Q:
H
X
THE CHINA MAIL, MONDAY, APRIL
19
TRADE and COMMERCE SECTION
United States Trade With Japan An All-Time Record
By HARRY W. FRANTZ
Washington, Mar. 31.
United States commerce with Japan was at an all-time record high level in 1956, with the dollar value about triple in the best prewar years. The United States was shipping tremendous quantities of raw materials such as coal and scrap metals, and food products to Japan, and taking larger amounts of Japanese textiles, fisheries products, and miscellaneous manufactures. The silk trade continued to expand.
with United Slates United States credit and farm polition goods export programmes were production, was directed during helping Japan to obtain agricul- 1988 to United States unports tural commodities on very good of Japanese textiles, Japon co terans,
and Japan's expanding compete effectively in a majority and modernised industries were of cotton, wool, silk and even able to invade United States in some linen and jute products, markets with widely diversive products such
United States imports of cot- Bewing-tom manufactures from Japan were valued at machines, opilcal goods, wear-in
1050
ing apparel and jewellery. Du! $83,010,000 against $59,526,000 the United States exports silli in the previous your greatly
purchases exceeded from Japan in value.
According to Commerce De partment statistics obtained by the United Press today, United States exports to Japan in 1966 $880,040,000 жете valuat at
$647,830,000 in compared to 1955.
Imports of cotton cloth were 142,942,983 square yards against in- 90,583,728 square yards. ports of cotton wearing apparel against $20,003,000.
United Slates
manufactures woollen
were
ננה
valued
at
33,681,000
of Imports
{rom
in
Jajan u 1950 were $30,538,000 Exports to Japan increased in ugainst $18,988,000 in 1885.
United States imports of silk every post-war your except for
ricelines
and เก
Iron manufactures temporary mail 1950 und 1955, In the pre-war | Japan in 1950 were $82,590,000
1935. period 1930 to 1940, exports to against $56,986,000 Japan
annually Imports in 1930 af raw silk wore $30,162,000 down slightly from The 1955 Imports of $31,775,000. Bill imports silk manufactures Jumped from
1055 $23,034,000
averaged
$238,390,000,
US IMPORTS United States imports from Japan in 1950 were $431,948,000 compared
of
to
Pago
་་་༑:;!!
STOCKS MAKE SMALL GAINS
Deflation Replaces Inflation WALL STREET
US Government's Policy Indicates A Counter To
Deflationary Dangers
By JOHN MORKA
Now York, Mar, 31,
HONGKONG
STOCK EXCHANGE
Fears about inflation in the United States subsided a bit last week. Instead experts were taking a new look at some of morning amounted to approxim- the deflationary aspects of the economy.
These included the following:
!
1. Continued layoffs in auto, appliance and equipment industries. 2. Further easing of steel production to new lows for the year for
the fourth consecutive weekly decline.
3. Signs that expected spring pickup in auto sales may not materialise.
4. Sluggishness in market prices as investors continue to show more caution than some businessmen.
and
Ford Motor Company disclosed | plans to lay off 1,768 workers in Ita St Louis Assembly plant on April 1, along smaller cutbacks in plants in New Jer-
California.
General Roy Electrics' heavy equipment plant Pennsylvania, is drop- in Eric, ping 200 over the next ten days because
ause of reduced demand, and the American Window Glass Company now has some 860 of fur- idled with the its force loughing lest week of 60 more Experts do not discount men.
ay the possibility of further Jay- offs in the next few months in a wide variety of Industries as the full effect of reduced ex- penditures for new plants and equipment begins to take hold. Steel Output
per
(From Our Correspondent)
Business done on the Hong- kong Block Exchange this
ately $210,000. Noon quotations and the morning's transactions:
Shater Buyers Sellars Bales BANKS
་་
UK Bank East Asia
INSURANCES Union Lombard
SHIPPING Wheelocks
DOCKS, ETC. Dock XD.. LAND, ETC. HK Hotel.. HK Lead .. Humphreys HUDDER Amalg Tel
Electric
411
1024
143
3715 38
20 @ 45
4.60 0.75 770 $ 0.05
44
14.10 14.30 36 30 1015 10.3
1.45 1.4755
400 ₫ 21.00
By ELMER WALZER
New York, Mar, 31.
