TRADE
THE CHINA MAIL, THURSDAY, SEPTEMBER 1, 1955.
and
COMMERCE ERCE
CHIAM
SECTION
COLD WAR AND ECONOMIC TIES Indian Guarantee
TEXTILE
TRADE
SITUATION
Manchester, Aug. 31. Textile worker leaders - nounced yesterday a "crisis con- ference" of workers delegates has been called for next month to discuss the tightening textile trode situation.
About 300 workers' delegates from every cotiou textile pro- duction town In the northwest of England are to attend the conference.
Britain's textile industry, which is centred in Lancashire, has been seriously affected by the influx of Imports-par- ticularly from India and Japan.
The "crisis conference" was called by the legislative council of the United Textile. Factory. Workers' Association, the central assembly of mil unions.--- United Press.
London Foreign Exchange
New York Montreal Amsterdam Brussels Lisbon
Perla
Stockholm
Frankfurt
Zurich
Soviet Bloc Stepping
Up
Trade With
Other Nations
New York, Aug. 31.
While the political cold war continues to capture head- lines, the Soviet bloc in Europe has been quietly stepping up its economic ties with non-bloc neighbours in the Balkans and the Near East, according to a study of the Soviet trade offensive prepared by the National Committee for a free Europe.
Near East exports to the Communist bloc, it reported, increased in 1954 by about 56 per cent over 1953, while imports rose up by 25.9 per cent. Compared to 1952, the study showed, the increase was considerably less: 24.4 per cent for exports and 10.1 per cent for imports.
outlined
The studly changing pallen of trade with Soviet Europe for the follow- ing countries: Yugoslavia, Tur key, Syria, Lebanon, Jordan, Israel, Iraq, Iran, Greers and | Egypt.
to,
WORLD
COTTON MARKETS
New York, Aug. 31. Month-end textile mil} buying and abaled hedge selling combined to impart a stendler tone to cotton futures today.
Prices maintained small gains most of the session but overall activity was on the quiet side.
Closing within striking dis- tance of the day's best levels the list ruled unchanged to up 10 points. Opening prices up, 1 to 4 points. New Orleans closed up 3 points.
werd
12
To Investors.
New Delhi, Aur. 31. The Indian Government has. Atköpted a plán to guarantee American private Investments in India,
WAJ learned from a re- Hlable source here today,
The Indian Government, under the scheme, would guarantee American private Investments ngainat
the risk of nationalisation for a period of 25 years. The Indian Government would give the guarantee to the United States Government, which in turn would give Its guarantee to the vestors.Franco-Presse.
in-
HONGKONG
STOCK EXCHANGE
BANKS
GERMAN CAPITAL MARKET
Revival
Noteworthy
Says US Bank
New York, Aug. 31. The West German capital market is experiencing a noteworthy revival, according to the Federal Reserve Bank of New York.
In an article in the forthcoming September issue of its monthly review of credit and business condition, the Bank traces the developments behind the record set last year in the public bond market and the expected record this year in sales of new corporate shares.
wide
Q
Tax exemptions ad other, while financing through privileges to houders ef public variety of alternatives. housing bends led in 1954. to Finally, Recording to the placements of 3,200,000,000 Bank, now security issues with Deutsche manis, a record be strengthen the capital basis of lieved unsurpassed in Germany's Germany's industrial corpora nancial
history, Ure article [tions and will establish BOYA.
sounder relationship between Tho srecad half 0/ 1985 equily capital, particularly malehes the 800,000,000 Deut short-term liabilities." sche marks of the first alx As a result of the large-scale months, the year's total will be bank lending to industry during above the combined total the year the capital market was for the preceeding 01⁄2 years not functioning, the article notes, since the currency reform of the ratio of equity capital ta
well
Rearmament
The Bank sees several ndvant- ages to new strength on Bonn's espital market, with Germany's
force
virtually labour employed, but pointed out, much of her future economie growth on further invest-
New market interests con- tinued to be held in abeyance rending developments in the export demand for raw cotton, plus crop news. or any other (From Our Correspondent) new Incentives.
