THE CHINA MAIL TUESDAY, FEBRUARY 25, 1958.
Page U
TRADE and COMMERCE SECTION
Thorneycroft's "Three Wise Men' New York Cotton
Council On Prices, Productivity
And Incomes
By RONALD BOXALL
London, Feb. 24.
HONGKONG
STOCK EXCHANGE
kong Stock Exchange this
mately $880,000. Noon quola-
BiLates Buyer Sellers BATER
Bank. ・830 SHIPPING
Wheelock
Our Own Correspondent Business done on the Hong. One of the useful things Mr Potor Thornay-morning amounted to approxi- croft did during his your as Chancellor dens and the morning's Trans- of the Exchequer was to set up the actions were: Council on Prices, Productivity and In-A comes: The idea was that "The Three Wise Men" who form the Council would be able, in a comparatively leisurely way, to cut through the mass of detailed argument and maké impartial pro- ore)
the fundamental nouncements on problems of inflation,
Waterbat DUCKS, ETC.
K. Whart Dock
Provident,
(0) LAND, ETC.
.
20.00
1.20 0.20 1500
110
0.50
03 04.00
1220 1240
Market
New York, Feb, 24.
The New York NEW YORK Cotton futures pushed ahead aggressively after a
Stock Market
New York, Feb. 24.
Weakness in Chrysler which sank to a new low on
Late
a loss of nearly 2 points featured a moderately lower, quiet stock market today. The chemical group also stood out on the weak side with Union Carbide at a new low. Steels turned down after earlier firmness. selling brought some losses of a point or more into the rails. Coppers held well. Sulphurs declined. The motors lost with Chrysler al- though on a much smaller scale.
Oll Issues receded. Gold nd- Uulitics maintained a firm tone.
100vanced.
10 18.10 0000 0. 18.30
-3.25 -33.70
1000 a 18.10 100 18.00
10
$500
500 @ 10.30
420 45
BK Land Humphreya 10.20 10.40 Hically
1.35 1.40
Amalg. XO 1702 1.30
1220 UTILITIES Traci
24.30 24.60
2000 1.213 1,20
(0)
Star Ferry
XD Yaumati
118
C. Light
Flectric
300 un 24.40 2000 € 24-30
2000
100
The market appeared to he Tharking time pending me de- velopment that would turn the tide one way or the other.
President Eisenhower's sinte- ment that the country's nomy "is a lot stronger than the spirit of those people wall- ing about it, saying its no good" had a steadying strength near 71closing time by running up more than 3 points, Interna- motional Business Machines featur. ed on the downside with a loss of more than three points.
100 17.10 21.00 2710
37 27.10 900 21.10
2700 @ 2739
Teteplione INDUSTRIALS
Critics pointed out that there was nothing new in U this iden. Economists-and journalists after their fashion-had been doing it for years. What were the Wise Men expected to say that Tram had not been said a thousand times before? Their first report answers this question. They say nothing startlingly new. But what they do say carries more authority than similar pronouncements by "Freelances" and is said with a fine disregard for politics that no government could hope to get away with. Could anyone Imagine Minister of Labour getting up in IL the House of Commons to
In unemployment on overseas trade, is that other port a risc and saying: "No one should be countries cannot be counted on
own Lo allow their surprised or shocked if it proves
that it should go some costs and prices necesary what further. In our opinion it
1s Impossible that a free
4
Cement A40 1400 STORES, ETC. Dairy... 16.20 10.80 17750 10.00 3000 10,70
1000 € 10.00 3500 10.70 1320 10.70
Watson COTTONS
12.20
The economic dangers of even mild Infintion for a country
455 roke Britain, heavily dependent Textiles
to
Nenyang
8.70
MISCELLANEOUS VIDTO. 10.00 INVESTMENTS
Sungain 1.00
Internal
Yangime risont
exactly the same rate. And if and British costs rise faster than
must
Acxible economle system can other countries, the external work efficiently without a per- value of the pound ceptible though emphatically decline,
not a catastrophic margin of unemployment of this kind?"
But in my opinion, the most valuable thing in the report
on what mighi not iu section be called the anatomy of india, the closely reasoned tion nor reply to the critics of the "September measures" nor oven the chapter on the role of wages in the fight against in- flation.
NO SOLUTION
Obviously there is no solution
ΠΟ
Nor
in nilowing prices to rise matter how gradually. should the airn be simply to halt the disc. It should be rather to create "a state of affairs in which the fruits of progress are being permitted to imanifest themselves to The general advantage in a gently falllum price-level.”
