Bis
TRADE
THE CHINA MAIL, MONDAY, APRIL 2, 1956,
and
COMMERCE
US Economy Ends Quarter On High Note
By John Morka
New York, Apr. 1.
The United States neared the close of first-quarter 1956 on a high note.
and
The accent was on business expansion, soaring profits employment prosperity corporate
generally.
dividends,
high
There was less unanimity as to what direction the current boom
would take.
Some vireles wondered whether
US
furt reache Ex
"At the
had mod qui pen
same time, expensă n
peak in the thought the Conolly to
aves th would te hucky the buying power of the pube
reinin
cument 204
421 her. th Journal
50
m
-
example, w wacther laruess snildener was, not in t outrunning business statisties. West
Commerce Secretary
Stuclar
The UN A
a good chan » 19**
11.
Ant
a
152
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St
CDZIEJ KUNICS any fack at the Meanwhile
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H",
export
domesti Suffering vitals in-
now will have turard out som 31,700,000
the first quar
in
Trefs
..
the
da ty nadie:
Test
by the day, DIC fall provin mon Jame
Car Sales
demands ht (ped when The den lagen m the Brat plans that the US h Reasealsig dustrial might not be able to toži
11 mendous tex The will upe ་
dong id. its of Government i la mal private matosity, this you Prentice-Hall
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The 1955 Jorda Th
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Th
E EIZE
Jap Brassiere Imports
New York. Apr. 1. Japanese brassiere lin- forts are causing Canadian manufakturers soché An- xlely, accordliig to reports here.
Considerable quantities of Jupiiitno-made brúa arð said to BS bäitiplela stööüit for the ëldslio stráp at back and tile hook-and-
eye fastenings.
No Exact ehtek on tite quantities in bossible at this time, it was saill, since (liene imperis are listed in Import ligttres “münufactüres
under
or whatever the maln fabric may be they dre reportedly not listed under "corsets, rirdies and brassieres."
The foundation garment fas Industry of Canada taken up the matter with Canadian customs offjolala, it was mald.Inited Press,
EUROPE CUTS
The would be a new hut
perlod. in- ptimistic ww the casting DOWN
through
Thato try war
appuching
Col
wil helpe
a! huge pa kog od ma ol
Jer levels.
ar 11
by J
4 111 ניני
SECTION
First
New York Stock Market Review
South Carolina Law Against Japanese Textiles Row
Washington, Apr. 1.
US officials said today that a recently-enacted South Carolina luw, aimed against Japanese Ex-havigation between Japan and the United States. textiles may violate the treaty of commerce and
By Joseph Michalski
New York, Apr. 1. Prices on the New York Stock change moved downward this past week,
marking the first decline in seven weeks. officials are conferring to see Industry endangered by
what action may be taken to Japanese get the southern Flate to remove cited Oigures showing
Trading was slow on a sell-off early in the week but picked up sharply on a strong rally on Wednesday and Thursday. This rally failed to crase losses completely but came within a sliade of doing so.
The market made a strong codieback on Wednesday and an Thursday industrial shares pustied to new all-time high ground. However, in the last jour
profil- of trading. taking developed and as a re- SUL, the industrial average receded from its all-time peak, The rails, however, closed out the week
levels at their best since Oct. 22, 1929.
As measured by the averages, Industrials closed the week with Ta lops of 1.24 to 511.79; rallroads were up 0.07 to 171.82; utilities
DOLLARlded 0.07 to 67.39; and the 05
TRADE A AREA
Paris, Apr. 1. Europe is making steady
slocks cased 0.28 to 181.15.
Atomic Energy
weck WAR
Market news throughout the highly favourable, The experts said the liquidation
movement was
hns
due to
profit-
up
he progress. in, cutting down king. They pointed out the
its dollar
trade list area
moving soaring dol-sharply to the past two months were quotas. But
and some welling nt this prodular trade deficits may soon proderers ify (2
1.4. ther
pa
Posc
with
FA
Д serious economic juncture should be expected.
