1951-01-11 — Page 11

Wall Street Price Plan American Share In Financing R.J. Le

Hit By A Selling Wave

"Healthy Shake-Out” In Stock Market

New York, Jan. 10. A selling wave hit the Stock Market today and carried prices down for loses of around

extreme

$2 a share. :

The neute phase, of the decline occurred in the final hour, when losses extended to $3 n share and there was an almost dramatic partial recovery in the closing minutes of trading.

Al Uimes the tape was 1 (H minutes behind dealings on the floor of the Exchange.

There was no one factor that started the selling, brokers agreed, but many welcomed the well oit. Ther called It a "healthy shake-mul."

wage-Price

Rejected

Washington, Jan. 10.

The Ecohousia şlabiliser, Mr Alan Valentins, today

· killed the 30-day' wago- priço freeze proposed by tho Price Administrator, Mr Michael Di Balls.

Mr Valentine told s nows conference be ruled against, the plan because his agency did not have the staff to exforce it and for other policy reasons, ernment had no plan

to impose celling prices, Uulted I'reas,

The Kov-

prekent

overalt

Increased Export Of Carpets

London Jan. 10.

Glasgow begins the new year on the pleasant note that the They had expected it for many Bridgeton carpet manufacturing Arm of James Templeton and A total of 901 issues declined! Co., Ltd., has jobs available for and 171 advanced.

sop girls,

days.

Transfors were 3,270,000,

A director said that the firm Losers Included Baltimore and which has seven branches with- Oblo

Amarican Cable and in half-a-mile of each other in Radio, Sunray Oil, Lockheed, the city, normally has 4,000 Transworld Airlines, Texas Coworkers, but has been experien

Benguet Mining, third most difficulty in finding the full unchanged number of girls because of the active stock, closed

of new industries. attractions

"We

short are

of female labour," he said, "and the posi- ion has been aggravated by these industries which are being Introduced into an area already thurl of labour.

it

12.

Dow Jones averages: Stocks 88.03; Industrials 240.40; Rails 78.50; Utilities 41.63.--Associated

Pres

BAN ON

OVERTIME

WANTED

Melbourne. Jan. 10. Dockers at mass "stop work" meetings in Sydney, Newcastle, Brisbane and Adelaule today resolved to recommend to the Courell <if the Workers Federation

"We have the plant and bulldings avaliable for them"

here

This year the Bridgeton limi exported more carpets than ever betore mainly to America, Australia and New Zealand- but the director felt that even this record could be exceeded if they could find the full num- ber of girls to operate their machines.

"Of course," he added, "we couldn't take them all on t ance.

IL would take somu ame."

The Am recently supplied Waterside the carpet

which covers the to impose floor of, the new House of Com- an immediate ban on overtime in all Australian by members

ports.

But Melbourne dockers recom-

the Connell

to cerk their of

mended Court adjustment

grievance

Au

All Australian ports were idle today while the men considere:! action agains! the recent de- cision by Justice Kirby in the Arbitration Court

giving them

an

additional four

pence an

hour instead of the eight pence an hour that they had demanded in the basie ware adjustment

The Melbourne branch, which urged logal action instead of an overtime ban, said that it "would not tolerate any attempt by subversive organisations to involve it in bans on overtime or strike action by using in- dustrial pretexts to cover political aims."-Reuter.

Bank Asia

Incils.

Lish

Growth Of

Aircraft Exports

the

London, Jan. 5. Ever since the war, the Bri-

Aircraft Industry

has concentrated an attack on export markets. In 1948, ex- ports were £142m; In 1950 they reached £35 m. The total since the Var exceeds £130,

In great part, these exports have been of Service aircraft for the Royal Air Force and the British Commonwealth of Nations, Western Union and our other allies throughout the

Of EastWorld. Dividend

24

Plans For Development Truman's

Of South-East Asia Budget

An Announcement Expected Within Next Few Days

(FROM OUR Own corresponDENT)

London, Jan. 10.

An announcement is expected to be made in a few days on the part America will play in financing the Colombo Plan for economic development in south and southeast Asia, I learn on good authority today.

Discussions are now going on in London between British and American officials to decide how America can help in raising the $650,000,000 which remains to be found out of the total estimated cost of the plan-£1,868,000,000.

