Page
THE CHINA MAIL, MONDAY, MAY 5, 1958.
TRADE and COMMERCE SECTION
The Keynote Is Cautious Optimism
US ECONOMY: WEEK'S SURVEY
Experts Do Not
Expect
NEW YORK
New York Stock
}
COTTON
Quick Improvement MARKET
New York, May 4. There is substantial backing for President Eisenhower's press conference state. ment that the recession in the US is levelling off.
By WILLIAM T. PLUNKETT
+
New York, May 4.
crop
nows,
*
Unfavourable
and
for prospects higher government loan
Market Survey
HONGKONG STOCK EXCHANGE
Our Own Correspondent
US Cotton Goods Market
New York, May 4. The cotton grey goods market, after a tiringly long price slide, showed signs last week of a bounce-back from a rocession "rock bottom.”.
Print cloth fabrica moved up -Woollen and worsted fabrics froin the 12-year low touched ruled quiet in tnce of weaknesa Business "done on the Hong-
week# ago. "Eighty in the wool top fulures markets kung Stock Exchange this squares," a market bollwether, and lower prices for row wool morning amounted to appro- sold at 17% to 174 conts a in Austrailan, New Zealand and ximately $390,000. Noon quola-yard, up 1⁄4 to 1⁄2 cent, marking South African markets, tions and the morning's trans- the first rise in well over actions were:
shares Buyers Neilern
..777.50
· 200
785
Liva
year.
Exten
By ELMER WALZER
New York, May 4. Stocks set new highs since early October ins
moderately active trading during the past As week.
HK Dank
Uniun
INSURANCES
Lemoand... 20
SHIPPING Wheeluck
7230
G 6.06 2.500 €,05 071 64000
100
rate on the now crop, Industrial shares closed at Bell & Howell and Polurold ran up 4 or 8 in the Caners group supplied the background 150.36 In the Dow-Jones average
Products new top Beste
gained mere for a good-sized gain astup 4.04 prints and a
4. International Silver since Oct. 4, 1997; rails 112.27 than week in cotton market. With all now crop deliveries 0.75 and a new high since cabied 3 h the specials.
Oct. 25, 1957; utilities 77,44 up
The deliveries
ur
Trading averaged 2,180,BGG shures dully against an average of 2,721,720 shares last week.
The
Market experts held that next market
Friday stumbled at the 460 hurdle. The week may be a critical one for average touched 480.50 at the the markel. If it is able to get
and there highest
selling through the 460 urea on volume, brought it they said, a substantial rise muy developed which
If not, many down exactly a point at cloning be in the cards.
look for a decline on profit- taking-United Preas.
The keynote is cautious optimism. None of the experts expect a spectacular pickup. Rather, they believe that the bottom of the recession rowsing seasonal highs, the fist 0.06 and a new high sinet Out. hus been reached, that perhaps the economy Friday's close ruled 10 to 584, 1930. will remain at this low point where inflation, plats-5 cents le $2.90 a bale the preceding --higher Than not depression, will be the worry,
werk.
March and May. (1050) Said Fortune Magazine in its monthly business
crossed well beyond round-up: "The business recession has not the 374 cent fine to set the reached its climatic stage. Sales of goods to chest price the futures
early November, time. business final
US purchasers by
Old erop deliveries were re- stabilising just when inventory liquidation has
latively quiet. Dealings there reached a new peak. In the past six months
mainly to evening-up in the expiring May final sales have declined by about 12 billion, or
contract. The open position i about 6 per cent.
May at the end of the week was around 30,000 bales. estimated The certificated stock totalled 24,650 bates.
are
i board
1953.
Tut total culput of goods has, ab and via the development loan fallen much faster, by about 24 fund, the Export-Import Bank, billion ar per rent, as the diefener support and Point Four Federai Reserve index terunte industrial produe to dropped from 145 fast autumn
a probable 126 in April.
has
"We
since
were given
on
over
ATTENTION
There is said to be a lot of sicck for sales in that frea and brokers doubted the penetration was suffleient to make way for
swift rise from here.
