Page
THE GHINA "MAIL, MONDAY, APRIL 21, 1958.
TRADE and COMMERCE SECTION
Ike's Opposition To "Unwise" Expenditure
THE US ECONOMY: A SURVEY
Pago
BRIGHTER Coal & Gold In The
OUTLOOK FOR OIL
Unemployment Is LONDON STOCK The European Freepository
Still On The Rise
New York, Apr. 20. President Eisenhower stiffened his opposi
tion this past week to “unco-ordinated and unwise" Federal expenditures to halt a US business slump that showed no signs of ending.
The President:
MARKET
London, Apr. 20.
Last week's budget con-
tained
several pleasant
concessions to the propertied classes and it was these which lifted the average price of in- dustrial shares from last week's 168.4 to Wednes- day's peak of 172,4, highest since last Novem- ber 20,
Jat the slaughter of the Con- candidates at
• Told his news conference that he opposed "un-servative Party
country's local elections
In 30 co-ordinated and unwise operations that are the worst experienced
years caused the Index to closing the brought forward in the name of anti-recession fumble to 170.8,
week at 171.4. measures but which aren't necessarily that." He pointed out that many proposals would have no immediate effect on employment and business and would make future balancing of the budget impossible.
He
Signed, with "serious misgivings," a US$1.8
billion highway construction measure. said he hoped it would increase employment but regarded as "grave defects" its provisions increasing the government's share of road building costs.
of
CLEAR
It now seems pretty clear that the government intends to hang on, regardless of its unpopular
of the
11y, If only to postpone as "long an possible the return Labour Party to power,
British
Government
stucks
moved upward all week, except
for
Trade Area
London, Apr, 20.
New York, Apr. 20.
uncertainty about business trends,
the outlook for off is brightening, the Chase Manhattan Bank said to- day. It pradicted an upturn "is likely" to start in the third quärtor.
la its monthly review of the petroleum situation, the Bank sold that if the Industry does the now of new not increase
second quarter Inver-
The implications particularly for British Common- wealth countries of the proposed European Free Trade Arca is expected to be a main topic of discussion at the Ministerial Common-oil during the
over the current rate, wealth Trade and Economic Conference be tortes by midyear should be ginning in Montreal, Canada, on September an "excellent level." 15 next, according to Commonwealth sources here.
Senior Commonwealth officials will meet here early in June to continue their preparations for the full-scale conference. officials have already met here, from February 11 to 13, in brgin thels detailed work,
The
According to Commonwealth
consultation
011
at
it sok "a At the same time measurement of the momentum of near-term supply and de- Arrangements for Command trends tells us that a gher rate of new supply will monwealth
be required during the second economic matters..
The British Government has half of this year,”” "warmly welcomed the Inftia- five of the Canadian Govern
in Inviting
the Commonwealth governments to
ment
take part in the Montreal diy cussions.
The Bank said that to hold supply at its current rate, dé mand for the remainder of the have to average year would Ave per cent below last year. And it would have to be al most six per cent under the movement during the like period two years ago.
Upper Rajang
Relics of volcanbes, extensive coll-bearing formation deposits of black-solid, glass-sand and occurrences of gold in the upper Rajang of Sarawak are, described in a Memoir recently Issued by the Geological Survey Department.
1
Prepared by Dr H. J. C. Kirk, a Government geologist, the Memoir, entitled The Geology and Mineral Resources of the upper Rajang and adjacent areas, details with 16,000 square miles of country, varying in features from the coastal lowlands around Bintulu to high ranges such as the Hose Mountains and plateaux like that of the Usun Apau' in the hinterland.
and
+
It will form a standard source f'wealth, poor solls, and facility
those in stone for, roads, of information for
the resources, Dr Kirk's work shows the terested
topographical possibilities, até better thall was geological features, mineral prospects, and thought, and for the first tline, travel in the ares.
gives a factub! record of this The Investigation, started in geolegy of this large tract.
