THE CHINA -MAIL, MONDAY, DECEMBER 17, 1956.
TRADE Arch COMMERCE
US Mobilise Forces To Aid
US COTTON GOODS MARKET REVIEW
New York, Dec. 16. Cotton goods sellers re- ported another week
discouragingly slow
ness-the eleventh
row.
of
busi-
in
J
Few chorivers saw pridjuntaons.
Gf B curly break-up
business stalement
in the before the
bolkday# and the
Inventory-taking perjon
More hopeful observers
counted on the usual
January
pick-up. bul others remained
uncertain until they have
Europe
OIL COMPANIES HASTEN
TO SUPPLEMENT
WEST'S OIL SUPPLIES
By JOHN MORKA
New York, Dec. 16. The US last week began mobilising its forces to feed oil to Western Europe.
WEEKLY COTTON MARKET REVIEW
WILLIAM T. PLUNKETT
SECTION
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hang- kon Etock Exchange this inoming amourted to ARTCO- ximately $270,000. Noon queta- Lions and the morning's trans
Ections:
Shares
New York, Dec. 16. Cotton futures drifted irregularly lower last week | BANKS in one of the quietest | HKC Bank trading periods of the font Atta
your.
lial At Friday's
close the ruled of 86 to
points. up 0 Aller
prices starl, a slower rallied briskly in mid-week, strength in the influenced by
December delivery, news of a sharp boost in soil bank payments to be mada 10 producers next year.
The official "green light" on the oil-for-Europe pro- gramme touched off a burst of activity unseen in US petroleum expired circles since the fifteen-company emergency committee (MEEC) chance to gauge extent of con- aimed at supplying Europe with Suez-crisis oil was put into mothballs when British and French forces moved into Egypt.
sumer Christmas buying.
Holiday apparel buying has been devloped on The scale Anticipated earlier Only RAL
extraordinary pickup in boyita! during the on-coming week could
present
psy- change chology, it
Unleas was fell that happens in January my witness o rush of markdown
This in 'n could con with the customarY January "white gooch“ sales-- historically
Ag
ม
event in textiles,
for
Promotion
MILD WEATHER
Marke analysis, searching
explanation an prolonged Gullness
the
for the concluded business slow-down,
among other
things, reflected:
1. Unseasonably mild
weather
and the resultant disruption wi retail merchandising
Completion
imports of
with
“
apparel and piece goods; 3. Tight money policy with
the resultant cautious inventory accumulations; & ง Uncertainty over future govern- might cotton polley with a posibility that price supports for ruw colton may be lowered next year.
these
develop-
Likal
There were merta last week:
I Growing condence Western Hemisphere would be uble Happily Europe
cent in France, it adds. "the market for new American cars has practically disappeared.”
were able to step the flow of ail from an insignificam trickle fo about 490,000 barrals a day. If the US goud teño be obtained,
Elsewhere with it will take the greatest kind of co-operation in routining tankers. Without this kind of po-opera- the possible long-range target calling for about 1,000,000 barrels day inight be seriously hampered.
About 500,000 barrels of oil a day in shout one month. Over The month of November, acting | tion, mally [ll on their own, the 15 companies
Singapore Stock Market|
Singapore, Doc. 17. Brokers today quoled the fol lowing stek priceat
Opening 12 t Lang Hubber Co. Ltd. KI 77 Brillah
Borneo Petroleum Syndere
40/08 Cundated Tit Smelier
Ord. Fraser & Neave Lid. Ord. Fraser & Nenve Lid 11st
pref cum
Z/OJ
$2 25
SH.00
Gammiona Modny) Ltd 11hung & Shanghat Bank-
$2.00
$310
Hongkong Tin Lid
4/
Kompas Ltd.
Lands Rubber Estates LAGI.
Malayan Breweries
Now Serandah Rubber
Ded
Co
ing Corp.
Petra Tin L. Roffe Hote balance.
In grey goods, lower-priced resule offerings kept the print cloth market Off Second-han
offerings average make 80-sguṇres moved at 18% cents, or about ly to
oent under the mill level.
