THE CHINA. MAIL, TUESDAY, AUGUST
TRADE and
•28
1956.
COMMERCE
SECTION
* Page 9.
Progress Report On Credit New York Cotton London Stock
Squeeze
BIG IMPROVEMENT
IN BALANCE
OF PAYMENTS
From RONALD BOXALL
London, Aug. 27.
car
A good deal has been heard in recent months about the hardships inflicted by the credit
the squeeze — sackings in industry, slump in the radio and television trade, difficulties faced by small businessmen. Because of these things the impression has got around
the that squeeze is entirely destructive in effect. Hardly anything had been heard about its constructive results until last week when
Sydney Wool
Prices Firm
Sydney, Aug. 27. Prices were firm as the fant cries of new wool nuction goi under WAY here today.
Values were higher up lo` 714 per cent compared with the cluster rates of the hunt at Newcastle laut
STAADH
munth.
Buying un betralf of British interesis was the strong end ka seycrol years this cilvity helped move prices upward, Trade Authorities were confident Tonight that the strong lone of the market augured well for future sales. — United Press,
HONGKONG STOCK
the Treasury published a progress report EXCHANGE
on the six months working of the squeeze.
red
The mon notable
achieves | by stability bent of The text half of 1 witch he pert to hune consumption
200 WIN
fine dramaties
10-
11 tam's balance of payramids. - This slange vurm And in the
combivly external
1 bun
in a sample
of at leset #100 mullen von gated with one of QUÂN million in the fr way fromth.. of 1955
But the suptovenatal
WHEN
די
Futures
keep
costs
and by dersions by nationalbei ant
private stabilise their pefees. months ahend,
Not Bright
(From Our Correspondent)
Burbe
done
n the Hong- | kung Stock Exchange Unie mouse Ing Dated 1. «pproximately
Noot tak $210,000
#0%
for
in the unmark".
Shares
Buyers Sellers
Sales
BANKS
LIK Buk
1830
MA
NICO
Pot the further outlook 18 | INSURANCES not as bright as it might appear poundi of mambes hardly less important develop, at se progress report also inej
Chudes this
Duty
ined at home in its report the Treasurty tiste olhe blowes that, Arapl have born
1
Pirdek ngalist infla
Consumer Goods
J Dernand
slowly Thou
While industrial output -law Jattie Bertase on a Father, weekly wage rates the car uf June were
gben
PPING
When Luck
1000 30 Hr 990
ខ្លះ។
It 16
น
DOIKS, ER
hani K Whe
veal
ELA
ThrA
Prov
int
LAND, ETU
RK Holet
130
וואן 111
So there is 10le
ronstoner, dopbt that Jabour COMIN have
Jouet was last yew, The real age of this expendi - ture in the first quarter of the you was probably slightly less
kaen again this year
¦
اوم
Suez apm. This questio Erbour posts is the most worry.
of uspcet
thu present
These rust gconnie outlook
than tw recorded 11⁄2 per cent have been rising year after your since the first quarter of this and despite
various
year included the Ester holiday inflationary measures
which the correspondii & period rising
મું
Just year did not The cor-
respor iting rise in 1955 on 1954 The record of the past low was four per cent
AS
| years show's exactly what
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Al Ag 1300 20 416 1) 42 1410
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14734 100 5000 * 1.975.
1623
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2003
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+
+ 155
500 12.00
WALL STREET STOCKS
LACKED INTEREST
New York, Aug. 27.
Stocks gave up fractions to 2 points today in a market governed primarily by a lack of interest which held volume to the lowest level in more than
a year.
Turnover fur The ression totalled only 1,420,000
shares. 110,000
below Friday und anallest since August 19, 1935.
Traders
reluctant la WETE make communents
The absence
of any fresh Incentive and a dunce of The
cutning long Labour Day holkday
An early extension of last week's rully Jailed le bold when it became apparent her was no new demand an hand. Initial gains quickly turned and prices eroded slowly but steartily. With the losings around the day's lows #1 #111 Kroups.
tulossus
Industrials Down
Industrials
were down
in their average, rulis off and tililles down 0.03.
