THE CHINA MAIL,
MONDAY, “FEBRUARY 25, · 1957.
Paga
NEW YORK COTTON MARKET REVIEW
By WILLIAM T. PLUNKETT
New York, Feb. 24.
Cotton futures last week developed rallying ton- dencies after starting the period On an abrupt re- treat.
Ind
the
Covering operations rearby March delivery, along with fresh Middle East political uncertainties, soll bằnk nixi leget considerations, combined to turn the lide.
At Thursday's the the tim ruled 29 points highes to 3 points lower or up 50 evols to down 15 cents a bale compared with the preceding week.
The
York New
and
New Orleans cution exchanges ad- Joumed trading at the close on Thursday to reinale elosed until Monday morning for observance
of
the Washington's birthday cnnivers.ty
of the
Setbacks up to $1 a bale in forepart of the week reflected a more favour ble view preliminary crop picture followe ing the development of gene: KAN rains in The parched
Texas and Oklahoma Precor
o Match quiclatives, coinity lent with a moderate en Te certificated stock, ali peled in keep prices on the defenzive
Subsequent rallying tendencies were helped along by unites lainly as whether the western crins bad effectually relieved the sube-vil moisture deficiency that area.
the
£4
the
neres.
DEADLINE
from
bales gutngt the 1956 crop
million
13.3
bales.
experta emphasised,
that farmers
ן!
י
D
However,
nilowane
TRADE and COMMERCE SECTION
European Free Market HONGKONG
Influences US
APPREHENSION OVER
CREEPING INFLATION
By JOHN MORKA
New York, Feb. 24.
The US business spotlight last week turned on the Middle East, the newly-formed European common market along with "creeping" inflation at home and the continuing squeeze on corporate profits.
In the Middle East interest centred on what appeared to many to be improvement in the Suez situation, despite the brewing trouble over Israel's reluctance to withdraw from the Gaza and Gulf of Aqaba areas.
Cotton Goods Market
Review
New York, Feb. 24. New business in the cot- ton goods trade continued at a slow
pace in this holiday-shortened week.
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to approxi-
mately $244,000, Noon quota-
tions and the morning's trans-
1003 1020
actions:
Bhares Buyers Sellers DANKS HK Bank INSURANCES Union
Lombard SHIPPING Waterbost (0)
goods The grey and finished tradce adjourned business 011 Thursday night for the weekend national observance of Washing-Wheelock (
ton's birthday anniversary.
DOCKS. ETC. K. Whart Duck Despite the market'e failure Provident (0) to get out of the trading rutLAND, ETC. into which it slipped lust autumu HK Hotel
analysis detected three develop Land ments which may play a big Realty pan in shaping the trend
events before too long.
of
37% 2016
Sales
10 940 B 495
800.60 430 211 30000
1500 a 15.70 100 64 10045
FEW GOODS GO BEHIND
IRON CURTAIN
By ROBERT F. COLL
Washington, Feb. 24.
Despite the easing of trade regula- tions, only a trickle of goods filtered through the Iron Curtain last year, the government reported today,
Commerce Secretary Sinclair Weeks said that during the first nine months of 1956 the United States imported goods worth 48 million from Russia and her eastern European satellites.
The Soviet bloc during the entire year received
only 10 million from this country or
less than half the total licensed for shipment.
Mr Weeks said the big p between the 24.3 million licensed for shipment by the govemment and the amount actually re- celved was only partially due to the time lag in such comparisons 610 1.00 between order placed an
actually received.
Pic
23 23.20
00823.20
23.00
100 107 23
250 100
000 311
400 22.00
31 3114 D.70
2814 20.80
bustati
24.00 24.90
Oil Price Boost Defended
New York, Feb. 24.
