Pick Reviews World
Currencies On Eve Of IMF Meeting
New York, Sept. 23. Most of the world's cur- rencies
still shaky Are
L
THE CHINA MAIL, MONDAY, SEPTEMBER 24; 1956.
TRADE and
COMMERCE
SECTION
Middle East Dominates S'pore Industrials
US Economy
although improvement la SEVEN BILLION DOLLARS
noticeable in
om c
instances; according to Pick's World Currency Re- port,
A September survey of ma
of the work's monetary uit 11 the eve of the amwual creating of the International Monctory Fund. shown There 1
chance" of uttalning completa eravertiblity era result of thes year's intertiætional cus retry de- Taber alleys
Monetary
ሲሆን Ten dulla value of cuteney unul, as listed by Pick's, for the per kod Sept. 16, 1985 to Sept 13, 1958-
24
Among the higher Chole, 42 per cent; Indonesia, 40 per cent. But Germany (matk), 33 per cent; Polanul, 15 ct. Tholand, 15 pa res, Finland, 9 per cent. Norway, 4 per cent; Rusda, ***T cent, Brazil, 2 pri rent. Austria and Lebanon, bah 2 per rent; Belgium and Italy. I per eent, Chanda, Pratugai Costa Rica,
We Germany .cli Grvere, all leg than 1 per cent |
UNCHANGED
LOPPED OFF
STOCK MARKET PRICES
By JOHN MORKA
New York, Sept. 23. Political and Middle East uncertainties continued to overshadow the economic picture in the United States last week.
Stock market prices plummeted to 11-week lows on investor hesitation and a general lack of interest in the face of the brewing Middle East crisis. About three billion dollars in valuations were lopped off market prices in the first three days of trading last week, making a total loss of around seven billion for the last ten sessions.
Tin
1
113
N
reelyedt
pressure
Resta
THEN IN
The industrial tetud price. et grès clolh | Reserve Bearel. log are expected to jim bom & production index for the month to 10 per c et Ming manu- į returned to its June level of 141} FUNN
whohrate Patter falling to 136 in July. Pre- price to $3.50 i next spring Tuminary estimertes Indleate that offerings. And the nation' al-reduction in September rise ex-
further. rads revealed they will seek a | panding even 15 per cent use in height tes
ulo
Fa
1y, ༢༣༩༢ པ།
Frength tumours sif a plock split. full- frontd on Tourabay
More Reassuring
prieva ^*)
·lenaried mailnty from the Middle F. plthough there was come PHINIS ever repre that the Uncheviged?: Ausdralin, Cuba, ; [ mierally me identiol netange Deaturk. Dan, Mexhe, Sweden | War making a stronger showing
Exa b. d bein
antivipalv Hurmet, Among thos Jowe:
Ab at the only strong ygen]
autos, Pakuan 28 30 por rent.
with Chrysler cent; Afghanistan, 25 per cent. | Co+p| improving noticeably on Koreo, 24 per quot; Turkey, 23 | eports the empany's new 1987
will per cent Egypt. 15 per
De favour.y Philippine
Dutch Reval 1 per cent, France Spain, 10 per cent; 11 Fornes, Taiwan dollar) 8 per cent; Israel. 7 per cent; irdan, A per cent: Hongkong dollar) 5 Chinese yuan, 5 per per cent; cent; Malaya (dollar) 4 per cent; South Africa, 4 per cent; Ireland.
Elsewhere, the news was more The sleet industry per cunt: Japan, 3 per cent; reBRITAIK
moved at the speed, with orders United Kingdom. 3 per cent: Netherlands
New still outrunning production, per cent;
11 Zealand and Perú, both less then
reaw looks as if the industry will has 12 O per cent,United Preset,
scend best year history. despite the loss of near- ly 10 million tons of production
bt-uitས" ་**
of the steel strike. Out- put this vem should hit around 146 million tona, compared with the recurd 117 million in 1985.
American businessmen al coonemity sizes still keeping ། chose walch In the effort to plach
Inflationary Higher interest rates and tighter cred! | quarter. controls.
Wool Textile
Industry
New York, Sept. 23. The worl Textile industry featured belter thun eilber cotton or synthetic ibres in the Arst x months Uns year The Wool Bureau reported,
The
194
1 noted that per capita wool ise during the six month period was 10 per cent above same 1955 period. while
Capita colton use was up 241⁄2 per
Der cent and
captiu 1100 Obres was down 11
Taking Hold
Tem
at arounced
Indication
the
i
High Pressure
Stock Salesmen
Operation
Washington, Sept. 23. Mr J. Sinclair Armstrong. Exchange Com-
Securities mission Chairman, said today high pres LITE stock salesmer} are operoiing in New York "on a scale reminiscent of the days before Congres
passed the Securities Act 22 years ago."
