THE CHINA MAIL, THURSDAY, DECEMBER 22, 1955.
TRADE and
COMMERCE
Are Colonies Good Business
For Mother WORLD
Countries?
By John Morka
New York, Eec. 21.
to whether
the
Do colonies pay off? The question as acquisition of colonies had been, after all, good business for the mother countries is tackled anew by authors W. S. and E. S. Woytinsky,
their in
907-page study released today: "World Commerce and Governments," (Twentieth Century Fund, publishers Price $10).
"Historical experience fails to give a yes-or-no answer to the ultimate economic value of colonies, they say.
COTTON
MARKET
New York, Dec. 21. Cotton futures today held Blendy is an oxceptionally
quiet market.
In
of selling the absence proxuni. contracts caged for-
wird on routine domestic mill buying and scattered covering
the
traders looked shend to Christmas holiday weekend.
Closing on a rally, with the July contract ferding the lat alshed 13 to 32 points higher Opening prices were up 8 to 10 16 to 20 points.
points. New Orleans elorect
up
Textile market inactivity. plus the disposition to awalt The reconvening of and Commercement
the
Congress,
of cotton surphis government's disposal operation after the new el acted to smash market
year
Tho certinenteti clined
bale: 03 18,538 bales.
In the 16th Century Colonies did not intere stimulate economically either Spain or Portugal. At a time of colonial expansion of their empires, both countries were arh losing ground economically and politically.
was not And Great Britain apprecially affected by the loss colonies, the of Its American author, argue.
The Uned States on the other hand, reached its high level of economie progress with neglibh colonial posz.cucions. Nor did Germany rise and fall with its fortunes in colonial possSCISIONA.
Negative Result
"In appraising colonies These used
the value of
viniatrics, frequently
for other
-riteria
arc
A colony ja rated as an outlet for over population, as a stures of raw mater.as and as market for exports and capi-
tal investment.
The fust
result It
Cmigration
yields a negative
is doubtful whethus relicved his ever
the prosure of overpopulation in
Colonies have only
interest were
Month
MAY
Ju
Dec. Mor May Tulal
RECORD RUBBER
CONSUMPTION
EXPECTED IN US
New York, Dec. 21.
US rubber consumption in 1955 will reach a record 1,500,000 long tons, and the industry should maintain a high level of activity over the next 12 months, the Rubber Manufacturers Association re- ported today.
This year's consumption will run 12 per cent above the previous high of 1,338,309 tons in 1952. Next year's con- sumption should approximate the 1,480,000- ton level.
Noting that the industry has mainly elected the record 1933 rick de-doublet its
every auto vulput, consumptiou
the furn of the since versight to decade Volume and open century, RMA Presidant Ross R. Ormsby said that every product Volume Open interest diviskan shares In posting new
11.700
240,900
records over the past months.
tyrt production, Industry in of the
423 203
12,000
543,000
a 500
4,240
150-100
2,200
137 400
3,300
49 000
800
12,900
4,100 1,500,000 halma
NEW YORK
Pneumatic bellwether ions, topped the previous record by more
than 10,900.000 units, amounting to The report seld.
115.090.000 units, This new high
authors insist, with a larger por- ion of the price accruing to the native peoples. It is possible, however, that their losses will be --flag in the long run by econo- Prices of futures closed today mic growth in the emancipated as follows: areas. Such areas will need Spot
March however, considerable financial May July
October December March Mny
and technical assistance,
The world is now in un ad- of vanced stage of quida lon the remaining colonial empires The authors asseri, United Press
Singapore Stock Market
very small part of Brokers today
emigration from colonial powers following stock prices:
& country.
ubs rbed
ly may than 3-4 per cent
role
LS U Safety velue
It is obvious that their
for
Batu Lintang Rubber
2.10.
The
NEW ORLEANS
***
33.101
22.27
$1,80
34.00
29,80
29.32
21) J5
Prices of futures closed today
as follows:
Spot
March
May
July
October
December
March
May
LIVERPOOL
مرد
1143
20.00
2047
29.40 29.30
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Busines done on the Hong- Futures closings, in pence per kong Sock Exchange this morn lb. were as follows:
Old contract Dec/Jan.
Mar/Apr 23.00 May/June 23.13 July/Aug 22.70 2.20 Now contract May/June
July/Aug. 25,85 Oct/Nov. 24,10 38.10 Egyptian Karank Jan/Feb.