The
Pure Oi
Radio Curpurattun
Reptible Sk
Reynolds Metal
Shell Ou Co
Samt Reg. Paper
Bloclair Di
Bocony Mabuon South Puerto Rico Sugar Southern National Cai Smathers Railway 6pm. Standard Bratis Standard Oil of Goi Sandard Oil of Ind Sundard Q1 of NJ Steep Rock
Sterima Drug Co Stokely-Van Caup
United Areaft
UB Gyzow
Futures Stage Rally
New York, Aug. 27. Cotton futures today generated fresh rallying power as traders continued to scale-down estimates on the probable size of current crop and next year's production.
All deliverits from March
forward rose to now
highs. Nearby October crossed The 33% cent line, the highest price on
the Heart! since mut
October met resistance on the
43
July.
42
31
771 #1
94
5432
64
through
put
New York Sugar Market
New York, Aug. 27. World No. 4 sugar house offerings and a belief that
futures the rise might het tract
closed unchanged. with more today cotton on tender, but the liter Buick of Jú contracts, 28 deliveries
sugar!
pushed! hed 10 The derrantle No. B chure at the day's best levels, futures closed unchanged to 1 The general ist was up one to ¦ podal higher with sales pr 11 5 37 pots. Open ng prices were contracts.
up 4 to 7 points. New Orlean
2214
IND
Buth fulurs markets ruled 2 to 30 point, up
while quier
Trader's awaited Heuvier producer entries developments in the raw market under the loan programing, and
whee buyers werd showing reports that more cutton is being less thon i rout
interest. the market in | Futures:
Looking ahead to the govem ment September cup estimate, traders expreted
L
Studebaker Packard Corp.
影
Swift & Cu
Texas Cu
withheld
from
Tide Water Aan
11
Twenty Century Fox Fil
Urton Carizzle
some localities, keyi gellets di the defensive.
Union Pacife Railway
Contras) No. 4 (world) September
3:30
Maish
October
331
private
Mai
3,21
July
3.31
out ten per September
3.11
G4
271
M
| the August figure of 13.5 million
bales.
i
$
Contract No. 6
3.20
50
40%
-United Prem
US Co UB
2215
1.78
Smelting
S. Sterl Warner Bros
Westinghouse Electrie
re- West Va Pulp & Paper
Ras, lucking the start covery staged by industrials in | Woolworth
Friday Thursday atici Asstons last week, wore, the
level Jowey
with losses since March 1 Rail de- elines
today
werc generally small with losses of around. point.
Stevis had losses ranging to 14 potle in Bethlehem, Youngstown Sheet and Jones & Laughlin all nearly a point cach and Inland down 1%.
Ju
Chysler and Ford motors, fost nearly a point each, General
Motors dipped
with
Most alla moved narrowly.
Or a total 1,122 issues traded, 834 we lower, only 255 higher, New York Stock Exchange bond volume was $2,900,000
American Stock Exchange yolun was 1,020,000 shares.
Dow Jones closing averages
WARE:
30 Thdustrials
240
15 tex
65 stocks
Closing Prices
Alden Ine AL
Allied Chensteuts Allied Mills The
WORLD RUBBER MARKETS
JO
surveys.
preceding the report, a) to show a sharp reductio, from
Soma questo supported a cut] November of half fo u million
bates March
MAY because or current
de-July crop terioration caused by the long september drought over a good part of the November and a
belier Stents producing aren, That the soil bank programme
whi inke a considerable acreage | oud of cultivation next year.
The open position in Õelober ledny totalled 232,500 bajes.
The
certificated slock It mained at 3.472 bales. Mew
Volume Open internal
10,300
New York. Aug. 27 Nu Ras rubber futurs today Mar closed 10 points lower to Pires Mary July points higher with sales of 24 Ort Closin riets contracts.
232.00
Dee
20,500
567,400
11.30
141,ROU
14.100
100,000
10,700
127,100
6.300
410.200
Dr. Tuta!
