Page
THE CHINA MAIL, THURSDAY, JANUARY 26, 1956.
TRADE and COMMERCE SECTION
Rising Prices In Spain Pose HONGKONG New York Market
Problem
But Economists Fail
To Discover
The Answers
By Henry Buckley
Madrid, Jan. 25.
Spain's economists have so far failed to discover the cause of the sudden inflationary wave of price increases which has swept the nation.
In an autumn of plenty, with ample supplies of fish and meat, reasonably good harvests of cereals and moderate yields of wine and olive oil, food and other prices suddenly began to soar.
While termen were report- The cost of living in lex ww ing gool catches te finḥcia, the 986 3 in 1951 and 19 August of przes ud fra i Machid increns-¦tus your Was 013.3 pils
Las 10 peselus per j Note circulation has increasi
'
PN
kilogramme (9 per pound) ani | stea lily since 1951, when it was most by as much as 12 p
35,272 mullion peselas
la
per kilogramme tis per found)
in spite of the fact that on one clay 400
unsoli
Auction
zi
Detober of last year, il 45 315. In priola Bat this increase would eværrespond
#imals the awing
Matrid
Ac
rtimained
11 Jack
1-2
roughly industrialisation fdevelopment of Spals
MARILL F++
Tu
15 and
demand by trutchers,
Warehouses Full
f
The Government will nee to tep carefully Taking any steps to bust the present prive bustible "Shark im orten fat may be needed 10,000
will be neary to make sure that they are used to hit speculators and not
pro-
Fur vents
prices at 3.000 poseta £50) lost we w have Belteta Paling
(41001 And
Note
salt men whisper to client
enlly hecause 1001
the urge you to buy now
we shall have 13
put up prices again"
Texte phers have neroPNKI,
Farm prices die von-
Venom C
sidered by Name experts to be tena low at prezent. Vier taxation of the higher
"e:
Although the paris reported that Income Lmckets is clearly Mocks of textiles sufficient for Arancial AS
ภาพเอง
months All Bdirejimas | Roversity. warchuuses to hurting point.
The Falange aroun, Juventud. divelared flatly, Ones ogen the nation is
the victim if this monopoly organisations"
The Catholic, Ya, commented: 13 possible that the manoeuvres of the speculators ¦ to frighten people into buying | is due to a desire to
ren aguin the easy profils
qeulers became nerastone fla make in times of shortage."
American Aid
which many
Economists looking for hund facts in meerunt for ine nercase.t costs contess Cal they and
none.
American Hist and 1850- bullding activities are seen as 100 sinull to have nuch In- fluence.
About 10,000 m2 are working
the bases in atl Spain, which supposes a wage bill of something like 2,800,00 (£25,000) piscias
week Ald received in Spain in goods, excluding millory
equipment,
So for totals about 00,000,000 dollars (over £20,000,000).
The new budge
for
around
million 4.500
1054, pesclus
(£45.000.000) greater man that
of 1955, is not seen as a base for anything other than mila inflationary pressure,
Low
Root Cause
Experts milst that the first thing to find out is what has enused the price inflation, whether it Is duc normal econonle factor whether it is the work as wenthy playbig for glant stukes,
STOCK
Makes
Anti-Trust Suit||US_Imports & Exports EXCHANGE Strong Showing
Against IBM
Washington, Jan. 25.
The governmeal An- nounced today Hat Inter- national Busli:31 Machius Corp. has agreed to break
Ita up
vast tabulating machine rental business in selffement ot h anti.
some on
bas
Jack
mint releas The firm certain palents it OVERB
Toyalty-free <ther Manable royaltles And provide
for
Americas
industry with the technical to operate the
knowirdgr
machines.
the future, the firm must offer for sale all new electronic cabulating
ducka
processing machinck
that it produces,
The
coiseni Judgment, York City.
Aid in New
alsu
teasing
pernille persons Dow
IBM machines
to
buy them "lor a reHBOR-
ab" guro.
1862 sulf
riginal The Dghini the firm charged bad "monopolised the Tabulathing iniuntry In the
078."
14
it aiso charzo: that BO per cent of all is bulating
machines
America
Lat
Us-c in were owned by #BM and ibal the firm hed ub'ained remmercial 'ronghold on the male of fabuliing cards 10 the country-United Press.
WORLD RUBBER MARKETS
Singapore. Jan. 25.
The rubber market rallied to- day on short covering but eased again toward the close. Futures:
No rubber ves th Feb, 1895-1963
Mar
3059-1 unmuted 103-10514 1013-10433 103-1022 100%-103 03-955 114-419
Expected
To Gain In Volume
New York, Jan. 25.