These facts give a basis from few years of Jungle expeditions 1954, represents an encore which the potentautite can be in remote, mountainous counity, further investigated, when the
Access is mostly need arises.
interval usually "A long into which dificult..
occurs between the first scienti Incorporated la the account fe work in which resources ate Oilfields found, and their subsequent de- is work, of Sarawak "Such a decline is of course Ecologists, special investigations velopment,
made at the Overseas Geologi- possible. Bul It is most un-cal Survey in London, and ob- likely unless the business reservations made by the geologist
"This is true even in acceri- Lession worsens to a marked of the Oxford University Ex-
Breas degree," February.
pruition. R.A.F. assistance wasible and well populated United Press,
alse Important in parebuting of the world as well as
Sarawak; thus although bauxite supplies to several expeditions.
was first found, by the Geoloɣl- Here is a summary of the cat Survey in 1949 it was not until this year that mining to findings:
alart.
sources here, recommendations for a provisional agenda for the
"We look forward keenly to Ministerial talks were discussed their
the conference and shail dó el in we can to contribute to the by the Gmelals during preliminary consullations
And
to help to constructive the ensura
and belnit conveyed to
positive outcome," Mr Cuthbert | Governments concerned.
Under-Secretary The sources said
con- Alport,
Commonwealth Re- siderable technlent work had to Slate for
February. These suggestions are proceedings
Dow
that
10
of
the
Deport sold...
CANADIAN TEXTILE
be done in the coming months lations, sleted in the House of
hal beer Commons here in and Arrangements
be shared Reuter. started for it in profit-taking 60mc
mong all the Interested Gov- Friday. The railway nationali-
conmcels. This work syfuld be sation stock led with a nel gain
offictais reviewed when the Vetoed a bill authorising The first autos were scoffed on the week of 10/-; followed
meet again in June. carts theby Treasury 22 per
take construction eventual
1.7et, rather than demanded.
The countries due billion in water projects, as newspaper pointed out. Some- (known as "Daltons"), which
Britain (who discussions nire: rose nearly 1 More typical part in the Montreal Ministerial serting it would be many months where. It belleved, inventors or
years before I could csincers are at work right now perhaps was War Loan, up 8/ will also represen! the Interests or even Eave any effect un the economy, on Innovations capable of, start-
Leading industrials nearly all of the various Culonles), Can- New Zealand, Sald he would favour aing a new cycle of capital ex-
moved higher-the best known ada, Australia,
South Africa, India, Pakistan, tax cut if it became necessary pansion.United Press.
up at least 2/-- but they did Ceylon, Ghana. The Federation su ant so much tenuse
and the Ithodesia- business outlook had suddenly of Malayn become promising, but because Nyasaland Federation. the budget hud showered tax reliefs and other indirect bene- its upon them.
os ant anti-recession weapon,
but reiferated that he did not
yet consider f tweensary,
Meanwhile, significant busi- ness developments included:
The Federal Reservu Board
announced industrial production continued to decline in March -to the lowest level since Novem-
Bank Of England
Statement
London, Apr. 28.
The Bank of England state
ber, 1954, with His reasonally ment for the week ended April adjusted production Index fall-16, reads as follows,
ing two points from February
Private deposita
ent below Marc o yenrugo,
The encouraging sign other securities
listle was a slowing of the rate of Receipt fall in the durable goods in dustry, where
has centre.
this
recession
Were Washington ස There -reports that a Commerce De
estimate of total partment national output to he released shortly will show thru the drop in the Best quarter of this year equalled the 7.5 million produc- tion slump reported in the last of 1037. This would quarter
present production mean, the rate is about 15 billion on an bunun rate below thes months-nga boon level.
41.741 221
Unlied Press.
Bank Of France
Statement
Paris, Apr. 20.
The Bank of France statement for the week ended April 10, reads as follows:
six-
Totul holdings
their
FULL-SCALE
The idea of a full-scale Trade aind Conference was 'first Economie
Olis were very strong, despite Commonwealth the world-wide decline in pro-
duction, Royal Dutch was in suggested by the Ottawa Gov-
great demand, rising 0/-
£1.
GERMANS
10
ernment last year.
The officials and
to
INDUSTRY'S CHARGES
Ottawa, Apr. 20. The Primary Textile Institute charged last week that attempts by the Japanese cotton industry to control the flow of its products into Canada by imposing "voluntary" quotas were un- realistic.
The Japanese delegation told exparis,
US COTTON
The Japaneve said proposed
it
to
Target
beer A prime
Japan has
over
Volcanic rocks and oh extinct volcano were discovered during
this this survey.. Unt!
work started it was not known that there had been volcanic activity in Sarawak in relatively re cently geological times.
