THE CHINA MAIL, THURSDAY, OCTOBER 6, 1955.
TRADE and
COMMERCE SECTION
LANCASHIRE STILL HAS ITS PROBLEMS American Plans To
Further Falls In Output And More Men Leave
HK EXPORTS INCREASING
London, Oct. 5.
The British cotton industry is still a long way from solving its current problems posed by diminishing export markets and increasing imports of cotton goods from India and Hongkong.
According to the British Cotton Board, a buoyant home demand has failed to prevent further falls in output and losses of manpower. Many mills' order books, it says, have fallen below the level necessary to sustain full-time operation,
some
A number of mills have closed down permanently and in others short-time working has become “more widespread and intense". As a re- sult, the industry's labour force continues to "dwindle rapidly". At the end of July, the number of workers in all sections of the industry was 27,000 fewer than at the same date last year, a fall of eight per cent.
export' despite this, Exports of cotton plece goods Prospects for future
shipments from encourag Hongkong reached from Britain fell sharply from are only moderately,
new peak 165 million square yards in the Ing
likelihood of in the second quarter. Imports There is a first quarter of this year to 117
Increased
with from India dueluted markedly trade million yards in the second Indin as a result of that coun- from month to month, but the quarter. The dock sirike affect try's tariff reduction, and it is Cotton Board discerns a slight that negotiation of decrease since the early months In Juno bul, even understood pd exports
with Pakistan. In of this without this interruption, ship-contracts
Imports from men would have been only
with the American Japan have also fallen since connection
well programme, is
ad-the beginning of the year. Demand from most of i vanced.
France Also Hit lon Board, that in July--after the other overseas markets re- the strike-xports recovered mains small, however.
Then 41 mille
The clock strike also had
Britain a i
not alone falt of textile cx- marked effect on imports but, suffering a
ports. In the first six months of this year world trude in cotton fabrics was about 12 per cent less than in the first half of 1954, and at no more than the low 105% and 1053 level.
With the exception of India,
Germany, Hongkong and
all
15 or 20 million yards greater. It is significant, says the Co- van
1o no more
yards.
New
York Stock
Market Prices
New York, Oct. 5.
Share prices on the New York Stock Market continued their recovery today with only a little late profit-taking. A lighter volume marred the advance, however.
усаг
the principal exporting countries appear to have lost trade in the i second quarter, shipments from
Britain and France being most severely affected.
World trade
synthetic fibre other hand,
the
JAPANESE SEEK HONGKONG |New Tyres To
OPENINGS FOR INVESTMENT IN CEYLON
Colombo, Oct. 5, Japaneso industrialista have conveyed to the Ceylon Government a de- sire to invest capital in Ceylon Industries as gulok- iy as possible,
Was learned today.
The Japanese expressed special Interest in textiles, rubber, fishing, and ship- ping,
Ceylon's Ambassador to Japan, Mr Susantą. In fon- reka, relayed this informa- tion to the
Premier Str John Kotelawala. He said Japan's leading Industria). lats were prepared to in- vest
capital and praylde equipment and Personnel but wanted to have a clear- cut policy cullined by Ceylon.
Sir John and the Minis- ter for Industries, Sir Kantblan Vathianathan told Mr Defonska that Japanese capital would be welcome as long as it did not "eat lato the local in- dustrialisis."-Unlted Press.
'AMERICAN
COTTON
MARKETS
New York, Oct. 5. Cotton prices tuated over a range of $1.50 today fluc-
a bale, but showed an over- tone of steadiness most of the time.
11 rayon and goods, on was 10 per cent greater in the first six months
At the close the list was up of this year then in
the first 7 to 27 points. Opening prices 02 1954. But the biggest were up to 18 points. share of this rise went to Orleans closed up 6 to 23 or more from the highs, industrials still closed up Japan Exports from Britain, points.
Germany and France declined. Two sessions of advances 2.29 points on average.
