Page
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 7, 1955.
TRADE and
COMMERCE
Slump In Persian Cotton Industry
WORLD COTTON MARKETS
New York, Sept. 6. Post-holiday trading in cotton brought a lower trend with new crop deliveries skirting close to the season's lows.
Losses ranged up to $1 a bole on the new crop deliveries where persistent small lot of liquidation and hedging met Indifferent demand from mills and exporters.
nearby
The
December
M
textile
de-
Ilvery went through the recen! low point of 33.60 cents a pound, establishing its lowest level since .this year.
Selling operations wore coupled with higher private crop estimates, plus uncertainties re- lating to future price supports and production controls and to uncertain outlook for disposal of the raw cotton surplus.
Gradual Shut-Down Of HONGKONG
Mills Threatened
}
Teheran, Sept. 6.
Persia's cotton industry is experiencing a slump which may result in a gradual shut-down of mills unless Government intervenes.
Parliament will discuss the crisis when it reassembles in mid-September and decide what form aid to the industry shall take.
Volkswagen Capturing
US Market
Washington, Sept. 8. United States imports of the German Volkswagen totalled nearly 40 per cent of all foreign cars brought to this country curing the first six months of 1955, according to Informations received
German by Embassy here..
the
Four private crop estimates appoared today before the Gov- ernment report to be made on Thursday, They ranged from 1,200,000 to 13,050,000 bales. The Government's August figure was 12,728,000 bales and last year production 13,896,000 An Embassy spokesman sald Lales.
the vehicle was already the
|
where
HOW
on
Cheap cotton Importa, parti- Earlier this year, the Gov-
the duty Dularly from Japan and the ernment doubled Soviet Union, have gluttod the cotton imports-raising it from market thiu Bummer, These 30 per cent to 40 per cent by value. But most of the foreign two cluntries have dumped over 100,000,000 metres of cation dumping had been done before textiles in Persia at prices up the new duly came into force. to 25 per cent cheaper than local Mill owners complained that the too generous manufactures of similar quality Government's
quoto policy left the home in- extlie
experts
here claimdustry at the mercy of cutthroat that Soviet
state exportera foreign competition. slashed prices to unoconomic Defenders of the Government levels to try to oust Japanese said that a reduction in the cost rottan products from the of living was as important
Japan retaliated and, cushioning market,
the home industry squeezed between these two against Imported goods. giants, Persia's own amali colton Industry suffered heavy demųge,
Keep Going
per
13
STOCK EXCHANGE
(From Our Correspondant)
Business done on the Hong- tong Stock Exchange this morn-
to ing amounted $1,700,000. Noon quotations and the morn- ing's transactions:
BRABES BUYERS KELLERS BALES BANKS
HK Bank... 1705 1723
INSURANCES
Union .........
Lombart
DOCKS, ETC.
1016
10 171
20 ve 1720
20 # 1005
10 1010
DO 1005
05
H. Whart... 7011 77 100 # 27 100 77 Dock
28.10 2016 320 * 28.20 Provident (0) 15.30 15 2800 15 00 Wheelock...
10 10:20 4000 m 9,00
13700 6 10 17400 6 10.10 5500 10.20
LAND, ETC.
SECTION
BRAZILIAN
COFFEE EXPORTS
Rio de Janeiro, Sept. 6. Brasil · reported 1,006,- 000 bag of coffee Jant month, 111,000 more than In July and nearly three timea the 518,000 baxs BOLA abroad In August, 1954, 16 was annoupoed to.
day
Figures issued by the Brazilian Coffee Institute showed that · more than 4,000,000 bags of coffee have botn 'exported since April--twice the number sent abrosa in the same perlod
fast" year.—United
Press,
India Losing Foreign Planters
Page
INDIAN CLOTH PRODUCTION
FIVE YEAR GOAL 10,000m. YARDS
Bombay, Sept. 6.
The mill-owners Associations of Bombay and Ahmedabad in a joint memorandum to the Indian Planning Commission have urged that the cloth production goal at the end of India's second five- year plan should be 10,000 million yards.
Of this total 9,000 milljon yards should be for in ternal consumption on the basis of 22 yards of cloth per head for a population of 400,000,000 and 1,000 million yards for export.
The mill acctory share of the torget should be 7,800 million yards; the hand-loom sectors 2,000
million yards and the power-loom sectors 200 million yardi.
