TRADE
THE CHINA MAIL, MONDAY, OCTOBER 15, 1956.
and
COMMERCE SECTION
Page
COTTON US Economy Imparts A Free World Trading WEEKLY
GOODS
MARKET
New York, Oct. 14.
The buying splurge in
cation gray goods under
way
lost
tum
in late September, considerable momen- last week when
buyers, covered for the
being, decided
time
wait
for a new
the picture.
A reactionary
row
to
look at
market plus shifting kirullon to
the national elections,
pearance of some print
Kolton
and np- cloths
front second-hand sellers at con-
Strong Tone
GOOD PICK UP IN A
STEEL, AUTOS
AND CONSTRUCTION
New York, Oct. 14.
A pickup in steel, autos and construc- cessions, nil combined to apply a tion combined to impart a strong tone to
the US economy last week.
gradual brake on new interest
Three other mentioned handi caps included: !
Indications that
several
big consumers covered requirements
Elsewhere,
there
Was
some
pre-
European Free Trade Suggestion
Bonn, Oct. 19 Germany's Minister of FeoM)- mies. Profesor Ludvig Erbard and Brain's Chancellor of the Exchequer, Mr Harold Macmillan
may meet this month to discuss
The Maem Hun stuggestion for a
partial Expean free trade area,
sources close to the West German Economia Ministry believe.
These senters atld no place or date had been fixed, but a likely
Erhard will attend o session of Organisation of European Economic Co-operation at the
a
CANADIAN TO
VISIT JAPAN
Oilawa, Oct. 14.
Rising With Russian Bloc
Washington, Oct. 14.
Trade between the non-Communist world and the countries of the Soviet orbit continued its
NEW YORK COTTON MARKET
By WILLIAM T. PLUNKETT
New York, Oct. 14. Cotton futures ended the week on a reactionary note after backing-and-filling
Trade Minister C. J. Ifowe will leave Vancourer by air on Ock, 21 for Japan and retunion Nov. 7, hi
office announɛeg today.
Mr Down was invited to
percentage-wise the I- make the trip by
crease this year was negligible, 1954. He Japanese Government,
since East-West trade simply befween the US take will
with htm his
Amerit was keeping pace with rapidly Minister associate Deputy
expanding world trade figures. M. W. Sharp.
steady rise during 1955, it was revealed last week. indecisively in a less active
the
Mr Howe's mission will be to boost the mercasing trade two-way
between Japan and Canada. De will see the Emperor, the Princ Miniwier, the Foreign Minister and other members of Oy Cabinet, His tenerary will include visits to various centres in the Tokyo and
Kobe-
enable
have
Oaks areas, sabartially weeks ago, before the price hike:
2. Converter
unwillingness
pay higher prices, or carry ex
cessive inventories
in hte
the "ight money" situation; Stock market irregularity.
FIRM FRONT
10
While apparel burvis waited for developments to unfold, mill executive maintained iirm
front on prices. They shut the re-sale offerings on priate Wit not suffelent To affee! theat position. Producer confidence was Tortilled by the big order bucht- log bullt
during
the end- up September buying rush
**
In fact, optimists misted the print cloth market * on the
A few subscribed upgrade.
that the standard] the bellet makes will set at 20 cents yard sometime before the year end, Mills generally now holding
bellwether the squares al 1014 cents, with smali reselling about 14 cent under Millmen looked for a few weeks of lull now, followed by a Bex spart of covering for spong
+
00-
|
al-
end of October.
occupation with the tight money situa-place was Paris where Professor tion, the weakness of stock prices, fears the about inflation, prospects of new continuing prices rises affecting a variety of goods at both wholesale and retail levels.
Last
week staw the
and
wide
meeting this week.
