THE CHINA MAIL, TUESDAY, JULY 3, 1956.
TRADE and COMMERCE SECTION
British Government Beating
Inflation
PATTERN OF DEMAND
CHANGING IN
RIGHT DIRECTION
FROM RONALD BOXALL
London, July 2.
HONGKONG New York Cotton
STOCK EXCHANGE
From Our Correspondant)
Busines done on the Hong king Stock Excha
thin
Market Shows
More Activity
New York, July 2. Increased activity and a stronger price trend
morning amounted to apport- developed in cotton futures today.
lely $332,000. Noon quota tors and the morning's transac- LLOTIS:
Abaren
Buyers Seller
Sales
1680 1700
246
Bant Assa
INSURANCICH
The 6,000 men who were abruptly sacked last week by the British Motor BANKS Corporation might not agree but the facts is that the Government are beginning to get the upper hand in the fight against U inflation. The advance has been slow and not without casualties. And some of the improvement is more apparent than real; but an improvement nevertheless.
The Treury, in, its latest, the aid of abnorinai restrictions.
progress
er momy
importan!
1
11
And eve
111
the right direct ** before the BRIT there were some slight signs of an easy of the inborr Life***
shot-
Undemas rite
SHIPPING
Wherlock
970
A 50
50 o 1000
£145
1000 61
UK Industrials Nervous
London, July 2 Nervousness in indus- trials featured lower, 9.49 moderately active trading the London Stock
DOCKS, ET K Whare 1v (0) 14:36 1415
LAND, ETC
10
KK Hotel 14.40 1400 UK A Iseulty
110
**
200 e 14 50 100 v mly
100
RUBBER
Sravelg
147
134
UTILITIES: Trans
ZON
24
Sur Ferty
Ya
190 130 | E
LID
200 109
Heliste The contrad problem of recona- csutiously Lotes Hig
with full employment
n free changes 111 the stability of prices
evonomy has not been solved pattern of demand changes
Bowever, looking ahead pros. peels are that there will be much healthler relationship be tween supply and tenant than there wan lest year. The story tagut (0) 2880 2490 1000 1 24 30
inflation CELTI of last year's
total Lold very briefly. The value of all the goods and ser- £525 View produced www million higher than in 1994. Bust 15:0 demand increased on So balance by 2030 million. there was an inflationary "gap" £105 million and the balance payments was weakened this extent.
Wpv
Without wishing in an to minke light of what may well be personal tragedies but matty of the 6,000 dbatissed men, it is unportant to an understatui- ing of the stualinn le get the fuets in the right perspre Uve.
Inflation is merely alt presion for describing inflatexd demand and the impert- ant part of last year's trouble was excessive demand for what
cail durable comomisis
such
summer
сам
Cars. So when The men jubed the battle
Paturally Indation It curbing of demand for this type its major
اہرین کوہ
objectives.
Now
riti
ut
Paying Off
Less Sharply
Le
20
Light +N) 22 23 24 1903 22 Electric
KD 31 3175 1990 31 78 "Tele-[transaks 24, 25 20 1700 - 23
INDUSTRIALS tment
STORES, ER Dairy Watkin
1600 / 33 50
10 7 10 3 st ซอ
200 1080
10
LOTTONS Tx
0 20
030
Nanyong...
700
INVESTMENTS
YONKALE
7
Alfret
་་་
EL K & F
Invent
This 1120170
necording year, Govern estimates made last week by the value of against Economist, the total
made good and services produced
win Increte by only Britain
But this srutiler & 100 miilton. unprovement compared with the 1955 figure will be more than affect by the changes on the right
pattern side of the demand.
tis efforts-spearheaded
SRJUOZAZ
by the credit
4.1
attel 1x and
of
these
ד 4
оп
| Exchange today.
noon.