A leading petroleum in- dustry official today de-
and
gasoline
He said that even after Soviet fondled the recent boost in
for crude oil bloc nations place orders goods which were licensed for prices. shipment by the government,
B. Brawler Jonnings, Chair- financial and other factors often man of the Board of the Socony
| blocked the transactions,
4.40
10 101
13.20 13.40 10.00 25.70 01 0431
1375 1.421 RUBBER Amalg XD. 1278 1999 Trust Sumgain Much significance was attach- UTILITIES
Tram The ed to: 1. A consistent mill re- substance to this survey, Wall Streeters 112 looking ment of Justice disclosed it was
of tow General Electric clon
bids sizable Star Ferry
Yaumati rhino i to in curly reopening of dying the recant price hike glant
AC Li The Surz and were encouraged | for Indications that
Company's sales gained 18 per amounts of print cloths; 2. the com-
deter Eretric cent, over 1953, while its earn growing of producer panies might have consulred in the boost in shipments of
migation
Macao E to QUE production United the
Such Ings increased by only 2 per cent, oil to Europe from the
Tel. (0) nilvaner. piche
than ut prices any Tel, (N) The chemical firm of 5 1. du rather States. They also kept a watelt on ilusive action might well be
Pont de Nemours & Co, reported more; 3. A developing scarcity
Cenant rite in the cost of living, held in violation of the govern-
few print Rope
100371% ... 301 3714 White
12.00 net income tre 1056 of $8.20 a of supplies on levelling off in the stock marker men's anti-trust laws.
a constructions: shure
STORES, ETC. In the tightest volume of the t Industry experts predict shu compared with $0.20
Dalry
16.10 10 20 1000 share In
Arm's 1955. The
Many mills gave yrar, wid
were blamed
1000 416.20 Sta dari Oil Company (New
rising custs without to bids for a substantial amount Watson .... 14.20 14.30 earnings of the giant companies
der er) said is earnings will on
of key print cloths at below Lane Craw. 28.30 last year.
basic 80- COTTONE the by $100,000,000 in 1957. If compensating rise in prices of its
General Tyre going levels The
Textile price
ligids. The products. The
'in
Corp. nd Rubber Company reported square four-yard print was
Nanvänd for company's 1951 art income is
record sales of over 390 milion, liberal demand at 18 cents
INVESTMENTS But estimated to have shown
Yangisze some 94 million above the peak last half 1957 delivery. Stable inerease over 1955,
a bold The producers, selling up set in the previous year.
were front, hold for no less than 18% net cummings Company's
to 184 code here would The said that to do otherwise only mean "doing more business at less, profi,"
mixed reports of the price bike will renala, reduced earnings
Developments
develop- lust
M. the
Encouraging
int ricet
in pressure
part
"
equal to $0.80 a share. off from
The
1955.
previous $7.75 a share in
Elsewhere
Elsewhere:
was
1.
n
a
a flat "no"
GROWING SCARCITY
Mobilot Oo, inc., also insisted
The Commerce Secretary pointed that while this country than most in holding the
the lustry has done better
Ap
bought almost five times 1070 such from the Soviet bloc as against inflation
the Rod
16.10
purchased here, 'trade amounted to less than one- tenth. of one per cent, of the
fatal US imports.
Kine
to company
letter ment dn employees, Jennings said the price of crude oil had not ad yenood #ince June 30, 1000, Wage equipment and material costs have since advanced sub Com-stantially, as have the coats of munist China a North Korea exploration, has added.
haited during the Korean "When the price of crude oil advancet," he said, "It was in- war and never resumed.
Halted
American trade with
4.03 4.70 0.23 0.35
B.24 400
4,95 0,05 1000 0.
Whe
Bank Of France Mr Weeks also cited the total evitable that it would simply
Statement
be not large enough to absorb an increnes in crude oil prieca of the size of this one, roughly
of only $200,000 shipped to the Red bloc under relaxed rules in- tu effect last April in the walte of a mutual agreement on freer | 10 per cent.
Paris, Feb. 24.
France state-trade between the Soviet Union The Bank of ment for the week ended Feb. and the United States.