Crude Production
attributed
if
2 US crude production hit an all-time record. terenaing last 220,000 burrds week by bot daily to n new peak of 7,853,000 barrels a day. The boost was to the sharp pickup in demand trom an oll-hungry Europe
blocked now
from Middle East
Experts sources, would like to see a boost in the production igurt
about by 400,000 barrels daily Europe's requirements are to be
Key to Inel
any production expansion, Js,
of ecurse, the plate of Texas, biggest producRY, But so for the oil industry has $2.20
been somewhat cauilous about 0.82
increasing allowable production: 12.07-
right now crude oil stocks are $2,10 high, and exceeding the levels $3,00
a
about yeur ago by
50 $2.33 of
million barrels. The
Independent Petroleum Association of America warned last week that 120.00 the problem of supplying oll add to US to Europe could stocks of gasoline, described as "for above excessive and waste- Tui levels," The Association insists US cil to Europe should be taken from nbove-ground Mocks.
Dn
BINETS Gold Borage Booth British Insurance Cu
LIG.
$13
While Brst hands still hoid a good unfiled order position, falt accumulation of sputs was reported. On forward positions,
Straits Trading
Strafts Stearnskip
United Engineer Ord Wearne Bros.
exday Cluna Mast Special
$32.00
$10.00 $0.00
12 07
brokers said it is not clear what The Bank Of England
the mills will do Minst ef Bhem said there is nu sence in queling anything but present prices until : "mutket sentimen: swings the other way
i
In eo yarus, weavers and kaltters curtailed advance buy- whide watching holiday retad activity in rayon grey reported
goods, prices
Ann. One large weaver will
down
yaru Christma9
close
Ma spin fabrics for entire weelt.-United Press.
Statement
London, Dec. 18. The Bank of England state- ment for the week ended Dec. 12, rends as follows:
Nuten la creulation Puble deposita Private depon
Government sumrities
Other secubitke, Iteceipts Relio
Moderate
On Wall
Sterling 1.078,231,720 17,371,228 202,354,977
--Uniter
231,151.UZU
28,210,020
51 079,009
17.0
Press
Decline
Wall Street
By ELMER WALZER
New York, Dec. 16.
Stocks retraded 30 per cent of their sharp rise of Nov 29-Dec. 7 in the first three sessions last week and then met selective support.
sqveral specialtics.
09
well
13
moderate
The oil-lo-Europe programme, in cddition to possibly belog hampered by tanker shortages, facilities, adequate pipeline might also find self faced with abertages of steel, in the event new storage facilities or pipe- lines are deemed essential. Aid For Europe
week by
Financial circles Jast were considerably reassured
United States, efforts of the
Great Britain and France to patch up their political differ- ences vis-avis the Suez Canal via economic approaches, International Monetary Fund credit of 1,300 million dollars to Great Britain along with re-
The
ports of a father loan ranging to about 300 million 10 1,000
of
million dollars from the Export import Bank, were generally hailed as new assurances that the British had no intention devaluating the pound.
The question of another round of economic aid along the lines Play-appears 10
Subsequently, the market Kround again under technical renäising, based partly
Have
Buyers Ballers Sales
1075
·Page
HUNGARIAN REVOLT UPSETS RED ECONOMY
By IVAN' ZVERINA
New York, Dec. 16
The Hungarian revolt and the victory of national communism in Poland have seriously affected the closely knit economy of Communist Eastern Europe, including Russia, economic experts here said today.
The complote standstill of During the last eight years production in Hungary and the Russia had taken 80 per cent liberalisation
Poland's of the total outper of Polish economy through concessions shipyards and 95 per cent of all gained from Moscow by Polish Pollab-built ships of 3,009 tonr Communist party leader Vlady- and none.
The total Polish- sław Gomulka are having built
formago dellvered serious impoel on satellite pro-Russia in the years 1949 through duction plans and
1958 was 375,000 tons. delivery
At the quotas worked out carefully at some time tonnage of the Po- the beginning of this year, these|High anexoheat marine romained exports said.
unchanged all these years. In faut, it dropped
from 882,000 The economic picture l so tone in 1951 do 381,000 in 1955, 1.375 critica that
emergency these experts said. meeting of the East European Council for zotzai economic
SHIPPING Wheelocks
101
(N
0.84 710 3000 / 1.35
1900 7 6:30 $5,00 JUDO ** 0.53 500 1.00
DOCKS ETC
K. What Dock
Provident
00 4412
13
00033.00
02 13.00
LAND, ETC
IK Hotel
HK Land Realty RUBBER
14.70
BOL
10 100
1490 2000 9 14.00
1.40 10,000
Amalg
I no 143
Tram
2320 23,40
1000-423.30
Yourati
101
140 103
C. Lachi (0) 23.08 13.DO
Electric
31.70
112
180102 300 as 13.00 100 m 32
Macao E
2.10
Telephone
(0)
241, 2470
1300 m 241⁄2
500 24.50 200 24.30
23.09 21.70
8812
1055 à 23.0
13.00
15.10 10.40
7.50
on the idea that the soll bank | UTULITIES rally
too was
rapid. and
Star Party reflecting uncertainties about farm legislation which may be introduced
Cingress when roconvenes in January.
