THE CHINA MAH
WEDNESDAY, SEPTEMBER 28, 1955.
TRADE and COMMERCE SECTION
CONCERN OVER LOWER WOOL PRICES Recovery Australia's Export Income Likely HONGKONG Singapore Rubber
To Fall Again This Year MORE IMPORT CUTS POSSIBLE
Melbourne, Sept. 27.
Early low wool prices in Australia this season and uncer tainty on future levels have forced economists and politicians to keep a close watch on the Australian economy.
Australian officials admit the next few weeks may be crucial. They say if wool prices do not settle at a favourable level, there is a likelihood that Australia may have to restrict its imports further so that it lives within its international means.
Political correspondents in Canberra say that national leaders hope that Australia's export incomes will stabilise. The Federal Cabinet, they declare, is acting on the assumption that wool, Australia's biggest over- seas currency earner, will not fall lower and that there may even be some recovery of lost ground.
Thero' would seem to be wool exports will be very pain- that ful to a nation with our trade ample ground for reports tho
Sirifeultjes,"
Federal Treasurer, Arthur Fadden, is to negotiate
|
all parts of the world. Even in the Unlied States, where com- petition from artificial fibres in increasing.
manufacturers and
Other writers suggested the public are showing a pre- a $30,000,000 loan from the In-
£A3D ference for mixed wool and j reduction of more than ternational Monetary Fund to
the Australian economy million (£28 million sterling) synthetic material, help
was possible. through the coming weeks,
A top Government official told a Reuter correspondent in Canberra he hoped the loan would enable Australia to "hold the line'.
The Australian
(2) Australia's wool clip this "squatter" bas said for years that "Aus-season promises to be an excel- The president of the sheep's lent one. video
the trulin
Rural Back. in New South Wales, said it would be the best since the record your of 1848. An extra 3,000,000 sheep would
back".
remote 10
be shorn this year.
The annual wool clip scems most Australians. The phrase "hold the liue" is who live in cities and work in industries or nt But indiention of the current services for it. concern which export income is when the sheep's back becomes some of the initial lower prices cousing.
B
in the
Inst. financial year, heavy Australian imports boosted
by heavy spending, far exceeded income from exports. To meet this threat, the Govermanent, in April of this year, announced import cuts tofalling about 20 per cent. The full effect of these cuts was just beginning, to take effect in September,
narrower and either the saddle slips or the girths are tighten- ed, every Australian feels the pinch.
(3) There is a possibility that
follow uncertainty brought about by British and European credit restrictions, Buying should pick up ar manufacturers' stocks fall. One of Australia's leading
(4) About 2% per cent of the economie writers, Mr John Eddy,
because of higher in the "Melbourne Herald", re-price fall is cently outlined the effect which shipping freights this year. This the lower prices would have infall was generally anticipated, the community.
(5) Japan, which was only a "Tighter credit is a cortainty."
minor participant in the early he said. "Bankers indicate over Australian sales may increase Government Reluctant drafts will be much harder to buying later because of the large
ket and
in some instances re-sterling funds she holds, The Cavernment hoped toduction in existing overdrafts meet the temporary deficit In-will be sought. curred before import restrictions
cut down spending with money Hire Purchase Next? from the International Monetary Fund, the official said. But to do this, it had to rely on a steady export income, and the early 10 to 15 per cent wool price fall threatened this equilibrium.
com-
"Hire purchase the poor mun's overdraft has so far es caped the squeeze, but it would be unwise to expect it to remain untouched.
(6) Russla may slant buying again in Australia. Soviet pur-
interrupted chases.
by the diplomatic rilt over the Petrov affair, were about £25 million
after a year
World War II. There are unconfianed reports buyers, acting on behalf of the
New Look For Farouk's Corrupt' Cotton Market
Aluzandita, Sept. 27.
The 100 - Year - old Alexandria cotton 'fltra® market reopened today after three years' suspen- alott.
on
the
Prebiler Gamaj Abdel Nasser of Egypt_who had closed the exchange charges of corrupt speculas tion practices under Farouk regime today wel. comed the reopening under new trading regulations as "methed of simulating a "m Egyptian bodion trade throughout the world and
the raising
poor peasants' income,"
of
The reopening ceremony, www attended by Govern- ment officials and repre- kentatives of many foreign markets---United Press.