Led by the far forward de- liveries,
prices Kored gains beyond $1.50 a bale on the best volume of business in several weeks.
off closed
Orleans
Opening prices were up 2 to
New points. up 10 to 16 points. Smicr
Dereage prospects,
plus mil buying for inventory accumulation, and investmeni
buying attracted by prevalling
discounts, stirred up u demand for the deferred October- December deliveries.
Nearby July Lagged, meeting iquidation on the railies desplie the continued absence of delivery notices and further reduction in the certificate
UK GOVT BOND INDEX LOW
London, July 2 Heavy rolling of British Government stocks today down
carried the Index 9.33 points to 84.24, lowest it has
tho
ever been since the index was estab- lish (at 100) in 1926,
Previous low was 84.49, topched on June 4—United Press,
WORLD RUBBER
MARKETS
with Some towards
Singapore, July 2. After
an initial fall on news of the US steel strike the rubber market reacted There fairly well today.
fac- was little trade and tory buying buying support the close.
Rubber price opened three cents per pound lower on Mon- day moming than last Satur- of the day's close, when news 660,000 American steel workers striice was received,
The
rubber Singapore market
was propped up than the mid-May survey and strongly a fortnight #go when 1.7 per cent less than the na- Britain fted the ban on sale
rubber to
rode Honal allotment of 17.4 mililon of acres, and compared with 17.5 nervously throughout the lust on the crucial negotiations and between the management
of
stee! the US workers
A
rumbled
and Losses of two shillings inore appeared in industrials by
rallying stock. and afternoon tendencies failed to reverse the downturn. Layoffs and produc- tion cutbacks in the auto tridus- iry coupled with the US Steel strike kept traders cautious throughout the session.
Store shares lost a shilling or more. Unilever skidded about two Olis came under pressure, 23 few but late rally pulled Assurs up from their lows, Royn! dropped
Petroleum
Dutch around four.
private <top survey acreage in cultiva- tion on July 1 at 16.1 million acres. This
Icas
was
228,000
million acres in cultivation on July lost yaer,
Estimated harvest,
which
China,
Today's closing futures prices
averago
placed at 15.7 smallest In
actes
acreage after allowing
abandonment,
million 74 years since No. 1 rubber per lb. July
for for Industry. WWA
were:
1882.
0335-03-14 Aug. 844-00 Sept unquoted
The
No. 3
01
Spot rubber unbaled
8295-8314
-0015 85-00
For Blanket prope
00-00
No. 1 pate prope
102-104
NEW YORK
Commodity Credit No. 2 rubber per lb. July
British Governments posted declines running to about £7/10. Gold shares got Hitle support
Coppers Corporation eased quietly. and
Rhodesian weakened on word Selection Trust was lowering its sold privo for the metal,-United export
710 000 700
14.40 DOO 12.30
PTCSS.
Moderate
Trading
On Wall Street
New York, July 2.
pouncement
out of had
weekend
of 641,701 buten No. 4
the surplus
little market Influence, The Agure wad
t substantially below the 1.5 nullion
the bales reported on the The No. 1 Rss futures closed saic, but somewhat today unchanged to 50 points
· Check List - for Investors
I can name every security I own
I know what I paid for them-and just where their prioce stand today
• I have a good idea of the dividende they pay and what the average yield in on my complete portfolio
• I can classify cach of my holdings as to growth, income, or safety
I feel sure they're the best I can buy for my purposes
• And I know exactly how I'd invest any additional funds
Yos No
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20 0
D. ຕ
Six "yes" checks and you certainly don't need our help. You can feel comfortably secure about your pres ent investment program-and our compliments to your broker.
But if you had any "no" answers—and would like to correct them—we can't think of a better way to go about it than by writing a letter to our Research Department. They'll send you a thoroughly objective analysis of your present holdings... provide full information about individual dividends and the overall yield at present prices.
They'll pass on the relativo merits of this stock or that for your particular purposes... classify any sceurity you're not sure about on the basis of growth, income, or safety.