In the US, the spotlight was on inflation, light
The December delivery went money and President Eisenhow-
off the
ul board Wednesday
(N) er's decision last week revers 34.72 cents a pound, setung the INDUSTRIALS #recommendation by the บริ
Cement season's high in
Anal Rape the Tariff Commission that duties dealings.
Compared with the STORES, FIC. MICALSCEL'S low of 28.30 cents, Dairy
COTTONS registered on Nov. 2, 1953.
Samyang
un groundfish (hels be raised.
Imports pf groundfish Not |
come mainly from Canada, Iceland and No way. Observers saw in the President's action a sigridicance far beyond con- alderations of trade and lariffs. The New York Times editorially last week welcomed Elsenhow
ere veto but found it dimeurit "to reconcile with his order two months ago Increasing duties on wool fabrics," Higher tariffs, the Times noted. "are not going to solve the problem of the New England fishing Industry,“
Constantly Demand
In nating the economic im- portance of Iceland's filet ex- ports, the Times added further, ***The continued export of Albela from the United States, but it is for Iceland. just as the export of watebes la don Switzerland, cheese for Demnork, figs for Greece and Turkey, and so on through a long list of products for which very small but highly articulate groUDS of domestic producers constant by
demand protection irrespective of the international consequences, United Press.
10
INVESTMENTS
The quiet mili demand for spot cotton, and the third week | Allied
amaller producer entries under the Joan programme, cool the buying helped enthusiasm
the generated by soll bank announcement.
The government's Anal crop
of
011
estimate
Benson, published
Monday, had The Urtio market influence. indicated
1 Dec. yield 13.803,0m bales came 150,000
of bales ahead the
previous estimate and was in line with trade expectations.
the
of
st
3
500 IN 1.50 1000 $ 7,50
UK Steel And
Iron Prices
To Be Raised
London, Dec. 16. Cotton exports continued at
Maximum prices of iron R rapid
rate. Shipments through Dec. 11 were reported and steel products are to be
1,085,757 bales
compared increased by an average with 575,885 hales reported to six per cent, with effect the same period last year.
from next Monday, the Iron Some of the large buying of and Steel Board announced US export cotton
was last Saturday. attributed to rebuilding of low foreign consumer:. stocks by with the Suez blockade lending impetus to the demand.-United Press,
London Market Bullish
the be in
to Europe of the Marshal wat andere sage right now, and tite action along this line is expected before the beginning of next year.
sceptical about such an counomic
But Troubled
By C. T.
The Board said the inercases reflect a "substantiai net in- crease in the cost of production' and some adjustment of „profit- margins, which is necessary to support the heavy capital in vestment for the continuing expansion of the industry.
many, Russia.
מזם
Tied Economies
་
and
the
to
This year, after the October assistance (COMECON) is being change in the Warsaw regime.
shipbuilding picture will be prepared for the near future at
different. The New Gomulkka tre urging of several of its
five-year plan envisages the members, particularly East Ger- building
Lons of 795,000
of Czechoslovaki
shipping, of which 300,000 tons is to remain in Poland.
Similarly affected will be Polish deliveries of cool. In 1956 the COMECON plan called for a Polish quota of 10,000,000 The COMECON plans for this tons of coal to be delivered to year tied the economies of the Russia alone. Only 8:2 million East European nations closely
toms were actually delivered, togelver through national
Russin paying only for trans- specialisation of raw materialsportation, these experts said.Į
well as three or none satellite countries.
50
blow
20
this was
'Poland First
The greatest tightly balanced economy
Poland also used to deliver the Hungarian revolt inte in industrial goods to Aglan and October when Hungarian cx- | African countries, most of these ports of bouxite and finished or masked as Soviet exports. These semi-finished aluminium pro- deliveries were
again deter- duote were vintually suspended amined by COMECON and co With the nation still paralysed sisted for example, of specially by strikes and with its trans- insulated troplend_motora Ensi- factured by the Tarnowska toe- tory on North Vietnam
portation in chaos, economic oxperts here sow little chance
has
been
"Poland
and
First
the
affect not only -economies of Russia and the
of these deliveries being re- other Far East countries, sumed in foreseeable future.
