THE CHINA MAIL,
MONDAY, OCTOBER 8, 1956.
*** Page
US
TRADE and COMMERCE SECTION
ECONOMIC ACTIVITY
US COTTON
GOODS MARKET
REVIEW
New York, Oct. 7.
New business in cotton grey goods developed cau- tiously this past week fol lowing the decision of leading
to boost weavers wage rates of mill workers.
The wage like, Amounting Renerally to 10 cents-na-hour, affecting several hundred thou- sand southern mill operatives, takes effect on Monday.
While the action had been antelputed for some time, the actua dvelston Vittiset/ *21218 price confusion and a temporary withdrawl
buyers uf sellers
Producers
culate saling
Brid
patter to recal- schedules in fuer of the wage hike, plus rising
caltam
other remin, anch operating EXPECTRES afterting chemicals, machinery parts asid miscellaneous supplies.
How
whether the market can hold
PEAK CAPACITY Automobile Industry Looking Ahead To Big Sales
By JOHN MORKA
New York, Oct. 7.
Major lines of economic activity in the US remained
NEAR
Ford Motor Co. New Investment
Miami, Oct. 7. The Ford Motor Co., hap in- vested 100 million in the 1950 Mercury in hopes of capturing a much bigger share of the medium
auto market, Chairman Ernest R. Breech said today.
price
Election Results
US HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to ap- proximately $1,300,000. Noon quotations and
The morning's transactions;
Bites Buyers Sellers Nalen
BANKS
East Asia
He told Mercury dealers here Dank for the unveiling of the new
expects to boost its share of the Union total auto maricet from 5 to 8.5 per cent in 1957,
11 1040 150 or 244
1933
242
1000
1010
10 1000
Lombard
SHIPPING Wheelock
42
195 400 1500 10 114001 Do
12000 11
at near-capacity last week. Employment was at a new high models that the Mercury Division INSURANCES The steel industry has a heavy backlog of orders with some items in critical shortage. No letup is in home-builders, makers of industrial tools, trucks and all kinds of building And the all-important con- materials report good business. sumer shows no sign of cutting down on his spending habits as instalment buying zooms to new peaks.
Mr Breech. one of the top executives who spearheaded Ford's dramatic post war .come- back, said the Division's 1957 K What sales goot in "at least" 100,000 | Duck units above this year. Sales in Provident 1056 are expected to tou the 300,000 mark.
DOCKS ET
93
100 9415
*:1
14 14.10
LAND, ETC
Kotel
RK Land Humphrey's "The medium-price market is a relatively new
Realty growing RUBBER market that offers outstanding | Amalu. ponsibilitie for growth.” Mr
and
The spotlight, however, was on the auto industry this past week. Although September production was at its year's low, the industry moved into high gear last week with the unveiling of the sleek, lower and in most cases more expensive reech said.- United Press. 1957 models. The industry for the first time in months is looking ahead to big sales and more profits.
ויו
102 420
vel ad prosperity in 1957, H;
KTAIP, with income's trens 3,100
10 выстра
Anterican Molots Corp. Conversely, buyers confronted Į veding als trochols, theks it con with price increases of % to 1% cent a yard on a wide number of constructioris paused
e-th 25,000 2 1e that is 1050
It's boking Line :1 *maller jel cemeraucht aut on bee peut of my the Black Kan
Th forever growing market for the smalles eats deve # S 1 ably and now
1962 $14
11..
Tokens at... 74 GE
ecuali upend ing and
me applecati.
The
At a round-table discussin at
| The Controller - Is na reed Anes ata, they worn-
10
wrated a ne et caure that wanging
2 year, re The credit managers. es e enain- intaing an excellent repaymen
Elsewheur, the fighter condit
highes aY1ཐཱ*དt༥.!
For the singled out
Treat +1
Builders anton convened
thear To make
7,500 excellent
ver d
S. P Taty
11824del tu
its
Consumer's fell gains there
been had not
Chough buriners bookeri on some types of cloths to sustain the FLOW levels.
