TRADE
THE CHINA MAIL, MONDAY, JULY 9, 1956.
and
COMMERCE
NY COTTON AMERICAN ECONOMY
MARKET
REVIEW
By William T. Plunkett
New York, July 8.
Cotton futures
ended
another week of alow trading with a mixture of gains and losses.
At Friday's close the list ruled
off 22 (up 19 poinla, or off $1,10
to up 90 creils a bale compared with the previous week.
Logging นางเอ
the
nearby deliver res nellerted the gradual prostire of July quicla-
expiration of tlon, unicipaling
ittel Priday, contract m buyers wariness in face of steel strike and a new slow-down in the demand for textiles,
The
Narrowness of the market also Was socialod with lications that the government will (1931- tinue o comutuet in autton ex- is provenl programme is form. Ootion trade lessive's rulve ungod replaceretyt sof
{} }
sex sales sysis with 201 port subsidy programmes
*** -
Steel Mediators Fail To
Negotiate
Satisfactory Settlement
By JOHN MORKA
New York, July 8.
HONGKONG STOCK EXCHANGE
(From Our Correspondant)
Budness done on the Hong kong Stock Exchange this morn-
the morning's transactions:
SECTION
SCOOTER
CRAZE
HITS
Mediators Plot
New Moves To
AMERICA End Steel Strike
New York, July B.
The postwor
| Italian-inspired
craze for motor scoolers which has now taken over the
| European Continent has now started to invade the United
States.
By. Robert Shubert
Pittsburgh, July 8.
Federal officials, worried by the ever-mounting economic toll of the steel strike, were reported
I may not be long before plotting new moves today to end the week-old
walkout of 650,000 mill workers.
American motorised habits have the influx of what amounts been substantially changed by
that's At least
wheels,
to
the
The nation-wide steel strike which threatens to paralyse the US economy moved into its eighth day with no indicationsing amounted to approxlutely an outboard engine mounted on $470,000, Noon quotations and thinking and dream of Italian
manufacturers who arc of an early settlement.
now taking a costly plunge into the American market with an [I] tensive sules and advertising campaign.
Federal mediators scheduled talks with steel and labour leaders today. But there was no indication that either side was prepared to retreat from previously adamant positions. About 90 per cent of the nation's steel production was closed down, mainly on the night after protracted negotiations broke down, mainly on the issue of an industry-sponsored proposal for a five-year contract.
bling into the
Advocabes of the chubbe melatsorious by the subsidy system waili peril | producike and broader market at a faster pre by exporters and would hop to Est fastar the surplus rue til al at krwer cont
me
sources saki
Trude
u brisk business has been going on 1- tween CAZUBIETY mills
نا
can
the steel to be myne question as to how The after-effects of shutdown IITU beeming more much European suppliers
Losses in provide for the US market the day.
wages are non-
anel Industry Steel rkers mathiones daily,
suffer production affect ag a wide variety of bus-meanwhile
of over INSTR Wake nesses, ranging from steel itself and
Oil refineries- milton daily down to the corner grocery
are also piling up And the end is nowhere like others
Insses Fight.
40
Selwyn Lloyd: To
Rebuild Financial
Urrien
RUBBER Amalg
Trim
170)
1200 9.40
If both the United Steel Workers Union and the steel companies clinging to widely divergent positions in their contract battle, US Mediation Service director Joseph F. Finnegan was expected to summon top negotiators to Washington within
a day or so.
to
The two Italian manufae- The capital conferences could turer-Piaggio & Co. of Genoa icad
government-initiated with its "Vespa" model and suggestions aimed at ending the Innocenti with its "Lambrett!" walkout, which has already cont have already signed up nearly $280,000,000 in lost steel bundreda of distributors production and strikers' wages. throughout the United States. Other strike developments in-
cluded: Suburbanites, farmers, shop- 30,000,000 *āmā pers
familles who own one car and could use re-
1000r 14.00 but cannot afford two are 14.70
garded as prime prospects.
230
| 475
Tens of thousands of these be seen two-wheelers can now
on US highways, farrus and in And the peak in yel factories,
"to come, according5
its Piaggio alone ia sell-
Shares
BANKS HK Bank
INSURANCES
nyare Shares
Bates
1700
.....
