TRADE
THE CHINA MAIL.
saunch
MONDAY, OCTOBER 22,
COMMERCE SECTION
Political Implications Worry U.S. Businessmen NY COTTON HONGKONG
STOCK MARKET FAILS TO
KEEP PACE WITH BOOM
By JOHN MORKA
New York, Oct. 21.
American businessmen were generally encouraged by business prospects but they peered ruefully over the statistical charts for new assessments of the political implications of the presidential election on November 6.
The big question today: What to business in the event of an Eisenhower defeat or a Stevenson victory?
To Process
Crude Oil
In Japan
Tokyo, Oct 21 Leading U.S. petroleum com- parties are planning to precess. crude ell in Japan and ship the products to Southeast Asia un a means of combating ring
-
Nihon
or Fatew caused by the Suez crisis. the newspaper Kelzas reported today
The
newspaper back moves were being made in this direc- tion by the Standard-Vacuum Company and
Caltex through Ton Fuel
their affliates here, and Nippon Petroleum Lively.
respec-
Japanese petroleum companies without any foreign aflations, such as the Teikoku Petroleum Company, were reported to be disturbed over the development.
Many
MARKET
REVIEW
By WILLIAM T. PLUNKETT
New York, Oct. 21, Cotton futures found the line of least resistance, on the downside of the futures last week.
At Friday's close, the list rul- od off 13 to 44 points, or 65 cents to $2.20 a balo lower than the preceding week.
STOCK EXCHANGE
(From Our
Paro
Dutch Raising Foreign Countries
м
Discount Rate
Amsterdam Dot. El.. The Netherlands Bank sunounced yesterday that from October 23 Ita dia- Doung rate will be mived. from 814 per cent to 324 per erni, This me
results from eattumercial banks' prolonged expan- tion of credits, together with less favourable deye- lopments in the country's payments balance, China
Mall Special. Correspondent)
Business dome on the Hong- Exchange this kong, Stock
morning amounted to proximately $575,000. Noon quotations and the morning's Transactions:
Share
DANKE
ik Bank East Asia From the stasonni highs re- | INSURANCES Alstered two weeks ago, the Union market showorl
cumulative Lombard loss of $2.00 to $5 a bale.
aide hero. peeks to happen if either 'There's no unnainity The Republicans along with wins, Over the past 68 years
impartial
The reversal of form reficet- observers― for which slack market average Inget at an Eisenhower vic-prices are available, says Fitch, ed persistent spot houre selling toty would give. US. business the election of Republicans ha
'The December delivery on a and nearly always meant trong psychologkni boost
bull scale down from the 34 cents down to 33 cents before Industrio!
xpansion markets. The one exception was
the market levelled off trend 1920. It concluder that elections market.may sway markets but the long- strong runge trends have followed the
*** general course of business. stock
Election Prospects
encourage
and engender
bullish п
45
to the logging stock Some experts forecast downward pressures on prices which many regard aburometer of business [[) - Adence-g)quid Democent Adial Stevenson be the winner.
the
The stock market has been more closely linked On the other hand,
equally election prospects than has been impartial experts insist that the the
US. cronomy generally US economy is strong enough President Eisenhower's illness off serious price to move under its own power, have touched Irrespective of the purly in falls in the past. These in turn power. These insist
US. moved higher un optimistic news economic concerning the President's phy-
both sical condition. when
Recent strong Republicans Democratic campaigning
many observers
ري
that
SHIPPING
Wheelock
Ex All
DOCKS. ETC.
K. Whart Dock Providrat (01 LAND, ETC.
IK Hotel
i Land
Buyers Kaliers Najer
7030 1043
244
1000
4215
700 7.10
U.S.
Cotton Consumption
Washington, Oct. 21.
Build Up
Dollar
Assets
By CLYDE H. FARNWORTH
Foreign
New York, Oct. 21. countries are building up their dollar assets in the United States instead of buying US gold.
