** THE CHINA MAIL, TUESDAY, MAY 6, 1958.
TRADE and COMMERCE SECTION
"There Is More At Stake Than Tired Feet"
Bus Strike:
Real Quarrel Goes Much Deeper Than The Walk-out
By RONALD BOXALL
London, May 6.
The Fight Is On
NEW YORK Stocks Edge Up
RUBBER MARKET
10
New York, May 5, Rex rubber futures today
closed 5
15 points higher with sales of 260 contracts.
May 24.92 July: 25.30: Sept: 25.30, Nov: 25.30; Jue: 25.20; Mar:
A generally dull session was featured with a studler
Lone
natly after a mixed opening.
Improved London cubles and
Toral corcing operations Tex-
red at the close. Dealers were n bath sides of the market in
a small way, with some chang-
SINGAPORE
at November July contracts through on an ven wants. The market was higher at the Sandon higher advices and ste had farther on
opening
Di
Whether they realise it or not, Britons are
now watching the opening rounds of a5.20 3: 29.20. fight that will go on until the next general election. At first Londoners will feel only the inconvenience of being without their famous red buses. But there is more at stake than tired feet or an extra few shillings a week for the 50,000 striking busmen. First to fill in the background. For years, Britain
short covering, partienidly May has suffered from inflation caused largely by on
of Apni announcement The the fact that wages have risen faster than
expats ut only 70 thousand lons sellers and the productivity, thus increasing production costs. bright st
cased again but, markeri Government has taken strict disinflationary
tower levels offerings were fair
Futures: measures, the primary effect of which is to ly weil soclad. make it difficult and expensive to borrow | No. I alter perth May 74-342; money. This has slowed down the rate of in-bres 16. Mas vestment in new industrial building and equip rubber bed ment, caused production to stop rising, and has kept firms short of the means of paying higher wages.
3
To New
On Wall
Highs
Street
New York, May 5.
Stocks edged up to new highs for 1958 today with
volume rising.
During the course of the session a considerable
amount of selling was absorbed from stock- holders, who had been waiting for these levels
to be reached.
The market apparently was | Lowenstein 2, Soris.
Stock ExRET able to generate enough demand McDonell to send leading groups herstesala fon Corp. Steel made. the
group | Minnesota Mining Gelly was a Sung Melon Developval
Monsanto Chendral Cu showing. spot in a regular oil greup.
Montgomery Ward continued to EL. et
Motorola Inc. Alrevafts
National Cash Reg. demantt.
National Lead...
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Business done on the tang-
Pago D
Cotton Futures Turn Irregular
In New York
New York, May 5.
Cotion "Futures today were cut to the irregular pattern of the several sessions preceding.
la smralle activity, prices | nusiBESS down for Summer kent
this aged pword with new crop delivery. Mills showed interest Stock Exchange morning anointed to approxi-mouths touching seasonal highs in checking purposes. Interest mately $485,000. Noun quata as the May, 1930 contract wor shown in purchases for tions
the เคร่
ur nearby morning's crowded close to the 374 cent prompt transactions were:
Daton
K. What
LAND, ER JK Hotel.
3:30
300 - 41' C2041
200 41
500
10.10
ne.
At the close the list ruled up 18 to off one point. The market opened off three to up five points. New Orleans closet up two to five points.
Unftivourable wel and coul crop weather jolied with news
of al improved demand for textiles and
expectations of a Exter government loan, in dominating market sentiment,
Later Months
Nearby
months lagged at 19.10 times under May liquidation 32003; 1000 32nd trade transferring to later 50021enths, Delivery notices for 2,300 bales appeared today and I were 11th {{{{oped in curb dealings. The open position in May
WOR at the close today ertimated around 20,000 bates with six ha din casios left fer
Knyeta Nellers
Balen
BANKS
RK Bank..
East An
23
INSURANCES
XD
125
Kombard
PU
1. ԱՌ
Wherick
DOCKS, FIC
Duck
U 310 2
40 50 49.52
povidong
3.0 11 70
TO 19 120
750
.. 32 30 33.75
132
Alterati
$4.480
Realty RUBBER
....
1323273
2221.
Arnale
1325 105 169
135
1.305
Teus.
30%
A Tawat..
1.7
35
UTILITIES
Tranc
24 8 23 19
..
larry
i
at
Usual dividends by General Motors and Internațional Nickel and favourable steel and road news helped the rise.
The
UST
Yourmali
National Steel Corp. New York Centrul
154.
