TRADE
THE CHINA MAIL, MONDAY, SEPTEMBER 3, 1956.
and
COMMERCE
SECTION
Page B
PROOF OF US ECONOMIC VIGOUR Dock Workers London Markets
NY COTTON Reflected By Increased
MARKET
REVIEW
By WILLIAM T. PLUNKETT
New York, Sept. 1. Cotion traders last week watched the upward price movement, under way rince late July gather enough extra momentum to carry nioat futures to Bew life-of-the-contract highs.
1
R
werkend hjklay, ak ingat.
tset $ 1. *** Prass Ram, but
Ponds $14 close will ruled 5 1.4 50 pound
the
bat
25 reale 16 32 50 crente a Take higher than the preceding week
From the best July 23 the hugh!
week
niniki! - + 5.1 A connutativ £f $7 90. $1025 a bale
Man babes gene fing pureshiftum presti
A
ין
Blac Koop prompt
Dylowagerd de ught and need an Jestaban Paperbal inte
4
Interest Rates:
Anti-Inflationary Moves
By JOHN MORKA
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Butines done on the Hong-
Stock kong
Exchange thin amounted 10 ap- proximately $270,000. Noon
moming quotations and the morning's
transactórie:
Bhares
BANKS
New York, Sept. 2. The current money “lightness” in the US reflecting higher interest rates and new government anti-inflationary moves is viewed by financial circles here as added proof of the country's economic vigour and good prospects for the future.
Some experts admit that new government credit curbs over the past week which saw the cost of borrowing move to highest levels in over 20 years might take some of the steam out of the investment boom. Others insist, last week that the advance in money rates might even aggravate the housing decline, and possibly affect the pace of instalment buying and higher auto financing rates might even dumpen some of buyer a NY enthusiasm for some of the new 1967 model autos just now setting introduction, others hold.
Ce the whede in TYPE Tw
I k
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evar Nae Naey Car Fund tighter The teel te money has helpet sehr investor will s
the re 116 maik
ME LEN US$8 (49) DUO ELE ballem of 2 5
ונריו
* Dank
Buyers Sellers Balea
1045
INSURANCES
1000
45
Union . Lombart
SHIPPING
Wherlock
บ ป
} 20
0.03
DOCKS, ETC
When
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13 30
13:00
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continued ryneback · LAND, ETC ast week after the recent strike HK Hotel Chutput for the week is schertried ent of eppavity, m
comp: d
A
with
DK Lond
Pastare
UTILITIES
ut a 3 par 2,378.000 tons. 95 8 per cent or 2,389,000 ton. | Trazu_XD. Piduets
tight with Star Ferry stone mills turning down orders, Vacuatt No rt-up & cxpected over the next few months It will deperek
what the antio industry does, Electrie
Temat
K
than kom pod%, Vesse with seling & puer, par toe de k
1
The
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last wick by the deancuri mmunity that the No 1 p
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In Line
Percent; gewen purity terals us
by the Standini & Pos
hove kabout A per cent my maker sollte das an
gerant Light Ther
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vich previous
Crop e-lample, 3 The chi rate - forekturen erats p Za sa
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4 Phommest E
e obined rase in rack ports: 5. A 114
Parity index
NEW HIGHS
All delivslos from Mch A wird use to new saspiegel h ga Nearby December duplicated th previous top 33.94 as a pomat, establishing petalum of about a Cent a pound over the average Ioan rate Flavige sling creased noticeably figurs
The 1
12-
"Most of the trade antspate
deep cut in the government Beplanter
estunude.
scheduled Je
<10
Segit
10 Market interest next week will be dominated to the private surveys usually drofore the
governumeral Peyret The est government quie wan for 13 mullion bushes.
1.
Eliminatky of over a trillin Beros rcler H gromume
was orgme
extr bullish incentive at {qནཾ ¥* only will affect the mascent ci p
will be fact.
