[
Page
THE CHINA MAIL,
1958. TUESDAY, APRIL
TRADE and COMMERCE SECTION
Second Big Depression' Impossible? Charges Against
DON'T RISK YOUR
SHIRT ON IT, SAY THE EXPERTS
By RONALD BOXALL
London, Mar. 30.
The New York
HONGKONG The
STOCK Stock Market
EXCHANGE
By ROBERT CG. SHORTAL
New York, Mar. 31. Stocks slipped a bit today after having moved
irregularly during most of the session,
Our Own Correspondent Thusiness done on the Hong-Chemicals, rails, steels and metals stood out on the kong Stock Exchange Wils downside, while tobaccos met support as a
group.
(mately $323,000,
Noon quola-
SHATTE Buyers Sellers
FK hank
Ever since Lord Keynes explained the
mechanism of boom and slump and amounted to approxi- showed us how to avoid either extreme, ions and the morning's tratis- economists have encouraged the beliefriions were: that a depression on the scale of the early Thirties could never happen again. Before it is over the. American recossion might give us good reason to question this complacent assumption. Briefly, Keynes showed that the peaks and
ANKS INSURANCES SUPPING DOCKS, ETC.
Gen..
Wheelck
Nales
107.50 104.50
10
700
73
€
5.00 0.3000 3.0%
5.93
K. Whart Tek, ND 4420 Provident,
118
10.02 IL
(UE XD
LAND, ETC.
ارف القران
10000 16.30
136
Market analysts said tealers Pubilcker Industries appeared to be marking time Pure Oli ......... Radio Corporation pending further developments Radio Corp. Pret on the economic front. The Trouble Steel
Itoynolda Melai market took note of Labour or Racbuck & Co. Secretary Jame
Mitchell's Brit-Dil Co.
rtatchatent that Aprit will be Saint Res. Peper. the "erilent" month in defer- Sinclair O mining the state of the nation's
economic health.
troughs of the trade cycle are caused through its 1020 16.40 5000 4 1630 Steels Shifts in the relationships between investment and savings. If a nation invests more than
3 Land
it saves, it courts inflation. Conversely if rai it saves more than it, invests, it invites deflation.
rost
star Feny
31.75 34.5 1430 -1.40 1.425 2000
טות
'
Sony Mello
Botar Aircraft
South Puerto Rico Sugar Bouthern Co, The) Metal stocks were soft, with southern National Gas
more Kenuecat off
than 1.Bouthern Railway (Com.) afler the Standard Brands inct selling
Standard Gill of Cu American Iron and Steel In-
Binndard Oil of. Ind stilute pretlleted another decline Standard 0 of NJ.
production. Youngstown Strep Rock Toronto Exgo.j 1.40/.In
and Lukens lost more than a Sterling Drug Cn.
Stakely-Van Camp. 125 point cach. Oils favoured the Studebaker-Packard Corp.
downside, with Amerado off Sunshine Dining 23.10 more than a paint. The number Swift & Co.
Texas Co.... 400 7318 of stocks touching new highs for Textron Inc. *...
out-numbered the tolul hitting | Tide Water Asm. OU new lows for the year. Special-Time Inc.
A ties featured the upside,
Alg
1.46 1.375 1000 v 1.1,3 123
PETITES "Iran ... 20 to 2
117
Youmalı,
ኢህ
Light (0) ..... 17.20 17.30 Fleane
91
26.20 20.50U 20
20.50
500
14.50
It is all a matter of how much consumption we are prepared to forgo here and now in order to build up a stock of wealth for the future. The yardstick is the tolak out- In short, Britala is reaping the phone
put of inbour. If a nation tries benet of the American reces- to take more out of ita economy (slun, Falling commodity prices than it puts in, it is in trouble have
changed their terms
225.30
INDUSTRIALS
C'emont
of Hope.....
Amoy Can, 3DES STORES, ETC.
And the changing economic
of one or we, in Britain, trade dramaileally in her favour. well know. If, on the other hand, it decided not to consume hli t produces, It is in trouble of a different kind-the kind that America is in now.
