TRADE
THE
CHINA MAIL, TUESDAY, JUNE
and
1956.
COMMERCE
SECTION
Page
WAGE-PRICE SPIRAL MUST STOP New York Rubber HONGKONG
Chancellor Warns
1
Trade Unions To Cease Demands
From Ronald Boxall
London, June 4.
Britain has experienced and scraped through-all kinds of economie crises since the end of the war. Fuel famines, balance of payments deficits, devaluation, too little or too much investment, over. spending--we've had the lot. Now we are facing perhaps the most serious, crisis of all-the wages crisis.
the British
I say the most serious because up anything the rise of wages and other - Jaumer does not want. comes without parallel increases
years.
Jow
The
COD)-
Mr Macmillan has made two
Bank Clearings
New York, June 4. Тре volume of bank clearings in 20 leading United States' cities In Ute weck ended May
30 to-
alled $18,270,474,900, 06- cording to Dun & Brad- street Inc.
This was 17.1 per cent lena than the proceding fatk wock. The değiipo was dpe: to the Memorial Day holiday. -China Specjal
Tokyo Stock Market Review
Now
Tokyo, June 4. buyings without Geven any
clear-cut reasoning days to warn the trade unions that another round of wage in-
Dow Jones average creuses like those of
an all-time high of the two years would be disastrous
yon for the week to the national economy.
of May 28-June. 2 on the "If every rise in prices suing from previous wage in-Tokyo Stock Exchange. creases is DOW to be regarded
past
saw the close at 491.33
**
de-
in production has been lunggoly fighting speeches within responsible for a lot of the troubles during the past ton Hitherto we have been treating symptoms: ducase itself is clamouring for attentlots. And time is running out
Britain's economic Most
the past decade as ground for still futher wage troubles over have been due to "coal-induced"
Increases then we are certainly
he Indation. Prices rose 50 per cent on the rond to ruin,"
1955 between 1948 neud
and etared. two-thirds of that rise was due to higher costs of production at home.
Production went diaring that period by a little under a third, but the British Prople look
much profits and money-in wages. so on-producing these OXเจ Kods. That was the situation at the beginning of this year. The only difference now is that it looks rather worse. Wages have continued to rise at an
almost
ענן
even foster rate-prices are follow- ing them up and production has Jovelled off.
ni
Now Reinforced
Little Headway
The average was higher by previous 1.07 уста
over the wook.
for
The Chancellor wants. if possible, to beat indation with the understanding and co-opera- [10 tion of the trade unions, But anyway he is determined to beat It.
Shippin issues were most conspicuous again. On Friday shipping transactions accounted entire cent of the per dealings on the market.
NYK
Osaka rose to 85 yen, yen and Misul to 83 yen. Other shipping issues such ад Kawasaki, Yamashita, Shin Nippon
Nitto End
Shosen #showed gains.
Shipbuilding issues were par- cularly
leadin active when
in accurity firms were buying volume in antidpation of capital noreasts. Mitsubishi Shipbuild- ing, Kawasaki Heavy Industries, Shipbuilding Werk
"We have begun to make
he said. "but little headway."
we shall do more if more needs to be done."
This was a plain warning
that the Government has other weapons up is sleeve for fight- ing inflation if appeals to self Hitachi restraint fail to stop the wage prices spiral,
popular.
NEW HIGHS
shipbuilding
the In
Wall Street Stocks
Gain
Strength
By Dorothes Brooks
New York, June 4,
Stacks strengthened a bit in another, slow sússion today.
Volume picked up just glight-
from
ly over Friday's nine-month low tolp to 1,500,000” shpres 1,440,000 and, ot a total 1.İşa issues traded, 500 closed higher while only 340 showed declines on the day.
A few sharp gains among the leaders helped lift the Industrial average 2.59 on tho day and the rails' 1,02.
WORLD COTTON MARKETS
Now York, June 4.
