Expectation Of China Rubber Order
.
Singapore, Mar. 10. Rubber traders in Sings- pore still hope for bir orders from China, Mr Tan Paay Heo, Vice- President of the Sings- pore Rubber Trade Asso
elation, said here today. In an interview here. Bir Tan said: "Sales are slow поня because China to alter an agreement to buy from Ceylon firat. "But we shall be catching
Up ROOT"
No rubber was exported ko
China from Singapore Last month,
This
colony's rubber ex- ports to Chaina голе rapidly after a Malayan
trade miasion
China last year.
vizited
But from November ex
ports dropped from 50,-
007.000 tons a monik ta Lons January of не
#tal year. Reuter.
World Tea Production
Record
THE CHINA MAIL, MONDAY, MARCH 11, 1957.
TRADE and COMMERCE SECTION
US Automobile Industry HONGKONG
Slowing Down
SERIOUS EFFECT
ON
OTHER SEGMENTS
OF NATION'S ECONOMY
By JOHN MORKA
New York, Mar. 10.
NEW YORK COTTON MARKET REVIEW
New York, Mar. 10. Cotton trading, with the exception of the Tuesday session, was a rather dull affair last week.
At Friday's close, the list ruled oven to 33 points-38 cents to $1,05
STOCK. EXCHANGE
(From Our Correspondent)
Business dobe on the Hong- long Stock Exchange this mately $170,000. Noon quota-
morning amounted to proxi- tions and the morning's trans- actions;
Share Buyers Sellers, Sales BANKS
RK Bank XD 1040 1563 INSURANCES Unfor
bale-lower❘ SUPPING"
Wheelock
bo
100
<%
10
than the preceding week.
About half of the work's lees Whart
DOCKS, ETC.
was accounted for on
Tuesday Dock
LAND, ETC when prices dropped as much K Hotel.. 14.5003 д 15 points
on a combination is Land of reasons. These included: 1 X Al March liquidation
Humphreyn, following delivery notices; 2. A more RUBBER favourable view
Astralg. of crop pro-LITIES spects in the recently signed up Tr for the soil bank,
Increasing signs that the United States economy was slowing down a bit turned the spotlight on the all-vital auto industry beset last week with fears about the lag in sales andance and circulation of two Resty mounting stocks of unsold new cars.
give new
A slump in the auto industry sh uld
clues to the | mures to rolax credit terms do- could have serious repercussions changing patterns of competition signed to spur lagging oute sales, There are evidences that the on other Important segments of and automotive leadership.
longer terms and questionable the US economy. It could have
It now appears that General equitles so prevalent during 1965 Internationa! over important
of 1956 on new-ear The automative Motors, whics for the past three and part torics as well. Industries used 23.1 per cent of years actamed for more then sales and causing considerable
auto sales, in giving trouble," the bulletin
seid. over-all steel consumption; 56.1 half of
So far this year, Total repossessions by unit do iron; 10 loani. per cent of malleable
not appear out of line, but the per cent copper; 40.7 per cent according to estimates, the com-
pany with its line of five models dollar loss per unit is inereas lead; 29.1 per cent zł 21.0
Cadillac,ing."-United Press, per cent nickel: 71.2 aluminum eluding the popular
per cent of the (permanent mould castings) 84.6 has about 48
This is more than a five- naturai rubber; 01.0 total.
from its 10,78 per point drop
it sale In 1950.
Washington, Mar, 10. The United States M
Foreign Agricultural Ser-per cent vice estimated today that per cent synthetle rubber: 4. world production of lea per cent cotton. (outsido of China and
Russia) in 1956 was about 1,500,000,000 pounds com- pared to 1,479,297,000 pounds in the record year 1956.
The FAS sued a trade cir- color which noted tendency toward expanding production in Iran, Turkey, Africa and several South American countries,
Reasons
Here's what's causing many
furrowed brow in auto-conscious Detroit these days:
Ford and Chrysler, however, both spent miflions on remodel- ling the 1967 version and the in- vestment appears to be paying if so far. President Henry Ford disclosed this past week that its sales in the first two months of 1. Sales were off about & per the year set a record for the cent from year-ago levels.
