TRADE
THE CHINA MAIL, MONDAY, NOVEMBER 19, 1956..
anch
COMMERCE
SECTION
Page
New Production Record In WORLD FREIGHT RATES
United States
OUTPOURING OF GOODS MOUNTING STEADILY
By JOHN MORKA
New York, Nov. 18.
America's overall production pushed to the new record yearly rate of nearly US$414 billion in the three months of July, August and September, according to the Commerce Department.
SUGAR
SOAR IN
HONGKONG NY COTTON PRICES TRAMP MARKET
STOCK MARKET EXCHANGE
REVIEW
By LAURENCE MEREDITH
London, Nov. 18. World
prices Bugar overnight staged tho sharpest upward move. ment seen for many years past and the price on the London market rose two in shillings threepence per
(From Our Correspondent) By WILLIAM T. PLUNKETT
Business done on the Hong- Stock Exchange this kong morning amounted to approxim- ately $700,000., Noon quotations and the morning's transactions:
Buyers Nelers Baira
13 1570 10 15:0
Bes
ANKS
HK bank
Pani Anla INSURANCE Union
This was a rise of $5.5 billion over the previous three PPING months and $17 billion over the rate during the corresponding portion of 1955.
However,
than
to price
netta:
Government
-
such
(11
1070
342
471
wheelock.
Bonu
41.4% 600 7500 g 0,G 020 1,20
240 0.10
11.20
123 20
OCKS, ETC.
K. Whart
Da
42', ***, 1200 44
123 445 400 as 44!5
1320 134K
34 SMT
23
200 15 151
400 401
1910
1.71
140
Heavy D $3 in the rediscount rate. Constamer pending tuse perty fund this your's July- bulion during the July-Septem-fan demands continued to put
the | be to to an annual rate pressure un supply despite September bauet was malise than
Prevalent gala Government's credit brukes. The big rather KAPUSO
$267 Lal.kom.
his LAND, KIN President Essenower proturfrom 10. was in "hard" goods for
has week! K Hotel press conference
HK and item as too and clothing.
Shot Landi Beld. served to spotlight attention the construelto This emptasted sharply with
the wuge-price | Hunyilaevs inflation last year
whan
new office beklee. Man
RUBBELL "Kross nation
cheapen Anale prodo the flutes, warehouses and klore, sulrad in the United States which Healty
He urged business- the money.
મેળામાં mutput of all goods and service has sowed suve midyear Hamdiented acts
Le belt clos Tasko Noved 530 buking
stuballe to help
DTILITOS prices
Tath ezt ter
wri men inter which ballons during the your mod y
.which he said have advanced by dan to my case produc! am with under that of 1035
29 per cent in the 1304 tenir httle inflation.
121
tire
Mounting
Sandled erection
The $413.4 bilm national prodhuet e tire for July- September
tut the actual output during lose months but the annual talen of pro-
total! In other words
wird
himount
duction production Mint much it continued
{
W
and
But economista
XU
40
1 1 425 20 0+3
180
2001 PI
of 23 points in the spul price
of
been
By LAURENCE MEREDITH
London, Nov, 18. Closure of the Suez Canal and the general Middle East crisis has sent freight rates in the tramp shipping charter market soaring to heights which have not been seen since the days of the Korean war.
New York, Nov. 18. Mid-week strength cotton futures boosted the hundredweigh,
Requisitioning of tonnage by the British and seasonal
French governments has left a dearth of shipping market to new
This in probably 1 record highs in one of the business jump excluding the
period of in the Trans-Atlantic trades and also in some periods of the year.
government control.
The rise other departments and this has resulted in other The bullish demonstration, brings it to 3.53 U. S. cents flag owners asking-and getting-higher rates. centred mainly in the how grop the highest level since 1953,
gains extending when the British Government' The requisitioning came, au, a months, with
time it the year which is the up to $3 a bale, was chilled lat purchase of 1,000,000 tons in the week by the unexpected Cuba's brought a very sharp Meille of the winter build-up Atrike
when freight rates normally go from what hid workers along | advance of dock the cast and Gulf const ports the lowest sugar price level for higher and the market is th
however, At Friday's close,
No Liberty Empire-type a number of years.