1,500
24,700
Th,100 1634,200 bater
37 75 35.89
Seulenhet December
NEW YORK
adowed 5 polts Rex contract
Prices of futures closed leday Jower to 5 points higher with as follows: sules of 14 contracts Closing | prices:
Bepteinber
November Januar Murth
Siput October
December
March
NEW ORLEANS
34 450
3370
3376
3304
31 44-45
ཱ ''
37 77
33.09
32 11-13
Prices of futures closed today as follows;
Spot
Coluber
December
March
305.10
160.00
30 75
34.20
May
0007
Electric <oudler -
Felejti© are still
177 43
33,50
July
31
40 bonds
03.10
32.45
Octobe
{"
101 (N 23.00 24 10 INDUSTRIALS
36!
200
Cons
price
indek
150 BO
May
31 45
December
Cumin sol ptice kdex
102.89
July
30 40
Moody's index
420 fie
September
2015
37 25030!
the
Wan Mont
Textsh
Hope STORES, ETC Dairy CYTTUNN
1320
18 20
10.10
Standard vuntraet closed 20 to 60 points lower with sales of even contracts. Closing prices:
12.00
12 90
11
September
103
December
33.40
439
200 **
430
2002
7 40
33
March
32,10
Мих
31.16
INVESTMENTS
May
100
234
July
30.10
July
ALGE
$10
&
Radiu
September
29.10
Ontuber
0%
Rubber
December proceeded
72
141
30
100
American Tel & Tet
183
Ainertean Tob. "
Arconda Copper
2. Sales of "household dur-economuds nice when they suy ables" affected! by the hire that Brition is running the risk purchase restriction-ch of pricing herself out if world markets Labour costs per uni radio, television sets, refiger of output 1st Fuster 1955 tory and so on--Were about Aye
than in 1954- by about five per Yac per vent lower than last your,
cent compared
with two jer but
appear 14x have
cent. cem. But the cost of labour stopped falling. Lower sales of
which
importan there goods and curs wer off-
factor
determining Aral met by lorger purchases
price has FACH nurla less elothing, food and drink.
sleeply in the entries which
<w
3. Capital expenditure
the nmnufacturing industry the first quarter
of
the
by provide Bratus's main compete
ten expt markets.
of this yeni, though lower than is the pre
probably
Between 1960 and 1955 sh lubent costs Was quarter about 20 per cent higher than put in
vious
in the first quarter of 1955.
per unit 4+ the manufacturing industry ruse by more than
7 00
Singapore
Stock Market
Singapore, Aug. 28.
41 Brokers today quoted the fol-
lowing stock prices;
4. The credit squeeze is hav-quarter. In West Germany they ing the desired effect of slow-one by only two per cent. Last ing down
ment plans
industry's without
invest- stopping them altogether.
Capital "x- penditure by the manufacturing
Industry in 1956 is now expected to be 21 per cent higher tha in 1995-bout the sam
rose
jutt 1
they year
substantially ogan in Britain but appear sol
British Borneo to have risen at all in Germany
economy are There rising it will be necessary have been fewer machine tools the matarfacturing industry 10 ordered andi
new reduce labour costs per unit pluns for bulidings are being moderated. | gulput in order to offset some of
Allis Chabners American Airline Ameriyanı Cabl
Corp. American Cyanamide Cu. Anies & Pore Power Am. Mach. & F day American Metal
American Smelting Am Sugur Ilef.
Arinco Steri
Artur
Baldwin-Lima-lam.
Baltimore & Ohio
Bendix Aviation Corp Beguet Cons
Burroughs Add Machine Cunadian Paville R.
34%
traders
cautiously today while looking
the long weekend further pending ents lu the Suez situa- |
lo
anch
develo
tion Prices were on the de- fensive most of the
time, in- 2011 | 82fluenced in part by Landon and 645 | because of the continued slow
180% domestic
14
401
factory demand
Borkers reported "moderate"
61 shipment offerings from the For
14 | East, but at prices still figuring 16035 about
to cents a poun:) local
idea. Spot buy or 432 No. 1 Rss was quoted at 35
cents.
1247 0015
over
The
BINGAPORE
market was very quiet 23% all the day with prices sogging rif: but ne particular tendency,
Future closings were: No. 1 rubber per 1. seat.
