Argentina Out Of Grain
Business
Buenos Aires Oel. 28.
The Governmeni took another slep to get cul of the grain business yesterday by selling up an independent grain authority to regulate the trade and which will take over the assets of the old ometal marketing organisa- tion.
A nine-mon board which will include representative, of
farmers, farm cosapornikyæs, in. dustry and eunmerce will have powers to advise the # vermes
the writing of four prices for producers and may estervene the market when necessary maintain these prices
TRADE
U.S.
THE CHINA MAIL, MONDAY, OCTOBER 29, 1956.
anch
COMMERCE
SECTION
Economy Holds Up HONGKONG WALL STREET
HEAVY CONSUMER BUYING The Bank Of France
AND BUSINESS SPENDING
By JOHN MORKA
New York, Oct. 28.
The US economy moved strongly into the final two months of 1956. Helped by heavy consumer buying and
Statement
Paris, Oct. 28,
The Bank of France statement for the week ended Oct. 18, reads as follows:
holding Total gold Total other earrtantes
- Bight Balante abroad
In EPU........ Advance to Stabilisa-
tion Fund
franc 301,204,302.420 10010,304,349
13266,500,00
120,300,000,000
business spending for plant expansion and improvements, retal bilis discounted 1,046,208,771,425 business continues to move at a gait a bit more slowly than in
The Gozart will else set up mar- keling standards
1955. Kh the home and terengar trade it wid be counted when internationa) agreement are being sighed,
!!
il advise governament Denis
441 taxatie and taroy policies
The Board will be financed
and
life again with the 1957 models
Confidence is widespread,
About the only elements
the neighbourhood
vi
six
of million. Crowds
viewing
Bank pules In cir-
oulation Current accounts and
deposits
2,920,700.809,210
183,500,105,920 -United Press.
Steel oljad i Vigorous, with
corning! ortiers
. And no relik be in sight, ፕሮ to sie: linaiters, cording
the outro of the approaching the business in sules may have showin
pres.dential election new
and e- a chance to pick up 30 per cent pute industry
tionary pressures
the greater than In
Sajes year ago. economy,
now ale brisk, and dealers are reporting price firmness so far. The industry spent almost $1,000,000,000 for retooling this
found
doubt these days revolve around 1857 models are believing that The Bank Of England
1
by un inpost of up to tw which re new being shown all cent of the tab export price up to one per cent on cereals delivered as local mills.
|
over the country. And American retailers are looking ahead 10 washer peak Christmas cason. fake over and operate the huge
Thee!
Harkley- chain at silos,
Many expect an advance gromd chambers, bu3 Eng, etc. year of about 4.5 billion
Julis United Press.
Year
this
over
Tight Money
Thie motor industry
Koing a bit tough during the past year-particulely BU in
Statement
London, Oct. 28, The Bank of England state- ment for the week ended Oct. 24, reads as follows: Note m circulation Public deposits... Pivoto deposita
The question of light money,
the are plentiful. Hlatser interest rates and an al-
most irresistible inflation came:
the under
close scrutiny
ct the third quarter. Two of Government securities bankers Ameria's
at their America's giant Arms-Ford and Other securities convention in Los General Motors together in the Receipts Angles last week. Some 8,000 Brit albe months of this members ut the Anericon year showed a decline of US$44 Bunkers Ausgelation wore million strongly agreed that the No. 1 year. problem faring the nation today was Inflation,
New York Cotton Futures Lower
By WILLIAM T.
