THE CHINA MAIL,
WEDNESDAY, OCTOBER 12, 1955.
TRADE and
COMMERCE
SECTION
INVESTIGATION OF AUTOMATON US FIRM OPENING
Business Leaders Attempt To Solve Problems
By Paul Southwick
Washington, Oct. 11. Congress yesterday called industrialists, labour leaders, economists, scientists, and government officials to help in an investigation of "automaton" and what it is doing to the United 'States.
Chairman Wright Patman of a House-Senate Economic Sub-Committee sal hearings, starting Friday, will try to determine what the rapid advance in work-saving devices mean to workers, plant owners, and consumers.
TWA Review
Of Year
Among
thore ncheduled testify during four days of hear- logs are Mr D. J. David, Vice-
BANK MERGER
mi Ditawa, Och.11.. Finance Minister Walter Harris today Approved plans for the amalgamation of the Imperial Bank Canada and Barolays Bank (Canada), two of tho country's major chartersa bank,
of
amalgamation
The Hew A
bank
of
will retain tie nähtë of the Imperial Bank Canada. The merger still requires Approval of
the shareholders of both banks, And following that ap-
Cabinet-United Press.
proval of the Federal
WORLD COTTON MARKETS
New York, Oct. 11. Cotton futures
after
President of the Ford Motor Co. steadied
Prest-
| Mr Walter P. Reuther,
today
a confused
dent of the C10; Mr Allen V.start with trading turning Astin, Director <xf the National to the quiet side as prices Bureau
of Standards; Labour moved higher. Secretary Mr James P. Mitchell; Mr Vannevor Busm, President
Kansas City, Oct. 11. The past year has been a of Carnegie Institution; and Mr and Edwin G., Nourse, former Chair- "good one" for TWA
man of the Counell of Economic 1956 can be the best year advers TWA has ever had. President
Damon Ralph told members of the Kansas
City Management club.
400
The Questions
Closing on a brisk rally the List Anished with net gains of 28 to 54 points.
World Industrial Production Up
United Nations, Oct. 11.
World Industrial production reached a new high in the first six months of 1955, the October issues of the United Nations monthly bulletin of statistics reported yesterday: Output was nine per cent higher than for the first kálf of last year. UN statisticians said gains in heavy industry were responsible. Production of metal-producing and metal-consuming components and of chemicals rose faster than textiles production and food processing.
More Bids For Synthetic
Rubber Plant
re-
its
at
Washington, Oct. 11. The government has
bids for The marketceived slx opened up 60 to off 15 points, synthetic rubber plants New Orleans closed up 33 to 53 Institute, West Virginia, it points.
Covering
the before loent was announced yesterday. holiday tomorrow, along with trade buying attracted by re- using
historics of vent case scleeled industries like metal
and mutomobiles, chemicals, electronics, trans- porta Wom and communciations, will attempt to find out:
Mr Palinan said the investiga- ; steep decline, and abated pose of the government's rutber
hedge selling helped to shape the trend.
Addressing niy management people at Le peas working ing of The club's 1955-1950 season,
Damion revlowed thu outstanding accomplishments of the
during the phot your and looked ahead to 1958 with confidence.
company
Among TWA's milestonos 1953, Damon saki, were:
1.
The start of construction
on TWA's new everhaul base n Kansas City which, whet com- pletes, will be one of the nest In the wo.id
2. The completion et hang: r- at S1 Lou's and Paris, the start co construction of a bargue isl Philadelphi and plans con- pleted for one in San Francisco,
1. The extent to which new automatic mid electronic processes are displacing workers.
2 Possible shifts distortions which may arise the distribution of mars chusing power.
were in
pur-
• 3 Hew the gains of in- ereused productivity should re- distribute between
Labour. owners and consuNEIR
effect
4. The business structure,
110
the
5. The effect upon volume and regularity of pri-
3. Acquisition ok Our 20 vate investinent.-United Press. Super-G Contes,
4 Completion
of plans
inaugurate Super - G
to
NOFVICU
averstas beginning Oel. 30.