Stocks netted small gains on average during the past week, were higher for the month of March, and substantially lower for the first quarter.
According to the Standard & Poors' 600 stock average, stocks gained five cents a share this
NEW YORK past week, gained 85 cents
COTTON MARKETS
REVIEW
By WILLIAM T. PLUNKETT
223 270 1035 un 22.06 200 22.10 100 2014 20.70
600 0.00
20.70 25.00
a
345% 21.70
250 24.60 100 24,70 2500 to 24.00
201) - Reflecting first quarter to now has
been inadvertent. stock of its certainties
prices of But the very fact that the Board restraining credit shares listed on the New York isn't actively
shift from previous Exchange have lost about & per marks a cent in valuations to date this polley. year, although there have been
"In recent months the Reserve UTILITIES 125 1.30 variations. some wide
From 11,00 31.80 Among Board has twice considered and
Star Ferry 135 137 Fire In-
102 100 Yaumat Xp those showing gains:
rejected a relatively boid anti- surance, up 11.7 per cent; Sugar inflationary move another in- C. Light Cane Refiners, up 0.8 per cent; crease
crease in the discount rate, the Automobiles (excluding General fee charged by Motors),
the reserve 8.9 up
cent system on loans to member Macao E but
including General Motors banks, No tinkering with the Telephone which has been losing ground rate now seems
ems imminent. It this your, auto shares are down deflationary signs multiply, the INDUSTRIALS
3934 3314 in their averages by 7.9 per cent; Board's counter-attack could in- Gene
Rope
12.00 clude a cut in the discount rate, apparet chairs, up 6.9 per cent.
STORES, ETC. Others on the dowreide:
stecl
In
18.00 10.20 any case, an increase now Daley pft 17.4 per
cent, tyres
appears out of the question.... Watson rubber goods, off 10.1 per cent; The Treasury's debt man-
... 11.80 Lone, Craw credil COTTONS machine tools, off 12.5 per cent; copper off 10.0 per cent; bitu-
symptoms so seriously that they Textile... 6.0735
Nanyang
B.13 minous coal off 12.6 per cent; talk of finding enough
INVESTMENTS domestic Integrated oil, off 11 available to put out a long-term Yangtze
5.65 Der cem.
bond issue for the first time in nearly two years,
and
agers are taking easier with $201,090,000 in
1954. Imports have risen in In fiva every post-war year. pre-war years 1936 to 1940, L-
ports averaged annually only $104,459,000
Some of the gains in United Stalos exports to Japan in the last year were as follows:
Exports of unmanufactured cotton increased from $888,256 bales valued at $121,208,000 in year
1955 to $1,180,724 bales valued at $180,218,000, in 1950. Exports of bituminous cool to Japan Increased from 2,780,485 tona valued at $23,888,000 to 3,178,331 tons valued
at
XPO
of iron and steel serup increased from $31,098,000 to $97,054,000,
The greatest international in terest, due
commercial com-
$30,112,000 in 1998. Imports of Bilk
woven Mbrics nearly doubled from $8,452,000 in 1955 lo $10,000,000 in 1956.
year
ducts
METALS
tripled
lig
for
Steel
output was
scheduled
at 92 per cent of rated capacity
Meanwhile Industry continued to trim Its plans for new plant
to fears that business is in line for some new adjustments
money
Thus, the Journal concludes,
New York, Mar. 31. Cotton futures finished on higher ground for the third week in a row, with new crop deliveries taking over market leadership.
At Friday's close the list ruled one to 30 points five cents bule to $1.80 bales-higher than the preceding week.