500 To Attend
Far East
Economic Talks
*00
Wo
STOCK EXCHANGE
(From Our Correspondent)'
Business on the Hongkong Strock Exchange this morning amounted to $1,050,000. Noon quotations and the morning's dealings:-
SHARES BUYERS BELLENS 'sales
INSURANCES
Undert Underwriters
DOCKA, ETC.
K. Whart
72 7419 Provident (0) 13.80. 14 500 mm 15.20 Wheelock ... 9.70 9.35 4400 (9,9.80
LAND, ETC.
HK Hotel ... 18.60 18.02 2500 # 10.73 HK Land
05 100 0435 ... 0435
100041
2.35
Really
HUBBER
A. Rubber . 2.23 2.30 10000 @ 1.25 Tru...... 3.15 3.2214 21000
UTILITIES
24
2000
25000
350 3.175
23.80
230 24
Tram ....... Star Ferry141 Y'ms!! Ferry 114 110 300 @ 114
1050
C. Light (0) 2320 23,40 100
800
C. Light (N) 18.10 18.30 1500 Electric Macao Elec Telephone. 3415 3474 2200 a
INDUSTRIALS'
423% 43 3100
Cement..... 374
Rope STORES, ETC.
Dairy
Watson
COTTONS
17
38 2000 64373.
4800
... 311 21.70 3825 @ 21
1000 21.60 14.80
Toxila Corp 8.76 0.83 1800 580 Nanyang
YRULES
Allied
New York, Sept. 27, More than 500 government ofoals and businessmen from the United States and Asis will participate in the eighth annual Far East conference of the Far MISCELLANEOUS East-America Council of Com merer and Industry next month to
cronomic Dromote
the operation betworn arcas.
The Council also announced The that 20 delegates from Burma, Ceylon, India, Indonesia, Japan, Pakistan, the Philippines and Thailand are expected to join In the discussions on trade, in- vestment and economic develop- ment problems.
The conference will be held in New York from October 20-21. Among the speakers who will address the conference are as- slotant Secretary of Stale, for V. Allen:
Soviet Union, are booking ship- the U.S.. Mr Ombassador, Mr
The the
Виттеве James Barrington; Mr R. S. S Gunewordene, Am
Ambassador for Pakistan Pete Sarasin, Ambus- sador for Thailand, Senator Gu Puab of the Philippines and inta Lother leaders in business and
Industry-United Press.
dis- of the
for later in There will be fewer new ping space Political circles in Canberra model cars in country
towns. season.Reuler. say the Government would be This will react on sub-contrac- Ministers' Opinion reluctant
Lo tighten import
lors for components is city must keep quotas, although
Conberm, Sept. 3 such a step in mind because of factories.
Elggest
impact of smaller the uncertainty of wool prices.
Reports suggest that new Im-; the The noncla editor of
wool. receipts will be on our
port restrictions to come "Sydney Morning Herald", was trude balance, nirendy advere.
on October 1 were forca "It remains to be seen whether cussed at the meeting one of the many who mented that the first days of import restrictions, now be Federal Cabinet on September the males were not the soundest ginning to show results, will be 18. pointer to what the eventual enough on the present scale to
This followed a meeting bo- wool place level would be this stop the drtit.
tween the Prime Minister, Mr on spending Robert Menzies, and Australion усаг.
"A bank cut But, he wrote, "allowing for | seems a certainty," D slightly higher clip and
Lenders in the Industry and bankers, and Stock carry-over this year, the open-
the Government hope that thend hire purchase
carlier last week. ing price range might suggest future of wool prices is not us possible reduction of more than dark as infial price falls would £A20 million (210 million seem to Indicate. sterling) in wool export pro- ceeds. All we can say is tha!
(1) There is a strong any loss superimposed on last. year's
fall of £57,000,000 in growing demand for wool
a
They argue that:
MESSAGERIES MARITIMES
Exchange executiver
It is thought a policy of credit restrictions ought
WORLD RUBBER PRICES
New York, Sept. 27. Rubber futures today closed 10 to 60 points lower with sales of 376 contracts.
The market closed on a note of eusiness
after
L
8.30 1000 6 5.95
Prices Register
A Further Fall
Singapore. Sept. 27. The rubber price on the Singapore market maffered A · further ⠀⠀setback thla morning on heavy specula-
Liquidation following the weekend Federal Gor- ernment announcement of a scheme to encourage up- country producers to moti forward.
Lop-grada sheet October was down, to 13934 conta per pound, buyers, at the close of the morning session compared
with yesterday's close of 1481
cents,
On
New York
Stock
Market
New York, Sept. 27.