Larva and volcanic dust we
miles and
TRUE
Ja
This is understandable as new enterprises require considerable capital and either Goverment or private enterprise has to be sure that there are reasonable prospects of success,
"In remote, sparsely popula- ted areas, like the upper Rajong, the development of resources la now known to cover about 700 bound to Lake Jonger, but it is show that essential to first know what, IN volcanoes, of the type that are in such areas if settlement and now active in nearby Java and development is to take place, the Philippines, were also once at this report on the Brat de-
HOW crupting In ihe
quiel talled record is valuable in this hinterland of Sarawak.
way."
-RESOURCES
NEW YORK COTTON MARKET
The Ménioir contains 181 pages, 20 line maps and figures, 30 tables, 53, half tone illustra
four large coloured New discoveries during the lions and to a level of 120 per cent of Nates to circulation... £2016.524220 £15, almost at its 12-months who met here in February, and the Tariff Board that "due re- tariff increases would make
maintain their 740,00 peaks of £15%. British Peru will do so again in June, were cognition" was not being given nearly impossible for them
cotton trado
coal- maps, survey include several the-1947-49_average, or 12 pot Pablic deposits
It was printed and bound at 313212.180 leum and Burmah gained 5-then instructed by their Com-to the qizin system, Govenment secüärities 22.704,892 Canadien Eagle - and Shell monwealth Finance Ministers-to This-was-immediately attack-with Canada. At the same time,
in parts of the the -- Sarawek---Government valleys.
and 30.235.300 1/9.
prepare for the big conference ed by the Textiles Institute the increases would have lille fields in the Pileran and Idnai
for the Canadian effect on US supplies about otic House Mountains, small quanti Printing. Cilice, The "colourta li was these Ministers who, at spokesman
printed by the Eric quarter of the cotton goods sold ties of gold in several localities: maps were Economist their inst meeting at Ment industry.
the 500 million-a-year
grade Meloyan Survey Department. and a deposit of high Tremblant. Canada, "In October Herner said the Japanese set in
It is obtainable from the Rox The the quotas, so high that they Canadian market. The Japanese glass sand. The black sand de- 1957, decided to convene
In-share a small but growing posits on "restraining
the sea beach near Bookstore, Kuching and Motion, were not a Germana were very strong. major conference in 1958.
rapidly year by year.
Smith & Son, 11 Battery Road; Bintulu havo bren mapped. Commonwealth Potash 7 per cent non-treated
Bources hote fluence."
Stone of good quality for road Singapore. gained 13 and the asiented said that the scale at the He cited the quota on cotton
building is-now-known to ba. £24: 6% per cent. Potash non-private talks in February also blouses and sports shirts, under studies on asserted Jumped £4 and the initiated
special which the Japanece exporters
cur in some places, Soils over are of only asserted 1%. The Dawes Loan laanelal, economie and trading are allowed to ship up to 41 per target of the Canadian industry widespread and limestone oc-
most of the area rose 1 and the. Young Loan prokleins of the Sterling Area, cent of the number manufactur-since the beginning of the pre- scnt hearing more than three
Texilies Average fertility, but there are Breas all Commonwealth ed in Canada. which
The weeks
ogo.
Indications that better counities except Canade belong
Institute claimed the Japanese exist on the volcanic highlands the
the Britain is of which and
hud. a great advantage
ind on the alluvium in
draining most other nations because of valleys of the rivers banker.
the low, wages paid in Japon them. For example, the whole ques- tion of the recent falls in the
As a result, the Institute urged
In the upper Linau, Pileran the adoption of special curbs
and Balul valleys mire!cher of against Japanese Imports,
diluvium at on altitude of about To Imamura of. Osaka,, a director of the Japan Cotton 1,000 feet giving a pleasantly bove. Textile Exporters Association, cooler climate, seem to
development possibilities and in' that
curbs auch said later.
the past have been farmed by The “offetal talks werE-PRE-
"could damage the entire struc- the Kayans. Potentialities for sided over by Sir Roger Makins,
Secretary at The gradual price retroture of good trade relations be- Hydro-electric power are good Joint Perinouchit
under way in the cotton tween Canada and Japan." What of the possibilties of
atlending the developing those Immamura
resources? Dr grey goods market inco
sait F. W. Roe, Director of an observer, last autumn extended a lit-hearing as the further this past week, Japanese purchases from Canada Geological Survey, has this to ruled 6 to 29 points 30 cents to $1.45 a bale. higher than and just anough to send had jumped since the signing of say: "At present the area is too
Inaccessible, the 1954 trade agreement be isolated,
and the preceding week. the market to a new
tween the two countries, Last sparsely populated for most of
Anticipation of a higher gov- year, Jopan bought more than the resources to be developed." 12-year low.