HONGKONG

SHARE MARKET

The volume of business on the Stock Exchange this morning was valued at $198.380. The morning's business and noon closing prices were as follow SHARES BUYERS SELLERS SALES INSURANCES

Union

60 1 620 20 @ 020

HK Fire

DOCKS, ETC.

K. Whart Provident S'hal Dock.. Wheelock LAND, ETC.

HK Hot!.. IIK. Land S'ha Land UTILITIES

་

$15

145

30 100 82 1014

1.05

3 3%

Although no details of the American participation aro yet may known, it is believed it come under the Point Four Pro- gramme. Any appropriation for this purpose would have to be approved by Congress.

American China Trade Statistics

BIG

IMPORTS OF RAW MATERIALS A British Treasury offela' fold me

Ceylon will 4oday that

Washington, Jan. 10. shortly be sending out invitar

The United States bought tions to members of the Com

Com- $19,000,000 worth of raw monwealth Consultativa mittee for a further meeting to materials from China in be held at Colombo next month. October, the Commerce De This meeting will be official level and may be attended partment reported. by an American representative. ONLY WAY

on the

That was $5,000,000 more than In September.

The Manchester Guardian to- These totals were registered day regrets the lack of publicity before the Chinese Reds clamped for the Colombo Plan. "Thea ban against trade with the US officiul attitude," it says, "le that

that

can

Proposals

Washington, Jan, 19. The Secretary of the Trea- sury, Mr John Snyder, said to- clay that President Truman would recommend to Congrena this week that the Federal budget be balanced in the Ascal year 1952. This would require stl tax increases.

Mr Snyder told a news con- ference

the balanced bud- get recommendation would be made in Mr Truman's annual message, tentatively scheduled to be given Con- gress on Friday.

economic

Balancing the budget in a தமி year of soaring defence costs

would require tax increases of thousands of milions of dollars, Present revenues are about $50,- 000,000,000 The budget for the fiscal year starting July 1 is about $75,000,000,000.

Mr Snyder did not give any definite

Agures, but some sources expected Mr Truman to ask Congress to raise Federal taxes by $20,000,000,000 per year. United Press.

Engineering Exhibition

In Delhi

New Delhi, Jan. 10. India's first international en- gineering exhibition opened foday with Gail Hathaway re- presenting the United States, He is special assistant to the

in retaliation for similar action Chief of Army Engineers.

$21,000,000

V

Con-

11 would be unfair to raise the by this country,

The exhibition, staged expectations of the people of Asia. But the only way of

US exports to China were only nection with Thu staged in con- Worth Thursday's start of [the

Hydraulics on about $1,000,000 for each of tntfference, was opened by India's Communism is for non- 3000 @ 1.05 Communist governments to raise said.

two months, the Department Works, Production and Supply 10 10% 200 @ 19% expectations

they

Minister N. Gadgil.

-one nations and Japan shipped

Twenty-one provide superior. benefits-and also of course to full these ex-worth of manufactured goods to research and industrial organi pectations.

represented the United States during October, sations,

by 300 are partici- "Communism will win unless compared with $10,000,000 for foreign delegates,

pating in the international study September. the imagination of the peoples

of river valley development.- of Asia can bo caught by pro- The Department added that Associated Press.

such Jecks

as the

Colombo Japan's imports of raw materials, Plan....it is

a pity the south mainly American-financed, con- Asian countries themselves have tinued

Telephone Tele. (New) INDUSTRIALS

Cement ..... 104

Star Ferry C. Light (0) Electric...

6400 5.00 600 (4.00

20 2014 2000 20.

1000 @ 20%

200

400 @ 20.