They'll prepafe the soundest program they can for any specific sum—any stated objective.
No, there's never any charge for this service. It's al- ways yours for the asking.
Simply address a letter, in confidence, of course, to
JOHN F. Sutivan, Managen—Overseas Dept, HIC-4
Merrill Lynch, Pierce, Fenner & Beane
70 Pine Stroot, New York 5, N.Y.. U.S.A. Cable: "MERLEAP-NEW YORK"
Ofices in 107 Cities
PO B•IE&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwardy "CANTON"
"CARTHAGE"
mone
at
average locations,
previous
than traders generally lower with sales exported The minimum price tracts. for middling 15/16 Inch cotton,
cents a pound.
Open July totalled
contract today
con- of 99
The standard contract closed was 25 unchanged to 50 points lower
with sales of 13 contracts.
Closing prices:
113,600 bales The
July certificated stock declined 410 Sept.
No. 1 F
33.00
30.15
bales to 7,524 bales.
Dec.
30.90
Standard Contract:
Mont
Volume
Open interest
July
32.00
"CORFU”
July
3,200
113.000
Sept.
8,000
270,000
Dec.
"CHUBAN"
Dec
Bar
8.700
493.500
Mat.
26.10
3,900
271,700
May
May
5,300
July
700
100,200 172,000
July
20.70
Oct
1.300
24.200
Dec
1.000
$800
Total
36,700
1,400,000 boles
Commercial Credit
Commonwealth Elec.
404%
NEW YORK
Consolidated Edison
40%
Speculative activity accounted for most of the moderate busi- ness done on the terminal mar- ket Weakness at London anxi Singapore brought an early sril-
"CANTON"
*
"CORFU"
+
Continental Out of Del
"CHUSAN”
CTADO CODOR Crown Zellerbuch
30%
as follows:
bought at the close.
*
Vi
Cuban Amer. Sugar
Spol
Diamond Alkali
July
Dupont de Nemours
Mar
May
July
Consumers' expenditure is ex- pxled to rise less sharply-hy about 100 milion na ngalrust
Steel shares, non-ferrous metals and airline £340 million last year. Goven-
fald by issues lost a point or more in moderate trading ment
speruling will mixout £100 million (all
1954 early today while the rest of the stock list held in a of figures are in terms factor costs) compared with a generally narrow range. drop of £55 million lost year And the gross fixed investiment in new houses, factories, plant and machinery and so on-will Rbou! £150 millions. by
LL
flanked by purchase hiru purchase restrictions wit Personal consump- paying f
Es h drst tion f all kinds four months of the year which
the
172- is as far as
Jalent formation
was a little M below the previous year's level, But the importun thing is that Bds, demand for including motor exis, hus, drop-ris ped sharply.
Market!
13-
11206
by
Turnover
was
hour
Dow Chemicals
Eastman Kodak
El Paso National Gas
more | Colgate-Palmolive Co. Lasses in steeds ran to than 3 points in Bethlehem, but of the cut- the selling Hous type and volume in the 185 gro
US Last year
not was
heavy. inillion.
Steel, Republic, Armco, Jones & this Artch
has
naturally
Dus The
Important Laughlin, and Sharon, lost more affected! the labour situation.
chunge will be in the rate of
than a point each.
in the first Not that the days of full
raw materials stockbuilding of
Last totalled only 300,000 shares. and work in progress, ployment are over; far from it. The Bet four months of
year this rose by £210 miliona
Coppers had declines ranging This to £350 million,
your from a point to year set new employer
only slightly stocks are expected to rise by Kennecolt, there WAN
In May only
£300 Aluminiums, £ 50 million unemploymra! mur !ན
Reynolds meth of million less than in 1955.
and than in the samme
#relaxation
around a point each. 1955, The
On balance the total domes-
Airlines showed loasca pressure" as far as it has gone
around!
