TRADE
THE CHINA MAIL, MONDAY, DECEMBER 5, 1955.
and
COMMERCE
Talk Of
Of Further Expansion Int'l Sugar In US Industry Dulles Against
Council
Faces Collapse
By Laurence Meredith
London, Dec. 4.
Faced with the im-
minent collapse of the International Sugar Agree- nient, the International Sugar Council
at
week decided to ask
the
BACKLOG OF ORDERS MOUNTS
AS THE SHORTAGE OF CRITICAL MATERIALS GROWS
By JOHN MORKĄ
New York, Dec. 4.
Despite lots of talk about inflation in the United States, the emphasis was on expansion rather than on curtailment of operations.
Unfilled orders are still mounting, as business optimism shows no signs of dampening. Steel plants are far behind meeting in London Inston shipments. So are railway car builders. There are all kinds of shortages in critical materials-copper, nickel, United Nations to call a world conference for next aluminium, cement, glass, platinum, and newsprint. And it year to draw up & new
doesn't look like the pinch will lift next year, according to new the expansion plans being put together by the nation's manufac-
turers.
agreement to meet Present
realities of
world sugar trade.
the
A thecal by the Philipphires, fic walk out of the agreement unles
1. revned and forms
noted wathdww are andev. Mod to heve been the decking Terms which souvinced the 23- nation Council that o nera agote- ment was urgently neKOSKITY,
The стрети pressing
problem which feed the Council at this į Lesion WAS the tremte low, a- Prea of prutuchon got only by
but kxmbers
member countries
sugar's statistical
enylsage!
Agrevint
balance.
Is
DY 2141- was threw pitlent
፡፡ ና
he
out t
Position Acute
leck
the world's producer, has expressed
with
Cuba.
I
her
dentisfaction
agreement
Uhhe
L Since
Best Bu duwn up three years ago
hias The purition
WR BERS acute with the revival vt sugar production in the Asian countants which have bevni memlazy of the Intern, tamil Agreement were hampered by small quotas drawn up at a tire when the e sugar industries were dill all und by the struggle to survive in the early ja teavi VARAUS
Dissatisfacti
W
uverage.
Al Wednesday's close the in- dustrial average of 30 stocks was 483.20, that of the rulroads,
According to one survey, ex- ; industrial average and to more
in the railtan ditares for new plante and than 170
1 1050 will be 13 vatiipment
HT Cent greater than i 1955. Manufacturers are scheduling a 3 per cent inerme next year.
Elsewhere, bustness men ure best with # gost rabiems crop up la booming Some liner ΣΤΟ
EC1
the
sears,
Labour Scarce
the
Labour-especially for Christmas season-fly becoming
KAPOUT.
As the Wall Street Journal "They inter mãe businessman: were pretty much at the bottom The labour barrel. About all we can get is warm bodies,"
And so it goes.
186.05
Jap Quota Legislation
Washington, Dec. 4. Secretary of State John Foster Dulles said today it would be "most unfortu- nate" if Congress passes
Д
| bili sponsored by more than 60 senators to fix Import quotas on Japanese textiles. He said this would strike a "serious blow" at the uð- ministration's trade gramme.
SECTION
UK-West, Germany Trade Talks
Bonn, Dog, 4 Trade negotiationis 心 twein the UK sha" Wast Germaniy for the
oon.
clusion of pow trade PASTSTIONS WIL Cfart early awa 1940. apoorting to reg ports here. The present agreement.expires on De- comber 83.
Prelimings dipussions will take place here early In December
49.197 dowy
the quotas for the mall number of goods which LIB still affecini by trade
rent or Although 92.4
per
of West German Iranorts and 84.8 per cent of Briti Imports are ifberalistid. kome hard bargaining is expected on these quotas
ber pro-
He expressed this vlow in a letter to Sen. Margaret Chase Smith who made it public. She
lo Mr Dulles protested
A
letter dated Nov. 21 against the volume of textile imports from Japan.
