Page
TRADE
THE CHINA MAIL, TUESDAY, JANUARY 31, 1956.
and COMMERCE SECTION
WORLD Eden Will Need Nation's Japs Adopting Hongkong Rubber Shoes
RUBBER MARKETS
New York, Jen. 30. No. 1 R rubber futures 10- day closed 148 to 270 lower with males
tracts.
of 641
points
<'{1}) -
The standard contract closed 100 to 300 points lower 18/131 sales of 12 contracts,
weekness
reflected
Market speculative opermiliona and he creased hedg selling studij with the lower London entiles,
thought.
Switching cperations between de:ders cluding exchanges of
Match- Mny contracts proved oubther leoding trading ferture,
London Trade
Russian
buying
reports
Oversers and
pleadiness of shipment
Liberal
HONGKONG Goodwill NY COTTON Trade Policies
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hang- kong Stock
this Exchange morning amounted to $270,000. Noun quotations and the moth- ing'a tranzuctions;
MARER DUYERS RELLENA SALEB
HANKS
TEK Bank
rubber | INSURANCES
si'untion appeared offset by the poor cortNumer IntČTENÍ Its her local spot market.
Spot No. 1 tsp were quoted nominally at 30% rents tr pound. February one sheen were done at 381⁄2 cents and March ones at 380 cents with further sellers
Futures;
MAY
July
Septembæt
Deceinker
Old Ess No. 1
New Standard contract
Mmch
M...
July
September
December
Mart
BINGAPORE
The market was
Lombard
DOKS, ENT
X Whart
Provident (Old) Whreback
LAND, E{" HK Hotel
ILK Land Italy
RUDBER
A Hulsber
CALITIES
36.21
Star Ferry'
3300
1740 1750
(KK)
#H]
701
33 33.
18 20 1015
son f. 1300 +
30 195
nas
02 03, 200 40 00 20
2016 2000 225
1 75 1 BAY SONT cr 170
24.00 24 10 000 « 24 76
140
130
Y'Tuath Fery 100 100 30
230 M
FUTURES
Inflation Threat IRREGULAR
Hangs
Over Country
Prime
From Our Economic Correspondent
London, Jan. 30. Whatever political success Minister Eden registers with President Eisenhower at his Washington talks he will meet a torrent of advice on how to halt inflation at home when he returns 'to Britain's prime problem.
www.g
New York, Jan. 30. Cotton futures today moved irregularly in spas- modically active dealings,
Buoyancy in
the new crop deliveries contrasted with handi- rapped rallying tendencles the nearby months,
Jn
Congressional proposats for a return to rigld 00 per cent parity price Aupports. and other MenSUNCA aimeri W₤ bolstering farm income, brought a scattered As the la er
buying movement deliveries.
With sellers cautious pending Washington developments (27) the farm legislu.ion, se lets ron- trued
lo pructise a cotition jlley
Reviving activity in the tex-
portion of the current erop now. under
the government Tuan shelter, wer
were other price-shaping interces.
Nearby
Inflation is highlighted in speeches by tile markets, and the gland-stred financiers and bank chairmen. Inflation-.. or its cure will decide whether the country will continue to back the Tory 200 Government or vote Labour at the next
Lelection.
אן!
C Light (0) 14 23,00 2300 in 22 d 9. Ligna IND 1080 11 Electric
44
3550
Maçao Electric
3410
(014)
33.00
(New)
Ab 6,20
32.201
Telephone
331, 33 73
3140
INDUSTRIALS
quiet and
Comment STORES. EN.
Dauty Waterm
37% 377%
600.1+
3003775
18 18 BU 12 50
easier on some liquidation and lack of interest. Futures were:
Nu I rubber per Ib
Feb.
Mar.
April
No. 2 rubber per .
rubber per it.
10646-1001 108-Ion
unquoted
10711-10754
1001-10714
MISCELLANEOUS
Feb.
No
3
reb
No
4 rubber per
Feb.
Blanket crepe
103-104 108 1081 90-84
Br
119-128
Spot rubber unhaled
No 1 palo crepe
LONDON
Albed
K&FE
Biven
150 1701 CUZ I
$15 (3) 2000 130
KU 30 11 50 Aƒ00 to 13,40
London Foreign
Exchange
New York Montreal Amsterdam11
L'openhagen Funkfurt
Milan Paris
2. le-t
The market was very steady Stockholm with spot quoted at 311% pence
London, Jan. 30.