2. The expected spring pick-period. Sales to date this year amounted to 293,000 units, 22 up which normally
per cent improvement from year- ebout appears skew
Bgo levels. underway.
3.
sets in this In getting
World exports of ten in 1955
Inventorles are mounting. cere 1,001,518,000 pounds cum-Stocks at February-end totalled partu
in about 700,000 cars. Of this total
1,050,035,000 with
800,000,000
ita
1935
1938.
prewar
more
Best Quarter
a
pany's history. Earnings, he a
1952, and an annual average of about 200,000 were added during
according period the last two months alone.
Chrysler car sales, Only a few short weeks ago, ૨૪
to F. W. Misch, financial Vico almost un-President, may Braz!! in 1955
leaders produced industry
exceed $1,000,- and exported animously figured on 8.5 million 000,000 in the first three months 1,000,000 pounds
market about 1,022,000.
Now these for the best quarter in the com- for 1957.
being revised are for long the work's estimates "India
More
and largest exporter of tea, has been downward.
And people Insist they'll be satisfied losing ground to Ceylon
0.0 British Africa since 1953,"
with 6.2 million or even the
1050 million. Auto
sales In FAD said.
"Other African and South totalled 5.9 units. American countries are export- To keep their production pro- ing teas in mall but increasing, grammes in line with the sales quantities each year, as produe picture, some companies have tion has purposred Internal curtailed operations.
2 seller to tho No. Chevrolet,
turned back "Indla sul leads
last the workl
pro your, exporting about 43 per cent, and duction by over 21 per cent in February. Two divisions of Ceylon exports 36 per cont
Chrysler Corporation recently world total exports,
from went on a five-day-week six-day schedule.
consumption.
The remaining 21 per cent is spread throughout other coun-
Aul output for February re- tries. Indonesia a large exporter befor 1941, has lost much of her feeled this drop in production, trade due to interani conditions. Some $70,890 units came off the "England is the largest im-sembly lines last month, a 2.4 porter of ica, taking almost half decline from January total,
But more importantly for the of the world's exports."-United
the next few weeks Industry:
Press
LONDON INVESTORS
GET OUT
OF THE MARKET
London, Mar. 10.
Faced by problem in every direction, investors last week tended to sell and get out of the market, at least for the time being.
The news from the by-elections, showing the refusal of Conservative voters to support the Macmillan Government, and the news of the strike in the shipyards were disturbing.
A
When there were the officials between 1 and 2 shillings. statistics showing that con-long list were down less than a sumers, despite the "credit shilling. squeeze", were flocking back to
the
Nuclear-power shares were an
nounced, in the first two months of this year are ahead of those in the first two months of 1950, The company is currently ship ping 32,000 care a week from its US plants as against only 17,000 at this time last year. The com- pany's chief headache, it appears, has been to produce enough cars meet demand. In 1966 Chrysler invested a record 281 million in how plant, equip ment and tooling.
So far, according to latest estimates, about 2,000,000 cars have been sold, with Ford accounting for about 30 per cent in mid-February.
The smaller companies, - clucting foreign makes, appear to have cornered a negligible 3 per cent of total sales to date this year.
There appear to be no ona reason for the new pessimism in the industry. Some experts point 10 the cold weather in many Others parts of the country. insist that the industry on the whole, keeping in mind carly 1050 when it piled up a record 905,000 ka inventories, is pacing itself beller so that production will be more in line with ex- pected demand. Whatever the reason, experts will be watching
the future.
this month's sales for signs of
Spring Pick-Up
The usual spring pick-up
comes this month and usually curries over bolo April and May weather. Last year the industry never had its spring sales picke up and as a result many are wondering whether there'll be any change in 1957.
with the coming of warmer
The auto industry In't alto-
were
3014
17
1,423
0.40 1.49
21.00
D
Star Ferry
133 140
Yaumati
105 1.08
23.5 22.00 20.70
0.80
23.80
Page
RUSSIA SELLING MORE GOLD TO EUROPE
By K. C. THALER
London, Mar. 10. Soviet Russia has once again stepped up her gold sales in Europe which in recent months have reached sizable proportions, finance experts reported last week.
Soviet gold, which made its appearance on a large sale, some two years ago in European capitals, was said to have lately been again sold in Switzerland and Lon- 500 461 don.