Mr Dulles wrote that he per- sonully hns
that
understood Germany will pres for Increased taporta of Cuppolate to the UK,
walip Britain wishes to increase
exports of
LEA packages In addition, West Germany also wishes to discuss her exports of Industria) manufactures, including me.or vehicles.
China Mau Special
asked Japanese NEW
re-
Government officials for straint on their textile exports to this country. He said Japan is working out such controls,
Not Peril Point The Secretary said Japanese One scurve predicted that even textile imperis have not breach-
sct tough profits may shade off a bited the "peril point"
Tor continued high level of ae-¦ tivity-possibly somewhat better than 1955.
up
to
in-
in 1956, corporations will prob- under the US reciprocal trade ably retain less of their earningsprogramme and that the textile These would be bull marketnext year, passing them out more industry has been reluctant
ask for an "escape clause" to shareholders, hixhs- record high fo: the industrial average and the best
vestigation under that Pro- gramme.
ول
HK Bank Shares
。
Drop £1 On London Market
By C. T. HALLINAN
London, Dec. 4.
Stock markets have had a very good week, if we measure the results by price advances, but not so good if we look at the volume of business done which was moderate.
The market's floating supply of leading industrial shares is very low and this accounts for some of the sharp rises such as the 8-shilling jump in Turner and Newall, the 7-shilling jump in Hudson's Bay and the 4-shilling rises in Rolls- Royce, Stewarts and Lloyds, Hawker Siddeley and others.
But YORK
COTTON
MARKET
The reciprocal trade law pro- Imports vides that when any
a "per point" that reach threatens domestic industry, the higher segment of industry concerned
Injured
by
of
REVIEW
the buying has been widely spread among the "blue chips and the Financial Times index of industrials closed the week at 103.6 compared with 180.5 some three weeks ago.
Oils were active all week but the buying was generally matched by prompt selling and the prime changes were not very significani, apart from
Dutch which fell £1
all the talk that
inc
FC shares are going to
smaller
2
By William T. Plunkett be split shortly into
and more popular unlis. Anglo- Egyptian "B
rose another New York, Dec. 4.
shilings six pence to 638. Id Colton futures finished on
but it is still a long way below ground for the ita 1985 peak of 72s. Od. Gold fourth time in a row last abares had
good days spmc week
traders
without became but more conscious of political discussions aimed at
ан
new
ended
much
which
Elsewhere ronomy.
since 1920 for the railroads. straining
The US A rise late In 1956 would bear
News and World Natobal City Bank.
foreenst precedent In Wall Street Report
on 1055-56: "More and more business re- The market usually experiences "Profits of ali corporations to
Juve been port.
emphasising a your-end
when tax fether in 1956 will be about 27 rally Alam
prosperity selling is out of the way and per cent above 1954. In 1956 a may seek relief by means Jooblems of
of them elect to decline of about 6 per cent seems higher tariffs or port controls. recipitats tearce materials, transportation the
bottle-necks, ring prices and
up dividends, likely. Dividends in 1955 will For these reasons. Mr Dulles reinvest their piled up
change. tight money," it noted.
Such a rise, it is noted, does not be about 8 per cent above 1954. said, the State Department has In 1958, a further gain of 5 to no reason to agree with the US indicate that the whole market
Govt Stocka Steady cali per cent participate. Brokers
by no means textile industry's claim it keeping price support rigid- attention to
unlikely
British Government stocks Japanese ly high next year. bring recent selectivity which has lifted prices of a few Elsewhere in the
earned appreciștive conuments economy, imports. Issues sufflelently to make the
With some quarters are worrying abou Furthermore, Mr Dulles said,
crop deliveries by their steadiness all week; where the in-short supplies of cotton cloth imports during the leading the verages look strong.
changes, prices nt
both up and down, wny, Here is what financiti circles copper, steel, cement and other first eight months of 1955, were Friday's close ruled 5 to 43 were alight.