5. The decision to
purchase
twenty-four Model 1840 Con- stellations scheduled for delivery In early 1957. These will he the nest of anything lying at that time,
Market
Holidays
New York, Oct. 11. The New York Stock Ex-
and
leading change
other financial markets will operate ns usual tomorrow, Columbus Day, but for many commodity day will be ab- markets the served as a holiday.
UK Company Reinstated
In America
Washington, Oct. 11.
New
While the New York Cotton Exchange will be closed tomor row for Columbus Day, the Orleans Collon Exchange remain open. Strength In nearby October dealings will contracts, where end on Thursday, was a con-
will
were
A commission set up to die-
p.oposals cailles sal prived Chemicals,
Gay car
from Goodrich-Gulf
C Inc.. Synthetic Corp., Akron, Ohio; Imperial Commodities Corp., New
YOTH; Edwin W. Poulty, Los Angeles; Unica Carbide & Carbon Corp. New York, and United Rubber Chemicals Co., Charleston. West Virginia.
Mirther
011
Industrial production in countries excepting those behind the Iron Curtain was said to be one afd one half times larger In the second quarter of 1955 than the average quarterly level of 1948.
The bulletin said that French steel production was 20 per cent higher.
than in the first six Western Ger- months of 1954. many's total production was only fractionally below its total out- put in 1930. Manufacture of
equipment In Western
It was 30 per cent above
the first half of 1954.
the
IN ENGLAND
to
New York, Ool, 11 Chemstrandl Corp., of Decatur, Ala plana foruta Bellish subsidiary and start pr¿duktina of ta acrilan
fibre in Razilo England within the next twa years, 16 was dis... closed here today.
The announcement was mado by Mr Henry H. Bitter, President now in London making prepars- Horm for the new nab Bidiary with a group
of Chemstrand omedals. Mr Bilder dia not disclose the location of the plant nor plained productive capacity
Chemstrand is. Jointly owned by Monsanto Chemical Co, and Ameri- 627
Viscose Carp. Its scrlian is a man-made fibre used in production of blankets, wweater #nd WOTIDIA's and men's wear fabrics-United Press.
HONGKONG
STOCK EXCHANGE
Itely showed a seven per ent (From Our Correspondent) production Increase for same period. Japanese produc- Business done on the Hong- on went up in the second kong Stock Exchange this quarter of 1955 to
morning amounted reverse +
to $520,000, previously declining trend. Noon quotations ond the United Press,
morning's transactions; SHARES BUTĒRS SELLERS SALES BANKS
WORLD
RUBBER
PRICES
#
Singapore. Oel. 11.
tributing influence locally, Octo- ber rose as much as $2.50 a brie Negotiations leading to a final
After and hel
of the salts contract will be completed
weak opening the a good part
within 75 days, the Commission rubber market steadied on short gain at the close.
and renewed buying Traders analysed the statis-sald. No bids were received covering tient pleture in the light or for the plant when it was first interest, Demand, for off grades Monday's big government crop advertised for sale but Congress Continues. Futures were:
No. 1 rubber pre ili. Oel. 124-121' July authorised es'imite. Adding the Indicated last
Nov. 12334-1zi Dee. to the 11.1 million bale negotiations.
unquoted стор
|No. 2 rubbe per It Oct. 12016-124 potential supply carryover, the
122-123 a te over 25 million
No. 3 No. runs
114-1154 Spot rubber unbated". 121-12412 bales.
laitet crepe
0915-10135 Trading volumes and open
No. 1 pole prepe
131-138 Interests in the Exchange 10-
NEW YORK day were:
Futures today closed 5 to 50 Month
points higher with sales of 243
Open interest
Det Dec, Mar
Volume ),500
24.000
03,200
703.100
37,800
370,000
Muy
43,400
415,000
July
27 600
210.400
Oct.
