TEXTILE
THE CHINA MAIL, MONDAY, FEBRUARY 4, 1957.
1
ARX
TRADE and COMMERCE SECTION
CANADIAN US BOOM LEVELLING OUT 1956 Soft Spots Carried US Cottongoods
Over Into New Year
INDUSTRY
Montreal, Feb. 3. Canadian textile pro- ducers are already faced with "severe competition from the United States and unfair import quota from Japan will be more damag- ing. the Gazette Bald editorially, today.
Commenting on the two per cent quota ugredd to between Japan and the U.S.. the Gazette sald "it will now be interesting to ree what the quota will be in the case of
for
Caneda, If a quota much higher than this is permitted Japzacse imports into Canada,
there will be serious Inter- ference with Canada's textile product
The
is
70 PER CENT
A .
are
BY JOHN MORKA
New York, Feb. 3.
The pattern of business in the United States at the end of the first month in 1957 continued generally favourable but there were signs that the boom might be levelling out a bit. The high levels of employment, production and sales that prevailed during the fourth quarter of 1956 appear to have carried over into the new year. But so have some of the old soft spots, along with new ones equally disturbing to the experts.
has
D
ย
Pare
are
that's
of
Market
HONGKONG STOCK EXCHANGE
New York, Feb. 3, Sellers of cotton grey
(From Our Correspondent) goods this week reported kong Stock Exchange
Business done on the Hong- another period of slow morning amounted to appro-
the
this
WALL STREET UTILITIES IN STRENGTH
BY ELMER WALZER
New York, Feb. 3.
Strength in utility shares just about businest, sarrying the ximately $710,000. Noon quota- offset losses in industrials and rails during month of gradually slac market into the sixth tions and
morning's the past week, leaving the market about kening sales and softening A Buyers Sellern Bates unchanged in the general average.
prices.
Because of the "quite satin- faclory" movement of goods but of the wholesale pipeline into
channels, market K. Whor?
consuming
1000 1020
$30
404 1010
0.75 G.SK
650 6.00 4500 0.00
2004 a
500
441
transactions;
Share
ItK' Dank INSURANCES
inion SHIPPING Wheelocks
DOCKS, ETC. 10 Dock XB..
LAND, ETC. Ik Hotel..
15.10 15.20 4500 Ilk Land.. 016211 Humphreys 10.30 10.70 Healty
1.40 1.425 2000 1.40 RUBDIR Amalg...... Trust
explain the prolonged pause in Provident 1
George E. Leighty, who heads way to the lowest level in
with
VILTIES
Tram Star Ferry estimated Yaumau
unlon demarido casts have risen close C. Light
to
Get-Tough Look
д
technicians
tra int
(N)
Robe
www
14
1.50 1.521 1,00
10.20
500 42
23.20 231
103 100
23.10 1500 4 23.40 3500 23.30 31 315 220 225
Utilities were strong most of the week and they closed on Friday at 71.31 in their average, a rise of 0.63 on the week, and a new high since March 26, 1931.
Industrials closed at
477.22
of 12 points on the week, and rails at 14.847 or 0.40. The general average-average of the 65 stocks in the three major groups finished the week at 189.81 off 0.00.
totalled
Singapore
Stock Market
Singapore, Feb. 4. Brokers today quoted smallest full
following stock prices
Sales for the week 0,048,384 shares, week since Oct. 26. This worked out at a daily average 1,809,870 shares.
Tho 20.50 24.00 1000 24.00 100 4 24.70 500 24.00 572 23.50
8
231 23.70
368 * 23.00
3031
500 g
12.00
13.90
13.10
10 1500 15.00
40 + 10.00
1.00 1000 1,00 2000 7 4.00 7,00 8.10 20000
INVESTMENTS
Yangtze
คอม
Q
the
of
Opening Batu Lintang Rubber Co. Ltd. 1.89 Britian Barned Petroleum
Syndicate
on
market Advanced Tuesday and Wednesday and lost in the other three sessions. Net changes for the week in individual issues generally 'wero stanli.
A
News Mixed
News was mixed. It included
cut in
copper prices 'which sent the coppers down sharply, several to new lows; good and bad news from the steel Indus- iry which caused irregularily in that group, and mixed nows from autos which left some of them higher on the week,
01/04 Consolidated Tin Emeliers
Ord.
31/34 Fraser de Neave Ltd. Ord... $3.27 Fraser & Neave Lid. T
・oum.' pref
$4.00 Gammons' (Malaya) Limited .08 Hongron de Shanghai Bank-
ing Corp.
