtser.
Allied
dry
500 23.80 belt favoured erop development
checked 00h 23.80 #Ja
insect activity. 522.40 Txus reported harvesting almost 125 23 70
finished in the lower Rio Grande Valley. Arizona and New
[ Mexico reported better progress,
Cotton, generally
progressed 50021.40 atisfactorily in California. 100 23.80
Truding volume and open 100023
interest in the Exchange today 1405 11.30 were:
95 8,13 3000
1000
5.80 3.90 2000 585 Month
US Imports & Exports
from
Washington, Aug. 30. United States Imports from Japan in June Increased sightly May, but imports from the other Asiatic were moderately lower, according to Commerce Department Matistics released
today.
گردم
most countrios
Exports to Asintle countries in June
in most casts
were
smaller than in May.
General
valued
Oct.
Dec.
Mar.
May
July
Art,
The
Tolai
Volume
0,100 25,000
?א ?
7,000
Open Interest
315,300 762.300 347,500 383400 129,200 120,200 25,700
10
3.000
3,500
300
58,000
2.150.100 bales
NEW YORK
Prices of futures closed today us follows:
Soot
Del.
De.
Mur.
May
July
Del.
Dec.
34.35n
33.00-02
33.65
33.20
33.24
32.70
32.40
NEW ORLEANS Prices of futures closed today as follows:
Get.
Dec
all
Mar.
May
July
CO-
Oci
Uve
imports การ Astatic countries in June were pared
$161,500,000
to $174.600,000 in May.
LIVERPOOL
31.50 33.05
3334
23.24
32.77 32.34-30
Future etosings. American
Twinges Of Alarm
Felt In America
New York, Aug. 30.
Harsh winds of inflation are blowing around the world, and whirling prices to fantastic heights in some countries - causing the first twinges of alarm in the United States.
So far the inflationary lash has virtually by-passed this country in comparison with the havoc inflicted on other lands.
MEXICO
UP 667.
ROLOVIA V1226X
CHILE
653K
TEKNADA
UD 207:
UNITED STATES UP 71%
FINLAND-
UP 81X NORWAY
UP NS
UNITED KINGDŮM.
UP SEX
FRANCE
UP 14X AUSTRIA-T 27 HIY
UPIS
PARAGLIAY UP 1879 X
-ARGENTINA
UP 263 X
COST OF LIVING CHANGES SINCE 1948
Lower than 1948
Higher by up to 40 per cant
BUNION OF S AFRICA
UP 36X
Higher by 41 to 100 per cant
AMAN
UP49%
S.HOREA UP 10.311X \FORMOSA
# 4937
UP HTX
Copper Still Rising
London, Aug. 30. A question was reached
the
copper London market today, when cash copper changed hands at
400 ton during early; dealings.
B
Three months meta! fetched at £395 and £394 por tox,
Today's levels were approximately double what they
when ·the were market reopened in 1953. The background to the Ourrent
sirongib remain- ed the light supply position with aver
cents per pound being paid by the United States -for metal for delivery early next year-China Mall Specimi,
World Rubber
Markets
Singapore, Aug. 30.
Cotton Consumption Increases
Washington, Aug. 30. A
The Agriculture Marketing Service of the Agriculture Department said today that the total cotton consumption outside the United States has increased in every part of the world and if the trend continues it will favour larger United States cotton exports.
Foreign (non-US) consumption in 1955-56 may exceed the 26,600,000 bales of 1954-55 it said. The Department's cotton situation survey noted, however, that foreign cotton acreage in 1955 may be up by 1,500,000 to 2,000,000 Acres from the 60,400,- 000 acres of 1954. This would mean increase "in production by as much as 1,000,000 balos. Such in- crease would be disadvantageous to United · States exports.
The cotton situation survey | exports) of cotton on August was rather vague about pros- 1, 1956, will total slightly
the 11,100,000 pects for United States exports below
bales in the coming season. It re- carryover on August 1, 1935, peated Secretary Mr Benson's the survey said, announcement of August 12 The carryover has increased that no baste change in US each your since August 1, 1951, cotton export policy is in pros when it totalled 2,300,000 bales. The Agriculture. Department for the 1955-50 season, but that after January 1, 1956, also analysed United States ex- the Commodity Credit
Cer-ports and imports of cotton poration may gradually offer products.
than
Pect
for export sales not more
1,000,000 bales of low`quality 1947 Peak
•
short staple cotton from Its m The rubber market fluc-ventory on an open competitive In J0S4 such exports word equivalent to 542,000 bales of tuated narrowly
today. bid basis,
The Department commented cotton, or 8.4 per cent of the There was some off-take "although no shipments of total consumption of raw cot- shipment rubber and the cotton under the US export
switching of September to programme for special qualities ton in United States mills,
can be made until United States imports on October months.