BAO PADLO Future, closings, in cruzeiros
Singapore, Dec, 22.
quoted
the
Co.
Opening
11.55
46/-
30/3
per kilo were follows:
Mar
1.TO
May
July
$0.09
Oct
$900
ing amounted to $400,000. Noon quotations and the morning's transactions:
non-tyre
In
The volume of business
products passed tho 2,000,000,000-mark for the first
time.
High Rate
SECTION
Page
US Steel Corp's Increasing Power
Production In
Plans
New York, Doo, $1. The US Steel Corp., said today it plans to increase Its profuotion br than 2,600,000 tons a F.Ar to meet increased demands for steel.
0.30T
Mr Rorer M.Blough, Chairman of the Board of the nation's largest aleel com- producers, all the pany is moving rapidly forward with an expansion PTOFTAMETHO designed to kcep pace with Ha cus- tomers' needs. US Steel's
Geneva, Utah,
Increase H plant is to capacity by about 380,000 ingot
tans Mr Blough solid, bringing the total to about 3.260,000 tons.
The Corporation's present capacity is nearly 40,000 000 tonr.
about 1/3 of the nation's steel production-- United Press.
London Stocks Hold Firm: Volume Drops
Latin America'
New York, Dec. 21.
Latin America's economy is being sparked by commercial power production that is increasing at a faster pace than in any major region in the world, the Chase Manhattan Bank stated today.
In its publication Latin-American Business Highlights, the Bank said the production of energy in the area is rising at a faster rate than the population.
Ans.
It the present trend continues, 'certain spots. the mublication the Bank declared the use of declared, petrolcum and natural
The Bank concluded that "in production of hydro-electrie the final analysis, the problem power, and the pulpat af steam of energy comes down to tho und diesel electric plants could problem of increasing Invest- double within the next decade. ments," and "mensures to creato
As to the future of atomic a favourable cilmale for foreign power, the Donk said that "ng investment could result in aub.... uno can say for sure what capital inflows," ntomic power may mean for Laun America."
Costs More
"At present, it custs more in
most areas to produce electricity the
醴
Investment
of puri
"There
on
The Bank concluded:
Krowing realisation
governmental from atomic energy than front officials and the general public conventional sources. If atomic general and energy develop- That economic development London, Dec. 21.
In pattern [ Volume dipped to its power follows the
sher icelinalogies, edets
will me lowest level since Marcheline, but no one can predict
my
lev-15 tubber consumption 31 and stocks generally achieved in the synthetic plants, closed firm on the London
He pointed out that this bigh Exchange today. rate of synthetic rubber produc-
Ol were o feature tion not only bridged the gap between derṇand
saw only and overall session which
The Association
fast or how far they may
of the es'l- In an analysts mated annual Investment
in
a
7.084
-J
In Larutulur require reasonable incentive for both local po foreign Investors. Thus, there
reason' to
to hope Latio Amerlen
ean continue in nike progress in mobilising the quired to met L-America's investment to support expansion 1054-657 of energy production so esceni. energy
needs in the
tial to general economic growth perlud, the Bank said that over half of the oversg. onnual in- nad rising living standards.” ves ment of $1,048 million will go for electric power,
Of the in'el 35 per cent, $504
wit million
be spent foreign exchange abroad with $462 million in local cur-
Almost three-fourths of the featureless total will be invested by Brazil, WeLe Industriais
the most part. Changes Argentina and Mexico, Brazil were held to a shilling or less will spend an estimated $393 either way.
million.
mil- Argon in $189 Hon, Chile $51 million Colom-
Mexico ba $72 million.
5181 million and others, $100 million.
short world supply of new bargains recorded, Royal Dutch rubber, but
a shilling and "L exercised a advanced about braking effect un the
and Burma natural British Petroleum
showed rubber market."
of early guns
tw. New Traders citel shillings. presleted York buying and local recom- that substantial expansion of mendations favouring the US synthetic rubber producing as chict support for the capacity announced over recent months would raw material costs as new units come into production.
further stabilize
Total cyrthette rubber produc- tion rea hed an anoual rate of 1,057,000 long tons in October
RMA said industry experts look for world production in 1950 to
each o record 2,990,000 tons.
NHARER BUYERS BALLENA SALES estimated
vance.
for
ais ad-
British Government locks waverest a bit and finished down by small fractions.
