Page
THE
CHINA MAIL, MONDAY, JANUARY 9, 1956.
TRADE and
COMMERCE
American Cutbacks Ignored
FRENCH STEEL PRODUCTION
Parta, Jan. 8.
French steel production
reached
new high In Lons 1956 with 12,387,000
increase of 18 per
1054. Coal.
ceni
European
Sterl
Authority reported today.
In 1958 France produced 10,959,000 tons of cast iron
a compared with B.841,000
in 1054, the repor¡ sald.— United Frean.
Natural Rubber Consumption Prediction
In New Year
AUTOMOBILE INDUSTRY IS
CURTAILING OPERATIONS
By JOHN
MORKA
New York, Jan. 8.
The US opened its new business year on a high note despite disquieting news of production cutbacks and layoffs in the all-important auto industry.
With inventories at dealers' levels at an all-time peak and likely to swell even further, major auto makers are curtailing their operations.
Il work the Mercury divi- Set Bord Motor Co. on- nokard it would lay of 2,400 workein (*)
eru pannea
Monday.
have
In-
217
ber to a record $27,247,000,000-fur einststret chirmples
struight West new high for the ten
European Communwealth countines, Denk nolaudect
In
British
The
Selective Controls
"While instalment edit
can
Auto in talirent buying has Guner 1 Nimilar cutbacks and been the test in forer behind the 19m (14,000,000,000 inereure in unistu)- samas spurulu təri Washington, Jan. X
sulstanding ata and upturns Imant buying credi Natural rubber producers
at Juary mght during 1953 predicted today that rubbre he del yet because of the cold consumption will be less in another
jthat the stial
Sales
1956 than in 1955 becaulk sa W! !「atrཏྟཾ t
questionable
Cars
it "M
Tay
that TEM Trucks
יוני 11
In the
jole of industry
aleerily wore a cur sales are Är།།རྩྭ'。།! Mon 4. will be built this inerned,
Pont.d Gen Mod
Із дора Sereenst
ell'ex prostu kitn ng frien 10 to 15 pra vent * 1956.
Natural rubber consumption in bout 1955
etted at เธ 630,000 Lon, ine load best year
1966
4/11 Tim For
Malu. Bunty Burenu. regres sending Mileyi pisducers ex-; pects US o mums to use also 580,000
A decline Te sinthete rubi
consumption
Take Up Slack
Crecht Exterts, however, feel H... ship trep in automobile
Consumer
Demand
Observa
1
}
to
th;
1958 cutlook. 1954 cet exten kes B. ym. 1 were even t dul
8 Million Motorcars Planned For 1956
Detroit, Jan. 8. The automobile industry, turning out 8,000,000 cars for the first time in history in 1956, thinks right now that 1068 will be an evan better year.
Confident
But after readjusting for last year's mistake, the industry feels confident' It has things pegged right for 1986, All cür makurs expect to do even, botter than in 1955.
They figure there are 4,000,000 and more cars older thari World War II which need plbeing, that Die economie broom will con- tinue with more people stepping
into the new cur closs and two- car class, and that the move to
6 much es further output pastumtivity by widening mar- the Auburbs wil] And more kets mixfatimaisting individual | people entering the market for
thur To facilitate the first time.
living land
אנה דוד
the
ta time of merds, its a god an
renewed off Lane $ gread theter | Fes
unduntedly accentunk 1 During
shortage of resources and hence and re-
but the balance-tit-payments deficits *** [of countries. greatly dependent 1950 repay-
un forelia trade. Same ab. tnts :gged behind. servers feel that cosumers wil try to lure this gap this year.
I is to these nd other rta- sons, including the difficulty of curbing
have
credit
by
Many experts at the ramy general credit cntrol measures, time attribute much of the cur- that a number at foreign eyun- imposed recently rent prosperity in the US. in- teles
de-leelive controls over Con- In a small sumer instrbulent credit within La framework of overall mamietary
restraint.-United Press.
Il-
10
the wall EIT hurt the nation's 1bwinning svinamný, anteipated dr. lting high
Despite
inst expeclect Ther
for this
Nat
hald
10. thn
And year for
+ in t
New
Categundi
A
1:
exoreeted that other 1 1 od he emy will consumption of 1.ke up the slack
etraumer tremen US match fachtaled part by easy credit terms
The shorpaying a boo
all rubber, hat whether or not decline in aut sales in Novem-pread the US will experience another her is printed to by many
11
1
With Europe's conomy
of its own, of instabrání huying broad i said to have pused some veW problems for me with new countries in dealing aitationnry Trends.