76 Per Cent
The Associations together represent 70
JAPANESE
MINISTER
per cent of the IN CANADA
208,000 looms and 66 per cent Bangalore, Sept. 6, India
foreign of the 11.0 millon spindles and Is losing its
Ottawa, Sept. 6. planters by the coffee and tea 90,000 looms bringing the total
spindlas in HK Hotel ... 101⁄2 18.00 2300 @ 1080 | Industries.
Japanese Agriculture Minister the industry to 10,0 milton and the total looms to Ichiro Kono arrives here to- 2000 18.70
This was one of the important 298.000 1K Land
73 734 100 « 73.50
morrow for a four-day official million, Finance TC- Mr T. Th facts brought by Krishnachari, Indian Minister quired would be 200 million visit to converse with Canadian
oMeidly and
fisheries matter, for Commerce and Industry in dollars for rehabilitation
206 million making a lea
now rupees for plea for a five-year equipment. The industry also
The plan to expand the area under
constituted coffee board,
10 73
100 20
200 73
the
of
500 or 300 13 I'phreys (0) 20.30 H'phreys (N) 18.70 19 Really 2.2714 2.325 22000 at 2 30 RUBBER
A. Rubber 2.121 2.15 30000 m 2.121⁄2 Trust
1000 3,125 ... 3.18
090 # 3.15 10000 3.15
6000 e 3.170
In
20 1940,
cent of Persia's total importa weno
is colton goods., Cotton country's second largest indus- Many mill owners tried to try after oll. It employs nearly close down this summer but 30,000 people and affects the
Govern-livelihood of about 160,000. were ordered by the ment to keep going. They new
Isfahan, 250 miles south
of the cotton industry. Here are 13 of the country's Largest mills. although others are also found at Teheran, Kashan, Tabriz and,
Ahwaz.
UTILITIES
Tram XD.... 2436 Yimati Ferry 16 117
24 23.40 3740 @ 23. C. Light (0)
Light (N) 17.30 17.00 1500 a 17.00 .833 or 13.0 42 300 41.50
1037 413%
Electric XD . 41%%%
·
One survey noted big plants largest ackling foreign cur in the are heavily fruited, but indicated | United States. The firm anthreaten to close-down in the Teheran, is the home at least a month may clapsenounced recently it acquired an autumn. before it will be possible to automoblie plant in New Jersey
1. Several warehouses here are obtain a more accurate figure on
Volkswagon would be stacked to the coiling with the crop from ginning return, assembled for sale in the US. locally
made cotton yarn and The unusually large plants this
cloth which will probably not Many year, in
many
have areas.
are being be sold for a year, puzzled crop experts since they found for the car, the Embassy
Mill owners, already in debt something
Communist Centre are
outside their spokesman said. It has become to the Government, are pressing range of experience.
very common for large factories for
State loans. Their Trading volume and open in-ented on the eastern seaboard machinery is worn, their labour Formerly Isfahan was a centre terest In the Exchange today
to UAC Volkswagen
The of Communist activity, but this as rura fartog ATO too big.
hes now. virtually ceased, I COTTONS abouts
plant grounds price of raw cotton has gone up on the often too rough for the bigger while prices for cotton goods feeling does still exist, however, the American models to negotiote
Government is anxious to pre- easily. United Press.
vent unemployment.
Avero:
Month
Volturno
Oct.
$4.300
Dec-
23,800
Open Interest
200,300 783,000
Mar.
14,700
403,200
May
10,700
403,200
July
4,000
202,900
Oct. .Dec.
700
23,300
4,300
$220,600
Total
78.400
2,203,900 bales.
NEW YORK
Prices of futures closed today
as follows:
Spot
Oct.
Dec.
Mar
May
July
Ort.
Dec.
NEW ORLEANS
34.255
17.50-56
33.54
33.20
33.27 02.76
Prices of futures closed today
Ja follows:
Siul
Oct.
Dec.
Mar.
May
July
Dei,
Dev.
more
ably have fallen consider among cotton workers and
Crities of the Persians mill that although foreign competition brought
owners
sny
That is why it prevented the
London Copper crisis faster, ineficiency would mill owners from closing their
Market
London, Sept. 6. The copper price rose sharply on the London Metal Exchange when it opened this morning at £401 a ton, a rise overnight of 41⁄2 sterling.
000 642
33 3319 12000 qr 3314
Telephono INDUSTRIALS
Cement Repe STORES, ETC.
