TRADE
THE CHINA MAIL, MONDAY, OCTOBER 1, 1956.
and
COMMERCE
SECTION
COPPER US Business Continues LIFE Rafts
CONTROLS
EASED
Washington, Sept. 30. The US Commerce Department has removed restrictions on the amount of refined copper that can be exported in the fourth quarter.
Previcosly refined copper pro- duced from materials originating
fium Cussed
in the US
scrap, generally Was
proved for exprat,
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Departa
Ball the restriglias were pe
moved level DRE 4 are inerized
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still
Communt unter
Expertos were ad
1
314127-
on certain pym uw tunteiinis +13:42 Quota 1.7 PLIED WA
is fami
The Parth
new and old moper
set at 6,000 hot tons
the third quatre questa 14009 nhon tra"
LIMIT
The hint 1
and sk
To Advance
BOOM LESS NOTICEABLE
IN THE STOCK MARKET
By JOHN MORKA
New York, Sept. 30,
US business continued to rise last week but the boom was less noticeable in the stock market. Financial experts have built up a long list of reasons for market apathy, despite persistent evidences of economic vigour elsewhere.
Mentioned most often are: Tight money, polities and the Suez Canal uncertainties.
copper-like alloy setaj (kven Kopper-matka alky je con- tainmg 5 per cent or more nickeln in a decline since
was $ 21,400 het tras up Doom 15.400
Copper-base a loy magnits and other civile amis reminer the cache for the fourth quarter 1.000 TOT 1999
As FIL
the
copper-nickel alloy
2 when the average AP UPPE
The 1954 able to Rut through
Boeing Lead Douglas In Jet Race
Seattle, Sept. 80. Boeing Airplane Co. has edged ahead of Douglas Air- craft Co. in the jet- transport sales race, the Boeing President, William M. Allen, said today.
Mr Allen sid Boeing has the sale of 134 of its 707 jei trans- ports to airlines covered by |contracta o leitors of intent to buy. Douglas has sold 134 of its DC-8 to 11 airlines,
Mr Allen said carviers
пон
Bond mod is. This would allow them have invested more than US$750 Solar for stocks
has trelalu
2
411. וי רק
Car
days pra %jhe*tvA¢jti81 ?
their huld-11 Thirt alter the Suez Croa) nationalisies | beuty mg, Ewever,
Eck prices have declined duck anything even resembling place in auto sales. A lap Findmillion in Boeing jet transports 51.3,
Company anic that a bull market in bend, Market Motor The
"Recently completed negolia- 26 ens dit . 38
4 เพ The Studi d
condiks in the suletions with Qantas Empire Air- Does-Jone avenges el sel tal
p. Its 19 the pchurat | motive industry Payment
ways Ltd., for purchase of seven night at 481.80 The market ha
Standard & Poor sale next year which may pass | Boeing 707 Stratolinera brings ATT
FC The n-milion k
to 134 the number of jei trans- that the pe fessionale say | Bhe
Vio Eisenhower's chance ¦ He th,
President and ports covered by firm contracts deni
or letters of intent to purchase, have changed from "sure Thing" Gerejal Manager of the Mercury
said sales [:) 1950 | Mr Allen said, "Sales of further 1 "bably."
Standard &) should equal G milben units, an quantilles are under negotia- rofessional sharp decline from the marly Btoons."
nation * 1955 He based his many people
optimisan na "slang tronomy and va-th ow ear models "
| high-the med luigh of 521 115
vet
{
Apr 8
Thr Dow-Jones infrastr average has thus droppe 1 383.
Inte hee August 22 def about 77 par vrat
thirst quarter. ces
SETUP
centage - WB per 40 per cent tadning
or more. 13 19 paint copper and 6 per cent or more
Drained Off generally will not nickel
Ire
Export, the Depart-
sail
heat announced.
spy loved for
The Agency
..
*ay.
that
fakt " whe
is really
bever
"This tengde: rather than lor, aut
ll 1
|
$11,000,000,000
and abou
OUN
tally anything
Final logrves a isk f
tighi anti-baflate auty
Cozelenkas but hting key to don't convinced it will do drwn Nwly
Da bus in se le am 1.