100 10
n 100
300 @ 30
REER $
WOWO
Two years ago Russian sales only a small fraction of these prompted by Soviet supplies from the sterling area switch to consumer goods which have benefited Russia's "poor required foreign currency for relations". purchases in the West.
But there are indications that Some experts believe that Moscow
may bavo assisted demands from Russian satellites Hungary in meeting some of have also necessitated gold sales | her obligations abroad in recent to provide funda to meet their months, following the collapse immediate commitments in the of the latter's economy, West,
Met Commitments
A British Banking review 24 23000 23.90 carlier last week estimated that
Hungary was reported to have
Soviet gold sales last year were mot commitments abroad to the the largest since the war: dollars since the October rising.
extent of some 55,000,000
**
103 17.10.10 300 209 10.10
10.10
amounted to 4,300,000 ounces, The significant feature is
What
The following three sessions wore dull and featureless with C. Light prices drifting
Flodiie almlessly. The three March transferableman E. noticea Issued excried
some Telephono
aub- on prices, but pressure
INDUSITUALS sequent trade covering and price cement XD 2414 fixing aided partial recoveries. Flope
13.30 The Commodity Credit Corp. STORES, ETC.
Daky
20 10.20 statistics released after the close on Wednesday
about s stand-off and bad little, it any effect on the market. Loane on the 1930 cotton crop through I were placed at 4,635,-
against 7,238,927 at Nanang the the same time
a year ago and represented an increase for the week of 34,452 bales. With- drivals for the week totalled 84,669 bales.
A
To Promoteles
Greater Cotton Use
Memphis, Tenn., Mar. 10. Everett R. Cook, President of Cotton Council International, lụ- day announced signing of agree- ments to promote greater cotton use in Austria, West Germany and Switzerland.
Cook said the agreements, be-
A report Late Thursday by the Department of Agriculture that sign-ups for the soli bank were well below the minimum goal of 3,5 million neres falled to stir any interest in new crop months on Friday.
As of March 1. cotton sign- ups for
the soil bank amounied
Watson.
X All 11.10 Lane, Craw 20,30 COTTONS Textiles
4.70 4.00
US COTTON
GOODS MARKET
New York, Mar. 10. Light trading and fur to 2,295,917 bales, with March ither easing of prices were the deadline for final place reported for still another The lower placements week in the New York cot to discount any possibility of a smail cotion crop this year.
tween the Council and cotton in-
each
dustry organisations in the threements. European seven the numes, bring
of nailons co- In the programme, Altermante were previously on- nounced
with
France, Japan
Italy, and Spain. Under the programme, cotton country organisations in
carry
programme will techniques developed by the National Cotton Council in the United States. This includes
and publicity press
services, cotton fashion campaigns, manu- facturer retailer programmes, Tosearch And cotton market weeks.-United Press.
out
Exchange Rates
Ex-
ton goods market.
Experts
believe indications
assisted
Bast
ma more than half of this quantity that Moscow bas was sold by the Soviet in the Czechoslovakia
and last two months of 1030 alone, Germany her other "faith" Ever since Moscow has been satellites in excent months with
Finally, it believed that
of
seiling gold "on the quiet" in foreign CUFFETKY. Switzerland and in according to finance pources.
Not Available
London,
being
the foreign currency acquired through gold sales is
1190d by Moscow to replenish Russia's depleted pro
While official information is panda funde abroad, United |not available, it was reliably
understood that Russia has been rolling intely at
the rate of
between 10,000,000 and 15,000,-
000
dollars
worth of gold
quantities in
Pross
Singapore
manthly in Switzerland and Stock Market
slightly umaller Britain
to
Borneo
Fraser de Neave Frame & Neave Lid. Ti
cum, pref........................ Gammons (talsys) Limited Longong & Shengital Ear
the Copy L... Hongkong Kempas Lu.