He also pointed that American 14, reads as follows:
firms have become more select
for
no
Total gold holding. Total other CUT-
reactes
The print situation also fea- tured a growing scarcity on the 39 Inch 4.75 yard number quick delivery. Practically apot goods were to be found in hands. either first or second
turned Where small yardages up buyers quickly paid to get hold of spot goods.
There were these
As the oll front ments The deadline for sign-ups lot 057 soll bank preggranume
weck: 1.
Frank 1. has
March
According to ten
M
of Through
President Patter, collen February
Petroleum faimers have signed up 1,475,840 | American
Institute,
The enemaraging nevere on oil Crop latestempus mid-hungry Europe was receiv estimated approxim dely 3,500, 10 per cent of its petroleumnd hopes for early movement tanken, through the Suez BOD nors will be signed up for
and cut 80 per cent as of needs.
strength in Some
the The ww
had been estimated by govern- pat
Just weck,
The Bureau of destructçd
natioustment experts al the
Congressional stock last week. screage allotment of 17.6 million | hearings
The counterint
at Labour Statisties reported that from other living costs hit a new nil-time denst shortage by no European of
International Olls high in January, stage, he tectons. With average yields per acre,longer at the "erisis”
with It responded
the Afth particularly
straigh! the crop in an sien et 14,000,000 || sa.d. acres would be under 10 mill
kino with 147
rising good gains on Wednesday. Gulf month that the index hit a new
QI. demand for crude, US all pro-
the most volatlic, prak. The rise means that 1.4 among
Royal
the auto. Dutch 13%, inlon workers in duction hit new highs last week, rose 3%,
electrical and with crude oil and condensate Phillips Petroleum and Texaco farm implement,
Diferaft
industries will get should be made for the fact that output
Increasing by 64,300 n point euch,
on yields are in a sharp uptrend barrels a day during the week Preliminary agreement on the one-cent-an-hour pay hike
spinners Cotton sales, yarn All this odds to the and
market between are expected
the March
reported increasing buyer prese ended Inst Friday. This topped | comnien
spiral. B. L. S. Com- per Breethe
all-time
lnisters of
inflationary France, week's
particu- previous
counts. Lady.
Larly Belgium, missioner Evans Clague sald he sure for lower prices,
on mesmerised high
expecta
living,
costs in February Meanwhile, trading in carded The Census Bureau reported
But the big news in all came Holland and Luxemburg,
"creep up.' domestic raw cotton conaiumplim
and combeu constructions con- from
the
Railroad being studied last week by US Texas
Factors in the rise in Ilving in January
Govern- at 840,507 running
businessmen. While
some spin- Commission which responded to
higher tinued spotty with business costs in January were omeinis
10 ners preferring and
work off ment fur pro- appeals government 750,282 bales
prices for used cars, higher auto
odd backlogs rather than sell duction
its generally were pleased hikes and boosted
by the
insurance
and higher for "quick" ratca,
lots overall aims of Europe's latest prices for gasoline. These more pre
depressed allowables to n
record than March
Prices for economic integra-than offset some reductions
insulating prices. step toward 3,733.054 barrels per day. This
tion,
the yarns softened noticeably as the of 210,901
misgivings SOTIC
were were the Wils
used ears, prices of evident
copper market weakened in face nonetheless, barrels tlay
current Over
Bureau said.
from allowable
production. Texas
envisage a period
A drab item in the production of a contracting demand
the wire trade-United Press. erunts for nearly half of US ment on the part of US production
Commission its dealings with the new Agure was a decline largely by for the year in automobile a low criticised European market of about 300 production caused largely by a
million. hesitation in mall
Some exporters frit
10 sharp cutback In output of a common market,
schedules against
The declino In overall auto may work to offset current advantages autput amounted to around 6,600 units. Chevrolet's cut ameusited to 7,000 units.
to use more fertiliser
than ever before,
bules agakist 631,507 bales used In December and used in January Inst year. The
figure woy slightly better expected.-United Press.
