THE CHINA MAIL, THURSDAY, 'SEPTEMBER 8, 1955.
TRADE and
COMMERCE
Record-breaking Oil Investment
TIFFANY AND CO. SOLD
New York, Sept. 7. Control of Tiffany and Co., famous jewellery Arm founded 118 years ago with a $1,000 loan, has been hought for $3,825,000 by its Fifth Avenue next door neighbour, the Bonwit Teller Specialty Store,
ALL IMPORTANT COUNTRIES
SHOW EXPANSION EXCEPT UNITED STATES
New York, Sept. 7.
US oil companies last year invested a record-breaking $6,400,000,000 in the United States and foreign countries, according to an annual survey of the petroleum industry released by the Chase Manhattan Bank,
Laying the groundwork for continued growth, the American major portion of last year's investment by companies was for the purpose of increasing crude oil production, with only 35 per cent being allotted for refining and other facilities.
30
Announcement of the tir- chase was made by Mr Waller Hoving, President of the Horing
All the portant producing | duction gain, averaging 13.L Corp.
which
The Bank study reviewed the Bonwil owne
the United million barreis daily. This was 1. combined activities of 35 lead-countrics, raceyl Teller, and Mr Louis De
These States, showed in expansion in 3.0 per cent above tho. 1953 Moore, Tiffany President and a US oll companies. direct descendant of one of the compantes. It found, produced operations. Venezuela produced level, firm's founders.
about 58 per cent and processed an average of 1.898,000 barrels In 1954, as compared
Non-Communist Europe during per cent of the free per day supply
per day 1954 continued to gain in im- crude all. with 1,708,000 barrels of
irt 1053; the Middle East, portance as a refining centre, Their domestic net output re-
US 2,775,000
to the United ranking second ta against 2,471,000 presented 54 per cent of all US
and the Far East 340,000 States. Crude runs in European production and they processed 1933
than 85 per cent of the compared
330.000
in the celtnerics now account for nearly ใน more
Total Western 10 per cent of the world's total. total US refinery erude previous year. throughout.
in 1054 About 87 per cent of the total amounted to
processed In
European Middle Although US output of crude per day, compared with 8,091,000 ofineries out-vi was curtailed in 1954, non-in 1953. The Eastern hemisphere East countries.
world Communist
production produced 3,215.000 barrels per
Mr Moore said members the Moure ind Tiffany families, which have controlled the com- pany since its founding, agreed lo sell their total of 68,000 shares stocks to Hoving for $50.25 shure.
The Company has a total 132.151 shares of stockt standing, Mr Moore said.
East Side
|
3
of
The two stores housing Tiffany and Bonwit occupy the cast side of Fifth Avenue from 56th to 57th Street, in the heart the avenue's
district..
Tufany,
famed
which
of
shopping
now Cm-
pluyes a staff of 617,
WIR
founded in 1837 by Charles
and
Lewis Tiffany
John B.
Young with $1,000 borrowed from Mr Titany's father, The Store has had Ave buildings, having been at its present site since 1940. There have been
only four presidents.
The firm exhibits daily the
Themisphere pr055,000 barrels. crude
came from
reached a new high,"averaging day last year, compared to Crude Reserves
12.3 million barreik per day. 2,874,000 in the previous year. This was 3.8 per cent greater The increase in consumption Crude oil reserves excluding than 1953 output.
was even higher than the pro-natural gas liquids, at the end of 1954 were estimated at 150,000,000,000 barrels. The Middle East was said, to contain 63.0 per cent of this total; the US 19.7; Venezuela, 7.0; Canada 1.5; Mexico, 1.1 and other countries, 5.7 per cent.
New
York Stock Market Prices
New York, Sept. 7.