The HOW Czechoslovakia, where a huge policy of Genutka regime will industrial complex
seriously built in central Slovakia 10 DTD other catellites but miso cut a es bey Hungarian bauxite, sizable alice off Russia's re-
cpecially alarmed and East
cent export drive in Asia have expressed concern over the Germany also Js reported
Amico,
the economic said. United Press. suspension of Hungarian bauxite deliveries, Hungary has been obliged to export over 70 per
39
to
and
experts
1
cent of her bauxite for the needs The Bank Of France
of the
Soviet and Soviet- dominated economy, in particu- jar adrereti production
In Poland, the economy is slowly being geored to more
at
Statement
Paris, Dec, 16. The Bank of France state-
Franc
consumer goods production inent for the week ended Dec. the expense of heavy Industry, reads as follows: or, where the same case of heavy Toto gold holdings 301,204,302,420 For most products, the
Is main- In-industrial production
Total other cur crease in price is less than six being used by Poland itself at
tained, A larger slice of it
reneles is per cent but in cases such
ав
Боте
special the expense
at deliveries 10 plates, heavy sections and foundry pig fron, Russia and other East European
countries, the experts said." where capital expenditure
required on a 'considerable scale
in the next few years, the price
increases are more than 10 per | cent.
in-
Painful Pinch
The most painful pinch
Sight balance Abrod
in EPU
Advance to Stabitina-
tion Fund
14,023,074,520
07,002,000,000
110,000,000,000
Total bills discounted 1,090,120,000,143
Isonk notes in circula-
*****....... 2,002,000,150,510 Current accrunta and
t
deposits
180,824,293,502
-United Press.
NAMESAKES
won independence of complete Moscow domination will be In COMECON's abipping and ship- Answers-1 Avon, 2 Enter- building sector, in Poland's coal fains, 3 Wedding, 4 Poet, 5 deliveries and in the production Theatre, 6 Stratford, 7 Cottage, of rolling stock, of which some 8 Church, 0 Arden, 10 Play- 95 per cent went to Russia inwright, 11 Warwick, 12 Comedy.. 1965,
Anne Hathaway.
According to "the Financial | a result of Gomulka's recently HALLINAN
Times," the higher prices should yield the steel industry between 40 milion and 50 million London, Dec. 16.
pounds per year (112,000,000 to Outwardly, a very bullish week; inwardly, a 148,000,000 dollars.). troubled week. "Factors which drove the Steel prices were last raised professional bears to buy in the stocks they had in May when an average
crease of five per cont was sold were: The retreat of war in the Middle East authorised. into the middle distance, the improvement in sterling, the signs that America, though full of disapproval for Britain's handling of her foreign affairs, was ready to help the country over its heavy oil shortage.
Nobody questioned these points but they had little effect upon the market's general misgivings about Britain's economic outlook.
LATEST REVIEW The latest price review com- pensates the steel industry for cost increases Ignored in the May review, and takes into ac- count rises in coal prices in
June and the increase in landed
costs of imported materials up to the closing of the Suez Canal.
The net result, however, was
Some American officials and businoremon ure strongly
However, the Board state- meni added that no allowance- decline in all leading groups. Many selected
Nevertheless the buying was the conviction prevailed that has been made for "such In- programme at this time. Many stocks managed to register substantial gains with feel that the economic chaos in heavy all weeks with the Floon- the Western world will not crease in costs as has arisen or the specialty steels the best performers.
Europe arising from the Suercial Times Industrial index allow them to exploit, through is likely to arise from the_re crisis might in effect have been closing at 175.9, the same as the soaring prices, the existing | percussions, of the Middle East
on world.
continued world shortage of oil. Royal situation or the Steels and aircrafts dominated 491.00 off 2.71 points on the considerably exaggerated. Others November peak reached
7. But that Movember Dulch insist that existing institutions
fumbled. 12/6, · · British hardening in the cost of im the lat waking new highs for wook; ralls 155.24 DIT 3.14;
and occan the your.. That list also in-utlulles 87.50 off 0.36, and 15 might be able to help out bak proved a mistake at the Petroleum four shillings, Shell ported materials
economically without time for the index promptly fell Transporti Europe
·and. - Burmah three||freights." cluded, some ́cements, merean- | stocks 172.04 off 1.51.
