+
THE CHINA' MAIL, / TUESDAY, NOVEMBER 12, 1957.
TRADE and COMMERCE SECTION
Britain's Battle Against Inflation:
WHAT'S THE STRATEGY NOW?
Nothing Has Been
Gained-Except
A Breathing Space
London, Nov. 11.
now
The great debate that has been going on Government ever since the British declared war on inflation, has progressed B stage further. The question is what happens when the present defensive tactics have run their course. What in other words should be the strategy for advance and subsequent victory?
So far, all that has happened is that certain
measures have been taken to prevent a
exchange disaster in Britain's foreign pusition. To this limited extent they have been successful. Nothing has actually been gained except a breathing space. After the near disastrous losses of August and September, gold and dollars are beginning to The flow back in an encouraging way. October gain showed a definite revival of confidence in Sterling.
(Mr
Macmillan's late-
NEW YORK COTTON
MARKET
Now York, Nov. 11.
Rallying tendencies returned
to
now
cotton futuros today with current crop deli- verici edging into scaranal highs when some of last wook's sollars moved to covor on con- tinued' unfavourable crop
nows.
credited
NEW YORK STOCK MARKET
Aircrafts Soar Five Points On
Declared Dividend
New York, Nov. 11.
United Aircraft soared five points today when its directors declared a stock dividend of 20 per cent and also voted the usual 75-cent cash extra dividend.
+
Int'l Harvester
Additional buying
This spurt accelerated a rise, vestake Mining Co.
Ingersoll-Rand already in to New Orleans, Memphis and
progress In
the Inland Sleel Co. other missile makers and in the Interchemical Corp comunission houses outside
25 limited amount of makers of exotic fucts which Int'l Busine found
power the missiles. The group International Nickel hedging and realishtig.
showed gains ranging to 2 International Paper
Int'l Tel & Tel Crop accounts featured.com-points.
John-Manville Co. heavy week-end
Kennecott Copper Liggett. Meșers Tal. Co. trouls In
plants of the Memphis area
of Texas and Louisiana.
Lockheed Aircraft
HONGKONG
STOCK EXCHANGE
DROP IN US Import Duty
STEEL PRODUCTION
US.
New York, Nov. 11. steel production last week fell below the 2,000,000
Rate Increase
Washington, Nov. 11. Fresident Elsenhower increased the import duty- on spring clothspins by 10 per cent. •a gross today In answer to a plea
for mark for the first of the industry for rellet under #ince last Summer's steel strike, the reciprocal trade net.
American Iron & Steel In stituto estimated today.
to
The new duty is 18 cents a A further reduction is anil-gross, more than double the cipated this week, the Instituto | former eight cents a gross, said.
The president agreed with a Steel mills in the week be ginning today are scheduled to Tari Commission fading that operate at 77.5 per cent of the domestic spring clothspin relle! rated capacity, which would industry is entitled yield 1,884,000 tons. This would under the trade agreements low bo equivalent to 123.5 pet because of its Anancial difctl- Dent of the 1947-49 production tes
But he differed on the kind of Last week the industry turned relief. He increased the duty Business done on the Hong-out 1,990,000 tons of steel while rate instead of setting an import kong Exchange this moraingerating at 78 per cent of capa- quota of 050,000 gross as re-
city. The index was 124.3.
commended by the commission. amounted to approximately
This is the lowest weekly pro- $200,000. Noc quotations and duction since early in August
1950, when the steel
strike came to en and.-United Press.
This
Our Own Correspondant
were:
transPetions morning's
Shares Buyers Bellary Sales
BANKS
(0)
820
B12
67
FOC Bank.
INSURANCE39 Union... 73-16
24 + 0231%
400 0733%
Machines
200* 30
SHIPPING
70%
Wheelock
0.00 8.30 5,000
0.70
DG
DOCKS, ETC.
30P
Duck
Provident
11.00
LAND, ETC.
HK Latul
334
1.30
:
130 135
22.70)
043
500
000 € 22.00
Loews Incorp, "....
Lone Star Cement Co. Lowenstein & Sons. Mesabi Iron Corp. Minnesoin Mining Mission Development Monsanto Chemical C Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod.