527
C Light XD 1940. Electile
...
2
27
มย า ม
Owen-litiets Clas
1409
21
|
Oxford Fapri Co
403 27
Preifle Gas & Elec.
Tel.
Pan American Anways
Paramount Petores
Parke Davis Cu
001
ena Salt Cu Philip Mals
Penny C. Co.
INDUSTRIALS Cement STORES. ETC Dalry
22.30
1100
.... 1850 1000
1001 146
Procter & Gamble Co.
Wales
Pintukiah Plate Glass Pubitekar Industries
Sincer
10
251
34
331
14
Textite... Nanyang
Vibro
201
INVESTMENTS
7211
Yangtze
Allied
June 12-13
T71 04-64. 62-04 Ti-743 54-5615 01-70
No. 4
Blanket repe
LONDON The rubber inuict
with spot quoted! quit
at
No. 1 rubber per 1. Its got 21-21%
For the nationalised industries, such as transport,21-9/10 pence per ih. Prices:
it has meant a virtual standstill in wages. Schlernen buum fern They have been told that the Government will no longer finance any deficit that is caused by inflationary increases in wages.
So the situations is that can pay higher wages only by cutting their profit margins and nationalised industries ein pay them, ly by making economics
ristwhere.
Of course this is not meant to go on indefinitely. The Gov- emmest's idea is first to beat Hallow then la relis „sesiriv- Bons gradually, so that B
ean begin to Expatal economy again-only the line at a more yodate pace, sa that guet, di not go spiraling, tap.
Socialists and tree tuoas da rot agree with this pulley, and have decided that the time has strength. for a trial of The tussle is an-and as I said, there is more at stake than Bred feel.
ceme
Deeper.
London Thungjort excentives
and businen who belong to the Transport and General Workers' Union
immediate real
are
protagonista,
the
tho bu! quarrel goes much deeper.
If there was ever any doubt
∶心
The difference and it is a this: Labour vital
trave of live has the support union movement.
Messrs Cousins and Birch
televtulon,
this made abundantly clear, They were, They sald, willing to
with any operate
Govern. mrnt,
2t But they found impossible_to_ca-nuemle with
011
tt present one because they
Judy Scul
211-2132 21-212,
Det/Dee
215-71
Jauzalar
Great makes, eff basin, portaz
May
21-212
25-31
June
July
Estale crepe thin May
thick May.
United Prvan..
New York Sugar Market
Now-York, May 5 disagreed on basic ecopenic World No. 4 sugar futures policy.
hand On the other
closed today unchanged would co-operation
to two points lower with the rule between
sales of 415 contracts. movement union
and
Domestic No. 6 sugar futures Socialist government becaitke in fundamentals they saw eye closed unchanged with sales of
come irado
4
to eye. The implications of this are
for something
Londoners
11 contracts.
ster! came when the American Iron & Steel Insitute riemed its siulisties on steel operatisto, showing a gai In operation lag week and en
Also eheduled for this week, viding the group was a state-
Roper ment by
M Blough, Chairman of US Steel, who told stockhulders that the company looks for improvement in steel bushess in mouths ahead Irmin the cutten! low level.
Lukens Steel
Oli Matislexon
On-klevafrum
Psire 30
Radio Coperation
Radle Corp
Helle M
Revulde Stegan
Sears, Rustach
Shelf out Co,
Sathi Rex. Paper
Sinclair Cut
Solar Aberaft
Sony Mobilekl
South Puerto Rico Sugar
Southern Co. (Thes
Southern National Gas Southern Railway (Cont. Bandard Branda Standard Oit of Gal. on of ind. theard oli et NJ.
Lukens Steel ran up nearty two. Armco gained a point and National nearly a paint, US Steel
1958 high. equited Bethlehem Armed. Alexa rose
in then u point more
aluminio grip. International Nickel rose a point tit copper red despite a rise in the price of the metal in London.
Aulos held In # narrow range Rails were sustained by staterarity Di¥.—Contrala praising the Senate President
plan for aid to the carriers.
New York Stock Exchange bond volume was $3.100,000.
Atnerican Stock Exchange volume was 300.000 shares,
New York Stock Exchange volume was 2.070,000 shares.
Or total 1,182 issues traded, 549 were higher. 383 lower.
Daw-Jones
Some selling in world futures to recompanied reports that Cuba of its the size may Increase
tuns to 1950 crop by 100,000 take core
under s they walk to work This week.-Express,
Singapore Stocks
Singapore, May 0. Brokers today quoted the fut
about this. I was removed 13 | towing stock prices: Labour's political-industrial
Opening Rubber Co.