Business done on the Hong-1948. With the
the market entering the season of expanding harvesting kong Stock Exchange this morn- With the exception the 1
of Iran, Among these were listed the operation traders waited to seeing amounted to $925,300, Noon and the morning's the blog's programme "stems to desire "to liquidate the last how much cotton would be soxd quotations Le geared" mainly to those prestiges of colonialism (within the open market and the transactions: countries in the area which do nominal dependence upon Brl-percentage going under the loan SHARES BUYERS SELLERS SALES not export oil, and the general inln), the attempt to solve the
canopy pattern is that of an exchang: Palestine question
Southern trade advices in- cf Soviet bloc perolcum and satiefnelion (with
Sevlet
dicated spot cotton has been industrial equipment for agri-malle help) and, perhaps most selling at, or slightly above the
important of all, cultural raw materials,"
all, the necessity
Government rate for techniciana market for cotton, reminded that the average loan Egypt's principal export crop."
rufe for basic middling 15/16 With a cotton crop of 1,500,- inch cotton at the 14 spot The Soviet's ability to pens-
000 baless compared with markets is 33.70 cents a pound. trate the
economically 1,461,000 in 1954-Egypt PRO
Was Nearby
have been futures from its willingness said to be trying to reach bar selling even with to about a half stemmed to purchase commodities not ter @greements with the Soviet in favourable prices,
and its bloc. So far, by far the largestent under the loan rate.
Trading volume and open abilty to supply industrial and amount being discussed is 21
heretofore shipment of 100,000, 500- bales interest in the Exchange today other equipment available only in the hard eur-to Communist China. rency countries.
Exports of these nations, (ex- London, Aug. 31.
2.7919-78.0/16 cluding rose which no figure 2.7426-2.74.7/18 were available, totalled 142,- 30.57-10,5744
million in 1954, compared
136.07-135 00
£4.00-80.13
1737-173
14.38-14.30?
90.9 millia in 1953.
to
Mert of the listed countries 11.06-1.69% showed varying increases in 12.15-12.1515
Others were unchanged, - United 119de over the past two years,
Press
Enecording to the study.
New York Stock Market Prices
New York, Aug. 31.
Don't Apply
to
find a
was
Egypt's total colton export to Soviet bloc countries was ΠΟ more than 142,000 bales (or 8.8 per cent of the total) in the 1953-54 period, Latest statistics show that during the first three months of 1954-55 season ginning August 1, 1954, Egypt
کچھ
K Bank ... 1723 1740 10 1730 INSURANCES
Union
...... 1000 1025
70
331010 wall dey existing plants to in-
DOCKS, ETC. * Whart Dock
28.10 100 ♫ 28 Provident (0) 13.20 13.50 2250 16 15.83 Wheelock 0.40 9.45 1000 0.45 $500 | 0.40
LAND, ETC.
HK Hotel... 19.30 19.00 2200 or 10.00 HK Land 73 7334 500 735
►
1000 19.40
ment in
crtaso productivity.
that
The article also claims new security issues will help meet the rearmament need re- cently added to the total capital demand.
debt in many business firms presently 19 lower than before either the last war or World War I-United Press.
World Rubber Markets
Singapore, Aug. 31, The rubber market was quiot but stendier towards the closè on United Kingdom tinent enquiries. Futures:
con- and
No. 1 rubber per lb..
September October November
14075-14136
tusquoted
The possibility of tapping the capital market, the article saya, may lessen the pressure on In-No. A rubber per ib. Sept. 137-1384 dustry to plough back its profitz No. 3 rubber per Ib. Sept. 130-13011
the expense of dividends, No. 4 rubber per 1b, Seat, 128-129%2
Spot rubber unbaled Blanket repo
10.00-18.20 2950 or 19.
2.25 2.30 8000 2271
nt
A. Rubber. 2.075 2.121440010 - 2.10 Trust
UTILITIES
Train .......
Star Ferry ...