Although the 1st II showed net gains
the demand for hips are now on offer in the to second hand ship sale market, sugar showed little response of 13 to 43 points-03 cents to
of th indicative LA internation! $2.15 a bale.
the
at which Alluation
Lightness เป The shipping fret it has gathered momentuin
and position. Technical realising also acted during the
past week, to shave the extreme gains, and extending into next year, The One Continental owner offered cartier buyers paused in debate firmos undoubtedly reflects the last week £100,000 for a Liberty
duration the possible
of the
demy сотест felt throughout; vessel but withdrew from the the world over the situation is Į market, A waterfront Babour tje-up).
walicut, traders the Middle East, might force
prolonged
reasoned,
market to
2240 22 00
Yaumati
102
1100 102
↑ Light
21.00
expert
C Light (NI
Becirle
23 24
2013 20 100023 20
the absorb an Increased nmount of hedging against any secumulation of mw collor, al the ports.
al
303 304 3023
Macao F Telephone
15
Agriculture Secretory Benson indicated the Adminis trotlon's forin programme 2010 the next Congress will be con-
72221907 fined chiefly
proposals for 002310
making surplus sules Casier,
Mr
37 37
J
141 14 BO
1750
SY REMONT
13.30
300
147 13.40
Textile
(XYPTON
403
Nanyang
7
INVESTMENTS Yonge
0
. א
for
INDUSTRIALS
then
Reze
Dowever, an overalt $2 billing year's se in the amna, rate of lixed lavestiments in the third quarter Inbservers were not so sure that In the came malely from business and the upwort price spiral
without industry where Je.ord outlay 05 can be entened
fac-adh'ional controis, especially in were made ter equip now
of momimng demanet tories with machine tool and jytew other production equipment.
The Late chun ged Ty Experts believe some of
Federal Reserve to heaviest price rises are
: 110 competition banks on louns The Barce
new time is made, it suche It A
i would
be the third this year. Some experts are now predie!
the rediscount rate Is that might be bented before the year is out
The unpret
11
Huusteses
to rin to 12 between months at the July-September cupslag equipment. rute,
The outpouring of goods and
services has, however,
mounting sheadily
years now and apparently Continue
la ris barkin
sudden reonomie sellinek.
here!
Defence
เฮ!
member STORES, ETC
3 Dr Dairy
rediscount
907710 The spending pace of Federal,
wil stute and local Rovertiments increase would be felt all down
$1.5 billion
Interes! rates would! Business and je pre more consumer credit would become more costly and tougher to get No Hint
Tx
e.imbed about the July-September qaurier yan anual rate of $80
of th About $1 billion
In traceable to Fisery
In the ne
billion
was tatiotat
rest
Ilest figure or $413.8 billion [ ի է՝
$360.7 Khov
balion production logged for 1054.
de lunes spending and the
The new production high way!to higher outlays by stale and due largely to heavy consumer local governments. The report
pansion
***
spending, record business.
big outings by Federal, inte and local govern- meris.
September quarter
Personed savings WITH
mine!
at the annual cale
of
sald,
#2
London Foreign Exchange
Closing
same
were: At the
time, higher
New York. well force Monirent Interest rate might many corporations to xalone Amsterdam
ailer downward
proposed! Brussels
Frankfurt Milan
So ta
Business and industry slowed, an
before The
e
London. Nov. 18. roles
Catt Saturday
2.7816-2.703 2.00-1,60
10.001-10.007,
13950-130.55
11 703-61.71
1704-1755 -United Press
Exchange Rates
Tusiness
Was daro
the
this
640
Indimentum rupiah Iper 1001
Sterling notes iper £1.... Australian notes per £1)
16.08
11.00
10.70
(Slam Deaf (për 100)
Singapore (Štraits) ..
27.00
1.00
ils inventory buying in the Third (expansion plans.
Fetteral Reserve quarter.
Part of this was due to the hasn't given any hint about what i Income of all American misal
in dealing hit a new high for the July-vel strike, the report said. But netim it will take
Alowed-down buying f with the low but creeping in- It reached be
a numberflationary buildup. Its actions are, locks was noted in the annual rate of $327 bilion of industries not directly affect- always shrouded in secrecy but a time of $12.4 billion from Che-ed by the strike, as well as in experis are generally agreed that
satkel exchange dealers Automobile
'the rate at the end of 1955.
will certainly agency
not morning at the following rates:- est-tailing
to the decline | lumen its hold and is particular-US dollar (per $1 also contributed by selling off their heavy 1956 y aux bus to curb wit is felt 1057 to be an iflationary tendency, the model came out according to The Reserve feels such opera- be handled best first quarter of the year and the report issued by the Com- tions should une of the highest rates ever. meire Department.
