TRADE and COMMERCE SECTION
END OF INFLATION Danger Of Chain
Reaction
Of Import Cuts
By SYDNEY S. GAMPELL
London, Aug. 6.
The markets have been behaving rather ominously. Unless the freights and commodities soon snap out of their malaise, inflation may be at an end.
As happened to the Korean boom, it is running out of money.
As can be seen in countries as varied as France, India, Japan and Denmark there is some danger of a world liquidity crisis and a deflation- ary chain reaction of import restrictions,
Exporters' Insurance
Scheme
Canberra, Aug. G.
Britain's terms of trade thrive
Industrial ditions.
and ecmmcity profits to nol.
on
Nobody is known to be going i In the International Manary i Fund mesting in Washington! in the last week of September with any particular intention of There illscusshig, the problem.
}
no analogy with 1949 when mujor decisions had been loken wriks in advance,
But 1hr Fluare Ministers will there assembled Australian exporters will; when
be able to compete on more bless and themselves dis- overseas curing H. under the force of a moting world opinion that
arrangments ara
even terms with exporters
when the rent
Ex-erowy to conlture.
Government-sponsored
Port
Payments Insurance Corporation starts business shortly, Radio Australia a nounced,
LIQUIDITY CRISIS
1:1 Accidance liquidity
IN SIGHT?
New York Bank Rate Increased
New York, Aug. 0. Bankers Trust Co., the ninh
largest bank in the US and the sixth largest in New York Cly, inday boosted the rate at which it wil int to prime commercial enstomers from 4 to 4% per een! Other major banks are ex-
to follow veeted
the Bankers Tree lead, al- Im- shmah they had no mediato announcements. "The increase, which had bern long expected ini financial circle, is the first sincs last Augus! and pushes tho
called "prime rate to the highest level since the early 1930's. The move reflects the steadi-
is rising coat of money.
Acilvy in the money market rtrengthens. reperin the federal reserve board may again step in and raise the discount rate from the 3 per cent level that has prevailed since fast August,
However, money maritet officials stress that Federal action lo "by no
means trap maling." Hous's in in- dividual market rates, they have no direct in- way, But nes na he Яyniem's re-discount rate,
This rate, which is one of the sys.en's principal inflationary weapons, changes when factors throughout the entire economic fahris warrant a change.-United ProsS
STOCKS SAG ON
WALL
MANY
NEW YORK COTTON MARKET
New York, Aug. 6. Cotton futures
today steadied after a shaky start only to case again in another quiet trading session,
HONGKONG STOCK EXCHANGE
Our Own Correspondant Business on the Stock EX- chẳng this morning amounted to $330,000.
Noon quotations and ne morning dentings:-
Shares MASKS
uyers Helleru
Bales
TC Blank .. 1000 1020 11 1820 INSURANCES
00
Wheelocks
Dock
7.15 7.00 5,200 & 7.03
-111
13113
45 4822
rts tc.
50028
.
22 or 325.
267 of 950.
Closing on a note of weak- Union ness the list shows net SHIPPING losses of 10 to 16 points. DOCKS, ETC. The market opened off four C. Whate to seven points. New Orleans Pvident o 11.80 closed off 12 to 15 points.
Fevoer ble weather crd crop LANDS, ETC. BCWS and the discourogingly jik tube).. 45.38
develpment of expecte") złow
FRIK LA new buying 31 the tex: ile amplrcys
Really market kept prices on the defau-HÜBNER sive moal of the lime.
Otherwise trader attention concturated on the Goverment Elcirle int. div. of th cents per ciop report, scheduled for UTILITIES Thursday, Acid the lan an-g |nounotment expected to follow
shortly after,
Tho
Government
Amalg
11375 36
16.00
1.43 1.50
1.473 1.30 do 1,475
120 1.35
www.ble on Sept. 11.
24.10 24.20
200 24 30
10034,30
500 Gr 24 20
199 107
Yaumoli
weekly Jet (0) 16.60 18. 1500 @ 38.70 weather summary today fuitlled choire XV. favourable expletalicus. Above
normal warmth and saltered Jowers stimulzied plat deve-Macan E...