It is a short step from this theory to practies! policy. The everament, acting through the budget end other economic weapons at its dispecal, aims at balance between achieving
Savings and investment. It can icke away or give us back our money according to the require 'ments of the situation. And it can speed up or slow down the rate of investment.
• SPEED-UP.
The American government is trying to halt. the recession - by speeding up investment. It this
But frils w cut taxes, does not appear to have any great comidence in either these measures,
Having jumped more than
1500 2000 at its best and touched a new 2006 2300 high, Alleghany Corp. Issues 212350 wore mixed, with the prior pre
20:30 ferred up mop: than 2 and Allied lost more than 1 in the ehemicals, Dow and Du Pont
Twentieth Century Fox Film Union Carbide
Union Dif of Cil
Union Pacifle Railway,
Unitert Aicecaft..
United Gas Corp.
U.S. Folt "R"
ÚS. Gyasam
US. Line Co.
S. Rubber
U.S. Smelling
Us. Steel....
Westinghou Elctric
Warner Bro
Dairy .... 17 1710 7030
17 cased. Watson,
Southern Railway lost 1 in a
Auto ID 50 100 4000 100 easier rail group.
did
Western Union Tri. Co. two i
little, Aircrafts were purrow- | West Va. Pulp & Paper
yiregular, Metal stocks were Woolworth...
COPTONS
climate outside this country not gone unnoticed by British
unions, and for the Craw 15.30 16.30 trade moment this has reduced the upward pressure on British wage costs.
This,
of course, is a purely temporary state of affairs. [1 economies, nothing stands still, If the American recession does not end soon, it is bound to zeet British exports and the situation would haye chanted time for the
again-cply this
worse.
Everything depends on what
happens k. America ver the next few months. And the ques tion is: if Keynesian methods prayed only parilally success" ful in dealing with inflation in Britain wil they be any more the with effective in desling American deflation?
"Brattis
Neayang INVESTMENT Yingste
4.C3
11.70
5.45
New York Sugar
Market
safl.
New York Stock Exchange bratd volume was $4,940,000.
American Slock
34
4215
-United Prem.
Exchange NEW YORK
volume was 720,000 shares,
New York. Slock Exchange volume was 2,050,000 shares.
Of a total 1,168 issues traded, 642 were lower, 341 higher.
Dow-Jones closing aveTIKES
were:
ar Installs 20 Tails
utiles
03 stocks
Now York, Mar. 31. World No. 4 sugar futuros
closed today unchanged 40 bonds to five points highar with Comm. future price Index sales of 413 contracts.
Closing Prices Domestie No. 8 sogar futures closed unchanged to We may never know. If this higher with sales of 101 con- Is, as many America ectmomis tracks. sald, an "inventory" recursion. It
Cuban political tension and
צחו 2
will cure Itself without the help accumuleted weekend covering Keynesien methods are of accelerated investment plans brought
a tarp opening lse, very well in cory, but · Bante- In the ease tax reductions night but profit-taking whittled part ene, has to decide when they do definito harm by turning the of the gain in later dealings.. are to be used and to what ex-seates too far in the direction of
In the raw market, Elypt tent. A:d this presuppose Inflation. But if the recession is powers of prediction that no one the beginning of something more postponed its lender for 65,000 ions of raws to April . Ceylon serious, the situation might get rescheduled n previous tender Keynesian methods have been out of control while the United for 1.000 tons of raws to fo-
British practised in
budgets States government is making up since the war, and they have its mind on the next Keynesian not stopped inflation. This dona move,
110A.
not mean that they do not work,
It couldn't happen
Exprors Service.
kut aimply that their applica- Don't risk your shirt on tion had been based an guess work which has usually proved wide of the mark,
morrow,
Alden fúm Acy, Ailted Chendeāls Allied Milla inc. Allis Chalmers Am. Brake shoe American Airline 7. American Caule & Radio Corp. American yarmic Co. Amer & Förgn. Power Ain. Gas & Electric A. Mach. Pery. American Smelting
American Metal
Ara. Sugar Ref. Americni Tel à Tei
446.70 103.33
COTTON MARKET
Now York, Mar. 31, 71.90 Cotton futures today climax
102.17 64.47
160.32
And this graph, šir, shows the last time personally had a riac-"
London Express Service
NEW YORK RUBBER MARKET
New York, Mar. 31, Rex rubber futures today closed one lower to 3 points higher with sales of 30 contracts..
