THE CHINA MAIL, MONDAY, AUGUST 20, 1956.
TRADE and
-
COMMERCE
SECTION
US BUSINESSMEN · DISAPPOINTED NY CITY BANKS
LOANS UP WITH DEMOCRATS US TEXTILE
HONGKONG STOCK EXCHANGE
{From Our Correspondent)
Business done on the Hong- kong Sluck Exchange
this
morning amounted to approxi- rately $4156,000. Noon quota- long and the morning's irons- actions:
Bharee Buyer Sellers Balca
BANKS
14 Bank
INSURANCEA
Unter
Lunbard
DOCKS, ETC
K WHALE
Duck
Provide
(0
LAND, ETC
JIK tel
HK Li
Husoplareys BURDEN Amalg UTILITIES Ten
IMU 12 1040
** 1000
3
13 2014 201
60
26715
15:10 16 40
5500 or 1.20
19 NO
20 1000 12 20
130
24 20 24 3000 24.30
137
Ế ếch 10, 240 24 20
21 24 J100 on 24 10
C Light (N) 21:30 21:00 Electric
Star Ferry
XD
Y sunsti
Telephone (0)
901
Protection - Like Implications
Of Convention
Trade Policy Plank
By JOHN MORKA
New York, Aug. 19.
MARKETS
REVIEW
By HENRY J. BECHTOLD
New York, Aug. 19. Cotton futures moved irregularly last wook but finished mostly on the up- side.
Gains in the first two sessiona more than offset losses the next two days Friday's market was mixed,
Proponents of a more liberal US foreign trade policy were somewhat disappointed with what many described as the "protectionist-like” implications of the trade plank adopted by the Democratic Party at its Chicago convention last Wednes-ruled 33 points higher to day.
At the close ca Friday, the list Ava points tower $1.15 a bale high- er to 28 conta lower than last week's close.
The Democrats, while acknowledging the importance of promoting world tradę and promising to support the reciprocal trade programme, also gave broad assurance that "serious brought about a short covering economic injury" to American industries would not be ignored.hedgin and iquidation
Woo
getting
The net effect of these plat-American Arms seeking higher | will fall next year in
diaturits or quotas in the forth- Jolleini sunction for any quota to į form 300 24.10 #ppoint liberal treders, many of euing congressional batties, provoke strong opposition from American industries and groupe for their well-being dependent
Among these are and motor
1200 mm 3102 ) than more,
more positive whom looked for
The fe
tende groups pec expression favouring the "princi- ! 31 311 1200 a ple of less protection rather themselves as being on the de- 【ensive, at hvast, for the moment, They
Insist it
the will take
contain mosi concerted efforts the mountáte
which pressure protectionist groups are expected lo put forward on both political partles.
IN
INDUSTRIALS,
Cement
251,
25.20 24 30
30
STORES, ETC
Dairy
Walaun
15.10 12
10 1900 15 00
China Emp.
450 9
COTTONS
Textile
Curp
NVESTMENTS
Yangiste Allled
4 10 4.20
6.00
320
Exchange Rates
Busters wall done
morning at the following exten:-
The protectionist blocs, it is felt, have by their mUCCESS gotting the Democratic Party to
need for acknowledge the port relief. In effect scored psychoʻngtoni victory.
IB-
$1
the
that 1 thus appearal strategy of some American in- dustries ut both the Democratic and Republican convention serma to be to get both parties com- mitted at least, fer part-to tariff relief.
Succeeded
unofficiat
exchange
the vend in
shin market
V.B. dular (por $1)
6 03
Storting notos (per
15.04
Australian notes (per £
Indonesian rupiah (per 1001
Biam tical (per 100)
Bear (Straits)
12 25 19.00 21 20 187
To this extent, ut least,
licy suceveded in Chicago.
of the principle AcceptancTA of torut relief in the platform of both parties, could conceivably a further wedge by be used as
Far East Private
Investment
By HARRY W. FRANTZ
Washington, Aug. 19,
The Commerce Deparment issued last week a review of private investment which opportunities in the Far East, simultaneously reported a continued ex- pansion of Soviet economic activities in that part of the world.
The review said that the is still the area with the most diversified United States interest.
Philippines active and investment
pura-
and several other investment
Some cbscTVÕIS read in Democrate Party platform
Invitation νία suplied
the
Uiyo
on exports, the tobacco dustries.