GAINS
Gains persisted after a couple
But
of days of small decline early in the week. These enme despite factor ductna As unpertant
some náverse corporation corn- Man traders attention centredes and dividend news. has boom was industry spend-
there alo were many avour-
• Urlieve that production will im for new plants and equip-on the tengthening delay in the This obviously could new erop start because of pers
vile teas. The big companies shortly level cut and then turn ment, but
weather several sistent wet and rool nut continue Indethitely.
made a instaters over most sections of the grow better than lielpated earnings ing area.
show and retained their usund dividends.
up.
US Steel Corporation Chair- man Ruger Blough said that the outlook is better now lıngı any Une in the past six months outlays in 1958 for a "boltoming-out and for anrop to Improvement."
"BETTER"
"May will be better than April on the basis of orders already in hund, nud June should be higher than ay he said.
Arthur Homer, president of Bethlehem Steet, second unly da US S'aul predicted thal August would bring a real bu provement in business. For the first time in six months, he said, Bethlehen's outgoing shipments match its incuming orders.
Farm prices
Tron Age Magaluze, authorita-
A prolonged period of clear live voice of metalworking re-
that arts
capital equipment and warm weather is imperative
probably will | through the forepart 1 May. President Bisenhower reiteral- slightly less than 3 crap experts declared.
ed he sees indications the down- 1 billion, compared to 36,00 billjoa | For the cotton belt gegrally trend in the ceanomy is level- Bis 1957, or a drop at some 20 preparation and
Wall Street agreed planting ap-ng off. peared to be about two weeks that might be to but wondered per cent.
behind tomat, Cool temperas how long the levelling process tures have been the principal | would take. deterrent to planting.
uut
Ia-
Employmant
BOMBAY
BULLION
MARKET
Bombay, May 4.
DOCKS. ETC. K. Whart Dock
+2
104
41
| Pyldent 101 1140 1100
BK Betel
LAND, ETC.
2
442
100 1 42
a
Anyon grey goods sellers sold the improvement going on Buying was not broad. but quietly in the market recently consumers found mils adamant | became more pronounced last about prices. Ать upward weck, Milia reported a broaden- with their order change has been long overdue, }ing demand
backlogs Increasing between ave producers claimed.
and 10 per cent.-United Press.
LOW
With cloth prices dragging at a 12-year bottom, white future delivery raw cotton cells ut 32 year high of 37 cents a pound.
A
Inquiries also More noted far Jeans, drills, and sateens--the heavier-weight
30 20 1,000 - 13.00
were ducks
200 10
600
19.30
Land
.. 32.75
33
400
300 a 23
300 30
10073
14.00 14.00
fabrics wed by makers of con:- work Ing materials. ficklags, clothes, shop Intogs, and water- proafers.
Tien ly
1526
2.35 8,000 9 1.6214
3.000 2 4,000 133
Tightest
RUBBER
A11. ... 1393
138 18,000 15,000
1.20
Trill UNITIES
section in print cloths wns in the top quality DO-
1,323 1355 squares
Tram ..... 24.sk 23.20 1,300 or 25
Stur Ferry Taumats CLAN
00.50
12 10.10
following a generally steady Electtle ... 20.80
market both gold and forming, silver in the week to May dement
INDESTIUALS
STORES,
2 declined sharply under Rop, ETC. nervousness generated by Dalry various moves contemplat-Wat
100 + 35
15024
500 25
500 25
400 10 10 20
300 18.20
1029
8.20
10 10
47
30 EN
20 50 20.70
23
14.50
1650 16.30 10.00
200 10.20
100 10,0
300 10
$50 1,00 Narvan.... 8.30 INVESTMENTS Yangiste
30
3.40 2000 5:39
fabrics. Premium-ade
sold at 17 to 17% cents. with mills cleaning out avoliable part of spots on this nuraber through June, and
substantiel port banking a
third quarter production.
In
ot
of
Bag sheeting fatrles presented the bleakest part of the cloth
the absence picture, buying interest, mills decided to slut down several hundred more kums.
IRREGULAR
Hard libres were Irregular. Burlap held steady, with temp sisal weakening in and
the
-
ZURICH
GOLD
MARKET
Zurich, May 3. The gold ingot market was inclined easier in the early part of the week to
May 1, but Inter Improved when it becamó known that the United States Federal Reserve Bank had banded over another considerable sum of gold to the various Central Blanks.