2.00 11/10-2,00 13/16 2 BU 5/10-2.80 1/16 10.821-10.6215
1931 1932
1),72-1.72, 1754-1704 928432-070415 14.51-14511
yet
drive to produce more scientists for the atomic age.
food
liquidation months met March
OIL the upturn,
along with a scattered selling
the May deliveries.
10
In the spot markols, Atlanta trade reports noted arm In- terest by mills for medium and high grades for shipment through late sumner. Inquiries! for low grades were Intre
numerous,
The
certificated sleek tle- elined 961 bates to 13,801 bales. Volume and Open Interest
But neither die Prime Minister nur the Chancello Jas reveals how the Government
More hopes to contain the creeping
munty is needed fur 411.
what',
farm subaidies st it saps the
following pay pound's value, encourages wage increases to labourers unless demands and discourages saving.
prices in the shops are Consequently drift
the allowed to rise. It is unlikely present keynote in Britain's at any Government cap court economy-shown by dullness in unpopularity by slashing pen- stock market since
Newsions, national the
assistance and Month March Year-the country can only mark housing subskies, The most it MAY time and guess
what
thecould do is to hold expenditure July Government's next
at present levels. moves will be.
12 244-12 24 Others were unchanged. New York foreign exchange i Ti cates were not received Press,
Exchange Rates
Export Trade
However, the country is un- doubledly affected by the credit ¡squeeze. It is hitting sales of wide range of consumer goods including electric washing machines, cookers and 10- -United, frigerators with purchases
washing machines cut by 03 much as
forty-four per cent compared with a year ago.
Corequently firms which local previously made In the
easy money producing for the home market are turning more attention to export træde, if unable to do so some are even laying of men who are immediately absorbed other industries more Interested in exports. Further- more there is now much jess floating money avaliable than Inst summer. Deflated stock market prices show this.
per lb
Prices;
No. I
Bout flam
312%
Belletrical lotse terin
March
Apri
314-31
April/June
30-30!
July/Sept
Oct/Det
29.233.
February
3144-312
zarket
this
March
Auil
inserted
Estale
atajuated
amore at the following rates US dollar sper 81)
2.08
Amsterdam
were
rubber received
prices
United Sam teal (per 1001
Marling notes lyer £11 Australian noten (per *}} Indonesian rupiah (per 100)
13.07
12.44
14.65
20.30
by
Singapore (Strmits)
1.01
General markets, if basis, port
Press.
Busters was done amorficial exchange
York Market
New York
Continues
Steady Advance
New York, Jan. 30.
Stocks carried forward today the advance which last week gave the market its first weekly gain of the year.
Early gains today ranged over a point in many leaders and to more than two points in a few special issues.
Boeing sparked a strong air- craft group, rising 1% to $71% on news of two Air Force orders totaling $303 million for B-82 bombers.
Cine 0.31 Co
Financial Corp
Cal. Tractor
Celanese Corp.
Cine Mazhat. Bank tankedi Colgate-Palmolive Co. Commercial Credit Commonwealth Elec,
American Aviation Continental Os of Del.
1% to $80,
North
climbed
Martin Dynamics to $59. Aircraft to $67 2.
Bath
Glenn Crane Co.
3 to $345. General United
Iron Works picked up
2 points to $53% on Navy
announcement that it has been
awarded a $48,000,000 for three destroyers.
There
мето several
spols in oils.
contract
Crown Zelierbach
Despite this slightly more en- couraging background, govern- ment action is still needed.
There
no shortage of Socialist suggestions A Just one Is the imposition of a capital gains tax to pare fortunes mode
stock by successful
market speculators. Another is control of certain "unessential" imports to stimulate export trade.
Value Of Pound
Additional possibilities are a further increase in the bank rate now four and a half per cent and another squeeze on the credit screw.
Minister and the Chancellor may Whatever decisions the Prime
make, they will, between now
What then is the Government hely to do? If employers are penalled and profits unreason- ably tuxed the Teries would lose the next election. If the level
of wages is threatened, workers can slow production, cripple the export drive and worsen the already adverse terms of trade,
Cut Prices
Prime Minister Eden is likely to appeal to both sides, For without support from employers and workers monetary measures decreed in Whitehall
cannot alone keep prices stendy, ex- ports on the increase and Britons in jobs.
The Prime
Minister has ul- asked employers to cut readly prices rather than increase pro- Ats.
He may urge unions 10 restrain further wago demands once the present claims have been mot.
were:
120
Volume Open interest
12.100 2:01,000
011500
Tokyo, Jan. 30. Japan's Minister of Finance today promised more liberal polleles in her trading with other coun- tries Including reduced tariff and lightened con troin on
on Imporis and Exchange.