While the late selling cut many prices a point
The profit-taking hit steel and ¦ Int'l Harvester
car shares herdest. These shares International Nickel
had led the rise yesterday and
earlier today, Bethlehem and
International Paper
a Tel & To
John-Manville Co.
US. Steel recorded rises of Kansas C. Power & Light
point each. National and Crucible rose around 4.
General Motors finished Fraction lower rose
while Chrysler
Aircrafts showed big gams at the close. United and Douglas were up around 2 points each Glenn Mar- while
Lockheed, tin and North American were up
point to 14%. Oils
Kennecott Спррет
Liggett Meyers Tob, Co.
Lockheer! Alrcraft
Loews Incorp.
Lone Star Ceinent Co.
Lowonton & Sung Louleville Nasvit R.
Mesabi Iron Corp. Minnesota Mining Mixton Development Montgomery Ward Motorais Inc.. National Dairy Prod. National Daulters National Lead National Steel Corp.
A New York Central also festu:cd ki the re-
Olin Mathieson Socony up 1-kous Elevators covery, with Jersey
Standard 1-4. Gulf a Owen-fitinols Ging
point and Continental and Pure
Oll
nearly a a point.
In chemicals, Du Pont rose point or inore.
Activity centred in New York
followest
Central, Martin.
ity
Parifie las & Elec
Pacific Western Ou
Pan American Airways Paramount Pictures
Parke Davis Co. Penny JC. Co. Penu. Salt Co.
Glenn Philip Morri
Phil Petroleum
New York Stock Exchange Procter & Gamble Co.
bond volume was $3,510,000,
American Stock Exchang
volume was 850,000 shares.
Pittsburgh Plate Glass Pabileker Industries Pure Olt
Radio Corporation
leo Motory
37
Like Lancashire, the Japanese 17 cotton industry is going through 1976 a period of great difficulty. But 20% efforts to and alternative Export 10 outlets have had some success 108 With shipments to the big three
704 Southcast
Aslan market
13 Indonesia, Slam and Burma-op the decline, Japan has managed to step up shipments of colton goods to the United States and Australia-and these wore her largest markets In the second quarter of this year,
10
(225 BAYA main
534
102
2
881
40
U.S. Concern.
some
Government is encouraging the production of quality textiles by preferential allocations of raw cotton, while exports of 301P Atypes of fabric to the U.S. are 47 being forbidden unless they come 10 up to certain quality standards. U.S. cotton manufacturers are
909
03
8 becoming seriously
30 by this Japanee competition in 4315 their home market.
New
following Monday's sharp break kept traders busy consolidating positions while.
STOCK EXCHANGE
(From Our Correspondent)
Business on the Stock Ex- phango this morning amounted to $1,010,000. Noon quotations and the morning's dealings.
| BHARES DUYERS SELLERS BALES
BANKS
Jik Bank East'Alla
INSURANCES
1ian Lombard
1720 1780
233
141
20.00
51730
100 or 03
100.73% 200 735
NOCKS, ETC.
K. Whack
Dock Provident (0) 18.0 Wheelock
73 7346
0.00 10 000
2000 u
1000 10
1.00 0.93
3000 1D
10.50 18.00
100 10.70
G4 044 400
LAND, ETC IUC Motef
HK Land
Ittu 37.70
Humphreys 20.40
Hralty RUMBER
A. Rubber UTILITIES
Trani
Star Ferry
..10.60
རྟཉྙཝཱཙཱཎྷཱནྟཱིཏི།
2.30 3000 x 2.278
2.30
24.60 600 1500 144
24.60
Ynumati Ferry 116 117
C. Light (O) 22.90 23.10 200
Eicet (N) 17.80 16.20
Telephone
INDUSTRIALS
Cement
Hope:
34 35%
24.00
A
..... 3794 301 3180 30
17.20
STORES, ETC.