United States exports and Imports during the coming year are expected to show further gains with volumes reaching close to $15,000,000,000 and $12,000,000,000 respectively, the National Foreign Trade Council Inc. said today.
Irregular Trend In
Chicago Grains
Chicago, Jan. 25, The trend in grains was irregular on the Board of Trade today.
IV ELB
depressed
by
Wheat reports of additional moisture over the winter wheat belt, und Forn
succumbed to a sell-off, uters said,
and birley
Ponding export business con- tinued to support
the soybean market. Exporters said Japen bought 2,100,000 bushels 01 Canadian
sinall amounts of US and Canadian whert, and 312,000 bushels US grain sorghums were sold to Norway, but export businesa was otherwise slow.
of
of
An Incrosse for the year of $500,000,000 in exports should rush the total for the year to $14,700,000,000 compared with the tentativa 1955 Agure $14,100,000,000, Importa estimated at $11,900,000,000 against $11,000,000,000 last year, according to the
Council's Agures.
(From Our Correspondent)
Business done ca the Hong- kong Stock Exchange this morn- ing amounted to $300,000. Noon quitations and the mornikig's
nsactions: SHARES BUTERS SELLEGA SALES
DANKA
TIK Bank INSTANCES
1780
1990
24
70 71 400 221 34 1000
Union SHIFTING
Waterbent DOCKS, ETC.
K. Wher Dork
8.35 8.45
Provident (0) 18.20 35.30 1000 Wheelock LAND, ETC. IIK Hotel HK Land RUDDER
A. Rubber UTILITIES
Теаль
... 17.20 1735 na maji
175
DODO 1,80
24.40 50 24.49
$4.20 20.00 2000
Stor Kerry 153 Y'malt Ferry are
103 100 C. Light (0) 22.20 22.40 100 1 22.30 Light IN 14.40 14.00 000 19 Electric... 343 500 414 53 не 434% Macao Esen.
(0)
AK
The Council said further that the not inflow of private In- vestment capital from the US will be about $4,000,000,000, with most concentrated in long- term investments.
Estimated Return
9.40 1.60 (N) 8.20
30
33 33 000 33%
000 a 36.70
ד
10 1000 16.70
30018
Telephone INDUSTRUALS
Cement Hope ĮSTORES, ETC.
Dairy
...... 10.70
13.10
100
Carp 85 3,70 7.80
Watson Kwon Sang
Hong COTTONS Textfie Nanyang MISCELLANEOUS
4 120
the
Vibro Тапято Allled H.K. & F.E
invest.
250 # 23
4.03 3.40 0.60
This would place the total of such private Investment in foreign countries at more than $18 000,000,000 with an estimated return of $2,000,000,000, Trade Council said.
Excluding military aid ship- ments. US international trana- actions should arnaunt $43,100,000,000 for the
Also accumulations year. gold and dollar reserves amount- to $1,600,000,000 ure In ing prospect.
current
of
Noting that dollar reserves of foreign countries this year would only exceed last year's by about $400,000,000, while the export increase will amoun! to $600,000,000 the Council cluded that the rate
con-
New York, Jan. 25. The stock market made another strong showing today with prices moving up more than a point.
All departments joined in the advance which was an extension of yesterday's strong upsurge, was the widest since last November 14.
and Alkali
Steels and ratis and selected Curtis Wright ives paced the rise. The mid- session trading added its showing to the first three hours
of dealing.
Markot favourable,
news
WILA
Dow Chemicalu
best Dupont de Nemnotra
Eastman Kodak
El Paso National Gas Erie Railroad Family Finance Corp.
Jiglity General Electio
Some of the trade buying was attributed to Presi dent Eisenhower's economie re. port and favourable corporate varnings also helped the list.
the
era Foods
General Motors Gen. Pub. Utl. Gillette Safety Bator goodrich B. T. Co.
Goodyear Tire Heyden, Chemical
Inland Steel Co. Interchemical Corp.
Kogersoll-Rand
The Industrial average close Homatake kiining Co. today with a goin of 2.83; the ratts were up 0.38; an utilities rose 0.12. The Rancent markt average tucked on Improvement of .010.
Ind Business Machines Ini't Harvester
un International Nickal
International Paper Int'l Tel & Te John-Marryllic Co.
New Highs And Lows
351
Kandos C. Power & Light" Kennecott Cooper
| Luxgen Meyen Tutu, Cu.