Tek piene lopment in the main belt, although mere rain would help
30
1366 1 29,30 1000 10
13.30 10.20 20 20.20
late cotton castera Tenneste INDUSTRIALS
Cement and Western Carolina.
... 35 371 Alabama prosprots mumained Rope 13.30 good. Generous rains and sum- STORES, ETC.
Detry mer bent helped cotton in Mississippi. Arkansas moisture was mostly ample and coltur was growing and frulting satis- Lane. factorily.
STREET:
LOSSES
New York, Aug, 6.
to
Month
Oct.
Doc.
Mac.
COPPER PRICE
REDUCED
New York, Aur. &
Pheiß Dodge Corp., the Ration's rezond Largest copper producer, today cut its prices by iont pound to 291⁄2 vonta
Other producers are ex- pected to follow the Phelps Douro lead,
The new price,
whicke foflows continued "doctines In the copper price 01 world markets in down 175 cents from the cor 46-cent level prevaft- ing from February 17 to July 10, 1950,
10.
Producers last cut priors 231 centu a vurad on Juno Dodge 10, when Phelps
also was the first to make the announcement.---United I'ress
LONDON
STOCK MARKET
Thin
London, Aug. G.
attendance and
900 yesterday's decline in Wall Street worked against the London stock market today.
<03 28.20
1009; 23.10
10928.in
..... 25.40 15.00
600 a 15.04
500 15.00
2000 15,00
Watsont
A boost in prime lending rate spurred a Ginaing passed the two-thirds ¦ COTTONS
Nanyang too routine decline in stocks just before the close,
in the lower Rio Grande Textile Valley.United Press. give the market its worst shakeout since Feb. 11.
International crises was what the can 1ME was created
HAR
July Del.
Announcement by Bankers Trust Co. of an increase from 4 to 41 per cent in the rate it y first up nec charges prime commercial borrowers M turn in that category in a year and a long antici-tal The corperation-which
of up to £25yt, such a cikis tends to be!
presented the excuse for a decisive million-w insura Austalinbers internal polities in the in-pated move- exporters apaing loss or de-dividual countries,
in payment.
fi
move, commentators said.
The market has been idling of late with traders reluctant to move chiher way in the absene? Colgate-Talmuilve Co. influence. of some significant Early trading rected this un- willingates, with prices for most leaders declining fractionally on mark rant volume, irane mut
Germany. as usual, might Mr R. Firman, the corpora-Puffer Iras: from a problem tha the least to tien's first Conuniesione who she hes ces done
Her ekythos will be in British exprat in a formereate,
instance, was brought out over by then. here by the Federal Govern- Germany and France have rcisted that any rerdjustment He is now cutablished at the let the unser-valjen
over-valued in the #1 eflice corpora-ion's
await a gentral has already re Sydney
enquiries from adjustment. crived
ment.
and inny
· Abstralian exporters interested ¦ ire scheme.
The late selling brought a rush Internationa' of volume. Turnover, 47,300 Bhares, behind Monday at 2.30. was exactly even at 3 o'clock and for the diy tolp led 1.010,000 shorts, compared with 1,780,000.
MOST ACTIVE
The international background may be getting leto the righ. reve of thux, but it whi have to
before curi to much further
them-
The radio annonnecmens rola The corporation's palletes will cever such risks as the insol- iency adjustinenly in veney of the buyer, the filere selves can do much good.
of the buyer to pay within 12 months or to obtal the nectssary If they are awaiting a riavilar exchange to pay for lae goeds,justment in sterling they as well as rhks due to wars cr disturbances overstas,
Branch offices will be edab- shed in ether Australien cities the business expands-China Mail Special.
Was
Japan 6th Biggest Wool Buyer
Port Elizabeth, Aug. 6. Japan was the sixth highest buyer of South African woof in the year ended June 30, 1957, accord.
bkely to go on waiting.
NEARLY A VACUUM
Bethkhem Steel. Sunshine Mining, Geroral Molera, Goral are, were the met active issues with the last reflecting a three. 10.-002 sterkt rolit proposal.