88 29 AR
Dairy xd ... 20.70 21 1000 20.00 Watson COTTONS
14.70
Have Steel Wire In Them
По
New York, Oct. 3. The United States Rub- ber Co. announced, today production of a new line of ear and truck tyres all, containing from
to eight
of Dexible high strength steel wire.
Truck tyres containing wire are common on the market at the pressing time, but is these cases the wire is used in place of textiles, The U.S. Rubber company's now product uses wire as well as toxiles
Steel wire, according to company officials, makes a tyre tread rapture-proof, doubles out resistance and· eliminates tread cut growth.
The wire in mado Of steel as strong sa that in bridge cable, and is used In flaments slightly larger than a human hair. These filaments twisted into strands and
laid in layers to give the effect of a fine inesh steel cloth, United Press.
Sth. Vietnam May Join Dollar Area
South
Paris, Oct. 5.
Open Cotton Factories In India
New York, Oct. 5.
An American clothing manufacturer today announced plans to establish two new export industries in India which he expects will create jobs for "at least 50,000 Indian artisans within a year's time."-
The manufacturer, Mr Martin Cole, will set up headquarters there, with branch offices in New Delhi and Benares, under the name "Fashion Research Bureau."
Mr Cole, for 25 yearṇ a manu- drawn up by leading American facturer of women's coats and manufacturers. sults in the US, said:
Within
a year India's hand- loom cotton workers should, he 1. ho would utläise the believed, reneh peak production "unique talents" of India's with enough fabṛle for tens of hand-loom cotton workers thousands of American bathing to produce fabrics for ox-suits,
walking shorts, shirts, to America port
whore akirts and dresses. they would be manufac- tured into beachwear ond sportswear:
"The first
from'
shipments Indla should reach the US by
be in me
for spring... mer.
2. he would manufacture in the first of next year and thus
India shoes made entirely chandising." he said. of Indian cotton for export: to the Americon markef;
3. he would organise the new
enterprises
in association
Elaborating
on his plans for making shoes entirely of colton, he said it would perhaps be the
with an American retailing time that a 100 per cent authority,
cotton shoe had ever been made Mr
Harold Samucis,
anywhere. who would handle,merchandising In
the US.
"As we create a domand for these fabrics in America we will expand our operations, not only in the three key cities of Bom- bay. New Delhi and Benares, but in other areng as welk" Mr Cole said.
"Catton grown in India," he cold, "is perfect for the play shoes and lounging shoes I havo in mind, and India has all the manufacturing equipment and planta necessary for immediate production.”—Ünited Pregs,
Vietnam contem Jobs For Thousands West Germany
plates adhering to the dollar Textile Corp. 8.80 5.83 0320 6 3.75 area, according to the official 2000 680 local news agency "Vietnam-
Nanyang MISCELLANEOUS
Yangtze Allied
7.00
B 2000
WORLD RUBBER
PRICES they looked
ahead to the government's third crop estimate of the season on Monday.
delivery at
The December today's high showed a recovery of almost $10 a bale. The rally altracted renewed hedge sell- ing and some
realising with mills and other trade interests on the buying side.
and Trading volume
open Interest in the. Exchange today wero:
press."
in
To Reduce
Import Duties
He hoped that eventually jobs fox "hundreds of thousands" of Indians would be created by
with these factories
perhaps "millions of dollars" of addi- tional revenue for India.
Mr Cole said his hopes for
be the two enterprises could measured by the fact that he was coming out of retirement to establish it.
"I'm doing so," he explain- The Vietnam has given a guarantee against any cd. "in the belief that the Minister, said today
contribution greatest future devaluation of the plastre
I could
The agency slated that, the case of a separation of the Vietnam plastre from the franc area, the currency would au- tomatically be adjuste dto the dallar at the present rate of 35 piastres por dollar.