7211 other market valur- have been drawn extenti What appears
under the pussite of woriving so, is
The proft mor- copper row materials including d
influences Whitt
Feins are being out at that tight scrap rernain ; Varied
US$3,000,000,000 241 this
the expanse.n my will low
somewhat That expansion and rebaibilita- tom moramine was designed in the first place lo hulp cut duet un chists No wide cuts are foreseen, howeber.
offshore coppe
under open-end licensing. This variating fast week alnæ
is act but | Over the part two weeks 1*120 of idustry
means that no quuta
exports aro Communist
Mail Spodel.
not approved for countries -China
NEW YORK RAW
เปง market has tav subject mostly
dortance- surrounding
The Suez Cl But lately the expert appear i
attributing recut Home fears beid in some quarters that
2411912
The LANCUBITASS t
COTTON EXPORTS cistic party seems to
New York, Sept. 30 Naw cotton exports by destina tion as reported in bafer by the
New York Colton Exchange for the 1050-57 season to Sept. 25
were us fee
Bril
Continen
Ottent
Canasta
be making considerabis hcl- way in the current Presidential
A victory Campaig
for the viewed by bullish ብጹ
fe
Republican party s
y
nuture.
Division,
viront improve i
Solid Decade
BOAC AND TWA
RAFTS
COMPULSORY
London, Sept. 30,
The carrying of rubber lite rafta on certain types
the
of Anhing boats is to be madt compulsory from Octobed I this year,
After intensive research into the performance and capabili- of the 19.ft Min try of Transport is reported to be convinced of their usefulness,
Accounts of rcorni trawber sinkings when losn of life was avoided by the
of swift tisc
inflating rubber Hft rafin manu- factured by RDF Com pany Limited have aroused the Interext
Britb hipowners in the poten- Halldes of inflatable crafi a incans of increasing safety ni sea.---Chlua Mall
Special.
HONGKONG STOCK EXCHANGE
„Page⠀⠀
New York Cotton Futures
Move
Upward
By WILLIAM T. PLUNKETT
The upward
futures, under
New York, Sept. 30.
cotton two months,
movement in
way for
gathered momentum last week when practically all deliveries
seasonal highs.
reached
new
At Friday's close, the list ruled unchanged to up 46 points, or unchanged to up $2.30 a bale- compared with the preceding week,
Italian Stock Exchanges Will Be Closed
From the town of July 23, the market showed |eumula- tive rise of $9,05 to $14.30 bale, or 181 to 286 points.
Failure of hedge sluag 10 expand materially as the market widened is preinjum over the government loan rate to nbaut 30 a bale brough! recurrent by supperis of short covering
elters feeling for the merket top, iraders said
Background factors generating Ital n
the underlying ment included: 1 rate cf exports: improvement
******
*100k
!
Milan, Sept. 30,
exchanges w 1 bulls.1
be eyed einrting Oct. 2 on stock The expending excharge operators from all 2 Anarked over laly decided to meet in a in textile market | general assembly to discusA
controversial law which virtuoi- From Our Correspondent)tivity; 3. Expected Impact of
the soil bank programme on next by paralysed
since operations Business done on the Hong-year's production; 4. Absence of last June,
announced kFATH
Exchange Slock
this delivery notices against the ex- here tedny.
3. Thr piring Orieber delivery morning
fo mounted
appro-
Crupted 110 im-climax after Hallan Finance ximately $315,000. Noon quota-continued henry producer
B
Giullo Andrestli bad talks with Italo
Rizzieri. President of the Hallan
Stock Exchange Operaters sociation yesterday,
| 3
W.ST
tlan tinne
and the morning's trans-
poundings ment loan.
under
The govern-
The Priás
Micister unstressful
Khates
BANKS HK
BACK Huseyn Neffers
Reserves
Additional strength
40. 1030 by
generated by
CLAM
Valon
208)
10
44
SHIPPING Whitelock
DOCKS, ETC K. Wharf Dock Provideat
1 03
# 20
Mr Allen did not say which carriers had ordered the addi- tional 707s. However, observers speculated that orders had been British Overseas He said that the whole Ame-received from
Airways Corp. and Trans-World INSURANCES run ve iziny ie untering o
| Airlines, to be solid avearte et prosperity with
BOAC had been at leert
negotiating half of all Amerkun families
for 17 Bocing intercontinentals,mbard Expected to move up
and observers believed 19 addi- into the $5,000-and-more a year
ordered tional planey had been caring (by 1905) By 1985 he
by Howard Hughes for TWA anticipates an annual volume of 8.5 million with possible peaks Hughes announced the purchase
of eight
severni of 9.5 to 10
Boeing jets militon units uver the
months ago and said at that time period. ten-year per Where cuts
The build-up in the auto in- he was interested in acquiring LAND. ETC
more jets. chustry. It gres without saying,
K Land Other lines which have order- will put a virtual strangichoided 707s include Pan-American RUBBER un available steel supplies. The World Airways, 23
planes; Amalg auto indury is deel's biggest American
Trust Aklines. 30; Con- customer
Steel and putos to-tinental Air Lines, 4; Braniff UTILITIES gether are considered the back-
Airways 5; Sabena, 4; Lufthansa, Trun bone of U. S. economy
4; Air France. 10; Qantas 7 and Air India 3.-United Press
necur, they are said merely 1
unii postponements
tr
your
Many Confident
ان
Crru1
ha The Bank Of France
of
Many are confident that if dustry should begin to sifp taster current tight minty under the
All kinds of steel items ሃሮ policy. the Federal Reserve becoming harder to find these T. the experts, it this strollers would reverse its polley According to Iron Age Magazine,
Board--the nation's money ean-
clays.