In point has been partly due to the fail in the number of women who
TWA and United Aircraft
Closing Prices go out to work.
and
The situation has
the Lecords
of
are
tie demand is expected to fail the year by £150 million com- pared with 1955. And when the £100 million of extra goods Im- and services
addled this also
means that £260 million will be there are now not so many vacant jobs, left over at the end of the year though there are sul more than to strengthen the
looking the number of people
payments. Midlands await the
proved insofar
A
in the for them.
10.000
Jobs frea
bas
0,000 men sacked by the BMC.
been some
balance
Picture Brighter
В
Erte Radiroed
Family Finance Corp in Anucenda, Ford Motur
und Maga
in General Electric Kaiser, General Foods AICOR,
Aluminium Deil General Motors
American Cable & Radio Corp
Gen. Pub, Util. Getty Ou
of Cidden Ch.
Goodrich 13. F. Co.
Easter, Goodyear Tite
Heyden Chemical Homatake Mining Co
Ingersoll-Rand
Hiland Steel Co.
Interchemical Corp.
Int'l Budinots Machines
Int Harvester
International Nickel
International Paper
Lotes Matsville Co.
Kennecott Copper
Liggott Meyers Tab. Co.
Lockheed Aircraft
Loews Incorp.,
Lone Star Cement Co.
Alden Ine. Any.
$.10
Allied Sc
Allied Chemicals
112
M
of
American Airline
25%
American Cyanamide Co. Am. Mach. &
72
Int'l Tel & Tel
dry
281
American Smelting "
232
Kanzaa C. Power & Light
American Tel. &
Tel.
100
Altverican Tob. "n"
Anaconda Copper Armco Sücel
3016
109
Baldwin-Lima Hom,
Baltimore & Ohio
4746
Bendix Aviation: Corp.
વ
Beriquot Cont
134
Bethlehen Steel
Boeing Airplane Borden (The) Co.
Burroughs Add Machine Canadian Pacifle R.
31
Case (3.1.) Co. Cat. Tmetor
Celanese Corp.
50 Chere
These figures should not be it improvement--though again taken as
forecast n precise without must be stressed not
Out | Rather, says the Economist, they bas There hardship to Rome,
are "n bazardous attempt to demand been a
fall in
for translate the present trends and into of the economy Juxury goods and some Inbour feet
from in-
in quantitative terms." has been, displaced dustries producing these goods
But the general picture 19 Industries into, one
clear enough. One would not immediato
national im care to say it to a mass meeting Mauwhile the total of BMC workers but the piclare industrial production has risen is brighter than it was six ngo-London Express only very slowly part of the necessary cost of readjustment" months Service
more portance.
the Treasury explains-but out- put of plant and machinery
(A
good export Uno) stoel and even coal has risen.
Reserves Rising
The foreign balance too is looking better. Exports in May were records and the growth of imports hhu moderated. In the first five months of this year of Britain imported an average
£61 million a a month more than
she exported compared with monthly average trade
of £72 million last year. gold reserves not rising
"gap"
after
the serious louses of Inst
Arnout.*.**.*
G. I. T. Financial Corp. Chao Manhak, Bank Chrysler Motors
45%
49
04
TOKYO MARKET
•
CALLS HALT
Tokyo, July 2.
The Tokyo Stock Exchange saw a halt to its vigorous trading and ascending prices last week after a long spell.
Louisville Nashville R.
Lowenstein & Sons,
Mesabi Iron Corp.
Minnesoin Mining
Mieston Development Monanto Chemical Co. Motoroin Inc.
National Cash Rog. "A"
National Dairy Prod.
National Lead
National Steel Corp.
New York 'Central
Olt Mathieson
Otis lavator
Owth-Illinois Glass
Pacific Gas & Elec.
Pan American Airways
Paramount Pictures
Parke Davis Co.
Panny J. C. Co.
Penn, Balt Co.
Philip Morris
Procter & Gamble Co.