The scaling look in all groups, with Industrial down 6.05 pants on
10 404.13. zvetage inter lower leve since Apri 29 rails elf 2.69 10 147.16, as ince July 2, end uiter Gown 25 at 69.03.
Britain's current balance of payments is running £250 mil lion IL year belter then we! expected. The capital alde i early a vacuum, but so sverar Ins to be technically strong. Diri-
tein's celebrated inflatio: will probably puti Tarif up soon.
As Germany and Fran and
;
Chase Malint. Bank Chrysler Motor Climax Molybdenum
Colsuan Cuben Co. Commereint Credit Commeweattli Eler.
fluted Kitron Continental Oil of Del. Crown Zeilerbach, Cubro Amer. Sugar Diamond Alkall Douglas Aircraft Dew Cheminis Dupont de Nemours Easier Agrilne
Kisimin Kodak
El Paro National Gis Family Finance Cogn, Firestone Tyre & Rubber Ford Motor
General Electrie
General Food-
Guneral Motors Gen. Pub. UNL Gette Ou
lidden C
nourich (1. FJ Co. Goodyear Tyre Gulf 00.... Hevden Newport Co
Homestake Mining Co. Inger. 1-ant find Steel Co. Interchemical Corp. Ent'l Farines Machines It arvester .... International Niekri International Paper lati Tel &*Tel
John-Manville Co,
4
Voluma Open interest
11,000
173-509
10,000
250.603
0203
150,700
3.000
144.000
1.220
100,500
6.300
110,000
31.600
1,100
47,200
903,363 tes
- United Prest.
NEW YORK
COTTON PRICES
New York, Aug. .
Prices of cution futures closed tedry as follows:
Spot
October
December
March
May July
October December
20.30
34.23-23
34.28
CHEERI
1-
33.70
30,00
300
United Press.
NEW ORLEANS
New Oricana, Aug. 6.
Prices of ection futures closed
664
35%
today as follows:
372
Spet
7414
October
14
13405
1324
23
.032 77
4016
324
3122
MMODE
1100
31
431
Kansas C. Power & Light Kennecat Copper
30
105%
Liggett Meyer Tob. Co. Lockheed Alteratt
30%
1770
5
Lone Blur tument
OL 1,156 un appearing on.
the tap, 701 were Tower, 209 | Loews Incorp.
godi, 246 unchanges with
at 1.ew nighs, 60 at new lows.
Lasses anong industrials ran
cther competiers are not beving the some kind of hafalien, cxportį and 4.ther proß margins are
kely to be squeezed much fur- cie o 3 points. ther. It is labour that may then prefer moderation to unrmoplay- Metals, hit by new price cutr ment-and gentlemen may uguin for eper, had asses up to 2 prier borda instead of buying points. equities blindfolded-China Mail Special,
ing to the final summary of New York Sugar
export shipments for the year released by the South African Wool Board today,
10
The summary showed tha Japan's purchases-about millan lb-wire greater than those of the United States, which bought 18,217,089 lbs.
The year's wool clip was the greatest in the history of the Union's wool industry.
Seventy eight million pounds of the 304 intlion-1 clls went
to the United Kingdom.
France,
South Africa's
re-
recond biggest customer, ceived US million by and Ger- many teck 40 million lbs. Italy bough: 27 millen lbs weight of wool and Russia 20 million.
The remainder of the year's | clip was shipped 10 20 other countries-Router.
Market
New York, Aug. 6. World No. 4 sügor futures closcel two points to 1 point lower with giles of 377 inets.
cun→
Domestic No. 6 sugar futures closed unchanged to four points lower with sales of 141 con- track.
Activity generally was curbed
Steels registered deelines of nearly a point, motors' were fractionally lower.
Lowenstein & Sons,
McDonnell Aircraft
Stock Exge.) Město Trap Corp. Minnesota Mining Mission Development Mansante Chemical Co. Muntgomery Ward Moteroin Inc. National Cash Reg. "A" National Dairy Prod, National Lead National Steel Corp.
