T
Page
THE CHINA MAIK, MONDAY, MAY 20, 1957.
TRADE and COMMERCE SECTION
World Trade Week Celebration
DOMINANT ASPECT OF US
OUTLOOK IS EFFORT TO EXPAND MARKETS
By HARRY W, FRANTZ
Washington, May 19.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent- Busincs done on the Hong-
song Stock Exchange this morning amounted
to approx on and the morning's transac
|mately $808,000. Noon quody
tions:
The United States will celebrate "World Trade Week" from May 19 to 25, at a time when there is great interest in countries around the globe in every potentiality for international commercial expansion.
Pursuant to a proclamation by President Eisenhower, civic and commercial organisations in many large cities in the United States will hold luncheons and other events intended to educate the public concerning Union XD the importance of international trade to the national economy.
Studen
..
BANKE ilk Bank INSURANCES
Lombard SHIPPING Wheelock DOCKS, ETC. The President broadened the highly competitive with United States but taking cars to avold R. Fr
manufacturers set any possiblity that the United Dock scope by his declaration that "in-States
autoinolive Industry Provident ternational commerce in all sexample,
to abandon flute!.. LAND, ETC. Italy and United might want Germany, aspects trude, travel and in-
the K Led.. support of Voalmont-la beneficial to the Kingdom are carefully exploring traditional
possibilities for greater liberal trade polley United community of notices and con- alt ducive to the establishment of automobile males in the United Press. a Jual and lasting peace in the world,"
Major Events
On
Associated with World Trade Week will be the celebration of "National Maritime Day" May 22, an annual event used by Marine organisations
iig = for cussions of maritime themes.
Major events of World Trade Wool will occur in New York. Philadelphia, Dotroft, Cincinnati, and San Francisco.
At New York, Governor Avorell Harriman of New York
American Investors
Get Better Break
In Philippines
New York, May 19.
American investors get a
and Governor Robert 1. Meyner break in the Philippines than elsewhere in
Sare are scheduled to address e World Trade Luncheon on May 20.
INACTIVE COTTON GREY GOODS COME TO LIFE
New York, May 19.
Analysts Say US Economy In A 'Lull'
New York, May 19.
There hasn't been a really significant change in the U.8. economie picture for more than a month and financial columnists and analysts finally got around last week to labelling it "The Lull."
"All in all," the Wall Street Journal summed up, "It may well be that the credit limitations resulting from the Federal Reserve Board's policies of the past year are having their effect.
The Worth Street cotton grey goods market, after months of inactivity, came to life with a rush last week when mill agents booked the biggest volume of business in more than eight months. Balce
Concentrating on print cloth yarn fabrics, "The money supply, for in- converters, chain store, mail order and other stance, is no larger than it was 4 year ago. Thus it is hardly buyers, entered engagements for the third and surprising that businesss itself, 1.40 4000 7.40 fourth quarters, with a spill-over demand generally speaking, is
extending into the first period of 1958. 170044 4421
Buyers Bellar
1040 1000
037!!
33
7.35
11043
1000
300 100
25 13.50 13.10 £3.53
15.40 13.60 2500
30.75
(11.00
Humphreys Reatty RUBIER
Amaly
Trint XD.
UTILITIES
*Train
Star Ferry.. Yaumati
10.30
5.478 1.60
Market analysts differed in 15% neimating tho
volume booked. 100 35.60 101 30.24 Some thought 75,000,000 yards 72311.00 would be a comervative figure. 1001 Olbers said tstimates would be *ruosework." They held to the ais Indefinite
100 g 11,00
-1.50 1.524 9000 e 150 millions of yards."
120 1.40 200
**
133
C. Llem (0) 1930
(R)
Electric Macao E Telephone
Exparium
器
1.25
1000 23.10
30
Compelled
The revival was not
unexpected.
1000 @ 1950 pletely
60049 1940
many
coin-
Earlier
500 1930 this month manufacturers th-
alated "a turn is at hand." They felt buyers would be compelled
31 1200 i 30.70
0.10
27 27.20
500 A 21
163 V 27 300 27.to 700 27.10
34 1024 kg 3311⁄2
to come back for several rencont
corumor
LONDON
MARKET REVIEW
By C. T. HALLINAN
London, May 19. Weekly markets
where it was a year ago,
about
"If these are the manifesta- tions of 悲 restrictive credit polley, they are mild enough tử catlafy most observers,”
The male soft spots-soft in the .senso of Industries noti operating at capacity or failing to live up to advance esikmates— were steal, autos, home con- struction, lead and zinc.