According
2 000 000-plus-new car year horriding the start of the Jower
tou of trend in the industry nin, immediately [33) the olmest phenomenal pace wra
that Many fee
1050 mo.el have not apparently eught in with the public ey
lai New much to the 1955 very uns,
hayo en experiencing.
question: ble.
Probability
"k rubber
Agures
tu
Seams
consumption
utor
in-
Singapore
In the giant industry, where exam minor mistakes etw cod millon of millions of dollars, most oficials are quick to admit they intruded the tone of the market in planning for 1056.
IL
Cara started selling record rate and kept right on moving at a fast clip. Sales were helped along by a steady spurring of dealers to forget individual make-ups and con- centrate on volume operations.
SECTION
Token Import Plan Approved
Washington, Jan. 8. The Commerce Depart-
announced moni
Today thai an agreement with Britain to permit limited -Imporia of restricted comy modities has been ex- fended through 1856,
the ma-pulled VENTILMES token Import I has been in effect since 1846.
Elleibio firma, primarily those who exported le Britain in 1038, 1937 and
KLAY
apply for to plan
up to 30 per vent
of their fainual exports for tho's prewar yestu.
The goods are chlefty apparel, fextiles, ap. pliances and similar con- wùmer Foods, the Depari- mogi said. The satorment covers potentially 65,000,- 000 worth of US exporta a year—United Press.
HONGKONG STOCK EXCHANGE
+22
Slock
Pagë
STRONG OPPOSITION
EXPECTED FOR
IKE'S TRADE POLICIES
Washington, Jan. 8.
The Eisenhower Administration launched an all out campaign to win Con- gressional approval on the controversial Organisation For Trade Co-operation, informed sources said today.
The OTC plan calls for creating an organisa- tion to administer a 35-nation trade agreement known as the General Agreement on Tariffs and Trade (GATT). This is an eight years old system of cutting tariffs and thereby encouraging inter- national trade.
The compaign is expected to run into heavy opposition from
lawmakers who favour high tariffa to protect American in- dustries.
President Eisenhower served notice in his State of Union Message that he intends to press hard for OTC.
In some of the strongest language in the mos- sage, he said he "most carnestly requested that Congress approve our membership,"
Customs
Policies
AUSTIN TO WORK 4
DAY WEEK
London, Jan. 8. Announcement that the
The President took note of Austin Motor Co., begin. Congressional objections by aning Monday, will operate suring the legislation the OTC its big works at Long-
would not alter the control by
(From Our Correspondent)
Business donc on the Hong- Congress of the tariff import and bridge only 4 days a week hat this customs policies of the United (instead of 5 days) Exchenge morning amounted to $480,000. States.
staggered the City of Lon- Noon quotations otid the
Informed
don, The Financial Editor morning's transactions:
President feels that approval of of the Manchester SHARES BUYERS SELLERS SALES | M
BANKS
HK Bank
INSURANCES
Union
Lombar
Asia Na
The boom ut The factory hasn't been reflected by SHIPPING happlaces by must dealerships, howover. Dealer profits have| DOCKS, ETC
IC. Whart been low in the all-out buyers'
Dock market.
Dealers who last 803
on each used car trade-in and $102 on cach now cur trade-in its,1954, found themselves losing
Stock Market $110 and $362 respectively this
to a survey made the Federal Beserve Bank York, consumor
Singapore, Jan. 9 Brokers today quoted the fol- credit has spread Lon Gover cedit terms kitent
lowing stock prices: in many nations.
Opening and wespread liberal trade-in, markedly"
Balu Lintang Rubber Co. Ltd. $1.85 practice resulted as the buses in although it has not reached the
prevailing in The British Borneo Petroleum port.one
Syndicate
10/0d United States. in Rome coun-
Tin Smelters his Calidated buy.nk instalment
Ord. Franer & Neave Lid. Ord... Credits 1st work showed "purled to such levels that some
Fraser & Neave Ltd 74 cum.
pref
tnet Corp...
