TRADE
THE CHINA MAIL, MONDAY, NOVEMBER 28, 1955.
and
COMMERCE
WEEKLY AMERICAN ECONOMY
N.Y. COTTON
By William T. Plunkett
REVIEW Increased Borrowing Rate
May Act As Brake On Inflation Fears
Now York, Nov. 27. Cotton futuros climaxed a week of gradually rising prices with a spirited rally op the last day of the week.
New crop monthe kod the nal pewing. deriving HK- mentum on the upside
buyers became impressed.
when
the growing agitation le mans- fake righ le supports next year.
AL Friday's close Juried
10
5 to 31 points 23 certs
$ 55
hule higher
The prevedlang week.
'I'he
afebate
ONL
sex
verpum igid high price supports along with stubulliy in the De- pembe delivery, in the fare o light tenders. arse! the extra heavy rate of producer umgrand trags under the government Jam combined to modify the aspect of a grand-sized crop. azred
# fog-beats w
stat.sticas setualian Tradera sad
By JOHN MORKA
New York, Nov. 27.
Some types of credit turned costlier last week as a sequel to the discount rate rise imposed by the Federal Reserve Board.
The "Fed" increased the interest rate banks must pay to borrow from the Reserve from 21 per cent to 21⁄2 per cent. By making money harder to borrow, the government hopes to put a brake on what it fears is a growing inflation.
ti
WEEKLY
TEXTILE MARKETS
New York, Nov. 27. Cotton goods traders re- ported a business pause this week. The first break in a long period of activity.
But the slow-down was pltri- buted more to the Thanksgiving holiday interruption and the
fact that buyers have been And- it harder to get delivery on long list of constructions this side of the new year.
il
Brokers said the mills stil! huld perhand
control und pressed to write new business ni Majo
Anance Compantes porautis
relivity ment, raih od cor builders, heavy higher prices in order to com- buchas the l rale
- rather than at the stock maritet ink fabrications, and applianes,pensate for higher wage rates nereal paper by fractions A. [*pecillastly Wall Staveler, it Forecast: Steel production will (to be paid next year as well as 2nd open market dealers.
This th held, would
Father reách or exceed 116 millon Angel other Increased production costs. US
The basic 80-square four-yard, Ticasty meanwhile per operat IN
atur sphere of tons this year. But despite this, Luniness single rate- 2.44 ver cont
Cuboru .. thau producers have been unable to print, which has become 112- to its builtering Other types
amate wheres.. vem-cut back on their bucklogs. The creasingly source this side of O
showed firme: mvat is trying to pin business result: Heavy tomakes of February, moved
to 20% a yard on Standard contmar tu activity a banks
danuned-up demand going into renta Shu mung palvet, vetest in giant-
a new high for the year. Huber schedules also were the role for Elsewhere it both consumer and busines
rondetoths, sheeling, osnaburgs and a number of wide industrial fubries
"
114 pct.
However AgrænBure Sectel-
At Bensin sed et g
and int, PUN
90 per cent tippen. mated co...de l
ard!
Thr
given to woul conservation inventa e pevnens fa disetting
crops to grás, amid forage
Kscount zude Dansst nas hai
aligible effect on the muva- Gent vf security prices, however
Man market showed Altbrigh some arestances.
T
Then agrok, en 1oking ahead, mum sem gercally string he haviour perf met baker
Tay
F
hetwyn Thokage DS December 31
vitei
slam konge. "
Toad to signs of
elf manti 14 supply by p and round.
1950.
btom that
the
There so further statistical
US pivot the |¡wesum ble bark grounded
government's recent steffagionata
Fooves
The
Feel 1R€, -༈༤༣, ༈ Band, in
dispost last week,
Jap News Welcomed
News of Japan's deelston
was
SECTION
Page
American Sugar| LONDON STOCK.
Distribution MARKETS
7.000.000 short
Wanhlorten. Nov. 27. Supar distribution of the United Statesmaliland topped tahs last week and stood 300,000
tons ahead of the Nov. 19 gure' fór 1954. According to latest Agricul ture Department'statistiek. Deliveries totalled 140,000 tons-United Press.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
QUIET
By C. T. HALLINAN
London, Nov. 27.
