TRADE
THE CHINA MAIL, THURSDAY, SEPTEMBER
1956.
COMMERCE
and
LANCASHIRE PAYING THE PRICE
OF FOLLY
To The Editor, China Mail
Sir. My attention has been drawn to Mr Healey's letter in the China Mail of August 31, in which he comments on the remarks made recently at Belfast by Mr Cyril Lord.
The cotton trade in Lancashire, though divided about most things, is virtually unanimous in its opinion that if duty-free imports are not restricted, severe and irreparable damage to the industry is inevitable.
Le
*.r eur Mary pally obviais.
The UK Governmen has be fused t Har the stufustry profcetion wheheh tas reging.
salong. Das sih
by Webd
• this imperts Name Alie Role mo1 even be panipal endst vil is troubity.
1
HONGKONG New Zealand Must
STOCK EXCHANGE
From Our Correspondent)
Business done on the Hong- Stock Exchange this kong
10 amounted
$128.000.
the
morning
is ely annons:
Mlinzes
BANKH HKJunk Em AND ÎNSURANCEN
1 40 39
At
WHI
1152
morying's
Malen
400 0.00
נדי
B.3
. 451
Restore Supply
& Demand Balance
Wellington, Sept. 5.
Although production in New Zealand has risen appreciably in the last year and the standard must of living remains high, the country endeavour to restore balance between the demand for goods and services and the supplies available, according to an Economic Survey tabled in the House of Representatives by the Minister of Finance, Mr Watts.
New York Sugar Market
New York, Sept. 5.
sugar futures Work
Nu, 4 clued 1 point lower to 2 points
alts of 13 higher with
With one of the biggest rates' of population increase in the
Now world,
Zeeland Ins 4 pressing demand for capital development. Inflationary ten- dencies have been
aggravated by heavy expenditure sumption goods and the balance of payments has been adversely affected.
#21 co-
SECTION
WORLD RUBBER MARKETS
New York, Sept. 6.
The No. 1 Rra rubber con- tract closed today 35 to 70 polata higher wit
Contracts. Prices
Sep!
Dot.
les of 78
32.95 33.00
The tux contract chined 40 to 75 points higher with sales of 25 con. irecta
· Pare ⠀
WALL STREET STOCKS RESTORE ANOTHER
HALF
BILLION
New York, Sept, 5.
Stocks restored another half billion dollars of market values in their third straight session of advance-pheed today by steel, metal, chemical and special issues.
Sept
Nav
12.03 12.00
Jan.
$2.00
Mar
Max
30.70
July
29.70
Sept.
20.00
Standard contract closed 80 to lov pointe higher with sallen of 65 con- Tracti
Sept
32.10
Déc
31.00
1,790,000 yesterday.
Mar
31 30
May
30.04
July
Sept
hotuses
29.00
28.05
Frie Rallroad
Trading picked up to the best | El Papo National Oma
two weeks, totalling pace in 2,130.000 charco, compared with
optimistic
The Enerally tronomie outlook along with a number a special news items helped the list.
Valon Oll of California
Terminal market action IT- fird buying credit to the ipcculative account, along with
turned in one of the best guins following dealer demand und
of the day-a rise of more than indication of Lowden arblirage buying.
Whll Street commission news of its big discovery Also were moderate in Costa_Ries. Middle East olls a reduced such as Gulf, Royal Dutch, ven absorbing buyers.
up nearly 3, responded to the volume of hedging ook gulda
more hopeful outlook for the tion
Suez Canal rituution, Shipment offerings from the Far East were scarce and high priced, with
one soane Sept.
reported done and two sheels at 31% and 31 cents a pound, cost and freight, respectively, with further buyers. Sept. four at 30 cents theels were done with further Keba s
that at evel.
quotatone and
Buyers Sellets
1035
230
1000
Lombard
42
ADING
Aslo Nav Wheelock
120
SUK
Bre¦
dat
I ft
DOCKS, ETC K Whart Dvident 10 LAND, KIT 1K H
80
13 80
dr Parenthate
BPIL
ON 11
and the positioni rally bean
Landeds 1: 13:30%
Would
5
was 4-
"are must pre- pand, at the time and a kid. tog
10 depul establabed duty-free
In 1951 Lantræshire. #64 malos yards of eladh, ther Job wang year she exported 210 inilon yards; expo is fell ccationly think 710 adition yards in 1953
agan to 034 mailben yards 154. Last year they were lower 554 million. and this juding by the levels of Eve Best MIN mills. they are mst unlikely
exceed uilons.
