TRADE
THE CHINA MAIL, TUESDAY, OCTOBER 1955.
and
COMMERCE
DETAILS OF AUSTRALIAN Irish Shirtmakers || HONGKONG
IMPORT RESTRICTIONS
Saving This Financial Year Likely
To
Be Only A£20 Million
Canberra, Oct. 3.
Mr Robert Menzies, the Australian Prime Minister, announced in the House of Representatives that Australia would cut imports by A£80 millions a year.
:
He said the cuts would operate from October 1. Customs would announce details later.
The Minister of
Commonwealth capital worke
Mr Menzies guld Government defence and civil imports would be reduced from the budgeted A£59 millions to A£40 millions. projects would be cut by A£10 millions.
The hire purchase Industry had agreed to recommend minimum deposit of 33-1/3 per cent on motor vehicles, with a maximum hiring period of thirty months, among other things,
The new Import
restrictione, supplementing those applied last April would bring imports to a we can reasonably
kvel
"which
expect by Jun
June, 1066 to Binance running down external reserves,"
without further Our
Mr
Menzies continued.
"When I indicate the object
to say we can end by a committee of ministers do not mean under these proposals save the and expert omelols. #
whole A £80 millions in this As only one-quarter at the saved on imports inancial year," he continued. total to be "On the contrary, we will begin would be effected in the current
balances would j to effect a saving only in the year, overseas last quarter of the year, so that inevitably run down substantially
within the by June 30, 1950. saving the actual
your will be present financial A 20 millions."
Menzies said it was the
Mr
Government that desire of the import restrictions should inter- with as possibic fere as ittle
Australian production. of the further restrictions is to current
the 21 Save
of A£80 The detalls had been examined and mate millions a year
with the
care to its Kreater Imports, I on
Further Heavy Fall On Wall Street
was
on
Wall
New York, Oct. 3. There
another heavy fall Street today following less favourable progress reports on President Eisenhower's health.
Stock losses amounted to $3,000,800,000. There was a heavy selling pressure all day.
Heaviest selling was at noot when it was disclused that, the bulletin on the President's health had bcen delayed. Concern mounted and tickers ran Inte for a brief letin come which
period. After the Eave no cause for alarm, modest
support developed but the pres sure resumed late in the day and prices fell further move the exports had expected.
Industrials, wit
with a 10.112 point drop just managed to remaln above the level of last Monday when their average crneked 31,89 points in the second sharpest
in break
following President
history urnouncement or Eisenhower's illness.
Rails Hit
Rails, however, were pushed back even further to the level of August 9, as they fell 3.41 on average, and utilities dropped 0.70 to their lowest since last March 14,
Trading was heavier-2,820,- 000 shares against 2,140,000 on Friday.
There were 1,209 issues traded with 932 lower, and only 141 higher.
The beat quality blue chips were hit hard.
In steels, Bethlehem slumped more than 6, Youngstown Sheet & Tube more than 5, U.S. Stee, Jones
Laughlin, Republic, Armoco
National, and than 2 points each.
Metals Lower
more
General Motors lost more than 6, Chrysler nearly 4 points.
Metals were hard hit with Aluminium and Alcoa off more then 4, Kennecolt down more than 3 and International Nickel and Reynolds down more than 2 cách
Jersey Standard slumped almost 4 points, Texas Co., California Standard. Socony
Boeing Airplane Borden (lie) Co. Burroughs Add Machine Canadian Poollie R. Chee (J.I.) Co.
C.I.T. Financial Corp. Cat. TrootE Celanese Carp. Chase Manhai, Bank Chile Copper
Chryster Motors Colgate-Palmolive Co Commercial Credit Commonwealth Elco. Consolidated Edison Continental Oil of Del. Continental Steel Corn Products
Crane Co,.... Crown Zellerbach Cuban Amer, Bugar Curtis Wright Diamond Alkali Dow Chemicals Dupont de Nemours Eastman Kodak
General Foods General Motors Gen. Pub, Ul.