32.75
33 64 33 74
3343
LIVERPOO1,
Fulare closings, in pence per
Oct/Nov.
Dec./Jan
Mar/Apr.
ex-duty!
rid NY
'b per
- Unit Eres
Market Sluggish
London, Aug. 27. The London market had which government bonds a sluggish acasion today in and blue chip industrials crept slightly higher.
this
Truders kept volume to the lightest for any Monday year and bought small quanti- tier of nearly everything cept German Polash bonds which closed £3 lower,
British
Ox-
Governments of the varie- long and medium-dated tics edged upward with Old Consol
up up £5/10
£ and War Loan
RAIL BONDS UP
The railroad nationalisation
bonds were up £1⁄2 and the 4 per vent Consols rose £%
Blue chip Industrials added about U
Lence more or Borax celerred was one of the few features climbing £3/18 to aw high on Ameri- can buying.
Oils were mostly unchanged to slightly higher. Royal Dutch easel ightly and Brush Pitro- leum gubed 2 stillings 3 pence. Burmah was up about 1 shilling.
Suez Canal closed unchanged at £561⁄2-United Press.
NAMESAKES
Auswers; - Į
Fabulous,
2
561 Brave, 3 Sterics, 4 Episode, 5 Wrillen, & Marvils, 7 Dangerous,
4.41
8 Tunglaary, 8 Încredible, 10 3.61 Strength. ! Fam
12 Mor-
A vecs, 13 Raepe, 14 Deeds, 15 A5 Astonish.
Baron Munchausen.
P.OBI EA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/freight SERVICE
Outwards
"CORFU"
"CARTHAGE"
"CHUSAN” "CANTON"
Leaves London Due Rongkong
Salled
17th Beptember 12th September 10th October 28th September
27th October
November
10th
October
Via Southampton, Port Said, Aden, Bombay, Colombo,
Penang & Bingapore.
Homewards "CORFU”
"CARTHAGE"
"CHUBAN"
"CANTON"
11
were as follows:
Old contract
Oct/Nov
24.00
Via Singapore,
Diec./Jan
24 83
Mar/Apr.
24 40
May/June
24 34
July/Aug.
24.35
New contract
24.04
24 50
"SUNDĄ"
24.30
May/June July/Aug.
24.45
24.45
Egyptian Kartak
Nov/Dec.
54.30
SAO PAULO
Futures closings, in cruzeiros
per kijo were as follows:
Oct
30.60
Dec.
30.30
Mar.
27,BQ
May
unquoted
July
In the
Bettilebem Steel
Opening
Stubber Lantang
Co
Being Airplane Borden The
Co
$1.02
Petroless
Inevitable
Syndicate Consolidated Tin
Ord.
57xeld
Case 13. 13 Ca
144
Cat. Tractor .....
ទ
7760
Celanese Corp.
1. F. Financial Corp.
48
Frurer & Heave Lld Ord. Fraser & Neave itam cum
$1.95
Chmax Molybdenum
and 1953.
as that which look place be British tween 1954
If the productions costs in the
pref
$5.00
Chune Manliot Bank
50
to
slop fur
Hongkong & Shanghal Batik
Chrysler Motors
$7
Ing Corp.
1070
Colgate-Palmolive Co
Hongkong Tin Ltd.
hx3d
Commercial Credit
001-99
Kempa Ltd.
$1.72
Comtnanwèníku Elec
410.
995-99
گردی
Lainas Rubber Estates Ltd.
0.78
Consolidated Edi
4702
Nay. unguoiect
SA
Dock Strikes
4. After allowance
the inevitable durther rises other sections of the economy where productivity cannot be raised no casily to compensate for increases in wages.
In
Lid
Mulayan Breweries Co. New Serandah Rubber
Contkiental Oll of Dei.
127
No. 2 rubber pr bepil
101-90%
$3.87
Crane Co.
391
No.
Crown Zeilerbach
3932
No. 4
41
$1.701
Guban Amer. Sugar
10
Spot rubber unbaird
Pelling Tin Lid.
