THE CHINA MAIL,
WEDNESDAY, NOVEMBER 2, 1955.
TRADE and
COMMERCE
Abadan Makes History Again
Ford's Record Earnings
St Louis, Nov. I. The Ford Motor C'em- pany's 1955 earnings be fore taxes are expected to surpass the total earnings for the entire X1 years be
fore World War II. Board Chairman E. 11. Breech disclosed tonight.
The company's earnings for the first nine months of this year, both before and nišer Laxes, greater
total
than
Any year's proil in the history of the company, he said.
Mr Breech
booming Ford and the
the
described economy of
UB
ak
whole in
In a speech at the 10:1 Annual "entury ni cmmerce" diner at the Jefferson Hotel.
Mr Breech also maht: "It
likely that with
IN
10
усал you wil ከተቀ
turbine englars
23
standard equlpineni 11: automobile." He also pre-
the ponedbility of automobile lyres that whi Jant 100,900 miles,-United
fre
WORLD RUBBER PRICES
New
York
N
1
Rubber future kis Jeseni
20 to 35 points lowes with sales of 225 drgets
Prices ensed with how in Lon clon cables und speculative
liquidatient
became reversed
Irade
WORLD
COTTON
MARKETS
New York, Nov. 1. Cotton pričes back-track-1 Led shuuply at the close today! To end a session of nervous i luctuation over a range of
$2 bal.
Closing around
151 showed net
the lows the Jassen of
to 34 peltita "The trunket open a
MANY MILLION POUNDS'
LOSS IN FIRST YEAR
Abadan, Nov. 1.
The Abadan refinery, the giant oil installation which flared into the headlines in 1951 when Persia forced out British oilmen under nationalisation laws, is again making history in the oil world.
In its first year of resumed operations under an oil pact signed in Teheran last August, the refinery has made a loss of many millions of pounds--certainly a record for the oil industry.
In spite of this the Western large surplus labour force, would | and foreign silmen can claim to Consortium of British. United
per- revive the industry and make it | have built up quietly and mce more highly profitable | sistently a fabrle of co-operation concern.
between five nations--In Highly
et off 4 up 10 points New
closed up i Orleans
k of 40 points
| States, Dutch and French com- the December panies who are now operating and switching openo-Persi's vil industry regard their te wren true interests (first year's operation as a great
op most of the netivity.
brokers were
accounts may In left the entry on the I bumin relations side, and this is
SUEVERS.
Although the
Any doubly which may have | deliente eircumstaners – with dogged the minds of Western complete success. negotiators when they signif the Teheran Oil pact last sum- mer lay solely in the multi-national co-operation.
་ ་་
.I
the crucial side to the story of
¦
the
B
of
This wan especially so in the Persia of 1954. still inflamed by torrent of nationalismo whicht swept the country under
The actiunt anniversary Inte for Abadan for
On In October 31. this cate last year, Doctur All Amint, then Minister of Finance
the
chief Persion of negotiator, turned an oil cock on the jettyside at Abadan and Urval gushed into the hold ot af Mahamune! Mossur.log. the | Brillah tanker for the first time | ca The purely technical side, ¦ Prime Minister who nationalised | since inidsummer 1951.
oll and kicked out the British. There work never any doubt Urat
Consortium.
Stocktaking after one despite out-- mented epitprent here and
OperBlon A resumexi
Dist
No Doubts
Fayre
December against sales of later months, but over-
Cus participation -maller scales thin recently, oil in Persia, shows an enormous tarters and
Teneal replacement buying helped brister the forward deb kerles following the recent spell ! Pul weakness
The upturns met watterest selling by traders the
higher goverts- srvlje apating
posluznate on Tuesday.
Pretrunuicy estimates SAKEN I figure around 16.000.00 bales
the Jert givertiment
dinate of 13.920,000 bales
Some tinders thought the lack of posting custees on either RICỀU
the market
Itsek the Est
Why
+
Kelive for small commuteenis while denters - dered the polßend debate on the flex shir compot din next year Nara antes supports met on brand offering above the 33 40 read m
At the level 引い
at noth
at 5th
low made o
shower.