Babcock & Wilcox, associated downik ELDAN problem, an Organisation
wax atomle
energy, mates at alam od 900,000 cars for European
Economic particular bright spol. Compellon meanwhite Von-
report re-spurted 44 points to $127.
Elewire, alreraft manufac taring issues run into some milit taking. Lukses WTHT Douglas point with
while ofil-warte copper may have teel 8-10
To ta den. Pro mar-Co-operation /* !:1
# year,
· ༢} ཝཱ་
bevealed today. portedly the 5 pice is up 40 par cent
qized as senters try out all New thengqutees echoed part by Mr Weeks and inste
141
anies angles to me!
During the 15 months period proffi European ahrad who del
was probably that beataess
lure the en
ved by the report the per- around a thente to
products imported slipping shares accounted for "high buyers taise *
Industry spokesmen still it | enlage
by UEFC nations this will be a good year, pos- quota frev sibly serami to 1955. They're from the dollar area rose from much of the selling earlier in
44 to 54 per cent of the OEEC the week. nations total imports from the on softness in the price of the red metal. Later in The week,
ati ! rating G11
placan", and that busines will unre copper to the shore
AYONN
ahead in the two or three!
months if Congress passes pro- pod legislation for
expansion,
Elsewhere
there
There
the
were
economie
new
Copper Retreat
Ehewhere in the US, attralpon July Tren focussed [2 L
There was
Over
a possible stalke in
the
foking for the new 1057 models to give sales a beast. 1 week saw the Ford Motor Co., among domes He
the leaders, forecast "n relativt- other frant,
strength of prices on the stock by good year" for the company. encouraging developments Last
manket, which many take in RI
The company does not look werk.
talk was
good Indlentor of investor
fur anything approaching the that spring pickup in auto sales Business sentiment generally, 1955 pace when it rolled up and in the housing industries
Although prices 101 were records, Ford last week dis- turned the comer.
the historie 500-mark in eset Its 1953 earnings, It ha less talk of
Dow-dones industria) a net income of $430,090,975, or the steel industry this summer. average, prices showed easier $8.19 o share on sales of $5,505,-
Exporters
bustnessmen trends and
Just week.
1954 Copper 022,074. compared nu over the
the United States
carnings of $227,838,876, 4.31 stocks ted
pric genen.] reported they were retreat. The sell-off was taken a share. On its foreign sales, doing better than last year, as stride and dismissed for the Ford carned 1.275 udllion, a
In their New York: they met
most part as simply a technical boost of sume 285 multión. when US cum-
rection on the heels of recent jumped by 4 rises which 14.4 billion total, billion
higher in They are ecunting especially on a booming Europe to keep this favourable export demand at
from
generally
,
ét
move
saw prices their average NOMIE ten per cent inr the last six mos
Market
leadership was sul levels. West European imports
felt to be god, with steels, from the US jumped more than 80 porocal in 1145 with US oils and other so-called blue- exports to about billion
totalling the area
Some Concern
boom
and
But desplie there overt mant-term
of festations prosperity, there was some con- corn over a possible inflationary wage-price spiral.
some
of
Cost of Living
A statistical report last week by US News and World Report gave the industry's position to the following terms:
New cars produced; 1st three months
2,104,500; 16 of free months of 1960, 1,781,700
New Cars sol (including
exports)
of
1st three months of
|chip stocks-queing the way nud
sonic providing
measure strength 10 the list generally,
Many
new Expect profit-taiting to establish long-1999, 1,823,000: 1st three months
guins for capital
tax
1.072,000. 1950, New citrs in dealers hands: Some of this past purposes.
March 1, 1055, 502,700; March 1, week's market nervousness was
1958: 904,200 also attributed to the raising of Interest rate on new loans the Secretary Weeks, in urging brokers and dealers based on hoth business and labour to securities as collateral by two figures watch
pricing policies, New York banks. said, "we must guard against- Many
Living experts feel the market both deftation and creeping In- | is still in
a healthy position. nation."
weck's despite last
business, There were fears that the
The
trend of prices is major combined bupact of private nad pubile spending this year might upward, it bo too much for US Industrial expected to be more moderate prices dropped to their lowest
somewhat than
their
already
material and
a
of
is held, with gainservices,
those in the put few
to
dollar arca.