Pittsburgh Plate Glass
Publicker Industries
Pure Oilav
Radio Corporation
Republic Steel.
Reynolds Metal
Saint Re. Paper
Sinclair Oil
Soonny Mobijoil
South Puerto Rico Bugar
Southern National Can
and ends
Standard Oil of Cat Starklard Oil DE ‘Ind Starkdard Di'de NJ.
Tho
The break came as a result of foodstuffs suffering the biggest starting Drug Co, your major operators such as fan= |drops, ** and all in on prospects are good cial institutions and pecurities
account is
Stokely-Van Camp. Studiobaker-Packard Cup. Boy & Co, for a sizable, balance of pay- cartpanies calling a halt to buy- Ajinomoto fall from 285 to 10 Water Amo. 011 ments surplus when the 1000 mg otused many issue to drop 212 for 13 points during the Twenty Century Fox
ip struck,
hdaylly although some of them week as one of the hardest hit. Un Carce
Union Paolse Fastway. But the question mkiway made harp reactionary gains
United Airoračt Will this inter in the wosk, through the your le
Mining shares dropped from us. Cyprum Improvement last? If by
the ratory did not bellove (105.0 to 193,4, machinery (258.7 JUA. Lane Co.
would
further to 250.4, Iron and steel from US mig provement one
ellmination of inflation abrupt decline in prices but ex-178,6 to 100.0, textilon 215, to us; sed gradual then the answer must be that it postoji - the market would be 242.0, foodstuff 312.0 to 8100, warner Bros will.
But it must be rèrtemis dull for some time.
chemicals 410.4 po 300.4, rosi Wantinghotinctio borod
been that what
Prions drops rangod from 2 estate 262,4 to 247.8Vesitori. Wem
Woodwooth schieved so far has been with ito 6 points with industriels and Press. T
means
bo any
Rubber
Pulp
Paper
2014
Prizes of futures closed today ing spurt, but early sellers re-
NEW ORLEANS
30.63n
34.00
32.75
buyers
32.52
32.02
22.70
32.0%
31.10
31to
more
In the spot market, o duil situation persisted. Brokers said
becoming www confused as the cyratic swinge and less traders enter now on- gagements.-United Press
LONDON
The market
Prices of futures closed today decline with spot quoted
241⁄2 pence per 1b. Prices: as follows:
Sport
July
Oci
Mar
May
July
Oct
Deec
LIVERPOOL
*
*
*
wirs
steady
ot
39.50
No. 1 spot
2415-249
54.60
Settement house term:
32.30
Aug.
2436-2496
32.00
Sept.
32.03
Oct./Dec.
Jan./Mar
$12.02
Apr./June
31.07-00 81.07
July
Aug.
sept
Estate crepe thin July
thick AMSTERDAM
unquted
32.70
Futures closings, in pence per
122 lb. were as follows:
Old contract July/Aug. 45% Now contract July/Aug.
Oct/Nov.
Dec/JAN.
Mar/Apr.
May/June
24.30
37.50
24.00
General markets, eif basis,
និងអនុ
The market was quiet. Prices 24.15❘ closed Today in guilders
11.50 kilogram, cif July as follows
13.10 No.
rubber 55.58 No. 2 rubber
43 | Egyptiim Komnak July/Aug...
Sao Paulo cotton prices were No. 3 rubber
today, United No. 1 CrEDE unavailable
199
さく
盒
40
491
12
Press.
New York Sugar
Market
New York, July 2
World No. 4 sugar market
closed toehy unchanged to 1
point higher with safes of. 39 contracts.
рег
+
2.47 nom.
2.37 noen,
2. nom. 3.00 nom. United ProTS,
London Foreign
Exchange
Now York
Montreat
Amsterdam Copenhagon Frankfurt
Mar
Parlia
Zurich
Domestic No: 6 sugar futures Stockholm closed unchanged with sales of 43460 contracts.
