1954-06-14 — Page 9

י

Page

1 THE CHINA MAIL, MONDAY, JUNE 14, 1954.

The Quren, in a summery outfit, is accompanied by Sir Humphrey de Trafford. A Steward of the Meeting, at Bursi Park Races on Whit Monday-Reuteryhole,

New Boom In Canadian Railroads

Ottawa, June 13.

new

A new era of railway expansion, pursued with the caution horn of hard experience, is under way in Canada. It is indicative of the

Canadian trend in national development and railway economies that the Parliament has authorised the building of two new lines to tap mineral

resources.

The more ambitions of the two ts a Canadian National Railways lius, 4 miles in length, designed to open up the copper-gold-timber area 42 € 1 zaman in Northern Quels, lying between the St Lawreur. Basın

ani Pulson Bay.

The second is a comparatively short line of 27 miles to link the main line of Manitouwage, in the Port Arthur the Canadian National Railways with the Lake district at the head of the Great Lakes, where exceptionally rich deposits of copper, zine and silver have proved a national sensation.

TRADE and COMMERCE SECTION

Slight Setback

WHEAT PRICES MAY

Matadors Refuse To Fight Tame Bull

On

FALL LOWER

From Our Own Correspondent

London, June 13.

Although it had long been known that the price of wheat was bound to fall sooner or later, the competitive price reductions by the United States Government and the Canadian Wheat Board have thrown the world's wheat markets into a state of confusion.

Madrid, June 13. Spankh matadorm pro. texted

because a *Lame" bull named Zahori WAS brought Inlo the ring during a Mastrid novillada. ·

They said the bull was heavy And Imposing enough but it ate out of a cattlenian's hand, answer- ing its name and allowed the

man to ride on

bitck.

They refused to fight it China Mail Special,

London

Stock Exchange

From Our Own Correspondent

London, June 13.

The break on Wall Street and reports that the fieneva talks on Indo-China are grinding their way to a deadlock combined to cast gloom over the London Stock Exchange last week.

The markets opened promisingly enough on

Before price cuts, millers had been buying HONGKONG Tuesday despite the fact this was the last day of a

only their bare requirements. And they still are. For the ten cents per bushel increase in the United States export subsidy on wheat-which effectively reduces the American export price by that amount and a similar reduction in the Canadian Wheat Board's export price may be the opening shots of a price war.

Indeed it is felt in the market that nothing short of a further substantial cut in the price of wheat is likely to solve the problem of the huge surpluses that are piling up in the United States and Canada. That, at least, seems to be the view of private importers-and it is they who, in a free market, determine how much wheat can be sold at a given price.

test

or

$155 per bushel. week's reductions

اء

STOCK EXCHANGE

(From Our Correspondent)

change

Business on the Stock Ex-

$28.734.

INSURANCES

Unkn

riferwriters

3378425 10 - 0

0.85

three-week account.

Fresh advances were recorded among gilt-edged stocks and there were several notable gains in the industrial section.

Broadcast Relay were

up

3. on dividend hopes and

IC.I. put on 4d to reach NEW YORK

"A"

-

new punk of

64 1012. Marks and Spencers were today amounted to bright, too, with the Noon quotations and shares 23 higher on the morning's dealings:- couraging

of the reports SHARES BUYERS SELLERS SALES Store's progress. But duller conditions set in on Wednes- day-first day of the new account-when received of the break

Wall Equities were generally lower though there WAS little evidence of widespread selling and the Financial Times industrial ordinary share index fell 0.9 to 151.6.

SHIPPING

Water Trul Asia Nav

11 po

175

DOCKS, ETC K WHI Provident 10:11 40 11

W

LAND KR

14K 15 BIK Hap

74 B 13

3.1

1

SLO Perry

24 10 IRU

200 24 70

Light (0) 19.89 14.30 Ch 1N1 10 80 11 344 Beetle

2110

The price of wheat in the

Despite last¦ world free market broke in

the price is the first half of last year this level.

at present some 20 cents above shortly after Britain with States tries to redtice Its surplus

So if the Unile drow from the International, by forcing importing countries: Wheat Agreement — and to take up their full quotes-an

Some members has been falling

of the Wheat Jess steadily ever since. But price still has a long way to UTILITIES

trade believe it will then the Britain's decision to "get fall before it touches bollom. out of the IWA" as a pro-

However, against the fixing of keep a proper sense of propor

s Important tu the maximum price under Hon. Some surplus of produc The agreement at 2.05 cents | don OVET cotisuruption per bushel did not cause the necessary to provide stock to During

1. the

fur

fall.