That spurt in United Aircraft with rains noted in many areas helped lift the industrial average which was weighed down by a loss of more than 2 points in Resultant concerti over Standard Oil (New Jersey), uvailability of high-grade cot-suffering from a huge stock
contract de-offering. ton suitable for livery, continued the dominant background buying influence, Trading in the market as a whole fell off to the lightest MILL INTEREST
since early levels
October National Lead when dolly volume was running | National Steel Corp.
The New York Centre) Ground 1,500,000 shares. Veterans Day holiday reduced Norfolk & Western Ry. the population in the financial Į Dm Elevators district
Memphis reports sald
interest spot cotton continued strong last week with visiting the producing areas
buyer
Excluding the $130 million | able. paid in that monta to E.P.U..ment this week that the remedy which properly belongs to the is "u litle more self-discipline September account and includ-all round" sounded suspiciously in like an attempt to revive the Ing the $18 million gurried
where cation continued to sell Aghting transactions October
with dheredlied method of
In fair volume, High and exhortation: but medium grades brought "good Europe, the gain to reserves last bißation with
fortunately this is nu longer prices," the report added. tmouth wes $391 million,
official policy).
To arrive at "true" gain, how- ever, the $250 million Joan from
trade
unlons' first
10
Government
wus
biller in
BANK HOLIDAY
It was
Oun Mathieson
Owen-Illis Girsa Oxford Paper Co. Packie Gei de Fire. ....... Pan American Airways
Paramount Pictitres
Parka Davis Co. Penny J. C. Co. Penn. Salt Co,
Morris
a holiday for banks in New York, and the financial Atlanta said mill demand for district in many instances, ob- Frocter & Gamble Co. The
bright background caiton conserves it along with the ban-Pittsburgh Plate Glasz the Unlied States Export- reaction
the hued. Bank should be sub-measures Import
of "industrial Lracted from this Bare, leaving extreme, Talk
Many sales were made with which is still a $141 million
welfare" and "reserves of un-
Deter-buying principally was heard. very satisfactory performance. employed"
with delivery. mination to push ahead current wage claims pressed.
Imperative
nol
But
was ex- |
for nearby
Closing: on a buoyant note the This, I was sald, isst showed net gils of 14 to le showdown,
20 points. The market opened The object of the bank rate :
isn't up 3 to 10 points, New Orleans showdown A exercise, however, WDS
It is closed up 14 to 18 points, merely to achieve this improve necessarily a bad thing.
the foreiga exchange all to the good if it brings the ment in
Corn Interest
103,700 position. When they decided to nation face to face with its real False the bank rate by two full problem, which is persistent pouts and take other measures morale-sapping rise of prices. make credit buth That and you can stop so-called designed to
the inflationary wage claims. And Dee. and dearer
secteer,
union leaders, whatever Mar. sume the authorities had in mind thing more than merely dealing they say in public, realise this. with a crisis of confidence in
Right Climate Sterling
Nor was it simply a question of curing u temporary condition. What Britain is suffering from
Imperative though this was,
Whut the Government has to measures to deal with it would
the right long do now is to create have been useless hr the
period taken economic climate for u nction was run- unless simultaneously to eradicate the of voluntary self-denial "while recovers from a inflation that was at the root of the economy
severe attack of indigestion. At the crisis.
home this means realising that cannot be done at everything
Sir Oscar Hobson has once. is not just inflation here and pointed out in the current issue Britain now, but cumulative effect of of "The Banker" that over a decade of more or Icss has been
four indulging in booms at once: to domestic persistent inßation,
The shock Intaburca of housing, defence, industrial in- and consumption. September 19 did two things atvestment once: they reversed the fight Oversons we have been indulg- investment In another Lum the Pound and demon-ing strated to the people of Britain boom mainly in the Com- that this was the end of the line monwealth at a
as far as indation was concern-
od. That remains the position;
nothing mere has happened
yet.
rate of £200
million a year.
In short
Britain must
beyin
to live within her means. Steps taken to Now the question is: where have already been do we go from here? Quite ensure this at home, but several obviously the text move must prominent commentators believe that before the task is com- have regard to trend of events.
pleted, Britain will have to take the even more difficult political decision to cut down investment to what she comfortably afford.
The Trend?
less
Dec.
Month
Volume
23,800
Mar
30,400
230,100
May
2,100
255,700
July Det
6,400
135,600
incon
13480
1,200
31,000
1,500
0.200
115,000
973,400 bales
Total
Publicker Industries that the purn Oll. kers despite the fact
Radio Corporation Stock Exchange ran through a regular trading day.