5 le 31 1955
The Federal
ceturt unway
in the t
arth
Reserve board's Fonsumer
countries hove
to
30/-
*****
yeor
rak the
to
Guar
US membership Is nceded show the world this country dian, reflecting this, heads intends to continue working for his account: "Gale wam- improved international trade. ing from the
Secretary dustry."
They
site! both
$1
KK AZ
Stato
טר
1.03,
Wat 101 13:30 13: 1000
LAND, ETC
HK Hotel RK Land Kraj
RUBBER
A. Stubber
صبح
Sinclair Werks and Secretary of
bill
Those Longbridge
motor in-
works we
John Fonter Dultes aro solidly behind the
OTC and * 102 likely will testity before Con- reputed to be the most modern ones in Western Europe which Rres when the metter comes up helps explain why their pro-
Despite backing from such big
Qara has duction
of motor administration
the Kins
increased 10 u level taxing Opposition both 13.40 admin
Il-fated. appeurs 8.30 3.33 1000 4 6.33
hame are expected to mand. The
and export de. Congressmen tack
company together with Nuffields, forms the British Motor Corporation
zingp
the past усаг
17.40 1712
£21 1.92
2
5060 8.30
BOO GA 0315
#AOTE 3000 & LOTZ
2 2.00
300 g 400 E 4500 en 201 102.74
2450 2.771
103020
50 many protectionist clauses it will be unacceptable to the President. And Democrats
26.7 por
ceal
whose support is needed to save whose total output of cars has the measure may shun It a good GOP majority
unless promises
DI
to support the President,
The OTC
the is a child Eisenhower Administration. The President felt that
for
Stagnation
Immediate cause of the de
car
procedure
which son seems to be the stagna- troubles settling UTILITIES
the second-hand tion in Trom
24.00 23 100 14.00 cropped under GATT contract market and the fact that in the
10
were too cumbersome and a Northern Hemisphere December Y'moli Ferry 105 107
223106
sort of administrative an Light (023 10 27.70 17 J* 72,50 | Some
and January usually show Light (N)
machinery 17.10 1600 @ 17
needed. OTC and
declinc
exports. Leasonal 14 would be a permanent organisa- Actually tots 300 4216
of people have into dispute and already figured this out and sold tion to look recommend settlements.
their BMC shares which have Bo
fallen from about 14s to Be.
Meditric
Pressure
The pressUTE on dealers 10
high Bell in
volume hasn't improved factory-dealer rela- tionships, however,
Tran
$1.00
The factory story is that the dealers Bru dealers well off "at least Our Arc."
$0.00
Hongkong & Shanghat Bank-
Hongkong Tin Lid. Kempas Ltd.
Trud
12.13 st 20
$3.00
14.05
$4.25
12.25
91.62
$27.50
$27,00
$12.05
$2 Do
-Chinn Mall Special.
will probably waliaus April but ilu ough beyond that a probability."
However, the publication suiti conotimp.
√ at types of
been forced to rubber is expected to increas
$77 000,00) 1 out- add unti-inflationary controls on zably thougout the
new aulo- standing credit un
the spread of such purchases. world-wide ales in Novarber This was 1958
thut this year is ***
Instalment buying appears consumption
1st mitis incivase lu
Lunas Rubber Estaten Lid. 3,000,000 tons. 955 and bat ught preted in reach
total unpaid have ken held in Europe after
Malayan Breweries with 2,005,000 compare
World War 11 ted new even New Serandah Rubber Co. Domowing fourly of new
to Lutin America. Lid spreading The rise in cunsumption, the ds to $14.172.000.000.
The Federal Reserve noted in alles Hotel News salk Rubber
Board also reported for its study probably will bo Laken in the first Une in 1955 that new and Austrata do the rates of St Bridal Insurance Co. synthellos, production of which craft
consumer instalment credit out-sers Trading is on the rise, particularly in gurds purchases exceeded money standing to anqual national In- Stral Steamship
United Sures
borrowed by nu omobles. where
currented By ears Onl The
approach Board 194
Weathe Bros. that United Stries figure of about 8 Kyntholic government - owned
Inve
sold
credit instalment plants
bren
to total of all private industry United Press,
1st $284,000,000 during Novem- per vent; similar ratios are some per cent in the United King-
Austria, per cent in
1935.
