TRADE
THE CHINA MAIL, MONDAY, DECEMBER 19, 1955.
and
COMMERCE
NEW YORK AMERICAN ECONOMY
COTTON
MARKET New Records Expected In US TO KEEP
REVIEW
By William T. Plunkett
New York, Dec. 18.
Cotton Futures last week staged Mart recovery
24
after dropping back to the lowest level in a fortnight.
Prters at Foday's close ruled 14 10
45 cents 4
10 $2.95 u bale higher than That pereeding werk
Nearby deliveries led the re- bound when the earlier selboek. signalled broodseale demand fronts domestic
1extile mill bterests, along with buying by allpapers,
Kappestedby
export copamilment
Mach
okat
contract
The nearby rallied froth a Iox of 3 reaks to 334 vrstn a pound equivas Jent to $3 V5 a hole before Dig marleet ran muka oppiosation
The expanded Trade posted up the optimusiie accounts from the cution goods traite, where Some milfs, are working nu orier backlogy extending second quarter of 1956 news. Jil tinka, preinakeet
rate of
catlon consurgalt
Offtake
741,447 Lates
ile That
up the
raw
The Crostis Hurenu on Friday reported the mali offtake of raw
Novembe
The 12ure ce about 15,000 bales aver expectjes tams and compared with 737,056
Cetustin bales enummed
Darios used
703.387
E
21+
Most Segments
Of National Industries
By JOHN MORKA
New York, Dec. 18.
As 1955 draws to a close, there appears to be few clouds in the economic picture.
Christmas buying soars to record levels with sales reported to be also all-time high.
WEEKLY
TEXTILE MARKETS
New York, Dec. 18. Cotton textile mills Last week entered the Christmas holiday season on a subdued note of cheerful optimism.
Resting on an order backlog the second extending
millowners looked of 1956 and to the first half with
walderice
16
left
The steady Increase In the of sales over the past November last year
The average rates of dady use months, at a gradually as-
scules, ham last month meed up to 37,072 reading price Dates fnm 36,853 Dete Pelle gods avtolable thuis side of Sune plants are be at 35,160
Nyembry try spring
the second beld anter
yvar
heavily
1:1
COTTON
CONTROLS
the full
ન
ሰሰ
DO
Washington, Dec. 18. American cotton farmers have voted overwhelmingly to continue production con- trols on the 1956 crop.
adhere They will
to the controls on a reduced national acreago in order
'to collect level of government price supporta, which will be Komewhere between 76 and cent of parity. Con- pressional sources have predielę ext the support figure will be Business
else-1 Meanwhile, US business circles boming
abonit 85 per cent. where. Indieutions are that new talk much about Prsident. Eisen~
Farmers In 21 cotton- reeds will be set in just about hower's presidential ambitions
states producing
rolled
up a [every segment of US Aconomic for 1950. Whatever be does, margin of 03 per eent in
activity.
most observers anticipate a high fivour of controls in last Tues- However, there Wie
level of carmic activity next day's
national referendum. developments which seemed to rear. The President is generally Of 287,420 votes cast, 207.235 Sorry some gomps Among the consideri the top vale-getter favoured controls and 20,191 feurs held these
for the Reputation Party. How-
totul vote was losed. The following: The big build up in | ever. should be penthes
20 per cent lighter than i his camiky
bervers SUT production
last year's referendum which slackening in te deeline in the olds favouring DemocTALS.
controls by approved
12 per housing estruction: Ughtening
cent. of credit and high interest rates; the troublesom fun situation and the uncertainties which are it is explained, the present level but to arse un speculation as of stock prices is predicted on President Elson god den) of what might be Fun for office next called "Eisenhower condence."
نو بره
A
whether Bower will
year.
critical
ነጥ
days are the
india-
However, the starck mirket. some feel, might take a fumble,
Approval
About 25 per cent of the no- Don's 1,300,000 cotton farmers voted.
Growers of extra long staple cotton produce in Arizona, Florida California,
Georgia, New Mexico,
Texas, and Puerto Rico
also approved controls by 90.5 per cent. Only 1,082 extra long staple voles were cast.
One analyst, Mr Paul T. Babson,
United Presiden! uf Business Service, made the following stock market forecast Giving the minimum expecta. tion for cach Dow-Jones average -industrials, rails and utilities
approved Secre --he lists two figures for the fetary of Agriculture Mr Earn T.