There was a lot of buying of come slightly more then one per cent pointe-25 conts to 2.15 a bale mention as favouring the market materials are going to
from in the last month of the year:
to take care of the expected of domestic production and less higher than the proceding Japonese bonda with almost the whold at moving up to levels surge on building and plant than 1/5 of US exports of col-week. construction next year. On the ton cloth.
just unde: their previous peaks. Although frequent theory that defence output will Reterring to the quota bill punctuated the rise, underlying Tokyo & per cents, both assent-
one Mrs Smith mentioned, he said market sentiment
ed and non-asscoted, jumped observer, Mr Prentice-Hali, notes its passage would be most un-
Co; Tckyo Electric, non. that the "only major source of fortunate
Jumped assented,
£32 end materials for essential long-teran
the assented £2; gains clie. expansion of capacity would seem
where ranged from £3 down to be cut-back for autos, the
to 4 sterling. aigrest metal user."
Germon Potash 7 per cents "Thei
cutback could comu
continued under pressure, losing custcares automatically i
while the 6 per cents relax a bit and stop buying cars
£2; on the other hand, the second quarter of next year. Young Loon non-asseated jump- further at their recent all-time record Anticipated
ruonths stock
Nearby
received sup- ed If they don't, me form split-ups
higher pace. Ant
while Dawes dividends payments.
of official Pamie Mcial priori-, Mr Dulles also expressed leurs
was quiet, advancing some 34 ties for starte metal, inny have hal texille import quotus would port from the light situation in wd 45 sterling
The expiring December delivery.
Chinese bonds lost of to be set up to assure essentiel hurt US efforts to sell in Japan which in turn polnited up the atmosphere
Among bunk On general expansion
shares, Hong- surpluses of collon, wheat and poundings under
kong and Shanghai fall £1 to rice from this country, He said ment loan.
£95
(peak this year was Japan is the largest
E101) and the National Bank buyer of American raw cotton.
United Press,
To
1
Eight Points
of
stock
And this confidence appears have carried Over into the
Vast amounts market also. Price cou money available for unued to sheny
selective market purchases, steadiness, despite recent pres
• 2. und uncertainties arising
The tradition of President Elsenhower's year-end rully which makes for riglit
psychological attitude toward buying.
2-41142
1. From
'un end" quot caused Inuitut d'a
to stay out of the present agrees.
ment, resulted in Panera's thi
་བ།
Prices
are now nearer Lo high, newp of the wrs withdrawing, and produced President's heart attack cashed
nouncement last work that shearlier
P
the Philippnes threat to with- away som draw which was made this week at the Council
til
ended 1st Tharsay
are
now
3.
I
probably
be not
cut,
Serious Blow
"Such action would strike serious blow at the Administra-
reactions
was shaped by: 1. Pressure for continued 00 per cent of parity supports next year; 2. Proposals for a soll bank plan which would take 25,000,000 acres out of production on sur-
9 plus
crops;
of in face
tion's foreign trade programme textile prices Strength of which the President has worked broadening demand as the mill £3, the order backlog extensed through lost so hard to establish over last three years." Mi Dulles
At this time of year they need sets the materials which he said buys coal, oil and heavy rate of producer in-
4. An record reports Credit business.
49 points in the Dow Jones
industrial averago. market comeback is The laken as ackled proot of the
Vigout. Economy's Since the new agreement came restraints
considered by the economists and businessmen int ethet,
the Chair has many now as good for the long-publish predictions of what is always been a representative of tunge health of the economy to come and estimate the results The Lhsuthirt countries Aust And not a few Wall Street for the year. Baron Kronacher of Bulghum end | experts now look for a year-end then Laurence Meyery of the rise in the stock market to US-United Press.
Dow-Jones
New
above 500 in the
York Stocks Reverse
Recent
Tendency
By Elmer Walzer
New York, Dec. 4. The stock market last week reversed a recent tendency. This time the market was better than the averages.