National
tho
The
extended 13
consumer****
New York Cotton
Goods Trade Opens Slowly
come
dom, 2
that only in Canada
the
Belgium, West Germany, and
the Matherlands, and about per cent in France. The Bank estimpied that the ratio in Italy Is probably also less than 2 per cent
One In Three
Varying use is made of instal- ment selling for individual pro- ducts and this of course in- fluenors the relative importance of each product in total Con
standing
The monthly review sold that
Piling Tin Lid.
Stagare Cold Storage
This will be a key year for the industry. The 1956 models Bot drastically restyled. Isles and production reach
were
the same levels or better than In 1955, A be interpreted as a Bign a new, higher plateau of
to les hus been reacheit.
1957 The
LO bo models, Introduced next autumn, will be radiqully redesigned agnis- United Press,
London Market
Free
And Easy
By C. T. Hallinan
London, Jan. 8.
42!
8.20
Macro 1 8.20
AN AL
Telephone
INDUSTRIALS
Cepent.....
.DU STORES, ETC.
Dairy
300 33.25
37 374 410037
10 1.10 1000 19.10 Watson 13.30 13.30 500 # 13.20 L.. Crawford 341 COTTONS
Taxtle Corp 6.15
Nanyang MINCELLANEOUS
Yangissa Allied
13 2000 61 4,80 1000 $ 3.00
Д
... 4.53 0.35
3.60 5.70 1000 y 3.09 500 5.330 1000 6 505
14:35
1
far other nations have been holding up to see whether the United States ratified. OTC Spokesman for BMC detares cannot come into existence until that the 4-day week will inst approved by nations conducting only three or four weeks and 86 per cent of the trade. Since that by mid-summer BMC will the United States alone dots 20 } be making about 12,000 units a
7:500 Organisation can weck of which roughly per cent the hardly became a reality until will come from Austin. the United States formally ap- Ford Motors, Vauxhalı, proves it.
Standard Motors and Jaguar ali state that they see no reason for reducing production. Ford Motors are working a 8-day week with two shifts ir day at both their
be
Three Parts
The Organisation would
of three composed
parts-on
-United Press. an executive committee
Singapore Rubber assembly including 38 GATT Dagenhamn and Doncaster works,
Market
notions,
of 17 members and 6 secretariat.
ers and The excartive committee would
Exchange Rates
include among the 17 members, the five chief nations of econo- Singapore, Jan. 7. The market cased on lower mid importance, thus assuring the
Business was done in the Joeni advloes on Saturday Undied States a place on it.
market While the OTC would ad unofficial exchange
moming of the following rates: US. dolar (per 81) Sterling notes (per 4N.
QVCTEJDS
with heavy up-country_ilquida“ minister the GATT rules it
tion. Futures: No. 1 rubber per lb. Ju
Feb. Mar.
No. 2 zillyber per B. Jan,
No. 4 rubber Spot nibbar unbated Blankal prepe No. 1 pale crepe
summer instalment credit. out- Stock markets opened the New Year New York, Jan. 8.
with a good deal of cheerfulness. Plenty No. 3 rubber New business in the cotton goods trade
por cont of parienger curs of buyers-the sort who don't bother to developed at a slow pace in the first week of 1956.sold in the United States were
plans read tedious forecasts of the problems of Traders continued holiday-minded, or pre-handled via instalment
This compares with 60-05 per 1956-showed occupied with year-end investory matters and cast for Balium, 40 per cent for
up and invested their the usual New York organisational adjustments. Canada, 30 per cent for France, surplus cash in shares of excellent repute.
Mill executives, pointing to the national economy, provided Th order backlog extending unfair competition from low- through the second quarter on wage
number
of constructions,
ons, trolled." viewed the lull as seasonal and
a
of textile business for 1050
should exceed that of 1955."
Clied reaso for that
in-
con-
14 per cent in Britain,
In the Netherlands,
The Financial Times index_of_leading 80 per of the bicycles sold were under industrials which closed on December 31-week instalment purchases, as were ago—at 200.4 rose swiftly to 203.5 on Tuesday and 85 per cent of vacuum cleaners closed the week at 202.5,
the United States, for
up
have TIO nower to
1216-1213% would 121-1211 arrange any nation's torift or ungdated
to alter GATT rules. United 1217-121 11934-104 Press
1339-1144
12146-22133 97-04
133-133
United Pres
The Bank Of England
Statement
Government Oder securities Recolote Tatto
1,848.300,614 20.030.220 303.149.800 204,
61209.719 10.4
United Pres.