He said US Investors are bo- ing defrauded of million of dollars through off-the-record telephone salen by dealers of New York and Canada. He said the situation has grown worse int the past half year,
Mr Armstrong told neWSINEN the SEC has increased its staff or investigators, but "ine Arveu- ran people have to take some
responsibility 10 help defeat
heining operators."
He appealed solf Americans with money to invest 10" (common sense and refrain from Luying any stock offered them by telephone by persons they do not know."
Mr Armstrong said reputable security dealers hove nothing le do with the schemes he talking about.--United Press.
was
The Bank Of England |
Statement
The Bank
Remain Steady
Singapore, Sept. 23, The Industrial section of The Singapore share market WAA "very steady" Thi werk because of the firm stand
being taken by the Government af Mr Lim Yow Hock against
aub version
ม.ป Ex "rational approach" to internal self-
the
market Biraits newspaper reported
kaday.
The
Bew
correspondent said another reason for the increased volume of bus news in the Industrial sec- tion, particularly for invesi- ment
and purposes those buying in, was be- investors felt some of the crop of dividen is dur lowards the end of the year hrullliy
cause
would Rhow
improvements-Reuter,
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
BANKS
*K Bank
INSURANCES
VISKA.
SHIPPING Wheelick
DOCKS, ETT
Buyer Seliers Naken
1030
24 1030
1030
240 1010
(Page
New York Cotton Futures
Move Upward
By William T. Plunkett
New York, Sept. 23.
Cotton futures last
week moved
upward with increasing vigour on 1 broadening volume of trade.
Nearby deliveries traded beyond the 34-cent level, establishing the highest price on the Board in ten weeks.
Holding most of the gains at Friday's close the list ruled 17 (to 32 points=80 cents to $1.80 o bale-higher than the preced- kg werk
Price-hrt In power was generated by several factors, helving covering in the October delivery before first notice day on Monday, plus an unexpectedly light volume of hedging as he harvesting rason moved toward a Denk
The usual small docks of raw collon held by manufacturera nx at end-Augun was another elled influence. Traders assum- eu some mills sought to supplc- mrut raw materiat inventories
with lung posting bit futures,
Abandoned
US COST OF LIVING
Washington, Sept. 23.
The US cost of living de- clined in August for the first time in seven months, the Bureau of Labour statistics reported today.
Factory worker! inke-home payy 12te !བ n new record high level during the
meath, the Bureau said.
The price index for August was 118.8 using overage 1047-49 prices as a comparision base of The August Agures was 0.2 per cent below July which was The highest in history.
100.
A decline in fresh fruit and vegetables prices more than off- sel the rbing prices of other food and most goods services.
The average with
worker factory wile and two chlidren,
pleture
The Department of Agricul- had takehame pay of $73.00 per Ture reported neurly eight per week in August. His pay check
buy more cent or 1,301,900 acres of cotton | could
goods and than in in cultivation last July 1 will | zervices
any previous August, the Bureau vald, by abandoned,
removed to OT The
bank.
one Burtau Director Evan Clague About
told milion acres of this land was
newsmen it is hard estimated to be in Texas and
estimate how average prices are Oklahoma, and 300,010 neres
this meeth. He zald moving ejjewhere in the be.
they might drop slightly, hold
Exprele unpart of the soil Business done on the Hong-bank on next year's production,
Stock Exchange kong
this and the expected my export merning amounted to approxi- shipments out of surplus stock" mately 5822,000. Noon quotations |‹ sused traders to pause for " lund the morning's Transnetions reappraisal of the future supply Despite the patie
The Comeback is another in-
London, Sept 23 .. lynnee anske front, There was
dication Lazy
of the nath's
of England state. | NHAT festing last week that the onli- | pleto recovery LI
from the unment for the week ended Sept Inflationary breaks night be settling effects of the week-long 19, reads as follows: inking hold. Many compaeriana steel strike. Coke production are repeatedly now taking
has improved during August, es svevad kok
have Tuture
of producer mon types
of rubber commitments in the hope the equipment. Output money murites win ease. There goods rese also, snel levels of in were reports also that the wnge production were maintained price spiral may be bi the
and chemical paper, petroleum process of plateauing, although industries. this enterie is
still the minority
On the world trade tran), a Reflecting the tight meny policy in recent weeks, a new studying
trade policy. foreign Treasury offering * discount
beard pleas tur a mre liberal big was old yield on average
the questica of interest of 2.908 per cent another approach to
International trade. Dr Warren high in the 23-year period since W.