It merely hastened it fall back on in the event of a exatopie, a line od 141 mules has

crop Taflure due to drought or The drop in the "free" price other reasons. It would be ins been opened and towns

to below are

the maximum level

viting disaster

attempt to and rolling between Sternden

Axel under the agreement was

F and demand into being supply 151yun Lake an Northern Muni- used by a fall in demand by exact balance.

tola.

The result Importing countries,

1.rt despite some Litt in

of the! wheat production.

stocks of present situations Is that whlle' MISCELLANEOUS about

1,410 mathon bushels uns half of the world is won-

YANKAMA the end of the

ep dering how to dispose of It! your on July 31

wheat surplus, the other half is Bighest ever,

worried

hasn't because 11 is enough to eat.

In the fed quarter of the with developing reamers ad pl- "untioundly odd by 1 Twentieth century Canada d

podway aystems since Mi Benaid of the most Gordon, became utte

Come of Catania's mat "over-railroaded" countries ¦ colourful figures. became to the world in relation to President in 1950, Ba population.

A

1′′ Cake

vat! m

was, loveless

A Setish ann grant buy, Mr Gordon became deputy adway construction Governor of the Bank

Canada and Chairman pursued in the

of the second quarte, century, toward

Proces

Tende

14

3

of

wartline

the ead of women. however, Board. Canada's fare great system, the !

Canas Paedi and Canadian i The publicly owned Canadian Nation Railways were strained, National Hudways system

enotan (2«

Amst Imper

fay Line accusioned by World War Pav and Canada's and industikal expan-

154

Kreat

w351 formed after the flist world war

a number » Fall- to lake over

Farm E YALO # ways,

system by Si

i

auh To meet it,

*

Indof"

INIT, or

Touted he

I a

during

Cunda

red of salvation in war,

wa

nomen,

Nickel is now being produced from the new Lynn Lake mine, from exceptionally rich copper- nickel deposits, 110! it whole town and its inhabitanis had to be shifted from the worked-out aren of Sherrlidon townsite at Lynn Lake.

to the new

Turbulent River

This mvolved constructing 50 Henry bridges,

three steel Including

the Turbulent

Thornton, the Carndian Nation-bridges al

nevertheless experienced

very hard

* =81

great depression of the birties,

uver

Churchil river.

すぐ

Camps, fuel, materials, steel Canadaat National Bull-bridges and machinery a national he moved ways deficits

over winter trails headache

had to

w

when tuice- Ng toward railway expan- alon as changed since the war. The Lon

again em2 →

they

In

J

Dresensi

Will Up

Cifry -OVT

But the val

Irony

Che worki's Ingwirt require read

mean

This expecte roughly qual to the whour of the United States profuelion To make up an adequate diet

in the current year. It would be for the hungry half of the world

supply the whole of would enough to

providing edeli with another half pound day. And that would mments for two years.

putat another

would be require an extra 3,075 million

of wheat to meet demand for bushela sufficient imported wheat in Britain and about two and a half times the colords for eight years. much as the present "surplus",

Unitesi

States areti who hold the bulk of

IMO

The

way,

Canada tre [wenesta freeze-tip Tome Da this surplus obviously cannot Autumn and break-up

afford

to ku

aevumulating Spring.

Blocks at the present rate. Apart greatly expanded earnings after

from the actual cost of carry- the securi ww.kd WILL. Mr

Today, diesel locomotives are

Ing surplus-a formisalile Gorton's Brad task was to pilot | already hauling nickel

problem in itself--there is the through a revision of the capital † centrates to the Shefit Gordon

dimculty of finding sufficient spare to store it.

Takith seri tr active railway barked upon buitent programine demanded by vast mamral resources and the northward advance of the ecome fanter

Scottish Immigrant

COM-

structure.

refinery at Furl Saskatchewan, Even

to the Alberta, Mege striking

Copper concentrales Canadian public moral Mr will go to Noranda, Quebec for But the two new lines also Gordon's emphasis an inilway ¦ refining. Fresh Bah Ter flustrate another tread Thts | development In Canada to keep | northern Manitoba Jakes In the Vigotsko policy of ex-

Pace with work dem

for being shipped to Canadian pansra le njen up arul tle in Canadına natural resources. American markets,

Japanese Films For

Southeast Asia

Tokyo, June 13.

Japan is seeking new markets for Japanese films in Southeast Asia and also wants to expand her markets in other areas.