Exporte
IK 3.4
larger 111
H
130
RUBBER
1
and
Amate Tend
1475, 121
2000
000
can-
UPUJTIES Fram XI Star Fetis
J
23:00 201
IM
Migur futures closed unchanged fo
YALN
#
IM
Tanks
2440
10.00
o Lugha al Flette
21/20 31
24 DG
14234,
pul: lower with Contracts.
sales of 53
policy
1 e
10 A Fr
སཱ¢ kA E% Fr¢
INDUSTRIALS
Wi
R HE
they, Lane, Clav
CUTIONS Textiles
20 Ba
L'OB
301 37 STORES, PIC Daily
159 24 14
1230
24 1
with regard to capitol ISSIM'S. These efforts have had i some degree of success, but the disequilibrium remains.
SINGAPORE
1
The market opened
TOW 264,
4390
Namang
Allied
7.48
5.10
Graceente: poley brew my by the
Minis's last May. The Govern
T
arrangement. entry th the Commonwealth “
20,000 Women
of ejotii to Cheap import s The UK bave little to do with 14 deplorable record, and is altesting to note that
1951
mosented
ཏང་རྟ་th t
tmports were to 376 malam yards.
Mi Cyril Lord said that in the Last month, 54,00 workers in that year, compared with 267
inxyes !fetcth {Ht! Atf «f [uzlas
an on 42 1954-mukicle is The highest total and 150
1955. 153 154
Latwandere
The
Just
Ao the - 65 uf nulls I am informed that the 32,000 peratives which the Lancashire industry lust year. 20,000 were women, mony of whim gave up working atto- Bether when They left the mills
of the God at least semes maining 12.000 have found em ployment **
focal other dustr
With spead pnemployment
res13
It-
J
the dia andusti v povely as a
of Commonwealth
improbable: Hongkong manu-
ין אף
Indan
ادة
the
ufacturers
the deeling in Lancashire and it xmlikely that they woul! pausme policy which would make re- alviron
theag
exports
praet.cally certa
The Japanese
Was
when there
a danges that their trade with The United States wouldt
Mape conclusive, however, the fact that m 1032 and 1953. when the devime in exports was at its attepest, the fall an in- WUN even steer In 1933 they aunted to only 90
alton yards of which,
72 million matter of hitresi, were re-exported
יזיאן
Main Reasons
IND
INVESTMENTS
1.50 150
15011
200 0 1 30
FR 1997
Exchange Rates
1tracts
The domestic No.
of
market In world raws, the ruled quiet, partly-reflecting the the harvest approaching European best augar crops. is under way in late Septem- 44-14 ber.
Sellers of world raws today quoted 3.25 cents a pound fob.
the White overall Agures on coming European boet crop ate
Futures: THE available
Contract No. 4 (world)
Out
Mar
Max
Juty Bejit
Spot reels per Ib Tob cubi
Contract No. 8
Fixal measures have been both implemented to restrain Investment ond consumer and they have been spending. supplemented by selective
A Warning
The Survey warns that, with the future trend of prices for the country's principal exports far from clear, 11 is essential to 2 keep the internal cost structure 29 as low as possible. 3.30
One of
the
Dividend News
Elliot Co. up nearly u point. was among stocks responding to good dividend news.
Industrials
group averaged 2.10 higher, and were No. Rss was quoted at 339% at their bert levels shic: Aug. 20, cents a pound.
05
A
Ford Motor
hilly Finance Corp.
General Elerifie
General Foods Gener Motors
Gen Pub, U Detly "Oll Glidden Co.
Goodrich (B. F. Co Goodyear Tyre Heyden Chemical" Homstake Minihy Co. Ingersoll-Rand
konlnut Steel ር.. int? Businem Machines Int Harvester International Nickel International Paper
Int" Tel Tel Joba-Manville Co.
