TRADE
THE CHINA MAIL, `MONDAY, APRIL 9, 1956,
and
COMMERCE
SECTION
OUTPUT LAGGING BEHIND DEMAND GOLD SUBSIDY
NY COTTON IN UNITED STATES
MARKET
REVIEW
By William T. Plunket!
New York, Apr. 8. Cotton futures trading this past week Who on n
note of buoyancy.
LL Favourable 4.1. 12 11.
Prospects foxt compromise
possibly with rigid high suge j port, bestirred a broad endster ster
Industrial Machine Operating
At Full Pressure
By JOHN MORKA
New York, Apr. 8.
18
the
U.S. investors, businessmen and the American public
in
week bullish mood last generally, were fast-stepping U.S. industrial machine continued to operate
movement in new cop mouth in high gear.
as the work meled.
At Pray's chese the let rund
of 1 to 28 posts, o
a
Steel output was still lagging behind heavy demand, with no let up in sight. Stock prices again moved into new historical highs last week. And U.S. business will spend Hopes for a crimptonlar on the record sums this year to overhaul worn-out equipment and
bale to up $140.
the preceding week
take $1
farm legislatia flowed Prea-I
dent Eisenhower's statrames like!
he does not insist on perfection Buyer's 41f"1*ང༔ VIKTI
from regnets that the Admane į tration might defeat the Deam!
to install new cost-saving replacement. That will mean lots of
jobs and work everywhere.
Percent income remaite near with consumers erable drive for rigid 8 poty cont | 1eword levels, support by offering an 87 per | still showing no disposition to cent compromise
Pending the Presidental com- deration after the ball as Mally hemmeret out by Congress, the
a.best she week showed more later port
CLIMAX
Next 16 waiting for climax on the Teen 129 bili, the 20- nouncement en export policy fa rew cotkun winch as unit
Agriculture Di parlement ometals reportedly Suld the Government Fuki deeldis 1
offer Ry color for oversens sude at competitive bidding.
Detali
The
the progratumes! wety expected to be issued over! The week-end,
wil
wid I eut ng down
tril
their
spests. Was
Trayling trils Employment while continues high. There were some on To be sure, But no ishing any sleep on that score, Among the depressant develop
Production nels last werk cutburk; and sporadic layoffs In industry The fong-sulfurleg matu
output in the radio declining 204 leviton industry, loggin home building: slumpio: farms meme rad rommurd political
FE
Soft Spots
prices can still be expected to reflect outside pressures sich as disturbing: political news.
'T'H
industry, although it is turning out far fewer enrs this year than In 1955, is still a big buyer. national metal Iron Age, the Industrials
working weekly, comments that the
expect to prople consume only alghtly less steel than they did in record-break- I 1955
Dow-Jones index last week moved past the 518-mark undir the impetus of host of favourable develop- nents.
Among Reasons
Among the reasons advanced by the experts for the upward are the 1 of stuck following:
1 Excellent
corporate news
ان
jetpients The Middle East ptx ¦ and business expansion plans. Asia.
The possibility that first 2. quarter dividends and camlags will be better than expected. 1 3. Absence
speculative these i "xersses, despite the strong ad- On balaner, however,
oul. Vances of recent weeks. more than all spets are
4. The stendying effect of in- weighed by
positive! more
vestments by Whe
so-called inditutions which buy for the developments. Thus, the bullish week.
have which appears to have long-term. offer to sell its fork for export d'enveloped American psychology in the world markels at
of late shows no signs of easing. petitive prices.
Americans by and large see une A pros. than in the future: Observers saw that the politi
the Middle East; perous one than they expected Short months ago when Presulent Eisenhower'z int ss cat gloomy pall over the
2011-
cal tension in and other troubles in i worldenly a few
sight of in
The
were all kast light ol the over-hanging Washington uncertainties United Prees.
US RAW COTTON EXPORTS
nation
fet the stock market Miny mirror, the overall confidence of private Individuals and institu- tions towards next fall.
For
Plentiful supplies of in- vesinent funds, mast of which is ready to buy selected teues on 111001 llps in prices.
#1.
A
Steels Best
in
Canada Recruiting Miners
Toronto, Apr. 8. The Canadian Metal Mining Association ia sending a to Britain
TO CONTINUE
Canberra, Apr. 8.