Through bond offerings, but some commes find the bond financing The gures were contained in; Last week. the Commmer
market too expensive these days. The Reserve
bunk feels that
short- loans should cover only term operations such as inven- rather than fong- buying term programmes.
So far
521.4 billion in the third quar- 1-up $2.8 bition from
"Survey
of Current
for November,
bu-inessmen Department's the United States were cautious
Business" over the Ingher
and the possible
interest rates new increase
WALL STREET
ENDS LOWER
By ELMER WALZER
New York, Nov. 18.
Stocks moved through a wide are in the past week and finished moderately lower.
Trading fell from the previous week with the dealings small late in the week as the financial district awaited further Middle East develop ments.
The Middle-East marked the path of the market all week,
some eskİON:
tory
to
the Federal Reserve Bank is not putting any now money in the hands of its mem- ber banks, and will probably continue to put pressure on all types of loans for months
according 10 experts. Meanwhile. business Joan's of banks continue to edge higher. In New York City, major in- stitutions show loan advance totalling more than $11 billion so far this year, a $1.8 billion
come,
advance over the year-ngo rate. Tight Money
was
The question of fight money the No. 1 and inflation
considered problem which US business and oi Sen Island, Georgin, last week. These
NAMESAKES
Answers: - 1
Dramatic,
Mikado, 3 Savoy, 4 Qllbert, Playbili, 6 Producer, 7 Sullivan, 8 Opera, 9 Theatre, 10 Manage
D'Oyly Carte (the theatrical manager).
1.
GROWING BELIEF
Anollier
C
Paride
EUROPEAN COMMON MARKET
Geneva, Nov. 18,
The 35 countries of the Agreement on The last rate for this General type of vessel was £620,000 | Tariffs and Trade (GATT). held a long and rather New Record
worried discussion this past the tiates in
const week on the proposed Euro- grain tendes are now 12 shillingspean "common market." to 15 shillings below the Korean ponks and in the Transatlantic trade they are only 12 conf shlilings below. A new record bus nirendy been reached in the grain traffic from Western Aus- tralia to the Continent.
The
farm chief indicuted he probably will recommend that President Eisenhower ask Con- press to:
past Reduce the price floor under domestic sales of government-owned commodities; 2. Extend the foreign currenty sujex programine and allow stock to be sold through
inore 11.
The Census Bureau reported domestic consumption of raw cotton in October announted to 732,319 running bales compared 736,860 bules used in with October last year.
Daily rate of use last month was 30,616 against 32,887 boles
tons.
Wis
A
of Jestime
the closed merving released today indicated that non-Europenn, and parti- cularly non-industrial countries
were
the.
DANGEROUS
in September and 36,843 bales ference are finally adopted. any go vin Cape of Good Hortalia, Denmark, among others,
in October last year.-United + press
the
Model thene was Et digenous possibility that the new market might become preferential
non-members trade,
and
111 addition to the Effect of the international situation, how-
the growing суст,
belief that there will be a statistical also had a powerful effect in balance in sugar next year has also had
effect powerful raising
the the price of
afraid they might get hurt when the new organisation effect in raising the price of the commodity into a higher price
go into action. to the previous week the rate
common-maiset plan stratum.
contribution to the for grain shilprente for Gulf was introduced by Belgium's
Pierre A rise were reports that Germany to UK had been established Ambassador
117 shillings. Owners this
All the nuIŠTOUS Forthornme. was asking for tenders for the
wwwk
obtained balance of her trade agreement
137 speakers praised the baste idea Rates from sugar with Cubn.
