1954-05-27 — Page 9

Page

The scene

at the re-opening of Liverpool Cotton Exchange, last of the commodity markels to be frend,

The Exehange. Britain's biggest free enterprise trading market, re-opened after a shuf- down of 13 years caused by the last world war -Kruterphate.

THE CHINA MAIL, THURSDAY, MAY 27, 1954.

Tradition Returned With

The Cotton Market After A 13-Year Break

By J. W. Taylor

The recent official re-opening of the Liverpool Cotton Futures Market, after being closed for 13 years, mul only signifies the City of London's re-entry into the world's cotton market, but re-establishes the Merseyside capital as a world's barometer of cotton prices.

This was reflected in the number of countries which sought to be represented at the re-opening ceremony by Lord Derby. Representatives of the Colton Trade were invited, not nations, and such was the universal interest in it that requests from many countries had regretfully to be turned down.

The majority of the pre-war members have re-joined to add, in the words of the President of the Liverpool Cotton Association, Mr A, J. Kentish Barnes, "another chapter to the marathon story of raw cotton and the futures contract which is the banknote of cotton and the standard of values in cotton.

the youn who had

previews

Norway Declares War On Comic Strips

Oslo, May 26.

TRADE and

COMMERCE SECTION

Wool v. Synthetics: British Gun

Crucial

Battle This Summer

Washington, May 26.

The competition between natural wool and man-made synthetic fibres faces a major test of consumer preference in the approaching North American Summer season, according to govern- ment textile experts.

The trend indicated this year will have an important influence on the future evolution of wool programmes in America and international trade as a whole.

The trude in lightweight men's suits for Summer is one of the principal commercial battlegrounds in the developing struggle of wool-versus-synthetics, and this year suits made of synthetics or mixed natural and synthetic fibres have invaded the retail markets la unprecedented volume and variely.

In the "iнken" years for the POW wool pay duetion through simultaneous with direct subsidies to wool-growers, wood trade

pportunity

the Korean was, high prices for ruither than to merease postrelive word gave the manufacturers of tariffs agains! imported apparet senthetie Alban は trenendoLEN wool. (carpet wood is duty-fee)

But the prospective gains in the tee of synthetic Mbres cunt

tilive with wool uxlicate a probable

continuing challenge to both domesite and foreign sup- pliers of natural

ww to e United States.

AL

+

to Kam ground at these competition with wood.

threatened Flavor for to take lauge share of the of natural former evnsumption carpet wools in the carpet and rug industries, and some of the bug copet malls bigght on built the cost rayon factorie

The encetinent svallette b

somewhat mo newly patented

גן

#13492

دارد

Replaced By US Howitzer

Dilawa, May 26.

The Canadian Army has replaced the British 5.5 Inch gun with the Ameri- can 158 milimetro howit- xer as its slandand military arilllery plece, the Cana. dian Press Bald today.

Details of the howitzer are weerel, but it is known it was designed Ex 1839 and used extensively In World War IL 34 14 considered more accuratr than the British guns and It weighs 1,300 pounds les-Reuter.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business on the Stock Ex- elange today amounted to $458,415. DO. Noon quotations and the morning's dealings:- SHARES BUYERS SELLERS Sales!

BANKS

MFC Bank

- 1615 2346 04

121)

23

East A in

173

#11

INSURANCES

As a result, there is a growing pinion

experts new Washington Liai the United dreetly run States will have to adopt

wool,

with werd developed, specialised policy towards

existing

다

Tuon XD

Jon barat

KU BA

SHIPPING

JA

Ama Nav

DOCKS, ETC.

1 12

13 2018 30

4 63

slowly white as in the case of sugar, because fibres were in both wool and sugar are minter commercial untry due- i #gricultural PARAMOLITIO Lion, new factories heung budi, which there is no possibility of

the_fic

woollen and the United States ever supplying worsted pysteris were being full consumption requienienti adapted technically for the Use from domestic sources, ol synthetic flux

CONSUMPTION LOWER Congress watches the Sun-

It is impossible at present to sales rivalry with great statizes

which would political interest, as debates in measure the over-all competition the Elsenbower Adminstration's of synthetic fares with wool, i- tw policy for subsidising

W

do- .

the wool-like synthetics Venuse has been mestic wool-growers

are not separately classified from confused by differences

„1 | man-made fibres generally, and opinion as to whether synthetic

because the

woollen So-called wood-like bres ur imports of

worsted

systems" ara the and foreh word represent greatest menace to the future ex. spinning various synthetic staple fibres as well us natural wool, natural wool pru- pansion vi