1500
Mr Menzies said it was im- portant to have external receipts the equated by payments equ end of the financial year.
economy
Fear Japanese STOCK
Dumping
Dublin, Oct. 3. Shirtmakers and cotton pices goods manufacturers In Eiro were concerned over the threat to flood the
country with Зарапсис Koods which would retali In some cats.
meyen
times less than domestical. ly manufactured articles,
A deputation from shirt- makers have stready scen the relevant minister who Is understood to
at to have mised not to allow Japan. ese shirts to be imported.
pro-
Japaness shirts retail for about 8/- compared with the home product price of $5/China Mail Special.
Sharp Fall
In Price Of Cotton
EXCHANGE
(From Our Correspondent)
Business on the Stock Ex- change this morning amounlod to $930.000. Noon quotations and the morning's dealing--
SHARES DUYERS SELLENS SALEU BANKS
1720 40 1120
11K Bank INSURANCES
Union Lombard DOCKS, ETC
K. Where Dook ...... Provident
53
THE 74 28.00
*
(Old) ..... 15.00 10.10 800 20 $00 » 1# Wheelock 1:00 0/0 19000 0.73
500 ** 0.75 LAND, ETC.
10
HK Hotel.. 10.20 18.00 1000 ga 18,40 200 18.30 Kan
05 1200 0455 20 37,50 37.50 37,00
rts .... 37:4
Really RUDDER
Humphreys 220.00 21
(New)
. 19.60
10,000
2.30
Rubber Trust UTILITIES
Tram
3.23
244 24.33 590
24.00
1000
24.00
300
1500
24.50
500
300
400
114 110 ist
C. Light (0) 29.10 23,40 1500
1000
200
1500
1000 10
C. Light (N) 17,70 18.10 500 69
1000 số I DO 5 10 1000 10
300 17.00
SECTION
TO GROW COCOA
IN MALAYA
A
WAS
London, Oct. 8. how company formed ira London last week to stow (bocda Malaya in an effort to in- world supplies GECRES which are at present con- siderably below the rate of demand.
The
company. calicl the United Coora Development with an au- thorised capital of £200,000 has been formed by Cad- bury Brothers, Harrison Van Heuten, and Crossfield, Yan and the British Govern ment
ancy, the
new
Development Corporal
No bosos have yet boon harvested in Malays but conditions there are de- scribed
"extremely
having
encouraging and great promise.” --- United Fress.
Japan Puts Emphasis On Cotton
Geneva, Oct. 3.
Page
FRANCE'S RECORD GOLD RESERVES
Paris, Oct. 3
France's gold and foreign currency reserves now ex- ceed two billion dollars, a post-World War II record, it was announced today.
to an
This recovery is due to the 1932, and shows only a difference increase of French assets in of 29 tons since 1040. foreign countrics and with tho But there are four reservations European Payments Union, and to this optimistic situation:
asset at the Exchange Fürst the two-billion dollar Stabilisation Fund, which in- reserves do not consist entirely creased ten times in 18 months, of
gold
or convertible foreign faing from $131,430,000 at the currencies, because France is beginning of 1984 up to $1,320,- trading with
pobr and rich 000,000 at the and of this month, countries and several have non-
With 5110 tons of gold worth convertible currencles, or $575 million, the level of the gold credit in francs. reserves has not changed since
London Stock Exchange
London, Oct. 3.
E-
Second, American aid to Indo- China and the off-shore orders which greatly helped France's Treasury will soon be over.
Third, France still bas heavy debt to the Payments
Union.
Fourth. the
wages-prices-
budget problem may threaten France's trade exchanges and its
Uncertainties over Britain's monetary stability, United financial future, unrest in Mid-Press. dle East countries, and Pro- aldent Eisenhower's illness combined to drive share prices lower on the London Stock Ex- change today.
Leading Industrials showed losses of a shilling or more, and Unilever dropped 3/-.
stocks also closed Dollar
lower.
War Loan Ugged and
2/6.
The
Bank Of
France Statement
Paris, Oct. 3. The Bank of Franco statement for the week ended September 22, reacts as follows; Jost Total gold
Total other
Francs holding 201,281,501 420
cur.