To the season
4 recovery Toder buyers ught the rise
to within it points of the average. guvern- ment loan rate
ale wind
attr 73101 edit
Denters reported pretty good weighde available the spe meni nuntket, principally fram stuck Slam und sozler re-mills Indonesia, baif andantind differe in obtubing buts
Factory interest runtimed at No RSS asul-routine rale wele grated nt 41% vents Futures
ike
Млг
May
July
srpt
Der
(K) SL
would
year's s
Persiana
Stock
New York
Market
White Elephant
SECTION
AMERICAN BORROWING
Washington, Om $1. Américais Botrdwed $400,000,000, more than they saved or invented in the scoond quarter of this year due chietty to ex- ceedingly large sales" of auton
bought Dn time Dayment, the Securities and Exchange
age Commission reported today.
It Baid consumer debt rose by a record $2,200,- 000,000 during the April- June period and mortgage- debt rose by $3,200,000,- опа During the Karuc threa months Americans saved or invested $1,700,- 000,000.
сети
Somo administration off- cials have expressed con- over the amount of that has piled up credit during this
year's big buying.—United" Prem.
HONGKONG
STOCK EXCHANGE
to
(From Our Correspondent)
Abadan is no1 expected I break even on costs and income junil its third year of operation.
towards the end
of 1957 It may be regarded
the biggest
white elephant in the oll Industry But under the terms
፡።
Page
Japan Wants US Raw Cotton Prices Slashed
Tokyo, Nov. 1.
Pressure arose in cotton mills and among government officials on Saturday for a slash in government-supported US raw cotton prices.
Under the second surplus farm products purchasing agreement signed with the US, Japan must purchase 675,000 bales of US raw cotton on a commercial basis in order to receive 100,000 bales of surplus raw cotton.
The surplus purchased but
cotton in by live US Commodilly Credit Japan can pay |Corporation beginning Inn, 1. for it over a period of 40 years Scurves here predicted Japan and it it pretas in yen instead would ask that some high quality
I valuable dollars.
that US raw
The trouble is cotton prices which were in line with market prices one your ag when the agreement was signed are now out of line with the nurket, according to officials of the Trade Ministry.
The drop ส
Al
cotton be included in this lot so It could persuade importers to switch purchases to the US from Mexico United Press.
London Stock Market
London, Nov. 1. Stocks wandered aimless-
chiefly in the price of raw collon from Mexico Pokiniam Trace Ministry Į sources sald good quality SM 15/10 US cotton was priced at 40.57 cents
the per pound on the ly in dull trading on New York Exchange this month, London Exchange today. Busines done on the Hong-ped with 25.57 centy for and prices for the most part
cotton Mexicum
of Sux-k Exchange
the
held within narrow limits. and kpwor morning amounted to $780,000. quality.
qunkity middling of 15/18 inch from US: Industrinis attracted ittle cents to attention, and fractional losker quoted at 34,22 |31.30 cents for Pakistan cotton. | predominated. But Rolls-Royer and Unilever tucked on small guins and Vickers closed bigher by ane stilling.
konst
Noon
th19
quotations Al the
SNARES BUVEIR RELIERS MALER
- BANKS
of the 1954 ngreement, the Con- | morning's transactions: sortium was obliged Lo promise to keep it going, und with 1 30.000 workers formerly
ployed by the British Anglo- New York, Nov. 1.
Iranian Oil Company (now
Petrolcim Company! routine Beltish อ
The stock market went through session today with mah body of stocks fractionally higher, and a few special issues moving widely either way.
only
the
were dispossessed in 1951 Today, Abadan has a surplus labour force of at least 10,000 unskilled workers mostly Labourers who must stay on the
ment, with comparable
wage
20K Bank
1000 1700 now £700
INSURANCES
Unins Lobar2
SHIPPING
Asta Nuv
DOCKS, ET
Trading was dull with turnover totalling payroll until alternative employ-Whart true 1.590,000 shares, compared with 1,800,000 shares scales, is found for them.