but
Buceveling tway
Producer to entleg ha dat total 71,204 bales e impared with only 15,339 bul
1 th
2
period last veal Terlude as
however, Baaghi had not yet rented a ir við "ha constitute ៥. stret foundation". United Paner
11
Exchange Rates
Business was done in the local Unofficial
exchange 11 K
arathes Areerd ogh, these in
11 1 at
12. 1 Pderal Breves Sytem lot wek Calming is reduce APİTA
Ketils
15
man tht night deeds a
No Attempt
Typical
The Jeljim
experts as
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that
t
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קוי
ni ne
The new Cus
-United Presa
SINGAPORE
A DIR demand from Thay autre Industry ht
11
da "Thany the test market t emplete turmuli” aceant ng D
Agt. National tucket reaction
working Jes fate
mal pubbestan But regardt - furth quer 4 the prvi po dve lukes in the. Was ei auto sales
frum Putomotive int- Hustle & demand 48 dustry will be heavy to hmudle of the Guaranty Trust campe of Now Yonk
In its event
The base into preduetin schedules uf survey of dAisaress. If poles that wete sprout even parlors rang- The met that the Reserve made iig bican less 7 th t The anther bf in arest the advance (slightly more then two monthe of mos
Lates by
Moodie experts Dok ahead into the
mency market te dy The ug the purchnet of governe amaz "strongly sug- They main of the (11
1's fell That over-expummon the long-term ther than TINTANON, 1 still the high rest rates have tended
thewat
to attinct havexion to traps, tell. C lor de prive
the uker of uppert if the wash
Juk have Additon lly. higt.c ales ke brekonst tenn
distrage paulafay Laking tute Megszler
war-k
1924
2010 to
evuld be most difficult to Benge the soundness of this
ph
ette 110cha
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| Huehuete na over the
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BO00 m 1,221,
30008 BO |
14 1250 13 90
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1000 19.00
Contract
New York, Sept. 2. Talks hava bun оп Now contracti lot dock workers in New York and nionz
the Us Atlantic 2nd Gulf coastą to replace Agreements which will Expire on September 30. tr ho contract is reached by the expiry date, there is a bus: 161Hly that dookers will Fufust to work.
COOKI
The talks are held up al the moment by the innka - Lince of llre uslun, The International Longshore- men's Association, that a single contract be negodiat- cd for the entire from Maine to Texas.
The New York Shipping Association and ather em- ployer groups have refused to agree to this change in the traditional negotiating of locat OxTecmenta for (zch
port area.-China Muil Spicia).
Far East Conference
To Be Held October 4-5
New York, Sept. 2. (Jose to 300 Asian
offteinls
Affected By
Political News
By C. T. Hallinan
London, Sept. 2. Markets have had a difficult week, mainly duc to the shock of Mr Macmillan's warning that the | August gold figures would show a very serious decline; another factor, difficult to assess, was the government's action in inducing France to join in the threat of force over Suez Canal.
And finally there was uneasiness over tire possibility that the annual conference of the trade union congress, opening Monday, might defeat any attempt to halt wage demands.
Thus markets were thin, faced with troublesome situations both at home and abroad,
British Kovernments which started the week with a good , demonst which Ufted the Finan- rial Times index on Tuesday arul Wednesday to the highest level of the month endre with three surecssive days of 2014
Old Consols drop of 1270 and War Loan of some 117- brought both of the
gain eluse To ely 1950 lows.
Industrials Down
וזין(
2
000111 200 24 00 102450 government.
and I
Leading industrials were vir- leading business exccutives | tally all down by amounto 350, in industry, commerce and ranging
shillings marker! against finance are expected to at-
Associated Electrics-lown to a few pence. 1300 24.00 tend the forthcoming Far
However the solling of strictly professimal and
was no sign that investort were on running away
23 20 2360
134
110 112 1ight (0) 24 20 2440
CLgHU ON!
31
100
3170
Telephone
IND
INDUSTRIALS centent
STORES ETC Dant
W61-711
30.
07
10 363
15. Na 16 10
100.. 14
12.00
29 10
so
29 40
J. <ww
COTTONS Nanyang
EINVENTMENTS
Yonker Allkd
RUBBER #illatgh thane appear to be a
༡སྶརིན༡༢
in
1.000. 31 large vedune, worde
that GARINEN GES
pattern
will be main months meditly whrad "
On fac
last hurine
& nglak, teves
willingne
party authente f..
い
perust
a light credit situatire to devise pa
1.
1
1
MARKET
24 10 23 10
23 90 24 3
1.25
300 10 10
7 no
500
A 10 2000 gr g
Singapore
50
Stock Market
East conference of the Far East-American Council Commerce and Industry October 4-3.