Trading mayed along little faster pace than recently, with buying interest perking up in the deferred months, while
selors becama previous reserved,
300 10 300 e 10.10 10000 11.89
*28!
Possibilities
government
B.55
this past week, quite a drop constructions lending strength the Board & no longer thinking US COTTON
the rate
Supply
well as
a
measure
Government's Pinch
GOODS MARKET
new crop. 2. Soll gramme Influences with
at
more
#
share for March, and lost 2.33 4 share ton the first three months, On the basis of the Standard & Poors calculation, the dollar loats for the whole market amounts to about 10 billion for the Arst quarter.
For the past week the Dow- Jones industrial average closed mt 474.81 up 1.87 points: rails 144.08 up 0.53; and utililles 71.47 up 0.89.
For March the averages show- ed gains of 10.19 paints for in-
and dustrials, rails 3.01 points utilities 1.07 points. For the first showed quamer the averages the following losses: Industrials 24.00 points and rails 0.16 points. Utilities which last week hit a 2.93 points 26-year high are up for the year in their average.
Wall Street found
mary favourable items offsetting un- favourable ones during the past week.
Favourable Items
The favourablo Included state-
pre- ments by steel executives dicting higher drst quarter net and some looking for a good 1957; firmer copper prices; a
resultant prospect for a cut in million production; 3.
Expectations that the heavy rate of exports,
the under
government pro- gramme, will put a new com plexion on the statistical ple- ture at the season's end, July 31, and May result in a boost hy the government support base.
hereafter would' hinge
three
ከክ
of a new test
for 1957.-
Bolstering factors included: 1. Department of Commerce state-
higher ment that economic activity loan rate on the at the high 1950 rate i
and February; American Bank pary
the Telephones ability to sell 250
debentures at a
a lower than previously expected rate; prediction cigarette consumptio
record in 1957; and may break a about tightening credit. Instead,
a higher dividend for Santa Fe. The United States in a single from the year's peok hit in the
asIt adds, the question is whether
Ford led motors down with of week beginning Feb. 18, when imports
decline.
Steels point was at 97.8 per cent
to ease. spell of unemployment
24 forro-manganese, titanium metal,
of rated capacity.
22 Ber Although The 1956 outlays were рет
generally were higher, metals aluminium manufactures and
steel output to date this year is oent better than the 1955 pace.
Irregular, and olla firm. copper manufactures from Japan, still slightly ahead of the year- But the expected 1957 outlay of
to rise Among issues Despite political resistance
Nearby deliveries lagged,
paints or more Ware Arriola from U.S. fisherman, and stiff 90 pace, the trend in 1956 was 37.4 for new plant and equip-
The
Carrier Corp., do in sharp contrast to ment will be only a 7 per cent
government's pinch on
mooling liquidation in May and Constable, competition of European and upward,
increase over the previous year the Inflationary spiral appears New York, Mar. 31. the current downward move.
July, or transferring of long Vilbiss, Hollander, International Latin American sheries pro Steal leaders
are openly dis- ...with coet of machinery on to havo some effect on Ameri-
Sellers of cotton gray positions to new crop months. Utilities, Lukens Steel, Minnes- Honeywell, National duels In this market, Japan appointed at the failure of the
the rise, money lighter to bor-
can retailers, still optimistic
reported another Dullness in the textile market palle Bnds an expanding market
lagging auto industry to get row. Competillon increasingly about sales prospects for 1957. goods fisheries products. Tuna, back Into the market to re- more difficult, and with
the But they are worrying more and period of slow business in and quietness in the spot cottons Cyclinder Gas, Shamrock OU
situation were other handicaps, and Stauffer Chemical. swordfish, albucare, salmon, plenish their inventories. Some
Market exports said the list profit squeeze getting narrow, more about the pinch on profits. the last week of the first Moreover, some market, techni- crabmeat and a wide variety of auto makers now have about many business men appear to They insist that cost of their
clans thought factors offfecting behaved well and some of them filets, fish oils and camed pro- two or three weeks' supply on be
tempering their earlier goods has gone up about four quarter.