11,A)
114,000
Dre
4,300
89,300
Mar.
2,000
7800
Total
2,003,100 bales
NEW YORK
Prices of futures closed today
as follows:
Spot
Det.
Dec.
Mar
May
Co., of London,
England, per-
July
mission to
participate in US
Oct.
Dec,
export trade.
Маг.
The government today re- stored to Arbuckle, Smith
NEW ORLEANS
33.85T 33.00
The Institute picat, largest of the 27 government-built
syn thetic rubber facilities, will be the 26th sold. The other, at Louisville, Kentucky, has been losed for three years-United Press.
Chicago Grain
Market
Chicago, Oct. 11. which Soybeans
fctl. the market lower yesterday: 32.35-37 rallied today but failed to carry most of the other grains into higher ground on the Board of Trade
31.31 20.82-83
contracts.
M
The market see-sawed at trade and sporulative interests evened |
before the lachl accounts Holiday tomorrow
up
fik Bank
INSURANCES
Union
DOCKS, ETC K. Whart Duck Provident (Oi Wheelock
LAND, ETC.
HK Hotel
New York Stock Market Prices
New York, Oct. 11.
Market followers were hard put to keep track of the trend today as the list alternated spurts of heavy selling with recovery attempts.
The final move of the day was a rally, paced by aircrafts, metal, steel and motor shares, which served to restore about half the losses at the day's lows.
The overall decline, neverthe-El Paso National Cas
sliced nearly another Els Itailroad...
Family Finance Corp. $1,000,000,000 from valuations, General Electric
General Motor
and left the market at its lowest General Foods level since May 18, with a total loss of some $17,000,000,000 einco the President's illness
Gen, Pub, Utli. Gillette Safety Razor Qudden Co. Goodrich ti, F.) Co.
touched off the break on Septem- Goodyear Tire ber 20.
Although
Heyden Chemical Homsiake Mining Co.
trip considerably Ingersoll-Rand
from their lows a not decline of
Irland Steel Co.
Interchanical Corp.
3 points in Du Pont, 2 points or Int'l Business Machines morb in General Motors, and feti Harvester Jersey Standard, and a point or International Nickel International Paper moro in American Tobaceo, in Tel & Tel Bethlehem Steel,
Eastman John-Manville Co.
Kodak, Union Carbide, weighed
average,
on the Industrial
day.
leaving it off 2.55 points on the
Rails Down
Rails finished down, 0.74 with losses ronging to 1 points.
Point losses in Amerlean Gas
Kansa C. Power & Light Kennecat! Copper 14ggett Meyers Tou. Ch. Lockheed Agoraft
Loews Incorp.
Lone Star Cement Co. Louisville & Nashville i Lowenstein & Bon Meb Iron Corp. Minnesota Muninit Mission Development Monsanto Chemienl Cb. Montgomery Ward Motorola Inc. National Caon Reg. National Dairy Prod.
and Houston Lighting con- National Distillers tributed
largely to the 0.28 National Lead decline in the utility average.
National Bies Corp.
New York Central Olin Mathieson Of the 1,219 stres traded Ota Elevators today, 681 WETC lower, 322 Owen-linols Clin
Pacific Goa & Elec. higher.
Turnover picked up
Pacific Western Oll to 3,530,000 shares from 3,100, Pan American Airways
Paramount Pictures 000 yesterday with the market running late twice during the Parke Davis Co. Prany J. C. Co. day.
Penn, Balt Co. Aircrafts paced the inte rise Philip Morris with Douglas up
nore than 3 Philips Petroleum 1700 ndihts, Glees Martin and Bocing up more than 2 and North American and Lockheed up nearly 2 points each.