Some of the recent Indications duction in the United States

et fret is. Jikely ba modified

result of markest SUBSIDIES

rivalry during 1954, are as follows:

United States PLE

THROUGH

ان

)

ал

In expert munsters it is now!

capita underskæd ibat SCICNICO and consumption pt apparel wool modern commerele propaganda decitned from

average of dur- have been more strenuously up-3.7

percopita pounds the advantage of the ing 1946-40 p>ler! fr

to only 2.4 during 1940-32, while how synthetic fibres than to the pounds round

Both atural wool.

per capita consumption of man- Government and private undus-mud: staple fibres increased from trialists Pre

Inerelore

store stepping 1.8 to 3.4 pounds per capita in up the programme by scientifle the same period. research and for greater

Experts said that the Improved ter pro- motion of natural woof products.quality of the synthetics and

The Eisenhower Libr

Much has been done to offset, operations. by 期 grup of vast hall of the Cotton Ex- the VISUMN k 13 years of seasoned ckton brokers over a change was like an arena, T closure, notably the training of period of six weeks,

the platform before ዛ buge www #ing-unders, Proceedings started W.TH The price beurd which recorded been given practice | quaint custom of singing a minute-by-minute price changes

Gormal maiket century-oldi market bell,

uniformed The in New York, two

offietals, at the clanging of the bell, marked

The latest prices as they

from rome [+1 New York

and New Orleans and recorded the bids. Brokers were grouped the central well of the hall and

clamour

though started enarting a enrefully-rehearsind heated argument. Their "unes" were prices and quantities.

Waving their arms, shouting,

with excite

reckoning vitally 15

im- showed the minibers in theory how Themands of pounds worth with 1 of business is transacted

little more than obscure gestures from hand signals and nodding heads, all later to be honoured in settling us under a

a signed The Minister of Justices, Me

and sealed

written contract Kal Knudsen, in his reply re-

this Above

scene of apparent ferred to the State Council for confusion was aided the high- Public Enlightenment which

phched

volves of four

Strip cartoons depicting violent supermen, brutal gangsters, space ships and pin-up girls, which have steadily increased in number in the Norwegian press since the

atmost

sp

pract

bitekking

war, are now being ant they severely criticised here for their detrimental effect younger on the morals of youth.

breaking shown ail the wood effect of educatan and Chis.an upbringing.

red-

by

was Investigating the problem.

The Government was alreadypped page boys calling

the brokers tor whoi working out stricter rules for shows him

they had messages, w children, he i said, but the problem of strip over.

business.

cartoons was more

dificult to

half an hour It was all

K What Dark Wherlock

LAND. ETU

Jutel

0.03

JK Land Shal Lak Really

UTILITIES

Tratu

#00

M

123 )

241) 24 00 3000 24.00

00024.00

Price Of Rice Could

Be Lowered

Says Financial Times

London, May 26.

The Financial Times said today the price of rice could be lowered by enlarging the area of the free market.

In few commodities has the change from scarcity to plenty been so marked as with rice, this newspaper declared.

"The changed situation in the supply and demand of rice is not only due to the bigger production encouraged by very high prices and by good harvests.

now

"It is also partly the result of the world surplus aľ whent which

offers a cheaper substitute for rice to the Fid Eastern consumer,"

the Finau- ela! Times claimed

"For while rice is about ten times its pre-war price, it alo costs more than twice as much as whent-which, owing to the farm support policies of North

NEW YORK

STOCK

MARKET

New York, May 26. Steel stocks and shares of other heavy industries led the market upward in a

Afrin, is itself generally held new burst of activity today.

to be dear in relation to supply and demand.

Steels responded to predic- tions by industry leaders at an

& Steel "In these circumstances, It Is American strange that Mauritius rhould meeting here that

fostitute 'here would

now agree to buy a fixed amount | be_no" steel strike this year. of rice from Burma at prices

fixed as far ahead as 1957.

PARALLEL WITH IW.A.

"It may be anid

that these fixed prices are below the free

| market Irlen, bul thin

n150 have been international price when

Bethlehem Steel ran up 3% to $71. US Steel gained 13%

to $49, Armco 1 poluta $454

$59%

蘊

to

Republle Steel 1% to

The strength in steels sparked risc in industrials

general could

which more than wiped out the

the losses of the last two sessions and lifted the average for

said of wheat agreement Britola left the

agreement last year.