He added: "When the geologi-ernment loan, and continuing
the sting Justeal survey started, the region uncertainties while products wealth capitals.
The markel's bellwether 80-$139 million worth of Canada sold over
worth to was believed to be one of shale mediate new crop outlook; › re- 01: million proposed Ministerial aquaro" four-yard print
cento a yard for Canada. United Press.
and randstone with little mineral mained the main price-shaping
initàencés. / Conference, expected to be one down to 17
Fanc 201,204,302,4,29 11.817,750,454 11,771,000,000 1,947,543,032,397
Japanese were...irregular; in the non-arvesteds the 1010s rose the C1, and the 1930s and
£14. Total other currencies
Tokyo 5 per cenia tell this sight balance abroad
• Steel production
Assenteds were chariged were price of raw materials is under- somewhat lower, Dullar stocks pas "work is indicated at 1200,-
per cent of Advance 16 Binbills long or 47.5
1lon Fund for utarly Total bills discounted
showed rather haphazard rises stood to have been one aspect capacity, the lowest
and falls, but their premium which was closely examined. and 25,000 tons Bank not in cir nine
Years
culation 1,272,485.000,1120 was uncharged at 41% per cetul, 414.585.313.450 Suggesting no great demand. -- Government figures show. Current accounLLA. ATK
United Press.
000
under last week:
ed that relult sules inst month
were estimated at 18.9 billion
on
ย
seasonally-artjusted basis,
which was one per cent
below
February and two per cent
below March, 1957...
Personal income during March was at the rate of 341.4 annually, reflecting increasing *This Was unemployment.
the below February drop recorded be.
300
trillion
tween January and February.
The figure bolstered argu
the
ost.
•
recession
flattening 15
depost United Fress.
HK
To US
·
Textile Exports Shoot Up
Biloxi, Miss., Apr. 20.
ments of those who contend The rising tide of imports, flowing into the United States from low-wage foreign nations, is beginning to affect many large American 'industries, besides textiles, a textile spokes- man warned today.
A McGraw-Hill survey showed that American Industry now plans to invest 34 billion in new plants and equipment during 1958, which is 12 per cent less that the 1957 outlay,
COST OF LIVING
Fred M. Loo, President, Alabama Textile Manufacturers Association, urged the govern- ment to protect the domestic industry with tariffs, or quotas, so that foreign imports can not jako over our carefully, and f costly, developed markets."
The chief increasen were finistries.
food and services, with housing
costs showing their first de-
SPREADING
spreading, tide. This
cline background, most eco- mile
deep noi! long-lasting,
st
OVERSEAS
:
the British Treasury and former Ambassador
States.
to the Unlied
Overseas Commonwealth Gov. by ernments were represented their High Commissioners in London or by senior officials from High Commissions here and from varjous
The
Common-
GOODS MARKET
New York, Apr: 20.--
of the biggest of its kind in spot goods. This was off 4 to Commonwealth history, is like cent from a week ago, and
over these seven the principal topics:
to range
The
significante for. countries Commonwealth changes taking place in world trade,
recorded lowest price since early 1946.
of the "BD- Importance of
in the market square" print picture is demonstrated by the
ta
• Mensures to expand trade fact it accounts for about 20 open inroads. An Im-
per cont of the "total annual pressive example is Hong- among Commonwealth areas.
∙of 4,000,000,000 theproduellon towards
• Progress textile exports kong, whoSO
objective
of print cloth ut freer square yards.
Broadcloths, Librics. to the United States in the hon
yutm past year were increased trade and payments.
The progress and direc- cetings, onsnaburgs and other tenfold, he said.
usually hear the tion of economic expansion in fabrics
eigh mills to
cotión
New York Stock Market
Review
New York, Apr. 20.
New York, Apr. 20.
Cotton future) resumed the advance after a two-week Interruption, although the trading pace slackened on the upswing.
At Friday's close the lat
over
im-
The sharp rind in the stock matket, and Inflationary - plications drawi frotti a further reduction in the dlacount rate, added
to buyer. confidence at the weekend,
EVENING-UN
Eventing-up obtruliony in the May, delivery, piticipating first supplement fading feature. notice day, April 24, whe Open May contracts at the
The National Industrial
A strong rally, interrupted only by a Wednesday .
setbackrestored more, than $1,200,000,000 Conference Board reported that
weekend wero oslimated around the US cost of living inched
Mr Lyun stressed the added the less developed Common- bellwether and follow.
vicalth countries. The sources
to market values this past week.