Future of cotton
1950, the removal of some of cotton products, have increased elosings:
the uncertainty concerning US each year since 1947, when they cotton export policy may in- were equivalent to only 10,000 14135-141 duce a somewhat higher rate of balas et raw cotton armually.
During the 1954-55 fiscal year the United States Government Brance the used 321,000,000 to
Oci.
14094-14045 unquoted
No. 1 rubber per lb.
Sept.
Nov.
No. 2 rubber ber
Sept.
No. 4 rubber per lb.
Sept,
per lb.
No. 3 rubber per lb.
Sept.
riso
137-130
134-235
128-129 Spot rubber unbaled · 14135-14192 Blanket crepe .... No. 1 pale crepe
exporta in subsequent months than has prevailed in the re- cent past"
107-100 142-143
·AUSTRALIA UP ST
Higher by more than 100 per cent
Figures sot available
JAP Newsfeatures ..
where the cost of boast their living In Chile,
standards been soaring wages and govem- living has skyrocketed 70 per almost overnight. Overly ambi- ment presses working
round- cent in the last year, some tious, they have been borrowing the clock to print cheap money
makes prices workers have to work 25 days money even before the wheels that only
ever. Associated of new production start turning.higher to buy a pair of shoes and near-
The result in many cases has Press. ly an hour to buy a single
In Bolivia, the cost of living Ulmes what it has soared to 12
And in was in 1948.
South Когса -worst hit spot in the known global inflationary plc- ture-it costs 103 lines as much to live today as it did seven years
than
New York Stock
Market Prices
New York, Aug. 30.
Inilation figures for Iroe Cur- tain countries are not available, but Soviet Russia's policy of concentrating on the production of war-potential hard goods" A few wide-moving special issues were the Inevitably means growing shortage of the normal necessities only feature in an irregular and very narrow
and luxuries of life the so- shortages in turn lead rising prices.
called "soft goods" and sucht
Repeated Efforts
As the accompanying map in- dlcates, inflation is becoming an increasingly serious problem in most Latin American countries, some parts of the Far East and a few European nations notably England.
market today.
A gain of almost 8 points in United Aircraft fol. lowing its 50
per cent stock dividend proposal late
the industrial
average and yesterday, bolstered closed up 0.30 on the day.
Rolls closed in this session! Commercial Credit
and Commonwealth Elce. Gn average
Consolidated Edison unchanged utilities dipped 0.12 for a net Continental Oil of Det.
the general Continental Steel gain of
Com Products Crane Co.
.01 for market average.
Of a total 1,110 issues traded, 431 were lower, 422 higher on the day.
Trading dwindled again as traders look to the sidelines,
The British Government has male repented efforts to check u trend toward runaway prices,
record high there and the price in
⚫ and $141,000,000 in June, 1954. United States exports to all Asiatic countries were $102,300,- 000 compared to $177,400,000 in middling, in pence per lb. were but retail prices are now at a hesitant to extend recent gains
June May and $103.400,000 in 1054.
as follows:
Det/Nov.
Der/Jan.
Mar/Apr.
May/June July/Aux
31.41 30.73 28.95.07 28,50 28.31
Dee.
May
SAO PAULO Futures closings, In cruzeiros per kilo were as follows:
32.00 34.00
Mar,
July
the
United States Imports from Japan in June' were $34,400,000 apainst $33,900,000 the pre- vious month and $23,700,000 in June 1954. Exports to Japan in May were $44,800,000 against $51,800,000 in the previous Oct month and $66,000,000 in June 1054.
United States imports from other Asiatic countries in June compared to May included:
Against
Sauth Korea
Hongkong..... 1,100,000 1,400,000
India
20,090,000 25,100,000
of coul has been hiked 18 per not to 1,740,006
cent, to the dismay of millions|
Cuban Amer. Sugar Curus Wright Diamond Alkali Dow Chemicals Dupont de Nemours Eastman Kodak
El Paso National Cas
ie Raliroad....
the absence of any fresh Family Finance Corp.
incentive. Turnover General Electric
Ceteral Foods shares,
General Motors Gen. Pub. Uti Gillette Safety Razor
of Britons who rely on coal for compared with 1,910,000 yes- warmth in those chilly Isics. terday, and lightest in a week.