This would be the result say the Three Wise Men instead of attempting It is the Council's unqualified condemnation of inflation as # stabilise, the price-level polley
successfully social and economic evli,
One of the diffeultles in deal-stabilising the general level of ing with inflation that there money income per head. is no ugreement on whai sort
CONDEMNATION
this
inflation is for
was
aimed
nt
What would happen is this:
CONSTRUCTIONS
Final 20e. Bonus 10c., year 1967,
New York Stock Exchange bond volume was $4,725,000,
Stock Exchange American volume was 640,000 shares,
New York Stock Exchange volume was 1,570,000 shares.
Of the 1,121 issues traded. 270 advanced, 504 declined and 237 held unchanged.
Dow-Jones closing avenges
were?
50 Industrials
2000 @ 6.30
20 rulla
03 stezky
40 bunda
Comm. furuze price
Germany's Trade
With China
Closing Prices
Alden Inc. Acy,
Alted Chemicala
Alled Mills Inc.
Allis Chalmers
Am. Brake Shoe American Airline
Ametoan Cable & Radio
Corp.
American Cyanamid Co. Am. Gas & Electric Am. Mech. de Pdry. American Metal American Sinelting Am
Hamburg, Feb. 24, Amar Het.
"Ta & Tel" West Gorman direct exports American Tob. "D"
Anaconda Coypar to China more than Armeo Sterl
Armour 1956 doublod betwoon
Allas
П
and 1957, reaching record 173,000,000 DM last year compared to 57,500,000 DM the `pro- vlous year, according to trado figures published hore today.
to
|
Cons, Mining Faktwin-Lama-Harn
Bitmore & Chlo
Bethlehem Stoel
437.19
10615
7208
149.45
10EAS
#174
10
22334
1734
4
70%
I
27
404%
172
+19
Bears, Roebuck & Co. Shell Ou CO. .... Saint Reg. Paper Binclair Of .... Bocony Mobüali Solar Aircraft
Bouth Puerto Rico Bugar Bouthem Co. (The) .... Southem Hallway (Com) Blanders Brands
Standard Oil of Cal,
Standard Olf of 254. Standard Oil of NJ. Steep Rock (Torento Exge.) Sterling Drug Co. ... Stokely-Van Camp Studebaker Packard Corp. Eunshine Mining Swit&Co.
Texas Co
Tide Water A Timo Ine.
Textron Ine.
Dil
Twentieth Century Fox Flim Union Carbide
Union Oil of Cal
Union Paclie Rathway
| United Aircraft
Untied Gas Corp.
U.S. To logget U.3. Gypsum
U.S. Line Co. U.S. Rubber.
US. Emelling
U.S. Steci
Warner Bro Westinghouse ectric Western Union Tel. Co. Woolworth
RUBBER MARKET
Now York, Fob. 24, Rex rubber futures today closed 10 to 30 points higher with sales of 41 contract.
May, May
July
Ropt.
Nov,
Mar.
20.07 20.00
27.03
77.19 27.11
mixed start today with new crop deliveries
against reaching new seasonal highs, Proût-taking де tho clone | gimna thum far amount to pared extremo nloaut the 3,328,481 bates. llst. still closed net 7 to 10 Allania reported a slight in- polate higher, Opening prices crease in malli interest for spot were off 8 to up 3 points. New | cotton last week, although fow Orleans closed up 12 points, sales were made. Memphils said mill buyers continued to "sit on the sidelines."
Evening-up in the March contract, incident to first notice
NEW YORK day, co-featured spasmodical-
Prices of cotton futures closed ly active trade, Involving. com- today as follows: mission house and trade buying Bpot 35.950: Mar, 35.13; May, while sellers awaited further 25.01 July, 20; Oct 30.01-09: Dec. house-senate commitice develop. 0.91 Mar. 30.06: May. 01 July,
$4.00 ments on agricultural legiia-
NEW ORLEANS tlon.
Prices of cotton futures closed today as follows
30 points higher with no sales bales were issued locally
Standard contract closed 10 to reported.
Mar.
May
Judy
Beyt
κάτ
Jan.
Маг
20.00 26.8)
TIM
27.10
27.15
27.15
27.10
and
Delivery notices for 1,800
taiton up by spot intercats.
Census Bureau consumption about a for January
standoff.
Spot 34.00: Mar, 35.04; hday, 9540; July, 20.79; Oct, 2009; 1980, 3394; MATA 35,00)_May, 1995; July, "34,35
LIVERPOOL Colton future closings, last pence per 1b, were as followe
month came slightly above ex- Old conifræet Mar./Apt.