Benson's levels one to apply 1 President
proclamation of Eisenhower runs for re-election
cotton marketing quota of 10,- and a lower one if he does not.
000,000 bales {D be Town next year on 17,301,304 aeres,—— United Press.
Forecast
Steel Shortage
growing feeling 1 Sill! others worry abonit
the growing pressure for supplies of melais, such as lead. copper, zine, and steel especially In view of the 12 per cent rise in construction torecast for 1956
Some economists insist on the advance W
metal prices vontually will stair Honury spiral next year. The freasingly heavy rate of
The Journal of Commeres. On this basis, his forecast: producer impoundings under the A few excutives likened the however, is inclined to discount Dow-Ranes Livemment 1: L élended trade
tight "boom days of the overall effect of the situation to the
Industrials predictions hind eventually the postwar period." But more metals situation. It feels that
Dow Jones rails 41,000,000 bulers aught wind up fcautious observers. Talking about
the metal shertages are apt to Dow-Jumes under the desar canopy ane "shadowy spots in the pie- it as a restraining
influence uthitles remount sufferent tr 11 the ture." moderated prediction rather than an
added stimulus potential surplus from the free because of the fear of Japanese to industry.
snd, and might
my D-J Industrial average was market.
even finit ndvisable to postpone 482.08; competition and the labour union
ralls. 161,30; utilities, Statistic figurel danestic pressure for higher wages, and some of its expansion plans be 64.34-United Press. consumption thus season around ither increased production costs, cause of these metal shortages. #1,000,000 bales and "ITC"
Meanwhile teel shortage con- märkel exports
inues without let-up, Iron Age bales, With almost 4,000,000ture of the Industry, record-Magazine says "It is still much
the loan. the keepers emphasised that at end-
more than a 50-50 chance that current crop prospect for around October, mull stocks of broad steel prices will itse moderately 15,000,000 bales 13 accounted woven cotton were equivalent before March 1." for. t 2,000.00 more bales got a three weeks supply, while
already 1
free market
4,000,000 Reviewing the statistical pie-
were equivalent
01
new
week, this
BIC Demand for copper, lvad intu the loan hereafter, most of unlied artiers the surplus
was zine meanwhile would be aff the to 112 weeks production.
reported United Press
hotter than normal last with
that Aggregate shipizeris
expectations orders of cotton fabrics through strong position will carry over Manufacturers |October were reported 88 per to early 1956.
cent higher than at the sume of copper products are still on Hine Just year. Executives the lookout for new sources N Improved December supplies ure Just since the figures were compiled about exhausted.
x weeks ago.
Singapore
Stock Market thought the rates
Singapore, Doc. IV.
quoted Today
Brok following stock price;
Batu Latany Itubber C'
Lul
Syndiente Consolidated
Ord Flame & Neave Ltd Ord
Nrave 75 cuni
Fraser &
ret tungko
Banking
The
Openin
broadscale $1 (2
Petroleum
45/
Ti Smelters
30/-
31 70
M 00
$190
$2.20cd $3.70
t
3349
Kempina L
Longho
Launga Rubber Estates Ltd.
Malayan Brewerles
New Sendah Rubber Co.
Liti
Petaling Tin Lad
Rafles Hotel
Singapore Coil Storege
South British Insurance Cu
Ltd.
Straits Trading
Straits Steamship
United Engineers Dra.
Wearne Bros.
440 to 560 145 to 175-185
52 70.75
At the close of the werk the
LONDON
The volers
Exchange Rates
Beatnes
Wad dono
SECTION
US COTTON
Pagé
CONSUMPTION Japanese Overseas
Washington, Dec. 18.
The Census Bureau gâld'
today about 741,447 run- ning bales of cotton were consumed In the United States last November com- pared to 703,307 in Novem- ber 1954.
In its monthly report to industry on cotton and Inters statistics, tho Bureau sald 3,070,667 bales consumed during months through
four November compared 2,895,524
same period a
Cotton
on
the tast
to
кол-
the
during the year ago hand during working day of November, 1080, totalled balca 1,553,486
In suming establishments and In public storage 16,607,483 In and at compresses. Com-
Agures for parative same day of the previous year were 19,382,000 active cotton-consuming spindica in the United States on the Inst Working day of November 1055, as com- pared to 19,340,000 on the samo day a year agė– United Press.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- akong Stock Exchange this morning amounted to $410,000. Noon quotations and the morning's transactions;
BRANES BUYERS SELLERS SALES
BANKS
HK Bank
INSURANCES
Union
1700
01732
Lombard
6.82
DOCKS, ETC.