Cotton futures
PLUNKETT
New York, Oct. 28.
irregularly
Reserve System's policy drifted lower on a diminishing volume of business credit restraints, for the third week in a row.
of
in net
lucome
**Ratio
from
Berling 1.874,211,042
11.431,403 314,031,903 1284,420 £29
STOCK
EXCHANGE
(From Our Correspondent)
CLOSED HIGHER BUT IRREGULAR
By ELMER WALZER
New York, Oct. 28. Utility stocks closed higher by a few kong Block Exchange scents last week to feature an irregular,
Business done on the Hong-
morning amounted to proximately $300,000. Noon quathlens and the morning's
transaction:
Maler
Shater
BANKS
Buyer Sellers
!! Bank
INSURANCES
1015 1430
12... 102
Union
PER
3100
Lombard
SHIPPING
Wheelock
KALL
DOCKS, ENC
44
3 เอ
Dock
Provičens
**
LAND, ETC
HK Hotel.. HK Lond Humanres
15 10 10.20
041%
110
HUKBER
33,229,832 61.220.002 Amelu 10.3
100
1 70 28,030 vs 1.07% 20.000 1.57%
United Press.
Trum
1 mu
1.70 200 100
year-ago levels. Higher Costs U.S. RAW COTTON UTILITIES
and reduced sales кеге ad- vanced as the principal reasons The A, B. A. adoptesi a c for the full-off. Now the industry sulation endursing the Federoi with its inventory backlog of unsold ears at manageable levels The Asvela--is looking forward to a pro- Lun urged supplementary able your effort by banks generally vin n closer check on all loan appli-
Big Steel Company Furouters What the immediate credit needs of the notion were reporta
#
At Friday's close the list ruled 4 to 22 eations. The bankers heard as- points-20 cents to $1.10 a bale lower than
the preceding week.
A
gradually
Porst teni
ond
spot house selling
Bold
* may be anounced.
1
how
EXPORTS
New York, Oct. 28. Raw cotton exports by de sunation as reported in bales by The New York Cotton Exchaner for the 1950.57 season to Oel, 23 were as follows:
Oil
Industry
Britain
Carnings forthcoming
schedules
Continent
Orient Canada
Total for ANAPONY Same period last year* excluding Unters
131,750
400 100
30072 1 1 6214
Trans
23.10 231
300
Star Ferry Yaumall
193 408
C, Light (N) 25.80 24.40 Fleetrie Telephone
32
24.80
A1.
quiet stock market.
Last week it was the rails that managed to score a small gain with the others down. Rails behaved most poorly of the major groups last week. Industrial on Friday all but wiped out a loss of 5.04 points registered in the first four sessions of the week.
Early in the weck the market was influenced by approach election, the political coup Poland, riots in Hungary, a pro- A squeezo shown In the third quarter corporation reports, the tight money situation, and lower prices and a production cutback for copper.
There were Bome brilliant corporation reperts for the first nine months, and there were sume big dividend additions well as many stock dividends.
Steel Operations
Also favouring
1+B
the recovery
U.S. TRADE WITH
FAR EAST
Washington, Oct. 28.
The Commerce Depart. ment publication "Foreign Commerce Weekly" pre. dicted today that US trade with the Far East will continue
rise at least to through early 1957:
23 30 movement which got into action alowly late Thursday and gained
The Fur Eastern arça, 11 330 24.80 momentum on Friday, were pre
dictions of full steel operations reported, which takes about 13 5001 dnto the second hait of 1987, percent at US exports, and Bethlehem's $2 dividend, bring-supplies approximately 14 per. 1472418ing the year's dividends to $8.50 cent of ita imports, enjoyed a
a $22.5 high level of trade with ashare, a record high, a
per cent rise in auto cutput, another U.S. In the first part of 1950. gain in electricity output, high car loadings, and economists state- ments the full year 1957 would be at high production.
(0} IN
INDUSTRIALS
465,853
311 210
40,379
Cement Rupe
STORES, ETC.
100 30
1330
10.20 100 gr 15 13.10 13%
903.217
349,245
--United Press.
NAMESAKES
Answer:-1 Darlington,
2
bring me by current avaliable shortly and financial circles are bracing themselves for a poor credit.
showing sinckening was enteulated to represent the
Third quarter reports Some bankers prodlet
a con- volume of trule reflected the US. historical dres I
will probably reflect the loss of The
tinuing light money market
business stemming from world market the government the United States, envisioning a five-week steel strike early this the fuck of hedh factors in the news. having an immediate market 1102
4,033.660 bales.
the summer. The steel strike hit the belief let-up credit demand in bearing.