Demand East
Was
from the Middle fairly etive and
business with the Far East Was quiet, while there was little activity in trade with South America.
The coln market was steady The French political crisia had no significant influence on the norkei-China Mail Special.
P.O
od by the bullion author. Craw. 16.50 10.72 1.800 1000 absence of buying Interest from ities towards the bringing COTTONS
200 13.05 wine and cordage producers, down of prices and the Textile subsequent Board's ap- proval of penal margins, Gold moved indecisively, but on Thursday and fell precipitately than (May 1) with part of the selling seon as en provoked by the possiblilty of the State Bank releusing some there WC
of former unetoployment gold on behalf
princely state.
Stocks at the _end_of ilu period were 20.000 tolus and arrivals and
Increased
was ders
LIFT
But the magazine points
inpering-off this that such a year was in the long-range plans
Missisipp! stale reports from the start, and that there dieated ibat because the while the rise
of are several forces at work whies shortage of good-quailly, seed, seasonal it was
Alsa may bring un tipsarte in capital most growers Were holding couraging. spending. TIRSI Include a planting
"until the soil warms Tower claims for
benefits fled. Proschle tercch" beframme by Lap "
its auto-maket; to tell for and j
UNEXPECTED rodar suntli cars to compels | with European models, govern-i aunt help for railroads, possibl An unexpected Increase in
temperary and the mid-April parity price re- The market got a petroleum prading by
exchange the Expectations from spurred Chemical industries it the whole port
the In computing elimbed during
eronomy shows impovement thus for a higher government loan error the month ended on April 15
ilgures for mid- the highest level since January,ving them confidence for out-rate on the new erop. Figures short Interest
at 81 per cent of parity, statis April, The exchanges revised
showed 1953. the Agriculture Depart they must make some of ment reported the indes of pricesfer anyhow, and tooting up for ticians calculated the leon rulo agure of 4,767,893 received by farmers advance products barn of carpet for middling inch colton around month to month gain of 307,203 35.1 cents a pound. The com- shares and set a new high since purable rate for his season is June 4, 1991, The orighal to 285 per cent of the 10-14, the market conditions.
32.31 cents.
relcase several days before spid However, experts thought the there had been a decline of
average.
It was 263 per cent a Concludes Fertone Magəzine month ago and 242 a year ago,
The recovery in the proNT
or
[or
a stock
The Pont Corporation p 'national production that will ultimate support would bo 65,542 shares. parted is olyan sales up 10 per begin next quarter should, » boosted to around 84 per cent of
30.47 cents cent in March and still rising in
year from now, reach is pre-parity.
rale Aurif, "becouse textile milks have reecaton highs. Industrial out-middling inch. The lan cleaned but their inventory."
put may not do so well, but for the new erop will be deler
above clearly will he
the mined definitely on the basis of present levels."—United Press. the July parity-UnRed Press.
SLOWDOWN
Union Carbide noted steady sales since a fall-off lost Novem- ber, due to the slowdown in the steel and metal-working indus- tries, and Aluminium Company of America reported its Murch bookings
best sinco
October of 1957.
A Wall Street Journal poll of 100 home-construction' concerns showed them uniformly optimis- lie and backing that optimism
by thereasing the number of new hornes they plan to build this year. Easier mortgage money. effrets of the new Federal anti- recession housing act and bet- ter weather were the factors which combined to change the outlook sharply from Д pott taken just a month ago,
Even within the auto industry bellwether of the economy, there were Indiestions of better timur, Publicly, the tinian and
BACKLOG
Growing Exports Of Tin From Russia
London, May 4.
4
Wall Street regards the short 15 potential buying interest power when the bears becvNG frightened. Some of this week's rise may have stemmed from short covering, it was said.
An item that may have caused a contraction In volume late in the week was a rise in com- mission rates. Market Faki
time more
would be necessary to determine if this would be aireding deterrent.
PACT
of
Signing between Egypt
Company. Canal
were olTlake -
balanced at 3,000 folas.