Consumption
but the effect was
by an increase in mill
Although quiet, the market maintained o arm undertone stocks, January use at 799,800 reflecting seller cautiousness in bales compared with 671,287 New contract Mar/Apr.
and fuce of the increased political | bales used in December 2015 tension in Indonesia. In the 842,453 balco consumed 11}
spot market, spot No. 1 was January last year. quoted at 2834 cents, nominal.
974
TIS
AMSTERDAM
July/Aug.
in
May/June
July/Aug
20,00
Oct/New
26.17
Dec./Jan.
26.27
20.00
- May/June
20.23
20.53
Oct/Nov.
27.13
Dec./Jan.
27.38
as
731 nom.
215
2.07
End-January
mill stocks of 1,822,125 bales compared with 1,591,380 bales on hand a month previous and 1,034,774 bales in year, January last
The Commodily Credit Cor- poration on Friday sold un com- IJS the United States, the petitive bids a total of 139,832 average price of one-inch cotton bales for export. Price paid for at 14 designated spot markets middling Incia was 28.24 conta was 34.56 cents.
SAO PAULO
Closing
future prices. in
cruzeiros per kilo were as fol- lows: July
Det
Dec,
30.70
unqusted 32.80
The rubber market was quiet. Priocs closed today in guilders
March 11% per kilogram, cif
follows:
No. & rubber
324 No. 2 rubber 654% 70.3 rubber
12
No. 1 crepe
SINGAPORE
The market opened higher on 87% disturbing influences from Indonesia but at this level it ruled quiet,
a pound at average locations, Total salca were 48,214 bales, Sales under the 1957-58
pro- ---United Press.
There was a fair enquiry for lower
at grades
wider differentials but during the cfternoon There was BOM € pront-taking
*
coupled with
Foderation godown Hquidation
014 and
buyers
*
breame more
hesitant.
*
-United Press,
LONDON STOCK
MARKET
London, Feb. 24,
Stock prices moved lower today in a continuance of last wonk's slide.
A
Breweries and tobaccos paced industrials, while Harrods, popular department store. dropped 3/-, Rolls-Royce was quiet but off 1/9. Many issues were down around a shilling.
The markot closed at new advance
of 1% cents since Friday. Futures were:
No, 1 rubber per lb. Mar, 1836-18%%%
Apr. 701-703,2
No. 3 rubber per lb. Mar. TEN
No. 3
No. 4
Spot rubber wibaled
Blanket crepe ....
No. 1 pala crepe ...
LONDON
781-704
02-045
The rubber market Was teady with spot quoted at 23% patice per lb. Prices: No. 1 Ras spot
Bettlement house term:
March
April/June
July/Bapt. oct./peo Jan./Mar.
23-2014
237-23 General markets, cif basis, ports: Feb,
Mar.
April
13 buyer
23-23% 24%
*
thiek Mar.
United Press.
Interest in oil ogain
Wąż | Eiusto crepe thin Mar. 13 lacking, and Royal Dutch fell about 3/-, Shell 2/0, and British Petroleum and Burmah about 2/-,
Shares of Suez Canal Co., which now is slowly transform-
into an investment trust, lost £24.
10
Beneficial Finance
204
Bendix Avision Corp.
421
Benguet Cena,
20
Bosing Airplane
2
ing
2341
33fted
Borden (The) Co.,
Burroughs Add Machine Campbell Soup Co. Canadian Pacific R. Cams (1. L). Co. Cat. Tractar
Celaneno Corp.
At the same time, West Ger- man exports to China through third countries dropped from
C. I. T. Financial Corp. 98,000,000
1950 DM in
Chrysler Motors 27,000,000 DM in 1957.
Chuett Peabody AN a whole, West German Colgate-Palmotivo Ca Colombia Cartion Co. exports to Chins increased by
Commercial Credit Consolidated Exiaon 30 percent.
Chinese exports to West Ger- Continental Oil of Del. many dropped from 223,000,000 Cuban Ames Sugar D to 173,000,000 DM in 1957, Diamond Batch Co. mostly because of a ecduction Douglas Aircraft Lew
Dupont de Nemours weeks" they say, "we have been of 63,000,000 DM in Indirect Dow Chemica impressed by the comparatively Imports by West Germany.-Eastern Airline widespread revival of interest France-Presse.
of economic conditions should As output per man increased, be almed at to replace it. Nor the saving in production costs problem peculiar to would be passed on to the con- Prices would then fall, Britain. The world has dis- cumor.
and Wages
other Incomcy covered that whatever ita culla would remain unchanged, but
more pleasant
they
buy more. would bu than deflation. Who wouldn't
"Real" income-which is the live in the Fifties rather than
enly kind that has any value- the Thirties?