Experts thought the Shippers indientec
near future. Others held out the whole Industry,
punched holes hureign Myers have been try- heavy
Joan impoundings, ex-
that interest rates in earnings of railroads and up- ibility panding exports
ing to make additional substan- at their other
20-year highs --sct cui- recently cited bullish intueries: til turchases before any
of many other Fishplate, 3 Stockton, 4 Ballway, abother fur might be heading may have been diseiunted for
companies.
One good thing--115 Goods, 0 Rocket, 7 Steam, 8 the time belag.
Loan entries from this Under-Secretary of
rise. Mr W. Randolph Burgess, | helped cut down inventories of Locomotive, 9 Power, 10 Pres-
the 'Trea- | steel so that from here on Prop comuneneed to taper treur
sure, 11 Freight, 12 Engineer, 13 oft despite the heavier move-sury, defending the Govern-steel some mills are expected to Lines, 14 Tubes, 18 Colilery, 10 mudit of the trop, indicating ment's anti-infallon moves over operate at well over
100 per Newcastle. freer selling by producer while the past several months, insisted cent levels, with demand con- prices are still above the loan other countries had a big stake, tinuing heavy well over 1987.
figures ginning Larger received a two-way interpreta- tion, One vlew wng that they might suggest a higher goven- ment prop estimate in Novem thre eventualber, while the other versita was There might that the inervuse primarily re- broadening outlet | flected the fact that the cop mare
this year.
in the December delivery town to the 33% cont level the nearby month, New stop de liveries felt the weight of quidation through commission houses and other Interests while trade buyers paused for a new look at the plrture, Foreign politeni news cited
beller a development
result in
cotton cussion
price
In the U.S. efforts to deal with Companies so far reflect the big Inflation. He defends the policy inroads to be made. Youngstown Sheet and Tube, for example, of tight money credit brukes.
hud third quarter comings of Tough Going 90 cents a share, compared with $3.33 share a year ago. Cru- cible Steel's third quarter show- ed net of unly 28 cents a share soine against $1,52,
The motor industry is showing
Than optimism cartas ugo.
Satne
for some of our surplus cution. matured cartier
industry The pH industry. in sharp The question of how long the Actual ginning to Oct. 18 leaders are hopeful
that busi-contrast, is rolling up new pro- will continue istutalled 8,178,054 unles or fully ness next year could reach us fils, sales, and generaliy doing Loverrunen! export sales programine for row a million bales more than the high the record levels of better than expected, Gulf Oil also came by for dis- 7.168.157 boles reported to the 1955, when deliveries totalled Corp., for example, reported à Out of the original same trave let season. —United · noorly. 7.2 million cars, This 42 per cent gain over a year goal of 5,000,000 bales, which Press
yeur'a totai will probably be in earlier. Against this confidence. the stock market remains skittish and sluggish, despite some strong spots. This market corn over the Nov. 6 presidential
Meanwhile, Elaen hower's personal campaigning is belleved to have improved
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Indecision is attributed to con-
elections.
the position of the Republican
Party. The market will reflect this development, it's felt,
Import Duty
George Stephenson.
Dairy Watson
Exchange Rates
hit
tecis $872,000,000 demand.
were
tho
"In the first six months of this year US Imports from and exports to the Far East were about levels of the corresponding perfort of 1055," it said. "Exports Copper shares were hard
special category for a time but they showed excluding
werd strength ch Friday on the theory goods of $1,028,000,000,
cont from the first the current prices were in lineup 18 per
1955 of
and imports, with the true market and would half
some
11 Steels
up
per attract
cent. came back on the industry pre- done in Was
the legal dotions. Olls, which consistently
overall trade "Moreover, the market
showed higher nine-month earn- level was
of well above that 4.16ings, were among the better per- the cond half of 1955, it felt 10.33
formers late in the week,
n very good pertod and slightly above tho preceding ex 18.40;
Indications were that the steel 27 J
months." soon asic for 1.80 companies will
Railroads higher steel are seeking higher freight rates and it was reported they may make still another request additional advances.