Situation
The current situation in thèse lines:
Stoel-product continued to ease, reaching the previous week ittho
1. Because extensive mill cut- in production backs
were tightening supplies; 2. The need closed with the Financial to replenish Inventories in the Times' index of British wholesale
supply Government stocks down pipeline; 3. Multiplying signs to 84.82, the lowest in that prices were on "rock- bottom" after a gradual down- ward drift. for over eight months.
1957.
better ope
an
Kwong S. H.
...
INDUSTRIALS Derrot
331 13 STORES, ETC Dalry
14.00 18 2050 A 15 500 15 Watson
11.00 12 Craw 27,90 13.30 300 28
8.900
101 135
4.05 4.724 8.00
18.40
1000 00S
Uppermost question weekend approached whether the buying
+
·6.40 .8.20
4.43
move
the Far East but still U.S. capital has been slow in reaching the islands, the Wall United Street Journal said today.
World
According to custom, Stotes
of observance Trade Week is chiefly on the non-official level, and devoted to educational *and promotional rapects of international com- merce.
In 1957, dramatic events have) given a broader complexion to the observance. In February exports reached nn all-time record of $2,120,000,000, herald- ing the possibility that inter- national trade may reach a level not dreamed of before the Second World War.
Keep Pace
The amazing increase in ex- port would, of course, be a cause for Jubilation in the United States, except for the fact that United States Imports volume muy no keep pace with the ex- part growth.
Mernwhile many
on
United
NY STOCK
MARKET
REVIEW:
BY ELMER WALZER
007
Daily devoled The Financial more than two columns to report from Manila by its correspondent, Henry Gemmill, on Philippine investment conditions.
I said the US. Invealous fact d certain frustrations in tho Fhilippines even though they were less servere than in other Aslan countries,
for Ins-
free
"The Philippines, tance,
is comparatively from the political instability of such lands as Indonesia, from the sterlle socialism of such
CANDIDATES
Tazule Nanyang
Entert | INVESTMENTS
Yangtze
Allied
MISCELLANEOUS
445
lowest, level · since the sumaney strikes in 1950. Out- was 2,220,000 tons, or 88.7 put per cent of capacity, but was expected to rebound this week to about 2.251,000 tons, or 87,9 per cent of capacity.
Autos sales continued season-
NEW
But it also closed with tho in- dex of leading industrials-the ably low, with the Industry
ita hopes tiptop industriala at pinning the really
207.4, the highest. It has reach-models to be out in the autumn. Wes
April sales were about $50,000 ed in 1957. movement
units an compared with $50,000 100 6 4.21)-would be sustained. Conserva—. Normally these
for March. The figure is ex- 1000 @ 3.25
tives wondered whether it was more or less together, for the pected to drop to about $42,000 "a furry after a long period of cheap money supply which de- for this month, dullness," ** whother the mands
Brilish Government demand would spread to other stocks also bends to demand
COAL OUTPUT fables. OF AUTHORITY INCREASED
the
Az-
two
PERSISTENT
Last October a big, exservative amounts of the top but short-lived, buying splurge racking industriale. developed just before the mills raised wages. Higher prices named for clotha at that time In the were gradually crased succeeding months of inactivity, Encouragement
on
take
Homes--work was begun on
than
GOLD SEARCH TO BE INTENSIFIED
Sydney, May 19.
The search for gold in Papua-New Guinea will be intensified in an ectory to lift production which has been falling steadily... · Io. the past few years, 10- sorter to Radio Australia.
The administration of the tertiory has increased the staff
mines of Ita Alviadors bo give a better technical service to mining companies and, protpectors. Geologists of the Bureau ok Mineral Resources have already started at Kainantu on the first staKO of a
of general suÏVOJ Papua-New Guinea.
0
The Minister for Terri tories, Mr Iasinck, hopes these measures will
the courage
search for gold, the development of new falds, and tho' In- troduction of new capital. -CHES Mall Spopiat,
WEEKLY NEW YORK COTTON MARKET
Oct.