The
Professor Erhard left today for
house is
erin where the West German Bundestag-the lower
No offend comment from the in Boun is Economic Ministry ovajluble. China Mail Special.
ast The Bank Of England
Meanwhile, US Fregular Instro Treasury's short-term borrowing | Federal Reserve Bank New
zoom to 23-year highs, | York noted 174
» survey Then isme on Monday of 1.2 werk than the average
short- dup bilis said of rate of 2013 term bam nderest tale rearind Jཟ4**
the
114 per cent, ở high dating back. fo 1932 This is the rate charged. busiliess concerns and redels thes government's Increasing rining
that
per cent. topping rate of 3 per cent. The Autoll speculation
The Federal Reserve
Roterd which bosted the discount rate
(the rate charged anembers banks for its tours) xix Umes in the past 1 18 meals, might be contempla- | i
sing
anoffice bond generally understood
THAT
•ODUCTTY over
invitations,
prices, and over-expansion.
Some quoafers have eriilched Has polley on the grounds that nghter prodit and higher interest tates have actel induly cur- 4 Federal agency The nationa's
money controllers likes to keep full activity in some
of the veunony. The disenunt rate higher than its In short-tenn borrowing custa.
this way it could banks from
ever.
bankers
diseturage borrowing fram the Reserve and thus reinvest such funds in the higher interest Dearing Treasury bilis. How- specialists discounted the idea that the high rate stemned
from
any sharp pressure on avaliable in- vestment funds, They cited technical reasons for the rise in the bill rate, noting Instead that The subsequent 1.0 billion special issue of Treasury was the contributing factor.
Cotton sales yarns conlinied to show a Brim price lone.
slowed down though busiIJUNK while
re-calculated spinners prices in the wake of the
increase cent wage workers.
FIRMNESS
re-
10
mili
featured
The woul situation Armness in world-wide raw wool prices, and a quickening retali clothing demand. Season- nbly cool weather reportedly broadening consumer interest in blends of dacron polyester fibre and worsted, also worsted and Rayon grey slik combinations.
sellers goods
reported developing interest at the higher levels announced following the to mill increase receat wage workers-United Press.
Steel Output
segments
Meanwhile steel mills last werk
scheduled were operate at 102 per cent
bals
w..
Considerably Below
10
أنا
Statement
London, Ox 44.
stuin-
The Bank of England ment for the week ended Oct. 10,
follows: reads us
Note in etroulation Puble deposits. Private deposits Lovernmeal
Other serinides {}#t
stestifies
Sterling 1.883,219.485
300.332.4/1 243,300 620 33,207,273
++ 124 202 13 A
United My
The Bank Of France
Statement
Paris, Del. 14. The Bank of France statement for the week ended Oct. 4, reads as follows:
France 301,204,302,428 10,312,358.2DS
haklings
capacity. The October output Luna may well top 11 million and would
previous top the monthly record set last March The fourth quarter production just about sold out and now in- dustry spokesmen are confident | Tolal gold that this high level of activity Total other currencies Sight balance abrund rary over into first half of
LEPU 1057 With auto plants wing- ing into production of the 1957 models and averull construction the demand for steel peak, products will remain heavy.
that It's generally concedeci The Wednesday offering of 10; strength in these three sectors billion was sold at a rute of tak the
provide The economy per cent und was main business súmulue and help unly 2.62
the 3.013 VNTACT in part weaknesses considerably below per cent in Monday's isstie.
solated industries.
Industry Financial experts explained that The automobile
IN the two rates were in effect not
dollars on betting one billion because differences
that its retooling
new comparable
models will sell at a good pace this year. The industry
in the method of payinent could give the special issue a shorter maturity than the costifer
London Industrial
Stocks Tumble
By C. T. HALLINAN
London, Oct. 14.
Industrial shares, measured by their sensitive index, closed last week at the lowest they have been since Colonel Nasser on July 27 took a crack at what he calls "British imperialism.”
iis 1958 penk January.
ot
203.5
Rolls-
t
new
140,300,000,000
Advance to Statliga-
100,315,800,000 tion Fund Tolal bills discounted 1,660,001586.270 Banknoten in circula.
часть
3,021.318,5x485
100,114,219,313 -United Prem.
