TRADE
YEAR OF PROGRESS
Britain Expects To Increase Production
By John Hay
1956
Industrial Correspondent on the staff
of the Financial Times (London)
London, Apr. 10.
To meet its varied tasks of 1956 and the years ahead industry in the United
is Kingdom
to continuing steadily modernise its production techniques and processes. This is an essential part of the programmes worked out in so many individual industries to increase output, in order to meet the growing demands for capital and most consumer goods at home and overseas.
This year is certain to see a further growth in production of several Britain's basic industries.
of
Unitel Kingdom industrial slowed down in the second half prekuction last your wir higher of 1955. but the rise was proh- than ever before, being about 5 jably overál! some 7 per cent on per cent up on average my com- 1954 pared with 1054.
The major part of last year's Improvement. as in 1954. took place in the metals, engineering, and electrical facturies, which in the first half of 1955 necounted for more than two-thirds of the rine,
Chemicals, paper, plasties and rubber were responsible for most
of the remainder.
Steel Production
A Record
In export markets the chriale cal industry had a better record
155 thon
other DIA
lougr Industrini group, despite interse US and German competition. and It ranks second only to the motor vehifele group.
·THE · CHINA 'MAIL, WEDNESDAY, APRIL 11, 1956.
and
COMMERCE
INDUSTRIAL
Hamburg Port
Regains Importance
Hamburg. Apr. 10. ifamburg, the most easterly North Sea part, in agalis Increasing its import- anco
transhipment poil,
BA
particularly
Eastern Europe.
for
In 1955 transhipments, which totalled 3,535,100
tons, totalled 14.7 per cent of the total goods handled at ilamburg.
Sell-Off Hits
New York Stocks
212 BILLION SLASH
New York, Apr. 10.
The stock market today suffered its worst sell-off in six months-a loss which slashed some 21⁄2 billion from the value of
I listed stocks.
Owen-llinois Glans Pacific Gas & Elec. Inciße Western Oli
Pan American Airways Paramount Pictures
In the last year before
The decline, seen as a normal the war 4,300,000 tons were
and "healthy" reaction after a transhipped 10.7 per cent of
steady advance to new all-time the total
highs in recent weeks, was The or
1055 tranship- menta, 1,230,700 tons were
touched off late yesterday by a Parke Davis Co... sharp about-free in Du Pont Pentry C Co to and from Czechoslovakia,
Tenn. Sa Co with compared
when 1,040,000
company officials said theyPhito Morrie were considering a stock spilt Procter & Gamble Cu fons last year and 955,000
but could see no chance of one Pittsburgh Plate Glaen tons In 1938. Hungary
Publicker Industries Du the foreseeable future.
Pure Oll accounted for 118,800 tons.
Pont lest 3% yesterday, nu addi- compared with only 20,800
tional 5 points today. tou In 1953,
tous in 1938.
and 180,600
Transhipments to and from Switzerland and Austria are also increasing. ~China Malt Special.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
371
and
A similar announcernent by Bethlehem Steet today sent that Issue down more thang 4 pohits addest impetus to the decline, chemical ***** shares, the oils and non-ferreus metals huge the brunt of today's
209 selling which w
lock! close lowrt out of a 19tai 1,231 Unded while only 193 advanced. Industrial stuure, 101 4.48 11] average. then harpeet break
viber Fast Oct, 10,
Rails Hard Hit
Hails also were hit hurd and hat a loss of 2.38 on average, their worst since Jan, 0.
A saving feature of the day's
105
Scen
iti
perforinony activity which lightened on the Business done on the Honging | downtrend. Turnover totalled Stock Exchange his morning only 2.580,000 shares compared amounted tu approximately with 2,700,000 yesterday and
lightest since March 27.
$017,000. Noon quotations and the morning's transactions: the BHARES DUŸEAK NELLERS SALES
BANKS
Aircraft production will It' main high this year, with stenchly-growing order book for
Britain's newex! civil aircarft likely to sustain factory activity at the present level.