1953
92,000 publis and private dwelling units last month, the lowest level for the month since 1949, although
Д showing seasonal lift of 11 per cent The selling of government i above March, Paradoxically, stocks was persistent except on; however, construction as a whole Tuesday. The railway nation was running at a satisfactorily sikation stock fell 25 shillings, high level, Industrial and public Strasbourg, May 19,
the 4 per cent funding an 20 building starts New York, May 19.
Coal output_per_man "in
shillings, Warloan 12/6d. and neutralising in dwellings. Stock's cleared
By WILLIAM T. PLUNKETT the countries as Indits, and from the collieries of the European | Weavers drow additional eh-Old Consols 10/..
deadly insistence encountered in
Metals-domestię zine prices 500-hurdle in the Dow Japan that natives must hold 51 Coal and Stest Pool High couragement from signs of
New York, May 19. demand for When alarmed customers de dropped another half-cent per in the industrial average per cent Janes
of the stock in new Authority increased by 9,5 plekup
fabrics, mand on explanation, brokers pound, bringing the price to Cotton futures climaxed a Lho front with inches to spare during enterprises"
page per cent between 1953 and heavyweight industrial
Sume fair-sized purchase tell them correctly-that the 11 cents per pound, East St week of quiet and in- the past week.
article sald.
1956, M. Rene Mayer, Pre developed
sateens and sciling comes from smal! in Louis, for the Prime Western decisive trading with a sident of the High broken twills as coaters covered vestors who want to switch into Grade. Uncertainty about con- The big jump came on Mon-
ncerts,
government pur-smart Friday rally when Optimistic re-fast-rising industrials. But this tlauanco In March Unljed | day after, top businessmen and
Authority, has said here.
nearby
does not tell us why the big in- | chases was responsible, Lead, nearby months rose to sea- States general imports were government officials puvdicted
In the same period output in porta from Detroit suggested
might extend their stitutional Investors, presented also involved, held at the 13sonal "highs. $1,118,000,000 barely more than 1957 would outrun 1950 in "This public, nbove all Britain remained stationary and coaters
if
orders with these astonishing bargains, cent price established last week,
The far-forward. exported half of the export total.
considers in Poland
buying On that day others in the orient,
it decreased by general business.
but was expected to ang further delivery aggod, meeting in- materialise from Proof that per cent, he said.
automobile do not grab them. The Industrial average gained steel pro-American
creased offerings because of un- observers 3,91 points and closed at 302.21.
One reason seems to be seri- popular sentiment docs run in M. Mayer was speaking at the makers.
Executives have commented
of the coll the
certainty over fale in- It remained above the friendly paths can be found in opening of the ordinary session dustrial tendency to gitate for
While Anished goods business ing. There is much talk on the
bank programme next year and with Д remainder of the week and the foot that even
of the Pool's Common Assembly
other farm legislation. curbs op some imporia com
Steel inthetry spokesmen at- some observers, ment of currencies, led by the expected by italy..
At Friday's close modities, notably petroleum and closed on Friday at 506.80 up 7.30 Pesidential campaign. In full representing France, Belgium, has not moved ahead as fast as continent of another realign-
the list sinceuwing not one of the half-dozen
West Germany, wool textiles. Congress has been points and a new high
operations to they did noto a recent improve. trunc, if that was really, wide-tributed logging candidates scrambling for elec alow to act on President Elsen Sept 7, 1956. Hails enjoyed a
ment in retail sales of moderate spread, like the one in 1947, tinued reduction in Invery ruled 32 points higher to seven and lion has thought it worthwhile Netherlands and Luxembour
In his report good market on Thursday
might on the
The folt con-thon Britain
atorics by ateci consumers, and points lower, or up $1.00 to off hower's request for
displayed little concern since the 35 cents a bale compared with States participaticn in the finished the wook at 147.85 up to advocate expropriation of the
heavy U.8. private investmentssembly's activities in 1050-57 M. priced cottons.
verters have been living off in modest cut in sterling. organisation for bude co-opera-0.85 and a new high since Feb. already installed here, estimated Mayor said that production per vantaries for a long time and
But it is conditional; on her inventory-cutting process must the preceding week.