***** $1.524 Petruleam Brith Be
Ltd.
Syndicate Convalidated
1:humvirate-Opposit ku leader Batu Lilung Hugh Gaitskell, TUC econanic
Chalman J committee Dirch. and *TOWU general cretary Frank Cousins-in a party political television broad- cut last week.
These three
made it clear
that they had no sympathy with what the Government was try ing to do. By keeping money rhort, they said, Government bad caused production to and this hud, thrown slagnate, rome workers out of job and endangered the livelihood of others. Instead, they believed, Government ought lo be en- couraging industry to expond, 30 as to palatein full employ- arnt and the rising standard ul Ilving.
The Means
if possible further se India-trials
quota deficits in Puerto
End Hawell.
WEIT:
Nico
20 rarik
13 utilitica
stecku
bandy....
Beep Bock Tarento Exar Sterling Drug Ca Stokely-Yun Camp. Studebaker-Packard Corp. Sunsisine Maning Swift Co. Texas Co Textron Pie.
Tune ine Twentieth Century Fox Film Bulon
Cal Unen selfie Rallway
| Daited Alreraft
United Gas Corp U.S. For "B" Dynami
U.S. Line L'a.
S. Rubber US Sinelli
US Steel
closing averages | Warner Bros.
The Cuban crap currently is miled by guvernment decree Comin. future price index...
to 5,500 Spanish long tons.
mel
Sugar Institute representa- with reportedly tives Washington-sugar offelais over regarding the Weekend the supply situation.
The Department of Agricul- ture has already reallocated a 200,000 tons Puerto Ricon, and in 100,000 tons Hawalian deficit in other areas, including Cuba, that can supply the sugar.
Contruct No. 4 (world)
3.43: Ort: July: 2.41-42; Sept: $2.04 1.38 : 3.37: May 3.37: July
3.40: Spat-teents per th. fob Cuba: 31.42
Tin Sinciters
21%
Ord. Fraser & Neuve Ltd Old. Fraser & Neave Ha, quan.
Wei Ginninna (Malaya) Ltd.
Shanghai
Hongkong
$2.45
$420
બ
29
Banking Cury. Butigkong Thi Lid. Kumpas Ltd.
$1.42 Kuala Kampar Tin Lungs Ruthber Estates Ltd. $1.05 Malayan Breweries.. $3.40 1 New Serandah Rubber Ca
Lia.
$3.475
Bates Hafel
Fetmiling Tin Lid. Singapore Cold "Biorage Straits Trading Stratis Steinship United Engineers Oril. Wearne Brus.....
gxrights: † el; exalt. Muil' Special.
$1.75
42.02!
40:01
$0.40 2
10.02%
10.07
$2.03
China
London Metal
Prices
Open Interest: 0,450 confraris,
Contract No. 6 idomestic) July: 5.75: Sept: 5.71: Nov; 6.77: Spot-Center b. cif NY ex-duty
5.75.
Interest: 2.100
Open United Press,
Contrack.
London Foreign
Exchange
London, May, 5,
Closing, rates were:
New York
Montreui
Amster Camı
Frankfurt Osio
Stockholm London, May 5. Prices of metals closed today in sterling per long ten as ful- lowat
The quarrel over the economic policy concerns the meens ot putting an end to inflation; the objective is not in dispute. Gor ernment polley is to keep the demand in check, even at the expense of some fost production. But Labour helleves that the spot
-dra right way to beat inflation to produce more and more goods to Copper suit
3-inenth satisfy the rising demand.
Les 1st half" The trouble in that hie
May lajfer method has been fried
Aug. Zine 1st half and it has talled to plop la-
May tiation. It has failed because wagon have always quistripped an increase to production per man-bour.
Scelalists and trude unionists arc now beginning to realise that the electore I heartily sick of the wages-prices spiral, and will vote for the party that seems
Aut.
Nuyers Sellers
100
·730
724
734
1001
18072 1019%
73!1
731%
131
ធ
62) J
0314
-United Presz,
New York Metal
Futures
New York, May 5. Prices of metal lures closed
test able to stop it. But neither today În cents per lb. as follows:
סת 10
3013-2011
Closing Prices
Alden Inc. Acr Ailted Chemnivāls
Allied Mills Inc. Allis Chabuçir Aur. Brake Sing American Ablice America Cable & Radio
Cop
American Cyanumid C. Amer & Fargh. Power Am. Gas & Electric Am. Mach, & Fidry. American Metal American Smyliing Am. Sugar net. American Tel & Tel Anaconda Cupper
Steel
Armco Armour... Atlas Cons. Min Baldwin-Lins-11am. Baltimore & Ohto Beneficial Finance Beuthix Aviation Cor Benguet Con
Belichem Steel
Doeing Airplan Borden (The) Co.