By and large, however, stocks heid in a very narrow range in- Cotton futures today dicated
of any see-sawed
a luck of market
terest in the absence new influences.
好
The market opened in a very to range but appeared there would be no extension of real-offs, prices began to edge
up.
Motors Neglected
Steels stood out with Cains mixing almost to 2 points in point in Bothlehem. National, a
There were fans of a point in Dow Chicznical, Monsanto, Unles Carblue, Allied Chemical.
Halls had gins ranging
or mure
around a point or mere in Santa
Fo.
narrowly
on
either side of the previous close in extremely quiet dealings.
Traders
gentrally
un-
changed to a points higher. The
Closing prices ruled
market opened up 1 to 4 points. New Orleans closed up 6 to 8 points.
practised caution_reflecting uncertainties in the Government export pro- gramme and the mechanics for operation of the soil bank.
Dullness in the textile trade, along with generally favourable quiet Dad the crop accounts, demand for spot cotton, also hindered new market interest, traders said.
Dealers Pause STOCK After Early Rise EXCHANGE
New York, June 4.
Rubber futures trading flattened put in the early afternoon. After the accumulated weekend demand, built up on strength of foreign markets and lifting of the Malayan export ban to China, the market turned quiet.
(From Our Correspondent).
Business done on the Hong- kong Stock Exchange this morn ing amounted to approximately $850,000. Noon quotations and. the morning's transactions
Sharra Muyers Sellers BANKI 18 park ....... 1068. Far Aða INSURANCES!
30
་
Lombard
D
SHIPING Waterboat
2.
Traders en both sides wanted fair volume at around 1⁄2 cent Union a new look at tho.blötume." The over Friday's basle, 1150
disappointing and caused early buyers on the terminal market to liquidate, Sellers met the market in the DOCKS, ETC.
SINGAPORE
hero.
and
Halee
103 1045
2378 13.00
In the local delivery market, afternoon
prices. Whert.. Oct./Dec. one shoets were done closed two cents below the best pock by 143 at 25% cents on the opening rise, | levels, Unconfirmed
reports vident
Wheelock 0.70 3.00 7000 8.75 with about 80 tons a month in sold the amount allowed to ship LAND, ETC. volved. But later, traders sold to China was about 2,000 tons a UK Hotel 20 13.40 133 100 15.40 the market "appears to be feeling month. Future closings were the continued pause in manufac-No. 1 rubber per ib. Juno 70-7014
turers
Interest, buying Priem st 1800GMT an hour. before the market closed ruled No. 2 rubber per io. June 73-7454 50 lo points higher with sales No. of 1.200 tons. July 20.75, Sept. Spod rubber anbaled 25.93, Dec. 25.35.
to
No. 4
Danket crepe
Earlier news of the lifting of Na. 1 pole crepe the British embargo on rubber shilpments out of Malaya China touched off a speculative buying rush in rubber futures hero today
· 138
Y'mati Ferry 100 108
20000 5 1.39 240.6 1.45
2040 6 1.50
8828 38.
HK Land... Stumphreys RUBBER
Ev
8:00 G
17.40
July 7412-75 Aug. unqunted
A.
*Rübber 1971%
1.40 34000 @ 240
20000 # 1433G
131-13% 321-2313
| Trust 1,47}
70-7016 ITILITIES
73-78 08-100
TYR
2240 22.00 1100 > 22.70
Star Terty.
Bettlement house term:
August
September
July/Beptember
October/December
LONDON
C. Light (0) 22.70 23.90 3500 en The market was very steady | C. Light (N) 19,00 with spot quoted 32-8/16 Ecotrie 3034 301%
at
Bonus 27.20 pence per lb. Prices: No. Impot ....
Rt 19.30 1940 2015-2016 Telephone, 2230 22.40
Bonu 1.00 11.00 July
INDUSTRIALS Cement 341 545
11.70 2276-22% BTORES, ETC. 2172-72
1500
1000
1000
12.30
11.00
Jantory/March
8135-214
Dalry When
16 10.10
600 11.80
500 @ 10
10.40
290 @ 10.00
.