1 points to $83.
They turned wealt
| however, some New buying The report also revealed that developed in the group, but it In addition to the quota tree was not enough to wipe out the
of im-carller losses. imports a wide range
under On the week, Anaconda was being made ports were very iberal licensing systems in down 34 points to $79%. Kenge
cott Copper fell 14 points to try European countries.
$1984 and Inspiration dropped Mlamt The overall rise of ten per cent 3% points to $131%. was parallelat by Increases of Copper was off more than 3.
Elsewhere, seven, ten ond nine per cent in the three basie trade categories agriculture raw materials and materials and manufactured goods.
Outstripped
mater shares werd
New Highs
#
gain
to
Super
LIVESTOCK
PRICES
Washington, Apr. 1.
received Prices farmNEE'S
for crops and livestock rose two per cent for the month ended March 15. the Agriculture 'Department re- parted today.
The cost of production and Dving supplies purchased by farmers rose of one about two-thirds per cent during the month.
Returns to formiera mid-March avaraged 82 per cent of parity. compared to 81 per cent in mid-February and 86 per cent in mid-March of inst year. United Press,
State Department and legal | South Carolina felt its textile
competition. Thoy
Carotina South
the measure from his books.
8
that
milis nre The law, passed by the State operating at capacity running three shifts per day, and turn- gisture and signed on March lug out a record textile pro- by the Governor of South Caro-
Fduction. lina, tequires all stores selling Japanese textiles to
pro- Slute Departmeni officials minen signs to that effreț. it devilned to speculate at this is derigned to discourage constage on just what they might cumplion of Japanese textiles by do to get a reversal of the resklent:
South Carolina, South Cirulina netion, which is which bar n booming coltotin direct textile Industry of its own. Administratton's
of
No Speculation
has
American situation.
been ditorsed with dapitre officials hem but that the Jalier have male nu format
ofletals sald the
pro-
the
repissentation or 1cal They LEX
isked State Department tudy th malet to ste H something van i be done about the new law
to the opposition
position of encouraging the elimination of trade
restrictions, - United
Press.
NEW US FARM BILL APPROVED
Japanese Embassy offeints sak they have informert
Tokyo af Government In
bant action by South Carolina have had no reaction yet from Thin
the Foreign Ofles. They added, however, that they were certain
officials Toky unhappy about the matter.
Embassy feials sult they were unable to understand why
CHINA
WANTS
SUGAR FROM THE WEST
Washington, Apr. 1.
Washington, Apr. 1. House-Senate conferees on a new farm bill last "most week approved two-priced
plans for rice and wheat,
The plan would mean higher for those crops support prices used in the US Tower supports Tai exports, 1 was eutimated the wheat goan. If put into effect. would thereage the cost of a loaf of brend one cent.
Sceretary
D
Agriculture Fern T. Benson has
opposed both the lec and wheni two- prived programme.
Sen. minor
George D. Alien sald changes made in the plans by the conferees did not make
the them neceptable to Administration.
If the bill becomes law the rice plon will be in efect on
China, like Russia, has been forced to turn to the West for sugar, the Agriculture Department this year's crop. reported today.
of
Germany.
and other
On
On
NEXT YEAR
♫
of
the
would
The Chinese, it said, appear to of the Soviet Union niched lower with Chrysite contracted for about 100.- Communist countries."
wheat, 008 tons of sugar
Secretary for import.
The failure of the Communist Agriculture Benson would have leading the way with
most
It from France and of 2% points to $75%.