-
Current accents and
deponis
New York Cotton
Exports
New York, Oct. 14. Raw cution exports by de- bales by hopes nation as reported
to clispose of about 6,5 this year the New York Colon Exchange
of about 6.2 milion. That would for the 1950-57 season to Oct. 8 be a rise of about 5
per cent.
were as follows: Britain
Conada
200,032
"This visit will
the Minister to useful
with discussions leading representatives of the Government and business," hla office said. "He will, in this
way, reciprocate recent visits to Canada of Japancer Cabinet Minister aud Parlamentarian, and fur- ther extend the friendly relations existing between the iwa countries.”—United
Tess.
REPUBLIC STEEL ESTIMATE
Cleveland, Oct. 14.
But
Mutpel
The 1993 trade figures were i published fast week in the 80 semi-manual report to Congress by the
Assistunes
ministrators
th
1
holiday-shortened week. In At Thursday's close the 8254,300,000 reachest
Aggregat annat tage ruled 4 to 31 ponta - 20 cent. o
thank Latin $1.53 a bale-lower and approving "ely preceeding week.
Ex- The New York Catton
emitted ebangs
the Frselay Isession in ulsory fee
Columbus holiday while 1- New Orleans Exélange remaine
THREE DIRECTIONS
lotus-
$7,000,000,000.
Four Essentials
Tuberosi
11:
jed en In a discusion of Cromoum t Control Act (Battle Arty adventofte diplomy in the s
ik velophil uzens, The Lepoti kl: 1
Trader
divided in 14
· The Sino-Soviet
fan- there directions. 1. Final eve22- Total Uncle, both exports and VERMORE bitters apa mutly imports, between the free world believe
nek Jing-up Igarations in the Octobey The 1 The ulov posse the ulld
Sino-Soviet
ee the four essential delivery before la expiration ou Guterme at the na- Monday, 2. which amounted to $4,400,000,000 Internal
withal Plection and
its possible successfully 1935 compared with $3.800,000,- enable
offect on farm legislation; 3 Vital HADY 000 in 1954- increase of 24 penetrate the per cent,
Only Fractional
1
Bul
parallel increase trade within the non-Communist that world etminunity meant the Communists bloe's share of free world trade Increased only
ron to
14
Astu, the Near East, Afriendssibilities of mereused hedge The selling as the harvest season ap- Latin Antira, where
promenos a pond with prives 1 world diplommaers
The Yoghest level o almost There ments.
mw unfolding.
"There anditions are sufletent
PESUMAS
tutal pa crousel. be, technieni internal order and stability
"Historically,
2114
a fractional per cent-from 23 | Huels have nurtured the hợpy
per cent in 1943 to approximate- ly 2.8 per cent in 1985, the re- Port said.
: אין
1*1 ཐཱ་
151
While leun mpenandings - Duned at angsten-henvy rate, Imarket feehivelans pointed to the recent increase in Que tala груда of redemption from it 1950 aud 1955 Inon penkiatrinen. Moreover, neeen; buyers reckon.
Communion reportedly he.ng enrrieri tin-
hedged Theseginners
Although
Jay memelipats and
Panve
16
dream of putting a Bed with the large amount of ent foothold in The Near Eas South Asin. The it ackles that the UNPRINCES rulers ma 26 exceptio
world xx- of non-Community
10 the bloe
domestic condition- are substantially to increased developed
aspiratiomenvelty of akt export to the European satellito nationaliom
shipments Countries, with
to L Independence s despertad | us a result of the dean Czechoslavia. Hungary and poverty and real tutem ments
LARGER Poland
ikaln
Th
10
ban entriSS mt been heavy, statisticlans fell
long time before any
got enten des el s
1*uཐཱ་
pas
ansanm
th
providing the targest These problems and Communis: Complex fatis pausent nudny, trade
formidable overall
Agures rat down as follows: exports free worksh the bioc-$2,030,000,000 third largest stect producer In 1955 compared with $1,760,000. The United States-is projecting 000 in 1854: imports from
1958 Anles of at least $1.200,-loc-$2,430,000,000
1055 In
Republic Steel Corporation --
000.000-a
DJ
new
peak-against rompared with $1,830,000,000 in Stro-Soviet $1,188,559,765 in 1955.