The build up in dollar assets has been steady over the past eight years, according to the Federal Reserve Bank of New York. Foreign countries now hold investments in the US worth 14 billion, against 6 billion in 1948,
Meantime, gold purchases The Census Burenu reported have declined from 1.2 billion in today that United States cotton 1953 to 60 million Inst year and consumption in September 1950 so far this year sales of a slim 201003 amounted to 822,100 bales com-34 million have been reported,
873,730 in September, the bulk of which went to one.
country-France.
Realty
RUBBER Analg
1.42%
1.00
Trum
10.40 101
1.80
623 10.050 NI
70 3120
10005
1.00 1.64
UTILITIES
Ti
23.00 23 70
| Star Fetty
Yawnati
though! the
Increased! Expretations marketings, and heavier hedge selling at the harvesting season peak. also reached an eminent came in for comument.
Technicians
100 110
pared 10
1056.
This brought total consump¬ The countries are using their tion for the first two months of dollar bunds, which they earn this cotton season to 1,508,495 ( through trade with the U.S., lo compared with 1,500,503 for the buy long and short-term govern- ; similar two-month period of ment curities, and bankers 1915,
| acceptances and to keep in bank
deposits.
Cotton on hand in consuming 2300 1.829 establishment and in publie ster
age in the US at the end of 100 23.70 September, 1956, was 15,178,089 200 23.70 bales compared with 13,049,350
at the end of September. 1935.
800 23.00
100 or 106 100 4099 (C Light (0) 24.00 25.20 2000 is 25 31 20 32 25 3413 32
market activity, election under Light (
And tastics,
an Irregularly Electric lower stock market were other
Marao E. to handicaps
rallying Tel. (D) tendencies.
rited
The week opened interest
concentrated
On
24.10 24
012
220032
312 20.20
25.18 24.49 Tel. N
24.20 24,40 INDUSTRIALs Consent.... 301 30 53842 with Rope
13.10 the STORES, ETC. delivery. 1950, led October,
A Dairy
Wodon covering of a short
COTTONS that delay in to think
pasilian of 12,000 bales boosted Nanyang President Eisenhower was losing the spot month to 34.68 cents INVESTMENTS his political edge. However, the receul strong pickup in Hepub-pound
con sentiment-stemming from the President's enlarged
c'r-
has experienced its
und downs Democrats and were in power.
Whatever the merits of these silums, the consensus is that would victory an Eisenhower be bullish: a Stevenson victory bearish, at least in the short-paign efforts has helped buy stock price and encourage in. te: m.
vestors generally.
Varied
Whatever
the in happens market, one thing appears cer- tain
The after November 0:
Experts last week had varied volume of trading is going The Nhon Keizai said Stand-idees en the subject.
pick up. ard-Vacuum this month began a
The International Statistico! clone study of the storage and Bureau sald a Democratic vic- refinery facilities of Ton Fuel at tory could have some temporary Wakayama arat Shinzu. and
effect on general business later Caltex of Nippon Petroleum's in 1967 and would have a tem-on top. Some insists I planis nt Yokohama and Shimomatau,
Recently, it said, Standard- Vocuum had Toa's reßneries oil into 33,550 process crude Kilolitres of diesel engine instead of importing the refined product as it has in the past for foreign ship touching
17:
oil
said Toa's he newspaper
chairman, J. D. Davis, and director T. P. Nock went to the United States on Oct. 12 for a
བ་
for at
two-fold purpose: To put the finishing touches on plans
production petro-chemical Toa's facilities in Japan and have Toa refine crude oil for export to Southeast Asia, includ- ing Hongkong-United Press.
Wall
10
Some experts hold out the most favourable developments in the event Elsenhower comes oul
before its expiration Allied on Monday, establishing a new seasonal hinh Strength October, however, had little apparent influence on the rest of the list,
HEDGE REQUESTS
Increased southern offerings pointed up conflrmed reports that some southern banks were requesting hedges against their cotton cana, Merchants also were reported selling against cotton
previously carried
porary psychological effect on possible to see a rather Armer hedged as the market started speculative markets. However, share market with Dow-Jocca
and The fest quarter will reach new highs.
