THE CHINA MAIL, MONDAY, MARCH 12, 1956.-
TRADE and
COMMERCE
US BUSINESS CONTINUED
Cruzeiro Devaluation Reports
Rio de Janeiro,
Mar. 11. Financial, business and government circles buzzed today with reports that, the Brazilian government is about to devalue the national Currency cruzeiro,
Studied
relicener
the
Bernards ist likely to be matc the planning was seen as substance for the report
Finance Menestar Jose Maze ¦ Alkhan when prestioned and mus The reports repliesk "The only ?6t$$ 「 「H1v** 1R1ifu{, fixe chatige veform is Fran the mewspaper
what I ge
Pudent Juscelino Kubutuhk
A PUPD
The plan 4.
ty emplent 1 have decided never
Kr
104
yablem
ANSERVOT »
ntry thing
14፡
1011
that the brusting used by both Kubitschek
insel Alkha
1-
alicated That iL prative 201 #1027t will be made am
REDUCTION
StHitc{kuvdif3rt AuFiex 5ICE- bited that the foreign exchange rate for the quzriro would be
sedured from about 70 crúzvitva
per dollar to 80, 90, perhaps
even 100
The clevatuation,
pur Axe "f The bservers sal
TTS ADVANCE
But Some Soft Spots Were Noticeable Last Week
By JOHN MORKA
New York, Mar. 11.
The United States business continued its upward trend to reflect underlying sources of strength, although there were some soft spots noticeable last week.
Personal income remains high. Business,outlays for new construction and plant improvement are also high and are expected to remain so for the balance of the year. Although industrial production appears to have slipped somewhat of late, overall activity remains near peaks.
A Worldwide
Cotton Quota Establishment
El Paso, Texas, Mar 11 The Supimi Ansociation of America today urged establish ment of worldwide quote winch would reduce US imports of all long staple cottons.
The Associatiota represent: about 5,000 growers of Amerl- would be to attract foreign can extra stople collon in Texas,
A vestors by offering them more New Mexico and Arizona. cruzels for their dollars. There mual meeting, it also urged pointed
out that Kubitsclick disposal of stocks already held egerly seeking foreign capital by the US government for its brand economic develope quent pivigramme
Bu als would be taking a long-range Ramble the currency stamate would foreign trade sufficiently dive Bruzi, a dollar surplus bread
Devaluation would reduce the prices of most goods Brazit solis
with the exception of abroad. coffee and cotlun which are ex- peted at pegged exchange rate
Quited freAN.
RUSSIAN-ASSISTED
STEEL PLANT
New Delhi, Mar 11 Russia and India have gred
n al detalls of the Russing- astified construction of a sieci oint Bhilai, India
The Indian government
its approvat t
s
the
ita vo
the Gual blue- works
strel
arked out by Russian steel ex- perte
brief eramony
In a Which Soviet deputy Minister V. G Khlebníkov was pissent.
Th
will have three plan furnaces. Half the east of con- struction und equipment will be Soviet government inet by a san to India at two and a half interest payable in per cent twelve annual Instalments.
"J
th
171 the leave themi clearing Our
of
ا.
Although auto sales and pro- en som * ?rust signs pjckup last week, there were
Javots
'
K
tarios tur
tion 24.
435 new
ال
Lume
Autos Mixed
On the farm front, American farmers fuerrased their market- ings in 1955, but their net in- rome tell 9 per cent from 1954. 1042. And the lowest
through clowntren continued Janunty, according to the DC- Over parliment of Agriculture
1,000 wrokers in the them im- plement plants of Minneapolis- Moline Co., were being laid off Jast week duc 10 stumping
Work Force
Steed op MAKING
L+t fleet heading for jauk (rveks was
price vise and possible labour Milfe this summer as negotiu-
Inbour paet Although spending for new homes was down, contract jenjes,
she wed awards
gnin generally With personal in- !comes generally high, farmers i continued to far behind, amid
Elsewhere, there was concern reports of production cutbacks and layoffs in the form imple-about the rising trend toward automation Unions have felt ment industry.