13.21
K. Whart
12.37
Dock
ruplah (per 1001
10.70
25.70
In the local) unofficial exchange market morning at the following rates; UB. dollar (per $1!.. Sterling nutes (per & Australian nules (per £11 Indonesian
Siam teal (per 100,
Singapore (Strata)
STOCK
MARKET REVIEW
By C. T. HALLINAN
Factors
London, Dec. 18.
included Mr
Butler's
2016
Provident (O) 15.30
Investments Show Increase
Tokyo, Dee. 18. The Foreign Office reported today that Japanese overseas investments the past two years increased in "sizable proportions" and predicted “new progress” will be made in the future.
The Foreign Office said in its | chines. and integrated watt- information bulletin hal in-hour meters and to give advice vestimenta overseas by Japanese in the cotton pianing industry, private industries have been re- sizable gistering advances, of proportions" during the past two years.
Iron Ore
"Operation of Japanese bual- "In the form of technical aid | nësa in iron ore mining," the
through or joint venturea
Foreign Ofee said, "Is the key vestiment in Cash Dr capital to economic tie-up between goods," the report said, "the Japan and India In the future,”
activities
Aru
ot Japanese indus-
THE trivy
PHILIPPINES: Nego. abrend RYG expected to
Llations make new progress with the
proceeding conclusion of repatelations agree-lopment of
"smoothly" for Japanese deve-
'Toredo I'ress.
ments with accompanying pw- visions for Cconomic operation,"
K-
The Foreign Oilee said nve major factors Jed to the crease bi lnvestments abroad:
10-
Saturation
1.
Saturation
of
the
domestic market.
2. Need
Jur materials from overseas
the Splalay and Mine-United
Copper
Dutch-German
Bond Talks
The Hague, Dec. 17. Dutch-German negotiations rawen "Ausland" bonds, which were
broken off kust Jumiary "for
to consult the Bonn
3. Increasing exparts of few weeks" to allow the German
delegation machinery and plant government, are to be equipment hus led To
Japanese
nations seeking Japan's aid In industrialisation programmes.
Th
aro
re-opened more The Hague on Decembe;” 21.
"Ausland" bonds German bonds totalling about 200 which dis- 4. It is easier to export million gulliers
Netherlands the capital goods with technicians "ppeared from
the during under joint ventures.
occupation. The Netherlands Government
has
5. South and Southeast stated that agreement must be Asia and South and Central reached on the bonds before il American Industrialists
cality the tend
1953 London more and more lo UIC thererment DO prewar German funds 11 combination with debts. Japanese techniques.
An official announcbment said the negotiations were bring re- Saldumed Office
on West
Germany's Japan's overseas investinents)equest.-China Mall Speelal. were classified
Into roughly
The
Foreign
100 # 08.20 | three types--stocks, technien 30 2000 29.30 ald and loans,
1000 e 14.30
Wheelock .. 6.40 0.44 3000 à 835
LAND, ETC.
HK Hutel. 17.50
IK Land
N 3000 6 8.40
(Ittai 02% ®3}640 %J D%
Humphreys 10
UTILITIES
Tram
23.20 23.80 100 Yaumati Ferry 103 107
1000
C. Light (0) 22.20
C Light (N) 16,40
Electric
Talophone
pointed out
that in the
established }
foreign
past Japan has Joint enterprises
nations, provided machinery and plant equipment, sent high- eliss technteluns, or used 23.30 combination ut all three 22.30 making foreign Investments.
The
Summary
ת!
Foreign Office released tho following nation-by-nation
01 Uverscas
invest
500 13.00 summary
4015
200 $22 400 33
INDUSTRIALS
Cement
STORES, ETC.
Dalry
13,70 Watson
... 13,20
Textile Corp. 6.80 5.0
Yangtze Allied
30 341 1700 30
25 18.00
6.50
2000 1000
1000 $.04
Stock markets were rather subdued COTTONS Other observers are watching last week, losing rather suddenly-the MISCELLANEOUS the butid-up of Investories. Oplumusts peering ahead ex-Some feel that industry is pro- pleasant bounce they displayed during the
for threeducing pirter!
increase Tarı
more NOW thaki the reusotis: 1. Low stocks in dis- public
is buying. That's the first week in December. tribution channels in face of a thought of US News and World movement of all Report in its current business types of nished cation piece
unalysis. The build-up 2. National expansion in Roods;
vesterhes bas been gradual, R heavy industries with the likeli-
notes, but now is gaining speed. hood" of a growing demand for | heavy-weight collon
goods; 3.
