THE CHINA MAIL, MONDAY, OCTOBER 3, 1955.
TRADE and
COMMERCE
SECTION
Reaction To Eisenhower's Illness
TREASURY WARNING ON TRADE LONDON SHARE
Exporters Told To Concentrate
On Expanding Markets
TARGETS: EUROPE & AMERICA
From Our Own Correspondent
London, Oct. 2.
The Treasury has warned exporters that if Britain is to solve her balance of payments problem they must give more attention to markets which are expanding most rapidly. And this will mean greater efforts to break into European and North American markets-if necessary at the expense of further increases in exports to the rest of the Sterling area.
The Treasury's "Bulletin for Industry" shows that ! trade between manufacturing countries has been growing much more rapidly than trade between manufacturing coun- tries and primary producing countries,
to live per 1948 cent ins States and a third per It follows, therefore, that the United
we shall set get cont st year when it was only Krowth of trade between the for Germany
before the less than Ughtly our full share of expansion B world
trade unless we make
war headway in exporte to - fecturing areas
for
The Treasury
between tracke Wert
out
14 per
manufacturing countries in i- recent years has not
a proportionate in- volved crease in the demand primary products and, there fore, in-fucomes of primary producers.
There are a number of rea- sons for this says the Treasury. Agricultural productivity J[1 Industrial countries
has Fren,
there has been a growing ten- deney to substitute synthette ter
onlural materers tynibell: detergents repla.
:-
cyttun
obvious
anel
ing song Mar m place
Ewu wool
the examples; and
Industrial countries has been towards en- gineering products
product content
trend in demand
primary
11
which
a small part of the total value.
This 11-5 Jmportant
sequences for Britain's
trade, On
Con- export means one harel It
In less danger
Brilain stands
from the worsening ternis of trade. "But
other The CITY band,"
the Says
Treasury "since two third of U.K. experts go to primary producing coun- tries compared with half for
total manufacturing
Britnin bolletin points between
Europe
for bernunted That other countries are uvertaking Britain the excent last your compared with 28 дог Face Even the value of i per cent for trade among West
European primary producing countries-mustrily in the Commonwelth-has grown tessing hily than her rivals.
Trade
within
enutrits themselves 2-5 per rent tor trade and
North Amerlen and between West European countries for 30 between cent and trade North Amerlen
West Europe for 28 per ceni.
But the important thing is not what is happening now as con- pared with before the war but
Beine the war, Britain hael 35 per cent of total trade between mararfacturing Countries and
In 1948 her jorgmary adfumers. share hud ft Hen to 32 per cent and
down to last year it was 20 per cent. The American, the #hare of this
has also trade fallen since 1948 but it is still subs artially be, thin it was,
before the way.
Increased Share
Other manufacturing Coun tries, however, have managed merene their share of trade with the primary producers, West Europe had 30 per cent of this trade last year, compared with 28 per cent in 1848 and 35 per cent before the war, Jupan's share has also grown-iram one
Nehru's Government
Seeks More
More Control
Of Big
Business
By BERTRAM JONES
New Delhi, Oct. 2. Behind the scenes in New Delhi, Mr Nehru's financial and legal experts are working on a plan to give his government more control of Big Business in India.
For
Nehru's
soclulist t
Private
enterprise does not M
- into the socialist pattern at
which the New India is alming,
So it must go.
new
agreements
}
Lietad of these spective. shares since 1948.
The story of the change in world trade," says the Trensury the economic " the story of recovery of Europe."
"IL would
be dangerous to tit our prospects therefore continues) to assume that the continent of Europe is not our but Germany's; in the market last yours the Europe: n market has expanded much more than the Sterling area and
seems likely to
It
six
Atomic Energy For Industry Talks In U.S.
New York, Oct. 2. International exports in the field of atomic energy will partielpate in a three- day conference
the late:! developments and in/lustrial applications atomic energy being held
October 26-28, from cording to the National In- Conference Board presentativ
of
A gentina, Canada, France. Great Britain, Hal
Italy, Japan, Netherlands. Mexico, the Norway. Russia, Switzer-
lant Western Germany
and
Yugoslavia will ad- which dress the salons will pro include 16 round. table discussions.