$3.25
Diamond Alkali
Gali Blanket crepe
Rafles Hotel
$2.40
Dow Cliphilol
77
No 1 pale crepe
03-00 9115-9214 98-99 78.79 118-120
Pres.
Singapore Cold Storage
$1.40
Dupont de Nemours
2001
South British
Insurance Co.
Eastman Kudak
9415
Lid
$33.60
Straits Trading
$23.06
Hi Pass National Goo
Unless this is done the Anal battle against Indation
Stralis Steamship
Erde Ralroad...
201
$14.25
Family Finance Corp
may be
Unitel Engineer
Ord.
$0.00
Ford Motor
073k
spot quoted
at 29%
pence per
Wrote Bros.
$2.95
General Electric
lb. Prices:
⚫exdiv.-China Mail Special.
General Foods
1064
General Motors
福
Gon, Pub, Utt
381
Sept.
29-201
Gretty Oil
013%
Oct./Dec.
Glidden Co.
3711
Jon/Mar.
SYNTHETIC
CATALYST
Goodrich (B.F.; Co.
Apr/June
293-2016 2711-23 27-2714
Goodyear Tire
0012
Heyden Chornical
Aug.
unquoted
Hosatakse Mining Co.
Sept
20-234
Ingersoll-fond
2014-2016
Inland Steel Co.
Fatale crepe in Aug.
unquoted
Sept
..25
thick unquoted
Leuven Hongkong Due London
21 September 22nd October
19th October 19th November
ist
October
17th November
ពៀងរ November 17th December
Penang, Colombo, Bombay, Aden. Port Said & London.
FREIGHT SERVICE
loads 11th Sept.
dus 14th Sept.
for Singapore, P. Swet- jenhjaan, Aden, Hayre. London. Hamburg, Rot- terdam. Antwerp & Grangemou
"SOUDAN"
from UK.
"SINGAPORE" due 29th Sept. from V.K.
"SOMALI"
due 18th Oct.
from UK.
"SINGAPORE” loads 23rd Oct. tar Singapore, P. Swet-
team. Aden. Havre, London, Hamburg. Rot- terdam, Antwerp & Grangemouth.
is made for dock strikes in Britain the
volume of exports was about
eix per cent above the first half lust-London Express Service.
of 1955 compared with rise
of five per cent between
and 1955.
6. Capital
goods provided virtually all the increase in ex- porta and more than made up for the declining shipments of cotton textiles and cars.
7. The output of most con- euner and defence goode was lower than a year earlier, the biggest falls taking place in the output of curs, radios, cod tele- vision sote ond other consumer goods.
8. Production
of
metol
ber
Goodyear Increase Prices
| Interchemical Corp.
Int'l Business Machines Int'l Harvester International Nickel International Paper
ini'i Tel & TRI
| Jobe-Manville. Co.
Kant C. Power & Light
It is used to Kennecott Copper
one of the Liggett Meyers Tob, Co.
Lockheed "Alreraft Low Incorp......
Ludington, Aug. 27. The Dow Chemical Company will build * $2,000,000 plant edkilt on here to Akron, Aug. 27.
produce 0 cntokyet The Goodyear Tyre and Rub-
10d in making Company
has increased synthetic rubber. capital prices of some industrial rubber Prepare butadiene, goods continued to expand, goods. The increases, the com- main components of man-made however, and the output of pany said, are necessary because has been producing the
the of a recent wage increase plant and machinery in first five months of this year rising costs of basic production catalyst at its plant here since
addition 1945. The plant Was eight per gent higher than materials. a year earlier. There were not.
scheduled for completion by the able increases in the output of
prices have
end of 1957, China Mall beep Special vehicles ommercint
and in
and per sent. The price at building, These divergent move
Dat transmission added up to a stable total been advanced by 21⁄2 per cent ments
belling hos The e of production. index of pro diaction was about steady
conveyor, "and" "elevator Ipom February to June at a slightly belting by 3 per cent. lower loyal than last year,
b. The labour shortage "has
increased in a range between 3
All hose
and
"V-belt prices
are increased from 4 to 5 per cent, with the little), but yaconcles exception of steel cable V-belte
unemployed which are priced at
will outnumbered
Exchange Rates
19
Louisville & Nashville R.
wenstein an
Lone Star Coment Co.