7/00
Singapore, Mar, 11. Experts who have analysed
Brokers today quoted the of selling have come the reasons for this new wave
the following stock pricom
Opening conclusion that Russia's foreign at Lintang Rubber Co. Ltd. $1.80 The Agriculture Department Low prices at falle
abroad have - British to currency funds
Petroleum Syndicate sald is sold 13,107 bales of gov- generate any large scale volume. been running low; they are coated enment-owned cotton for
Production curtailments are being currently replenished with port on competitive bids opened widening in the industry with the proceeds from the gold on March 7. Sales under the bid further shut-down or short-time sales.
Official British rocords dis programme since Aprli amount-plans scheduled in the week by ed to 0,390,947 bales.
logo that British exports to individual plants. However, ro- closo Certificated cotton stocks were duction of output has apparently Tusala have more than doubled reported at 7.073 bales, up not been sufficient a for to in the last 12 or 14 months, around 1,000 bales on the week, impress the buyers.
This is largely due to D
Lune Rubber Estates LAC. Undied Prem
Although sellers of premium sizable increase of Russian
Malayad Brewezien .. make 80
stare print cloth purchases in the Commonwealth New Berandah Rubber Co.
144. withdrew from the market after areas of raw materials, include Petaling Tin Ltd.
Other mills sales at 18 cents.
and other sterling Raffles Hotel ing rubber,
Singapore Cold Storage. second mot this price, while
South British Insurance commeports and re-exports hands cut it to 17.70. yard for
Ltd........ nearby delivery,
to Russia last year amounted to Straits Trading Except for a brief period la
equivalent of 160,000,000 Straits Steamphip
United Engineers Ord. was about the Ex-1940, 18-cents
dollars,
compared with a mere
Wearno Bros. ..... bottom price for this key cou-74,000,000 dollars In the struction in the post wan period. Nevertheless saléa were small.
New York Cotton
Export
by
New York, Mar. 10. Haw colton
exports destination as reported in bales by the New York Cotton change for the 1950-57 season to Business was done' in the local | March 5 were as follows: tinofficial exchange market this morning at the following ratesse U.S. dollar (per $1) Bierling, note (per £1) Australian notes (per indonesian rupiah (per 100, Slam teal (per 100) Singapore (Štraita)"
Britain
0.17
Continent Orient
26.13
Canada
1
$2.00 10.75 £5.70 1.00
Total for weakesti®
• exekuding liters
2,377,281
1.005,301
270,000
4,001,074
Same period last year* 900,013
United Premi
Most Wall Street
Stocks
In
Gain Past Week
By ELMER WALZER ·
New York, Mar. 10.
2.
OTHER PRINTCLOTHS
Other printcloths were simi- and quiet. A few inrly soft mills reported a fair business In spoelaity constructions,
previous year.
The purchases reflect Russia's dependence on Western supplies,
of which are industrial the remainder raw
goods, materials.
•
exdiv; toudly; eumbont-China Mall Special,
NAMESAKES
Answers-1 Grid, ⋅ 2 Power, Whether Moscow has diverted 3 Odessa, 4 Tourist, & Engines, d some of these supplies to its Inspect, 7 Moscow, & Harwell, B Sheetings also were quiet and European satellites whose Electric, 10 Fuc), 11 CommTKYLE)= pricos unchanged to lower. Other coonomies are in serious strulla lat, 12 Kilowatt," 13 Didcot, 14 carded goods were slow. Comb was not ascertainable; but there Voltage,
ed goods were quiet with prices were many indications that Georgi Malentcov. casing further on lawns selling. Coloured yarn goods reported Night trading Slightly more activity was
resorted in con- verted work.
fabrics. clothing Cotton yarn markets were slow during the week, with in- Party deliverica terest only in nearby
and prices about unchanged.
Spun rayon fabrics were quiet with sellers holding prices form
As approved by the
despite reductions of from two Postmaster General, Hong Kong
to three cents a pound in cut fibre prices during the week. United Press.
Stocks gained slightly during the past week in all but the utility group. Trading picked up compared with the previous week. Monday was The the biggest day with 1,890,000 shares turning over. Volume receded each day thereafter.
Bank Of England
Statement
London, Mar. 10. The Bank of England state- ment for the week ended March
Withdrawal of Israeli troops from. Árab territory and reopening of the Suez Canal for small vessels had a favourable influence for a time, reads as follows: but later the new problems produced by these events offset the good points.