The speakers will report in the progress being made In their countries.
The re-
virw of Russian develop- ments In atomic energy will be the first of its kind before
American audience.
แค
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business
on the Stock Ex- change this morning amounted to $310,000. Noun quotations and the morning's dealings:-
SHARES BUYERS SELLERS SALEB GOVT. LOANS
Egyptians End
Restrictions
Cairo, Oct, 2.
The Egyptian Minister of Finance Mr A. M. Kal- Nouri announced today
elimination of
the
remtrialious from the from
onler to
an Imports dollar area in stablilac prices
between the Alexandria
and
1/01
and Liverpool cotton markola
Under the former regula- cotton prices were Lower
In dollars than in
This sterling
lack of balance, he said, tended to deprem prices of Egyptian cotton.
Tho HOW government move will, in effect, ratso the value of the Egyptian pound abroad and thus ene able Egyptian consumers to purchase commoditica from the dollar area cheaper, ho said. United Press.
12
30,000 9ats
19 (1034-401 JIANKS
HK Bank
1750
1000
0
03
17.30
ID 17.30 1017.30
INSURANCES
Unten
057
20 004
10 i 08715 10 005 at 108
Lombard
03
Undes Writers
10.10
DOCKS, ETC
K. Whnef Jock
7
10
2012
aviden! (0) 15.B 10,20
Wheelock
300 4 10
125 9.70 0.85 2000 24 0.75
10
LAND, ETC.
HK JON
10.00 500
18.00
1000
tic Land
4412 134 200
3715 35 10
1000 345 3744
Humphreys
20.50
(N) 10.60
Renity
21
2.35
RUBBER
10 3.25
24.10 24.50
300
202
24.40 24.40
105
7 24.40
141
mcat
100
23.30
Note, in cireutation
200 F 43
300 43
Private depoel te
500 or 42.75
500 or 42.78
Other securities
169 42.79
Ratio
33 35 500
A. Stubber xd 2.03 Prost UTILITIES
Among the panel speakers will
Lord Citrine. Chairman, Central Electri- city
Great Authority of Britain-United Press.
Tan
AMERICAN
TEXTILE MARKETS
140
Star Ferry
Yaumati Ferry 110 117 C Light (0) 23.10 23.40. C. Light INI 18 18.30 Electric
42% 43
Macau Telephone
Rope
Elec 11.00 12
200
INDUSTRIALS
Cement
30 38 1000
17.30
Dairy
COTTONS
21.00 21.80 300
500
MISCELLANEOUS
Yankisze
Allied
1000 21.70
Textile Corp 4.70 3.65 350 3.78 Nanyang
0%
8.03 3000 B 2000 68 5,80
New York, Oct. 2. The cotton goods trade STORES, ETC. last week took time out top
the ponder, wateb. and
(1 events int sudden turn Wall Street.
crush, I The stock murke: following
President news Elsenhower's Liness, tended to chill buying Interest, but when securities regained a foothold,
*
do so again tension in the cloth market cased NEW YORK
In 1885. If we are to finance fur rising import bill we must take every opportunity of ex- pinding our share of growing markets for manufactured goods among which, if present trends continue, North America and and Western Europe are likely to show the mest rapid rates of | increase.
10
from the Between 1952
Ger-
months of
and buyers were scouting the market for more supply as this wick ended.
In fact, most mill executives roy their major dimeully at the moment is to meeting dicavery schedules on previously booked Some mills raid their contracts. ord Ta for print cloths were the best since the Korean war, Veteran traders estimated the
a
raw
com-
stay
COTTON
MARKET
with
The Bank Of England
Statement
London, Oct. 2. The Bank of England state- week ended September 27, reads as follows:
for
Puhile deposi
the
Government securities.
Receipts
PRICES SLIP THEN RECOVER
From OUR OWN CORRESPONDENT
London, Oct. 2. President Eisenhower's illness cast its shadow over the London Stock Exchange as well as Wall Street at the beginning of last week.