Central Bank :
Bonn, Oct. 5. Professor Ludwig Erhard, West German
Economics he
on a
by informing local barks that the make with my own capabulties, planned to back his lower exchange rate of the dollar will Income and background would Prices campaign by reducing Singapore, Oct. $.
be consolidated at its present
bo to
to start new Industries in import duties
large rubber market
was rate for all imports handled Indio, a colourful and exciting scale "In the near future” steadier on botter oversens ad- under the American ald vices with sellers more reserved. gramme. Futures:
The
+
ז'
raw
ample where pro- country
materials and skilled labour These reductions would ba exist, but which is plagued by temporary in order to conform
with GATT (General Agreement unemployment."
on Tariffe and Trado) regula- |tions, he told a news conference,
No, rubber per ib.Oct. 10015-10834
$300 MILLION AID Nov. 134-186 No. 3 rubber per Ib. Oct. 1
This ald will 350-131 No. 3
exceed $308 The No. 4
12312435 million for 1956.
agency spot rubber unbaled
Central Bank 1341/4-38445 | added that the Blanket crepe
104-100
would also issue new banknotes No. 1 pale crepe
which would look like the US dollar.
146-141 United Press.
NEW YORK MARKET
Now York, Oct. 5, Rubber futures today closed
185 to 240 points lower with sales of 461 contracts,
Spot No. 1 Res were quoted nominally at 44% cents a pound. Futures:
43-10-80
He said he first got the idea for bath of the projects during stopover in Bombay last year.
Became Intrigued
was on
Replying to questions he said the import duties for motor cars, now averaging 22 per pent, werd 3
among the points his Mindstry was considering.
APPEALS SUCCEED
Professor Extard sid
response.
his
At the time ho It also has been announced | round-the-world trip. He was that monetary
with transfere be- then associated
the US bween Laos, Cambodia and textile firm of Flicol, Inc.' Vietham will from now on bo "I became intrigued with the submitted to exchange con- supor quality of Indian silk," he recent appeal for moderation trols. Hitherto transfers have said. "I was also struck by the in fixing prices had found! been unlimited.
tremendous
idle
Several Orms pro- hand-loom workers It is unklerstood that this
ducing machinery for consumer result, he added, be ar- goods industries had already As a measure. is preliminary to the ranged with Indian Industrialisis cancelled planned price in- withdrawal from circulation of
In Benares to put 5,000 weavers
creages. There was ample room all Bank of Indo-China notes.
to work manufacturing the allk cloth The three states have now Enough was made to manufac
used in saris for Pilcol. for price reductions,
He said he had also directly atarted negotiations to readjust fure 30,000 dresses in the US. appealed to West German town were quickly sold, ho administrations to lower prices
3944
201
Month
Volume
Open interest
to
20,300
41,200
70%
4522
Special efforts are being made
Déc.
100,200
70-4,000
8532
to inercase Japan's share of the Mar.
$4,900
370,000
MBY
2.600
520,700
05 valuabic U.S. market, The July
3.000
210,000
12314
oct
24,300
117,500
Dec.
40.200
100,000
301%
Atar.
0,100
17
Total
305,000
2,039,300 bales
-United Prosa,
NEW YORK PRICES
perturbed
New York, Oct. 6. Prices of cotton futures closed today as follows
Mar.
May
July
40.08
2180
Sept.
Apot
$3.55
Dec.
Oct.
33.35
United
Dec.
22.01
736
GA
572)
2216
4035 India is also making a deter- mined bld for new overseas mar- 40kets. A visit to Southeast Asia by a trade delegation sponsored 203 by the Indian Cotton Textiles
Export
Council
Mar
LONDON MARKET
May
20.02
their
July
30.40
act.
30.40
Dec.
30.41
Mar,
-United Press.
London Oct. §. The rubber market was erratic with, spot quoted at 88% pence per lb. Prices:
Promotion
NEW ORLEANS PRICES
No. 1. B spot
Standard Brands
New Orleans, Oct. 8.
***** 3336-3831 Settlement house term:
November
Standard Oil of Cal
Prices of cation futures closed
December
Standard Oll of. Ind
Jan/Mar.