1765 5 1713
906 200
71 73
Steels, mude a good recovery with Pittsburgh Steel featuring 9.80 $500 0.50 01 a jump of more
10,70
10 500 or £5.70
1000 > 0.43
the
company
Procter & Gamble Co Flitsburgh Plate Class Publicker Industries Pure O
tadio Corporation
Republie Strei
Reynolds Metal
shell On Co.
than 2 às
good
n Issued 2000 0.40 carnings statement for the nine
18.70
ik Lond
03 04 3100
га
13
3716
2.30
Realty RUBBER
(RIA) 37
A. Hlubber 190 1.0725 Tu
UTILITIES
3.05 or 3
Tram. 24 20:24 80 Star Ferry
140 Ynumenil Ferry 118 in 100
off more
that a
months and an optimistic fore- cast.
US Steel, polhi at its low, finished frae- ilonally higher
in top spot as the day's most active issue,
New York Stock Exchange bond volume was $7,950,000.
Stock Exchange American
volume was 1,030,000 shares,
Dow-dores closing averages
17.00 were as follows
C. Light (0) 22.40 2220
A50
500 of ta
12.00
500
22.00
C. Light (N) 1715 17.50 Electric
300
41 424 30
500
T 42
42.00 30 industrials
20 rail
12
3-3
35 500
34.7015
tilities
Macro Elec Telephone INDUSTRIALS
Cement
165 stocks
170034240 bends
3 1000 or 371⁄2 Comm. future prien index
Comm. spot price Index 20.00 1000 20.40 | Moody's. Index 14.70
37
STORES, ETC.
Daity
Watsen
COTTONS
Textile Corp.
Alifed
0.10
5.70
In the spet market inderate Uusiness passed between dealers, MISCELLANEOUS December one sheets sold in the forenoon at 42% but later were down at 42 cents. January three 5hrels moved between 40% and 414 cents a pound. Spot No. 1 Ras were offered 43% cents.
Fulure, dosings were:
20.00
Dee,
30.06
Mar
20.98
29.93
Bran futures, which declinexi more than five cents yesterday, moved into steady ground
May
In
Dcc.
close today.
33.00 32.50
30.34 30.29
Priess of futures closed today evening up operations near the
Spot
to
Dee.
Mar.
May
July
Oct.
Dee.
Mor
LIVERPOOL
The Company's privileges to trade participate in US export hal been temporarily suspended lust July 1 in connection with as follows: unauthorised
shipment of US Oct. chemlents and paraffin wax China.
The Company had refused to answer Commerce Department questions about its participation as agent for Peter Meyns and The New York and American
Company, Hamburg, Germany, stock exchanges and other stock
in the shipment of postassium Future closings, American exchanges throughout the coun-
bichroma try, the New Oricans cotton ex-
sodium bichromate middling, in pence per fb, were as follows: change and the Chicago Board and paraffin.
The all will of Trade
Commerce Department Old contract Oct/Nov bo open for
said today that the British firm session. the Columbus Day
has furnished complete now The New York Cotton Ex- angivers to the questions "show- change, Wool Associates of the
RS acted ing that it merely New York
Exchange, the Coffee and Sugar Exchange, agent in the transactions and Karnak
that it was unaware" that the
in the Untied: New goods originated
Slates--United Press.
Cotton
New Inc..
Commodity Exchange, York Cocon Exchange, York Mercantle Exchange and most livestock markets will be closed. Foreign markets will operate as usual.-United Press.
US Unemployment Level Down
The mimbo: of
LONDON METAL
PRICES
London, Oct. 11, Prices of metals closed today in sterling per long ton as fol- lows:
port
Washington, Oct. 11.
Ti unemployed
3-month docino last month to the Copper spot
3-month lowest level k nimidst two years. Leng ist half diet.
There were 2,140,000--un-
the govtrient ro- Zine ist halt. Det omployed,
mumber persons also declined seasonally
Dec./inn, Mar/Apr May/June July/Aug.
July/Aug, Jan/Feb
Now contract May/Ju
- SAO PAULO"
Brokers reported some even- ing up of conintments in corn and soybeane prior to publica- tion cf the, government report later in the day.
#1
LONDON
No. 1 Ras spol.........