**Tut by

enlarging the ures

of the free market, Britain has contributed towards lowering the price of wheat, both within und outside the

agreement: both are now below the current IW.A. maximum.

happened

tho

group by more than points to the highest level since October 18, 1920.

Rails were fractionally higher GT two on balance, with one issues rising a point or more. Utilities also gained a Dow

centa

Volume with advance.

locreased

the 011 with sales for tho Lotalling 2,180,000 The question is whether the yesterday.

shures, compared with 2,050,000 different policy which has been Th Chairman

United adopted is ope that the (British) States Steel, Mr Benjamin 2111 13.00 Government has carefully con- Fairiesa, and Bethlehem Chair- 13.10ddered or whether retaining theman, Mr Eugene G. Grace, told

bulk buying of rics is a mere

an Institute

meeting they BOW the Financial

no likelihood of a strike this Mall Summer. Both were opimistic as to the outlook for the

steel Industry and the nation as whole, echoing recent states by other business

000 24.00 "What has 1000 of 24.70 wheat could also happen with session, 100024.00 rice.

added. China

Star Ferry

127

C Light (0) 11:00

14 1500 13.00 1000 14 1000 14.20 1000 pr 14

C. Lig (N) 10 85 11.10 1500

Electric

23 10

1000

000

11

27.RO

Telephone

200 21.00 improvisation,

Times 300 ** 24 809 or 24.10 Special.

1630

21.20 221, 1500 m 22.40

17 10 260

180 136 140

126 @ 130 100 g 130

INDUSTRIALS

Ceinent STORES, ETC.“

Datry

Watan

L. Crawford MISCELLANEOUS

Yangtare Ynumati

Administra relatively lower prices were the New York Cotton

which neecunted

the wool chief factors has approached altution

rally from the for the gulos of the synthetics. standpoint of increasing domestic

Aneurin Bevan's

Fears About

Wool prices during 1949-52 averaged more than double those before the second World War Average prices of viscose staple one-third, and ******* up ly post-war prices of acrtate staple Abre have averaged about 15 per cent below 1935-35.----United Prest.

Convertibility Singapore Rubber

poor

Market

Market

New York, May 28. Cotton futures trading today again proved quiet and

un eventful.

US Tobacco Co. ments

May Expand

In Philippines

New York, May 20.

P. Lorillard Company, tobacco

leaders.

Motor stocles galas-4

mado sharp

point to $02% in

Chrysler, 1% to $72 in General

Motors.

There were

olis,

Scabourd

than 4 points.

product manufacturer, announced Out of 1,180 today that

strong spots in

up

issues

morg

traded, It is contemplating | 656 were higher, 279 lower, 254 the possibility of expanding its activities in the Philippines.

unchanged. The

President of

Tt baces Corporation, Me Harry

The NY Stock Exchango bond the US volume, was $3,530,000.

The American Stock Ex- S. Stonehill, who is representa- change volume Wos 530,390 tive for Old Oold cigarettes ip shores. varied Flightly

the Philippines,

conferred re- Dow Jones closing averages elther side of the previous closo cently with Lorillard officinis, as traders

to the announcement said. navigalex! close

Mr Stonehill was quoted as saying

prospects

Prices

shore

ore awaiting centives.

001

some new in-

that

were

At the close prices ruled up favourable for the cigarettes and

industries 5 to off

in the points. The market leaf tobacco opened up 1 to 6 points. New Philippines due to the Magsaysay Orleans

closed up 4 to 7 points. Administrations's encouragement New buying deterrents m-of business.-United Press, cluded the return to dullness in Singapore, May 28.

trade, plus heavy redemptions and

of a

tight Aftuation when tho sen- son enda on July 31. The crop WEET considered mixed,

and bad

the Ioan

textile

were:

30 Industrials 20 rails 10 utiktiem

40 bonds

327.11

109.90

58.17

122.31

100.80

Comm. future price index

190.72

United Prom.

CHICAGO GRAIN

PRICES

Chicago, May 20.

Closing prices per bushel in

Alrendy, an offeral council has recommended appealing to pub- lishers to consider carefully the moral and ethical problems van- nected with the pubiwalon of such stops when are read by children.

Women's

also Organisationa have pasestec waist the in- creased use of "pin-up" pictures

Geneva, May 26. in advertising, which they des-

Mr Aneurin Bevan, in an cribe as a form of pornography.

in the The increase in juvenile de-

and the bell sounded article published inquency is one of the reasons teckle because they are under again to signify the cluse 01

Swiss Financial Newsletter, for the sharp criticism of the the category of printed matter

"Private Information," says steadied in the strip carbons

children's and the press. They were there Series Of Meetings all hopes of a Socialist finan- orders cumica.

fore protected by Paragraph 100

cial policy would be ended closings were: There have been a number of of the Norwegian Constitution, adolescent boys and girls, often which dealt

if sterling were made freely No

New York, May 20. with with freedom of

convertible.