Trade and commission house
London, July 2 2.70-11/18-2.75-13/10 2.7336-2.74
10.04-10.6L
1933-1934
11877–11.5TK
4/743-1749
00011-00091
14.401-14.454 12.105-12.19
**United Press,
buying. bile tone in rawe, set the pattern In
influenced by the firmer New York Foreign
681% the world contract.
trude reports
nard
the
Havan 30 Cuban Sugar Institute has moli 21ell, or part, of its voluntary re- serve quota gur for the world market to Cuban operators at a pries rango of 3.84 to 8.37 centa a pound, fob, Future#;",
Contract No. 4 (world)
Dept. Oct.
May July
spoke (cends -- per
Cuba)
Contract No. 6
per lb. bit NY
Exchange
Canada England officiat
unematel 30-day future
50-day
Australia New Zealand Bouth Africa
New York, July 9.
$1.01-13/10 772-4.74 p.70% a
123-18/16 2.78-13/10
futures
Mfnited Prem,
Exchange Rates
Dự đoán là thái lạ
morning, as the following rates) U8., cikler tow si) Werling notes (pet kil Austesión nota (per #1700. Erdonayları upish (per 100) 34 Kleen flesh (per 100}]
Luaves Landon 18th July 15th August
12th September
20th September
Duo Hongkong 20th August 17th September 18th October
27th October
Via Bouthampton, Port Said, Aden, Bombay, Colombo,
Homewarde
"CARTHAGE”
Singapore,
"SUBAT"
Penang Singapore.
Leaves Hongkong Due London 24th Augurt
21st September 19th October
sit October
Penang,
14th Seploraber
22nd October
19th November
27 November
Colombo, Botabay, Aden,
London.
A Sald Port
FREIGHT SERVICE Loads 13th July
"SHILLONG"dos Just July dus 8th Aug. "SHILLONG”tonds 14th Aug.
"ADEN"
"SALSETTE" dos 21n Aug.
for Singapore, P. Swet- tonham, Penang. Aden, P. Sakĺ, London, Haar- burg. Kotterdam dr Antwerp
from UK.
from UK.
for Singapore, P. Swet- tenham, Penang, Aden, P. Said, Havre, London, Hamburg. Rotterdam & Antworp
from UK.
BRITISH INDIA S.N. CO., LTD.
1858 A HUNDRED YEARS OF SERVICE — 1950
from Japan "BANTHIA" du•
4th July Fall sth July
"FULTALA” due 18th July salis 10th July
"SANGOLA” đas 20th July
Balls Biet July
for Singapore, Penang, Rangoon & Calcutta from Japan
for Bingapore, Penang. Rangoon de Calcutta from Calcutta for Jupa
P. & O./B. I. JOINT SERVICE "IKAUNA"
"TTOLA"
"ORDIA"
"UMARIA"
"TTRIA"
"IKAUNA"
doo sth th anis 7th July due 21st July salis gård July
due 25th July salla 27th July
'due 20th July
salia 27th July dne oth Aug. salls th Aug. due 11th Aug. aatia 13th Aug.
from Bombay- for Japan
from Japan
for Singapore. Colombo, Bombay,
& Karafil
from JuperS
Bhunagar
for Bingapore, Calombo, Cochin Keteghi. Barrah, Khorramshahr & Kuwait from Karachi tor Japan
from Karsels & Bombay for Japan
from Japan
tor Singapore, Bombay, Karachi,
Karači
Khorramalaisr de Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NANEIN" due 10 July from Australia -
· "NELLORE dne 7th July - from Japans Kalle 9th July
for Bandalcao. Rabaut, Brisbane, Bydney, Mel- baume à Adelario
All Tomola have" thôity to exlf, at any ports on
•
or of the roube, à, the route à miling are subject to to change or amendment with or withoki notice.
For full porticuloes apply to !
MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4.
+