Bight balance abroad
1A EPU Advance to Stabili
tion Fund
10,079,020,799 200,000,000,000 270,200,000,000
Oils were irregularly lower, Mr Kagayaki Miyazaki, with Royal Dutch down I to Japanese employers'
dele- £59.
Among foreign issues, Japan-nur discounted 1,000,777,204,470 1000 6 17 90 gnte, told the 21-nation Tex-| Electric ..... 424 4211⁄2 2500 şi €2.75
ese Tokyo Electrics lost £2. Bank nate in eir- 600 42.30 tile Committee of the Inter- German Potash jumped 23. Meso Eleo. Telephone. 345
national Labour Organisa-| Gold shares and coppers were
New York, Oct. 3. Cotton prices today went ( "But if our calcuintings
Y'mati Ferry are into a nove-dive falling by! right we will on and after that $10 a bale to suffer the date have brought our overstas payments into balance and the widest break for any day in
run on cur reserves will have more than five years.
Super-sized
стор come to an endy" he said.
prospects, despite the sharp cutback in acreage this year, joined with weakness of the Liverpool Mar- ket and
and uncertainties about how Unless Australia was to have the Government is going to dis-
perially
unbalanced pose of the already big Import restrictions to bring in a flood of liquidating Dig surplus, as a chronic feature, something and hedge ceiling orders. must be done to stimulate ex- Technical replacement
buying, ports. He hoped a sound basis plus a mill demand and cover- would be found for an exporting by day traders rallied prices credit scheme.
from the lows but the list stili Minister said he closed with net losses of 122 to The Prime was seeking the co-uperation of 164 points. The murket opened farmers
respresentatives and off 8 to 45 points.
Orleans New others in an export drive and closed off 123 to 129 the government was witing to UNDISCLOSED AMOUNT send strong mistons averscas
One private crop survey today with special
to develop estimated the Oct, 1 yield tasks
at Mail 14,250,000 balcs. This than the new markets. China
would be Special.
1.307,000 bales more Government Inst
figure aud- would compare with 13,086,000 bale
Effect On Britain
produced in 1954. The
next government report will be lasued on Monday, Oct. 10.
London, Oct. 3. Although most industriat cir- While cotton is being grown cles in Britain are reserving their under rigid acreage allotments Judgment on the effects of Aus- this year, the survey said it is 80% trailn's Import
a consider- some quite possible that cuts, quarters put the cost to Britainable amount is being produced us high as £40 million a year. C11 adi undisclosed ond 123-
The cuts would make it t very reported screage, duncult for the British Govern-
open were
Open interest
68,700
INDUSTRIALS
17.20
..... 3745 Rope STONES, ETC.
Conent
Dairy XD
Watson Kuanh sáng Hong......
COTTONS
100 & 35
500 @ 4.78
500 34,78
500 ti 24.75
tion (FLO) today that tex-mostly lower-United Press, tiles were still the mainstay| -
· 600 ** 34.13
1000 426.75
30 4500 a 3D
100 10.20
21.20 200
14.00
101
5.03 1.05
0.50
Textiles Netryang MISCELLANEOUS
Allied
0.85
000 of 21
* WORLD RUBBER PRICES
of Japan's drive for self- support.
Mr Miyazaki. who 13 managing director of the Asahi Chemical Industry Company, said despite the fact that Japan's textile exports had only re- cavered barely 50 per cent of 161 CU 101
levels, it was still the mainstay of Japanese exports and Japan's position is that she must continue to make increased carta for the promotion of these exports in order to establish her
conomy on
a self-supporting
pre-wor
basis.
He said equipment modernisa- tion as well og operational eur- tallments had recently led to a decrease in workers Employed but every enterprise was making "serious efforts" to maintain workers now in employment and to avoid further unemploy-
Singapore, Oct. 3. The market opened weak onment, heavy liquidation' but steadied on short covering. Futures:
GO
GO
63
49
45
44% mant to balance its own exports, they said, and the effects could affect the entire community. One of the hardest hit sectors 36 would be those export merchants
had specialtard.. why
Trading volume and interest in the Exchange today:
Month
Oct. Dec.