SHIPPING Waterbant
(0)
IN
23 22 30
Wheelock
DOCKS, ETC". K What Dock
40 Prident (0) 14.30
34 9.40
1000
44 100 $1 34',
LAND, ETC.
IK Hotel 118 Land
14
504 53
LAS 1.00
10271.475
6000 1000 1
167
10
UTILITIES Tratn
Younnat!
21.00 100
24 10
700 23,00
makers.
110
300 in 100
ing some 500 weekly.
C. Light (0) 24.70 24,00 Light (N) 21.00 22,10 Elvetle XD 29, 31 75
1750 24,80
130)
com-
initments.
So far the pinch 011 steel
tu
Duas Powis, Wales,
July B. Secretary Selwyn Forelin
genera- Lloyd said today "our
rebuild the Ten's took is lo financial health and strength of STORES, ETC this country."
30
31.0 with
Id
Telephone INDUSTRIALS
24 90
23
4000
25
L'euni
*
Dairy
10 30 10'
50
10
1000
100
Premium. Prices
a political meeting Lane Craw here, upon our success in re- building our economic strength depends our right still to be call-Texide Comp becumes tighter. stret American steel user; might heed a greal power. more disp
"To put it more bluntly," Mr Lloyd fold
Watson
12.20
1000
12
14.00
12.20
XD
32
ΣΟΥΓΟΝΗ
1.20
0.40
Nanyong
7 35
Hofners, it was reported, are cutting off the supply of heavy
arud residual fuel to steel mills began losing sales
Already thousands of work- bra governm al-owneders outside steel itself (650,000) path are jobless. One estimate placed comanity
at the rute export cotton under the sub-
the number of jobless in the
of about 3 million weekly. In stitution privilege
whereby the railroad industry at 70,000 by
Two weeks or so, a shortage of last week. The shipper does not have to export the end
Railroad. which could seriotisly impoíc ex- the Idvaitien bales he bright Pennsylvan
drilling und from the CCC The shiper can gets 30 per cent of its business well the CCC cutton to mills, it
steel.
announced a redue. wis said, while ussuming responsibility for
hasit teen strong enough exporting awards of 18,990 like amount of colton at a later cent drop. Warehouses, truck -
set of buying from abroud. ciate.
in the work Jorce of up- a 15 to 20 per
ers, eunstruction companies, and dozen of other industries are Anticipating the givermat's already suffering in varying de- As the steel pinch be- first crop report of the sensongrees.
in
two or three
on Monday, traders showed more [comes #ghter interest In the færand of op weeks it will be even worse, nows which boente a little more
Elsewhere, the impact of the mixed because of droughty can- Kleed simtdown was manifold ditions in sons Texas area and fears of excels at
Caroli
The
weitens
moisture a
Elsewhere
1 Metal sales in me strike- government spent will stricken area are reportedly off give the acreage le cultivation by some 15 to 20 per cent, with
Private repente in- on July 1.
the situation expected to worsen dicate gure of 16 1 to 1 4 million aces compared with 17.5 Just year and the aorage allot - ment this season of 17.4 million acres. United Press.
Exchange Rates
market
Business was done in the unofficia ɑxchange morning it the following tales
U.9, dolar (per $11
Local
E
as the strike develops.
2. Price boosts ranging
framed for export.
$5 to $10 a ton were announced glan steel producer, it report. by leading producers not affect-
ed by the strike, presaging whated, has already made
Health
71
200
32.70
The Vespa sella for
1
From 85,000 to 80,000 rail, truck and water transportation work or forced into idleness. Furloughs, part-line
work scheduled for 40,000 ecal miners when They retium fx their
vacations Tuesday. Steel price inervasts of $8
Li
2
10
WORLD TIN
SUPPLY
SITUATION
London, July 8. World supply and demand
estimates by the Interna tional Tin Council.