3.10
100 g 3.10
140
120
Y'inati Ferry 110
Humphreya
wure:
- (N
Month
Oct.
Dec.
31,000
Volunte Open interest
14,400
300,900 762,100
Realty
RUDBER
Mar.
23,100
341,800
May
15,000
367,600
July
0,000
201,800
Oct.
2,100
127,500
Dec.
1,800
125,000
be-
Total
04,000
2.150,100 bales
NEW YORK
Prices of futures closed today
34.401
33.70-71 31.00.01
3.31
In addition, the study noted, "factors which limit trade with the industrialised West do not upply to these countries,, so that for instance, poor quality con- sumer goods such as textlics, for which there is little demand in Europe, and the Soviet bloc has been able also to sell in-10 per cent of total cotton in cents per lb, as follows: dustrial equipment because of exports.
The study noted
existing Spot tural surpluses.
Egyptian trade and or payments December agreements with Czechoslovakda, March
Renewed demand for steels lifted the shares a point to 3 points today and holstered the industrial is willingness to buy agricul average around its all-time high.
Featuring along with the steels, chemicals, some oil shares, aircrafts and motors had ranging" to more than 2 points.
Hails were higher with galna ; Commonwealth Elec.
a point in several Consolidated Edison
of around
issues. Ulies held fem.
only
The trading pace was moderate, however, with turn-
Over for the day totalling 1,850,000 shares, compared with 1,740,000
Activity yesterday.
centred in US steel.
The outlook for a continued light situation
Com Products
Crane Co... Crown Zellerbach
exported
to Communist coun- tries a total of 33,100 bales or
October
July October
Or all the Arab countries, East Germany, Rumania, Po-May
to ax-land, in addition to Russia. trade with
Israel also experienced a sub- the Soviet
stantial improvement bloc," according to the study,
has done most
in trade
in-
Egypt has completely or is in with its Communist neighbours.
that area progress of Analising a number Its exports to
32.34-80
250
22.42
December
NEW ORLEANS
Prices of futures closed today
of trade agreements with al-creased from 2.0 million or 3.4 in conte per lb. as follows: 375 most all of the nations in the per cent of total exports
4
0134
Continental Oil of Del.
in
Continental Steel
28 Soviet 70-%
orbit.
An
mission
24
08
7015
53
1993 to 4.4 million or 3.2 per ii) orde
Egyptian cent of the total in 1954. Im
1953-54 10% travelled in the Soviet bloc in ports rose from 2.4 million
May 2.4 per cent of the total in 1954. scarch of new business was in- 67% apparently successful 2274dications are that a marked in- crease in trade is contemplated for the current year.
Spot
October
or
One Object
December March
July Octuber December
SAO PAULO
Cubat Amer. Sugar Curtis Wright Diamond Alkali Dow Chemicals Dupont de Nemours Fastman Kodak
El Paso National Gas Erie Railroad
Family Finance Corp. for steel, as General Electric spelled out by the Iron Age, o General Foods spokesman
for the industry, General Motor reflected in continued demand Gun Pub, Uti for these shares, Bethelhem
3 points, Wood Iron
climbed around.
ward ward
Street rose around $2.
བ་
Gillette Safely Razor gidden Co. Gondricht (B. F.) Co.
Goodyear Tire
and Youngstown Herden Chemical Chrysler featured the motors with a run-up of more than 2 points on the day, even as the United Auto
assured workers ibat "strike machinery will be
contract
set in motion" at midnight in Int'l Tel & Tel
43
604.30 London Stock
C. Light (0) 23.00 21 1400 22.80
500 1500 22.00
C. Light (N) 17,50 17.00 900 67 17.70 17.05 Electric XD 41 415 200 41.23 2500 41.50
Market
London, Aug. 31.
No. 1 paje crepe
30714-10836
142-143
NEW YORK Futures today closed 35 to 55 points higher with sales of 188 contracts,
About 82 per cent of tha trade on the terminal market
was represented in exchanges
of contracts for physical rubber, Stocks slid again today Balance of the trade was scat- 33 334 500 33 23 on the London Exchange tored and included
Elec. 11.40
+
Macao Telephopo
INDUSTRIALS
Cement
..... 3311⁄2 332:
10%
Rope STORES. ETC.