Buyers continued to practise the old crop picture had been looked for an extension of the..
talked against of por cont while their own prices pply optimism with arc marketed here. hand, compared with
limiting new discounted and that the market rise. None
early possiblity United Press,
have Increased not quite three extra-caution, level of 30 to 45 days carried now caution these days.
engagements to "quick" and action per cont normally. Many are wondering,
nearby deliverios. But
some more on crop news, Washington being made of the February 12
lows--the therefore, whether the auto in-
They are still expecting to top market observers detected signs development on form legisla- United Press. dustry will ever get back into
1950 by about three to five per of an impending change in the tion, export news or other new ihe market for cold-rolled
mani-cent but the profits may not be starvation of orders affecting inventives. sheets and other steel products festations inst week of what as high.
producers since last year. which make up the bulk of the
of the some circles ingist is a trend Fortune Magazine finds that
Mentioned factors acting to customers are buying generate better underlying quality merchandise, money situation.
and a belief that the noto is the failure of the spring sales plekup to market's ap-
Wall Streeters were particu-in gearod maro to needs feeling
"primary trade now is closer to to promotions." impressed along these lines
a turning point," Included pearance. Some
car dealers, by the sale of 250 millian of
their customers, notably Ford and Chrysler have
the A diminishing Volume of lower- debentures
by the American merchants are buying conserva-
priced second-hand offering; 2. shown considerable improve- Telephone & Telegraph Co, last tively too especially depart A strongthening determination ment but the Industry general has not fared too well. work at a rate considerably be- ment stores, 15 per cent of them of some mills to held for higher
fore- are ordering summer and
prices; 3. Tightening they
ng supplies during Jan.-Feb. are off to what experts had been by five per cent. Auto output Gusting of the now availability autumn goods later than
of money these days. It sold its did last year."United Press. ao for this year has been at a
4.34 per 250 million issue at rate of 000,000 cars a month,
nth, cent, whereas back in December than the year when
1991c
first an- slightly better ago pace. This would be equal nounced the cost to an output of 7.2 million on
would have been around 450 an annual basis. Ward's Auto-
por cent. An investment group motive reports estimates that of 133 underwriters repriced the the industry planned to out 4.0 fewer cars in the second buyers were
4.30 per cent and to yield issue
active over the gun March quarter.
than in the weekend it was felt the
Lose werker Now it
Pseudo-Cheerful
Air On London Market Last Week
By C. T. HALLINAN
London, Mar. 31.
Firm believers in the prolongation of inflation, the stock market maintained all week a pseudo-cheerful air.
stoel requirements.
Easing Money
There were further
Industnding this pessimistic toward 'samo cosing in the light though
Shlo
this your
turn
Тож
the
ww.s
thane
at borrowing The Bank Of France the
Statement
Paris, Mar. 31. ·
A and
Traders expecting higher prices cited the rising trend of the parity base and the outlook. for a higher government loan, The mid-March parity for middling 1⁄2 inch rose 12 points to 38.93 cerita pound.
Statisticians figure that if
the present parity rate holds to
next July, the government loan the wake of the mili curtailment rate for middling one-inch col- programme Inaugurated some ton would be around 81.89 cents veeks ago: 4. A belief that a pound. The minimum intern liquidation of finished goods in rate, which was based on the
has consumer
Jan, parity, was 31.80 cents a about reached the
pipelucibin
pound.
if the mbaknum; 5. A multiplicity of
Some quartera felt orders coming from parity base kept on advancing converters, garment makers and ove
over the next several months, The Bank of France statement brokers said amount to "quite a makes
piece goods buyers which
and if the export programme Inroad for the week ended March 10, total" in the aggrogate.