Busines whef Brial exchange morning at the following later: US. dolin (per 1} Sterling notes (por" æÏ) Australian notes (per £1) Indonesian rupish per 100). Slam tical (per 100) Singapore (Stralis)
1
U.S. To Help Develop
Australian Land
By VERNON BAKER
San Francisco, Oct. 28.
A US syndicate and the Western Australia government have reached final agreement on a plan to develop 1,500,000 acres near Esperance, Australia into agricultural lands, Lionel F. Kelly, Minister for Mines, Industry, Fisheries and Tourists said today.
for
The survey said that Japan continues prices.
as the U.S. major trading partner in the Far East with exports to and Improls from Inpor Increasing by and $75,000,000 re- $69,000,000
frat half of companies pectively, in the issued reports
their for
the corresponding third 1956 quarter dividends. They were period of 1955. even poorer than has been anti- elpated.
The
automoblie
The motors turned down for o lime but came on Friday. General Motors and Chrysler each gained on the the minimum fraction
werk.
Industrial Average
Among the wide American Hawaiian
over
Sommons Saw 31⁄2, and Schwring, manganese gates. Comp., 3%.
Kelly, a member of the Western Australia legislative assembly, made the announcement at Manufacturing the conclusion of a three-month tour of the United States, during which time Mr Kelly conferred with various Industries in the US and Canada interested in locating in Australia.
At the close on Friday, the in- dustrial average stood at 480.00, off 0.05 on the week, ralla 100.10
last
to the U.S.
in
SECOND PARTNER
On the other hand, it said, the second tradit partner, the Republic of Philippines early his your had Increased importa from other countries. It said, however, the value of goods supplied to the
U.9. by
the Philippines rose in the first half of this year over the 1955 level. The third-ranking trade gainers; partner. India, showed about a
lærease over Steamship 25 percent closed the week with an advance year in imperts from the US, it of 7. Barber Of 41/3. Joy told, but exports
47. Norwich have fallen as a result of lower
prices and declines Pharmacal 3%. J. C. Penny ten
US
tales to
Far Eastern Collocrete is made in Hongkong under
countries other than the three leading partners increased licence to British Standard Specifica-
by large A presidentini victory by
particularly, bolstered tion. It is composed of wood wool | Eisenhower is generally viewed
shipments to Paldstan, Vietnam, as bullish,
"The articles of the land His major purpose, he said, off 2.19, and utilities: 80,11 up Cambodia, Laos and Indonesia; sales to Molaya. Hongkong and and cement chemically mixed in a On the trade front. The Tariff settlement programme are being was to obtain information as to 0.20.
Korea also increased over the Commission recommended to
Mr how the oil industry operated in
A total of 1,374 issues was f 1995
U.S. levels, it said, continuous mechanical process. It is President Elsenhower
on Wed-drawn up at this time,"
But he sold Kelly said. "The Western Aus- the United States.
with 095 of the lower, purchases were also at higer nesday that duties on import {tralia Governhient has agreed to he was also able to obtain "ex-traded
400 higher, and 183 unchanged, flevels from most of the Far extremely lightweight in comparison cotton velveteen fabrica be
the plan"
pression of Intentions" by var- sharply increased.
