THE CHINA MAIL, TUESDAY, NOVEMBER 15, 1955.
TRADE and COMMERCE SECTION
Chancellor's credit 'squeeze' fails to
London Stocks halt demand HONGKONG Congress Urged
Given A Boost
London, Nov. 14.
Stock markets opened the week in a fairly cheerful
for imports
From Our Economic Correspondent.
London, Nov. 14.
strengthen
spirit though there was 110) The measures taken carlier in the year to great rush to buy; in fact,
Britain's external position have turnover at 10,970 bargains recorded WBA nothing to achieved at least part of their alm. Exports in But October reached a new peak and shipments to North America were also a record. But the credit “squeeze” appears to have been less successful in damping down the demand for imports.
brug of for a Monday. the October trade returns and Wall Street's further advance last Friday, gave pleasure.
British Government stock ej Klarte: Father hesitatingly out enough tmyers eventually show -
ed up to lift gas autiotulisation
stuck by merling und issuta by or sterling
STOCK To Eliminate EXCHANGE Double Taxation
(From Our Correspondent)
Business done on the Hong
Exchango this kong Block morning amounted to $840,000. Noon quotations and the morn ing's transactions:
BARE BUYERS SELLERS BALES
BANKS
HK Bank 1045 1800 07 1050
INSURANCES
Lombard
Exports during the month at £280.9 million were £27.1 mill on higher than in September and $12 million-or 13-more than the monthly DOCKS, C. average for the first nine months of the year. They were £4 million above the previous peak in August. K
Features in industrials were the unexpectedly god divriend de-
clared by UK Engine in
net
ing the shares is to rise with f
October were gain of 3 Bd. whatte Word Imports
£333,4 million. Thus Motor
Amnes valued at spurted no buying just before the close by was £20 million higher than in and £13 The pars month 45 7d to 485
or four pes cent-more Oils were neatly all higher by jimillion
Royal Dutch K. than in the Brst nine months of
24 or mort
ve a sterling to 658
114 year.
These Buures contain the Koffies enjoyed a burst of boy-
and ing from the Cape, supported by entise of both satisfaction
Even if allow- London and closing prices were disappointment
for tise small the
ut the "day tinted; ance
Hearty-over of exports delayed by
Press
best
US Blue
is made
Chips Lift
Industrials To Near All-Time
High
New York, Nov. 14.
Wide-moving blue chips today lifted industrial stocks within three points of their all-time highs set the session before President Eisenhower's illness sent prices tumbling on September 26.
Industrials gained 8.34 points on average to 484.88 with the rise-biggest since Sept. 27- coming as President Eisenhower once again took over the reins of government at the temporary capital at Gettysburg.
General Motors new common | Continental Steel alock, resulting from the three- Corn Products
(Crane Cu for-one split, once again was town Zellerbach the mosy
heavily traded issue and ran up nearly 4 points. Du Pont,
the sunner duck strike, the October performance was still good. And there is added satin- the Tuelion to be drawn from trend of exports 10 North America. Shipments to the United vigorously
States
are
Not So Bright
K. What Provident
Jon) Wheelock
A
03
+
00
$4.00
Bar 100
100 a 1
8.70 0.00 300 a 0.70 -1000 r 19,00
LAND, ETC HK Hotel KK Land
Healty
10,70 17 1000 of 10,00 0715 38 700 0715
100 00 13175; 2020 10,000 2
5000 m 1973
RUBBER
rising
Ftober 1.721, 18215 2000 +
3,00
200
ULTILITIES
Traff
11 30 211 200 a 2160
650 21.30
700 2315
1000 pr 21.40
247
100
100
On the import side, however, the picture his 230l Bu bright, Whatever else it has done, the credit squeeze does not appear to have had much effect on this aspect of demand a foot which presumably played a large part in the recent decision to rein- credit conditions force tighter
with increases in purchase tax.
It would be wrong, however, attach tou much importance
to the comparison between one month's imports and another's. It production 18 lo ko un in- creasing without
stocks
being run down dangerously. a long term increase in imports is in- evitable. Short of a reimposition of physical restrictions--which the British government has unilkely
rightly rejectedIt is
that Imports will foll much be- Loking
low the October level
one menth with another. It is much more probable that they will level off at about the Octo- bet figure.
This means that any hope of of Day" about £300
attaining the balance
ments surplus
Star Ferry
Ymunti Ferry
C Lig (0) 20% 20.00
New York, Nov. 14.