a deep enough into the surplus stock, the loan rate for next scuson might be Total gold holdings- 301,204,308,42
around 33 cents a pound com- TOLAI other
rencies
14,405,480,975
pared with the 32.74 porta Other favourable "straws in 'basis on the present crow In EPU
22,771,000,000 the wind, optimistic quarters United Press. Advance to Stabiller-
tion Fund
week 22,900,000,000 felt, included the late Total bills discounted 1,708,580,326,200 flurry of activity in wide 80- Banknotes in circula-
where some tion ********** 2,961,923,240,603 square prints, Current accounts and
weavers boosted prices a quarter deposits
185,000,547.970 cent a yard. Sales of
It opened on Monday with a big jump in industrial shares which lifted the industrial average 4 points to 190.4, the highest it had been for 11 months, It even edged up further, to fooks na it production schedules/would get to the public to yield roads as follows. 191.8 on Wednesday, but emotions were mixed and will be 11 per cent lower than between 4,35 per cent and 4.50 by the close on Friday the average had fallen two points to 189.8.
that
Shell
。
1 mada modest gain of
Q
per cent.
The influential
Wall Street
cur.
In the first quarter. The revised production estimate "stems from Journal sees a new switch in the Bilance abroad failure so far of the spring wind-away from inflation in sales upsurge to materialise,"
the direction toward more, con- according to Wards.
cern with deßation.
Auto Sales
Although it irticates that the hasn altogether government conceded that inflation has been Orders for steel pipe for theicket recent developments lead
shapes, plates,
it to believe that the govern
Francs
-United Press.
LATE FLURRY.
wark denims also showed algns of a pickup, even though a majority
Bank Of England of garment cutters continued to
Statement
London, Mar. 31. The Bank of England state- ment for the week ended March 37, reads os tollows:
Noles in circulation ... Pubille depor Private deponitu Government, macurlites
other securities Receipts
"play it close to the chest." Some producers felt a spell of warm weather will witness a since speed-up in denim sales distribution channels "are fairy clean of stocks,"
Sales yarn spinners also noted brightening spots in the picture.. Bierling 1,90783507 Some manufacturers, resting a
***19717315 comfortable
order backlog. low bids, con- current
301,450 341
200,496,029
turned down
30300010 sending
Oven
Four-point rises and two other British Oversens bank was point falis, all in five trading also strong, Bank of London and
not exactly whole Bouth days, bre
America jumped 5 BOTTLE.
shillings to 195 shillings, sp- Everybody belleves, or pro- proaching its peak of 140 desses to believe, that some- | shillings, thing marvellous called "econo- Oils were strong sector. petroleumeel puter, are counted ment may be tackling the prob- The mic power" is on its way into Britain's future
economy and shilling 6 penco, Royal Dutch on, however, to keep the inn i lem of dettalion in a new kind
in of emphasis. there has been strong buying dia a little better with dustry humming at a pretty The Federal Reserve Board, of the shares of C. A, Parsons shiling higher and
Canadian good clip over the rest of the noid Reyrolle; in the confusion of Eagle 2 poncs botter. But Bri-
although year,
steel leaders find has now discarded any
thoughts
of new credit tighter this week Parson's shares foll &
Petroleum
no effort Burmah make
at concealing and
ing moves. In addition, some
* | shillings and Royrolle 7
and that their concern over the fallure of thought is being given to rodus. gained shillings chillings: Reyrolle's financial ro incredible market performer, the outo industry is helping to ing down payments on
home sults were disapponting but Anglo-Egyptian "B" gained 4 dampen investor enthusiasm to
Tight credit cor purchases. some extent. There has been ntrols have been blamed for the there was nothing very aur shillings,
to la lovel reduction in trading to la prising in the discovery
Suez Canal roce 1 sterling to where little more than routine struction, now at an annual rate
low level of housing con **the new programme is an ex* 52 1/2.