Fl

fre

h

DRASTIC MEASURES

The United States.

year-or

Australian

Fears

13

Melbourne, June 13. Omeinis of the Austentlan

Boartl Whent

warned today thit price rutiing by Canada teast, and the United Stules might

vi has been compeller to tako lead to whether collapse of Ur

10-

Manitouwage The new Chibougamau developIETIES. present pioneering in the same tradition.

işi

The

At Manitouwage

opera- tion comparatively simple, and re may be produced there at an estimated rate of 10,000 tons a day, necessitating an in- bound traille of merchandise of about 60,000 tons a year.

To The Arctic

Chibougamau

The

develop-

ment is designed to serve one and wo existing copper mine,

into production. The been served urea has hitherto

coming

drastic measures to rechne 1x market Similar to that of the surplus. The question is whether

1930's. last week's price cut with solve in problem.

The

recent trend

of demand by importing countries suggests that it will not. At any rate, the Liverpool wheat appears to be acting assumption.

The

market

[FI?

this

One official sold the trend was "very similar" to the price stashing war which was touched off in 1931 by reductions in the United States price of wheat.

The United States cut wheat

presentations."

-01

Canada follow-

Polepione

INDUSTRIALS

Cement STORES, ETC

Dairy

Walon

Kwong Song:

Ha

COTTONS Textile

2400

17 15 40

22), 23 10

164

*

un

news WAN

overnight

were

STOCK

MARKET

New York, June 18. Stocks suffered their first break of the year

Street, major

during last week.

Dollar stocks

among the hardest hil with losses rang- 1062030im up to 55. But gilts moved 1920 28 30 against the general trend and

showed gains of up to 5/-

20020 IN

LUX 138

On Thuring the fall of prices became inte widespread and losses of a shilling and more were comman, Hudson's Bay, which fell 4/4 on the previous day. were down

another 1/3 und among the market leaders, I.C.I., Unilevers, Vickers and

The bulk of the selling kit the market on Tuesday when the industrial average fell inore than six points. The stric in parkers of oil stocks accelerated That decline. Railroad Aft were hard hit.

Street Woll table reason

could

and no

for the break. There was nothing in the news 10 account for it, so It was ascribed to technical factors.

The main item In the break was the fact that many traders who had mude profits tried to protect their gains with slop loss orders-an automatic order to brokers to sell when a stock

Tube Investments were all be- seached a certain price. tween one und two shillings lower.

Gilta

On

Wednesday there WOR Juoved irrégularly. Further selling through most of Then the tide turned in demand but long and un- and prices steadied, then moved dated stocks leaded easier.

up slowly.

Singapore Rubber Medjun-dated stocks were still the day.

Market

Singapore, June 13. The rubber market opened an Saturday easler

The

markets

more opened

00

Armly

on Friday but prices be- This irend

continued

Friday the gan to slip back again in later Thursday. On trading and must of the better market made a smart rally all class industrial shares wore around with a few issues making

in sympathy, lower and gills showed lossos sensational gains. with lower American advices of up to 5/-

but later steadied on covering and manufacturing enquiry. The market closed steady.

Future closings;

TEXTILES ITT

were

These Issues

mid- Continent Petroleum and Union Pacifle. The former notteri Textile shares have been

more than seven points and the Among the week's worst suf-

latter cloned with a rise of 0% ferats. No. 1 subber per 1. June 03-60

J 凸 Coats were July 40-551a Aux. 60 publication of the full accounts

sharply after points.

No. Z rubber per lb. Jang 03-03!+ No. 3 No. 4

Spot rubber unhaled Blanket crepe

No. 1 pole crepe

(4-04!

marked dawn

the

These guins

buying mad finished

set oft 4/9- week

through the whole list. The -tower. Fine Spinners were an-rails - other casualty, losing 2/7% on Pacific. Steels got into action were lifted by Union

But Courtaulda and netted subtential galus. Qits followed mid-Continent. amined 1/41⁄2 en the jump in Motors and special issues prade proft and dividend.

615-6 20-70

-Unied Press.

NEW YORK MARKET

on

New York, June 13. Rubber futures

closed Friday 20 to 27 points lower with sales of 141 contracts.