& Sona
| Minnesota" MUKA
Minion Development Momento Chemical Co. Montgomery Ward Santopola Ine,
National Cash frog. "A Nailonia Dairy Prod." National
National Steel Corp. New York Centrol.. Olin Matileson“ Owen illinois Ginen" Pacific Gas"&" Xirc;
•Business was done in the Local Pan American Airways
market tha| Paramount Pictures, unofficial exchange U., dollar (per 31) morning at the following salog: ·Pajko Davis Col 6.00 Penny J. CCO, 38.44 mehn: Ball"Ce Australian notes (per
1250 Philip Morrist sam ties. (6423/160) Indopedin rupiah. Upor’100) 1750 Procter & Gample Co. Pittsburgh Plate - Gints Hingapore (štraita)
„former Sterling notes (per-
by nearly two to one in July, levels or slightly lower depend 1.Prazos. In the fight against Ing on typhins MgU SPP Ecstations has also "baon "hladd1 offi.
* L* || Publicker Industries
LONDON
The market was quiet with
No. 1 Rss spot ** 2015-2916
Settlement house torin:
General markets, clf basis, porte:
AMSTERDAM
The market was very quiet.
unquoted US the average spot price of one inch middling col- ton
Sales 33.03 cents. totalled 51,977 bales. -United
wan
New York Foreign Exchange
New York, Aug. 27,
$1.01 16/10 2.78 13/32 2.78 1/31 2.77 3/32
03:30 United Press.
Canodo England official
30-day futures 90-day Futures New Zealand Argentina
London Foreign Exchange
Prices closed today in gullders New York
per kilogiam, cif September as
00% follown:
疗银
No, 1 rubber
214
No. 1 rubber
No. 3 rubber
ND. Grepo
Montreal
Amsterdamti
2.70 non. Copenhagen
3.72 nom, Lisbon
2.48 nom. į Milan 346 пот. Oslo
-United Prost
LONDON METAL
PRICES
London, Aug. 27, Prices of metals closed today, in sterling per long ton es fol- ¡DWB:
18TMm spot
3-month Copper spot Semonth Ed 2nd Zino, 2nd hald
Zurich
London, Aug. 27.
2.38 4/16-2.733% 2.7314-3/73 6/15
19,021-10,03 19.345-19.3412 B0,00-80.18 174355-174834 10.904-19,00T 12.17;2-12,37
Others were unchanged.
-United Prem..
NEW YORK METAL FUTURES
New York, Aug. 17. Prices of metal futures closed today in cents per, îb,'' as 1 fol- buyers sellers kowa:
707 700 Lend 765
Tin
2041 207
-United Press.
18000
10.00a
13.00b
13.00
BRITISH INDIA §.N. CO., LTD.
1956 - A HUNDRED TAAKS OF SERVICE – 1944 "SANTHIA" due 14th Sept.
Bajls 15th Sept.
from Japon for Singapore, Penang. Hangoon & Calcutta
P. & Q./B. I. JOINT SERVICE
"ITAURA"
"UMARIA"
dur 7th Sept. salle 8th Sept.
9th Sept. sajle 11th Sept.
"ITRIĄ"
Cue 8th Sept. salis 11th Sept.
from Karachi for 1904
from Jacan
for Barsborg,: Madras, Colombo Karachi, Estrah, Khoratushair de Kuwalt
from Jupons de Shanjhat for Bingapore, Penang. Tuticorin & Bombay
EASTERN & AUSTRALIAN 5.5, CO, LTD.
"EASTERN" (oads 6th Sept.
"ARAFURA” Aus 18th Sept.
for Labuan, Bandalcki.
•Itabirl irisbane Sydney, Melbourne · fr Adelaide
From Australia.
All wesseli 'baya liberty to call at any ports on or all the rouïe â the renta 'ki salling nie rabject to change or amendment with or withoni nytjen.
For Juli porticalaca spply d MACKINNON. MACKENZIE & DO. OF HANG SUND ETH.
Telephone No: 971A,