OFFER SPOTS
As lon as mlila te in an
to sell and en open position offer spots in more than smalt Jots, buyers intended to lumit purchases to nearby needs. Some of the big consumers, in- cluding rbain stores and tail order houses reportedly, covered part of their require- a good ments before the wage hike.
has
acen
ויד
thanks t | good competitive position to
battle the bug thro~-~P'99.1. General Motors and Clupeien
Car Sales
I
stik
1. Ten of sophtal | dvcline ploy
*
fund
-
The
1 10
Bakery
spatai, at was said The key to
enomic
in Tennessee, Mr Berison Fod, Matality, the veste-mids sak, is
Furth C vf vico-prendent thinks pesanat C sales of t
tion syeur DIY "IVOR.11 » ably euriin" to expand by 80 lo 70 per cent in the nexì lơn yens. Much in the same vein, a study by the Nekret investment banking
houses
Lehman Brothers suggests that by 1965,
of 8.3 production
wterrent Caving a hence the vad caputz. investment - The rear at a timated such expenditures this year at a rered 38 billion, en nine bill st thats by 1959
On the sellers side of the pic- ture, manufacturers felt grey Roodia market fowe that the Interrupted buying million cars is a "rcasmable ex-brakes
the prices of the year, and
movement
of a week or two
becomes
the price
an annual
Chrysler, poclaint"
ago, will be resumed extensive-seller in the U. S. has ly when clearly defined
That reasoning was based on the high level of retail sales and low inventories in the consumer etted pipeline. Mill executives
showing retall volume figures of soft goods sales to be run- ning 6 to 10 per cent ahead of last year.
Yarn
mratly
elso spinners withdrawn on
were combed and carded counts pending a re- adjustment of price schedules.—
United Prest.
{་
Nu
A4
Credit Brakes
Federal The
Reserve Bopri 28 credit metinwhile defender
to the essenti
United State
Th
political
Σκην
more than 300 million in model changeovers this year. Preal- dent "L Culbert, said at a pre- ht View of the firm's ha
contend the the auto make
the next...
tight money sduation helps til year approaches the potential
The valves si bankers to the dia- 1955 and hulet be "one of the biggest years for the industry advantage of the home-builder, 36, the call businessman and the highly bullish | KAM
The Republicans, background, There 19 consider-
the other hand, clam the nation ablo
with In- pre-occupation
never had su gani. the ught Bational
ant Monty policy, using prices the lower tread of Stort prices
Leading en doet week continued bigh
Against this
Pokud
#
PLESMALTESE,
London Market
Was
Unreal
By C. T. HALLINAN
London, Oct. 7. There was something very unreal about the
of steadiness
the stock market last week. Two pieces of disconcerting news might well have caused substantial selling.
fall
in Washington protects
the Predictions www Itale that helling starly next your may drp as low n 800,000 unles FISCAL INCE terms . allevel. The curvat lovej w at the tale
alm.ut
M
ally
The Bank Of England
Statement
London, Ort. 7
Trust UTILITIES
Train Star Ferry Vaumati
Light to
The Bank of England slate- ment for the work vndel Oet 1. me reude as follows:
Notes in eseculations jubi deparadie Pivate depola Government securitie Other securities Receipts
Hau
May Affect Basic World Commodities
BY HARRY W. FRANTZ
Washington, Oct. 7. Diplomatic observers are watching the US national political campaign with special interest because of the effects the election results may have on future price trend of basic world commodities.
International experts noted that the principle of "economic determinism" does not appear to operate in the United States electoral system, as the public apparently is interested chiefly in the personalities, political controversies, and psychological factors that have a bearing on the
13 70 10 80 2000 or 15 70 final results.
4000 be 10.00
300 103
01.
ID 40
143
143 1 471 1.50
5000 or 147
23 2 20.10
100 23.00
142
FLI
100 * 112 112
20 10 20.30
1000
24 990 24 40
The
Consequently,
Brexi
countries of olber of prosperity commodilles prices has a bear which are predominantly sup- ing on the campaigns. Chiefly it pliers of industrial raw materials relates to public estimates of the or food stuffs. degree of "national prosperity
the cost of living. wad the
4.To what extent might the United States government general question as to whether next
quola 20.20rices trends foreshadow "infia- report to tariff changes,
plans or other measures affcel- The com- 373 20.10 tion" or "deflation".
price
the level for 2900 or 25.20 nlex question world pricing the
of 5000 or 25.20 (ovela do not lend themselves to behell of United States deme-
such 1000 25.20
ን። coal. ntid petroleum. Inetals,
The An exception is the Held of various manufacturing industries agricultural cominodities
the free-for-alt partisan debates se industries,
121938 74 population, Prges of fuum com-
AKK 39
competitive
Reluctant
Liit (N) Exete Масло К Telephone
101 ING
24
24 ne
32 32'.