The New York stock market followed up its second sharpest break in history with a gain today that was the biggest for any session since October 6, 1951.
The market recovered more than $2,000,000,000 of the $11,000,000,000 lost yesterday in the market's reaction to the news of President Eisen- hower's illness.
The session today, while less rose around 14 on sales of active than yesterday, in some about 100,000 shares. Israel ways was more hectic. Lack- American added a large fraction ing the hugo docks which mark-fon volume of around 80,000,-
yesterday's trading, the United Press: numerous smaller transactiona forced reporting tickers to fall
od pre-
Weak conditions valled
throughout the morning, with sellery main- ly from up-country centres predominating. In two days alnos, the announcement of the Federation Govern- ment scheme for registra tion af forward contracte the price on the Singapore
fallon market has cents per
Mall Special,
B弭在
5s much as 19 minutes behind floor transactions for a period
Closing Prices
of three hours after the open- Alden Inc. Aoy.
Ing.
Allied Chemienia Allled Mili Ine. Turnover was 5,500,000 shares All Chalmers compared with yesterday's Amartoun Airline 7,730,000 shares which was the Am. Mash, dry American Cyenamide
heaviest since July 21, 1933. pound,China
AMERICAN
COTTON
MARKETS
New York, Sept. 27, Cotton prices today steadied after a mixed start but overall activity was on the slow side.
American Metal
American Smetting Industrial stocks, with in- Am Bugar_Ref. dividual
American Tet. & Tel. gains ranging, neat Amerians Tob. ““”“. five points in leaders, regained Anaconda Copper one-third of yesterday's deeline Armeo Stoel
sharpest one-day loss Baldwin-Lima-llam. since October 28, 1020. The Baltimore de Dhio gain of 10.37 in the industrial Bendix Aviation Corp.
Benguet Cons. £verage was the biggest since Bethlehem Steel
October 6, 1031 when it spurted 12.80.
Raily Recover Rails regained 1.21 of the 11.15 pointa lost yesterday
ulties were up
0.30 after falling 2.46 yesterday.
and
Borden (The) Co,
Burroughs Add Marino Canadian Paciño R, Case (7. 1.) co. C. I. T. Financial Corp. Cat. Tractor
Celanese Corp.
Chare, Manhal,- Bank Chrysler Motors Colgate Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Eston Apart from some nervousness Continental Oil of Del apparent when tickers were Continental Steel
Carn. Products running way behind, with only Crane Co. At the close the list ruled unchanged to & points higher. Bath prices at intervals to give Crown Zollerbach
| Curtls_Wright_ all action today was
on the Dow Chemicals Eastman Kodak Eric Railroad
Only $2 Million Opening prices were up 7 to off a current picture of the market, cuhan Amer. Sugar
@ points. New Orleans closed upside right from the opening Fago National das
Down!
London, Sept. 27. Oricial Brures farned tonight showed that Bri- tain's finances are barely £2 million down on the corresponding stage of the previous feianola!_year,
But fast week alone brought an ordinary sur- plus
almost of millions, as agninsi a de- Belt of over £83 millions In the corresponding week a year ago.
・
Kong
Ja Family Finance Carp. General Electzle 50
up 5 to off 1 point.
The speculative element was absent, having transferred al- The last few minutes brought tention and
Cen, Pub. 02,
to the stock market a buying rush which pushed General Foods the other faster-moving prices to the day's highs in General Motors commodities like rubber, hides, many cases and put the market grain and coffee,
late at the close. Professional traders accounted
ofis,
Car issues, chemicals, for
most of the day's business. steels were among the Indus- Shippers, and spot firms either trials,
Gillette Safety Razor.
Glidden Co. in Goodach [13,
1.) Co.
Goodyear Tire Hematake Mining Co.
Ingersoll-Rand
Inland Bleel Co.
Interchemical Corp.
liquidated tr the expiring Today's recovery bore out the October delivery or transferred predictions of veteran Wall Intl Business Machines to later months
volume Trading Interest in the Exchange today "emotional splash" and empha- Int'l Tel # Tol
Streeters who
outlook
International Nickel International Paper tor John-Manville Co,
Kansas C. Power & Light economy
Kennecott - Copper sufi Liggott Meyer Tob. Co. Lockheed Aircraft Loews Incorp
the and generally was still strong,
and open yesterday's
were:
Month
Oct
Volume 10,000
Det.