200 1016 100010

500 10%

700

Lory (New)

20% 100 @

10

031⁄2

reason

Hope 11441234 STORES, ETC,

Dalty

Watson...ga

COTTONS

Ewo

2,00

CHICAGO

GRAIN

FUTURES

Chicago, Jan. 10, Prices in the grain futures market here closed today as follows:-

Wheat-price per bushel

Lecember

Spol

March (1951)

May July

Corn Spot

Two thirds of the world's najor air forces are now equip- ped with British jet types-

In addition,

eleven different for The Directors of the Bank

hold a total of eign countries Asin, of East

Lkl. announce licences 10 manufacture that subject to audit, the Pro- British aircraft and engines December fit for the year ending Decem- valuable invisible export. Our March 11051) ber

writing Own Correspondent. 31, 1950, after off all charges, and other con- tingencies, and including the balance brought forward from 1949, amounts to $3,582,301.06

Wool Auction

Bradford, Jan. 10.

which the Directors propose to Wool tops had jumped in deal

with at the forthcoming price by 2 shillings or 2s. 6d,, annual raceting as follows:-- following Australia's fantastic To pay a Dividend & Bonus jump at the opening of wool of $8.50 per share tree of fax- auction. The Increase brought $850,000.00; To Transfer to: the cost of 64 "aaa" to about Reserve Fund $1,500,000.00, 306d, while 84 "bbb" jumped to

pence. Provision for Corporation Pro- 295

The American To defence buying was considered fits Tax-$250,000.c0: Carry forward-$082.391.98. as a chief factor,-United Press.

Hungarian Economy

Near A Collapse

Any

July

Kyo December MAY

Oats December March

2.444

2.4034

2.40 -2.4036 2.4015-1

2-41%-%

1.79 1.75

1.704-4 1.782 1.76%

to

L.

ROYAL INTEROCEAN

• SINGAPORE JAVA PORTS and MACASSAR

"NIEUTY HOLLAND"‡..

**TJITJALENGKA” "VAN HEUTSZ" **

*TJISADANE” "TABMAN"* “TJIWANGI"

+ to Singapore & Java.

ARRIVALS

LINES

SAILINGS

22nd Jan,

13th Jan,

18th Jan.

In Fort In Port

13th Jan,

22nd Jan.

27th Jan.

21st Jan

28th Jan,

28th Feb,

enly to Singapore, Penang & B, Dell,

only to Bingapore.

O MANILA, EAST &

SOUTH AFRICA and SOUTH AMERICA

"EUTA" "BOISSEVAIN" "TJIPANAS"

. "TIBADAK"

via Japan,

JAPAN "RUTE"

“TJIPANAS”

"B018SEVAIN”

ARRIVALS

.22nd Jan,

SAILINGS 15th Jan, 17th Mar.

27th Jan.

.28th Jan,

ARRIVALS

14th Jan,

.15th Mar,

L

10th Febig

SAILINGS

10th Feb.

Rith Jan.

Agents: HOLLAND EAST ASIA LINE

o EUROPE via MANILA

and MALAYA

"MELISKERK"

"AAGTEKERK”

"TIWANGI”

Through Ba/L fagued 10 Mediterranean and Northern European Ports.

O JAPAN

"MELISKERK” "AAGTEKERK”

ARRIVALS

11th Jan. 4th Feb,

5th Feb.

ARRIVALS

9th Feb.

Early Mar.

SAILINGS 10th Feb. Early Mar.

SAILINGS

16th Jan,

Bib Fob,

EEKINGSEBÜRDING, TELECHONEST, 2001JZOEKIE

AMERICAN PRESIDENT LINES

The Globelen

72

ST. GEORGE'S BLDG.

PRESIDENT CLEVELAND

PRESIDENT · WILBON

exceed Japanese Japanese Bonds

Decline

not talked more about their in- | exports. dividual parts in the Colombo បន imports from South Plan,

to

werd

Amerien In October amounted

New York, Jan, 10. "There is apparently another

to $208,000,000 compared with

Japanese boads were lower US exports $113,700,000 of too why

much

In foreign dollar bonds trading dis- those countries. cussion of the plan is depre-

October

declined today, imporis

City of Tokya 5-1/2 cated," it adds. "It is feared it about $8,000,000 under those for

23-% at 441-4-3- may frighten off America. But

September, while the October down fauts are the language in which exports to South America were sociated Press. to talk to America.”

about $10,000,000 under September Agures, — Associated Press.

Tin Soars

Το A Record Peak

New York, Jat. 10.

ADVANCE

IN NY RUBBER

the

The price of grade A lin

New York, Jan. 10. soared eight cents a pound to-;

Rubber futures closed today day to $1,71-a record peak---re-

with flecting rising markets in Lon-250 to 400 points higher,

salro totalling 10 contracts. don and Singapore.