334 24 NO 2002 K
120)
「いい! where which
The
25 20 25 30
3000
23:30
3100
24 2907
every
significant change
in effects of importa?
INDUSTRIALS
prices is presumed likely is in-
2321
14
2100 30
Auence the vole of the
14 to
20
1570
ars
1440 141,
450 $540) 47,
16 Du 100 110 00
蒜 $ 10
Sterling
Hope 1,681,434,343) STORES
14.09422 | Dairy XI 307 415,000 Watso 260.400_0291
31,345,067 (OPTANS 45.00624 { Textile 143
Dat rece
1 200,000 starts The Bank Of France
Cost Of Borrowing
The rise in the cost of borrow- Ing bay resulted in a falr-sized bam for banks. The balance shorter of
banks show many Kaing JA earnings ranging Trm 10 to 25 per cent for the sation's economy. The questiond quarter and for the nine- The month perks this year. legal tones and higher in-
Guaranty
Trust Сотралу of becom's rales has
New York, for example, reported jus the kel the
interest on leans up 25 per ccaut
His nine-month
carnings re port. Its net income (or the period was up 10 per cari, is the seventh Gunnly Trust langest in the .S. deposits.
Business men-now that the summer vacation season is over weare now looking ahead to Ano fourth quarter. For many The Natal City Bank of
means its October the approach of autumn Nex YANK
of the Christmas fvels the tight the start
**OB monthly letters
'Top merchandisers are they and higher intered sate
forgensting ủ 3 to 7 per cent rise necessity Det ar un tronomi
in Yule ecuson sales this year. The Federal a political 110.
Foreign
DA well It serve, it
domestic continues, is trying
will share In this "keep the boo and hold | companies
bonanzu
the Some experts see Credit vxpusision within manage-
irend of spending this year veering more towards purchases goods and away from hard goods, such as radio, tele- vision rels and furnitures,
102
<st
The only force available 10 of solt
Is limitation en retain stability money creation by central banks 01 lesur," a insists, "This limits the availability of credit. and helps to hold a balance be- tweun saving and investment,"
th
#s
The National Association of Purchasing Agenda was des
decidedly bullish on fourth quarter pros- Two-thirda of those The whole question of inta-peels.
the survey by tion was Riven new emphasis Lig
Asscelation Tell the Current this past week with government quar
that consumer
quarter will be a better one than reports showing
the third. Only 7 per cent think debt set its sixth in-tament
it will be worse. About the only straight
new high in August. Consumers added US$324 million worry expressed was over rising
*** | prices, with some 84 balances
per cent re Instalment described as more than seasonal the goods they buy and only 3
below considerably
the per cent report lower prices.
Suez Decline
Their
during the month. The rise was porting they are paying more for
but
#gure.
recorded
Statement
Paris, Oct. 7 The Bank of France statement for the week ended Sept reads as follows:
Total gold holdings
Total other cur-
rencies
Sight balance abroad
in U
Advance to Stabilisa-
tion Fund Total bills discounted Bank nutes in circula-
tian
Current accounts and
deposite
27.
Vitre
AUSUFELANEOUS
INVESTMENTS
Allied
arkiteti because
to
T
modities are closely government policy (the price-support systems 41Hi 2014ublic law 480 designed to 2%- PINK 14 49
pand United States agueulurad
exports
2000 5.05
Singapore
Stock Market
Singapore, Oel, 8, Franca
Brokers today"quoted the ful- 201,204,302,426 lowing stock prices:
Opening 16,272,021,305 Batu Lintang Rubber Co. 116. $1.65
British Borneo Petroleum
Syndicate
06/
100,315,000,000
136,300,000,000 1,020,680,200,001
2,002,040,323,420
Consolidated T
Ord
Smelters
Fraser & Neave Ltd. Örd. ́ ́. Fraser di Neove Lid. 7590%
eum. prof.
27/434 $2,172
$4,20
ing Corp.......
Hongkong Tin Lid.
Kempas Ltd.
Malayan Breweries
104.021.130200 Hongkong & Shanghai Bank- -United Prem.
Exchange Rates
8.17
Buinem was done ki the lural ficial exchange sharket this ening at the following rates:- U.S, dolier (per $1 Sterling notes (per El Australian motes iper Indonesian rupiah (per 100) Slum tical (per 100) Singapore Stella
WALL
HAS
Lunas Rubber Estates Lid.
New Serandah
Ltd......
Petaling Tin Ltd Fallen Hotel
Singapore Cold Storage South British Insurance
Ltd.