Stock markets have had week ending November 26.
a rather subdued
1
int
Hike
New
A. ! a week
Issues known to be popular American end-year selling in New York. What looked expected
start selling last minute buying from prompted by the desire to York lifted Bowater Paper As, absorb certain amount of stock Unilever 3s d and Great Uni- market losses in order to reduce versal Stores more than 2s. On the harsh income tax on their the other hand, what seemed 1955 stock market profils. In moderate selling towered Rolls December last year this knock Royee 2s and many others, in- ed the industrial average down eluding Imperial Chemicals,
some 3 points but this selling Ford Motors, du Havilland was in the midst of a strong about Is. bull market and as soon as the It was a bullish week for oils, selling seemed to be over, Brifting Royal Dutch £4 to
tish buying rushed in, 18lng the £63, Just under the 1955 peak industrial average a Kond of £31; taking point here is points in the last three weeks the market belief that the high- of the month.
ly expensive shares will shortly be split into smaller imite Transport eruing to a larger public. Shell Petroleum 4s and Burmah 38.- gained Ts, British United Press.
B. Back in July Mr But, Business done on the Hongler directed the pension funds kong Stock Exchange this for the nationalised Industries, morning amounted to $200,000. such as the Coal Board. to in- Noon quotations and the vest their incoming funds in morning's transations:
their own industry and not in SHARES BUYERS SELLERS SALES misses this type of buying.
the stock market; the markel
DANKS
HK Bank
INSURANCES
Untum
Lombard
**
(50
H$24 4401
$12.50
4 BIO
Vndlerwriters
Ama
K. Whart
Dock
to
of firmness jets as the Tron Age weekly said that the nat m's output obat entton textile exports to the Fabre at the week. een red li The December desitjaciu) Assites. Delce movements viscribes
gods and services this year will United States Jivery Covering in the tace
in the whole were largely 1,es, dating,
w record of 387 tall. but industry spokesmen a low defumy only
1054. per cunt gain over
354 skeptical, with one commentator Tied the sport insta
But the Board noted, priev ad-supposing the "Jupanicso vance since the midie af this "pulling a lull over the Ameri-
miferest
hollers colo
1. 34 38
¿
$140
cente a pound, establishing premtum of 88 points, of
a bule, ovey the current average
government for t
conta a pound fo, ao, ht
inch cotton
Bales
Not Lifting Margins
will
A survey by in Ago ahows that in the meat low years, the
expaud duty capacity by about 10 million tons. This will cost about $3,000,000,-
#W!
Seven
DOCKS ETC
CLE
27.70 20 20
Provident 021 14 40 14 60 Wheelock
1
P 100) 27 3
17 40 17.00 1000 174,
welcomed.
LANO, ETU
were
аге
IK Hotel HK Land
Humple Healty
10 01
Fits:
33
120.
20 1.0.3 TPO
1 year have been a more important can textile workers' protest and
factor in the rise than etrier industry opposition just before HUDDER At first this
rise was confined Congress Kela rendy Part I the expansion of a generally to materials, but lately laws on quotas will havs Come
from higher it spread to finished materials goods. prave - possibly
early in
also
33
.15/10
carlier DAN
tell erpetcled mus
does not in the the my hate fizture contemplate requirements. pceut level on purchases was feared Observes In the week. stres that the element of
steci 1830
Increase
The premian apparently tracted inore cotton for certifen- 1100
possible delivery.
arki
ויי
Nothing But Woe For Steel User
The steel consumat cat lo forward to thing but we"
On
to muke Japanese
A. Rubber Truel
UTILITIES
Wholesale prices of in- Leon Lawenstein, Chairman, dustrial commodities have ad-M. Lowenstein & Sons, proposed vanced considerably since mi-ar American and Japanese ad- year and averaged 4 per cent Visory committee to work outl higher than a year ago la mid-calendar year quotas subject to
revision three months prior
is
traders thought The contract price rather than any majo; stock reg te 4,382, u merenseney muve by the government
past, will have the greater effect on svemity prices henceforth
ut over 800 bules on the week
The get interest in Decem- ber an the week chued approxi mated 240,000 bales
HUI-
Reviewing the supply picture. the Department
of Agriculture estimated the end-seaNOTI plus next August 1 will reach 14,000,000 bales, on almost three million bales more than WIN carried over inle the present season.
Current figures show govern- ment holdings on tive 1955 loun ut 2,895,034 bules plus 1,848,380 bales taken over from the 1954 Jon programme United Press
Indian Govt Discussing
US Scheme
New Delhi, Nov. 23.