that one of their prime dangers these days 15 growing They machinisation of Industry, Malet that we kers' Jeba arz et The auto industry especially
stake tendencies wit
This feeling ts behind showed mixed
the growing unkou demand for sturizi werk Stubeløker
woge. manual guarnateed + This week, Riph J. Corliser, President of the glani General Electric Co., told the Economic Club of New York that automa- tion, for from causing
15
only employment solution "f Our long-range problem of employment. forecast that a rising population and improvement in standard of j
40 living will necessitate a per cent rise in national vulpul In!
Menn- ten years the next while, he said, the work force. will rise by only 14 per cent.
laying at 1.000 workers, white Chrysine Corp. rented 13747 0 than 5,000 workers, idle sincs 2 With the Ap- February
auto süles proach of sprung. have plekel up, prompting a cent bike la production 10 per schedules for March The industry has now set its sighis, or March output of 10,000, or more tha11 about 10 per cent February.
The
He
SECTION
MAJOR SHIPPING TASK
The largest refinery column over built in the United Kingdom was floated, two miles will be down the Thames from Greenwich to King V Dock on February 23. The columi erected in the catalytic cracking unit in the Shell Company's Cardon Refinery in Venezuela. Weighing 147 tons, It is 143 feet long and 10 feet 2 inches in diameter. Picture shows: The column is lifted aboard the mv Loch Ryan, for shipment to Venezuela, by the 150-ton PLA
floating crane London Mammoth. (A Shell Photograph),
Malayan Timber New York Stocks
כון
sawn
Exports
Kuala Lumpur, Mar. İL
Malaya last year experi- nearly 150,000 tons of
timber,
worth $26 million Dollars Malayan, According to the Federal Timber Exporters Associa- tion's annual report.
contri. "This valuable button to Malaya's economy Is insufficiently recognised In this country," the report said.--Rouber,
HONGKONG STOCK EXCHANGE
Have One Of Best Weeks
By Elmer Walzer
New York, Mar. 9.
Stocks registered one of their best
NY COTTON FUTURES FLUCTUATE
By William T. Plunkett
New York, Mar. 11. Garatic and wide fluctun- tion kept cotton futures traders off balance this past week while they pondered uncertainties in the farm legislation and the governL- ment's new surplus disposal programme.
After alternate railies and declines over a rango.of $0 a bale, the list at Friday's closo jruled off 10 points.
Meanwhile the nearby farch contract remained practically fastened at the one price of 35.77 cents a pound throughout the wvok. Truding in the spot month |will end in the nean hour on Tuesday. The open position re- maining was estimated around 35,000 baten, supposedly held
by leading spot interests.
CAUTION
Uncertainties
Over possibio repercussions from the Rovern. ment's new export disposal plan kept traders from venturing too for either way, Experts con-
the
that sideird
possiblity
of cotton bought cheaply out the government stock could be used for tender on futures con- Benets.
A ferling of quimion archeon that acore, with some traders holding off awaiting the Departe nicht of Agricultore to clarifying regulations on that phase of the plats.
tho
Loun withdrawals tor sxond week in a row exceeded the rate of entries. Redemptiona for the latest week rose to 11,423 bales, leaving the net stock of 1955 cop cotton in govern- 8,582,103 bales. ment honds a Pencera
close to estimated 3,000,000 boles of cotton wil
of the lon
have to coune ent stock to supply domestic needs
for the remainder of the reason,
gains of the year during the past week with industrials setting a record high, utilitiested Press.
a
new high since April 13.
rails since Dec. 6.