Burroughs Add Machine
Canadian Pacific R.
Westinghouse Beetle
GU
וע
COTTONS
70 21 או 25
MISCELLANEOUS
HK & FE
* 50 4.375
35
14:3
315
4.43
Invest 10 10 10.30 ·
30 2495 103 112
101997vening-cut the position.
2007'z
100 1/7
The certifiented stock today totalled 21,960 bales, off 2,020 bales from the previous posting
on Tuesday.
delivery
where the cotton can be bought and carried cheuper than paying for autume - delivery,
NEW YORK
Prices of cotton futures closed today as follows:
Spat 34.95: May: 35.94 July: 38. 13: Oct: 31.04: Dec: 3al: Mar: 3; May: 37.02; July: 38.78: On:
33 14.
NEW ORLEANS Prices of collon futures closed today as follows:
Spol: 30.05. May: 36.41; Judy: 37,01: Del 37 30: Dec: 37.61-02; Mar: 77.59:
May: 37.59. July: 30.77: Det: 33.15. LIVERPOOL
July/Aug: 4.30
20.50;
Las
Oct/Nov:
Mar/Apr:
Colton future closings, pence per lb, were as follows:
American Contrael: May/June- 24.23: 26.95: Dec/Jon 20.65: May/June: 20.05.
Mixed Contract; Boy/June: 25.00; 28.20 Dc/Nav: 20.70: July/Aug: Dec/Jon!
27.M; 37, Mar/Apr: May/June: 27.50
SAO PAULO Closing futures today were ali unquoted
in the United States, the over- age price of one-inch cotton at Incrensed textile sales last 14 designated spot markets was 1000 24 63 week slumulated the inquiry for | kot ́#vailable. 12206 pul collen, Atlaria reports in- | Total sales at there murkeis contracts. United Defter grades wire in ¦ were 14,414 -22.30) cacated.
BOONE demand. with some! Press,
500 3.00
kala pi
3000 4623
LONDON MARKET IRREGULAR
London, May 5. Caution_marked trading an the London Exchange to- day, first day of the bus strike, with prices narrowly and irregular
turnover extremely light.
PO B•IE
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwarda "SALSETTE
"CANTON" **BUNDA"
19
Brilish Governments opened with small gains but backed lown to Bussers of around 2a 62 for the seNF:ON,
*
1016
2423
United Press.
491.12 Westen Union Tel Co.
Went Vn. Pulp & Paper 112.413
Wooworth!
77.00
130.00
.ti
133,07
›
$201.
753
There was heavy demand for Ford Motors which
lifted i
2/ to a new high for the year, bul
general industrials were narrow and mixed.
Oil
were completely irre-
Exchange Rates gular with Royal Dutch down
Business was done
nearly
LIN
37 and Bittish l'etro- Gold shares up 1/6, In the local with uranium interests dippet on talk of a restricted uranlum
Suez Canal 3.80 production,
sufficial exchange m:arket this 24. ring at the following rate 341.8. dallar (per #1)
10s | Sterling notes (por ci
Australian nates per
...
10 10 £1.15.0 12.40
German
8,70
Indunestan rujinh (per 309: ..
14
45%
Slam Heal (per 100) Singapure Straits)
14
176
447%
201
43
4013
Campbell Soup Co,....
1056
104
Case (J. 1.) Ch
Cat. Tractor ...
Celanese Corp. C.I.T. Financial Corp.
2.72-1/18-212-9/14 Chase Manhats Danie
10.30-10.5012
139.35-130 40.
11.73-11.73.
20.01-20.01 3179-1120% 14.431-14.3026 7254-12.37 13.2314-1323% i
Vienna Zusich
"Others "unichilled-United Pres
New York Foreign
Exchange
New York, May 5. Closing rates were: Canada England tonefal
1.33-0/12
Chrysler Motors
Chieti Peabody dad day pay
Colgate Raport Co..
Colombi
Commercial Credit.