Watson
COTTONS
Dairy
1500 33.25
some ex-
contracts Between dealers. The
but a late recovery reduced changes of March-September 60335 mest of the losses to frac-higher trend followed London.
1200 $ 33.75
22.00 1000 22,00 14.00 15.20
Textile Corp 5.40 Nanyang
8,40 8.45
MISCELLANEOUS
33,68
33.43
Vibro Yangiare Alilod
33.43
13.30
One Soviet object in its re- the vived trude campaign in
Future closings, in cruzeiros The Egyptian trade ties with Balkans and the Near East is to 127 the East bloc was linked to a make the area increasingly de- per kilo were as follows:
The number of motives, including pendent upon the bloc.
to be making both
political Soviet appears economie and
the headway as illustrated by considerations,
exports totals for 1954; es com- country-by- pared to 1953, a country breakdown, in millions as follows:
Chicago Grain
Heinstaka Mining Co. Fugersoll-Rand
Intand Steel Co. Interchemical Corp.
2013 4512
the event
Int Harvester International Nickel International Paper settlement John-Manville C with the company is not reach-Kansas C. Power & Light
Business Machines
401
Prices
Country
1954 1953
Greece
10.8
8.3
3816
Egypt
44.9
37.8
100
2912
85%
Chicago, Aug. 31. Prices per bushel in cents:
Iran
20.0
11.2
Iraq
6.1
1.4
403%
Kennecott Copber
12015
Whent No. 2, red
082
Spol
ed more than one point.
4412 Dec.
Sept. 102
100% (2)
23
Mar.
MAY
THES
July
273
, No. 2, yellow
Closing prices
20314 1-2 100 10415- 181
132:4
Jaract
27
2.4
2.0
Lebanon
1.1 0.9
Syria
Turkey Yugoslavia
63.7 C.B
20.3
101
Sept.
Dec.
4324 Mar.
144) July
ed by that time. Electric Auto-Liggett Meyers Tob. CG. lite, bigt Chrysler supplier, add- Lockheed Aircran
In chemicals, gains ranged to
more
than 2 2 points in
and American Potash
Loews Incorp..... Lone Star Cement Co. Louville & Nashville R.
American Cyanomide and Mon- Mission Development
santo up a point or so.
Allled Lowenstein & Son with Messbl Iron Corp.
Mianesota Mining
Monsanta Chemical Co. to | Montgomery Ward
National Cash Reg. “A”
United Aircraft continued
respond to its stock dividend Motorola Inc.
news, rising more than 3 points! National Daley Prod.
on the day. Boeing gained nearly
2.
Industrials were up 3.51 points
National Dixillers National Lead.....
National Steel Corp.
New York Central
on average and just 0.27 from Olin Mathieson
their all-time high set on July 27. Rails
821 May
3016 Sept. 41.3/5 { nge
21 Sept,
"Dxd Nov,
70 Cata
19
0715-38
404 Sep1.
011 Nov
122
12
Roybeans, No. 2, yellow Spol Sept.
0134-%
Airways
2213-14
Otts Elevatora.....
were 0.04 higher and Owen-hot Glor
(Pheiße Gas & Elec Pace Westem Oil
utilities 0.04 higher.
Of a total 1,124 issues traded Pan Amerten 509 were higher, 311 lower. Paramount Pictures Bonds volume on the New York ke Davis Co. Stock Exchange was $4,700,000.
Pemasy J, C. Co. Penn. Salt Co. Volume on the American Stock Philip Marria Exchango was 810,000 shares.
Closing Prices
Alden Inc. Acy.
Allied Chemicals Allied Mill Eno,
Allis Chalmers American Airline American Cynnamicta Am. Machi, & dry. Amariom Metal American Smelung
Amerten Tel de Te American Tob. "D" Antoands Copper
Armoo Blue]
Armour
Baldwin-Lena-Ham.