Ickheed Atreratt
Incora.
Of the 1,174 issues traded to ciny, 308 closed higher. Anished lower and 258 held at Loulaville & Nashville R. their
close.
Lone Star Cement Co. previous
New Lowenstein & Bonu,
Mesabi Iron Corp. 1066-50 high were registered Minnesota Mining by 22 stocks and 6 made new Mission Development
11 13.70 500 a 13.60 lows.
West German Consumer Goods Production
West
Bonn, Jan. 25.
Trading
Monsanto Chemical Co. Montgomery Ward
totalled Motorcin Inc.
volume 1,030,000 shares, compared with 2,160,000 yesterday.
to
National Cmh Reg. National Dairy Prod. National Distilleri National Lead National Steel Corp. New York Central Olle Mathieson
In the higher carrier group, Southern Raliway was the bell wether
It moved up 2 points
Owen-11:inois Glass $106
Pacific Ons & Elec. Motor shares did little and Peale Western Ol closed irregular.
Pan American Airways In
Paramount Pictures over-the-counter! Parks Davis Co. quiet
Ford Motor Co. closed Penny J. C, Co.
German produc- dealing off from yesterday. Penn, Salt Co.
at of tion on consumer goods in-
creased by 11.6
per cant
Brazil and Yugoslavia are accumulation of reserves abroad the competitve factor
scheduled to be in the market will be somewhat reduced
by
for wheat early next month, applying however, and it was announced into sharp focus-United Press.
| today that the Agricullure De- partment has approved the sale of 15 million worth of cotton- sced or soybean oil to Spain Wheat closed up to of
cent; soybeans new up to 2% cents.
CLOSING PRICES
Prices per bushol in cents: Wheat, No. 2, red
Spot
COTTON
FUTURES
STEADY
last year, compared with 1954, according to figures published here by the Economics Ministry.
Production in the food and drinks Industries alone Increased
the by 9.2 per cent,
figures showed.
The biggest increase was In the production of capital or in- vestment goods, which row by 24 per cent over the previous year.
Industriai production As A whole
per increased by 15.7 cent,
to private according
value estimates, the total
of German de- West
industrial DTO- duction last year was 6,000 mil- lon marks (about £4,830 mil- lion).
New York, Jan. 25, Cotton futures today opened steady and closed firm with new crop unquoted liveries leading the way.
At the close the list ruled up
л
well as a selal Nevertheles only since the end of
of the civil war has Spain formed an extensiva commercial middle class. Too strona measures against this class might nip its development No 2 rubber por lb. Feb
No 3 by the bud, which would be a
No 4 tragedy for Spain.
Apr
Spet rutier unbaled Blanket crepe No pale crepe
LONDON
The market was very rendy with spot quoted at 31% pence
Prices: per ib.
21346
Mar. 210(H) 202 (1)
May
July
2004-15 30615-200 19415-9%
Sept.
LOTEL
some
or
Nov.
2004
Nu 1. Ras outer:
Beillement house Mar April April/June July/Bert
31-32
C'oro, No. 2. sellow
Bpot
311-3192
311-313%
Blar.
Blay
007-31
July
2924-30
Sept
General markets, cif bagis, porta:
All Spain is waiting to know the asswer-China Mall Specia).
Feb
311-3145
Nov.
129-1283 1323- 13844-1 19516-130 133
Mir
1319
April
unquoted
Mar-
માના
Grepe unquoted
May
1284-36 12355-36
Oats
AMSTERDAM
Mor.
MAY
The market was steady. Prices closed today in guilders per
Boybeana, No. 2, yellow
Apot
Jen
itur,
hany
No. 1 rubber
300 puid
3.00
301 Paid
July
247n
20501 24043-250 2416-4
buyers
Sept
Baricy,
pot
Singapore
Stock Market orpin, if Feb. as follows;
Singipore, Jan. 28. Brokers today quoted following stock prices:
Batu Lintaan:
LI
Laxation Un Spain's Prayer & Neave
middle and upper class may cum pref
Contribute somewhat
Alution. To much money spent hy some sections of theso
classes, experts say.
Nu. 2 rubber
3.35 hom The New York rubber prices were unavailable-United Press,
London Foreign
New York floa
200 lb. ack
12 to 30 points. Opening prices Total Production
15 to closed up
Now 30
were up to 5 point“. Orleans points.
Superior OU,
the highest Philip Morris priced stock listed, spurted 58 Procter & Gamble Co.
Philips Petroleum points to $1,102. Other olls also Pittsburgh Plata Glas me demand.