The US Congress has been urged to take steps aimed at eliminating double taxation which it described as "a major deterrent to the expansion of United States investment abroad."
The US Council of the International Chamber of Commerce in a statement recommended that legislation be passed to the effect that the country from which income is derived, has the sole right to tax that income.
It described the present us system whereby a corporation or Individual receives credits for taxes
paid abroad as "not sum- icient" to encourage foreign
Investment.
a move b
Under current schedules, when a country's tax structure is low or special concessions are made, the vilect of such regaled since the US Treasury takes in the difference when profits are brought home be- tween the foreign tax rate and the current US corporate rale of 52 per cent
WORLD
COTTON
MARKETS
New York, Nov. 14. Cotton futures moved higher today iri active deal- ¡ings.
Council Prices
Removes Incentive This system, the
ran up # much noted, "removes the incentive" $2.85 n bale after the opening 20,70 for a foreign country to create but fell off slightly 300 20.00 "good investment climate" and | hedging and profit-taking. 220 20.00 creates
situation where brought on by the advance. 500 20.70 SER
High levels 13/
The market opened on C. Light (N: 16.30 18.70 100 or 15.00 "generally
37 372, JODU or 34 corporate taxation around the upalde with commission buying. 960 e 37% world expect a restrictive In-Traders adjusted prices with 17000 13
fluence on private Investment, the New Orleans market which 100 v 31
be it domestic or foreign.'
remained open fast Friday and closed higher. Strength Liverpool also was a supporting fuctor.
Electric
Telephone
INDUSTRIALS
Cement
STORES, ETC
Dairy
Watsonis
30
13 332.
17.00 18.40 600 44 17.00 150 40 17.00
L Crawford
MISCELLANEOUS
Yangtze.......
1420 36!!
Allled....... 0.50
770 10
recom-
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO,
PASSENGER/FREIGHT SERVICES
Outwards
"CORFU“ *CANTON" "CARTHAGE”
"CHIUSAN"
Leaves London Due Hongkong
Bared
19418 Nävember
idth December
7 December
9th January
1610 December
14th January
Vla, Southampton, Port Said. Aden, Bombay, Colomba.
Homewarda
"CORFU"
"CANTON"
"CARTHAGE”
*"CITUSAN”
Penang & Singapore
Leaves Hongkong Bus London 10th November 19th December
16th December
13th January
30th January
10th January
15th February
27th February
Vin Singapore, Penang, Colombo, Bombay. Aden,
Port Bald & London
*Also Calls Marsailles. -
SOUDAN"
"SOMALI"
FREIGHT SERVICE
londe 5. 4th Dec.
due 10 Dec.
tor S'pore, P. Sweiten- ham, Penang. Colombo. Aden. Port Said, Conan Marseilles. Casablanca, Havre, Londen. werp. Rotterdam & Itarburg
feam U.K.
walks 12th Dec. for Japan
Ant-
With liberty to call at Belawan before or after Atralts Porta asid at Bombay if Inducement offers.
Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited l'assenger zecommodation
BRITISH INDIA S.N. CO., LTD.
"SANTHIA" sails 2716 Nov
"SIRDHANA” due 2011 Nov.
4alls 271 Nov
walls 10th fire
for Singapore, Penang & Calcutta
from Calcutta. Hangeon
& Straits
Tar Jayan
for
Singapore.
taxona & Rangoon
Chit-
P. & O./B. 1. JOINT SERVICE
loads 28th Nov. For S'pure. BOMBAY
Leade 2nd Dec
"FULTALA”
NS
light
the
"OLINDA"
"OKBLA"
"URLANA **
**OBRA"
due 11 Dec sally fun Der 2nd 1 Doc
"URLANA"
nade Bili „Jan,
The Council also 100 30% mended that tax laws on in
come earned abroad should per- mit Investors to obtain benefits
Nearby deliveries comparable to those available to
jose even further later in the day, Better corporate investors and that in-
was the market come earned in a foreign counsentiment in try should not be, subject to US shaped by estimites of heavy home." loan impoundings, and strength taxes until "brought United Press. **
in the cotton textile market.
Pricts closed today In the New York Cotton Exchange in cents per pound for futures as I follows:
Singapore
Stock Market
Brokers
Singapore, Nov. 15.
million a year-whith the goy-followed stock prices.
today quoted the
ernment has set as the minimum
gure needed to repay the debt,
153 i substantial increase in exports.