Kansas C. Power & Liem Kennett Copper Liggett Mayers Tali, Co.
| Lockheed Ászeral ..
Loews Incorp
Lone Star Cement Co. Leulaville & Nashville It. Lowenstein & Sons. Mesabi Iron Corp. Minnesota Mining Mission Developineni Monsanto Chenilent Co. Montgomery Ward Motorola Ine.
National Cash Reg. "A" National Dairy Prod. National Lead
National Steel. Corp.
Rally and utilities, while New York Central generally higher, lagged behind Ole Mathieson the industrials with
average Of Elevators liquidation but steadied later un gaits of 0.18 and 0.23 respec-Pacific Gas & Elec.
Furrowi
that for offers.
The market
Cosy un
China
hus uzked
WOJ
Owen-Ilkinola Glass
Parke Davis Co.
Fan American Airways Paramount Pictures
Penny J. C. Co.
Feno. Salt Co.
3
lively.
In alls Texus & Pacific, out. irregular
side the average group), was the during the afternoon but closed chief feature with a ran of
Meady with small turnover in lower grades. Futures: No 1 nibber per ib Sept.
Dél Νου.
9296-19 0244-1274 unquoted
Government's
3
No. 2 rubber per ib. Sept
DO-DOT H0-B91
has
No. 4
B-87
Spot rubber unboled
021-92%
Blankel crepe
73-7
No 1 paie crepe.
113-110
LONDON
131 moal urgent preoccupations ** | been the repletion of New Zea- $ 57 land's oversens reserves, which disturbingly low level 5.39 fell to
aver-importing
<
E WH (O
in se krcal exeluang parket morning, at the following roles US dollar per 17 Beiling notes (per £11
Nav
11
Mat
0 02
July
15 00
Bupt
Avettulias notes (per 411 Indonesian rupiah qier 1800 Siam vead toer 100.
Singhoney (Eurails)
2 83
Nov
6.43 as a result 350 during 1058. 5.54
of
10.84
Spot-venta per
เม
2787
3.63
1.07
United Prens
I would. t these Agures al least, by eager to establish that i nperts have helped to main. Iam Lancashire's exports rather than the LEVELST
In fact, the inaiti censors. Tran the decline are nothing whatever to do with duty-free imports
first In the
place. exports were artificity inflated in 1981
have this result, imposed a quota by the Korean War, secondly,
1st
on themselves and hopel
That glong industries would the same, rather than ser their trade with the United Kingdom pue and offlesal control
Trading Deficit
in
fo below post
has been empeition and encountered oversee as well us
the de at home and Anally
has frequently been dustry Trusliated by trade restrictions,
being at asetukale example
imports Tota ti
of goods imposed by Australia.
the
ration
NY ex-duda,
Cotton Futures Spurt To New Seasonal Highs
New York, Sept. 5.
Colton futures today spurted to new seasonal highs on deferred deliveries before meeting enough resistance to curb the close.
Lancashire can not complain Final that there is nothing which can
! points
Apart from the political aspect of the UK Governments, slated be done about the situation. It policy on Commonwealth un- is notiecuble that at least one of her competitors, comparable in
succeeded
defler with
vi of about Lancashire. has
in
port Hongkong had a trading hertines if it in its size to
Be Man million in 1954 and
£10 millon
If overemming similar obstacles. Britain Hongkong exports
of Hol- In 1037 tw, Birde restricted, the Hongkong
f culton goods for purely land's exports Government might. dotacal reasons,
were
1953
and
โป
be compelled i went to Indunesia, ur as it was the then, the Dutch East Indies. By 1955 th trade had dwindled to
to curtail purebases there,
of British industry conse- Pest
suitering
because quently measures designed specifically to protect the colion milis.