Publicker Industries. New
York Stock
Exchange Pure Oil ....... bond volume was $4,230,000.
American Stock volume was 750,000 shares.
Exchange
Closing Prices
Alden Ins. Any Allied Chemicals Allied Mills Ind. Allis Chalmers American Airline
American Cranamide Co. Am. Mach. dry. American Metal
American Binelting An. Sugar Ref. American Tet & Tei American Tob. "B" Anacunda Copper Armco Steel
Ate our
Baldwin-Lama-lam Baltimore & Ohio
Bendix Aviation Corp. Benguet Cons Bethlehem Steel
Boeing Airplane
It was 104 per
Borden (The) Co.
Burroughs Add Machine
Canadian Paciße R.
|
Cass (3; 1.) Co.
Financial Corp.
Total industrial production last year was 80.3 per cent above The trading tempo quickened that for 1950, arst "normal" year gradually after a quiet start, after the war. Buyers' confidence strengthend cent above the 1930 level.
For capital goods, the figures with
reports of continued heavy
entries preducer
under the were 128.4 per cent up on 1950, cent up on 1980; for 24734-240 loan programme and an utten-180 per
goods 85.4 per cent "free" consuMET dant tightening in the
up on 1950, 87 per cent up on cotton
138-140n
$13,500
Cat. Tractor
Celanese Corp. Chase Manhai. Bank Chrysler Motor Colgate-Palmolive Co.
restal proposals for a 1936; and for food and drinks Commercial Credit
of
Year's
49.7
per cent up on
1930, 08 per cent up on 1836.
Producilon of electric power last year was 11.5 per cent up on 1954.-China Mali Special.
rigid high price industry on basic crops, and supports possibilities that a farm bill may bo completed in time to apply to this
crops, generated additional price-Lifting power.
Buying orders credited to commission houses, New Orleans interests, Liverpool brokers and bushel as scattered trade accounts absorb
ed bale-up realising and hedge selling.
marking time awatt ferred 10
WINNIPEG PRICES
Winnipeg, Jan. 25. Prices of grain futures closed today in follows:
cents per
Belgian Tax On Gold
further Transactions
No. 1 rubber
the
No. crepo
Robber Co
Opening
$1.83
British Borneo
Petroleums Hyndicale
444 Gd
Consolidated Tin
Smelters Ord
20m 32
Fraser & Neave Lid Ord.
$1.80
$1.05
to
In-
Firngkong & Shanghai
Exchange
Ostr
May
701%
Banking Corp.
$910 cd
July
12
Hoogkong Tin Ltd
gald they
Kempas Lid
42.03
London, Jan. 26.
Oct.
70%
Luns Rubber Estates Lid,
*ew York
2.00 1-2%
Rye
$4.10
Malayan Breweries
$3.50
Montreal
139 89-130.47
10.624-10.027
2.00-2.00-/10
May
11434
July
61.03
1109
11.733%-11.731
14.20
80.10-80.15
Barley
Volumo
Singapore Cold Storage South British
Milan
176334-1764
$1.60
Forlo
134-905
May July
100%
were:
18
Month
Oct.
Stockholm
March
13,000
505,400
Insurance Co. Ltd.
(27.10
Straits Trading Streils Bicamahip
Others were unchanged,
Xay
21.400 100,400
$20.78
May
302
$12.70
United Engineers Ord. Wearne Bros.
$0.25
12.02
July Get.
Wheat No. 4, 1023⁄4, cents;. Karch
300
32A
July October December
14.000
287,300
11,700
200,200
6,100
170 200
2,600
07,000
No. 5, 124 cents-United Press.
May
Jur Total
1,600 300
33,000 2.200
The fact that all kinds of cloth ing, in edition to bicycles and radies and such-like crosumer goods, are bought by many people on the instalment
system and that nuw flats are being sold in stead of rentea in Medrid and the banks have to finance these purchases, may have some
effect on credits.
Hard Core
The hard core of tourists, sky
800,000 a year who spend some time here each year, as opposed
visits,
to some 600,000 who came in on day considerabla quantities
consuming
of
Spain's limited supplies of good quality Ash and meat may affect food prieda slightly.
New Serendah
Rubber Co. Lid, Petaling Tin Ltd. Rames Hotel
China Mail Spacial.
Amsterdamı
Brunein Frankfurt I.'sbon
1597-16.6336 Fissood
New York foreign exchange rales were unavailable.-United Press,
ments on farm legislation.
The certificated stock declined 640 balce to 15,081 bales.
and open
interest
Brussels, Jan. 25.