Possibility
Is
of treat
Prices rose as much as $1.20 on Monday as a lack of offer- jogs, particularly from the south,
movement with only scale up
evidence.
in
The movement continued early but mill demand on Tuesday
Inoved prices decreased when above the 33 1/3-cent level and gains for the day were cut sub- n-starttally, but not before most
deliveries
Casonal highs.
while
new
SPOT MARKETS
Support In nearby States, which rose 23 points
New York, Aug. 19,. Loans to business frus by loading New York City banks rope by $180 million In the wook ended Augunt
18
due to added borrowings
by sales, finance and pahilo utility concerns.
Companies In these categories recently
with- bond
drew prospective Innden from the market be- orque investor vicida were 100 high. They apparently obtained their funds from banks iustend.
The
wook's Increase parriod to $10,123 million total commercial, industrial and sariquítural loans on books of the 17 New York City Institutions re- York porting to the Now Federal
Roweryo Dank. Thi Whe the pocond highest level of the year, Just $4 million under the top reached early in July, and nearly $2,000 million more than a year ago,~~ China Mall Special.
WEEKLY
TEXTILE MARKETS
REPORT
London Markets Buoyant:
Moderate Trading
By C. T. Hallinan
London, Aug. 19. Markets have had an incredibly buoyant week, at any rate, buoyant if measured by prices, though actual turnover has been moderate,
British Governments were wanted with Old Consols and War Loan rising some 25 shillings and the railway nationalisation stock 27 shillings 6 pence, all this in five days of trading. These government stocks are still very cheap-when viewed by the common investors. But the banks who suffered substantial losses when they fell some time back are not yet convinced that they have reached the bottom and the city believes that 'this week's sharp rise was not due to institutional buying,
Just ordinary investment buy-
Jog
In the market for high-grade | MEXICO'S GOLD Industrials the samt phenomenon was noticed
Buying of Rolls-Royce 1fted their prices by 8 shillings to III
6 pence shillings-only
below
the
con-
AND SILVER
Mexico City, Aug. 197 the 1956 přak-end 124
Mexico's gold and silver pro- moter industry makes no
dropped considerably cealment of the problems facing duction
during the first six months of mk the
export market. The market moved into The
Tobaccos were
with this year, the National Franco strong doldrums the next two days us
New York, Aug. 19.
British American up 4 shillings Agency rald today. traders became cautious because thre Further.
good
Moderately better sales and Imperial up 3 shillings. So Democrats of the increased volume
Gold production during the postility that the
stores of featured cotton grey cloth were most of the chain Tots first half of__1988 'totalled” 6,919 might retain Congressional con-bedging which developed when un tral in the November elections, new seasonal highs were reach-markets over the past week. which gained 1 or 2 shillings. kilograms. The same period of Woolworths were an exception, 1950 was reported at 4,580 kilo. Increased trade even if the Republicans win the d
buying Volume of business, while remakning unchanged. But
grems. boosted nearby deliveries with Eisenhower, Presidency
sub-stil relatively light, showed virtually all the well-known ones
The difference in silver pro- Democrats are traditionally ex-startially on Friday.
Ford Chemicals, improvement, and prices of liko Imperial trade,
duction was even greater, with and others ponents
gained at virtually all constructions Motors
figures of 1958 against 603,468 The Republicans are considered
|feast a shilling. from
| kilograms this year. abroad, with
were steady and unchanged. so many
ila Recovered
Mining circles said the drop economies tied closely to their
could be attributed in pert to a ability to earn dollars by
Print clothes sold in moderate October,
Oils recovered tharply when lowered dead and zinc produc- the amounts for deliveries as far as porters to the United
the Middle East situsion tooks tion. Golts and silver any infringement on this effort week, reficcted low certificated nearly to the end of the
Royal acted from the same mineral to a cotton stock of 4,462 baies com-with some orders taken for early a more chcerful turn. would most certainly lead
rose 3 sterling to 70% structures,United Prem. Dutch th deterioration
a year 1937. Sellers continued to reject In the US, post-pared with 27,485 bales
Still cheap compared atering. vids below the existing market with its recent peak to 157 #hill- tion as the protagonist of inter-ago. national
trude. Tho United Z.
ings but its 1930 high at States would therefore be under
Some business was taken in shillings a pence is still some strong pressure to avoid any
present will be influenced by carded broadcloths for deliveries distance off Burmah getred move which could lead to word
In the major spot to the end of the year. Sheetings shillings and Shell Transport bitter ruphre in its relations the basis
developed a firm tone and some sliillings. with s economic
partners.markets
fair-sized orders were booked.
But shares of the Suez Canal United Press.
If a low spot basis market is Moderato trading was reported Company for excelled the major to induce loan entries, it notes, in sateens, drills, and various oils In their recovery for they higher prices can be expected fine goods items. later in the gotson, in which case the purchase of futures on |retations appears warranted.
escape clause provisions.