The Federal Treasurer, Slc Arthur Fadden, line Banounced that the Gov-
ernment
subidy to Wie gold mining industry will be extended for another three years. The necessary legislation will be
In- troduced "as soon as prao- ticable."
The nubeldy was *B- tablished by the Gold
Micing representative and Europe to recruit miners, Mr V. C.
Wansbrough, the Associa tion's Managing Director, announced.
The mining industry la facing serious shortage of manpower In many parts of Canada which can be overcome only by a vigorous recruiting campaign, Mr Wansbrough said,
The shortage, he added, "has been brought on by an precedented tempo of almost mine-a-month coming info pro- duction," coupled with a drain on manpower to other types of Industry,
un-
Mr Willin Ramsay, Chief Oficer the National Employ-
of ment Service at Kirkland Lake, Ontario, will leave for Britain, Northern Ireland, southern Ger many and Austria,
to
Mr Wansbrough said that once Immigrants were found, details would be worked out for bring ing them
Canada They will be hired by Association members under the same con- ditions of employment and wagts as those offered 10 domes- manpower. China Muj Special.
The publication now feels that steel-enjoying one of its best probably turn out years will some 120-122 million tons this the year
With steel earnings at their highs labour unions will be putting lots of pressure on the industry for a wage boos
recurrent that the Reports are steel Industry might seek 9-a-ton price ise, possibly July, after the conclusion of the Age inbour negoliations. Iron
of earnings of 93 in its survey per cent of the industry, shows steel earned by 12 per cent and net income rose per cent in 1954 to 7.8 per cent in 1955.
In the auto industry, the news
mixed last Was
week. The coming of good weather raised hopes that sales will finally their upward seasonal begin trend.
Jap-Austrian
Steel Deal
Industry Azals- tance Act, passed late in 1054.
up to June 30 last year, the Government had authorised the payment to producers of sums totalling Seventy-eight A £57,030. "small" producers shared A £8,139 and five "large" producers shared A £91,909.
The subsidy varies ao- cording to the cost of pre- duction. the formula pro- viding for payment Daree-quarŚCIB
cost
of the of EXOCES
дустаре over A £13 10% an ounce, with • maximum rate of A£2 an Gunce.-Ching Mail Special.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent}
Business done on the Hong kong Stock Exchange this morning umounted ximately $830,000. Noop quota- tions and the morning's trans- actions:
to
appro-
BHARES BUYERS SELLERA SALES
BANKS
Lombard ... 37
Underwriters
DOCKS, ETC.
K. What
Dock
--
Provident (0) 131% 13.00 312
Wheelock
JIK Hotel
HK Lond Humphrey
Vienna, Apr. 8, An agreement has been signed between the Nip- pon Steel Tube Company and the Aus- Limited
Oesterreichische-Al- trian pine Montan Gesellschaft, the Japanese According to a top official of granting General Motors, the spring up-group a general licence for UTILITIES furn will probably be bigger Japan for the production of the of oxygen" steel (blası-
tahl), it has been Hufstad, inounced here.
A predominance of cash buying on the market.
4. Overall confidence that the markets in a strong position to absorb the exported liquidation which is normal at this time of the year because of the need for for April 15 tax raising cush payments.
Share owners meanwhile are
forward to
big looking
dividend your. Some circles forecast a new record high for market.
1950 with guins ranging ló over bocks--mostly
per cent. 10
In January, for per nature--are generally ascribed to technical
mean adjustments after example, disbursements were 12 per cent above the total for the
would 'almest six weeks of steady in-
corresponding months E 1955, provement.
and many look for the pattern These $14.000
mhive setbacks, la
to be carried out for the rest of .304.173 held, contala no warning signals
Che year
:4
well. THR22,000
of any serious deterioration in 03,667
the
the candidates for 1227/192 | the market strength over
Among 2,670,107 long-term.
although may dividend increases [13 observers continue to stress list ; following:
New York, AT 1.
de- Raw cotton exports by stination as reported in bules by The New York Cotton Exchange for 1935-54 seuson to April 3 were as followst
Britain
Continent
Orient
Carinda
Total for season* Same perad last yea►
"excluding intern
United Press.
therefore, this reason, much importance is attached to
and
the downs L
1. Recent market
of A miner
אנונו
London Markets
Enjoy Cheerful Week
By C. T. Hallinan
London, Apr. 8.