pensive ono and normally the In foreign hond orcilon the business is now conducted. No of 910,000 lowest in about eight
759,015 schedules are unprofitable. Low lovel of inventaries among price would have cased pence
[Blur | years. or & shilling; so great a tumble speculative Greeks were apane seems certain
not There's also more talk about
Home users was pointed up by parently, in pornistent demand will happen if auto sales do
Immediate de- for requests reduction, by fon thay gained a sterling and rise. Some exparts are inclined possible
while the
situation to feel that any weakness in Congress. All of these develop- 2 1/2 sterling,
"looked better." derman Young Loan non-autos would be offset by Imments can be counted
More cauilous observers were in ather sectors. counter a destationary danger week with
provement con assented, gained 14 sterling but his coterie points out that 1950 rather
marketinis not looking for any immediate tinued buying of chain store the
than
Inflation shares on the theory that sterling
was a record overall YOUT for
onc. The Wall Street or at the following rates:
UB. dollar (per #]}]
6.19 upsurge in large-scale buying oë Dawes Loan oineza oven though the auto Journal notes also that the sterling notes (p4? #32,**** sation will lift their prices and assented
10.12 Yorna, Improved 4 storing industry suffered a 27-cent de- Federal
has Australian moter bares indi100 ported a "fair amount"
11.00 Reserve" system (rofile, Woolworths Biteks and
Royon #roy goods sellers re-
of suntech sterling, dine Mang ure counting on the been buying rather than selling Indoor (0) Great store all rose and it
So did Ford Japanese were generally quiet building industry, with tilillons government securities in the Bingapore. (Sirsil)
business with prices about ung BOO 27
though they had, as usual some
earmarked for Chemicals and
construction to Motora
changed. A quickening interest open market, thus having the sundaythorn
tako the slack. while Unilever eccentricities on alleiny.
In rayon, acetato and nylon effect of pumping now - money. Deller #focios were mostly Although building will Bot into the croit stream.
sheer goods was coupled with jumped, 3 chillings 9 pence,
.! on the wool by 1 or 2
last-minute covering by con- Shares of the Hongkong and down
a new record this year, it will comments further... Shanghal Banking Corp, jump points though there were some fack some of the force through od. 26. last week to E87 1/2 options;
promium production In housing starts storting appropening close to its esaed 14 to 7 per cont.-United which so many thing is Im
portant 13-month's peak of £100, An-/ Press.
was a shock.
Chain Stores
It was a
Spencer
assented only
their.
one-half
as to what
tax
'AD.
on to
Tatio
United Press,
Exchange Rates very
-Business was done in the local
exchange
uncial
| (per 100)
the
NAMESAKES
Cleometry
“Chairman Martin of
2 veriers to meet, Iglo neusonal Federal Reserve Board describes Squato, 3 Circle, 4 Triangle, 5 demands from dross, and ather United the Board' 3" prowout pullest
Creat passive and says, any easing up
T
laws
Australian Wool
For Rumania
Melbourne, Mar. 31. The Rumanian Govern- ment will import between £4 and £5 million worth of wool a year directly from Australia Instead of through Brillah agents 24 from next year, the leader of Rumanian trade delega- ton, Mr M. Ciobanu, who is president of the
Humanian
M
Chamber
Clphanu
of
sald
in return, Rumania hoped to re-establish Limber market in Australia and to export textfles, chemical, machinery, tools and food. China Mall Special
PHOTOGRAPHS
by our Staff Photographers
Softball at King's Park
Mission to Leper's Flag Day Rotary Ball at Peninsula Hotel Police Soccer at Boundary. Street Army Fencing at European Y.M.C.A. Oxford Cambridge Annual Dinner at H.K, Club Earl Halg Toumpment Boxing, Macpherson Playground Requiem Mass for Late President of Philippine Republic Dress Show at St. Michael's Church, Kal Tak Queen's Birthday Parade Rehearsal
ALL. Local Sports.
Local Presentations
Local Weddings.
Etc. Etc.
Availabla ut
SOUTH CHINA MORNING POST. LTD.
Wyndham Street,
**