Accumulation New chills in the "cold war"ı und retailers
heavier to carry Inventories,
crease took
of
the
Statement
ments:
France's Trade Deficit
fl
Paris, Dec. 17.
France had a foreign trade defeit of 0,800 franès in Novem-' ber, compared with a surplus of 500 million In October and defcft of 3,400 million in November last year:
rose Imports
to sharply 105,900 million francs in November, from 93,800 million In October and 91,000 million from 94,300 in October failed to CEYLON: A joint Japanese counter-balance the higher level Ceylonese Ashery company of imports, In November 1954 has been established with Japan French exports were valued at 6.50 investing
about $360,000 In 87,600. million 8.05 Ashing boats. The Japanese will Mail Special.
also establish n gloss bottle factory.
INDIA:
announcement that "credit squeeze" was The Bank Of England intended "to bite and hurt" and November trade figures, which suggested re-that the balance-of-trade problem is a long,
long way this side of solution.
the
London, Dec. 18. The Bank of England state- ment for the week ended Dec.
The government October
706 million gain, port shows a 41 Increase of 3.8 billion from 43.34xd Yarn spinners reported an a year ago.
This October in- equally bright picture; many
The November Agures on the Chemicals, Bowaters and Rolls-14, reads as follows: place while
by commercial Royce knitwear producers already have stocks were
some 2 shillings but it being hold down loans made $2.35xd covered on the bulk of their during the model changeover.
banks show that "personal and was home, selling which lowered Note in circulation
Public deposit financial loans have already
two popular steel shares Private deposits |needs for the first quarter. Most
The Clev
Com Cleveland Trust
cut but that the Dorman Long and Stewarts audi Government securities spinners are inclined to quote
been sharply trend also this new
2 and 3 Other securitíca pany noted higher prices for second quarter saw nothing to
about. Joans to important industries, Lloyds by between
hallo delivery and are not crowding
while they have certainly been shillings. rise
Receipty bids beyond
halted, have not been actually Oils fell rother heavily Inst March 1-United The dollar
ventories this year reflects reduced. New York's ups and week,
Royal Dutch lost 13% | accumulation of stocks and
downs
President sterling to £814 while British rogarding
$1.00 $4.49
$1.00
22'7.50
26.23
$13.10 $10.10 $2.77x4
Press. -China Mall Special.
New York Stock
Market Review
By ELMER WALZER
New York, Dec. 18. Stocks declined during the past week reduced volume.
on
worry
business in
in-
some extent, higher cost of Elsenbower's political future Petroleum fell shillings, Bur
material purchased.
have
"But the incase so for
has with rising not kept pace
salva," the Bank declared. "In view of incasure.
E
Sterling
Asah! Glasg has "Just about" completed arrange- ments to take over a half-bullt gines plant and operate it as
The new com- new company. pany
will be capitalised at approximately 525,000,000 yen with Asaht Glass holding 51 per dent of the total shares,
francs, China
Singapore Rubber Market
The
Singapore, Dec. 18. maricet WES dull on Saturday and the mali Interest was for lower grades, Futures: No. 1 rubber ber ib. Jin' 1283%+22176
Feb. 123-120 Mar. unquoted
嘴
Talyo Fisheries has contract- 1,870.803.403 rd to form a joint fisherles com No. 2 rubber per 1b. Jan. 123-124
Negotiations also
15.104,003
ard No. 3 309,710,972 Pany. 281.629,954 under way or have been con- No ,29,318,978 cluded under which Japan will Spet rubber unhaled
Blanket epepa send technicians to help out in No. 1 pale crope. manufacturing. -weaving......ma-
32.104.730
United Press.
also been a factor in Lon-mah Oil 3s 9d and Shell about The Bank Of France don
not one though
24. easy to
Anglo-Egyptian "B" rese is 3d and Canadian Eagle bearor There was some American shares is 6d.
shares this, a continued build-up of in-selling which lowered imperial aroused only limited interest.
ventories can be expected at least during the next few months, although
accumulation
may not persist throughout all of 1950,"
The International Statisticpl Bureau anticipates a further gain in
in inventories. It minimises until concerns about this gain possibly after the first quarter or during the second quarter. The Bureau anticipates that in-
The 'markot simply could not In the rails Santa Fe lost 84 ventories of non-durable goods rise in its day to day operations. points
It did manage to close higher
1
South African
Statement
The Bank of
Paris, Dec. 18.