Anticipating Wall Street's reaction, industrial shares in London fell quite sharply on Monday and slightly further the next day. Shares which owe their recent firmness to American buying were most severely affected. But the decline was nothing like as spectacular as that on Wall Street, and after the initial shock of the news, buyers reappeared and prices made a good recovery.
After foring three and a half, firmness of electrieni equipment points to 191 In the rat two issues on the encouraging re- nationalised days of the week, the Financial port of Britain's
share index electrical undertaking. Times Industrial recovered day.
on Thurs-
The industriai share market was also cheered by the success the Simon-Carves new
to 102.4
Features of this market have of
recent rights Issues; Armness of ship-issue. The engineering Brin e-
5) 0167 on continuing
bcon
£1,706,440,63
17,060,788 307,562,731
the demand for
offers amounting to ten for the 850,000
273,074.066 strength of the freight market; Ave shilling share on
on kaue at
23,357,279 30,353,210 21.1
-Ünited Press.
ping
midweek lossca among motor 22
£10,000, shillings ench. The shares on Australian and New 000 debenture issue, by P. & O.
Zoland
inport
cuts: and
New York Stock
Market Review
New York, Oct. 2.
was a technical failure. Nearly all the stock ended up in the hands of
to whom the issue confirmed, showed
Hittle Interest a fact which has led
stocicho underwriters Existing
WO9
to some criticism of the com-
pany
were
a private place.
Several
&
for not opening the offer to the pubile. But as the issue was aimed primarily at the in- stitutions who we
the prin- cipal sub-underwriters, the regarded almost 13 America's biggest bull market which cele-issue was brated its sixth birthday on June 13 got its first
pounds worth five per cent deben- major shock on Monday on a rush of selling of P.
stock changed hands at turo touched off by President Eisenhower's illness.
30 shillings to one pound dis- Wall Street termed it an "emotional splash" count when dealing began on
Thursday and the price not likely to last long. It didn't. Next day there went up to 15 shillings dis- was a rally. There was further improvement on count. Wednesday. And then, like similar situations in! the past, there was a secondary reaction-a de- cline that wiped out part of the recovery.
high,
market. In
that
news of the
in stock splitups
many
Improvement
soon
The gill-edged market ex- perienced an. appreciable volume of investment demand
particularly
short and modium dated stocks and
shower!
for
רבון
all-round
Averages closed the week asprovement. Any day now the
A
government will announce its
for dealing plans
with the £624,000,000 of three per cent
funding stock which
serial
NEW COMPANY?
From the word "CO"
In the six year, this bull for New York, Oct. 2.
market has been growing, it 159.05. Optimistic crop reports,¡ rese from 161.80 in the Dow- milis were booked about 85 per in face of uncertainty about Jones No Use Waiting
Industrial
to averoge
follows: cent through the fourth quarter "We must be flexible chougth and about 80 per cent for the government plans for dis-487.45
on September 23, a gain af 315.85 points or 202 pcr
The Week's Loss to move with the expanding, fest period of 1950
Wille posal of the existing surplus, cent. markets quickly and not merely cloths
Industrial, were predominant,
406.02, off 20.83 constant kept a Good
pressure Rails rose 300 per cent in the wait for prospects in our
sized sales continued to
market this same period and utilities. 93 traditional markets to improve." !
polots from the previous week bc made on bay sheetings, on the cotton
and the widest decline since due for redemption in Novem Britain's biggen rival in the broadcloths, drills,
per cent. twils, week.
back May 18, 1940, when it declined ber and this had put an
end Monday's crash cut struggle for export markets is
for the tobucen cloths and
22.42 points. seme wide
being at least to In the fourth period of re Industrials by 0 per cent.
talks, of another Germany and headway made by Industrial fabrics,
rise in the Railroad. 156.05, off 9.23 and bank rato, that country-largely at Brl-
Ability to secure higher price cessions all deliveries dropped and the whole market by about
Lo reasonal lows.
widest decline since July 23. Nearby | 0 per cent.