Sheazer. Tonner depuly the bark crisis of depression.
director of the US mission to the Some experts expressed Ins! | North Ailantle Treaty Organiga week about the strength of the then, said it is
in the US in- current boom in 1957 Mart of
king to eneturage Imports from then look lar and fourth
abi od
But beyond that, these were With the cost of living at ita
Many some misgivings.
ses the highest, there were some new | US running hilo some kind of Aulin the economie treubibe next your. prices advances in view.
Weld US NUAS will cost more--some say up to The
US congressional subcommittee The Bank Of France LAND. ETL
"Making good competitors oul f weak ones is good business." he told the sub-committee, “Our best competitors anc our beal customers. One need only con-
Ador Canada, England, West Germany, Switzerland, Belgium a bust-be 1 and Hollend."
100 en Fame models. Higher Report, kr example, sven some labour eyels are forcing Owens ; slowing down-not illuns Clies to boost its prices the later half of 1957, possibly u ce a wide variety of products
Lit carlier The downturn wil be in the nature of a levelling The sumpany is the largest pros
of glass Containers and out, t by followed by a skre makes metal and plastic pattern of growth. It muligipoles Insulation anaterial: a test of the market in 1957 for per cent. A: the same time, the | Construction will be more PN the new ears which will soon Prices were raised be rolling off the assembly lines Bureau o aerted that low trade
prosive loo $ti༥:k3 and preliminary
strel Items and cenupt. ne
mány" other prodhimets purts of third quarter orders for air-c edificeers, folter hearings. tim ale now being iner eured in apparel fabrites suggest an e-Sox leading cement
producers prie. erleration
prices from 15 w 20 textileix-ted wwwsl
barrel, affective
thele
ין
business for the remainder of the erats
3 ear-United Press
October 1.
Rail Shares Lead
Wall
Street Rally
By Elmer Walzer
New York, Sept. 23.
4.4
New York market traced a pattern in the past week identical to a week ago— four sessions of decline followed by a Friday rally.
of
recovery, the
of 0.00
Industrials 400.44,
60
Some Attention
East-West trade and the rule of Japanese exports to the U.S. carme under some attention Professor Sejour E. Horrie, hood
Nale in circulation Pubile deponita Private depo Government Other securities Receipts flatio
#OCULTIŠÍPA
...
Sterling 1,803,780,000
22,005,033 207,004.783 202,646,629 40,408.843 44,680,744 13.9
United Pres
K Wher Dock Peident 199)
42 14 10
14 20
300 - 14:30
15 16 4
1202 512
1300 199
20
1425 1475
14.3 1320
| 323
UTILITIES
IAMI
Yairnou
23 23 199
108 111 24.90 23 jo
480 v 23p
Statement
Paris, Sept. 23. The Bank
state- of Francu ment for the week ended Sept. 13, renda ns follows:
holdings Total guid Tutal other currencies Sight balance abroad
in EPU Advance to Stabilen-
Franc 301,204,303,420 16,687,750,53
HK Hotel IK Land
XD
Humphreys
| Realty
HULBER Amur Turt
102,716,600,000
Light 101. 131,000,000,000 | C
tion Fund Total billa discounted 1,003,983,483,787 Bank note itt cir.
culation
Current deports and
Decounts
2,130,830,576,971 Light
130,380,708, 201 -United Prens
New York Cotton Exports
New York, Sept. 23. Raw cotton expirts by de- stination an reported in bolts by
102
Elective
Telephone
10,
311
21 22 20 :12
25-29 20 24 10
300 110 2000 24.00 4000 + 23
3309 » 22 20 576 31 71 110032
1209 23 10 200 24.10 1
24 30
10
Sales out of the surplus stock at the present level, or return to [continued at a heavy rate. The the peak level of July.-United
Commodity Chat Corporation Pres
reported
disposal of
329,250
bales against bids submitted
seu
Sept
was
18. The average price for middling one-inch 1622 cents a pound.
Thr agency has now held 3.815,355
bales
5,000,000 butes
out
r the
to be offered
under the current expint pro- gramme In andliion, the
told government
Bround 1,000,000 bales under a special programme vor incied during
the
January.
Lixin impoundings for week ender Sept 14 totalled 128,820 balse,-United Press.