1954.
The
to
10 are expecteri
$80,000,000 but
They igured the 1950 eroj, in be about 4,000,000 bales larger give than domestic consumption.
quirements, while loun entries to 1,000,000 and date are
bules. loan impoundings
the
Track any muni were priteipalty volane For the of and beLAVRAIS pattern
blog and countries sutekle the Cominunt; re
"Of the 174 Trade agreements 21 effiel
at the end of 1953,
the developed
Ens!.
S
S the Near
Asia Start
Texts
them
N
Up to 34,000,000 bales, or more. some tightness In "free" s- plles is regarded as inevittable. Nel profit.
percentage of exports
but the calculators hedged with #o well above
shown here is
the observation that much can probably not as high as 1853 and inports
of 67 were between Ioritai
happen in the interim," earnings of $86,271,491--equal reversal of 1954, according
and the სłowe In that year im-
The Government crop repoti. the report, $8.50 per share,
countrica
issued im
1111 Mrsday, had The Chairman, Mr Charles Burls from the blog showed a
markel effect since it was closely White, said he was
optimistic greater increase then exports to Africa.
America
ity line with Trade expectation the Communist countries, about the slee) industry's bust-
"Western Europe WBS the
most dramatic The indiented October yield was "Perhaps the ness prospect for 1957,
"f bloe economic i 13.208,000 bales compared with Mr White sold
Republic major non-bloc trading area in aspect
of the diplomi y
estimate of would make capital
expend the foreign
Soviet bloc during extension of the Soviet versiu tures this year of around $85,- European
the of economic And
adjustmenta 000,000 ugainst $35,000,000 in the entire postwar decade,"
commerce
2017
Ex
an
average trude 13.235,000 Untes,
October contract technical
1055. In 1957, the spending report sakf "The most strik-navistance on a substanthel and
might rise to a record exceeding; ing postwar development in the increasing scale $150,000,000.
commodity pattern of trade
Expansion underway thus the Eastern European courirles year and next would push the has been the Increase in their company's annual ingot pro- experts duction capacity about 12,000, equipment."
000 tons by 1938 from the pré- sent rated capacity of about 10,300,000 long.--China Mull Special,
NAMESAKES
and
ol machinery
Same Rate
The trade Soviel bloc Lurope pand
of the
with
Europeun Western ex-
In
to 1959 al aproximate- ly the same rate as in 1984, the Answers Hardy, 2 Com-report continued, 110.70mand, 3 Victory, 4 Admiral, 3
Western
European sold 232 723 Trafalgar, 6 Sails, 7 Broadside,
which
the 39.4608 Copenhagen, 9 England, 10 700,000 Fleet, 11 Expects, 12 Telescope. | 239 507
13 Nile.
-United rein.
By January, the industry hopes Continent have combined stockpile of Orient
500,000 cars, This is ally considered normal for Total for season"
time of
of the
year. Most Same period last year
*excluding inters experts are heartened by the
Krnerally
that
industry's ability in having
whittled down its unsold stocks of autos to more
208. At Frenand
proportions.
units.
A
1900 models in dealers'
about totalled
350.000 cry from the depressing 900,000 units earlier this year. Fourth quarter production-ali 1957
models is geared for something like 1.6 millions with les in that period perhaps 1.4 million.
Building Funds
home-
Horatio Nelson,
Wall Street
Street Has
Interrupted Week
the
By ELMER WALZER
market
New York, Oct. 14.
counteles
Less Developed
awayed the spot months over range of 75 cents a bale, then closed the week with n net loss of 45 cents a bale at 34.23 cents a pound. Opet contracts remuin- ing were estimated around 13.000 Total credits covered
by bules. The certißented stack agreements with le developed | totalled 2,713 bairs. countries during 1955 mountes!