World No. 4 sugar futures Sept.

Doc. No. 2 rubber per b June 12-01 about evenly divided.

closed today unchanged to 9 "The facts now show that No. 3 rubber per y June 801-0015 Trading volumes and open

interests in the Exchange today points higher with sales of 37 Corn, No. 2, Fellow serious balance No 4 rubber per lb. June 691-804

contracts.

Spot of payments crises in 1047, 1949 Spot rubber unbaled

Blanket crepe and 1851 were all gravely drep- No i pale crepe

Domestic No. 6 sugar tutures July closed unchanged to one point Dec. ened by flight of capital. They could have been

saics of 279 con-

Soybeans, No. 2, yellow 342,200 tracts,

Traders in the world contract Spot

method The

of "hedging" (insuring) forward commitments from well-to-do homes, ganging expression and freedom of the list the unavoidable risk of

report

In the

When

tho price up together

Buctuations through to commit potty press.

medium of "futures" was 11- crimes.

At its April meeting. the Many of them

vented specialise in Public Enlightenment

by a Liverpool cotton Council HCE gbowling cars, often after wild in a lengthy

merchant in 1868. vn strip at which parties

Every other important com- considerable cartoons, emphasised that it was modify market

are con- vitally important to find a form has followed sult.

world quantities of alcohol sumed.

tho They drive the stolen

of protection against the dis-S

Raw Cotton Commission spon- ears-sometimes cars belonging tribution of thiosc

strip to their own parents or their magazines in which brutality sured by the Government of the neighbours--at great speed until was

took over in 1941, trading to boost they either ditch

out of petrol.

The decision to restore Liver- pool cotton markets to their pre-war status followed # The report expressed regretstries

meetings between laws do not take British Cotton dealers and the that present into consideration the possibility present Government. of the Industrial production of some of the more lonely roads printed tertainment, which is revival of the Liverpool Future

Significant feature of completely now phenomenon Markot

them or run sales.

There has also been a dis- quieting increase in attacks on taxi-drivers. Several boys have tried this way of getting easy money, particularly on trips on

just outside suburban Oslo.

commerclulised

Four Suggestions

dary

ceused.

Britain's three

kcept within

manageable proportions if it had

not been for that.

The market turned easier on orders but oversca9

afternoon on from abroad. Futuru

rubber per lb.

June

July

of 45 contracts.

024-0315

021-0274

CLEAN chances

newa

Good

aspects

New York Sugar

Market

with

cents:

Wheat. No. 2, red

Spoi

199in

July 100% (8) 1945(2)

295-10472

19825-14

2021-203

200

March

Bept

March

250,005 10,000 market marked time awaiting Sept. 174100 official werd from Cuba regard. Nov.

ing recently reported sales of refined sugar to India.

Domestic futures were steady

Зап. Mar. Barley, apot

200 lbs. sack

and qulet in line with condi- | New York flour, tions in the raw markot.

23011⁄2

120-102

_925/40r

United „Press,

0124-0214 67-68 7115-7215 United Press, NEW YORK MARKET

Now York, May 20. Rubber futures today closed

were:

Month July

October

Volume 11,100 8,900

Open interest

340 300

December

18,600

| March May

8,400

9,100

October

July

Total baiez

1300

2,500

77,080 1,600,000 United Prest. NEW YORK PRICES

New York, Muş 28.

Closing Prices

35.78 34.38-30

Future closings were:

3417

Contract No. 4 (world)

July

3.298

3421

34.24

September

34.38b

October

January (1995)

March

23.50

May

-United Prem,

July

LIVERPOOL

MARKET

Spot-(ccals per lb. tub

Cube),

231

per and Icad

Contract No. 6

quiet. Prices

ton as

3.04

September

November

March (965)

0.50

· 3-month

buyers

723

sellers

5.69

3140

Copper pot

ited Press.

"Furthermore, the too free 20 to 85 points higher with sales movement of capital within the

After quiet forenoon, the sterling

area has meant that

terminal market started to edge doilar capital investment In Now

Australlo

upward with dealers and com- Zealand,

and South Africa was financed by mission houser swinging over to the dollar earnings of British the buying side.