J
to slip into lower ground,
i Raw cotton exports for the Canon totalled 848,404 bales compared with 295,350 bolts 10 the rame time last year. The Increase Leing furnished out
it insists that irrespective of industrial average going up to the election 10sults, general about 810-320. This overage is current now about 489, was up to 524 business during the
quarter |In August and down 10 464 in late September. There might be quite a number of stocks for sale Standard & Poors, analysis, at this $10-520 level. As
the government export sales fecis ulo fiat as Eiscrshower vesturs take profits. On the programme and does not figure well touch off a other hand, some experts think in calculations of supplies out win could
the Ballsh demonstration, It Ands the market would break
of the enient crop, traders Iow of 404 and noted. that the 10 per cent slump in September
stabilise somewhere between 440 tho market prices over
past
and 420 If Stenvensian wins. two months reflects " more 1-
The market would eventually (ppeared to have little market strained investor attitude and
start up again under the stimulus influence lessened willingness to capitalise
of inflation, it is foll. A Steven-out earnings
dividends
son victory, could spur a rally in generously as in the past.
The Flich Survty in its ends, and certain high quality rent Issue outlines what it ex-preferred stocks, it is believed.
Street Carriers Rise For Third Week In Succession
By Elmer Walzer
New York, Oct. 21.
Railroad shares moved higher in an irregular stock market during the past week.
Income High
in
Continued heavy loan entries.
Statisticians pointed the extimated crop 01
13,208,000 balks is more than ample to furnish domestic re quiremerals of 9 to 94 milion bales. Thus, "free cotton will overhang the market until the loan absorbs at least 41⁄2 milion bales, they felt,
The figuro CumÊ
13.
145
14
1.60
4.93
Exchange Rates
Businem was done in the local tanamelal exchange
markat marting at the following talest- Us. dollar per $1) Sterling notes iper #1) | Australlan notes (per #1) ...
Indonesian suplah (per 100 Siam tical (por 100) Singapore (Strait)
Active cotton spindles In the U.S. at the end of September. 1950, totalled 21,088,000 com- pared with 22,257,000 at the end of September, 1955. United Press.
New York Cotton
Raw
Exports
New York, Oct. 21. cotton exports by destination as reported in bales by the New York Cotton change for the 1953-57 season to Oct. 16 were as follows:
lus
Britain
Continent
125,908 400,705
0.17
Orient
277 845
10.03
Conado
40,043
11.69
Total for tonkun“
848,404
10.00
27.40
Same period last year* ..
excluding interE,
299.330
180
~~United PreRS,
Japan Wants Canadian Uranium For Atomic Projects
By MILTON Carman
Japan, the only
the
Ottawa, Oct. 21. country that felt destructive blast of atomic power, is now looking 10 Canada to provide uranium for its proposed atomic electric power project.
Economists
Wrinkle-Free Year-Round
Cotton Suit
Memphis, Term., Oct. 21, wrinkle-freu
year-
A look with favour
on the build-up of dollar assets round cotton suit that holds because it means the countries crease even after washing prefer to invest in the stability of the U.3. government instead of the security that gold brings.
Has Not Come
The build-up has not come
may not be far off, accord- ing to cotton experts here.
A test suit already is being worn by a researcher and ac- cording to Dr Leonard Smith. National Cotion
however, at the expense of gold Director of the reserves in the foreign countries, Council's Research Division, They haye purchasing Bold "He is delighted with the way steadily-only have centred their] it retains its fresh-pleated look purchases elsewhere, mainly in day after day at the office." London.
Strong gold positions are signs Dr Smith told a meeting of that business is good, since the the National Association of in- countries must build up favour-stitutional laundry managers that able credit balances before the up until now resine for crease con purchose the yellow metal and wrinicle resistance
always through sales of such items as have been applied to the fabric watches or wine.
prior to manufacture into In addition to registering con-ments. Clothing made from such fidence in the US, the build-up fabrle can't be creased or plent in dollar assets also hom
aned satisfactorily, he said. Cuffa underlying practical ecoson and pockets won't lie flat.
simply
that the investments. earn interest while gold. elans none.