New York Central
On Mathieson Otis Elevators: Owen-illinob
Glass
There were wide declines in clie Gas & Elec.
Bem American Airways oils.
There were ralt drops of up
in 2 poins.
Paramount Pictures
Parke Dark Co.
Penny J.C. Co.
Pena. Salt Co. Phap Nor MI bond Procter & Gamble Co.
NY Stock Exchange volume was $3,110,000,
American Stock Exchange volume was 630,000 sharES.
Closing Prices
Alden Inc. Acy. Allied Chemicala Ailled Mils Inc. Allis Chalmers
American Airlins
while tradere await raw mar-American Cable & Radio
kot news and further develop- ments in the Cuban political situation,
Content No, i fworld)
September
October Jaruhry htarctr May
Corp.
American Cyanamlás" Co.
Amir, & Furgn. Power Am. Gas & Electric Am. Mach. &F'dry American Metal
Americen Bimelting Am. Sugar Res, American Tel & Tol Ameriera Tol. "D"
At100ts Copper Armco Steet
Armour
Baldwin-ilma-limes.
Baltimore Be Ohio
Beficia inarce
Bendix Aviation Corp.
4.20
3.00
July
3.09
September
1.01
Atlas Dans. Mining
Ciclober
Spot-(cents per ih, lob
Cuba)
4.20
Open interest: 6.089 contracts,
Contézet No. 8 (domestle) September
恋
4' Rode
November Marsh
5,14
Case . 1.1 Co.
Cat. Tractor
NAMESAKES
Answers: Hüdron, 2 Amerl-
can, Washington,
rick, b Paychology, 6 Journul, Sertander
Maisie, Ambassador, Siyle,
10 Screw.
Henry James.
Spot-teens per lb. f NY
ex-duly)
Open interest
Unded Prom.
5.30
1,037 contracts
Renee Cond
Bethlehem Stool
Boeing Airplane
Borden (Ti) Co. spurni
Burrough Add Machine
Campbell own to.
Canadian Pacio
Celanese Corp.
C. 1, T. Financial Corp. o
Putamiegn Plain Glam Publicker Industries Pure O......... Radio Corporation Renuble Steel Reynolds Metal Spars. Hoebuck & Co.
Shell Qui Co....
Baint
Belair
Paper
Socony Mobiloit
$ 17 Soler Airereft
A
LE
2014
(ADI.
104
39
South Puerto Nico Bugar
20% Southern Có. (The)
3913 | Southern National Ga
2015 Routhern Railway (Com.)
Standard Brands
Bai standard Oli of Cat.
$216) Htandard Oil of Ind. 15d Atandard Oil of N.J.
4 Steep Rock (Toronto Exge)
Bterling Drug Co.
Stokely-Van Congo,
9414 Studebaker-Packard Corp.
2019x Tide Water Assn. Oit......
Time Inc.
Twenty Contury Fox Tilm 144 Union Carbide.
13
Union Pacifio Hallway
United Alterat
United Cas Corp.
U.S. foil,
42 0.8. 0ypisem
Rubber
GAZejting
46 Warner
时
Westinghorwe
West Va. Pulp & Paper Woolworth
02%
December
March
Mor
July
October
December
October/November
December/January
14,50
$125
34.25
34.32
31.27
33.70
53.00
37.00
20.30
13.80
... 4.325
4.00
4.10
INVESTMENTS"
Allied
100 q 15,00
3004 12á
New York Foreign
Exchange
New York, Aug. 1...
Closing rates wort:
Carada
England omelat
Austrafta
30-days
£3-days
14.34 271-11/35
2,75-2.77
2.73
2.77
222-1/16
2 77-3/26
2.78-11/16
.010011
New Zealand
South Africa
Argentina
0230
Indin
Pakistani
2000
Other unchanged-United Press
Exchange Rates
Eur emoficial
NEW YORK RUBBER MARKET
New York, Aug. 6.
Rex rubber futures contract today closed to 20 points lower with sales of 60 contracts,
September November
January
March
Atwy July
September
23.50
32/03
31.05
Standard contract closed 5 to with no sales
20 points lower
reported.