Hongkong Tin Lità.
S/N
Kempas' Lia,
91.12
Lamas Rubber Estates 14d.. Malayan Breworleseye
0.80
43.87
Co.
$2.37
$1,08
New Serandah Rubber
Lid. Petang Tin Ltd. Rames Hotel
Singapore Cold Storage
South British Insurance Co.
Lid......
Birala Trading
talts Btesmahip United Engineers Ord, Wrame Bron
oumday-China Mall Special.
experts confessod Inability
consumer buying, other than for now produces any type
AH-in immediate needs, of textile used in Canadu
Among the unsedling factors|reper's that nutomotive inventory
prices should be slowly cheaper than either the U.S. or Canada, because
otherwise Imw of
cost
boom-like cutbacks may be over by March. the bargaining group of 11 non some time, while 1. Inbour and "trading in Japanese economy:
Prospects of R's beun nuggested
raw cotton, that operating ualons representing done through
further wage-price hikes. 2. automotive
stocks stcel
726,000 rall employees, said major wages and other producing costs Fepry of cortela and mono-
about narrowing pront | approaching The stage
Fallroads where
soon will be con- keep mounting is a pizzle to fronted polies, which have scarcely yet margins, 3, Continued atless- further eus might be dangerous. shown
However, ness of stock market prices. 4. the results they
disturbing note for a broad compensation. The likely to achieve," the paper
Continued lag in home building, was the lower trend of scrap drive moved into high Rear said.
5. Anxiety over nuto sales and meet prices, harbinger to many inst wock when the Chicago & to four cents a pound on print | Electric
drop off protection offered by the
in ficel orders that the industry is in line for North
the cloths since last October, Western signed
as a Mang 'E. ... the
industry. puto
lower the Canadian tariff structure is from
Telephone 0.
OpFR1* schedules initial layoff
result of wage increases, ad- agreement in Phy
(0) Continued light, and
vancing cotton and other costs. has
money
being the rail fold. buste tightness Some comparatively
which
Woslem been further weakened or con-
plready forced quoled as Much va some firm jogg
Europe's
Meanwhile, the basle 80-square booming the fused by
the cancellation of expansion plans has been evident since January, steel Industry is growing mors four-yard print has been slowly hopes of
and 等 Canadian govmmen!
more dependent on U. S. sliding in the face of small sales INDUSTRIALS 12 pro. by a number of companies,
Steel Price international mote
Iratis Sporadic labour trouble with
materials such as coal and and competition from lower- Coment 1*Drov through GATT undertakings... resultant production losses and Meanwhile
can-Tap, a top West German steel priced resellers. broad A layoffs in textiles, steel and fire pressional
mani satd. DT
Fritz-Aurel Primary producers claimed if STORES, ETC.
Dalry Investigation of the doorgen, President and General the 80s get below 184 cents a copper Industries,
steri Industry's pricing practices
hryard Manager
they would of Phoenix-Rheinrohr,
Watron No Dire Threat "When it is considered that
in under
consideration noted cerap imports Delive
the straitjacket
on profit-margins COTTONS cotton
cloth from the United
a fat prediction of European ALLOWING
éរំ and steel and would have no other alerna-Texio Experts insist however there another States amounts to about 70 per
s'eri price Increase community
havo risen to tive than to curtail production. Nanyang cent of the total Canadian pro-
is nothing to indicate any dire this year by Bethlehem Sicel 240,000 metric tons on
FOLLOW EXAMPLE threat to duction, it
the US. be en how
economy. Co. Artimur
Homer, monthly average from 60,000 in little the Canadian tariff requin-But they do feel that the future
Other sources, however, President, made the 1854. Bethlehen
little to be gained through tions have hindered such im- will bear some watching. Thus, forvast before the Senate
GERMAN TRADE partial curtailment. They foll ports
on the whole, V. S. economists
public works committee
The mille should follow the
FLEET a situation ns and expert observers appear to checking into the progress "When euch
The U. S government took example of some sheeting manu- this already exisis will regard be tempering their optimian the 35 Ullion road-building pro-
Hamburg, Germany, Feb. 3, to Imports from the United with some caution,
The price rise by the week in un
on a new get-lough look
last facturers and close down com- gramme.