Following the conclusion
$14 a ton in umblelpation of for tim during this year will costs imposed be in balance according to higher labour small companies operating under use that ogromments with the
Wi just they will meet the terms of A In the under US$400
United
Tex national settlement. a top It is capable of of 60 miles un hour. " six
horsepower, cylinder engine powered
31.30 States
31 To
Allied XD &FK Invest
340
2000 5.43
11.30 11.40
US RAW COTTON
Haw
EXPORTS
by
togard paying My Lloyd summed LAT the INVESTMENT
Ac- prices for European stre!
ret economie problem m a nutshell: Yangtze Street the Wall 265 ording
"We have to struggle in the feel importers Journai, sonte
face of bitter competition. The import prices 14!! move steel
expert trade must come first. added. Jis but it
SIKKERS k "Our
It depends ward,
how By to "questionable"
much
keoprices and
deter- could be obtained from
upon this
mmatica displayed by exporters consum- source. Europe is now
for new business As per cent of in going out ing about
its
and in their kli in promoting with
15 per cent ear
One Bel-sales abroad,
The
factors. human MO They offers to
Connol be measured.
New York, July 8. There is no doubt that the Gor.
exports man sales effort has been ex-destination as reported in bales
by ceptionally vigorous.
the New York Cotton Ex- United Kingdom export change for the 1955-58 season to efforts, on the other hand, have July 3 were as follows
weakoned by the competing
of
a buoyant bome Britain
Continent According to the Journal of (market which has made domestic Orient Commerce, one drawback to in-los
for the manu- | Canada bo tisy steal creased European
ship-facturer that he has had less in- is the relatively higher entive to sell his goods abroad.” ments
abroad. prices prevailing
United PreSS. thought
European pliers are quoting close to ÚS
than others. prices
any believe might be a paltern structural steel fabricator for the industry. in the event
of a settlement.
3 A gray market in stev) ap- pems to be developing, in some eteses prices being qualed double
a regular ini quotations,
Starting notes iper 21
1575
Australian noter (per £1
12 45
Indonesian rupiah (per 1001
10 11
28 9
4 Importers are casting L
higher
Blam licei per 100)
Bingapore Strait)
של מת
fore- for price De foreign steel but there upPERIR
Wall Street Industrials
Register
Gains
Excellent
By Elmer Walzer
New York, July 8.
Industrial stocks in the past week registered their best gain since the week ended Nov. 5, 1955.
Their strength lifted other divisions, with utilities setting a new average high since March of 1931 and rails gaining a fraction. Trading increased to the best level in a month.
The market was following two traditions:
1. Prises usually rise in the
and this summer
advance has become a traditional one.
2. The Wall Street adinge, also. traditional: "Never sell on strike nows.
al
prices
US imports about $15 valued ar were uttons.
with 11 compared millions a year ago.
slightly above Current warehouse levels.
**Prices
some
al- sup-
for imported strue-
tural and phate steel, types that
hare, ure
Eru especially tight
of the larger above quotations mills but one importer said that
been offered has pinte cheaply as by smaler, United States pro- ducers," the Journal of Com- merce said,
some of
B the
Delivery
Further, it noted that What mude about European supplies forever, felt that virtually impossible to get these days, the waiting period varying
American inquiries are being
it is
prompt delivery from Europe is
from
six to eight weeks-and longer-United Press.
London Foreign
Exchange
Gains in the utilities manged to $0 a share in People's Goa Olis swung forward with galos ranging to nearly $5 a share in Royal Dutch. Wide advances
London, July 8. In Amereda, were noted also
Foreign exchange rates closed Gulf, and Warren.
on Saturday as follows! The cements still had a big New York
2-70-16-2.7034 Montreal Wall Street bought steel stocks demand despite the recent rise. in naveral seasons. They closed The lure of the forthcoming Amsterdams
130.00+139.06 Brussels the wook with galers running to read building programme
10.3314-19-33 Frankfur more than 3 points in Bethlehem this group up $4 or $5 a shore Copenhagen
with most of the issues setting Milan Shoot Youngstown
Poris new highs, Tube.
and
and
sent
Stockholm
DOO-000
12.15-12.1914
United Press.