The averages fell back moderately-indus- trials by 0.16; rails by 2.38 and 65 stocks by 0.58. The utilities managed to rise 0.56 point.
Cutback Possible
business high and the market in respectat, felipe-to the stil
favourable mood.
• 6. Prospects for
casic
money rates in the new year.
more
foreign
of Egypt lost steriing to
in-
the govera-
Open Contracts
£20%. Only a few delivery notices British bank shores oppenred against the December eldentally, are suffering from pite on Dec. 13. Open contracts naturally regorded as slashing In the spot month as the week their
earnings: they are. closed approximated 180,000 bumping along the bottom but bales. The certicated stock one would nover, guess it from Singapore, Dec. 4. totalled 9.465 bales compared their dignifed bearing-United The market opened steady but with the low of 5,500 bases on Pross.
on roll-taking and Jack Nov. 14.
Singapore Rubber contract where dealing will ex- the credit squeezo" which is
Market
A modest 10 per cent doclipe in auto sales, the general, could release the sinusi equiva- 5. Coming of an election
ent of close to three million year in which it is expected the tons of steck for other uses. Administration will try to locep 20
per
level of 0.5 million cars per year.would provide needed ex- leeway for pansion in machinery and equip- ment, freight cars roadbuilding 7. Prospects for Lax and other public works.
of support on Saturday. Pro The spot month edged up to reduction In 1956, including This cutback may already beminary total
exports from within striking distance of the hapes that the capital gains tax in the making, bocording to may be modiflor from the curavalable statistics. In the Art Malaya for November at 38,075 342 cent level, establishing
tons caused sharp reaction up- premium of almost $5 a bale ten days of November, dealers wards with more bullish sent over the average loan rate, a rrow car sales dipped to the ment in the market. Futures margin sufficiently attractive, to
• 8. A spurt of buying as lowest leval since carly January, were:
bring cotton into a deliverablo America spends Its money on 7 per cent below the month-
position, traders thought, its biggest Christmas in history. carlier pace.
No. 1 rubber per ib. Dec. 131-131%
Jan. 127-128 Anticipating the government's cent over the 1045 pace.
Feb. Unquoted final cron estimate of the sea- Standard & Poors, investment Peter stocks of new carson of No. 2 rubber per b. Det. 1918 son on Dec, 8, two private crop analysts, says that restoration of
124-13854 summaries made their appear Investor confidence, along with November 10 totallod 30 per No. favourable corporate trends, iscent more than the October 10 Spot rubber ünbaled 132-13434ance this week. They ranged
2014-101 from 15,200,000 level
to 14,843,000 providing the market with sup-
and 98 per cent above anklet crepe
142-143
rent 25 per cent rate.
This
part. Recent credit restraints a year-ago-United Press.
bilishness, it waded,
may tend to curb the generąj but this
would not rule out the likelihood of intermittent periods of over- all market strength.
་།
Refusal To
52
Overall Exuberance Stop Rubber
เ
While some of the leaders ro, Tobacco, up 44, Pep its section, tronted on proft-taking, now gho
Meanwhile, estimates of car- buying como into sues that
porate earnings this year con- recently had been behind the Gains of 3 to 0 points weretique to be revised upward. That'
pot by such issues as Internationji, mukes
good reading for, Business Machiries,
Saliering, motions of Americans....It also Some issues showed indications Eaton Mig, Interchemical, West adds to the
overall business that tax kelling had run its Virginia, Cani & Colte, and Yale exuberance. course and these also joined the & Towne,
market.
risc
Imports
3
J
No. 1 pala črepe
118-119
-United Press.
The Bank Of England Statement
London, Dec. 4.
bales
Commentators thought the market had discounted a glant- sized crop
In- prospect, and dicated: any increases would mean that just that much more nodion will wind up in tho government; Jonti,
The net stock of 1055 crop. -The Bank of England. state-cotton In government hands ment:" "for. the week ended totalled 3,371,220 bales, at last November 30, reads as follows: count--United Press.