May: 2.5: July: 20.03: Sept: 26.03: Nov: 20.63: Jan: 20.03: May: 20.05.
Standard contract closed one lower to points higher with
no sales reported
MAY: 23.36; July: 8 Sept: 28.05 Nov: 26.65: Jan: 28: Mar: 20.05.
Small, and featureless dealing were *mily vi
routine
rature between dealer interests, New Interests remained stifled
develop-
perding
Indonesian
appeared ments, But prices more sensitive to selling orders. Disappoiilmont over the slow automobile situation was ciani- fest.
new
Trade authorities estimated the Arst car sales for quarter at the lowest obb 'In six years. First quarter
sules of 1,113,915 units was about 25 per and five cent under last year per cent under the Brst quarter postwar average.
ed a narrowly irregular!
"Rubber manufacturers session with a sharp clos-hopeful that increased replact
ing reaction.
the day'a Finishing round lowest levels the list was off 18 to 30 points net. Opening prices were unchanged to of 4 points. New Oricans closed of 24 to 27 10% points.
10
1
24.
ment tyre demand will the reduced demand for
Rubber Firms
Washington, Mar. 31. The Justice Department today announced settle- ment of charges of anti-trust, violations in the sale and manufacture of foam rubber against the B. F. Goodrich Co, of Akron, Ohio and Dayton Rubber Co. of Dayton, Ohlo.
The government fled a compratents and thoge
the
sent decrée ending the sult in called "English Group."-Unlled
Fodutal Court in New York Press.
City.
The government charged in
04
Co-
Singapore Stocks
Singapore, Apr. 1. Brokers today quoted the fol- lowing stock prices:
Its tumplaint that the defen dants combined and conspired with two firms and two in- divkluals, named conspirators, who were col- lectively known mi the English Group.
The Department said the group was engaged in the acquisition and licensing of foam rubber and allied product patents on a world wide basis.
The complaint accused the des Brital Herneo Petroleum. fendants of combining and con- spiring with the English Group Consolidated Tin Smelters
Ord. to allocate world markets for the manufacture and sale of er Neave Ltd Ord....671%
Fraser Neava 7955% cum, ponge rubber. It also accused.
- pref the defendants of conspiring to Cammono (Malaya) Lid. prevent the entry of domestic Hongkong competitors Into the room rubber market.
Balu Lintang Rubber Co.
Ltd.
Syndicate
*
Banking Comp.
Hongkong in Ltd.
Shanghai
Opening
61.73
Fie
£7. B
.... $430.
Jos
Kumpas Ltd. Kuala Kampar Tin Lunas Rubber Eatalse Lid. $1.05 Malayan Breweries. *7.0254*, New Berandah nubher
Ltd,
$2,50
Kamias Hotel
Co.
Under the judgment entered today, Goodrich and Dayton are barred from allocating world markets ard from preventing Petaling Tin Ltd,
The Singapore Cold Storage competitors from, entering
rubber Beld. They are straits Trading.......... nam forbidden to decide who shall Strelle Steamship
licensed in the U.S. to United Engine Ord.
Werne manufacture und sell foam!
eumdiv: 1 rubber products under
their special.
*
$1.00
$0.10 t
11.00
$3.12
China Man
PO B·I EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO, Leaves London -Due Hunzkons
Sailed 1/3
Sadied 10/%
Ballod 18/3 Sailed 20/3
1 April
5th Ap
20th April
are
*
offset леш
26
Outwards "CARTHAGE" "KARMALA” "CHUSAN" "BALSETIE" "CANTON" "BUNDA" "SALMANA"! "CORFU
*
Homewards
L
"CARTHAGE"
11th April
*
"CHUSAN" '+
27th April
"CANTON"
8th May
"SOMALI"
18th May
"CORFU
equipment this year, but thin is problematical in view of the business, slowdown," general commented the Commodity Research Buren
In today's shipment market,
Realising by recent buyers fetlowing the rise to the highest Hlevel in almost 5 years, along a small tornage involved one cenis, with hedge selling, found trade sheets, April/May 254 buyers
reserved. New and two sheels April/May. 2
Cos and freight Orleans interests were promi- cents, both
out Indonesia. Spot No. 1 ment In later dealings.
the Rss was quoted at 2848 cents.
moro
12
2736
20%
30
1117
EZEP
1342 Some evening-up before
10%
24
long weekend Easter holiday was noted. The New York and
2232
New Orleans cotton exchanges
The
J
Boeing Alkplane Borden (They Co.