Duliness prevailed in the spot

disappointment dividend.

with

the

Among the companies which a strong showing. announced plans for raising new copital were Rolls Royce, The

needs another company

£4 raillion of working capital and

Despite the small, Friday in crease the sales for the woul were the smallest for a full..

market with buyer interest at a this is to be raised by an issue week since April 10.

sub-routine scale. Spot No. 1 on June 17. tour per cent de- Ras were quoted at 23 cents abentures 1974-84 at a price of pound. Future closings:

Domino] of

of the foreign

July

September

December

March

May

July

23.20 23.70

£00 stock.

33.30

per

The feature

£100

24.10

24.30

2440

United Press LONDON MARKET

They totalled 9,049,268 shares, or a daily average of 1,920,839 shares.-United Press,

market was the full in Japanese brads, first on the news of s row in the Diet which caused New

the Prime Minister, Mr Yoshida to cancel his world tour and inter by the news of the country's deepening economic crisis.

York Sugar Market

United

Siates' and prices 10 cents a bushel last Canadian price reductions were Friday despite what the Cana- reflected in a fall from 22/4 dian Trade Minister, Mr C. D. per 100 pounds to 21/91% in the Howe colled "Canadian price of July futures in the

Three days of last

week.

London, June 13. Since then, there has been

The rubber maricet on Friday slight recovery In

was steady with No. 1 Rss spot the July quotation

bui

the price

Australian whent

World officials quoted at 10-11/10 pence per lb. on the week but Apex Anished wheat for delivery later

Prices: said to be "extremey N. 859 spot. 1846-70% year has continued to fall perlurbed" over the Cunadian- Settlement house term:

Given

the present statistical U. S. action but were report- July situation. It seems that only led to be walling to see how

Sept. sharp increase in demand for the Canadian price cut affected

Ц

cd un Monday with a 10% cents a bushel reduction..

of this were

A spokesman for the Japan Motion Picture Association said that one-fifth of the Japanese films exported last year, valued at $1,200,000 (about £400,000), went to Southeast Asia,

Exports of films to the arca | Picture Company which pro- shipped daily. With the build-imported wheat can arrest the her market in Argentina,

storted only two years

ago.

duced "Rashomon"

only by a provincial truck rund

over which 100 tons of gold- have been copper concentrates

and "Jigo-ing of the rallway, the mines after "Rashomon" had won one kumon," another prize winning | have undertaken to ship 325 of the premier awards at the film at the Cannes Festival this tons of concentrate dally.

Venice Film Festival in 1051,

year, said they hoped to cam

minimum a

year

of

fall

Det/Dec. Jan./Mar. Apr/June

A.

of prices on the world's whent markets. But this is un-

The Chairman of the Amerl-General markets, eff basis, poris: likely to happen-at least

not enn

Wheat Board, Sir John July enough to affect the Teusadale said today, however, Este crepe, thin

prospects.

he was awaiting advice from The proof of this is the fact his London agent. that in built the United States

The Association said that ex-

The Chibougamau area,

fur- short-term $5,000,000 ports of films in 1948, totalled

reserves has timber (£1,000,000) a year from next thermore, 60 features. 35 shorts and 102

by alm exports

estimated at 30,000,000 corda of and nowsreels. They earned $152,000 || $8,000,000 to $10,000,000 (£2 pulpwood, capable of a sustain-

cd annual

of 017,000 yield (about £60,000),

600,000 to £3,339,300) a year in

cords. It also offers farming Increases in 1932 and 1953 to another seven or eight years.

land,

important . So

to the $930,000, and $1,200,000 (£276,-

Province of Quebec where an energtie northward colonisation drive is in progress. This should Buccess, of "Genji Monogatar}" Mr Nagata estimated that help to push settlement up the at the Cannes Film Festival in the profita of "Jigokumon"

Quebec side of James Bay, 1952 and of "Ugelsu Mono- (Hellgate) would reach $1,000, arm

already of Hudson Bay, Katari" at the Venice Festival 000 (£333,300) by the end of linked by rall with lines in 1953,

through Ontario and Manitoba.