Dairy
Texille
Corp 3.00 Nanyang MISCELLANEOUS
Yangtze Allied
344 34% 1250 @ 3414 10.80
22.80 23 050 A 21.00
0
8.00
0.10 0.20
0.60 10000 @ 0.78
World Rubber
The
Markets
WEB
reserved.
summer or have resulted sooner or later in doors during the
dismissing surplus staff. Thanks a similar state of affairs.
Persia's cation industry func-to this polley, there is no un- tioned well during World War II. employment in Isfahan today in The war obliterated competition spite of the crisis. for six years, enabling Perslan monopolise manufacturers to
market and amass the home large personal fortunes.
Today, bankers estimate that mill
mada Owners profita of at least 500 per cent This, say the bankers, must be remembered when they plain of a drop in profits to
of
what they enc-twentieth were previously
making. As the wartime industrial nations reverted to peacetime economy (unofficial and the drive for export mar
kots grow forcer, Pursia's home industry begun to flag.
Singapore, Sept. 0. But the town does suffer from
rubber market long child labour,
working
renewed buying hours and low wages in
the steadier on Children start mainly from Federation centres cotton mills. work at the age of seven along- and better enquiry for lower wartime side their mothers contrary to grades. Sellers were
labour laws and wages are Future closings were:
rubber par lb. mostly between two and three No. 1
Working days shillings a day. add up to 65 hour week in some instances.
The three-months position to £394 a rose three points ton. The tone of the market 33.51-52 Wes firm and 500 tons of metal $3.43
the changed hands at 30.28-29
33.50
33.52
Closing prices afternoon prices):
| price,
32.20
United Press.
Cupper
ht 3-repritis
LONDON LEAD
AND ZINC
London, Sept. 6. The lead market was very firm. stoady while zinc was Turnover for leed was 375 tons and 050 tons for zinc. Closing prices in sterling per long tan were as follows:
now
Впусты
400 3114
nellers 401 393
United Press.
MARKET
Big Fortunes
made
in
eom-
Some mill owners are, of course, much better than others.
In Isfahan, many stories are told about the unorthodox sales policy of certain colton execu- tives.
Sept. Det. Nov.
Sept.
Sept.
''
an general trade and
coffee while inaugurating the te- would nood seven million bales spokesman, who has been en
of cotton,
Japanese Government gaged in trade negotiations in Washington, DC, was invited to only Ottawa by the Canadian govern-
Mr Krisnachori sold that the The Industry not foreign planters were going away achieved the first five-year plan ment. to make room for Indiän planters | target of 4,778 million yards but from the renter class." He said surpassed it by a comfortable in one sense it was not a mutter margin two yours in advance of
the target date-United Press,
for regret since foreign elements would have to go at one time or another.
But he sold it was a matter for regret in another sense be- cause foreign planters were an "exemplary class."
Buying Out
For some time now
Indian bustnessmen have been buying
вес
the
do not
London Stock Market
Stocks
London, Sept. 6.
were
28
Spok
kesmen
at the
Japanese and for the Canadian Government said there were no specific nepoliations between the two countries. The talks bo with trade, here would Agriculture
and Fisheries De partment officials and would cover only matters of mutual Interest."
Future Prospects
of
Officials sald it was likely much that the
futuro prospects
British products, particularly
out foreign plantations as a good stronger on the London Ex- Japanese use of Canadian food
But they investment.
grain, them change today, lavish
care upon
and would be discussed. Mr Kano that foreign planters did in Government bonds
directs Japan's agricultural. building up the coffee and tea foreign Issues gave the Industries.
market a moderate forwardduce importing programme. Krisnachari
country has become one thereforo called upon the Coffee Board to push.
`of Canada's major customeri ",
grain. for
Spokesmen hore that in
Japan
purchases. by Japan of surplus products from the United States.
Mr Kono and the five techal- clans accompanying him will leave on Saturday to return to New York-United Press,
the
process of
change
of ownership
from
foreign
to
in
British War Loan 3 per cent and sales of wheat to
held to
hava
rally, gaining 15s, and 12a in spite ofing levels"
Indian the country and Consols 21% staged a spirited got a class of people who were not merely interested in respectively, Treasury 34 per getting returns from the land en jumpai 12s 03 10 £64 they
also exploited but
German and Japanese bonds developing the plantation - sprinted ahead at the start, but dustry.
drifted lower late in the day some Japanese issues closed from 1⁄2 to 2% higher.