The world's tanker fleet was expanded in 1954 with the Gellvery of 217 vessels with combined deadweight tonnage of 4.6 million tons. The big build-
HONGKONG
STOCK EXCHANGE
(From Our Carroupondent)
Business done on the Hong- kong Stock Exchange this morning amounted to $1,970,- 000. Noon quotations and the morning'a transactions:
SHARED BUYERS BELLERS BALEI
GOVT. LOANS
3% (1046) 03 ik Bank
DANKS
Lost Ariz
INSURANCES
Union
Lombard Underwriters
DOCKS, ETC.
K. Whart
Dock
1713 1725
234
1018
10.20
30,000 # 931
30 v 216
SECTION
Soviets Transfer
Air Shares
London, Sept. 7. The daviet Union has transferred her shares in the mixed Soviet Korean tranport COMPANY. Bakao,
the Когер People's Republic, the Buried news agency, Tan, reported today.
A communique Bald North Korea would repar the Soviet Union's share in the Company by gooda during the next few yests.
This was the last mixed Soviet-Korean company in existence, the Sovies news agency. added.--Reuter.
WORLD COTTON MARKETS
Page
Agricultural Competitors
America. Too Generous
Says Benson ̈
Paris, Sept. 7.
US Agriculture Secretary Ezra Taft Benson said yesterday he fears the United States has been 90. generous to foreign agricultural competitors that "we've almost lost the once famous Yankee trading spirit."
Ho urged the American agricultural attache meeting here to help generato "understanding of and confidence, in” agricultural policies of the US.
Mr Benson, in a speech pre- pared for the meeting, said erities who have necuod America of failing to trim its farm sur- pluses, of being highly protec- tionist and of not
Supporting programmes of sound and mutually profitable Internation- al trade are "misinformed."
The fact that they continue to speak out, however, "may be our fault" for "not telling our story," he said.
Foreign Investments
In America
Washington, Sept. 7.
The United States Com-
FROM HOUSETOPS New York, Sept. 7.
Mr Benson said three prin- Colton futures crowded
clples need to be "whouted from all of the action in today's the housetops" by US agricul-merce Department reported 3306 15.00 Session into the opening ¡tural spokesmen overcar that foreign tong-term in- 1000 10
77 200 v 70 28.20 28%
Do 15.00
deplings,
.. 10.40 10.50 7000 3020 0200 10.30 4300 or 10.40
Provident (0) 15.00
Wheelock
LAND, ETC. HK Hotel HK Land
1815 10.00 4000 18.70
Humphreys
73 74 1447 0 731
7519 (N) 10.00 1920
75 16.10 Realty .... 230 2.33 15,000 in 2.30 8000 of 2.325
RUBBER Trux!
3.18 3.223
A. Hubber...2.1234 220
"Wo wil compete fairly on world market; we will be com- yestments reached a record After a spirited opening rally, petitive in quality; we will par- total of $11,000,000,000 at with gains up to 70 cents a bale,ticipate in a mutually profitable the end of last year.
back international trade that gives the market scilled
14 the
The foreign holdings included ground our customers abroad the con- irregularly
enterprises .valued around the previous close with inuous opportunity to cam the controlled
dull foreign exchanges they need to at about $4,000,000,000 corporate trading turning to the
buy our products,
securities with a market value sidc.
Mr Benson said the attaches of about $5,500,000,000 and the $1,500,000,000 in estates, trusis, Day traders covering steadied should make clear that
and miscellaneous the market again at the close United States will not engage real estate 35 with the list finishing 6 to 12 or ner i mata
Investments WETC 2700 2.15 points higher, Opening prices kets" nor unduly disrupt world
addition to $10,700,000,000 were up 1 to 10 points. New markets.-United Press.
liquid dollar reserves and work- Orleans closed up 9 to 12 points.
ing balances held by foreign
and individuals.