Mr C. D. Deshmukh, sald here that be expected a
The Indian Finance Minister, final decision
by the Government of India in month or two for ore against the American Investment Guar antee Scheme
the 26 other
a procurement standpoin: traduchouping.
manufacturers
mas
av
Tram
Star Ferry
א 1 110
20245
22.002.00 136 100
400
22.10 10.30
Ypali Ferry 102
C. Light (DÌ 21.10 23.30
C. Light (N) 10.20 1040 400 Electric
Macao Fire
Telephone
INDUSTRIALS
On
040
··
12 3412
Cement.. 33 10 34 1000 + 34
Rope STORES, ETC.
Dairy
201110JM
mort
COTTONS
Textile
Nanyang
MISCELLANEOUS
Yangtze Allied
5,00
170
1500 5.05 9000 5.00 250 68.23
| November, the Board salg.
Now that Thanksgiving Day the quotas for each year and America's shoppers for each quarter, with no carry- fton
begin their Christ. [over to be allowed on any part well into 1956, Trop Age reports.
And this pro- of an unused
quote. There's Aoting the factors nusking for
chance of relief mises to be the biggest
'The one-cent a pound, acTOSS buying In the future, according und the third quarter, if then, spree in history. Reports so the-board Increase in cotton sale
for indicate to mans exprats, is the expecta- it adds.
predicted that many stores yarn prices, The steel shortage meanwhile are having
Than trouble ton of good business alevad and
llning up
11 month ago, has generally gone into effect on carded types, Gifts this favourable přividendy and cure has forced many steel users to enough sales people.
rate earnings developments.
reported. rut back production. These in-ear are said to be more lavish Philadelphia spinners Many emphisise that the dis- clude
farm than ever. According to Business A definite pickup in first quarter of
activity for combined and card- rule
tein- equipment," "earthmoving equip Week Magazine, such items ag
Red yarns was reported, Knitting Cashmere eveniers
and $1.50
and weaving yarns have mink-covered beer
been can openers, In Cleveland, selling in good-sized business. are moving well
United Press. This year's Yule season boost will probably
average about 5 rent above the 1954 level. Buyers Broke All Records
December.
count
WEN
aimed
New York Stock
Market Review
By ELMER WALZER
new
New York, Nov. 27. Railroad shares advanced to highs for 26 years and took the market lead from industrials during the past week.
Rails gained 7.78 points on the week, their widest guin since June 27, 1931 when the average rose 9.38 points.
Last
pc
America's buyers brake all previous re- cords. Department starts sales were four per cem higher than in December 1933. Now there are even more people with jobs and they are making more and spending more.
on Friday and was up 18 points W
Lancashire Weaving Situation
0.40 3.60 3000 5.55
Singapore
Stock
Market
Singapore, Nov. 28. Brokers today quoted the fol- lowing stock prices;
Back Again
The second Geneva Confer- jence mean that the Western world is back again ว the Atrains and tensions of the cold
war, and the outlook makes for certsini wariness in both
眼
speculation and investment,
th
Back in July this year when bull market was going strong, stock exchange turnover renched (1 dally average of 17,000 bargains recorded
bargains.
com-
Blue chip
industrials were erratic. especially
completely
International
Council
Sugar Meets Today
London, Nov. 27. The International Sugar
pared with their week's 9,000 Council meets on Monday to examine the statistical
the prospects for
world sugar trade in 1956 and then decide on the size of the sugar quotas which the
allowed in the coming year under the International Sugar Agreement.
TWA Manager exporting countries will be
Elected Vice-President
Under the terms of the aprec- ment the Council is required to consider estimates of free mar- ket requirements and to estab- lish export quotas for the year at least 30 days
before
the Mr John H. Clemson, General
of the new beginning
quota Traffic Manager and veteran of period. Preparatory to the 26 years with Trans World Alr-general meeting of the Council lines, has
Vice-the statistical committee met on expanded Wednesday to prepare its final Service Department gures of the probable 1036 with responsibility for passenger needs of the world open market convenience
comfort over and the probable shipments of TWA's 89,000 miles of routes, itnou participating exporting
President
Passenger
was
been
of
und
elected
זנה
announced today by TWA countries.