Blue chips of
He sold the expansion of the coffee area was imperative and 14-1813 assured the planters of Govern- 18014-100% | ment help for any scheme
unquoted
expansion-Unied Press. 14434-145
rubber per .
b. rubber per
2.
1425-14346
133-130
1519-181
11135-113 181-152
No. 2 No. 3 No. 4 rubber, per ib.
Sept. Spot rubber unbaled Blanket crepe No. 1 pale crepe ...
LONDON
Selitoment house term:
Chicago Grain
All
Prices
posted moderate CALL FOR
gains Unilover rose 2s, while Rolls-Royce chalked up a gain and Motors of is 6d. Ford Imperial urned in fractional gains.
PRICE
Oils were steady, with Bri- REDUCTION
tish
Petroleum
and
Burmalt Gd. Royal £61. 10s to
Munich, Sept. 8, West Germany's top union for called spokesman today "price reductions instead of wage Increases,"
of Walter Freitag, Chairman shares responded
German to the new peak the 8,000,000-member
of Trade Unions sald
cach grining la 'Chicago, Sept. 1.
Dulch spurted grains except soybeans showed a firmer tread on the Canadian Eagle tuned in a 28
guln. Board of Trace today as short covering met limited offerings, Copper Lower prices for noybean oil cautiously
433-13 and meal, and slow in demand | price for the red metal. Other wage increase de-
caster-United Prees,
West German unions
mands by consiftuted no dan
The market was steady with If these stories can be bespot quoted at 4336 pence per lb. MI owners who
big loved one or two mills execu- PriceR: fortunes during the war are tives take a handsome personal No. 1 Res spnt
4354-4315 new commission both on buying raw reluctant to invest
414-43 LONDON PEPPERmachinery for what they con- cotton and a selling yarn
or Ort.
Nov. ceive might be a dying industry, cloth. This forces the mill's Dec.
4311-434 They much profor the
less overall profits down to lower Oct./Dec.
431-43 were bearish factors in the base and rubber issues ruled the Jon./Mar.
4126-411
Deolera
the traced hazardous capital outlets pro levels than need be.
Apr./June
3916-3874 vided by land apeculation or by
"frend, in other graine to Local transport interests July/Sept.
than
cash expected bazaar where which
smaller General markets, elf bands, ports: lending in the
transporting exist by
receipts at terminal markets, 4215-43
lack of moisture over the grain 42-4211
belt during the weekend, and for very the official forecasts iktie rain during the next ove days.
London, Sept. 0.
was pepper market White Sarawak was
quoted at 39 140, sellors, Block nerost on capital can run as cotton to Isfahan from the Sept.
The
buyers
Lead 1st half
30735 1071)
sellers
100
casier.
1079;
Zinc ist half
0144-
D11
Sept.
Dec.
Берг.
Dec.
HK
0114 -United Press
Sarawak was at 2 44d, sellers; Biselt Malabar, Sept. was at 340s per cwt, October at 8358 per cwt.-United Press.
Bought More Cotton
US
Washington, Sept. 6.
да
Oct.
high · an per cent. Some northern Fotton-growing areas Nov. owners state frankly that they of Persia are reefsting schemes Estate crepe thick and thin
the Sept. would prefer to let the Goyer to grow more cotton near ment nationalis their mills and mills. evacuate the Industrial nela
But entton industrialisis here nlready
the Government owe
doilara for many millions of
was
2014-3811 lets
Recommendations
A Government commission
4396 AMSTERDAM The market
steady. Prices closed in guilders per tol- kilogramme, cit Sept, us lows:- No. 2 rubber No. 1 rubber
4.10 buyers
4.10
off
14
2,30
1+
4.10
past loans, in unpaid taxes and set up to investigate conditions
for unpaid social Insurance con- tributions. First, the Govern- mont wants these debts poid.
in the industry recommended:
1. Government depart-
In addition, some mill owners ments should DOVET all their aro 40 days behind in Wage cotton requirements” from home
manufactures and cepee foreign payments,
до
Government texule consult purchases. anta say that if the industry
Investments if
Were
Lout
newcomer the
No. 3 rubbor
No. 1 crepe
-Unilad Press.
Singapore
Wheat closed up 2% to 3% cants; soybeans old off 4 to one cont; soybeans new to up one cent. United Press,
REPORTS
RECEIVED
London Wooltop Market
market
London, Sept. 0. Wooltops futures
steady closed very Turnover was 28 lats.
Closing prices in pence
b. were as follows:-
Sept,
Oct.
Dec,
NOT
Jan.