The Bank Of England Statement
London, Feb. 24. The Bank of England stale- ment for the week ended Feb. 20, read as follows;
Notes 111
Public depos
circulation
Private déposita
Government securities
Other securities
Receipts
Ratio
Sterling
נון
1
Increase
The
hug been
roundly
by many
for its
prime Germany.
thal under new tarif
outsiders p
some
Chevrolets.
hiking all production.
of oil 3. Heads
companies Testifying in Washington on ou L80,140,605 prices upheld the recent 35 per in
whereby 13,300.00 Cent barrel boost and sold they
are products 300.102.917 210,018.02 Wre not caused by Suez but by admilled without duties,
30,247,040 higher costs domestically. 68.244,200 The Industry remained on the cefensive all week as the Depart-
21.3
-United Prost.
WALL STREET TURNS DULL
By ELMER WALZER
New York, Feb. 24. Stocks turned dull and moved in a relatively narrow range during the past week after their hectic ups and downs of the previous week.
In the four days preceding Washington's birthday, the market had an average daily sales turnover of only 1,741,121 shares, smallest since the week ended Oct. 26, and compared with 2,388,490 last week.
in
Auto output so far this year, US businessmen hope that in however, holds a gain of about the jong run a richer Europe 17,000 units over the comparable | might mean bigger market period of last year.
for American products. But
beneath this optimism there
were
marka.
thut u
number
of question These include; 1. Fears
วงจ
Mixed Affair
'
ก
year
Steel production held at efficient Europe
impetus high figure with prices sub- prospering under the of a tremendous market of 200 stantially higher than a million might
Iron Age out ago, Fears Large alectrical
as
freeze
for
more
noted that fem
Q
its
in-average price paid for steel at thea level up five dollars a ton on pose top of the $8.50 boost in prices
US
eut downer cost of borrowing |
at
Sight balance abroad
In EPU
Advance to Stablig
tion Fund
Total bills discounted Bank notes In
culation.********
cir-
Current secounts truk
deposits
SOCONY
he
Socony producta Red added, averago about 7 per cent
price
In June of 1959,
wholesale
Franc 301,204,302,420 in their purchases from
The nations
foreign import higher than 14,196,032,410
leaders ore canned hams and compared with the US VIETA" industrial 32,071,000,000 other
pork
and mente products fuel and solvent price index, which rom 9.per 36,800.000.000 benzene, a
Dent. 1,788,987,609,801 derived from coal,
in a separate section of the Weeks said that during the 2.879,410,793,300
last quarter of 1950 the largest loiter. Jennings described the American oil industry's effort in 143,870.800,030 | single export United Prest. $1,850,000 printing press destined moving oil to Europe during the in crisis as "the largest shift in tam for Russia. Also included
distribution of any commodity exports for
period the $432,000 worth of drugs, chiefly ever achieved in peacelama. for revolt-tom Hungary.
emphasiacts The dollar values of US ex-effort to silviate the old short- market this ports to the Soviet bloc in the age in Europe acel the quadon
first nine months of 1950 were: of prios increases were
3.8 milion madera, "banically not meant
Exchange Rates
exchange
stem
WRO 1
was
Ho
Business was done in the local unofficial morning at the following rates:- 0.3, dollar (per #1)... Bierling notes (per £1) Australian notes (per £11 Indonesian rupiah (per 100) Stam Heal (per 100) Singapore (S(raits)
6.13 tulo
10.16 Poland
12.02 Hungary
17.80 Czech
28.70 Rumanto
Bulgaria
130 East Germany
Sterling Dominates
London Stocks
By C. T. HALLINAN -
2.
London, Feb. 24.