Car-
per-
Research now under way wil soon make it practical to apply For a country such as Canada, "minimum care" finished to im which has more than 10 billion parting a "high degree" of invested in the United States wrinkle resistance. This also will this interest could work out to make it possible to set up to 48 million a year, depend-manent creases in trouser
legs ing on how much the country and coat sleeves, so that little has in current account bank or no ironing will be needed. deposits, which car no interest. And what's more, the fabric will
According to the latest weekly retain the other
qualities Federal Reserve report the US cotton. Smith exhibited a shirt had US$21.900 million worth of that has been finished with the gold or almost two-thirds of the new process, comparing with an Estimated world total of around ordinary shirt. It had been wash- US$37 billion, including Russin, ed but not droned, yet was which has kept her supply wrinkle free. This characteristic secret (experts estimate Russin's could be a great benefit
hos- stocks at around ↑ billion). pitals and other large institutions where costs of ironing uniforms Remains Constant ore a big factor in lotil lmrader. Ing expense, he Bald United Press.
More than half of the US gold supply is kept at Fort Knox, Kentucky. This total of remains con-
312,46,016,00cte by trans-
actions with foreign countries.
The Treasury earns a profit on its sale of gold. Under law
NAMESAKES
Answers Sentence, 2 Nor-
The heads of Japan's Atomic Industrial Forum, Inc., who are on a North American and it is entitled to buy the metal folk, 3 Convict, 4 Assizes, 5
But what appears to be in- triguing most experts these days
The census Bureau reported is the failure of the market to
domestic consumption of all raw keep pace
with the business
cotton at 822,180 balca during boom. Market pricas have churned
down since September, up and
about 13,000 bales under ex-world "on a commercial basis" in the near future.since 1934.United Press, President Eisenhower's liness a year ago, hitting now peaks of 873,738 Unies used in Septem- ✅ | pociations and compared with about 621 in the Industrial aver-
Atsushi Ohya, Vice-Chairman States, he said, whereby the ber last year. Stocks in eo of the age in April, and touching downsuming establishments totalled conference that Japan will
Forum, said at a newa United States will supply the
technical 10 new lows of about 184
be necessary
assistance KPD,280, bales compared with short of electric power in the anti fuel to get the September.
Japanese 1,205,710 bales jast
your.next 10 years and must install atomic power programme start- Business Week Magazine United Press,
atomic power plants that willed. It will be many years, ho doen't think thời stock price
produce 500,000 kilowatt hours said, before Jagan can look after drop reflects what's happening
by 1868 and two million kilowatt its atomle programme by itself. In the business right now.
hours by 1970. He said the first
He stressed, however, that in actor obtained from the United the future uny commitmeпія States will be running by the Japan makes with any country spring of 1957, and a second for uranlum supplies will have reactor has already been ordered to be on a "guaranteed basis" of from the United States.
delivery.
European tour of atomic electric power installa-936 fine ounce, less 4 of Quaker,
one per cent, and to sell it at Diet, Changes. 10 Reform, 11
tione, told newamen last night that they expect $33, plus of one per cent. uranium will be traded between the nations of the profit of more than 100 million This has amounted to a net
Income is high, and govern- ment spending continues strong, Wall Streeters it Anda, Arc worried more about tight money, the Suez Crisis, and politics.
Wall Streeters think the Gov.
The Bank Of England experimental atomic power re-
Statement
It was the third successive weekly rise for the carrier group and it brought their directed investor attentionment for the week ended average up by 8.37 points for that period.
on
Oct.