304%
until Monday morning.
most
24
Burroughs Add Machine
50
Sept:
Campbell Soup Co.,
Chile today was reported in aquiring for. 10,000 tons of raws for May/June shipment,
LONDON STOCK
At the moment, the British Government is still relying on three Keynesian methods to beat ination, Money is being kept both scarce and dear through a high bank rate, and the opera- tion of a credit squeeze. Invest- mint is being further damped down by instructions to the Stocks nationalised industries and by n system of vetting private plans And for raising public loans. high taxation is mopping up what some backroom pundits in Whitehall consider to be excess spending power.
BUT STILL.....
But still we have Inflation. Mr Cameron Cobbold, Governor of England, has of the Bank wamed us against reading 100 ito est week's bank much rate reduction, Inflation, he said. war's "lurking around."
And the Chancellor of the
MARKET
London, Mar. 31. closad irregularly higher today following the government's encouraging announcement
on
mation's 1957 income.
Contract No. 4 (world)
May: 3.01; -July: 3.52 352-53; Det: 3.45; Mar: 3.42; May: 3.41; Spot-cants per, fola Cuba!: 3.50.
Open interest: 0,227 contracts,
Contract No. 6 (domestic)
May: 5.09; July: 5.75: Sept: 4.00: Nov: 8.77: Spot-teents per NY ex-duty): 0.05.
.
Open Interest: 2,546 contracts, united Press,
the New York Foreign
GRI-edged securities carved! out small Rains. War Loan rose by. £ and Old Consols by
£3/16.
Exchange
New York, Mar. 31. Closing rates were: Industrials
mostly canada were Bigher led fractionally
by England oficial
30-days Brilll-American Tobacco which
00-days gained à stilling.
14
New Zealand South Africa
Clis were narrowly mixed in Ioland very quiet trading.
Japanese lenu were lower in
21ם
Exchequer; Heathcoat Atmory collerwise quiet and went out of his way to "play changed foreign bond market.
down the reduction.
He re-
Dollar stocks were unchanged.
ferred to a suggestion in "The United Press,
Economist" That o cut in the
bonk rate was not the best way
tri start a polley of relaxation, New York: Metal
Futures
New York, Mar. 31.
Prices of metal futures closed Today iti
and went on: "As this is not what we are, in fact, doing, this criticism seems to be misjudged:"
This reluctance to claim, eveni a partial victory over inflation is all the stranger when it is re-
the Govern follows! that membered ment's future depends above ot Lend on its success in stopping the zine In the cost of living-and | Zino. that Mr. Heathcoat Amory was speaking at a vital by-election.
That Kegriestary methods are Tin
not beating insistion-and clearly
it is on the retreat-what pulled
the trick) Thọ fact—and it is a
May
May
July
Copper May
July
May
July
Argentina
Anncunda Copper Armour ......... Atlas Cons. Mining Baldwin-na-fam. Balleon & OILG
Danencial Finance
Bendix Aviation Corp. Bethlehem Steel
Conadian Pacific R.
Lane 1. 1.) Co.
Cat. Tractor
Celenoso Corp.
C. I. T. Financial Corp.
Chryser Motors
Butt Peabody
Colombian Carbon Co.
Commercial Credi
Commonwealth Elec. Consolidated Edison
Continental Oll of Del.
Cuban Amer. Sugar Diamond Alcali Diamond Matel Co. Douglos Aircraft Dow Chenyirakı zen Dupont de Nemour Fastern Airline Kartman Kodak
Et Pa National Gen
Family Finance Corp.. Firestone Tyre & Rubber
Ford Motor, ... General Electric General Foods
104-21/12 General Motors 2.81-21/33 Gen. Pub. U31. 280
Gelty On
2.K
2.009%
2.62-1/10
2040 .0257 United Press.