WORLD RUBBER PRICES
35.1on
33.30-23
32,60
30.70-70
& Karachi
for SingapOTE
Colombo,
Karachi
Madras,
BOMBAY
from Bombay
for Japan
for
S'pore.
BOMBAY,
Karachi Barah. Khar- ramshahr & Kuwait
for
S'pore. BOMBAY, Karachi. Enerah, Khor" ramahnır & Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NANKIN"
Fonds 0/7th Dec. for Sandakan, HABAUL,
"EASTERN"
clus Mil Dec.
Brisbane, Sydney, Mel- bane & Adelaide from Australia
ils 11th Dec. for Japan
All vessels have liberty to call at any porta on or off the route & the roule & sailing are subject to change or amendment with or without notice..
For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
Spot
Dec.
Mor.
May
July
20.30
Oct.
20.03
Dec
20.
21
1
94% rebuild reserves and enable Bri- lain to invest in the Common- wealth-must now
rest
D
Batu Lintang Rubber
Ltd. British Borneo Petroleum
Byndicate Cansellunted
Co.
Opening
$1.00
43/34
Ord.
Tin Smelters Framer & Nouve Lid Ord... Fraser & Neave 1 cum.
pref
nn
Friday
New York, Nov. 14. Rubber futures today closed 65 to 160 points higher with zales of 35 contracts.
Prices of futures closed today Future
strengthened in cents per lb. as follows: prices on general buying which was brought about by firmness t foreign markets
Mar.
28.)
NEW ORLEANS
Spot
Dec
21.84-80
Mor
23.17
Mлo
33.57
29/-
1.TO
when New York was closed and continuation of the advance
Juty
30.74
Oct
20.31
$0.00
London today.
Dee Mar
20 A
29.04
fongkong
&
Shanghai
There was
holiday
In
Banking Corp.
10:15
LIVERPOOL
have
Hongkong Tin Lid.
7/0d
Kempas Lid.
this
Lunas Rubber Estates Lid.
$1.55
$3.95
Malayan Brewerley
$3.40
New Serandah Rubber Co.
Lid.
21,50
Petaling T 'Lid."'"
Randy Hotri
$4.12x0 $2.45
Singapore Cold Storage
1.73cd
Lld.
South British Insurance Co.
$21.00
Trading in the local markets was inoslay speculative with
www very
consumer buying reported,
Spot No. 1 Rs were quated nominally OL 4512 cens ย pound! Futures:
In pence Closings, were as follows:
Old contract Dec/Jan. Mar/Apr May/June July/Aug.
01 1b.
27.10 23.60 23.00
PENINSULAR
22.20
New contræt May/June
Straits Trading
$24.00
Dre.
43.00-10
Strata Steamwhip
$16.50
Mar.
42.29-50
July/Aug. Oct/Nov
24.16
23.85
United Engineers Ord.
310.20
May
40.00
Egyption Karnak Jan/Feb.
40.35
$3.00
July
30.48
Chine Mail Special.
Sept.
38 10
Dec.
37.10
Future
Cuban Amer Sugar
Curtis Wright Dastion Alkali
Dupont de Nemanits
243
Fatman Kodak
すみ
El Pan National G
46
biggest GM stockholder. : Dow Chemexis
rose @ polls.
Chrysler run up more than a
palal
steels, fn
sopred more than 3.
Bethlehem
flails, paced an 8-point
E ard
Family Finance Corp.
Kain General Electric
| Grorsal Foods
In Union Pueille, a rise of 3 m) General Motors
Delaware & Hudson, more than; Gen Pub, Ut
2 in Santa
Fe, boosted
average more than 2 points.
Utilities Up
Uulitles edged numerous small gains.
ยม
않게 특히
their
Gillette Safety Razor
Glidden Co
19
Goodrich (EL
CO
74
Goodyear Tvre
Hevden, Chemical (xd Honantake Muung
19
Cu
342
with Ingersoll-Rand
06
Inland Steel Co.
The trading pace stepped up
10th in 1
on the rise - the sessons for industrials, Volume
Int Business Machines at Harvester International Nickel International_Faver int Tei & Tel
Increased to 2,700,000 shares, Jahn-Manville Co. most since Oct. 31, from 2,000,- Kas C Power & Light
Kennecott Copper 000 on Friday.
kgeti Meyers Tub, C. Of a total 1,215 issues ap- Lockheed Aircraft pearing on the tape, 018 were Loews Incorp,
Lone Star Cement Co higher, 307 lower.