13,200
DG,000 714,000
characterised | Inti Harvester
ая selling
sised that the Open Interest business
in
Mar
19.100
380,200
May
29,300
481,300
July
0,100
Oct.
17.100
Bed.
4,000
Mor.
500
revenue
They show an ordinary deficit-Including
Total
140,100
Uriled Press.
Tonight's tresaury ro- toms take the national accounts up to last Satur. day-six days before the first half of the financial year.
sinking funds and self- balancing liems—of £200,- 449,888 compared with of £198,545,121 at September 25 last year.
the ост Figures for
will plete half your
опе
moving New York Sugar
In general they looked for a
210.000 continued recovery and further advance to new highs, although this trend would possibly interrupted by further selling at Intervals.
125,700 39,000 3,300 2,020,500 bales
NEW YORK PRICES
Now York, Sept. 27. Prices of cotton futures closed today as follows:-
32.75-70
37.21
be
The rise today brought out more issues than yesterday's decline-1,251 against 1,242 and it was the broadest market since April 22. There were 798 stocks higher, 273 lower.
Among the individual good performers, Du Pont, recovered
of yesterday's 16% poline,
Union Carbide
paint
*
8% of its 8% loss.
General Motors, down 8% regained 4%. Chrysler restored 22% of an 84 loss.
10
Most Active
The 10 most active stocks traded on the New Block EX-
Dec.
Mar
May
be
July
37.18
to
and
in
drastic import restrictions, it is thought in official
circles that ministers are not in favour of cuts of more than five or ten per cont.
Meanwhile, the British Seore- tary of State for Commonwealth erratically over a pound.
avert and
available next Friday night.-Renter.
Oct.
22.13
Deo,
Mar.
32.13
United Press.
NEW ORLEANS PRICES.
sailing Oct. 8th
sailing Nov. 5th
sailing Dec. 3rd
Relations,
the Earl of Home, who is on a visit here for dis- trade interests and Wall Street pro- cursions with Australian minis-commission houses ters, told a press conference he minent sellers, with dealers and
taking hoped there would be no import local speculators restrictions, though it was of the contracts.
to the Dullness continued course, a matter for the Aus-
with outside market
spot No. tralian Government."
at 47 He added that restrictions 1 Rss quoted nominally would have an effect on the cents a pound. Futures: British textile trade on account.
a rango "of a At the close,
Market
New Orleans, Sept. 27. Prices of cotton futures closed foday as follows:-
Spot
Oct.
32.11
Des.
WETE
New York, Sept. 27.
Mar,
33.13
World No. 4' sugar futures Up closed unchanged to one point tower with sales of seven coll-
May
32,30
July
change today:
Oct,
TEJA
Dec.
52.th
Stock
Mar.
$2.00
U.S. Steel
“United Press.
General Motors
when sued. Chrysler
Dec.
40.03
Mat.
of conditions in Lancashire,
May
43.95 42.89
July
41.50
FAST FREIGHT SERVICE
Sept
40.40
"PEIHO" "INDUS"
safling Oct. 17th
Des
39.20
salling Nov. 7th
AMSTERDAM MARKET
Amsterdam, Sept. 27. The rubber market was quiet.
Oct.
follows:-
P.O. Box 53 Queen's Building Tel; 28651 | FAST PASSENGER/FREIGHT SERVICE
"VIETNAM" "CAMBODGE" "LAOS"
Die Stamping
The South China Morning Post, Printing Department is equipped with modern die-stamping facilities.
REGIMENTAL, SOCIETY and CLUB
CRESTS & EMBLEMS. TRADE MARKS.
it
FAMILY COATS OF ARMS
· and MONOGRAMS. etc., etc..
Call and inspect our samples
Orders accepted for Steel Dies and Copper Plates.,
Ring 20002-ask for Mr. R, Labrum
SOUTH CHINA MORNING POST. LTD.
Freight Charges
The Australian Minister of Commerce and Agriculture, Mr
cit
03
John McEwen, has been dis-Prices closed today in guliders cussing another aspect of the inflation problem freighter kilogram, charges-with representatives of the shipping lines.