April/June
219-2115
Juna
27-2214
5.25
July August
2134-2216 Navyang
7.70
Estate
crepe
unquoted United Yangtze
1000 $ 0.00
Proza
1.30 : 2000 m 1,29
and
than a cat a pound before the market levelled off a little in mid-morning dealings
Prices shot up a little more
Lent Colour
Strength
London- of the Singapore markets lent colour to the embargo-lifting news, "but on later rellectora marked" realists awaited
were
catrtions
further developments before drawing conclusions.
One version was that China now
obtaining "all the rub. Evening-up operations in the
ber she nood" from Indonesia, Motor shares were neglected. July delivery, anticipating first
plus amounts coming from Dey. Gul! and Jervoy Standard notice June 23-provided same
'
rubber-for-rico to of the activity. Open contraction under the picked up around a point stand out in a narrow oil list. in July at the start of trading barter arrangements.
New York Stock Exchange todhy totalled 197,300 bales. bond volume was $3,420,000. The certineated stock totalled American Stock Exchange 11,942 bales, a decrease of 31 bales since the previous posting closing averages early last week.
volume was 600,000 shares.
Dow-Jones
were:
KOUD
20 indyetziala
20 roils
13 lin
43 plocks
Measures taken by the Gov- The majority of commentators erument to deal with the gener- have little faith in the effective- stluation-the news of exhortations of the trade Inflationary high bank rete, credit restrie- unions to "play the game." They Nippon Kokan rose to 86 yen. tions and the rest of it-have belleve the Chancellor will have Yowala Iron and Steel to 83 yen reinforced by the to use his other weapons sooner and Fuji to 80 yon-all new now been
| highs. Government campaign to bring or liter.
the home to the British people and
Coal Issues also were on those who are or especially
and bright side of the market, mining the Alle-seem determined to have a which is to restore a 10 per cent ganised inlo trade unions
are last fling. Their advantage is payment also jumped to the 100 gravity of the risks they
and yen lavak. running if they go on trying to slipping away from them
to get all they can Kuwasaki tron and a quart out of a pint boitie. their aim gef
Metals before the door is slammed in Sumitomo This is not proving en thing to do. Since the appear the faces-London Express Ser-Steel were heavily ance of the Government's White vice.
easy
Paper on the economie implica-
Lions of dull employment--which fired
Arst
shots in
the
But the trade unions---it not the leaderships the rank
and
Steel, Kobe bought in
the steel issues.
Ajinomoto closed the week at 224 yen the same Agure for
campaign-one group of work- CHICAGO GRAIN the previous weekend. United
ers after another hus 'submitted wage claims,
in
MARKET
Chicago, June 4. After a weak start, all grains rallied and sold at or near the the Board of day's highs on Trade.
Engineering workers have put claim for "substantial" in- Crease which is taken 40 mean an extra El a week. Wood- workers in the building industry want an extra ninepence hour and other building opera- Interest by local and corrunis- submit sion house brokers stimulated to
Aives are expected
Other railway
most certainly parallel risc.
an
al-
with
Press.
Singapore
Stock Market
similar claims soon.
Locomotive men are claim-higher edible oil and soybean following stock prices: ing a 15 per cent wage increase. meal markets.
Balu Lintang Rubber men will
wheat was light Lia. Trading in
Elomeo Petrolcan for ask
throughout most of the day, and British
Syndicate the
generally clear weather is
Tin Smelterm Cunsoldated
Ord. If these claims were, granted reported over most of the south- in full higher wages would cost western arcas, and areas of Fraser & Neave Lid, Om.