crop
The gove rammen! weekly samt today said generally
sy Weather
Tatt
yesterday.
individual dividend king with ning to make number very good progress in nemly all¦ Steel slumped more Uhan 3 arts of the malo bor
points. California Standard, Skeity, Cities Service and Shell rose around a pont,
Trading volume- atul open the Exchange today Dinlerent ins
Volane Open Interest
47.500 659,700
370
„12,700
378,300
OR 40
37 10
www Mouth
K
1200
34 X
Mat May
545,1
July
Tri CANA
1494)
SINGAPORE
149,300
7,7
2014_2020
2,201 10,300
The market aposent unntain
JATH
hfarby shilperen!
ny. Fut
No Uvaldes porn Ha
No 2 tulde
No 3
No 4
Spol public san) jelad
blanket viepr
No
spul qualet
41.300
173,000 1,332,700 bufer
NEW YORK
newa <f
earnings and reflected in o issues. Carpenter
Interetement Corp
4716
Int'l Business Machines
343
To' Harvester
3014
International Nickel
Interapiional Paper
103
inci fet & Tel
Johns Manville Co
0312
Kanmes Power & Light
40
Kenneevět Cuppet
10015
Let Meyer Tub
Co
0015
Lakhed Aroraft Exews corp. Lane Star Cement Co. 1/vile e Nashville R
494%
20
63
B01
20
uti
General Motors declined announcement! of an anti-trust study to t conductext by u Senate Committee, but reenver- ed most of its loss and finished off only on the day,
JULI
rise
of only
| Lowenstein de Sona
Mesali iron Corp
Minnesada Mining
· Mision Developtisert Monante Cherriical Co
Montgairegy Ward
Mintorola tor.
Movenient f rails was www.y
Indushimis, weighed down by Puces of Entures elesed today #2 cents in ex-dividend adjust-
ment managed a 01:02 on average-the Sarne und yesterday
of the ont smallest for The
Itails year. were up 0.06 and utilities 0.38. bead since September 20,
Ma
Tola
deveel be
11) U
a Jollawa
Spe
Dien
|IST
Jan Nov
veranderd
107-110
Man
At
July
10-11 1-1.
1900-19
Evl
H
MRG-TRAN
NEW
34 Be
341 32
20.04
2016
20041
2
ORLEANS
Porces of futures closed today.
LONDON
The market
was quiet
with
al 34-9/10
follows
C
Simil
Der b. Prices,
Dee
31.
No R-1
30%-30%
Dec
Jun 11
Jan/Matr
Apr. June
Ma
July/gepl
Nuv
Dee
Jan
unquoted
Extate crepes Thales anguoled
31
Settlemnem house kerm
244-344 33-33 32-32 3-312 General markets Vil banks, puris
The
fuck
AMSTERDAM
market WAD steady. Prices closer today in guilders per kliogrunune, et Nov, 118 follows:
No. 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepe.
3.30 paid
320 paid
3.20 buyers |
3.64 runn. -United Pre
LONDON METAL
PRICES
London, Nov. 1. The tin murket was barely stendy today while other metals were steady but quiet. Prices closed today in sterling per long
ten as follows:
Tin pot
Cepper spot
700
9-month
Jetnost
Lead 1st half Nov.
1001
001 0015 Undied Press.
1st half Feb. Zine in half Nov.
Job.
13 25
30-40-44
3220
LIVERPO01,
Cleinks. Amerlenn middling.
in pence per 1b, were ng follows:
Dec/Jan
Mar/Apr
May/June
July/Aug
May/Jun
July/Aug
New Continet
Oct/Nov
SAO PAULO
UM
Activity centred in Westing-
Electric bad house
Curlis- Wright
Of 1,148 issues traded, Quere were 397 higher, 475 lower,
New York Stock Exchange borf volume was $3,190,000.
Stock American
Exchange volume was 400,000 shares.
Dow Jones closing Averager
were
National Cash Res National Dairy Prod Naliunul Distillers National Lend Naurmal Steel Corp. New York Centrul Olia Mathiesmart Ott Elevators .... <>won-ois Glass
The Consortium's hands Jire tled. It could not dismiss these men even if it wanted to, with-
national oul arousing
resent- ment and upsetting the oil part.