Despite the approach of the Budget- due ten days hence-stock markets have had a cheerful week with a moderate rise in industrials though the indices for British Government stocks and for gold shares were easier.
I
1
!!*
Sperry Rand, Sterling Drug, Anaconda, Johns Manville, American Machine, & Foundry. United Airlines, Aluminium Co, of Amerten, Hercules Powder, Copper, Republio Kepnecolt Steel, U. S. Steel, Royal Dutch Petroleum, Standard Oil of New JCTxCY,
Selective Nature
in weather
HUBBER
Rubber.
N.Y. Industrials Hit New All-Time High
By Joseph Michalski
New York, Apr. 8. Industrials finished the week on the New York Stock Market at a new all-time high.
The market advanced in four out of the five trading sessions. Thursday was the only day that list moved downward. The selling on Thursday came on the heels of rumours that the Federal Reserve was going to raise the radiscount rate.
The rediscount rate is the in- terest charged member banks That borrow
from the Feveral £9 MILLION
CHEMICAL
| Reserve System, Increasing the rate has the effect of raising the cost of borrowing.
Outside of the industrials. railroad shares Anished the week within shnde of now highs since late 1920
were
Specialties Strong
PLANT
London, Apr. 8,
A £9 million chemicals- from-oil plant is to be built rofinery in
Elsewhere, specialty Issues
strong. particularly Chemicals, olls and a few high-at the Esso prided Issues were strong per-Fawley, Hampshire.
This plant will be part of the
formers.
Market news continued highly project for the first full-scale favourable Optimistle
moox production of synthetis rubber
earnings
Grade
emanating from Washington, in Britain, which was recently
that coupled with predictions
announced the Esso Petro-
by first quarter
reports loun
Company The will be good, gave the market a
chemicals plant is exe sound base.
pected to be completed in 1858, Averagewise, industrial shares and will procesa nearly 250,000 on the week rose 9.20 to 521.03: tons a year of raw petrol (low-
disfilied) raila onsed 0.24 to 171.68; utilities
petrol once 0.25 to 07. 14; and general chemical materials, including slipped market average at 182.70 was up such petroleum
butylene ethylene, propylene, A few of the volatile all shares | and
butadiene. tacked on substantiat coins.
gasts, the company said, plastice Building issues also were used in the manufacture of strong.
1.55.
ធន
From "these
kitchen. ware, tables, flexible materials and pipes, wrapping It motor car Ättings can be pro- $110.duced.
Gulf Oil was the outstanding feature in the petroleums.
0%
10 points urted Socony Mobil tacked on a gain of 0% points to $79%.
Output from the plant can also be used to provide the basis Standard Oil of Indiana jump-for nylon and other synthetic
Johns-
textiles.
Manville stood out with a gain | . CARBON BLACK
-
The plant will also be capable of producing quantities of petro- points feum resins used in paint manu-
facture and plastie flooring and feedstocks
enrbon for
black manufacture for iso in car tyren Motors had losses ranging and shoe polishes. more than a point.
It will provide British indus→ General Foods responded to tries with a new source of home- 2-for-1 stock split. It spurted 8 points to $1001⁄2.
11K Bank East Asia
1560 1070 24 1665
221
INSURANCES
Union
DGO
to 60
B
ed 5 points to 5107.
14
In the buildings,
30 30%
110
30%
13.00
of 0 points to $57.
8.30 0.40 1000
0.33
3000
0.35
1000
B.33
chemical section, In the strong Union Carbide ran up 0
LAND, ETC.
fo $131.
14 14.10 1000
14.10
01 013820 © ni
Steels Gain
17.00
1.30 1.00 13000
1,55
Tram
22.00 2500
Star Ferry
Yaunali Ferry
130 132 200 101
22.70
131 102 310 101
C. Light (0) 22.40
An-
310 mm 22.30 TR00 / 22,40
GOO ( 19.60
the
600 10,70
Electric
30 30
4000 30
Beaus 21.70 Nis..