industries Ahooo thro
alono Kansas are overcast and some Fraser & Neave 15% wh some £200 million a year. And moisture is pralleled during
or ex- the next five days. claim submitted
the
40. bonds Comm. nature price index Compot price index Moody's "Index"
Closing Prices
Aldan Inc. Acy. Allied Chezzxdemla Allis Chalmers American Airline Amarlean Metal American Arnetting American Tel & To American Tod. "B" AMponda Copper Affrour
Baldwin-Lima»Eimeri. Bafiimore & Ohio Benguet Cona. Bethlehem Steel Boning Airplane Canadian Pacific L Chose Manhat Dank Chrysler Martore Colgate-Patrolŝue Co. Commercial Credit Commonwealth Elec. Consolidated Edison Crane Co...... Crown Zellerbach Cuban Amer-) Sugar Dupont de Nemoun Fastman Kodak
Ford Motor
| Cheered Elecrbche
davens Footw
General Morber
be
Cautious observera reasoned that it shipments are increased from Molay, it may mean that Just that much less will shipped out of Indonesia.
tho move mean, опо Atlanta reports noted• very
observer asked, "that producers Uttle demand for now стор
will be 42 cotton last week.
be reducing one pile while Maanphia re 103.63
building up- partedes for shipment in another plle is
sort of a rob-Peter-to-pay-Faut 17020 Juno
Jul wero made in 90.64 fair volume. Announcement
Arrangement?" 1. that the Government had de- 159.72 471.20 layed to June 19 acceptances of bida against export salts was expected to "Ughten the spot situation, the report add 191 Month
Volume Open interest
11455 July
0,200
137 000
15,000
2000,000
2312 Dre.
16,600
234,000
287
Mar
*A,500
214, 200
20%
May
3,700
110,000
18915 July
9,400
117,400
Det
2300
19,900.
70% Total
21
NEW YORK
Another observation was that if the Western nations lift the ban a shipment of natural rubber, will similar action be taken an clearances of synthetle rubber?
**
2-22 222-2314 Hope
General markets, eif basis, ports: COTTONS
Textile Corp
211-22 MISCELLANTOUS
Alitedas
*
*
*
240 10.00
P.OBIE.A
COMPANIES
કન
PENINSULAR Ở ORIENTAL S.N. CÓ
PASSENGER/FREIGHT SERVICE,
Outwards
"CARTILAGE" "ADEN"
to the
"CANTON" *CORFU
on
Speculative reaction news here centred entirely
Agents the terminal market. said US factories and other con-
Some were apparently un- Impressed and continued to act 50,000 1.456.300 bales on an "as needed" basis.
Shipment
offerings Thalland today wore available in "air amounts
at, prices about a 1⁄4 cent over the domestic party. Buyers paused to see whether the seller has "discre tion"
Prices of futures closed today
bo tollows:
@pod
July Oktober Dederber
May
July
October
NEW ORLEANS
36.001
31.39
3154
21.01-67 22.70-71
21.30
Frices of futures closed today
G4 as follows:
toybeans prices
along
Singapore, June 5. Brokers today quoted
Co.
Opening
*.**
4B9d
2834
October
$2.03
Glidden Co.
Goodrichs (B7) O
December
物
$5.70
Goodyear Tire
March
Hongkong &
ng & Shanghal Bank- ing Corp. Hongkong Tin""" Kempas Ltd.
Homebake Mining Co.
34
1875
| Ingcraolt-ft-aquit
80
B
Inių puslovi
Machines
420
October
$1.57 Lunas Rubber Estates Lia. 0.5 Mainyan Browesien...................... New Sexandah Rubber
Inti. Hoevester)
359%
International Nickel
$.45
International „Paper
1201
In e. d. Tel.
$1.00
John-Manvils" "Co.
50%
Petaling
Id.
Kems C Power & Light.
James Hotel
$2.231
Konecott Copper
Singapore Coks Biorage South British Insurance Co.
$140
Lookhood Afternit
Loews IncoCE
$27.00
Lone Star Cement Co
pealed to be submitted soon Bhort-covering disclosect light
4
by the coal miners. farm workers, clothing workers eervants, among others, would add many millions more to national wages bill.
and
the
Does Not Follow
And that would be on the top
conto.