No. 1 rubber. No, a rubber
3.96 paill 3.54 paid The ship-owners want to raise No. 3 rubber
1. buyers ******** 1.00 pald their rates by ten per cent. The No. 1 ctepe
LONDON MARKET Australian Government. $5
London, Sept. 27 seriously concerned with the The rubber market was steady effack freight rates are having with spot quoted at 41% pence on Australian exports in com per lb. Price:
markets in Britain and peiliive
ons between wool-
shippers and ship-owners broke down last month after the owners had refused to accept the 1⁄2 per cent increase offered by the shippers. F
When the wool contract ran out on September 1 the owners charged an extra, ten per cent, and exporters of other goods fouz
tracta
6 Migger The domestic No. futures closed unchanged to one point lower with sales of 33 contracts.
BAO PAULO MARKET S
Net
Sales Clone change
.... 108,500 bats up t
General Motor closings in Sperry Rand
Sao Paulo, Sept. 27. Cotton wcruzeiros
follows:---
In world rews, deniers under- alood Israel' has been secking 10,000 tons of refined, which it was thought might be bought through Germany.
futuro
were per kilo
Oct.
26.40
34.00 34.4
- Dec.
:
MAY
ad Republle Steel.
NY Central Int. Tel. & T61 Penn Rt American AUN
lines
In The United States, the The domestic raw situation average price 18/18 mining remained firm. Dosters expected cotton at 1 designated spot that situation to continue usi markels was 82.70 cents Sales of at these markets totalled 36,282 such time as the SecIDÉRKY Agriculture may increase the tales United Fresa: 1958 marketing quote. Futures:
Contrata No. 4 (worthy
Oct
Mar MAY
jerm:
414-4134-
·4116-4114
40
Spot-teenly per fb.
tob Cuba) Contract No. 6
No. 1 Rao spot
·Beillement ; Holaso,
Nov. Ded, Jan/Mar. Apr/June July/Bept. General markets, cif basis,
Oct Noy.
Estate crepe thin
thick Det
Fritted Press.
Exchange Rates
the same treatment wher, their New York Foreign
contracts run out at the end of.
the month
·It" ia" uxbected
that Mr
Ewen will urge the ship-oun
to agres 10..some compro
“al: to" continud"ib.
Rand European Inas
Australian expor and Europaschlo
Exchange
Singapore
$1.800 4814 up 13
Long Blar. Cement Co. Louisville & Nashville Lowenstein & Sons. Mesabi Iron Corp. Minnesota Molna Masion Development Monsanto Chemical Co. Montromery Ward Motorals Inc. (xd.). National Cash Reg. National Dairy Prod. National Distillers National Lehe
National Bicel Corb New York Central Otis Elgvators Owen-Illinois Clam Pacifle Gas & Elec. Fan American Airways Paramount Pictures Farke. Davis Co, Penny J, C. Co. Philip Morris ....... Philips Petroleum Procter & Gamble Co. Pittsburgh Plate Class Publicker Industries Purs. Oil
Radin Corporation Rea Motors
Repubile Steel
Reynolds Metal Shell Oil Co.
Saint Reg. Piper Dinclair Di M
Bocony Va
Bouth Porto Rico Bugar 17,900 $36 up Southern National Gas
1.100 185 up Southern Railway (Com.) 53 200 234 up 18tandard Brands
up 1% | Blandard O1) of Cal. 61,700 50
49,400 271, up 48,200 251% up
45,500. 2016 up 1⁄4
|
Standard Of of Ind,
Standard 'Ön of N.J
sterling Drug Co.
Blokely-Van Camp. Studebaker-Packard Swift & Co;
New York Stock Exchange Texas Co.
Tide Water Assn. Öll Twenty Century Fox Film Ambrican Stock Exchange Union Carbide bond volume was $8,070,000,
United Aircraft Dow-Jones, closing averages, 1,8. GypsumTI volume was 1,580,000 shares, Union Pacino Raliway
1 1.8, Lane Co.
were;
· 50 · industriais
16-utilities
40 -bond
Comm. future price index
index
154.54
U.B. Rubber
128, Sangit
1.6, Steel
-64.2438 Warnar: Bros. 105.
08.40
Weinhausa Kireima West, Va. Pulp & Paper
156,62 Woolworth
Stock Market American Stock Market
Singapore, Sept. 28...
·Brokers Lodno quinted the fol- lowing stock, prices:
Batsa: LäerthisIE
Opening
New York, Sept. 21.
The London Block Exchange cornment was not received to-
Oll shares led stock frrezus day. larly higher in active dealings on the Amerigan Stock change: today,ka
Pan- Imel Oil, Isral-Amel
Petroleum and
and
continued the higher a Fridas
marted
wher
four tom
London Foreign
Exchange