And avo vellet is in sight. 291,733 254,735' that the market has been paying 204,450 attenti s
crisis unde to the so-called in the devetom of easter credit the Suez 25.820
bad ne
Il sesiy to have and lover interest rates at oner.
anew on the taken little notice of the wealth
prospects
construction Some even venture that potes used attention of favourable business
guide the money make heavy tankers to help move oil may dientus-high consumers spend-
before election Inter-and the Cape of Good Hope ing, high corporation earnings. neticeral Statistical Bureau. in the event traffle through the
high example, says it would ter Suez becornes un feasible prospects dividends this year, and Jack 0. sure if the Federal Reserve cased the money situati'n sane- market speculation this time
Jap Steel Armor: rit rent The light money policy--the what and Government's weapon against tone in bonds and the casing in Inflation ~
has brought bond bene mortgage eredit as funding wirlds higher and les entde
to support that view
Exchange Rates
moving at U.9 della
LES was une
Inne Kar
the following ralek
THE $1
local
t
a 16
Bierling notes (per £1
12 70
Indonesian rupiah (per 1001 Stan Heal (per 1001
27 3.
Singaporr
($trailer
Bil
Australian notes per U
record
13-
just
LONDON MARKETS
VERY QUIET
By C. T. HALLINAN
London, Sept. 30.
.
The Financial Times sums up the week as "reasonably firm but depressingly quiet" that goes for the whole month of September with the industrial average opening at 181.2 and closing yesterday at 180.2.
That is a fall of exactly one, over the week of between 2 and point during a month in which 3 shillings but the other bhte the Dow Jones industrial aver- | chips were mostly unchanged or nge on Wall Street has fallen moderately higher, Rolls Royce, 20.79 points a level less than Unilever and British-American 3 per cent above the 1990 low. Tobacco all contrived rises of Some of the selling In Newshiling.
the rise in money rates.
Mild Recession
|
Experts look for the resump tion of the full-time assembly ines in the autorabile industr to give the nation an econ tmie hort. Just as the aute industry is expected to take up some of the slack in the all industry so Wall Streeters feel it might have tonic ounce on the whole trek market.
Mclce shares, it is mated, have taan jeen performing batter other major sections in recent declining markcls. So for their strength hasn't been Vigorous to pull the rest of the market higher.
Right now the auto industry has just about set it slow for The next move w}} be upward in production, as the
1957 models is completed,
the year.
changeover to production of the
Chevrolet is not producing this
Me
nysdels by inid-October
the
"Even if the orders-If any Went to Japan, she has crough
Statement
Puris, Sept. 30
The Bank of Francs slate- incot for the week ended Sept. 20. reads as follows:
HK Hotel
Sta: Feri)
Yaumati
15.20
04
gathered стор deliveries
WIEN teeting that
Ан
The slock exchange crisis virtually began early last June, ordered 601003 through the government surplus when a new tax law 10- 100 disposal plant.
and future pra- all stock exchange operators to duction controls, the supply and report their daily operations to demand next year
be the Finance Ministry win
Stock exchange operaters, who brought into a close balance.
had the duty to report
their Government officials Inst week predicted the buildup in the operations only once at the end surplus stocka of cotton will be of each month, vainly protested prc- against a measure which reversed this marketing year. With a current crop prospect of vented them from keeping their the long hand 1000 16 30 about 13,000,000 bales,
business out of officials 10004 thought consumption would ex- of the Tax Office.