February delivery was re- The new high compared with portedly done at around 74 cents the Government fixed price of la pound, 1.70 -1.77% 52 cents during World War II Prices closed today as

1.80 bid

DU

9736-34 New York Flour-per 200 lb. sack. 3-United From.

Shortage of

Engineers

Springfeld, Jao, 10. Dean William L. Everitt of the University of Illinois college of engineering warned that Amorica faces

an

and with 78% 'cents just before follows:- the Korean war broke out last Spot

June.

March May

Many traders blamed the risca July

In recent weeks on war scare con- buying by foreign users

60.70 tracked €5.75 traded

01,07 bid -United Press.

SPORE RECORD cerned over prospects that Cen.

Singapore, Jan, 10. munist expansion in Asia might

Malayan rubber climbed 10 disrupt normal supply channels Strait cents a pound

on Tucs- from the Far East Associated

day, changing Hands at $2.15 a Press,

pound, a new high-Associated Press.

alarming Jump In Price

shortage of engineers with a 27 parcent

freshman drop in enrollees in 1950 and a prospec- tive need for a 125 per cent increase in graduate

by, 1954

engineers

Of Turpentine

LONDON MARKET

London, Jan. 10. Prices in the rubber futures market here closed today as

19-09

0212-71

6153-03

591-1

0531-8014 B134-53 United Picks.

| follows :———

In cents bber per Jb.) February March.... Bavannah, Georgia, Jan. 10. The first offerings and sales April/June

July/September Mr variis sold last year's of turpentine since before the October/December record number of 50,000 grad- New Year holiday brought a unting engineers found jobs 10-3/4 cents jump in price to- A state of industrial emergency has been de- and left numerous openings in day.

the field-United Press, clared by the Hungarian Government, it is re- ported here.

Vienna.

Hungary's five-year plan, which has entered its second year, is in danger of collapse.

This was indicated in a mes the first year has been dan- sage to the Hungarian people gerously below the target. broadcast from Budapest, It

clared;

Turpentine had been quoted at #0-1/4 cents on the Savannah tho To Head US Rubber Naval stores exchange for

past week. The zales today Buying Programme were at 91 cents. Associated

Press

Washington, Jan, 10, John Ingle of Good year Tyre and Rubber Company was to-

NEW YORK BANK QUOTATIONS

PHONE 28172/5.

TO HONOLULU AND SAN FRANCISCO

via JAPAN

Arr. Jan. 13

Baits Jan. 16

Arr Feb. 4

Balia Fob. 5

TO SAN FRANCISCO AND LOS ANGELES via JAPAN: PRESIDENT MCKINLEY

Arr. Jan. 12 Salla Jan. 1

TO NEW YORK, BALTIMORE AND BOSTON via PACIFIC COAST AND PANAMA PRESIDENT FILLMORE

Arr. Feb. 10

Bals Feb. 11

ROUND-THE-WORLD Vis Manila, Singapore, Colombo, Cochin, Bombay, Karachi, Boes, Port Said, Alexandria, Naples,

& Boston. Marsellies, Genoa, New York

Arr. Jati, 14 Saile Jan. 14' "PRESIDENT HARDING"

The wars our generation has witnessed have brought what wars have always. brought disturbances, unrest and a feeling of general insecurity-that's the way of all wars. Industry and mutual trade-useful pursuits of peace are the endeavours in the opposite direction. This concern has argued whenever it could, that free access, free intercourse and trade between peoples, contributes to peace and friendliness and security and takes the tension off where diplomats seem to fail. For, when all is said and done, people want the opportunity to work for a living. Trade and industry, free and untrammelled, not only con- tributes to that opportunity, but is a way of life. Vessels of our Line are plainly marked and can be recognized easily when they sail in and out of the principal ports of the world, and we like to feel that they are practical symbols of this philosophy:- Isbrandteen

INDEPENDENT DEPENDABLE Regular Sailings from Hongkong to New York, Baltimore and Philadelphia via San Francisco or Los Angeles

S.S. "FLYING TRADER"

}

S.S. “SIR JOHN FRANKLIN”

DUE FROM:

New York vĨA Manila Jan 23rd

New York via Manila Last week of Jan,

New York via Manila Last week of Jan.