France state-
Mining Investors in British Govern- ment stocks must have found the week slightly idiotic. At any rate,
rate prices moved up and ment for the week ended Dec. down erratically though in the 8, reads as follows: end the changes up a
“aé, down, were
moderate-mostly one were all sixteenth or the Johannesburg, Dec. 17.
to transport during November of member fourth
Gold Output
Frane ** Total' gold bolding 201201201,821 With Total other currencies, 10.10.173,520 onnalisation sight balance broad
200,000,000,000
212,000.000.000 Total bills discounted 1.119,072,114,063 Bank note in eiroula
Total declared gold output stock wally down onc
for
a
1 EPU ...... Advance to Stabilisa-
lon Fund
tipes
*** 2.739,135,502,043 Current accounts and
deposita
114.233.203,874
-United Press,,
mines of the Transvaal and Dollar stocks ali fell rather will Incroase in the coming Ormge Free State Chamber of heavily, Bethlehem Steel, for Aircrafts got a na when months, it added.
Mince. Who ure
gold producers example, lost 12 points to $292 on Friday but even so it was President. Eisenhower asked for Total Inventories of well below the highs.
hon-only was 803,999 ounces against and US Steel S. points to $103. more money_In_defence · spend- durable
The Continent showed goods at the end of $12,822 in October, ¦ Ing. Glenn L. Martin, a feature October were 2 per cent higher
·German", Potash There was a combination of in the aircrafts, netted a gain of than
Gold output of member mines passion at the year end tax selling your end nearly
corresponding G points.
period in 1954. Durable goods at who are gold and uranium pro-bonds, lifting both the per reinvestment with the tax sall-
cents had the 814 per cents by 7.892,034 | 5 ducors aggregated
T ing the dominant factor.
Several other
sterling to 2482, and 225 US RAW COTTON good gainers, the end of October showed ' an
ounce against 895,194.
On the sterling reupectively. ware registered, none of them; increase of 7 per cent,
cellaneous mines who se momather hand, Reich Loans were to stocka urod
EXPORTS Market news, notably business belong to the
Ike's Ambitions berm operations, were on the builsh calculate the average. Mngma
of the Chamber had caster with the Dawes Loon
told output of 4,078 November Copper gained 24, Rohm &
down 145 sterling, the Young
Now York, Dec. 18 Hoss,, Schering 81⁄44; Illinois Meanwhile,
durable celleneous athar, produce.
down against | 8,132 while Loan
sterling,
Naw cotton exports by At the close on Friday, the in- Class 04, and General Proci- goods prices were moving low (non-members) returned and the Tokyo.3% per cents gained by the New York Cotton Ex-
Among
the Japanese Johns, destination reported in bales dustrial averagy stood at 482.08, alon 44. Benguet Consolidated at the producer level. According
gainst off 5.86 points; Railroad, 181.30 Mining featured in fanover to the Journal of Commerce, output of 40,402 ounces * 11⁄2 while, aseveral others gained: chango for the 1955-88 season
not yet brood 30,408,
side but to no avall for list.
off 3,38; utilities. 04:37, off, 1.48, with US and Foreign Securities themova
a wide decline for that average, adcond and General Motors enough to be labelled a trend.
Native labour effiployed
MERE EV tumoural tone of, the week
and 68 stocks, 171,01, of 26. third. These were unchanged to It represents rather a resurval theold mine in Novornber The Eastern Pipe Line was the lower Sporty Hand In fourth of an earlier classes in October
big leser" in the utilities 11 place gained nearly 2 points and Isolated cùls bij
Varied pulley, tonalind 209269 ngginat: 203,
"closed", the week at $-W. Citudebaker-Packard "in" fifth and lots wiMAS ALSO
points from last
a point, regarded as LOTIO
MAHER, AN to Dec. 13 were as follows;
Tiritain #4" that, most people, do,
Ach change until
Let US handle
12215-122
113-11615) 1201-12696
0715-0915 137-133
United Presßi
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After that, our upstordate automatic
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