The stools had been well sold Alreralls, in anticipation of aZurich earlier in the year and the kang ora of busy plants with big market, men looked for a good gains running to more than $4 a in stool demand when share in Boeing Auropiane which tion is resume, They
were a bit wary on Friday, how-fahandad to is move to milli tho :
Over
after a federal maxilator
two for one.
reported both sides of the abolicial issues recorded
attractions
cokon
Total for measur" Samo period last year" *exeluting inters
133.908
one with
as aircraft. alomic
4
an oll-gasoline mixture. It will
go some 110 miles on a single gallon of fuel
POPULAR
of
3. A government embargo un
initiai Council's warehouse stead of critical types the
meeing needed for
defence orders such under the new International tin guided misalles and agreement, a communique issued W. iast week announced that energy. The ten per cent pay cut K. Davey of the United Kingdom for all non-union employees of has been selected as manager of the
Rallroar the new buffer stock which is Pennsylvania which normally gets 30 per cent (to be set up under my agter- Mr Davey was for many The molor scooter is especial- of its revenues from steel haul-ment
years Chairman of the London" where log. ly popular in Europe, gasoline 18
market Metal Exchange. and
Block expensive
and Y transportation more difficult operators peddled steel up to 14
โก than
the United States. In centa a pound, nearly double the
are Vespas Europe
used by legitimate office und Bikers, willing to gamble on ducing countries to the buffer doctors, clergymen, factory workers for store
de.anything, took most of this seat, stock was declared to be Sept. of liveries,
Finnegan and his medioters 15, 1965. The producing coun- apparently family outings,
All kinds of Vespa
臼 sori of have been formed.
international brother- friendly
לאונה
5.
warehouse
price.
The date on wirich initial con- ce.butions were due from pro-
face a stiff task nitries have indicated their inten- getting the negotiatory back totion of meking tree contribu- the bargaining table. The media- ticis inainty in cash.
bon chief met separately with
course
clubs
off
officials and
the
hood of the road. There are 100 in France, clubs in Italy, 117 90 in Germany, 09 in Switzer land and scores elsewhere, Coun. try inos that formerly had file tourist trade now caler to these scooter owners, who dash Into ellies to sightsee and then scoot back to low-priced lodgings In the country for the night.
The scooter gOL big when Hollywood luminaries took
this new form
д
representatives of
reported no
The communique announced
und Korea had big three companies here that Israel
acceded to the agreement which Ho last Thursday. indication either side was ready was accepted by the Counell. It Turkey was likely
In resume the talk which blew added that up in New York on June 30.
Lo
join the new International
Some observers sald it could agreement shortly.
of
be two more weeks before the No communication has been strike builds up pressures received from Thailand indicating sufficient proportion
compromises. United
breuk
major
Press.
seen
620,333 transportation. Audrey Hepburn 1.111.144 drove on in one of her Italian
135.94 movies.
And Jimmy Stewari 2.027.410
were 3,305,317 and Tyrono Power
about also. And even scooting
has Gleason Jackie bulging been known to drive one with- out collapsing the tyr(95.
And
-Valted Press
London Market
Has Bad Week
By C. T. Hallinan
London, July 8.
American
businessmen have begun to show interest in
A
the
On
steel
force
Singapore Rubber Market
Singapore, July 8. With trade and tectories hold- ing off on Saturday the market sagged with a small turnover
Closing prices in straits cens
moto scooters.
first per lb. fob Malayan ports were president,
them in Rome,
company
gllingsc
of
Ne. 1 Ras July
Aug Sept. his No. 2 R July
No. 3 gays No.
by
Spot rubber unhaled Blanket crepe No. pale crope
ordered several of the three- wheeled versions
He Pennsylvania plast. they cut costa considerably releasing larger trucks from the smaller tasks of plant delivery. Another big company, Lock- heed Atraraft, has
д bought brigade of scooters for similar inside work at is California Bocing. 100. was the first
the to put actors Italian import to use,
In other parts of the world, the cooter is no novelty ofther can countries, East, and in the Far East, It has been put to some strange uses,
Tamong
It is seen in most Latin Ameri- in the Middle
Forced to digest disagreeable news practically every day of the past week, the stock market obviously has suffered from wind on the tummy but it has nevertheless preserved a fairly decorous behaviour. The tentative view that Britain is heading
unless
aiso. Mr into a recession of sorts Macmillan has a good deal of luck in his manoeuvring seems to be accepted widely but it caused very little fresh selling.
Word
crratie
In India, as part of the
programme government
to
eliminate human rickshaw rur-
TIETB,
a viation behind gro the replace
Vespas with attachment wagon being used to traditional rickshaw. And say vacationing the Vespa people,
on tho millionaires
French 10 Riviera have been known abandon their Cadillacs to have a Riviera chauffeur drive them from their villas to the sea in a station wagon version.