The ninth annual reeting of
New York,
The rganisation will takes place
The general theirs of the con- ference, recording 15 Mrs Mildred Hughes, executive vice president, will
WILS There
Mexico Barters For Italian Motors
Mexico City, Sept. 2. Mexico will barter 325,000,000 worth of cotton for Italian diesel motors under a deal an- nounced today by the ministry of nonly.
agreement the Dina
Omelala id the was concluded with Automobile Factory which will the diesel motors in vehicles assembled here.
It was the first barter opera- then concluded under the "cotton for cars" programme announced last month. Oils were conspicuously active by the government
making various imports, chiefly fessional sprelators very much for in Mexican cotton. almost every day with
automobiles and parts, payablo Net result by the
In evidence.
end of the week was ci
זי
pro-
The move was made to esque
In Royal Dutch to £77% while the sale of Mexican cotton after
be "Asian-American British Petroleum los nearly the United States announced it
economic relations-prospects for jectnomic growth.
>
The growing Importance this subject 14 underlined by the fact that two-wee trade between Asia and the United States Dow approaching the level of 4 billen a year. Trade figure fo
five months the lr
of 1050 show that exports to the United States from Asia (Pokistun 1 Japan) have climbed to an an-
On was placing five million bales of
47 and Burmah about 2/0. the other hand, Anglo-Egyptian surplus on the world market at "B" which had fallen
on a (false) report
Egyptians were to seize Hs re- Anery regained 27-.
heavily competitive prices.
the
Officials
Raid the GOVETA- ment viewed the barter plan with "high optimism" now that
first agreement with foreign country had been made.
United Press.
Suez Canal clown! unchanged the at £85 1/2.
Foreign bondu fost ground virtually TO
werk. German bends were marked
Singapore, Sept. 2 Rubber counters on the Singa- pore share
market continued steady during the week despite easing commodity prices be- cause of optimism that Chinn
Brokers today quoted the fol-nual rate of about 1.8 bill down E sterling to £240 and would buy Malayan rubbre next Jowing stock priced
nbout 10 percent
Is
B
Singapore, Sept. 3.
eencludes
year. activity pre In LANG The rubber section
crn-, strongest
group in the Joint sme es, Standard Pested "stock prites chuld an
to elvetlen Tinte să ng up to
day Singapore and Malayan unofficiat It rents however, IN
Trade melons now in China and Skogh of her market local
Ta are convinced Collated operators
Spiciter Pempened by a 1 ap-
that Chuna will purchase Malu.
Fraser & Neave tid, ord prezinte rose na interest rates or
yen rubbee on a bigger
Fra10! Neave Ltd y' it there were to be an
cum pref x year pretext
Hongkong & Shunghat Hank- Trade sources here said that oltretungs. The
mmg Corp despite
the rubber
fe Tice Hongkong Tin Lit Jogevement between China and Kenpaa "Lad,
Ceylon and the possibility
of Laas Tubber Estates Ltd
Mokayan Breweries increased purchases from Indon-Morower tubber Pesta, Communist China will u11- Lid
doubtedly make some purchoses Petaling Tin Ltd. from Malaya.
Rafles Hotel They
Singapore Cold Storage that king 1- asic
South Britian Instance vously was aware that The Lid
16. then, the 11
neeshadow,
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111
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evel eat feeli
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410
Testities
1t
です
01
gove fanent
Ty
P. sar
Ti
Magazkie
taken duras June
ton
ed to Wall Street in kets
poleg is not to stop the busmesse serly as yomate as the
public about bare but the centi i it and me -
Indieristat
* .1
1
vent a potent that could eventual-vetual like best Q ly loud by cm-bust."
bat: Lutu The need
the A Rest
malku.
wore bearic}
morning at the following ades
US dollar per si
$ 04
Sterling notes (per £1)
13.00
Australian antes oper gh
12 12
In W:1
15 30
27 30 bir tan
**
chlite
Indonesian ruplahi iper 100)
Siarn Heat (per 100)
Singapore (Stralis)
15steinte
W
1.
drem Sextiles op-
higher that
last year, Imports into the area from the United States are run- ning The annual rate of almost 2 billion, about 15 per cent ahead
the
British
Batu Lintang Rubber Ca, Lid
·
Opening
31 03
Borneo Petroleum
Bynduak
50/-
27/-
of 1935
$1 97❘
$5 00
SOBO
6/3d
$1.8z
V.80
#2 B7
Ca
$1 704
$20
12.40
$140
Co.