London Foreign Exchange
New York
Kontrast
Amsterdam
London, Mar. 31. Closing rates were
201-0/10-28/NL/ 2.741-2 14-7/10 19.6372-10.8331 139.5744-639.20 10301-10.30 11.7412-31,74 1745-1743% 1101-11811 16-1123
Copenhagen
7
Ouers unchanged.-United Fress.
Frankfurt
cenis per 1.
23
Milan
Faris
10.035
Eusich
10.00
0.016
33.750
$2.10b
United Pr
comfortless and is that events Agreef Merchant Rates over which we have no control, have done the very thing we Cahadiah #: Maximum Selling, have tried and failed to do since 104; Minimaro Buying 175 the end of the war.
T.5, 17-9/18 0/D.
Exchange Rates
Goodrich (B. F. Co. Goodyear Tyr
Gulf Oil
Heyden Newport Corp. Homestaka Mining Co, Inland Steel Co... Intetrhemical Corp. Int'l Business Machine Int'l. Harvester International Nickel International Paper Tar'i Tel & Tel ..
Lockheed Alsorati .... Loews incor Lone Star Cement Co. Lowenstein & Sona; McDonnell Aircraft Stock Exgv.) .......... Membt Iron Corp. Minnessta Mining
*
*
SINGAPORE
ruled market
*
quict
traders
disinclined
4715 wdil be closed from Thursday throughtout the moming with
some
Traders turned more atten- trade. tor to weather and crop news, In the afternoon Ulere was 38%xd which observers believed will
inquiry for shipment become the main price-shaping rubber and some sellers were influetice hereafter, 13% Agriculture
20%
1472
BOLG
30th Apri
TIN AU
9th April
133 Apill
May $12 May 18th May
FUN
Zo
And June
Leaves Hongkong Dus London
to
“SANTHIA"
"OKELA"
due 1183 Apr.
*BANGOLA"
dus 25th Apr, salle 20th Apr.
to meet the maket
Small busine
T. Benson, testifying before the although very Saale Agriculture
4036
60
433
tions Committon,
833 request for permission to cut
23
4976 する
Secretary
Ezra
Approprin- renewed hin
rezdy
was recorded.
Futures: No. 1 rubber per in. April
M25- 701-77
7075-77€
J
No. 3 No. 4 Spot rubber unhaled Blanket grepe... No. 1 pale crepe dans
"
73-731 0318-70 081-0712 701-7751 03-64
LONDON
The
rubber, market
support as low as 60 per cent of No. 2 rubber par 3. April parity. 20Unexpectedly small month-
2015
3724 and mill buying brought liquida- of the recent by. Bomo Dotion 55% buyers, crop news featured com- farm work plaints of delayed
12th May
2011 May
8th. Juna
1st July
on July.
味
Jua
Via Spare, Penans, Colombo, Eombay, Adea & PL Said,
↑ "CHUSAN” Also calig Marsellten
BRITISH INDIA S.N. CO., LTD.
due 10th Apr.
ails 11th Apr.
sada 16 Apr
from Japan
for Bingapore, Penang, Hason de Calcula trom Japan
for Bingapore
Rampoort, Calcutta Chilingong
trom Calcutta, Rangoon, Penanta & Singapore for Japan
P. & 0./B. I. JOINT SERVICE
· “ITOLA"
to Port
satt 2nd Apr.
duo
413h Apr
is th Apr.
duo sih Apri salis 1001 Apr.
due 10th Ape.
from
Karachi, Bom bay, Colombo, Penang
& Bingapors for Juven
from Bombay, Cochin, Colomba & Singapore for Japan
Ironi Jagats
For Singapore, · Madras, Cuchin, Bombay, Karan chi Kit, Basco d Khorramsha
from Karachi, Bombay, Cochin, Tufcorin Singere tot Japan
from Japoni
Madros.