More than 08 per cent of Ger-
U.S. Steel raised its dividend effort to get States,
the pletely for a week or two. the dimed tien
steel industry last year war
helped the many's trado fleet are post-war- and would be greater by a flood of
bined by many
oll-for-Europe
Despite the glum overtune in built ships, making the country's Wednesday. The Street antici- for a broad
pro- gramme moving at
faster the market, some quarters still feel one of the most modern in pated good news from the cam- imports from Japan would be
wage-price advance which ery serious inxteed,
the German Ship pany and bid the steels up late last week reported the economy
pros The Interior Department, felt the situation will straighten the world, The primary textile industry expanded to record highs in
shipments to Europe, urged cited the gradual improvement here today.
Association reported Tuesday. Bethlehem's dividend Canada, as one of the great 1956 and that prospects were prospects that it might climb of lily irked by the drop In itself out before too long. They owners
was a disappointment to petroleum Arms
in retail dement for soft goods employers of labour and payers good for further advances in
Land
Association report sald who had looked for 75 cents on taxes.
is of immense value 1957. To its monthly bulletin
help and that shrinking Inventories, oil production to country
Price spiraling and the threat meet a "critical" period in the sooner or later, will compel that West Germany, which had the new stock instead of the 60 whole.
of inflation is considered by European it said "expansion in business
can all shortage,
of cents declared. hand-to-mouth
no ships left after the end The Change in the During 1966 It recovered some-
spending
the war and after paying post- for plant
Eisenhower and President
the appeal followed figures showing buying policy practiced by grey what from the perilous condl-
United Air Lines was a dis-Notes in circulation war reparations, currently owns
Public deposits con-greatest threat to the nation's of shipments to Europe dropped goods buyers since early
Jast Lion it was in during the
stability. It said economic
the in Into this year,"
1,033 high sea freight, passen appointment in its group when Private deposita to 275,000 barrels dally in the anturan.
ger and tanic vessels
reduced its cash dividend and Government securities gross national product last offing however, are now wage week ended January 16, from a
totalling Sales yarn spinners reported 3,162,143 tons-United Press.
substituted a stock payment for the curlijke bo negotiated In
the 405,000-barrel-rate the previous spotty improvement in busi-
AMA | Receipt car hit a record high of 412 pacis to
the altference. Tobaccos were natio Jumber, billion, an increase of 22 billion petroleum,
rubber, week. This is
theness on knitting 19 far from
counts while
helped by reports of a price rise chemical, textile,
paper and announced Japan will not
goal give
Over 1955. the
other Industries. Testifying barrels a
of 800,000 other numbers are restricted to The bright note last week
impending for cigarettes. Socony day. The Office of small fill-in orders. Lower Canadian industry another get-
House-Senate economie Defence Mobilisation last week count
Mobil stock got a big setback back."--United Press.
was the pickup in confidence in before
Eisenhower's warned refiners to cut down on to be slightly softer in price weaving yarns are sufd the all-vital steel industry, desplie the layoff of several
of vanel
production that than other counts. and soline workers and
Experts
In round of more crude and fuel oll might see another
гnyon grey goods.
16.10 the production culbacks as a result
be available for Starope. market
continued generally Admitting wage price boosts coming up.
ho plans
with no quiet
buyers meanwhile immediate action at this time, sucking-Unitext Press,
interest The government
unions to defence was urged by auto producer-
Mobiliser Arthur S major
corporations Flemming says he will nwall 5. Steel-reported record require
which account for more eumings for the final quarter
than
Industry reaction to the plea 20 to 28 per cent of total sales made earlier in the week. 1050. of
Chairman
the of
He In any particular industry to insisted however, that Board Roger M. Blough predicts
the report and justify planned price government under "a pretty good year" aheudi,
Increases,
The United Auto of the defence authority act but he expects no super boom. Workers in a statement prepared could order refineries to switch Production should operate for the joint congressional their "runs" from gasoline to fuel
first capacity for the Bald. quarter, he
Elsewhere for some comfort was gleaned from
of
of
the
to
DE A
half of the present decade.
stalled that
Brat
may be hoped that any under
standing reached
Canadian
between the government
and
Many would be antisßed with small economic gains this year. The Federal Reserve Board
1 lent appears to be
U.S. RAW COTTON|hundred
EXPORTS
U.
bellwether
of labour troubles in the liquid New York, Feb. 3. oxygen industry. HAW cotton exports
The by destination as reported in boles Ex- by the New York Collon change for the 1050-67 season
440,354
1.039.777
to Jan. 20 were an follows:
Britain
Continent
Chrient
Canada
Tula for sensor
• Intersexcluded
1,000,002
202.001
3,488,414
Sam perled last year" 742.371
-United Press.
near
Japan's Record
Trade With Malaya
Singapore, Feb. 3.
hosted living costs to a further new high in December, with
even higher,
cronomic
on
герогі, д
economists
crude
Love did not, askol
however. University
for
price controls. But
Harvard a Economist proposed drastic remedy curving inflation imposing direct government controls over wages, prices and credit.