Settlement house term:
42.65
R85338
London Stock
Market
438.50
145.00
8130
138.44
90.00
112 40
181 C
404 50
Closing Prices
Alden Inc. Aty. Allied Chemicala Allied Mills Inc. Allis Chal3YFOSTE American Airline American Cyanamide Co, An. Mach. & F dry. American Metal
American Sinelting American Tel & Tel American Tob. "D" Anaconda Copper Annen Steel Armour
Baldwin-Lima-Ham.
Baltimore & Ohio
Bendix Aviation Corp
Bethlehem Steal
London, Oct. 11. Uncertainty clouded deal The market was very steadyingề ôh thé London: Ex- with spot quoted at 20-3/10 change today, with most enguet Cons pence per lb. Prices:
301-3814 Sections falling to show a Boeing Airplane
Borden (The) Co. definite trend.
Burroughs Add Machine 23%-30%
Canadian Pacific R. 35%-35%
British Government stocks on Caso . 1.) Co.
C. I. T. Financial Corp. 30%-20% - exception, tis prost-tiking drove | Cat. Tractor 323-3271 most issues down from yester- Celances Corp. General marketa, cit boats, ports:
doy's highs. Long-dated Issues Chare Mariliat. Dank 3546-53% Ock Nov.
331-3514 clased with losces of arouita Estate crepe thick Oct. 30 nollers | £%.
AMSTERDAM
стор
Nov. Dec. Jan./Mar.
Apr.June
July/Sept.
Wheat declined after it was revealed that Western Ger many had postponed a scheduled purchase of 2,800,000, bushels of US wheat until later date. 32.20
West Germany also postponed 226.70 buying 2,000,000 bushels of US 24.70 3450-00 corn until tomorrow.
Wheat closed off 1 to up cent; soybeans (new) off
cent.
20.30 50.00
3
Futuro closings, in cruz{cros per kilo were as follows:
Dec.
Mar
Belter London Foreign
200
74015
100% 100%
100 100
maj 2015 00% DOT
Exchange
CHICAGO GRAIN PRICES
The market was quiet, Prices Industrials were mixed, hut closed today in guilders per falshed with a good sprinkling Idiogramme cit November as of fractional gains, Hudson Bay and Unilever showed wedk- 3.45.nom. nesses.
follows:
to
No. rubber No. rubber No. 3 rubber
No, 1 crope
342 nomt,
3.30 net.
Oil
3.75 nom.
United Fress.
New York Sugar
Market
New York, Oct. 11.
but
Chrizler Motors Colgate-Palmolive Co Commercial Credit Commonwealth Elec. Consolidated Edon Continervial 01 od Del. Continental Steel
Corn Products Crane Co. Crown Zellerbach Cuban Amer. Bugar Curtis Wright Diamond Alkali opened weakly,
Dow Chemicals rallied under the inQuench of
Dupont de Nemours local and Confiriental büying. Eastman Kodak Lenders gained a few shilings, but Royal Dutch skidded £2 to
Gold & Copper
WCTU
· Gold and copper shares were World No. 4 sugar futures trendless. closed unchanged to 1 point
Foreign bonds, blso lower with no sale market remixed, with German Polish
The world raw mained inactive, although ftud- bois elesing £1 higher but cra understood busintes is pond Young Loan off 63 and Dawes down £1. Japeneso ing for later this month in Loan several directions.
Izuen were irregular. Domestic No, sugar futures
Dollars books, showed weak- 2 palută cloacd
Issues of 72 contracts. news, and higher-priced
to word amolig the hardest hit. of Adjustment to Wall Street raws and the Sudan for 10,000 prices, rather than local pros. Korean sure was flowed as causing 8436-6ons of reoned sugar.
ed unchanged to
With Beted to be
210 34.10
Prices per bushel in cente
33.05
Closing PTICOS
July
3330 When, No. 2, red
In the US the average price
of 15/10 middling cotton at 14 Spot designated spot markets Was Dec. 2004 (11) 204(L): 20412-38 32.70 cents. Sales at these Mar. centres totalled 45,001 bales.-3 United Press.