Radio Carp. Pref. Republic-Sterl Reynolds Metal stel on Co.... saint Reg. Paper
Arm in held
Bocony Moblot...
Five stocks made up 28 per cent of all the volume. Prices
Sinclair the absence of selling pressure. Missile makers Bouth Puerto Rico Star and exotic fuel makers met Bouthern National Gam further buying that sent prices Southern away (Com.) up 1 to 2 points in the group,
Motors ruled firm, Halls had enough gainers to lift them a mile on average. Olle ruled firm excepi for Jersey Standard
which was retarded by giant stock offering.
Standard Branda Standard Oil of Cat Standard Oil of Indi standard Oil of NJ. Sleep Rock (Toronto Exge.).. Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp. ils Sunshine Mining Swin & Co.
Texas Co.
Textron the
Share volume only 1,540,000 || Tide Water Assn. Dil
New York Cotton compared
Prices
Prices of colton futures closed as follows:
Spol: 33.5rt! Dec: 35.42; July: 35.113 Oct: 33.00 Dee: $3,000; Mar: 33 79.
NEW ORLEANS
Prices of cotton futures closed as follows:
Spel: 31.10; Doc: 35,4; Mar:
3 May;
33.24;
July: 34.106 Oct: 53 00: Dec: 33sib; Mar: 33.83b,
LIVERPOOL
Cotton future closings, peace per ib. were as follows:
Friday.
OF
with
2,140,000 02
issued total of 1,037 A traded 413 were higher, 399 lower, 245 unchanged.
On the American Stock Ex- change sales dropped to 430,000 shares compared with (20,000 on Friday.
Bond volume today amounted U83,360,000 ngainst US- $5,320,000 on Friday.
10
Dow-Joncs closing averages
were:
30 Industrials: 434.04: 20 Nails: 107.48:18 Uunities: 04.84: 60 Stocks: 140,80; 40 Bonds: $4.22 Com- modity future Index: 161.20.
Closing Prices
Old contract, Dec/Jon: 2.68 no.: Mar/Apr: 25.13 nom: May/June: 23.93 nom: July/Aug: 28.04 nam Oct/Nov: 24.99 nom.
New contract, Dec/Jan: 28.57 forms Mar/Apr: 20.51 nom.: May/June 20.04 nom.: July/Aug. | Alila Chalmers 20.03 nom; Oct/Nov. 28.53 non
12
201
Burma Rice For Ceylon
Colombo, Nov. 11. Ceylon he agreed to buy 200,000 tons of rice from Burma next year.
The price, however, has not HK Hotel 14.20 14.40 1,000 14.30 been decided. Once this is de
110termined Ceylon will negotiate
Realty
RUBBER Amais.... UTILITIES
Tram
Youraui
C. Light
toj....
159
C. Light
(N)....
Electric
Macao
400
Choirman of the Denate Finance and House Ways and Means
In Identical letters to the
committees, he said the need for an import celing "has not been clearly established." He pointed out that sales of the domestle Industry hit an all-tima high Last year.
President sald that an in- crease in the import duty stem- ed "to be appropriate tellet” in- stead-United Press.
NAMESAKES
Answers-1 Erskine, 2 Victory.
10
on the price of 3 Punch, 4 Gloves, 5 Heavy, d 300334 with China
Chinese rice under the rice for Canvas, 7 Seples, à Richardson, rubber agreement between the 9 Referee, 10 Rounds. two countries-United Prezz
10 10.40 1,600 @ 18.10
20.00 28.00 1,000
25.30 25.70 100 25.70
30 10.10
27
27.20
20.70
30.40
17.00
Talephone
13
STONES, ETC,
bury Watson... ZADA, C. COTTONS
15.70 32.30 14.70
400
10 500 1000
4.40
Twenty Century Union Carbide Union Oil of Cal. Unton Pantile Railway
Fax Fin
United Aircraft
UB. Gypmam
U.S. Line Co.
U.B. Emelting
2015
US, Foll "D"
US Steel Warner Bros.
Westinghouse Electric West V. Pulp & Paper ... Woolworth
20
***United Press.
Textiles
INVESTMENTS
Allied..... 3.7714
$3.20
4.50
1,000
3.10
LONDON STOCK
MARKET
London, Nov. 11.
A scattering of favourable reports plus company
some bear covering lent a firm
tone to, the stock
market today.