Taken overall, then, British Industry's major units are in Fonfident nood that they can prostace ond deliver the goods. Steel and coal nee the inde and, at the least. maintain The materiais of manufacturing in-rate of inerenze dustry, and output of steel luat | 1955.
your reached a record level
almost 20,000,000 tons.
of
reecrdrd for
in the decade since the end of New York Sugar
the war I has gone up by two:
thirds.
A substantial proportion of
મ capacity
Market
New York, Apr. 10. World No 4 sugar futures has been tony closed unchanged to 3 points higher with sales of 82 contracts
Domestic No. O sugar futures has spent on average ever closed unchanged to 3 points £1,000,000
rohigher with sales of 103 week
existing foundry
completely
now, and much of
The remainder
modernised!.
Throughout the whole of this ten-year period the steel indus try
or
rent
expenditure
£80,000,000 a year.
equipment and extensions. Cur-
con-
tracts. About World contracts steadied
ot
the close when retlers Lightened
This Investment will help this up on teringa year to bring 1066 production to! Domestie futures were steady
a new peak of 21,000,000 tons. | in line with the higher ro
It has often been said that
Britain's perity is founded
of
on coni, but in recent years the pace of industrial expansion has exceeded the ability dwindling Inbour force to bring the coal up in the surface,
coal Imports into Last
year. Britain were quite substantial, and will have to be again this year, as in total there drop of
situation and attendant trade covers.g operations in futures,
TIK Bak Fast Aqla
Unfou
INSURANCES
laanbait ... Underwriters SHIPPING
Asia Nov. DOCKS, ETC
1000 LUDO 20 1082
224
In steels, along with Bethle- hem Youngstown Sheet & Tube fell 3 points although Bethlehem
executives
1121-
con-
nounced the company's tinued
interest In # merger
Oils were hit hard, with losses
100
33 975
30 000
7 $450
with Youngstown.
HUU 35
1954 4 115
ورا
11:
K Wind X2 71 Dc
301% 38% Provident (0) 13.00 13 90 1870 g 13 80 Wheelock
HK Land Humphreys Really RUBBER
6.33 8.40 1000 24 8.40
ranging around 3 points in Gulf, Socony Mobil, California Stan
Radio Corporation Republic Steel Reynolds Metal Shell Ou Co.
Saini Reg. Paper Simeline On Sony Bohol
Heath Puerto Ries Sugar | Southern National Gas
Setters feltway Comi Standard Brands Standard Oll of Cal Standard Oll of it, Standard Oil of NJ. Stokely Van Cainp
Swift
SECTION
World Cotton
Situation
Washington, Apr. 10.
The
International Cot- ton Advisory Committee will hold fls 15th meeting hiero on May 8-17 to discuss the world cotton Kitα- 110LL
Delegates are expected from 33 govermanente of cotton exporting and im poruna
countries. These countries account for about 95 per cent of inter- national trade ontalde the Boviet
bloc The committee said de- trantes will place pari). cular emphasis on the in. creasing
spread between supply and consumption.
World cotton stocks total mpre than 51 million bales. Consumption last year
27.0 TER
million bales. more than
zillion under
Page
'Record Slow Year' For Cargo
Liner
Company
Liverpool, Apr. 10. The annual report of the Liverpool Steam Ship Owners' Association, published today, says that strikes and go-slow movements were mainly responsible for making 1955 a "record slow year" for a cargo liner company operating between Britain and India, Pakistan, and Ceylon.
ניסט
fleet.
Before the war the company's remarkable speed over the last ships cach completed an aver-five years, nge of three voyages
& year; The agrelation say's tho five
years ago, although there motive of some of this develop
an Improved post-war ment is tax avoidance; it adda with superior cargo-thaj there are grounds of handling gear and speed, three
the morality on which stich be average was 2.26 voyages; Insthaviour is open to challenge. year it was 1.0 voyages.