Ltd.
offerings and only Almited hedge-selling was reported.
Wheat closed up & to 3 cmis, soybeans up 3/5 to 6%
CLOSING PRICES Prices per bushel in cents: Wheat, No. 2. red
Atrails Trading Spot
213%
Biralls Steamship 200-14 207-14 United Engineers Ord,"
July 2005 (H) 2013(E)
million a year. But during those Corn, No 2, yellow
period of 1955
Special.
Exdiy-Ching.
$3.42
3.10 1111160 $7.70
NEW YORK OIL
AND SEED
Minnesota Mining
Mistis Development National Cash heg, National Lead Bunn Mall New York mantral
atle inevator PALA Pacific dan ak Elec. Pan American Airwpora Paramount Pielurn Parke Davis -00, Pittsburgh Fide Plew Radio Corporation". Republie Steel... Now York, June 4. Reynolds Metal
cottonseed oil Shell, Oll Co. of
Bingleir. Olt - fulures closed today in scents doceny Mebfoll per lb. as follows
April these totailed over
-ed this 'year, Up to the end of
of wage increases already grant-
Bep.
Wrame Fro
£260
Nov. Mor.
2104-1 2114
• odeb
four months industrial produc
Spot
104
July
tion was practically
the same
os it was me the corresponding
Sept Nov.
1501-4
130/-130
Mar
Iyo
It does not follow that bo
Bub- causa word claims are milled: they will be met in full or even at all. There has been little resistance to them in the past. But the chances are that the next round of claims media different
July
17616
wil
Labe
Bent. 945
July Sept goybeans, Na: 2, yellow
Spol
lept.
120)
63
601
Zuly
Bept.
Qol.
303-203
Dec.
JAN.
Маг.
Nov.
2014-1%
May
July
Balen
Spot
Prices
LIVERPOOL
Futures closings by pence per
1b were as follows, 201604 contract July/Aug
Oct/2ov
Hew contract July/Aug.
25,00
28.30
25.00
24.50
Oct/Nov. Doc./Jom.
* $4.25-30 Mar/Apr. unquoted Egyptian, Kamak Jinly/Ang." 03.00
SAO PAULO
Future closings, in cruzeiros 1 per silogram, cif June as follows:
BL
30.20
"CARTHAGE"
Leaves Loudon
Buffed 20th June
10th July
18th August
Das Hongkong Zilb· June
20th July
20th Augi
This September
12th September 1th October
Via Southampton, Port Bald, Aden, Bombay, Colombo; Penang & Bingapore,
tromewardą "CARTHAGE"
from
*
*SURAT "CANTON",
*
*CORYU"
"CARTHAGE"
which might cause holders ta concede something in order to move rubber at today's higher prices,
Indonestar
cfferings of ambers also were reported In
New York Sugar Market
New York, June 4, Wold No. 4 sugar futures today closed 1 point higher to point lower with no salér reported,
Domestic No. 8, sugur futures closed unchanged to 2 points
sales of 215 cone lower with tracte
Most of the business done in the domestic contracts centredi In the July delivery with tride interest reported on both sides of the market Futures:
Contact No. 4 (world),
*
Leagra Hongkong Due London
29th June
11th July'
24th August'
Sixt July
13th August
2412 September
21st September 2nd October
19th October
10th November -
Ad
Via Hingapore, Panang, Colombo, Bombay,
.. Port
Bald London.
Abo calls Hamburg, Rotterdam & AntwerD.
FREIGHT SERVICE
“BINGAPORE"Loads 11th June for Singapore, P. Ewel
"BOHALI"
"SUBAT""
tenham, Penang, Aden, P. Seld, London, Ham». burg, Rotterdam Antworp
louds 18th Jume for Bingapore, P. Swet- tenhain."Penang, Actatie
P. Sud, Genon, · Mars eillon, ilasne. London, Hamburg, Rotterdam ARHED
due 27th June from U.K.