Sterling has dominated the week. There has been continued uneasiness over the Middle East and some nervousness at the spectacle of the Wall Street Dow-Jones industrial average trying to climb up from its 12-month's low. But the main pre-
2.8
14
022,000 dollars
404,000
201.000
4+
14,000
and
Albania, Estonia, Latvia
Lithuania, none,
The dollar values of US Im- ports from Iron Curtain coun- tries were:
Poland and Danelg
Rusdia.in
East Germany
Czechoslovakia
Kungary
Bulgaria Rumania
Albania
29.2 million
have
that
the
Whether it (this incvoner)
come should
with when it did and coinciding the European smMPANY – MARY be debatable," he said. “A price in the range made had been in-
· for -- some evitable United Press,
NEW YORK RAW 909.000 collars COTTON EXPORTS
317,000 203,000
93,000 Bitonia Latvis and Lithuania, none--United Press.
3
NAMESAKES
New York, Feb. Mi Baw cotton exports by destina- tion as reported in bales by the New York Cation Exchange for the 1956-57 to Feb. 18 were: Britain
Answers: 1 Rals, 2 Westphalia,
Continent Hamelin, 4 Foem, -5 Hill, 6
Orlent Follower, 7 Drown, 8 Koppel- Canada Browning, 10 Pipe, 11
Dance, 12 River.
The Pied Piper.
occupation has been with the currency and 4 with the balance of payments which makes it strong or weak.
on
Total for Reason
Bar period last year
⚫cluding inters.
NEW COMPANY?
place your printing order where you are assured of personal attention, expert designing, the finest materials and craftsmanship.
It was very the
encouraging to must walk steadily without ever From the word "GO". see Britain's export of manu- staggering, but they have been Colonel an all staggering ever sirice factured goods rench time high in 1930,
July-26. up nearly Nasser's speech
marking 10 per cent in value and nearly This particular week,
from several per cent in volume, but rather sharp recovery disconcerting to learn that the sharp falls, caw Royal Dutch up rival manufacturing countries- week ago,
10 shillings G pence compared Europe and the USA-showed
Shell up
Anglo- pence, In the first three quarters of
and up 3 shillings, last year a collective rise
of Egyptian "B" un 3 15 per
value and cent in
On the other hand, Sucz
Canal per cent in volume,
Markets
fell 14 sterling to $14. British accordingly rather subdued-not frightened Governments had no common trend with some up as much as but troubled.
Velerling and some down one- fourth storling.
shilungs
11 British Petroleum up 2 shillings.
were
American products. 2. that a revival of European dustry
envisaged by common market might
Poss inst August. The metal work- further
competition
sela. Ing magazine noted that steel Concensus is Products in other world mas demand and supply are moving new into closer balance except for will begin companies studies
plants of the possibility of hard-to-get establishing manufacturing out-structurals. It said sheet users els within the common market. are in a position to call
tune. Car loadings last week two showed a gain of nearly Higher Cost
FCT
the preceding cent over
decline of more week but a Elsewhere, there was concern than three per cent from the about the profit squeeze, With
week of last businers coats going higher and corresponding
year. Decreases were noted selling prices meeting more and for the week in coal, coke and Price sipped in three of the 555 gained, 507 declined and 109 more resistance, the return on less than car lot shipments.
in one-held unchanged. It was the nar-
being Compared sales
constantly sessions and gained
·lost with
year Wednesday. Losses were small rowest market since June 1,
were shown in all narrowed. This development decreases and the general average showed 1951, when only 1,316 issues has forced some companies, to categories except grain, ore and but little change. Market ob- | appeared.
inventory buying. coke, OFL sarvars said the dullness WGS Olle lifted the market from The
The stock market last week favourable in that. It indicated a decline on
by the Tuesday when these days makes it just that cut to four days no liquidation overhanging the Texas Taleed the figure on the much tougher to expand or Washington's birthday holiday-
Thero market at this time.
oll its wells will be allowed to improve plants in order to cut was a mixed affair.
non-assenteds were Most of the sessions were produce in March.
production costs. Result: A were small losses in each of the
with the 7 per cent dominated by oil news.