Doro
the
of
Reassuring
to many was
are
As a
*
to step
authority
4
П
The
Exchange Rates
market on The Bank Of England
Statement
some
London, Feb. 3.
The Bank of England state-
ment
for the week ended Jan. 30, reads as follows: KAPLANTS ARE BETTY! Sterling
1,801,015,599
~14,420,347
900,140,00 222.371,029
49.79.1,483 10.9
United Press.
morning at the following rates:
Business was done in the local when the company launched its The Bank Of France whoйch exchange market this 199 million common stock
UG. dollar, (per 31) Sterling notes (per £1)*** Australian notes (per £)) Slam Beal (per 100) Indonesian rupiah-iper 100). Singapore (Struite)
-0.11
financing.
Statement
12.00 So far, in 1957, the industrial
Paris, Feb. 9, 19.46 | average has declined in 14 of the
The Bank of Tranice state- 21.40 23 acasions; rails in 13 and ment for the wook ended Jan. 1.50 utilities in eight The railroad 14, reads as follows:
World Petroleum
Output Sets New Record
By LAURENCE MEREDITH
London, Feb. 3.
matter of national security. He admitted how- "the government had no authority to
force state regulatory bodies to boost their production. switching to fuel oil production more crude might
be made available for shipment to crude is require sine las
for its pro:
World production of petroleum in 1956 rose duction than for gasoline. John K. Galbraith, professor
West Europe doesn't need by an estimated 65,000,000 metric tons to the of <conomics ས་ Harvard University, said in an article la gasoline but needs crude
and record figure of 835,000,000 tons, according to the fuel oil. The key to the all-latest available figures published today by the Atlantle monthly
for Europe controls revolves magazine that direct
seemingly around what Texas Petroleum Press Service. are the only final answer to does about hiking its prosuction Inflation.
The
govemment's
will not allowables, Texas is the
big-
This increase is one of the largest in the his- Ught money polley lick the problem he said. United States.
gest single producer in the tory of the petroleum industry, notwithstanding
According to Japan's trade with Singapore and that ver, there is no action the Journal of Commerce," "d the severe set-back in the Middle East since the
government officials
men fool, as far as production beginning of November. Malaya hit a record in 1956 despite strong so drastic-at least not for the least, the langer torm political considering seriously anything is concerned, that in Texas, at
The increase was less than in Middle East supplies, competition from countries like Britain,ime being.
goal of producer-namely to the 84,000,000 tons in 1955 but Venezuela's daily Reassuring
production obtain an
oll Import cutback equalled the 1931 incatase in towards the end of 1956 reached Germany and Communist China, a forecast that consumer spending will be over their
in 1957 will hold a good levels incentive to sell
immediate production, hitherto the second a pook of about 2,700,000 Japanese consulate spokesman said today. George
director of
biggest advance on record. more," Katona,
barrels in October and 2,157,000 "Oil producers reasoning.... economic programmes, Univer- seems to be as follows: Secure
barrels in
in January Soviet Union Y. Nomura, Vice Consul in, produce goods of better quality alty
Production In the Soviet Research the Michigan
lowest possible level of centre. charge of trade, sald 1955 was a over its competitors.
sald American
and its Eastern Eungeon con crude Imports before increasing In the non-Communist world intellites and China rood in very good trading year but 1950 Nomura said before World sumers
trot
domestic production. When production'
cent over the 1090 by 52,000,000 1900 15.8 per was better. The final
worrixi about figures War II Japan
prices or had earned the nation.
However, he added. Middle East supplies again flow ions, composed mainly of in previous year to
a total were not yet available but the bad reputation of 1980' figures were comfortably cheap but poor quality goods."
producing they cannot be counted upon to normally, producers then would creates of nearly 17,000,000 tons 87.808.000 metric tons.
provide
be in a double stront position both in the United States and The Soviet Union increased surpluses, Nomura said.
position has changed
any substantial new
to attain their long range goal in Venezuela, 9,000,000 tons in her crude off production last optery today i
Vice impetus to the economy. the
tho Middle East, and 5,500,000 year by some 13,000,000 tons to Nomura sald Japanese goods Japare is stes Americans spending slightly of low crude all imports,
tons in Canada. The Increases about 84,000,000 tons, and would face stiffer competition producing goods of high quality nor of their funds for durable
Allow Rise
in Venezuela and Canada were further 13,000,000 tons Increase when Malaya attains inde- and he predicted th Japan goods than last year.