CO-OPERATION
-
According fo Mrs Hughes. attention will be focused upon.
outstanding the
questi relating to increasing Ask- United States economie
the actors eperetion end volved in it. There will alte be discussions of the ecoomle and industrial progres being made in Avin and of ways and
means $33.58 to increase exports to the United $24.75 Slates.
internallens,cles 1250 die Day which I 3,000,000 Chinese เท Malaya Straits Trading
14.50 would be affected one way or
Straits Steamship
$8.55 the other by the price of the Wearne Bron
United Engineers Ora
2.97 cummextityUnited Press.
Exdly-China Mail Special.
NY Cotton Textiles
May
Improve
New York, Sept. 2. Labour Day may mark the turning point toward better business in cotton textiles.
That conviction was expressed with more confidence by more sellers in the primary cotton goods trade last week.
would
cotton
Signs that the long overdue govemment plekup may be in the offing | estimate,
vere discerned in the lay, new market interest. buyers probed the market for prices quality
and deliveries
for a number of basic construc- tions.
of
Day
critical
the poid fr market seval Lane, ps the jo On 1:14 hitome
market d 1 great divide between bull and ་ ས་་ bmarket-- 1929, 1937 1
pa t
record for industriels has been SE)-50 between declines 11/1
Ras polven
in that th have risen 25 timer by the p 50 years, declined 33, Industriais ever that stretch hayat siin ja ་་་་
27 and declined in 31. Utta
in the 27 years of their average
hverken & times and declined
18
Competition
The competition for funds in der to merit the tremendou demand for leans prompted the new move of the apparently Federal Reserve. Time deposits affect mostly secounts of feeign banks and foreign interests and crop some US commercial companies. The maximin inter rates
both In
Brilliant Recovery
On Wall
Wall Street
By Elmer Walzer
New York, Sept. 2.
Stocks made a rousing come-back in the Friday session last week after four straight days of decline had hacked over 4 billions from the valuation of all listed shares.
Potash
Singapore Rubber
Prices
Binghpare, Sept. 2.
€220 respectively, Dawes Loan, both resented and non-assented, lost
£1 sterling and the
Don- assented Young Loan was down |
The market ch Saturday ruled Japanese assented were steady t 15/-.
quiet throughout under more pressure than the the non-essented, the 1924s. losing ang and their was only tnttle interest from The trade. £ 1/2 and the 1830s £1. The
However, tower grades non-assmted 1910s g. 11 last
Ingleced and furnover was small. £1. Chinese lost 10/- in
Futures: cases and 5/- in the others.
No. 1 rubber për ib. Stat. 051-9031
Oct. 06-08 Nov. quoted No. 2 rubber per b. Sept. 23-04 No. 3 NO. 4
Mines Out
TWO
Ingkong and Shanghai Bank spet noser unbaled shares, recently at their low of her stepe
£89 1/2, recovered and closed No. 1 pale crepe ut co 1/2.
were COTTI-
Were
."
931-93
90-21
951-003 73-77 13-117
-United Press,
NAMESAKES
Answers: Justice, 2 Brob-
Mining theres pletely out of the picture. They The Far East-American Coun-have, in fact, had no attentive eller Commerce and bidustry is following for many months, but a private, non-profit, non-politi- a handful of specialists, Пете
Organisation of Amt rlean Bad In South Africa, keep them dingnag. 3 Vanessa, 4 Yahoo, 5 As with
nation-wide | moving up and down. The Liliput, 6 Houyhnhnms, 7 Dean, membership representing mor Financial Times Index of-gold a Dublin, 9 Estella, 10 Writer, than 50 Helds of Industry, finance mine shores, which stood at 100 11 Gulliver, 12 Fiction, 13 and commerce--Unyed Proza,
just a year ago, closed this week Laputa. ut 80.-United Press.
Jenatho Swit
The Bank Of England
Statement
London, Sept. 2.
The Bank of England stair- ment for the week ended Avg. 28, rada os follows:
Note in circulaticia Publie
polis
Government securities
Receipta
other recurities
a
The Friday rally restored half of that loss The with United Aircraft the outstanding feature on a 6 point gain and the steel group soaring on outlook for record business in the remainder of the year.
hold
*
volume
sterling 1,907,400.64%! 13,010,000 204,842.0 237,440,020 43,073,6' 44,844,103
14.5 United Press.
Bank Of France
Statement
feine 301,204,302,4215
10,803,135.10O
110,016,000,000
14.640.045.000
Tab,768,131.410
*****rited-Press.
A
NEW
COMPANY?