Note la circitation
Publie depósiEd'
Private depoška Governanensackurities · hns:
|Other secur{{le
Ratio of Receipts
Sterling 1,700.000, 400
270.004,954
67,004,547 United PrZE
Kumla Lumpur, Deo. 4. The British Government ratused to halt Imports This year's earnings of in American synthetle rubber into dustrial corporations will be the Britain as Malaya requested Brokera had to roter to their highest on record, notes Stand-Hooponic Affärs Minister, Mr Steels Best utile punk abbreviation books to and & Poors. The agency looks Oscar Spencer, told the Malayan The Bank Of France
kusp track of the market aloes for a pcrease of 32 per cent Federal Legislative Coupen Chrysler feil 24 und Genorat, mafy issues which peidobi mőke over 1984," riividends will also Motoru neuly 2 pojats on flemer un appengunce developed city establish a new peak.
Fiber representatives on the ploeg for step. Du Pont lost and strength
The Etalistica) aliencies revised Courell have severely criticised more than 3. Continental. Ou
furtis Arborate durbines British rubber
o
was down och Union able diplaanid actions
A further long, list of favour- than 4 Perille was down 7y in the raila dividual stocks, several bony felkeland Brown chop solita caine
when the Judie THTON
their
šček, perfomed basi
Block, wa thejono
morethan
for 1988 follow, with the 1965 plans to import aatimal given in "beackets Indus Amerkin synthetic test ye trials, $37.90 || (($286.76)|||Ta Mr HE. Cum-bell,
9172 (98,04), thus, 1670
nked to“ redact
a-United Pre
But many taking into nocouné, the, butlocke tor) tár 1930 in arranging thele- come pritztandaro), Madepectu, lobik.
of The Ribbers appcem, Count- on, fond the
"This is importais to rubber
абор
Statement
This Bank
+
US RAW COTTON;
EXPORTS
Now York, Doc. 4. Few option exports by des- tinations reported in balts, by the New York Cotton Exchange for the 1934-38 season to Nov. 20 werd as follows
Britain
Continent
Orient
Canada
Total.for ses
exolikling interimUnlod.
20.294 170.015
Exchange Rates
Hayiiosa, was` doda in the loost.
all
HONGKONG STOCK EXCHANGE
¡From Our Correspondent),
Business done on the Hong- kong Stock Exchange this morning amounted to $210,000, Noon quotations and the morn- ing's transactions:
SHARES DUTERS SELLERS BALEN
BANKS
HK Bank
INSURANCES
LOGO
Lombard
DOCKS, ETC
K. Wharf Dock
Wheelock
5,3
•
21
23.00
300 @ 20,70
Provident (0) 11.40 14.50 500 14.50
500 4 14.00
XD
0.10 0.30
LAND, ETC.
HK Hotel
.. 17.20 171
HK Land
69
(RI)
33
10.00 1.00
Stumphrey. Really
RUDDER
A. Rubber Trust
UTILITIES
Tam Star Ferry
*
1.0245 1.05
2.75 2.00 3000 340
1.30
Yawall Ferry 101
想
100 @ 102
21.40
30.23
8,00
B1 0.50
C. Light (0)
XD
21.30 115 1000 Light (N) 10.30 10.20 Electric .... 3914 3015 300 Macao Elec. 01 0.80 1130
Telephone .31%
INDUSTRIALS
Cement
STORES, STC,
Dalry
Watson
10k
J+
10.30 18.40 1000 18,40 2000 or 10.30 10
L. Crawford 3645
COTTONS
Texillo Corp.
Nanyang ... 0.30
Those
€ 500 5.05
1000
Christmas Gifts will look 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, wood, leather, rexine etc.
5.90
South China Morning Post Etd.