Lo its all-time low of 181:3 ́on | shillings, tiles, oils, shipping issues and
resort to any direct aid.
Suez Canal atiarce, At any rate, whatever action November 29, on 8 per cent foll
The Board has further raised keepingt rall equipments
ол step with them,
tumbled the profit macaine allowed is taken, the issue is bound to in about three weckt.
pertain products. These margins Mawever, in
the past week: gave £2% to 25% stir. up, bitter controversy
sinco There was 0 of Stowerts
persistent de hove not been changed Congrese Inasmuch as the issue home. Shares would touch directly the pocket- and Lloyds, the big and success mand for British Government the price review of December
stocks which, liftedt, War: · Loan: 1956. books of millions of Americans ful steel diam, rope 5/0d.
Rais Royce Maec four nearly 10/- and Old Connois looking for some new tax, re-
#billings, Woolworths 3/4 and nearly five chillings steps
The Board estimated that even, amall semy of blue chips German Dewer Loon, both after next Monday's price in Car Sales Off!
crossos, British steel prices will, stillings
shares sented and the 7 per cent cent per cent lower than those
Potash Looty 2300-aasenied saine ruing in Western Europe,
Unlied-Prem. ed:10/-. | Japanese had a'spodi weck with the wanted up 232, and the 1910s
Those averages were up 3.68, off 8.05, up 345 and of 0.09 Industrial 'shares had risen respectively from the 1955 10:08 points from the low on closlug. levels. Nov. 29 to the high on Dec, 7. By Wednesday this bad. been behaved very
Market experts said the list well, meeting
whittled down 1100 points or
30 per cent, Rails rose 24 per support after losing about ductions.
cent in the same period 10.94 They fell harder-0.99 points. points or 64 per cent.
Averages
one-third of its sharp gains in the period coding Dec. 7, Not
a few of them anticipated a new, year-end buying drive,
The US has not been shia to ou from post-Buct
· Sales for the week averaged compilandona. The nik esortake Business, news, generally was 2,202,200 shäres dinlly against a in tourope and guchikoni gasoline favourable with:-stec).cmills daily average of 12,307,864 shares | we: Viconsora mmepky Mister, sales Ananing out à record amount of in the previous wedkuje
-consuming Armanican,
and-man-saonbach, two asentod
Zained between: Zone and get Jumped £8%, Young LOOKS BRAS. On the everter; still be roughly
(Tiris“ “excludes
which, for very special reasons, dildi: sproeminal sparking: 30
Suez Tumbl
· London and
tieel, autós holding high with gains of 3 or 4 points were cars. Aerome Westsen Europa Ford in the lead of Chevrolet, made by Allegheny Laullum, suporta utall sof perkotas, comics chee building up sharply, und soft Armco Steel, Granite City Steel, aims and prodilation veutbankos are up: 19/01
gduction to date exceed. Fontärn
„v>"Cooper" [40mm. 3713 aliteden Tourmali
justnut trões na hunepe oak Exfuton dice), Baloway, BRDERS, PR
of all or:6955. Grudo, Bergemaker (Bloeli meinte estiago?
Cimken
At the close last Telday, the Steel, United Air Lines, and chiming induiriai, average stood
Col
ge Rates
the local
PHOTOGRAPHS
by our Staff Photographers
D.G.S. Prize
Play Casam Club Annual Ball; Juvenile Care Centre Balt Clementi School Prizegiving Wah Yan College Speech Day Y.M.C.A. Leaders Conference Sacred Heart School Speech: Day Christmas Party at Kwong Wah Hospitali.. H.K) Concert: Orchestra: Christmas Concert St. George School Play at 33 General Hospital- Red Cross Parties for Children of Haven Hope Christmas Parties at Sandy Bay Convalescent Home Quarry Bay School Christmes Party at Queen's College Juvenile Care Centre Charity Ball Floor Show Rehearsal Chung Shing: Benevolent Society Dinner at School Hall Opening Tung Wah School Sports by B.C.K. Hawkins St. John Ambulance Annual Dinner, Mainland Area Whitfield Barrack, Infant School Christmas Pláy. Christmas Party at Union Church – Kowloon H.K. Olymple Team Returned at Kal Tak.. Sket Club Dinner Party at Yacht Club St. John's University Alumni Ball Pharmaceutical Society Dinner!
Alf Local, Sports
al. Preugntations
SOUTH CHINA MORNING POST. LTD.