Volume 10,800 79,300
699 600
50,000 71,200
371.000
310,700
No.
23,900
210,800
No.
10, 200
121,400
**
1000
$1,000
1,000
6,000
300,000
Spot rubber unbaled Blanket ereba..... 2,038,200 bales No. pale crepe -United Press.
No. 4
in the May export trade to Australia. British July
3144 car exports were another sector Dec.
be affected. which would
Association said Aus- tralia was. Britain's foremost
Publet for exports
of British cars.
137 Last year she took motor cars to
NEW YORK PRICES
New York. Oct. 3. Prices of cotton futures closed today in cents per lb. as follows:
Oct.
214
20
A spokesman
El Paso National Gas
493
Eric Railroad ....
211L
Family Finance Corp.
23
Traders
Motor Manufacturers
of the British Total
and
Mar.
General Electric
40
70
381
*3!
the
3015
749 of
58
1712
value of £24 millons and commercial vehicles to the tune £10 millions.--China Mail Special.
Spot Oct Dec,
Mar.
May
July
Oct.
Homstake Mining Co. Ingersoll-Rand
30%
Dec.
B2
Mar.
5014
4914
Gillette Safety Razor Gidden Co. Goodrich (B. F.) Goodyear Tire
Heyden Chemical
Inland Steel Co. Interchemical Corp. Int'l Business Machinen ini'i farvester International Nickel International Paper Ini Tel & Tel
John-Manville Co.
Singapore
Stock Market
Singapore, Oct. 4.
****། ་
31.20-40
31.20
00.37
30.31
30.14
30.32
30.30
30.23
United Press. NEW ORLEANS PRICES
Now Oricans, Oct. 3, Prices of cotton futures closed today in cents per 1b, as follows:
Spot
8235
Oct
Kann C. Power & Light
4052
Der.
Kenecol Copper
100%
Mar.
6014
40
Co.
Brokers today quoted the fol- lowing stock prices:
May
July
Oct.
Opening
82
Dec. Mar
Liggett Meyers Tob. Ca. Lockheed Alecraft Lorws Incorp. Lone Star Cement
Laulaville & Nashvlite Lowenstein & Sons. Mounbi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod. National Distillers National Lead National Steel Corp. New York Central Olin Mathieson Oils Elevatora Owen-Illinois Glass Facile Gas & Elec.
Preille Westem Oil Pan American Airways Mobil lost 2 points or more. Paramount Pictures U.S. Steel, Chrysler, General Parke Davis Co.
Motors, Glenn Martin
.
and
Penny J, C. Co.
Pero Balt Co.
General Motors old stock were | Philip Morris
the day's most active issues.
New York Stock Market bond volume was $4,430,000.
American
Stock Market volume was 880,000 shares.
Philips Petroleum Procter & Gamble Co. Pittsburgh Pinto Glam Pubilcker Industries Pure Oli Radio Corporation. Reo Motors. Reynolda Metal
Dow Jones closing averages Republie Steel
were:
30 Industrials
20 rails
28 utilities
09
stocks
40 bonde
458,70 | Shell of Co,.**.
151.64 Satot Rex. Paper
03.30 Sinclair Oil ..... 102.05 Bocony Vacuum
06.52 South Porto Rico Bugar 151.03 Southern National OM -United Prom
Comm. future price index
Closing Prices
Alden Mid Ary.
Allled Cheerticalsi
Alla CostMOTE
American: Airline
Am. Mach4:2ờ dry.
Amerjana; Metal
American Cyanamide. Co.
"Ameriosa Bmelting
Amerions DNA) BENOI Amariasm Tob« "B" Anaconda. Copper" Armoo. Mani Armour.
Southern: Rollway (Com.) Blandard Brands Standard Ou of Cal,
Standard Oil of NJ,
| Batu Lintang Rubber gas 31.70 254 | British Borneo Petroleum
*46/4 Bynd
101 Consolidated Tin Smelters.. 28/0
No. 1 rubber per lb. Got. 1674-196
Nov. 1-1 rubber per in. Oct. 13314-134%
131-131%
1+
1243-124
ין
1354-138 1045-10015
13816-139(2 United Press.