1931, and
Sales almost duplicated those of a week ago. The total rose a mere 138 shares to 14,176,708
Singapore
shares for the five-day period, the most since Stock Market
ve taim essential civilian uses," the ge-
Faid,
long "extra gonization stapic cotion is a cessity. We do not believe it is fuir to our producers to ask them to grow extra
cottons. staple
and then stress astranded once there is
of
skies International
Stock prices hit new highs in fariners-do trat feel ភ
their average early last week reasonable to ask an oppor-
but then eased off in succeeding tunity to build a stable market and demand for their produc-sessions on news of mounting
tensions in the Middle East tion."---United Press
There
selling in shares of oil cunpanies operal- ing in that are alng with a pickup in demand for alrerafts.
And this showing despite the The
week before last investor
listing of Ford Motor Co. shares sentiment anul business gentrul
(From Our Correspondent) on Wednesday. Ford provided Dy
big psychological boost
turnover of 40,800 shares on the Eisenhower President when
Business done on the Hong, werk. Its first sale on the stock said he would seek re-election. February 15. But as an in Iration trong Stock Exchange this morn-
Later it exchange was at $32. Bat the unsettling developments of exorall confidence the fu, ing amounted to approximately fell to $81% and railled the end in the Middle East Dat werkture, the auto industry is betting $800,000. Noon quotations and of the week to $83, helped curb investor buying to
millions On
They the morning's transactions: prosperity. Lome extent
have
BILARES BUYERS SELLERS SALES
Austrian Trade
Fair
Vienna, Mar. 11 Austria's lorgest post-war
with fol
foreign 10 rule Countries represented opens here tomorrow,
The fair, the twentieth since 1945, will present 1,846 foreign Arms Including tio from the United States, 100 from France, Britain and Great 107 iron 1,152 from Western Germany.
Other countries to exhibit are
was
Ford Stock
Last week saw the first up- pearance of the Ford Molor flock on the New York Stork Exchange.
to
around
Sales and production are off from year ago, but they have been running at a rate second only to just year's ull-time record of sales and production Layoffs in the auto and auto purts industry have been mainly responsible for a rise of 40,000 In the unemployed
In rolin Detrail
.11 The meth ended
carmarked
some
| $2,000,000,000 for plants and
equipment in 1956
But more
asking for will be
The Bhai steel works will have a capacity of one million tons of steel Inguts and 300,000 Kas of saleuble pig iron. Its potential can be increased to 1,300,000 tesis of ingots any
simul- open time," informed SOURCES said. tuneously with the trade fair. United Press
importantly than these softnesses in the auto
industry. business mcu ETE |
the watching
coming
steel Contracts Jubour negotiations. covering some 650,000 workers Ford stock was previously
Junz 30. Although over the counter, and expire on traded
Inhour Jabour and Switzerland, Belgium, Denmark, the price was gratly offered at down
management talk The Netherlands, and Italy.
of a strike, the $64.50 a shore, It went up as
possibility
Unions, others aren't
50 sure, Tho annual international much as $71 and then fell down
$59 The
stock skin
among other Vienna nutomobile - exhibition
week-end with alt car producing countrica opened on Wednesday at $62.
to
Sonic According
pay. International
see the overa}} To participate will
union deraand hitting as high Statistical Bureau, auto sales for 1056
as 40 cents an hour, though the. a whole should be DA a
uhlons will probably setile down around 15 per cent
Jers.
Some Industry leaders despite
expected fourth un
feet that any wage rise will | Industry quarter resurgence. earnings, says the Bureau, will have to come out of new boost be off compatibly. With For in steci prices. According to and Chrysler harder, hit than Iron Age, national metalworking General Motors.
weekly, if last year's strategy is any eriterion, the outcome of
United Press.
Canadian Wheat For Iron
Curtain Countries
Ottawa, Mar. 11.
com-
The Bureau has the following comment or individual panies: General Motors, "the best quality and least vulner- able issue in the.
group, ap-ment, it has discounted to a parently
the negotiations will be in doubt until the last minute. Chances gre 50-50 for a peaceful settle- added Meanwhile, despito same sinckening in de-
other industries are pressing for steel deliverios.