The land settlement plan is a lous US. firms to investigate the Forty-one stocks set new highs Eastern countries, other than the the lowr.United three leading partners," new with
volume: highly fire-resistant: The Commission reported un- scheme to settle the southern possibility of investing
In Aus- And
report sald.-United Press. animously that such fabrics are part of Western Australia by trolla's industry. heat.
o cold. and damp resistant; being Imported "in such in dividing the 1,500,000 acres into Although he would name
creased quantities as "to cause farms ranging from 2,500 to specifie company. Mr Kelly sald unattractive to termites, vermin, serious injury to the domestic 20,000 acres. The land, Mr Kelly that among the industries In
Industry.
in Western Austraila said, would be first used for pas-terested fungi: sound absorbent; an ideal The report said that plain-ture for grazing beef and sheep. were the iron ore and steel in-
back velveteens are now sub-
dustry who. "are closely watch- acoustic material; easily handled; Ject to an import duty of 25 per
Several Firms
ing the development in Western cent of the value. The duty on
Australia, the fire Industry who saves materially such as steel, twill-back velveteens is 23 per The settlement plan is being sill be Investing before very cent a square yard but not less advanced by a group known as long the possibilities in Western concrete, wood, etc.. substantially than 221⁄2 cent or more than 30 the Chase Syndicate, headed by Australia, and a new adhesive
per cent at valorem,
Alien Chase of Los Angels. The industry connected with the con-" reduces labour costs, and cuts build- The comandaslon, with one syndicate includes several large struction Industry.
dissent, recommended that the US. arms but Mr Kelly declined "It has also been possible lo ing costs in half.
duties be incrossed to 40% per to name them. cent of the value on plain-back "The and to 30% per cent on twill back.
American producers halled The Commission's findings. The finding, directed mainly at Japan and Italian Imports, were made after hearings under the "escape
agreements. A
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How
tralian Government made to the one
140
Press.
PO
R.M.S. "CARTHAGE"
principles have been get my government to agree to
guarantee to one company In agreed upon the details have ferested in the possibilities of SAILS: been agreed upon," Mr Kelly tuna faiting, a year's expenses," said. "All that remains is for the Mr Kelly Bak legislature of the Western Aust Mr Kelly sold the company, tralian Government to ratify the which he would hot name.but agreement.”
which was believed to be The major concession the Aur-Western Australia waters for BAGGAG
year, would bring Its syndicate, Mr. Kelly aid, was to catch back to the United States agree to sell the land to the "If they find fishing prontable Less Than Expected organisation for 80 cents: An it may mean that they will come
acy od land," Mr Kelly to Western Airaila
Almiralls to open a Imports of velveteens, on, the other hand, were strongly cri- saldo:"We have governament
Possible Embargoes tical of the masgested tarin boows, Kartal, addacent to it on which with adme fearing that foreign YOU CAN: STOW anything f velveteen might be; prices out cereals to pastura framk
Mr. Kelly' said that Chand and Mr Kelly maid he fuch cons of the American; market, if the boost anally popproved by Uhren, other): stucativesny would terred wiis various meinbers of President Burenhower some leave the United Bister for Alan the UB. government regarding were appetal that the President inatia on Novembeed to pur: the possible embargoes on foreign naimo erectangular plan pada warshea tune and was of nano would waisthe recorreram
Regarding the rest of the trip opinion after the conference that accomplished at Kelly, walthe any embargo would be directed lösze at eriantai proditacie, eather, then Delt fibers he been fament
ruel turm eximed Bint Stetralia,
MiMr Kelly leaves for. Australia this week. He will travel by boat United Press!
ole Thomson Vice
of Crompton – Richmond
thescribed the
Blekings- tai a'comp
NOTICE TO PASSENGERS
Thursday, 1st November,. at 12.00 Noon" for the UNITED KINGDOM, via Singapore, Penang, Colombo, Aden and Port Said,
Passengers are requested to send-ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No, 2 GATE, CANTON ROAD ENTRANCE, By Noon on Wednesday, 31st October.
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through. the Wharf Co.'s Godown for, loading on board by ship's sling only. Passengers should embark between 9.80 and 11.00, a.m. on Thursday, November, 1956.
EMBARKATION:
Subject to Alteration with or without notica.