Consolid
Coulthen out of Del. Crown Zolethack Cuban Ainer sugar Diamond AIRAI
Dinind Match Co. Douglas Alergi Dow Chemien Dupont de Nemours Eastern Airline Fantrian Kodak
El Paso National Gas
Funily Fluence Corp
Firestone Tyre & Ruube7
Puni Moigs ....
281... 250-11/16 Gen. Pub. VI.
Oeneral Eléctric
130-day futteren)
2.29-1/10 TD-WAY Tutstren
Australin New Zealand
South Africa 1red lat
Paklizn
2.2575
2.00
2113
Others unchanged United Press.
Agreed Merchant Rates
tiaily 0.
Budden Co.
Goodrich T. 2.3. Bodyror Tyed an OUT ON
Heyden Newport Corp. Homestak Mjning Co
Ingersoll-Rand 2592)
and Slett Co.
Interchenter) Corp., Canadian 3: Maximum Selling Intl Businers Mochizer 10%; Minimum Buying 17 T/T. (int'i llursenter,
Internalled Nickel
Internatlogai_PAPST
Swiss Franca: Maximum Sell- jan felkapel
pety lids a mizical formula,
Lohit
Both profess to be in favour
Alby July
Loph
17 1/18 O/D,
of the only method that makes Zine genge -- that wnges should rise in line with Increases in pro- ductivity over the gpongy as a whole,
May Jus
8.635
Ing 78 3/10.
Copper May
Belgian
July
35 DINI
EclUng 254.
Tin
May Juls
United Prom
| Maximum Selling 72.
John-Movie Co
Frames: Maximum Rebnocoll Copper
Heron Marim Tob. Co.
West German Deutschemasium
10dkheed. "HiSTAR KA
Loews Inodo
Lone Star Cement Co.
SAILS:
26.30 Jupinese
bonds
Tell
were firm, little-
Hen? did
100 Unitesi Press.
P&O
R.M.S. "CANTON".
NOTICE TO PASSENGERS
Thursday, 8th May, 1968 at 12.00 Noun for the UNITED KINGDOM, vin Singapore, Penang, Colombo, Bombay, Aden and Port Said.
51 EMBARKATION; Passengers should embark between
BAGGAGE:
9.30 a.m. and 11.00 a.m: on 8th May, 1958.
Passengers are requested to send
1. ALL BAGGAGE to the Hongkong &
M.
Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE,
by Noon on Wednesday, 7th May, 1958.
SPECIAL NOTES: Baggage 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 la no longer required for the Importation of Sterling Notes into the United Kingdom. There is, therefore, no Imit 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 stall applies. Subject to alteration, with or without notice
*
*
*
Leaves London Salled 10/3
Due Bonkosk
In Port
- 10th May
Balled 1/4 Ballet 3/4
Salled 15/4
18th May
4th June
2nd
June
"SALMARA" "CORFU" "SINGAPORE"
"CARTHAGE"
Homewarda
Salted 20/4 jothi May 26th May
Leaves Hongkong
June
13th June
23rd June
Nur London
ath June
"CANTON" "SOMALI" is "CORFU" "SUNDA" R "CARTHAGE”
But SAY
$4
May
6th June
8th July
10th Jane
24th July
4th July
0th August
Via S'pore, Penang, Colombo, Hombay. Adea & PL BAIK. **SOMALI" raila Bingapore, Penang, P. Sweltenham, Thence direct to Havre & London.
"BUNDA" rails S'pore, P. S'wel, Penant. Adeo, P. Budan, P. Baid. Havre, Landon, Hamburg, Botterdam & Antwerp,
BRITISH INDIA S.N. CO., LTD.
"SANGOLA" dus 10th May
"ITOLA"
Balls 17th May
frost Inpa
for Smgapore, Penang. Rangoon Calcutta
P. & O./B. 1. JOINT SERVICE
due th May
all th May
due 11th May alle 12th May
"URLANA"
**ITRIA"
due 12th May nail 12th May
.
from Japan
for Bingapore, Bairah. Khorramaiahr. Kuwatt, Dubai & Karned!
from Japan'
for Singapore, Penang. Elisungar de Bombay
from Japan for Singapore. Madras, Cochia. Bombay
** Katachi
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE" due 10: May balt 20th May "ARAFURA” due 2nd May #all 24th May
from Australia for Japan
from "Japort
for Labuan Sandakazi. Drisbane, Sydney, New. castle, Melbourne & Adelaide
All vessels have liberty to call at any porta qu or off the route & the rpala & on!!jnge aro zubject to change or amendment with or without notice.
For fall particŭlues apply to MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nes: 2/7214