A Ministerial circular has
Comingawealth Elec. Consolidated Edison Continental 0 of Del. Continental Steel Corn Products
Crane Co. Crawn Zollerbach Cuban Amer, Sugar
Radio Corporation Republic Bioel.... Reynolds Metal Shell Oil Co..... Baint Reg. Paper Sinclair Of ....... Socons Vacuum
Bouth Porto Rico Sugar
Bouthern Makkal Gas
* 211, Southern Hailway (Com.)
Standard Brands
108
"341
65
Btandard Oil of Cal.
Standard Oil of Ind.
asas | Standard Dil of NJ.
04
25
33
Sterling Drug Co.
| Stokoly-Van_Camp.
Studebaker-Packard Carp.
Swift & Co.
Texas.Co.
100% Tide Water Am. Oit
Twenty Century Fox Film Bay Union Carbido
Union Pacific Railway United Aircraft
1614
18. Gypsum
VA Line Co.
06. Rubber TUB melting 167) US Strel ... **EN Westinghouse Meetris
West Va. Pulp & Paper Woolworth
-United PreRR,
Exchange Rates
Business was done in the local unofficial exchange market this 48% morning at the following rates! vitu.s. dollar (per #11
381
Bterling notes (per 61)**** 28.7 20 Australian notes (por él) .. 12,4 30% Indonesian rupiah (per 100) 34.5 5a1 Blum tical (per 100).
Singapore (Btraits)
30%
A NEW COMPANY?
been issued here to clarify From the word "GO"
Volume Open interest | certain questions raised on
the recent decision of the Belgian National Bank to authorise the free sale in, import into and export from $0.400 1,580,000 baka Belgium of gold in coin and ingot form.
NEW YORK
Modest Advance New York Sugar Prices of futures closed today
In London
London, Jan. 25.
Market
Now, York, Jan. 25.
World No. 4 sugar futures today closed unchanged to 2 points lower with sales of 14 contracts.
as follows:
25.400
34.00-01 34,00-01
30.20
·Spot
Mar
May
2.90
Oct.
31.30
Dec
20.00
Mar.
30,80
MAY
30,01
** NEW ORLEANS.
Increasing Government de-
posits of foreign currency abroad
Oil shares sparked a modest advance by most
could also contribute to in
Domestic No, 6 sugar futures closed unchanged to 1 point as follows: higher
Spot. with sulbs of 10
Briti Restricted activity to both
Prices of futures closed today
interests:
184. Contvent. No, d <world)-
for financing Spanish purchases sections of the London Stock Exchange today.
nation, but the suggestion that Olls opened strong and mondy dway from
on salariés
grice up la not taken seriously other leaders
with a gain
contracts.
full employment pu
puta pressure pushed ahead throughout the government, bords and inte in controue originated delay and helps to push assion. Royal Dutch thisbed dustrial, khutes, The - "kills" | bowden bra
nearly £1, and weakened after a firm start and i futuros). problem is
advanced from Anished with numerous tipo.. by ""to" Industria-three shilling.
to
Upaal lotees, lips rapidly enough to syphon
support which
Spain's economiate
from
How
griculture
at least
enlared selective
Inta Industry and
JandWorkers
Gold and copper shares open- pushed on the strong Alde, than og some other 1,000,000 who are usually unemployed auto shares ahead a silly on tinded to deft lower Pallas Sp during part of
the year.
Unilever was another nooky moved up in line with The Spanish government has feature, mining, is ad: Textiles yforday's, Wall Bizbot advance,
boon
Var miconatul in peasing prices" Alfco, the acute shortsges of a food and other products
73EŃ 12 1931.
more.
advances.
and store. where DeRid German benda wote lule in the foreign action. A few Japanels Spis observers noted a trend Insuns closed fedetäonally-lower':
institutioripa Investment--United Press.
“Daci
May
'July
#Future closinas, – izv.
bid contest
Naw contract
$24.0000
wero
It says that, when' a purchasu of the gold is made to cover a purely monetary transaction. the sale is exempt from sales and Invoice tax,
bankers,
Gold imports by stockbrokers and private i dividuals or investments are nŭp exempt.
Not Applicable
Tax exemption, however, i not applicable
to
made by jewellers, goldsmiths or any other consumer who intends to process the gold in any way.
Bankers and stockbrokers whe
Beglum are pelled to ensure the at the sales tax
العام الصحة
of 100
Frammes of gold w available to
68,000
Bag Mila tom the
Bio is not soo
five per cent palas Mail Special
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