1475 1.43
150
630
23.00 23.893
130
111
C. Light (0) 24.50
Light (N) 23.00
C
Electric
Tet 101 713 +NI
INDUSTRUALS Lumen! Rope
Textile
311 312
24.10
23.80 24 30
382 37. 3330
100
ceed that amount, forcing buyers
The Finance Ministry
ston:1
50 to go into stocks from old crop.m on the controversint article
loan
impoundings
Producer through
Sept. 21 reached 600 23 70 482,052 bales 01
despite all protests.
a virtual standst|--
Sinee last June the activity of more than all fallan stock exchanges has 30011double the 216,806 bales under come to
United Press. 279 i 24.10 loan to the same time last sen- ' 133 24 son. In addition, the govern- 700 24 10
ment held 6,501,855 Uules under
the 1955 Loan
United Press.
programme.-
India Trading
100 37. JAPAN'S GROWING Corporation
STORES, EN DRIES
18.20
Watmost
COTTONS
Nanyang
13 70 13 00
443 74
100 1380
DA
7 43
Total gold holdwars Tstat cihei
Sighi balanes atroad
in EPU Advance to Stabilisa.
tion Fund
Franc 301,204.302,420
16,374,000,000
106,313,000,000
131,000,000,000
INVESTMENTS YANT:24 Allied
De
11 scrap or steel," hon Age Fuid. "So if such orders ap- pear, the impact will be felt either in steel demand domestic-Total bills discounted 1563,620,000,000 nity, particularly plates, or in Bank notes in cir- serap exported to Japan to help current accounts and
Qualmake
make the steel necded."--- United
PIA
depris
2.821.163,000,000
138,118,000,000 -United Pres.
Wall Street Stocks
ask
Suffer Decline
By ELMER WALZER
New York, Sept. 30.
0.70 4.975 2015 3000 5
US Cotton Goods Market
Review
New York, Sept. 30.
SHORTAGE OF
STERLING
London, Sept. 30,
Now Delhi, Sept. 30,
India's State Trading Corpora-
jon
is now negotiating con- than valued ot MAJAN $20,000,000 with Japanese
The financial editor of the racis Times, commenting or Japan's growing shortage
of sterilng-mission here. down from £100 millions [the beginning of the year
al
10
£45 milions-and on the re-
If negotiations are successful with Japan will supply India large amounts of steel, steel pro. ducts and metals in return for India's Iron, menganese and orcs. According to reliable quarters the overall trade between the two counties will incense by 60 per cent if the falls succeed that a
sulting Anglo-Japanese negotia- {tions which open on Monday here, suggests that she should use her ample dollars to buy sterling.
"It is true, perhaps, growing deficit with
sterlingUnited Press. markels has accounted for part of the sterling shortage but in the face of such a rapid drain
A major buying move-there is nothing to stop Japan ment got under way in the from acquiring sterling on
for open markel,
NAMESAKES
the Answers: -- Invite, 2 Hare. dollars-an 3 Alice, 4 March, & Wonderland.
Dormouse, cotton goods market here operation she should be able 100
7 Humour, 8 last week.
carry out la view of the rise in Carroll, Teapot, 10 Fantasy,
dollar reserves."Untied 11 Lowls, 12 Party
The Mad Hatter
A mid-wick buying lich sub-her sequently sputtered. But sellers Press.
fore- felt the first rush was a
move- runner of the covering ment anticipated since mid-
said it would be the workt to estimate
booked, advising that
summer.
Executives
GUERA
in "many millions" of yards.
ct of the business with book-
Stocks last week suffered their widest decline since May 25 on the lightest volume in three week, but plans to get going on its 1957 modicis on October 1 In weeks. Selling was persistent most of the time. volume addition
Ford, C
Lincoln. The record of decline was the same as in the two the Bgure could safely be put Studebaker
and American Motons are in production or new preceding weeks except that last week's lone rally Basle print cloth_yarn fabrics comprised upwards of 80 per changeover to 1957 production came on Wednesday instead of Friday, will have been completed. Many
The same reasons applied-Suez, politics and
ing into the second quarter of look for Ford and Chevrolet to
Other factors involved included a next year. Heavyweight Induc lock horns again in the battle for tight money.
trial fabrics used by the auto- York is attributed to the grow Oils were irregular. Royal Supremacy. The Ford price rise further congestion in farm implement inventories, mobile trade, with como grey ing fear that Stevenson and the Dutch fell £1% 10 £81th but on 1857 cars amounting to 2.8 decline in home building and further difficulties shots
twills and drills Democrats will sweep the Shell Transport, its running per ent is expected to set
shared in the business. country while other pundits are mate, eased only 1 shiling while pattern for the industry, it is for the textile business.