per ton. This tender stillings
and hoped it would succeed, but the Pacific coast for grain even many wamed of pitfalle, would amount to about 250,000
rose last woek over the Korean Czechoslovakia, the only East War prices when 100 shitings a European member of GATT. The sugar trade here said
from Briush said the common market might pald that if the crisis continues for any lengthy period the statistical Columbia to U. K, ports. This turn inte "just another Bloc" shillings above the and aggravate rather than re- position could be thrown out of was 244
solve the growing imbalience of balance by increased offlake Korean War level. throughout the world,
In Far East freiplit rates, 100 world trade of which existing
four- Discussing the possible future shiftings per ton was paid in blocs trendy monopolise
Paris
for 5,000 tons of man- Czarnikow, Κ trend of prices C. C Lid.. the
ore from Marmagon to sugar dealers, said ganese
or review Calais-Boulome
Dunkirk, today in their weekly
of that it must be borne in mind This was at the basis
vla Delegates from Cuba, Japan, that if the proposals set out at
the Suez Canal with owners' Pakistan, India, Chile, Aus- the United Nations'
sugar con
con option at 33 shillings additional
auch advance from the "floop" In
indian
trade ore level of prices as buve occurred owners are asking 220 shillings during the pat week would be la 230 shillings per ton for ship-rrea" scriminating against followed by a corrective in the ment via the Cape for Con- form of an increase in quolas, tinent compared with business
recorded for This, of course, provided they last
through- were standing bolow the basic Suez voyage of 130 shillings
Presence Felt figure of the intial quota if that were larger.
But the fact that discussion What may well contribute to In the coal trade the rate of the proposal is still in the continued
the fact that the end of last week was rise 19 where buying, as it is
stage New York, Nov. 18.
al the
preliminary shlilings for a single voyage government has yet taken Raw ration exports by de moment, is dictated by interna- which
eight arm stand on it, made GATT stination as reported in bales by tiomal political considerations, shillings on the previous week the New York Cotton Exchange the need rather than the price and not far off the Korean War discussion also a tentative and for the 1958-37 season to Nov. | level will be the detorminant.
peak of 103 shilings,
"The plenary were as follows:
session" ended Thus has
felt formally taking note of the plans and of the planners" Czarnikow sald there was no throughout the world, Freight assurance that their oventunk
moment of any rates are expected to inove still treaty
bo submitted to Interest of
and higher and the worst period is GATT before goes to parlin- 442,447 | buyers should find dis-expected to be within the nextments for ratification,
couragement from the rise,
few weeks.
It will be several authorising GATT'S inter- Refined sugar has played an months before the Suez Canal sessional committee to keep in Important part in the week's can be opened again and even close touch with developments business, British refiners having longer before the requisitioned and report to GATT: twelfth placed substantial qualities to shipping is returned to owners. zession next autumn,-Unitodi continental buyers for shipment United Press.
Presh. up to June whilst both Cuban and Dominican reßned found its way to Europe.
British granulated sugar for export also advanced
unced overnight with standard granulated in two owt bags quoted around 43 shillings three pence for Nov-March, 42 shillings sixpence for may, and 42 shillings nine- pence for June per ewi F.A.S. London/Liverpool, according to quentity-United Press.
U.S. RAW COTTON
13
Britain
2 Continent
5 Orient
Canada
EXPORTS
Total for season*
same period last years,
excluding inter
211,008
NO SIGN
194,130
172,750
100 to sign at the 1.637332 slackening
-United Prows
New York Cotton
Goods Buyers Bide Time
government experts
Cotton at a major conference experts backed the government's maintained
the of
New York, Nov. 18. goods buyers last week
the wait-and-see
policy
10%
The Bank Of France Statement
Parls, Nov. 18.
.י
спе
Total gold
| Total other currenclen
The Bank of France statement for the week ended Nov. 1, reads as follows:
Frano holdings 301,994,302,420 10,612,635.521
01.236,400,000
Rabirend lerves on average had cast higher micrest rate and rise adopted almost two months ago, being range of more than three points in the rediscount rato. At a meet- unaffected by the rise in raw cotton to
156.01 off 0.71mg
Commerce Depart- It rose on what was con- and closed at strued favourably, and fell again point, Utilities finished the week ment's business advisory council, seasonal highs and rising foreign political
65 Under-Socretary of the Treasury when there was the least change at 80.81 uff 0.27, and the
Mr W. Randolph Burgess, deve-stocks were at 170.24 of 1.27,
sid tension. In the trend of Eastern
Sales for the week totalled tight. money has had a whole- lopments.