Also to be considered, are the which protection repercussions might have on other parts of the Commonwealth.
pred
to
prices ruled 210 叶 were favourable in replenishing
The market | soLi moisture In kower
northern unshanged
up districte and reducing shedding. points, New Orleans closed off although a number of areas are 2 points.
will very dry with reports Gains up to $1 a bale were small holls whittled down to the vanishing | Month point, but trading turned quiet Det un the setback with an under-er | Mar tring trade demand reappearing Stay
the dlus betow
previous | Suẩy net. Dec
on
c!8t" ;
a base from
570.800
of
Volshire Open interest
74,000
208,500
21.800
$2.500
GUDOG
13,500
200,000
12.700
117,
11,000
72,100
$300
30,200
06,300
1,560,300 balen
NEW YORK
Traders thought The acrim Tutel of only a quarter of the pre-war ergely robnical after a rive of
volume, but Holland's total ex-host 11 dollars
the end-July lows, Oct, qui-
Prices of futures closed today ports had been inaltained. They were, in fact, slightly higher ation over the 33% cent line ne follows:
elo was restraining with sellers Spot
current levels, or Supposing
or December higher, might act to bring more March
May cotton into position for contract
than before the
The Rungkong industry drows heavily on Commonwealth sources for its supplies of raw cotton. Last year, for example, it spent more then HK$100 some million in Pakistan, India and exports British Afrien
this com- modity.
Coticn
an
of considerable economic importance to all these areas and Pakistan would
be
WIT
Fallen Away
Dutch exports fo Indonesia
dectmed lave
for much The reasons as Lancashire's Malaya or Ceylon: to
round have
equally difficult to compete against India and Japan.
they
34
But Holland's exports to Ner- way have increased four-fold, particularly severely affected, as whereas Lancashire's have fallen raw cotton accounts for about a by more than hat. Holland's quarter of her overseas earnings exports to Denmark have in and Hongkong is by far her creared ten-fold; Lancashire's best customer after Japan,
are less than a fifth of
what they were in 1937.
What Gain?
In ony
Holland has even her exports
1 in 'the
October
34 in 33.+3 33.18-80
33.75
33.00
delivery
July
33.30
Lowering
October
32.50
cstimates
the
December
32.41
current crop, plus expected
NEW ORLEANS
further cuts in production nex!
IN follows:
Borrowing helped
reduce tu the strain, but Termna for rais- the Dominion's ing loans in main market, the United King- dom, have taken an unfavour- able turn.
A seasonal Increase in export receipts has bousted reserves temporarily. The position is still not comfortable, however, and importa may have to be Cut further before the year is out.
Fairly Stable
Prices within
New Zealand fairly stable overall, and there are signs that
have remained
the labour shortage what cased.
has sume-
These are helpful factors, and costs the Survey reels that if can be kept down to a reason.
The market was leady with spot quoted at 27% pence per lb. Prices:
No. 1 Rss anot
2794-277
Settlement house term
October
2754-471
November
December
Oct/Dec.
JanMar
Apr/June
July/Sept
points.
of 1,126 iues appearing on the tape, 563 wire higher. 352 lower.
New York, Stock Exchange bond volum. was $4,210,000.
American
9:ock
Philip Mortin
Procter & Gamble Cu. Pittsbury Plate Glass Publieker Industries Pure Oil Radio Corporation
Republic Steel Reynolds Metal Royal Dutch
Shell Of Co. ... Saini Reg. Paper Streiair
Boceny Mobi
Exchange South Puerto Rico Sugar
volume was 1,920,000 shares. Southern National Gas
Dow-Jones
were:
adusta ir
20 hila
2716-2734 12 litios
27-2703 stocks
2741-2741 40 bonds
closing
Comm. future priep inDER Com pot price Index Moody's Index
Southern Railway (Com,!
averigua
Standard Brands
Closing Prices
204-261
20-2014
2344-252
General markets, clf baste, port
September
2014-27
December
2634-27 2016-201
34
uncuated
Alden Inc. Acy Ailled Chendes im
October
Estate crepe thin Sept. Estute vreve thick Sept.
AMSTERDAM
The market was quiet but steady. Prices closed in guilders per kilogram, cif Sept, as follows:
No. 1 rubber No. 7 rubber No 3 rubbe
No 1 rispe
2.62 buyers 258 buyers 2.34 buyers 3.30 buyers United Prem.