BRITISH INDIA S.N. CO., LTD. 2854 -- A HUNDRED YEARS OF SERVICE —– 1958. "WARORA" due 12th June from Jacan
salls 19th June for Singapore, Penan
Rangoon
Calcutta
MIA". due 19th June from Calcutta
Kaile 14th June. Jer Japas
P. & Q./B. 1, JOINT SERVICE
*TTOLA"
unquoted
July
NOS
July
Bep
#14.
43:3%
Off Doc.
01.50
Oct.
Mar
Cunquoted
May
July:
Soulden" Railway (Con.)
Hath In the US the spot price wILM unavailable. Soles at 13 markets totalled 15,201... krales-United
Slopi.
Spot (cents per' ib.
Cubaj
BAT
Sept.
Nov
Spoj (cents, per lb. exx-duty)
1.00
| MADI
*ORDIA"
United Pres
í 17.25-27 | Standard Brande
Standard OIL
Standard Oil of Ind
London Foreign Exchange
.10.27
15.22
|23.394-96 || Biandard. Chil
10.83
Sterling Dru
15.79..... “Blakely-Van Camp,
192
19.00 Stadelinker-Packard Cord. 16,00 Belt & Col
1283
-11815
177% New York 644 Montreal
Amsterdam 25%
Parts
Biockholm,
London, June.
2006-9,80~3/18 2.775-8.77-9/10
-10.0-
Almaty engineering employ
ers have taken the apprecogent-Mar
ed step of announcing-oven Burley.
before the dormal wage claim
has been presented that they New York flour
will refuse any further demands
in vibw of the inflationary silua
300 16, mek
2025
130-140
$13,50 WINNIPEG PRICES
Winnipeg, Juno 4. Pelops of grain futuros closed Cfging in conté, per. bushel as
don and the fact that the last ware inerpore dates back poly 'a' couple of months:
Fruly *Optober
Other employers are likely, to colors: follow this feat. Ever - thos who might wish to overt labour trouble by meeting the demands may and thornselves for the arat 24 time in 20 years compelled to turn them down. For Industry is having troubles of its own: homa shleifare not a Day is they have been, thanks to the credit squeeze and MrMacmillan's Bird, purchase, restrictions. And will Germany and Japan murensing, through
mahow/ other countrima feINE longer ready and var to!
206 contracts Texas Co Soybean oil was quoted at Ugon Carbide 10% cene por lb., while cocon-Union Facile Railway
United Aircraft nut oil was qudied at 11% cela us Gypsum a pound, West Coast, Copra was up 8. dalne.. Co. offered at $165,per short ton, clf Us, Rubber Pacino Coast United Press.
LONDON METAL PRICES
London, June 4, Pelces of motels, closed today in sterling per long ton pofol- lows:
in Spotkaniping
Bimanta Copper #po
| Zihonth:
„lead, let trai
zinglidin` half.
3.8; Smeltiaze,
Winner BrONLİ
3: WestleighanING
Wor
CHICAGO LARD FUTURES
Chisago, "Juno
New York Foreign Exchange
NEW YORK METAL
FUTURES
New York, June 4 Trios of motul futures closed. today in cents per lb. as follows:
June
July
Zins
dus
oth Juse from Bomber
ade 11th June. for Bingapore, DOM- katia 13th June DAR, Katsobia Haerah.
Khorramabahr.
Kuwait M & Mops-al-Ahmedi due 20th June from Bombay salis 22nd Jupa for Japane
EASTERN & AUSTRALIAN 5.5, CO., LTD. "ARATURA”: Wedi ein June ter sendakan, Rabinu,
bouma, dok "NELLORE” dus zin June "from" Aisteaian (N
or off the route & the reste à“ adling: kro, mahloch)
to change or amendmena mlik de wilkoną: notte,
For full particulars apply to: MACKINNON MACKENZIT & CO OF HONG KONG ITO. Telephone hoz: SPAA.