Furthermore,
the much equipment at Abadan is out of date. It cannot compete with the scores of rompact, new refineries which have sprung un
10 100
23.90
Tū
400 10
ident 12 Wheelck
LAND, ETU
HK Hotel HK Land
Humphreys
RUBBER
A Hubbel Truet
$700 17 00
RtM
62 03 1800 76
388 ar 30
83%
2000
2
** | UTILITIES
in recent yearn In Bellain, Europe and the United States
well as in the regions de- signated by olfmen us "enst of 16 Suez."
2023
404
48
3041
as
Even the £5,000,000 catalytic cracker, wijen literally cracks oli molecules under extreme and transforms them pressure into industrial fucis and which was installed in 1951 and never
of I Bul Into operation because the nationalisation crists, is now obsolete.
One-third
Capacity
Al present, Abadan is epurat-
.
wus
4-1 Ratio
Daivered
Japan the <1- ference
Lo chine
almost 24 dollars per bate of 500 lbs.
The
Oils moved ahead at the open- ing, then seesawed and closer with a number of issues down n shilling or more.
British Government found little support. They finish-
clock i
result was that during the July/September quarter this sear, the proportion of mw col-ed with losses of £ or £.
m purchased from Mexico to
Gold stocks were virtually tan- Urat from the US. Japan's changed, but coppers ichtige
to show firmness.
few
SA 40 2200 Traditional source, was 4 in L
Tite Japanese Government Gerina bonds were die ex- wants to keep up its agreement cept for the two Young loans, purchaso 675,000 bales but which eased £. Japanese were Its stands to take a heavy lesz mostly unchanged, with
ecouse cotton mill operatora ti actionat declines showing at who wield a heavy Influence in the close. Japan are opposed to it.
Dollar stocks silpped law in Industry leaders and officials! The session. Although Shell here blame the US farm support moved against the ilde-Unitesi
Froes. programme for keeping prices 201800 N 24
Ligh If Japan buys at those levels they argue that they will ; 2000 1 21.19
Tram Y'all Perry 109 110
Light (05 22 10 22 40 G00 23
1000 22.10 not be able to export their London
220unished goods.
There were prodictions that
he government would formally
The US to reconsider
jprices very soon.
Ila
It was said Japan would uni
Foreign Exchange
New York for a general slash in US cotton Montreal
Amsterdon 39% 28% sunn 15 prices both those gold on Brussels
prominențial basis and under the Frankfurt
Lubon tarm Kurplus
products
pro-
10. 36
20022 20
Slaght INT Eketle
17.60
40,401, 1200s,
Macno Elec Telephone
11 50
ましゅ
34 100 13
4400 331,
INDUSTRIALS
Conent
STCHES ETS
Dairy
19 20 LD 50
790
403 18 00
18.50 MMC.
Watson
14.30
I.
L'awford
17
Release Surplus
COPIONS
AL ask
Textile ( capacity. By the
4314
incify and Box, Pacifle Western Oil
Pan American Airways.
17
Paramount Pictures
Parke Davis Co.
J83%
Penny 3. C. Co
933%
Penn, Salt Co,
40
Philip Morrin
43
Philipn Petreskotaser
Procter & Gamble Co Piftsburgh Plate Glaten
90%
in a one-thir: 1957, the pealt
for year initial stage of resumption. will be operating et two-thirds capacity.
Publirker Industries From Oll
B1
012
354xc
Hadio Corporation
4234
473%
4024
Bepublic Sleet
Reynolds Melal
676
1055 total crude extraction- 10,000,000 tons, of which 7,000..
000 tons to be refined.
1986 total crude extraction
25 000,000 tone, of which 11,000,- 395 000 tons to be refined.
1037 total crude extraction-- 32,000,000 tons, of which 15,000,- 000 tons to be refined.
32.27
20 61
245-07
28.00
Sholl Ol Co.