Standard Oil of N.J
521
Europe where India has signed
Apr/June
Spot
33.00
July/Sept.
Oct. &
Stokely-Van "Camp.
17 an agreement to supply cotton
Oct.
21.30
General markets, cit basÍN,
Alien Inc. Acy.
23
Studebaker-Packard Corp.
goods to Norway.-London Ex-
Dec.
31.01
October
Mar
21.30
Allied Chemicals
108
Allis Chalman
American Airline
23
2714
04 Texas Co.
Swift & Co.
November
47% press Servicė,
May
30.36
United Press.
July
30.34
Be Dearer?
American Cyanamide Co.
Tide Water Aan. Olt
30,48
Twenty Century Fox Film
Déc.
Am. Mach. & 7 dry.
American Mainl
BT
Union Carbido
by
Mar
United Presd,
Dow Jones closing averages| Republic Steel
ware:
Industriai
20 cats
15 utilities
03 stocks
40 bonds
Comm. future price index
Neynolds Metal
401.14 Shell où Co. 153,10 Sálma Reg. Poper Bo Sinoler đi T
103.00 Gocony Vacuum.
B050 Bouth Porto Rico Sugar 161,72 Southam National Gar
Southern Railway (Co
Closing Prices
American Smetting American Tri & Toi American Tob. "B" Anaconda Copper Armoo Stool Armour
Baldwin-Lima-tam. Baltimore & Ohla
Bendix Aylation Corp.
Benguel Coria
Bethlehem Strei
Boeing Airplane
Borden (The) Co.
Burroughs Add Machine
Coguritan Pacino R,
Cove (4, 1) (6.
Inancial Corp.
Cat. Tractor
Ontanon Chaya
Chrysler Modire
Colgate-Palmoliy
Commercial Credit
Commonwealth Fier.
Consolidated Edison
Continental Of of Det.
Continental Bleed
Cranachuo
Crown Sellerbach
Cuban Amier, Bugme
Carta WrNDA
Diamond AIKAN Dow Chemdendar Dupont de Namposite
Kontak
Krie Railroad ‘2793, Talatice Corp.
Electric
General Motors
Gen. Fub, Ütü. dilects safety: Kiator (new). Gladen Co. ** Goodrich (B. 7.) C. Goodyear Kim Korse. Komite le Mining (5.
2ijand Steel Co.
Sterling Drug Co.
Union Pacific Railway
United Aircraft
170 U.S. Gypmun
20. s. Line Co. 6.B. Bubber 451 U.S. Smiling
U.S. Steel Warner Bros. Westinghouse Electric Woolworth
30
90% followed a similar mission to the
1515
Middle East, and a beginning
40% has been made in Western today as follows:-
132
Unites From
Singapore
New York Sugar Market
New York, Oct. .5.
futures World No. 4 sugar closed today unchanged to 1 point higher with no sales re- parted.
Domestic No. 6 sugar futures closed 2 points higher with naler of 64 contracts,
30.37
AMSTERDAM MARKET
Amsterdam, Oct. 5. The rubber market was quiet closed today in guilders per kilogram, elf Oct. ao follows
Other Cotton Markets ang um Prices
LIVERPOOL PRICES
Liverpool, Oct. 1. Aller two days of nervousness and tumbling prices the spot cotton market recovered quite sharply today."
No. 1 rubber No. 2 Hubbar No. 3 rubber
No. 1 crepe
3.7% nom. 17.09 natn.. 2.40 bom. 2.63 hom. United Press.
respective currencies- plastre, kip and riel, which are all three pegged at the same 10 trancs parity
present.- China Mail Special.
Newsprint To
They
sald,
tor gas, electricity and water.