The Ben-Gurion statement on
the leading squeeze on proāts.
assions except Wodnesday when
bought by Polash down one sterling, the time the tradere
a sharp advance. appeared | Israel brought the oile down on The US News and World oil Issues
were optimiste but they were very and the Old Dawes Loan down Young Loan down three-fourths optimistic on an early opening Thursday and helped
The Tolls, of course, unsettle Report in a special study of the They the market that day. of the Sucz Canal,
their acloctions. profit pinch
that helping along by anticipation of choosey shows. changed their minds on Thurs- Steel issues cosed. Aircrafts between 1956 and 1950:
traile again in the Surz Montague Burton, the big chain. Japanese were very much day and sold International olls had lomes,
wanted. The arsenteds on the Mutors were quiet. 1. Coal of
a sharp rise in the store clothing concern, has machinery and Canal, by whan Israel disregarded requests Ford alone managed to score a
amount tools were up 7 per cent;
of oil
1907s jumped storting and the Texas will fature approved of by the ex-
the non- to leave Egyptian territory. small gain. Oils consistensiły 2 Hourly wago costs, in-permit its walls to produce, and perts and its shares climbed non-assented2
Oils Lift Market
Seaboard wilh
Д up cluding rained
frings indications higher prices for nearly 8 shillings this week. assenteds of the 1000s rose 15 all in at any time
assented 12 and examine specimens hearly 6. Andes Copper rose 5 benefits, were up 6.3 per cent; crude oil and gasoline will hold. Shares of Marks and Spencer, sterling and the
3. Cost of industrial, con- The overall lasses in the stock another chain store outfit which sterling. There were rises of is iniz 30 industrials, 20 rails, and American Cynnamid Tore 34.
bond fost few we shall be proud to show you. 15 utilities closed the week
a rise of 2 shillings & Chinco at Simmonds Saw & Steel ron On the other hand, solling on averago and the trading was wor
did" pence, as 105.38 off only 0.24 point or up 02 and gains of 3 or 4 points prices of industry's products very light.
alployed the A Jon's liat of blue chips wero Market experts sald unchanged. Indus- were Bet by Corning Glass, were higher, but not t practically trinis closed at 460.83 of 1.44 Minneapolis Honeywell, and pace of production costs. Prices market behaved satisfactorily, up by amounts ranging from 6 characteristic reality Shell rails 142.22 off 0.07; and J
received for goods told were up They pointed out, however, that perice to ahilling 0 pence Oll jumped 7 points, Chrysler C. Penny.
Olla had one of their huge 0 points and Standard Oil dr utilities, 70.34 up 0.45.
still subject to \___un«" The high-priced shares pro- 2.8 per cent. The result; Margin it was invided some wide swings Inter of profit, in manufacturing were certainties, and that a how dictuations during the week Now Jperly points
| national, "Buginese. „Machines | down 2 per cent." We attempt may be made, in the which resulted in some rather But Best Her Sttel, ap cloned the week at $527, up Corporate eamings reports root toolstant future të fest anzoal gain. They carry much | the dizzy- cao, gained only peared on the tape. Of these $18-United Press,
leased last wool: appear to give the recent Lowes United Press. colossal Investments that they pointsUnited Pröm.
For a
50-called
Unreal Gains
Over the week Industrials werd
In
*
o Gully,
From Articles of Association, Share Certificates to Letter Headings and the many other essential Items, consult the Printing Department of the South China Morning Post, Ltd.
The general average, Includ- } and Anaconda last 3 points.struction were up 44 per cent. market amounted to very little has elbowed past: Woolworths or 4 sterling scattered around | of, quality printing-which 35
The
utilities stood out by rising
A total of 1341 Instien
chch of the four sessions.
Rolls Royce.
4.Möming Post Build
Printing Dept.
ham Stree
Telephon