Mar.
May
July
Owing to poor radio reception Sept. this morning number of Dec markot roppriá were not
Stock Market clved. mado, should be drastically pruned.
stocks
colton
Singapore, Sept. 7, Brokers today quoted the fol- (lowing stock prieca:
Opening nati Lintang Rubber Co. Ltd. 11.00 Britian kimeo Petroleum
Syndicate.res Consolidated." "Tin" "Smellery
Ten out of 12 of the world's major cotton run on rational lines and 2 Foreign import quotas importing nations bought more United States cotton mill owners could expect
profits of about 25 Der sent, 3 State, Banks should land owners some 20,000,000 cotton in the 1954-55 year just ended than in the despite foreign competition.
This ylow appears to be borne dollars, using unsold report previous year, according to an official
as security and should by the net of one relative Caso their present restrictive released yesterday,
Nations which bought more US cotton All Hader who har ud credit polley.
cient conndence in the future 4. Mills should pay no included the United Kingdom, Japan, Germany, of his own mill enterprises to taxes for five yours. India, the Netherlands, Canada, Spain, Italy, buy some hundreds of new
German cotton Toomi. Ho. Foreign experts Switzerland, and Hongkong, according to the US reckons to make good pronts by advise the industry пр mills Hongkong Tin Lad. Agricultural Department. Among major buyers waving cotton cloth from local efficient methods only France and Belgium ordered less, the official said.
The United Slates supplied | plfed did not cover more 'thin not less than 20. per cent of the nine or 10, months of the B0 purchases in all 12 of theso called cotten your, Countries and in some of them
•
cotton fibre.
Cotton Crop
·Persia's "Influgtry suffers from a serious unbalance in spinning and weaving machines. She has for more spinnings machines Tooma Such
Ond.
Fraser & Neave Ltd. Ond.
should
Hongkong & Shanghai Bank-
on
more
Brut Comp
Kembar Lid w should run under Governments Rubber Estates Lid
Bildayan Erewories ............ austing supervision
Flubber These are the recommenda- Now, Sarandah. tions to be discussed by Parliar Lot, w
Potuling Tin Ltd. itámen Hotel ment, China Mall Special.
Singapore Cold Storage Bouth Ltd.
United
3858.
LONDON TIN MARKET
Landen, Sept. 8. The tin market was much against: 33: United Kingdom 37 houtgres 400,000 meros of land, good turnover of 105 tons. Spot against 22; Germany 34 against which laids, wang 70,000 tons rose 3 and three months 14 29; Netherlands 30 20 of cotton twee She both to the common price of Officials acknowledged that Switzerland 32 against India horal weaver only 1000 tons €744445 the heaviest sales were the 30 against nine; Japan 30 against of it, leaving some 5,000 tons Closing price: first, part of the year and that 101 Hongkong, qve again, the; to go to forsum, loog modelal, E thar dwindled in the last part, Belgium 20 ngtairiat 23; France | ly: Indspan
the US share ranged up to as The United States percentage than weaving high as 93 per cent.
huro at cotton imports for the countries. Japan and the Union buy Paralan.raw Competitors for these markets12 countries, with similar Oguros
and reimport cotton were Egypt.
follows: cotton Brazil, Pakistan, for the previous year, British East Africa, Belgian Canada 93 per cent against 85; pleco-goods, Congo and Mexico.
Spain 48. against 53; Italy 40 Persia grows calton on 209.000 steedier this attention with Exchange Rates Heaviest Sales
In some cases the figures, sup- 133 d'ainat 35,-United Prom.
Union
a
THREE
Int.
ro- Mar.
SILENT
nt
Ho
Eer to economic stability, told building trade union Con- comes grose that this danger
"much more" from the “exces-
sive profits of a whole series of industrial arms."-United Press.
today, London Foreign
per
10416-10035
18-100
10014-105-12
10644-100
Exchange
London, Sept. 0.
Foreign exchange rates today
105%-100% closed by follows:
103-106 New York
10914-10412 | Montreal 104-1064 | Amsterdam
103-104/ Copenhagena (095-104% | Frankfurt
United ProEL.
Dilo
2.7066-2.TB-9/10
2.74-11/16-2.7454
10,501-10,602)
19.83)-19,831 - 11.684-1188
70.09;3-10.90%
Others unchanged United Press.
SALESMEN
賣賣麵
Largest Marning's
Circulation
Circulation pip
Largest Sunday:
“Oiroulation