The Minlater, Mr Illato Ichimada, was making his polloy statement to the
house
110 Japanese Dici
lower
Mr Ichimada sald Japan should continue her two-
car-old
wound
moncy policy in order that ber further may expand withouri reviving inflationary tendencies.
Mr Japan's
Ichimada Kald Industrial output the current Anancial Year ending March was expected to increase by 10 per cent, national comes by nine por ownt and exports by 28 per cent.
Heald Japan's balance of International payments for calendar 1950 had 3 murplus of neatly $500 million, while her foreign Exchange holdings had excocted $1,300 million at the end of last year China Mail Special.
UK Import Of
Synthetic Rubber
Kuala Lumpur, Jan. 30,
Sir John Hay, one of the Bri- Uish leaders in Malaya's rubber industry, said today that Bri- fain's decision to permit inports of 70,000 tons of United States synthetic
rubber from dollars contributed 137 200 1.599.800 bales wealth pool by Malaya was
to the Common-
"ill timed move."
33,500
22.000
200.800
20.000 201,800
Dec
29,500
170,400
Mai
12,460
14.000
Mey
9.700
38,700
July
1,100
4,000
Totul
NEW YORK
Prices of futures closet today s follows;-
Spot
Mar.
May
July
Oct.
Dec,
Mar.
May
July
NEW ORLEANS
30.03
34.03
53.03
31.08
31.40
31.23
31,00
30.64
Prices of futures closed today as follows:
LIVERPOOL
34.30 34.00 34,00-07 33.00-06
31.01
30.20
3121
31.00
30.02
Then when ΠΡΟΓΕ effelent Futures closings, in pence per techniques, including automa-lb. were as follows: lion, produce bigger profits both employers and workers will be expected to benefit. Monopolies should be doomed dayway when the Monopolies Bill comes into effect later in the year.
Лин
produces an
The Prime Minister, however, will need much goodwill in his anti-Indation fight. In this con- acction city men
remember words of Sir Oliver Franks, diplomat turned banker, who last week as Chairmen of Lloyds Bank told shareholders: "Con- tinuing inflation is in any event ઈં Bocial cvil of the art arbitrary and haphazard redis mogultude. IL
of purchasing power, favouring those whose bargain- ing power is strong, while ex- propriating those whose incomes
Bxed
in terms of monty whose For there are three pointers or who observe restraint in the Is the state of the nation's exercise of the bargaining power
They will guide the they possess.. economy
It undermines Chancellor in making his bud- the whole fabric of long-term get plans. Just now sterling's contracta on which civilised $71% International valuo satisfac economic life depends."
and the gop
(London Express Service). reserves which give concern; latter have fallen by twenty per cent over the year.
1015
2015
and the budget in April closely watch International value of the pound; levd of the trade rap;
18 and the state of gold and dollar are bargaining power is weak
اخرين
317
1774
Diamond Alkail
44
Flow Chemicals
El Paso National Qas
Erie Railroad...
Family Finance Corp. Gen Pub. Util.
Hayden Chemical Homatake Mining Ingersoll-Rand
Dow-Jones closing averages Liggett Meyer Tob. Co
reserves.
471 tory it is the trado
the
But the real sign of positive planning all seek is an expand- ing output per worker without more wage cinims and a reduc- tion in Government expenditure,
237
2534
Olidden Co.
3012
Goodrich (B. F.) Co.
3d
strong
Inland Steel Co.
Texas Co, gained
Interchemical Corp.
4012
7 to $117.
International Paper
110
John-Manville Co.
D-1
Kansas C. Power & Light
were:
Loulavilin & Nosivilje R. Lowenstein Borus
30 industrials
407.50 Masabi fron Corp.
20 Telle
158.15
Minnesota Mining
18 utilities
67.78
Es rocks
26038
40 bonda
Mission Dovalopendat Monsanto Chemical Co. 0904 Motorola Inc.
Comm. future price index
159.17
National Dairy Prod.
Comm. spot price index
157.37
Olin Mathiesori
Moody's "Indest
Owen-llinois Chass
$3 to
Picine Western Oli
Pirke Davis Co.
Pam Bait Co.
Closing Pricas
Alden Inc, Acy.
Allied Mills Ino. American Airline
Amarican Gyanımıda Co.
Am. Mach. • V dry.
Am. Sugar, iter.
Anneo stess
Baldwin Lima-Ham.
Hendle Aviation Corp.
Benetest Cofía.
Bosiper. Airplane
Borden (To) Co.