Note in circulation .. Public deposita verje Private deposita Government
moústilles
pts
Sterling 1.800.2003,48 11754,431 200,755 A04 124,236,629 -53,686,005
$1,265,776
13.7
gether convinced, however, that buy dumble goods on the hire excepilor, C. A. Parsons gained 1957 will ten disappointing year. purchase system; would
2/- and Rayrolle, after some Ford, for example, still holds to government get still tougher with heavy selling, contrived to end an corller predletion of es them? And anally there was the the week unchanged.
millios. M. C. Patterson, Prosi- approaching budget, scheduled
About the time the Street be-, for the company and said, the Ower socuritier Better news from the Middle dent of Chrysler Corporation for April 9; Many felt confident East drove the professional bears Dodge Division, figures on a 0.8 san worrying about new oll com-industry would produce 0,500,000 that Income
inx would be lowered but others were not to cover their
ir previous short on year, on the optimistic plications, the budget issues were cars ht 1957 against 5,900,000 10
lifted Royalekte, he discounts the expected. Moves to cut the vast
Injected into the unfavourable 1036.
Later another Chrysler, execu«: Dutch sterling to 17 ster sCasonal pring pick-up painting
national expenditurest worked tive prediction dipped a bit here The Bank Of France First result of the confusion in while British Petroleum out that there is now a fondency WAB to maintain steady and Anglo-Egyptian "g" both for outo sales to break away against the market since they and there but there were soro exodous from British
were considered deflationary. Govern- gained 3/0 and Shell Transport from seasonal patterns, and was ment securities,
2/8 However,
ver, the Suez Canni Inclined to doubt there would
Sharp Run-Up Old Consols and War Loan continued weak, loring
be the April-May pick-up.
suro.
sales of iolin.
lost 12/0 and the rather vulner sterling to :£53%.
able railway nationalisation stock
Germans WOTO
But these forecasts were - die-
Moderato declines came
410.
A
Statement
Pärla, Mar. 10; ";
good news developements too. Auto output was higher and car Loadings made a sharp comeback from the holiday weak, aided by
The Bank of France statement fell 15/-. The index of gover-
neglected; counted seriously from another Thursday followed by a rather and of the docks warldom
for the week ended Fab. 28, ment securities closed the week some scilling powered 0% per source last week. The American Wide wookend decline. The net wtrike.
Bost gains in the part wools reads as follows: sterling. Bankers Association had some result in the Dow Jones averages at 88.39 compared with last seat Polaah by
et closing on Friday showed in-were made by American Home Several of the China bond grave doubts about the industry's justrials ut 473.83 trợ 3.72 on the | Products; up:06, Koty Mcges Tip | Total gold holalogak!) 301,304,208 A23 were down sterling. But öbility to move 8.5 care
this year Japanese, where changed, ware "Presone oslimstom eren chal weeks Evils 142.72 up 7.30; 1-54; ad Jenterson Ice Sulphur tal ochi, aurrenales + 14207,10 all stronger. The non-assenteds Lerige a six-million-taralt, Juos 20.74 of 000 and 60 stocks up: 44% Chrysler anised more
abroad Leading industrials suffered a of the 1907s and the Tokyo 5 the instalment credit commissioni 100.00 up 0.30. Chappy then 3 and Du Pont 3. American Advance to Stabikm similar exodious, British-Ameri-percenta both gained 1 sterling: of the Amociations: suidh inn Wednesday/produced a sharp Shipbuilding fell and United bile discounted can Tobacco, and Unilever feil the non-assected of the 19301 bulletin on the credit outlook,lis jeuneng ký Chrysler capital stock Aircraft 89%. more than 2/- and similar blum ked sterling while tho
The ismses, epurted more than 30s the 1,377/ Lasues" trodio 742 chips, like Imperial Chemicals, wonted jumpod 1% starling,- The report mild "every effort poluta when one of its Vice- gained, 470 declined and 816 hekl Vickers and Courtaulda, lost United Press.
should be made to resist pres-Presidents predicted food things unchanged.--United Press,
week's 89.03.
Exception
MEPU
„tion Fund
Cirant · accounte
deposits
ט
AIR MAIL ENVELOPES
WALL
South China Morning Post Ltd.
dartment
20002