The report says that the cont The report
adels, however, industry has succeeded in con- that when dockers were allow-verting the saying ed to work normally. average result for each gang was not unsatisfactory. Under
segregate
free world production,——— United Press.
13%
53
47
1xd
332%
#335
35%
4415
በዚ
WORLD
16
4812
4016
481
(E)
471%
17
21の
344
גית1
COTTON
MARKETS
New York, Apr, 10. Cotton future trading to- day was steady on a moder ately active dealing at first, and then flattened up to 44 slow and narrowly irregular
affair.
479%
100%
39;
Studebaker-Packard Co
Texas Co
Of
Twenty Century Fox Film
Dulon Carbide
126
Union Pacific Railway
178%
United Aircraft
Tide Water Ass
U s. Gypsum
U. S. Line Co
U.S. Rubber
U.S. Smelting
U.S. Steel
Warner Bros.
Westinghoun Electric
Went Va. Pulp & Paper Woolworth
130
United Press,
WORLD RUBBER MARKETS
New York, Apr. 10. The No. 1 rubber futures dard and Texas Co. Standard Ras contract today closed Oil of New Jewey fell 12 n 30 points lower to 5 points Motors behaved fairly well, higher with sales of 185
the day's active turnover.
New
the coals to Newcastle"
"O enrry
into
R
statement of necessity,
"Sold at current prices, coal of would
such conditions food work was exports equivalent to those done in London and at Birken-the last pre-war year
have realised £170 millions, and
hend.
Good Response
In so doing would have gone very far towards the solution of the economie dificulties
and
During recent months a good dangern with which the nation response had been forthcoming is beset."-Manchester Guardian, from cargo receivers at Liver- pool to requests for quicker removal of Roods from qunys,
The position at Glasgow, how ever, had been particularly
bad. "It was such as to pres vent the lines concerned from developing their services to
that and from
pori. and to cause them to contempinte the possibility of having to with- draw those services unul con- | Djaw
ditions there
The
ociati
specini
At the close the list ruled, up 4 to 14 points. Opening prices were unchanged to up 7 paints. New Orleans closed up 8 to 13 | committee, set up to try to im- points.
prive conditions at Liverpool, reported that when the records
Chicago Grain Futures Hold Steady
Chicago, Apr. 10: Prices in grain futuros of 100 discharging there were averaged steady on the the examined, it found that operaBoard of Trade, after re-
Aggressiveness either way was discouraged pending Washing lon developments following factors; 1. The farm
on
tions were estimated to have
have been
re-tone during early morning
bill; 2. The Government dis-exceeded by 000 days the time covering from a heavier closure of export plans for the which should raw cotton; and 3. The stock quired. market, textilo and spot market news, coupled
with
weather
and crop secounts, continued to
of
Convenience. Flags
be lost sight of in the light of opinion abuse was taking placo The committee said that in its
these Washington uncertainties.
trading."
Increased buying and short
in
futures wheat covering followed an announcement that CCC stocks of soft red wheat
Routine mill covering in the in the use of quays 'öfter the at the seaboard are about de May delivery, Partly agalast discharge of cargo. They were
ם:
bale-under
textlie orders,
dominated the being used os temporary ware- light trade, along with some house space and in some trades investment buying in July, at-as narkets for the disposal of
acted by its two cents dis-goods. count-10 cents
The report also refers to the the spot May delivery,
competition which British ship- Interest in new crop months ping companies face from ship- was at a minimum, with trading ping registered under "ngs of coming to a standstill in that convenience," and suggests that higher with no sales reported, section of the 1st for lung in a lessening of the burden of averages Irregular changes accomtervals during the day,
taxation would enable British stock held shipping to maintain
ita com- potitive power,
York Stock Exchange contracts. bond volane was $4,000,000.
The standard contract closed Stock American
points Exchange 20 points lower to Volume was 1,010,000 shares.