Mr Cole's intention now to do with Indian cotton in
is 羈
Professor Erhard said the
big way what he did to a campaign also had a "psycho-
logical miner degree with silk saris.
dim"--to deprive the
He predicted that Indian cot-trade unions of their arguments lon fabrics would give a "lift" for higher wages. An upward to the American clothing market wage price spiral could do great to the West Germán and open up new merchandising harm
economy, he said.
areas for manufacturers.
Mr Cole cospects to eliminato
The present economle situa-
the main obstacle to US imports tion in Weat Germany allowed
of Indinh cotton fabrics
workers to recelvo a greater
New York, Oct. 5. Hip Exle Vanitart Bowsier,establishing uniform standards share, of industrial profits with- chairman of the Bowater Paper as to length and
of out raising wages, he added.—
width
Corporalan, today predicted an woven material. These would be China Mall Special.
Increase in tho
price of EWS-
print in the foreseeable future.
He told a proes conference Die Stamping
that since the last general price increase in the United States took place in 1852, coals of pro- duction had risen appreciably
Official values in spot cotton London Foreign for newprint manufacturers.
Stock Market during the last low days to be Ashmol
43.30 nem.
35.60 nom.
Exchange
included: Egyptian Karnak In world raws, dealera good/pally/good estimated Japanese purchases Giza 30
good/fully/good
good/fully/good
34.10 nom, New York in excess of 60,000 tone.
Montreal Karnak advanced 130 pointe
Amsterdam Some dealers expresfied the white Giza 30 and Ashmouni
Bruno the ballet that Cuba has less than both advanced 50 points. One
Frankfurt ago, on September Lisbah 50,000 tons of its world quota month
5, the Milan thego Egyptian cottons, for this yope, still unsold.
Paris Stockholm good/fully good grades, were mess in the domestic quoted as Harende: 49.00; Clian 30, Zurtels
raw 30.90 Ashmount 30.25 (all ti
Singapore, Oct. 6. Brokers today quoted following stock prices:
Closing Batu Laitang Rubber Co. 1.05 British Borneo, Patroleum 43/2 Canolidated Tin maltes 20/0 2151 Arm & Noave Neave Tik po, preť
construct
reflected
the
Other official values were: NA
Laftuation the higher busin for pence por lb.).
4.30 refined sugar. Futures:,
Construok No... 4 -- (world)
214% Danakonur. K Shanghai
Hongong Ti
46
Keip
Luna Rubber Fatatow
વાત એમ
New Gerencial Tipher
1 Petaling Th
1911 Bingapore Cold Stora
Bouth Brillan zauringo
Wearpe Bron,
March
Dur Beptember ipsy (cinta per ib, folCuba)
Contract No. 6.
November March May Bpot fewnia per: ib. cit NY
Landart, Oct. 5.
can't
"In my opinion, 'we continue to absorb these mount- ing costs," he said. Ho es timates" that during the period wages in the industry had risen about 15 per cent and othin costs had gone up mare,
Asked if he thought any in- the bo In crease would heighbourhood of 15 per cent, *120% he "Bzizwered: “I would expect to be a then that.”—China Mail Special,
American misaline inch New York Foreign
Price of cotton futures penon per 18, were as follais
American middling 15/18th contract: ==
Oct/Nov
Mar/Apt.
May/June
Ded/Jan.
3.34.53
Now contract
July/A
July/Aug
30.08 20.01.
Exchange
Exchange · Rates
Businem was done in the local tnofilčiai: exotianga market this
horning at the following rates:
dollit," (per (1)
libaspors (ICCSO)
“čnina: piartres (per,
The South, China Morning Post, Printing Department la equipped with modern dic-stamping fasllition.
REGIMENTAL, SOCIETY and CLUB
CRESTS & EMBLEMS.
TRADE MARKS..
FAMILY COATS OF ARMS
and MONOGRAMS.
etc., etc.
Call and inspect our samples Orders accepted for, Steel bles
and Copper Plates.
Ring 20002 ask for Mr. R. Kuferapy,
SOUTH CHINA MORNING POST, LTD.
Wyndham Street, :