Signs that the credit squeeze some numbers, despite 'tin's expense-emerges clearly
October resisted best in face of
1933 when it lost 10.37 points. "Eisenhower Market'
is doing its work-len clearing bulletin. falling price for Treasury
colton,
Utility, 03.05, off 2.36 points banks report reductions total- smail delivery notices. and 1954
suggested that sellers were in a
Wall Street termed the period At Friday's close the 1st
ling
£123,000,000 In their many managed to increase her favourable position.
ruled 8 points higher to 80 since the ection of 1952 as the 88 stocks, 185.50, off 7.95.
Donlar variation in the Tues- advances in the month to mid- to every main market The fear of Japanese
Eisenhower exports
lower
hints or up 20 cents,
that in the world. The incrense in
petition continued to be the points
bale to down $3,45 e baie from period until a new bull market day-Wednesday rally, the value Septembe
of all stocks came back $4,500,-government is planning cuts in to other West Meme blur on the horizon," one
high was set on September 23,000,000 from their $11,000,000,- public spending to combat in- They are preparing legislation to regulate its exports
couree commented. European countries was much
That situa-the preceding week. Stock Exchanges. Just what sort of regulation bigger than Britain's ($579,000,- tion may come to a
Weakness in the Liverpoot the industrial average rose 217.22
000 loss on Monday. They gave flation has point, he
have helped sentiment market exercised considerable points or 80 per cent from 270.23.
up $1,500,000,000 of the recovery in gilt-edged market, Industrial average ruse 217.22 they have in mind is something that company 000 against $170,000,000), and said "where drastle action may
over local
and other influence
closed market
the week down! No definite trends emerged although even the increase in its exports' be necessary,
sentiment. Informed
points or 80 per cent from 270.23 directors and shareholders would like to know.
trade
the latter a record $8,000,000,000-United Press. In other markets. to the rest of the Sterling area sources noted cloth exports from
greater ($141,000,000 Japan to the U.S. showed a 20 sources coupled weakness over 487.45, way Mr
In the end some come to own.
against hedging In August coin- per cent drop
Having achieved sensational minded planners have just taken | the companies they had been against Britain's $101,000,000).
foreign groups, plus continuing Comparison of more recent pared with July, their first grip on a system of engaged to manage. Sometimes
about the possibility gains, the market was in what However, spinners maintained rumours trends is less unfavourable to
no
of a U.S. Government export technical
the experts called a weakened private
established a managing agent held stock in enterprise
the two
of optimism, Quile a of note
position, subject to by British traders.
several bittr-woven Industries. Britain. Comparing
Various countries
wide declines on selling. Hence exports to trious few reported orders for fourth subsidy.
Specific mention was made of when the financial district was Under *the
Bill. all areas in April-May this year quarter delivery and that come existing
between and the same two
of manufacturers have been forced a pound, study a fost ces shocked by the
but official. Washington President's illness over the managing agents and joint stock 1934, the Treasury makes these to turn down business because a
of heavy commitments placed sources knew nothing of the weekend the first reaction wis companies will become void by three points, European pur- cartler. Prices remained firm Liverpool rumour. However, it to
stocks. dump chases from the two countries August 15, 1060, As a politician said today: "I
expanded
all the on all categories.--United Press, was pointed out that at the pre- as fast 09
sent
Orders to sell plied up in the time there is a three lo witt rkl company management
On Monday, others put together, Germany
four cents gap between the US. brokerage offices,
lists grouped these of abuses particularly by pendence Day. After that, any took 88 per cent of this increase
spot market levels and world special amending the managing agency [new
between
orders into huge blocks, ranging Agreement
and Britain only 12 per cení.
prices
United aystem."
75,000 managing agent and
shores in a joint
Sellers ciso counted on a big to stock company will be subject of the smaller increase in ex-
States Stcc). boost in to the Sterling
the private стор ports A New Bill
Government approval.