Dow-Jones closing
LAND. ETC.
Ik Hotel
JOB
14 1700
14.10
011
02 100
2000 u 14 FZ
1720 179 DO
17.40
145 150
were:
30 Industrials
20
22 10 22 20 500
23.4%)
15 ulišities
22.00
69 stocks
Sist Ferry
130
40 bonds
Y'mati Ferry
A. Hubber UTILITIES
ramat
1.325 100 5000 LETA
500
101 102 100 102 C. Light (0) 22,00 22.70 – 800 or 24,00
2200 22.70
18.00
20 130 C. Liga (N) 19.80
5000 19, EICH Flectric ... 30 30 2300 30
+1
Ilmux Rin
Telephone
"
13112930
Comm. future price index
Commn, spot price Index. Moody's indER
Closing Prices
40 191 Alden Inc. Acy. 23.10 23.30 1000 2 21.20 Ailled Chemicals 48 12.30 Allied Mills Ine. Rt 37%
10001240 Allis Chimera
INDUSTRIALS
Cement
34 3500 34 ..... 3394
1419 15 600 14.80
American Airline
American Cable & findio Corp. American Cyanamide Co. A. Mach. & F'dry American Metal 10.00 American Smelting
American Tel. & Tel. Asnerican Tob. "B" Anaconda Copper Armes Steel
10.00 10.00 200 A 17
8000
91% 5.40
Contract No. 4 (world)
May
1.21
Поре STORES, ETC.
Dairy
a
July
Gent
3.29
UM,
3.30
Mar
Watson ... 11.30 11.40 COTTONS
May Bot-cents
Clubho
3.30
por
Ib. fub
Contract No. 6
was 0 to
May July Sept Nav
9.53
5:00
A.GO
2,000,000 fons 122,000,000 tons in 1955 output
-on 1954.
Vehicles, Plastics And
Man-made Fibres
Britain's molor-car industry
Spot-rents per ib. eit NY
ex-duiz
Textile Corp Nanyang 7.45 MISCELLANEOUS 3.27
Allied... 3.10 3.20
****
-Unlied PreAS,
Exchange Rates
Business was done in the local
market
had fls best year ever in 1935, | unofficial exchange with a vehicle coming off the morning at the following rates: production line
U.S. dollar (per $1) every nine sterling noter (per £11
Australian nates (per, £1) Indonesian rupiah (per 100)
in tical (per 100) Singapore (Stratts)
in hand, to
seconds of the working day- almost. 1,250,000 in total.
Britain retained her lead as the world's largest exporter of care and commercial vehicles combined, with оствер ship- ments last year reaching tha Ogure of £208,000,000, Expansion plana cost in total over £100,000,000 have senrenly been fell as yet.
One of the most muccessful of the newer Industries is plastics. Thore has been a remarkablo growth in output, and if pre- liminary figures (aro confirmed. 1955 production will prove to years earlier.
Development
1000 10,00
London Foreign Exchange
New York Montreal Brussels Copenhagen
this Frankfurt
B3
15.80
Llabon
Milan Pari 1247 Stockholm
17.80 Zuriah ..........
London, Apr. 10,
2,86 13/16-3.80 16/10 2,00 1/16-2,00 3/10 139.00-130,70 19.36%-19.77 11734-11.739% (10.15-00.24 17061-176732 903-DIST
20.40 Others were unchanged.--United
1.03 Pres9.
LONDON MARKET
CLOSES
FIRM
London, Apr. 10.
Stocks recovered from some uneasy moments have been double that of five and closed on a generally firm note in fairly active fibres shows no sign of abating trading on the London Exchange today.
man-mado of
Actor
Bajchkin-Lima-Hom.
Baltimore & Ohio
Bendix Aviation Corp
Renguet Con
Bethlehem Steel
Boeing Airplane
Borden (The) Co.