114,000 bales, 'The' cerìificatekt By way of comparison, the uhead again in March, reaching Lyon, and the rising imports advantage foreign textile man of capital and technical assis- 180.8 per cent of average 1933 de alrendy has affected dire factures have over Américan
condition stock amounted to 23,292 bales. financial 'Blocks have risen in eight of duetry the through gain of 0.2, por ehti fully, the New England fishing mills
federal,tance which may help their 80-squaro irisit, at the last prices
The Census Burosu, reported price further industrial and agricul- PA.. celling in 1040 was
worth 10.07 con's B
sessions ant | Oile strengthened on IndieAUVAIS yard. the past nine over February and 3.64 per industry, as well as the automo-government's
she Korean Apning
cotton ha. March at 632,022 bales ecot over March last year. blic, textile, tool and camera programme. This permits for-tural development.
buy American Economic and tratte prob- After
soared more than $8,000,000,000. Industry. Since to 88 cents a yard. cotton at the world price, which | Zertis, concerning agriculture mil) broke out, the prite skyrocketevi i during this period valude hüvit of a brighter outlook. for that | domestic = consumption of raW`` With ralls supplying most There were numerous foreccats empared with 80,085 bales. thien is about six cents a pound less other plitary productions,
it has been gradually
behind
the made during the week that these in February and b90,310 Tho. prospects and im
of the power than the doreste price.
givily ground. Com plications, especially for.
upswing, the overall market, as rccesalon a bettoming out and bales, consumed in March last. saleda, since August 1, 1957 of the monwealth. contitrles, Very few new export dash of added, in time, will affect the
The mool questions at the measured by the Dow Jones hat there are sign in Inter Consumption for the Calling for a. raw cottoną
community
week-and was how much aversies approached the year's desirler, of an upturn. However approximately 31(1;905": balta
the mikeket gedralty ledred" an alifura uptum, but seein steal and iron fridustry,
polley which will make the European economie
furilor dan the market go?" | high act on Feb. 4. 'confident that, betails of ing This breeding albo is Prèbre competitive and stable, and the prepcked European fres tudo arou, Negotiations are now
The market was generally some poor flist quarter earnings against 5,959,475 6-leto, ha
rems piriod last season. Icelor or nethut, boom gaya sident of, 1BL, Opp and Micholas Zyon stressed the importance of
Most responses suggested the quiet and individugi, müba
The Commodity Credli: Görs will return next ybar.
colton mills at Opp Alebeină, producing more, high quality going on between Britain and 10 The Wall Street
Folumnal told the 57th dital methig cotton through creating acre other West Europenebuntries price now is on "absolute ruck responded to numerous develün hey acomia bsmalers
for the talablakmiat of a wide" }; butlom.”
inents curing the week.' The Brokers said market sentiment puration bold on a, competitive, argued this past week that the of the Alabaina Textilo Manu- | age oltótitionta.
free trade artd in association In rayon grey good, brokers rise was achieved in the face of on day was helped by hid bags for unconrised us
'ffler of upland, cotton on real factor which will eventsal- táctilrers; Association that ly, turn, the cennomy" upward "privelled, torilt rates têm- Ambrichhxrills should: - bd with the bixination Common reported a fair volume done in
After the clead of trading on Adala is enterprise.", pointing | plotely
The rails led the upside on gray of the New York Bibek cluding the above, tales of world pribe, Lyón sald, and Germany, Degim, The Nether will prices slightly firmer,
Botion reported' nies in now a conground one), committee Exellatiffe unsouncêt amat din nepr.60% bales have been never arose. In reźbions to con-
urged that to be tüken to land and Luxembourg Kstablish-
FISA ATV-United Fre (wink, talader i profect the income the zotion ad the "Common Market imprörited wool yarns at # virilist" | wwad begla studying. ways of In short Interest out the total made, under Udsprogramming.
standslill --United Press, *Improving" that, depressed" in«:) still was larger-United: Press; coutí lezun, our markela wids' farmers."—United Press.
January 1. Zatį.
*
· favour...; thu foreign permitted to buy cotton at the Market. France, Tidly, Wast nylons for June-July-Aurices generally unfavourable économic | estimates of & Ulg stort Interest, ids opened; on April 14, Inc.,
out that "how industries alüüst manufacturera,
muner. donant, but out or bold
enterprise.
Lower
newl