Reassuring statements from Britain provided 74 per cent
estimates expected to be issued
businessmen, Managing agente are firms Before approving, the Govern- and Germeny 20 per cent.
next week prior to the govern market experts, ment report scheduled for economists and government oil- which eptente-and sometimes ment says, it must satisfy itself Little Consolation
Singapore, Oct. 3. October 10.
clads he
darify the situa helped control-most of the joint stock that the proposed arrangement
British Unfortunately,
Brokers today quoted the Preliminary
in- tion and resulted in a return to auggestions companies in India. A. new is fair and reasonable, that the
dicated a figure between 13 normal in the trading. No Im Companies Bill just passed by agent is it and proper and that porters can draw little consola- following stock prices;
Opening and possibly 14 million bales pediment was reen for business the Lower House
all conditions tion from the last point. For of Indian he has fulfilled
to set new Bat Intang Rubber
$1.70 .... 43/- Parilament alme to bring them required of him.
increase in imports by British Borneo Petroleum ..
compared with the Government's which is expected
high records In production, Conspildated Tin Smeltern 20/0
estimpte of 10,007,800 balon.- countries Commonwealth
mid under Government control by
dividends carning
for Froger & Neavo
$1.77 Unlted Press. 1960.
Three Cheers mainly from Britain has land- Franer & Neave 7% pe pref. $0.40
1955 with big demand for major ed at least two of them-Aus- Hongkong & Shanghai Bank 3928
lines going well into 1958. 7/8 and New Zealand-iu Kempas
Industrials Fall serious balance of payments Luna Rubber Estates
Malayan Breweries
Businessmen announced readi New Seramah Rubber
ness to carry forward expansions pont cuts which will hurt Bri- inin
then much more
programmes ranging to $100,- 000,000 for the, Ford Motor rivals.
Singapore, Oct. 2. Company.
industrials The market opened steady on
average Tho Saturday but later cased on lack dropped 31.89 points on Monday, of support with sellers. premost for a single day since October 20, 1920, when it 201 dominating. Fulures: No rubber per- Ib.
38.33 points, and the second Oct.
Jargest decline in history rubber bar, . ib. No. 1 Burim was done in the focal
Oct. oxchange market' - ihle
rubber per, Ib. at the following rates No U.B. dollar; (dør. 81).
10.3 No.4
(rubber' per· lb. Oct: Sterling boten per 212.
inng Spot rubber unbal 21.00 -Blanket TEDD
11136 | No. 1 pale prepo
August
Then...
15 is Indin's Indy-
the
area,
CX-
-
Giving the Government great The Bill also provides that no tralia control over almost every aspect managing agent may represent | serie of private company activity. It more than ten firms or may trouble necessitating drastic im- requires every private Arm to nominate mare than one-third "Private, Ltd." of a company's board of
hdd the words
to its name.
directors.
of managing, agencies as they roughly three-quartas of cor- now operate.
Singapore
Share Prices
$1.05
$3,32 cd $1.07 ea
Potalink Tin... .......
$4.67
her
Raffles Hotel Bingapore Cold Storage South British Insurance
Stenmuhip
$2.39
$1.72
$24.75
$13.00
€10.00
United Engineers
Waarne Bm-China Mail Special. Exchange Rates
But the big things, say India's 'There are about 1,300 manag- There divergent export | Straits Tending Socialist experts, is to get riding
India, running market agents
the prospects, says Treasury, are very important porate Indian business. Four for Britain "whose main need Those agencies' began, as or-hundred and fifty of these are at the moment is to increase ganisations
her exports sufficiently to re- Tho business interests of Britons who
068 containing establish an adequate surplus in invested mandy In India butelausca, is the longest ever
her balance of payments and to stayed at home themselves. For introduced in the Indian Parit set gold dollar.resPTV CS Their services they got a share ment. And it was passed with
a or more, rising prein.
looking #er the stown
of profits. One agont might spite of opponents' warnings that
As the system, grew they won 1 will have
0
"The weight of the United
bad effect Kingdom's export drive," It the right to nominate directors on industry. The debate on i conclude "must change, with
tu. the boards of companios,
Izatod a month,
the changing markets,”
| Australisa, notes (pre, 21).. indonesian rupiahper 2005 fiam tical, per, 1963. Bingapore (Balta)"
5.76
Indo-China, plastres (par 1005 · 035:
Singapore Rubber
Market
137-13714 1382-137
134-138 11-12
This did not mean each stock in the 30 in
Industriala used foll 81.89. Actually the averago decline was 0.00. The high average in wide, declines in a product of weighting to mako the average comparable over the years. It is adjusted to account
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