20 334
30 industrinis
434.00
Saint Reg. Paper
24
140.00
Sinclair Oil
10
utilitie
$3.73
Socony Vacuum
50xd
5 stocks
101.03
South Porto Rico Sugar
2016
14 bonds
00.77
Southem Natiostial Qas
35
Comum future price index
101.20 | Southern Bullway (Com I
0142
159.20
10
20.35
400.30 | Standard Dit of Cal
BAL
Deak production year under the
21.00
40%
20.00
Biandard Oll of N.√
1324
23.M)
Sterling Prir Co.
Binkely-Van Camp,
17
hiudebaker-Packnit Carp.
101
20.40
Swift & Co.
100xd
Cont. spot prics index
Bloody's Index
Closing Prices
25.00 Allied Chemicals
26.33
Prices unavailable-hoilday, In the United Stales, the average price of 15/16 middling cotton at 14 designated spot markets was 33.05 cents. Salvo totalled €2,447 bales, - United Press.
Singapore
Stock Market
Allied Mills Inc.
Alila Chalmery
American Airline
American Cynnamide Ca
Am. Mach. 4F dry.
American Metal
Tel
American Bmelting American Tel American Tob, "n" Anaconda Copper Armes Bleet
Standard Brands
Standard Oil of Ind.
$10014 Texas Co.
38
尚
221
54
24**
671%
40xd.
Tide Water Assn. Oll
Twenty Century Mpx Film
Union Carbide
Union Pacific Raliway
United Aircraft
U8 Cyprum
U.B. Line Co.
178.5. Hubber
70.6. Smelling
04
11.9. Sleef
Westinghouse Electric
Comparison with 1950, the
AGO 5 NO 400 3.25
US Blouse Importers Fined
New York, Nov. 1.
Three New York Importer
of Japanese-made blouses have
former Anglo-Iraniun Company been ordered to pay 500,000 to owners, shows that the agures the International Ladies Ga
then were:
ment Workers
Unloh because $2,000,000 total crude extruck-they violated union contract 47ed, of which
25,000,000 toor providing that all blouses are made In the Union's shops, 11 was announced today.
were refined.
201 If a contrast is drawn between
the two peak refining figures. 25,000,000 tons in 1080
2011x
15036
SD
293
22
福
16,000 900 toha
projected
against for
1967-1 is clearly Вест how emphasis has swung from
OIT
53xd | fined ok to crudo
4044
Wargar Bros.
Annaur
Baldwin-Lima-Ham,
Ballimore & Ohio
4415
West Va/Pulp & Paper Woolworth
Bendix Aviation Corp.
40
"United' Prem
Benguet Coris.
Bothichom Steel
1481
Doeing Airplane Dordan (The) Co.
Burroughe Add Machine Canadian Pacifle R.
CIT. Financial Corp.
(2, 1) Co. Cat. Tractor
Celanese Corp.
the Chase, Manhat: Dank Chrysler Motor .... Coleste-Palmolive Co. Commercial Credit Comungnwealth Elec Consolidates Ebon Continental Oil of Del. Continental Bieel
Buyers Sellers
Singapero, Nov. 2. 110 777
Brokeri artny 787
quoted 2018 341llowing stork prices:
3401 10094 Datu Lintang Rubber Co.,
Ltd. Drital Borneo Petroleum
Syndicate Consolidated Tin Smelters
Ord. Fraser & Netve Lkl. Ord. $1.00 x
NEW YORK METAL & Neave Ltd.
FUTURES
New York, Nov. 1.
Prices of metal futures closed today in cents per lb. were as follow
Lead
Nov.
Zine Copper Nov.
14.831
Opening
$1.00
43/80
29/~
cum. pret...
10.20
trongkong &
Denkin Corp.
1000
Hongkong Tin Lad,
Frod
Cempre Ltd...
$150
Lubse Rubber Mattor Lid. 1235
Malayan Breweries ....
$8.40 xd
New Berandah ftubber Co. Peling Tin 214.
Dames "Hotni Singapore Cold storage i
For South Brian
Co., Ltd,
375 18tanijo Trading
Trods Miraita teenisip
Inourante
5265 | United Dnginwery Ord 29316 | Wesens Bros.
pecial.