200n
May
Spl.
2051 2003-14 101%
1931
Corn, No. 2, yellow
Des.
13034-131
Маг.
MAY
July.
London, Oct... 11.
Kyo
10-2.70 Dec.
Mar.
Oats
Onio
Dec.
Kurich
12.01
Mar.
FUTURES
Others were unchangUnited Frem.
Boybean; No. 2, yellow
10,000 tons of raws Futures:
Contract No. 4. (world)
March
Now York, Oct. 11. 88,000 today in cents por ib, es follows
Spol
Mar
Prices of metal futures closed New York Foreign
Now.
Jart.
-243)
JUE
Mor.
·Boni-¿cente per Ib. 20
below ins. Augün levol and Lead Oct.
May
Cuba
July
Contrast: No, o
altrout. 1,000,000 ·lower
Kinti
Nov.
September, 1954. It was the Tiri
Harley Spot
Nov
204
130-140/1
March
NOV
unemployment stood at 1,200,000:
Todcast: since: Nov, 1953, // When | zina CU
Now York; ORE: 11.
Nov.
In August, 1953-United Pro89.
The postwar low was 1,200,000 Copper Cot.
Nov.
Добавет
$1.00 / New York flour
2016042 200 lb. cic
NY X-
United Prom.
-Unded Pr
United From
ported today.
The
of
employed
ia 04,733,000-that is because of
United Press.
porsans going back to school NEW YORK METAL
resto. But
both
and other Sotal employment and non-tarm employment, were at record high levels for the month of Sep- tombat.
dos total wes
New York Montreal Ammoraden Briuselo Milan
Exchange
11835-34 $16
the
Hilgeylon
fat market for 10,000 tons
also is expected to seek around the decline-United Press.
Exchange Rates
Frithbeváté wis done til "the" koçhi
ekcharins. market
moréene at the, trowiti zavestend [US, Donne (persi)-
indonesian rupiahs (per 100):294-1000
Danceporn (afrafels (new tôb)..
Indo-Chinha pinaires
Saint Rcg, Paper Sinclair Oi
Secony Vacuum
South Porto Rico Sugar
Southern National Gan Southern Railway (Com.) Standard Brande
Standard Oil of Cal. Standard Oil of Ind, Standard OB of NJ. Sterling Drug _Co. Slokel-Van, Camp Studebaker-Packard Corp. Swift & Co.
Texan Co.
Tide Water A. Ou Twenty Century Fox Flim
Union Carbidej
Union Pacific Failway
United Aircraft
U.S. Gypsum
V. B. Line Co.
U.S. Rubber
U.8. Smelting
U.S. Steel
Warner Bros.
Westinghouse Electric West Va. Pulp & Paper Woolworth
United Pa.
Singapore
Stock Market
quoted the
Singapore, Oct. 12, Brokers today following stock prices!
Opening
Batu Lintang Rubber Co
19
Lid,
$3.00
144
6715 Consolinated Tin
British Borneo Petroleum
Syndicate
42/-
Ord,
20/ba
Fraser & Neave Ltd, Ord. $1.25
24% Fraser
Neava 75% cum,
pref
4
$0.30
2014
Hongkong & Shanghai Bank-
ing Corp._.
$910
484 Hongkong Tin Lid.
7/00
Kempas Ltd.
11.42
$2.00
$3.50
£376
$1,60
H.35
Raffles Hotel
$2,34
Bingapore, Cold Storage,
South Britan Insurancs
$20,00
$24,00
113.30
110.70
$2.87
48 una roweries eroes
Rubber Estates Lid.
42 New Serandah Rubber
Ltd.
Petaling Tin Ltd,
Straits Trading
Straits Steamship
United Engineers' Ord. Wearne Bros.
✦ ed.~China Mnil Special
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étc.
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