NEW YORK MANKET
Dealing Japanes employer delegate
with wages, the
said that they
were low when compared with wages in some advanced countries but this was the wrong basis of comparison, The wage level should be judged against purchasing primarily power as well as from the stand- point of national income.
Wages in the textile industry definitely higher than in Acids of industry in
New York, Oct. 3. Rubber futures today closed Japan. 150 to 240
Only through more exports points tower with sales of 283. contracts.
and in particular textile éxporis London Weakness in
and would, Japan be able to pur- Singapore, along with the stock chase abroad the baste food and market decline and the lack of raw materials so vital for her interest among factory buyers, population and her industry.- kept prices on the defensive for China Mail Special. most of the session.
In the spot market, dealers New York Sugar
and factory buyer remained indifferent. Spot No. 1 Rss were 53,00 quoted at 45 cente a pound. 31.17-20 Futures: 30.87-59 30.49-50. 30.20
Dec.
Mar
May
Jaly
Brpt,
United Press.
Dec.
Liverpool Market
Spot
44.50
41.00
11.00
23.84
$7,70
38.50
United Press.
LONDON MARKET
Market
New York, Oct. 3, World No. 4 sugar futures closed today unchanged to one point lower with no sales re- ported.
Domestic No. 6 sugar futures point unchanged to 1 with sales of 11 con-
Both markets ruled quiet and Loudon, Oct. 3.
featureless. In world Tawy, Liverpool, Oct. 3. The rubber market was easy Japan was a reported buyer of
today cotton prices
with spot quoted at 38% pence Cubans at 3.28 centa a pound, toll sensationally on the cotton per 1b. Prices;
fob. Futures: Jed exchange,
by Egyptian Karnak, down by 180 points and | No. 1 Him Book ..................................
Bettlement house term Glan 30 down 100 points, November
Bita
2014 Fraser & Neave...
1,73
073
45 tai Rourkong Tin
Fraser & Neave 71 pc. pret $0.30
Hongkong & Shanghai Bank $920
3014 Кетром
$1.03
3044
Lunas Rubber Estates
$2.70
Malayan Breweries
$350
0034
New Berandah Rubber
$1.70*
60 ·Petaling Tin
$1.55
431% Rames Hotel
39.35
30% Singapore Cald Storage
41.72
00
South British InsuranCo
$20.00
120
Straits Trading
$24,70
Ashmunt, down by 75 points.
48
Siraits Steamstilp
$13,00
United Engineers
$10.99
1762
Wearre Bros.
381
Bländard Oil of Ind.
Stokely-Van Camp.
$235%
105
Bludebaker-Packard Corp.
WIRE & Co.
Taxes Co
10730
Tide Water Aman, Oll li.
*Twenty Century. Fox Filig
Union Carbide
67
Union Pacino Railway
Utilled Aircraft
110% U. 8. Line Co.
US, Øypm:LITS
VAN. Stubber
Ha USA Snafting 15%. Warter. Eiros,
ed-Chins Mail Special.
basic The reason is political tensions, not only in the Middle $2.00 East but also in New York
where President condition has caused alarm and
New York Foreign
Exchange
Englata officina
•
Australia
Unofficial 30-day futuras 90-day fitures
New Zealand
#cuth Africa
Belgium
Holland
India
Pakistan
December
Jan/Mar.
May/Jusio July/Bept.
Gondral ninrxofa, "¿if "unsta Eisenhower's | October
November UNO December
In the United Kingdom, faxing
an anti-inflationary stepping up of the costs of carrying Lonen- shiro's fairly substantial, stocks. Transactions la actual cotton
Contract No. 4 (world)
384-3
March
May
July
September
Contract No. 6
November
March
Estate | crede thick and thin unoisted United Press.
AMSTERDAM MARKET.
Amsterdam, Oct. 3. The rubber market was wenk
per kilogram). October as follows:
guilders
No. 1 rubber
Spot (conta per lb. fob Cuba).