44
per
DOWN SLIGHTLY
Ex-
all
to nearly $800,000,000, the pre.
of which The York Stock Cotton portion ponderant
on the to Yugoslavia, Egypt, change Service Bureau, went
India. The Afghanistan ret
basis of the last government placed the pro- Soviet Unios Decounted for over crop estimate. two-thirds of the total erelis, spective domestic supply of the terms of which involved in- raw cotton at 27,055,000 bales. two to Estimating distribution around tercal rates
Blow
13,750,000 bules. the Bureau cent half IN two extended repayment periods and figured the end-season carryover at 14,105,000 bules against in some compensation in local 14,540,000
bales carried Expi currency Cr products.. became the focal point of Sino- from last season.
The Bureau noted that white Soviet bloc interest and activity in 1955-Egypt's trade with the such a carryover would be down alightly, "and would constitute a bloc increased by almost
step in the right direction, it in 1955, the bloc still would be the second largest Austri also $59,000,000
purchasing about 27 per cent of on record and far in excess of a Egypt's total exporta."United normal end-season
United Press.
showed
the Sino-Soviet bloc on an absolute basks in 1935 were the Federal
Republic of Germany, the United Kingdom and France.
Financi
Wins in trade turnover
and
showed significant trade in-
Creases during the year, It said. Denmark's trade with the bloc however, decreused by approx- imately 25 per ceni,
The report also said trade
with a of China
that
free
with
world increased in 1955, transactions totaling $805,800,-
000 compared with $600,400,000 OEFC It said the 1954.
in
natless Accounted for 29 per nat cent of this trode, and Japan for approximately 14 per cent.
were tho Industrial goods
major items exported to China
World series baseball and a pseudo-celebration The Index, at 170.1, compan 103; Hut other people sold
Despite the fact that residen- of Columbus Day, no longer a stock exchange with 185.6 before Colanel Nasser Royce which tumbled 2 shillings spoke and--even
new holiday, brought transactions on the big board more signi-nine pence or Associated Elec-tal building is down 9 per cent
or from 1955 levels, overall acant of Britain's strains with trical Industries or Unilever
19 2 per
from Western Europe, Japan fell higher
1/9) construction in Vickers, all of which
Mean down to a new low since Aug. 19, 1955, during the than in 1956.
and Hongkong, while agricul- while a number of highly expen-
while the government moved past week.
tural products largely comprised sive shares of Royal Dutch rose
to make last week
China from Asla 021⁄2 sterling. sterling to In short, the 30 high-grade 14
Brown Shoe exports to more
Pricewke readily funds
wascent stock extra. building
Hong- belter than the sales raised its dividend. Crescent (excluding Japan and shares composing this index are only some 4 sterling below their Bolling
sterling, available to veterans. New home much 80 the 1056 On
peak
up Friday, American Haiwalian East, dividends they have been paying Anglo-Egyptian "B" right in the construction is off by some 11 volume. The Industrial average Corp voted a 6-for-1 split On kang) Oceania
trouble per cen
cent from year-agu levels. closed the week at 490.19, they show a yield of 6.00 per middle of Suez Canal
Elsewhere in the field of con-7.00 points and a new high since Steamship Co. to be liquidated, to the tune of
A Rise cent compared with 0.17 per rose nearly 4 shillings
struction, Industrial building in Sept. 21: ratis, 160.79 up 1.08 ran up 7 points cent a year ago; on the earnings shillings.
up 29 per cent over 1955-office and a new high since Sept. 6: unconfirmed reports the liquida they have been reporting they
and 631lon price will be $150 a share. show an "earning yield" of 10.84
building, up 20 per cent; stores, utilities, 68.40, of 0.00; restaurante, garages, up u per stocks, 173.09, up 2,00 points. per cent compared with 14.88 per cent at this time in 1055.
for a song.