Iron Curtain countries will take delivery of considerable extent the current and from the auto industry,
of industry readjust period
Ford, "on the basis of the ap- proximately eight carned in 1955, fs selling at about 71⁄2
at least 40-million bushels of Canadian wheatment." between now and the end of July, Federal grain authorities estimated today.
The Communist purchases, plus expected orders from non-Communist European countries whose winter wheat crops failed, are expected to boost Canada's 1955-56 crop year exports to more than 300-million bushels.
dangerous
year.
Want Pay Rise
Elsewhere, in New England, the textile workers unlo—--re- presenting some 121,000 workers
mes earnings. However, it is to measure against the company's all-time record
Some Attraction
"Earnings could drop as low And in the last crap year this coun-year last Aug. 1 the country had ns $6.50-60.00 in 1950. try exported 250-million bushels. à carry over of almost onc- the issue now selling below the
year expected improve billion bushels. If export business offering price, is fully priced."
will represent intut
almost should total its expected 300-
romains Chrysler
# most Press, entirely the success of govern-million bushels and domestic ( interesting speculation.
The fully discounted iment trade officials and salesmen consumption reached 150-million market never
This
the
BANKS
IK Bonic INSURANCES
Union
Lomshari SILIPPING
1680 1000
Pis
Waterboat..
ZA
DOCKS, ETC.
K. Whart Dock
73
33
2700 39
Wheelock
LAND, ETC.
HK Hotel
Sept. 30. The daily average
Was 2,835,341
shares, against 2,835,314 in the previous week.
The Industrial average closed at 497.84, up 0.00 points and within less than three points of
There the maglea 500-mark.
$1 000 ❘ was a better gain in the week
ended
Feb. 3 {IT
when the weekly rise was 10.88 points. best since Nov. 5, 1953.
Rails closed the week at on the Provident O 14.10 14.0 1000 14.40 105.99, up 3.20 points
week and utility 87.00, up 1.16 points.
Jt.145
*XD .... 14.60 14.50 1000 in 14,50
JK Land
Humphreys KD
RUBREN
A. Rubber
UTILITIES
Tram
60 611
10.33
--
1.70 100
201
2420 24.30 500 # 24.20 2400 or 24.30 Yatuna Ferry 104 105 200 v 100
SLAY Ferry XD
1:30
Several Records
The market climate favoured the bulls-better earnings state- ments, including several records, a pickup automobile prodite-
C. Liam roi 21,40 2300 2000 21.30tion following improved
C. Light (N)
Electric X All 30 30
Maçao
Bec 101
Масло
Elec (N)
0.70
1.30 Telephone 32; 33%
INDUSTRIALS
sales
for the Industry; favourable building reports; a long list of higher dividends,
several
100 v1.00
00 18.70
20030 00
stock splits.
DOUG 13
500 134
and
ap-
A total of 1,421 issues peared on the tape, most eluce 2500 54% Feb, 3. Of that number 918 most since Feb. 24, 355 declined and 150 held un- 2200 33.23 changed. 1000 33
9333.78 advanced.
1406 33.50
There were 175 new highs zet for 1955-60, the most since Cement X 34% 3% 200 g 34 STORES, ETC.
when 176 last Sept. 23 week Dalry C. 17.20 1713 418 i 12.30 made new 1955 highs. There
Watechs
-17.30 11.00 were only 14 new lows fewest 11.00 In more than a year.
1000 ....11 50 11.00 500 1000
GOOD
5.30
La Crawford 34 30 COTTONE
The gains extended to more than 10 points in some instances. Textile Corp. 5.30 Nanying
7.50 7.65 2000 7.05 The metal Issues made the best, MISCELLANEOUS ·
showing. Steels were higher but ;
Yangtze Ailled
4.70 CA0 5.30 2.40 1000 ĐỘ
8.
US RAW COTTON.