GA 2.125
1700 2.10
UTILITIES
Tram XD
.. 24.30
2000 24.30 1500 24.40
Star Ferry Yaumau Ferry
140
This
The average of four private 11B 120
crop surveys indicated a Sept. 1 C. Light (0) 23.20 1000 23.10 yield of 17,723,000 bales. C. Light (N) 17.00 18.20 2000 IS
would compare with the Govern Electria
42% 475 260 12
1680 Gr 42 ment's August figure of
300 a $315 000
Telephone
INDUSTRIALS
Cement
Itape
..934
New Oricans cotton
Chicago Grain Prices
Chicago, Sept. 7. Light cash receipts of grain and continued dry weather over
holdings.
in of
governments, private businesses
West Europe
West Europe's share totalled $7,300,000,000; Canada's was $2,-
34 1000 L 3315 bales and the lowest
50033.73 000 bales. 2000 44 35.30} exchange members guessed much of the grain belt helped 900,000,000, and those of Latin
.... 3422
10.80 STORES, ETC.
Dairy ...... 23.00 23.29'1000 100 Watzon
15.10 L. Crawford 30.75 COTTONS
Textilo Corp. 5.00
Nanyang Entertain
12,758,981 bales, with a high of most futures to recover from America totalled about $800,- 13,201,000 and a low of 12,178,- carly sinking spells on the Board 000,000 it said,
Tiro report said foreign coun of. Trade
futures wore depressed, tries earned about $500,000,000 Wheatday Trading volume and open however, by word from London on their US investment in 1934,
about the same interest in the Exchange today that the United Kingdom recent-
ly bought 20,000 tons of Soviet United Press. wheat
and planned to buy Volume Open Interest additional amounts.
35 500 34 4300 vs 34
000 bales,
23
23.10
0.00 1000 8.50
were:
Monu Oct.
Doc.
24,400 127,000 20,000 $27,000
Mar.
ment
Yangtze Alited
250 # 10.50
May
13,400 10,000
331,300 404,000
500 40 1940
July
7,000 203,1500
2.1 8.2
1000
8.15 Oct.
Deg
Renewed interest in rails, lifting them sharply for the second day in a row, kept the market on an upward course today despite considerable profit-up reached 270 in August 1954. MISCELLANEOUS taking in industrials.
Jamous Tlifeny diamonds, pur- | 25. chased in 1870. It manufac- tures all of its own jewellery and silverware-United Press.
up in tonnage has resulted in a large surplus of ships, the Bank noted.
The number of ships tied
Since 1953 the tonker market has operated in a somewhat de-
Said.
Activity continued at the best pace since July pressed atmosphere, the Bank
Turnover "totalled 2,380,000, Celanoso Corp. shares compared with 2,300,000 Chase Manhat, Bank yesterday,
Goins in rails to almost 3
231
61
Chrysler Motors
Colgate-Palmolive Co. Commercial Credit Commonwealth Eleo.
551%
46
31
points in Rock Island with | Edison
NEW SWISS
SWISS Fe, Kansas City Southern, Continental Of of Dei
LOANS TO
ITALIANS
The Milan
Milan, Sept. 7.
Bnancial news paper 24 Ore states that it has learnod from u
Swiss source that now Swiss frune loans to Italian companies will be an- nounced shortly.
Continental Steel
Nickel Pine, Pennsylvanin, Corn Products South Pacific, Southom Railway
up a point or more.
On average, carriers were up
1.40 and ut their best July 0.
since
Crane Cellerbach
Crown
Cuban Amer. Sugar
Curtis Weight
Diamond Alkali
Dow Chemienis
Dupont de Nemours
estman Kodak
El Paso National Gas Erle Rallroad Family Finance Corp. General Electric General Foods General Motora Gen. Puh. Util.
Republic Steel went up nearly 2 points as the Company an nounced a $130,000,000 expansion programme. Atlas Corp, scared nearly 3 when its head, Floyd Odlum, said nothing at
pioms-for-peace
Gillette Safety Razor Glidden Co. doubt me tu
Goodrich (D. F.j ̈ ̈Èò, that Atlas Corp. was on reuson-Goodyear Tyre ibly safe und prostable financial Heden Chemical
ference "caused
the
con-
One of these loans is reported footing in the mining and mill-Ingering Co.