Allied Mills Inc. Allis Chalmere. American Alrime American Cable & Radio Cors American Cyanamide Co.
American
Ainer, & Furgn. Power Am Mach. F dry American Metal American Bmelting Am. Bugar Ret. American Tel & Tel American Tob, "B" Anaconda Copper
able level the desired ecunomie CHICAGO GRAIN Armour
balance can be achieved.--China Mail Special.
Most London Stocks Push Upwards
London, Sept. 5. Improved Suez news and Wall Street's renewed strength generated tious optimism and pushed most of the sections of the Exchange Stock
year under the soil bank pro- Prices of futures closed today London Krummt,
And other acreage limitations. conunued to do- Spot
October minate overall market Sentiment December In later deliveries, The certi- March
May ileated slock remained at 3,874 bales.
October The Government weekly crop | December summary was considered "nor- mal." Showers on several days
by
32.85
33.73
33.0
23.04 33.18
higher today.
cau-
MARKET
Chicago, Sept. 3. Com and soybeans were higher In an irregular futures market on the Board of Trade today,
grún
A business-stimulating move
by the directors of the Board of Trade caused the soybeans in- crease. They lowered the margin
on
|
Haldwin-Lumia+Ham
altimore & Ohto Bendix Aviation Corp.
500.02
Standard 11 of Cal.
Standerd Oil of Ind. Standard Oil of NJ,
leop Rock
161-18 | Sterling Drug Co.
60.23 Stokely-Van Camp. 170.80 Studebaker-Packard Corp.
3.19 Bwilt & Co.
180.31 Texas Co.
194.06 Tide Water Aven, ou
424 40 Twenty Century Fox Film
Union Carbide
Union Parlic Railway
United Aircraft
UB. Oypsum
US Line Co.
194
U.S. Rubber
1049
US. Smelting
U S. Steel
Warner Bros.
Westinghoure Electric
Woolworth
United Prem,
London Foreign
Exchange
London, Sept. 5.
Closing rates were;
Parts
Zurich
3.7814-2.78-8/10 2.7295-2,7234 10.0-1024
139,108139.16
1X 4819-110075
081-98114 12.10-13.10%
Others were unchanged.
-Leited Press.
Amsterdam
New York
Denguet Com.
Montreal
Bethlehem Steel
|Boeing Airplane
5031
Burroughs Add Machine
Canadian Pacific R.
Cale (J. 1.) Co cat. Tractor Celanese Corp.
C.LT, Financial Corp. Chase Manhat, Bank Chrysler Motors
Cimax Molybdenum Colgate-Palmolive Co. Commercial Credits Commonwealth Elec. Consolidated Edison
Crane Co.
on soybean futures by 6 centa Continental Oll of Del bushel effective on Sept, 10. They also, reduced requirements hedging, spreading transactions, and maintenance to 10 cents a bushol.
The change in government was export policy yesterday expected to cause additional whes! Increases in a climbing
But
today's losses market,
indicated that much of the ex- pected increase had taken place before the policy change. Prices droppet on lack of flour demand and lagging export business, Oils joined the advance, Shell
Wheat closed was a leader. up more than four
of 1 to 14 and centr; roybeans up to 1 23.20 chillings, while Burmah 24.02 British Petroleum added three cents,
32.30
32.00
LIVERPOOL Fulurca closings, in pence por ib. were as follows: Sid contract
Oct/Nov. Dec/Jan
Industrial, featured with widespread gains En aircrafi, électrical and shipping shares Rolls-Royce gained about five shillings.
Governments opened Wheat, No. 2, red then eased and finished Spot firm,
Bept, 2016 H 219(L) 28.42 with scattered small net gains. Dec. MITZ "Daltons" wers a bright spot up 24.40 about £4.
Mar/Apr.
May/Jury
34.72 or more, 21.02 Brush
July/Aug/
24 07
Och/Nov.
25.30
Dec/Jes
MBC/APA
May/June
July/Aug.