2000 238
30.25 20,90
Macao *Elce INĮ Macao
Elec (N) Telephone
9.00
8.30 ..27.70
12
than usual because unsually inclement March. William F. Vice President in charge of tribution, said the January-April
Γίνες Tho agreement upturn will come close to the
Japanese group the right to This
would build their own works in Japan prewar pattern,
that
relati
devlieries and to grant licences to other bove well
600,000
works within Japan. ΣΩΣΗ and denjers make substantial gress in reducing their heavy inventories.
addition, the used car picture is brighter, Hurstadter said, with deniers in a better position to make trades for new cars because they were not overlonded with used cars,
Yer
In
Elsewhere
Elsewhere fo
the industry, there were sporadic layoffs as
The first such factory is to be built near Tokyo and the Aus- trian group are providing technical advice, drawings and specialists
C. Light (N) 19,60 190 2000 -19.50
for pulting up the INDUSTRIALS factory. The technical director
Cement
Rope
Dalry
... 33.75 34. 14.40
a
Steel shores managed to post gains ranging to more than point,
produced raw materials, come of which have been in short supply and have involved a substantial Joutlay of dollarg:
Esso petroleum is the British affiliate of Standard Oll of New Jersey-China Mall Special.
Of the 1,420 Issues traded, 566 fesurs advanced. 706 declined New 70 10.80 and 183 held unchanged. T12
bighs were registered by 191 stocks and 100 made new lows. -----United Press.
ID
/ 12
.... 10.00 11.10 1000 17
of the Austrian group, Is to STORES, ETC." travel to Japan In Muy to pre-
pare the work,
The Ocsescha
Monian
Alpind has also been appointed steel works.
adviser to a
on the Austrian
ecgond Japanese
Factories
and
mainly General Motors pattern have already been buil
in the
United States, Canada producers tried to bring output
and West Germany France In balance with unles Auto is building one. Seven Japanese output during the first-quarter 1930 was 18 per cent below the engineers are at present study- ing steel production methods in year-ago leve),
the Austrias works-Ching Elsewhere in brief: A Business Mall Specia). many American companies ex-week survey last week showed pected to
roll up big earnings that five companies were totals this year, And, B ig
among the ten biggest money The Bank Of England expected, they' be most makers in 1955; bearing out the generous with their dividende payouts,
These are only a few of the
In assessing the market, many experts continue to stress selvetive nature. The market,
per
Statement
1
Sterling
Watmin COTTONS
....11.20
Textile Corp. 11.20 5.40 Nanyang MISCELLANEOUS
Yangtze
Allled
40
045 6.60
3. 5.10
8710.00 300 or 17
2001120
Proposals To Limit Cotton Imports
Hollywood, Florida, Apr. 8.
Sen. Styles Bridges,
recent fr
Investor Interest petroleum stocks. General Motor, No. 1. showed a net pront-gain of 47.0 per cent
London, Apr. 8. The Bank of England slate- over its 1954 carnings, followed it is pointed out, is vulnerable by Standard Oll (NJ), up 20.8 ment for the week ended April Chairman of the Senate
Percent, touch non-economie factors as in turn by Bell System, up 20.8
These were followed 4, reads as follows:- and on this per cent; Ford Motos, up 11.8 Note in circulation.... poleal tertions, baris, many experts urge
profit taking from percent; E. 1. Du Pont de Public deposita
Private deposits selected
Nemours, up 25.3 various blue-chips, which per United States Steel, up 00.4 per other securtiles .......
per ceni: government, securities haps may have discounted the cent; Texas Co. up 10.2 per Receipts future too far ahead.
cent; Socony Mobil Oll, up. per cent; Standard Oil (Cal.) up 0.0, per cent; Huit Q.1, up 17.0 per cent.
Chief factors were the strength'] strain to get the shares of chain
Many urge there the diversion of sterling-up over 4th pence store companies, ifting Great of such funds, to Necondary and the rise in the gold and Universal Stores 3s and Marks grade, securities which afford a dollar reserve, dlack sed for and Spencer nearly us much. good yield at current prices or March, amounting to 67 million But most of the well-known to securities with a better capital dollar (biggest rise in two showed gning of between 1 and gains potential over the near
shillings.
ly.
2
terra.
company
8.8
Ratio
18,807 800
Republican Policy Com- 1,002376,000 mitteo, said today that 201537 008 there is "increasing senti- 70576ment for Congress to look 2000 long and seriously" at pro United Press.
posals to limit U. S. Imports. of cotton products through.