German band a pur', d on buy- the to highlight Ing support lang
foreign section. Young Loan non-essenkod was +1 feature. orgaining belter than £2.-United
| Press.
To meet this demand, It was
that producers natural and Lynthetic rubber would market 3,190,000 long tona
new rubber unving aut estimated 210,000 tons fur
into absumption
industry and government tocks. United Press
201130
ie 173590
BANKS
HK Bank
1720
INSUILANCES
20.00.
Union Lombard
P30
4930
DOCKS, ETC.
29.10
K. Whart
BH
200
TO
.
80.40
کرمان
29.30 29 1000 Duck Provideni (O) 1640 16 60 Wheelock
20.40
0.33 0.45
1K Hotel
KARACHI
$1.40 17.50 200
2000
17,50
$736
$1.00 £4.99 125d Prices
RK Land
(ICL)
Iupers
per
Really
0412 00
.. 1.875
BO 24
$1.00
mound as follows:
RUBBEN
17.50
4-P Punjab roller gin
$20.24
289 F Sind roller in
BL
A. Rubber Trust
1.03
2.30
$11.00 $10.00
9/8
UTILITIES
09/0 AW gla
United Press.
Tikm
...
Star Ferry
WORLD
RUBBER MARKETS
New York, Dec. 21. Rubber futures today closed 2315 23.70 1700 or 23.60 85 to 95, points higher with
100 * 23% 300 23.60 sales of 140 contracts,
Duliness prevailed in tho C. Light (0) 221 22.00 000 of 243 spot market. Dealers reported
17 1000 e 10.80 414 41.75 200 43.25 buyers in the market were
33 351 700 «* 3315 | marking time, Futures:
130- Yubat, Ferry 100 104 B9 + 10%
C Light (N) 10.70 Electric
avts population has been negli urti Borneo Petrolman gible
Syndicate Colidated Tin Smelters restut of the TAW Ord. nuteriat an market tests appert Frater & Neave Ltd Ord.
Neave tive
19 cum. pos
but wholly conclu-Fraser to Even Bive
under in open-dvor
oor 1ongkung J Shanghai
Нальчик Согр. Lower ha
Hongkong Thi Ltd.
Cole na 1
policy, definite advant: ges in selling products, buyin
Kempas atd.
Malayan Breweries
materials | Luna. Rubber Estates Liati New Serandah Rubber co
LKI.
funt investing cauit i in telonies, "More important is the Bow
axa
the to of capital habitanis of the colonial power. Aaru' large part of these gains Row, back to the mother ecuntry anal is Hurl there, stimulating domestle industries," Only A Few
However, the authors argue this consecration does not solve
the problem. They suggest that colony's net return to the
Д
metropolition country should be
incosured by the excess of pro.
Als
and wages earned by metro politan
itan capital and labour
in
the colony over the profits and wages they could have earned elsewhere at home, in foreign countries or foreign colonies,
"When the economic return
lang Tin Lid
Badies Hotel
Ingapore Cold Storage South Bish Insuranc
L-tal
Straits Trading Straits Steamship Unltd Engineers Ord. Weare Bros,
In the US, the average price
of 15/10 middling cotton at 14
$220cd designated spot markets was not LAND, ETC $80 $33xd available,
$174x0 China Mail" "Special.
The market was erratic today.
clised
28 V Punjab roller gin
Moderate Trading
On Wall Street
New York, Dec. 21.
Telephone
INDUSTRIALS
Cement
300 30
March
May
Repa
17
July
STORES, ETC.
Dairy
Slegt
19 19.3 200 A 10.10
70 67 19
Dec.
200 19.10
..... 13.30
...... 5.40 5.00
Wathan
Alhed
Stocks moved up in moderately active trading ISCELLANEOUS early today with Wall Street attention centred on the Ford Motor Co. disclosures in registration of a planned 10,000,000-share public stock offering.
from colonies is measured this way, it appears that only a lew, such as the Netherlands Indies, the Belginr Congo,
were frim, Gillette Satoly Razor „.......... Automotive issues India in Malaya and perhaps certain periods, have brought Chrysler mided % to $87 94 and Gudden Co......
Goodyear Tire substantial profits to the metro General Motors 4 to $46% B Heyden Chemicni politan countries The net gain Ford disclosed for the first time ingerell-Barkt
Int'l Harvestes. from most colonies have been its sales and carnings, showing Int Business Machines
to be one of the international Mickel uncertain. and probably not the company very large in comparison with nation's biggest money earners init Tel & To
Kansas C.. Power & Light Kennecott Copper the role colonies have played in in the postwar period. world politics"
Lockheed Aircraft
Loew Inemp.