>EXPORT
In small amounts because their rise began late in the week. The same applied to the autos.
of 281 firms are pressing for
Glass stocks were outstanding thele Arst pay hike in five
porformers with gains running yours. The New England effort
to 182 points in Owens Corn- is described as the start of
New York, Mar. 11. lug Fiberglass. In
the Haw cotton
by aluminium group, exports
Aluminium nation-wide campaign by union to obtain wage increases destination or reported in bales Lid, rose 91⁄2 points. Kënnocolt Bome 1,000,000 workers |by the New York Cotton Ex- gained 8% to top the coppers." for throughout the country.-United change for 1955-56 season na to
Fob. 30, were as follows:- Britain
for the Canadian wheat board in buslicis, stocks would stand at the substantial earnings of 1956, London Foreign
the about 660-milion bushels on July preferring to adopt a wall and
nogotiating markets In Communist world.
31 when she cìpp year ends,
Canadian whont lips been soll-
see attitude. i reference to the ability to maintain company's
wider..prost grain authorities move toward
ing in vastly improved volune That would be a substantistite increased markets any
in recent werks and the out improvement,
Exchange
'Lpnilon, Mar., 11.
Continent
Orien
Canada
Total for export" Bae, perlock last Year" *excluding intere.
86,394 254,807 $72,000 00,200 1,014,307 143,187
United Press.
Singapore Rubber Market
Singapore, Mar. 11. Tubber The
market
~Was with featureless on Saturday minor fluctuations. Future
look for the immediate future is admit. But they are not prepared margins would have a suli Foreign exchange rates closed Exchange Rates sings were
*1zgözden ||as, highly favourable, to concede that it would constantial effect on carning power, on Saturday as follows:
grain authorities. hare the end of the surplus
"TC
wheat
warned against any conclusions problem. Stocks still would be very open continue New York
but not with- Montreal hat the ind of its country's sufficiently heavy to <topress out some
on, Studebaker-purses Is In prices and losve
American Motor's Park the márket | Packan) and: surplus wheat worries sight.
vulnerable to that effect if Ahh | have pij. Ihrough
trying The Experts point out that atjautumn's crop should it again be adjustment periods and could urish
do better over the longer term.” the start of the present crop Large-United Press,
No. 1 rubber per. 1. Mar, 0835-00 April 971-06. Businar was ''done in the local unancial #mchongo markat f
May unquoted morning, at the following rates! No. 2 rubber. per th, Mar. Pa
BRO No:3 *170015+3933 U.s." dólar (per $1) ¿AR 10 No.4
Starling notes... (per: 22)
Boat rubber Unbaled Australian nouns (per £11, 7,
Tab No. 1 pale crope Indonesian rupiah (per 100; Alam tient par 100
20.30 Blanket crepe Blogapore (firsiin)
Ollern were unchanged.
ted Press,
-United Prosh,
Newmont Mining company holding mining stocka, polned 9 points.
Demand for the copper pe- flected high prices for the metal and several highly favourable carnius reports from the Industry.
Expectation
Singapore, Mar. 12. Brokers today following stock nrlees:
quoter the
Batu Easter Rubber Co.
Lid. British Borneo Petroleum
Syndicate
Opening
$1.00
41/01 Consolidated in Smelters
Ord
27/80 Fraser & Nenya Lid. Ord. 31.70
Neave a cum. Fraser &
prof.
Flangkong
$5.00
2000 ti
Banking Corp. Zenith ran up 13 points in the Hongkong Tin Ltd. Flertronics; _American up 8 in | Kempas “Ltd.
Petaling T ́Lid,
Lid.
the
airtas Ilotol
the sugars: Babcock & Wilcox, Lungs Rubber Estates Ltd. up in the group interested in Malayan Brewerien
New Berandah Rubber" the atom; West Virginis Pulp & Paper up 9% in the papers, Wall Street experts said averages bad nenetrated/far enough into the upper resistance level to warrant expectation of j Straits Trading
Steamship further advances to well above
United Envincent Ord the 500-mark for the industrial Wure Broa average.--United Press.
A
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