It's still mylxdy's guess just how far the protectionist groups whil get next
their year in efforts
for more protection. | Both Democratie, cundi- dates Adle Stevenson and Gov. Averen Harriman →→
are international trade manded President Eisenhower — due to be renominated
the BG
Re- publican standard-bear -- Ekowisc
a proponcel of world trade with fewer restrictions.
Liberal
trade
groups nettled no end en Wednesday when the platform drafting com. mittee gave a specific pledge to pass corrective legislation to en- hance the
position of American
affected by imports
by sub- Singapore Rubber. standard foreign lobour A strong-worked document, it was taken
reversal of party's upditional sponsorship
223 i
of five trade policies.
Withdrew
the
Market
đ
A lending broker
the Boy's action in the futures market at
level.
year
182
$40 -
BRITAIN'S SHARE IN WORLD EXPORT:
London, Aug. 19.
The Board of Trade today brønded efforts of British -
comparatively poor per
rose 74% sterling to 02% sterling: Porters to increase their trade their lowest lost year wes
formance, Better demand was reported in sterling so that it is obvious the
they fmished goods, including con- have taken considerable punish- verted goods, work clothing
of mont. Their However, it adds, if
honde .gh was 112.25 per cent in the two years 1924. the fabrics, and various domestic
of were cut
the futures market advances before items.
week. German picture all
Dawes on heavy impoundings take place
both esented and Young Loans, and non-ascented, rose sterling
Singapore, Aug. 19. The market eased oll Saturday after a steady open- and the spot basis ug on some liquidation Init intentlers of cotton the afternoon it firmed on buy-cotton will come cut into
Futures:
YARN DEMAND
The Boerd pointed out that while world exports
Increased
and 1956, Britain's share went. up only 13 percent while West Germany's
share went up 49 cent and Japan's Be ne per
cent.
but the two Potash bende del per sterling. Only changes in the
Britam still held her place as
West Germany is now crowding
It sald West Germany made Grk big advances in machinery rayon
g on Suez conference news. mapply" through that medium Cotton yarn demand inproved Japanese were in the 1930: whose Hours later-cody after strong
and dampen prospects for higher with indications of expected euented and non-resented both the second largest exporter but protests from abroad and others No. 1 rubber per lb. Sept. 91-99 prices later through that medium, larger buying by electrical firms fell a scrling and in the axrent her close, said the Board -did the committee withdraw
Nov, unquoted
5 and with interest shown also by at the Tokyo conts which
per The weekly weather Was In favour of
the No. 2 rubber per lb. Sept. 831.0
PriceA
sterling. for weavers and knitters.
144 jumped mostly favourable 0411-95
except this plank toned-down version omitting the No.
0115-04
were generally unchanged over bonds were the drought area
marked in Oklahoma the week. In mercerised yarns blahly irregular actiers but the jexporter, capturing 30 per cent promise of remedial action. A spot rubber unhaled 2746-883 and late Texas areas and heavy
3:17-110 76-70
shedding in Georgia and bama-United Press.
No. 1
spokesman for the subcommittee | No. 1 pale crepe explained that the release of the Blanket crepe withdrawn plank голя
mechanical error
В
But free traders tools small comfort from this explanation. They insist that the plank itself Was
pushed by strongly en- trenched textile interests from New England and the south. These groups have claimed that heavy imporia of cotton
and other textile Imports from Japari have jeopardised their businesses.
-Man
through the Ameri- |
United PreRS.
a *up in
Fress.
Ala-a fair business was sighted with Czech loans fell, Chinese bonds of the world market-United
all down 1. sterling expectation of mer prices."
bys who were !
Wall Street Stocks
Fail To Reach
Industrial High
By Elmer Walzer
New York, Aug. 19.
Stocks made several half-hearted, unsuc-
with only a moderate business alarmed by reported.
Rayon fabrics continued quiand bad to
considerable
Middle Eart an i sought to get their money into In wool goods sellers were a cafor ecariciny. Joolema for unchanged prices in
NAMESAKES
Answers:-1 Caesar, 2 Needle, Gold shares hed one of their 3 Nile, 4 Antony, 5 -Egypt, short-lived revivals; they, too, Shaw, 7 Ptolemy, 8 Fyramide, 9 Spring. 1957, men's wear in represent "safe first to many Actium
Cleopatra.
although
of resumption
the
Perth and Sydney wood sales, on investors-United Press, Aug. 27. Increased interest was reported in wool and silk mix-
tures.