LONDON STOCK
MARKET
London, May 4.
Silver, which had been hold-The stock market had a very lag well, broke latterly under general sell-off.
Stocks were 200 bars and off. take 15 bars dally,China Muit Special
The Paris
Gold Market
ragged wook, totally un-
able to read the signs of the times.
The Industrial index which had closed last week at 100,5-
BAILS:
R.M.S. "CANTON"
NOTICE TO PASSENGERS
Thursday, 8th May, 1958 at 12.00 Noon for the UNITED KINGDOM, viu Singapore, Penang, Colombo, Bombay, Aden and Port Said.
almost 3 points down from the EMBARKATION: Passengers should embark between
mid-April peak of 172.4-fell
another
Tuesday.
9 points to 160.90
recovered to 109.0
on Tirusday and closed the BAGGAGE:
week down 0.7 to 188.3, .
PATTERN
British Governments followed anuch the same pattern, the index falling from 83.80 at the eltwo of last week to 83.43 on Tuesday and
1 83.52,
{
9.30 a.m. and 11.00 a.m. on 8th May, 1958,
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown' No, 2 GATE, CANTON ROAD ENTRANCE, by Noon on Wednesday, 7th May. 1958.
closing the week SPECIAL NOTES: Baggage -
The approaching labour dis-)
was a bear factor, while the chief hull factor was
Paris, May 3. The gold market was Un- settled in the week to May #
2. Despito a number of turbanes bullish factors, prices the Prime Minister's confident fluctunted erratically at speech forcasting an expansion relatively low levels. in business activity.
EXCEPTION
The absence of hoarder in- In the gills, old Consuls and teres, reflecting the tight money war Izan both fell 13/16, while
business the restricted agreement position, an
rallway nationalisation and the Suez which was mostly centred on stuck lost 1/4.
ending the the Ingot, Canai difficulties of some time Concern about now taxes and go, set off demand for inter- the deterioration of the foreig national oils.
With the erratle exception of payments balanco ought to have
traders though, Rolls Royce, up 3/-, the blut raised pelees,
offoot by liberal chips were virtually all lower. but this was lofters of ingots.
Courtaulds, Imperial Chemicals. As a result, a rally in the Imperial Tobacco and Vickers middle of the week was short- were down a shilling, and dozens! lived, Coins were relatively of others down 9d. steadier,--China Mail Special,
Growing exports of tin from Russia and Eastern Europe Into Western Europe are causing con. cern to the International Tin Council and there are fears that if they continue increas-
Two of these oils topped the ing at the present rate they will upset the list in volume. Shell Transport delicate balance of world supply and demand was the most
active and it the week with a of the metal which the Council seeks to main-nctional rise. Rogal Dutch was tain.
second in turnover with a riso of nearly 2 points.
General Motor with a small loss came third. US Sleel in Dr Vieter Pax Estenssor, the fourth place reached a new high Ambassador, end; and gained 1% points. Leader-
Bank Of France
Statement.
The only really optimistic seelton was oils. Despite the Georges Peter of France, the ally afect the stallstical balange
Idle oil innkers, visible in every the manngements усте stil Chuirman of the International planned by the Tin Council.
became direction, the market bickering, but the private word Tu Council. told United Press
suddenly
the convinced that wns that agreement will be today that 0,300 tons of tin Bolivian:
worst was over. This sentiment. with a one-trom The Soviet Union and Vice-Chairman "of the Intership was not considered of the reached, probably
lot A accompanied by
of Europe were sold on national Tin Council, echoed best although the actives in year contract with an acceptable Eastern
covering purchases by thos wake rise.
the markets of Western Europe these fears about Iron Curtain eluded several blue chips.
who had sold, short, sumced to in 1037 and in the first two tin when he discussed today
Paris, May 4. lift Royal Dutch 17/6, Shell The final count of the week months of this year 31,000 tons with United Press the results of
The Bank of France Blute- Transport 7/- ond British have.
in
showed that of the 1.413 issues appented Woston this week's Council meeting. Industry The
atil) has
He said the greatest threat to traded. 754 advanced while ment for the week ended April Petroleum 3/- Anglo-Egyptian Bolivia's tin export trade was a 405
und 164 held 24, reads as follows.