Amony recent anti-inflation Republic featured along with
the
than a
for
It was the day's bond istue. In
Goodricli B. F. Co. Goodyear Tire measures, British Chancellor of United in the aircrafts, rising Heyden Chemical the Exchequer Buller hu more then $2.
Homatake Mining Co. Bocing, Bendly
Inland Steel Co. raised Interest rates, put the and Douglas Improved frac-ist'? Business Machines squeeze on credit and clamped tionally.
Int'l Harvester....... buy 33.00 stift curbs on instalment
Among
olls, Philipps Inton Nickel
International Paper 33.70 ing.
Inti Tol. & Tel 33.00
United States in- Petroleum fell more
John-Manville Co. United States, the flation has made comparatively point as the company called in
Ketrecott Copper convertible debentures average price of 15/16 middling fitte headway in the
Liggett Moyers Tob. Co. post its
Loews Incorp at 14 designated spot market Korean war From
period of boom redemption.
Co. active Pakistan..
Lone Star Cement was $5.47 center; sales at these prosperity, but $2,000,000 $3,300,000
the first storm most Bruh Malaya.. 22,300,000 23,000,000 markets totalled 32,207 balcs.-
tapling, the convertible 3.70s Louisville & Nashville n.
Lowenstein & Sons signals are beginning to fly. Indonesia
14,500,000 10,000,000 The Puksinen 28.300,000 31,000,227 United Press.
And the Elsenhower ad- of 1983 lost heavily on volume Mesabi Iron Corp. Miancsola Mining 300,000 200,000
Mission Development ministration has begun a care-execeding 1,000,000,
Standard oil of California Monsanto Chemical Co. fully planned serice of actions designed to curb easy money lost a point while Shell and Mentgomery Ward
Motorola Inc, Lion Oll each rose almost one. speculation and credit.
National Cash Reg. These include raising
Steels and motors were nar- National Dairy Prod. the margin requirement for stack rowly mixed. Bethlehem rose National Pisilliers
National Lead exchange transactions from 50 1⁄2 US Steel held unchanged. National Steel Corp.
General New York Central to 80 and then to 70 per cent, | Chrysler dipped
Oil Mathiesen raising the bank discount rate Motors rose 4. London, Aug. 30.
New York Stock Exchange Oils Elevatora British Government bonds led from 14 to 2 per cent at federal 13,300,000 12,000,000
Owen-Illinois Glass Pacific Gas & Elec. the London stock market down reserve banks, and tightening bond volume was $4,610,000. 3,500,000 United Press.
up on mortgage credit.
American Stock Exchange Pacific Western Oll
Pan American Airways volume was 560,000 shares,
Paramount Pictures Dow-Jones closing averages | Penny J, C. Co.
Penn. Balt. Co. Phil Morris, ... 404.07 Philips PetroleumYL 156.50 Procter & Gamble Co. 60.00 Pittsburgh Plate Glass 160.88 Pubileker Industrice
United States exports to the same countries in June
pared to May were:
India
Pakistan
British Malayo..
Indonesia ......
com~
Against
11.500,000 $17,000000
6,400,000
2,300,000
2,400,000 5,790,000 4,000,000
The Philippines 23,300,000 28,400.000
South Korea ...
Hongkong.***** 3,550,000
Singapore Stock Market
London Stock Market
sharply today.
were heavily sold on
Gilis
All these are merely précku- the belief the bank rate will lonary moves, in a time of high
prosperity, to guard against in-were: Load was hard hit, lasing 20s, ilaflónary trends.
be jacked up on Thursday. War
Old Consala. Dalton and others off 155.
Stocks also felt the sting of
Cost Of Living
77 Inluutrlals
20 ralis
13 utiles
Blocks
40 bonds
Comm. future prier Index ....... 152.69
Closing Prices
the selling wave, Blue chip On the surface, at least, indian- has barely touched this issues were of 1 to 2 shillings,tion Singapore, Aug. 31.
most closing at the day's lows. country. Latest figures lasted Brokers today quoted the Oll shares lost 2 to 3 shillings at the cost of living in the by the United Nations show following stock prices:
with the exception of Royal United States has risen only 11 Opening W
Dutch which
the countered
Akon Ine. Acy, Dalu Lintang Rubber Co.