Hard fibres were more active, In the hemp, a good busines was done with rope and twine manufacturers. Prices of Davso: grades were up 1⁄4 cents a pound with other grades firm, and un- charged.United Presi.
agreements After reviewing policies and licensing
Astutic mount. prostammes la many
"BUTING hos announced a countries which are potentially
kvestment policy attractive to American private liberalised
the Department and considering further 12-
visions in its mining
laws. "Malaya is studying
possibla the other "On
hand, Soviet
Liberal trade groups feel that economic activities in the
Incentives For special
for foreign the protectionist bloc wei East are continuing to
capital, and Hongkong's favour- expand.
able to make itself hoard in The Soviets are capitalising on
onable commercial, legal, labour the Democrate Perty counclis wams, local impatience and financial circumstances
without
effective Darry the more selective private- enticing foreign capital interest.
Textile unions and "In India enterprise approach to economic development, and the reluctance countries,
tunities indicate that for many stitute were particularly
oppor can Cotton Manufactures In- cessful assaults on the record high for industrial of many
private foreign
in proposed undertakings considerand carried considerable weight
vocal shares during the past week. vestory to expand their baresis in the area under pre-able local resources have been during the preliminary
On Wednesday the industrial average reached mobilised and are availablo for sent conditions,”
It was only after the strongest The Commerce
an intra-day high at 521.11 but it closed at 517.70.| s Department investment if agreement can be
from some liberal wald, however, that opportunities reached with United States firm opposition
technical spokesman that the party voted To beat the record high of 521.05 set on April 6, the supply are increasing for private United far
itself know how Farauistence,
and Against specially pledging States investments in the
sook quotes for the texille it is necessary for the average to close at the new Fast, with proposals from many machinery.
groups. For nearly eighteen top. countries related to technical
months American textilo assistance, patent liccesing, and Joint-venturo operations withi private sourcin in the United States.
Information
Capital
bearings,
The
Bank Of England
Statement
London, Aug. 19. The Bank of England Blade. ment for the week ended ‘Augā 15, reads as follows:
Nucelpla
Ratio.
Oils with a stake in the Middle East were better performtre
1,000
Creste. have tried to pot con- Rebuffed each time the list Inney, failure of rells to con- 14 rang grossional and government got now the tops, it fell back firm the rite In Industrials, and Note in clanulation "Investment opportunities in approval of import quotes in the final sesion en Friday a supply ares around tire year's | pubile deposits this category include plants in covering cotton, textiles end calls scored a small gala etter a high, bringing out selling each Prisleerposite Iodia for the manufacture of apparel from Japan and other airing of losses in the preceding time the average neared the quer melu
Lour stasions) Aircrafts, selected | top. paper and paperboard," "yam | countries. from synthetlo Abres, electrical
steels, and special fesues also were higher in the FriMy version. The Department offered to appliances, wire electro-metallur-
The big obstacle to scores in Burnish information concoming gical products, medicinals, and
sitaining a new top was the lack The Dow-Jones average pltwád various industrial projects in
In order to resist the proter of volume. Daily average enles the week at 518.70, of 1.69 "Capital is reported available Ceylon, Indonesia, India, Japan,
year, fall to 1,800,012 shares from last auty: 70.27. on 0:47. offensive, mbet
points, Rails 185.65-2 on 20.2 The Bank Of France Pakistory, Philppines, Tolwan for investment in combination Cianist
with United and Thailand.
trade circles here feel that more work's 2,307,021 shares State participation Department for the manufacture The Commerces
of textile vilective measures will have to were the smallout since the Week: stocks 101.19, of 1999
Blending Juns:29, last weale or in p
Offensive
maid that in recent months there machinery in Pakistan; a cement be taken than heretofore, the boor much Far Eastern and lave factory in Taiwan; and
timber pulpwood
mctivity in new....ecodom!c: deve- |20 inbeggbertron; in. -Ehdonesia,
lopment programahti.
*Trador
sawmill
second five-your plan increased for
als recony, the committee second quarter and the eve of tree in for a foreign, trade polleý---Jong, the in the battle for freer trade Stew
Boon
Aeroplane ineed ung back toward their division. Genera
rosa 4% points sues fons by 40 per cent to 853 pa Paper lost 136
Long Bell Lam
AVAB: exir. | announced vanthate it would party. They stepped up.opetai.
States pro suspend operations because
· mudastrini motivity. Bu #higher dusta in Japanesecrate ins | formal dalks are now! weld)") to | for alvei, held high and was po9-1);
wine expansion whippewelly Coylan and mineral develop
be taking place non various ancaraistaining factor for the
be in the public rather than the ment in Burns are open to add groupe and forgoeslantiinte
in liberal tračio look-
Statement
TYPHOON MAP
With revised codes in for
April, 195
$500 MOUNTED
$490
uth China Morning Post Lt.