Exchange Rates
Bushwes
Vegetable Oil Price Trend
New York, Sept. 23. Vegetable oil prices soon may reverse the recent trend of downwardness, a leading New York brokerage house predicted. Bache & Co, said the market will firm because of rising domestic and foreign demand, plus foreign purchasing of oils under Onancial grants from the US government,
Italy, Greece, Korea and Spain have already received financial
from the grants
U.S. under public law 480 which allows 614them 10 buy substantial quanti- pies of vegetables in the future. Bache also cited government forecasts bumper soybean-
INJUSTBUATA
Cement Rop STORES. Fic Das
Wat 11
20% 377.
10 20
13 70
1000
280
5000
500
300
1. w
was done in the local 10 10 unoillal exchange market 10.20 morning at the following rates: 13.70|17.8, dollar (per 81) ..... 1.00 Sterling notes (per £1 19.70 Australian notes (per E
ludonesian rupish (per 1001
15.03 12.00
10.70
10,032
Siam teal (per 1001
27 20
175,000
COTTONS
1.33
crop.
133,000
Textur Loth
430
443
21,400
4207023
127,049
INVESTMENTS Yangtz
070
-United Presn.,
of Hurvard University's the New York Collon Exchange Economic Department, raid rapid for the 1958-57 season to Sept. cul of tariffs hurt especially 18 were as follows:
wezk Industries and Sertain
Continent slowing Orient egicus and called for a down in the process of decline Canoda In import-affected industries to Total for seosɔn'
Same period last year* enable à
general adjust-
"excluding Interi ment by increasing tariffs, Ar necesary. Stronger groups, such u auto industry, bear "too little" of there tariff-cutting burdens, That ho seid. On the prob
On the Suez quertizm, desplie the gloomy news from London and Celco, oil experts here were generally confident that Europe's vil requirements could be met af the Sucz were to be closed. Oil experts are more distur in d by what they described as +1 pite sedent of nationalisation bas beco 821 in the Surz. in Middle
Fulfi
Any
Eastern utl
9 viewed here as one
maro
fern of Japanese textile exports, he expressed the hope that one Japan might diversify her ex- solution to the Industry's por It was "unfair" for the inventory problem. Most of
5. textile industry lo
to have the oll for Europe would came to bear the brunt. He suggested from the Western hemisphere...another solution possibly an the United States, Venezuela and agreement by other
foreign Mounting stocks
of countries which
restrict gasoline in the U. S.-some 41 Japanese textiles 10 shore the per cent above a year ago-have Japanese ponetration of markets.
crude production.
Canada,
ས་
new
Citizens Langue held
the
20 60
404 g 0.00 144 ** * 2200 AD 6.70
US Trade Continues
To Expand
Washington, Sept. 23.
The Commerce Department reported last forced sizable reduction of The Japane:c American Saturday that United States international possibility that Japan might be commercial and financial transactions in second forced into the Commist obliquarter of 1956 continued an expansion which has if she should be denied access been uninterrupted since early in 1954.
Oil Production
Texas the biggest oil pra
daily
Samo
to Westen markets. The loguo criticized US boycotts of Japan-
tion.
The Department estimated that United States disbursements abroad for goods and advices in the second quarter were $5,000,000,000 compared with $4,844,000,000 in the previous quarter and $4,145,000,000 in the first quarter of 1955.
not
Singapore (Straft)
NAMESAKES
So,
If this is
Bocho eald, soybean will become eligible
for export with the help of U.S. In this government, financing. event, the export trade should 3e
increase ecnsiderably, especially to Japan, Bache reported.
Domestic users of the oils re- low inver- portedly have kept torles during the recent price decline. Bache also noted. United Press.
Answers: Selence, 2 Pits, Research, 4 Chemistry. 5 Under- ground, 6 Mining, 7 Lamp, 8 Flash, D. Protect. 10 Inquiry,, 11 Explode, 12 Insurance, 13 Välug, 14 Safely.