Murroughs Adds Machling
Phillp Murrik Pauburgh Plate Glass Publloker Industrien
3136 Pute Q4
Reynolds Motal
24 Paint® Reg. Paper #outh Porto Itico Bugat
Houthern, National Gas
Cemp
TO Litryline Prus Co.
Pride Wator
|/wanty Contiacy? Toa+Patri
U.S.be Do.
West Va. Pulp & Paper
Health
Singapore
Stock Market
Singapore, Jan. 31. Brokers today quoted the following stock prices Admittedly, the Government
Opening 1081108 promised to
theBalu Lintang Rubber Co. prune
Ltd. swollen Civil Service of some Brith
$1.87 Borneo Petroleum of its redundant members. It Byndicate
44/- Tin Smelters dis hard to bellove though that Contolidated
Ord. cuts will be made in allocations Fraser & Neave Lti Ordi.. $1.50 w... 29/33 the houlth górvices and Frator & Neave 15% cum, Atioribl istance, the armed
Bonghat education or housing and
soning abBICÍOO.
The peoples' health has never better yet the Gulichaud itted established to report
Committed
be the subject advise that even moro, than tho
the present annual
£400 million should be
BorVicos.
"alo trong m
money is
Kangkong d
prot
...
Banking Corp Hongkong Ti Lu, Kompass Ltd.
use rubber Katates Lid, Malayan Browarien
a Burandalf Hubber Praing ih Litä. folia phôte
Hibgapore Cold Storage
eith Tharance
by ochidation, operigos to expand BEAU steamship technical training facilities to Uhled Eleora Ord.
compaio with Boviet Bunda's Werne
Old contract
Mor/Apri May/June July/Aug. New contract
23.05
24.33
23.04
May/June
da no
July/Aug.
Out/Nov
Dec/Jan. Egyptian_Karnak
Jan/Feb.
20.05
20.40
24.93-20,01
41.35
São Paulo cotton prices were not available.--United Press.
London Oils
And Govt Bonds Bright
London, Jan. 30.
11
Sir John said it was regret- table because Malaya, the chief contributor to the dollar pool, so vitally depended on exports of her own natural rubber,
The reopening of the Chlua marleet to Malayan rubber would not boost Malayan sales, Str Joho sald, because China was short of exchange even to her portlul bark com- mitments to Ceylon.
meet
But Str John agreed the on- look was still quite good for any efficient natural rubly pro- ducer -Reuter.
CHICAGO GRAIN
MARKET
Chicago, Jan, 30. Grains were off to an irregu Jar start on the Board of Trade today. but most prices in- proved considerably before the Anal bell.
Fulure closings were Jus follows:-
Wheat, No. 2, red
Force Canadian Factory To Close
Toronto, Jan. 30.
President Ira G. Needles announced today
B. F. Goodrich (Canada) Limited will suspend its rubber footwear business as soon as present in- ventories are sold.
anvas
Mr Needles shirt the cause of the close out of the 30-year-old business
wns the increasing volume of low jabour cost im- ported rubber footwear "that is being dumped on the Chandlan
market,"
He
arki that Imports of rubber-soled
shoes, chiefly made in Hongkong at low
wage levels, have drained nway more thun
half of the domestic demand. "and water- proof rubber footwear importa are following the same trond. In the first 9 months of 1955, They increased 126 per cent over the sume period In 1054,"
"Unrealistic”
Equal Price Treatment In America
Washington, Jan. 30. President Eisenhower signeri an get intended to give United States exporters mills and pro- cessors equal price treatment on farm products exported in either raw or fished form
** unrealistle
az amendment to the competition
triling farm and the failure of the govern. | {
stocks inent lo stem the flood of im- beat by the government-owned Commodity Credit Corporation le discon 1
"nar which may has more than eight राई Our
thmsane million dollars invested footwear in lee support operations.
!
"The
the
poris has enused us
marketing rubber-soled CMIVAS and our rubber wnterprvot fool-
Foreign buyers have been wear as soon as orders on hand alse to gei these stocks at F are filled and our ample stocks lower
than price
domestic are sold,"
huyers who must pay the KOV- Mr Needles sald, "we will erminent ion rate plus five për cortinue to make our plastic cent for storage and handling. footwear and will study the The B ameschinen; allown possibilities or producing
to buy at nd exporters and milts items."United, the same lower price as forem
purchases „Itanter.
ditional plastic Preas
P&O B.I. E&A
COMPANIES
JABBAR
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwarda
"CORFU"
"CANTON"
"CARTHAGE"
"CHUBAN"
Leaves London Que Hongkong
Salled
1st February 29th February
151) Mareli
C1 February
11 March
2nd April
13th Apri
Via Bouthampton, Port Bald. Aden, Bombay, Calombo, Penang & Bingapore
Bomewarde
"CORFU"
"CANTON"
"CARTHAGE"
*"CHUSAN"
Leares Rongkong Due Lendeb
10th February
9th March
1th April
2615 April
12th March
At Apri
7
May
Mex
Via Singapore, Penang, Colombo, Hombay. Aces,
Port Sold & London
*Also Calls Marseilles.