A number of bids were in the reported to be blaming solely British Petroleum eased id, and felt.
market at the sizable yardages, Burmah Oil rose 2/3,
As usual the good news was it may have
attracted now but buyer's ideas generally Suez Canal owing 10 the
Foreign Cars
ignored. It included resumption beliers. Not a few analysts are below mill schedules. Manu- cessation of selling from Paris,
maintained a bold rose £2% 10 £54; when the Foreign autos meanwhile are of a rise in automobile produc-prexlating good markets for the facturers
steel operations, carriers on the outcok for record front on silkes, keeping in mind trouble storted On the whole,
demand for on July 20, showing pregrees in the Ameri-tion, capacity decline may have done more to from £73 to £80.
Wall Street's dealers marked the shares down can market, notably the German record high predicted for freight 1956 carats despite the steel the expected
the Pentagon will strike which cut into revenues,
general wage increase by mill Volkswagen, but the industry trafic, word check activity here
Many big stocks touched new workers; plus rising raw cotton than the Germans were Aim. The Ber- in't worried, Sales of foreign
on the week. Including corts and ether expenses. unrealities of the Suez contro-lin Lon rose £3 to L00 while cara as the United States in the machine tools, several dividend own
American Telephone, Du Pont, City of London the Young Loan varsy, for the
In cotton yums, some spinners and the 8% first half of 1950 totalled only
Coca-Cola, American CPP of carded knitting numbers in knowa frem experience
that percent Potash - both non- 1.7 per cent of the American
Allied Chemical, Woolworth, the finer products submitted even a mild recession in
the assented-mproved El. Japanese | total,
Southern Pacific, Texas Co, higfter' prices in face of an in- were generally down by several According to the Magazine shillings with 1907 and
General Tire, Goodrich und creased, demand,-United Press. the Steel, the stepped-up activity in
Wrigley. Tokyo 8 percents down 21. the automotive industry will At the close on Friday, the in- Metal issues were hard hit, have a “startling effcet" on imdustrial average was at 475.25, Aluminium Limited dropped Bank Shares:
portant business indicators. The off 15.03 points on the week 8% and Alcoa 7 points Mugs The Bank Of England Megazine expects that autos wand a new low since June 8 Cooper was off 5. Anaconda lost
in- basst the Federal Reserve Shares of the Hongkong and
ralle, 154.01 of 6.42 points and more than 3.
Du Pont lost nearly 7 points. dustrial production Index past a new low since Jan. 23, only ago, stood at 100.0 compared Shanghai Bank rose 10/ to with September's level of 2001 compared with their 1956 the all-time high of 144 pested 0.04 from the year's low made Thero ware a few around 180,
weak of £109. Shance of the last December. Steel enys auto that day; and utility 65.87, off with American Hawaiian Steam- Over the past week
British National Bank of Egypt card makers at scheduling fourth 182 points and a new low since ship among the better ones with
quarter production at 1.7 million June 8,
a. rise of 4 points. Governments have slowly im-10/- 10 £14%.
cars whic
which would All sections of the market During the week 228 [new] proved with Old Consols up 1/ But prices last week have parrenger and War Loan up.7/6,
been rather unconvincing, they bring the 1800 output to between were hit in the selling. Railslowa were met-23 per cent of With Industrials both
suggested that dealers, 5.3 and 6 million cars, against tried unsuccessfully to rise from all shares listed. the have
time to time. Their subse¿uent Or the 1,394 issues bilying and selling was selective, changing their minds about the 152,132 cars last your
MétⱭRTION, There was selling of electricals international
The industry. Itait la con- drop to within a tiny fraction 1002 declined, while have on the discovery that their marked securities up or down Bdent Bukk omfalals are look of her low was ween two ways. 202 advanced, and 110 held un-
10 new Recaipir prent margine had been shrinks without getting much response. Ing alisad to a 25 per cent tris ritmay have represented the and changed. There were Ing and this causch, dackirsen PanUnited Pressure soumete | dreams in the males of their www of the decline for: the group or "Highs stUnited Press.
British
States always rencis in u preted ways upon the economy.
However, Buer cannot be dis mitged. От July 20 when Colonel Nasser announced
thal Egypt
had nationalised ⚫ the
Canal, London's industrial over-
increases
for US$100 millions
and several
In
slock
splits.
New Lows
gainers
Statement
London, Sept. 30. The Bank of England „state= ment for the week ended Sept.. 28, reads as follows:
Storing Notre in dreislations ... Wib9,04... Patlle deposita
traded.
Private deplatte
mere
government remur ligg
Other
qualitas
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