Swiss
other
Instersoll-Rand
or to be Inland Steel Co.
Interchemical Corp. Int'l Businem Machines that int's Harvester
this International Nickel International Paper Int'l Tel & Tel John-Manville Co.
to be for the Callex Petroleuming of uranium ore Company for 30 million
as to the than optimistic the beginning of investment francs. At
ment opp rtunity October, it was reported, there
available in may become will be a loan to the Pirelli Com-
new nuclear field," pany of 50 million Swiss francs at 44 per cent interest for 15 years with the option to Pirell of repaying the loan after eight years. The price of the issue will be at par.
The two issues will be quoted, Geneva, it is reported, on the Berne, Zurich and Baste Stock Exchanges.China Mail Special.
LONDON METAL PRICES
London, Sept. 7. The tin market was steady while other metals were also Prices closed today in steady. sterling per long tots as follows:
Tir
apot
3-month
3-month
Buyer Sellers
4
Of a total 1,192 issues traded, 495 were higher, 442 lower,
Non-ferrous metals stood out one of the stronger groups with gains of more than points in Reynolds 3,
Aircrafts hat some of the worst losses-2 points each in in and United; 2% Boeing North American; 14 in Re- public
and a point in General Dynamles. Visking Corp., a recent stronger gainer, lost nearly 0.
Bond volume was $0,441,000 on the New York Stock Ex- change
The American Stock Ex- change volume was 700,000 shares.
Dow-Jones closing averages
were:
30 Industrial
20 raile
15 to
04 stocks
74516
40 bonds
400
70% 740
381
402 500
10734 100
1071
Lond Zine A
Zine
1st
halt Sept. half Dec.
index
475 20
100.43
60.36
Taza
90.38
104.30
Copper spot
Lead lat half Bot
Jal half Doo. 10%
血
---United Press.
Comm. future prices
Closing Prices
Alden Ine. Aey.
Alted Chemicela
Ained Mil
Inc.
Allis Chalmers
American Airline
NEW YORK METAL Aegean Cyanomide Co,"
FUTURES
Now York, Sept. 7. Prices of metal futures Closed today in cents per lb, as follows:
Lead, September
October
potember October
Copper Beplember
October Beptember October
Am. Mach. & F thr American Makal
American Brockling Am. Super That,
Aftorycos, Tel & Tel American Tab. "A" Armond Copper
Armon Steel
Attour
Baldwin-Liana-dfatti,
Bailimare Ohio 14,766 | Berxlix: Aviation Coi 14.78bcquet Cons
*94,000) | Boeing Alpiand
11. Borden: 70+) Co.
400) Dumugha. Add“ Machine STANG BUY D." 15. Co. 50.60
United Press.
C. 1. T. Financial Corp Cat. Tractor
Tin
Etne
·2615
Kansas C. Power & Light Kennecutt Copper
Loewa Incorp.**.
2
The 35 American companies showed record earnings and 857vidend payments in 1954. Net income in 1954 Increased by 1.4 per cent over 1953. Tho com- panies paid total of $901 million in
cash dividends, per cent of earnings. Several companies distributed
an addi- tional $434 million in capital stock. und other dividends.-- United Press.
వికా
Singapore
Stock Market
Singapore, Sept, & Brokers today
quoted the following stock prices:
Baiu
British
Syndicate
Consolidated
Ord.
announced
The Agriculture Department the Greek Government is negotiating with the United States for the pur chase of 1,870,000 bushels of 110,300 2,140,000 bales whoat and 11 million pounds of
129,800
3,200 27,300
NEW YORK
seed oils under previously an- counced arrangement, Deadine
World Rubber Prices of futures closed today on wheat blds is Seph 22 and
Markets
Singapore, Sept. 7. The rubbor market opened steady but eased later on up- country godown liquidation. It closed steadier.
Futures:
No. 4
on seed oils, Sept. 27.