There were good gains in the Louisville Nashville It non-ferrous metals, with ala-Lowenstein & Sona
Membi Inn Comp
minium and Alcon, Anaconda Minnesota Mining and Kennecott each up 2 points
or more. New
York Stock Exchange band volume was $4,420,000.
American Stock Exchange volume was 850,000 shots,
Dow Jones closing
were:
30 industriais
20 rail
30 utilities
03 stocks
40 bends Comm. future price index
Comm. spet price index Moody'a index
Mission Development Monsanto Chemical Co Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy rod, (d) National Distillers National Lead verages National Steel Corp.
New York Central 494.00 Olin Mathieson 10181 01 Elevators
Owen-Illinois Glare 64.33
Pacific Gas & Elec. 271.00
99.15 Pacino Western Ost 183.30 Pan American, Airways 159.41 Paramount Pictures
Closing Prices
Alden Inc. Acy,
Allied Chemicals Allled Mills Inc.
Allis Chalmers
American Airline
American Cyanamide Co, Am. Mach. & 7. dry. American Metal
American melting Am. Sugar Ref..
American Tel & Toi American Tob, "n" Anaconda Copper Arméo Steel
Armour
- Baldwin-Zima-Ham.
Baltimore RS
Bendix Aviation Corp, Benguet Conn
Bethlehem Bide!
Boeing Airplane
Hjorden (TH@) 00; Burrough Add Machine Canadier Paolo B
Trio) (3.1.) Co.,
037 Finetickel : Corp.
1. Cat. Tenator abo
Chile CopDN
3.24
121
34
Parke Davis Co.
Fonny J. C. Co.
Ponn. Salt Co.
Philip Potroleum
Procter & Gamble Co, Pittsburgh Plate Clas Publicker Industries Pure Ou
Radio Corporation
Hepublie Steel
244eynolds Metal
69 #11 Oil Co.
244 Saint Iteg, Paper
349inclair Oll
401
120
1011
Socony Vacuum
South Porto lilco Sugar
Bouthern National Ga
7746 | Southern Railway (Cùm.)
Standard Brners
72
45% ndard Oll of
259 Standard Oil of Ind.
Standard Oil of N.
4915 Stering. Drug Co. B2Btokely-Van Cartip
183
Budebaker-Packard Corp Bwin & Co.
#11 Moxa Co.
Tide Water ADRES. QUE
3744 Twenty Century Fox Film sayUnion, Carbide passeal
15 Union Pacific Radiway.
Ünited - Abreraft - 178. Gypens
194:15. Line Co.
491 UB. Rabber GIN UB: Smeking
Wedinghouse Electric Wor®VAJ Trulo de Pape Wochen
Measures Taken
All measures taken this year
t curb domestic inflation been designed
10
bring about. For nothing detracta moro
fron exponly than the pull of
home demand.
a
danger, There is always however. In discussing Britain's overseas trade problems to paint
a picture blacker than it really 58% Whatever difficulties she may exper)-
400 face. she is far from
2016
793 encing a balance
27E2
of payments
113 crisis. Indeed, there has been a substantial improvement Dit very 40% during the past two months.
1201
If re-exports are brought into 024 account, Britain's trade "gap" In October was £62.5 million compared with £50.6 million in And deficit of this September,
20
19
03
29
401% order
in balance of "visible" 101 trade indicates Д balance of 487% payments surplus of about £150
30
100% a year.
4734
•
JILL
This seeming paradox is part- 409% 19ly explained by the practice of CIF that is 601 valuing imports ops Including the cost of shipping
them to Britain
and
insuring d them en route. But a large part of this cost is paid to British shippers and Insurance
BOR 373% 19
com-
Wearne Bros.
New York Sugar
Market
Singapore today.
little
LONDON
The market
was firm with spot quoted at 34-15/18 pence per. Ib. Prices: No. 1 spot Ra
Settlement house temn;
Deo....... Jan./Mar
Apr/une July/Sept.
SAO PAULO
closings quotations unavailable-holiday.