"E" gained 7/- and Canadian backlog of 800,000 unsold 1958 European markets, cors, but labour peace at Detroit
Thas imports from behind prolongation of the business ro- steady. A total of 332 Issues | Total goldencies
201 204,392,426 Euglo 2/-, would have a soothing effect on the Iron Curtain are running cession in the United States as made new highs for the year Totul other the whole US economy.
ut a very much higher monthly well as the growing exports of against 33 new lows.
11,771,000,000 Russian in-United Press. Auto sales gained in the rate in 1950.
- MONOPOLY second 10 days of Aptil, with retell deliveries averaging 14,125 cara daily compared to 19,339 in the Arst 10 days.
a
This was a
STOCKPILE
Most of this tin during the
very anal increase, courao, past 14 montha bos como from
but it still was an upluta.
The decline In US exports, which had been a larger factor
in the US business decline than
ovor.
the Soviet Union and Poland,
although the tin of Polish origin
is not from Polish production
but from Poland's stockpile,
Bank Of England Statement
a
declined
Raliraod shares got a lift for time from a Senate sub- commiller move to work out a plan for aid to the errriere. They clared the week under their best Monopoly action against some natural gas companies held utility gains down.
London, May 4, The Bank of England state- ment for the week ended April
Sterling
Olla is a group did fairly well 3,010,411-250
anchi with gains ranging to nearly 3 200,464,431 points,
most had expected, according to A few odd tons of Chinese in 130, rends as follows: Fortune Magazine, probably is have come Into Western Europe
during the period, Goorges Note, in circulation .... Ptilo deposits an but this far the Fortune's experts see no major | Peter" said,
Private deposite increase during 1989, but expect tonnage is not signifcant, Government sectieilles.
in 1959 and However, he related out that Other, securities nir la exports
2ipt thereafter, due to an increased Japan proposing to bar flow of US Government dollars (Chinese in which could materi«
.. دو
Franc
QUIST Sight balance abroad
in EP) Advanen Lo Sub
Germans werd nearly all tion Funda Total bill discountedt 1.923,107,583.359 quiet, Young Loan non-assented Banknotes in circula-
roza 1/2" and the assented uan
3,187,390,931,365 || £1. Potash bonds non-assenteds Current accounts and
deposits
434,804.081,840 were idle, but the assented Mittalled'Preás. beth'. went ex-dividend, down Reveral points. Japanese were very
quiet. The 1907 -
assented were unchanged. Chinese were fractionally essier, Dollar stocka were fairly noidle, apart from the oil. shares wote strong. The 1810 which 12.4 premium tor dollar stocks was
Aunchanged at 4% percent
United Press.
Exchange Rates sented rose 1/2, but its
Chaines was done in the lockl
ücin? EXCHANKY market morning at the lowing rulering 11.8. dollar (per (i) jun Sterling holen (ped. #1). 42.905 190
Alrerafla met demand late in Australian netes (per 43)
Trichosing suplats (per 1001 4,357,147
15% the week and Boeing was in-nam tics) (ver 106) Vaited Press. cluded in the week's active list. Singapore (Straila)
10.10
With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only.
Importation of Sterling Notes into U.K. With effect from 28th February, 1958, permission is no longer required for the importation of Sterling Notes Into the United Kingdom. There la, therefore, no limit to the amount of Sterling a traveller can take into the United Kingdom, but it should be noted that the maximum of $10 in Notes allowed outward bound still applies. Subject to alteration with or without notice
PHOTOGRAPHS
by our Staff Photographers
P. A. A. Cocktail Party at American Club. Softball Association. Dinner & Presentation Art Exhibition at St. John's Cathedral Hall H.K. Technical College Dinner at Ying King Restaurant Reception at Repulse Bay for Japanese Emporer's Birthday Opening of New Maryknoll Sisters School at Blue Pool Road Promenade Concert & Fashion Show, Peninsula Hotel
AII Loca! S'po
Local Presentations
Local
Etc. Etc:
Available at
+
5
SOUTH CHINA MORNING POST, LTD.
Wyndham Straat.