Activity

aimut- developed colonies, Mr Bevan writes.

Spot the spot market, July "The colonies earned what the taneously in

factories small

were September Dominions spent. Such a altua where the

of December tion cannot be allowed to con- buyers of "fair amounts"

March ubber. One sheet, for Septem- May tinue.

ber shipment, moved at 22% "THE DEATH OF IT"

cents, but later sellers were October holding Arm at % cent higher. "What Britain most requires Spot No. 1 Rss were quoted at Is an even lighter management 224 nominal.

Future closings:

that no other country,

5-10 Million Copies in our times. Earlier legislators except America, has such

The campaign against strip had no idea of the fundamental organisation, which means world cartoon was started last month effect of the modern mass dis participation In the facilities by a Member of Parliament who tribution of auch

picture offered at Merseyside and the raised, the matter in a question material, read for entertainment corning of many foreign cur- of the movement of capital to the Minister of Justice, urging by children at An age when rencies.

that a consorship board, similar their views and morals are so Whilst the market has taken

film censorship

bourd, cuzy to mould.

agents estimate

Tho Council mado four that, recommendationa:

to the

OVED from the should be established.

Raw Cotton News

Commission, it has been done in a way not universally under- 1. An appeal to all Norwegian stood, in that there is no public apart from the strips carried by the daily and

periodical press, publishers of periodlents to con- franced body and no statutory between five and ten million sider the educational and ethical obligation. coples of various strip cartoonide of their strip cartoons. periodicals are paid every your 3. The Institution by the

In its place, mys the Prest-

investigations into

22.54-50

23.76b

22.20

within the sterling area →→→ CON- vertibility would be the of this."

"It is a proposition to which the British Labour Party

death

July

Sept

[Dec.

MAT, May can-July!

not subscribe without giving up

Policy

sil hopes at a Socialist financial

-United Press. LONDON MARKET

London, May 26.

Referring to the recent visit

The rubber market was very

in Norway-whose total popula- Ministry of Education of scienti dent. Mr Barnes, there is now to Boun of Mr R. A. Butler, quict with No. 1 Res spot quoted tion is 3,000,000.

this highly organised machine for the Chancellor of the Exchequer, at 18% pence per lb, Pricer.

the supply of raw materials to Bir Bevan wrote that it was not No. 1: Rm spot. ii=199& These periodicals contain strips problem.

Settlement, hours terms) ds the surprising to find that Butler July only, in various series, and ore 3. The creation of a voluntary to the cotton Industry

sought to

porrunde Germany to Augus

their exports.

mustly intended for children.]Advisory Board to scrutinis: vil industry itself requl. Fend the practice of submosing/September

Wikborg, the strips and issue public criticism free to obtain, its supplies as He stresses: "Industry is now

But Mr

Erling Member who raised the matter where necessary.

In Parliament, maintained that 4 The Verablishment of an and how it lizes. It likunder tis. to examine obligation to buy, through this many others were so brutal or oicial commission suggestive that they were posl metfiods of protecting children market, Therefore the obtain tively dangerous, and they against harmful pletire material. ing of raw material supplies is

contributed towards I--Chipa Mall Special

now the Industry's dwa Jobs,"

undoubtedly

[elober/December

anuney/Mikeo

Comers, merkels,

In this he was supposed to have, met with some maodeNr. Mr Bevan says, but it was will chaiy too early to tell, exactly, how much." Reuter,

July

Liverpool, May 20. Cotton futures, in pence per lb, and bed on American middling cotton, 15/18 inch, closed today as follows: Oct/Nay,

March/Apr May/Jthe

Market: The late was quiet with

moderately.

them trend United Pr

Exchange Rates

3"Businam was done in the

unociclaje MKİRTMEN BOTTINE st the tới2

Športni 1:17, dollár (905)

Baržing koleKKUSE Jesdonesian rupiana (per: 100))

July

Apotents per ib. cit NY

ex-duty)

London Foreign

Exchange

New York Jocal Montrea

Phir || Apatareiders

Blocked Mark Hamburg Copenhagan

700 | Blockholm Purion

LONDON METAL

PRICES

London, May 26.)

The tin market was baraly stody, zinc was firm while cop-

were standy but closed today in

long

sterilng per follows:

#pot Sanontt LARG. My

Zinc-May

Au

Aug.

ן'

„United Prese. NEW YORK FUTURES

Now York, May 20. Prices of metal futures closed today, in UB centr. per lb,. ni. follows:

June.

Sind ky

fun Copper May