In the United States, the average Price of 15/10
39-36
middling at 14 designated spol 36-3014 markets was 33.73 cents. Sales 354%-3594 | totalled 98,972 bales. — United
Press.
futures General markets, cif basis, ports:
New York. Nov. 14. World No. 4 sugar
Nov. closed today unchanged to one Doc. point tower with sales of 20 Jat contracts,
344-34's 321-33
364-36 aut;-25;, unquoted
Estate crepe all unquoted. AMSTERDAM Domestic No. 6 sugar futures The market was steady. Prices closed unchanged to one point closed today in gullders
<if November vales of 30 con- kilogram, higher with
follows: tracts.
No. 1 rubber Both the world and domestic No. à rubber
3.30 buyer futures markets were dulf to-No. 3 rubber
No, I crepe
3.05 buyer | Der. dhy.
Singapore rubber market was Jan.
London Wooltop Market
Landin, Nov. 14.
SAILS:
QUIS HOS SEDARASIT!
& ORIENTAL
STEAM NAVIGATION COMPANY
R.M.S. "CORFU“
NOTICE TO PASSENGERS
per #s
(3.43 buyer
Wool tops futures market closed steady with a turnover of 34 lots. Closing prices in pence 3.40 buyer per 1b. were:
BAGGAGE:
10294-103
19234-113
101-10312
10314-10334
Domestic raws steadied with closed for bollday-United Press. Mar. Moy
panies and shows in the balance 30 of payments as "invisible if 38já come. To arrive at the figure only small
which more nearly reflects the state of Britain's
of
offering at 5.95 cents pound. World raw! market was quiet. Futurea; *
Contract No. 4' (world)
balanco trade in actual merchandise it is 841 usual, therefore, to deduct ten March 37 per cent in the official returns May 4011 to allow for that part of their July
#1
cost which represents earnings Sept
of British shipping and
murance companies.
Trade Deficit
.
In
On this evaluation the average trade deficit for September, and October was not £80. Iniliton but nearer £20, million. And a gap of this size is more than 10% led by other Invisible 19ings-from dividends on over- Buns investments, tourist income and so on.
100%
Hut while there is no evidence of a crisis in balance of pay..
3.10
LONDON METAL
PRICES
London, Nov. 14.
The tin market continued Arm
July
Sept.
Oct.
Dee.
today while copper, lead and New
330 zine were steady. Prices closed
Spot-icents per ib. tob Cubal 320 today in sterling per long ton
March
May July Bept
Contract No.
apot-(conís per lù, 'HÍ NÝ“
#x-duty)
as follows:
TID apol
-month
Copper po
buyers sellors 75015 7777 TEST 7505
770
27711
20722
100
Feb. 1071
"Land, Iri, half. Nov
BADEMA):
United Fren,
London Foreign
Exchange
#ments there is plenty of room | New York,
for improverbitt ik Britain
to do mil the time exported 61
2011 her epocamly by thowe
Fab monwealth, countefde whlete look?
to London for a large part of
Zino
Ist' hait
Est. Sunte
-Zine - itt: halt · Feb,
OTA
Friday, 18th November, at 12.00 noon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden & Port 'Said.
Passengera are requested to send ALL BAGGAGE to the Hongkong & How- loon Wharf Co.'s Godown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 17th Novem ber,
100-103 SPECIAL NOTE: With the exception of hand packages }
10314-10315
-United Press.
York Wooltap
Market
New York, Nov. 14. Wool tops
market closed steady 0 points lower to 4 points higher. Prices in cents per closed as follows;
Dec.
914 Mar. May
United Press.
July
NEW YORK METAL D
FUTURES
New York, Nov. 14.
of motal futuros: closed
in corde perālb, as follows:
305i
......
144.7-140.0
150.0-160.1
-155.8-105.0
-156.2-1
184,8-IB
· 133,5-104.4
Prèss,
carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading on board by ship's slings only.
EMBARKATION: Passengers should embark between 9.00 and 10:30 a.m. on Friday, 18th November, 1956.
MESSAGERIES MARITIMES
"P.O.. Box 53,dh Queen's Building##TalpEMBI
FAST PASSENGER/FREIGHT SERVICE
"LAOS"
"CAMBODGE
Exchange Rates "VIETNAM"
was doub In tie local unometni stanteríange mackst
orming At the following rates:
doll (per #11
5.03
"MEKONG" DEMONKA
FREIGHT
galling Doc. Brd
· sailing Déc; 81st Bailing Jan,
Balling Dec. 19 "sailing Inn,