Olls were good performers, As to the form the pony Houston added
to $149. Lone Star Cement Co. colonies will take, the authors Standard On
of California Minnesota Mining
Mission Development suggest:
added 1 to $911%. Higher priced | Montgomery Ward Superior OIL of California National Cast Reg. "A" sided two points.
Closing Prices
"When emancipated colonial peoples have a fair chance to develop economically and cul- turally as free nations, they will probably try to mould their economic life in forms other Allen Inc. Acy than those which have been Allied Chemicals forced upon thein. They will not All Chalmers
American Airlinu Jat their economy be merey reas Metal
tary to that of the American Smelung supplementary
Their mother cotinley.
Amatica TO A
TUSCAN |· Anaconda, CouDER
effort will probably, bo ti American Tob ́ toward" developing farming and Azito Bleet
Industry for domestic consumpArmour
Political decolonisation Baltimore Ohio
of the
tion. ig likely to be followed
decolonisation of
Benguet.Core
by Betlehem · Nice)
Chrysler Mators will CelfAve Pansolive presumably be toward morn
Commerci diversified and better Infograted Comumonwealth
Consolidated data sadname; pretically, toward ■ Com Producia Inegar, aktant of mii-guficiatey." Crane Co.
Berhe BoDeTA) / UNDtle / Canadian · Fazile
Pay Mare S
Industrial hallós 1, with CCAS | Ekman,
have to pay more for prodiči (when Foods of the former colonial arela, the j činn
National Distilleen.
National Lond
New York Central
Ola Mathieson ...
Otis Elevators Japan
Pacióc Ort & Elec
§ 2956 | PARENo Weetern Qu
"110% | Pas, "Zntericas Always
Paremount. Pictured ki Parke Darls Co.
543 | Penn Bali, Co.
495 Philips Petrolman 17091. Pittburgh Pista Ginse
Radio Corporation
7% Hepublic steel an
Standard
409
2
117
New York Sugar Market
World
Now York; Dec. 21.
No. 4 sugar futures
SINGAPORE
43.78
41.06
40.00-00 30.25
The market was dull with small business. Futures:
No. 1 rubber per ib. Jan, 12796-17% Feb. 1281L-127|| Mer.
Boted Na z rubber per ih. Jan. '1234-12414 No. 3 + No. Spot rubber timbaled Blanket crepe
118-117.
124-12814
18-100 137-238
LONDON
No. 1 pale crepe
Gifs closed 2 to 3 points higher The market was steady with with sales of 28 contracts. spot quoted at 37% pence per
Domestic No. 6 sugar futures. Prices: 551 point higher to 1 point lower No. 1 as apot
1033
with sales of 60 contracts,
Futures:
Dott Contract No. 4 (world) ·
March
MAY
40
July
55)
September
74
401
"
-3734-0715
Settlement howe term:
Feb. Mar. April/June July/Sept. 3,18 Out./Ded,
General markets, clf boste, 3.200. Feb. 3.20
thick 1 AMSTERDAŃ
Bpos (cente per lb, fob Cuba) 3.17 Estate crepe thin Jan.
Open interest: 2211 contracte,
March
MAX July Beptember
Contract No. 6
Spol
Open
teenis per 115,elf
Interest!
0116 Unitou Pream
New York Foreign Exchange
The
sicsty, merkot Prices closed in guilders per kilogram, eår: Jad, as follows:---*|
No 1 rubber,
rubber
No. 3.crepe
3.87 pald
(9,67 buyers
5.45 mome
2.30 buzern -United PrQRK.
London Foreign
Exchang
THE
or
Final Analysis Despite the dynomic nature of Latin America's power industry, power shortages still persist in
For every dollar thai for $22- vested in the production of energy for domestle use in Latin America, roughly $0 must be in- vested in other activities if the evonomy is to progress, the Bank said.--United Press,
Exchange Rates
Business was, dono In the, locat un, Micial exchange market thin morning at the following U.S. dollar per $1) Sterling notes (per 1 Australian notes (per 21) Indonesian rupiah (per 100) Siam cal (per 100) Singapore (tralia)
FINEST VALUE EVER OFFERED
THREE DOLLARS Selection Of
10.70