Burroughs Aud Mochine Canadian Pacide R. Camo (J. L.) Co. Cat. Tractor
anese
ancial Corp Chare, Manhat. Bank (xd.) Chrysler Motora
Coca Cola
180.34
101.78
The certifleated
pleted.
Dealings were active today on reports of moisture received over the southwest wheat belt. This, together with uncertain- ties over farm legislation led to lower morning futures prices.
CLOSING PRICES
Prices per bushel in cents: Wheat, No: 2, red
Spot
Miny 2012 (11) 232 (1)
Juy
nothing to counter the advantage Corn, No. 2, yellow
170.40
vival
421,40 the
Spot
21
134
of large-scale buying in
market. The Amited number of sheet May offering on cables was a direct July
Totni influence, although local buyer Ideas were sealed downward.
ponted a quiet trade an dealers 1001 and commission houtes evened unchanged at 11,193 bales, 00.00 Up positions while pondering
Month the politicni situation in the May 97.99 Middle East and awaiting a re
Volume
Open interest
10,000
232,200
It says that shipping com panles can of themselves
.Sept.
Nov.
do
Jan
July
20,600
236,300
13,800
300,900
I
enjoyed by these
new com-
Spot
Dec.
22,500
100,000
patitors if they continue
May
10
Mar.
2,000
147,100
0.700
106,900
2,000
RD,300
register their ships in tha United Kingdom.
July
Sept,
Nov.
74,500 1,030,700 bales NEW YORK
50 1/7
201
of
on
ot
༥ས
GEL
mostly
as follows:
Prices of futures closed today competitors and seek a registry
"It must be conceived that they might be compelled, rather than see themselves driven out of business, to emulate their
Jan.
May
July
Oats.
hat necessarily
the
ADMO
May July
732
Some Junc
three
20
cents
locally
were
ambers offered at 285%
Spot
20.00
May
30,70
July
33.67-80
Spot
of 281⁄2 cents cost and freight,
a pound as against a basis
Ocí,
May
Пес.
24.50
Mar.
3385
Tax Avoidance
July
Sept.
May
33.37
Nov.
July
31.70
NEW ORLEANS
Flag of convenience listed are those of Patama, Liberia, Barley,
Honduras, and Costa Rica.. Toni
these flags had
Apot
200 lb, saule
Indonesia had fair quantities
ambers
offer but unworkable prices.
offerings of three, four sand five sheels were reported;
3014 at 31,
and respectively 20% cents a pound, cost and 404 freight.
Fours were offered
2007
1011
Iocally at 304 cents, or only
ccat a pound over the cost and freight basis.
Spot No. 1 Res were quoted at 32 cents a pound,
countries but such as to produce Soybeans, No. 2, yell corresponding advantage."
Prices of futures closed today page at present registered under New York Hour ús follows:
35,00
33.87
33.71
32 50
32.54
increased "with
140-145T
20016-14
14892
12444-134
0414-36
*-130-14011
$13.8m
lied Preat,
Futures closings, in pence per
NEW COMPANY?
A NEW
Spot
May
July
12001.
Futures:
Moz.
No. 1 tea
May
31.00
July
July
31.05
Sept
31.20
LIVERPOOL
Dec
30,00
Colgate-Palmolive Co.
Commercial Credit
Standard contract
May
31.70
Commonwealth Elec.
ib. were as follows:
Consolidated Edison
July
31.40
Old contract May/June
28.30
Continental Oil of Del,
дерт
30.30
Crane Co...
Dec.
July/Aug.
24.40
302%
Crown Zellerbach
Mar
29.53
Now contract May/June
30.20
From the word "GO"
Cuban Amor. Sugar
May
20.00
July/Aug.
21.20
Oct/Nov. '... 23.04
Dec/Jan.
22.30
Mar/Apr.
25.30
SAO PAULO
Diamond Alkali Dow Chemicals
Dupont de Nemours
Eastman Kodak
El Paso National Gas
Eric Railrond
Family Finance Corp.