10.00 Straits Tracking 12.08 Strata Steamship 18.00 United Engineers Ord 27.40 Wearno Bros.
1.80
edeb.-China Mail Special.
STREET
WEEK
OF BIG GAINS
By Elmer Walzer
4000
Questions
Con-
Depdratante observera from The other exuntries presture thei 11. Presiden; Eisenhower is re- docted. the main Ilnes VI Pretenue policy affecting basic commodities prices would tiere al present lines. Eisen- hower is credited with having Continued
reciprocity trade programme, and would again try to induce Congress to approve United States participation in a world trade organisation to im- plement the General Agreement on Tariffs and Trade,
*
Questions speculated on 10 international circles arc 13 follows:
the next L-WOL
United States government, whether Re- publican or Democratic, expand
Eisenhower ad- A sect The exportation of surplus farm
presumably products nt competitive worldministration would
efforts be onestirage prices, which would affect other continue ngeleultural exporting camtries? the flow of United States pri-
2.--Will Live
vnte capital and a considerable future
administra-
in-amount of government credit (as revive Lion in Washington
the Export-Import (crests in
In possible international through commodities agreements design- Bank) to foreign countries. ed to stabilise basic commodities prices, which seemed to be the trend of economic policy before Elsenhower's election in 10537
It probably would be reluctant to become involved in world com. modities price situations, except as they are affected by the in- to Hernational trade in agricultural of cuminodities and by actual have moved polontial United States national some kind requirements for strategical pur-
colTre
b/d
$1,87
0.85
$3.07.
This would be significant the coffee growing countries the world which
1170
Indecisively toward
$3.40
1
$2.00
. ត international stabilisation programme.
$1,52
$32.50
3. Will the 25 Washington
א 5אן
or
re-
A StevensOD odministration, inf elected probably would government follow policles quire a year or more to perfect $15.00 which tend to sustain or raise the internal réorganisation of the the level of manufactured goods government, pursue the custom- for exports while avoiding steps ary processes of expert investi- helpful to prices of the basic gation and reports, and formula imported commodities.
New York, Oct. 7. Stocks last week netted their first all around weekly gain since the week ending Aug. 3. The gains were large. Industrials closed in the Dow-Jones average at 482,39, up 7.14 points from last week's close; rails 158.81 up 4.80; utilities 66.55 up 0.98, and 65 stocks 171.03 up 3.14.
5670 million boost One was the disclosure that | Petroleau gained 2/3 to 145/0. August of 1955. Outstanding in-
Canadian Eagle early 2/- to 67/8 staiment
dobi at the sterling area gold and dollar
the end of
On the nternational front, the Just 2 higher) and August was $29.2 billion. inore reserves had fallen m Septem- (peak
of traffic being inter- 125 million Burmah Oit about a shilling.
than $3.2 billion ebave ber by another
the danger Suez Canal, acidentally, rose year-ago
While 131
rupted in the Suez Canal appeara dollars following August's
lo have £5% to 20%, just below the people "agree that consumer in-
engendered
rome of 129 million except for the
sold £00 K
which it was marked salment locks are a virtual
tuni caution among shippers. Accord- fact that Britain had just
ing to R tabulalian by the Trinidad On (a useful carning down on the day that Colonel adjunct
US economy, to the Nasser announced that Egypt had many experts car that too many York liners have reduced
Journal of Commerce of New
However, the gains from the lows on Monday, asset) to an American oil com- pany for 177 million dollars.nationallied the Compl
families may perhaps be Britain
number of port calls they will when the market was in a tainspin, to the highs on has, after all, only B Foreign bonds were rather doing it. The fear is that rO- limited
the impressive ones. earning occentric-Idle of
day
and payments may become a burden make in October The largest Wednesday
decline is in part in the castern its international active the next. Among the which, in turn could trigger ล Mediterranean, which
touched example the industrial average It trading position can only be Germans, The City of Berlin retrenchment
reiten in oft contributed to fears about the con- intra-day high of 484.06 on Wednesday. That was
number and if
sustained by wiping off capital assets, one by one, then it would appear to be in real difficulties. Second Shock
The second shock wan caused
A930-
|
the
gained £1 to £pi while the expenditures. This, per cent Potash fell £2 and tre would got of a
0 per cents fell 10/-.
over-
the
retinued cperation of the Suez. chain
were
action which could conceivably There vessels will make 51 calls & spread of 20.23 points. at caster Mediterranean perts whole
In the Japanese list the 19109) adversely Effect the non-asscoted lost £1 while the economy. assented gained 15/-. Several ot the non-assenteds were mainly unchanged.