10,643,070 shares, a daily over-come effect on the US economy, Business in certain drilshed the demand. Millmen confidently
shares. Even though good news pre-age of 2,000,734
This and argued in favour of .con- fabries, particularly cotton wark, maintained the prices sei some valled in
9,140,350 or tinued restraints. the compared with
numbers developti sporadically, weeks ago, claiming that market tended down as tax sell-daily average for four days of Much importance was attached but interest in other apparel good buying flurry will clean sight balance abroad ing increased. Many traders are 2,280,030 shares.
predicting a tighter and wide Industrial by thore
fabrics up the second-hand offerings in for Sleeks, ols, sugars, conis,, eredit outlook from the pre-drogred, arxt frequently came to quick thoe,” Most conßäence | Advance to Biabilis.. clearing up their accounts the year end and dumping what shipbuildings, and specials made sence of Dr. Arthur Burns, a complete standstill.
was expressed by mifis resting Total bills die 133,300,000,000 they consider poor investment or wide gains on the week. Metals Chairman of the President's Most mentioned excuso for on a comfortable order backlog bank notes in. cir.
culation speculative materials. The result were down. Selected alrerafis Council of Economic Advisers, continued lull was the unseason for the rest of the year, and in
and chemiento also reacted. Just resigned, and Secretary of able warm weather in some some cases well into the Arst Current accounts and is a drag on the market.
News late in the week was Luken Steel the week's star Commerce Mr Sinclair Weeks sections of the country. Plus the quarter of 1997,
Both of these administration fact that a mumber of buyers seen as not unfavourable in the rose 3434 points, Suoz area. However, Wall Street looked for a long period of un-11
· Klean There ...
deposita
1,305,503,784,612
163,104,239,785
United Press
Statement
was 筵
risc or
BB
the Middle East crisis minde its
presence
A NEW
overal wurned of a tendency "industrial for the six-country area" to maintain its protective tarifs against agricultural pro- duets from outside,
inconclusive one.
will
and по
COMPANY?
From the word "GO".
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In the oils gains ranging to lenders were strongly erifiend of still are occupied with digesting Do In cotton yarns, notivity was
połnie wern
Half the large cuphages acoli spotty as buyers shopped around The Bank Of England Call in at any time got by the rise in the rediscount Seaboard, Skelly, last spring. Last week, however, ated
late September, for counts available for nearby, certainty and wasn't too eager Amernda.
The Continental, ard Sheli. to jump into the market.
they sat silently while others Just
Most knitting counte before prices were delivery Bethlehem rose 0%
to in the argued in favour of the anti raised. experts continued to gredletn
meet theitt were said to be booked fairly decline this month on tax sell-steels. Sugars had gains ranging Infintionary credit brakes.
creased wage rates granted to sold to Into fourth quarter, but Well Into 1937,
mill workers, Failure of a post-weaving types were said to be a ing and a December rise in line to 5% in Americany...
London, Nov. 18, the motals: Reynolds,
aclive! the Suez. with the usual tradition.
vection buying furry to materis fleess
Two Bank of Enginn slate- Alumlikum Limited and Alco
allso was another disappointment blockade, and Middle East dayo Bome observais attributed, this so some observers. last more than 4 points each:
lopments imparted renewed ment for the week endod. Nov, Miami Copper rose moro, than 3. charge oftude to the intent
trougth to hard fibres Buring, 14, roads a follower Du Pont lost 8% in the high level of; deontmile activity Resale Offerings Juto misal, hemp and henequen Nose in oleculation,
anch confidence that this tincid
all showed odváneos,
Public deposita. chemicals.
Private" depbaitir Of the 1,380 Issto traded 497 | netivity will carry over well into it an area of more than 12
Medrolle, relato, offerings of in ravone, activity dry the trey Government polne bolween the extreme high advanoed, 710 doufined, and 167 1967.Latest government. fiftiros and tho extreme Lewd cloped host unchanged. There were 70 pope ton beak out ine fondées bould print choua Varms febrier at goods market comind relatives C the week at 480.67. oft -4.68 | new highs sot and 194,new hopes of America prognostiene
Jows-United Press,
LoorwiUnited · pobia
Utilities Off
The industrial average moved
oved
ander the milk|ly ight whih, some nylons goode | iG
in limbik aizpplyUnited Frew.
guarding 13.001.600.177.
Morning Post Building Printing Dept.
Wyndham Street,