Demon
President Ralph S
The figures were tabled before following a meeting of the board Friday's meeting of the execit of directors.
ilye committee which WAI making final decisions before the. "TWA's forward-looking een- Council meeting. cupi for
→ Passenger Service Department is one that will
PROBLEMS cater to the passenger's every 'The problems
the requirement
facing from the no hu first decides to telephone us for acute than this time last year. Council are considerably more a reservation until we have de-It meets in a period of glut in livered him and his haggage to the world
with
SUKAT trade his destination." Mr Damon said.prices as much as seven points
Opening
Bolu Lintang Rubber பே.
Ltd. British Burned
Syndiente
Petroleum
$1.00
42/-
29/30
and
Hongkong & Shanghai'
Banking Corp.
Kempan Ltd.
Hongkong Tin Lid.
$300 7/00
$11.0
of
Lunas Rubber Estates
Ltd.
$4,00
Malaya Breweries
New Serandah Rubber Co.
Lid.
$34215
$1.32
Petaling Tin Lid.
$4.20
Raffles Hotel
$2.45
$1.72*
$27,50
$24.00
#13.40 10.10
As a Senate anti-trust com-
Manchester, Nov. 27. uitlee continues its probe of the
Mr Lewis Wright, General Consolidated business operations of the giant Secretary
Tin Smeliera of the Northern Ord. Motora, reports he Counties Textile Trades Federa-Fraser & Neave 7% Cuin General
Fraser & Neave Lud, Drd. $1.73 emphasise the powing trend
tion toward business mengers in the representing 130,000 wear- pret
$0.00 ing operatives, said today that United States.
'The
between number of business despite the deadlock
weaving employers
and the mergers this year will probably On Friday the rails rose 4.41 time without too much market exceed 500, a new high for 25 unions over the
working!! points for their best gain in 22 effect.
in stars. closed Union years and the average
Pacific gained
The trend appears most round-the-clock
ving mills, 164
Lancashire weaving noticeable in mining and manu-
b the week af 187,83, d'new high points on the week to close
number of individual fimis had The United States Govern, since Oct. 22, 1929.
202. Santa Fe rose
and in banking. 11 points
dála
they were to
prepared of the indicated ment has invited India to Join Demand for the
rails
was on
Trade
to accept all the union Commission, Union on the week at $160. Souther
tions
word Bingapore Cold Storago on three-shift nembers of the sparked by split up of
Bouth British Insurance Co. Scheme, including the United Pucille on a five-for-one basis. Railway rose 814 and others of merger activity was stronger in
Joint
on the introduction Ltd. talks some segments than in others, Kingden, Yugoslavia and Pakis-That set up heavy buying Into the group rose 1 to 4 points.
Industries
shift system Stralis ruding railroad Issues on the
theory
showing marked of the three The whole market eased ofi
in evolutionary they, too, were candidates
Lancashire Bts Steamship merger irend Include the for Monday and rose for the
United Engineers Ord. '. textile,
npa-electrical broke down a week ago when Weare Bron Under the Scheine, an Ameri- splllup, Market men apparently mainder of the week, rails out dairy
auto-motive
the employers rejected a uniqit con investor in India is insured ignored high ralfrond income did the industrials. The latter machinery, to
and
ed.-China Mail. Special. demand that men called on to The trend against non-convertibility of and favourable dividend actions raftled after the 5.01 Point toward mergots and acquisitions work nights should all be union assels earned here, and expro-by carriers in progress a long Monday drop but finished the priation.
week with if loss of three cents appears to stem from a desire members. in their average, Utilities were on the part of these companies Mr Deshmukh
diversity and to acquire new up 42 cents on the week. spile of the industrial policy
Sales for the four-day, holl-new sources of supply or means resolution of 1048 dividing -
day-shortened" week totalita of distribution. The govern- dustries into private and public
8.977,245 sliares, a daily average ment now has the right to take sectors and the recent amend
of 2,244,311 shares. In the pre-action to prevent monopolies ment of the constitution relating
salea United Pres?. to compensation to be paid fi event of nationalisation, there has been a net increase in Investment of £1,300 million of foreign capital in the last seven years.
tan.
the
said that in
Colombo Plan
Lauded By Bank
vious
week
số cách
american
In the
TC-
totalled 12,430,057 shares of daily average of 2.480,011 shares. Öll shared produced some wide Continental, selling ex- gains.
lvldend, was up 10% points' on
week. Honolulu and Barber
Nationalisation of any Indus-
North
Aviation Montréal, Nov. 27. try as a means of increasing re-
The Bank of Montreal today gained
alrcrafts sources for the implementation auded the Colombo Plan as Where Douglas rose 4 and of the second five-year plan (1958/61) has not been serious. "one of the most muccessful" General Dynamics 3. ly considered Cr precisely and Corda tentational aid the shore Paper way up 434 5 thought out," Me Deslumukh and safd Carrada was third section where largest contributor.