Export business Wis alow today except for the sale of 373,- 000 bushels of US soybeans to Denmark for Oct/Nov. ship
ment.
es in 1933.--
London Stock Market
London, Sept. 7. British Government bond 'and oil sharea were firm on the London Exchange to. Indications that the day. bank rate would not be hiked in the Immediate future,
Wheat closed off to helped the market close firm
cents; soybeans old off 4 to 14 cents,
CLOSING FRICES Prices per bushel in center
10da
$15
for the second
off
day.
104-105 10031-35
successive
British Government bonds, War Loan a1⁄2 per cent and funding 4 per cent posted gains of 2%. Consols 24 per cent. closed £ higher at £55.
Oll shores were strong, bul- warked by a five shillings rico for Royal Dutch. British Pet- 12-1273: roleum and Burmah cach
gained three chillings.
Industriais
200 1901-100 XZJ***
as follows;
Spot
34.30n
33.01
Deo.
33.00
Маг.
33.20
May
33.34
July
32,80
OM.
32.42
Dec.
NEW ORLEANS
soybeans now
% to 1% cênis.
Prices of futures closed today
as follows:
Wheat, No. 2, redi
No. 1 rubber per lb. Sept. 1491-140
Oct. 140%-1401 Nov. unquoted No, a rubber per lb. Sept. 143-143)
141-1411 No. 3
134-133 14014-149% 11015-11215 14912-15015
Бров
33.80
Oct.
33.20
Oct. 1) 194}{(L)
Dec.
33.00
Dec.
Mar.
Mar.
33.47
May
May
33.50
July
July
23.78
Oct.
3230
Con, No. yellow
Sipot
100%
Dec.
32.29
Oct.
D&c.
12794-9
NEW YORK
LIVERPOOL
Mar.
May
closings, American By
Bept
Nov.
Oats
Sept.
30.00
Nov
20.30-40 Spot
20.90
Hept.
23.36
Nov.
Jan.
SAO PAULO
Mar.
May
There was no market today, Barlay
Spol
New York Hour 200 lb.
sack
Spot rubber unbuled Bankot crepe
No. 1 pale crepe
27.30-40 Boybeans, No. 2, yellow
Future Futures today closed 65 to 105 Opening points lower with sales of 276 middling, in pence per lb. as Lintang Rubber Co.
follows: contracts. $1.62 Borneo Petroleum
Commission selling and hedge Det New
Dec./Jan. 439 Det Tin Smeltere
offerings. In line with the lower Mar/Apr. 201
London market shaped the May/Fund Ord. $1.75
general trend, although prices July/Aug. recovered at the close on scattered covering in the face 734 of abated liquidation
Fraker & Neavy
Fraser Neave Lid. 76%
$1.77 Lunas Rubber Estatos Ltd. Da Malayan Broworice...
$3.42
Dealer
switching operations involved due to holiday. March-May at difference of 117 to 125 points; Mar./Dec. at 120 $1.65 points and July/March at 275
pointa difference.
Lockheed Aircraft
cum. pret.
231
Hongkong
Shanghal
Lone Star Còment Co. Louievilla & Nashville R. Lowenstein & Bonn. Mesabi Iron Corp.
Banking Car
2010
3010
80
Hongkong Tin Ltd.
Kempas Ltd.....
421
1021
201
New Serandali Rubber Co.
4724
Lid.
0312
Peinling Tin Ltd.
Raffles Hotel
Singapore Cold Storage
21
st
733% Straite Trading
Mianosata Mining Mission Development Monsanto Chemical Co. Montgomery Wond National Cash Reg. "A" National Dairy Prou. National Distillers National Lead National Steel Corp. New York Central On Mathieson Olis Elevadors Owen Illinois Gila Paciic Gas & Elec. Pacile Western Oil Pan America Always Paramount Pictures Parko Davis Co. Penny J. C. Co. Penn. Salt Co.
Philip Morris
Philips Potroleum
Proofer & Gamble Co.