Do would the The old trade eyete mentality would rise and 1s still with us. And this has reners! standard of living.
The Council admit that this led to the belief-even among those who should know better argument might until recently that inflation is the alterna-have seemed rather unrealistic.
the Jast tive to deflation. Those who "But during hold this belief see the cholee as between the two, so they suggest: Why not choose the
in the idea of falling prices, and Jessor evil?
The
been glad to note inflation" we have "perpetual school of thought envisages DJ) economy in which prices are allowed to rise gradually-say by two or ttudo per cent a year. That way, they argue, you
full
sem practical steps towards its NEW Service
Lo
It is a mesure of the extent
which our economie
thinking on inatters has
been
FROM S'PORE
Singapore, Feb. 25.
Crown Zelineback
Eastman Kodak
Paso National Gas Family Finance Corp.
Firestone Tyra & Rubber
Ford Motor ...... General Electric
General Foods General Motors Gen. Pub. UL. Goity Dil Gidden) Co. Goodrich pel the best out of inflation conditioned by a dozen years of
Gooden Tyro A Japanese shipping com- inflation that such ideas will bo
l Line. considered revolutionary-Ex-pany, the Kokusai
in Homesako Mining Co.
Ingeroll-Hand running a new Bouth-East Aslan Inland Steel Co. *** press Service,
service from Singapore.
Interchemical Corp. The company president, Mrint Business Machines
Ini Harvester today! said 7. Mizoguchi,
International Nicke Kokusai ships would operato | international Paper
employment and maximum use of
resources
the
while effects.
minimising its worst
"NORMAL"
AS
10,000 Men Out Of Work
Of course, if gradually rising prices Were recognised "normal" certain things would have to follow, For example, interest on long-term loans lo the
government
other and
bo borrowers would have to calculated in "real" terms, And
person taking out
on 10- surence palley would expect to be paid out In purchasing power" rather than น arranged mum of money.
Wise Men come out tories in The Three
of Kenosha, Wisconsin, from March flatly against til atutude bload acceptance. The aim of 3 to 10. polley they say should not be This will mean that nearly to check rising prices or even to 10,000 workers will be idle. halt the movement, but to bring A spokesman for the about a state of affairs in which |poration said: "Recent adverse prices begin to fall
weather conditions throughout;
Dre
Detroit, Feb. 24. The American Motors Cor- poration makers of Nash and Hudson cars announced to- day it will close down its fac-
Milwaukee
and
Cor-
a monthly service from Singunt qui & qui
John Manville Co,
pare to Ceylon, Goa, Pakistan Kane C, Power & Light
and Burma,
The first ship in the service. Le 5,007-ton Miyajima Maru, to now loading cargo in Singapore. -Router.
London Silver Prices
London, Feb. 24. Prica of silver was quoted at 70% penco for spat and 76% pence for forward. (against 707% and 70% pence previously,)--- United Press.
Exchange Rates
Kennecott Copper Liggett Meyers Tob, Co. Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Lowenstein Sons. McDonnell Aircraft (Am
Block Exge.) Membi Xrom Corp. Minnesota Mining Maxion Developmeni Monsanto Chemies) Co. Montgomery Ward Motorola Inc. National Cash Reg. National Dairy Prod. Nations! Land National Steel Corp. New York Central Norfolk & Western fly.
Olla Elevators_ Owen-line ami Oxford Paper Co. Pacific G de Zaco. *Pen American Airways
Paramount Pictures The social injustice of in-most of the country interrupted
Parka Davis Co. flation-even on a small scalo the Bow of cars to denters and
Penny J. 00. la that come sections of the temporarily slower retall
me dono in the local. Malk 'Co,
VALID MOTILA community like these organized deliveries?
exchange market this Proefoe de Gamble CD. into trade unions, are able to The Ford Motor Company an- morning at the following TALDEHE PULburgh PIALA GIM
U.S. doler (per (1) protect theks living standards at { nounced over the weekend it sterling notes (per 1)
Pure Di the expense of others who was laying off 8,000 of. Its Ayeesham nodes (per 41) - 1236 | Iladjo Corporation Incomes are more or less fixed workers in two factories. In money term,
Reator.
to
Indonesian rupiah foar 100) .. Hiam tiesi (per 100)
Eingapore (Btralia)
5.01
38.50
Publicker Inchar
9.39 italo Cor Pret. 10,40|| Republic Steeli
There was heavy buying of Japanese non-ansenteds which 13, the
the 1024a
New York Sugar
Market
New York, Feb. 24.
Tokyo's 5s about £1; and World No. 4 sugar futures
others around 2. Gor- mans were quiet and unchanged.