Baltimore
Ohio
Radix Aviation Corp.
benguet Corte,
Bethlehem Steel
Best The) C
Ampute
Darderi BUTTER Ada Machine Canadian Paclie B.
C. 1. Co
#3 Financial Corp.
Cato Tristor
Celanese Corp.
· Chile, ConpeOF Inprajer Motors Dolate-Palmolive Co (Commercial Credit
Philips Petroleum
Procter & Gamble Co. Pittsburgh Plate Glass
Pubhekar Industries
PO OllLL*
Indio Corporation Reo Motors
2416 Heptable Steel
111
Reynoldia Metal
Gift (Shell Out Co.
72
Saint Rag. Paper
24% Bclair Oil
Soceny Vácuon
South Porto Rico Buar
coh | Southem National Oas
1544 | Southem Hallway (Corn) nófi Starıclare Brands
Standard Oil of
4316 Nov
107 Jom.
404 Mari
4241 May
Harley
ク Spol
72
Back
Oct.
Dec.
Mar
May July
In
22.50 34.30 33.20
33.40 33.13
the United States, the average price of 15/16 middling 14 designated spot cotton at markets was unavailable. Sales at these centres totalled 26.080
bales.
KARACHI
The market was weak because Bore was no response from for- eign demand. Prices closed. to- Jay in rupees per maund as follows:
tions.
Late covering by, short term operators reflected the view no change would be made in the bank rate this week.
Featuring the recovery were
notably 500 23.30 oils,
Burmah
8.10 0.23 1800 sé a.15 5.70 6.00 1000 3.50
New York Sugar Market
World
New York, Aug. 31.
No. 4 sugar
futures closed today unchanged to 3 points lower with no sales.
Domestie No. sugar futures closed unchanged with no sales,
In world
raws, a scheduled of 100,000 tons of purchase
raws by Germany re- Cuban portedly had been postponed
Otherwise the bout situation was featureless, dealers
Futures: Contract No. 4 (world)
a
week.
The spot market ruled duli, No 1 Rss were quoted nominal- ly at 40% cents
a pound. Futures.
Sept.
Dec.
and
Mar.
British Petroleum, which closed on the plus side,
May
July
Sept.
40.73 40.15-20
44.83
$3,05
41.ID
LONDON The market. was steady with spot quoted at 41-3/10 pence per
b. Prices:
Settlement house term:
Other pivotal Industrials, In- cluding Rolls-Royer, Ford, and Unilever,
bounced back from the lows.
Briush Goverment bands Oct.
Nov.
4133-4196
41-41
also were prominent in the re- Nov. Dec. with War Loan 31⁄2s and covery
Oct./Ore. Reveral long-dated issues parti- Jan./Mat ally crasing carly losses.
Apr./June Strong Swiss buying boosted July/Sept.
General markets, cut basis, ports: Japanese licas in t otherwise Sept.
401%-42 quiet and unchanged foreign |Det.
30%+417 bond group. Gains ranged to
29 Estate, crepe Le Sept. and more.
AMSTERDAM Gold shares cased on profit- The market was steady. Prices taking, but the undertone
closed today In guilders. per cit September as mained good. Some Continen-ilogramme,
interest developed
for follows: Orange Free State development No. 1 rubber issues.
tal
TC-
¡No. 2 rubber
sold.
3.08 buyers
392 buyers
Sept. Oct.
March
3,24
1.70
Copper
shares also had an No. 3 rubber casler tone-United Press,
3.00 buyers
No. 1 crepe
4.01 buyere
United Press.
May
1,22
July
Sept.
Spal-teenis por ib.
fob Cuba)
3.25
Contract No. 6
F Sind roller-ginned 200-FNT Std. roller-gianed..
***... 80-7 Baw-ginned. .....
saw-ginned ...
Nov.
4.51
02-11
25-14
Mar. May
5.30
0.40
09-14
6.52
-United Press,
United Press.