The Bank Of France
imports сап bo
London, Jan 8 The Bank of England state- Indicate lt malighl
continue
Optimism hit a high note
mony for the week ended Jan, until the middle of this month, among yarn · spinners, Same example, there was one car for The all-time peak for this British Governinent stooks 4, reads as follows:
Unless sene
major economie Southern mille notified broke just over 3. persons, at the end syrago was 223.1 on last July drifted lower in ari irregular
Note in circulation develpment of an unseen nature of cotton sale yarns of a tem-of 1054; The Unke: Kingdom, cne 21 so it has a fairly long climb fashion with Qld Consols down Tublic deposity upsols the general trend, opinion porary withdrawal from the for 16 persons; France one for tǝ make if it is to prove that 1/16 sterling. War Loun down | privete deposita consensus
among industry market in order to equalise first
33 in West Germany; 64 in this is still a bull market... 3/16 and the Transport Nation- spokesmen indiented the "volume quartor orders with supplies. Italy and 70 in Austria, Even Most of the blue chips rose a cisation stock down 3/16.
In Austrollo, Canada and New chilling, moto or leas, Rolls- Hard Abro wero generally Zealand, the figures (7, 6 and 6) Royce with a rhe of 1s 60 to Foreign bonds vastly polipsed higher. Burlap firmed with rowere con-
substantially above these 121s od and Ford Motors with all other sectors in the violence ports clusion included: 1 Steadily in-
of potential buying by in the United States.
one of is to 43s, pleased their of the movements, both crossing retail sales of text Australia in the Calcutta market. Russia, China, Argentina and
admirors though they
too have and down. and apparel lines; 2. Low
As regards tolovision sets, the a long way to go before
cach
Gormand. Young Loan not- ventories reported in the con- Eisal prices rose under londa Bank noted that in Canada and Ing their 1008 praks sumer pipeline;
3. The high ship of the African sorts which the United Kingdom, which Perhaps the heaviest tall was casented rose 5 ploring to 108 peak of general Industries were fir demand through British como closest to the US figure of that of Associated Electrical in- and the assented a sterling to nativity; 4. High employment and Continental users, Brazilian about 4.5 persons per act, the dustries, down Bs Bd to 81 Od. 164 but the Old Dawes was
up only 1
1 sterling both the rolls. A record-breaking peak sal was expected to develen & ratio is about 11 per set, while There was much demand for Potash bonds rose sterling to The Bank of Trance slate» of almost 81112 billion In broader inquiry because of its the ownership of sitio sets is at store shares, notably for Great levels about sterling below ment for the wook ended. Des personal income.
attractive discount under prices best only one third as common Univerunt, Stores which soared their for the American ports,
in Europe and in the United 80 th 489.11.
peaks, Among the 20, rende as followe States.
Johnso the feature was Rayon grey
grey goods solders re-
non Trial mid notázógs Out Of Picture slump of 7 sterling In 24 Kapur, Coiner dürrelates ported a Fenerally quo tighton further that while the rise in quiet situa The Federal Reserve observed
arsented. Tokyo B
Fer Cents (the sight Morlampen abroad Arthur K. Winget. Presidenttion, with a noticos.
fall 0%) put all other disinte
Tourbitin-caggiunted American Cotton Manufacturers ing up of offering in the second putput and productivity has in- Dils were rather out of the word wrinted. institulo, isid textile, promodis hand market. Brokers hoped greased, the availability of con- picture: Royal, Patah, was:ide
Rises
Tonged from
Toko - Tin h
"Chirrent, wspotinse candi far 1940 pois promising and the lifting of reale pressure rumer durable goods, the rapid and unchanged sibi istnsport Electrics sterling and the
Gasoilte that the mase is get, for an ora might be a timing point in a development of instalment role di Boul British 1980 4 sterling down to Eaini
Advarer 01 steblo, profitable operations, long period of quietness credit in turn her encouraged Petroleum and Burmah moved of 1 sering shown by overal. tion:Fund morg în lebeging with the rest of United Preas.
the, rojent" expansion of demand very HILO.
United Pros
Promising
Statement
Farie, Jan. 4.
Australian notes (per Lij Indonesian rupiah (per 100)** Slam tloat (per 100) Bingapore (Struita)
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