SAILS FOR:

Kobe, Nagoya, Yokohama, San Francisco, Los Angeles, New York, Baltimore, Philadelphia, Boston via Panama Canal. Jon, 240

Pushan, Kobe, Nagoya, Yoko hama, San Francisco, Los Angeles, New York, Baltimore, Phijndelphia, Boston via Panama Canni. Last week of. Jan,

Kobo, Nagoya, Yokohama, San, Francisco, Los Angeles, New York, Baltimore, Philadelphia, Boston via Panama Canal. Last week of Jan.

(Transhipment cargo accepted for Jamaica, Havana and other

Cuban Ports, also Venezuela.))

NY Cotton Futures

S.S. “FLYING CLOUD”

March (1031)

New York, Jan. 10. Prices of cotton futures closed here today as followe Spot

May

44.53

WAS

July

43.00 + $3,00

October

40.03 -40.0

December

the local Chao National Dusiness was done m

exchange market thi morning at the following rates- Starting pole, (per S) 2. The refusal of the bulk of U.S. dollars (per #1)

3.40 -Indonesia guïïdors (par 100) ...

20.20 1.TO 11.05

Frank

15.47 0,01

naked

30-31 bid 30-14 **ked -Amocistal Trem.

March (106)

May

Spot

March (1051) May

New York, Jan, 10. Closing bank quotations:

alated that the plan could be are needed, including at Icaet ment's new crude rubber buying

In all 481,000 new workers day named to head the Gover saved only by a new all-out 200,000 specialists. Only a free- "economic offensive," and de- tion of the have to for been

programme-United Press. despite frequent Tho dictates of the hour recruited,

drivca. The fall in production Exchange Rates. Bank of America. 23-14 bid demand from each of ug riot can be attributed to two things: only iren discipline and

1. Heavy Soviet demands on economies sumption, but aleg the throwing all branches of Hungarian out- unometal

reserves of put; and

in

most

napore (Brnita)

FIC plasiras (per 100)

of our last strength If the plan for securing Hungarian workers to co-operate Slam tea (per 100

succeed." peace is to

Hungarian Cabinet is re-enthusiastically with the Com- The

called on each muuiet regime, ported to have

Further 3D Minister to present within

cuta in food and days an emergency programma clothes rationing may be ox- drostic Improvement in posted in Hungary is part of the working of his Department, the emergency programme, They are urged to securo

Other satelites are likely to tha and follow

example. Aranater of all "young

Hungary's healthy mon and women from Catchuslovna coal and industriai administration into faptories,.

for

Q

Cotton Allocation

30.36

NEW ORLEANS MARKET

July... October Decembar March (1905) MAJA

30.74

39.34

-United Press.

Closing rate

43.00

$3.00

40.78.

.I bid

29.11.bid

United Pros.

NEW MIGOS

́Alexandrin, Jan. 10.

Washington, Jan. 10. Diplomatic, spurces sald today. that they expected the Com- merce, Department to announce the remaining cotton allocation for the foreign nation roon. They understood that the Wes- exchenga today. Long siple tern Europe will get an al'aca-karnak 45tion of BUB, 000 bales and Japan | conte

Foreign Exchanges. In Now York

New York, Jan. 10. Closing foreign exchange; oulputa, für example, are at an It is known that particularly even lower lovel, though the Canada in coal-mining, and many fields oriels has not yet been so openly qual od Heavy industry the pulput la. námitted,

90.314%

3000

Cation soared: to. post-wAT-TO- cords on the Alexandria futures

LIMITED PASSENGER ACCOMMODATION AVAILABLE Above Dates Subject to Change

For Information. Apply to:

A.P. PATTISON & CO., INC.

GENERAL AGENTS: CHINA, FORMOSA, KOREA, JAPAN AND HONGKONG.

Tel: 28940 12-14 Queen's Road Central 4th Floor.

CHINESE AGENTS:

went to 89,97

48 Bonham Strand West, 1st Floor.

and From: | 170,000 bales United Press, Frossas do 13), an

OVERSEA CHINESE STEAMSHIP CO., LTD.

Tola: 28127 & 31119.