Elsewhere in the US, in pendence next August, when would compete with Britain and
the highest on record for those to "First, producers would be countries.
19,000,000 is forecast for The goal for 1000 is import duties are ex other nations more
brict: In quality
able to allow some rise from Production in the Soviet 130,000,000 tons which, the pected to be imposed on foreign than in price.
Ford Motor Company nn- current obnormally low imports Union advanced 13,000,000 tons Petroleum Press Service said, goods. He said an independant Nomura would not say if nounced it will spend Malbyn would offer preferential Japan would be able to better million for expansion and tool system where worked
710 whenever a now US control or nearly 19 per cent, being a will be attainable if progresRS tariff for British goods while the 1966 record this year in ing in 1837-second only to the second, "they", "would higher rate of expansion" than | continuos ́hip its pirtipent watę, ku Latit on goods of other producing trade
any biber major producing with Singapore and 700 million opent in 1980. Emest developed
commercial count
A PIran Output countries may be raised con- Malays, but truck a rater contly will provide added pro- reuners who previously relled was 64 per cent but the output in the Middle East was 5.7 per
R. Br
Breech, Chairman, Bald the
Canada. In the supply channels among gone frah the increase in production Although the dial increase siderably.
Adent nole when he said "I can
duction capacity to meet In- on imports, "In that respect," Nomura ay that we hope to keep up our
has not yet attained the pre-cent in-1950 with n total of paid "we shall be placed in an of incrençal duties and the pre-pany's
position despite the difficulties easing demand for the com
"Until Texos products fool expropriation level. fucts and to manu that imports have been brought products
171,817,000 tons this was Tho-lyo unfavourable position,”
Increrne Brought about b ferential
per "to | Isaturn" the new line of pesek to
sumlelently low level production in the passenger cars, pu
therefore, no Important otitput.
puf 10,700,000 toria Racing Buch-lucrased output in Iran Singapore
Malayo bought The trend toward more une sise should be exported,
torted
of 351,800,000 tons the other mein Middle Fast mainly consinfice? ito pro- to ba gathering momentumi | lo scant likelihood that Erld with the exception of."
from employwicht - protection appears And in the meanwhile, there the amalleat, increase in
from tho Suct teriais. Japan but Nomura sald
duction in any eta to 250 nás,hàil the greatout The Vice Consiti sald how spects of "maeldhery-con- with U. Slabour groupe With wir p
moro.oil Japanese **manufacturersing to this intaritory" will be the faulo Industry already here than the
the approximate Middle East where output was Kirkek fait is producing only Iraq where the import on would still be able to compete made brighter by the arrival of enjoyingurilood fit 400,000-drved day average suklenty out by the because of two factors 27 the Japanese machinery dating wage, railroad workerte which has provale me bene de 53% crisi as the rate of 1.250.000 tour al Japan's better position geografair which I due here on doing some thinking of their liftown
November year for the local market in- Tulilated Jan With the additional impetus lend of at the rate of 20,000,000 philoally; 2. Japan's ability to February 12United Pros
| of haiping to most the deflcloney tons a year--United Press.
GVET,
Two Factors
British towed.
unduly In-
He
A
November."United Press,
except
of
籍
the
average late in January touched
batarico merond
currencies
a new low since Oct. 11, 1955 at Total gold holdings .. 147.58 and closed on Friday only
Total slightly above that figure. The
In EPU industrial average made its 1957 low on Jan. 28 at 474.50, lowest Rinco Nov 30, last year
Frane
301,204,302,428
13,042,194/442 32,971,009,000 38,500,000,000
Advance to Stabili Total blis discounted 1,393,212,806,138
tion Fund
Banknote in circula.
thor
deposits
Among the wider losers dur-
pokalda.. 2,904,008,313,135 ing the week were Kennecolt off (Current secousta and
139,400,483,138 6%, Cerro de Pasco 4%. Phelps
-United Press. Dodge 3 Seaboard" 011 4. Socony Mobil 24, and United Air Lines 3%.
Ford gained nearly 2, General Tyre 63%. Katy preferred 5% on outlook for new recap plan, and Amer. Tel. and. Tel. 2
points-United Press.
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