From the word "GO"
place your prihting order where you are assured of personal attention, expert designing, the finest materials and craftsmanship, »
From Articles of Associatioh, "Share Certificates to Latter
Headings and the many other essential items, consult the Printing Department of the South China Morning Post, Ltd.
still hamper established by law on time de
borts are as follows: 1 per can! Meanwhile, mills maintained on deposits fat up to 90 days; a firm front on prices. Monu-per cent on deposits of 10 days
Pogls, Sept. 2. facturers mid they had no other to six months.
The Bank of Frango, Elate- Broadcloths, prinio, bag sheet. alternative
view of The
ment for the week ended Aug. On the border economic front, ings and
row
28. rende is follows: several heavyweight recent climb in
cotton Industrial fabrics, ke sateens, prices and chances that produc-most experts are benking on a
Timid bulla soid early in the Datly
averaged a Total gold holdings rise in the auto industry aleag broker twills and wide drillion costs may be boosted even with the team in steal to
week on Labour Day fitters. mère 1,006,478 shares, against Total other currencies got the best call. Several mors by new wage increase de- the pattern fer a wide advance
The main body of investors 1,770,550 shares a week before. Bight balance abroad houses selling heavy goods re- manak.
stocks. their over the
Despite the rally on Friday, Avance to stabila- next few months.
tion Fund ported their best volume in
esilmates forecast Adverse factors were the market closed lower on the Toul bills aircounted 1,525,034,007,102, Preliminary several months, Indicaling con-
Spinners reported a growing
from unchanger
Jast week, week,
Dank notes. Ră circu« auto production of the 1057 confidence sumers may be in the verge
namely Buez, tight money, and
lation 7, 2093,593,120,305 models at 1.75 million units
Despite the selloft several Current accounts and cardal and combed yarn prices. during the fourth quaéter. the fallure of rails to confirm Issacs managed to rise on the drpolis ments,"
A gradual rolling pick-up over
the industrial advance.
week. The Curline-Wright: the past month improved pro- This would be about 10 per Tight money Inst week. Istures were up more than 2) duration backlogt enough 10 cent under the output for the brought some mato increases an Increase and fren manufacturer price comparable period last year, but end started a move of savings ease type of views lifted Granite schedules, Some producers en improvement over the pace banks to increase their Interest City Steel by 41⁄21⁄2 But more 'cautious obstrvers, thought knitters and weavers In the scoond and third quarters | lo deposition
This, it
pointe
and examine specimens WDS Other faues to allow gains on white encouraged by the who fail to cover Oct-Nov of this year. Output, it is ex- rald, might bring In more He
Included Bendik
Raw cotton expans by destinn of quality printing which improvement in ratos, needs in the near future will pected was so far ahead of dé- tavings that eventually might aporádic said the movement silil jacked have to
Airpiario, Buren as reported in tiles by this tue ehall be proud to show yo Higher prices mand the industry found itcll help finance the Industrial ex-forn Us Stel, Newport News New York Cotton Exchange lot the "ermarks" of a full-fledged | ultimately.
with a backlog of over 100,000 pantion,
Programme Arend
Storage the 1060-57 redom to Aug. 28 Shipbuilder Electric They paid 'more nëed Rayon grey goods sellers, my unsold cars at one time. This Daily Volume Balter Emerson Electric and were de follows: to the stock market recession the decision of wenvers to figure has since been whitited to While pondering the effect of suspend operations
American Natirul One for The more manageable" proportiore. The feature of the week was Or the 1,887 fouea trhuới ·810 | Continent tightening credit on the overill Labour Day week brought a The industry hopes to make the fack of volume: Sales bitvanced and 870 declined and Mconomy.
Also they for the slight pick-up in demand for even further progres before totalled a mere 8,032,358 shares, 190+ Were; üretips, finers | Total for, deuron" Impending Jewish religious sandard' sectato and nylon October, when the new models smallest since the week ended were 83 new Land-189 Rame period last year? -holidays,” and,, the ensuing constructions,--United Presă, roll off the assembly lines,
June 2.
Texahising Jintern
note
of buying fall-winter require
Firm Front
pay
dividend
| now”: lowx.-United". Prose
THU.S. RAW COTTON Call in at any timo
Brithr
Orient
EXPORTS
New York, Scpl. 2.
Morning Post Building Printing Dept.
Street
Telephone:
--United “Prem