Sir Humphry Davy
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Again that Friday rally was led by the railsducing state, last work set its oll which rose 1.37 per cent while the industrials, production rate for October at gaining more in points, were up only 0.65 per cent. 3,279,607 barrets daily, a drop ere textiles-notably in some of 76,100 barrels from the cur southern states and insisted rent permitted rate. Production that it was in the interest of the The other big difference was home opposition before closing in Texas alone could be boosted US to expand its two-way com- that the losses carlier in the that day and finished nearly as much as one million inrrels morce with Japan. On textiles, weck were much larger thom points under their best.
he said that the total of Japan's necessary.
experts Inst week's. Despite the offset
R Friday
Raflroad shares got come help feel that new demands on US exports to the US was less than production could have a firming 2 por cont of total US produc-
Foreign countries disburse- The statistics. were sverogen closed:
from the carloodings report effect on current stock prices of
ments in the United States for analysed regionally in the state- which showed a 20 per cent rise | 215
Present Ban
goods and servicta (not includ ment, but the Department com- points, widest weekly decline over the previous week thanks Various US all companies, such Sinclair Oil, Continental Oll.
ing military mupplies) In the mented: since May 25 when the market to heavier cool loadings. Build-Cities Service, Pure Oil Co., ard Willard L. Thorp, in 1950 the second quarter of 1998
"The rise in the United States market lcat 23.90 points in n week; railing shares and the
dozens of others.
depuly resistant Secretary of $8,027,000,000 compared to transactions from the first half were helped by a roads 180.43 off 0.67 in contrast generally
1 State f Economic European interests were
Affairs, $5,315,000,000 in the previous of 1935 to the first half of this with a gain of 0.67 a week ago: housing.
government move to stimulate
rorted shopping around for new questioned the present ban on quarter of 1955.
year affected all the major non- . utilities '07.30 of 0.04; and
European areas, shipments of strategie goods to crude oil supplies in the U.S.
Ho Chryster was a strong feature at week. The French govern- Communist-blog nations. stocks, 173.23, of 2.34.
With inclusion of government "United States expenditures of the week. It rosu 4 points men
remite In Canada increased 20 per cent. over last week's close. The de- ing for several cargoes of crude any embargo dos anty moce United States brivate and coven as well as to the independent
ment, it was reported, was look-red it was doubtful whether grants, private financial
tances and the not outflow of While payments to Latin Ameri mand for Chrylscr reflected all to be Faded at Cult of significance any
He Reasons for the decline wers į brokers, analysts that the
com Mexico ports.
The French in pointed out that the
mit ernment
capital, United Slates countries of Asla nich Africa I said, was for COME-
total, disbursemona saftens have probably stepped unchanged: Suez Canal, politics, pany could make a swift come-qu
abroad in
TO THE FIS
by 15 per payments ta
contoh tight money. Good news-steel back in earnings and at least
in the neighbourhood of up
of these the second quarter of 1980 were theke, productites
$8,454,000,000 The Easter embargoed Items.” He urged af capnelty, a jump in car load retain, in divided.
to Latin America was mostly the stock spilte, higher Other
Included States Poiroleum. Inc., revealed review of the whole question, 80,000,000,000 in the first
quarior result of higher purchases of dividends, good earnings reports, American Home Product«,. up. 8; | roceipts of sóveral ·
quiries
potential
rola
of 1968
goods and services. The out-of quality, printing which and prorpents for a cord Babcock & Wilcox, up 24 crude of from the "mainland"" of ten my ba peable, thus res
now of United States capital we shall be proud to show-yo * fourh quarter and a record nut Bueymus-Eric, 10 36 Cater North Europe, excluding England ducing Tho
the Not Analysed
biso rose, but not by forgo of 1957
largely pillar
USP conflict
"other" Western
AN] amount. Lackownend Western There inquiries are belleves to ware, Friday recovery was seen HR, up 240 by the fatorunners ch orary Western nations like the zotal" disbursements of older balance of
payments, United as (ochnical
*ky, kountries, in the United - Mister Blues'. one). It bugDEL
filgħor, uredeipts from Dealings of 4 points or more ofhers to come se dek Thursday but too late to bring appeared in · Alüminium;" Al000) Indumulacji podilation in the the United alated dam no larger worm 33,937,000,000 in the second foreign del countries ang resulted asley, this day, le Homerica Continental On, Grest. Noelheim U2 Berstaneš kelis minihor: justifiedkar of majõe" podreads of quarter. · 1936 1933 masinat | mainly from higher mergiandise through most of the final porcion Paper, Pittsburgh Plate Gleas Tossed dueling the month. Gol triclion will be created. **United | $4,748,0 0,000 in1130 frau quers exports, and etsipping"servicos, of the weeke but, industróids, mat. Uzltód Prman,
August; socording to the Federal Pres
| Uniltäd. Press.
Technical
400,000__baricis,
MAA, WANSEA ctor, up 89%, Dola- | and the Scandinavian couriries & Astorm. He rointed out that st
.
of
compared
In the overall international
Call în at any time and examino specíména
'Morning Post Building
Printing Dep)
dhamh Street,
•