Ltd.
trend with a rise of £. Gold per cent in the past seven years, Allied Chemicals ***** 1.07.
Allled Mills Inc. Petroleum
sharen wer quiet. Coppers With 1948 equalling 100, the All Chalmers moved irregularly.
cost of living index for some of American Airline Foreign bonds also ran into the world's hardest-hit countries Am. Mach. de M dry,
American Cyznamide Cu.... selling 'and Germans tumbled reads like this: Paraguay 1,778, Amerloan Metal" 21% cod some Japanese liens Bolivia-1,320, Chile-763. and American Emeling as much as £2-United Press.
British Borneo
43/-
Ord.
20/00 Fraser & Neave Late Onl $1,70 Fraser & Neave Liú 71%
Byndicate Consolidated Tin Smelter
cum. pret
Hongkong &
Shanghai
Banktree Corn
Hongkong Tin Lid.
Кипра 40.
Molaymes Breweries
Lunes Rubber Estates Lid.
$0.40
$010 78343 $1.70 cd Lid. $2.25
New Berandah Rubber Co.
`Ltd.
$5.50
$1,00
Petaling Tin "Lld."
Raffles Hotei
Singapore Cold Bioenge
Alraits Trading
Soully British Insurance Co.
Lad
$1.00
$28.00
$33.05
Straits Broomallo
United Engineers Ord. Al
Warner Bros,
$13.00
$2.38
-China Mail Special.
Form-602,
Ameritra Tel & Amerion Tob, "B" Anteonda Copper Very few countries show any Armour slackening in the cost livingBaldwin-Lima-fam
Exchange Rates in the last seven pars, but there Halthmore .......
i was done in
TUNZ Aviation
Boeing Airpikle
Borden (1916): Condi Burcu Ada. Muchine Canadian Pacille N.
are a few bright spots, Burma Bethuntern. Steel the looul and Cuba have dropped four exclintige market
polata to 20, India and Yugo morning at the following rules:--- U.B. dollar (der $1)_oma
Balavia 82, Lebanon 82, Bierling noleg (per E1). 1000 Australian nates (per 41) ... 11.00 Indonesian rupiali (per 100).. Siam ticals per 100)..... Ringapore (Straite)
Indo-China plastres (per
Economic experia way one of 13.81 the bistent causes of Indation in 224.00
the under-developed countries Is that they have been trying to
a Financial- Dar
Cat. Tractor non Celanom Согр
2 Chile Copber Chrysler Mutari
Tadika Corporation Ren Metorn Repubile Stea Raynolde Notal Shell Oil Co
Boint Reg Paper Binclair Ol
$ 244 Bocory Vacuum
100% South Porto Rico Bigar
30 Bouthern National Gas
72x4 Routhern Railway (Com) 24) Standarde BrandE
60% Blanderd Oll of Cai.
Standard all of Ind.
60 Standard Olf of NJ
FT
55
Stokely-Van Camp
17834810debaker-Packard Corp.
Bwift & Co,
80%, | Demos Co.
11
*53
Tide Water Asen. Oil
Carryover
timl
prices.
August
export of about 1,600,000 bales of cotton. As of August 16, 1056, about 321,000,000 had been The Agriculture Department authorised or agreemente con- anid that present indications cluded for use in 1950-50 conson.. are for United States domestic This could finance about 1,700, mill consumption of somewhat 000 at
present On over 9,000,000 bales and United
1. 1955, the off- States exports probably in ex- cial Commodity Credit Car-
of 600,000 bales during poration agency's cotton stocks. the 1955-50 season.
were reported at 8,134,000 bales The Department said that compared to 7,095,000 bales ono May-disappearance (consumption plus ! year earlier.-United Press.
NEW YORK Futures today closed 25 to 45 points lower with sales of 108 contracts.
Intra-dealer switching opera- tions dominated the less delive terminal market twice.
Dec, contracts were exchanged at 250 points and Dee.-Sept. at 30 points. In addition, Septem- ber and December contracts were exchanged for physical
rubber.
The spot market ruled dull with No. 1 Rss quoted nominally 45 cents a pound.
46.20b
45.70-75
44.50
44.00
42.00
40.80m
Sopl.