Rio Tinto Jump
Sound Debt
01 a
the
ago.
For
an
seen ps
A
In October, compared with Wall Street bulls were jubilant As prices declined yields rose The prin-over the market's ability to meet and thus eliminated much of the cipal drops pre shown for support at the lavel where advantage the bond market had· ports of Alexandria and support was encountered twice generated when bonds were in a and and decline with yields rising by the steep fall in Dunlop
Other economists say the total Beirut. The India-Pakistan range before this your Feb. 14 Dollar stocks were marked up Rubbers trading profits for the several points to keep stop with debt is not as important as the of ports will see only 33 ships May 20. On each of those two stocks in a rice with yields do-
of the out of New York this month, occasions the market enjoyed a clining. kodt year, at £5.73 million the end-week recovery in Wall roundness of the debt
rato at which familles are compared with 51 last October, substantial recovery.
WHE Business flows compared with 8 million sterling Street. in the Arst half of 1955 an
pyramiding their bills.
In the Far East service cally this
In the period from Aug. 3 to highly favourable. most experts 4-month will total 128, compared the lows on Monday, the £8.38 million in the second half
Right now,
in- love the debt is sound, they with 183 a year curlier. The
Gains in Individual stocks dustrial averago fell 07.12 points: of 1940. Aiready the market has
point to the low loss ratio on in overall total for the month seen similar falls in the earnings
rails, 30.30 points, and utilities ranged to 3 or 0 points over of Imperial Chemicals,
Among mining shares R10 stalment loans to support their 1,052 compared with 1,204 in
0.29 points.
brood list Tinio jumped 6/0 to 97/6 on argument. Arthur ciated Electric. Industries
Diviz, October 1985.-United Press.
The best ones--better than In the subsequent; recovery paints ench-vere sat by Alcoa, soveral other large though not buying aroused by its Canadian President of CIT Financial Cor- giant, fims.
Last week, the industriale made Gulf Oil., International Paper, activites while diamond pro-poration, among the leaders in ducer De Beers Jumper 2/0 to credit facing, believes the
up 28 per cent of that loss, rails Long Beil Lumber. Lukens Steel the 100/- Duatlop Bubber clased
29 ors 30 per cent
stock split, Newmont compared with
and utilitica its 1950 consumer instalment debt never 3 shillings as did peak of 1327-. wook down
was in wounder condition than ot
Mining, Texas & Pacific, per cent. Answers: 1 Civil, 2 Splices, 3
Zenith Rodio, also Imperial Chemicals while Tumover all work was present.
and moderate, randeg daily Tolla Royer shed 1/8
"Studios show that instalment Gauge, Mechanie, & Building..
During the week 1,377 sauce Unilever 1/-, qui Industrial as a between 8,700 and 8,300 tar debt today is largely concen- 0 Steam, 7 Railway, 8 Gradient, whole tematinect-aleedy,
guins,
thatod among those who are best 9 Bridge, 10 Bristol, 11 Tunnel, DII shores were extremely Beliish Governments edged up able to carry.debt-younger 12 Engine, 18 Embankment, 14 Long loi week. Royal Dutch by enrounts ranging from 67 to family units: in the middle or Demolish.
Isambard Brunel (Hallwag gained 7/0 as did shɑ Anglo- 11/1 but volume was not heavy, modigtey high income brack-
'ate," -Más Dlátz notes. Douadorian Oil wille Brifah-United Press,
and
bo
NAMESAKES
and Marine engineer).
and
the "bold new programine" id is had such in mind.
This concerns all of the less- developed countries of the world Temporarily its influence up- because of the world-wide in- on commodities prices would de- 1erest in terms of trade" There pend upon whether the "Elsen-
countrica bower boom" in a belief in many
in general busi- that the industrial urosperity ness would continue without in- change In the United States has not been terruption after a fully reflected In the relative goverment,—United Press.
TYPHOON MAL
with revised codes in force as from
1st April, 1956.
$500 MOUNTED
from
$4.UNMOUNTED
appeared on the tape of these South China Morning Post Ltd.
and
No Changes There were no changes in the 700 gained, 410 doclined general news picture to account 181 hold unchanged. A total of the about face of the 30 issue touched now lows for market. It simply was oversold, the year, while 19 Isrues touch- 'the exports said.
Tod now highs-United Press.
for
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