Pinburgh Plate Cila
Publicker Instustries Pura 01
Radio Conmration
Reo Motors
Hepublie Sical
Reynolds Metal
Khell Out CD.
Saint Reg Paper Sinclair O
Baoony Vacuum
~119%%' | Southern National Gur.
South British Insurance Co.
Ltd.
Steamship
United Engineors Ord.
Waste Dros.
$2.35 $1.75
In the US the average price of 15/16 middling colton at 14 designated spot markets Was unavailable. Sales at 13. markets
In the spot market, a small totalled $25.00 tonnage moved incoming twn Press. $13.00 sheets for Sept. at 47 cents, 10.70 Spot No. 1 Rss were quoted at
$24.25
$2.30
-Ching Mall Special
London Foreign
Exchange
London, Sept. 7.
47 cents.
Futures:
Beptember December March May July
September
LONDON
The market .spot.
Foreign exchange rates closed | Prices:"
today ni follows:
204
*
New York
Montreal
19.0931-15.001 27274-97134
405 Frankfurt
014 Olo
2.7032-2.78-0/10 27445-2.14-11/10 11.086-21.08)|
.......... 14.38}1⁄2-105044 Others word unchanged.
Sit Part
701
Southern Railway (Com.) Standard Arande
Stockholm
20% Bistand it of
$14/
Standard (319 of 101.
Bandard Oil
Atockeby-Van Camp,
Btudebaker-Packard Corp.
Awit & Co.
Texas Co.
Tide Water Aain. Oll
Twenty Century Fox Film
Union Paclite”, Hails
170xd
401
Unvied Alterať
B. Gyp
17.8.
156: 17.8. But
New York foreign exchango rates were unavaliable.--United
frons.
Exchange Rates
Bushcra
was eady
48.25
40,70-83
46.43
44.00
$1.35
41.35
with
at 421% pence per lb.
No. 1 Ras Bettlement house lerta: Oct. Nov. Desi
47-421)
Oct/Dec..
Jar/Mar.
Apt/June
July/Sept
General markets, cit bias Bont.
401-4042
porte:
Ool. Nar
nguoled Estate prepo tian and thlok un- quoted.
AMSTERDAM
The market was easy. Prices was done in the local clowed today in guilders per akchange" markal "This | klogement, elt. Bept. mertung at the following rates follow
Aurallao nobela per
Indonesian rupiahit par 200)
Endoweftina: pientron (per 100)
Blur Beals (pa103)
singapore (KWatts)
No. 1 rubber. No. fubber.
•No. fubber No1 erepe
4.10.nom. OR TICKEL. 300 nama 4.10 nom
32,071 bales.-United
13134 133-134
2014-15
0015-1
8076-32
0144-46
22011
generally posted
small gains, with the exception of Rolls-Royce, which shot up two
shilling six pence.
Copper shares were in de- mand and Heavy local and Continental buying spurred the $104.220 noctions leaders to sharp gains. 2104-210
Japanese issues were a feature 233-4-234 In the foreign bonds section, 22344-234 | chalking up advances of about 120-140n two points. German bonds re- mained mostly idle-United $13.500 Press. United Pre
Let US handle
New York Sugar YOUR PRINTING
Market
New York. Sept. 7.
World No. 4 sugas futures to day closed unchanged to 1 point lower with eales of two contracts,
Domestic No. d sugar futures closed today 2 points higher to 2 points lower with no sales res: ported.
in the world rawmarket, doolers understood Germany had purchased the secheduled 100,000 tons from Cuba at a prico figuring about 3.25 cents a pound, Lab,
the
Demand for refined sugar in domestic market was ro ported good although not up to the peak levels of last month. Futuros:
Wald No. & conirani bot.
a
巨
Too many proofs méan time wasted. Wo grasp the point at the onset and
ONE PROOF generally- suffices. After that, our upstorɗate automatic pressos make short work of the job.
Lot
us quote för your current:
SOUTH CHINA MORNING POST
PRINTING DEPT.
alepkonar 20002