KARACHI
Lancashire's share declined increased six million, to the British
like Mr Healey, have spent New contract what would Commonwealth -eight-fold cast,
much Lancashire gain from protection? the case of Australia, tifly-feld industry, both of home and of my life in the textile The industry is asking tor
case of South Africa, averseas,
and although, dis quata on retained imports while Lancashire's exports to Mancunian, I sympathise with Egyptian Kamnak Noi/Dec. 55,70 (whatever their source) equal to each of these markets have de- Lancashire in her troubles, it is the
average
uge volume of the years elined by approximately half, impossible to escape the con- Old crop cotton was easy tb- 2062 to 1954.
Not only hás Lancashire clusion that her present plight day. New crop cotton, however, The annual average of cloth made no progress, but she has is largely self-inflicted imports during that period was slipped quite a long way back. 382,000,000 square yards, and of The sorriest part of the story is that total about 80,000,000 square that Lancashire yards-certainly no more-re-reebly not enty with the mained there,
The industry would, there
Lore
fix the quota at that level. Yet there are at present about D0,000 looms standing idle with productive capacity. after
ཡ
cost industries
competing iow
Inevitable Price
· 241
14814-140
Crown Zellerbach xd Cuban Amer. Bugar Diamond Alkali Dow Choosteals .. Dupont de Nemours Eastman Kodak
210
93
Brussels
Frankfurt
NAMESAKES
Anwers:-1 Lutin, 2 History
English. 4 Invasion, Ecclesiastic, 6 Monks, 7 Angles,
13
18 Jarrow, 9 Hilda, 10 Books, 11 | Lindisfarne, 12 Monastery,
Library, 14 Jules, 16 Crèdmon, 10 Teaching.
The Venerable Bedź.
Let US handle
YOUR
PRINTING
Tou máný proofs mean time wasted.. We grasp the polhé at the onset and ONE PROOF generally suffices.
After that, out kp/to/date áticolatfe
presses makë shört work of
Let us quote for your
requirements.
Mar.
47 Pudub roller gire. 200 ind
roller in
75/19
Getman bonds rallied in an irregular foreign section.
Corn, No. 2, yellow Dollar
stocks, advanced in Spot Sept no with Wall Street.
DED. was continuing higher as do- Gold shares : finished un- | Mar. mand increased.
Prices in rupees per maund as changed. Tin and copper shares May vero strong at times but iniled July Ryc. follows:
at their highs for the 723 to hold
day-United-Prem.
May July
Sept.
12/4
*saw gin SAD PAULO Prices of futures closed today
57/4
Dee.
Bet, Dec.
New 5,
conce, somnik
Nov. Exchange
Apot
Jan, MAY, MRY Bept.
130:140
theng
300-11/10
New York flour
"Ollers wire incherzand
of Japan, India Although not of the mills are and Hongkong, but with the as portrayed by Me Healer, his 200m riwijnt coller rin High cost industries of Germany, description is accurate for Belgium and Holland.
large part of the industry, which
outstripped.
to
4
back
Dep
Mare
JUMIY
书
**7.0
New York Foreign gobes, No. 2, yellow
là now paying thehovitable Even in marisala from which price of years allowing generously for normal on fedet competition is almost ment, of inilure 16, plough jonck in cruceiros per kilo as follows:
is being past profits, of stagnation, maa- inacilylly, of at least 500,000,000 subcht the industry #quare yards,
querading as tradidon and le gradually Lancashire's exports This dead wood
Bean-
indolencs álaguised us praedence, being eliminated from the indinavia for Instance are on's
fmany of the figures quoted dustry, but clearly, even if in-third of their prewar "yulathe; in"
Main letter. I am indebled to of cucich colte ports were excluded altogether, Western Europe's tire five times an amicie by Mr RVS vehs 14 deal mated) pot, fukket med it would still be left with an in greft. In the seat of Europhy in a recent druit of The Director, 23.02 cents. Sales totalled 3,370 Deglum embarrassing wurbits of machin trade increased between 1949 DAMN, Dennis O. Loth,
bales, ery on Ite hands.
and 1854 by 37 million yards!]
FIOM, TID, AMCT,
United Prim.
In the US the-aversed price. „Closing roles,ivere:
luding at Canada
Job.
SOUTH CHINA MORNING POST PRINTING DEPT.
Hästription Tüle