Resisted
a lot of people Nevertheless
coming related the bargains Into view and slipped their money into British Government stocks; their demand lifted War Loan 10 shillings to 714 stori-
[0
40
On the other hand. British Petroleum, Burmah and severni others, after moving up and down a week, Onally closed about
1 shilling 0 pence cent; private hospitals, churches, lower than a week ago, Shell etc, up 10 per cent, Transport closed virtually 1. changed
Suez Canal shares Anally rose 4th sterling to 59% sterling.
Speculative
1
Danger Signals
Daily Average
A. The tidit money bogey
and the
Near
Friday'à rise was generated by The report said that United strength in the rails where the States exports to the European mover was Great Northern whose Soviet blog in 1955 were valued directors surprised the street at $7,300,000, a rise of 18 per with a dividend rise. The stack cont compared with the 30.100 gained more than 3 points.
Closed Higher
In-
000 export total in 1954, Both the 1984 and 1935 totals, how- ever, include several missions in food graine, insecticides and drugs, shipme
under the flood for programme
the
Presu
over
stock"
TYPHOON MAP
with revised codes in force as from
1st April, 1956.
Sales for the weak totalled 7,406,095 shares or a dally over- share This Although new construction is go of 1,481,399
some contrasted with 10,384,108 shares setting TOW records, "danger signals" to support or a daily average of 2,078,833
A majority of the issues traded, relief the US theory that
cannot shares last week.
Between this work and last closed higher on the week and Danube basin. stand the building strain. Top
industrins gainod
14.04 points the number of now highs many Investments, they instat,
United States exports to the creased. There were 1,382 issues German Potash bonds domin- are rising too fast relative to and rails, 6.78 points.
was traded. Of these 765 closed high USSR and its European satel ing and Old Consols & shillings ated, the foreign bond section; current production.
to be wearing thin as 2 er on the week and 442 closed lies, exclusive of the gift ship- However, to 5214 sterling
a the non-assenteds of both the 7
the ments, had an aggregate value of on the adverso lower. There were 170 at number of giftedgeda missed this per cents and the 14 per cent The US Government has as its
Forly $5,700,000 for 1955 as compared credit market factor of poiler avowed demand and closed unchanged. rose 11⁄2 sterling while the as-restraint the curtailment of so-lde. The same wont for Suez previous weeks close.
to stocks made new highs. 112 with $2,900,000,000 for 1954. US Also, Well Street was sald
Imports from
· the European Loading Industrials On the sented and the
the made lows whale drifted lower. The semi-umped 3 sterling. Of the Reich called fringe expansion of probe less apprehensive over
duation facilities,
|election 'otitcome which was 'naid Among the weeks wider gain Sevlet bloo totalles 365,500,000 of Ford Motora Lonits the assentous ensed annual report
were Engineering to have brought some recent ers According
Amerlenn-Hawalian in 1938 compared with 1954 Lid, was a shock. Although the sterling Japanese 1910s, non-
Steamship up
points, imports of $24,400,000, company's sales in the first half assanted jumped 2 sterling and News Record, as big as it is to declines. Thore
were several favourabje Nestwall Gypsum up-7, East Latin America's total trade of 1956 were only alightly lower that of the Tokyo per cents day, construction is not keeping than in the first half of 1968, gained 1 sterling; several of the up with demonstrated needs. corporate items during the week. man Kodake up 5. National Lead with the Sino-Soviet bloc in South nel-grada hod tumbled 50 per neventode eased a few shillings. The amp in getting wider be-Metrow, Electric voted to merge up.8%, Ingersoll-and up 6, 1955 reached a new high level cent, But people did not sell. There was speculative demand tween what the UB says it needs with Thomas Edison, Ino: Ladeena Steel Up- United Alpatimated at approximately
Increased its craft up. 43%..and Timićen Holler $340,000,000,
approximately 24' për cent over Ford shares; the price eased only for the Greek and Czechoslovak and what is being built-United Mend
Jors -Lasting---United Press.
dividend and declared a 21⁄2 par) Bearings up Be-United'Prá
0% per cent
to
Comp.
10
ATE increase of
$500 MOUNTED
from
$4.UNMOUNTED
China Morning Post Ltd.
HONG KONG & KOWLOON