บ
rer Singapore, Penang,
Bombay Bhavnagar & Karachi.
from Jap
Ive Bingapore, Karachi, Hasrat, HELLOETA (SBABLE, Kuwait & Durbi
"ITRIA"
WAS
"OZARDA"
practically t steady but quiet with spot un-
of the Rio Grande, Valley of changed at 23-1/18 pence per Ib. 05xd Texas has been planted and up Prices:
40
་
170
38
10434
In central and eastern bell rec- 24ticns, however,
2011
GOT
10
04
334
414
25
1087
Abd Hand.
NEW YORK Prices of cotton futures closed today as follows:
May: 33.38; July! Spot: 26.10n:
30.74 Dot: 35.72: Dec: 38.22-23:
July Mar: 36.22-03; May: 38,87;
•
No. 1 Tepat .......... 23-2316
Seitiement una torm: May June July/Sept Oct./Dec.
13-201
“ISMAILA"
23.9 23-23% 23-23
Janist,
1310 30.54.
General maricels, eifbarly. potis: April and May
"TIRIA"
28 15th Apr. due 7th May Gite 8th May
.
June
"ZTÓLA"
due x
uth Kiny à May
-003
NEW ORLEANS
76 Frites of collon futures closed
394 today as follows:
Spot: $4.05 May: 33.63;
July!
10.2: Oet: 51.00: Dec: 30.73. Mar: 30.95: May: 538.00: July: 30.20.
LIVERPOOL
Cotton future closinge,
pence per lb, were as follows: Arterioin.contract
Ming/Ju
In
Eetste ereno, thin April..
thick April..
AMSTERDAM
The rubber market was dull Prices closed today in gulidirs per kilogram, dit April as fol- Jows:
24.00 No. rubber
25.4021. rubber
20.00
No. 1 rubber
No. 1 crepa
20.
2435
10.04
27.13
2.10 nom 2.12 nom. 2.00 nom. 2.28 nom. United Press,
546
74%
33
John-Manville Co.
**
Kennecolt Copper
Liggett Meyera Trb. Co,
0011
1332
Oct/Nov.
[An.
Dec/Jan.
STEL
Mar/Apr.
205
Mixed contract
May/Jume
July/Aug
Ded/an.
Mac/Apr.
SAO PAULO
"Catton future
closings,
in
per kla
were
follows:
a
42.16
Juft
42.00
get.
in sterling per long ton follows:
€3.00
Buyara, stir
Marion Development Monsanto Chemleat Co.
biontrarnery Ward
Motorola Inc.
National Cam Tee
National Dairy Prod.
National Lead ...
National Htsel Corp. New York Central
Nortols Wertem ity
bim Mathieson Otis Elevetzer Owen-line Glas thasiness was done in the lodal Oxford Paper Co. Unomieint #XCHANCE. mafkot le | Pacifier Claw in Moc., morning at the following raženim Pan American Airways
dollar (par)
201 | Parisvoink, Piętarge Sterling notes (per *1) ........... 16.09 Penny & Co.
1208 Penn, Balt co Austrailen netew (per £1) ...
1130 | 15216 - MariM Indonesian rupiahs (per 100),
29301-TOC1er & Gamble Co. 130 Pittburgh Plate Glas
Stam fical (per,100)
| singapore (dítralia)
Oct/Nov.
cruzalros
London Metal
Prices
London, Mar. 31. Prices of metals closed today
In the United States, the zin » [pot
average price of one-inch cotton
5-month
at 14 designated spot markets Copper apol wes 54.55 cents.
́Total sies at thewo were 25,491 bales, Preu.
S-mont 2nd 2nd hall Mar markets
June United Kine Bad half March
על
مي
EASTERN & ACSTRALIAN 5.5. CO., LTD.
da
th Apr Kalte bih Apr,
"EASTEIN"
"ABAFURA" due 28lif Apr.
saša 30th Apc.
from Austral for Japan
frutos" Australia -
· Fox Japane
· All ́ Vostela: have liberty to ear as áby posts als For off the resṣe & the route & exilings are subject to change or amendment with or without fötlen.
for full porlitulars apply to i MACKINNON MACKENZIE & CO
OF HONG KONG (ID Telephone Nos. 2773 3.