Futures:
it
Ded.
Mar.
May
July
Sept.
5152
LONDON
STEX
The
4x.
10% 40% pence per ib. Piles:
market was barely 2011 steady with spot quoted
at
24
Settlement house tertn:
4194
Oct.
4036
671
Nov.
40-40%
Dec.
20
Oct./Dec.
Jpas./Mar.
Apr/June
400
General markets, cif basía, ports: Sept
Oct.
Nov.
4035-41 404-4011
%-40
thick Sept. 30%
Estate crepo thin Sept.
AMSTERDAM
The market was dull. Prices today closed in guilders per
3 kilogramme, Sept, as follows:
No. rubber
No. a rubber
No. 3 rubber
Na, 1 crepa
2.97 nom. 3.00 nom,
3.75 nom, 4.02 paid
United ProRS.
New York Sugar Market
New York, Aug. 30.
4 sugar. futures unchanged to 1 point higher with no sales re-
World No.
4015
closed today
2011
to
00%
ported.
Domestic No. 6 sugar futures closed unchanged to 2 points
with no sales reports,
Both contracts remained" i
pending IRW market
developments.
Future closings were:
Contract No. 4 (world)
003
121
lower with
529%
18 active
4+
器
43T+
72
Sept.
100
Oct.
85.0
Mar.
10
May
3812 July
Bopt.
15%
Spot-(conts Dor ib.
4035
fob Cuba)
3.28
2:20
Control No. 6
(02
Nov.
431 Mar.
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regular Fieight netzigerator Passenger Service
Loading for Bingapore, Penang, Bangoon, Calcutts and Chittagong.
"REDEVERETT"
"NOREVERETT”
*BRADEVERETT""
"LENEVERETI"
Arr. Sept. 11
~*~ Oct;
3
Oct. 14
*** Oct. 20
Badis Sept. 13
- Oct. 4 -Oct, 13 3:0
- Oct.
Loading for Kobe, Osaka, Nagoya, Tokohama
"NONEVERETT“
"BRADEVERETT"
"LENEVERETT” *REĢEVERETT"
-Sept. 17
Solls Sept.
Arr. Sept. 8
-- Sept. 17
- Oct,
1
- Oct.
-,~ Oct
Oct, 2 LIMITED PASSENGER ACCOMMODATION
All the above subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FERIGHT REFRIGERATOR SERVICE
Loading fpr Bingapore, Port Bwettenham, Colombo, Bombay, Karachi & Persian Gulf Ports.
"ITAR ARCTURUS" "THA!”
"STAR ALCYONE" "LAP"
"STAR DETELOEUSE"
Loading for Kobe,
"THAI **STARʼAĻUYONE”
"ATAN GETELGRUSE” "ITAB AROTURUB”
Air, Sept. 0 Sept. 27
Salls Bept.
Best, 28
Oot. Nov. - Nov, 30
my Oct. 14 -Nov. 11 -- Nov. 29 Omka, Nagoya, Xokohama'
Arr. Sept.
- Bept. 21
Oct 10
-- Nov.
- Sept. 23
Salts Sept.
→→ Oct.
20
- Nov,
•
→ TOW, 21
# -- Nov. 20 LIMITED PASSENGER ACCOMMODATION
All the above subject to alteration without notice.
EVERETT STEAMSHIP CORPORATION S/A
(Incorporated in the Republic of Panama with Limited Liability) Chinese Department: Telephonë 28293. Queen's Building, Telephone 31206.
May Spot-(cante por ib eif
[NY® ex-duty)
„United Press.
London Foreign Exchange
nadga
MESSAGERIES
P.O. Box 3
MARITIMES
"Queen"")Building|STA-UM
"E PASSINGEN/FREIGHT SERVICE BRO
*"*MEINAM”. United "PEIHO"
+4
salling Bept. 10th säiling. Oct. 8th
FAST, FREIGHT SERVICK
sailing Sept. 20th sailing Oct. 191
Twenty Century Fox Film Union Carbide ...
London. Aug. 30,
New York
45% Unston Pactile Railway
100% Baitadi, "Aircraft
1.8. Gypsum
DR. Line 00. ril us. Hubber
15 US. BEL
$12 barnemme Seok:
迎
Oslo
Itrank
· Hove Yark
„United" "Frem
rates were Prom
West Va. Pulp & Paper Woolworth
$/10