Optinlație reports from the 4, 1950.
eventually end. tion which would Implement the
man-shift in the Pool's collieries at around 450 million." Geneva General Agreement on Utilities
the akt
week-end
The third quarter, they pre-drygoods trade spurred a cover- increased from 1,401 kilos, in are now in a good "open-to-buy own she would do nothing. Tarifts and Trade.
were at 74.28 up 0.82 and a new 11 said that Filipinos were 1053 to 1,020 in 1950. He said Poaltion"-United Press,
INDUSTRIALS
dleted, will see steel productioning movement on Friday. Worth Street millmen reported a broad back to norma) levels, Domkant aspect of the World high since Oct 7, 1930.
irritated and puzzled that more that the production index in the
revival of buying in paint cloths, industries in
Industrials showed lost Trade mulook is the Bolf- Tho Standard & Poors 500- help was not arriving from the steel processing
activity of creased by over 10 per cent in
substantial riscă. We may dis- Steels executives also pointed marking the first conscious effort by most of the stock index gained 0.50 point United States.
the same period.
miss as purely speculative the out that consumers are unlikely consequence since Just autumn, nations to expand their inter- which translates into a gain of
Some U.S. 2.2 blon. On the basis of this
Arms and
MANPOWER
/ jump in Channel Tunciato continue to ignore the likell- national markets.
MILD EFFECT Exchange of trade missions, exhibitions at index, the market is 2.50 points capitalists were said to have
on talle of being backed by the hood of steal prices rising at least M. Mayer also said that man- international fairs, and establish- or 11.4 billion under its all-time conceded that they realised "fat"
Earlier, trading. was marketi Old Suez Canal company-which 97 a ton on July 1. At that time has plenty of money but labour rates move up again by small alternativo railles and mant of trade promotion agencies record high set Inst Aug 2. The profits in the Philippines and power in the steel industry in- and 10 per cent
canal-and of being able, in under the terms of the three declines as traders become more characterise the
world all-time Industrial high was cot had converted a satisfactory erased by
cutput of raw stoc) by 43 per បព by the Dow Jones average portion into doilors,
couple of years, to draw hand-year contract with the steel confused over farm legislativo cent in the period. The
The Industry moves In
The some caring from an actual workers union, Illustrating his trend, the April 6, 1956, at 021.05.
tunnet xxxx the channel has already indicated it will not "Very likely potent U.S.crease in production per man in
House vete, to end the soil bank investors are too stubbom in the steel industry could be
Mona typical were the 3/- rises absorb the Increase.
after this year had a mild effect thinking that they, rather than Umated at 30 per cent, he arided.
In Marics and Spencer and Roll-
by Particularly upset
the since some traders supposed the government functionaries,
Herr Hans Furler, West Ger-
Rome, May. 10.
Royce and the 2/- improvemente automoblie situation was General Senate would support the ad best able to judge what ventures man President of the Assembly, The Italian gleelworker's
in Dunlops, Unilevers
Motors Corporation, whose share ministration on this and that the would contribute to the islands said there would be many dil trade unions have confirmed
many other,
40 plan wit bo retained, of the market slumped to culties to be faced in the re- their intention to stage a 24- cconomic development,"
Olio were strong, all woelt,
per cent in the first quarter Administration requested for alisation of the British and hour atriks on May 24 in mippari led by Royal Dutch which rose article said.
10 control design"
instead of its ususi 50 per cent discretionary power iden for a European
cotton price support, oven eften ur mort, Parliament incorporating all the of their demand for a 40-hour £1 to a new pook at £20%.
week.
British Petroleum gained neon-
surpluses are eliminated, prid to present European assembles.
k 14 hillings and Angio- The company is bringing out | make it more competitive with He said that after the rati-
At present Italian steel mon Egyptian "B" 11 shillings. Sholl an entirely new Chevrolet and syntheile fibres, also had a re- callum at the Euratom and the Common Market treaties, mem-work a 48-hour week. They are Transport rose ? wings and Pontian in the autumn and is staining effect on the mariçet, ber countries of the Coal and sucking the shorter working Burmah 4/0 Suez Canal, rose counting on these and increased but selling was curbed as doubla enica efforts to regain what. [1] acoso as to whether important Steel Community must concent week without a wage cut. The 15/- la £47%United Press.
has come to regard as its farm price legislation could be rale on strengthening the Com-Italian General Confederation of
normal market,-United Press.
onacted within the near futuro. before making any Industry has now officially re munity
Agriculture Scoretary eneral plans
Benson estimated world produc- Parliament,
The Community
in wha
The Flat Company of Taring
be tion of synthetic now to being associated with the Cam-recently, adopted the 40-hour monTM Market, he said, but no week-announced that it was agreements must be allowed to "partly" returning to a 48-hour affect the vigour and dynamism weds during the summer. of the "little six“, of Europe.--- China Mail Speciaă. China Mall Special
trend.
now
on a
+
move
are
the
United States World Trade Fair.