Bath in terms of value and importance, according to the study, Turkey's trade with the Soviet bloc Incressed substan- 28B-FNT Punjab roller-finned 20-14 tially during the past year, Turkish exports to the Com- munlat arbit rose from 20.3 million or 7.4 per cent of total, exports in 1953 to 53.8 million or 16.1 1954er cent of the total in
20.5
Simlarly, her imports from the bloc Increased from million or 6.6 per cent of total imports in 1953 to 45:5 million
224 220-220 or 0.5 per cent of the total in 226
1954. In 1954 the Soviet bloc
New York hou '2001: 120-140 countries had a deficit of more
$13.801
United Press.
New York Foreign
Exchange
Now York, Aug. 31.
than 8 million in their trade
with Turkey.
In conclusion, the tree Europe sludy observed:
Little Doubt
in
"There is little doubt that the Soviet Union's trade offen- Bive in the Balkans has creased greatly in the past two 1.01.0/10 years, although the facts of this 2.64-2.80 offensivo and the ex
extent of 39/18 trade penetration have not been 2.37.1/10 marked
the West Ji *4060 It is also a significant com. -United Press.
Caneda
-England-
170
30-day futures po-day futures
Standard Q of Ind,
80
Standart Oil of NJ,
Bellum Uruguay
Stokely Van, Camp,
14
Studebaker-Packard Corp.
Swift & Co,
69
Texas Co.
A
Tide Water & Am. Oi
Twenty Century Fox Film
187
IKON
Union Carbide
Big Union Pariño Raitway
04 United Alreraft
29 US. Gypsum ...
53
B. Line Co.
Je vs. Tubber
10% 2.8. Smelt
MUS. Buni
834 Warner Bros.
Mplugtrio
We Var Fun W Paper
Business was done in the market
011)
Spot-[cents per ib, elf
NY duty)
COTTON MARKET
MANIPULATORS SUSPENDED
Washington, Aug. 31.
The Agriculture Department today suspended trading privileges, effective on Sept. 12, for two New York City cotton and textile merchants charged with market manipulation.
met.
It said Joseph Klein, fûtures. commission chants, and Rubin Lazarus, engaged in the textile business, had waived a hearing on the case and....ac- cepted the suspensións,
A NEW COMPANY?
From the word "CO"
place your printing order where you are, assured of personal attention, expert designing, the finest materials and craftsmanship.
From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the South China Morning Post, Ltd.
Call in at any time
ment on the conditions In the The ordeT idirecti all 'con" | orders: are not executed by and axamine specimens Soviet bloc bees that exports to that markets, effective on Sept. Klein, the bloc, from Boland and the 12, to refuse trading privileges
pri
A complaint issued against of quality printing which
we shall be proud to show you. Exchange Rates extralve port euro arus for bo daya tind to the two men last week charged surplus in Klein for 20 days. The offer them with mahibulating prices tier true with the Con lại đạo, supon ca for 20 days on the New York, Cotton Ex- neni 1st world resulthrig principally: | stein's registration na a fibor change between December 20
1954, und Increased Bovjet purchases: broker.
14, 1956, in February: Front
wordar that the low of the open- and Turkey NEV "As lowhere, the Commune. The order wand. Klein's edeling or closing price range 11.04 iste bre forwarding these pole di pany, Jomph; Klolit and Com would end lng a specified num Indonesian rupishark par 100) 44.17, with what, theng, think in-Lat the ||pany, zóny, sket en -a" futures | Inry previously, ingropd to by te that binds; communion merchant for its Lazarus and persons in Bombay, Vad moment-the
suchs India,-United Press. Foreign trade.HaUnited Prese
unofficial: Wholeste morning at the fpliowide talen:
U. 8. dollar · (per (3) .....
thie i tron
8.00
Sat Sterling notes ipar k1). **** 18,50
Austrailon, noten (per 21)
Biam ticals (per:1007)
Bingapore (Miraita),
Indo-Chine pinetzer (per 100)
-Make an appointment with Mr. R. Labrum.
Morning Post-Building
Printing Dept.
---Wyndham Street,
Telephone: 20