But both buying and selling nice run in these issues from
and trendies, time to time. One attraction Despite the formidable outlook is that the London issues stend for motor companies, both Rolls well below the prices one has to pay if he buys them in New Iloyce and Ford Motors rose 2
doubt on
ts ณ bear York so that there shillings, no
certain British
American amount of profection.
This Unilever gainext
Week
favourites
At a recent wedding In Ger- Tokyo, shilling 3 pence. Imperial were expecially sought. Chemicals. 9 Petice
Electric 6 per cents rose £4% many, the bride and groom left Courtrudy 73⁄41⁄21⁄2 ponto,
assented and non the church on a scooler, passing
1
and
and
two
WEDDING
the English Channel by rigging pontoons on his machine
and
Vitaching a propeller to his rear
The Bank Of England Shell Transport gained 108 30. travly sold recovered to close
Olis were strong, partly on senteds while the 1930s non-through an honour guard of 14.417-1441-13/10 || 11.0
Several scooter-mounted ushers. And a nowe of the scheme toon
arsented jumped £4, pump Middle East oll through others rose £1 or a little more, zany Frwichan scooted across
Royal Dutch Including the wally Western Europe. gained 25 to £82%, only five
after skillings below its ourlier penk
Whether the Vespa could British Petroleum 69 8c and.
match European success in the Humaly Oll
Canadian ped this past week. The anch
Loan
M. non-acuteas
United States, Filippo 3s Od. Gold charte gained £1 and the Young Loan Theodoli, general manuger about
of onjoured selective, buying with 10a Dd.
the US distributors, would not Dollar numerous galios of 25. or more.
stocks were very venture to predict (there are British Government boods
active
maro Vespas in Italy than On the basis of The Bank of England stalware irregularly lower with There was also increased for motor core.)
American ducing the week 788 advanced, ment for the week crated July celines ranging from 1/10 to terat in Argenting issues; us what he's seen of
about £1 in Live caso trafe and
congestion. parking and 200 held 4 roode as follow
thinka, môre spoolers, macht Anglo-Argentine Tramway de- be Two Favourites
and
advances, Addressograph
whirlod up 60,
Food Machinery $0.00, International
wage controversy all unwilling Was Lọ got together.
Big Demand
Anticipation of higher eamings
.
Paper 30 and Owens Corning Fiberglos $13.
SE
Of the 1,384 lames, traded
for the chemical companies Cocines,
focused attention on that group.. Du Pont, the topder, alled
Statement
London, July 9.
The Dow-tones averages picsed Note in ciresilation
Publie deposits
the wook as follows Industrial, privain deposita rise of neaty, 30, a shepo for 604.14, up 11.86 points rally, Government Docurilles, the week, Daw Chomični rowe 167.10, up. 0.47; uluiting 48.71, Other, angurites warty #4 and Oun Mathieson up. 1.33, and 60 mocks, 178.87,
up 2.90United Pros,
1.000 500.
3/10.
her intention to join the inter- national agreement and in con- sequane the votes of the pro- ducing countries were rearranged as follows:
Rrranda- Belgian Cengo and Urundi 90, Bolivia 220, Indonesin, 229, Malayn 385, Nigeria 61.
The vote foa the consuming
rearranged countries follows
Australia
wore
Belglum
Ats
41.
35, 014-911 Canada 83, Denmark 80, Ecuador 90-916, France 180, India 02, Nether- quoted lands 57, Spain 15, United King→ 873-079 8014-86 dom 416.
04-83
01-0225
73-70 110-112
United Press.
The next meeting of the tin council will be on October 15, 1956.-United Press.
TYPHOON MAP
with revised codes in force as from
1st April, 1956.
$500 MOUNTED
froms
$4. UNMOUNTED
bentures. Alerieun buying on conditionless nerve South China Morning Post Ltd.
· bonda Hug von Chilonn: Isuch, Hited Antoineta katorer motorist
In foreign Ghent came in strongly, for Japanse 1asure; for several yours now one be more Euro United Press. poan · sýnici estou, Hova (binet
Fundaway ordlowry: £44 pedestrian alike, He notes that to na, now, liigh at 227 the list ooolarg pould be parked in
· ́2141⁄2• The apace required for the aver proference gained
United Promo.
ego motor eng-United Prose,
MAHONG KONG & KOWLOON