500-HURDLE held at New York from April 14-37 brought exhibits from 60
500-hurdle was When the. nations, with an estimated value cleared, the market set its sights of $300,000,000, It was attended
now record high and predicted this by 700,000 persons' and 124,700 many businessmen filed a registration would make it. There might be card with a view to Comer considerable resistance on the clal transactions during and way
was admitted up, I
I said tho central bank had after the event. The volume of especially around 509.
{devised д mathematical busines resulting from the Fair Sentiment on the market im-formula to determine how much was so great that it will be fe- proved markedly
during, the
of the profils can be exported. peated in 1958,
also was better to~ week. ward business in view of the The article said the Philippines predictions on second half gains. was "a long way from enjoying Some Improvement was noted a thoroughly froo economy."- In market volume but not United Press. The United States Lupidly enough to bring a three-million-
day. extends its policy of sending share
Sales averaged trade missionă la other countries 2,710,227 shares daily, against a
Trade Missions
for a
An-
C
STEELWORKERS TO GO ON STRIKE
European fused to modify working hours. The
of the world 1 dcuss the daily average of 2,413,570 in the U.S. RAW COTTON favour of a free exchange zone one of the two large arms which
commercial potentialities, Dur-previous week.
EXPORTS:
ing this month such missions Oils, chemicals, steels, and visited Japan and Argentina, reils took the feature groups and it is expected that a mission positions in different sesalóna. will go to South Africa before buying spread to minor groups mercantile,
New York, May 19. such as the gloss, many weeks.
Raw cotton exports by destina- Experts here nolo, the follow-drug, copper, and aluminium.
in High camnings in the first on aseported in bales by thei ing significant tendoncia
quarter for the all plus a re- New York Cotton Exchange for Exchange Rates
other parts of the world.
European countries soul Japen turn to something like normal the 1950-07-season to May 14]. study the United Blates market in Suez Canal shipping helped were as follows. with care to avoid the disturbing chemicals rose on the romance erbits of United States Interal of high-energy
Continent commerce which woulą arvien a were bought on outlook for adrene operations. Felis Canadia "protectionist spirit in this pickup in
fuels. Steels Hellas.
Tosal for BORION”
Japan's self-imposed looked for a freight rate rias in Samo perkid last youT*. eighs on exports of textiles July-United Press.
country.
L
NAMESAKES
of
no
and
Bank Of France
Statement
Washington
The Bank Of England equivalent to about 14,000,000
Statement
Paris, May 19. The Banic of Frenice' state- ment for the work ended. May
Lordon, May 19. 9, reads go fpiloway
Paino The Bank of England diste- Tatal sold holding_301,301,304,400 mont for the week ended. May
13,379,907,889 | 15, rends as follows. 11,271,000,000
Notes In alcodation Pubble deposits ....
ड-
Total other
reneleo sight luippen alguna
Advance
stop world
Hank rigtes in circula-
ton Current counts and
depotte
done in the local * Bustosas waON
unoMala exchange
Answer:-1 Gorgon, a Song #19.301 mong at the following, rates:- alist) Usu dolar (per sa summer Kajol Morting metes (par £11, 1343 Youngsters, 4 Trigger, & Cowl dikoc
1600) boys, 6 Dog. 7 Justlerk,
Western, Horse.
Roy Rogers.
Australian notes (per 100*** 0,530,040 Indonesian rupiah" (per
Bim tios (per 100) Kingapors (Straits)
Other grille Pisosinia
Itatto
bales cotton, or more than tho sation'a total cotton production.
Crop nowe
considerad
#DAS
molly" favourable. Experts saidi
a pertain amount of replanting
thad
is gonedored normal and dọc the bạit generally thera dota not appear to have been sp- more remooding preciably
While necessitated this year. Btaring 182.1L42 progress is a little late, the ex-
tielay is #19271410 perte said the
not 28100 247
that und
STOWDE
tilted Press
rious,
generally are very optimistic on the yield per United Prom
pere outlook,/
י