Among
industrials. chain
stores scored gains ranging to over a shilling.
Rolls Royco topped the list with an advance of 1/8.
Speculative
trading
shares of the old Suez
lifted
Canal
Company to £42. This, how- ever, is less than half of their value prior to nationalisation.
MALAYAN shilling and sixpence on light
RUBBER
FOOTWEAR
Singapore: Nov, 11.
Middle Eastern markets were
22% the biggest buyers of Malayan
2496
203
rubber footwear during the first
11 six months of this year, secord- 16% Ing to official statistics.
Allied Chemicals Allied Mill Inc.
Am. Brake Shoe
American Airline
American Cable & Radio
Corp.
4
Ja
American Cyanamid Co.
30
Amer, & Forgn, Power
1142
from Malaya totailed
Am. Mach. Be Vázy. American Metal
31
19% dozen
pairz went to
SAO PAULO
Cotton future closings, ovencess cruzeiros per kilo were as fol
can lows:
Just what that trend is at the
Nov: 30.; Dee: 31: har: 1. ; moment is a matter of some
But all this will bo menning-May: 38.50; July: 38.60: Oct: 38.50. In the United States, The controversy.. It has been sug-
without some form of
Average price of one-inch cot- Rested that there is a recession on the way in the United States agreement to keep wage claims fon at 14 designated spot mar- and that this will inevitably bolow the point where they in have an adverse
effect on evitably result in higher prices, kels was 34.11.
of
the
economic activity in other parts It would be a thousand pities if
world.
because the either of
But the
Goverument makes the ineptitude of the argument that this
un or the belligerence of the trade Government's measures
vicious
this (because unions, the chance of necessarily delation will do the Job for agreement were missed,
them?) doesn't stand up.
For one thing it is still odds against a serious rocosalon In
For once over the present
the bump,
possibilities for
America. The signs point away further inflation-free expansion
are
practically limitless-Ex-
from it. But even if it were a sorious rink, Britain could not press Service.
stand by and let events over- Laksa her. As Mr Thorneycroft has remarked: “A strong Pound and the absence of inflation is a prerequisite to riding the re and fall of demand in the world outside."
Filling an upheaval in the
London Metal Prices
London, Nov. 11. Prices of metals closed today
outside world, the .aventɛ which 起 starling per long ton as
will dictate the next move in
the battle for the Pound will follows: occur at hondé,
concern mainly wagoa.
3-month
And they will copper spot The problem of ensuring that Lead jst rises in wages match
productivity. ́in as dificult as
Busher Balleru
Nov.
Tin spot
790
res lazio ever, but there are signa that it is becoming a litle more treat
th
American Smalting Am. Sugar klef,
American Tol à Tel American Tub. "B" Anaconda Copper Artico Sloex Armour
Alias Cons. Mining Total sales at these markets:aldwin-in-in
Baltimore & Ohio 116,358 bales.-United Press.
Bendix Aviation Corp
London Rubber
Market
w-28
Bearum Co.
Beulchem Bioci
Boeing Airplane Borden (The) Co.
Burroughs Add Machino
Canadian Pacific 1. Caso (J. 13 ca.
Cat, zructor
Colincse Corp.,
C. I. T. Financial Corp. Chrysler Motors ..... KilmaM_Molybdenumi Clusit Peabody"" Colgate-Pabnove Co. Commerwal Credit
London, Nov. 11. The rubber market quiells steady with spot quoted Cuidated son
Continental Oll of Dal, at 22% pence per ib. Prices:
Grown Zedžerimals ....... Cuban, Azer, Sagar No. 1 Ras spot; 22/15-2295.
Diamond'AMORE Settlement house terma: D64: | Diamond Match C6. 2216-2216: Jatytas: 20-25) Apr)-Dow ChemicalÉS, ... June 14-21: July/Bept: BKI) | PUDONE da Nachours
Tasteri Birkine Godstal marketi, cik basin, ports: zastman Kodak
Palata) crepe, thẳim and | BADMY: Pidance Corp. thứcha Al 2911 allies,
Ford Moto
AMSTERDAM.
Nov: 225-2355) Des: #2}%-2241: Jan: 21 Pass National Cas
The market was steady,
Prices.