Com Products
Crown Kellertiach Cuban
Diamond
Dow 411
Dupont de Nemours
Kastman Kodak
El Paso Nallonal Gas
Erie Italfrom
Family Filance Corp. General Electric General Juoda
Gaha Pub
lele Endey Plazor
nd | cloodrewt Des
+iLuyden Chinīdal Tomatake Mining | Ingersoll~ILARICI
501
49
New York Sugar Market
New York, Nov. 1.
4 super futures Work! No. closed today 1 point lower to 1 Bo point higher with rates of 17 41)|||| controls.
The domestic No. 0 sugar futures closed unchanged with lio sale raportal. Both mic kets ruled featureless while
tradors awaited developments in
| the row market. Futures, -
Contract No. 4 (world)
KAY
March
4.20
July
Bert
#21
· Apollóenta per ib. fob
Cuba)
3.10
Contract No, O
March
#pot (omita per 16.
6.30
to
Mr F. Nathan Wolf, impartial chairman of the women's neck- ware industry, ruled yesterday re that the importers pay the needs money to the Union in the forni
of fines. throughout the world.
The ruling Abadan bas become redundant
was expecteri because so many more efficient touch off a bitter court battle refineries have been constructed and bring embarrassment to the since World War 11. This was union which has long advocated an Inovitable postwar Arenda lowering of trade barriera and which Persia's brusque na fostering democratic unions tionalisation move helped to Japan. accelerate.
Trado sources said the ruling Among the workers, the roarose from Increased bloded im
from Japan.
sumpilon is popular because por year
in
of the
nearly 25 million their wages were almost doubled last March and they now got | blouses-or- one-Alik staple foodstuffs rationed out at ¦ total sold in the United Slatera cheap prices. Their standard, of | have been imported, the source living has improved.
gafd.
Most of the Japanese blousos
More Than Cottonsell for $1 or less-United Press.
Even an unskilled of labourer
Milan
Oslo
Paris
Stockhol
Zurich
London, Nov, 1 2.7916-2.10.10/10 2.70.18/16-2.70.10 10.812-10.62 130.37-130,40 11.7246-11.7234
00.00-80.10 1708-1758
20.00-20.0014
90394-08376 14433-19.434.
12.213-12.2j
Others were unchanged.
United Prera.
Exchange Rates
Bustmen
the same time it would for release of the surplus Gaton immediately. Under the terms of the treaty Japan mus! purchase 875,000 bales com- mercially or guarantee to do so before receiving delivery of the unofficial exchange 100,000 bales of surplus cotton, not the following rate US. dollar (per (1) giravidl Japan also was expected to sterling notes (per 211 ... 15.49 make a request concerning the Austriga notes (per £1) aqu 12.30 1,000,000 bales of raw cotton to Blam Beds (per 100)...
Indonezion rigilah (per 100). He sold at near the market price singapore (Biratis)
was done at the local market this
8.00
13.80
24.80
1.70
A NEW COMPANY?
From the word "GO"
place your printing order where you are assured of, pórsonal attention, expart designing.
the finest materials and craftsmanship..
From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the South. China Morning Post, Ltd.
Call in at any time.
gets 62 tials (about & shillings) New York Foreign and examine specimens
K day, which is four times ar
much as a skilled employee of the Isfahan cotton milla run, bý Persian owners receives,
And
Exchange
F:
of 'quality printing which
we shall be proud to show you.
New York Nov,
Canada
1000/10
and conditions working hours
Better are incomparably Abaden them at lefähän.
| England "These high, wages have caused discontent in rival iridustries, who cannot for the same level | Aumirnije
New. ZasláĚKÉ of payment in spite of the solis" Arles oxistened of - Ebolur? Kaws which Delgij provide for unitören waste, sendes | Įran throughout the country-China Pakhian
India, t Mail Special,
Wyndham Street.
Make an appointment with Mr. Ri Labrum.
Morning Post Building
Tetaphoris: 20002.
Printing Dept.
United Prem.
2014*