600 to £400,000) respectively were attributed

to the foreign

"Rashomon's" Profits

$2m. Target

another three years,

an

arc

2

194-199

14-

1632-20

20-20%

2011-2014 29-201

10 7/16-10 0/10

10 7/16-193

*3 United Press

19 9/18-19

US Raw Cotton

ontr

Exports

and Canada, surpluses have "The next move may come from

Canada or the United States continued to grow despite fall in production. The reason he said. "They are the

aro competing is that exports from both these who

to unload down

v. their hard wheat surpluses. If sharply

* further countries

cuts are price this year on the 1052-53 figures.

made United States exports have they will be bound to affect fallen by 44 per cent and the price of soft, wheat, There- Canadian exports by 25 per fore, we must be prepared to cent. Australia's exports are adjust prices accordingly, also down by 38 per cent United Press. but those from Argentina and other principal wheat producers are up sharply

INVITING DISASTER · The rising production. the Visionary perhaps: but with the wheat importing countries

The Motion Picture Assocla- Indeed, the member for tlon has set a target for earn Church, Manitoba, envisages inge from exports this year at the day when Hudson Bay will total $2,000,000 (£808,000),

be rimmed with a railway line (about The Federation of Economie Į of steel which will extend

the Mac to Organisations has advised the northwest through

Profits from "Rashomon" at New York and in Europe have amounted to $240,000

£80,000) so far, according

the Association. It exprels this Government to promote the ex-kenzie valley into the Arctic. to be raised to $300,050 (about port of Japanese nims Int

£100,000)

year.

exchange holdings in Japan

on last year's Bank Of England

in

has

Statement

London, June 13.

by the end of this | face of a shortage of dorci" in which this ären is so rich, failed to take up their allotted ment for the weok anded Juno world-wide demand for metals meant that most of them : have The Bank of England state- Bir Iwao Mori, producer of Japan lost foreign currency the intensity of the cold war quotas under the IWA And D, reads as follows the Toho Motion Picture Com-aggregating $201,000,000 (287 and the demands of the North this gives a clue to the future

United States action. pany, said that Dime which are 000,006) during the last financial American Industrial machine boing exported "must be easy year ending March 31, 1954 and the northward march of to understand for foreigners sa further decreases Insight, Canada's railways; appears DOT well as attractivo."

of

warns the Finance Minister, "Mr' fain, to continue toward the

Ogasawara, China Aretle Mr Masalchi Nagaia, Pres- Banküro

rim,-China Mail Spe- dont

the Dale! Motion' Mail Special,

cial.

10,792,69

348,700

Notem in Croatation.. *£ 1,037,160, For under the agreement, Pablla depants

Private depoata 191226 Importing countries are obliged Coveremediabcurities

to take up their full quota Other roue weeA KAYYYSKONEEN TH when the price of wheit falls Teppipta, down to the minimum level of

Bank tatto

Unhed Pro

New York, June 13,

Most oll shares

were lower

New York, June 18.

No. 4 sugar.

futures

7%d better at 55/7 on the closed on Friday I point higher proposed scrip issue and forecast sales of 75 contracts. of higher dividioxt.

Rubbers remained steady but

tens turned casier after a firm start.

to three

pointa lower

with

Domestic No, 6 sugar futures 1 paint

Kars after nishing closed unchanged to the old account on a firm note,

drifted lower later in the week though small gains were scat- tered through the list

LONDON METAL

PRICES

London, June 13,

tower.

Sugar futures were irregular In Ught dealings, Distant with buying months stendlied attributed to a belief that

an other year's operation of the International Sugar Agreement would find the world statistical Position for

botter sugar in

shape.

The lead market was firm, tin firmer. copper and zine wire

Domestic futures were about Leadler. Prices closed on Fri=| unchanged on further evening- Row colton exports by dos-day in sterling per long ton as up operations in the nearby Unations as reported in bales by follows:- the New York Cotton Exchunge

Tin spol for. the 1953-54 sensoh to June & 3-moni were as follows:-

Copper spot 301311 B-month

June

· 1,306,710| Lend

Britain

Content

Grient

Canada

Total for season

Satne period last year? FG150, 201

axcluding 3inters,United Press,

Exchange Rates

Sept.

June

Bept.

buyare liste

July delivery the feature,"

Future closings were:

20

2304

Contract No, & (world)

July

Sept.

Oct.

- 10

|| Jaru,

United Proti.

MAT.

MAY

July

Bunt-teents per iv. fob Cubnj

Contract No.

NEW YORK FUTURES

Now York, June, 13. Prices of metal futures cloned on Friday in US cents per jb as July Follows:

Bept, Tusiosa (Arad done as the local Lead June maniyada What Now. tinomio amotskrans market, this

July

..........................** 18,831 | Marys mereriner at the following rated [mm] : Tia June U.B. dollar (per $1)

July Sterling poster (per

1053 | Zino Jur

Bimes Monte, (our)/100}

ndo-Chatra piastrar (per 100),.

June

Copper Juls

bebid Istraded,

13,300) July

10.400 Sept

10. Ne

30.0014 Mont-fronts: por

(dua)