Lebanon und some from East states to meet their sugar needs to submit the two-priced plan with homo production has been
to farmers in referendum Russia entered the world sugar regarded as a boon to Western before July 25, if two-thirds of
nullons, especially the farmers exporting
approved 11, prited issues A few high
market in a substantial way last
Cuba.
two-priced programane From October 1954 to January inbred widely. Rohn & Hass, year and in December bought an
The Communist invasion of❘ be effective next year, in wide additional 200,000 tons of Cuban 1056 the period covered in the which usually moves
the Western market has come al ares, jumped $21 points sugar for delivery during 1936.
time when virtually every While report Europe imports from the
East Germany is rea dollar arta jumped 40 per cent $471%. while
In the vils, Volatile intra-European Imports
China, It was
reported in nation in the West is succeeding were only increasing by 15 per oil of California, the highest ported to have sold 21,000 tons sigar importing and exporting priced stock on the big board, Jantiary to have purchased about in efforts to increase production fell 40 points to $1:110.
50,000 tunp on the free world olls featured the week market, with good guins,
Of 1,394
last issues traded weck, 684 advanced and held unchanged. Now were registered by 200
$0 and
made new Ex- United Press.
是少 ortas
The increase was primarily due to Europe booming manu- fucturing plant whose needs for raw material outstripped Europe antl capacity produttive
material resources.
It was not, however, accom- panied by on therease In ports into dier European nations.
Under didinary circumstances
The cost of living in the United States continues to hold steady
according
Intel by Governmen; agencies.
costs
of mid- were unchanged from February wer
While prices
that fallure would have casted month earlier,
a tall In European gold and und most consumers' gools
defelt fond deliur
The reserves. food moved higher,
west effect, however, was masked by level of level since 1950, offsetting the the continuing ligh rise elsewhere. There was a
expenditures in Europe by the the form of military possiblilty of a further rise in US in
contracts, Intra-structure pur- March if food prices stay about con
the cost of main- choses and the same and other consumer
taining the American Army in prices was the
items move up. series of recent price, hilses.
Steel scrap prices moved
There was further afrmation Europe.-United Press,
that the week icading Packaging costs are higher. Can higher at two
steel this pas!
element her been prices, because of recent tinplate centres last week-Chicago and speculailve
are being raised 3 Pittsburgh. increases,
market. the stock per cent. Lumber is up seven heavy melting
scrap were up netivity in Paint per cent in some cases.
speculation i from $5 to $0 a ton, prompting The absence of move charges prices are beginning
leading In looked upon by the experts as upward and petroleum prices dustrialist that the rises were a fretor in the market's favour, are showing Arming tendencies, the result of There have been price rises in export of
tenecked by freight car shortages.
2 g new fears of rising
to
weeks.
Scrap Prices
a number of other industries, top steel i
08
national overtories. Prentice
by
Prices for No. 1 Inrgely missing from The Bank Of England
An "unlimited" E. T. Weir,
20% Rise
In the
THO
in Ratlo
Statement
1250.628
310,754.157 276,081.029 30.638.200 37,270, 72 *United Prem
10.0
Londort, Apr, 1. Bank of England state- for the Week chdcd notably, brass and brass pro- of the National Steel
The big buyers, investment ment
institutions, kraft, coal, called on
among March 27, redds as follows:. ducts, copper,
tu funds, paper,
the government
Stering the nain fuel oil, pipe fittings, among fake corrective action to protect others have betit
Note in circulation ... US Steel mills from othera
what he operators
market. Pabile deposits
Privalo debOSIN
•Some experts see the pinch or described as a "serious-deple- Usually their commitments are
Government recurfiles commoditico
long-run, for the having inter- | ilon" of scrap,
made with
Other securities Heavy melting scrap prices rather than for a quick turn- Receipts In their weekly business have Increased about $22.50 a Hall
dver They are sometimes review, see the world-wide boom ion since Oct. 1854, a rise of clined to hold onto their stocks, continuing, with labour unions nearly 70 per cent. Other grades so that
actually now there in die US and elsewhere fighting have risen
appear to bb In production, ha
more people US RAW COTTON for improved working conditions charged
looking for good priced stocks and wages.