£1,378,005,983
Every Facet
sole
The Japanese mission arrived in San Francisco on Sept. 18, with and they have conferred heads
рго of the US atomle Ohya is heading a 30-member DATA delegation of Japan's Atomic ramme. Ohyo said he was
very happy indeed" to ones Forum on the four. Twenty-two how the United States "has 253,088,327 of the members are in Ottawa cosened up with classifed
13281,130 and the other eight havo
gono atomic information on power 40,737,413
on to Europe.
reactors. mem- Ohya said there are 500 United; Press.
bers of the. Forum representing every facet of Japan's industrial and Gnancial He.
London, Oct. 21. The Bank of England state- has to the bond market previously 17. reads as follows: diverted to stocks.. Yields corporate and exempt bonds Note in circulation
Public deposita Industrial stocks declined session. Week-end profit-taking [have become more favourable | Private deposita after two weeks of rise had finally turned the list irregular than those on stocks.
Government, securities lifted their averago by 14.94 in. a final xestion. Gains out-
And some Wall Streeters are Other securities
Receipts points. Utilities also vased, numbered losses on Friday.
whether tatlo wondering these days At the close on Friday the The general news
was in the goverment's credit bratea Dow Jones Industrial average changed although market men might be carried to the point stood at 480.13 off 4.07 points; | said such items as Suez, tight where it will aring a downtun Ralls 182.38-up 1.59; · útilities money, and the election were in business,
06.
6.83 off 0.60, and 05 stocks wearing thin as marloed in-
172.32, of 0.77
Quences
A majority of issues finished Improvement in the rails re- flected higher car loadings and the week either unchanged
or
Mild Beginning
Visit England
The Bank Of France at March and is soldly Inter he missed meeting Trade Minis- The Forum was established
Statement
Paris, Oct. 21,
a pickup in earnings since the higher. Of the 1,871 slocks Business Week concludes: steel strike onded. The mails, traded, most mince September Whether
stock or not the however, are still said to be 7th, 509 gained, 688 declined and market is a true barometer of under the Influence of their 196|||| held unchanged. There Business weather, and regard- The Bank of France statement woge negotiations.
were 53 new highs and 110 new less of international and dome for the, weak ended Oct 11, reads lowe
Wietals and chemicals were themselves rat both
stic, palties, Wall Streeters as follows: Incredingly agree on hard hit on the weeks. Du Pont buil
tha and Eastman Kodak lost more market and the door Total
one prediction
Total, wold holdinge
other The market eased in the first than 8 points each and Allied going to be pretty much us in thrée sessions of the warkles The | Chemical, nearly 8 poltta. decline carried through most of In the metals, lost extends 1951-62 (when it merely coast Stance abroad
Eased
the fourtis osion when Tayour to 63% points in-Magma Coppered alons)
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able: corporate, carmines and Bled, kamion mantea folinin dividend sesione farewed the tide, Apatto ja hearty (36) pointi The
I The 3 lat eforedly higherzten (majoes, declined. (Olla Swyern
Thursday and won, higher lower by a much as 444, points A darbunga, most bɛze the Friday in Shell, United Press caffe
discountinge
Advance 16: 19tabiiln«
Total-Bila diooount
Ohya said he was very sorry ested in the "peaceful uses of ter Howe who will be vistling atomic energy developments" Japan sharlly and the head of Ohya pointed out that Japan Canada's atomic programme W.
bo one of Canada's biggest 3. Berset, who is visiting the customers for uranium in Asia United States,
A
8 Bars, 7 Warder.
Prison, 12 Turnkey. Elizabeth Fry reformer).
(the prison
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in the future. He said that after This mission will travel to the United Nations makes some Chalk River, Ontario, today to kind of agreement' for free' ex- sto" Canada's atomic energy change of uranium among establishment and will leave for nallow of the world, Japan wil Franco where they will inspect of quality printing which AR look to Canida
Tokie ma de
great
dos the French atomic programme. ||we nhall be proud to show your 2. The sapurioso Government, he Endland Bato, Inspect Britain's watch is, cantarcting as thorough caldor Hail atomic plant and
search; for: uranium:tatu home. Will disband in London; on)
Nov fut howev only one small Bome of theKymi "don will able: ore has take Independent trips to VATIOUS
*before* they are.
Morning Post, Building