British Government bonds Jost £% to £4.-United Press.
London Metal Prices
London, Feb. 24.
closed today three points lawor to two points higher with salos of 108 con- tracts.
Domestic No. 6 sugar futureCE closed 3 to 8 points lower with sales of 103 contracts.
*
P.O B·I EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. C.
Outwards
"SULAT" "CORFU" "KARMALA" "CARTHAGE" "CHUSAN”
Homewarde
"CORFU" "SOUDAN" "OARTILAGE” "CHUSAN" +
Leaves London Due Hongkong
Select 25/1
Sailed 4/2
15th FebruaNTY
5th March
17th March 10th March
8th Apr
7th April
13th April
19th March
Leaves Hongkong Dna Tandon
14th March 19th March
14th April
24th April
11th ApriI
12th May
2th Apri
2005 May
Via 'pore, Penang, Colombo, Hombay, Aden & Pl. Suid.
↑ "CHUBAN" also calls MATSOILIES.
SOUDAN" Commita Colombo, Bambáy, calls Harre sed
extends Hamburg, Rotterdam & AMWEID.
*
World sugar futures, ruled quiet while traders awaited raw market developments and news from Cuba.
*
*
"URLANA” das 20th Feb,
"OBRA"
dua 4th Mar. salis eth M.
20
"ITAURA"
Prices of metals closed today | ed
in sterling per long ton as fol- lows:
Cuban production was report-
full getting into
swing. Havana reported production to Feb. 15 amounted to 1,200,244
tong
toris against Spanish D80,820 tons a year ago.
Contract No. 4 (world)
40
Buyer Sellers
Tin spot
735
3-month
730 730 739
Copper apot
1831 1001
March
I-month
1043 105
May
101
Lead 2nd half Feb.
753
74
July
May Zing 2nd halt reb. Moy
2314
7636
0342
0371
Sept.
October
83%
63
-United Pro
May
New York Metal Futures
Now York, Feb. 21. Prices of metal futures closed today in cents per ib. as follows:
Load
March
May
Wine March
May
Copper Märch
May
Tin March
May
March
Spot-(cents per lb. fob Cuba)
Open Interest:, 6,390 contracts, Contract No. 0 (slomestlo)
July
September
November
Spot-spais per b. ell NY
ex-duty)
Open Interest: 1,003 contracts.
United Press,
BERE
New York Foreign Exchange
11.135
11.475
BLAGO
21.00p
14.000
“United. Prem,
Canada
20-day tuluraN
Australis
London Foreign Exchange
Landon, Feb. 24.
Closing rates were:
- Amsterdami
Zurich
Others unchangud
New York, Feb, 24. Closing rates were:
·England · official
*
10-day futurer
New Zealand
Seith Africa India
Pakistan
*
1.03 1/16
2.81 17/3
2.70 1/18
Others unchanged.-Unlied Press.
NAMESAKES.
„Answers--) Juryinen, 3:Foo ansota, 3 Juzsiko, 4- Aštack)),D, Essan, & Pelosihood, 7: Rebel, 6. Ilichard. U Warriors.
„Press. | | Jack 'Otzww.
BRITISH INDIA S.N, CO., LTD.
"BANGOLA"dus 7th Mar. pulta sih bing.
"FULZALA” dus pth Mar, ails 11th Mar,
from Japan
pore, Penang. Batignon & Chittagong
from Jasmi
tar Sapore, Forang. Hangoon & Outta
P. & O./B, I, JOINT SERVICE
duc in Mar. BALIS XIVA Mar.
91 Mar.
from Karachi, Madras, Penang di Singapore for Japan
for Singapure, Madras, Bombay & Bḥjavaagar
trom JapanS
For Singapore, Ponung. Karachi, anby,
"Khoresmababi Litera
a Kuwelt
frum - Bombay, Karachil, Cochin, Alleppey, Tulis corin de alipitipore - for JADRO
"OZARDA" due
salls 11th Mar.
from Japan
EASTERN & AUSTRALIAN 5.5, CO., LTD.
"NELLORE" due 27th Tab,
ballaleš ZAT,
from Fadimi
for Ikbumo, Sandakan, Briab TU, Sydney, Adelaide & Melbourne
'froso” Atsizalia
ter Japark
All vessels have Uberty, to call at ang perta on or off, the rouba in the roule à' mflugi sin vihjeet to changu, or amendment with or willout. botice,
"NANKIN" duo
th Mar, salle 19th Mar,
For full particulars upply 1. MACKINNON. MACKENZIE N CÒ OF HONG KONG LIH Teleplane Nas
*