40,125,271
The Bank Of France quotas and to seek to insure
Statement
Her Bight balance #brosd
on Fund
notes m
SPEZIEL
tho
a fair share" of the world One of the longest strikes in
market for U. S, goods. recent U. 5. history was settled
Bridges told the American These were influences years)...
Institute last week with, the signing of an
Cotton Manufacturers Piels, Apr. 4. arising from outside the market Thanks possibly to foreign
agreement between labour and
The Bank of France statement that import quotes were a' "re- but they checked, at least for the buying, War Loan
1/ While there is some disagree the Westinghouse Electric Corp for the week ended March 20, latively new approach to the time-being, the dreary thought sterling but the
Lowcost fores others
14th largest were meat among the investor coterie
problem of in the reads as follows: that the credit squeeze must down by as much as th
ng to the short-term, there are strike cost the company a
nation The dive-montti-long
competition lower industrial carninge and Oils were Gossip says note as to the
gold holding 901-3003201420% Pointing to reports that reduce market values according that it was American, bayong pears to be too emains one of more than a million in ship: Total ethos contracted from Japanese textile Industry 7 is
176,236,000,000 which lifted British Petroleum of economic growth, it is felt,ments. It also incurred a new Advance to Mabillike
considering establishing its own 181,100,000,000 voluntary quotas, Bridges added, more than 6s and Burmah nearly Seme expect a levelling-out over loss of more than $16,000,000 in Japs In Demand 4. But there was selling of the next month or two, but the Arst quarter of 1955, or culation
2004 2.879,860,506.665 you can be sure that this pro- Royal Dutch, down Ve sterling, there is strong confidence that just about $1 a share, It was Current accounts and
Worried." posal has them
por- Bridges opposed U.S. Associated Electrical Industries and of Shell, down 3.
business activity will certainly announced at the Arro's annual depositar
ticipation in the Organization which, had mandusal meeting
Total bille dimounted meeting The asconted 19248
for Trado Co-operation (OTC) Despite reduced auto produc- the official view that Britain's jumped 24 sterling and the
on the ground that U.S. trade pallèles would be transferred. "to consumption of electric power. non assented sterling; the ton, this year, the tool Industry will double in the next 10 years; asserted 1930s enjoyed. a rise of continute under heavy pressure the shares Jumped a shillings to 1 and the non-assented one of to balance its books. It now anow high at 088 9d. Rolts 14 Merling. Among Germans appears that some, steel con in Its target for 1966 Hoyce also roen to B5s 8d, the Berlin Lonn Jumped nearly 4 sumers are pressing hard for and males f dors, to the panik, American de sterling to 10614 store they are forcond quarter
deliveries in Hifer
quarter Squivalent to a full, mand lifted Bowaters: nore than
It blended tog 4. Although the Conservativo Angio Lautaro Nitrates rose an- It now 100k see if the mad and an ambitious
#3115 stawichdolfur project was bel
t
among other things, spread abroad manner were in strong do- turn letár in thd second half;
Government is pressing to get retail pelows down, sceptics (stil
In the Latin-Americana
other Be to 908 3d, Just unter seramble foc the peak-- United Press,
1956, Target
Meanwhile the
Exchange
01
United PreSK,
Rates
اویر
on organisation subject to the pilseta control of foreign government."
NEW CHAIRMAN FOR BRITISH PETROLEUM
London, Apr. 1. British Petroleum Company announced today that B.R. Jack-
Singapore Rubber Market
more was some
Singapore, Apr. 8. The market had a better tone on Saturday with sellers reserved and there short covering.. Futures: No. 1 rubber per lb. April 80};-507)
May 001-901
Jurie unquoted.
son, Vice-Chairman' and man- No. 1 rubber per ih. April BEY-191 aging director of the Company, No. 3
har
become Chairman in No.
Spot rubber-unbaled succession to Lord Strathalmond, Blanket crepe formerly Sir William Fraser.No. 1 pala crepe United Press.
Je
"
United Press.
TYPHOON MAP
with revised codes in force as from
1st April, 1956,
$500 MOUNTED
{from*
$40 UNMOUNTED
The convention roommended South China Morning Post Ltd.
-market per this | That the U.S. Government estab
hava das' lah an "equalisations Bee” ons ex- www.1ports of cotton producta' and wei BEA reasonable limitations for im- dos ponta of nich brodicts, United
HONG KONG & KOWI