Peper was up 3. Canada has earmarked more for assistance to
stated
Great
International
Special Issues the past
East German
Products In
Middle East
"The effect will be to extend so below the floor price laid
down by the further Improve TWA's Am
International Agreement, passenger service. In " year
As the world sugar trade is when TWA is eclebrating 30 at present, the basic quotas of Years of Service, it is particu- the exporting countries signatory karty fting that the board of to the international agreement directors have chosen a man who are about equal to the total free has grown up with the airline market outlet. Thus it will be practically from the beginning, necessary for initial cuts to bo from
Tri-Motor Forda 10 made order to make Super-G Constellations, for this for supplies from non-participat important new assignment." ing countries.-United Press.
Those
Christmas Gifts
MWright Indicated today The Bank Of England will look
that the firms which had opi- proached the unions were pre- pared to recept ins "closed shop" Pringle Central Board of the
Statement
Northern Counties
London, Nov. 27. Textile Trades Federation will meet in ment for the week
The Bank of England state- Manchester on Tuesday 'to de-
ended
cide its altitude towards there November 23, reads as follows: applications, some
which of
Sterling come from firms attached to Note, in eireidation
.... 1.780,534,714 13,084,069 the Colion Spinners and Many-Public deposit
Private deposits Association
the Government securities .. employers organisation which other securities******
Lacturers
rejected the "closed shop de- Receipts inand last week,
Batlo
"The unions and themselves in a dificult position," said Mr Wright. We would very much prefer a central agreement on
United. Press.
322,100,211 206 874.934
30,180,503 *22,230,483
United Prem
East German competition for three-shift working, of course! The Bank Of France
concluded
New York Cotton Exports
Stuttgart, Nov, 27. markets in the Near and Middle He went on to say that he ex-than
Bast was felt by West German pected the draft plan to be pre-five" sented to Parliament early it under-developed countries under several points. Olla
Many special issues were up exporters for the first time this Elevator autumn, Dr Reinhard Hueber the next sekalon and the find the Plon, which the Bank des kained 94 and advances of 6 to told the annual peeling of the plan to be published by the end jcribed of "self-help with a hold more that a points were tot by Germany Near and Middle East of the current dnancial year- ing""" bebd" "in" fl" motithly American Potash. B. Warren Association which Ching Mall Special.
business reylow
[Toundry, Woodward Iron, here today: Or Canda's total appropria. Cudahy preferred, and National
New York, Nov. 27. Dr. Huober sald that drst
Taw cottons by destiríation' as tion, $21,000,000 as d Tda,
trades of compotten drom the reported in bales by the New fo
Wee York Cotton Exchange" for the India to help
4hbt highly
he steel noticeable an
M19553
cason "13"Nav: 23 were capa fail.
Federal Republic can flaut meat this competition from ATHE made Last
Exchange Rates buy 120 locomotives Business news was soon as Commun at
Business
was done in the local country's Transportation
tinomciál exchange
morning, at ng following rqzeși
U.8. dollar (EL GY
market
Slevii polus" (per 41)
Aumacallan nited afperisy
mikuurs" klonin [(per 100)
Til Bank said BRUGARH juns la chay "pond to prosperity.
adonsely populat44
531 for
ffsprider adgveloped
Indonesian rupish, (per”. 100). "IL.
(Buraporə· · (Biraits)-
Lidia, the Colombo Pr #good, start?! in that direction:
10 The
year the Ozin
Fame perica) last years
Statement
Paris, Nov. 27. The Bank of France statement for the week' ended' Nov. roads as follows:
ייכני
petal gold holding a Total other currencies
advance bes{RULL]=** ja tšogy Fund, dayadi Total hill count Flank 'rivs KEFACETOCLA?
Current soooutta, kd
better
Personalised
We undertake gold lettering on Wallets Briefcases, Hand- bags, Camera Cases, Diaries. Shaving Kits, Manicure Sets, Books etc., etc., etc.
Commercial enquiries also invited for gold blocking on
small
articles of
plastic,
room
wood, leather, rexine etc.
South China Morning Post Ltd,
Printies Departmen