No. 11.8.19 buyers; No. 1: 2.17)
TX7)! | buyers; No. 3: 100 bayram
Qonatal Motors
Pub, Uli,
1037
Exports during the
period
102,806 dozen pairs of which 25,782
Egyptian Sudan.
the
Bahrein took 17,000 dozen pairs, Arabia 10,561 dozen pairs, 45) Somalia 0,280 dozen pairs and
Jordan 1,083 dozen pairs. 22
Some oli leaders rose up to a
trading Royal Dutch and Shell were unchanged.
Glit-edged mostly unchanged.
Nino Valdes.
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
"SUNDA” "CORFU "BALMARA" *FINGAPORE" *CARTHAGE" *CRUSAN"
13tk Jammy
DZIN TROMS
*
Outwards "CANTON"
Homewarde
*CANTON"
*CORID"
Jars London Batied Bailed
38th November 2th November
ith Dooqaber 11th December 17th Decembar
Zev Hongkong Sad Novembre 18th December Sth Jaxumay 17th January
Due Kangkong
19th November
14th December
19th December
29th December
15th January
Seth Jpospry
*
*
*
*
"SUNDA” * *CARTHAGE" "CHUSAN" "BINGAPORE" * 4th February
Dus Landem
Bird
Domsber 19th January
Dlh February
11th FebruaryT 27th February 12th March
Via Singapore, Panas, Colombo, Mankay az adır.
* "JUNDA" & "SINGAPORE" omii Colombo à Hombur call at Havre à extend to liamsbury, Botterdam a Antwerp,
*
securities
wero
*
"VOLTALA" Cue 12th Nov. saris 24th Nov.
Dollar stock advanced frog- tionally.United Press,
SINGAPORE STOCKS
Singapore, Nov. 12. Brokers today quoted following stock prices:
BRITISH INDIA S.N. CO., LTD.
“SANTHIA” due 218 Nov. RALIA Zind Nov.
"SANGOLA" 4ue 7th Dep. suits Bia Dec.
FromA. TROMMEL
fox Angepere, Penang. Bago&e Calcutta from Japa
for Bigpore, Panang:
#rpos Calcutta, TROOS
for Jong
P. & 0./B. I. JOINT SERVICE
“IBMAILA" 400 10w Now.
from Harachi, Bombay,
Colombo & BJOERDOTE for Japeth
from Big pory, Cochin, Edenbad Garaght="
An org Bombay. EbEVENING, Karachi khorymibahr
From Japan for Singapore, Bombay, Rabdia & Karachi?
the
"TTOLA"
Opening
$1.70.
40#
+
malis 111h Nor. dus 19th Nov. Balls let Nov, "OZARDA" de ard Deo,
Tin Sellers
Aatu Lintang Rubber Co
Lid. Brush Bornco Petrolown
Byndicate were
Consolidated
Ord.
The Borneo markets 30% also good buyers of Malayan
footwear. Sarawak took 8,837 Frater & Neava Ltd Ord. $2.50
Borneo Truser & Neava 75% curn, pairs, North Its dozen
$4.00 praf... and Brunel 9,243 dozen pairs 1978 dozen pairs France Grimmons (Malaya) Limited $2,15
Hongkong & Shanghal Bank-
ing Corp ww Presst.
Hongkong Tin Ltd. Kumpan Ltd.
RUSSIA ENTERS
TEA MARKET
Colombo, Nov. 11,
chlered
Kunis Kamper Tip.***. Laman Hubber alates 14d, Malayan Browories... Now Serandah Rubber Co.
Lid.
Petaling Tin Zitch.
Rafles Hotel
Bingboro Cold Biorage ..........
Btrait #teamfilp the United Sameer's on. Ceylon ten market. Througła a Westie Bros, tingg
British firm, the
Borlet pur-xdiv
chased tea at the weekly cale Epacial. held last week and said it was
prepared to pay "good prices"
$150
fos: substantial quanusies Exchange Rates
bigh grade son..
Rusian entry to the market is very gratifying
Business was done in the long?:
aret this sala a spokesman for the bea undemand inchisiry. "If they buy about moralog at be, folowing: Taljan twenty million pounde a year dolar (para))
BAD Dofes,” (par it will go a long way in hold- Australiam tantas par
ing up the harbat," my Holiad maps Hoal (per 100)
Prom.
Singapore (stralia)
*
"URLANA” de
*
EASTERN & AUSTRALIAN 5.5. CO., LTD. “NANKIN" - Jade-19/2013 Mov
permokartanomy fa
1.
H