"SURAT
"SURAT
FREIGHT SERVICE
dun 1th Feb from ti all 11th Feb. for Japan toads 2nd Mar
"SHILLONG" due 4: Mar.
for Spore. P. Swetten-
MAIN, Petion. Aden,
Port Bald. Genoa, Mar. seilles. Londra,
liam- IMETA.
Aulwern
Rotterdam
tram UK.
Pails Mar. Tor Juan
With Uberty to call at Belatran before or after Atruita Ports and at Bombay it Indacement offers. Tanks available for carriage of Ol in Bulk. Space for refrigerpled cargo. Limited Passenger *ccommodation
BRITISH INDIA S.N. CO., LTD.. 1850-A HUndred yeaRS OF SERVICE-1050 "SIRDHANA" due 5th Feb. from Calcutta, Rangoon
* Straito "SANTHIA”
Rails Bl: Feb, for Singaporo, Penang A Calcutta "FULTALA" malis 11th Feb.
Spot
Mor 2111 200%) 211
Mar
July Sept. NOY.
21511 20734-15 JPT-198 200
704*
Corn, No. 2 yellow
Spel
Mar.
127-12734 1231%
Moy
133-
July
130-1
Sept.
1300%
Nov.
13
"ORMABA"
Вус
Mar. Mat
tions drifted lower in quiet soybeans, No. 2, yellow dealings on the Exchange today.
12336-174 12414
for Singapore, Chitin- gong & Rangono. mals 13th Feb. for Singapore, Penang. Jangoon,
Calcutta Chittagong
P. G O./B. I. JOINT SERVICE "OZAƑDA”
Oil shares and British Oats government bonds bright, but most other sec-
wero
Mar May
0424
London
"OINA"
"ORDIA"
Spot Jan.
Mor.
Government stocks found in- vestment support and tacked on gains ranging to nearly £ in
Mary
July
Nov.
Sept.
2471 deleted 2431- 231-11
2436
"ORNA"
230-23074
harley. apot
130-140
Shell Transport and Burmah New York Bour 200 ib, sack $13,400 sparked the oils in a modest forward trend which prolonged throughout the session.
WINNIPEG PRICES
Industrial groups generally
some cases.
Winniprog, Jan. 30. Prices of grain futures closed
cased, bu
but kept most losses to today In fractions. Unilever and Borax follows:
cents per bushel as
Consolidated weakened, and Bri-
tish Ford pulled auto shares date
lower. But Bowater managed a
May
July
15.05
$20ed
small gain, and English Chinn
Oct.
Clay, also moved against trend.
the
Rye
May
Gold shares found little sup port. Copper and other metals Barley cased.
July
Oct
May
$1.00
A tow Japanese and Greek bonds posted small gains in an otherwise quist Korean bond section.
July
Oct.
#akses.
MAY
July
Oct
Dollar stock moved Irregui-
$3,800
insly higher with Shell in the Wheek, No. 8, northern, 182% forefront of the advancing con-cents, No. 5. 124 conte-United tingent-United Press.
Press,.
loads 4th Fab.
Uue 19th Feb. mal 24th Feb. due 23th Feb.
for S'pore.
BOMBAY, Bhavnagar, Karachi,
Basrah,
Kuwait
Khorramshahr
frum Bombay. for Japan
from Karachi & Dom- tay sal 28th Feb. ter Japan
salts 20th Mar. for singapore. Madras.
Colombo, BOMBAY & Karachi
EASTERN & AUSTRALIAN 5.S. CO., LTD.
"NELLORE"
due 4th Feb, from Australia salis Oth Feb, for Japan
"ARAFULA”, dos
4 Feb. 1om Japan safle (tit Feb. for Bandakad, NARAUL, Brisbane, Sydney, Mel- hourne & Kaelade
All vessels have Überty to call at sny porta on or. off the route & the route & sailing are subjook · to change or amendment with or without notice,
Tor full particulurs apply to MACKINNON. MACKENZIE & CO. OF HONG KONG LTD.
Telephone Nos. 27721-4 .