September
November
January March
Any
July
September
32.00
37,50
$4.35
31.05
The Cusker trend reftested realising, plus increased ship- ment offerings, although prices were relatively high to interest local buyers.
Broken reporizd offerings of butwren 500 and 600 tona firm Thailand, mostly in three shoota for August-September shipment.
Meanwhile, factory demand locally remained slow. Spot No 1 Res was quoted at 32% cents.United Press.
Singapore Market
Some disappointing company reports also acted to discourage
Singapore, Aug. 6. buying. Most of the dus- The market opened higher on But trials were down, with tobaccos | better oversees advices nu exception gaining around six closed slightly during the day on
pence.
someprett-inking. There was a good terdó demand for lower Olla continued their downgrades and semo smell factory ward drift Royal Dutch buying for plankets and lotter about СУСП shillings and sheels. British Petroleum dropped more than three shillings.
British Government bonds No. 1 rubber per ib. Aug. slured in the prevailing dull- No.
NO. 4 and for the most part spot rubber unbaied were down 1/3 with War Loda Bimket crepe
No, i pale crepented Prem. down 2/0.
LONDON MARKET
nese
The premium for dollar storks improved % to 15% per cont.-United Press,
L
No. 1 rubber per 1b. Aug. 8255-021.
Sept.
Get unquen-d
021-929
0215-1294
Lozidon, Aug. 0, The rubber market wes vary
London Foreign ass was quoted at 271⁄2 pence
Exchange
London, Aug. G.
Closing rates were;
New York
Montreal
Amsterdam
Brussels
Copenhagen
was done in the foeni] Frankfuri
Exchange merket norning at the following ratenien
US dollar (ver $11 Sterling notes (per £****** Australian neles iper &1) Indonesian rupiah (per 109) Slaan teal (pie 100) Singapore (Sualta)
Liebon
Milan
6.46 Osto.
18.93 Paris 13.11 Stockholm 12.50 Vienna $1.03 Zurich
1.00
2.7814-2.7
26331-2.23-13/16 |
10.043-10.642
10086-139,00 31-3346-18332 11.576-11.472
80.05-60.15
1737-17375%
1998-10.004
000-08012
114322-34M TING2LH
12.17-12.17% -Unbei Prem.
|full on la reopening. Spot No. 1
Pe lb. Prices:
No. 1 Rat spot
Settlement house term:
ANENTE...
September
January/March
Aprit/June...
279-273%
General markets, cit bosis, ports:
August
September
October
Estate crepe thấy xuốn
thick Aug...
ལྷ་
AMSTERDAM MARKET
Amsterdam, Aug. 0.
The rubber maricet was firm. Quotations were all unchanged, |--Urlled Press.
United Press.
LIVERPOOL.
Liverpool, Aug 6.
Cotton future closings, [I] pence per lb, were as follows;
te contract
March/April
May/June
July/August
October/November
New contract
October/November
December/January
March/Apri
May/June
Cotton
„Ģnited Press.
SAO PAULA
São Paulo, Aug. 6.
future closings, 11 cruzeiros per kilo were as fol. lows:
ΤΟΙΚΟΥΟ
Dylant AIPE) every Tues
TAIPEI
July/August
Oct.
161%
Der.
Ba
74.
Mar. May July
421
35,49
40.65
40,70
40.80
·834% In the United States, the 48avernge price of one-inch cotton 03) at 11 désignated spot Jurkefn
was 33.86 cents.
49%
Total sales at these markets were 7,802 bales-United Press.
New York Metal Futures
New York, Aug. 6. Pile of metal futuros éloged -60xd | today in cents per lb. nd follows:
Lead Aug
*ine Aug-
Sept.
Sept.
Copper Aus
Sept.
Tim Aug.
Sepi
- (Strait)-United Prot.
19.406
13.30b
9.576
9.07%
20.700
20.05
$1.39145
LONDON PRICES
London, Atig: 0, /
Prices of metala àlosed today
in sterling per long tom
followa
The spot
3-month
Copper apoi
SONAT
41d a lot bait Aug
-United Press,
albed Pream
03
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