May
Spot
fcents per lb. NY ox-duty)
„United Press,”
Exchange Rates
Business was done in the foca! ynoficial axchange markces Therming, at the following rates;; cif US dollar, tper $1);
in. Liverpool are secret between New York, Ger, 3. buyer and seller but at the today. Prices closed today In
close of the forenoon trading an 2.61-2.03
acitnowledgeable committee 2.78-10/33
pitb 277-28732 Hshes, without comment, what it 2.231 calls "official values" of the 270
various cotions. Today the com- 2.73-5/16
0199-3/18 mittee was in session for over an
10.29
2004
201
United Free.
Falues for Amèrican
15/18th inch, ware
Pphite own by from 80 to:00
while the 1-inch "was polate, Maxiensi Atri-
London Foreign down 35vian, Nigerian and
Exchange
can,
Syrian were:, down 7-60 points, Brezlion lower grades 25 points and Indiari-Pakistan by 50 to 23 pointe
Colton future closings today. pence per tb were, sa followi
No. 2 rubber
No, Tubber
No. 1 .crepe
Sterling notes (per 21).
3,80 sellers" Australian notes (per £1) 3,77, welberdidonesian rupiah: (per 100).
Slami tiesia (Fer: 100) Bingapore (Birajts) Indo-China plautres (per 100)
MESSAGERIES MARITIMES
P.O.
EAST
REIGHT: SERVICE
this
6.80
(dlling Oct. 8th Bailing Nov. 5th sailing: Dec. 8rd
Hn" Oct 17th
Nov Th
culation Current accounts and
deposild
114,005,003,045 -United Press,
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CARTHAGE" "CHUBAN" "CORFU" "CANTON"
Leaves London
Halled
12th October
5th November
Due Hongkong 17th October
19th October
14th November
121 December
Via Southampton, Port Said, Aden, Hombay, Colombo,
Penang & Singapore
Itom wards "CARTHAGE"
"CHUSAN" "COLFU” "CANTON"
Leaves Kiongkong Dus London
21st October
21st November
2nd November
29th November
1001 November
19th December
18th December 18th January
-- Vių - Singapore,· Pangas, Colombo, Bombay, Aden,
Port Bald & Loudon ́ ́.
FREIGHT SERVICE
"SUNDA"
ne 14th Oct. sails 101 Oct. "SHILLONG" toads 27th Oct.
from. UK via Stralis - tor Japan
for S'pore, P. Swetten- ham, Penang. Colombo, Aden. Port Said, Genom Marsellies, Havre; Lon-. doo, Antwerp, Botter- dam Hamburg
With Uberty, to call at Belawan before or after Straits
· Ports and at Bombay if inducement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo, Límites Pamengor accommodation
BRITISH INDIA S.N. CO., LTD.
"EIRDHANA" In Port
"BANGOLA"
sails Bih Oct.
Ase Gth Oct.
salis 6th Oct.
"FULTALA"
duo anh Đạt. sally 8th Oct
from Japan3
ipt Singapore, Penang Rangoon & Calcula from Calcutta; Penang & Straits
for Mojl Yokohama. Nagoya Robe
from Japan.
for. Bingapore, Rangoon * Chittagong
P. `G`O./B. I. jJOINT SERVICE
"ORNA"
"OLINDA"
due Ath Oct. zalls in Oct.
dus 24th Oct.
“ORDIA"
safle 25th Oct.
due 20th Pet. sails 27th Oct.
from Karachi & Dombay for Japan
from Karachi, Bombay & Cothin för Japan
from Japan'
for Bingapore, Cochin, Bartali, Khorramshahr da Kuwait
EASTERN & AUSTRALIAN S.5. CO., LTD.
"ARAFURA”.
mail. 8/h Pot, fór, Bandakan, Brisbane Bydney, Melbourne – A Adelaide "NELLORE"" loads 6/7th Nov, for Babdakan, Brisbane,
Bydney, Melbourne B Adelaide
All vessels have liberty is enți ai any porta on or off the route du the route & sålling are subjeci
For Fell portiolors: apply 1. MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.