Ford Motor General Vectre
General Foods General Motors. Gen Pub. trei. Glidden Ca...* Goodrich 3. F. Co. Goodyear Tire Heyden Chemical flomstake Mlalag Ingersoll-Rand... Interchement Corp
and steel Co.
in Buste Machines
arvester
Internationa! Nickel International Paper Int'l Tel & Tel ...
Last your UK output of all
British Government stocks, vancing about two shillings, | Zotin-Manville Co. man-made Abres, including
stood out with gains of £% to while Burmah and Anglo Kansas C, Power & Light rayon and nylon, reached a new on modest buying support. Egyptian "B" added botter than Liggett Meyers Tob. Ch
Kennecalt Copper peak · of “ almost 475,000,000 War Loan added about, £.one. Royal Dutch dipped £. Lockheed Aircraft pounds.
Good corporato news and
Loews Incorp, President Elsenhower's - sinto- Japanese lens, staged a fow Lane Bar Cement, Co, ment regarding the Middle East advances in a quiet foreign de Louisville Navilio R
Lowenstein Bons. helped selected inthetritis and partment, while German Polish Mesabi Irun Corp. olle. Tocillos and engineering reven per cents jumped: £11, Minnesota Mining shares ›firmed, but there
were Greek bonds eased. Coppers Mission Development
Monsanto Chemical Co. numerous losses of a few. ponce weakened on news of o strike slantgomery Ward....
the Northem: Ithodesia Motardi The pres in the main body of industrinis, at steady
Hudson's Bay fell into dis- Mufulire Mine, and gold shares em Cam Reg.
word dull
PM ME Neijonairy Prod. favour and selling knooleed 1 we
Major Units In Confident Mood
+
The chemical Industry is ex pected to continue its. expansión as further substantial Additions to capacity. come
come into operation S
doven, almoet boven shillings. Dollar stocks lost fractions to As in the case of other In British Potroleum sparked # | #1 in adjuntime: to lower Wall dustries, the rate of saugth renerally firm oil section, :ad. Sirvet levels; “Ualidd- Prém,
National Steal Corp.
New York Central on Mathlaman gekie Ötin, Klevators
SINGAPORE
After opening. slightly lower the market ductusted narrowly Bduring the day without a parti
cular trend. There was some 2016 87% factory
in remilly. di Futures:
Egyptian› Karnak" May/June 48.70
Futures closings in cruzeirost per kilo were as follows;
interest
371
90% No. 1 rubber per ib. Apr. 18135-917 40.
May. 91%-419 Juno unquoted
May July not.
Den
Mar.
201 No. 3 rubber per lb. Apr. 1901,-20% 1724 No. 3
71% NO.
18 Spot rabber untuled
50
Blanket crepe
88% No. 1 pale crepe
ca
03
409
ad
133
e014-00 63-60 DL14-0145 63-00 100+108
LONDON The market was easy with spot quoted at 27 pence per 1, Prices:
2036-2746 2015-2011
No. 1 s spot
Beillement house terin; 305
M4
May
40
Jurie
131
July/Bopt,
004
Oct/Dec.
Jan/Mar,
General markets, cif basis, porta
April
May:
2416
Jurio
„Estela eropa. Ühin Apr. 31
130
thick unqusted,
AMSTERDAM.
147 The market was, opsler. Prices today, closed in gulders. per kilogram, eif April, zas follow
No rubber
30.25
*ZARA
11.20
In the US the average price of 15/18 middling colton åt 14 designated · spot markets was 16.57 centa, Sales at Theat centres totalled 8.806 bales.
United Press.
New York Foreign Exchange
Canada England om
futured;
United Pres
place your printing order where you are assured of personal attention,
expert designing, the finest materials and craftsmanship.
From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the South China Morning Post, Ltd.
Call in at any time
and examine specimena of quality printing which
we shall be proud to show yoti,
Morning Post Building "Printing Dept.
Wyndham Street,
*