He called or the
EXPORT State De than are willing to sell: Metal Allocation Parlineal for prompt action in the shortage
correct the kitúlation,
| scen.
Now, York, Apt. 1. A The European Coal and Steet
Raw cotton exports re desilna- Community, a big buyer of and Poors shows that from the ton he reported in bales by the low, lo Jest week's New York, Cotton Exchange for high, the Index of 13 186 1835-30 season as tu March 28
stocks were as follows: colomon advanced 21 por cent The capacity.
Steel scrap
billion Aro
la sommons, mengwhile showed organ "That expension of capacity pearly. requires diversion of materials 1008, conipured with about 1% 20 per centriso during the Cald ulready in short supply, the million in 1954. The Govern Outer Flat Bored fnited K R financial agency observes,
ment has the power” to clamp | Press.
It noted that booming sales and tightners of materials have Canada-and presumably in the the US Government of dis co- rest of the world, too-to step corn about possible export con».
led businew incri in the US and UB STAP, 2tly informed
Tua of sucs Was compilation by Standard
up their plans for expandingt train' on scrap hortstotnitra | Idex ofżaj plow-priced | BHIM: 17.
'r
tons.
*** | Copiinent
* excluding att
A
rice, farmers would be per cent of parity for that part of their crop guaranteed consumed in the United States, US possession
Cuba and Rico. The remainder Experts have speculated that Puerto the world sugar agreement would be available
for export already strained by defection of at the world market price. But Brazil and boycott of Peru, the Government would provide might have been in more trouble a support floor of 55 per cent been for the in- of parity on the exports this year stocks These transactions, the Depart- if it had not
from behind and 30 per cent of parity next lows.ment said, 'round out the pre-expected domand
sent import requirements picture the fron Curtain-United Press, year.United Press.
180 highs
Boon For West
REMOVAL NOTICE
JARDINE, MATHESON & CO., LTD.
As from Tuesday, 3rd April, 1956, the address and telephone numbers of the Company's Departments will be as follows:-
ALEXANDRA HOUSE
(ÂLL Depts, as under)
Lunch Time, Night & Holiday Service:——
AIRWAYS DEPT.
30311
Alexandra House (cont'd)
Room No.
Arcado
#
SHIPPING DEPARTMENT
Chinese Shipping Dept, 4. Ocean Freight Desk General Enquiries
Lunch Time, Night & Holiday Service:
(Day & Night)
do do
Australia China Line
25/20
Marine Supt.'s Office
(Day & Night) 20895
Passenger Bookings & Enquiries
10/17
5. Des Voeux Road, Central
10211
Engliscer Supt.'s Omee Cobles
Peninsula Hotel
Import Cargo, Kowloon
(Day & Night) · 03311
dó
210/217 TEA DEPARTMENT
} €1001
Station Supt., Kowloon
edisi
14/16, PEDDER STREET
(ALL Depts, as under)
38081
Room No.
220/229 ACCOUNTS DEPT.
Cash Desk (Chinese Casitler) (Day & Night) 238/235 CHINA PRODUCÈ, DEPT.
27077
30310
133
∙141
COMPANY SECRETARY CORRESPONDENCE OFFICE
(Day & Night)
27401
IMPORT DEPT. (moving from 18 Peider Street to 14/10) (Pedder Street on Saturday, 7th April)
1031k
Management
Metals & Chemicals Section
(Day & Night) 20820
130/140 DIRECTORS
30310
28940
Pharmaceuticals
dp
230/232 COTTON & FIBRE DEPT.)
Glava Section
этодо
181
GENERAŁ TRADING DEPT. S `HONG KONG TEXTILE DEFT), HONG KONG PRODUCTE DEPT. RE PROPKATY DEPARTI
27555
do
Celty Trading Co., Basle
27481
• Mr. Chin Woớn. Cheung).
(Day & Night)
27589
INSURANCE DEPARTM
Lan Kwong Chan
(Day & Night). 26011
adbir
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